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Independent Bank Group Q3 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2024 earnings summary24 Oct, 2024
Executive summary
Q3 2024 net income was $20.4M ($0.49 per diluted share), down from $32.8M ($0.79) in Q3 2023, but improved from a Q2 loss; adjusted net income was $20.6M ($0.50/share).
A $518M goodwill impairment in Q2 2024 led to a $448.9M YTD loss.
Annualized return on average equity for Q3 2024 was 4.24% and return on average assets was 0.44%.
A definitive merger agreement with SouthState Corporation was signed in May 2024, expected to close in Q1 2025.
Quarterly dividend of $0.38/share declared, payable Nov 14, 2024.
Financial highlights
Net interest income for Q3 2024 was $106.8M, down 2% YoY but up from $105.1M in Q2; net interest margin was 2.50%, down from 2.60% YoY but up from 2.47% sequentially.
Loan yields rose to 6.07% from 6.00% in Q2 and 5.70% YoY.
Noninterest income was $13.5M, nearly flat YoY.
Noninterest expense increased $8.6M YoY, mainly from higher salaries, technology, and FDIC assessments.
Provision for credit losses was $4.7M, up from $340K YoY and $0 in Q2, driven by specific commercial allocations.
Outlook and guidance
The SouthState merger is expected to close in Q1 2025, subject to regulatory approvals.
Management expects further capital and liquidity improvements as the mortgage warehouse business winds down.
Additional merger-related expenses are anticipated for the remainder of 2024.
Focus remains on disciplined execution and completion of the merger.
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Independent Bank Group Inc. operates as a bank holding company through its subsidiary, Independent Bank. The company offers commercial and consumer banking services including loans, deposit products, and online banking. It serves businesses, professionals, and individuals across Texas and surrounding states, with a focus on relationship-based banking. The company is headquartered in McKinney, Texas, and its shares are listed on the NASDAQ.
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