Independent Bank Group, Inc.
Apr 24, 2017

Independent Bank Group Reports First Quarter Financial Results

MCKINNEY, Texas, April 24, 2017 (GLOBE NEWSWIRE) -- Independent Bank Group, Inc. (NASDAQ:IBTX), the holding company for Independent Bank, today announced net income available to common shareholders of $15.7 million, or $0.82 per diluted share, for the quarter ended March 31, 2017 compared to $12.4 million, or $0.67 per diluted share, for the quarter ended March 31, 2016 and $14.8 million, or $0.79 per diluted share, for the quarter ended December 31, 2016.

Highlights

Independent Bank Group Chairman and Chief Executive Officer David Brooks said, "Our first quarter results demonstrate our continued commitment to consistent earnings.  We had another quarter with ROA over 1%, driven by solid organic loan growth, strong credit metrics, improving net interest margin, and a continued low efficiency ratio."  Brooks continued, "While not included in our first quarter results, we focused significant effort on the completion of the Carlile Bancshares acquisition, which we closed on April 1st.  Our success in getting this acquisition from announcement to close so quickly demonstrates our ability to execute our acquisition strategy as well as the strength and experience of our entire team."  Brooks concluded, "We are off to a good start and look forward to another successful year."

First Quarter 2017 Operating Results

Net Interest Income

Noninterest Income

Noninterest Expense

Provision for Loan Losses

Income Taxes

First Quarter 2017 Balance Sheet Highlights:

Loans

Asset Quality

Deposits and Borrowings

Recent Acquisition

Effective April 1, 2017, the Company completed the acquisition of Carlile Bancshares, Inc. and its subsidiary, Northstar Bank. The financial effect of the acquisition is not reflected in the foregoing description of earnings or the accompanying financial information.

Subsequent Events

The Company is required, under general accepted accounting principles, to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended March 31, 2017 on Form 10-Q.  As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of March 31, 2017 and will adjust amounts preliminarily reported, if necessary.

About Independent Bank Group

Independent Bank Group, through its wholly owned subsidiary, Independent Bank, provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Independent Bank Group operates 83 banking offices in four market regions located in the Dallas/Fort Worth, Austin and Houston, Texas and the Colorado front range areas.

Conference Call

A conference call covering Independent Bank Group's first quarter earnings announcement will be held on Tuesday, April 25, 2017 at 8:30 a.m. (EDT) and can be accessed by calling 1-877-303-7611 and by identifying the conference ID number 1432252.  The conference materials will also be available by accessing the Investor Relations page of our website, www.ibtx.com.  A recording of the conference call and the conference materials will be available from April 25, 2017 through May 2, 2017 on our website.

Forward-Looking Statements

The numbers as of and for the quarter ended March 31, 2017 are unaudited. From time to time, our comments and releases may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). Forward-looking statements can be identified by words such as "believes," "anticipates," "expects," "forecast," "guidance," "intends," "targeted," "continue," "remain," "should," "may," "plans," "estimates," "will," "will continue," "will remain," variations on such words or phrases, or similar references to future occurrences or events in future periods; however, such words are not the exclusive means of identifying such statements.  Examples of forward-looking statements include, but are not limited to: (i) projections of revenues, expenses, income or loss, earnings or loss per share, and other financial items; (ii) statements of plans, objectives, and expectations of Independent Bank Group or its management or Board of Directors; (iii) statements of future economic performance; and (iv) statements of assumptions underlying such statements.  Forward-looking statements are based on Independent Bank Group's current expectations and assumptions regarding its business, the economy, and other future conditions.  Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict.  Independent Bank Group's actual results may differ materially from those contemplated by the forward-looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance.  Factors that could cause actual results to differ from those discussed in the forward-looking statements include, but are not limited to: (1) local, regional, national, and international economic conditions and the impact they may have on us and our customers and our assessment of that impact; (2) volatility and disruption in national and international financial markets; (3) government intervention in the U.S. financial system, whether through changes in the discount rate or money supply or otherwise; (4) changes in the level of nonperforming assets and charge-offs; (5) changes in estimates of future reserve requirements based upon the periodic review thereof under relevant regulatory and accounting requirements; (6) adverse conditions in the securities markets that lead to impairment in the value of securities in our investment portfolio; (7) inflation, deflation, changes in market interest rates, developments in the securities market, and monetary fluctuations; (8) the timely development and acceptance of new products and services and perceived overall value of these products and services by customers; (9) changes in consumer spending, borrowings, and savings habits; (10) technological changes; (11) the ability to increase market share and control expenses; (12) changes in the competitive environment among banks, bank holding companies, and other financial service providers; (13) the effect of changes in laws and regulations (including laws and regulations concerning taxes, banking, securities, and insurance) with which we and our subsidiaries must comply; (14) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies, as well as the Public Company Accounting Oversight Board, the Financial Accounting Standards Board, and other accounting standard setters; (15) the costs and effects of legal and regulatory developments including the resolution of legal proceedings; and (16) our success at managing the risks involved in the foregoing items and (17) the other factors that are described in the Company's Annual Report on Form 10-K filed on March 8, 2017, under the heading "Risk Factors", and other reports and statements filed by the Company with the SEC.  Any forward-looking statement made by the Company in this release speaks only as of the date on which it is made.  Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them.  The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this press release contains certain non-GAAP financial measures.  These measures and ratios include "core earnings", "tangible book value", "tangible book value per common share", "core efficiency ratio", "Tier 1 capital to average assets", "Tier 1 capital to risk weighted assets", "tangible common equity to tangible assets", "core net interest margin", "return on tangible equity," "adjusted return on average assets" and "adjusted return on average equity" and are supplemental measures that are not required by, or are not presented in accordance with, accounting principles generally accepted in the United States.  We consider the use of select non-GAAP financial measures and ratios to be useful for financial operational decision making and useful in evaluating period-to-period comparisons.  We believe that these non-GAAP financial measures provide meaningful supplemental information regarding our performance by excluding certain expenditures or assets that we believe are not indicative of our primary business operating results.  We believe that management and investors benefit from referring to these non- GAAP financial measures in assessing our performance and when planning, forecasting, analyzing and comparing past, present and future periods.

We believe that these measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however we acknowledge that our financial measures have a number of limitations relative to GAAP financial measures.  Certain non-GAAP financial measures exclude items of income, expenditures, expenses, assets, or liabilities, including provisions for loan losses and the effect of goodwill, core deposit intangibles and income from accretion on acquired loans arising from purchase accounting adjustments, that we believe cause certain aspects of our results of operations or financial condition to be not indicative of our primary operating results.  All of these items significantly impact our financial statements.  Additionally, the items that we exclude in our adjustments are not necessarily consistent with the items that our peers may exclude from their results of operations and key financial measures and therefore may limit the comparability of similarly named financial measures and ratios.  We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non- GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.

A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of the financial statements tables.

Independent Bank Group, Inc. and Subsidiaries
Consolidated Financial Data
Three Months Ended March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016
(Dollars in thousands, except for share data)
(Unaudited)

 As of and for the quarter ended
 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016
Selected Income Statement Data          
Interest income$55,939  $53,904  $52,740  $51,941  $51,464 
Interest expense8,072  7,378  7,003  6,058  5,804 
Net interest income47,867  46,526  45,737  45,883  45,660 
Provision for loan losses2,023  2,197  2,123  2,123  2,997 
Net interest income after provision for loan losses45,844  44,329   43,614  43,760  42,663 
Noninterest income4,583  5,224  4,932  4,929  4,470 
Noninterest expense28,028  27,361  26,887  31,023  28,519 
Income tax expense6,728  7,417  7,155  5,857  6,162 
Net income15,671  14,775  14,504  11,809  12,452 
Preferred stock dividends         8 
Net income available to common shareholders15,671  14,775  14,504  11,809  12,444 
Core net interest income (1)47,744  46,475  45,621  45,618  44,327 
Core Pre-Tax Pre-Provision Earnings (1)24,878  25,540  24,253  22,713  21,590 
Core net income(1)15,990  15,541  14,819  13,764  12,438 
          
Per Share Data (Common Stock)         
Earnings:         
Basic$0.83  $0.79  $0.78  $0.64  $0.67 
Diluted0.82  0.79  0.78  0.64  0.67 
Core earnings:         
Basic (1)0.85  0.83  0.80  0.75  0.67 
Diluted (1)0.84  0.83  0.80  0.74  0.67 
Dividends0.10  0.10  0.08  0.08  0.08 
Book value36.38  35.63  34.79  34.08  33.38 
Tangible book value  (1)22.01  21.19  20.03  19.28  18.54 
Common shares outstanding18,925,182  18,870,312   18,488,628  18,475,978  18,461,480 
Weighted average basic shares outstanding (4)18,908,679  18,613,975  18,478,289  18,469,182  18,444,284 
Weighted average diluted shares outstanding (4)19,015,810  18,716,614  18,568,622  18,547,074  18,528,031 
          
Selected Period End Balance Sheet Data         
Total assets$6,022,614  $5,852,801  $5,667,195  $5,446,797  $5,261,967 
Cash and cash equivalents515,123  505,027  589,600  436,605  356,526 
Securities available for sale350,409  316,435  267,860  287,976  302,650 
Loans, held for sale5,081  9,795  7,097  13,942  8,515 
Loans, held for investment4,702,511  4,572,771  4,360,690  4,251,457  4,130,496 
Allowance for loan losses 33,431  31,591  29,575  30,916  29,984 
Goodwill and core deposit intangible 272,004  272,496  272,988  273,480  273,972 
Other real estate owned2,896  1,972  2,083  1,567  1,745 
Noninterest-bearing deposits1,126,113  1,117,927  1,143,479  1,107,620  1,070,611 
Interest-bearing deposits3,596,090  3,459,182  3,273,014  3,100,785  3,101,341 
Borrowings (other than junior subordinated debentures)568,115  568,045  577,974  578,169  444,745 
Junior subordinated debentures18,147  18,147  18,147  18,147  18,147 
Total stockholders' equity688,469  672,365  643,253   629,628  616,258 
               

Independent Bank Group, Inc. and Subsidiaries
Consolidated Financial Data
Three Months Ended March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016
(Dollars in thousands, except for share data)
(Unaudited)

 As of and for the quarter ended
 March 31, 2017 December 31, 2016 September 30, 2016 June 30, 2016 March 31, 2016
Selected Performance Metrics         
Return on average assets1.08% 1.03% 1.04% 0.88% 0.95%
Return on average equity (2)9.33  8.93  9.04  7.60  8.10 
Return on tangible equity (2) (5)15.53  15.24  15.80  13.52  14.57 
Adjusted return on average assets (1)1.10   1.08  1.07  1.03  0.95 
Adjusted return on average equity (1) (2)9.52  9.39  9.24  8.86  8.09 
Adjusted return on tangible equity (1) (2) (5)15.85  16.03  16.15  15.76  14.57 
Net interest margin3.67  3.59  3.66  3.96  4.08 
Core net interest margin (3)3.66  3.58  3.65  3.94  3.96 
Efficiency ratio53.44  52.87  53.06  61.05  56.89 
Core efficiency ratio (1)52.45  50.60  52.07  55.05   55.68 
               
Credit Quality Ratios               
Nonperforming assets to total assets0.27% 0.34% 0.23% 0.34% 0.62%
Nonperforming loans to total loans0.28  0.39  0.26  0.40  0.72 
Nonperforming assets to total loans and other real estate0.35  0.43  0.30  0.44  0.79 
Allowance for loan losses to non-performing loans250.57  177.06  264.42  179.97  100.35 
Allowance for loan losses to total loans0.71  0.69  0.68  0.73  0.73 
Net charge-offs to average loans outstanding (annualized)0.02  0.02  0.32  0.11  0.01 
               
Capital Ratios              
Estimated common equity tier 1 capital to risk-weighted assets8.28% 8.20% 7.92% 7.89% 7.92%
Estimated tier 1 capital to average assets7.84   7.82  7.46  7.42  7.36 
Estimated tier 1 capital to risk-weighted assets8.63  8.55  8.29  8.27  8.32 
Estimated total capital to risk-weighted assets11.44  11.38  11.24  11.35  10.47 
Total stockholders' equity to total assets11.43  11.49  11.35  11.56  11.71 
Tangible common equity to tangible assets (1)7.24  7.17  6.86  6.88  6.86 
          
(1) Non-GAAP financial measures.  See reconciliation.
(2) Excludes average balance of Series A preferred stock.
(3) Excludes income recognized on acquired loans of $123, $51, $116, $265 and $1,333, respectively.
(4) Total number of shares includes participating shares (those with dividend rights).
(5)  Excludes average balance of goodwill and net core deposit intangibles.
 

Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Income
Three Months Ended March 31, 2017 and 2016
(Dollars in thousands)
(Unaudited)

  Three Months Ended March 31,
  2017 2016
Interest income:    
Interest and fees on loans $53,744  $49,910 
Interest on taxable securities 764  730 
Interest on nontaxable securities 541  451 
Interest on interest-bearing deposits and other 890  373 
Total interest income 55,939  51,464 
Interest expense:        
Interest on deposits 5,029  3,651 
Interest on FHLB advances 1,171  1,001 
Interest on repurchase agreements and other borrowings 1,705  1,003 
Interest on junior subordinated debentures 167  149 
Total interest expense 8,072  5,804 
Net interest income 47,867  45,660 
Provision for loan losses 2,023  2,997 
Net interest income after provision for loan losses 45,844  42,663 
Noninterest income:    
Service charges on deposit accounts 1,927  1,695 
Mortgage fee income 1,267  1,376 
Gain on sale of other real estate   43 
Gain on sale of premises and equipment 5  38 
Increase in cash surrender value of BOLI 399  265 
Other 985   1,053 
Total noninterest income 4,583  4,470  
Noninterest expense:    
Salaries and employee benefits 16,837  16,774 
Occupancy 3,872  4,040 
Data processing 1,288  1,182 
FDIC assessment 878  726 
Advertising and public relations 297  295 
Communications 475  535 
Net other real estate owned expenses (including taxes) 37  33 
Other real estate impairment   55 
Core deposit intangible amortization 492   488 
Professional fees 773  660 
Acquisition expense, including legal 146  639 
Other 2,933  3,092 
Total noninterest expense 28,028  28,519 
Income before taxes 22,399  18,614 
Income tax expense 6,728  6,162 
Net income $15,671  $12,452 
         

Consolidated Balance Sheets
As of March 31, 2017 and December 31, 2016
(Dollars in thousands, except share information)
(Unaudited)

 March 31, December 31,
Assets2017 2016
Cash and due from banks$162,985  $158,686 
Interest-bearing deposits in other banks342,138  336,341 
Federal funds sold10,000  10,000 
Cash and cash equivalents515,123  505,027 
Certificates of deposit held in other banks5,892  2,707 
Securities available for sale, at fair value350,409  316,435 
Loans held for sale5,081  9,795 
Loans, net4,666,653   4,539,063 
Premises and equipment, net88,286  89,898 
Other real estate owned2,896  1,972 
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock26,672  26,536 
Bank-owned life insurance (BOLI)57,608  57,209 
Deferred tax asset7,950  9,631 
Goodwill258,319  258,319 
Core deposit intangible, net13,685  14,177 
Other assets24,040  22,032 
Total assets$6,022,614  $5,852,801 
    
Liabilities and Stockholders' Equity   
Deposits:   
Noninterest-bearing$1,126,113  $1,117,927 
Interest-bearing3,596,090  3,459,182 
Total deposits4,722,203  4,577,109 
FHLB advances460,727  460,746 
Other borrowings107,388   107,299 
Junior subordinated debentures18,147  18,147 
Other liabilities25,680  17,135 
Total liabilities5,334,145  5,180,436 
Commitments and contingencies   
Stockholders' equity:   
Preferred stock (0 and 0 shares outstanding, respectively)   
Common stock189  189 
Additional paid-in capital556,350  555,325 
Retained earnings131,730  117,951 
Accumulated other comprehensive income (loss)200  (1,100)
Total stockholders' equity688,469  672,365 
Total liabilities and stockholders' equity$6,022,614  $5,852,801 
        

Independent Bank Group, Inc. and Subsidiaries
Consolidated Average Balance Sheet Amounts, Interest Earned and Yield Analysis
Three Months Ended March 31, 2017 and 2016
(Dollars in thousands)
(Unaudited)

The analysis below shows average interest earning assets and interest bearing liabilities together with the average yield on the interest earning assets and the average cost of the interest bearing liabilities for the periods presented.

 Three Months Ended March 31,
 2017 2016
 Average
Outstanding
Balance
 Interest Yield/
Rate
 Average
Outstanding
Balance
 Interest Yield/
Rate
Interest-earning assets:           
Loans$4,631,918  $53,744  4.71% $4,031,322  $49,910  4.98%
Taxable securities242,822  764  1.28  208,740  730  1.41 
Nontaxable securities81,773  541  2.68  74,609  451  2.43 
Interest-bearing deposits and other338,034  890  1.07  185,855  373  0.81 
Total interest-earning assets5,294,547  $55,939  4.28  4,500,526  $ 51,464  4.60 
Noninterest-earning assets585,926       741,763      
Total assets$5,880,473       $5,242,289      
Interest-bearing liabilities:             
Checking accounts$1,938,628  $2,166  0.45% $1,593,295  $1,745  0.44%
Savings accounts168,328  66  0.16  144,315  64  0.18 
Money market accounts566,833  1,056   0.76  504,616  459  0.37 
Certificates of deposit846,610  1,741  0.83  825,353  1,383  0.67 
Total deposits3,520,399  5,029  0.58  3,067,579  3,651  0.48 
FHLB advances460,733  1,171  1.03  435,730  1,001  0.92 
Other borrowings107,356  1,705  6.44  72,297  1,003  5.58 
Junior subordinated debentures18,147  167  3.73  18,147  149  3.30 
Total interest-bearing liabilities4,106,635   8,072  0.80  3,593,753  5,804  0.65 
Noninterest-bearing checking accounts1,073,703       1,016,032      
Noninterest-bearing liabilities18,701       11,026      
Stockholders' equity681,434       621,478      
Total liabilities and equity$5,880,473       $5,242,289      
Net interest income  $47,867       $45,660    
Interest rate spread    3.48%     3.95%
Net interest margin    3.67      4.08 
Average interest earning assets to interest bearing liabilities    128.93      125.23 
               

Independent Bank Group, Inc. and Subsidiaries
Loan Portfolio Composition
As of March 31, 2017 and December 31, 2016
(Dollars in thousands)
(Unaudited)

The following table sets forth loan totals by category as of the dates presented:           
  March 31, 2017 December 31, 2016
  Amount % of Total Amount % of Total
Commercial $601,985  12.7% $630,805  13.7%
Real estate:          
Commercial real estate 2,562,743  54.4  2,459,221  53.7 
Commercial construction, land and land development 573,623  12.2  531,481  11.6 
Residential real estate (1) 652,650  13.9  644,340  14.1 
Single-family interim construction 237,740   5.1  235,475  5.1 
Agricultural 52,515   1.1  53,548  1.2 
Consumer 26,224  0.6  27,530  0.6 
Other 112     166   
Total loans 4,707,592  100.0% 4,582,566  100.0%
Deferred loan fees (2,427)   (2,117)  
Allowance for losses (33,431)   (31,591)  
Total loans, net $4,671,734    $4,548,858   
               
(1) Includes loans held for sale at March 31, 2017 and December 31, 2016 of $5,081 and $9,795, respectively.
 

Independent Bank Group, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Three Months Ended March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016
(Dollars in thousands, except for share data)
(Unaudited)

  For the Three Months Ended
  March 31, 2017December 31, 2016September 30, 2016June 30, 2016March 31, 2016
Net Interest Income - Reported(a)$47,867 $46,526 $45,737 $45,883 $45,660 
Income recognized on acquired loans (123) (51)(116)(265)(1,333)
Adjusted Net Interest Income(b)47,744 46,475 45,621 45,618 44,327 
Provision Expense - Reported(c)2,023 2,197 2,123 2,123 2,997 
Noninterest Income - Reported(d)4,583 5,224 4,932 4,929 4,470 
Loss on sale of branch   43   
Gain on sale of OREO and repossessed assets   (4)(10)(48)
Gain on sale of securities    (4) 
(Gain) loss on sale of premises and equipment (5) 9 (3)(38)
Adjusted Noninterest Income(e)4,578 5,224 4,980 4,912 4,384 
Noninterest Expense - Reported(f)28,028  27,361 26,887 31,023 28,519 
Senior leadership restructure (6)    (2,575) 
OREO Impairment   (51) (55)
IPO related stock grant (125)(127)(104)(156)(156)
Acquisition Expense (5) (459)(1,075)(384)(475)(1,187)
Adjusted Noninterest Expense(g)27,444 26,159 26,348 27,817 27,121 
Pre-Tax Pre-Provision Income(a) + (d) - (f)$24,422 $24,389 $23,782 $19,789 $21,611 
Core Pre-Tax Pre-Provision Income(b) + (e) - (g)$24,878 $25,540 $24,253 $22,713 $21,590 
Core Net Income (2)(b) - (c) + (e) - (g)$15,990 $15,541 $ 14,819 $13,764 $12,438 
Reported Efficiency Ratio(f) / (a + d)53.44%52.87%53.06%61.05%56.89%
Core Efficiency Ratio(g) / (b + e)52.45%50.60%52.07%55.05%55.68%
Adjusted Return on Average Assets (1) 1.10%1.08%1.07%1.03%0.95%
Adjusted Return on Average Equity (1) 9.52%9.39%9.24%8.86%8.09%
Adjusted Return on Tangible Equity (1) 15.85%16.03%16.15%15.76%14.57%
Total Average Assets $5,880,473  $5,729,160 $5,535,203 $5,367,935 $5,242,289 
Total Average Stockholders' Equity (3) $681,434 $658,369 $638,355 $624,981 $618,059 
Total Average Tangible Stockholders' Equity (3) (4)  $409,191 $385,635 $365,127 $351,263 $343,418 
(1) Calculated using core net income
(2)  Assumes actual effective tax rate of 30.0%, 33.4%, 33.0%, 33.2% and 33.1%, respectively.  March 31, 2016 tax rate adjusted for effect of non-deductible acquisition expenses.
(3)  Excludes average balance of Series A preferred stock.
(4)  Excludes average balance of goodwill and net core deposit intangibles.
(5)  Acquisition expenses include $313 thousand, $290 thousand, $381 thousand, $385 thousand and $548 thousand, of compensation and bonus expenses in addition to $146 thousand, $785 thousand, $3 thousand, $90 thousand and $639 thousand of merger-related expenses for the quarters ended March 31, 2017, December 31, 2016, September 30, 2016, June 30, 2016 and March 31, 2016, respectively.
(6) Includes $1,952 related to the former Houston Region CEO's Separation Agreement.
 

Independent Bank Group, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
As of March 31, 2017 and December 31, 2016
(Dollars in thousands, except per share information)
(Unaudited)

Tangible Book Value & Tangible Common Equity To Tangible Asset Ratio   
 March 31, December 31,
 2017 2016
Tangible Common Equity   
Total common stockholders' equity$688,469  $672,365 
Adjustments:   
Goodwill (258,319) (258,319)
Core deposit intangibles, net(13,685) (14,177)
Tangible common equity$416,465  $399,869 
    
Tangible Assets   
Total assets$6,022,614  $5,852,801 
Adjustments:   
Goodwill$(258,319) $(258,319)
Core deposit intangibles$(13,685) $(14,177)
Tangible assets$5,750,610  $5,580,305 
Common shares outstanding18,925,182  18,870,312 
Tangible common equity to tangible assets7.24% 7.17%
Book value per common share$36.38  $35.63 
Tangible book value per common share22.01  21.19 

 

Contacts:



Analysts/Investors:

Michelle Hickox

Executive Vice President and Chief Financial Officer

(972) 562-9004

mhickox@ibtx.com



Media:

Peggy Smolen

Marketing & Communications Director

(972) 562-9004

psmolen@ibtx.com

Source: Independent Bank Group, Inc.

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