McKINNEY, Texas, July 30, 2013 (GLOBE NEWSWIRE) -- Independent Bank Group, Inc. (Nasdaq:IBTX), the holding company for Independent Bank, today announced net income of $5.9 million, or $0.49 per diluted share, for the quarter ended June 30, 2013 compared to pro forma after tax net income of $3.8 million, or $0.46 per diluted share, for the quarter ended March 31, 2013 and $2.6 million, or $0.33 per diluted share, for the quarter ended June 30, 2012. Prior to April 1, 2013 and the initial public offering, the Company was an S corporation and did not incur federal income tax expense. As a result, pro forma adjustments have been provided for comparability.
- On a core pre-tax, pre-provision earnings basis, second quarter 2013 net income was $7.2 million compared to $6.5 million for first quarter 2013 and compared to $5.3 million for second quarter 2012.
- Loans held for investment grew at an annual rate of 27.2% in the second quarter and 21.0% for the first six months of 2013.
- Continued strong asset quality, as reflected by nonperforming assets to total assets ratio of 1.27%, a nonperforming loans to total loans ratio of 0.43%, and an annualized net charge-offs to average loans ratio of 0.08% at June 30, 2013.
- On a core basis, net interest income was $18.0 million for the second quarter 2013 compared to $17.1 million for the first quarter 2013 and $14.3 million for the second quarter 2012.
- The efficiency ratio improved to 65.0% compared to 67.5% for first quarter 2013 and 72.8% for second quarter 2012.
- On July 19, 2013, the Company announced the acquisition of Collin Bank, a commercial bank located on the Dallas North Tollway in Collin County with total assets of $204.1 million as of March 31, 2013.