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Independent Bank Group Reports Third Quarter Financial Results

McKINNEY, Texas, Oct. 29, 2013 (GLOBE NEWSWIRE) -- Independent Bank Group, Inc. (Nasdaq:IBTX), the holding company for Independent Bank, today announced net income of $4.0 million, or $0.33 per diluted share, for the quarter ended September 30, 2013 compared to pro forma after tax net income of $3.0 million, or $0.39 per diluted share, for the quarter ended September 30, 2012 and $4.1 million, or $0.34 per diluted share, for the quarter ended June 30, 2013. 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 for tax expense have been provided for comparability.

Highlights:

  • Core net income was $4.6 million, or $0.38 per diluted share, for the quarter ended September 30, 2013 compared to $3.3 million, or $0.42 per diluted share, for the quarter ended September 30, 2012 and $4.1 million, or $0.34 per diluted share, for the quarter ended June 30, 2013.
  • Loans held for investment grew at an annual rate of 11.5% in the third quarter and 18.2% for the first nine months of 2013.
  • Continued strong asset quality, as reflected by nonperforming assets to total assets ratio of 1.26%, a nonperforming loans to total loans ratio of 0.43%, and an annualized net charge-offs to average loans ratio of 0.12% at September 30, 2013.
  • The core efficiency ratio improved to 64.0% compared to 65.9% for third quarter 2012 and 65.0% for second quarter 2013.
  • On August 22, 2013, the Company announced the acquisition of Live Oak State Bank, a commercial bank located east of downtown Dallas with total assets of $122.9 million as of June 30, 2013. This is the second acquisition announced by the Company during the third quarter. The Company previously announced the acquisition of Collin Bank, Plano, Texas on July 19, 2013.

Independent Bank Group Chairman and Chief Executive Officer David R. Brooks said, "This was another successful quarter for our Company. We advanced our acquisition strategy by announcing two transactions and experienced continued organic growth in loans and deposits. Core earnings remained solid as we executed on our key strategies and maintained a stable net interest margin."

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