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TheStreet Open House

Independent Bank Group Reports Fourth Quarter And Year End Financial Results

Stocks in this article: IBTX

MCKINNEY, Texas, Feb. 11, 2014 (GLOBE NEWSWIRE) -- Independent Bank Group, Inc. (Nasdaq:IBTX), the holding company for Independent Bank, today announced net income of $4.3 million, or $0.35 per diluted share, for the quarter ended December 31, 2013 compared to $4.0 million, or $0.33 per diluted share, for the quarter ended September 30, 2013 and pro forma after tax net income of $4.3 million, or $0.50 per diluted share, for the quarter ended December 31, 2012.

For the year ended December 31, 2013, the Company reported net income of $19.8 million (pro forma after tax net income of $16.2 million) compared to net income of $17.4 million (pro forma after tax net income of $12.1 million) for the year ended December 31, 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 for tax expense have been provided for comparability.

Highlights:

  • Core net income was $4.9 million, or $0.40 per diluted share, for the quarter ended December 31, 2013 compared to $4.6 million, or $0.38 per diluted share, for the quarter ended September 30, 2013 and to $3.8 million, or $0.46 per diluted share, for the quarter ended December 31, 2012.
  • Loans held for investment grew organically at an annual rate of 24.2% in the fourth quarter and 20.5% for the year ended December 31, 2013. Loans grew an additional 5.3% for the year through the acquisition of Collin Bank.
  • Continued strong asset quality, as reflected by a nonperforming assets to total assets ratio of 0.47%, a nonperforming loans to total loans ratio of 0.39%, and an annualized net charge-offs to average loans ratio of 0.02% at December 31, 2013.
  • Execution of a definitive agreement to acquire BOH Holdings, Inc. and its subsidiary, Bank of Houston, and completion of the acquisition of Collin Bank.
  • Sale of all of the remaining Adriatica real estate ($9.7 million) and recognition of a $1.3 million gain from such sale.

Independent Bank Group Chairman and Chief Executive Officer David R. Brooks said, "This was a strong year for our Company. We completed a successful IPO, we advanced our acquisition strategy with three transactions and experienced continued organic growth in loans and deposits. Core earnings remained solid as we executed on our key strategies."

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