Independent Bank Group, Inc. (Nasdaq:IBTX), the holding company for
Independent Bank, today announced net income available to common
shareholders of $10.0 million, or $0.59 per diluted share, for the
quarter ended December 31, 2014 compared to $8.9 million, or $0.54
per diluted share, for the quarter ended September 30, 2014 and
$4.3 million, or $0.35 per diluted share, for the quarter ended
December 31, 2013.
For the year ended December 31, 2014, the Company reported net
income available to common shareholders of $28.8 million compared
to net income of $19.8 million (pro forma after tax net income of
$16.2 million) for the year ended December 31, 2013.
Highlights
- Core earnings were $10.9 million, or $0.64 per diluted share,
for the quarter ended December 31, 2014 compared to $9.5 million,
or $0.58 per diluted share, for the quarter ended September 30,
2014 and to $4.9 million, or $0.40 per diluted share, for the
quarter ended December 31, 2013.
- Loans held for investment grew organically at an annual rate of
15.8% in the fourth quarter.
- Asset quality remains strong, as reflected by a nonperforming
assets to total assets ratio of 0.36% and a nonperforming loans to
total loans ratio of 0.32% at December 31, 2014. Net charge offs
were 0.01% annualized for the fourth quarter.
- Core efficiency ratio continued to improve to 55.85% for the
quarter ended December 31, 2014.
- Closed the Houston City Bancshares acquisition on October 1,
2014 and successfully completed the operational conversion prior to
year-end.
Independent Bank Group Chairman and Chief Executive Officer,
David Brooks said, "This was another strong year for Independent
Bank Group. In our first full year of being a public company, we
experienced continued organic loan growth, had solid earnings and
advanced our acquisition strategy by successfully closing and
integrating three transactions. We remain focused on maintaining
strong credit quality. We have evaluated our energy credits and
particularly those that are most challenged by lower commodity
prices and remain in close contact to confirm they have the
appropriate measures in place to manage through the current
environment. We also believe that the Texas economy is broader and
more diverse than in past cycles. We remain optimistic about 2015
and the coming years."
Net Interest Income
- Net interest income was $38.2 million for fourth quarter 2014
compared to $32.4 million for third quarter 2014 and $20.0 million
for fourth quarter 2013. The increase in net interest income from
the linked quarter was primarily due to increased average loan
balances resulting from organic loan growth as well as loans
acquired in the Houston City Bancshares acquisition. The increase
from the previous year is also due to increased average balances
resulting from organic loan growth as well as growth from the loans
acquired in the Live Oak Financial Corp., BOH Holdings and Houston
City Bancshares acquisitions.
- Net interest margin was 4.28% for fourth quarter 2014 compared
to 4.04% for third quarter 2014 and 4.23% for fourth quarter 2013.
The increases from the linked quarter and the prior year are due to
higher yields on loans acquired in the HCB transaction, increased
accretion from acquired loans (9 basis points) and higher
prepayment fees recognized than in previous periods.
- The yield on interest-earning assets was 4.82% for fourth
quarter 2014 compared to 4.60% for third quarter 2014 and 4.84% for
fourth quarter 2013. The increase from the linked quarter was
primarily due to loans acquired in the Houston City Bancshares
transaction, which carried an overall higher average yield and an
increase in acquired loan accretion. The decrease from the prior
year is primarily as a result of competitive pricing on loans in
our markets over the entire year partially offset by an increase in
loan accretion and early payment fees.
- The cost of interest bearing liabilities, including borrowings,
was 0.71% for fourth quarter 2014 compared to 0.73% for third
quarter 2014 and 0.76% for fourth quarter 2014. The decrease from
the linked quarter and prior year is due to a decrease in the cost
of deposits and FHLB advances.
- The average balance of total interest-earning assets grew by
$349.1 million, or 11.0%, from the third quarter 2014 and totaled
$3.536 billion compared to $3.187 billion at September 30, 2014 and
compared to $1.872 billion at December 31, 2013. This increase from
third quarter is primarily due to organic loan growth as well as
loans acquired in the Houston City Bancshares transaction. The
increase from December 2013 is also due to the other two closed
acquisitions during 2014 in addition to the Houston City Bancshares
transaction as well as organic growth during that period.
Noninterest Income
- Total noninterest income decreased $249 thousand compared to
third quarter 2014 and increased $549 thousand compared to fourth
quarter 2013.
- The decrease from the third quarter reflects a decline from
higher non interest income recognized in the third quarter
resulting from a one time sale of a $12.0 million SBA loan
portfolio in August of 2014, which had a gain of $1.078 million.
The decrease from the third quarter was offset by a $362 thousand
gain on sale of securities and an increase in service charge income
of $263 in the fourth quarter.
- The increase in noninterest income compared to fourth quarter
2013 is partially due to overall increased accounts and activity
resulting in increases to service charge income of $560 thousand,
$553 thousand in mortgage fee income, $174 thousand in BOLI income
and $200 thousand in other noninterest income. In addition, there
was a $362 thousand gain on sale of securities in the fourth
quarter 2014 with no gain recognized in the same quarter prior
year. Offsetting these increases was a $1.3 million gain recognized
in the fourth quarter of 2013 that relates to the sale of the
remaining Adriatica property.
Noninterest Expense
- Total noninterest expense increased $2.8 million compared to
third quarter 2014 and increased $9.2 million compared to fourth
quarter 2013.
- The increase in noninterest expense compared to third quarter
2014 is due primarily to an increase of $2.0 million in salaries
and benefits, $615 thousand in occupancy expenses, $188 thousand in
data processing expense, $125 thousand in FDIC assessment and $369
thousand in acquisition-related expenses, all of which are due to
the Houston City Bancshares acquisition, which closed October 1,
2014. These increases were offset by decreases of $148 thousand in
OREO expenses and $437 thousand in other non-interest
expenses.
- The increase in noninterest expense compared to the prior year
period is primarily related to increases in compensation,
occupancy, professional fees and other general noninterest expenses
resulting from completed acquisitions since that period. These
increases were offset by a decrease in IBG Adriatica expenses and
other real estate owned expenses.
Provision for Loan Losses
- Provision for loan loss expense was $1.8 million for the fourth
quarter, an increase of $775 thousand compared to $976 thousand for
third quarter 2014 and an increase of $868 thousand compared to
$883 thousand during fourth quarter 2013. The changes in provision
expense are directly related to organic loan growth in the
respective quarter and a prudent recognition of the current energy
environment.
- The allowance for loan losses was $18.6 million, or 0.58% of
total loans, respectively, at December 31, 2014, compared to $16.8
million, or 0.58% of total loans, respectively, at September 30,
2014, and compared to $14.0 million, or 0.81% of total loans,
respectively, at December 31, 2013. The decreases in the allowance
ratio to total loans from prior year are due to the acquired loans
in the Collin Bank, Live Oak Financial Corp., BOH Holdings and
Houston City Bancshares transactions being recorded at fair
value.
- As noted, loans acquired in the Collin Bank, Live Oak Financial
Corp., BOH Holdings and Houston City Bancshares transactions do not
have an allocated allowance for loan losses as of the date of
acquisition. Rather, those loans were initially recorded at an
estimated fair value to reflect the probability of losses on those
loans as of the acquisition date, with adjustments to the allowance
for these loans only related to any subsequent declining
conditions.
Income Taxes
- Federal income tax expense of $5.4 million was recorded for the
quarter ended December 31, 2014, an effective rate of 34.7%
compared to tax expense of $4.5 million and an effective rate of
33.6% for the quarter ended September 30, 2014 and tax expense of
$2.5 million and an effective rate of 36.8% for the quarter ended
December 31, 2013. The increase in the historical effective tax
rates during the fourth quarter of each respective year is
primarily related to legal and professional fees associated with
facilitating acquisitions that are not deductible for federal
income tax purposes.
Year-End 2014 Balance Sheet Highlights:
Loans
- Total loans held for investment were $3.201 billion at December
31, 2014 compared to $2.891 billion at September 30, 2014 and
compared to $1.723 billion at December 31, 2013. This represented a
10.7% increase from the previous quarter (approximately 4.0% of
which was organic growth) and an 85.8% increase over the same
quarter in 2013. Organic growth for year ended December 31, 2014
totaled $427 million. The Company acquired approximately $71
million in loans during the first quarter, $785 million in loans
during the second quarter and $195 million in the fourth quarter
related to the Live Oak, BOH Holdings and Houston City Bancshares
acquisitions, respectively.
- Since December 31, 2013 loan growth has been centered in
commercial real estate loans ($607 million), C&I loans ($431
million) and in commercial and single family construction loans
($260 million).
- The C&I portfolio as of December 31, 2014 was $672.1
million (21% of total loans) versus $241.2 million (14% of total
loans) at December 31, 2013. The energy portfolio was $231.7
million (7.2% of total loans) at December 31, 2014 made up of 30
credits and 28 relationships. All energy related loans are
secured and only one credit with a balance of $4.4 million was
classified as of December 31, 2014. Oil field service related
loans, which were obtained through acquisitions, represented an
additional $27 million (0.8%) at December 31, 2014. All energy
related credits are being closely monitored and the Company is in
close contact with energy borrowers to maintain a real time
understanding of these borrowers' financial condition and ability
to positively respond to dynamic market conditions.
Asset Quality
- Total nonperforming assets increased to $14.9 million, or 0.36%
of total assets at December 31, 2014 from $12.5 million, or 0.33%
of total assets at September 30, 2014 and from $12.5 million or
0.58% of total assets at December 31, 2013. Two branches with
a total value of $2.0 million acquired in the Houston City
Bancshares transaction were closed in the fourth quarter and
transferred to other real estate owned as the company does not
intend to operate out of these locations and has them for
sale.
- Total nonperforming loans increased to $10.1 million, or 0.32%
of total loans at December 31, 2014 compared to $8.4 million or
0.29% of total loans at September 30, 2014 and to $9.2 million, or
0.53% of total loans at December 31, 2013.
Deposits and Borrowings
- Total deposits were $3.250 billion at December 31, 2014
compared to $2.814 billion at September 30, 2014 and compared to
$1.710 billion at December 31, 2013.
- Non interest bearing deposits have increased from 17.7% of
total deposits at December 31, 2013 to 25.2% at December 31,
2014.
- The average cost of interest bearing deposits decreased to
0.45% for the fourth quarter compared to 0.49% for the third
quarter 2014 and decreased by nine basis points compared to 0.54%
during the fourth quarter 2013.
- Total borrowings (other than junior subordinated debentures)
were $306.1 million at December 31, 2014, a decrease of $96.2
million from September 30, 2014 and an increase of $110.9 million
from December 31, 2013. The decrease from the linked quarter
is due to the maturity of $75 million in short-term borrowings and
two other longer-term FHLB advances that matured in the fourth
quarter. The majority of the increase from the same quarter
last year reflects FHLB advances assumed in the BOH Holdings
transaction with remaining balances totaling approximately $20.0
million as well as the issuance of $65 million in subordinated debt
in July 2014.
Capital
- The tangible common equity to tangible assets and the Tier 1
capital to average assets ratios were 7.07% and 8.15%,
respectively, at December 31, 2014 compared to 7.32% and 8.50%,
respectively, at September 30, 2014 and 9.21% and 10.71%,
respectively, at December 31, 2013. The total stockholders' equity
to total assets ratio was 13.09%, 13.35% and 10.80% at December 31,
2014, September 30, 2014 and December 31, 2013,
respectively.
- Total capital to risk weighted assets decreased to 12.59% at
December 31, 2014 compared to 13.36% at September 30, 2014 and
13.83% at December 31, 2013 due to organic growth and growth
through the acquisitions completed during the year.
- Book value and tangible book value per common share were $30.35
and $16.15, respectively, at December 31, 2014 compared to $29.10
and $15.78, respectively, at September 30, 2014 and $18.96 and
$15.89, respectively, at December 31, 2013.
- Return on tangible equity (on an annualized basis) was 14.08%
for the fourth quarter 2014 compared to 14.32% and 9.00% for the
third quarter 2014 and fourth quarter 2013, respectively. The
fourth quarter return is impacted by stock issued in the Houston
City Bancshares transaction.
- Return on average assets and return on average equity (on an
annualized basis) were 0.97% and 7.65%, respectively, for fourth
quarter 2014 compared to 0.95% and 7.60%, respectively, for third
quarter 2014 and 0.83% and 7.61%, respectively, for fourth quarter
2013.
Other Matters
On January 23, 2015, the Company announced the establishment of
a stock repurchase program providing for the repurchase of up to
$30 million of its common stock. The timing and amount of any share
repurchases will depend on a variety of factors, including the
trading price of the Company's common stock, securities laws
restrictions including but not limited to compliance with blackout
periods, regulatory requirements, potential alternative uses for
capital, and market and economic conditions. There is no minimum
amount required to be purchased under the repurchase program. The
repurchase program is authorized to continue through December 31,
2015.
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 39 banking offices in three market regions located
in the Dallas/Fort Worth, Austin and Houston, Texas areas.
Conference Call
A conference call covering Independent Bank Group's fourth
quarter earnings announcement will be held today, Tuesday, February
3, at 8:30 a.m. (EST) and can be accessed by calling 1-877-303-7611
and by identifying the conference ID number 55414412. A
recording of the conference call will be available from February 3,
2015 through February 10, 2015 by accessing our website,
www.ibtx.com.
Forward-Looking Statements
The numbers as of and for the year ended December 31, 2014 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 non-performing 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 27, 2014, the Company's Form 10-Q for the
third quarter 2014 filed on November 4, 2014, the Company's
Prospectus filed pursuant to Rule 424 on July 18, 2014 and the
Company's Amendment No. 1 to Form S-4 Registration Statement filed
on August 5, 2014 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 pre-provision 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", "net interest margin excluding purchase
accounting accretion", "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 non‑GAAP
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 December 31,
2014, September 30, 2014, June 30, 2014, March 31, 2014 and
December 31, 2013 |
(Dollars in thousands, except for
share data) |
(Unaudited) |
|
|
|
As of and for the quarter
ended |
|
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
December 31, 2013 |
Selected Income Statement
Data |
|
|
|
|
|
Interest income |
$ 42,952 |
$ 36,940 |
$ 35,078 |
$ 25,162 |
$ 22,847 |
Interest expense |
4,777 |
4,509 |
3,674 |
3,027 |
2,894 |
Net interest income |
38,175 |
32,431 |
31,404 |
22,135 |
19,953 |
Provision for loan losses |
1,751 |
976 |
1,379 |
1,253 |
883 |
Net interest income after provision for
loan losses |
36,424 |
31,455 |
30,025 |
20,882 |
19,070 |
Noninterest income |
3,961 |
4,210 |
3,119 |
2,334 |
3,412 |
Noninterest expense |
24,931 |
22,162 |
25,343 |
16,076 |
15,714 |
Net income |
10,098 |
8,960 |
5,119 |
4,801 |
4,279 |
Preferred stock dividends |
60 |
60 |
49 |
— |
— |
Net income available to common
shareholders |
10,038 |
8,900 |
5,070 |
4,801 |
4,279 |
Core net interest income (1) |
37,187 |
32,259 |
30,967 |
21,772 |
19,886 |
Core Pre-Tax Pre-Provision Earnings (1) |
18,003 |
15,266 |
14,683 |
8,652 |
8,141 |
Core Earnings (1) |
10,889 |
9,546 |
9,020 |
4,972 |
4,870 |
|
|
|
|
|
|
Per Share Data (Common
Stock) |
|
|
|
|
|
Earnings: |
|
|
|
|
|
Basic |
$ 0.59 |
$ 0.54 |
$ 0.32 |
$ 0.38 |
$ 0.35 |
Diluted |
0.59 |
0.54 |
0.32 |
0.38 |
0.35 |
Core earnings: |
|
|
|
|
|
Basic (1) |
0.64 |
0.58 |
0.57 |
0.40 |
0.40 |
Diluted (1) |
0.64 |
0.58 |
0.57 |
0.39 |
0.40 |
Dividends |
0.06 |
0.06 |
0.06 |
0.06 |
0.06 |
Book value |
30.35 |
29.10 |
28.54 |
20.05 |
18.96 |
Tangible book value (1) |
16.15 |
15.78 |
15.22 |
16.37 |
15.89 |
Common shares outstanding |
17,032,669 |
16,370,313 |
16,370,707 |
12,592,935 |
12,330,158 |
Weighted average basic shares outstanding
(4) |
17,032,452 |
16,370,506 |
15,788,927 |
12,583,874 |
12,164,948 |
Weighted average diluted shares outstanding
(4) |
17,123,423 |
16,469,231 |
15,890,310 |
12,685,517 |
12,252,862 |
|
|
|
|
|
|
Selected Period End Balance Sheet
Data |
|
|
|
|
|
Total assets |
$ 4,132,639 |
$ 3,746,682 |
$ 3,654,311 |
$ 2,353,675 |
$ 2,163,984 |
Cash and cash equivalents |
324,047 |
249,769 |
192,528 |
97,715 |
93,054 |
Securities available for sale |
206,062 |
235,844 |
249,856 |
204,539 |
194,038 |
Loans, held for sale |
4,453 |
1,811 |
5,500 |
2,191 |
3,383 |
Loans, held for investment |
3,201,084 |
2,890,924 |
2,844,543 |
1,893,082 |
1,723,160 |
Allowance for loan losses |
18,552 |
16,840 |
16,219 |
14,841 |
13,960 |
Goodwill and core deposit intangible |
241,912 |
218,025 |
217,954 |
46,388 |
37,852 |
Other real estate owned |
4,763 |
4,084 |
3,788 |
2,909 |
3,322 |
Noninterest-bearing deposits |
818,022 |
715,843 |
711,475 |
352,735 |
302,756 |
Interest-bearing deposits |
2,431,576 |
2,097,817 |
2,141,943 |
1,537,942 |
1,407,563 |
Borrowings (other than junior subordinated
debentures) |
306,147 |
402,389 |
281,105 |
186,727 |
195,214 |
Junior subordinated debentures |
18,147 |
18,147 |
18,147 |
18,147 |
18,147 |
Series A Preferred Stock |
23,938 |
23,938 |
23,938 |
— |
— |
Total stockholders' equity |
540,851 |
500,311 |
491,091 |
252,508 |
233,772 |
|
|
Independent Bank Group, Inc. and
Subsidiaries |
Consolidated Financial Data |
Three Months Ended December 31,
2014, September 30, 2014, June 30, 2014, March 31, 2014 and
December 31, 2013 |
(Dollars in thousands, except for
share data) |
(Unaudited) |
|
|
|
As of and for the quarter
ended |
|
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
December 31, 2013 |
Selected Performance
Metrics |
|
|
|
|
|
Return on average assets |
0.97% |
0.95% |
0.60% |
0.84% |
0.83% |
Return on average equity (2) |
7.65 |
7.60 |
4.68 |
7.90 |
7.61 |
Return on tangible equity (2) |
14.08 |
14.32 |
8.27 |
9.84 |
9.00 |
Adjusted return on average assets (1) |
1.74 |
1.65 |
1.73 |
1.51 |
1.58 |
Adjusted return on average equity (1)
(2) |
13.71 |
13.18 |
13.42 |
14.24 |
14.48 |
Adjusted return on tangible equity (1)
(2) |
15.27 |
15.36 |
14.72 |
10.19 |
10.24 |
Net interest margin |
4.28 |
4.04 |
4.26 |
4.17 |
4.23 |
Adjusted net interest margin (3) |
4.17 |
4.02 |
4.20 |
4.10 |
4.21 |
Efficiency ratio |
59.17 |
60.48 |
73.41 |
65.70 |
67.25 |
Core efficiency ratio (1) |
55.85 |
56.87 |
56.92 |
64.05 |
62.97 |
|
|
|
|
|
|
Credit Quality Ratios |
|
|
|
|
|
Nonperforming assets to total assets |
0.36% |
0.33% |
0.35% |
0.51% |
0.58% |
Nonperforming loans to total loans |
0.32 |
0.29 |
0.32 |
0.48 |
0.53 |
Nonperforming assets to total loans and other
real estate |
0.46 |
0.43 |
0.45 |
0.63 |
0.72 |
Allowance for loan losses to non-performing
loans |
183.43 |
200.83 |
177.86 |
162.96 |
152.39 |
Allowance for loan losses to total loans |
0.58 |
0.58 |
0.57 |
0.78 |
0.81 |
Net charge-offs to average loans outstanding
(annualized) |
0.01 |
0.05 |
— |
0.08 |
0.02 |
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
Tier 1 capital to average assets |
8.15% |
8.50% |
9.07% |
9.77% |
10.71% |
Tier 1 capital to risk-weighted assets
(1) |
9.83 |
10.34 |
10.21 |
11.96 |
12.64 |
Total capital to risk-weighted assets |
12.59 |
13.36 |
11.00 |
13.08 |
13.83 |
Total stockholders' equity to total
assets |
13.09 |
13.35 |
13.44 |
10.73 |
10.80 |
Tangible common equity to tangible assets
(1) |
7.07 |
7.32 |
7.25 |
8.93 |
9.21 |
|
|
|
|
|
|
(1) Non-GAAP financial
measures. See reconciliation. |
(2) Excludes average balance of
Series A preferred stock. |
(3) Excludes income recognized on
acquired loans of $988, $172, $437, $363 and $67,
respectively. |
(4) Total number of shares
includes participating shares (those with dividend rights). |
|
|
Independent Bank Group, Inc. and
Subsidiaries |
Annual Selected Financial
Information |
Years ended December 31, 2014 and
2013 |
(Unaudited) |
|
|
Years ended December
31, |
|
2014 |
2013 |
Per Share Data |
|
|
Net income - basic |
$ 1.86 |
$ 1.78 |
Net income - diluted |
1.85 |
1.77 |
Pro forma net income - basic (1) |
n/a |
1.45 |
Pro forma net income - diluted (1) |
n/a |
1.44 |
Cash dividends |
0.24 |
0.77 |
Book value |
30.35 |
18.96 |
|
|
|
Outstanding Shares |
|
|
Period-end shares |
17,032,669 |
12,330,158 |
Weighted average shares - basic (2) |
15,458,666 |
11,143,726 |
Weighted average shares - diluted (2) |
15,557,120 |
11,212,194 |
|
|
|
Selected Annual Ratios |
|
|
Return on average assets |
0.87% |
1.04% |
Return on average equity |
6.89 |
9.90 |
Pro forma return on average assets (1) |
n/a |
0.85 |
Pro forma return on average equity (1) |
n/a |
8.09 |
Net interest margin |
4.19 |
4.30 |
|
(1) Pro forma information
calculated and presented as if the Company had been a C Corporation
the entire year. |
(2) Total number of shares
includes participating shares (those with dividends rights). |
|
|
|
|
Independent Bank Group, Inc. and
Subsidiaries |
|
Consolidated Statements of
Income |
Three Months and Years Ended
December 31, 2014 and 2013 |
(Dollars in thousands) |
(Unaudited) |
|
|
|
|
|
|
Three Months
Ended December 31, |
Years Ended
December 31, |
|
2014 |
2013 |
2014 |
2013 |
Interest income: |
|
|
|
|
Interest and fees on loans |
$ 41,824 |
$ 22,003 |
$ 135,461 |
$ 84,350 |
Interest on taxable securities |
616 |
517 |
2,803 |
1,516 |
Interest on nontaxable securities |
401 |
259 |
1,429 |
1,024 |
Interest on federal funds sold and
other |
111 |
68 |
439 |
324 |
Total interest income |
42,952 |
22,847 |
140,132 |
87,214 |
Interest expense: |
|
|
|
|
Interest on deposits |
2,663 |
1,796 |
9,537 |
6,974 |
Interest on FHLB advances |
886 |
828 |
3,678 |
3,303 |
Interest on repurchase agreements, notes
payable and other borrowings |
1,088 |
135 |
2,230 |
1,461 |
Interest on junior subordinated
debentures |
140 |
135 |
542 |
543 |
Total interest expense |
4,777 |
2,894 |
15,987 |
12,281 |
Net interest income |
38,175 |
19,953 |
124,145 |
74,933 |
Provision for loan losses |
1,751 |
883 |
5,359 |
3,822 |
Net interest income after provision
for loan losses |
36,424 |
19,070 |
118,786 |
71,111 |
Noninterest income: |
|
|
|
|
Service charges on deposit accounts |
1,804 |
1,244 |
6,009 |
4,841 |
Mortgage fee income |
1,176 |
623 |
3,953 |
3,743 |
Gain on sale of loans |
— |
— |
1,078 |
— |
Gain on sale of other real estate |
12 |
1,334 |
71 |
1,507 |
Gain on sale of securities available for
sale |
362 |
— |
362 |
— |
Loss on sale of premises and
equipment |
— |
(22) |
(22) |
(18) |
Increase in cash surrender value of
BOLI |
282 |
108 |
972 |
348 |
Other |
325 |
125 |
1,201 |
600 |
Total noninterest
income |
3,961 |
3,412 |
13,624 |
11,021 |
Noninterest expense: |
|
|
|
|
Salaries and employee benefits |
14,540 |
8,148 |
52,337 |
31,836 |
Occupancy |
4,050 |
2,480 |
13,250 |
9,042 |
Data processing |
660 |
378 |
2,080 |
1,347 |
FDIC assessment |
551 |
259 |
1,797 |
500 |
Advertising and public relations |
217 |
64 |
835 |
684 |
Communications |
567 |
295 |
1,787 |
1,385 |
Net other real estate owned expenses
(including taxes) |
(26) |
117 |
232 |
485 |
Operations of IBG Adriatica, net |
— |
206 |
23 |
806 |
Other real estate impairment |
— |
74 |
22 |
549 |
Core deposit intangible amortization |
422 |
176 |
1,281 |
703 |
Professional fees |
775 |
380 |
2,567 |
1,298 |
Acquisition expense, including legal |
998 |
1,354 |
3,626 |
1,956 |
Other |
2,177 |
1,783 |
8,675 |
7,080 |
Total noninterest
expense |
24,931 |
15,714 |
88,512 |
57,671 |
Income before taxes |
15,454 |
6,768 |
43,898 |
24,461 |
Income tax expense |
5,356 |
2,489 |
14,920 |
4,661 |
Net income |
$ 10,098 |
$ 4,279 |
$ 28,978 |
$ 19,800 |
Pro Forma: |
|
|
|
|
Income tax expense (1) |
n/a |
n/a |
n/a |
8,287 |
Net income |
n/a |
n/a |
n/a |
16,174 |
|
|
|
|
|
(1) Pro forma information
calculated and presented as if the Company had been a C Corporation
during the 2013 YTD period. |
|
|
Consolidated Balance Sheets |
As of December 31, 2014 and
2013 |
(Dollars in thousands, except
share information) |
(Unaudited) |
|
|
|
December
31, |
Assets |
2014 |
2013 |
Cash and due from banks |
$ 179,225 |
$ 27,408 |
Federal Reserve Excess Balance Account
(EBA) |
144,822 |
65,646 |
Cash and cash
equivalents |
324,047 |
93,054 |
Securities available for sale |
206,062 |
194,038 |
Loans held for sale |
4,453 |
3,383 |
Loans, net of allowance for loan losses |
3,182,045 |
1,709,200 |
Premises and equipment, net |
88,902 |
72,735 |
Other real estate owned |
4,763 |
3,322 |
Federal Home Loan Bank (FHLB) of Dallas stock
and other restricted stock |
12,321 |
9,494 |
Bank-owned life insurance (BOLI) |
39,784 |
21,272 |
Deferred tax asset |
2,235 |
4,834 |
Goodwill |
229,457 |
34,704 |
Core deposit intangible, net |
12,455 |
3,148 |
Other assets |
26,115 |
14,800 |
Total assets |
$ 4,132,639 |
$ 2,163,984 |
|
|
|
Liabilities and Stockholders' Equity |
Deposits: |
|
|
Noninterest-bearing |
818,022 |
302,756 |
Interest-bearing |
2,431,576 |
1,407,563 |
Total deposits |
3,249,598 |
1,710,319 |
FHLB advances |
229,405 |
187,484 |
Repurchase agreements |
4,012 |
— |
Other borrowings |
69,410 |
4,460 |
Other borrowings, related parties |
3,320 |
3,270 |
Junior subordinated debentures |
18,147 |
18,147 |
Other liabilities |
17,896 |
6,532 |
Total liabilities |
3,591,788 |
1,930,212 |
Commitments and contingencies |
|
|
Stockholders' equity: |
|
|
Series A Preferred Stock |
23,938 |
— |
Common stock |
170 |
123 |
Additional paid-in capital |
476,609 |
222,116 |
Retained earnings |
37,731 |
12,663 |
Accumulated other comprehensive
income |
2,403 |
(1,130) |
Total stockholders'
equity |
540,851 |
233,772 |
Total liabilities and
stockholders' equity |
$ 4,132,639 |
$ 2,163,984 |
|
|
Independent Bank Group, Inc. and
Subsidiaries |
Consolidated Average Balance
Sheet Amounts, Interest Earned and Yield Analysis |
Three Months Ended December 31,
2014 and 2013 |
(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. |
|
|
|
|
|
|
|
|
For The Three
Months Ended December 31, |
|
2014 |
2013 |
|
Average |
|
|
Average |
|
|
|
Outstanding |
|
Yield/ |
Outstanding |
|
Yield/ |
|
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
Interest-earning
assets: |
|
|
|
|
|
|
Loans |
$ 3,144,680 |
$ 41,824 |
5.28% |
$ 1,606,252 |
$ 22,003 |
5.43% |
Taxable securities |
166,963 |
616 |
1.46 |
125,773 |
517 |
1.63 |
Nontaxable securities |
67,946 |
401 |
2.34 |
30,603 |
259 |
3.36 |
Federal funds sold and other |
156,604 |
111 |
0.28 |
109,680 |
68 |
0.25 |
Total interest-earning
assets |
3,536,193 |
$ 42,952 |
4.82 |
1,872,308 |
$ 22,847 |
4.84 |
Noninterest-earning assets |
562,478 |
|
|
170,647 |
|
|
Total assets |
$ 4,098,671 |
|
|
$ 2,042,955 |
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
Checking accounts |
$ 1,172,753 |
$ 1,275 |
0.43% |
$ 766,862 |
$ 965 |
0.50% |
Savings accounts |
147,052 |
72 |
0.19 |
118,486 |
94 |
0.31 |
Money market accounts |
189,119 |
115 |
0.24 |
52,253 |
32 |
0.24 |
Certificates of deposit |
818,615 |
1,201 |
0.58 |
379,576 |
705 |
0.74 |
Total deposits |
2,327,539 |
2,663 |
0.45 |
1,317,177 |
1,796 |
0.54 |
FHLB advances |
241,102 |
886 |
1.46 |
170,259 |
828 |
1.93 |
Repurchase agreements, notes payable and
other borrowings |
79,450 |
1,088 |
5.43 |
7,730 |
135 |
6.93 |
Junior subordinated debentures |
18,147 |
140 |
3.06 |
18,147 |
135 |
2.95 |
Total interest-bearing
liabilities |
2,666,238 |
4,777 |
0.71 |
1,513,313 |
2,894 |
0.76 |
Noninterest-bearing checking
accounts |
871,493 |
|
|
294,585 |
|
|
Noninterest-bearing liabilities |
16,202 |
|
|
11,944 |
|
|
Stockholders' equity |
544,738 |
|
|
223,113 |
|
|
Total liabilities and
equity |
$ 4,098,671 |
|
|
$ 2,042,955 |
|
|
Net interest income |
|
$ 38,175 |
|
|
$ 19,953 |
|
Interest rate spread |
|
|
4.11% |
|
|
4.08% |
Net interest margin |
|
|
4.28 |
|
|
4.23 |
Average interest earning assets to
interest bearing liabilities |
|
|
132.63 |
|
|
123.72 |
|
|
Independent Bank Group, Inc. and
Subsidiaries |
Consolidated Average Balance
Sheet Amounts, Interest Earned and Yield Analysis |
Years Ended December 31, 2014 and
2013 |
(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. |
|
|
|
|
|
|
|
|
For The Year
Ended December 31, |
|
2014 |
2013 |
|
Average |
|
|
Average |
|
|
|
Outstanding |
|
Yield/ |
Outstanding |
|
Yield/ |
|
Balance |
Interest |
Rate |
Balance |
Interest |
Rate |
Interest-earning
assets: |
|
|
|
|
|
|
Loans |
$ 2,628,667 |
$ 135,461 |
5.15% |
$ 1,502,817 |
$ 84,350 |
5.61% |
Taxable securities |
174,578 |
2,803 |
1.61 |
95,259 |
1,516 |
1.59 |
Nontaxable securities |
57,825 |
1,429 |
2.47 |
31,247 |
1,024 |
3.28 |
Federal funds sold and other |
99,083 |
439 |
0.44 |
112,841 |
324 |
0.29 |
Total interest-earning
assets |
2,960,153 |
$ 140,132 |
4.73 |
1,742,164 |
$ 87,214 |
5.01 |
Noninterest-earning assets |
369,449 |
|
|
158,748 |
|
|
Total assets |
$ 3,329,602 |
|
|
$ 1,900,912 |
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
Checking accounts |
$ 1,052,528 |
$ 4,797 |
0.46% |
$ 734,475 |
$ 3,826 |
0.52% |
Savings accounts |
129,707 |
345 |
0.27 |
114,699 |
373 |
0.33 |
Money market accounts |
123,392 |
347 |
0.28 |
50,661 |
135 |
0.27 |
Certificates of deposit |
674,556 |
4,048 |
0.60 |
334,269 |
2,640 |
0.79 |
Total deposits |
1,980,183 |
9,537 |
0.48 |
1,234,104 |
6,974 |
0.57 |
FHLB advances |
242,695 |
3,678 |
1.52 |
165,354 |
3,303 |
2.00 |
Repurchase agreements, notes payable and
other borrowings |
40,179 |
2,230 |
5.55 |
17,255 |
1,461 |
8.47 |
Junior subordinated debentures |
18,147 |
542 |
2.99 |
18,147 |
543 |
2.99 |
Total interest-bearing
liabilities |
2,281,204 |
15,987 |
0.70 |
1,434,860 |
12,281 |
0.86 |
Noninterest-bearing checking
accounts |
601,764 |
|
|
259,432 |
|
|
Noninterest-bearing liabilities |
11,152 |
|
|
6,626 |
|
|
Stockholders' equity |
435,482 |
|
|
199,994 |
|
|
Total liabilities and
equity |
$ 3,329,602 |
|
|
$ 1,900,912 |
|
|
Net interest income |
|
$ 124,145 |
|
|
$ 74,933 |
|
Interest rate spread |
|
|
4.03% |
|
|
4.15% |
Net interest margin |
|
|
4.19 |
|
|
4.30 |
Average interest earning assets to
interest bearing liabilities |
|
|
129.76 |
|
|
121.42 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Independent Bank Group, Inc. and
Subsidiaries |
Loan Portfolio Composition |
As of December 31, 2014 and
2013 |
(Dollars in thousands) |
(Unaudited) |
|
The following table sets forth
loan totals by category as of the dates presented: |
|
|
December 31,
2014 |
December 31,
2013 |
|
Amount |
% of Total |
Amount |
% of Total |
Commercial |
$ 672,052 |
21.0% |
$ 241,178 |
14.0% |
Real estate: |
|
|
|
|
Commercial real estate |
1,450,434 |
45.2 |
843,436 |
48.9 |
Commercial construction, land and land
development |
334,964 |
10.5 |
130,320 |
7.5 |
Residential real estate (1) |
518,478 |
16.2 |
342,037 |
19.8 |
Single-family interim construction |
138,278 |
4.3 |
83,144 |
4.8 |
Agricultural |
38,822 |
1.2 |
40,558 |
2.3 |
Consumer |
52,267 |
1.6 |
45,762 |
2.7 |
Other |
242 |
— |
108 |
— |
Total loans |
3,205,537 |
100.0% |
1,726,543 |
100.0% |
Deferred loan fees |
(487) |
|
— |
|
Allowance for losses |
(18,552) |
|
(13,960) |
|
Total loans, net |
$ 3,186,498 |
|
$ 1,712,583 |
|
|
(1) Includes loans held for sale
at December 31, 2014 and 2013 of $4,453 and $3,383,
respectively. |
|
|
Independent Bank Group, Inc. and
Subsidiaries |
Reconciliation of Non-GAAP
Financial Measures |
Three Months Ended December 31,
2014, September 30, 2014, June 30, 2014, March 31, 2014 and
December 31, 2013 |
(Dollars in thousands, except for
share data) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended |
|
|
December 31, 2014 |
September 30, 2014 |
June 30, 2014 |
March 31, 2014 |
December 31, 2013 |
Net Interest Income -
Reported |
(a) |
$ 38,175 |
$ 32,431 |
$ 31,404 |
$ 22,135 |
$ 19,953 |
Income recognized on acquired loans |
|
(988) |
(172) |
(437) |
(363) |
(67) |
Adjusted Net Interest
Income |
(b) |
37,187 |
32,259 |
30,967 |
21,772 |
19,886 |
Provision Expense -
Reported |
(c) |
1,751 |
976 |
1,379 |
1,253 |
883 |
Noninterest Income -
Reported |
(d) |
3,961 |
4,210 |
3,119 |
2,334 |
3,412 |
Gain on sale of loans |
|
— |
(1,078) |
— |
— |
— |
Gain on sale of OREO |
|
(12) |
(20) |
— |
(39) |
(1,334) |
Gain on sale of securities |
|
(362) |
— |
— |
— |
— |
Loss on Sale of PP&E |
|
— |
22 |
— |
— |
22 |
Adjusted Noninterest
Income |
(e) |
3,587 |
3,134 |
3,119 |
2,295 |
2,100 |
Noninterest Expense -
Reported |
(f) |
24,931 |
22,162 |
25,343 |
16,076 |
15,714 |
Adriatica Expenses |
|
— |
— |
— |
(23) |
(206) |
OREO Impairment |
|
— |
(22) |
— |
— |
(74) |
IPO related stock grant and bonus
expense |
|
(156) |
(156) |
(156) |
(162) |
(235) |
Registration statements |
|
(163) |
(456) |
— |
— |
— |
Core system conversion implementation
expenses |
|
— |
— |
(265) |
— |
— |
Acquisition Expense (4) |
|
(1,841) |
(1,401) |
(5,519) |
(476) |
(1,354) |
Adjusted Noninterest
Expense |
(g) |
22,771 |
20,127 |
19,403 |
15,415 |
13,845 |
Pre-Tax Pre-Provision
Earnings |
(a) + (d) - (f) |
$ 17,205 |
$ 14,479 |
$ 9,180 |
$ 8,393 |
$ 7,651 |
Core Pre-Tax Pre-Provision
Earnings |
(b) + (e) - (g) |
$ 18,003 |
$ 15,266 |
$ 14,683 |
$ 8,652 |
$ 8,141 |
Core Earnings (2) |
(b) - (c) + (e) - (g) |
$ 10,889 |
$ 9,546 |
$ 9,020 |
$ 4,972 |
$ 4,870 |
Reported Efficiency
Ratio |
(f) / (a + d) |
59.17% |
60.48% |
73.41% |
65.70% |
67.25% |
Core Efficiency Ratio |
(g) / (b + e) |
55.85% |
56.87% |
56.92% |
64.05% |
62.97% |
Adjusted Return on Average Assets
(1) |
|
1.74% |
1.65% |
1.73% |
1.51% |
1.58% |
Adjusted Return on Average Equity
(1) |
|
13.71% |
13.18% |
13.42% |
14.24% |
14.48% |
Total Average Assets |
|
$ 4,098,671 |
$ 3,721,323 |
$ 3,403,619 |
$ 2,330,932 |
$ 2,042,955 |
Total Average Stockholders' Equity (3) |
|
$ 520,800 |
$ 464,528 |
$ 438,713 |
$ 246,407 |
$ 223,113 |
(1) Calculated using core pre-tax
pre-provision earnings |
(2) Assumes actual
effective tax rate of 33.0%, 33.2%, 32.2%, 32.8% and 32.9%,
respectively. December 31, 2014, September 30, 2014, June 30,
2014 and December 31, 2013 tax rate adjusted for effect of
non-deductible acquisition expenses. |
(3) Excludes average balance
of Series A preferred stock. |
(4) Acquisition expenses
include $843 thousand, $772 thousand and $3.996 million of
compensation and bonus expenses in addition to $998 thousand, $629
thousand and $1.523 million of merger-related expenses for the
quarters ended December 31, 2014, September 30, 2014 and June 30,
2014, respectively. |
|
|
Independent Bank Group, Inc. and
Subsidiaries |
Reconciliation of Non-GAAP
Financial Measures |
As of December 31, 2014 and
2013 |
(Dollars in thousands, except per
share information) |
(Unaudited) |
|
|
|
|
|
|
Tangible Book Value Per Common
Share |
|
|
|
December
31, |
|
2014 |
2013 |
Tangible Common Equity |
|
|
Total common stockholders' equity |
$ 516,913 |
$ 233,772 |
Adjustments: |
|
|
Goodwill |
(229,457) |
(34,704) |
Core deposit intangibles |
(12,455) |
(3,148) |
Tangible common equity |
$ 275,001 |
$ 195,920 |
Tangible assets |
$ 3,890,727 |
$ 2,126,132 |
Common shares outstanding |
17,032,669 |
12,330,158 |
Tangible common equity to tangible
assets |
7.07% |
9.21% |
Book value per common share |
$ 30.35 |
$ 18.96 |
Tangible book value per common share |
16.15 |
15.89 |
|
|
|
|
|
|
Tier 1 Capital to Risk-Weighted
Assets Ratio |
|
|
|
December
31, |
|
2014 |
2013 |
Tier 1 Common Equity |
|
|
Total common stockholders' equity - GAAP |
$ 516,913 |
$ 233,772 |
Adjustments: |
|
|
Unrealized (gain) loss on available-for-sale
securities |
(2,403) |
1,130 |
Goodwill |
(229,457) |
(34,704) |
Other intangibles |
(12,455) |
(3,148) |
Qualifying Restricted Core Capital Elements
(TRUPS) |
17,600 |
17,600 |
Tier 1 common equity |
$ 290,198 |
$ 214,650 |
Preferred Stock |
23,938 |
— |
Tier 1 Equity |
$ 314,136 |
$ 214,650 |
Total Risk-Weighted
Assets |
|
|
On balance sheet |
$ 3,059,172 |
$ 1,637,117 |
Off balance sheet |
136,241 |
60,397 |
Total risk-weighted
assets |
$ 3,195,413 |
$ 1,697,514 |
Total common stockholders' equity to
risk-weighted assets ratio |
16.18% |
13.77% |
Tier 1 equity to risk-weighted assets
ratio |
9.83 |
12.64 |
Tier 1 common equity to risk-weighted assets
ratio |
9.08 |
12.64 |
CONTACT: Analysts/Investors:
Torry Berntsen
President and Chief Operating Officer
(972) 562-9004
tberntsen@ibtx.com
Michelle Hickox
Executive Vice President and Chief Financial Officer
(972) 562-9004
mhickox@ibtx.com
Media:
Eileen Ponce
Marketing Director
(469) 301-2706
eponce@ibtx.com
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