Independent Bank Group (IBTX) Reports In-Line Q3 EPS

Independent Bank Group (NASDAQ: IBTX) reported Q3 EPS of $1.20, in-line with the analyst estimate of $1.20. Revenue for the quarter came in at $86.27 million versus the consensus estimate of $96.69 million.

Highlights

• Adjusted (non-GAAP) net income was $36.6 million, or $1.20 per diluted share, compared to $32.2 million, or $1.11 per diluted share, for second quarter 2018
• Net interest income increased 9.3% compared to second quarter 2018
• Adjusted (non-GAAP) return on average assets and return on average equity increased to 1.45% and 9.34%, respectively
• Continued strong credit quality metrics with nonperforming assets of 0.16%
• Successfully completed the operational conversion of Integrity Bank

Independent Bank Group Chairman and CEO David R. Brooks said, “We are pleased to report another solid quarter of financial performance, with continued record earnings, return on assets and return on equity. We are particularly pleased to report a significant increase in net interest income even with the expected moderation in our loan growth.” Brooks continued, “Our credit metrics continue to be strong and asset quality remains the foundation of our company. We look forward to completing the Guaranty Bancorp transaction and a strong finish to the year."

For earnings history and earnings-related data on Independent Bank Group (IBTX) click here.

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