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Independent Bank Group, Inc. (IBTX) SEC Filing 10-Q Quarterly report for the period ending Sunday, September 30, 2018

Independent Bank Group, Inc.

CIK: 1564618 Ticker: IBTX

Exhibit 99.1

Press Release
For Immediate Release

earningsreleaseimage1a22.jpg          
    


Independent Bank Group Reports
Third Quarter Financial Results

McKINNEY, Texas, October 22, 2018 /GlobeNewswire/ -- Independent Bank Group, Inc. (NASDAQ: IBTX), the holding company for Independent Bank, today announced net income of $35.7 million, or $1.17 per diluted share, for the quarter ended September 30, 2018 compared to $23.5 million, or $0.84 per diluted share, for the quarter ended September 30, 2017 and $29.6 million, or $1.02 per diluted share, for the quarter ended June 30, 2018.
For 2018, net income and earnings per share were positively impacted by the 14% reduction of the corporate U.S. statutory federal tax rate from 35% to 21% as a result of the enactment of the Tax Cuts and Jobs Act (TCJA), which became effective January 1, 2018.

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."

Third Quarter 2018 Operating Results


Net Interest Income

Net interest income was $86.3 million for third quarter 2018 compared to $72.9 million for third quarter 2017 and $78.9 million for second quarter 2018. The increase in net interest income from the previous year was primarily due to increased average loan balances resulting from organic growth for the year over year period as well as loans acquired in the Integrity Bancshares acquisition in second quarter 2018. The net increase from the linked quarter was due to increased average loan balances with higher interest rates resulting from organic growth and a rising rate environment.
The average balance of total interest-earning assets grew by $1.2 billion and totaled $8.7 billion at September 30, 2018 compared to $7.5 billion at September 30, 2017 and grew $722.3 million compared to $8.0 billion at June 30, 2018. The increase from the prior year and the linked quarter was due primarily to organic growth as well as $718.9 million in earning assets acquired in the Integrity transaction.
The yield on interest-earning assets was 4.99% for third quarter 2018 compared to 4.47% for third quarter 2017 and 4.89% for second quarter 2018. The increase from the prior year and linked quarter was due primarily to higher rates on interest-earning assets due to continued increases in the Fed Funds rate during these periods. In addition, the increase from prior year was due to loans and taxable securities acquired in the Integrity transaction, which had higher effective interest rates.
The cost of interest bearing liabilities, including borrowings, was 1.47% for third quarter 2018 compared to 0.84% for third quarter 2017 and 1.27% for second quarter 2018. The increases from the prior year and linked quarter were primarily due to higher rates offered on our deposits, primarily commercial money market accounts and certificates of deposit, resulting both from market competition and general increases in interest rates on deposit products tied to Fed Funds rates. In addition, rate increases on short-term FHLB advances and junior subordinated debt impacted net interest income.
The net interest margin was 3.94% for third quarter 2018 compared to 3.85% for third quarter 2017 and 3.97% for second quarter 2018. The adjusted (non-GAAP) net interest margin, which excludes purchased loan accretion, was 3.89% for third quarter 2018

1

The following information was filed by Independent Bank Group, Inc. (IBTX) on Tuesday, October 23, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Stockholders' Equity
Consolidated Statements Of Changes In Stockholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Business Combinations (Notes)
Business Combinations (Tables)
Business Combinations Additional Information (Details)
Business Combinations Estimated Fair Values Of Assets Acquired And Liabilities Assumed (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Derivative Financial Instruments Derivative Financial Instruments
Derivative Financial Instruments Derivative Financial Instruments (Tables)
Derivative Financial Instruments Derivative Financial Instruments - Income (Loss) On Derivatives Not Designated As Hedging Instruments (Details)
Derivative Financial Instruments Derivative Financial Instruments - Narrative (Details)
Derivative Financial Instruments Derivative Financial Instruments - Notional Balances And Fair Values Of Outstanding Positions (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Assets And Liabilities At Fair Value On Nonrecurring Basis (Details)
Fair Value Measurements - Assets And Liabilities At Fair Value On Recurring Basis (Details)
Fair Value Measurements - Carrying Amount And Estimated Fair Value Of Financial Instruments (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Tax Expense (Details)
Income Taxes Income Taxes - Additional Information (Details)
Loans, Net And Allowance For Loan Losses
Loans, Net And Allowance For Loan Losses (Tables)
Loans, Net And Allowance For Loan Losses - Accretable Yield Rollforward (Details)
Loans, Net And Allowance For Loan Losses - Additional Detail Related To The Credit Quality Indicator (Details)
Loans, Net And Allowance For Loan Losses - Additional Information (Details)
Loans, Net And Allowance For Loan Losses - Aging Of Past Due Loans By Loan Class (Details)
Loans, Net And Allowance For Loan Losses - Composition Of Loans (Details)
Loans, Net And Allowance For Loan Losses - Impaired Loans By Loan Class (Details)
Loans, Net And Allowance For Loan Losses - Outstanding Balance And Related Carrying Amount Of Purchased Impaired Loans (Details)
Loans, Net And Allowance For Loan Losses - Purchased Credit Impaired Loans In Consolidated Balance Sheet (Details)
Loans, Net And Allowance For Loan Losses - Rollforward Of Activity In Loan Losses (Details)
Loans, Net And Allowance For Loan Losses - Summary Of Activity In Allowance For Loan Losses By Loan Class (Details)
Loans, Net And Allowance For Loan Losses - Summary Of Loans By Credit Quality Indicator (Details)
Loans, Net And Allowance For Loan Losses - Summary Of Non Performing Loans By Loan Class (Details)
Loans, Net And Allowance For Loan Losses Loans, Net And Allowance For Loan Losses - Summary Of Troubled Debt Restructurings (Details)
Regulatory Matters
Regulatory Matters (Tables)
Regulatory Matters - Actual Capital Amounts And Ratios (Details)
Securities Available For Sale
Securities Available For Sale (Tables)
Securities Available For Sale - Additional Information (Details)
Securities Available For Sale - Amortized Cost And Estimated Fair Value Of Securities Available For Sale By Contractual Maturity (Details)
Securities Available For Sale - Amortized Cost Of Securities And Approximate Fair Values (Details)
Securities Available For Sale - Proceeds, Gross Gains And Gross Losses From Sale (Details)
Securities Available For Sale - Summary Of Unrealized Losses And Fair Value Of Securities In Continuous Unrealized Loss Positions (Details)
Statement Of Cash Flows
Statement Of Cash Flows (Tables)
Statement Of Cash Flows - Other Supplemental Cash Flow Information (Details)
Statement Of Cash Flows Statement Of Cash Flows - Noncash Investing Activities From Acquisitions (Details)
Statement Of Cash Flows Statement Of Cash Flows - Supplemental Schedule Of Noncash Investing Activities From Branch Sale (Details)
Stock Awards And Stock Warrants
Stock Awards And Stock Warrants (Tables)
Stock Awards And Stock Warrants - Additional Information (Details)
Stock Awards And Stock Warrants - Future Vesting Schedule Of Nonvested Shares (Details)
Stock Awards And Stock Warrants - Nonvested Shares Activity (Details)
Subsequent Events
Subsequent Events - Narrative (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Eps (Details)

Material Contracts, Statements, Certifications & more

Independent Bank Group, Inc. provided additional information to their SEC Filing as exhibits

Ticker: IBTX
CIK: 1564618
Form Type: 10-Q Quarterly Report
Accession Number: 0001564618-18-000113
Submitted to the SEC: Thu Oct 25 2018 4:20:57 PM EST
Accepted by the SEC: Thu Oct 25 2018
Period: Sunday, September 30, 2018
Industry: State Commercial Banks

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