Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Independent Bank Group, Inc. | form8-kibgpressrelease7x24.htm |
| EX-99.2 - EXHIBIT 99.2 - Independent Bank Group, Inc. | q22017earningspresentati.htm |
Exhibit 99.1
Press Release
For Immediate Release
Independent Bank Group Reports
Second Quarter Financial Results
McKINNEY, Texas, July 24, 2017 /GlobeNewswire/ -- Independent Bank Group, Inc. (NASDAQ: IBTX), the holding company for Independent Bank, today announced net income of $18.1 million, or $0.65 per diluted share, for the quarter ended June 30, 2017 compared to $11.8 million, or $0.64 per diluted share, for the quarter ended June 30, 2016 and $15.7 million, or $0.82 per diluted share, for the quarter ended March 31, 2017.
Highlights
• | Adjusted (non-gaap) net income was $22.7 million, or $0.82 per diluted share, compared to $16.0 million, or $0.84 per diluted share, for first quarter 2017 |
• | Total assets increased to $8.6 billion, reflecting continued organic growth and growth from the completion of the Carlile Bancshares acquisition on April 1, 2017 |
• | Annualized organic loan growth of 11.4% for the quarter and 11.6% year to date |
• | Positive increase in net interest margin to 3.81%, up from 3.67% for first quarter 2017 |
• | Continued strong credit quality metrics |
Independent Bank Group Chairman and Chief Executive Officer David Brooks commented, “2017 continues to be a good year for our company. Organic loan growth remained solid, net interest margin improved and our credit metrics continue to be strong.” Brooks continued, “This is the first quarter of operations following the Carlile acquisition and the results reflect the significant positive effect of the acquisition on our balance sheet and income statement. We are pleased with the results, but we expect to recognize additional benefits from the transaction following full integration in the fourth quarter of 2017.” Brooks concluded, “We remain focused on consistent strong earnings performance and enhancing shareholder value, and we believe our second quarter results demonstrate our continued commitment to those goals.”
Second Quarter 2017 Operating Results
Net Interest Income
• | Net interest income was $69.5 million for second quarter 2017 compared to $45.9 million for second quarter 2016 and $47.9 million for first quarter 2017. The increase in net interest income from the previous year and linked quarter was due to increased average earning asset balances resulting primarily from the acquisition of Carlile Bancshares, as well as organic growth for the quarter. |
• | The average balance of total interest-earning assets grew by $2.7 billion and totaled $7.3 billion at June 30, 2017 compared to $4.7 billion at June 30, 2016 and grew $2.0 billion compared to $5.3 billion at March 31, 2017. This increase from prior year and the linked quarter is due primarily to $1.8 billion in average earning assets acquired in the Carlile transaction as well as organic growth for the quarter. |
• | The yield on interest-earning assets was 4.38% for second quarter 2017 compared to 4.49% for second quarter 2016 and 4.28% for first quarter 2017. The decrease from the prior year is due primarily to a shift in the earning asset mix from loans to lower yielding interest-bearing accounts. The slight increase from the linked quarter is due to loans and taxable securities acquired in the Carlile transaction, which had higher effective interest rates as well as increased interest rates on interest-bearing deposits due to increased Fed Funds target rate. |
• | The cost of interest bearing liabilities, including borrowings, was 0.77% for second quarter 2017 compared to 0.66% for second quarter 2016 and 0.80% for first quarter 2017. The increase from the prior year is primarily due to higher rates offered on public fund certificates of deposit and money market accounts due to competition in our markets but also due in part to increased interest rates on |
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short-term FHLB advances. The decrease from the linked quarter is primarily due to a shift in the interest-bearing liability mix to lower cost deposit accounts.
• | The net interest margin was 3.81% for second quarter 2017 compared to 3.96% for second quarter 2016 and 3.67% for first quarter 2017. The adjusted (non-gaap) net interest margin, which excludes purchased loan accretion, was 3.78% for second quarter 2017 compared to 3.94% for second quarter 2016 and 3.66% for first quarter 2017. The decrease from the prior year is primarily due to the shift to a lower yielding earning asset mix due to increased liquidity. The higher yielding asset mix acquired in the Carlile transaction and an increase in the Fed Funds target rate during fourth quarter 2016 and first quarter 2017 had a positive effect on our net interest margin for the second quarter 2017. |
Noninterest Income
• | Total noninterest income increased $6.1 million compared to second quarter 2016 and $6.4 million compared to first quarter 2017. |
• | The increase from the prior year reflects increases of $2.0 million in service charges, $3.0 million in mortgage income and $512 thousand in cash surrender value of BOLI. |
• | The increase from the linked quarter reflects an increase of $1.8 million in service charges, $3.8 million in mortgage fee income and $383 thousand in BOLI income. |
• | The increase for both periods reflects the acquisition of Carlile Bancshares. In addition, the Company implemented a new deposit fee schedule in late 2016 which increased organic service charges for the year over year period. |
Noninterest Expense
• | Total noninterest expense increased $20.3 million compared to second quarter 2016 and increased $23.3 million compared to first quarter 2017. |
• | The increase in noninterest expense compared to second quarter 2016 is due primarily to increases of $7.5 million in salaries and benefits, $2.1 million in occupancy expenses, $1.4 million in data processing, $5.6 million in acquisition-related expenses and $1.6 million in other noninterest expenses. Salaries and benefits expense was elevated in second quarter 2016 due to senior leadership restructuring costs totaling $2.6 million. |
• | The increase from the linked quarter is primarily related to increases of $10.3 million in salaries and benefits expenses, which includes closing and retention bonuses of $1.2 million related to the Carlile transaction. In addition, there were increases of $2.3 million in occupancy expenses, $1.3 million on data processing, $5.5 million in other acquisition expenses and $1.7 million in other noninterest expenses. |
• | The increase for both periods is reflective of additional headcount, branch locations and accounts acquired in the Carlile transaction, which closed on April 1, 2017. The increase in acquisition expenses is due to professional fees incurred relating to the acquisition as well as a termination fee paid for the cancellation of the contract for Carlile's core processing system. |
Provision for Loan Losses
• | Provision for loan loss expense was $2.5 million for the second quarter 2017, an increase of $350 thousand and $450 thousand, respectively compared to $2.1 million for second quarter 2016 and $2.0 million for the first quarter 2017, respectively. Provision expense is primarily reflective of organic loan growth during the respective period. |
• | The allowance for loan losses was $35.9 million, or 0.59% of total loans, at June 30, 2017, compared to $30.9 million, or 0.73% of total loans at June 30, 2016, and compared to $33.4 million, or 0.71% of total loans, at March 31, 2017. The dollar increases from prior periods are primarily due to additional general reserves for organic loan growth. The decrease in the allowance for loan losses as a percentage of loans reflects that loans acquired in the Carlile transaction were recorded at fair value without a reserve at acquisition date. |
Income Taxes
• | Federal income tax expense of $8.6 million was recorded for the quarter ended June 30, 2017, an effective rate of 32.1% compared to tax expense of $5.9 million and an effective rate of 33.2% for the quarter ended June 30, 2016 and tax expense of $6.7 million and an effective rate of 30.0% for the quarter ended March 31, 2017. The lower tax rate in the first and second quarter 2017 was due to the adoption of ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, which resulted in recording $724 thousand and $520 thousand, respectively, in tax benefits related to restricted stock vesting into income tax expense during the respective quarters. In addition, the rate in the second quarter was negatively affected by $1.3 million of nondeductible acquisition expenses incurred during the period. |
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Second Quarter 2017 Balance Sheet Highlights:
Loans
• | Total loans held for investment, net of mortgage warehouse lines, were $6.1 billion at June 30, 2017 compared to $4.7 billion at March 31, 2017 and to $4.3 billion at June 30, 2016. This represented total loans held for investment growth of $1.4 billion for the quarter, or 32.6%, of which $1.3 billion was loans held for investment acquired with the Carlile acquisition and $133 million was organic growth, or 11.4% on an annualized basis. Loans have grown organically 11.6%, annualized, from December 31, 2016. |
• | The bank also acquired mortgage warehouse lines of credit in the Carlile transaction with balances totaling $120.2 million at June 30, 2017. |
• | Energy outstandings at the end of second quarter 2017 were $124.0 million (2.0% of total loans) compared to $106.0 million at first quarter 2017 and to $122.1 million at June 30, 2016. The increase from the linked quarter is primarily due to $20 million of energy loans acquired from the Carlile acquisition. All energy related credits continue to be closely monitored. As of June 30, 2017, the total energy related allowance was 4.7% of the total energy portfolio. |
Asset Quality
• | Total nonperforming assets increased to $26.1 million, or 0.30% of total assets at June 30, 2017 from $16.2 million, or 0.27% of total assets at March 31, 2017 and from $18.7 million, or 0.34% of total assets at June 30, 2016. |
• | Total nonperforming loans increased to $14.5 million, or 0.24% of total loans at June 30, 2017 from $13.3 million, or 0.28% of total loans at March 31, 2017 and decreased from $17.2 million, or 0.40% of total loans at June 30, 2016. |
• | The net increase in the dollar amount of nonperforming assets from the linked quarter is primarily due to additions in other real estate owned totaling $10.0 million related to the Carlile acquisition as well as a $1.3 million residential real estate loan that was placed on nonaccrual status during the quarter offset by other real estate dispositions totaling $1.7 million during the quarter. The net increase in the dollar amount of nonperforming loans from the linked quarter is primarily due to the above mentioned loan placed on nonaccrual during second quarter 2017. |
• | The increase in the dollar amount of nonperforming assets from the prior year is due to increases as mentioned above in addition to two foreclosures totaling $2.1 million during the period offset by reductions in nonperforming energy loans totaling $4.8 million during third quarter 2016. The decrease in nonperforming loans is primarily due to the $1.3 million nonaccrual addition during second quarter 2017 offset by the third quarter 2016 energy loan reductions as mentioned above. |
• | Charge-offs were less than 0.01% annualized in the second quarter 2017 compared to 0.02% annualized in the linked quarter and 0.11% annualized in the prior year quarter. |
Deposits and Borrowings
• | Total deposits were $6.7 billion at June 30, 2017 compared to $4.7 billion at March 31, 2017 and compared to $4.2 billion at June 30, 2016. The increase in deposits for both periods is primarily due to $1.8 billion in deposit accounts acquired in the Carlile transaction. |
• | Total borrowings (other than junior subordinated debentures) were $584.3 million at June 30, 2017, an increase of $16.2 million from March 31, 2017 and an increase of $6.2 million from June 30, 2016. The linked quarter change is due to the assumption of $16.2 million in repurchase agreements in the Carlile transaction. The change from second quarter 2016 is due to the aforementioned change in repurchase agreements offset by normal paydowns of our FHLB advances. |
Capital
• | As of June 30, 2017, common equity Tier 1 capital to risk weighted assets, Tier 1 capital to risk weighted assets, total capital to risk weighted assets and tier 1 capital to average assets were 9.03%, 9.46%, 11.60% and 8.23%, respectively. Capital ratios were positively affected by the issuance of 8,804,699 shares of common stock in the Carlile acquisition for a total, net of offering costs, of $551 million. |
• | Tangible common equity to tangible assets (non-gaap) increased to 7.60% for second quarter 2017, compared to 6.88% for second quarter 2016 and 7.24% for first quarter 2017, primarily due to the Carlile acquisition. |
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Recent Branch Activity
As part of the integration process, Independent Bank is restructuring the Northstar Bank branch system acquired in the Carlile Bancshares acquisition. During the second quarter of 2017, Independent Bank
• | Signed a definitive agreement to sell nine branches in Colorado |
• | Signed a definitive agreement to sell the Marble Falls Branch |
• | Gave notice that it is consolidating the Barton Creek Branch with the Westlake Hills Branch in Austin, Texas |
• | Gave notice that it is consolidating the two Granbury, Texas Branches |
• | Gave notice that it is closing Independent Bank’s Veterans Memorial Branch in Houston, Texas. |
These transactions and events are scheduled to occur during the third and fourth quarters of 2017. The financial effect of these transactions and events are not reflected in the foregoing description of earnings or the accompanying financial information.
Subsequent Events
The Company is required, under generally accepted accounting principles, to evaluate subsequent events through the filing of its consolidated financial statements for the quarter ended June 30, 2017 on Form 10-Q. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of June 30, 2017 and will adjust amounts preliminarily reported, if necessary.
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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 in four market regions located in the Dallas/Fort Worth, Austin and Houston, Texas and the Colorado Front Range areas.
Conference Call
A conference call covering Independent Bank Group’s second quarter earnings announcement will be held on Tuesday, July 25, 2017 at 8:30 a.m. (EDT) and can be accessed by calling 1-877-303-7611 and by identifying the conference ID number 47746157. The conference materials will also be available by accessing the Investor Relations page of our website, www.ibtx.com. A recording of the conference call and the conference materials will be available from July 25, 2017 through August 1, 2017 on our website.
Forward-Looking Statements
The numbers as of and for the quarter ended June 30, 2017 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 nonperforming 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 8, 2017, 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.
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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 “adjusted net income”, "adjusted earnings", “tangible book value”, “tangible book value per common share”, “adjusted efficiency ratio”, “Tier 1 capital to average assets”, “Tier 1 capital to risk weighted assets”, “tangible common equity to tangible assets”, “adjusted net interest margin”, "return on tangible equity," “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 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.
Contacts:
Analysts/Investors:
Michelle Hickox Executive Vice President and Chief Financial Officer (972) 562-9004 mhickox@ibtx.com | |
Media:
Peggy Smolen Marketing & Communications Director (972) 562-9004 psmolen@ibtx.com |
Source: Independent Bank Group, Inc.
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Independent Bank Group, Inc. and Subsidiaries
Consolidated Financial Data
Three Months Ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016 and June 30, 2016
(Dollars in thousands, except for share data)
(Unaudited)
As of and for the quarter ended | |||||||||||||||||||
June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | June 30, 2016 | |||||||||||||||
Selected Income Statement Data | |||||||||||||||||||
Interest income | $ | 79,883 | $ | 55,939 | $ | 53,904 | $ | 52,740 | $ | 51,941 | |||||||||
Interest expense | 10,383 | 8,072 | 7,378 | 7,003 | 6,058 | ||||||||||||||
Net interest income | 69,500 | 47,867 | 46,526 | 45,737 | 45,883 | ||||||||||||||
Provision for loan losses | 2,472 | 2,023 | 2,197 | 2,123 | 2,123 | ||||||||||||||
Net interest income after provision for loan losses | 67,028 | 45.844 | 44,329 | 43,614 | 43,760 | ||||||||||||||
Noninterest income | 10,995 | 4,583 | 5,224 | 4,932 | 4,929 | ||||||||||||||
Noninterest expense | 51,328 | 28,028 | 27,361 | 26,887 | 31,023 | ||||||||||||||
Income tax expense | 8,561 | 6,728 | 7,417 | 7,155 | 5,857 | ||||||||||||||
Net income | 18,134 | 15,671 | 14,775 | 14,504 | 11,809 | ||||||||||||||
Adjusted net income(1) | 22,746 | 15,990 | 15,541 | 14,819 | 13,764 | ||||||||||||||
Per Share Data (Common Stock) | |||||||||||||||||||
Earnings: | |||||||||||||||||||
Basic | $ | 0.65 | $ | 0.83 | $ | 0.79 | $ | 0.78 | $ | 0.64 | |||||||||
Diluted | 0.65 | 0.82 | 0.79 | 0.78 | 0.64 | ||||||||||||||
Adjusted earnings: | |||||||||||||||||||
Basic (1) | 0.82 | 0.85 | 0.83 | 0.80 | 0.75 | ||||||||||||||
Diluted (1) | 0.82 | 0.84 | 0.83 | 0.80 | 0.74 | ||||||||||||||
Dividends | 0.10 | 0.10 | 0.10 | 0.08 | 0.08 | ||||||||||||||
Book value | 45.33 | 36.38 | 35.63 | 34.79 | 34.08 | ||||||||||||||
Tangible book value (1) | 21.71 | 22.01 | 21.19 | 20.03 | 19.28 | ||||||||||||||
Common shares outstanding | 27,790,144 | 18,925,182 | 18,870,312 | 18,488,628 | 18,475,978 | ||||||||||||||
Weighted average basic shares outstanding (3) | 27,782,584 | 18,908,679 | 18,613,975 | 18,478,289 | 18,469,182 | ||||||||||||||
Weighted average diluted shares outstanding (3) | 27,887,485 | 19,015,810 | 18,716,614 | 18,568,622 | 18,547,074 | ||||||||||||||
Selected Period End Balance Sheet Data | |||||||||||||||||||
Total assets | $ | 8,593,979 | $ | 6,022,614 | $ | 5,852,801 | $ | 5,667,195 | $ | 5,446,797 | |||||||||
Cash and cash equivalents | 579,900 | 515,123 | 505,027 | 589,600 | 436,605 | ||||||||||||||
Securities available for sale | 754,139 | 350,409 | 316,435 | 267,860 | 287,976 | ||||||||||||||
Loans, held for sale | 25,218 | 5,081 | 9,795 | 7,097 | 13,942 | ||||||||||||||
Loans, held for investment, excluding mortgage warehouse | 6,119,305 | 4,702,511 | 4,572,771 | 4,360,690 | 4,251,457 | ||||||||||||||
Mortgage warehouse lines | 120,217 | — | — | — | — | ||||||||||||||
Allowance for loan losses | 35,881 | 33,431 | 31,591 | 29,575 | 30,916 | ||||||||||||||
Goodwill and core deposit intangible | 656,255 | 272,004 | 272,496 | 272,988 | 273,480 | ||||||||||||||
Other real estate owned | 11,476 | 2,896 | 1,972 | 2,083 | 1,567 | ||||||||||||||
Noninterest-bearing deposits | 1,885,138 | 1,126,113 | 1,117,927 | 1,143,479 | 1,107,620 | ||||||||||||||
Interest-bearing deposits | 4,784,150 | 3,596,090 | 3,459,182 | 3,273,014 | 3,100,785 | ||||||||||||||
Borrowings (other than junior subordinated debentures) | 584,349 | 568,115 | 568,045 | 577,974 | 578,169 | ||||||||||||||
Junior subordinated debentures | 27,555 | 18,147 | 18,147 | 18,147 | 18,147 | ||||||||||||||
Total stockholders' equity | 1,259,592 | 688,469 | 672,365 | 643,253 | 629,628 | ||||||||||||||
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Independent Bank Group, Inc. and Subsidiaries
Consolidated Financial Data
Three Months Ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016 and June 30, 2016
(Dollars in thousands, except for share data)
(Unaudited)
As of and for the quarter ended | ||||||||||||||
June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | June 30, 2016 | ||||||||||
Selected Performance Metrics | ||||||||||||||
Return on average assets | 0.86 | % | 1.08 | % | 1.03 | % | 1.04 | % | 0.88 | % | ||||
Return on average equity | 5.85 | 9.33 | 8.93 | 9.04 | 7.60 | |||||||||
Return on tangible equity (4) | 12.47 | 15.53 | 15.24 | 15.80 | 13.52 | |||||||||
Adjusted return on average assets (1) | 1.08 | 1.10 | 1.08 | 1.07 | 1.03 | |||||||||
Adjusted return on average equity (1) | 7.34 | 9.52 | 9.39 | 9.24 | 8.86 | |||||||||
Adjusted return on tangible equity (1) (4) | 15.64 | 15.85 | 16.03 | 16.15 | 15.76 | |||||||||
Net interest margin | 3.81 | 3.67 | 3.59 | 3.66 | 3.96 | |||||||||
Adjusted net interest margin (2) | 3.78 | 3.66 | 3.58 | 3.65 | 3.94 | |||||||||
Efficiency ratio | 62.01 | 52.50 | 51.92 | 52.09 | 55.91 | |||||||||
Adjusted efficiency ratio (1) | 53.15 | 51.51 | 49.65 | 51.10 | 54.67 | |||||||||
Credit Quality Ratios | ||||||||||||||
Nonperforming assets to total assets | 0.30 | % | 0.27 | % | 0.34 | % | 0.23 | % | 0.34 | % | ||||
Nonperforming loans to total loans | 0.24 | 0.28 | 0.39 | 0.26 | 0.40 | |||||||||
Nonperforming assets to total loans and other real estate | 0.43 | 0.35 | 0.43 | 0.30 | 0.44 | |||||||||
Allowance for loan losses to non-performing loans | 247.59 | 250.57 | 177.06 | 264.42 | 179.97 | |||||||||
Allowance for loan losses to total loans | 0.59 | 0.71 | 0.69 | 0.68 | 0.73 | |||||||||
Net charge-offs to average loans outstanding (annualized) | — | 0.02 | 0.02 | 0.32 | 0.11 | |||||||||
Capital Ratios | ||||||||||||||
Estimated common equity tier 1 capital to risk-weighted assets | 9.03 | % | 8.28 | % | 8.20 | % | 7.92 | % | 7.89 | % | ||||
Estimated tier 1 capital to average assets | 8.23 | 7.84 | 7.82 | 7.46 | 7.42 | |||||||||
Estimated tier 1 capital to risk-weighted assets | 9.46 | 8.63 | 8.55 | 8.29 | 8.27 | |||||||||
Estimated total capital to risk-weighted assets | 11.60 | 11.44 | 11.38 | 11.24 | 11.35 | |||||||||
Total stockholders' equity to total assets | 14.66 | 11.43 | 11.49 | 11.35 | 11.56 | |||||||||
Tangible common equity to tangible assets (1) | 7.60 | 7.24 | 7.17 | 6.86 | 6.88 | |||||||||
(1) Non-GAAP financial measures. See reconciliation. | ||||||||||||||
(2) Non-GAAP financial measure. Excludes income recognized on acquired loans of $572, $123, $51, $116 and $265, respectively. | ||||||||||||||
(3) Total number of shares includes participating shares (those with dividend rights). | ||||||||||||||
(4) Non-GAAP financial measure. Excludes average balance of goodwill and net core deposit intangibles. | ||||||||||||||
8
Independent Bank Group, Inc. and Subsidiaries
Consolidated Statements of Income
Three and Six Months Ended June 30, 2017 and 2016
(Dollars in thousands)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Interest income: | ||||||||||||||||
Interest and fees on loans | $ | 75,194 | $ | 50,418 | $ | 128,938 | $ | 100,328 | ||||||||
Interest on taxable securities | 2,303 | 764 | 3,067 | 1,494 | ||||||||||||
Interest on nontaxable securities | 992 | 444 | 1,533 | 895 | ||||||||||||
Interest on interest-bearing deposits and other | 1,394 | 315 | 2,284 | 688 | ||||||||||||
Total interest income | 79,883 | 51,941 | 135,822 | 103,405 | ||||||||||||
Interest expense: | ||||||||||||||||
Interest on deposits | 6,981 | 3,923 | 12,010 | 7,574 | ||||||||||||
Interest on FHLB advances | 1,351 | 998 | 2,522 | 1,999 | ||||||||||||
Interest on repurchase agreements and other borrowings | 1,716 | 987 | 3,421 | 1,990 | ||||||||||||
Interest on junior subordinated debentures | 335 | 150 | 502 | 299 | ||||||||||||
Total interest expense | 10,383 | 6,058 | 18,455 | 11,862 | ||||||||||||
Net interest income | 69,500 | 45,883 | 117,367 | 91,543 | ||||||||||||
Provision for loan losses | 2,472 | 2,123 | 4,495 | 5,120 | ||||||||||||
Net interest income after provision for loan losses | 67,028 | 43,760 | 112,872 | 86,423 | ||||||||||||
Noninterest income: | ||||||||||||||||
Service charges on deposit accounts | 3,760 | 1,752 | 5,687 | 3,447 | ||||||||||||
Mortgage fee income | 5,019 | 2,021 | 6,286 | 3,397 | ||||||||||||
(Loss) gain on sale of other real estate | (36 | ) | 10 | (36 | ) | 53 | ||||||||||
Gain on sale of securities available for sale | 52 | 4 | 52 | 4 | ||||||||||||
Gain on sale of premises and equipment | 1 | 3 | 6 | 41 | ||||||||||||
Increase in cash surrender value of BOLI | 782 | 270 | 1,181 | 535 | ||||||||||||
Other | 1,417 | 869 | 2,402 | 1,922 | ||||||||||||
Total noninterest income | 10,995 | 4,929 | 15,578 | 9,399 | ||||||||||||
Noninterest expense: | ||||||||||||||||
Salaries and employee benefits | 27,089 | 19,567 | 43,926 | 36,341 | ||||||||||||
Occupancy | 6,147 | 4,041 | 10,019 | 8,081 | ||||||||||||
Data processing | 2,615 | 1,203 | 3,903 | 2,385 | ||||||||||||
FDIC assessment | 1,201 | 869 | 2,079 | 1,595 | ||||||||||||
Advertising and public relations | 317 | 251 | 614 | 546 | ||||||||||||
Communications | 852 | 550 | 1,327 | 1,085 | ||||||||||||
Net other real estate owned expenses (including taxes) | 125 | 2 | 162 | 35 | ||||||||||||
Other real estate impairment | 120 | — | 120 | 55 | ||||||||||||
Core deposit intangible amortization | 1,410 | 492 | 1,902 | 980 | ||||||||||||
Professional fees | 1,166 | 977 | 1,939 | 1,637 | ||||||||||||
Acquisition expense, including legal | 5,673 | 90 | 5,819 | 729 | ||||||||||||
Other | 4,613 | 2,981 | 7,546 | 6,073 | ||||||||||||
Total noninterest expense | 51,328 | 31,023 | 79,356 | 59,542 | ||||||||||||
Income before taxes | 26,695 | 17,666 | 49,094 | 36,280 | ||||||||||||
Income tax expense | 8,561 | 5,857 | 15,289 | 12,019 | ||||||||||||
Net income | $ | 18,134 | $ | 11,809 | $ | 33,805 | $ | 24,261 | ||||||||
9
Consolidated Balance Sheets
As of June 30, 2017 and December 31, 2016
(Dollars in thousands, except share information)
(Unaudited)
June 30, | December 31, | ||||||
Assets | 2017 | 2016 | |||||
Cash and due from banks | $ | 238,796 | $ | 158,686 | |||
Interest-bearing deposits in other banks | 331,104 | 336,341 | |||||
Federal funds sold | 10,000 | 10,000 | |||||
Cash and cash equivalents | 579,900 | 505,027 | |||||
Certificates of deposit held in other banks | 15,692 | 2,707 | |||||
Securities available for sale, at fair value | 754,139 | 316,435 | |||||
Loans held for sale | 25,218 | 9,795 | |||||
Loans, net | 6,200,978 | 4,539,063 | |||||
Premises and equipment, net | 151,175 | 89,898 | |||||
Other real estate owned | 11,476 | 1,972 | |||||
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock | 28,928 | 26,536 | |||||
Bank-owned life insurance (BOLI) | 111,603 | 57,209 | |||||
Deferred tax asset | 22,291 | 9,631 | |||||
Goodwill | 607,263 | 258,319 | |||||
Core deposit intangible, net | 48,992 | 14,177 | |||||
Other assets | 36,324 | 22,032 | |||||
Total assets | $ | 8,593,979 | $ | 5,852,801 | |||
Liabilities and Stockholders’ Equity | |||||||
Deposits: | |||||||
Noninterest-bearing | $ | 1,885,138 | $ | 1,117,927 | |||
Interest-bearing | 4,784,150 | 3,459,182 | |||||
Total deposits | 6,669,288 | 4,577,109 | |||||
FHLB advances | 460,707 | 460,746 | |||||
Repurchase agreements | 16,164 | — | |||||
Other borrowings | 107,478 | 107,299 | |||||
Junior subordinated debentures | 27,555 | 18,147 | |||||
Other liabilities | 53,195 | 17,135 | |||||
Total liabilities | 7,334,387 | 5,180,436 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock (0 and 0 shares outstanding, respectively) | — | — | |||||
Common stock | 278 | 189 | |||||
Additional paid-in capital | 1,108,608 | 555,325 | |||||
Retained earnings | 147,086 | 117,951 | |||||
Accumulated other comprehensive income (loss) | 3,620 | (1,100 | ) | ||||
Total stockholders’ equity | 1,259,592 | 672,365 | |||||
Total liabilities and stockholders’ equity | $ | 8,593,979 | $ | 5,852,801 | |||
10
Independent Bank Group, Inc. and Subsidiaries
Consolidated Average Balance Sheet Amounts, Interest Earned and Yield Analysis
Three Months Ended June 30, 2017 and 2016
(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.
Three Months Ended June 30, | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
Average Outstanding Balance | Interest | Yield/ Rate | Average Outstanding Balance | Interest | Yield/ Rate | |||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Loans | $ | 6,166,878 | $ | 75,194 | 4.89 | % | $ | 4,177,451 | $ | 50,418 | 4.85 | % | ||||||||||
Taxable securities | 533,690 | 2,303 | 1.73 | 233,522 | 764 | 1.32 | ||||||||||||||||
Nontaxable securities | 161,402 | 992 | 2.47 | 71,097 | 444 | 2.51 | ||||||||||||||||
Interest-bearing deposits and other | 460,511 | 1,394 | 1.21 | 174,227 | 315 | 0.73 | ||||||||||||||||
Total interest-earning assets | 7,322,481 | $ | 79,883 | 4.38 | 4,656,297 | $ | 51,941 | 4.49 | ||||||||||||||
Noninterest-earning assets | 1,155,879 | 711,638 | ||||||||||||||||||||
Total assets | $ | 8,478,360 | $ | 5,367,935 | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Checking accounts | $ | 2,351,619 | $ | 2,560 | 0.44 | % | $ | 1,770,050 | $ | 1,998 | 0.45 | % | ||||||||||
Savings accounts | 309,369 | 97 | 0.13 | 149,349 | 66 | 0.18 | ||||||||||||||||
Money market accounts | 993,663 | 1,936 | 0.78 | 401,386 | 452 | 0.45 | ||||||||||||||||
Certificates of deposit | 1,153,990 | 2,388 | 0.83 | 806,403 | 1,407 | 0.70 | ||||||||||||||||
Total deposits | 4,808,641 | 6,981 | 0.58 | 3,127,188 | 3,923 | 0.50 | ||||||||||||||||
FHLB advances | 460,713 | 1,351 | 1.18 | 461,231 | 998 | 0.87 | ||||||||||||||||
Other borrowings and repurchase agreements | 124,177 | 1,716 | 5.54 | 64,497 | 987 | 6.15 | ||||||||||||||||
Junior subordinated debentures | 27,506 | 335 | 4.89 | 18,147 | 150 | 3.32 | ||||||||||||||||
Total interest-bearing liabilities | 5,421,037 | 10,383 | 0.77 | 3,671,063 | 6,058 | 0.66 | ||||||||||||||||
Noninterest-bearing checking accounts | 1,787,955 | 1,060,507 | ||||||||||||||||||||
Noninterest-bearing liabilities | 26,037 | 11,384 | ||||||||||||||||||||
Stockholders’ equity | 1,243,331 | 624,981 | ||||||||||||||||||||
Total liabilities and equity | $ | 8,478,360 | $ | 5,367,935 | ||||||||||||||||||
Net interest income | $ | 69,500 | $ | 45,883 | ||||||||||||||||||
Interest rate spread | 3.61 | % | 3.83 | % | ||||||||||||||||||
Net interest margin | 3.81 | 3.96 | ||||||||||||||||||||
Average interest earning assets to interest bearing liabilities | 135.08 | 126.84 | ||||||||||||||||||||
11
Independent Bank Group, Inc. and Subsidiaries
Consolidated Average Balance Sheet Amounts, Interest Earned and Yield Analysis
Six Months Ended June 30, 2017 and 2016
(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.
Six Months Ended June 30, | ||||||||||||||||||||||
2017 | 2016 | |||||||||||||||||||||
Average Outstanding Balance | Interest | Yield/ Rate | Average Outstanding Balance | Interest | Yield/ Rate | |||||||||||||||||
Interest-earning assets: | ||||||||||||||||||||||
Loans | $ | 5,403,638 | $ | 128,938 | 4.81 | % | $ | 4,104,386 | $ | 100,328 | 4.92 | % | ||||||||||
Taxable securities | 389,060 | 3,067 | 1.59 | 221,131 | 1,494 | 1.36 | ||||||||||||||||
Nontaxable securities | 121,807 | 1,533 | 2.54 | 72,853 | 895 | 2.47 | ||||||||||||||||
Federal funds sold and other | 399,611 | 2,284 | 1.15 | 180,041 | 688 | 0.77 | ||||||||||||||||
Total interest-earning assets | 6,314,116 | $ | 135,822 | 4.34 | 4,578,411 | $ | 103,405 | 4.54 | ||||||||||||||
Noninterest-earning assets | 872,462 | 726,698 | ||||||||||||||||||||
Total assets | $ | 7,186,578 | $ | 5,305,109 | ||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||
Checking accounts | $ | 2,153,035 | $ | 4,726 | 0.44 | % | $ | 1,681,673 | $ | 3,743 | 0.45 | % | ||||||||||
Savings accounts | 232,467 | 163 | 0.14 | 146,832 | 130 | 0.18 | ||||||||||||||||
Money market accounts | 781,427 | 2,992 | 0.77 | 453,001 | 911 | 0.40 | ||||||||||||||||
Certificates of deposit | 1,001,150 | 4,129 | 0.83 | 815,878 | 2,790 | 0.69 | ||||||||||||||||
Total deposits | 4,168,079 | 12,010 | 0.58 | 3,097,384 | 7,574 | 0.49 | ||||||||||||||||
FHLB advances | 460,724 | 2,522 | 1.10 | 448,480 | 1,999 | 0.90 | ||||||||||||||||
Other borrowings and repurchase agreements | 115,813 | 3,421 | 5.96 | 68,397 | 1,990 | 5.85 | ||||||||||||||||
Junior subordinated debentures | 22,852 | 502 | 4.43 | 18,147 | 299 | 3.31 | ||||||||||||||||
Total interest-bearing liabilities | 4,767,468 | 18,455 | 0.78 | 3,632,408 | 11,862 | 0.66 | ||||||||||||||||
Noninterest-bearing checking accounts | 1,432,802 | 1,038,270 | ||||||||||||||||||||
Noninterest-bearing liabilities | 22,374 | 11,202 | ||||||||||||||||||||
Stockholders’ equity | 963,934 | 623,229 | ||||||||||||||||||||
Total liabilities and equity | $ | 7,186,578 | $ | 5,305,109 | ||||||||||||||||||
Net interest income | $ | 117,367 | $ | 91,543 | ||||||||||||||||||
Interest rate spread | 3.56 | % | 3.88 | % | ||||||||||||||||||
Net interest margin | 3.75 | 4.02 | ||||||||||||||||||||
Average interest earning assets to interest bearing liabilities | 132.44 | 126.04 | ||||||||||||||||||||
12
Independent Bank Group, Inc. and Subsidiaries
Loan Portfolio Composition
As of June 30, 2017 and December 31, 2016
(Dollars in thousands)
(Unaudited)
The following table sets forth loan totals by category as of the dates presented: | ||||||||||||||
June 30, 2017 | December 31, 2016 | |||||||||||||
Amount | % of Total | Amount | % of Total | |||||||||||
Commercial (2) | $ | 981,200 | 15.5 | % | $ | 630,805 | 13.7 | % | ||||||
Real estate: | ||||||||||||||
Commercial real estate | 3,232,256 | 51.6 | 2,459,221 | 53.7 | ||||||||||
Commercial construction, land and land development | 686,404 | 11.0 | 531,481 | 11.6 | ||||||||||
Residential real estate (1) | 876,737 | 14.0 | 644,340 | 14.1 | ||||||||||
Single-family interim construction | 286,445 | 4.6 | 235,475 | 5.1 | ||||||||||
Agricultural | 161,044 | 2.6 | 53,548 | 1.2 | ||||||||||
Consumer | 40,359 | 0.7 | 27,530 | 0.6 | ||||||||||
Other | 295 | — | 166 | — | ||||||||||
Total loans | 6,264,740 | 100.0 | % | 4,582,566 | 100.0 | % | ||||||||
Deferred loan fees | (2,663 | ) | (2,117 | ) | ||||||||||
Allowance for losses | (35,881 | ) | (31,591 | ) | ||||||||||
Total loans, net | $ | 6,226,196 | $ | 4,548,858 | ||||||||||
(1) Includes loans held for sale at June 30, 2017 and December 31, 2016 of $25,218 and $9,795, respectively. | ||||||||||||||
(2) Includes mortgage warehouse lines of $120,217 at June 30, 2017. | ||||||||||||||
13
Independent Bank Group, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
Three Months Ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016 and June 30, 2016
(Dollars in thousands, except for share data)
(Unaudited)
For the Three Months Ended | ||||||||||||||||
June 30, 2017 | March 31, 2017 | December 31, 2016 | September 30, 2016 | June 30, 2016 | ||||||||||||
ADJUSTED NET INCOME | ||||||||||||||||
Net Interest Income - Reported | (a) | $ | 69,500 | $ | 47,867 | $ | 46,526 | $ | 45,737 | $ | 45,883 | |||||
Income recognized on acquired loans | (572 | ) | (123 | ) | (51 | ) | (116 | ) | (265 | ) | ||||||
Adjusted Net Interest Income | (b) | 68,928 | 47,744 | 46,475 | 45,621 | 45,618 | ||||||||||
Provision Expense - Reported | (c) | 2,472 | 2,023 | 2,197 | 2,123 | 2,123 | ||||||||||
Noninterest Income - Reported | (d) | 10,995 | 4,583 | 5,224 | 4,932 | 4,929 | ||||||||||
Gain on sale of loans | (13 | ) | — | — | — | |||||||||||
Loss on sale of branch | — | — | — | 43 | — | |||||||||||
(Loss) gain on sale of OREO and repossessed assets | 26 | — | — | (4 | ) | (10 | ) | |||||||||
Gain on sale of securities | (52 | ) | — | — | — | (4 | ) | |||||||||
(Gain) loss on sale of premises and equipment | (1 | ) | (5 | ) | — | 9 | (3 | ) | ||||||||
Recoveries on loans charged off prior to acquisition | (123 | ) | — | — | — | — | ||||||||||
Adjusted Noninterest Income | (e) | 10,832 | 4,578 | 5,224 | 4,980 | 4,912 | ||||||||||
Noninterest Expense - Reported | (f) | 51,328 | 28,028 | 27,361 | 26,887 | 31,023 | ||||||||||
Senior leadership restructure (5) | — | — | — | — | (2,575 | ) | ||||||||||
OREO Impairment | (120 | ) | — | — | (51 | ) | — | |||||||||
IPO related stock grant | (127 | ) | (125 | ) | (127 | ) | (104 | ) | (156 | ) | ||||||
Acquisition Expense (4) | (7,278 | ) | (459 | ) | (1,075 | ) | (384 | ) | (475 | ) | ||||||
Adjusted Noninterest Expense | (g) | 43,803 | 27,444 | 26,159 | 26,348 | 27,817 | ||||||||||
Adjusted Net Income (2) | (b) - (c) + (e) - (g) | $ | 22,746 | $ | 15,990 | $ | 15,541 | $ | 14,819 | $ | 13,764 | |||||
ADJUSTED PROFITABILITY | ||||||||||||||||
Adjusted Return on Average Assets (1) | 1.08 | % | 1.10 | % | 1.08 | % | 1.07 | % | 1.03 | % | ||||||
Adjusted Return on Average Equity (1) | 7.34 | % | 9.52 | % | 9.39 | % | 9.24 | % | 8.86 | % | ||||||
Adjusted Return on Tangible Equity (1) | 15.64 | % | 15.85 | % | 16.03 | % | 16.15 | % | 15.76 | % | ||||||
Total Average Assets | $ | 8,478,360 | $ | 5,880,473 | $ | 5,729,160 | $ | 5,535,203 | $ | 5,367,935 | ||||||
Total Average Stockholders' Equity | $ | 1,243,331 | $ | 681,434 | $ | 658,369 | $ | 638,355 | $ | 624,981 | ||||||
Total Average Tangible Stockholders' Equity (3) | $ | 583,303 | $ | 409.191 | $ | 385,635 | $ | 365,127 | $ | 351,263 | ||||||
EFFICIENCY RATIO | ||||||||||||||||
Amortization of core deposit intangibles | (h) | $ | 1,410 | $ | 492 | $ | 492 | $ | 492 | $ | 492 | |||||
Reported Efficiency Ratio | (f - h) / (a + d) | 62.01 | % | 52.50 | % | 51.92 | % | 52.09 | % | 55.91 | % | |||||
Adjusted Efficiency Ratio | (g - h) / (b + e) | 53.15 | % | 51.51 | % | 49.65 | % | 51.10 | % | 54.67 | % | |||||
(1) Calculated using adjusted net income | ||||||||||||||||
(2) Assumes actual effective tax rate of 32.1%, 30.0%, 33.4%, 33.0% and 33.2%, respectively. June 30, 2017 tax rate adjusted for effect of non-deductible acquisition expenses. | ||||||||||||||||
(3) Excludes average balance of goodwill and net core deposit intangibles. | ||||||||||||||||
(4) Acquisition expenses include $1,605 thousand, $313 thousand, $290 thousand, $381 thousand and $385 thousand, of compensation and bonus expenses in addition to $5,673 thousand, $146 thousand, $785 thousand, $3 thousand and $90 thousand of merger-related expenses for the quarters ended June 30, 2017, March 31, 2017, December 31, 2016, September 30, 2016, and June 30, 2016, respectively. | ||||||||||||||||
(5) Includes $1,952 related to the former Houston Region CEO's Separation Agreement. | ||||||||||||||||
14
Independent Bank Group, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial Measures
As of June 30, 2017 and December 31, 2016
(Dollars in thousands, except per share information)
(Unaudited)
Tangible Book Value & Tangible Common Equity To Tangible Asset Ratio | |||||||
June 30, | December 31, | ||||||
2017 | 2016 | ||||||
Tangible Common Equity | |||||||
Total common stockholders' equity | $ | 1,259,592 | $ | 672,365 | |||
Adjustments: | |||||||
Goodwill | (607,263 | ) | (258,319 | ) | |||
Core deposit intangibles, net | (48,992 | ) | (14,177 | ) | |||
Tangible common equity | $ | 603,337 | $ | 399,869 | |||
Tangible Assets | |||||||
Total assets | $ | 8,593,979 | $ | 5,852,801 | |||
Adjustments: | |||||||
Goodwill | $ | (607,263 | ) | $ | (258,319 | ) | |
Core deposit intangibles | $ | (48,992 | ) | $ | (14,177 | ) | |
Tangible assets | $ | 7,937,724 | $ | 5,580,305 | |||
Common shares outstanding | 27,790,144 | 18,870,312 | |||||
Tangible common equity to tangible assets | 7.60 | % | 7.17 | % | |||
Book value per common share | $ | 45.33 | $ | 35.63 | |||
Tangible book value per common share | 21.71 | 21.19 | |||||
15