Independent Bank Group, Inc. (NASDAQ: IBTX) today announced net
income of $20.4 million, or $0.49 per diluted share, for the
quarter ended September 30, 2024, compared to $32.8 million, or
$0.79 per diluted share for the quarter ended September 30, 2023
and net loss of $493,455 or ($11.93) per diluted share for the
quarter ended June 30, 2024. Adjusted (non-GAAP) net income for the
quarter ended September 30, 2024 was $20.6 million, or $0.50 per
diluted share, compared to $32.6 million, or $0.79 per diluted
share for the quarter ended September 30, 2023 and $24.9 million,
or $0.60 per diluted share for the quarter ended June 30, 2024.
The Company also announced that its Board of Directors declared
a quarterly cash dividend of $0.38 per share of common stock. The
dividend will be payable on November 14, 2024 to stockholders of
record as of the close of business on October 31, 2024.
Highlights
- Net interest margin expanded by 3 basis points to 2.50%
- Loan yields expanded by 4 basis points to 6.07%
- Continued healthy credit metrics with nonperforming asset ratio
of 0.37% and net charge-off ratio of 0.00%, annualized for the
quarter
- Increased book value by $1.18 per share to $47.03 and
(non-GAAP) tangible book value by $1.27 per share to $34.54
- Total capital ratio grew by 151 basis points to 13.26%, and
(non-GAAP) tangible common equity (TCE) ratio grew by 20 basis
points to 7.92%
“During the third quarter, we were pleased to see our net
interest margin continue its expansion upward, slightly offset by
the excess liquidity held during the quarter, as our loans continue
to reprice. We also saw substantial enhancement of balance sheet
strength in the third quarter as we replaced maturing subordinated
debt which had lost capital treatment, resulting in a material
increase to total regulatory capital. Also of note, we made the
strategic decision to exit the mortgage warehouse line of business
during the quarter, which should result in further increases to
capital and liquidity once it has fully wound down,” said
Independent Bank Group Chairman & CEO David R. Brooks. “As we
enter the fourth quarter, we look forward to disciplined execution
on all fronts while we work toward the completion of our pending
merger with SouthState Corporation. We remain excited to join
SouthState, a company whose culture, business model, and credit
discipline matches ours.”
Third Quarter 2024 Balance Sheet Highlights
Loans
- Total loans held for investment, excluding mortgage warehouse
purchase loans, were $13.9 billion at September 30, 2024 compared
to $14.0 billion at June 30, 2024 and $13.8 billion at September
30, 2023. Loans held for investment, excluding mortgage warehouse
purchase loans, decreased $91.5 million, or 2.6% on an annualized
basis, during third quarter 2024.
- Average mortgage warehouse purchase loans were $517.3 million
for the quarter ended September 30, 2024 compared to $538.5 million
for the quarter ended June 30, 2024, and $425.9 million for the
quarter ended September 30, 2023, a decrease of $21.2 million, or
3.9% from the linked quarter and an increase of $91.4 million, or
21.5% year over year.
- During the quarter, the Company notified its mortgage warehouse
customers that it intends to cease funding new mortgage warehouse
purchase loans during the fourth quarter and exit the mortgage
warehouse line of business.
Asset Quality
- Nonperforming assets totaled $68.1 million, or 0.37% of total
assets at September 30, 2024, compared to $64.9 million or 0.35% of
total assets at June 30, 2024, and $61.0 million, or 0.33% of total
assets at September 30, 2023.
- Nonperforming loans totaled $59.3 million, or 0.43% of total
loans held for investment at September 30, 2024, compared to $56.1
million, or 0.40% at June 30, 2024 and $38.4 million, or 0.28% at
September 30, 2023.
- The increases in nonperforming loans and nonperforming assets
for the linked quarter was primarily due to a $2.9 million
commercial real estate loan added to nonaccrual and a $2.9 million
commercial real estate loan that was past due 90 days and still
accruing offset by net paydowns for the quarter.
- The increases in nonperforming loans and assets from the prior
year reflects the nonperforming loan changes discussed above, as
well as a commercial real estate loan totaling $13.0 million added
to nonaccrual in fourth quarter 2023 and two commercial
relationships totaling $3.4 million added to nonaccrual in the
first half of 2024, offset by net paydowns in the year over year
period. In addition, the prior year change in nonperforming assets
also reflects reductions of $13.8 million in other real estate
owned during the year over year period.
- Net charge-offs were 0.00% annualized in the third quarter 2024
compared to 0.10% annualized in the linked quarter and 0.01%
annualized in the prior year quarter.
Deposits, Borrowings and Liquidity
- Total deposits were $16.0 billion at September 30, 2024
compared to $15.8 billion at June 30, 2024 and $15.3 billion at
September 30, 2023.
- Total borrowings (other than junior subordinated debentures)
were $454.8 million at September 30, 2024, an increase of $27.6
million from June 30, 2024 and a decrease of $91.9 million from
September 30, 2023. The linked quarter change reflects a $33.8
million payoff of the Company's unsecured line of credit and the
redemption of $110.0 million in subordinated debentures offset by
the issuance of $175.0 million in new subordinated debentures (net
of $3.8 million in issuance costs). The year over year change
reflects the aforementioned changes in addition to a $155.0 million
BTFP advance taken in first quarter 2024 offset by a reduction of
$275.0 million in short-term FHLB advances for the year over year
period.
Capital
- The Company continues to be well capitalized under regulatory
guidelines. At September 30, 2024, the estimated common equity Tier
1 to risk-weighted assets, Tier 1 capital to average assets, Tier 1
capital to risk-weighted assets and total capital to risk-weighted
asset ratios were 10.01%, 9.08%, 10.36% and 13.26%, respectively,
compared to 9.69%, 8.76%, 10.03%, and 11.75%, respectively, at June
30, 2024 and 9.86%, 9.09%, 10.21%, and 11.89%, respectively at
September 30, 2023.
Third Quarter 2024 Operating Results
Net Interest Income
- Net interest income was $106.8 million for third quarter 2024
compared to $109.0 million for third quarter 2023 and $105.1
million for second quarter 2024. The decrease from the prior year
was primarily due to the increased funding costs on our deposit
products offset to a lesser extent by increased earnings on average
loan balances. The increase from the linked quarter was primarily
due to increased earnings on loans and interest-bearing deposits
offset by an increase in interest expense on deposits during the
quarter. The third quarter 2024 includes $1.0 million in acquired
loan accretion compared to $940 thousand in third quarter 2023 and
$1.0 million in second quarter 2024.
- The average balance of total interest-earning assets grew by
$349.9 million and totaled $17.0 billion for the quarter ended
September 30, 2024 compared to $16.7 billion for the quarter ended
September 30, 2023 and decreased slightly by $89.1 million from
$17.1 billion for the quarter ended June 30, 2024. The increase
from the prior year is primarily due to an increase in average
loans of $369.4 million due to organic growth primarily occurring
in the second half of 2023.
- The yield on interest-earning assets was 5.65% for third
quarter 2024 compared to 5.31% for third quarter 2023 and 5.62% for
second quarter 2024. The increase in asset yield compared to the
prior year and linked quarter is primarily a result of increases in
the benchmark rates over the last year. The average loan yield, net
of acquired loan accretion was 6.04% for the current quarter,
compared to 5.67% for prior year quarter and 6.00% for the linked
quarter.
- The cost of interest-bearing liabilities, including borrowings,
was 4.16% for third quarter 2024 compared to 3.72% for third
quarter 2023 and 4.16% for second quarter 2024. The increase from
the prior year is reflective of higher funding costs, primarily on
deposit products as a result of Fed Funds rate increases in 2023
offset by decreased costs on FHLB advances, primarily due to lower
holdings based on liquidity needs resulting in a shift in funding
sources during the year-over-year period. The linked quarter cost
of interest-bearing liabilities remains unchanged primarily due to
a shift in the mix of deposits from higher rate accounts to lower
rate accounts offset by the shift in borrowings from lower rate
short-term borrowings to higher rate long-term borrowings.
- The net interest margin was 2.50% for third quarter 2024
compared to 2.60% for third quarter 2023 and 2.47% for second
quarter 2024. The net interest margin excluding acquired loan
accretion was 2.47% for third quarter 2024 compared to 2.58% for
third quarter 2023 and 2.45% for second quarter 2024. The decrease
in net interest margin from the prior year was primarily due to the
increased funding costs on deposits, offset by a reduction in
funding costs on advances and other borrowings due to lower average
balances, as well as higher earnings on loans due to organic growth
and rate increases for the respective periods. The linked quarter
change positively reflects the increased rates on loans and lower
rates paid on deposits offset by the shift in mix of short and
long-term borrowings as discussed above.
Noninterest Income
- Total noninterest income decreased $185 thousand compared to
third quarter 2023 and increased $28 thousand compared to second
quarter 2024.
- The decrease from the prior year quarter primarily reflects a
$740 thousand decrease in other noninterest income offset by
increases of $295 thousand in investment management fees and $187
thousand in BOLI income.
Noninterest Expense
- Total noninterest expense increased $8.6 million compared to
third quarter 2023 and decreased $517.0 million compared to second
quarter 2024.
- The increase in noninterest expense in third quarter 2024
compared to the prior year is due primarily to increases of $6.4
million in salaries and benefits, $1.0 million in communications
and technology expense and $543 thousand in FDIC assessment. In
addition, there was $460 thousand of acquisition expenses incurred
in the current quarter.
- The decrease from the linked quarter primarily reflects a
decrease of $1.9 million in acquisition expenses offset by an
increase of $1.4 million in FDIC assessment. In addition, there was
a $518.0 million goodwill impairment charge that occurred in the
linked quarter.
- The increase in salaries and benefits from the prior year
primarily reflects increases in incentive and equity awards as well
as increases in various employee benefits.
- The increase in communications and technology expense from the
prior year was due to software cost increases among various
technology and information security vendors, as well as an increase
in cloud-based software expenses.
- The increase in FDIC assessment for the prior year and linked
quarter reflects overall increases in the assessment rates,
including the impact from the Company's current year loss
position.
Provision for Credit Losses
- The Company recorded a $4.7 million provision for credit losses
for third quarter 2024, compared to provision expense of $340
thousand for third quarter 2023 and zero provision for the linked
quarter. Provision expense (reversal) during a given period is
generally dependent on changes in various factors, including
economic conditions, credit quality and past due trends, as well as
loan growth or decline and charge-offs or specific credit loss
allocations taken during the respective period. The increased
provision expense for third quarter 2024 is primarily due to $4.5
million in additional specific credit allocations on a commercial
relationship.
- The allowance for credit losses on loans was $150.3 million, or
1.08% of total loans held for investment, net of mortgage warehouse
purchase loans, at September 30, 2024, compared to $148.2 million,
or 1.08% at September 30, 2023 and compared to $145.3 million, or
1.04% at June 30, 2024.
- The allowance for credit losses on off-balance sheet exposures
was $3.4 million at September 30, 2024 compared to $4.4 million at
September 30, 2023, compared to $3.5 million at June 30, 2024.
Changes in the allowance for unfunded commitments are generally
driven by the remaining unfunded amount and the expected
utilization rate of a given loan segment.
Income Taxes
- Federal income tax expense of $5.3 million was recorded for the
third quarter 2024, an effective rate of 20.5% compared to federal
tax expense of $8.2 million and an effective rate of 20.1% for the
prior year quarter and income tax expense of $5.1 million and an
effective rate of (1.0)% for the linked quarter. The effective tax
rate in the linked quarter was primarily due to the goodwill
impairment charge, of which $512.4 million is not deductible for
tax purposes.
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 September
30, 2024 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 September 30, 2024 and will
adjust amounts preliminarily reported, if necessary.
About Independent Bank Group, Inc.
Independent Bank Group, Inc. is a bank holding company
headquartered in McKinney, Texas. Through its wholly owned
subsidiary, Independent Bank, doing business as Independent
Financial, Independent Bank Group serves customers across Texas and
Colorado with a wide range of relationship-driven banking services
tailored to meet the needs of businesses, professionals and
individuals. Independent Bank Group, Inc. operates in four market
regions located in the Dallas/Fort Worth, Austin and Houston areas
in Texas and the Colorado Front Range area, including Denver,
Colorado Springs and Fort Collins.
Forward-Looking Statements
From time to time the Company’s comments and releases may
contain “forward-looking statements” within the meaning of the
Private Securities Litigation Reform Act of 1995 that are subject
to risks and uncertainties and are made pursuant to the safe harbor
provisions of Section 27A of the Securities Act, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended, and
other related federal security laws. Forward-looking statements
include information about the Company’s possible or assumed future
results of operations, including its future revenues, income,
expenses, provision for taxes, effective tax rate, earnings (loss)
per share and cash flows, its future capital expenditures and
dividends, its future financial condition and changes therein,
including changes in the Company’s loan portfolio and allowance for
credit losses, the Company’s future capital structure or changes
therein, the plan and objectives of management for future
operations, the Company’s future or proposed acquisitions, the
future or expected effect of acquisitions on the Company’s
operations, results of operations and financial condition, the
Company’s future economic performance and the statements of the
assumptions underlying any such statement. Such statements are
typically, but not exclusively, identified by the use in the
statements of words or phrases such as “aim,” “anticipate,”
“estimate,” “expect,” “goal,” “guidance,” “intend,” “is
anticipated,” “is estimated,” “is expected,” “is intended,”
“objective,” “plan,” “projected,” “projection,” “will affect,”
“will be,” “will continue,” “will decrease,” “will grow,” “will
impact,” “will increase,” “will incur,” “will reduce,” “will
remain,” “will result,” “would be,” variations of such words or
phrases (including where the word “could,” “may” or “would” is used
rather than the word “will” in a phrase) and similar words and
phrases indicating that the statement addresses some future result,
occurrence, plan or objective. The forward-looking statements that
the Company makes are based on its current expectations and
assumptions regarding its business, the economy, and other future
conditions. Because forward-looking statements relate to future
results and occurrences, they are subject to inherent
uncertainties, risks, and changes in circumstances that are
difficult to predict. The Company’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. Many possible
events or factors could affect the Company’s future financial
results and performance and could cause those results or
performance to differ materially from those expressed in the
forward-looking statements. These possible events or factors
include, but are not limited to: 1) the Company’s ability to
sustain its current internal growth rate and total growth rate; 2)
changes in geopolitical, business and economic events, occurrences
and conditions, including changes in rates of inflation or
deflation, nationally, regionally and in the Company’s target
markets, particularly in Texas and Colorado; 3) worsening business
and economic conditions nationally, regionally and in the Company’s
target markets, particularly in Texas and Colorado, and the
geographic areas in those states in which the Company operates; 4)
the Company’s dependence on its management team and its ability to
attract, motivate and retain qualified personnel; 5) the
concentration of the Company’s business within its geographic areas
of operation in Texas and Colorado; 6) changes in asset quality,
including increases in default rates on loans and higher levels of
nonperforming loans and loan charge-offs generally; 7)
concentration of the loan portfolio of Independent Financial,
before and after the completion of acquisitions of financial
institutions, in commercial and residential real estate loans and
changes in the prices, values and sales volumes of commercial and
residential real estate; 8) the ability of Independent Financial to
make loans with acceptable net interest margins and levels of risk
of repayment and to otherwise invest in assets at acceptable yields
and that present acceptable investment risks; 9) inaccuracy of the
assumptions and estimates that the managements of the Company and
the financial institutions that the Company acquires make in
establishing reserves for credit losses and other estimates
generally; 10) lack of liquidity, including as a result of a
reduction in the amount of sources of liquidity the Company
currently has; 11) material increases or decreases in the amount of
insured and/or uninsured deposits held by Independent Financial or
other financial institutions that the Company acquires and the cost
of those deposits; 12) adverse developments in the banking industry
related to soundness of other financial institutions, and the
potential impact of such developments on customer confidence,
liquidity, and regulatory responses, including regulatory
oversight, examinations, and any potential related findings and
actions; (13) the Company’s access to the debt and equity markets
and the overall cost of funding its operations; 14) regulatory
requirements to maintain minimum capital levels or maintenance of
capital at levels sufficient to support the Company’s anticipated
growth; 15) changes in market interest rates that affect the
pricing of the loans and deposits of each of Independent Financial
and the financial institutions that the Company acquires and that
affect the net interest income, other future cash flows, or the
market value of the assets of each of Independent Financial and the
financial institutions that the Company acquires, including
investment securities; 16) fluctuations in the market value and
liquidity of the securities the Company holds for sale, including
as a result of changes in market interest rates; 17) effects of
competition from a wide variety of local, regional, national and
other providers of financial, investment and insurance services;
18) the effects of infectious disease outbreaks and the significant
impact and associated efforts to limit such spread has had or may
have an economic conditions and the Company's business, employees,
customers, asset quality, and financial performance; 19) changes in
economic and market conditions, that affect the amount and value of
the assets of Independent Financial and of financial institutions
that the Company acquires; 20) the institution and outcome of, and
costs associated with, litigation and other legal proceedings
against one or more of the Company, Independent Financial and
financial institutions that the Company acquired or will acquire or
to which any of such entities is subject; 21) the occurrence of
market conditions adversely affecting the financial industry
generally; 22) the impact of recent and future legislative
regulatory changes, including changes in banking, securities, and
tax laws and regulations and their application by the Company’s
regulators, and changes in federal government policies, as well as
regulatory requirements applicable to, and resulting from
regulatory supervision of, the Company and Independent Financial as
a financial institution with total assets greater than $10 billion;
23) changes in accounting policies, practices, principles and
guidelines, as may be adopted by the bank regulatory agencies, the
Financial Accounting Standards Board, the SEC and the Public
Company Accounting Oversight Board, as the case may be; 24)
governmental monetary and fiscal policies; 25) changes in the scope
and cost of FDIC insurance and other coverage; 26) the effects of
war or other conflicts, including, but not limited to, the
conflicts between Russia and the Ukraine and Israel and Hamas, acts
of terrorism (including cyberattacks) or other catastrophic events,
including natural disasters such as storms, droughts, tornadoes,
hurricanes and flooding, that may affect general economic
conditions; 27) the Company’s actual cost savings resulting from
previous or future acquisitions are less than expected, the Company
is unable to realize those cost savings as soon as expected, or the
Company incurs additional or unexpected costs; 28) the Company’s
revenues after previous or future acquisitions are less than
expected; 29) the liquidity of, and changes in the amounts and
sources of liquidity available to the Company, before and after the
acquisition of any financial institutions that the Company
acquires; 30) deposit attrition, operating costs, customer loss and
business disruption before and after the Company completed
acquisitions, including, without limitation, difficulties in
maintaining relationships with employees, may be greater than the
Company expected; 31) the effects of the combination of the
operations of financial institutions that the Company has acquired
in the recent past or may acquire in the future with the Company’s
operations and the operations of Independent Financial, the effects
of the integration of such operations being unsuccessful, and the
effects of such integration being more difficult, time consuming,
or costly than expected or not yielding the cost savings the
Company expects; 32) the impact of investments that the Company or
Independent Financial may have made or may make and the changes in
the value of those investments; 33) the quality of the assets of
financial institutions and companies that the Company has acquired
in the recent past or may acquire in the future being different
than it determined or determine in its due diligence investigation
in connection with the acquisition of such financial institutions
and any inadequacy of credit loss reserves relating to, and
exposure to unrecoverable losses on, loans acquired; 34) the
Company’s ability to continue to identify acquisition targets and
successfully acquire desirable financial institutions to sustain
its growth, to expand its presence in the Company’s markets and to
enter new markets; 35) changes in general business and economic
conditions in the markets in which the Company currently operates
and may operate in the future; 36) changes occur in business
conditions and inflation generally; 37) an increase in the rate of
personal or commercial customers’ bankruptcies generally; 38)
technology-related changes are harder to make or are more expensive
than expected; 39) attacks on the security of, and breaches of, the
Company's and Independent Financial's digital information systems,
the costs the Company or Independent Financial incur to provide
security against such attacks and any costs and liability the
Company or Independent Financial incurs in connection with any
breach of those systems; 40) the potential impact of climate change
and related government regulation on the Company and its customers;
41) the potential impact of technology and “FinTech” entities on
the banking industry generally; 42) other economic, competitive,
governmental, regulatory, technological and geopolitical factors
affecting the Company's operations, pricing and services; 43) the
possibility that the Company’s pending merger with SouthState
Corporation (the “Merger”) does not close when expected or at all
because required regulatory or other approvals or conditions to
closing are not received or satisfied on a timely basis or at all
(and the risk that such approvals may result in the imposition of
conditions that could adversely affect the combined company or the
expected benefits of the Merger); 44) the risk that the benefits
from the Merger may not be fully realized or may take longer to
realize than expected; 45) the risk of disruption to the parties’
businesses as a result of the announcement and pendency of the
Merger; 46) the possibility that the Merger may be more expensive
to complete than anticipated, including as a result of unexpected
factors or events; and 47) the other factors that are described or
referenced in Part I, Item 1A, of the Company’s Annual Report on
Form 10-K filed with the SEC on February 20, 2024, Part I, Item 1A
of our Quarterly Report on Form 10-Q for the quarter ended June 30,
2024, the Company’s other Quarterly Reports on Form 10-Q, in each
case under the caption “Risk Factors.” The Company urges you to
consider all of these risks, uncertainties and other factors
carefully in evaluating all such forward-looking statements made by
the Company. As a result of these and other matters, including
changes in facts, assumptions not being realized or other factors,
the actual results relating to the subject matter of any
forward-looking statement may differ materially from the
anticipated results expressed or implied in that forward-looking
statement. Any forward-looking statement made in this filing or
made by the Company in any report, filing, document or information
incorporated by reference in this filing, speaks only as of the
date on which it is made. The Company undertakes no obligation to
update any such forward-looking statement, whether as a result of
new information, future developments or otherwise, except as may be
required by law. A forward-looking statement may include a
statement of the assumptions or bases underlying the
forward-looking statement. The Company believes that these
assumptions or bases have been chosen in good faith and that they
are reasonable. However, the Company cautions you that assumptions
as to future occurrences or results almost always vary from actual
future occurrences or results, and the differences between
assumptions and actual occurrences and results can be material.
Therefore, the Company cautions you not to place undue reliance on
the forward-looking statements contained in this filing or
incorporated by reference herein.
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,” “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 credit losses and the effect of goodwill, other
intangible assets 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 September 30, 2024,
June 30, 2024, March 31, 2024, December 31, 2023 and September 30,
2023
(Dollars in thousands, except for share
data)
(Unaudited)
As of and for the Quarter
Ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Selected Income Statement Data
Interest income
$
241,716
$
239,085
$
235,205
$
232,522
$
222,744
Interest expense
134,878
133,937
132,174
126,217
113,695
Net interest income
106,838
105,148
103,031
106,305
109,049
Provision for credit losses
4,700
—
(3,200
)
3,480
340
Net interest income after provision for
credit losses
102,138
105,148
106,231
102,825
108,709
Noninterest income
13,461
13,433
12,870
10,614
13,646
Noninterest expense
89,896
606,911
88,473
95,125
81,334
Income tax expense
5,266
5,125
6,478
3,455
8,246
Net income (loss)
20,437
(493,455
)
24,150
14,859
32,775
Adjusted net income (1)
20,588
24,884
26,001
25,509
32,624
Per Share Data (Common Stock)
Earnings (loss):
Basic
$
0.49
$
(11.93
)
$
0.58
$
0.36
$
0.79
Diluted
0.49
(11.93
)
0.58
0.36
0.79
Adjusted earnings:
Basic (1)
0.50
0.60
0.63
0.62
0.79
Diluted (1)
0.50
0.60
0.63
0.62
0.79
Dividends
0.38
0.38
0.38
0.38
0.38
Book value
47.03
45.85
58.02
58.20
56.49
Tangible book value (1)
34.54
33.27
32.85
32.90
31.11
Common shares outstanding
41,439,096
41,376,169
41,377,745
41,281,919
41,284,003
Weighted average basic shares outstanding
(2)
41,432,637
41,377,917
41,322,744
41,283,041
41,284,964
Weighted average diluted shares
outstanding (2)
41,497,514
41,377,917
41,432,042
41,388,564
41,381,034
Selected Period End Balance Sheet
Data
Total assets
$
18,583,149
$
18,359,162
$
18,871,452
$
19,035,102
$
18,519,872
Cash and cash equivalents
1,348,055
770,749
729,998
721,989
711,709
Securities available for sale
1,510,572
1,494,470
1,543,247
1,593,751
1,545,904
Securities held to maturity
203,863
204,319
204,776
205,232
205,689
Loans, held for sale
12,806
12,012
21,299
16,420
18,068
Loans, held for investment (3)
13,896,238
13,988,169
14,059,277
14,160,853
13,781,102
Mortgage warehouse purchase loans
392,691
633,654
554,616
549,689
442,302
Allowance for credit losses on loans
150,285
145,323
148,437
151,861
148,249
Goodwill and other intangible assets
517,660
520,553
1,041,506
1,044,581
1,047,687
Other real estate owned
8,685
8,685
8,685
9,490
22,505
Noninterest-bearing deposits
3,447,184
3,378,493
3,300,773
3,530,704
3,703,784
Interest-bearing deposits
12,547,884
12,464,183
12,370,942
12,192,331
11,637,185
Borrowings (other than junior subordinated
debentures)
454,762
427,129
496,975
621,821
546,666
Junior subordinated debentures
54,766
54,717
54,667
54,617
54,568
Total stockholders' equity
1,948,898
1,897,083
2,400,807
2,402,593
2,332,098
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Financial Data
Three Months Ended September 30, 2024,
June 30, 2024, March 31, 2024, December 31, 2023 and September 30,
2023
(Dollars in thousands, except for share
data)
(Unaudited)
As of and for the Quarter
Ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Selected Performance Metrics
Return on average assets
0.44
%
(10.55
)%
0.51
%
0.31
%
0.70
%
Return on average equity
4.24
(87.53
)
4.05
2.51
5.51
Return on tangible equity (4)
5.81
(146.65
)
7.16
4.54
9.92
Adjusted return on average assets (1)
0.45
0.53
0.55
0.54
0.70
Adjusted return on average equity (1)
4.27
4.41
4.36
4.32
5.48
Adjusted return on tangible equity (1)
(4)
5.86
7.40
7.71
7.79
9.87
Net interest margin
2.50
2.47
2.42
2.49
2.60
Efficiency ratio (5)
72.32
509.32
73.68
78.70
63.75
Adjusted efficiency ratio (1) (5)
72.17
71.09
71.63
67.96
63.84
Credit Quality Ratios (3) (6)
Nonperforming assets to total assets
0.37
%
0.35
%
0.34
%
0.32
%
0.33
%
Nonperforming loans to total loans held
for investment
0.43
0.40
0.40
0.37
0.28
Nonperforming assets to total loans held
for investment and other real estate
0.49
0.46
0.46
0.43
0.44
Allowance for credit losses on loans to
nonperforming loans
253.57
258.83
263.85
293.17
385.81
Allowance for credit losses to total loans
held for investment
1.08
1.04
1.06
1.07
1.08
Net charge-offs to average loans
outstanding (annualized)
—
0.10
—
0.01
0.01
Capital Ratios
Estimated common equity Tier 1 capital to
risk-weighted assets
10.01
%
9.69
%
9.60
%
9.58
%
9.86
%
Estimated tier 1 capital to average
assets
9.08
8.76
8.91
8.94
9.09
Estimated tier 1 capital to risk-weighted
assets
10.36
10.03
9.94
9.93
10.21
Estimated total capital to risk-weighted
assets
13.26
11.75
11.68
11.57
11.89
Total stockholders' equity to total
assets
10.49
10.33
12.72
12.62
12.59
Tangible common equity to tangible assets
(1)
7.92
7.72
7.62
7.55
7.35
____________
(1)
Non-GAAP financial measure. See
reconciliation.
(2)
Total number of shares includes
participating shares (those with dividend rights).
(3)
Loans held for investment excludes
mortgage warehouse purchase loans.
(4)
Non-GAAP financial measure. Excludes
average balance of goodwill and net other intangible assets.
(5)
Efficiency ratio excludes amortization of
other intangible assets. See reconciliation of Non-GAAP financial
measures.
(6)
Credit metrics - Nonperforming assets,
which consist of nonperforming loans, OREO and other repossessed
assets, totaled $68,067, $64,946, $65,057, $61,404 and $61,044,
respectively. Nonperforming loans, which consists of nonaccrual
loans and loans delinquent 90 days and still accruing interest
totaled $59,268, $56,147, $56,258, $51,800 and $38,425,
respectively.
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Statements of Income
(Loss)
Three and Nine Months Ended September 30,
2024 and 2023
(Dollars in thousands)
(Unaudited)
Three Months Ended
September 30,
Nine Months Ended September
30,
2024
2023
2024
2023
Interest income:
Interest and fees on loans
$
221,169
$
202,725
$
655,971
$
580,631
Interest on taxable securities
7,174
7,674
22,851
23,323
Interest on nontaxable securities
2,482
2,558
7,524
7,747
Interest on interest-bearing deposits and
other
10,891
9,787
29,660
27,513
Total interest income
241,716
222,744
716,006
639,214
Interest expense:
Interest on deposits
127,075
102,600
374,833
243,005
Interest on FHLB advances
—
6,054
4,605
29,903
Interest on other borrowings
6,573
3,808
17,871
12,248
Interest on junior subordinated
debentures
1,230
1,233
3,680
3,480
Total interest expense
134,878
113,695
400,989
288,636
Net interest income
106,838
109,049
315,017
350,578
Provision for credit losses
4,700
340
1,500
650
Net interest income after provision for
credit losses
102,138
108,709
313,517
349,928
Noninterest income:
Service charges on deposit accounts
3,617
3,568
10,803
10,436
Investment management fees
2,765
2,470
8,222
7,215
Mortgage banking revenue
1,682
1,774
4,857
5,646
Mortgage warehouse purchase program
fees
617
555
1,812
1,414
(Loss) gain on sale of loans
—
(7
)
74
(14
)
Gain on sale of other real estate
—
—
13
—
(Loss) gain on sale and disposal of
premises and equipment
(9
)
(56
)
(20
)
345
Increase in cash surrender value of
BOLI
1,652
1,465
4,779
4,252
Other
3,137
3,877
9,224
11,201
Total noninterest income
13,461
13,646
39,764
40,495
Noninterest expense:
Salaries and employee benefits
50,039
43,618
146,432
136,833
Occupancy
12,326
12,408
36,951
35,607
Communications and technology
7,937
6,916
23,298
21,202
FDIC assessment
4,196
3,653
13,154
10,171
Advertising and public relations
479
587
1,747
2,195
Other real estate owned expenses (income),
net
141
(253
)
169
(482
)
Impairment of other real estate
—
—
345
2,200
Amortization of other intangible
assets
2,893
3,111
8,921
9,333
Litigation settlement
—
—
—
102,500
Professional fees
1,296
1,262
4,406
6,112
Acquisition expense, including legal
460
—
2,798
—
Goodwill impairment
—
—
518,000
—
Other
10,129
10,032
29,059
30,748
Total noninterest expense
89,896
81,334
785,280
356,419
Income (loss) before taxes
25,703
41,021
(431,999
)
34,004
Income tax expense
5,266
8,246
16,869
5,662
Net income (loss)
$
20,437
$
32,775
$
(448,868
)
$
28,342
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Balance Sheets
As of September 30, 2024 and December 31,
2023
(Dollars in thousands)
(Unaudited)
September 30,
December 31,
Assets
2024
2023
Cash and due from banks
$
103,157
$
98,396
Interest-bearing deposits in other
banks
1,244,898
623,593
Cash and cash equivalents
1,348,055
721,989
Certificates of deposit held in other
banks
—
248
Securities available for sale, at fair
value
1,510,572
1,593,751
Securities held to maturity, net of
allowance for credit losses of $0 and $0, respectively, fair value
of $172,306 and $170,997, respectively
203,863
205,232
Loans held for sale (includes $10,037 and
$12,016 carried at fair value, respectively)
12,806
16,420
Loans, net of allowance for credit losses
of $150,285 and $151,861, respectively
14,138,644
14,558,681
Premises and equipment, net
350,252
355,833
Other real estate owned
8,685
9,490
Federal Home Loan Bank (FHLB) of Dallas
stock and other restricted stock
14,489
34,915
Bank-owned life insurance (BOLI)
250,276
245,497
Deferred tax asset
67,733
92,665
Goodwill
476,021
994,021
Other intangible assets, net
41,639
50,560
Other assets
160,114
155,800
Total assets
$
18,583,149
$
19,035,102
Liabilities and Stockholders’
Equity
Deposits:
Noninterest-bearing
$
3,447,184
$
3,530,704
Interest-bearing
12,547,884
12,192,331
Total deposits
15,995,068
15,723,035
FHLB advances
—
350,000
Other borrowings
454,762
271,821
Junior subordinated debentures
54,766
54,617
Other liabilities
129,655
233,036
Total liabilities
16,634,251
16,632,509
Commitments and contingencies
—
—
Stockholders’ equity:
Preferred stock (0 and 0 shares
outstanding, respectively)
—
—
Common stock (41,439,096 and 41,281,919
shares outstanding, respectively)
414
413
Additional paid-in capital
1,974,143
1,966,686
Retained earnings
117,652
616,724
Accumulated other comprehensive loss
(143,311
)
(181,230
)
Total stockholders’ equity
1,948,898
2,402,593
Total liabilities and stockholders’
equity
$
18,583,149
$
19,035,102
Independent Bank Group, Inc. and Subsidiaries
Consolidated Average Balance Sheet
Amounts, Interest Earned and Yield Analysis
Three Months Ended September 30, 2024 and
2023
(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 September
30,
2024
2023
Average
Outstanding
Balance
Interest
Yield/
Rate (4)
Average
Outstanding
Balance
Interest
Yield/
Rate (4)
Interest-earning assets:
Loans (1)
$
14,487,650
$
221,169
6.07
%
$
14,118,264
$
202,725
5.70
%
Taxable securities
1,326,655
7,174
2.15
1,411,578
7,674
2.16
Nontaxable securities
387,537
2,482
2.55
410,391
2,558
2.47
Interest-bearing deposits and other
804,594
10,891
5.38
716,271
9,787
5.42
Total interest-earning assets
17,006,436
241,716
5.65
16,656,504
222,744
5.31
Noninterest-earning assets
1,292,346
1,864,096
Total assets
$
18,298,782
$
18,520,600
Interest-bearing liabilities:
Checking accounts
$
5,490,570
$
51,584
3.74
%
$
5,596,274
$
47,657
3.38
%
Savings accounts
497,721
304
0.24
590,577
90
0.06
Money market accounts
2,181,715
22,893
4.17
1,565,181
15,200
3.85
Certificates of deposit
4,216,985
52,294
4.93
3,566,496
39,653
4.41
Total deposits
12,386,991
127,075
4.08
11,318,528
102,600
3.60
FHLB advances
—
—
—
463,967
6,054
5.18
Other borrowings - short-term
166,005
2,106
5.05
41,087
738
7.13
Other borrowings - long-term
279,725
4,467
6.35
237,862
3,070
5.12
Junior subordinated debentures
54,749
1,230
8.94
54,550
1,233
8.97
Total interest-bearing
liabilities
12,887,470
134,878
4.16
12,115,994
113,695
3.72
Noninterest-bearing demand accounts
3,361,194
3,798,091
Noninterest-bearing liabilities
132,968
246,340
Stockholders’ equity
1,917,150
2,360,175
Total liabilities and equity
$
18,298,782
$
18,520,600
Net interest income
$
106,838
$
109,049
Interest rate spread
1.49
%
1.59
%
Net interest margin (2)
2.50
2.60
Net interest income and margin (tax
equivalent basis) (3)
$
107,971
2.53
$
110,077
2.62
Average interest-earning assets to
interest-bearing liabilities
131.96
137.48
____________
(1)
Average loan balances include nonaccrual
loans.
(2)
Net interest margins for the periods
presented represent: (i) the difference between interest income on
interest-earning assets and the interest expense on
interest-bearing liabilities, divided by (ii) average
interest-earning assets for the period.
(3)
A tax-equivalent adjustment has been
computed using a federal income tax rate of 21%.
(4)
Yield and rates for the three month
periods are annualized.
Independent Bank Group, Inc. and
Subsidiaries
Consolidated Average Balance Sheet
Amounts, Interest Earned and Yield Analysis
Nine Months Ended September 30, 2024 and
2023
(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.
Nine Months Ended September
30,
2024
2023
Average
Outstanding
Balance
Interest
Yield/Rate (4)
Average
Outstanding
Balance
Interest
Yield/Rate (4)
Interest-earning assets:
Loans (1)
$
14,578,678
$
655,971
6.01
%
$
14,026,604
$
580,631
5.53
%
Taxable securities
1,367,468
22,851
2.23
1,444,280
23,323
2.16
Nontaxable securities
392,657
7,524
2.56
417,459
7,747
2.48
Interest-bearing deposits and other
730,098
29,660
5.43
724,787
27,513
5.08
Total interest-earning assets
17,068,901
716,006
5.60
16,613,130
639,214
5.14
Noninterest-earning assets
1,609,929
1,855,135
Total assets
$
18,678,830
$
18,468,265
Interest-bearing liabilities:
Checking accounts
$
5,494,894
$
151,144
3.67
%
$
5,836,196
$
128,493
2.94
%
Savings accounts
515,145
693
0.18
652,067
263
0.05
Money market accounts
2,024,517
63,418
4.18
1,587,340
38,646
3.26
Certificates of deposit
4,285,623
159,578
4.97
2,604,697
75,603
3.88
Total deposits
12,320,179
374,833
4.06
10,680,300
243,005
3.04
FHLB advances
112,044
4,605
5.49
817,436
29,903
4.89
Other borrowings - short-term
184,049
7,264
5.27
40,196
2,082
6.93
Other borrowings - long-term
252,175
10,607
5.62
247,258
10,166
5.50
Junior subordinated debentures
54,699
3,680
8.99
54,501
3,480
8.54
Total interest-bearing
liabilities
12,923,146
400,989
4.14
11,839,691
288,636
3.26
Noninterest-bearing demand accounts
3,354,693
4,058,686
Noninterest-bearing liabilities
207,665
203,021
Stockholders’ equity
2,193,326
2,366,867
Total liabilities and equity
$
18,678,830
$
18,468,265
Net interest income
$
315,017
$
350,578
Interest rate spread
1.46
%
1.88
%
Net interest margin (2)
2.47
2.82
Net interest income and margin (tax
equivalent basis) (3)
$
318,302
2.49
$
353,680
2.85
Average interest-earning assets to
interest-bearing liabilities
132.08
140.32
____________
(1)
Average loan balances include nonaccrual
loans.
(2)
Net interest margins for the periods
presented represent: (i) the difference between interest income on
interest-earning assets and the interest expense on
interest-bearing liabilities, divided by (ii) average
interest-earning assets for the period.
(3)
A tax-equivalent adjustment has been
computed using a federal income tax rate of 21%.
(4)
Yield and rates for the nine month periods
are annualized.
Independent Bank Group, Inc. and
Subsidiaries
Loan Portfolio Composition
As of September 30, 2024 and December 31,
2023
(Dollars in thousands)
(Unaudited)
Total Loans By Class
September 30, 2024
December 31, 2023
Amount
% of Total
Amount
% of Total
Commercial
$
2,123,443
14.8
%
$
2,266,851
15.4
%
Mortgage warehouse purchase loans
392,691
2.7
549,689
3.7
Real estate:
Commercial real estate
8,311,344
58.2
8,289,124
56.3
Commercial construction, land and land
development
1,140,863
8.0
1,231,484
8.4
Residential real estate (1)
1,715,099
12.0
1,686,206
11.5
Single-family interim construction
430,283
3.0
517,928
3.5
Agricultural
113,851
0.8
109,451
0.7
Consumer
74,161
0.5
76,229
0.5
Total loans
14,301,735
100.0
%
14,726,962
100.0
%
Allowance for credit losses
(150,285
)
(151,861
)
Total loans, net
$
14,151,450
$
14,575,101
____________
(1)
Includes loans held for sale of $12,806
and $16,420 at September 30, 2024 and December 31, 2023,
respectively.
Independent Bank Group, Inc. and
Subsidiaries
Reconciliation of Non-GAAP Financial
Measures
Three Months Ended September 30, 2024,
June 30, 2024, March 31, 2024, December 31, 2023 and September 30,
2023
(Dollars in thousands, except for share
data)
(Unaudited)
For the Three Months Ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
ADJUSTED NET INCOME
Net Interest Income - Reported
(a)
$
106,838
$
105,148
$
103,031
$
106,305
$
109,049
Provision for Credit Losses -
Reported
(b)
4,700
—
(3,200
)
3,480
340
Noninterest Income - Reported
(c)
13,461
13,433
12,870
10,614
13,646
(Gain) loss on sale of loans
—
—
(74
)
—
7
(Gain) loss on sale of other real
estate
—
—
(13
)
1,797
—
Loss on sale and disposal of premises and
equipment
9
11
—
22
56
Recoveries on loans charged off prior to
acquisition
(6
)
(57
)
(5
)
(64
)
(279
)
Adjusted Noninterest Income
(d)
13,464
13,387
12,778
12,369
13,430
Noninterest Expense - Reported
(e)
89,896
606,911
88,473
95,125
81,334
OREO impairment
—
—
(345
)
(3,015
)
—
FDIC special assessment
273
645
(2,095
)
(8,329
)
—
Goodwill and asset impairment
—
(518,000
)
—
—
—
Acquisition expense (1)
(460
)
(2,338
)
—
(27
)
(27
)
Adjusted Noninterest Expense
(f)
89,709
87,218
86,033
83,754
81,307
Income Tax Expense - Reported
(g)
5,266
5,125
6,478
3,455
8,246
Net Income (Loss) - Reported
(a) - (b) + (c) - (e) - (g) = (h)
20,437
(493,455
)
24,150
14,859
32,775
Adjusted Net Income (2)
(a) - (b) + (d) - (f) = (i)
$
20,588
$
24,884
$
26,001
$
25,509
$
32,624
ADJUSTED PROFITABILITY (3)
Total Average Assets
(j)
$
18,298,782
$
18,803,877
$
18,938,008
$
18,815,342
$
18,520,600
Total Average Stockholders' Equity
(k)
1,917,150
2,267,289
2,398,573
2,344,652
2,360,175
Total Average Tangible Stockholders'
Equity (4)
(l)
1,398,494
1,353,313
1,356,042
1,299,026
1,311,417
Reported Return on Average
Assets
(h) / (j)
0.44
%
(10.55
)%
0.51
%
0.31
%
0.70
%
Reported Return on Average
Equity
(h) / (k)
4.24
(87.53
)
4.05
2.51
5.51
Reported Return on Average Tangible
Equity
(h) / (l)
5.81
(146.65
)
7.16
4.54
9.92
Adjusted Return on Average Assets
(5)
(i) / (j)
0.45
0.53
0.55
0.54
0.70
Adjusted Return on Average Equity
(5)
(i) / (k)
4.27
4.41
4.36
4.32
5.48
Adjusted Return on Tangible Equity
(5)
(i) / (l)
5.86
7.40
7.71
7.79
9.87
EFFICIENCY RATIO
Amortization of other intangible
assets
(m)
$
2,893
$
2,953
$
3,075
$
3,106
$
3,111
Reported Efficiency Ratio
(e - m) / (a + c)
72.32
%
509.32
%
73.68
%
78.70
%
63.75
%
Adjusted Efficiency Ratio
(f - m) / (a + d)
72.17
71.09
71.63
67.96
63.84
____________
(1)
Prior to 2024, acquisition expenses
include compensation related expenses for equity awards granted at
acquisition. Second and third quarter 2024 includes merger-related
expenses related to the announced merger with SouthState
Corporation.
(2)
Assumes an adjusted effective tax rate of
20.5%, 20.5%, 21.2%, 18.9%, and 20.1%, respectively. Second quarter
2024 normalized rate excludes the effect of nondeductible
acquisition expenses and goodwill impairment charges.
(3)
Quarterly metrics are annualized.
(4)
Excludes average balance of goodwill and
net other intangible assets.
(5)
Calculated using adjusted net income.
Independent Bank Group, Inc. and Subsidiaries
Reconciliation of Non-GAAP Financial
Measures
As of September 30, 2024, June 30, 2024,
March 31, 2024, December 31, 2023 and September 30, 2023
(Dollars in thousands, except per share
information)
(Unaudited)
Tangible Book Value & Tangible
Common Equity To Tangible Assets Ratio
As of the Quarter Ended
September 30, 2024
June 30, 2024
March 31, 2024
December 31, 2023
September 30, 2023
Tangible Common Equity
Total common stockholders' equity
$
1,948,898
$
1,897,083
$
2,400,807
$
2,402,593
$
2,332,098
Adjustments:
Goodwill
(476,021
)
(476,021
)
(994,021
)
(994,021
)
(994,021
)
Other intangible assets, net
(41,639
)
(44,532
)
(47,485
)
(50,560
)
(53,666
)
Tangible common equity
$
1,431,238
$
1,376,530
$
1,359,301
$
1,358,012
$
1,284,411
Tangible Assets
Total assets
$
18,583,149
$
18,359,162
$
18,871,452
$
19,035,102
$
18,519,872
Adjustments:
Goodwill
(476,021
)
(476,021
)
(994,021
)
(994,021
)
(994,021
)
Other intangible assets, net
(41,639
)
(44,532
)
(47,485
)
(50,560
)
(53,666
)
Tangible assets
$
18,065,489
$
17,838,609
$
17,829,946
$
17,990,521
$
17,472,185
Common shares outstanding
41,439,096
41,376,169
41,377,745
41,281,919
41,284,003
Tangible common equity to tangible
assets
7.92
%
7.72
%
7.62
%
7.55
%
7.35
%
Book value per common share
$
47.03
$
45.85
$
58.02
$
58.20
$
56.49
Tangible book value per common share
34.54
33.27
32.85
32.90
31.11
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241021709157/en/
Analysts/Investors: Paul Langdale Executive Vice
President, Chief Financial Officer (972) 562-9004
Paul.Langdale@ifinancial.com
Media: Wendi Costlow Executive Vice President,
Chief Marketing Officer (972) 562-9004
Wendi.Costlow@ifinancial.com
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