Independent Bank Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for Fiscal Year of 2018
January 29, 2018 at 05:00 pm
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Independent Bank Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2017. For the quarter, the company reported total interest income of $87,420,000 against $53,904,000 a year ago. Net interest income was $75,254,000 against $46,526,000 a year ago. Net interest income after provision for loan losses was $73,357,000 against $44,329,000 a year ago. Income before taxes was $37,383,000 against $22,192,000 a year ago. Net income was $19,193,000 or $0.68 per diluted share against $14,775,000 or $0.79 per diluted share a year ago. Adjusted net interest income was $72,791,000 against $46,475,000 a year ago. Adjusted net income was $25,313,000 or $0.90 per diluted share against $15,541,000 or $0.83 per basic and diluted share a year ago. Book value per share was $47.28 compared to $35.63 a year ago. Tangible book value per share was $23.76 compared to $21.19 a year ago. The increase in net interest income from the previous year was due to increased average earning asset balances resulting primarily from the acquisition of Carlile, as well as organic growth for the year. Return on average assets was 0.87% against 1.03% a year ago. Return on average equity was 5.79% against 8.93% a year ago. Return on tangible equity was 11.72% against 15.24% a year ago. Adjusted return on average assets was 1.15% against 1.08% a year ago. Adjusted return on average equity was 7.64% against 9.39% a year ago. Adjusted return on tangible equity was 15.46% against 16.03% a year ago.
For the year, the company reported total interest income of $307,914,000 against $210,049,000 a year ago. Net interest income was $265,478,000 against $183,806,000 a year ago. Net interest income after provision for loan losses was $257,213,000 against $174,366,000 a year ago. Income before taxes was $121,687,000 against $80,131,000 a year ago. Net income was $76,512,000 or $2.97 per diluted share against $53,540,000 or $2.88 per diluted share a year ago. Return on average assets was 0.96% against 0.98% a year ago. Return on average equity was 6.71% against 8.42% a year ago.
Provided earnings guidance for fiscal year of 2018. For the fiscal year 2018, The company anticipates an effective rate of about 20.5% in 2018 given the new 21% corporate rate.
Independent Bank Group, Inc. is a bank holding company. The Company, through its subsidiary, Independent Bank, a Texas state-chartered bank, doing business as Independent Financial, provides a range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Its commercial lending products include commercial real estate loans, interim construction loans, commercial loans to a diversified mix of small and midsized businesses, and loans to professionals, including medical practices. Its retail lending products include residential first and second mortgage loans and consumer installment loans, such as loans to purchase cars, boats and other recreational vehicles. It provides a full range of deposit products and services, including a variety of checking and savings accounts, debit cards, online banking, including online account opening, mobile banking, e-statements and bank-by-mail and direct deposit services.
Independent Bank Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2017; Provides Earnings Guidance for Fiscal Year of 2018