independent bank group inc (IBTX) Key Developments
Independent Bank Group, Inc. Establishes $35 Million Unsecured Revolving Credit Facility
Jun 3 14
Independent Bank Group, Inc. announced that it is establishing a $35 million unsecured revolving credit facility with U.S. Bank, National Association. The credit facility will serve as a back up source of liquidity and funding, providing flexibility to support future growth.
Independent Bank Group, Inc. Declares Quarterly Dividend Payable on May 28, 2014
May 5 14
Independent Bank Group, Inc. announced that its Board of Directors has declared a quarterly cash dividend in the amount of $0.06 per share of common stock. The dividend will be payable on May 28, 2014 to stockholders of record as of the close of business on May 15, 2014.
Independent Bank Group, Inc. Announces Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014
Apr 30 14
Independent Bank Group, Inc. announced unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company announced net income of $4.8 million, or $0.38 per diluted share, compared to pro forma after tax net income of $3.8 million, or $0.46 per diluted share, for the quarter ended March 31, 2013. Core net income was $5.0 million, or $0.39 per diluted share, compared to $3.7 million, or $0.44 per diluted share, for the quarter ended March 31, 2013. Net interest income was $22.1 million compared to $18.2 million for first quarter 2013. The increase in net interest income was primarily due to increased average loan balances from organic growth as well as the Live Oak and Collin Bank acquisitions. Book value and tangible book value per common share were $20.05 and $16.37, respectively, at March 31, 2014 compared to $15.01 and $11.16, respectively, at March 31, 2013. Return on average assets and return on average equity were 0.84% and 7.90%, respectively, compared to 1.33% and 18.49%, respectively, for first quarter 2013. Total interest income was $25,162,000 compared to $21,421,000 a year ago. Net interest income after provision for loan losses was $20,882,000 compared to $17,185,000 a year ago. Income before taxes was $7,140,000 compared to $5,688,000 a year ago. Net income was $4.8 million, or $0.38 per diluted share, compared to net income of $5.688 million, or $0.68 per diluted share, for the quarter ended March 31, 2013. Core net interest income was $21.78 million, compared to $17.15 million for the quarter ended March 31, 2013.
Independent Bank Group Announces Executive Changes
Apr 17 14
Independent Bank Group, Inc. announced the completion of the acquisition of BOH Holdings Inc. and its subsidiary, Bank of Houston, Houston, Texas. In connection with the transaction, three directors of BOH, James D. Stein, Donald L. Poarch, and J. Webb Jennings III, became directors of Independent Bank Group and Stein was named Vice Chairman and Houston Region Chief Executive Officer.
Independent Bank Group, Inc. Announces Amendments to Certificate of Formation
Apr 17 14
Independent Bank Group, Inc. announced that on April 15, 2014, the company has amended its Certificate of Formation by filing a Statement of Designations with the Secretary of State of the State of Texas designating the Independent Series A Preferred Stock as a series of its authorized preferred stock, such series having 23,938.35 authorized shares.