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Independent Bank Group, Inc. Reports First Quarter Financial Results

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Independent Bank Group, Inc. Reports First Quarter Financial Results Exhibit 99.1 Press Release For Immediate Release Independent Bank Group Reports First Quarter Financial Results McKINNEY, Texas, April 30, 2014 /GlobeNewswire/ -- Independent Bank Group, Inc. (NASDAQ: IBTX), the holding company for Independent Bank, today announced net income of $4.8 million, or $0.38 per diluted share, for the quarter ended March 31, 2014 compared to $4.3 million, or $0.35 per diluted share, for the quarter ended December 31, 2013 and pro forma after tax net income of $3.8 million, or $0.46 per diluted share, for the quarter ended March 31, 2013. Prior to April 1, 2013 and the initial public offering, the Company was an S corporation and did not incur federal income tax expense. As a result, pro forma adjustments for tax expense have been provided for comparability to periods prior to that date. Highlights: • Core net income was $5.0 million, or $0.39 per diluted share, for the quarter ended March 31, 2014 compared to $4.9 million, or $0.40 per diluted share, for the quarter ended December 31, 2013 and to $3.7 million, or $0.44 per diluted share, for the quarter ended March 31, 2013. • Loans held for investment grew organically at an annualized rate of 23.2% in the first quarter 2014. • Continued strong asset quality, as reflected by a nonperforming assets to total assets ratio of 0.51%, a nonperforming loans to total loans ratio of 0.48%, and an annualized net charge-offs to average loans ratio of 0.08% at March 31, 2014. • Completion of the acquisitions of Live Oak Financial Corp. on January 1, 2014 and BOH Holdings, Inc. and its subsidiary, Bank of Houston, on April 15, 2014. Independent Bank Group Chairman and Chief Executive Officer David R. Brooks said, “We are pleased with our results from the first quarter. Our momentum continues to build as evidenced by our strong organic loan growth and the closing of two transactions this year. We are especially excited to have a presence in the dynamic and growing Houston market." First Quarter 2014 Results: Net Interest Income • Net interest income was $22.1 million for first quarter 2014 compared to $20.0 million for fourth quarter 2013 and $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. • Net interest margin was 4.17% for first quarter 2014 compared to 4.23% for fourth quarter 2013 and 4.67% for first quarter 2013. The decrease from the linked quarter is primarily due to a 10 basis point decrease in loan yield caused by an increase in variable rate loans originated during the fourth quarter 2013 and the first quarter 2014. This decrease was partially offset by an increase in accretion income on acquired loans. The decrease from the prior year is due to a 75 basis point decrease in yield on interest earning assets partially offset by a decrease of 24 basis points of the cost of interest bearing liabilities. • The yield on interest-earning assets was 4.74% for first quarter 2014 compared to 4.84% for fourth quarter 2013 and 5.49% for first quarter 2013. The cost of interest bearing liabilities, including borrowings, dropped to 0.71% for first quarter 2014 from 0.76% for fourth quarter 2013 and 0.95% for first quarter 2013 due to a decrease in the cost of deposits and the repayment of notes payable and subordinated indebtedness during 2013. • The average balance of total interest-earning assets grew by $279 million or 14.9% (60.4% on an annualized basis), from the end of fourth quarter 2013 and totaled $2.151 billion compared to $1.872 billion at December 31, 2013 and compared to $1.584 billion at March 31, 2013. A large portion of the increase in average interest-earning assets was due to organic growth during the first quarter with the remainder of the increase due to the Live Oak acquisition that closed on January 1, 2014. 1 Noninterest Income • Total noninterest income decreased $1.1 million compared to fourth quarter 2013 and decreased $92 thousand compared to first quarter 2013. • The decrease in noninterest income compared to fourth quarter 2013 is the result of a $1.3 million decrease in gains on sale of other real estate offset by a $107 thousand increase in mortgage fee income, a $41 thousand increase in earnings in cash surrender value of bank owned life insurance (BOLI) and an $80 thousand increase in other noninterest income. • The decrease in noninterest income compared to first quarter 2013 reflects a $336 thousand decrease in mortgage fee income which is offset by an increase of $72 thousand in deposit service fees, a $68 thousand increase in earnings on cash surrender value of BOLI and a $91 thousand increase in other noninterest income. Noninterest Expense • Total noninterest expense increased $362 thousand compared to fourth quarter 2013 and $2.2 million compared to first quarter 2013. • The increase in noninterest expense compared to fourth quarter 2013 is due primarily to an increase of $986 thousand in salaries and benefits, $118 thousand increase in data processing, $170 thousand seasonal increase in advertising and public relations and $122 thousand increase in other noninterest expense. The increased employee compensation and data processing costs are primarily related to the acquisition of Live Oak Financial Corp. which was completed January 1, 2014. In addition, approximately $336 thousand of compensation expense was incurred related to vesting of stock grants. These increases in operating expenses are offset by decreases of $878 thousand and $183 thousand in acquisition expenses and IBG Adriatica operational expenses, respectively. • The increase in noninterest expense compared to the prior year period is primarily related to increases in compensation, occupancy, acquisition-related and other general noninterest expenses resulting from completed acquisitions and the hiring of new lending personnel throughout 2013. These increases, due primarily to acquisition activity, were offset by a decrease in OREO-related expenses and impairment during the first quarter of 2014. Provision for Loan Losses • Provision for loan loss expense was $1.3 million for the quarter, an increase of $370 thousand compared to $883 thousand for fourth quarter 2013 and an increase of $223 thousand compared to $1.0 million during first quarter 2013. The increase in provision expense is reflective of organic loan growth in the respective quarter. • The allowance for loan losses was $14.8 million, or 162.96% and 0.78% of nonperforming loans and total loans, respectively, at March 31, 2014, compared to $14.0 million, or 205.93% and 0.81% of nonperforming loans and total loans, respectively, at December 31, 2013, and compared to $12.0 million, or 209.73% and 0.85% of nonperforming loans and total loans, respectively, at March 31, 2013. These decreases are due to an increase in nonperforming loans as well as the acquisition of loans in the Live Oak transaction that were recorded at fair value and do not have an allowance. • Loans acquired in the Live Oak transaction do not have an allowance for loan losses as of March 31, 2014. Rather, those assets were recorded at an estimated fair market value of $71.1 million to reflect the probability of losses on those loans as of the acquisition date. Income Taxes • The Company became a C corporation on April 1, 2013 and its results of operations include federal income tax expense subsequent to that date. Federal income tax expense of $2.3 million was recorded for the quarter ended March 31, 2014, an effective rate of 32.8% compared to tax expense of $2.5 million and an effective rate of 36.8% for the quarter ended December 31, 2013. If the Company had been a C corporation in the first quarter of 2013, we estimate that the effective tax rate for that quarter would have been 32.8%. The increase in the effective tax rate in the fourth quarter 2013 was primarily related to legal and professional fees associated with facilitating acquisitions that are not deductible for federal income tax purposes. First Quarter 2014 Balance Sheet Highlights: Continued Growth The Company’s underlying organic growth continued during the quarter. Loans and deposits increased from year-end 2013 and year over year. Overall asset quality remained at historically low levels and the Company remains well capitalized. Mr. Brooks stated, “Solid loan growth and continued strong asset quality were key drivers of first quarter results. Our performance plus our closed acquisitions make for a good start to 2014. We are very pleased that we were able to close the Bank of Houston transaction earlier than expected." Loans • Total loans held for investment were $1.893 billion at March 31, 2014 compared to $1.723 billion at December 31, 2013 and compared to $1.416 billion at March 31, 2013. This represented a 9.9% increase since the previous quarter end and a 33.7% increase from the same quarter in 2013. Of this loan growth in the first quarter, 5.8% was organic growth and 4.1% related to loans acquired in the Live Oak acquisition. • Since December 31, 2013, loan growth has been centered in commercial real estate loans ($84 million), C&I loans ($29 million) and in commercial and single family construction loans ($34 million). 2 • Continued focus on commercial lending increased the C&I portfolio from $241.2 million (14.0% of total loans) at December 31, 2013 to $270.6 million (14.3% of total loans) at March 31, 2014.
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