Independent Bank Group Reports First Quarter Financial Results
Apr 23, 2018
McKINNEY, Texas, April 23, 2018 (GLOBE NEWSWIRE) -- Independent Bank Group, Inc. (NASDAQ:IBTX), the holding company for Independent Bank, today announced net income of $29.0 million, or $1.02 per diluted share, for the quarter ended March 31, 2018 compared to $15.7 million, or $0.82 per diluted share, for the quarter ended March 31, 2017 and $19.2 million, or $0.68 per diluted share, for the quarter ended December 31, 2017.
First quarter 2018 net income and earnings per share were positively impacted by the 14% reduction of the corporate U.S. statutory federal tax rate from 35% to 21% as a result of the enactment of the Tax Cuts and Jobs Act (TCJA), which became effective January 1, 2018.
Highlights
Adjusted (non-GAAP) net income was $29.2 million, or $1.03 per diluted share, compared to $25.3 million, or $0.90 per diluted share, for fourth quarter 2017
Strong organic loan growth of 14.0% for the quarter (annualized) of loans held for investment
Continued strong credit quality metrics
Adjusted (non-GAAP) return on average assets increased to 1.37%, from fourth quarter 2017 of 1.15%
Positive increase in net interest margin to 4.00%, up from 3.97% for fourth quarter 2017
Independent Bank Group Reports First Quarter Financial Results | Independent Bank Group, Inc.
