Independent Bank posts $37.1M profit in first quarter

MCKINNEY, Texas — Independent Bank Group Inc. (Nasdaq: IBTX) reported net income of $37.1 million during the first quarter up from $29 million the same period a year ago. The first-quarter profit represents 85 cents per diluted share.

The company, which operates Independent Bank, completed its acquisition of Guaranty Bancorp on Jan. 1, 2019, increasing total assets by $3.9 billion, total loans by $2.8 billion and total deposits by $3.1 billion.

“Our company is off to a great start in 2019, Independent Bank Group chairman and CEO David Brooks said in a prepared statement. “We completed the Guaranty acquisition on January 1st and are already beginning to see the benefits of adding this premier Colorado franchise to our footprint. The integration of the outstanding team and strategic locations has been smooth and our first quarter results reflect the beginnings of the value that is being added to our company.”

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Independent Bank recorded organic loan growth of 7.2 percent during the first quarter. The company also repurchased $10 million of company stock as part of its Share Repurchase Program.

Independent Bank operates branches in Texas and Colorado, including Boulder, Larimer and Weld counties.