Independent Bank reports profit of almost $50M

MCKINNEY, Texas — Independent Bank Group Inc. (Nasdaq: IBTX), the holding company for Independent Bank, recorded net income of $49.7 million, or $1.15 per diluted share, for the quarter ended June 30, compared with $29.6 million, or $1.02 per diluted share, for the quarter ended June 30, 2018.

Independent Bank completed its acquisition of Guaranty Bancorp on Jan. 1, 2019, and operates branches throughout the Boulder Valley and Northern Colorado.

“Our second quarter performance reflects our focus on the execution of the conversion of the Guaranty core systems and the smooth transition of Guaranty customers to our technology platform,” Independent Bank Group chairman and CEO David Brooks said in a prepared statement. “The successful completion of this major step in the integration process will enable us to begin to recognize the benefits of the Guaranty acquisition. We believe our second quarter results set us up for a successful second half of 2019.”

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Independent Bank recorded organic deposit growth of 10.4 percent during the second quarter and repurchased $39 million in company stock as part of its share repurchase program.