Independent Bank Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Year Ended December 31, 2015
January 28, 2016 at 03:30 am IST
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Independent Bank Group, Inc. reported unaudited consolidated earnings results for the fourth quarter and year ended December 31, 2015. For the quarter, the company's net interest income was $42,151,000 against $38,175,000 a year ago. Total interest income was $47,414,000 against $42,952,000 a year ago. Income before taxes was $15,908,000 against $15,454,000 a year ago. Net income was $10,561,000 against $10,098,000 a year ago. Net income available to common shareholders was $10,501,000 or $0.58 basic and diluted per share against $10,038,000 or $0.59 basic and diluted per share a year ago. Core net interest income was $41,635,000 against $37,187,000 a year ago. Core pre-tax was $18,875,000 against $18,003,000 a year ago. Core earnings were $11,377,000 or $0.63 basic and diluted per share against $10,889,000 or $0.64 basic and diluted per share a year ago. Adjusted return on average assets was 0.93% against 1.05% a year ago. Adjusted return on average equity was $7.89% against 8.30% a year ago. Adjusted return on tangible equity was $14.49% against 15.27% a year ago. Return on average assets was 0.86% against 0.97% a year ago. Return on average equity was 7.28% against 7.65% a year ago. Return on tangible equity was 13.37% against 14.08% a year ago.
For the year, the company's net interest income was $154,098,000 against $124,145,000 a year ago. Total interest income was $174,027,000 against $71,111,000 a year ago. Income before taxes was $57,797,000 against $43,898,000 a year ago. Net income was $38,786,000 or $1.85 diluted per share against $28,978,000 or $1.77 diluted per share a year ago. Book value per common share as on December 31, 2015 was $32.79 against $30.35 as on December 31, 2014. Tangible book value per common share as on December 31, 2015 was 17.85 against $16.15 as on December 31, 2014.
Independent Bank Group, Inc. is a bank holding company. The Company, through its subsidiary, Independent Bank, a Texas state-chartered bank, doing business as Independent Financial, provides a range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. Its commercial lending products include commercial real estate loans, interim construction loans, commercial loans to a diversified mix of small and midsized businesses, and loans to professionals, including medical practices. Its retail lending products include residential first and second mortgage loans and consumer installment loans, such as loans to purchase cars, boats and other recreational vehicles. It provides a full range of deposit products and services, including a variety of checking and savings accounts, debit cards, online banking, including online account opening, mobile banking, e-statements and bank-by-mail and direct deposit services.