Independent Bank Group Inc (IBTX) has reported a 39.90 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $14.78 million, or $0.79 a share in the quarter, compared with $10.56 million, or $0.58 a share for the same period last year. Revenue during the quarter grew 11.52 percent to $49.55 million from $44.44 million in the previous year period. Net interest income for the quarter rose 10.38 percent over the prior year period to $46.53 million. Non-interest income for the quarter rose 22.80 percent over the last year period to $5.22 million.
Independent Bank Group Inc has made provision of $2.20 million for loan losses during the quarter, up 11.52 percent from $1.97 million in the same period last year.
Net interest margin contracted 37 basis points to 3.59 percent in the quarter from 3.96 percent in the last year period. Efficiency ratio for the quarter improved to 52.87 percent from 61.47 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"2016 was a great year for Independent Bank Group," said Independent Bank Group chairman, chief executive officer and president David Brooks. "We reported record earnings for the year and the quarter which were driven by organic loan growth and continued focus on improving overall efficiency." Brooks continued, "The Carlile Bancshares acquisition is another big step forward for our Company, expanding our presence in North and Central Texas and providing entry into the Colorado banking market. We look forward to closing this acquisition and to a successful 2017."
Liabilities outpace assets growth
Total assets stood at $5,852.80 million as on Dec. 31, 2016, up 15.78 percent compared with $5,055 million on Dec. 31, 2015. On the other hand, total liabilities stood at $5,180.44 million as on Dec. 31, 2016, up 17 percent from $4,427.69 million on Dec. 31, 2015.
Loans outpace deposit growth
Net loans stood at $4,539.06 million as on Dec. 31, 2016, up 14.60 percent compared with $3,960.81 million on Dec. 31, 2015. Deposits stood at $4,577.11 million as on Dec. 31, 2016, up 13.62 percent compared with $4,028.28 million on Dec. 31, 2015. Noninterest-bearing deposit liabilities were $1,117.93 million or 24.42 percent of total deposits on Dec. 31, 2016, compared with $1,071.66 million or 26.60 percent of total deposits on Dec. 31, 2015.
Investments stood at $316.44 million as on Dec. 31, 2016, up 15.71 percent or $42.97 million from year-ago. Shareholders equity stood at $672.36 million as on Dec. 31, 2016, up 11.43 percent or $68.99 million from year-ago.
Return on average assets moved up 23 basis points to 1.03 percent in the quarter from 0.80 percent in the last year period. At the same time, return on average equity increased 165 basis points to 8.93 percent in the quarter from 7.28 percent in the last year period.
Nonperforming assets to total loans was 0.39 percent in the quarter, up from 0.37 percent in the last year period. Meanwhile, nonperforming assets to total assets was 0.34 percent in the quarter, down from 0.36 percent in the last year period.
Equity to assets ratio was 11.49 percent for the quarter, down from 11.94 percent for the previous year quarter. Book value per share was $35.63 for the quarter, up 8.66 percent or $2.84 compared to $32.79 for the same period last year.
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