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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)


☒			Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the quarterly period ended ~~March~~June 3130, 2024.


☐			Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the transition period from to .

Commission file number 001-35854

Independent Bank Group, Inc.

(Exact name of registrant as specified in its charter)


Texas						13-4219346
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

7777 Henneman Way
McKinney,
Texas						75070-1711
(Address of principal executive offices)						(Zip Code)

(972) 562-9004

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of Each Class

Trading Symbol(s)

Name of Exchange on Which Registered

Common Stock, par value $0.01 per share

IBTX

NASDAQ Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or such shorter periods that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

☒

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by a check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Applicable Only to Corporate Issuers

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practical date.

Common Stock, Par Value $0.01 Per Share – 41,~~379~~442,~~492~~212 shares as of ~~April~~August 195, 2024.

INDEPENDENT BANK GROUP, INC. AND SUBSIDIARIES

Form 10-Q

~~March~~June 3130, 2024

PART I.	Financial Information
Item 1.	Financial Statements
	Consolidated Balance Sheets-Unaudited	1
	Consolidated Statements of Income (Loss)-Unaudited	2
	Consolidated Statements of Comprehensive Income (Loss)-Unaudited	3
	Consolidated Statements of Changes in Stockholders’ Equity-Unaudited	4
	Consolidated Statements of Cash Flows-Unaudited	56
	Notes to Consolidated Financial Statements-Unaudited	78
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	3941
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	6064
Item 4.	Controls and Procedures	6165
PART II.	Other Information
Item 1.	Legal Proceedings	6266
Item 1A.	Risk Factors	6367
Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	6369
Item 3.	Defaults Upon Senior Securities	6370
Item 4.	Mine Safety Disclosures	6370
Item 5.	Other Information	6470
Item 6.	Exhibits	6571
Signatures

***

Table of Contents

PART I

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

Independent Bank Group, Inc. and Subsidiaries

Consolidated Balance Sheets

~~March~~June 3130, 2024 (unaudited) and December 31, 2023

(Dollars in thousands, except share information)

	March 31,		December 31,
	June 30,		December 31,
Assets	2024		2023
Cash and due from banks	$	8093,~~599~~978	$	98,396
Interest-bearing deposits in other banks	~~649~~676,~~399~~771		623,593
Cash and cash equivalents	~~729~~770,~~998~~749		721,989
Certificates of deposit held in other banks	248		248
Securities available for sale, at fair value	1,~~543~~494,~~247~~470		1,593,751
Securities held to maturity, net of allowance for credit losses of $0 and $0, respectively, fair value of $166,736 and $170,997, respectively	204,776		205,232
Securities held to maturity, net of allowance for credit losses of $0 and $0, respectively, fair value of $165,869 and $170,997, respectively	204,319		205,232
Loans held for sale (includes $12,372 and $12,016 carried at fair value, respectively)	21,299		16,420
Loans held for sale (includes $8,268 and $12,016 carried at fair value, respectively)	12,012		16,420
Loans, net of allowance for credit losses of $148,437 and $151,861, respectively	14,465,456		14,558,681
Loans, net of allowance for credit losses of $145,323 and $151,861, respectively	14,476,500		14,558,681
Premises and equipment, net	~~352~~351,~~325~~694		355,833
Other real estate owned	8,685		9,490
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock	1114,~~493~~253		34,915
Bank-owned life insurance (BOLI)	~~247~~248,~~052~~624		245,497
Deferred tax asset	9584,~~063~~769		92,665
Goodwill	~~994~~476,021		994,021
Other intangible assets, net	4744,~~485~~532		50,560
Other assets	~~150~~172,~~304~~286		155,800
Total assets	$	18,~~871~~359,~~452~~162	$	19,035,102
Liabilities and Stockholders’ Equity
Deposits:
Noninterest-bearing	$	3,~~300~~378,~~773~~493	$	3,530,704
Interest-bearing	12,~~370~~464,~~942~~183		12,192,331
Total deposits	15,~~671~~842,~~715~~676		15,723,035
FHLB advances	—		350,000
Other borrowings	~~496~~427,~~975~~129		271,821
Junior subordinated debentures	54,~~667~~717		54,617
Other liabilities	~~247~~137,~~288~~557		233,036
Total liabilities	16,~~470~~462,~~645~~079		16,632,509
Commitments and contingencies	—		—
Stockholders’ equity:
Preferred stock (0 and 0 shares outstanding, respectively)	—		—
Common stock (41,377,745 and 41,281,919 shares outstanding, respectively)	414		413
Common stock (41,376,169 and 41,281,919 shares outstanding, respectively)	414		413
Additional paid-in capital	1,~~969~~972,~~291~~019		1,966,686
Retained earnings	~~624~~114,~~017~~763		616,724
Accumulated other comprehensive loss	(~~192~~190,~~915~~113)		(181,230)
Total stockholders’ equity	21,~~400~~897,~~807~~083		2,402,593
Total liabilities and stockholders’ equity	$	18,~~871~~359,~~452~~162	$	19,035,102

See Notes to Consolidated Financial Statements

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Consolidated Statements of Income (Loss)

Three and Six Months Ended ~~March~~June 3130, 2024 and 2023 (unaudited)

(Dollars in thousands, except per share information)

	Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Interest income:
Interest and fees on loans	$	~~215~~219,~~511~~291	$	~~184~~193,~~294~~612	$	434,802	$	377,906
Interest on taxable securities	78,~~645~~032		7,~~858~~791		15,677		15,649
Interest on nontaxable securities	2,~~518~~524		2,~~603~~586		5,042		5,189
Interest on interest-bearing deposits and other	9,~~531~~238		611,~~421~~305		18,769		17,726
Total interest income	~~235~~239,~~205~~085		~~201~~215,~~176~~294		474,290		416,470
Interest expense:
Interest on deposits	~~122~~125,~~510~~248		6278,~~261~~144		247,758		140,405
Interest on FHLB advances	21,~~855~~750		518,~~824~~025		4,605		23,849
Interest on other borrowings	5,~~582~~716		4,~~079~~361		11,298		8,440
Interest on junior subordinated debentures	1,~~227~~223		1,~~090~~157		2,450		2,247
Total interest expense	~~132~~133,~~174~~937		73101,~~254~~687		266,111		174,941
Net interest income	~~103~~105,~~031~~148		~~127~~113,~~922~~607		208,179		241,529
Provision for credit losses	~~(3,200)~~—		90220		(3,200)		310
Net interest income after provision for credit losses	~~106~~105,~~231~~148		~~127~~113,~~832~~387		211,379		241,219
Noninterest income:
Service charges on deposit accounts	3,~~600~~586		3,~~349~~519		7,186		6,868
Investment management fees	2,~~644~~813		2,~~301~~444		5,457		4,745
Mortgage banking revenue	1,~~635~~540		12,~~624~~248		3,175		3,872
Mortgage warehouse purchase program fees	~~540~~655		~~324~~535		1,195		859
Gain on sale of loans	74		—
(Loss) gain on sale of loans	—		(7)		74		(7)
Gain on sale of other real estate	13—		—		13		—
Gain on sale and disposal of premises and equipment	—		47
(Loss) gain on sale and disposal of premises and equipment	(11)		354		(11)		401
Increase in cash surrender value of BOLI	1,~~555~~572		1,~~377~~410		3,127		2,787
Other	23,~~809~~278		3,~~732~~592		6,087		7,324
Total noninterest income	1213,~~870~~433		1214,~~754~~095		26,303		26,849
Noninterest expense:
Salaries and employee benefits	4749,~~333~~060		46,~~275~~940		96,393		93,215
Occupancy	12,~~549~~076		11,~~559~~640		24,625		23,199
Communications and technology	7,~~685~~676		7,~~090~~196		15,361		14,286
FDIC assessment	62,~~142~~816		23,~~712~~806		8,958		6,518
Advertising and public relations	~~415~~853		~~604~~1,004		1,268		1,608
Other real estate owned expenses (income), net	65		(44)
Other real estate owned (income) expenses, net	(37)		(185)		28		(229)
Impairment of other real estate	~~345~~—		1,~~200~~000		345		2,200
Amortization of other intangible assets	32,~~075~~953		3,111		6,028		6,222
Litigation settlement	—		~~102,500~~—		—		102,500
Professional fees	1,~~809~~301		31,~~065~~785		3,110		4,850
Other	9,055		11,308
Acquisition expense, including legal	2,338		—		2,338		—
Total noninterest expense	88,473		189,380
Goodwill impairment	518,000		—		518,000		—
Income (loss) before taxes	30,628		(48,794)
Other	9,875		9,408		18,930		20,716
Income tax expense (benefit)	6,478		(11,284)
Total noninterest expense	606,911		85,705		695,384		275,085
Net income (loss)	$	24,150	$	(37,510)
(Loss) income before taxes	(488,330)		41,777		(457,702)		(7,017)
Basic earnings (loss) per share	$	0.58	$	(0.91)
Income tax expense (benefit)	5,125		8,700		11,603		(2,584)
Diluted earnings (loss) per share	$	0.58	$	(0.91)
Net (loss) income	$	(493,455)	$	33,077	$	(469,305)	$	(4,433)
Basic (loss) earnings per share	$	(11.93)	$	0.80	$	(11.35)	$	(0.11)
Diluted (loss) earnings per share	$	(11.93)	$	0.80	$	(11.35)	$	(0.11)

See Notes to Consolidated Financial Statements

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

Three and Six Months Ended ~~March~~June 3130, 2024 and 2023 (unaudited)

(Dollars in thousands)

	Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Net income (loss)	$	24,150	$	(37,510)
Net (loss) income	$	(493,455)	$	33,077	$	(469,305)	$	(4,433)
Other comprehensive (loss) income before tax:
Other comprehensive income (loss) before tax:
Unrealized (losses) gains on securities:
Unrealized gains (losses) on securities:
Unrealized (losses) gains arising during the period	(13,942)		20,771
Unrealized gains (losses) arising during the period	3,061		(21,009)		(10,881)		(238)
Tax effect	~~(2,928)~~643		(4,~~362~~412)		(2,285)		(50)
Unrealized (losses) gains arising during the period, net of tax	(11,014)		16,409
Unrealized gains (losses) arising during the period, net of tax	2,418		(16,597)		(8,596)		(188)
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities	(5)		(5)		(10)		(10)
Tax effect	(1)		(1)		(2)		(2)
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities, net of tax	(4)		(4)		(8)		(8)
Change in unrealized (losses) gains on securities, net of tax	(11,018)		16,405
Change in unrealized gains (losses) on securities, net of tax	2,414		(16,601)		(8,604)		(196)
Unrealized (losses) gains on derivative financial instruments:
Unrealized gains (losses) on derivative financial instruments:
Unrealized holding (losses) gains arising during the period	(1,966)		940
Unrealized holding losses arising during the period	(630)		(2,567)		(2,596)		(1,627)
Tax effect	(~~413~~132)		~~197~~(539)		(545)		(342)
Unrealized (losses) gains arising during the period, net of tax	(1,553)		743
Unrealized losses arising during the period, net of tax	(498)		(2,028)		(2,051)		(1,285)
Reclassification of amount of losses recognized into income	1,122		~~894~~1,025		2,244		1,919
Tax effect	236		~~188~~215		472		403
Reclassification of amount of losses recognized into income, net of tax	886		~~706~~810		1,772		1,516
Change in unrealized (losses) gains on derivative financial instruments	(667)		1,449
Change in unrealized gains (losses) on derivative financial instruments	388		(1,218)		(279)		231
Other comprehensive (loss) income, net of tax	(11,685)		17,854
Other comprehensive income (loss), net of tax	2,802		(17,819)		(8,883)		35
Comprehensive income (loss)	$	12,465	$	(19,656)
Comprehensive (loss) income	$	(490,653)	$	15,258	$	(478,188)	$	(4,398)

See Notes to Consolidated Financial Statements

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity

Three Months Ended ~~March~~June 3130, 2024 and 2023 (unaudited)

(Dollars in thousands, except for par value, share and per share information)

	Preferred Stock$0.01 Par		Common Stock$0.01 Par Value			AdditionalPaid in Capital		RetainedEarnings		Accumulated Other Comprehensive Loss		Total
	Value10 million shares authorized		100 million shares authorized
			Shares	Amount
Three Months Ended
Balance, December 31, 2023	$	—	41,281,919	$	413	$	1,966,686	$	616,724	$	(181,230)	$	2,402,593
Net income	—		—	—		—		24,150		—		24,150
Other comprehensive loss, net of tax	—		—	—		—		—		(11,685)		(11,685)
Common stock repurchased	—		(24,354)	—		—		(1,129)		—		(1,129)
Restricted stock forfeited	—		(2,072)	—		—		—		—		—
Restricted stock granted	—		122,252	1		(1)		—		—		—
Stock based compensation expense	—		—	—		2,606		—		—		2,606
Cash dividends ($0.38 per share)	—		—	—		—		(15,728)		—		(15,728)
Balance, March 31, 2024	$	—	41,377,745	$	414	$	1,969,291	$	624,017	$	(192,915)	$	2,400,807
Net loss	—		—	—		—		(493,455)		—		(493,455)
Other comprehensive income, net of tax	—		—	—		—		—		2,802		2,802
Common stock repurchased	—		(412)	—		—		(18)		—		(18)
Restricted stock forfeited	—		(3,920)	—		—		—		—		—
Restricted stock granted	—		2,756	—		—		—		—		—
Stock based compensation expense	—		—	—		2,728		—		—		2,728
Cash dividends ($0.38 per share)	—		—	—		—		(15,781)		—		(15,781)
Balance, June 30, 2024	$	—	41,376,169	$	414	$	1,972,019	$	114,763	$	(190,113)	$	1,897,083
Three Months Ended
Balance, December 31, 2022	$	—	41,190,677	$	412	$	1,959,193	$	638,354	$	(212,576)	$	2,385,383
Net loss	—		—	—		—		(37,510)		—		(37,510)
Other comprehensive income, net of tax	—		—	—		—		—		17,854		17,854
Common stock repurchased	—		(26,777)	—		—		(1,617)		—		(1,617)
Restricted stock forfeited	—		(1,763)	—		—		—		—		—
Restricted stock granted	—		119,767	1		(1)		—		—		—
Stock based compensation expense	—		—	—		2,445		—		—		2,445
Cash dividends ($0.38 per share)	—		—	—		—		(15,698)		—		(15,698)
Balance, March 31, 2023	$	—	41,281,904	$	413	$	1,961,637	$	583,529	$	(194,722)	$	2,350,857
Net income	—		—	—		—		33,077		—		33,077
Other comprehensive loss, net of tax	—		—	—		—		—		(17,819)		(17,819)
Common stock repurchased	—		(486)	—		—		(22)		—		(22)
Restricted stock forfeited	—		(1,958)	—		—		—		—		—
Stock based compensation expense	—		—	—		2,704		—		—		2,704
Cash dividends ($0.38 per share)	—		—	—		—		(15,755)		—		(15,755)
Balance, June 30, 2023	$	—	41,279,460	$	413	$	1,964,341	$	600,829	$	(212,541)	$	2,353,042

See Notes to Consolidated Financial Statements

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity (Continued)

Six Months Ended June 30, 2024 and 2023 (unaudited)

(Dollars in thousands, except for par value, share and per share information)


	Preferred Stock $0.01 Par		Common Stock $0.01 Par Value			Additional Paid in Capital		Retained Earnings		Accumulated Other Comprehensive Loss		Total
	Value 10 million shares authorized		100 million shares authorized
			Shares	Amount
Six Months Ended
Balance, December 31, 2023	$	—	41,281,919	$	413	$	1,966,686	$	616,724	$	(181,230)	$	2,402,593


Net loss	—		—	—		—		(469,305)		—		(469,305)
Other comprehensive loss, net of tax	—		—	—		—		—		(8,883)		(8,883)

Common stock repurchased	—		(24,766)	—		—		(1,147)		—		(1,147)
Restricted stock forfeited	—		(5,992)	—		—		—		—		—
Restricted stock granted	—		125,008	1		(1)		—		—		—
Stock based compensation expense	—		—	—		5,334		—		—		5,334
Cash dividends ($0.76 per share)	—		—	—		—		(31,509)		—		(31,509)
Balance, June 30, 2024	$	—	41,376,169	$	414	$	1,972,019	$	114,763	$	(190,113)	$	1,897,083

Six Months Ended
Balance, December 31, 2022	$	—	41,190,677	$	412	$	1,959,193	$	638,354	$	(212,576)	$	2,385,383


Net loss	—		—	—		—		(4,433)		—		(4,433)
Other comprehensive income, net of tax	—		—	—		—		—		35		35

Common stock repurchased	—		(27,263)	—		—		(1,639)		—		(1,639)
Restricted stock forfeited	—		(3,721)	—		—		—		—		—
Restricted stock granted	—		119,767	1		(1)		—		—		—
Stock based compensation expense	—		—	—		5,149		—		—		5,149

Cash dividends ($0.76 per share)	—		—	—		—		(31,453)		—		(31,453)
Balance, June 30, 2023	$	—	41,279,460	$	413	$	1,964,341	$	600,829	$	(212,541)	$	2,353,042

See Notes to Consolidated Financial Statements

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

~~Three~~Six Months Ended ~~March~~June 3130, 2024 and 2023 (unaudited)

(Dollars in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

2024

2023

Cash flows from operating activities:

Net income (loss)

24,150

(37,510)

Net loss

(469,305)

(4,433)

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation expense

49,~~911~~805

48,~~433~~938

Accretion income recognized on loans

(1,773)

(12,~~115~~042)

Amortization of other intangibles assets

36,~~075~~028

36,~~111~~222

Amortization of premium on securities, net

12,~~401~~193

13,~~861~~703

Amortization of discount and origination costs on borrowings

~~204~~408

~~591~~795

Stock based compensation expense

25,~~606~~334

25,~~445~~149

Excess tax expense on restricted stock vested

313

Goodwill impairment

518,000

—

FHLB stock dividends

(483)

(397)

Excess tax expense on restricted stock vested

323

Gain on sale and disposal of premises and equipment

—

(47)

FHLB stock dividends

(719)

(1,540)

Gain on sale of loans

(74)

—

Loss (gain) on sale and disposal of premises and equipment

(401)

(Gain) loss on sale of loans

(74)

Gain on sale of other real estate owned

(13)

—

Impairment of other real estate

345

12,200

Impairment of other assets

—

~~802~~955

Deferred tax expense (benefit)

~~708~~10,257

(1718,~~347~~631)

Provision for credit losses

(3,200)

90310

Increase in cash surrender value of BOLI

(13,~~555~~127)

(12,~~377~~787)

Excess benefit claim on BOLI

—

(318)

Net gain on mortgage loans held for sale

(~~910~~2,239)

(12,~~209~~606)

Originations of loans held for sale

(57113,~~971~~976)

(56143,~~152~~621)

Proceeds from sale of loans held for sale

54120,~~002~~623

52138,~~095~~913

Net change in other assets

8(11,~~881~~327)

1513,~~058~~461

Net change in other liabilities

2(100,~~679~~816)

6192,~~952~~882

Net cash provided by operating activities

38,296

28,251

Net cash (used in) provided by operating activities

(33,242)

97,252

Cash flows from investing activities:

Investment securities available for sale:

Proceeds from maturities, calls and paydowns

15,~~335~~486,~~366~~002

3560,~~731~~082

Purchases

(15,~~299~~398,~~754~~892)

—(9,018)

Proceeds from maturities of certificates of deposit held in other banks

—

248

Proceeds from benefit claim of BOLI

—

748

Purchases of FHLB stock and other restricted stock

(313,~~455~~700)

(6162,~~575~~696)

Proceeds from redemptions of FHLB stock and other restricted stock

2634,~~879~~843

—20,152

Proceeds from sale of loans

8,228

—1,957

Net loans paid (originated) held for investment

~~101~~160,~~440~~465

(3,~~889~~040)

Originations of mortgage warehouse purchase loans

(37,~~305~~193,~~227~~014)

(25,~~238~~386,~~118~~220)

Proceeds from pay-offs of mortgage warehouse purchase loans

37,~~300~~109,~~300~~049

25,~~149~~207,~~670~~229

Additions to premises and equipment

(15,~~403~~677)

(310,~~746~~433)

Proceeds from sale of premises and equipment

—

~~188~~681

Proceeds from sale of other real estate owned

~~473~~2,613

—

Net cash provided by (used in) investing activities

~~162~~189,~~847~~917

(~~120~~180,~~991~~310)

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Continued)

~~Three~~Six Months Ended ~~March~~June 3130, 2024 and 2023 (unaudited)

(Dollars in thousands)

Three Months Ended March 31,

Six Months Ended June 30,

2024

2023

Cash flows from financing activities:

Net decrease in demand deposits, money market and savings accounts

(9,509)

(1,500,907)

Net increase (decrease) in demand deposits, money market and savings accounts

53,919

(2,045,941)

Net (decrease) increase in time deposits

(41,811)

435,177

Net increase in time deposits

65,722

1,798,030

Proceeds from FHLB advances

1,~~050~~650,000

310,~~350~~050,000

Repayments of FHLB advances

(12,~~400~~000,000)

(19,~~850~~475,000)

Proceeds from other borrowings

228,634

100,000

Repayments of other borrowings

(373,634)

(3062,~~000~~500)

Repurchase of common stock

(1,~~129~~147)

(1,~~617~~639)

Dividends paid

(1531,~~685~~409)

(1531,~~645~~332)

Net cash (used in) provided by financing activities

(~~193~~107,~~134~~915)

~~487~~331,~~008~~618

Net change in cash and cash equivalents

848,~~009~~760

~~394~~248,~~268~~560

Cash and cash equivalents at beginning of period

721,989

654,322

Cash and cash equivalents at end of period

~~729~~770,~~998~~749

1902,~~048,590~~882

See Notes to Consolidated Financial Statements

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Note 1. Summary of Significant Accounting Policies

Nature of operations: Independent Bank Group, Inc. (IBG) through its subsidiary, Independent Bank, a Texas state banking corporation, doing business as Independent Financial, (Bank) (collectively known as the Company), provides a full range of banking services to individual and corporate customers in the North, Central, and Southeast Texas areas and along the Colorado Front Range, through its various branch locations in those areas. The Company is engaged in traditional community banking activities, which include commercial and retail lending, deposit gathering, and investment and liquidity management activities. The Company’s primary deposit products are demand deposits, money market accounts and certificates of deposit and its primary lending products are commercial business and real estate, real estate mortgage and consumer loans.

Proposed merger with SouthState Corporation: On May 20, 2024, The Company and SouthState Corporation (SSB) jointly announced the signing of a definitive merger agreement, dated May 17, 2024, to merge the two companies in an all-stock transaction, pursuant to which the Company will merge with and into SSB, with SSB continuing as the surviving entity. SSB is headquartered in Winter Haven, Florida and has full-service locations in Florida, Alabama, Georgia, South Carolina, North Carolina and Virginia. Under the terms of the agreement, the Company will merge into SSB and Independent Bank will merge into SouthState Bank, National Association. See Note 12. Business Combination for more details of the proposed merger.

Basis of presentation: The accompanying consolidated financial statements include the accounts of IBG and all other entities in which IBG has controlling financial interest. All material intercompany transactions and balances have been eliminated in consolidation. In addition, the Company wholly-owns nine statutory business trusts that were formed for the purpose of issuing trust preferred securities and do not meet the criteria for consolidation.

The consolidated interim financial statements are unaudited, but include all adjustments, which, in the opinion of management, are necessary for a fair presentation of the results of the periods presented. All such adjustments were of a normal and recurring nature. These financial statements should be read in conjunction with the financial statements and the notes thereto in the Company's Annual Report on Form 10-K for the year ended December 31, 2023. The consolidated balance sheet at December 31, 2023 has been derived from the audited financial statements as of that date, but does not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements.

Accounting standards codification: The Financial Accounting Standards Board's (FASB) Accounting Standards Codification (ASC) is the officially recognized source of authoritative U.S. generally accepted accounting principles (GAAP) applicable to all public and non-public non-governmental entities. Rules and interpretive releases of the Securities and Exchange Commission (SEC) under the authority of federal securities laws are also sources of authoritative GAAP for SEC registrants. All other accounting literature is considered non-authoritative.

Segment reporting: The Company has one reportable segment. The Company’s chief operating decision-maker uses consolidated results to make operating and strategic decisions.

Reclassifications: Certain prior period financial statement and disclosure amounts have been reclassified to conform to current period presentation. The reclassifications have no effect on net income or stockholders' equity as previously reported.

Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Accordingly, actual results could differ from those estimates. The material estimates included in the financial statements relate to the allowance for credit losses, the valuation of goodwill and valuation of assets and liabilities acquired in business combinations.

Goodwill assessment: The Company's policy is to test goodwill for impairment annually on December 31 or on an interim basis if an event triggering impairment may have occurred. During the three months ended March 31, 2024, continued market volatility resulted in a decline in the Company's stock price and market capitalization. Management evaluated current conditions and concluded there have been no significant changes in the economic environment or future projections since the annual goodwill impairment test performed as of December 31, 2023 and therefore, believes that there is no impairment as of March 31, 2024. Management will continue to evaluate the economic conditions at future reporting periods for applicable changes.8

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

~~Earnings~~Goodwill ~~per~~impairment ~~share~~assessment: ~~Basic~~The ~~earnings~~Company's ~~per~~policy ~~common share~~ is ~~calculated as net income available~~ to ~~common~~test ~~shareholders~~goodwill ~~divided~~for byimpairment ~~the~~annually ~~weighted~~on ~~average~~December ~~number~~31 ofor ~~common~~on ~~shares~~an ~~outstanding~~interim ~~during~~basis ~~the~~if ~~period.~~an ~~The~~event ~~unvested~~triggering ~~share-based~~impairment ~~payment~~may ~~awards~~have ~~that~~occurred. ~~contain~~During ~~rights~~the tosix ~~non-forfeitable~~months ~~dividends~~ended ~~are~~June ~~considered~~30, ~~participating~~2024, ~~securities~~continued ~~for~~market ~~this~~volatility ~~calculation.~~in ~~Diluted earnings per common share includes~~ the ~~dilutive~~banking ~~effect~~sector ofresulted ~~additional~~in ~~potential~~declines ~~common~~in ~~shares~~the ~~issuable~~Company's ~~under participating nonvested restricted~~ stock ~~awards~~price asand ~~well~~market ~~as performance stock units (PSUs)~~capitalization. ~~The~~Management ~~participating~~believed ~~nonvested~~such ~~restricted~~decrease ~~stock~~was ~~awards~~a ~~were~~triggering ~~not~~indicator ~~included~~requiring inan ~~dilutive~~interim ~~shares~~goodwill asimpairment ~~they~~quantitative ~~were~~analysis ~~anti-dilutive~~ for ~~the~~first ~~three~~quarter ~~months~~2024. ~~ended~~Based ~~March 31,~~on ~~2024~~an ~~and~~analysis ~~2023.~~performed, ~~Proceeds~~the ~~from~~Company's ~~the~~estimated ~~assumed~~fair ~~exercise~~value ofto ~~dilutive~~a ~~participating~~market ~~nonvested~~participant ~~restricted~~as ~~stock~~of ~~awards~~March ~~and~~31, ~~PSUs~~2024, ~~are~~exceeded ~~assumed~~its tocarrying beamount ~~used~~resulting toin ~~repurchase~~no ~~common~~impairment ~~stock~~charge atfor the ~~average market price~~period.

~~The~~Throughout ~~following~~the ~~table~~second ~~presents~~quarter 2024, the Company's stock price continued to trade below book value. In May 2024, in connection with the announcement of the proposed merger with and into SSB as described above, the Company entered into a ~~reconciliation~~definitive agreement on May 17, 2024 whereby the implied consideration of ~~net~~the ~~income~~merger ~~(loss)~~transaction ~~available~~was less than the Company's book value. The Company determined such events indicated that goodwill related to ~~common~~its ~~shareholders~~single reporting unit may be impaired and resulted in the ~~number~~Company performing interim goodwill impairment assessments during the second quarter of ~~shares~~2024. ~~used~~The inCompany determined the ~~calculation~~estimated fair market value of ~~basic~~the reporting unit was equal to the implied valuation of the merger transaction based upon the conversion ratio to SSB’s stock price as of the measurement date, and ~~diluted~~as such, the Company recorded $518,000 in goodwill impairment charges during second quarter 2024 as the estimated fair value of equity was less than its book value. This was a non-cash charge to earnings ~~(loss)~~and ~~per~~had ~~common~~no ~~share:~~impact on the Company's regulatory capital ratios, cash flows, or liquidity position.

	Three Months Ended March 31,
	2024		2023
Basic earnings per share:
Net income (loss)	$	24,150	$	(37,510)
Less:
Undistributed earnings (loss) allocated to participating securities	24		(206)
Dividends paid on participating securities	45		61
Net income (loss) available to common shareholders	$	24,081	$	(37,365)
Weighted average basic shares outstanding	41,205,080		41,063,527
Basic earnings (loss) per share	$	0.58	$	(0.91)
Diluted earnings per share:
Net income (loss) available to common shareholders	$	24,081	$	(37,365)
Total weighted average basic shares outstanding	41,205,080		41,063,527
Add dilutive performance stock units	109,298		93,422
Total weighted average diluted shares outstanding	41,314,378		41,156,949
Diluted earnings (loss) per share	$	0.58	$	(0.91)
Anti-dilutive participating securities	45,899		58,891

The following table presents the changes in the carrying amount of goodwill as of June 30, 2024:



Balance, December 31, 2023	$	994,021
Goodwill impairment charge	(518,000)
Balance, June 30, 2024	$	476,021

Management will continue to evaluate the Company's carrying value, as well as economic conditions at future reporting periods for further decline.

Earnings (loss) per share: Basic earnings (loss) per common share is calculated as net income available to common shareholders divided by the weighted average number of common shares outstanding during the period. The unvested share-based payment awards that contain rights to non-forfeitable dividends are considered participating securities for this calculation. Diluted earnings (loss) per common share includes the dilutive effect of additional potential common shares issuable under participating nonvested restricted stock awards as well as performance stock units (PSUs). The participating nonvested restricted stock awards were not included in dilutive shares as they were anti-dilutive for the three and six months ended June 30, 2024 and 2023. Additionally, performance stock units were not included in dilutive shares for the three and six months ended June 30, 2024 and six months ended June 30, 2023 as they were anti-dilutive. Proceeds from the assumed exercise of dilutive participating nonvested restricted stock awards and PSUs are assumed to be used to repurchase common stock at the average market price.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

The following table presents a reconciliation of net (loss) income available to common shareholders and the number of shares used in the calculation of basic and diluted (loss) earnings per common share:


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Basic (loss) earnings per share:
Net (loss) income	$	(493,455)	$	33,077	$	(469,305)	$	(4,433)
Less:
Undistributed (loss) earnings allocated to participating securities	(2,254)		35		(1,783)		(94)
Dividends paid on participating securities	70		31		112		82
Net (loss) income available to common shareholders	$	(491,271)	$	33,011	$	(467,634)	$	(4,421)
Weighted average basic shares outstanding	41,194,804		41,197,433		41,203,118		41,143,461
Basic (loss) earnings per share	$	(11.93)	$	0.80	$	(11.35)	$	(0.11)
Diluted (loss) earnings per share:
Net (loss) income available to common shareholders	$	(491,271)	$	33,011	$	(467,634)	$	(4,421)
Total weighted average basic shares outstanding	41,194,804		41,197,433		41,203,118		41,143,461
Add dilutive performance stock units	—		84,963		—		—

Total weighted average diluted shares outstanding	41,194,804		41,282,396		41,203,118		41,143,461
Diluted (loss) earnings per share	$	(11.93)	$	0.80	$	(11.35)	$	(0.11)
Anti-dilutive participating securities	50,497		35,671		49,335		45,905
Anti-dilutive performance stock units	110,525		—		110,175		88,795

Note 2. Statement of Cash Flows

As allowed by the accounting standards, the Company has chosen to report, on a net basis, its cash receipts and cash payments for time deposits accepted and repayments of those deposits, and loans made to customers and principal collections on those loans. The Company uses the indirect method to present cash flows from operating activities. Other supplemental cash flow information is presented below:

	Three Months Ended March 31,
	Six Months Ended June 30,
	2024		2023
Cash transactions:
Interest expense paid	$	~~129~~255,~~417~~418	$	72159,~~029~~459
Income taxes paid	$	—9,942	$	207,251
Noncash transactions:
Deferred dividend equivalents	$	43100	$	53121
Right-of-use assets obtained in exchange for lease liabilities	$	2,909	$	3,556
Transfer of loans to other real estate owned	$	2,140	$	—
Loans purchased, not yet settled	$	7,285	$	4,987
Right-of-use assets obtained in exchange for lease liabilities	$	4,932	$	6,612
Loans purchased, not yet settled	$	—	$	27,973
Transfer of bank premises to other real estate	$	—	$	805

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Note 3. Securities

Securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost of securities and their approximate fair values at ~~March~~June 3130, 2024 and December 31, 2023 are as follows:

	AmortizedCost (1)		GrossUnrealizedGains		GrossUnrealizedLosses		FairValue
Securities Available for Sale
March 31, 2024
June 30, 2024
U.S. treasuries	$	~~212~~185,~~895~~050	$	—	$	(1413,~~346~~421)	$	~~198~~171,~~549~~629
Government agency securities	467,~~694~~634		—		(7573,~~283~~053)		~~392~~394,~~411~~581
Obligations of state and municipal subdivisions	~~233~~230,~~756~~611		3620		(1112,~~306~~706)		~~222~~217,~~486~~925
Corporate bonds	43,000		—		(6,~~842~~610)		36,~~158~~390
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA	~~821~~800,~~295~~507		4—		(~~128~~127,~~156~~062)		~~693~~673,~~143~~445
Other securities	500		—		—		500
	$	1,~~779~~727,~~140~~302	$	4020	$	(~~235~~232,~~933~~852)	$	1,~~543~~494,~~247~~470
December 31, 2023
U.S. treasuries	$	228,231	$	—	$	(14,009)	$	214,222
Government agency securities	467,754		—		(71,648)		396,106
Obligations of state and municipal subdivisions	237,146		122		(9,634)		227,634
Corporate bonds	43,000		—		(7,180)		35,820
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA	839,071		8		(119,610)		719,469
Other securities	500		—		—		500
	$	1,815,702	$	130	$	(222,081)	$	1,593,751
Securities Held to Maturity
March 31, 2024
June 30, 2024
Obligations of state and municipal subdivisions	$	204,~~776~~319	$	82—	$	(38,~~122~~450)	$	~~166~~165,~~736~~869
December 31, 2023
Obligations of state and municipal subdivisions	$	205,232	$	264	$	(34,499)	$	170,997

____________

(1) Excludes accrued interest receivable of $6,~~381~~870 and $7,129 on available for sale and $~~868~~2,365 and $2,365 on held to maturity securities at ~~March~~June 3130, 2024 and December 31, 2023, respectively, that is recorded in other assets on the accompanying consolidated balance sheets.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

The amortized cost and estimated fair value of securities at ~~March~~June 3130, 2024, by contractual maturity, are shown below. Maturities of mortgage-backed securities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.

	March 31, 2024
	June 30, 2024
	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	8690,~~451~~516	$	8588,~~299~~927	$	—	$	—
Due from one year to five years	~~329~~340,~~293~~068		~~304~~311,~~189~~431		—		—
Due from five to ten years	~~396~~350,~~148~~482		~~336~~297,~~614~~028		—		—
Thereafter	145,~~953~~729		~~124~~123,~~002~~639		204,~~776~~319		~~166~~165,~~736~~869
	957,845		850,104		204,776		166,736
	926,795		821,025		204,319		165,869
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA	~~821~~800,~~295~~507		~~693~~673,~~143~~445		—		—
	$	1,~~779~~727,~~140~~302	$	1,~~543~~494,~~247~~470	$	204,~~776~~319	$	~~166~~165,~~736~~869

Securities with a fair value of approximately $1,~~048~~054,~~925~~601 and $950,604 at ~~March~~June 3130, 2024 and December 31, 2023, respectively, were pledged primarily to secure deposits.

There were no sales of securities during the three and six months ended ~~March~~June 3130, 2024 and 2023.

The unrealized losses and fair value, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position, as of ~~March~~June 3130, 2024 and December 31, 2023, are summarized as follows for available for sale securities:

	Less Than 12 Months				Greater Than 12 Months				Total
Description of Securities	EstimatedFair Value		UnrealizedLosses		EstimatedFair Value		UnrealizedLosses		EstimatedFair Value		UnrealizedLosses
Securities Available for Sale
March 31, 2024
June 30, 2024
U.S. treasuries	$	—	$	—	$	~~198~~171,~~549~~629	$	(1413,~~346~~421)	$	~~198~~171,~~549~~629	$	(1413,~~346~~421)
Government agency securities	—		—		~~392~~394,~~411~~581		(7573,~~283~~053)		~~392~~394,~~411~~581		(7573,~~283~~053)
Obligations of state and municipal subdivisions	3033,~~135~~077		(~~158~~407)		~~176~~173,~~063~~347		(1112,~~148~~299)		206,~~198~~424		(1112,~~306~~706)
Corporate bonds	—		—		33,~~158~~390		(6,~~842~~610)		33,~~158~~390		(6,~~842~~610)
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA	~~8,684~~421		~~(330)~~—		~~684~~673,~~026~~024		(127,~~826~~062)		~~692~~673,~~710~~445		(~~128~~127,~~156~~062)
	$	3833,~~819~~498	$	(~~488~~407)	$	1,~~484~~445,~~207~~971	$	(~~235~~232,445)	$	1,~~523~~479,~~026~~469	$	(~~235~~232,~~933~~852)
December 31, 2023
U.S. treasuries	$	—	$	—	$	214,222	$	(14,009)	$	214,222	$	(14,009)
Government agency securities	—		—		396,106		(71,648)		396,106		(71,648)
Obligations of state and municipal subdivisions	40,864		(360)		147,529		(9,274)		188,393		(9,634)
Corporate bonds	—		—		32,820		(7,180)		32,820		(7,180)
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA	8,724		(312)		710,301		(119,298)		719,025		(119,610)
	$	49,588	$	(672)	$	1,500,978	$	(221,409)	$	1,550,566	$	(222,081)

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

The Company's securities classified as available for sale and held to maturity are evaluated for expected credit losses by applying the appropriate expected credit losses methodology in accordance with ASC Topic 326, Financial Instruments - Credit Losses. At ~~March~~June 3130, 2024, management's review of all securities at an unrealized loss position determined that the losses resulted from factors not related to credit quality. This conclusion is based on management's analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors for each security type in our portfolio.

The unrealized losses on available for sale securities are generally due to increases in market interest rates. Furthermore, the Company has the intent to hold the available for sale securities until maturity or a forecasted recovery, and it is more likely than not that the Company will not have to sell the securities before the recovery of their cost basis. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. As such, there is no allowance for credit losses on available for sale securities recognized as of ~~March~~June 3130, 2024.

The Company's held to maturity securities include taxable and tax-exempt municipal securities issued primarily by school districts but also may include utility districts or other municipalities. With regard to securities issued by state and municipal subdivisions, management considers issuer bond ratings, historical loss rates for given bond ratings, whether issuers continue to make timely principal and interest payments under the contractual terms of the securities, internal forecasts and whether or not such securities are guaranteed. Substantially all of the Company's held to maturity securities are guaranteed by the Texas Permanent School Fund (PSF), which is a sovereign wealth fund that serves to provide revenues for funding of public primary and secondary education in the State of Texas. At ~~March~~June 3130, 2024, all of the Company's held to maturity securities were rated AAA/Aaa by Moody's and/or Standard & Poor's bond rating services. Furthermore, as of ~~March~~June 3130, 2024, there were no past due principal or interest payments associated with these securities. As such, no allowance for credit losses has been recorded on held to maturity securities as of ~~March~~June 3130, 2024.

Note 4. Loans, Net and Allowance for Credit Losses on Loans

Loans, net, at ~~March~~June 3130, 2024 and December 31, 2023, consisted of the following:

March 31,

December 31,

June 30,

December 31,

2024

2023

Commercial

2,~~194~~152,~~304~~792

2,266,851

Mortgage warehouse purchase loans

~~554~~633,~~616~~654

549,689

Real estate:

Commercial

8,~~356~~406,~~403~~528

8,289,124

Commercial construction, land and land development

1,~~169~~131,~~555~~384

1,231,484

Residential

1,~~690~~687,~~004~~208

1,669,786

Single-family interim construction

~~460~~427,~~568~~678

517,928

Agricultural

~~112~~110,~~070~~416

109,451

Consumer

7672,~~373~~163

76,229

Total loans (1)

14,~~613~~621,~~893~~823

14,710,542

Allowance for credit losses

(~~148~~145,~~437~~323)

(151,861)

Total loans, net (1)

14,~~465~~476,~~456~~500

14,558,681

____________

(1) Excludes accrued interest receivable of $5556,~~293~~534 and $54,563 at ~~March~~June 3130, 2024 and December 31, 2023, respectively, that is recorded in other assets on the accompanying consolidated balance sheets.

Loans with carrying amounts of $8,~~221~~112,~~272~~700 and $8,109,607 at ~~March~~June 3130, 2024 and December 31, 2023, respectively, were pledged to secure Federal Home Loan Bank borrowing capacity and Federal Reserve Bank discount window borrowing capacity.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

The Company has certain lending policies and procedures in place that are designed to maximize loan income within an acceptable level of risk. Management reviews and approves these policies and procedures on a regular basis. A reporting system supplements the review process by providing management with frequent reports related to loan production, loan quality, concentrations of credit, loan delinquencies and nonperforming and potential problem loans.

Commercial loans are underwritten after evaluating and understanding the borrower’s ability to operate profitably and prudently expand its business. The Company’s management examines current and projected cash flows to determine the ability of the borrower to repay their obligations as agreed. Commercial loans are primarily made based on the identified cash flows of the borrower and secondarily on the underlying collateral provided by the borrower. These cash flows, however, may not be as expected and the value of collateral securing the loans may fluctuate. Most commercial loans are secured by the assets being financed or other business assets such as accounts receivable or inventory and may incorporate a personal guarantee; however, some short-term loans may be made on an unsecured basis.

The commercial loan portfolio includes loans made to customers in the energy industry, which is a complex, technical and cyclical industry. Experienced bankers with specialized energy lending experience originate our energy loans. Companies in this industry produce, extract, develop, exploit and explore for oil and natural gas. Loans are primarily collateralized with proven producing oil and gas reserves based on a technical evaluation of these reserves. At ~~March~~June 3130, 2024 and December 31, 2023, there were approximately $~~641~~658,~~328~~656 and $621,883, of energy related loans outstanding, respectively.

The Company has a mortgage warehouse purchase program providing mortgage inventory financing for residential mortgage loans originated by mortgage banker clients across a broad geographic scale. Proceeds from the sale of mortgages is the primary source of repayment for warehouse inventory financing via approved investor takeout commitments. These loans typically have a very short duration ranging between a few days to 15 days. In some cases, loans to larger mortgage originators may be financed for up to 60 days. Warehouse purchase program loans are collectively evaluated for impairment and are purchased under several contractual requirements, providing safeguards to the Company. To date, the Company has not experienced a loss on these loans and no allowance for credit losses has been allocated to them.

Commercial real estate loans are subject to underwriting standards and processes similar to commercial loans. These loans are viewed primarily as cash flow loans and secondarily as loans secured by real estate. Commercial real estate lending typically involves higher loan principal amounts, and the repayment of these loans is generally largely dependent on the successful operation of the property or the business conducted on the property securing the loan. Commercial real estate loans may be more adversely affected by conditions in the real estate markets or in the general economy. The properties securing the Company’s commercial real estate portfolio are diverse in terms of type and geographic location as well as granularity with moderate average loan sizes. Management monitors the diversification of the portfolio on a quarterly basis by type and geographic location. Management also tracks the level of owner occupied property versus non-owner occupied property. At ~~March~~June 3130, 2024, the portfolio consisted of approximately 21% of owner occupied property.

Land and commercial land development loans are underwritten using feasibility studies, independent appraisal reviews and financial analysis of the developers or property owners. Generally, borrowers must have a proven track record of success. Commercial construction loans are generally based upon estimates of cost and value of the completed project. These estimates may not be accurate. Commercial construction loans often involve the disbursement of substantial funds with the repayment dependent on the success of the ultimate project. Sources of repayment for these loans may be pre-committed permanent financing or sale of the developed property. The loans in this portfolio are geographically diverse and due to the increased risk are monitored closely by management and the board of directors on a quarterly basis.

Residential real estate and single-family interim construction loans are underwritten primarily based on borrowers’ documented income and ability to repay the Bank and other creditors as well as minimum collateral values and credit scores. Relatively small loan amounts are spread across many individual borrowers, which minimizes risk in the residential portfolio. In addition, management evaluates trends in past dues and current economic factors on a regular basis.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Agricultural loans are collateralized by real estate and/or agricultural-related assets. Agricultural real estate loans are primarily comprised of loans for the purchase of farmland. Loan-to-value ratios on loans secured by farmland generally do not exceed 80% and have amortization periods limited to twenty years. Agricultural non-real estate loans are generally comprised of term loans to fund the purchase of equipment, livestock and seasonal operating lines to grain farmers to plant and harvest corn and soybeans. Specific underwriting standards have been established for agricultural-related loans including the establishment of projections for each operating year based on industry developed estimates of farm input costs and expected commodity yields and prices. Operating lines are typically written for one year and secured by the crop and other farm assets as considered necessary.

Agricultural loans carry credit risks as they involve larger balances concentrated with single borrowers or groups of related borrowers. In addition, repayment of such loans depends on the successful operation or management of the farm property securing the loan or for which an operating loan is utilized. Farming operations may be affected by adverse weather conditions such as drought, hail or floods that can severely limit crop yields.

Consumer loans represent less than 1% of the outstanding total loan portfolio. Collateral consists primarily of automobiles and other personal assets. Credit score analysis is used to supplement the underwriting process.

Most of the Company’s lending activity occurs within the state of Texas, primarily in the north, central and southeast Texas regions and the state of Colorado, specifically along the Front Range area. As of ~~March~~June 3130, 2024, loans in the North Texas region represented about 35% of the total portfolio, followed by the Colorado Front Range region at about 27%, the Houston region at 25% and the Central Texas region at 13%. A large percentage of the Company’s portfolio consists of commercial and residential real estate loans. As of ~~March~~June 3130, 2024 and December 31, 2023, there were no concentrations of loans related to a single industry in excess of 10% of total loans.

Under ASC 326, the allowance for credit losses is a valuation account that is deducted from the amortized cost basis of loans to present the net amount expected to be collected on the loans. Loans, or portions thereof, are charged-off against the allowance when they are deemed uncollectible. Recoveries do not exceed the aggregate of amounts previously charged-off and expected to be charged-off. The amount of the allowance represents management's best estimate of current expected credit losses on loans considering available information relevant to assessing collectibility over the loans' contractual terms, adjusted for expected prepayments when appropriate. The contractual term excludes expected extensions, renewals and modifications unless the extension or renewal options are included in the borrower contract and are not unconditionally cancellable by the Company.

The Company's allowance balance is estimated using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for differences in current loan-specific risk characteristics such as differences in underwriting standards, portfolio mix, credit quality, or term as well as for changes in environmental conditions, such as changes in unemployment rates, gross domestic product, property values, various price indices, and/or other relevant factors. The Company utilizes Moody’s Analytics economic forecast scenarios and assigns probability weighting to those scenarios which best reflect management’s views on the economic forecast.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

The allowance for credit losses is measured on a collective basis for portfolios of loans when similar risk characteristics exist. Loans that do not share risk characteristics are evaluated for expected credit losses on an individual basis and excluded from the collective evaluation. For determining the appropriate allowance for credit losses on a collective basis, the loan portfolio is segmented into pools based upon similar risk characteristics and a lifetime loss-rate model is utilized. For modeling purposes, loan pools include: commercial and industrial, commercial real estate - construction/land development, commercial real estate - owner occupied, commercial real estate - non-owner occupied, agricultural, residential real estate, HELOCs, single-family interim construction, and consumer. Management periodically reassesses each pool to ensure the loans within the pool continue to share similar characteristics and risk profiles and to determine whether further segmentation is necessary. The measurement of expected credit losses is impacted by loan/borrower attributes and certain macroeconomic variables. Management has determined that they are reasonably able to forecast the macroeconomic variables used in the modeling processes with an acceptable degree of confidence for a total of two years then encompassing a reversion process whereby the forecasted macroeconomic variables are reverted to their historical mean utilizing a rational, systematic basis. Management qualitatively adjusts model results for risk factors that are not considered within the modeling processes but are nonetheless relevant in assessing the expected credit losses within the loan pools. These qualitative factor (Q-Factor) adjustments may increase or decrease management's estimate of expected credit losses by a calculated percentage or amount based upon the estimated level of risk.

Loans exhibiting unique risk characteristics and requiring an individual evaluation are measured based on 1) the present value of expected future cash flows discounted at the loan's effective interest rate; 2) the loan's observable market price; or 3) the fair value of collateral if the loan is collateral dependent. The majority of the Company’s individually evaluated loans are measured at the fair value of the collateral.

Management continually evaluates the allowance for credit losses based upon the factors noted above. Should any of the factors considered by management change, the Company’s estimate of credit losses could also change and would affect the level of future provision for credit losses. Portions of the allowance may be allocated for specific credits; however, the entire allowance is available for any credit that, in management’s judgment, should be charged-off. While the calculation of the allowance for credit losses utilizes management’s best judgment and all the information available, the adequacy of the allowance for credit losses is dependent on a variety of factors beyond the Company’s control, including, among other things, the performance of the entire loan portfolio, the economy, changes in interest rates and the view of regulatory authorities towards loan classifications.

Loans requiring an individual evaluation are generally identified at the servicing officer level based on review of weekly past due reports and/or the loan officer’s communication with borrowers. In addition, the status of past due loans are routinely discussed within each lending region as well as credit committee meetings to determine if classification is warranted. The Company’s internal loan review department has implemented an internal risk-based loan review process to identify potential internally classified loans that supplements the independent external loan review. Independent loan reviews cover a wide range of the loan portfolio, including large lending relationships, specifically targeted loan types, and if applicable recently acquired loan portfolios. These reviews include analysis of borrower’s financial condition, payment histories, review of loan documentation and collateral values to determine if a loan should be internally classified. Generally, once classified, an analysis is completed by the credit department to determine the amount of allocated allowance for credit loss required. Expected credit losses for collateral dependent loans, including loans where the borrower is experiencing financial difficulty but foreclosure is not probable, are based on the fair value of the collateral at the reporting date, adjusted for selling costs as appropriate.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

The following is a summary of the activity in the allowance for credit losses on loans by class for the three and six months ended ~~March~~June 3130, 2024 and 2023:

	Commercial		Commercial Real Estate		Commercial Construction,Land and LandDevelopment		ResidentialReal Estate		Single-FamilyInterimConstruction		Agricultural		Consumer		Total
Three months ended March 31, 2024
Three months ended June 30, 2024
Balance at beginning of period	$	35,286	$	65,786	$	24,922	$	7,262	$	14,129	$	624	$	428	$	148,437
Provision for credit losses	982		(1,592)		(187)		220		1,171		(68)		18		544
Charge-offs	(1,110)		—		—		—		(2,582)		—		(10)		(3,702)
Recoveries	7		37		—		—		—		—		—		44
Balance at end of period	$	35,165	$	64,231	$	24,735	$	7,482	$	12,718	$	556	$	436	$	145,323
Six months ended June 30, 2024
Balance at beginning of period	$	34,793	$	60,096	$	31,494	$	6,917	$	17,437	$	745	$	379	$	151,861
Provision for credit losses	~~504~~1,486		54,~~690~~098		(6,~~572~~759)		~~345~~565		(32,~~308~~137)		(~~121~~189)		7896		(32,~~384~~840)
Charge-offs	(391,149)		—		—		—		—(2,582)		—		(2939)		(683,770)
Recoveries	2835		—37		—		—		—		—		—		2872
Balance at end of period	$	35,~~286~~165	$	6564,~~786~~231	$	24,~~922~~735	$	7,~~262~~482	$	1412,~~129~~718	$	~~624~~556	$	~~428~~436	$	~~148~~145,~~437~~323
Three months ended March 31, 2023
Three months ended June 30, 2023
Balance at beginning of period	$	53,122	$	59,109	$	17,331	$	4,780	$	11,812	$	231	$	465	$	146,850
Provision for credit losses	(19,345)		(5,030)		16,040		1,267		6,521		599		16		68
Charge-offs	(20)		—		—		—		—		—		(9)		(29)
Recoveries	824		—		91		—		—		—		—		915
Balance at end of period	$	34,581	$	54,079	$	33,462	$	6,047	$	18,333	$	830	$	472	$	147,804
Six months ended June 30, 2023
Balance at beginning of period	$	54,037	$	61,078	$	17,696	$	3,450	$	11,817	$	207	$	502	$	148,787
Provision for credit losses	(~~895~~20,240)		(16,~~969~~999)		~~831~~16,871		12,~~330~~597		~~(5)~~6,516		24623		(3721)		(~~721~~653)
Charge-offs	(4868)		—		(1,196)		—		—		—		—(9)		(1,~~244~~273)
Recoveries	28852		—		—91		—		—		—		—		28943
Balance at end of period	$	5334,~~122~~581	$	5954,~~109~~079	$	1733,~~331~~462	$	46,~~780~~047	$	1118,~~812~~333	$	~~231~~830	$	~~465~~472	$	~~146~~147,~~850~~804

The Company will charge-off that portion of any loan which management considers a loss. Commercial and real estate loans are generally considered for charge-off when exposure beyond collateral coverage is apparent and when no further collection of the loss portion is anticipated based on the borrower’s financial condition.

The following table presents loans that were evaluated for expected credit losses on an individual basis and the related specific credit loss allocations, by loan class as of March 31, 2024 and December 31, 2023:17

	March 31, 2024				December 31, 2023
	Loan Balance		Specific Allocations		Loan Balance		Specific Allocations
Commercial	$	27,523	$	12,971	$	21,534	$	11,662
Commercial real estate	26,922		3,425		25,672		3,567
Commercial construction, land and land development	—		—		—		—
Residential real estate	844		—		—		—
Single-family interim construction	—		—		—		—
Agricultural	75		19		75		19
Consumer	—		—		—		—
	$	55,364	$	16,415	$	47,281	$	15,248

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

~~Nonperforming~~The following table presents loans that were evaluated for expected credit losses on an individual basis and the related specific credit loss allocations, by loan class atas ~~March~~of June 3130, 2024 and December 31, 2023 ~~are summarized as follows~~:

	Commercial		CommercialReal Estate		Commercial Construction,Land and LandDevelopment		Residential Real Estate		Single-FamilyInterimConstruction		Agricultural		Consumer		Total
	June 30, 2024				December 31, 2023
March 31, 2024
	Loan Balance		Specific Allocations		Loan Balance		Specific Allocations
Nonaccrual loans (1)	$	24,522	$	27,780	$	9	$	3,164	$	—	$	75	$	1	$	55,551
Commercial	$	23,430	$	12,332	$	21,534	$	11,662
Loans past due 90 days and still accruing	17		—		—		687		—		—		3		707
Commercial real estate	27,416		3,324		25,672		3,567
Total nonperforming loans	$	24,539	$	27,780	$	9	$	3,851	$	—	$	75	$	4	$	56,258
Commercial construction, land and land development	—		—		—		—
December 31, 2023
Residential real estate	844		—		—		—
Nonaccrual loans (1)	$	21,541	$	26,564	$	10	$	2,111	$	—	$	75	$	5	$	50,306
Single-family interim construction	—		—		—		—
Loans past due 90 days and still accruing	—		14		—		1,480		—		—		—		1,494
Agricultural	75		19		75		19
Total nonperforming loans	$	21,541	$	26,578	$	10	$	3,591	$	—	$	75	$	5	$	51,800
Consumer	—		—		—		—
	$	51,765	$	15,675	$	47,281	$	15,248

Nonperforming loans by loan class at June 30, 2024 and December 31, 2023 are summarized as follows:


	Commercial		Commercial Real Estate		Commercial Construction, Land and Land Development		Residential Real Estate		Single-Family Interim Construction		Agricultural		Consumer		Total
June 30, 2024
Nonaccrual loans (1)	$	23,436	$	28,561	$	9	$	2,986	$	—	$	75	$	—	$	55,067
Loans past due 90 days and still accruing	2		505		—		573		—		—		—		1,080
Total nonperforming loans	$	23,438	$	29,066	$	9	$	3,559	$	—	$	75	$	—	$	56,147
December 31, 2023
Nonaccrual loans (1)	$	21,541	$	26,564	$	10	$	2,111	$	—	$	75	$	5	$	50,306
Loans past due 90 days and still accruing	—		14		—		1,480		—		—		—		1,494
Total nonperforming loans	$	21,541	$	26,578	$	10	$	3,591	$	—	$	75	$	5	$	51,800

____________

(1) There are $12,~~379~~302 and $14 in loans on nonaccrual without an allowance for credit loss as of ~~March~~June 3130, 2024 and December 31, 2023, respectively. Additionally, no interest income was recognized on nonaccrual loans. No significant amounts of accrued interest was reversed during the three and six months ended ~~March~~June 3130, 2024 and 2023.

The accrual of interest is discontinued on a loan when management believes that, after considering collection efforts and other factors, the borrower's financial condition is such that collection of interest is doubtful, as well as when required by regulatory provisions. Regulatory provisions would typically require the placement of a loan on non-accrual status if 1) principal or interest has been in default for a period of 90 days or more unless the loan is both well secured and in the process of collection or 2) full payment of principal and interest is not expected. All interest accrued but not collected for loans that are placed on nonaccrual status or charged-off is reversed against interest income. Cash collections on nonaccrual loans are generally credited to the loan receivable balance, and no interest income is recognized on those loans until the principal balance has been collected. Loans are generally returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Occasionally, the Company modifies loans to borrowers in financial distress by providing certain concessions, such as principal forgiveness, term extension, an other-than-insignificant payment delay, an interest rate reduction, or a combination of such concessions. When principal forgiveness is provided, the amount of forgiveness is charged-off against the allowance for credit losses. Upon the Company's determination that a modified loan (or portion of a loan) has subsequently been deemed uncollectible, the loan (or portion of the loan) is written off. During the three months ended March 31, 2024, the Company did not provide any modifications under these circumstances to borrowers experiencing financial difficulty.18

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

~~Loans~~Occasionally, ~~are~~the ~~considered~~Company ~~past~~modifies ~~due~~loans ifto ~~the~~borrowers ~~required~~in financial distress by providing certain concessions, such as principal ~~and~~forgiveness, ~~interest~~term ~~payments~~extension, ~~have~~an ~~not~~other-than-insignificant ~~been~~payment ~~received~~delay, asan interest rate reduction, or a combination of such concessions. When principal forgiveness is provided, the ~~date~~amount ~~such~~of ~~payments~~forgiveness ~~were~~is ~~due.~~charged-off ~~The~~against ~~following~~the ~~table~~allowance ~~presents~~for ~~information~~credit ~~regarding~~losses. Upon the ~~aging~~Company's determination that a modified loan (or portion of ~~past~~a ~~due~~loan) ~~loans~~has bysubsequently been deemed uncollectible, the loan ~~class~~(or asportion of ~~March 31,~~the ~~2024~~loan) is written off. During the three and assix ofmonths ~~December~~ended June 3130, 2024 and 2023: , the Company did not provide any modifications under these circumstances to borrowers experiencing financial difficulty.

	Loans30-89 DaysPast Due		Loans90 Days or MorePast Due		Total PastDue Loans		CurrentLoans		TotalLoans
March 31, 2024
Commercial	$	1,979	$	7,771	$	9,750	$	2,184,554	$	2,194,304
Mortgage warehouse purchase loans	—		—		—		554,616		554,616
Commercial real estate	9,556		13,883		23,439		8,332,964		8,356,403
Commercial construction, land and land development	2,851		—		2,851		1,166,704		1,169,555
Residential real estate	10,889		2,607		13,496		1,676,508		1,690,004
Single-family interim construction	3,845		—		3,845		456,723		460,568
Agricultural	36		75		111		111,959		112,070
Consumer	133		3		136		76,237		76,373
	$	29,289	$	24,339	$	53,628	$	14,560,265	$	14,613,893
December 31, 2023
Commercial	$	1,898	$	4,883	$	6,781	$	2,260,070	$	2,266,851
Mortgage warehouse purchase loans	—		—		—		549,689		549,689
Commercial real estate	5,388		12,432		17,820		8,271,304		8,289,124
Commercial construction, land and land development	2,457		—		2,457		1,229,027		1,231,484
Residential real estate	7,477		2,282		9,759		1,660,027		1,669,786
Single-family interim construction	828		—		828		517,100		517,928
Agricultural	—		75		75		109,376		109,451
Consumer	267		4		271		75,958		76,229
	$	18,315	$	19,676	$	37,991	$	14,672,551	$	14,710,542

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due. The following table presents information regarding the aging of past due loans by loan class as of June 30, 2024 and as of December 31, 2023:

The Company’s internal classified report is segregated into the following categories: 1) Pass/Watch, 2) Special Mention, 3) Substandard, 4) Doubtful and 5) Loss. The loans placed in the Pass/Watch category reflect the Company’s opinion that the loans reflect potential weakness that requires monitoring on a more frequent basis. The loans in the Special Mention category reflect the Company’s opinion that the credit contains weaknesses which represent a greater degree of risk and warrant extra attention. These loans are reviewed monthly by officers and senior management to determine if a change in category is warranted. The loans placed in the Substandard category are considered to be potentially inadequately protected by the current debt service capacity of the borrower and/or the pledged collateral. These credits, even if apparently protected by collateral value, have shown weakness related to adverse financial, managerial, economic, market or political conditions, which may jeopardize repayment of principal and interest and may be considered impaired. There is a possibility that some future loss could be sustained by the Company if such weakness is not corrected. The Doubtful category includes loans that are in default or principal exposure is probable and the possibility of loss is extremely high. The Loss category includes loans that are considered uncollectible, with little chance of turnaround.


	Loans 30-89 Days Past Due		Loans 90 Days or More Past Due		Total Past Due Loans		Current Loans		Total Loans
June 30, 2024
Commercial	$	149	$	6,669	$	6,818	$	2,145,974	$	2,152,792
Mortgage warehouse purchase loans	—		—		—		633,654		633,654
Commercial real estate	10,468		14,838		25,306		8,381,222		8,406,528
Commercial construction, land and land development	959		—		959		1,130,425		1,131,384
Residential real estate	4,772		2,552		7,324		1,679,884		1,687,208
Single-family interim construction	—		—		—		427,678		427,678
Agricultural	35		75		110		110,306		110,416
Consumer	129		—		129		72,034		72,163
	$	16,512	$	24,134	$	40,646	$	14,581,177	$	14,621,823
December 31, 2023
Commercial	$	1,898	$	4,883	$	6,781	$	2,260,070	$	2,266,851
Mortgage warehouse purchase loans	—		—		—		549,689		549,689
Commercial real estate	5,388		12,432		17,820		8,271,304		8,289,124
Commercial construction, land and land development	2,457		—		2,457		1,229,027		1,231,484
Residential real estate	7,477		2,282		9,759		1,660,027		1,669,786
Single-family interim construction	828		—		828		517,100		517,928
Agricultural	—		75		75		109,376		109,451
Consumer	267		4		271		75,958		76,229
	$	18,315	$	19,676	$	37,991	$	14,672,551	$	14,710,542

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Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

~~Management~~The ~~considers~~Company’s internal classified report is segregated into the ~~guidance~~following incategories: ~~ASC~~1) ~~310-20~~Pass/Watch, ~~when~~2) ~~determining~~Special ~~whether~~Mention, a3) ~~modification~~Substandard, ~~extension~~4) orDoubtful ~~renewal~~and of5) aLoss. ~~loan~~The ~~constitutes~~loans placed in the Pass/Watch category reflect the Company’s opinion that the loans reflect potential weakness that requires monitoring on a ~~current~~more ~~period~~frequent ~~origination~~basis. ~~Generally,~~The ~~current~~loans ~~period~~in ~~renewals~~the ofSpecial ~~credit~~Mention ~~are~~category ~~re-underwritten~~reflect atthe Company’s opinion that the ~~point~~credit contains weaknesses which represent a greater degree of ~~renewal~~risk and ~~considered~~warrant ~~current~~extra ~~period~~attention. ~~originations~~These ~~for~~loans ~~purposes~~are ofreviewed ~~the~~monthly ~~table~~by ~~below~~officers and senior management to determine if a change in category is warranted. The ~~following~~loans ~~summarizes~~placed in the ~~amortized~~Substandard ~~cost~~category ~~basis~~are ofconsidered ~~loans~~to be potentially inadequately protected by ~~year~~the current debt service capacity of ~~origination/renewal~~the borrower and/or ~~credit~~the ~~quality~~pledged ~~indicator~~collateral. These credits, even if apparently protected by ~~class~~collateral ofvalue, ~~loan~~have asshown ofweakness ~~March 31~~related to adverse financial, ~~2024~~managerial, economic, market or political conditions, which may jeopardize repayment of principal and ~~December 31~~interest and may be considered impaired. There is a possibility that some future loss could be sustained by the Company if such weakness is not corrected. The Doubtful category includes loans that are in default or principal exposure is probable and the possibility of loss is extremely high. The Loss category includes loans that are considered uncollectible, ~~2023:~~with little chance of turnaround.

															Revolving Loans Converted to Term Loans
	Term Loans by Year of Origination or Renewal												Revolving Loans
March 31, 2024	2024		2023		2022		2021		2020		Prior						Total
Commercial
Pass	$	14,474	$	217,557	$	210,703	$	252,944	$	70,046	$	235,202	$	1,032,847	$	485	$	2,034,258
Pass/Watch	—		142		635		13,965		115		21,284		46,073		—		82,214
Special Mention	—		1,316		547		16,535		80		160		9,248		—		27,886
Substandard	12,939		6,416		7,270		10,620		254		3,671		8,776		—		49,946
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial	$	27,413	$	225,431	$	219,155	$	294,064	$	70,495	$	260,317	$	1,096,944	$	485	$	2,194,304
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	39	$	—	$	—	$	39
Mortgage warehouse purchase loans
Pass	$	554,616	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	554,616
Pass/Watch	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total mortgage warehouse purchase loans	$	554,616	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	554,616
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate
Pass	$	205,216	$	1,007,577	$	2,557,231	$	1,918,306	$	893,396	$	1,238,282	$	53,171	$	2,492	$	7,875,671
Pass/Watch	511		19,302		97,355		49,112		26,294		77,822		20		—		270,416
Special Mention	6,666		35,466		45,532		28,617		28,987		16,784		—		—		162,052
Substandard	—		283		17,888		20,482		4,342		5,269		—		—		48,264
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial real estate	$	212,393	$	1,062,628	$	2,718,006	$	2,016,517	$	953,019	$	1,338,157	$	53,191	$	2,492	$	8,356,403
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Management considers the guidance in ASC 310-20 when determining whether a modification, extension or renewal of a loan constitutes a current period origination. Generally, current period renewals of credit are re-underwritten at the point of renewal and considered current period originations for purposes of the table below. The following summarizes the amortized cost basis of loans by year of origination/renewal and credit quality indicator by class of loan as of June 30, 2024 and December 31, 2023:


															Revolving Loans Converted to Term Loans
	Term Loans by Year of Origination or Renewal												Revolving Loans
June 30, 2024	2024		2023		2022		2021		2020		Prior						Total
Commercial
Pass	$	60,787	$	166,513	$	182,499	$	217,310	$	60,577	$	219,227	$	1,068,209	$	689	$	1,975,811
Pass/Watch	—		2,156		604		22,868		109		29,013		43,190		—		97,940
Special Mention	1,263		—		3,985		13,004		616		141		12,230		—		31,239
Substandard	20,022		6,097		58		9,730		218		2,951		8,712		14		47,802
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial	$	82,072	$	174,766	$	187,146	$	262,912	$	61,520	$	251,332	$	1,132,341	$	703	$	2,152,792
Current period gross write-offs	$	—	$	254	$	—	$	217	$	—	$	678	$	—	$	—	$	1,149

Mortgage warehouse purchase loans
Pass	$	633,654	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	633,654
Pass/Watch	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total mortgage warehouse purchase loans	$	633,654	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	633,654
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

															Revolving Loans Converted to Term Loans
	Term Loans by Year of Origination or Renewal												Revolving Loans
March 31, 2024	2024		2023		2022		2021		2020		Prior						Total
June 30, 2024	2024		2023		2022		2021		2020		Prior						Total
Commercial construction, land and land development
Commercial real estate
Pass	$	77385,~~275~~972	$	~~399~~991,~~327~~973	$	~~390~~2,~~805~~522,613	$	~~179~~1,~~545~~895,734	$	31866,~~539~~460	$	181,~~774~~160,189	$	2051,~~171~~587	$	—2,545	$	17,~~117~~877,~~436~~073
Pass/Watch	—22,365		1422,~~885~~758		891,~~445~~205		2979,205		—26,005		5556,605		—		—21		23298,~~414~~164
Special Mention	115,~~463~~656		2428,~~178~~918		~~539~~60,677		—30,746		231,~~430~~274		—17,045		—		—		28184,~~610~~316
Substandard	612,656		—271		2517,734		—15,574		—4,314		96,426		—		—		9546,975
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial construction, land and land development	$	78,799	$	438,390	$	399,814	$	179,574	$	33,969	$	18,838	$	20,171	$	—	$	1,169,555
Total commercial real estate	$	426,649	$	1,043,920	$	2,692,229	$	2,021,259	$	928,053	$	1,240,265	$	51,587	$	2,566	$	8,406,528
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Residential real estate
Commercial construction, land and land development
Pass	$	25220,~~294~~518	$	~~191~~337,~~468~~648	$	~~534~~343,~~836~~041	$	~~352~~114,~~054~~263	$	~~211~~31,~~419~~046	$	~~279~~17,~~741~~469	$	7716,~~131~~312	$	—	$	1,~~671~~080,~~943~~297
Pass/Watch	—2,002		—16,922		~~357~~8,371		~~786~~26		~~2,952~~—		~~2,976~~51		85—		—		727,~~156~~372
Special Mention	—		~~949~~23,622		—		~~1,575~~—		47—		~~2,389~~—		—		—		423,~~960~~622
Substandard	—60		~~388~~—		~~653~~24		13—		~~492~~—		~~4,251~~9		~~148~~—		—		~~5,945~~93
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total residential real estate	$	25,294	$	192,805	$	535,846	$	354,428	$	214,910	$	289,357	$	77,364	$	—	$	1,690,004
Total commercial construction, land and land development	$	222,580	$	378,192	$	351,436	$	114,289	$	31,046	$	17,529	$	16,312	$	—	$	1,131,384
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Single-family interim construction
Residential real estate
Pass	$	5850,~~163~~555	$	~~254~~189,~~263~~622	$	70534,~~000~~969	$	11343,~~399~~336	$	—208,032	$	—263,668	$	6278,~~218~~884	$	—583	$	~~456~~1,~~043~~669,649
Pass/Watch	—		—		—354		—964		—2,928		—3,441		—85		—		—7,772
Special Mention	—		~~1,113~~255		~~2,432~~—		—1,550		—382		—1,875		—		—		34,~~545~~062
Substandard	—		~~979~~385		—641		—10		—484		—3,986		1219		—		~~980~~5,725
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total single-family interim construction	$	58,163	$	256,355	$	72,432	$	11,399	$	—	$	—	$	62,219	$	—	$	460,568
Total residential real estate	$	50,555	$	190,262	$	535,964	$	345,860	$	211,826	$	272,970	$	79,188	$	583	$	1,687,208
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Agricultural
Single-family interim construction
Pass	$	1149,~~892~~369	$	16162,~~100~~663	$	3439,~~833~~140	$	227,~~142~~028	$	~~9,576~~—	$	~~12,836~~—	$	1261,~~995~~855	$	19—	$	~~110~~420,~~393~~055
Pass/Watch	—5,724		—1,601		~~1,658~~—		—		—		—		—1		—		17,~~658~~326
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—297		—		—		—		19—		—		—		19297
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total agricultural	$	1,892	$	16,100	$	36,491	$	22,142	$	9,576	$	12,855	$	12,995	$	19	$	112,070
Total single-family interim construction	$	155,093	$	164,561	$	39,140	$	7,028	$	—	$	—	$	61,856	$	—	$	427,678
Current period gross write-offs	$	—	$	—736	$	—1,846	$	—	$	—	$	—	$	—	$	—	$	—2,582

1921

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

															Revolving Loans Converted to Term Loans
	Term Loans by Year of Origination or Renewal												Revolving Loans
March 31, 2024	2024		2023		2022		2021		2020		Prior						Total
June 30, 2024	2024		2023		2022		2021		2020		Prior						Total
Agricultural
Pass	$	5,228	$	15,441	$	34,142	$	21,733	$	9,069	$	12,442	$	10,730	$	18	$	108,803
Pass/Watch	—		—		1,559		—		—		—		—		—		1,559
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		35		—		19		—		—		54
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total agricultural	$	5,228	$	15,441	$	35,701	$	21,768	$	9,069	$	12,461	$	10,730	$	18	$	110,416
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Consumer
Pass	$	26,~~991~~062	$	53,~~276~~671	$	21,~~020~~608	$	~~643~~526	$	7,~~633~~912	$	1,~~525~~476	$	5448,~~353~~978	$	1514	$	7470,~~456~~247
Pass/Watch	—		—		—		1,916		—		—		—		—		1,916
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		1—		—		—		—		—		1—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total consumer	$	26,~~991~~062	$	53,~~276~~671	$	21,~~020~~608	$	2,~~560~~442	$	7,~~633~~912	$	1,~~525~~476	$	5448,~~353~~978	$	1514	$	7672,~~373~~163
Current period gross write-offs	$	—	$	2535	$	—	$	—	$	—	$	4	$	—	$	—	$	2939
Total loans
Pass	$	~~939~~1,~~921~~512,145	$	21,~~091~~867,~~568~~531	$	3,~~800~~658,~~428~~012	$	2,~~737~~599,~~033~~930	$	1,~~223~~183,~~609~~096	$	1,~~786~~674,~~360~~471	$	1,~~312~~336,~~886~~555	$	3,~~011~~849	$	13,~~894~~835,~~816~~589
Pass/Watch	~~511~~30,091		3443,~~329~~437		~~108~~102,~~450~~093		65104,~~808~~979		29,~~361~~042		~~102~~89,~~137~~110		4643,~~178~~276		—21		~~386~~442,~~774~~049
Special Mention	816,~~129~~919		6352,~~022~~795		4964,~~050~~662		4645,~~727~~300		3132,~~544~~272		19,~~333~~061		912,~~248~~230		—		~~227~~243,~~053~~239
Substandard	1322,~~000~~738		87,~~066~~050		2518,~~836~~457		3125,~~116~~349		5,~~088~~016		13,~~219~~391		8,~~925~~931		—14		~~105~~100,~~250~~946
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total loans	$	~~961~~1,~~561~~581,893	$	21,~~196~~970,~~985~~813	$	3,~~983~~843,~~764~~224	$	2,~~880~~775,~~684~~558	$	1,~~289~~249,~~602~~426	$	1,~~921~~796,~~049~~033	$	1,~~377~~400,~~237~~992	$	3,~~011~~884	$	14,~~613~~621,~~893~~823
Current period gross write-offs	$	—	$	251,025	$	—1,846	$	—217	$	—	$	43682	$	—	$	—	$	683,770

															Revolving Loans Converted to Term Loans
	Term Loans by Year of Origination or Renewal												Revolving Loans
December 31, 2023	2023		2022		2021		2020		2019		Prior						Total
Commercial
Pass	$	223,287	$	211,182	$	281,878	$	78,695	$	99,516	$	161,184	$	1,099,241	$	347	$	2,155,330
Pass/Watch	168		9,672		8,976		121		2,064		9,396		5,655		—		36,052
Special Mention	185		—		13,517		85		—		820		9,052		1,214		24,873
Substandard	6,949		7,428		20,509		291		2,453		1,944		7,636		3,386		50,596
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial	$	230,589	$	228,282	$	324,880	$	79,192	$	104,033	$	173,344	$	1,121,584	$	4,947	$	2,266,851
Current period gross write-offs	$	285	$	—	$	301	$	5	$	73	$	254	$	—	$	—	$	918
Mortgage warehouse purchase loans
Pass	$	549,689	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	549,689
Pass/Watch	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total mortgage warehouse purchase loans	$	549,689	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	549,689
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

2022

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

															Revolving Loans Converted to Term Loans
	Term Loans by Year of Origination or Renewal												Revolving Loans
December 31, 2023	2023		2022		2021		2020		2019		Prior						Total
Mortgage warehouse purchase loans
Pass	$	549,689	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	549,689
Pass/Watch	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total mortgage warehouse purchase loans	$	549,689	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	549,689
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial real estate
Pass	$	1,038,410	$	2,570,061	$	1,913,673	$	900,786	$	536,973	$	805,784	$	57,954	$	5,827	$	7,829,468
Pass/Watch	28,048		82,001		61,025		26,594		22,395		48,420		—		—		268,483
Special Mention	22,624		37,445		20,647		23,607		12,211		14,884		—		346		131,764
Substandard	5,502		16,666		27,653		4,371		3,026		2,191		—		—		59,409
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial real estate	$	1,094,584	$	2,706,173	$	2,022,998	$	955,358	$	574,605	$	871,279	$	57,954	$	6,173	$	8,289,124
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Commercial construction, land and land development
Pass	$	430,273	$	430,458	$	218,880	$	51,127	$	6,693	$	13,633	$	22,315	$	74	$	1,173,453
Pass/Watch	14,177		10,132		3,415		7,184		—		58		—		—		34,966
Special Mention	224		—		22,491		314		—		—		—		—		23,029
Substandard	—		26		—		—		—		10		—		—		36
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial construction, land and land development	$	444,674	$	440,616	$	244,786	$	58,625	$	6,693	$	13,701	$	22,315	$	74	$	1,231,484
Current period gross write-offs	$	—	$	—	$	1,196	$	—	$	—	$	—	$	—	$	—	$	1,196
Residential real estate
Pass	$	197,436	$	506,608	$	356,360	$	219,473	$	136,968	$	162,766	$	71,494	$	437	$	1,651,542
Pass/Watch	—		360		2,415		2,895		1,239		1,902		85		—		8,896
Special Mention	—		—		—		47		1,492		1,607		—		262		3,408
Substandard	685		1,302		15		499		838		2,556		45		—		5,940
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total residential real estate	$	198,121	$	508,270	$	358,790	$	222,914	$	140,537	$	168,831	$	71,624	$	699	$	1,669,786
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—
Single-family interim construction
Pass	$	300,574	$	133,211	$	15,590	$	—	$	—	$	—	$	65,385	$	—	$	514,760
Pass/Watch	1,203		—		—		—		—		—		—		—		1,203
Special Mention	1,964		—		—		—		—		—		1		—		1,965
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total single-family interim construction	$	303,741	$	133,211	$	15,590	$	—	$	—	$	—	$	65,386	$	—	$	517,928
Current period gross write-offs	$	—	$	—	$	27	$	—	$	—	$	—	$	—	$	—	$	27

2123

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

															Revolving Loans Converted to Term Loans
	Term Loans by Year of Origination or Renewal												Revolving Loans
December 31, 2023	2023		2022		2021		2020		2019		Prior						Total
Single-family interim construction
Pass	$	300,574	$	133,211	$	15,590	$	—	$	—	$	—	$	65,385	$	—	$	514,760
Pass/Watch	1,203		—		—		—		—		—		—		—		1,203
Special Mention	1,964		—		—		—		—		—		1		—		1,965
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total single-family interim construction	$	303,741	$	133,211	$	15,590	$	—	$	—	$	—	$	65,386	$	—	$	517,928
Current period gross write-offs	$	—	$	—	$	27	$	—	$	—	$	—	$	—	$	—	$	27
Agricultural
Pass	$	16,543	$	35,993	$	22,472	$	9,707	$	3,470	$	10,056	$	9,435	$	—	$	107,676
Pass/Watch	—		1,756		—		—		—		—		—		—		1,756
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		19		—		—		19
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total agricultural	$	16,543	$	37,749	$	22,472	$	9,707	$	3,470	$	10,075	$	9,435	$	—	$	109,451
Current period gross write-offs	$	—	$	5	$	1	$	—	$	—	$	—	$	—	$	—	$	6
Consumer
Pass	$	6,348	$	3,173	$	900	$	8,056	$	1,267	$	81	$	54,392	$	90	$	74,307
Pass/Watch	—		—		1,917		—		—		—		—		—		1,917
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		1		—		—		4		—		—		5
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total consumer	$	6,348	$	3,173	$	2,818	$	8,056	$	1,267	$	85	$	54,392	$	90	$	76,229
Current period gross write-offs	$	8	$	9	$	—	$	—	$	—	$	—	$	—	$	—	$	17
Total loans
Pass	$	2,762,560	$	3,890,686	$	2,809,753	$	1,267,844	$	784,887	$	1,153,504	$	1,380,216	$	6,775	$	14,056,225
Pass/Watch	43,596		103,921		77,748		36,794		25,698		59,776		5,740		—		353,273
Special Mention	24,997		37,445		56,655		24,053		13,703		17,311		9,053		1,822		185,039
Substandard	13,136		25,422		48,178		5,161		6,317		6,724		7,681		3,386		116,005
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total loans	$	2,844,289	$	4,057,474	$	2,992,334	$	1,333,852	$	830,605	$	1,237,315	$	1,402,690	$	11,983	$	14,710,542
Current period gross write-offs	$	293	$	14	$	1,525	$	5	$	73	$	254	$	—	$	—	$	2,164

~~Note 5. Federal Home Loan Bank Advances and Other Borrowings~~24

At March 31, 2024, the Company had no advances from the FHLB of Dallas under note payable arrangements. The balances outstanding on these advances were $350,000 at December 31, 2023.

Other borrowings totaled $496,975 and $271,821 at March 31, 2024 and December 31, 2023, respectively.

During first quarter 2024, the Company repaid the outstanding FHLB advances and borrowed two short-term advances from the Federal Reserve's Bank Term Funding Program (BTFP) that mature in January and February 2025. The weighted average interest rate of the advances was 5.04% at March 31, 2024. The balance outstanding on BTFP advances included in other borrowings was $225,000 at March 31, 2024.

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Note 5. Federal Home Loan Bank Advances and Other Borrowings

At June 30, 2024, the Company had no advances from the FHLB of Dallas under note payable arrangements. The balances outstanding on these advances were $350,000 at December 31, 2023.

Other borrowings totaled $427,129 and $271,821 at June 30, 2024 and December 31, 2023, respectively.

During first quarter 2024, the Company repaid the outstanding FHLB advances and borrowed two short-term advances from the Federal Reserve's Bank Term Funding Program (BTFP). During the second quarter 2024, the Company paid off one BTFP advance totaling $70,000. The remaining advance has an interest rate of 4.88% at June 30, 2024 and matures in January 2025. The balance outstanding on this BTFP advance included in other borrowings was $155,000 at June 30, 2024.

Note 6. Off-Balance Sheet Arrangements, Commitments and Contingencies

Financial Instruments with Off-Balance Sheet Risk

The Company is a party to financial instruments with off-balance sheet risk in the normal course of business to meet the financing needs of its customers. The commitments involve, to varying degrees, elements of credit and interest rate risk in excess of the amount recognized in the balance sheet.

The Company’s exposure to credit loss in the event of nonperformance by the other party to the financial instrument for commitments to extend credit is represented by the contractual amount of this instrument. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

At ~~March~~June 3130, 2024 and December 31, 2023, the approximate amounts of these financial instruments were as follows:

	March 31,		December 31,
	June 30,		December 31,
	2024		2023
Commitments to extend credit	$	3,~~173~~041,~~761~~053	$	3,107,827
Standby letters of credit	2829,~~942~~638		31,627
	$	3,~~202~~070,~~703~~691	$	3,139,454

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments are expected to expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. The Company evaluates each customer’s credit worthiness on a case-by-case basis. The amount of collateral obtained if deemed necessary by the Company upon extension of credit is based on management’s credit evaluation of the counterparty. Collateral held varies but may include accounts receivable, inventory, farm crops, property, plant and equipment and income-producing commercial properties.

Letters of credit are written conditional commitments used by the Company to guarantee the performance of a customer to a third party. The Company’s policies generally require that letter of credit arrangements contain security and debt covenants similar to those contained in loan arrangements. In the event the customer does not perform in accordance with the terms of the agreement with the third party, the Company would be required to fund the commitment. The maximum potential amount of future payments the Company could be required to make is represented by the contractual amount shown in the table above. If the commitment is funded, the Company would be entitled to seek recovery from the customer.

~~Allowance For Credit Losses on Off-Balance Sheet Credit Exposures~~25

The allowance for credit losses on off-balance-sheet credit exposures is calculated under ASC 326, representing expected credit losses over the contractual period for which the Company is exposed to credit risk resulting from a contractual obligation to extend credit. Off-balance sheet credit exposures primarily consist of amounts available under outstanding lines of credit and letters of credit detailed in the table above. The allowance for credit losses on off-balance sheet credit exposures is estimated by loan segment at each balance sheet date using the same methodologies as portfolio loans, taking into consideration the likelihood that funding will occur based on historical utilization rates. The allowance is included in other liabilities on the Company’s consolidated balance sheets.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Allowance For Credit Losses on Off-Balance Sheet Credit Exposures

The allowance for credit losses on off-balance sheet commitments was as follows:

	Three Months Ended March 31,
	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Balance at beginning of period	$	34,~~897~~081	$	34,~~944~~755	$	3,897	$	3,944
Provision for off-balance sheet credit exposure	~~184~~(544)		~~811~~152		(360)		963
Balance at end of period	$	43,~~081~~537	$	4,~~755~~907	$	3,537	$	4,907

Litigation

The Bank is a party to a legal proceeding inherited in connection with its acquisition of BOH Holdings, Inc. and its subsidiary, Bank of Houston (BOH). On February 27, 2023, the Bank entered into a settlement in principle with the plaintiffs and executed a settlement agreement on March 7, 2023. The settlement and bar orders were approved by the Court on August 8, 2023. ~~Once~~On ~~the~~June ~~litigation~~24, ~~is dismissed~~2024, the Bank, asmade ~~described in the settlement agreement, will make~~ a one-time cash payment of $100,000 to the court appointed receiver toin ~~settle~~full ~~the~~settlement ~~case~~of ~~and~~the ~~to resolve all current and potential future claims~~litigation. Such settlement was recognized in 2023 as litigation settlement expense included in noninterest expense on the accompanying income statement along with $2,500 in related legal and other fees. The Bank now considers this matter fully resolved.

In addition, the Company is involved in other legal actions arising from normal business activities, as well as lawsuits related to the pending merger with SSB. Management believes that the outcome of such proceedings will not materially affect the financial position, results of operations or cash flows of the Company.

Note 7. Income Taxes

Income tax expense (benefit) for the three and six months ended ~~March~~June 3130, 2024 and 2023 was as follows:

	Three Months Ended March 31,
	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Income tax expense (benefit) for the period	$	65,~~478~~125		$	~~(11~~8,~~284)~~700		$	11,603		$	(2,584)
Effective tax rate	21(1.20)		%	2320.18		%	(2.5)		%	36.8		%

The effective tax rates for 2024 and 2023 differ from the statutory federal tax rate of 21% largely due to tax exempt interest income earned on certain investment securities and loans, the nontaxable earnings on bank owned life insurance, nondeductible compensation, and state income tax. InThe ~~addition~~effective rate for the three and six months ended June 30, 2024 also reflects nondeductible acquisition-related expenses as well as goodwill impairment charges resulting in the negative effective tax rates for the periods. The effective rate for the ~~three~~six months ended ~~March~~June 3130, 2023 is higher due to the Company being in a net loss position related to the litigation settlement.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Note 8. Fair Value Measurements

The fair value of an asset or liability is the price that would be received to sell that asset or paid to transfer that liability in an orderly transaction occurring in the principal market (or most advantageous market in the absence of a principal market) for such asset or liability. In estimating fair value, the Company utilizes valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. Such valuation techniques are consistently applied. Inputs to valuation techniques include the assumptions that market participants would use in pricing an asset or liability. ASC Topic 820, Fair Value Measurements and Disclosures, establishes a fair value hierarchy for valuation inputs that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The fair value hierarchy is as follows:

Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.

Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.

Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.

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Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Assets and Liabilities Measured on a Recurring Basis

The following table represents assets and liabilities reported on the consolidated balance sheets at their fair value on a recurring basis as of ~~March~~June 3130, 2024 and December 31, 2023 by level within the ASC Topic 820 fair value measurement hierarchy:

			Fair Value Measurements at Reporting Date Using
	Assets/LiabilitiesMeasured atFair Value		Quoted Pricesin ActiveMarkets forIdentical Assets(Level 1)		SignificantOtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)
March 31, 2024
June 30, 2024
Assets:
Investment securities available for sale:
U.S. treasuries	$	~~198~~171,~~549~~629	$	—	$	~~198~~171,~~549~~629	$	—
Government agency securities	~~392~~394,~~411~~581		—		~~392~~394,~~411~~581		—
Obligations of state and municipal subdivisions	~~222~~217,~~486~~925		—		~~222~~217,~~486~~925		—
Corporate bonds	36,~~158~~390		—		36,~~158~~390		—
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA	~~693~~673,~~143~~445		—		~~693~~673,~~143~~445		—
Other securities	500		—		500		—
Loans held for sale, fair value option elected (1)	128,~~372~~268		—		128,~~372~~268		—
Derivative financial instruments:
Interest rate lock commitments	~~570~~466		—		~~570~~466		—
Forward mortgage-backed securities trades	750		—		750		—
Commercial loan interest rate swaps:
Loan customer counterparty	4417		—		4417		—
Financial institution counterparty	109,~~506~~840		—		109,~~506~~840		—
Liabilities:
Derivative financial instruments:
Interest rate swaps - cash flow hedge	98,~~095~~598		—		98,~~095~~598		—
Interest rate lock commitments	117		—		117		—
Forward mortgage-backed securities trades	3611		—		3611		—
Commercial loan interest rate swaps:
Loan customer counterparty	109,~~439~~785		—		109,~~439~~785		—
Financial institution counterparty	5818		—		5818		—
December 31, 2023
Assets:
Investment securities available for sale:
U.S. treasuries	$	214,222	$	—	$	214,222	$	—
Government agency securities	396,106		—		396,106		—
Obligations of state and municipal subdivisions	227,634		—		227,634		—
Corporate bonds	35,820		—		35,820		—
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA	719,469		—		719,469		—
Other securities	500		—		500		—
Loans held for sale, fair value option elected (1)	12,016		—		12,016		—
Derivative financial instruments:
Interest rate lock commitments	507		—		507		—
Forward mortgage-backed securities trades	4		—		4		—
Commercial loan interest rate swaps:
Loan customer counterparty	227		—		227		—
Financial institution counterparty	9,472		—		9,472		—
Liabilities:
Derivative financial instruments:
Interest rate swaps - cash flow hedge	8,256		—		8,256		—
Forward mortgage-backed securities trades	43		—		43		—
Commercial loan interest rate swaps:
Loan customer counterparty	9,403		—		9,403		—
Financial institution counterparty	261		—		261		—

__________

(1) At ~~March~~June 3130, 2024 and December 31, 2023, loans held for sale for which the fair value option was elected had an aggregate outstanding principal balance of $128,~~205~~118 and $11,747, respectively. There were no mortgage loans held for sale under the fair value option that were 90 days or greater past due or on nonaccrual at ~~March~~June 3130, 2024.

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Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

A description of the valuation methodologies used for instruments measured at fair value, as well as the general classification of such instruments pursuant to the valuation hierarchy, is set forth below.

Investment securities available for sale

Securities classified as available for sale are reported at fair value utilizing Level 1 and Level 2 inputs. Securities are classified within Level 1 when quoted market prices are available in an active market. Inputs include securities that have quoted prices in active markets for identical assets. For securities utilizing Level 2 inputs, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury and other yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security’s terms and conditions, among other things.

Loans held for sale

Certain mortgage loans held for sale are measured at fair value on a recurring basis due to the Company's election to adopt fair value accounting treatment for those loans originated for which the Company has entered into certain derivative financial instruments as part of its mortgage banking and related risk management activities. These instruments include interest rate lock commitments and mandatory forward commitments to sell these loans to investors known as forward mortgage-backed securities trades. This election allows for a more effective offset of the changes in fair values of the assets and the mortgage related derivative instruments used to economically hedge them without the burden of complying with the requirements for hedge accounting under ASC 815, Derivatives and Hedging. Mortgage loans held for sale, for which the fair value option was elected, which are sold on a servicing released basis, are valued using a market approach by utilizing either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan, including the value attributable to mortgage servicing and credit risk, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted to credit risk and other individual loan characteristics. As these prices are derived from market observable inputs, the Company classifies these valuations as Level 2 in the fair value disclosures. For mortgage loans held for sale for which the fair value option was elected, the earned current contractual interest payment is recognized in interest income, loan origination costs and fees on fair value option loans are recognized in earnings as incurred and not deferred. The Company has no continuing involvement in any residential mortgage loans sold.

Derivatives

The Company utilizes interest rate swaps to hedge exposure to interest rate risk and variability of cash flows associated to changes in the underlying interest rate of the hedged item. These hedging interest rate swaps are classified as a cash flow hedge. The Company utilizes a third-party vendor for derivative valuation purposes. These vendors determine the appropriate fair value based on a net present value calculation of the cash flows related to the interest rate swaps using primarily observable market inputs such as interest rate yield curves (Level 2 inputs).

The estimated fair values of interest rate lock commitments utilize current secondary market prices for underlying loans and estimated servicing value with similar coupons, maturity and credit quality, subject to the anticipated loan funding probability (pull-through rate). The fair value of interest rate lock commitments is subject to change primarily due to changes in interest rates and the estimated pull-through rate. These commitments are classified as Level 2 in the fair value disclosures, as the valuations are based on observable market inputs.

Forward mortgage-backed securities trades are exchange-traded or traded within highly active dealer markets. In order to determine the fair value of these instruments, the Company utilized the exchange price or dealer market price for the particular derivative contract; therefore these contracts are classified as Level 2. The estimated fair values are subject to change primarily due to changes in interest rates.

The Company also enters into certain interest rate derivative positions. The estimated fair value of these commercial loan interest rate swaps are obtained from a pricing service that provides the swaps' unwind value (Level 2 inputs). See Note 9, Derivative Financial Instruments, for more information.

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Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Assets and Liabilities Measured on a Nonrecurring Basis

In accordance with ASC Topic 820, certain assets and liabilities are measured at fair value on a nonrecurring basis; that is, the assets and liabilities are not measured at fair value on an ongoing basis but are subject to fair value adjustments in certain circumstances (for example, when there is evidence of impairment). The following table presents the assets carried on the consolidated balance sheet by caption and by level in the fair value hierarchy at ~~March~~June 3130, 2024 and December 31, 2023, for which a nonrecurring change in fair value has been recorded:

			Fair Value Measurements at Reporting Date Using
	AssetsMeasuredat Fair Value		Quoted Pricesin ActiveMarkets forIdentical Assets(Level 1)		SignificantOtherObservableInputs(Level 2)		SignificantUnobservableInputs (Level 3)		Period EndedTotal (Gains) Losses
March 31, 2024
June 30, 2024
Assets:
Individually evaluated loans	$	47,~~482~~560	$	—	$	—	$	47,~~482~~560	$	~~1,429~~841
December 31, 2023
Assets:
Individually evaluated loans	$	5,822	$	—	$	—	$	5,822	$	3,525
Other real estate owned	9,490		—		—		9,490		6,052

Individually evaluated loans are measured at an observable market price (if available) or at the fair value of the loan’s underlying collateral (if collateral dependent). Fair value of the loan’s collateral is determined by appraisals or independent valuation, which is then adjusted for the estimated costs related to liquidation of the collateral. Management’s ongoing review of appraisal information may result in additional discounts or adjustments to valuation based upon more recent market sales activity or more current appraisal information derived from properties of similar type and/or locale. In addition, management's discounting criteria may vary for loans secured by non-real estate collateral such as inventory, oil and gas reserves, accounts receivable, equipment or other business assets. Management reviews the appraisals or valuations for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. Therefore, the Company has categorized its individually evaluated loans as Level 3.

Other real estate owned is measured at fair value on a nonrecurring basis (upon initial recognition or subsequent impairment). Other real estate owned is classified within Level 3 of the valuation hierarchy. When transferred from the loan portfolio, other real estate owned is adjusted to fair value less estimated selling costs and is subsequently carried at the lower of carrying value or fair value less estimated selling costs. The fair value is determined using an external appraisal process, discounted based on internal criteria. Management reviews the external appraisals for appropriateness and adjusts the value downward to consider selling and closing costs, which typically range from 5% to 8% of the appraised value. Therefore, the Company has categorized its other real estate as Level 3. There was no other real estate owned remeasured during the six months ended June 30, 2024.

In addition, mortgage loans held for sale not recorded under the fair value option are required to be measured at the lower of cost or fair value. The fair value of these loans is based upon binding quotes or bids from third party investors. As of ~~March~~June 3130, 2024 and December 31, 2023, all mortgage loans held for sale not recorded under the fair value option were recorded at cost.

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Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Fair Value of Financial Instruments not Recorded at Fair Value

The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instruments that are reported at amortized cost on the Company's consolidated balance sheets were as follows at ~~March~~June 3130, 2024 and December 31, 2023:

					Fair Value Measurements at Reporting Date Using
	CarryingAmount		EstimatedFair Value		Quoted Pricesin ActiveMarkets forIdentical Assets(Level 1)		SignificantOtherObservableInputs(Level 2)		SignificantUnobservableInputs(Level 3)
March 31, 2024
June 30, 2024
Financial assets:
Cash and cash equivalents	$	~~729~~770,~~998~~749	$	~~729~~770,~~998~~749	$	~~729~~770,~~998~~749	$	—	$	—
Certificates of deposit held in other banks	248		242		—		242		—
Investment securities held to maturity	204,~~776~~319		~~166~~165,~~736~~869		—		~~166~~165,~~736~~869		—
Loans held for sale, at cost	83,~~927~~744		93,~~047~~860		—		93,~~047~~860		—
Loans, net	14,~~465~~476,~~456~~500		14,~~438~~208,~~025~~124		—		—		14,~~438~~208,~~025~~124
FHLB of Dallas stock and other restricted stock	1114,~~493~~253		1114,~~493~~253		—		1114,~~493~~253		—
Accrued interest receivable	6366,~~438~~183		6366,~~438~~183		—		6366,~~438~~183		—
Financial liabilities:
Deposits	15,~~671~~842,~~715~~676		15,~~636~~816,~~153~~389		—		15,~~636~~816,~~153~~389		—
Accrued interest payable	4654,~~410~~346		4654,~~410~~346		—		4654,~~410~~346		—
Other borrowings	~~496~~427,~~975~~129		~~485~~420,~~475~~350		—		~~485~~420,~~475~~350		—
Junior subordinated debentures	54,~~667~~717		66,~~611~~002		—		66,~~611~~002		—
Off-balance sheet assets (liabilities):
Commitments to extend credit	—		—		—		—		—
Standby letters of credit	—		—		—		—		—
December 31, 2023
Financial assets:
Cash and cash equivalents	$	721,989	$	721,989	$	721,989	$	—	$	—
Certificates of deposit held in other banks	248		243		—		243		—
Investment securities held to maturity	205,232		170,997		—		170,997		—
Loans held for sale, at cost	4,404		4,506		—		4,506		—
Loans, net	14,558,681		14,547,963		—		—		14,547,963
FHLB of Dallas stock and other restricted stock	34,915		34,915		—		34,915		—
Accrued interest receivable	64,237		64,237		—		64,237		—
Financial liabilities:
Deposits	15,723,035		15,697,806		—		15,697,806		—
Accrued interest payable	43,653		43,653		—		43,653		—
FHLB advances	350,000		350,022		—		350,022		—
Other borrowings	271,821		257,975		—		257,975		—
Junior subordinated debentures	54,617		68,735		—		68,735		—
Off-balance sheet assets (liabilities):
Commitments to extend credit	—		—		—		—		—
Standby letters of credit	—		—		—		—		—

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Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

The methods and assumptions used by the Company in estimating fair values of financial instruments as disclosed herein in accordance with ASC Topic 825, Financial Instruments, other than for those measured at fair value on a recurring and nonrecurring basis discussed above, are as follows:

Cash and cash equivalents: The carrying amounts of cash and cash equivalents approximate their fair value.

Certificates of deposit held in other banks: The fair value of certificates of deposit held in other banks is based upon current market rates.

Investment securities held to maturity: For investment securities held to maturity, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quotes, market spreads, cash flows, the U.S. Treasury and other yield curves, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the security's terms and conditions, among other things.

Loans held for sale, at cost: The fair value of loans held for sale is determined based upon commitments on hand from investors.

Loans: A discounted cash flow model is used to estimate the fair value of the loans. The discounted cash flow approach models the credit losses directly in the projected cash flows, applying various assumptions regarding credit, interest and prepayment risks for the loans based on loan types, payment types and fixed or variable classifications.

Federal Home Loan Bank of Dallas and other restricted stock: The carrying value of restricted securities such as stock in the Federal Home Loan Bank of Dallas and Independent Bankers Financial Corporation approximates fair value.

Deposits: The fair values disclosed for demand deposits are, by definition, equal to the amount payable on demand at the reporting date (that is their carrying amounts). The carrying amounts of variable-rate certificates of deposit (CDs) approximate their fair values at the reporting date. Fair values for fixed-rate CDs are estimated using a discounted cash flow calculation that applies interest rates currently being offered on certificates to a schedule of aggregated expected monthly maturities on time deposits.

Federal Home Loan Bank advances, line of credit and federal funds purchased: The fair value of advances maturing within 90 days approximates carrying value. Fair value of other advances is based on the Company’s current borrowing rate for similar arrangements.

Other borrowings: The estimated fair value approximates carrying value for short-term borrowings. The fair value of private subordinated debentures are based upon prevailing rates on similar debt in the market place. The subordinated debentures that are publicly traded are valued based on indicative bid prices based upon market pricing observations in the current market.

Junior subordinated debentures: The fair value of junior subordinated debentures is estimated using discounted cash flow analyses based on the published Bloomberg US Financials BB rated corporate bond index yield.

Accrued interest: The carrying amounts of accrued interest approximate their fair values.

Off-balance sheet instruments: Fair values for off-balance sheet, credit-related financial instruments are based on fees currently charged to enter into similar agreements, taking into account the remaining terms of the agreements and the counterparties' credit standing. The fair value of commitments is not material.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Note 9. Derivative Financial Instruments

The Company accounts for its derivative financial instruments in accordance with ASC Topic 815 which requires all derivative instruments to be carried at fair value on the balance sheet. The Company has designated certain derivative instruments used to manage interest rate risk as hedge relationships with certain assets, liabilities or cash flows being hedged. Certain derivatives used for interest rate risk management are not designated in a hedge relationship and are used for asset and liability management related to the Company's mortgage banking activities and commercial customers' financing needs. All derivatives are carried at fair value in either other assets or other liabilities.

Derivative instruments designated in a hedge relationship to mitigate exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivative instruments designated in a hedge relationship to mitigate exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

The Company formally documents the relationship between derivatives and hedged items, as well as the risk-management objective and the strategy for undertaking hedge transactions at the inception of the hedge relationship. This documentation includes linking the fair value for cash flow hedges to the specific assets and liabilities on the balance sheet or the specific firm commitments or forecasted transaction. The Company assesses, both at the hedge's inception and on an ongoing basis, whether the derivative instruments that are used are highly effective in offsetting changes in fair values or cash flows of the hedged items. The Company discontinues hedge accounting when it determines that the derivative is no longer effective in offsetting changes in the fair value or cash flows of the hedged item, the derivative is settled or terminates, a hedged forecasted transaction is no longer probable, a hedged firm commitment is no longer firm, or treatment of the derivative as a hedge is no longer appropriate or intended.

The Company's objectives in using interest rate derivatives are to add stability to interest income and to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of fixed-rate amounts from a counterparty in exchange for the Company making variable-rate payments over the life of the agreements without exchange of the underlying notional amount. The Company has two interest rate swap derivatives with an aggregated notional amount of $100,000 that were designated as cash flow hedges. The derivatives are intended to hedge the variable cash flows associated with certain existing variable-interest rate loans and were determined to be effective during the three and six months ended ~~March~~June 3130, 2024.

For derivatives designated and that qualify as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest income in the same period that the hedged transaction affects earnings. Amounts of losses recognized in accumulated other comprehensive income related to derivatives was $1498 and $2,~~553~~051, net of tax, and the amounts of losses that were reclassified to interest income as interest payments were made on the Company’s variable-rate loans was $886 and $1,772, net of tax, during and for the three and six months ended ~~March~~June 3130, 2024. Amounts of ~~gains~~losses recognized in accumulated other comprehensive income related to derivatives was $~~743~~2,028 and $1,285, net of tax, and the amounts of losses that were reclassified to interest income as interest payments were received on the Company’s variable-rate loans was $~~706~~810 and $1,516, net of tax, during and for the three and six months ended ~~March~~June 3130, 2023. During the next twelve months, the Company estimates that $3,~~934~~915 will be reclassified as a decrease to interest income.

Through its mortgage banking division, the Company enters into interest rate lock commitments with consumers to originate mortgage loans at a specified interest rate. These commitments, which contain fixed expiration dates, offer the borrower an interest rate guarantee provided the loan meets underwriting guidelines and closes within the timeframe established by the Company. The Company manages the changes in fair value associated with changes in interest rates related to interest rate lock commitments by using forward sold commitments known as forward mortgage-backed securities trades. These instruments are typically entered into at the time the interest rate lock commitment is made.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

The Company offers certain derivatives products, primarily interest rate swaps, directly to qualified commercial banking customers to facilitate their risk management strategies. The interest rate swap derivative positions relate to transactions in which the Company enters into an interest rate swap with a customer, while at the same time entering into an offsetting interest rate swap with another financial institution. An interest rate swap transaction allows customers to effectively convert a variable rate loan to a fixed rate. In connection with each swap, the Company agrees to pay interest to the customer on a notional amount at a variable interest rate and receive interest from the customer on a similar notional amount at a fixed interest rate. At the same time, the Company agrees to pay another financial institution the same fixed interest rate on the same notional amount and receive the same variable interest rate on the same notional amount.

The following table provides the outstanding notional balances and fair values of outstanding derivative positions at ~~March~~June 3130, 2024 and December 31, 2023:

	Outstanding Notional Balance		Asset Derivative Fair Value		Liability DerivativeFair Value
March 31, 2024
June 30, 2024
Derivatives designated as hedging instruments:
Interest rate swaps - cash flow hedge	$	100,000	$	—	$	98,~~095~~598
Derivatives not designated as hedging instruments:
Interest rate lock commitments	2321,~~327~~413		~~570~~466		117
Forward mortgage-backed securities trades	1719,~~000~~500		750		3611
Commercial loan interest rate swaps:
Loan customer counterparty	~~199~~187,~~102~~602		4417		109,~~439~~785
Financial institution counterparty	~~199~~187,~~102~~602		109,~~506~~840		5818
December 31, 2023
Derivatives designated as hedging instruments:
Interest rate swaps - cash flow hedge	$	100,000	$	—	$	8,256
Derivatives not designated as hedging instruments:
Interest rate lock commitments	18,789		507		—
Forward mortgage-backed securities trades	15,000		4		43
Commercial loan interest rate swaps:
Loan customer counterparty	201,063		227		9,403
Financial institution counterparty	201,063		9,472		261

The credit exposure related to interest rate swaps is limited to the net favorable value of all swaps by each counterparty, which was approximately $109,~~550~~857 and $9,699 at ~~March~~June 3130, 2024 and December 31, 2023, respectively. In some cases, collateral may be required from the counterparties involved if the net value of the derivative instruments exceeds a nominal amount. Collateral levels are monitored and adjusted on a regular basis for changes in interest rate swap values. At ~~March~~June 3130, 2024 and December 31, 2023, cash of $10,~~515~~787 and $10,242, respectively, and securities of $~~433~~414 and $444, respectively, were pledged as collateral for these derivatives, respectively, and counterparties had deposited $2,~~400~~190 of cash with the Company as of ~~March~~June 3130, 2024.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

The Company has entered into credit risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which the Company is either a participant or a lead bank. Risk participation agreements entered into as a participant bank provide credit protection to the financial institution counterparty should the borrower fail to perform on its interest rate derivative contract with that financial institution. The Company is party to one risk participation agreement as a participant bank having a notional amount of $1,481 at both ~~March~~June 3130, 2024 and December 31, 2023. Risk participation agreements entered into as the lead bank provide credit protection to the Company should the borrower fail to perform on its interest rate derivative contract. The Company is party to one risk participation agreement as the lead bank having a notional amount of $8,~~734~~663 and $8,805 at ~~March~~June 3130, 2024 and December 31, 2023, respectively.

The changes in the fair value of interest rate lock commitments and the forward sales of mortgage-backed securities are recorded in mortgage banking revenue. These gains and losses were not attributable to instrument-specific credit risk. For commercial interest rate swaps, because the Company acts as an intermediary for our customer, changes in the fair value of the underlying derivative contracts substantially offset each other and do not have a material impact on the results of operations.

A summary of derivative activity and the related impact on the consolidated statements of income (loss) for the three and six months ended ~~March~~June 3130, 2024 and 2023 is as follows:

	Income Statement Location	Three Months Ended ~~March~~June 3130,				Six Months Ended June 30,
		2024		2023		2024		2023
Derivatives designated as hedging instruments
Interest rate swaps - cash flow hedges	Interest and fees on loans	$	(1,127)	$	(~~899~~1,030)	$	(2,254)	$	(1,929)
Derivatives not designated as hedging instruments
Interest rate lock commitments	Mortgage banking revenue	62(120)		~~182~~(122)		(58)		60
Forward mortgage-backed securities trades	Mortgage banking revenue	1068		~~(204)~~208		78		4

Note 10. Stock Awards

The Company grants common stock awards to certain employees of the Company. In May 2022, the shareholders of the Company approved the 2022 Equity Incentive Plan (2022 Plan). Under this plan, the Compensation Committee may grant awards to certain employees and directors of the Company in the form of restricted stock, restricted stock units, stock appreciation rights, qualified and nonqualified stock options, performance share awards and other equity-based awards. Effective with the adoption of the 2022 Plan, no further awards will be granted under the prior 2013 Equity Incentive Plan (2013 Plan). Awards outstanding under the 2013 Plan will remain in effect under the prior plan according to their respective terms and any terminated 2013 Plan awards will be available for awards under the 2022 Plan in accordance with the 2022 Plan's provisions. The 2022 Plan has 1,500,000 reserved shares of common stock to be awarded by the Company’s Compensation Committee. As of ~~March~~June 3130, 2024, there were 1,~~272~~273,~~010~~586 shares remaining available for grant for future awards.

Shares issued under these plans are restricted stock awards and performance stock. Restricted stock awarded generally vest evenly over the required employment period and range from one to four years. Performance stock units awarded have a three to four year cliff vesting period. Restricted stock awards granted are issued at the date of grant and receive dividends. Performance stock units are eligible to receive dividend equivalents as such dividends are declared on the Company's common stock during the performance period. Equivalent dividend payments are based upon the number of shares issued under each performance award and are deferred until such time that the units vest and the shares are issued.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Restricted Stock Awards

The following table summarizes the activity in nonvested restricted stock awards for the ~~three~~six months ended ~~March~~June 3130, 2024 and 2023:

Restricted Stock Awards	Number ofShares	Weighted AverageGrant DateFair Value
Nonvested shares, December 31, 2023	285,340	$	58.99
Granted during the period	~~122~~125,~~252~~008	44.6967
Vested during the period	(8183,~~772~~406)	64.3349
Forfeited during the period	(25,~~072~~992)	5048.2412
Nonvested shares, March 31, 2024	323,748	$	52.30
Nonvested shares, June 30, 2024	320,950	$	52.19
Nonvested shares, December 31, 2022	309,015	$	60.12
Granted during the period	119,767	60.21
Vested during the period	(9294,~~830~~734)	64.5569
Forfeited during the period	(13,~~763~~721)	63.2337
Nonvested shares, March 31, 2023	334,189	$	58.91
Nonvested shares, June 30, 2023	330,327	$	58.81

Compensation expense related to these awards is recorded based on the fair value of the award at the date of grant and totaled $2,~~118~~162 and $14,~~959~~280 for the three and six months ended ~~March~~June 3130, 2024, respectively, and $2,105 and $4,064 for the three and six months ended June 30, 2023, respectively. Compensation expense is recorded in salaries and employee benefits in the accompanying consolidated statements of income (loss). At ~~March~~June 3130, 2024, future compensation expense is estimated to be $1411,~~107~~882 and will be recognized over a remaining weighted average period of 2.1805 years.

The fair value of common stock awards that vested during the ~~three~~six months ended ~~March~~June 3130, 2024 and 2023 was $3,~~786~~858 and $5,~~605~~689, respectively. The Company has recorded $~~313~~10 and $85323 in excess tax expense on vested restricted stock to income tax expense for the three and six months ended ~~March~~June 3130, 2024, respectively, and $11 and $96 in excess tax expense for the three and six months ended June 30, 2023, respectively.

There were no modifications of stock agreements during the ~~three~~six months ended ~~March~~June 3130, 2024 and 2023 that resulted in significant additional incremental compensation costs.

At ~~March~~June 3130, 2024, the future vesting schedule of the nonvested restricted stock awards is as follows:

						Number of Shares
First year						169,~~390~~665
Second year						9896,~~760~~758
Third year						5453,~~723~~906
Fourth year						~~875~~621
Total nonvested shares						~~323~~320,~~748~~950

~~Performance Stock Units~~36

Performance stock units represent shares potentially issuable in the future. For awards granted prior to 2024, the number of shares issued is based upon the measure of the Company's achievement of its relative adjusted return on average tangible common equity, as defined by the Company, over the award's performance period as compared to an identified peer group's achievement over the same performance period. For awards granted in 2024, the number of shares issued is based upon two equally weighted measures 1) the Company's cumulative adjusted diluted earnings per share over the performance period, as defined by the Company, and 2) its relative total shareholder return over the award's performance period as compared to an identified peer group. The number of shares issuable under each performance award is the product of the award target and the award payout percentage for the given level of achievement which ranges from 0% to 150% of the target.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

~~The~~Performance-Based ~~following~~Restricted ~~table~~Stock ~~summarizes the activity in nonvested performance stock units at target award level for the three months ended March 31, 2024 and 2023:~~Units

Performance-Based Restricted Stock Units	Number ofShares	Weighted AverageGrant DateFair Value
Nonvested shares, December 31, 2023	178,178	$	51.55
Granted during the period	37,738	44.69
Forfeited during the period	(20,198)	62.58
Nonvested shares, March 31, 2024	195,718	$	49.09
Nonvested shares, December 31, 2022	140,240	$	49.20
Granted during the period	37,938	60.21
Nonvested shares, March 31, 2023	178,178	$	51.55

Performance-based restricted stock units (PSUs) represent shares potentially issuable in the future. For awards granted prior to 2024, the number of shares issued is based upon the measure of the Company's achievement of its relative adjusted return on average tangible common equity, as defined by the Company, over the award's performance period as compared to an identified peer group's achievement over the same performance period. For awards granted in 2024, the number of shares issued is based upon two equally weighted measures 1) the Company's cumulative adjusted diluted earnings per share over the performance period, as defined by the Company, and 2) its relative total shareholder return over the award's performance period as compared to an identified peer group. The number of shares issuable under each performance award is the product of the award target and the award payout percentage for the given level of achievement which ranges from 0% to 150% of the target.

~~Compensation~~The ~~expense~~following ~~related~~table tosummarizes ~~performance stock units is estimated each period based on~~ the ~~fair~~activity ~~value~~in ofnonvested ~~the~~PSUs ~~target stock unit~~ at ~~the~~target ~~grant~~award ~~date and the most probable~~ level ~~of achievement of the performance condition, adjusted~~ for the ~~passage~~six ~~of time within the vesting periods of the awards. Compensation expense related to these awards was $488 and $486 for the three~~ months ended ~~March~~June 3130, 2024 and 2023~~, respectively. As of March 31, 2024, the unrecognized compensation expense is estimated to be $3,871. The remaining performance period over which the expense will be recognized is 2.20 years.~~:


Performance-Based Restricted Stock Units	Number of Shares	Weighted Average Grant Date Fair Value
Nonvested shares, December 31, 2023	178,178	$	51.55
Granted during the period	37,738	44.69

Forfeited during the period	(20,198)	62.58
Nonvested shares, June 30, 2024	195,718	$	49.09

Nonvested shares, December 31, 2022	140,240	$	49.20
Granted during the period	37,938	60.21


Nonvested shares, June 30, 2023	178,178	$	51.55

Compensation expense related to PSUs is estimated each period based on the fair value of the target stock unit at the grant date and the most probable level of achievement of the performance condition, adjusted for the passage of time within the vesting periods of the awards. Compensation expense related to these awards was $566 and $1,054 for the three and six months ended June 30, 2024, respectively, and $599 and $1,085 for the three and six months ended June 30, 2023, respectively. As of June 30, 2024, the unrecognized compensation expense is estimated to be $3,305. The remaining performance period over which the expense will be recognized is 2.03 years.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Note 11. Regulatory Matters

Under banking law, there are legal restrictions limiting the amount of dividends the Bank can declare. Approval of the regulatory authorities is required if the effect of dividends declared would cause the regulatory capital of the Bank to fall below specified minimum levels. For state banks, subject to regulatory capital requirements, payment of dividends is generally allowed to the extent of net profits.

The Company (on a consolidated basis) and the Bank are subject to various regulatory capital requirements administered by federal and state banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory and possibly additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s consolidated financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of assets, liabilities and certain off-balance sheet items as calculated under regulatory accounting practices. The capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors. Tier 2 capital for the Company includes permissible portions of the Company's subordinated notes. The permissible portion of qualified subordinated notes decreases 20% per year during the final five years of the term of the notes.

The Company is subject to the Basel III regulatory capital framework (the Basel III Capital Rules). The Basel III Capital Rules require that the Company maintain a 2.5% capital conservation buffer above the minimum risk-based capital adequacy requirements. The capital conservation buffer is designed to absorb losses during periods of economic stress and requires increased capital levels for the purpose of capital distributions and other payments. Failure to meet the full amount of the buffer will result in restrictions on the Company's ability to make capital distributions, including dividend payments and stock repurchases and to pay discretionary bonuses to executive officers.

In connection with the adoption of ASC 326, the Company elected to adopt the permissible three year transition option to phase in the day one effects to capital. The deferral has been applied to capital ratios presented below through December 31, 2023.

Quantitative measures established by regulation to ensure capital adequacy require the Company and the Bank to maintain minimum amounts and ratios (set forth in the table below) of total, Common Equity Tier 1 (CET1) and Tier 1 capital (as defined in the regulations) to risk weighted assets (as defined), and of Tier 1 capital (as defined) to average assets (as defined). Management believes, as of ~~March~~June 3130, 2024 and December 31, 2023, the Company and the Bank meet all capital adequacy requirements to which they are subject, including the capital buffer requirement.

As of ~~March~~June 3130, 2024 and December 31, 2023, the Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized” under the regulatory framework for prompt corrective action. To be categorized as “well capitalized,” the Bank must maintain minimum total risk based, CET1, Tier 1 risk based and Tier 1 leverage ratios as set forth in the table. There are no conditions or events that management believes have changed the Bank’s category.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

The following table presents actual and required capital ratios under Basel III Capital Rules for the Company and Bank as of ~~March~~June 3130, 2024 and December 31, 2023. Capital levels required to be considered well capitalized are based upon prompt corrective action regulations, as amended, to reflect the changes under the Basel III Capital Rules.

	Actual				Minimum CapitalRequired Plus CapitalConservation Buffer				Required To Be Considered WellCapitalized (1)
	Amount		Ratio		Amount		Ratio		Amount		Ratio
March 31, 2024
June 30, 2024
Total capital to risk weighted assets:
Consolidated	$	1,~~898~~902,~~365~~311	11.6875	%	$	1,~~707~~699,~~015~~619	10.50	%	$	1,~~625~~618,~~728~~685	10.00	%
Bank	2,~~030~~043,~~741~~629		12.4963		1,~~706~~699,~~577~~041		10.50		1,~~625~~618,~~312~~134		10.00
Tier 1 capital to risk weighted assets:
Consolidated	1,~~616~~624,~~444~~024		910.9403		1,~~381~~375,~~869~~882		8.50		~~975~~971,~~437~~211		6.00
Bank	1,~~878~~895,~~820~~342		11.5671		1,~~381~~375,~~515~~414		8.50		1,~~300~~294,~~249~~507		8.00
Common equity tier 1 to risk weighted assets:
Consolidated	1,~~560~~568,~~844~~424		9.6069		1,~~138~~133,~~010~~080		7.00		N/A		N/A
Bank	1,~~878~~895,~~820~~342		11.5671		1,~~137~~132,~~718~~694		7.00		1,~~056~~051,~~452~~787		6.50
Tier 1 capital to average assets:
Consolidated	1,~~616~~624,~~444~~024		8.9176		~~725~~741,~~554~~481		4.00		N/A		N/A
Bank	1,~~878~~895,~~820~~342		10.3623		~~725~~741,~~364~~401		4.00		~~906~~926,~~704~~752		5.00
December 31, 2023
Total capital to risk weighted assets:
Consolidated	$	1,885,776	11.57	%	$	1,711,650	10.50	%	$	1,630,143	10.00	%
Bank	2,020,376		12.40		1,711,142		10.50		1,629,659		10.00
Tier 1 capital to risk weighted assets:
Consolidated	1,617,985		9.93		1,385,621		8.50		978,086		6.00
Bank	1,882,585		11.55		1,385,210		8.50		1,303,727		8.00
Common equity tier 1 to risk weighted assets:
Consolidated	1,562,385		9.58		1,141,100		7.00		N/A		N/A
Bank	1,882,585		11.55		1,140,761		7.00		1,059,278		6.50
Tier 1 capital to average assets:
Consolidated	1,617,985		8.94		723,633		4.00		N/A		N/A
Bank	1,882,585		10.41		723,438		4.00		904,298		5.00

_____________

(1) “Well-capitalized” Common Equity Tier 1 to Risk-Weighted Assets and Tier 1 to Average Assets are not formally defined under applicable banking regulations for bank holding companies. However, the Federal Reserve Board and the FDIC may require the Company to maintain a Tier 1 to Average Assets Ratio above the required minimum.

Stock repurchase program: From time to time, the Company's Board of Directors has authorized stock repurchase programs which allow the Company to purchase its common stock generally over a one-year period at various prices in the open market or in privately negotiated transactions. The Company is currently not under a stock repurchase program for 2024. There were no shares repurchased under the prior 2023 Plan during the ~~three~~six months ended ~~March~~June 3130, 2023.

Company stock repurchased to settle employee tax withholding related to vesting of stock awards totaled 412 and 24,~~354~~766 shares at a total cost of $18 and $1,~~129~~147 for the three and six months ended ~~March~~June 3130, 2024, respectively, and 26486 and 27,~~777~~263 shares at a total cost of $22 and $1,~~617~~639 for the three and six months ended ~~March~~June 3130, 2023, respectively, and were not included under the repurchase program.

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Independent Bank Group, Inc. and Subsidiaries

Notes to Consolidated Financial Statements (unaudited)

(Dollars in thousands, except for share and per share information)

Note 12. ~~Subsequent~~Business ~~Events~~Combination

Proposed Merger with SouthState Corporation

On May 20, 2024, the Company and SSB jointly announced the signing of a definitive merger agreement, dated May 17, 2024, under which, SSB will acquire the Company in an all-stock transaction by means of merger, with SSB continuing as the surviving entity. SSB is headquartered in Winter Haven, Florida and has full-service locations in Florida, Alabama, Georgia, South Carolina, North Carolina and Virginia. Under the terms of the agreement, the Company will merge into SSB and the Bank will merge into SouthState Bank, National Association.

Under the terms of the merger agreement, the Company's shareholders will receive 0.60 shares of SSB's common stock for each share of Company common stock based on a fixed exchange ratio. Following the completion of the merger, it is estimated that former holders of the Company's common stock will own approximately 25% and holders of SSB common stock will own approximately 75% of the common stock of the surviving company.

The merger agreement was unanimously approved by the boards of directors of both companies and is anticipated to close in first quarter of 2025, although delays may occur. The transaction is subject to receipt of regulatory approvals and satisfaction of other customary closing conditions, including approval of both the Company and SSB shareholders. Special shareholder meetings are scheduled to take place on August 14, 2024. The Company has incurred expenses related to the proposed merger of approximately $2,338 for the three and six months ended June 30, 2024, which is included in acquisition expense in the consolidated statements of income.

Note 13. Subsequent Events

Declaration of Dividends

On ~~April~~July 1819, 2024, the Company declared a quarterly cash dividend in the amount of $0.38 per share of common stock to the stockholders of record on ~~May~~August 25, 2024. The dividend will be paid on ~~May~~August 1619, 2024.

38Line of Credit Agreement

On July 22, 2024, the Company amended its $100,000 unsecured revolving line of credit with a maturity date of February 15, 2025 to modify the minimum return on average assets financial covenant for the period commencing April 1, 2024 and continuing until March 31, 2025 to exclude the goodwill impairment recognized in second quarter 2024 and to revise certain definitions related to the SSB merger. On July 31, 2024, the Company repaid the balance owed and has no borrowings outstanding against this line as of August 5, 2024.

Subordinated Debentures

On July 31, 2024, the Company issued $175,000 of 8.375% fixed-to-floating rate subordinated debentures due August 15, 2034. The debentures were sold at a 1.5% discount of $2,625 in addition to origination costs totaling $1,164 resulting in net proceeds of $171,211. Initial interest payments of 8.375% fixed rate will be payable semiannually in arrears through August 15, 2029. Thereafter, floating rate payments of 3 month Secured Overnight Financing Rate (SOFR) plus 4.605% will be payable quarterly in arrears. The maturity date is August 15, 2034 with an optional redemption at August 15, 2029. The notes meet the criteria to be recognized as Tier 2 capital for regulatory purposes.

Also on July 31, 2024, the Company redeemed $110,000 of its outstanding 5.875% fixed rate subordinated debentures due August 1, 2024, at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest of $3,231.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Note Regarding Forward Looking Statements

The Quarterly Report on Form 10-Q, our other filings with the SEC, and other press releases, documents, reports and announcements that we make, issue or publish may contain statements that we believe are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and other related federal security laws. These forward-looking statements include information about our possible or assumed future results of operations, including our future revenues, income, expenses, provision for taxes, effective tax rate, earnings (loss) per share and cash flows, our future capital expenditures and dividends, our future financial condition and changes therein, including changes in our loan portfolio and allowance for credit losses, our future capital structure or changes therein, the plan and objectives of management for future operations, our future or proposed acquisitions, the future or expected effect of acquisitions on our operations, results of operations and financial condition, our future economic performance and the statements of the assumptions underlying any such statement. Such statements are typically, but not exclusively, identified by the use in the statements of words or phrases such as “aim,” “anticipate,” “estimate,” “expect,” “goal,” “guidance,” “intend,” “is anticipated,” “is estimated,” “is expected,” “is intended,” “objective,” “plan,” “projected,” “projection,” “will affect,” “will be,” “will continue,” “will decrease,” “will grow,” “will impact,” “will increase,” “will incur,” “will reduce,” “will remain,” “will result,” “would be,” variations of such words or phrases (including where the word “could,” “may” or “would” is used rather than the word “will” in a phrase) and similar words and phrases indicating that the statement addresses some future result, occurrence, plan or objective. The forward-looking statements that we make are based on the Company's current expectations and assumptions regarding its business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict. The Company’s actual results may differ materially from those contemplated by the forward looking statements, which are neither statements of historical fact nor guarantees or assurances of future performance. Many possible events or factors could affect our future financial results and performance and could cause those results or performance to differ materially from those expressed in the forward-looking statements. These possible events or factors include, but are not limited to:

•our ability to sustain our current internal growth rate and total growth rate;

•changes in geopolitical, business and economic events, occurrences and conditions, including changes in rates of inflation or deflation, nationally, regionally and in our target markets, particularly in Texas and Colorado;

•worsening business and economic conditions nationally, regionally and in our target markets, particularly in Texas and Colorado, and the geographic areas in those states in which we operate;

•our dependence on our management team and our ability to attract, motivate and retain qualified personnel;

•the concentration of our business within our geographic areas of operation in Texas and Colorado;

•changes in asset quality, including increases in default rates on loans and higher levels of nonperforming loans and loan charge-offs generally;

•concentration of the loan portfolio of the Bank, before and after the completion of acquisitions of financial institutions, in commercial and residential real estate loans and changes in the prices, values and sales volumes of commercial and residential real estate;

•the ability of the Bank to make loans with acceptable net interest margins and levels of risk of repayment and to otherwise invest in assets at acceptable yields and that present acceptable investment risks;

•inaccuracy of the assumptions and estimates that the management of our Company and the financial institutions that we acquire make in establishing reserves for credit losses and other estimates generally;

•lack of liquidity, including as a result of a reduction in the amount of sources of liquidity we currently have;

•material increases or decreases in the amount of insured and/or uninsured deposits held by the Bank or other financial institutions that we acquire and the cost of those deposits;

•adverse developments in the banking industry related to soundness of other financial institutions, and the potential impact of such developments on customer confidence, liquidity, and regulatory responses, including regulatory oversight, examinations, and any potential related findings and actions;

•our access to the debt and equity markets and the overall cost of funding our operations;

•regulatory requirements to maintain minimum capital levels or maintenance of capital at levels sufficient to support our anticipated growth;

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•changes in market interest rates that affect the pricing of the loans and deposits of each of the Bank and the financial institutions that we acquire and that affect the net interest income, other future cash flows, or the market value of the assets of each of the Bank and the financial institutions that we acquire, including investment securities;

•fluctuations in the market value and liquidity of the securities we hold for sale, including as a result of changes in market interest rates;

•effects of competition from a wide variety of local, regional, national and other providers of financial, investment and insurance services;

•the effects of infectious disease outbreaks and the significant impact and associated efforts to limit such spread has had or may have on economic conditions and the Company's business, employees, customers, asset quality and financial performance;

•changes in economic and market conditions that affect the amount and value of the assets of the Bank and of financial institutions that we acquire;

•the institution and outcome of, and costs associated with, litigation and other legal proceedings against one or more of the Company, the Bank and financial institutions that we acquire or to which any of such entities is subject;

•the occurrence of market conditions adversely affecting the financial industry generally;

•the impact of recent and future legislative regulatory changes, including changes in banking, securities, and tax laws and regulations and their application by the Company’s regulators, and changes in federal government policies, as well as regulatory requirements applicable to, and resulting from regulatory supervision of, the Company and the Bank as a financial institution with total assets greater than $10 billion;

•changes in accounting policies, practices, principles and guidelines, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the SEC and the Public Company Accounting Oversight Board, as the case may be;

•governmental monetary and fiscal policies;

•changes in the scope and cost of FDIC insurance and other coverage;

•the effects of war or other conflicts, including, but not limited to, the current conflicts between Russia and the Ukraine and Israel and Hamas, acts of terrorism (including cyber attacks) or other catastrophic events, including natural disasters such as storms, droughts, tornadoes, hurricanes and flooding, that may affect general economic conditions;

•our actual cost savings resulting from previous or future acquisitions are less than expected, we are unable to realize those cost savings as soon as expected, or we incur additional or unexpected costs;

•our revenues after previous or future acquisitions are less than expected;

•the liquidity of, and changes in the amounts and sources of liquidity available to us, including before and after the acquisition of any financial institutions that we acquire;

•deposit attrition, operating costs, customer loss and business disruption during the normal course of business, and before and after any completed acquisitions, including, without limitation, difficulties in maintaining relationships with employees, may be greater than we expected;

•the effects of the combination of the operations of financial institutions that we have acquired in the recent past or may acquire in the future with our operations and the operations of the Bank, the effects of the integration of such operations being unsuccessful, and the effects of such integration being more difficult, time consuming, or costly than expected or not yielding the cost savings we expect;

•the impact of investments that the Company may have made or may make and the changes in the value of those investments;

•the quality of the assets of financial institutions and companies that we have acquired in the recent past or may acquire in the future being different than we determined or determine in our due diligence investigation in connection with the acquisition of such financial institutions and any inadequacy of credit loss reserves relating to, and exposure to unrecoverable losses on, loans acquired;

•our ability to continue to identify acquisition targets and successfully acquire desirable financial institutions to sustain our growth, to expand our presence in our markets and to enter new markets;

•changes in general business and economic conditions in the markets in which we currently operate and may operate in the future;

•changes occur in business conditions and inflation generally;

•an increase in the rate of personal or commercial customers’ bankruptcies generally;

•technology-related changes are harder to make or are more expensive than expected;

•physical or cyber attacks on the security of, and breaches of, the Company's digital information systems, the costs we or the Bank incur to provide security against such attacks and any costs and liability the Company or the Bank incurs in connection with any breach of those systems;

•the potential impact of technology and “FinTech” entities on the banking industry generally;

•the potential impact of climate change and related government regulation on the Company and its customers;

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•the possibility that the Company's pending merger with SSB does not close when expected or at all because required regulatory, shareholder or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of such merger);

•the risk that the benefits from the merger with SSB may not be fully realized or may take longer to realize than expected;

•the risk of disruption to the Company's business as a result of the announcement and pendency of the merger with SSB;

•the possibility that the merger with SSB may be more expensive to complete than anticipated, including as a result of unexpected factors or events;

•other economic, competitive, governmental, regulatory, technological and geopolitical factors affecting the Company’s operations, pricing and services; and

•the other factors that are described or referenced in Part I, Item 1A, of the Company’s Annual Report on Form 10-K filed with the SEC on February 20, 2024, under the caption “Risk Factors.”

We urge you to consider all of these risks, uncertainties and other factors carefully in evaluating all such forward-looking statements made by us. As a result of these and other matters, including changes in facts and assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement may differ materially from the anticipated results expressed or implied in that forward-looking statement. Any forward-looking statement made in this filing or made by us in any report, prospectus, document or information incorporated by reference in this filing, speaks only as of the date on which it is made. The Company undertakes no obligation to update any such forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

A forward-looking statement may include a statement of the assumptions or bases underlying the forward-looking statement. The Company believes that these assumptions or bases have been chosen in good faith and that they are reasonable. However, the Company cautions you that assumptions as to future occurrences or results almost always vary from actual future occurrences or results, and the differences between assumptions and actual occurrences and results can be material. Therefore, the Company cautions you not to place undue reliance on the forward-looking statements contained in this filing or incorporated by reference herein.

Overview

This Management’s Discussion and Analysis (MD&A) of Financial Condition and Results of Operations analyzes the major elements of the Company’s financial condition and results of operation as reflected in the interim consolidated financial statements and accompanying notes appearing in this Quarterly Report on Form 10-Q. This section should be read in conjunction with the Company’s interim consolidated financial statements and accompanying notes included elsewhere in this report and with the consolidated financial statements included in the Annual Report on Form 10-K for the year ended December 31, 2023.

The Company was organized as a bank holding company in 2002 and, since that time, has pursued a strategy to create long-term shareholder value through organic growth of our community banking franchise in our market areas and through selective acquisitions of complementary banking institutions with operations in the Company’s market areas or in new market areas. On April 8, 2013, the Company consummated the initial public offering, or IPO, of its common stock which is traded on the Nasdaq Global Select Market.

As of ~~March~~June 3130, 2024, the Company operated 92 full service banking locations in north, central and southeast Texas regions, and along the Colorado Front Range region, with 61 Texas locations and 31 Colorado locations.

The Company’s headquarters are located at 7777 Henneman Way, McKinney, Texas 75070 and its telephone number is (972) 562-9004. The Company’s website address is www.ifinancial.com. Information contained on the Company’s website is not incorporated by reference into this Quarterly Report on Form 10-Q and is not part of this or any other report.

The Company’s principal business is lending to and accepting deposits from businesses, professionals and individuals. The Company conducts all of the Company’s banking operations through its principal bank subsidiary. The Company derives its income principally from interest earned on loans and, to a lesser extent, income from securities available for sale and securities held to maturity. The Company also derives income from noninterest sources, such as fees received in connection with various deposit services, mortgage banking operations and investment advisory services. From time to time, the Company also realizes gains or losses on the sale of assets. The Company’s principal expenses include interest expense on interest-bearing customer deposits, advances from the Federal Home Loan Bank of Dallas (FHLB) and other borrowings, operating expenses such as salaries and employee benefits, occupancy costs, communication and technology costs, expenses associated with other real estate owned, other administrative expenses, amortization of intangibles, provisions for credit losses and the Company’s assessment for FDIC deposit insurance.43

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~~Discussion~~The Company’s principal business is lending to and ~~Analysis~~accepting ofdeposits ~~Results~~from businesses, professionals and individuals. The Company conducts all of ~~Operations~~the Company’s banking operations through its principal bank subsidiary. The Company derives its income principally from interest earned on loans and, to a lesser extent, income from securities available for sale and securities held to maturity. The Company also derives income from noninterest sources, such as fees received in connection with various deposit services, mortgage banking operations and investment advisory services. From time to time, the ~~Three~~Company ~~Months~~also ~~Ended~~realizes ~~March 31~~gains or losses on the sale of assets. The Company’s principal expenses include interest expense on interest-bearing customer deposits, ~~2024~~advances from the Federal Home Loan Bank of Dallas (FHLB) and ~~2023~~other borrowings, operating expenses such as salaries and employee benefits, occupancy costs, communication and technology costs, expenses associated with other real estate owned, other administrative expenses, amortization of intangibles, provisions for credit losses and the Company’s assessment for FDIC deposit insurance.

~~The~~Recent following discussion and analysis of the Company's results of operations compares the operations for the three months ended March 31, 2024 with the three months ended March 31, 2023. The results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected for all of the year ending December 31, 2024.Developments

Pending Acquisition

As described in Note 1. Summary of Significant Accounting Policies and Note 12. Business Combination in the Company's consolidated financial statements included elsewhere in this report, the Company and SSB have entered into a definitive agreement, dated May 17, 2024, providing that, among other things and on the terms and subject to the conditions set forth therein, SSB will acquire the Company in an all-stock transaction by means of a merger of the Company with and into SSB with SSB surviving the merger. The Company's shareholders will receive 0.60 shares of SSB's common stock for each share of Company common stock based on a fixed exchange ratio. The merger has been approved by the Boards of Directors of both companies and is expected to close during the first quarter of 2025, although delays may occur. The transaction is subject to certain conditions, including the approval by shareholders of the Company, SSB and customary regulatory approvals. Merger expenses of approximately $2.3 million have been incurred for the three and six months ended June 30, 2024. Additional merger expenses are expected to be incurred for the remainder of 2024.

Goodwill Impairment Charge

As described in Note 1. Summary of Significant Accounting Policies, as a result of entering into a merger agreement with SSB and due to the Company's stock price trading below book value through June 30, 2024, the Company recorded a $518.0 million goodwill impairment charge included in noninterest expense in the consolidated financial statements. This impairment charge has negatively affected the Company's earnings for the six months ended June 30, 2024, reducing net income by $516.8 million (after tax) or $12.50 per diluted share.

Discussion and Analysis of Results of Operations for the Three and Six Months Ended June 30, 2024 and 2023

The following discussion and analysis of the Company's results of operations compares the operations for the three and six months ended June 30, 2024 with the three and six months ended June 30, 2023. The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results of operations that may be expected for all of the year ending December 31, 2024.

Results of Operations

For the three months ended ~~March~~June 3130, 2024, the Company had a net ~~income~~loss of $24493.25 million ($0(11.5893) per common share on a diluted basis) compared with net ~~loss~~income of $3733.51 million ($(0.~~91)~~80 per common share on a diluted basis) for the three months ended ~~March~~June 3130, 2023. The Company posted annualized returns on average equity of 4(87.0553)% and (65.~~39)~~62%, returns on average assets of 0(10.5155)% and (0.~~83)~~71% and efficiency ratios of 73509.6832% and ~~132~~64.4168% for the three months ended ~~March~~June 3130, 2024 and 2023, respectively. The efficiency ratio is calculated by dividing total noninterest expense (which excludes the provision for credit losses and the amortization of other intangible assets) by net interest income plus noninterest income.

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For the six months ended June 30, 2024, net loss was $469.3 million ($(11.35) per common share on a diluted basis) compared with net loss of $4.4 million ($(0.11) per common share on a diluted basis) for the six months ended June 30, 2023. The Company posted annualized returns on average equity of (40.45)% and (0.38)%, returns on average assets of (5.00)% and (0.05)% and efficiency ratios of 293.99% and 100.18% for the six months ended June 30, 2024 and 2023, respectively.

Net Interest Income

The Company’s net interest income is its interest income, net of interest expenses. Changes in the balances of the Company’s interest-earning assets and its interest-bearing liabilities, as well as changes in the market interest rates, affect the Company’s net interest income. The difference between the Company’s average yield on earning assets and its average rate paid for interest-bearing liabilities is its net interest spread. Noninterest-bearing sources of funds, such as demand deposits and stockholders’ equity, also support the Company’s earning assets. The impact of the noninterest-bearing sources of funds is reflected in the Company’s net interest margin, which is calculated as annualized net interest income divided by average earning assets.

Net interest income was $~~103~~105.01 million for the three months ended ~~March~~June 3130, 2024, a decrease of $248.95 million, or 197.54%, from $~~127~~113.96 million for the three months ended ~~March~~June 3130, 2023. The decrease in net interest income was primarily ~~driven~~due byto the increased funding costs on our deposit products, including ~~an increase of $25.4 million in interest expense paid on increased average~~ brokered deposits ~~of $1.8 billion, as well as FHLB advances and other borrowings~~ due to ~~Fed~~the ~~rate~~rising ~~increases~~interest ~~over~~rate ~~the~~environment ~~last~~during ~~year~~2023 offset to a lesser extent by increased earnings on ~~interest-earning~~average ~~assets,~~loan ~~primarily loans and interest-bearing cash accounts~~balances. Average interest-earning assets increased $~~734~~298.26 million or 41.58%, to $17.1 billion for the three months ended ~~March~~June 3130, 2024 compared to $16.48 billion for the three months ended ~~March~~June 3130, 2023. The increase is primarily due to higher average loan balances, which increased approximately $~~681~~608.90 million, due to organic growth primarily occurring during the second half of 2023 ~~and~~offset ~~increases~~by decreases in ~~interest-bearing~~average ~~cash~~securities ~~balances~~ of ~~approximately~~ $~~151~~97.79 million, ~~offset~~and byinterest-bearing ~~decreases~~cash inbalances ~~average securities~~ of $99211.45 million. The yield on average interest-earning assets increased 5548 basis points from 45.9814% for the three months ended ~~March~~June 3130, 2023 to 5.5362% for the three months ended ~~March~~June 3130, 2024. The increase in asset yield from the prior year is primarily a result of increases in the ~~Fed~~benchmark ~~Funds~~rates ~~rate~~over ~~for~~ the ~~year~~last ~~over~~ year ~~period~~. The average cost of interest-bearing liabilities increased ~~148~~79 basis points to 4.1116% for the three months ended ~~March~~June 3130, 2024 compared to 23.6337% for the three months ended ~~March~~June 3130, 2023. The increase is reflective of higher funding costs, primarily on deposit products, ~~including~~as ~~the~~a ~~increase~~result inof ~~brokered~~Fed ~~deposits~~Funds ~~interest~~rate ~~expense~~increases asin ~~mentioned above~~2023, asoffset ~~well~~by asdecreased costs on FHLB advances, ~~and~~primarily ~~other~~due ~~short-term~~to ~~borrowings~~lower asholdings based on liquidity needs resulting in a ~~result~~shift ofin ~~Fed~~funding ~~Funds~~sources ~~rate~~for ~~increases~~the year-over-year period. Also contributing was the shift from non-interest bearing deposits into interest-bearing products during the year over year period as well as an increase in higher cost brokered deposits. The aforementioned changes resulted in an 7524 basis point decrease in the net interest margin for the three months ended ~~March~~June 3130, 2024 at 2.4247% compared to 32.1771% for the three months ended ~~March~~June 3130, 2023. The decrease was primarily due to increased funding costs on deposits, FHLB advances and other short-term borrowings resulting from continued Fed rate increases over the year, offset to a lesser extent, by higher earnings on loans due both to rate increases and organic loan growth for the year over year period as well as higher earnings on interest-bearing cash balances due to rate increases.

42Net interest income was $208.2 million for the six months ended June 30, 2024, a decrease of $33.4 million, or 13.8%, from $241.5 million for the six months ended June 30, 2023. The decrease was primarily driven by the increased funding costs on our deposit products as a result of the multiple Fed rate increases in 2023 offset to a lesser extent by increased earnings on interest-earning assets, primarily average loans. Average interest-earning assets increased $515.2 million or 3.1%, to $17.1 billion for the six months ended June 30, 2024 compared to $16.6 billion for the six months ended June 30, 2023. The increase was driven by increases in average loan balances of $644.7 million due to organic growth, offset by decreased average interest-bearing cash balances of $30.9 million and average securities balances of $98.6 million. The average yield on interest-earning assets increased 52 basis points from 5.06% for the six months ended June 30, 2023 to 5.58% for the six months ended June 30, 2024 while the average rate paid on interest-bearing liabilities increased 112 basis points from 3.02% for the six months ended June 30, 2023 to 4.14% for the six months ended June 30, 2024. The net interest margin for the six months ended June 30, 2024 decreased 49 basis points to 2.45% compared to 2.94% for the six months ended June 30, 2023 due primarily to increased funding costs on deposits resulting from Fed rate increases during 2023, offset to a lesser extent by higher earnings on loans due to organic growth occurring in the last half of 2023.

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Average Balance Sheet Amounts, Interest Earned and Yield Analysis. The following table presents average balance sheet information, interest income, interest expense and the corresponding average yields earned and rates paid for the three and six months ended ~~March~~June 3130, 2024 and 2023. The average balances are principally daily averages and, for loans, include both performing and nonperforming balances.

Three Months Ended March 31,

Three Months Ended June 30,

2024

2023

(dollars in thousands)

AverageOutstandingBalance

Interest

Yield/Rate (4)

AverageOutstandingBalance

Interest

Yield/Rate (4)

Interest-earning assets:

Loans (1)

14,~~613~~635,~~613~~773

~~215~~219,~~511~~291

56.9303

1314,~~931~~027,~~726~~773

~~184~~193,~~294~~612

5.3654

Taxable securities

1,~~390~~385,~~812~~384

78,~~645~~032

2.2133

1,~~464~~456,~~977~~873

7,~~858~~791

2.1814

Nontaxable securities

~~398~~392,~~313~~178

2,~~518~~524

2.5459

~~423~~418,~~557~~575

2,~~603~~586

2.4948

Interest-bearing deposits and other

~~702~~682,~~665~~216

9,~~531~~238

5.4645

~~550~~893,~~963~~752

611,~~421~~305

45.7307

Total interest-earning assets

17,~~105~~095,~~403~~551

~~235~~239,~~205~~085

5.5362

16,~~371~~796,~~223~~973

~~201~~215,~~176~~294

45.9814

Noninterest-earning assets

1,~~832~~708,~~605~~326

1,~~857~~855,~~298~~477

Total assets

18,~~938~~803,~~008~~877

18,~~228~~652,~~521~~450

Interest-bearing liabilities:

Checking accounts

5,~~547~~446,~~926~~233

49,~~899~~661

3.6267

65,~~273~~646,~~149~~603

3841,~~893~~943

2.5198

Savings accounts

~~533~~514,~~485~~419

~~164~~225

0.1218

~~728~~638,~~851~~292

9083

0.05

Money market accounts

12,~~869~~020,~~226~~883

1921,~~453~~072

4.19

1,~~777~~421,~~249~~920

1211,~~434~~012

23.8411

Certificates of deposit

4,~~291~~349,~~077~~560

5254,~~994~~290

45.97

Filing Compare · Independent Bank Group, Inc.