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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 September 30, 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 – 41,436,068 shares as of October 18, 2024.

INDEPENDENT BANK GROUP, INC. AND SUBSIDIARIES

Form 10-Q

September 30, 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	6
	Notes to Consolidated Financial Statements-Unaudited	8

Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	41

Item 3.	Quantitative and Qualitative Disclosures about Market Risk	65

Item 4.	Controls and Procedures	66

PART II.	Other Information

Item 1.	Legal Proceedings	67

Item 1A.	Risk Factors	67

Item 2	Unregistered Sales of Equity Securities and Use of Proceeds	67

Item 3.	Defaults Upon Senior Securities	68

Item 4.	Mine Safety Disclosures	68

Item 5.	Other Information	68

Item 6.	Exhibits	69

Signatures

***

Table of Contents

PART I

ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS

Independent Bank Group, Inc. and Subsidiaries

Consolidated Balance Sheets

September 30, 2024 (unaudited) and December 31, 2023

(Dollars in thousands, except share information)


	September 30,		December 31,
Assets	2024		2023
Cash and due from banks	$	103,157	$	98,396
Interest-bearing deposits in other banks	1,244,898		623,593

Cash and cash equivalents	1,348,055		721,989
Certificates of deposit held in other banks	—		248
Securities available for sale, at fair value	1,510,572		1,593,751
Securities held to maturity, net of allowance for credit losses of $0 and $0, respectively, fair value of $172,306 and $170,997, respectively	203,863		205,232
Loans held for sale (includes $10,037 and $12,016 carried at fair value, respectively)	12,806		16,420
Loans, net of allowance for credit losses of $150,285 and $151,861, respectively	14,138,644		14,558,681
Premises and equipment, net	350,252		355,833
Other real estate owned	8,685		9,490
Federal Home Loan Bank (FHLB) of Dallas stock and other restricted stock	14,489		34,915
Bank-owned life insurance (BOLI)	250,276		245,497
Deferred tax asset	67,733		92,665
Goodwill	476,021		994,021
Other intangible assets, net	41,639		50,560
Other assets	160,114		155,800
Total assets	$	18,583,149	$	19,035,102

Liabilities and Stockholders’ Equity
Deposits:
Noninterest-bearing	$	3,447,184	$	3,530,704
Interest-bearing	12,547,884		12,192,331
Total deposits	15,995,068		15,723,035
FHLB advances	—		350,000

Other borrowings	454,762		271,821

Junior subordinated debentures	54,766		54,617
Other liabilities	129,655		233,036
Total liabilities	16,634,251		16,632,509
Commitments and contingencies	—		—
Stockholders’ equity:
Preferred stock (0 and 0 shares outstanding, respectively)	—		—
Common stock (41,439,096 and 41,281,919 shares outstanding, respectively)	414		413
Additional paid-in capital	1,974,143		1,966,686
Retained earnings	117,652		616,724

Accumulated other comprehensive loss	(143,311)		(181,230)
Total stockholders’ equity	1,948,898		2,402,593
Total liabilities and stockholders’ equity	$	18,583,149	$	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 Nine Months Ended September 30, 2024 and 2023 (unaudited)

(Dollars in thousands, except per share information)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Interest income:
Interest and fees on loans	$	221,169	$	202,725	$	655,971	$	580,631
Interest on taxable securities	7,174		7,674		22,851		23,323
Interest on nontaxable securities	2,482		2,558		7,524		7,747
Interest on interest-bearing deposits and other	10,891		9,787		29,660		27,513
Total interest income	241,716		222,744		716,006		639,214
Interest expense:
Interest on deposits	127,075		102,600		374,833		243,005
Interest on FHLB advances	—		6,054		4,605		29,903
Interest on other borrowings	6,573		3,808		17,871		12,248
Interest on junior subordinated debentures	1,230		1,233		3,680		3,480
Total interest expense	134,878		113,695		400,989		288,636
Net interest income	106,838		109,049		315,017		350,578
Provision for credit losses	4,700		340		1,500		650
Net interest income after provision for credit losses	102,138		108,709		313,517		349,928
Noninterest income:
Service charges on deposit accounts	3,617		3,568		10,803		10,436
Investment management fees	2,765		2,470		8,222		7,215
Mortgage banking revenue	1,682		1,774		4,857		5,646
Mortgage warehouse purchase program fees	617		555		1,812		1,414
(Loss) gain on sale of loans	—		(7)		74		(14)


Gain on sale of other real estate	—		—		13		—


(Loss) gain on sale and disposal of premises and equipment	(9)		(56)		(20)		345
Increase in cash surrender value of BOLI	1,652		1,465		4,779		4,252
Other	3,137		3,877		9,224		11,201
Total noninterest income	13,461		13,646		39,764		40,495
Noninterest expense:
Salaries and employee benefits	50,039		43,618		146,432		136,833
Occupancy	12,326		12,408		36,951		35,607
Communications and technology	7,937		6,916		23,298		21,202
FDIC assessment	4,196		3,653		13,154		10,171
Advertising and public relations	479		587		1,747		2,195
Other real estate owned expenses (income), net	141		(253)		169		(482)
Impairment of other real estate	—		—		345		2,200
Amortization of other intangible assets	2,893		3,111		8,921		9,333
Litigation settlement	—		—		—		102,500
Professional fees	1,296		1,262		4,406		6,112
Acquisition expense, including legal	460		—		2,798		—
Goodwill impairment	—		—		518,000		—
Other	10,129		10,032		29,059		30,748
Total noninterest expense	89,896		81,334		785,280		356,419
Income (loss) before taxes	25,703		41,021		(431,999)		34,004
Income tax expense	5,266		8,246		16,869		5,662
Net income (loss)	$	20,437	$	32,775	$	(448,868)	$	28,342
Basic earnings (loss) per share	$	0.49	$	0.79	$	(10.85)	$	0.69
Diluted earnings (loss) per share	$	0.49	$	0.79	$	(10.85)	$	0.69

See Notes to Consolidated Financial Statements

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Consolidated Statements of Comprehensive Income (Loss)

Three and Nine Months Ended September 30, 2024 and 2023 (unaudited)

(Dollars in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net income (loss)	$	20,437	$	32,775	$	(448,868)	$	28,342
Other comprehensive income (loss) before tax:
Unrealized gains (losses) on securities:
Unrealized gains (losses) arising during the period	56,282		(47,756)		45,401		(47,994)
Tax effect	11,819		(10,029)		9,534		(10,079)
Unrealized gains (losses) arising during the period, net of tax	44,463		(37,727)		35,867		(37,915)
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities	(5)		(5)		(15)		(15)
Tax effect	(1)		(1)		(3)		(3)
Change in net unamortized gains on available for sale securities reclassified into held to maturity securities, net of tax	(4)		(4)		(12)		(12)



Change in unrealized gains (losses) on securities, net of tax	44,459		(37,731)		35,855		(37,927)

Unrealized gains (losses) on derivative financial instruments:
Unrealized holding gains (losses) arising during the period	1,844		(1,720)		(752)		(3,347)
Tax effect	387		(361)		(158)		(703)
Unrealized gains (losses) arising during the period, net of tax	1,457		(1,359)		(594)		(2,644)
Reclassification of amount of losses recognized into income	1,121		1,113		3,365		3,032
Tax effect	235		234		707		637
Reclassification of amount of losses recognized into income, net of tax	886		879		2,658		2,395
Change in unrealized gains (losses) on derivative financial instruments	2,343		(480)		2,064		(249)
Other comprehensive income (loss), net of tax	46,802		(38,211)		37,919		(38,176)
Comprehensive income (loss)	$	67,239	$	(5,436)	$	(410,949)	$	(9,834)

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 September 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
Three Months Ended





















Balance, June 30, 2024	$	—	41,376,169	$	414	$	1,972,019	$	114,763	$	(190,113)	$	1,897,083
Net income	—		—	—		—		20,437		—		20,437
Other comprehensive income, net of tax	—		—	—		—		—		46,802		46,802
Common stock repurchased	—		(33,089)	(1)		—		(1,712)		—		(1,713)
Restricted stock forfeited	—		(8,211)	—		—		—		—		—
Restricted stock granted	—		104,227	1		(1)		—		—		—
Stock based compensation expense	—		—	—		2,125		—		—		2,125
Cash dividends ($0.38 per share)	—		—	—		—		(15,836)		—		(15,836)
Balance, September 30, 2024	$	—	41,439,096	$	414	$	1,974,143	$	117,652	$	(143,311)	$	1,948,898

Three Months Ended

























Balance, June 30, 2023	$	—	41,279,460	$	413	$	1,964,341	$	600,829	$	(212,541)	$	2,353,042

Net income	—		—	—		—		32,775		—		32,775
Other comprehensive loss, net of tax	—		—	—		—		—		(38,211)		(38,211)
Common stock repurchased	—		(11,476)	—		—		(418)		—		(418)
Restricted stock forfeited	—		(1,123)	—		—		—		—		—
Restricted stock granted	—		17,142	—		—		—		—		—
Stock based compensation expense	—		—	—		423		—		—		423

Cash dividends ($0.38 per share)	—		—	—		—		(15,513)		—		(15,513)
Balance, September 30, 2023	$	—	41,284,003	$	413	$	1,964,764	$	617,673	$	(250,752)	$	2,332,098

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Consolidated Statements of Changes in Stockholders’ Equity (Continued)

Nine Months Ended September 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
Nine Months Ended
Balance, December 31, 2023	$	—	41,281,919	$	413	$	1,966,686	$	616,724	$	(181,230)	$	2,402,593


Net loss	—		—	—		—		(448,868)		—		(448,868)
Other comprehensive income, net of tax	—		—	—		—		—		37,919		37,919

Common stock repurchased	—		(57,855)	(1)		—		(2,859)		—		(2,860)
Restricted stock forfeited	—		(14,203)	—		—		—		—		—
Restricted stock granted	—		229,235	2		(2)		—		—		—
Stock based compensation expense	—		—	—		7,459		—		—		7,459
Cash dividends ($1.14 per share)	—		—	—		—		(47,345)		—		(47,345)
Balance, September 30, 2024	$	—	41,439,096	$	414	$	1,974,143	$	117,652	$	(143,311)	$	1,948,898

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


Net income	—		—	—		—		28,342		—		28,342
Other comprehensive loss, net of tax	—		—	—		—		—		(38,176)		(38,176)

Common stock repurchased	—		(38,739)	—		—		(2,057)		—		(2,057)
Restricted stock forfeited	—		(4,844)	—		—		—		—		—
Restricted stock granted	—		136,909	1		(1)		—		—		—
Stock based compensation expense	—		—	—		5,572		—		—		5,572

Cash dividends ($1.14 per share)	—		—	—		—		(46,966)		—		(46,966)
Balance, September 30, 2023	$	—	41,284,003	$	413	$	1,964,764	$	617,673	$	(250,752)	$	2,332,098

See Notes to Consolidated Financial Statements

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2024 and 2023 (unaudited)

(Dollars in thousands)


	Nine Months Ended September 30,
	2024		2023
Cash flows from operating activities:
Net (loss) income	$	(448,868)	$	28,342
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation expense	14,694		13,629
Accretion income recognized on loans	(2,815)		(3,013)
Amortization of other intangibles assets	8,921		9,333
Amortization of premium on securities, net	3,599		5,512
Amortization of discount and origination costs on borrowings	605		999
Stock based compensation expense	7,459		5,572
Goodwill impairment	518,000		—
Excess tax expense on restricted stock vested	259		216
FHLB stock dividends	(876)		(2,296)

Loss (gain) on sale and disposal of premises and equipment	20		(345)
(Gain) loss on sale of loans	(74)		14


Gain on sale of other real estate owned	(13)		—

Impairment of other real estate	345		2,200
Impairment of other assets	—		955
Deferred tax expense (benefit)	14,852		(17,841)
Provision for credit losses	1,500		650
Increase in cash surrender value of BOLI	(4,779)		(4,252)
Excess benefit claim on BOLI	—		(522)
Net gain on mortgage loans held for sale	(3,776)		(3,725)
Originations of loans held for sale	(170,950)		(208,360)
Proceeds from sale of loans held for sale	178,340		205,327
Net change in other assets	816		(682)
Net change in other liabilities	(105,674)		88,839
Net cash provided by operating activities	11,585		120,552
Cash flows from investing activities:
Investment securities available for sale:
Proceeds from maturities, calls and paydowns	6,875,032		102,747

Purchases	(6,748,697)		(9,018)




Proceeds from maturities of certificates of deposit held in other banks	248		248
Proceeds from benefit claim of BOLI	—		1,242

Purchases of FHLB stock and other restricted stock	(13,700)		(79,084)
Proceeds from redemptions of FHLB stock and other restricted stock	34,843		79,320
Proceeds from sale of loans	22,964		4,188
Net loans paid (originated) held for investment	238,811		(166,699)
Originations of mortgage warehouse purchase loans	(10,588,497)		(8,510,472)
Proceeds from pay-offs of mortgage warehouse purchase loans	10,745,495		8,380,269
Additions to premises and equipment	(9,133)		(15,812)
Proceeds from sale of premises and equipment	—		681
Proceeds from sale of other real estate owned	2,613		—







Net cash provided by (used in) investing activities	559,979		(212,390)

Table of Contents

Independent Bank Group, Inc. and Subsidiaries

Consolidated Statements of Cash Flows (Continued)

Nine Months Ended September 30, 2024 and 2023 (unaudited)

(Dollars in thousands)


	Nine Months Ended September 30,
	2024		2023
Cash flows from financing activities:
Net increase (decrease) in demand deposits, money market and savings accounts	334,047		(2,284,130)
Net (decrease) increase in time deposits	(62,014)		2,503,682
Proceeds from FHLB advances	1,650,000		12,595,000
Repayments of FHLB advances	(2,000,000)		(12,620,000)

Proceeds from other borrowings	399,869		100,000
Repayments of other borrowings	(217,384)		(96,250)


Repurchase of common stock	(2,860)		(2,057)


Dividends paid	(47,156)		(47,020)
Net cash provided by financing activities	54,502		149,225
Net change in cash and cash equivalents	626,066		57,387
Cash and cash equivalents at beginning of period	721,989		654,322
Cash and cash equivalents at end of period	$	1,348,055	$	711,709

See Notes to Consolidated Financial Statements

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 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 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, IBG 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.

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)

Goodwill impairment 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 first half of 2024, continued market volatility in the banking sector resulted in declines in the Company's stock price and market capitalization. Management believed such declines were triggering indicators requiring an interim goodwill impairment quantitative analysis for first quarter 2024. Based on an analysis performed, the Company's estimated fair value to a market participant as of March 31, 2024, exceeded its carrying amount resulting in no impairment charge for the period.

Throughout the second 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 definitive agreement on May 17, 2024 whereby the implied consideration of the merger transaction was less than the Company's book value. The Company determined such events indicated that goodwill related to its single reporting unit may be impaired and resulted in the Company performing interim goodwill impairment assessments during the second quarter of 2024. The Company determined the estimated fair market value of 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 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 and had no impact on the Company's regulatory capital ratios, cash flows, or liquidity position.

During the third quarter 2024, market conditions in the industry stabilized and stock values for both SSB and the Company increased resulting in the Company's implied value, as noted above, exceeding its book value as of September 30, 2024, and indicating no further decline in value that would trigger an interim assessment or additional impairment charge.

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



Balance, December 31, 2023	$	994,021
Goodwill impairment charge	(518,000)
Balance, September 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 nine months ended September 30, 2024 and 2023. Additionally, performance stock units were not included in dilutive shares for the nine months ended September 30, 2024 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.

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)

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Basic earnings (loss) per share:
Net income (loss)	$	20,437	$	32,775	$	(448,868)	$	28,342
Less:
Undistributed earnings (loss) allocated to participating securities	30		31		(2,081)		(43)
Dividends paid on participating securities	101		29		198		110
Net income (loss) available to common shareholders	$	20,306	$	32,715	$	(446,985)	$	28,275
Weighted average basic shares outstanding	41,166,190		41,209,088		41,204,407		41,166,274
Basic earnings (loss) per share	$	0.49	$	0.79	$	(10.85)	$	0.69
Diluted earnings (loss) per share:
Net income (loss) available to common shareholders	$	20,306	$	32,715	$	(446,985)	$	28,275
Total weighted average basic shares outstanding	41,166,190		41,209,088		41,204,407		41,166,274
Add dilutive performance stock units	64,877		96,070		—		91,025

Total weighted average diluted shares outstanding	41,231,067		41,305,158		41,204,407		41,257,299
Diluted earnings (loss) per share	$	0.49	$	0.79	$	(10.85)	$	0.69
Anti-dilutive participating securities	68,889		18,639		48,353		36,484
Anti-dilutive performance stock units	—		—		95,687		—

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:


	Nine Months Ended September 30,
	2024		2023
Cash transactions:
Interest expense paid	$	399,459	$	263,694
Income taxes paid	$	9,942	$	18,781
Noncash transactions:

Deferred dividend equivalents	$	189	$	(54)
Transfer of loans to other real estate owned	$	2,140	$	—





Right-of-use assets obtained in exchange for lease liabilities	$	4,986	$	6,625
Loans purchased, not yet settled	$	—	$	19,095
Transfer of bank premises to other real estate	$	—	$	805

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 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 September 30, 2024 and December 31, 2023 are as follows:


	Amortized Cost (1)		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Securities Available for Sale
September 30, 2024
U.S. treasuries	$	174,727	$	—	$	(8,635)	$	166,092
Government agency securities	467,575		—		(56,056)		411,519
Obligations of state and municipal subdivisions	221,455		126		(7,937)		213,644
Corporate bonds	43,000		—		(5,300)		37,700
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA	779,865		183		(98,931)		681,117
Other securities	500		—		—		500
	$	1,687,122	$	309	$	(176,859)	$	1,510,572

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
September 30, 2024
Obligations of state and municipal subdivisions	$	203,863	$	232	$	(31,789)	$	172,306

December 31, 2023
Obligations of state and municipal subdivisions	$	205,232	$	264	$	(34,499)	$	170,997

____________

(1) Excludes accrued interest receivable of $5,942 and $7,129 on available for sale and $915 and $2,365 on held to maturity securities at September 30, 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 September 30, 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.


	September 30, 2024
	Available for Sale				Held to Maturity
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	86,910	$	85,919	$	—	$	—
Due from one year to five years	352,225		331,152		—		—
Due from five to ten years	339,546		299,687		—		—
Thereafter	128,576		112,697		203,863		172,306
	907,257		829,455		203,863		172,306
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA	779,865		681,117		—		—
	$	1,687,122	$	1,510,572	$	203,863	$	172,306

Securities with a fair value of approximately $1,118,207 and $950,604 at September 30, 2024 and December 31, 2023, respectively, were pledged primarily to secure deposits.

There were no sales of securities during the three and nine months ended September 30, 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 September 30, 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	Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses		Estimated Fair Value		Unrealized Losses
Securities Available for Sale
September 30, 2024
U.S. treasuries	$	—	$	—	$	166,092	$	(8,635)	$	166,092	$	(8,635)
Government agency securities	—		—		411,519		(56,056)		411,519		(56,056)
Obligations of state and municipal subdivisions	1,970		—		163,026		(7,937)		164,996		(7,937)
Corporate bonds	—		—		34,700		(5,300)		34,700		(5,300)
Mortgage-backed securities guaranteed by FHLMC, FNMA and GNMA	—		—		675,613		(98,931)		675,613		(98,931)

	$	1,970	$	—	$	1,450,950	$	(176,859)	$	1,452,920	$	(176,859)
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 September 30, 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 September 30, 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 September 30, 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 September 30, 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 September 30, 2024.

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

Loans, net, at September 30, 2024 and December 31, 2023, consisted of the following:


	September 30,		December 31,
	2024		2023
Commercial	$	2,123,443	$	2,266,851
Mortgage warehouse purchase loans	392,691		549,689
Real estate:
Commercial	8,311,344		8,289,124
Commercial construction, land and land development	1,140,863		1,231,484
Residential	1,702,293		1,669,786
Single-family interim construction	430,283		517,928
Agricultural	113,851		109,451
Consumer	74,161		76,229
Total loans (1)	14,288,929		14,710,542
Allowance for credit losses	(150,285)		(151,861)
Total loans, net (1)	$	14,138,644	$	14,558,681

____________

(1) Excludes accrued interest receivable of $53,186 and $54,563 at September 30, 2024 and December 31, 2023, respectively, that is recorded in other assets on the accompanying consolidated balance sheets.

Loans with carrying amounts of $7,701,144 and $8,109,607 at September 30, 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 September 30, 2024 and December 31, 2023, there were approximately $660,931 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 September 30, 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 September 30, 2024, loans in the North Texas region represented about 34% of the total portfolio, followed by the Colorado Front Range region at about 27%, the Houston region at 26% 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 September 30, 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 nine months ended September 30, 2024 and 2023:


	Commercial		Commercial Real Estate		Commercial Construction, Land and Land Development		Residential Real Estate		Single-Family Interim Construction		Agricultural		Consumer		Total
Three months ended September 30, 2024
Balance at beginning of period	$	35,165	$	64,231	$	24,735	$	7,482	$	12,718	$	556	$	436	$	145,323
Provision for credit losses	(428)		5,371		(2,475)		3,487		(1,124)		(7)		29		4,853
Charge-offs	—		—		—		(44)		—		(17)		—		(61)
Recoveries	41		29		100		—		—		—		—		170
Balance at end of period	$	34,778	$	69,631	$	22,360	$	10,925	$	11,594	$	532	$	465	$	150,285

Nine months ended September 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	1,058		9,469		(9,234)		4,052		(3,261)		(196)		125		2,013
Charge-offs	(1,149)		—		—		(44)		(2,582)		(17)		(39)		(3,831)
Recoveries	76		66		100		—		—		—		—		242
Balance at end of period	$	34,778	$	69,631	$	22,360	$	10,925	$	11,594	$	532	$	465	$	150,285

Three months ended September 30, 2023
Balance at beginning of period	$	34,581	$	54,079	$	33,462	$	6,047	$	18,333	$	830	$	472	$	147,804
Provision for credit losses	(491)		6,544		(3,704)		180		(1,578)		(11)		(58)		882
Charge-offs	(525)		—		—		—		—		(6)		—		(531)
Recoveries	69		—		20		—		—		5		—		94
Balance at end of period	$	33,634	$	60,623	$	29,778	$	6,227	$	16,755	$	818	$	414	$	148,249

Nine months ended September 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	(20,731)		(455)		13,167		2,777		4,938		612		(79)		229
Charge-offs	(593)		—		(1,196)		—		—		(6)		(9)		(1,804)
Recoveries	921		—		111		—		—		5		—		1,037
Balance at end of period	$	33,634	$	60,623	$	29,778	$	6,227	$	16,755	$	818	$	414	$	148,249

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.

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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 loans that were evaluated for expected credit losses on an individual basis and the related specific credit loss allocations, by loan class as of September 30, 2024 and December 31, 2023:


	September 30, 2024				December 31, 2023
	Loan Balance		Specific Allocations		Loan Balance		Specific Allocations
Commercial	$	23,364	$	16,511	$	21,534	$	11,662
Commercial real estate	30,456		3,791		25,672		3,567
Commercial construction, land and land development	—		—		—		—
Residential real estate	—		—		—		—
Single-family interim construction	—		—		—		—
Agricultural	—		—		75		19
Consumer	—		—		—		—
	$	53,820	$	20,302	$	47,281	$	15,248

Nonperforming loans by loan class at September 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
September 30, 2024
Nonaccrual loans (1)	$	23,398	$	31,122	$	8	$	1,415	$	—	$	—	$	—	$	55,943
Loans past due 90 days and still accruing	156		2,903		—		266		—		—		—		3,325
Total nonperforming loans	$	23,554	$	34,025	$	8	$	1,681	$	—	$	—	$	—	$	59,268
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 $2,574 and $14 in loans on nonaccrual without an allowance for credit loss as of September 30, 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 nine months ended September 30, 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.

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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)

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 and nine months ended September 30, 2024 and 2023, the Company did not provide any modifications under these circumstances to borrowers experiencing financial difficulty.

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 September 30, 2024 and as of December 31, 2023:


	Loans 30-89 Days Past Due		Loans 90 Days or More Past Due		Total Past Due Loans		Current Loans		Total Loans
September 30, 2024
Commercial	$	2,520	$	6,860	$	9,380	$	2,114,063	$	2,123,443
Mortgage warehouse purchase loans	—		—		—		392,691		392,691
Commercial real estate	2,237		32,898		35,135		8,276,209		8,311,344
Commercial construction, land and land development	1,366		—		1,366		1,139,497		1,140,863
Residential real estate	3,341		816		4,157		1,698,136		1,702,293
Single-family interim construction	—		—		—		430,283		430,283
Agricultural	70		—		70		113,781		113,851
Consumer	109		—		109		74,052		74,161
	$	9,643	$	40,574	$	50,217	$	14,238,712	$	14,288,929
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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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 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.

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 September 30, 2024 and December 31, 2023:


															Revolving Loans Converted to Term Loans
	Term Loans by Year of Origination or Renewal												Revolving Loans
September 30, 2024	2024		2023		2022		2021		2020		Prior						Total
Commercial
Pass	$	101,103	$	172,613	$	160,806	$	176,494	$	58,053	$	238,809	$	998,439	$	1,614	$	1,907,931
Pass/Watch	—		1,970		404		41,515		103		3,620		47,483		—		95,095
Special Mention	1,204		—		13,653		—		603		79		58,088		—		73,627
Substandard	19,718		5,900		92		9,042		376		2,931		8,717		14		46,790
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial	$	122,025	$	180,483	$	174,955	$	227,051	$	59,135	$	245,439	$	1,112,727	$	1,628	$	2,123,443
Current period gross write-offs	$	—	$	254	$	—	$	217	$	—	$	678	$	—	$	—	$	1,149

Mortgage warehouse purchase loans
Pass	$	392,691	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	392,691
Pass/Watch	—		—		—		—		—		—		—		—		—
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total mortgage warehouse purchase loans	$	392,691	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	392,691
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
September 30, 2024	2024		2023		2022		2021		2020		Prior						Total
Commercial real estate
Pass	$	536,422	$	927,564	$	2,486,116	$	1,786,317	$	829,127	$	1,041,223	$	58,935	$	2,521	$	7,668,225
Pass/Watch	31,256		38,940		106,574		125,540		23,522		47,897		—		19		373,748
Special Mention	25,570		48,733		56,576		22,640		22,017		12,250		—		—		187,786
Substandard	15,823		247		17,665		19,916		21,630		6,304		—		—		81,585
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial real estate	$	609,071	$	1,015,484	$	2,666,931	$	1,954,413	$	896,296	$	1,107,674	$	58,935	$	2,540	$	8,311,344
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Commercial construction, land and land development
Pass	$	301,019	$	310,896	$	340,515	$	95,314	$	30,471	$	15,712	$	15,906	$	—	$	1,109,833
Pass/Watch	2,568		20,010		8,296		22		—		48		—		—		30,944
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	54		—		24		—		—		8		—		—		86
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total commercial construction, land and land development	$	303,641	$	330,906	$	348,835	$	95,336	$	30,471	$	15,768	$	15,906	$	—	$	1,140,863
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Residential real estate
Pass	$	111,309	$	179,369	$	522,432	$	334,123	$	187,276	$	241,859	$	85,826	$	994	$	1,663,188
Pass/Watch	1,862		—		5,413		203		17,934		3,638		85		—		29,135
Special Mention	—		257		—		2,455		616		2,356		—		—		5,684
Substandard	231		152		648		7		545		2,502		201		—		4,286
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total residential real estate	$	113,402	$	179,778	$	528,493	$	336,788	$	206,371	$	250,355	$	86,112	$	994	$	1,702,293
Current period gross write-offs	$	—	$	—	$	44	$	—	$	—	$	—	$	—	$	—	$	44

Single-family interim construction
Pass	$	211,334	$	118,085	$	18,492	$	6,153	$	—	$	—	$	60,507	$	—	$	414,571
Pass/Watch	6,174		387		—		—		—		—		9,151		—		15,712
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total single-family interim construction	$	217,508	$	118,472	$	18,492	$	6,153	$	—	$	—	$	69,658	$	—	$	430,283
Current period gross write-offs	$	—	$	736	$	1,846	$	—	$	—	$	—	$	—	$	—	$	2,582

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
September 30, 2024	2024		2023		2022		2021		2020		Prior						Total
Agricultural
Pass	$	12,218	$	14,216	$	33,612	$	21,408	$	8,943	$	10,937	$	10,407	$	17	$	111,758
Pass/Watch	—		—		1,458		—		—		—		—		—		1,458
Special Mention	—		—		—		—		—		—		600		—		600
Substandard	—		—		—		35		—		—		—		—		35
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total agricultural	$	12,218	$	14,216	$	35,070	$	21,443	$	8,943	$	10,937	$	11,007	$	17	$	113,851
Current period gross write-offs	$	—	$	—	$	—	$	—	$	—	$	17	$	—	$	—	$	17

Consumer
Pass	$	8,656	$	3,030	$	1,350	$	430	$	7,796	$	1,407	$	49,563	$	13	$	72,245
Pass/Watch	—		—		—		1,916		—		—		—		—		1,916
Special Mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
Doubtful	—		—		—		—		—		—		—		—		—
Loss	—		—		—		—		—		—		—		—		—
Total consumer	$	8,656	$	3,030	$	1,350	$	2,346	$	7,796	$	1,407	$	49,563	$	13	$	74,161
Current period gross write-offs	$	—	$	35	$	—	$	—	$	—	$	4	$	—	$	—	$	39

Total loans
Pass	$	1,674,752	$	1,725,773	$	3,563,323	$	2,420,239	$	1,121,666	$	1,549,947	$	1,279,583	$	5,159	$	13,340,442
Pass/Watch	41,860		61,307		122,145		169,196		41,559		55,203		56,719		19		548,008
Special Mention	26,774		48,990		70,229		25,095		23,236		14,685		58,688		—		267,697
Substandard	35,826		6,299		18,429		29,000		22,551		11,745		8,918		14		132,782
Doubtful	—		—		—		—		—		—		—		—

Independent Bank Group, Inc. 10-Q