Independent Bank (US:IBTX) ZACKS·2024-07-25 01:31Core Insights - Independent Bank Group (IBTX) reported revenue of $118.58 million for the quarter ended June 2024, reflecting a year-over-year decline of 7.1% and an EPS of $0.60 compared to $0.82 a year ago [1] Financial Performance Metrics - Net interest margin stood at 2.5%, matching the four-analyst average estimate of 2.5% [4] - Average balance of total interest-earning assets was $17.10 billion, consistent with the three-analyst average estimate [4] - Net charge-offs to average loans were 0.1%, aligning with the three-analyst average estimate [4] - Nonperforming loans totaled $56.10 million, slightly below the two-analyst average estimate of $56.81 million [4] - Nonperforming assets were reported at $64.90 million, compared to the $67.87 million average estimate based on two analysts [4] - Net interest income was $105.15 million, slightly below the four-analyst average estimate of $106.65 million [4] - Total noninterest income reached $13.43 million, marginally below the $13.58 million average estimate based on four analysts [4] - Net interest income (FTE) was reported at $106.22 million, compared to the three-analyst average estimate of $107.70 million [4] Market Performance - The reported revenue of $118.58 million was below the Zacks Consensus Estimate of $120.25 million, resulting in a surprise of -1.39% [5] - The company delivered an EPS surprise of +5.26%, with the consensus EPS estimate being $0.57 [5] - Over the past month, shares of Independent Bank Group have returned +29.1%, significantly outperforming the Zacks S&P 500 composite's +1.8% change [6] - The stock currently holds a Zacks Rank 3 (Hold), indicating potential performance in line with the broader market in the near term [6]