Independent Bank (US:IBTX) ZACKS·2024-10-21 23:31Core Viewpoint - Independent Bank Group (IBTX) reported a decline in revenue and earnings for the quarter ended September 2024, indicating potential challenges in financial performance compared to previous periods and analyst expectations [1]. Financial Performance Summary - Revenue for the quarter was $120.3 million, down 2% year-over-year [1]. - Earnings per share (EPS) were $0.50, a decrease from $0.79 in the same quarter last year [1]. - The revenue reported was a surprise of -3.36% compared to the Zacks Consensus Estimate of $124.48 million [1]. - The EPS surprise was -29.58% against the consensus estimate of $0.71 [1]. Key Financial Metrics - Net interest margin was reported at 2.5%, slightly below the average estimate of 2.6% from two analysts [1]. - Efficiency Ratio stood at 72.3%, higher than the average estimate of 68.6% based on two analysts [1]. - Net Interest Income (FTE) was $107.97 million, compared to the average estimate of $111.05 million from two analysts [1]. - Total Noninterest Income was $13.46 million, slightly below the average estimate of $13.70 million from two analysts [1]. - Net Interest Income was reported at $106.84 million, compared to the average estimate of $109.95 million from two analysts [1]. Stock Performance - Shares of Independent Bank Group have returned +3% over the past month, while the Zacks S&P 500 composite returned +4.5% [2]. - The stock currently holds a Zacks Rank 2 (Buy), suggesting potential for outperformance in the near term [2].