Independent Bank Group, Inc. (NASDAQ:IBTX) Q3 2023 Earnings Conference Call October 24, 2023 8:30 AM ET

Company Participants

Ankita Puri - EVP and Chief Legal Officer

David Brooks - Chairman and CEO

Paul Langdale - CFO

Dan Brooks - Vice Chairman

Conference Call Participants

Brady Gailey - KBW

Stephen Scouten - Piper Sandler

Michael Rose - Raymond James

Brandon King - Truist Securities

Matt Olney - Stephens

Operator

Hello and welcome to the Independent Bank Group Q3 2023 Earnings Conference Call. [Operator Instructions] A question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It's now my pleasure to turn the call over to Ankita Puri, Executive Vice President and Chief Legal Officer. Please go ahead.

Ankita Puri

Good morning and welcome to the Independent Bank Group third quarter 2023 earnings call. We appreciate you joining us. The related earnings press release and investor presentation can be accessed on our website at ir.ifinancial.com. I would like to remind you that remarks made today may include forward-looking statements. Those statements are subject to risks and uncertainties that could cause actual and expected results to differ.

We intend such statements to be covered by Safe Harbor provisions for forward-looking statements. Please see Page 5 of the text in the release or Page 2 of the slide presentation for our Safe Harbor statement. All comments made during today's call are subject to that statement.

Please note, that if we give guidance about future results that guidance is a statement of management's beliefs at the time the statement is made and we assume no obligation to publicly update guidance. In this call, we will discuss several financial measures considered to be non-GAAP under the SEC's rule. Reconciliations of these financial measures to the most directly comparable GAAP financial measures are included in our release.

I'm joined this morning by our Chairman and Chief Executive Officer, David Brooks; our Vice Chairman, Dan Brooks; and our Chief Financial Officer, Paul Langdale. At the end of their remarks, David will open the call to questions.

And with that, I will turn it over to David.

David Brooks

Thank you, Ankita. Good morning, everyone, and thanks for joining the call today.

Third quarter earnings totaled $32.8 million or $0.79 per diluted share. During the quarter, we were pleased to see healthy organic core loan growth of 4.5% annualized, as demand began to pick up in our markets, while we did see some additional uptick in deposit costs due to the intra-quarter Fed increase.