Independent Bank Group, Inc. (NASDAQ:IBTX) Q1 2024 Earnings Conference Call April 23, 2024 8:30 AM ET

Company Participants

Ankita Puri – Executive Vice President and Chief Legal Officer
David Brooks – Chairman and Chief Executive Officer
Paul Langdale – Chief Financial Officer
Dan Brooks – Vice Chairman

Conference Call Participants

Brandon King – Truist Securities
Michael Rose – Raymond James
Catherine Mealor – KBW
Stephen Scouten – Piper Sandler
Matt Olney – Stephens

Operator

Greetings, and welcome to the Independent Bank Group First Quarter 2024 Earnings Call. At this time all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

I will now turn the call over to Ankita Puri, Executive Vice President and Chief Legal Officer. Thank you. You may begin.

Ankita Puri

Good morning, and welcome to the Independent Bank Group first quarter 2024 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 rules. 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. First quarter adjusted net income totaled $26 million, or $0.63 per diluted share, compared to $25.5 million, or $0.62 per diluted share, in the linked quarter. While the abrupt reversal in the rate markets and the non-interest bearing deposit trends early in the quarter, delayed the inflection of our NIM and NII, we were pleased to see continued steady performance on our fee lines and maintain expense discipline during the quarter. Net funded loan growth was slow as payoffs rose during the quarter. Encouragingly, we saw $640 million in new commitments in the first quarter and the pipelines remain healthy.