IBTX - Earnings call transcript Q2 2019 | Independent Bank Group, Inc.

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Operator

Good day, ladies and gentlemen, and welcome to the Independent Bank's Second Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. And later, we will conduct a question-and-answer session, and instructions will follow at that time. [Operator Instructions]

I would now like to introduce your host for this conference call, Mr. Langdale. Paul

sir. begin, may You

Paul Langdale

Group morning, site press everyone. Investor I Vice and can on us. Independent Paul like We accessed earnings appreciate be you ibtx.com. and I Officer for a am joining Bank the Relations to and related welcome Langdale, quarter Independent XXXX to call. at earnings President The you Good Web second release Bank would presentation our Group, slide

include and may two statements. you Harbor are uncertainties subject see intend made that to five statements. Safe Harbor covered remarks call are text forward-looking statement. during be provisions would to Those presentation differ. by today's statement. to that of page I to subject today statements like for remind that made for our the All of could expected slide or We forward-looking comments Safe in Please risks and page statements cause such actual to the the release results

that non-GAAP Reconciliations the financial a the time discuss we in Please release. GAAP included update to our the directly call, guidance of statement at beliefs if results In rules. made, financial will publicly we of guidance. measures management's comparable do only considered SEC's that these be most financial number to of this about under measures measures will are and not be future statement a note is the give guidance we

to At morning of our Executive Officer; remarks, this Hickox, the joined Brooks, and Chairman, Brooks, Risk CFO. the will Vice President open their am I Chief Dan David end and call David Vice and and questions. our CEO by Chairman President; Michelle

over turn to I it that, With David.

David Brooks

operating open up touch of with back everyone. I and we the the will Good remarks, results, will portfolio. some closing I for highlights the be Dan it then Michelle will morning, for Paul. will discuss you, loan will on and cover some the briefly quarter, and at the questions. Thank end

Independent a second solid had Group quarter. Bank

and to on healthy assets adjusted X.XX% an share of adjusted return earnings $X.XX per quarter. continue We average the report with EPS of for

to We continued had and warehouse, lending have total growth family quarter. more good, growth the had our a four growth in efforts, We one as positive mortgage loans moderate of strong CRE for results percentage organic little during energy held in investment to we see loan loans. bit decreasing from with

the ensuring We convergence job smoothly. of and last teams went the successfully operational Guaranty month, our did a process completed great

the of the acquisition recognize to year. expect benefits this full during We of this second-half

for provide the quarter. will results additional on details the operating Now Michelle

Michelle Hickox

that you, morning, David. the Please the Good quarter. for includes everyone. financial note Thank presentation slide selected five of data

$XX $XX.X and or income million Our quarter year, was $X.XX the compared diluted second $X.XX million share, the for quarter. diluted per million quarter or adjusted second share for last with per $X.XX for net share diluted linked $XX.X or

As five, to the you quarter the second can $XXX.X quarter the and in net interest income increased from linked $XX.X see on in slide in million quarter. XXXX, million $XXX.X second million

X.XX%, X.XX%. margin previous interest up six from points quarter was the net basis The at

liquidity, NIM QX increased cost. and by The another NIM adjusted accretion to been have would the for portfolio, was increased which held warehouse quarter. to is mortgage in linked lower to NIM in from the than X.XX% decreased X.XX% related impacted the acquisition, in Guaranty of lower ones X.XX% decrease this are investment. also growth yields, quarter, the X.XX% security to primarily related yields for the yields on The net the accretion significantly Excluding quarter. deposit compared This

trust first of services, quarter. XXXX of from is Total million in $XXX,XXX non-interest non-interest in million compared income, offset $XX.X increases to the management in is quarter banking which $XXX,XXX million by $XXX,XXX income $XX.X other linked million The $X.X and and second in partially and of the mortgage to quarter primarily due XXXX, in $XX.X a revenue. decrease was wealth of of decrease the

increased approximately the $X.X the quarter first decrease $X decrease of impairment Total loan branch income the in non-interest million a a fee linked as quarter. This recoveries $X.X warehouse branch of $XXX,XXX as from quarter. the expense locations $XX million, million decrease our Mortgage from on from second income also to acquired part acquisition well to XXXX closed of primarily as strategy. is former during were the expenses The was in $XXX,XXX. related non-interest realignment due to that includes $XXX,XXX million Guaranty taken other

headquarter re-branding our We also and had relocation. approximately $XXX,XXX related related our expenses to to cost of

operational a merchant a deal. During reported million $X.X the quarter, arising from on acquired deposit Guaranty account in card loss reserve we chargeback liability the

a loss As an which, total close account, estimated $X.X XX, of of has at we this on been million million we existed as of increase goodwill. believe have and $X.X to recorded June

deposit million, the or shows composition Deposits The quarter June XX.X% up from annualized. XXXX, and the our cost. quarter. points, billion second by of points the basis deposits and grew $XXX.X linked interest-bearing XX XX average for X.X% up from was Slide $X.X basis points XX, of XXXX. cost as XX Deposits XXX quarter, totaled of basis

upward continue on cost challenge. continues competition in from and While a the the rates with on pressure expect funding other has outlook, relative change to the rates to consensus somewhat funds banks customers federal deposit market deposits, abated make higher

That it color Dan turn some comments. I the portfolio. metrics on discuss to to over credit concludes give will loan my and

Dan Brooks

compared our growth XX, held billion the held annualized mortgage totaled in to Organic loans or acquired for which $XX.X loans morning. loan the at quarter. residential sold which were including Thanks, XX, to million in loans XXXX. pools, and at June June the Guaranty XX, Michelle. $XXX.X mortgage acquisition. Good we Overall, million $XX.X to investment are These at X.X% XX, not pool for recorded warehouse grew March for June pool, was XXXX, $XX.X loan sale student XXXX. Subsequent loans billion

composition the Slide shows of illustrates XX our portfolio real portfolio. annual commercial Slide our XX loan comparisons. and loan estate growth

loans, largest segments estate of in from in XX% real of declined to linked retail. XX% XXXX, the with be XX, types which up in CRE makes office the quarter. and well-diversified collateral June continues has of As commercial

CRE from year-ago. Slide XX the to increase this of as XXXX, lending At to the capital at ratio breaks our stock total the XX, banks is The development was from portfolio XXX% year. is further of of construction The by ratio to June end the the primarily capital down regulatory second property total XXX% quarter, XXX%. CRE repurchase which CRE of ratio down and due the capital stood resulting our type. reduction in land a retail

over the years as four portfolio. focus grow three guidance XXX% continue to on other We the to next ratio reducing this of we the areas below regulatory

as Mortgage at non-performing ended of XXXX, Credit our or increased warehouse the an quarter XXXX, purchase as XX, of total million at ending grow and or million quarter. strong. assets lower of $XXX XX, to reflective XX, the approximately business loans to This quarter this March June X.XX% averaged of increase is quality June during XX, remain $XXX.X $XX.X $XX to XXXX. assets impact well seasonality compared representing rates quarter. or million Total the metrics of XXXX, mortgage assets to loan the line for X.XX% total March of million XXX.X% strategy $XXX.X the million for for compared

OREO is properties OREO million. branch result were realignment. branches The non-performing as $X.X the of a increase at These transfer assets due of recorded in to in primarily our to six former

placed totaling non-accrual Charge-offs annualized three the at We to annualized million. quarter. second $X.X during remained linked also on X.XX% compared credits the the X.XX% for low quarter quarter, in

financial due this of to the reflective quarter, period. the We believe do expense increase condition specific a loan as as loan due is specific reserve second to a primarily was $X.X reserves this weakening an is loss of elevated for our an in to the quarter. for well million Houston. quarter addition and respective $X.X of operations was of this is specific indication million not expense Provision loan million market. the charge-offs linked of reserve and a borrower. Provision that the growth commercial during over the This $X.X Provision allocated expense taken portfolio of declining

non-accretive. recorded we loans of for $XXX.X loans total June approximately as held is of losses a investment plus the for XX, loan XXXX, is on loan the June acquired of acquired non-accretive recorded for of of million, As million X.XX% The remaining discount approximately which, discount $XX.X XX, have portfolios allowance XXXX.

These are morning. this to portfolio the I related loan all the comments had

So I'll over turn David. with that, back it to

David Brooks

Dan. Thanks,

During first-half customers, the of on systems. a our communities Guaranty the plans for the year, executing of we smooth our into employees, and focused Bank's integration

executing XXXX. increasing our the We of by our shareholders dividend June, and company the stock Through of to quarterly an second-half aggregate returns we've repurchase the believe for common stock. repurchased of $XX plan. our million well-positioned enhanced is also We

maintaining earnings, key We strategic our continue our disciplined culture, communities. value long-term driving a creating credit and growth, consistent our sustainable and out for initiatives, strong to shareholders delivering carry

which We to have and upon most for the the an we country platform established can the markets continue build future. dynamic into in

Thank the to we'll to you it and Operator? today for up join now questions. taking open us time

Operator

[Operator Instructions] with Our comes first Brady question Gailey KBW. from

Brady Gailey

morning good guys. Hey,

David Brooks

Good morning, Brady.

Brady Gailey

the on noise expenses like expense a seems It this base. question in a is had of I there quarter. lot

the million $X.X Guaranty that to in the relates $X million and it million charges, As beyond issue, that $X above loss that included that card merger is the was or merchant $X.X million? from that was

Michelle Hickox

That in Brady. was included merger charges, not

Brady Gailey

right. all Okay,

some the had think from Does in the -- higher? I around run could done, the when million we about feel about expense a a last number, that should think expenses $XX lower have I convergence the know -- talked or quarter. positive be expenses some quarter So you that I talked but of still little that, we we back-half right year, an rate like

Michelle Hickox

There from I if that up to of expenses rammed higher. pushed think quarter be loss. expense Legal things addition going the you Bank that total to Houston. rate guys rate That up, our other run has run bit though some second that remember, inherited were lawsuit a up. in and we in a is were

to legal expect to or $XXX,XXX that forward close a going are we expenses for quarter. $XXX,XXX of going additional So,

given rate last to So in you addition time. going had that to guys that's run be I

expenses have have things the not we but quarter come run $XXX,XXX up that that related would are we I I just XX.X some Even get our the rate moving related push to will some $XXX,XX saves and branding with I will other into on some of had also rate and legal cost location other would to run we to to our say, though doing. that the expenses repeat, We Guaranty transaction, expect XX to had that. don't new this given

Brady Gailey

number guys back-half I around should how your thoughts are What but forward. that of be remember going in you I this saying year? accretion million went was think Okay, all quarter. to predict, yield last over this million million quarter, hard I little from $XX right. very XQ, that know then that's up And notably the $X was on trends that $X number from

Michelle Hickox

you right. convergence. beginning Right, the hard right very predict, in number before is are especially do That we to our

So $X.X -- and that first in about accretion just first conservation the part, have were million we of estimates. had quarter with our we been probably really recognized should income

I it's million, and in the four and $X second-half income income we think going looking of over about come going at you the if years. forward to million should QX, total this accretion next $XX to year about QX be have are then going -- that's the

So, over trend sense. there next those from years it that three if will down makes

Brady Gailey

All on the great this the quarter. it then was David, elevated right. And to buyback, buyback see

or that you company. level an you going and at pace, do of guys X% the forward? to don't of -- your year-to-date, little repurchasing have buyback you such at look this big at stock think you more think over do of repurchased a anticipate buy opportunity will level was think do this this continue you you How If

David Brooks

We the purchasing $XX be. dipped, the it when the be in at I million closer quarter. purchased I latter, quarter Brady. would to second $XX second-half prices it right would opposed as we we continue and will the to look quarter was, after were be what a the now in first quarter opportunistic would say but for what was second second first Yes, quarter the will million in to

is think some our be pull we I of right compared have aggressive, now -- could the the a the other in outlook second-half more levers more limited buyback We to we if year but first-half.

Brady Gailey

guys. Thanks, Great.

David Brooks

Brady. Thanks,

Operator

Our question from Milsaps with comes Brad Sandler next O'Neill.

Brad Milsaps

Hey, good morning.

David Brooks

Good morning, Brad.

Brad Milsaps

of $XXX the I was accretion, Michelle, excluding just in accretion core give just quarter, that maybe I marks curious a those core they the are Guaranty. marks biggest than to know have Brady's but related NIM the the the left, total number the have a around that the you $XX.X yield question imply for million you release follow-up disclosed bit more you the the loan do would release. on little

of sense a accretion Just the want to total get for quarter.

Michelle Hickox

$X.X of Are you that we there out well, accretion -- was about our non-core number that income. what doesn't -- That adjusted pull net call some talking about is we million.

Brad Milsaps

$XX.X million the so doesn't the million? $X.X Okay, include

Michelle Hickox

That yes. rate makes mark call interest includes the right, I That's the amounts that what really if sense.

Brad Milsaps

that's helpful. Okay,

would have queue the you that what okay. more every Thanks So that. for in align quarter,

Just -- rate a of a appears we you it how coming. How lower follow-up maybe this respond? for you more about cut might obviously short-term and ready on are month, kind are NIM margin, the to what get the feel going interest guys rates do how

Michelle Hickox

think a us. cut from help the I actually will Fed

compression has competitive and are I year. increases think cost abated where think we That's away still margin XX like from quarter, could points competitive same our last how as I was did of I exactly the the well. we go rates our but get very from be to basis I don't much it outlook if it to am to deposits, [indiscernible] on on predicting down. the run continue think going get going this

we if our in see So, some that this a of points continues, the few margin year. rest will for compression basis

Fed some our of cuts deposits will specifically that if pressure of some think specialty our the help treasury. rate on on like I

funds. of tied to those Some Fed are

will help us. that So

I to will that the less are way today. guess what is a going decrease be than put to expect little it a with to compression some So, we would I Fed have

Dan Brooks

stiffer would expected. pricing than competition I quarter that Brad, the in the had loan second add was we in

able booked the we And kind and to fourth same first are the the we were not that pricing we of so assets we that get this. quarter -- the not able getting in we of were last to loans year booked quarter

that of rate decrease expecting we So, a of it bit. year. just has little second-half come the I the part back that the expecting here And are think in

we has all in, year been Denver as And full just doing the consequently robust for pricing. and good down in had are Dallas, that we Austin, was banks but for bit at are ago. not little right competing probably demand but and as driving are hustling then XX months -- in it pie then the all the now core, growth economies well demand And loan Houston, markets the smaller that's loan the

to we competition year the on some and to our really to X% first-half passing been difficult as XX% that's a around the little guiding structure. why are one been We loans bit of X% pricing growth number as loan is reason the have year the has for around opposed because

We which of are refinances seeing out not lot cash of. are big we on estate fans commercial generally real

so, more has Michelle translates that And of but little that a about. bit that. talking was pricing And into the driven NIM structure obviously

just didn't felt that So hold second like -- in fairly stable, up the didn't going where were we quarter. to asset side we the we

Michelle Hickox

on portfolios. that I comment growth would to the we know And that the guys significant did is yields our other in warehouse make see those. you And

than for our investments. While points lower about non-interest are basis we loans yields get other those fee income on income, and XXX the held

think our anticipate going impacted at to quarter. well. this that is yields as don't same warehouse that overall I we loan rate grow So

to So, that would the a be loan positive yield.

Brad Milsaps

the for Thanks Great. color.

David Brooks

Great. Brad. Thanks,

Operator

Rabatin Our Jaffray. next Piper with Brett question comes from

Brett Rabatin

Hey, good morning everyone.

David Brooks

Brett. Hi,

Brett Rabatin

any made ask first on, reverse that you reserve just but to credit on on really still was Wanted just on we was that specific have one credit? or to could if was the get million color occurring loan industry credit, what or good little thoughts on guys made more the $X.X particular with wanted color metrics, any on

Dan Brooks

loan we boosted a a ought in normal we loan had we a as. but particular Brett, one-off -- to reserve of the that loan doesn't I substandard it, had identified but reserve real that in just resolving really I It's anticipation C&I industry in just course right trending there. facility, a as fit the that second no a was say would it medical-related credit quarter would credit not a in before estate, just describe

Brett Rabatin

about David, been color you've on mid what some the Okay. more assume give then comments, on we market you kind can give just or back to from of growth. you? pace should here X% digit other might And XX%, you us single of given talking the a And question think your was

David Brooks

our talking Looking is our as pipeline out to team at weeks expect good our still we where looking pipeline guiding past Chief forward, the quarter be pipeline the the our and to this and we second-half. and X% with continue demands price what about lending few XX% and evaluated the the in there, to be at it's think expecting low-end Officer feel still going second to The of difficult. been I we to. we've Lending

and to know, things. more politics, makes X%, year also and of as to the as again in opposed if X% of encouraged still kind XX% something X%, and X% those to X%, sense that X% Something in as around you can or X% the like do that opposed the of we're second-half opposed we all or that depending economy,

Brett Rabatin

then Any one any momentum And to is maybe of one year, you the thoughts couple positive in Okay. the of around have forecast, on items. on know thoughts tough a fee line income, just somewhat last mortgage but income fee back-half generally? I

Michelle Hickox

I for this non-interest change to No, a back-half think on you're fee don't year. significant income see of line the going our

Brett Rabatin

Okay, color. appreciate the great. I all

David Brooks

rates we'll momentum activity. our the We residential here We've some year see encouraged that generate should is side, obviously there are that seen somewhat but more how residential on progresses. as low material mortgage

Brett Rabatin

Okay. Great, thanks.

David Brooks

Brett. Thanks,

Operator

from James. Rose comes question Raymond of next Our Michael

Michael Rose

you the balances like were we here, at rate out growth? some and Thanks. guys, a commentary down, ex-energy continue (a) as for X% so, to on of outlook And pressure cash give if following just refies loan and would if maybe get warehouse, then looks can include there? C&I those look does I couple X%, up that outlook for do cuts Hey just the the growth (b)

David Brooks

any but last outstanding I that out credit that if there. C&I number, -- some part cautious people drive lending think lines We've that forward. I is C&I core energy been leverage we of -- things the of in hesitancy the about our going will some a seen think could things the and just that first, Yes, those growth do think story for of also we hesitancy, big haven't of we're types be there that on Michael, level are seeing

been we've clear that. So pretty about

the guidance The loan loans. held warehouse. for not does include That's X% investment our

had, here we the They've of we in able the we and over able we've quarter change warehouse, the second in do, are things to of success but was benefit back-half in some team new relationships and anyway been Although warehouse think encouraged hired they've we a our our communicated here up that that to moderate saw and moderate portfolio. move to about to expect been mortgage the that things. had million $XXX billion $XX the to on to rate year. the We get and the in mortgage growth I target

So, and it the somewhere that's in by that being where end still see of here range, we year. the

Michael Rose

Okay.

it Michelle, outlook at growth be XX% that I follow-up, a still XX-percent-ish than point? understand kind income accretion higher. the from is by the loan you talked efficiency like run fees flattish going expected maybe seems the little bit higher year-end, Does here. this a little of rate good a to range feel As about bit ratio expense

Michelle Hickox

be range, higher XX% sub-XX%, that than can in a so going it somewhere little to be I XX%. that but do think think it's to I

Michael Rose

moving the one me, growth about driver from talked one maybe being you forward. lending final big part energy a and David, of Okay

point cycle? have seen at there on this after or grow, that segment migration to negative any some the is go energy hesitancy the in We side,

David Brooks

low base, that but got we've equipment while continues we've -- see out not percentage software we to the that little gotten pretty strategy of such metrics finance let really the it's I'll loans, investment, here, growth think to We've so credit a energy, been cautious, of had quite in with single-family, down speak low to at Dan from is growing level, only Michael, high, really -- pretty our did measured high-level out. we warehouse, approach a and book build to is that a part had we to progress

were seeing XX% quarter in XX%, from we're some I our positive loans the down think progress this couple portfolio. overall total percent strategy. of So of CRE to

direction percentage than think making number CRE the much, buyback, we're to strategy quarter, net on So that progresses little but we to over obviously down to migrate with CRE indicated come stock in down we've of as bring our loans more time. a was our will capital growth had that not we continue for the down we planned right would of the

the to Dan, want you talk energy? about

Dan Brooks

David's the very the to in I really we add additional we're first team loan the lending and that nice the that quarter were mentioned of booked is year we and energy seeing those there, around I'll before, think hired opportunities of comments, an some second credits very resulted quality hard.

if continue and very we see to confident, quality very to of comfortably. continue will certainly we're we an then to that So, book opportunity have kind

Michael Rose

Okay, thanks for taking questions. my

David Brooks

Michael. Thanks,

Operator

Matt question next Our comes Stevens. Olney Instructions] [Operator with from

Matt Olney

Hi, thanks. Good morning, guys.

David Brooks

Hey, good morning, Matt.

Michelle Hickox

morning. Good

Matt Olney

I bit question this guess, broader, Michael's but a on of results reports challenging your far on credit so some seen year. just we've little Texas similar to peers energy,

So Texas, on I'm make does ground growth of at single-digit what your you're Thanks. just you pace? outlook in the them high that continuing curious that rethink and seeing

Dan Brooks

We'll nice loans across Matt. that really do. of we certainly Dan. morning, This Good there, continue the opportunities in to tax see is some and

a not we're not and buyer leverage a lender, big we're know, you cynics. As large of

not and As in credit categories. of have history, our difficulties those that our you know, some apparently therefore, so experienced the been some of peers that's we've

it So to I has as and been, be think we as expect to continue quality good up. the to hold credit continue

David Brooks

mentioned good saw our any expecting base to or solid -- not deterioration in that. and I know, in, seeing seeing call, this am core not getting we're we're seeing core to see really fundamental not What sectors, the of loans In So we that lab reporting still credit, not in capacity any or in results and the loan XX we're being as or seeing had see are you credit we're I a the customer earlier real growth. our bad change participate demand, not seeing spoken we're if or signs on the deals and we're things deterioration customer -- any seeing really Matt, you all Dan about months seeing you is ago, ground. normally week, that, chance our robust on very done, but smart we're concern last

Matt Olney

understood. quite I Okay, your if margin Michelle, clear you point and next wasn't discussion, the pressure does to confused the whether guess, core on was on And I is that? that if margin back that circling NIM little are somewhat then does the fed -- or that fed week, saying cut, the under currently, I cut pressure about would ease accelerate,

Michelle Hickox

Yes.

us, fed that think I on I said side. our will think deposits cut I helps because help us funding

Matt Olney

but you're you are saying the saying that will if think pressure the remains pressure, be does cut somewhat margin that So I fed mitigated? under --

Michelle Hickox

Right, yes.

it pressure points, will think fed Matt, cut. it a be regardless, but few be with I better basis under will the think I

David Brooks

pressure. Less

Michelle Hickox

Yes, less pressure.

Matt Olney

Got it, understood, thank you.

David Brooks

Okay. Thanks, Matt.

Operator

question Our from next with comes Michael SunTrust. Young

Brandon King

Hey, on Michael is King Young. Brandon for this

David Brooks

morning. Good

Michelle Hickox

morning. Good

Brandon King

Guaranty, with you're M&A to outlook. that know Good has you now your large as XXXX morning. you're but month, outlook on discussed previously what or if integrating wanted in your last far changed as state opportunities. I in discuss the I wondering was seeing focused I that Yes, announced deal

David Brooks

since the pressure, the we've years difficult had be Obviously traditional six and been so that's think particularly Brandon, with been last to stocks and successful the bank our year. in M&A IPO, we going under history No. that

still low at be for franchises relatively the then to high For high-quality speak future prices. are expectations really our prices and the foreseeable so trading to continue stock as

XX in XX, most -- banks Texas times earnings traded five earnings. it XX now the XX have XX, last Given numbers to in years, where trading are we're of times

that So challenging. makes smaller the M&A little

deal, is a was a wasn't it larger there there bank couple obviously lot little -- that's in there. of lot so it discussion, and a that deal ago footprint dynamic, here bank, larger and a a overlap but was acquiring market is weeks announced of was and different although the The MOE, more MOE other larger

there So, some opportunities save digest that there. is cost

grow a of around, to no, really forward a a create share, look in to and you my there's in. So our know going markets in you Texas for outlook, we we people, these lot try of how we're relationships value lot on how do continue to changed grow dialog, in it and region, we looking lot people continue and earnings talk shareholder per of hasn't your that

where continue, as of about our best footprints in that we've got the the we country, got acquiring look around and banks remarks seven/ten M&A growth come possible. will at think good we this prepared future, back but we good and at We I said, very year, really moment. and four continue end the the doesn't prospects the promising smaller markets In for the really traditional material markets we're in the to be

Brandon King

Okay, all I much. had. Thank you very that's

David Brooks

Thank you.

Operator

not to I'd further any question over I'm And to showing the back turn this time. our call host. at like

David Brooks

appreciate thanks. second Well, it We'll the part We fast. by am conclude quarter today. of call, I you being sorry, and quarters go

Michelle questions, we provide anything any I to to you. great Hope for reach out feel a Paul obviously have or or If day. free can has Thanks. with you everyone

Operator

Ladies and gentlemen, conclude presentation. today's does this

wonderful and You a have may day. disconnect, now

Independent Bank (IBTX) 23 Jul 192019 Q2 Earnings call transcript