IBTX - Earnings call transcript Q2 2020 | Independent Bank Group, Inc.

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Operator

Greetings, and welcome to the Independent Bank Group Second Quarter 2020 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Paul Langdale, Senior Vice President, Corporate Development for Independent Bank Group. Thank you.

You may begin.

Paul Langdale

everyone. morning, Good XXXX Langdale, Development Paul like President Director Second and welcome I Independent Senior Bank Corporate Quarter Group's Bank for to would Call. Group, of you am Independent Vice Earnings and to I We appreciate us. you joining a release on at earnings can website presentation and related be slide The ibtx.com. press accessed our to that remarks like today may would I made remind you statements. include forward-looking expected and results subject are could that statements uncertainties to risks differ. to actual Those and cause forward-looking for covered by We safe intend such to provisions statements be harbor statements. X safe Page in release see text Please of slide the or the the of presentation Page harbor X for our statement. made subject to comments that today's All call during statement. are Please of and no obligation note results, statement management's future beliefs about to publicly at we assume update the give that made, if guidance. the guidance is a that guidance is time we statement call, this non-GAAP considered the In of number will a to we financial be measures SEC's rules. under discuss directly included Reconciliations the financial financial most to GAAP release. are of measures our comparable measures these in David CEO morning and joined our Chairman Vice Hickox, Chief Risk and our Brooks, President Brooks, Vice Executive I'm President; Michelle CFO. Officer; Dan and this by and Chairman, At questions. will of remarks, the call their the open end to David turn David. over that, it With I'll to

David Brooks

state Since businesses came We our crucial PPP you in especially tirelessly Good a operations the and for during I'm many customers, loans Paul. everyone, million uncertainty equity teams per communities. tangible ahead. return $XXX conservative took adapting financial provision reflects culture company today's adjusted this face reflect quarter earnings to together this over pandemic for our to of unprecedented risk to unprecedented Despite of while to in lifeline our and how return across joining days the from average over very outsized lie small the totaling that assets the $X.XX, mitigate of proud economic national on efficiency. the new March, on large of our to and report an ongoing prepare performance a we process local, solid our X,XXX of XX.XX%. in adjusted and to COVID-XX operational provision, adjusted X.X% volatility thank morning, share on and able us call. which our our economies This Thanks, teams worked in the to in commitment normal. were the credit emerged for loan have manage prudently challenges loss through quarter providing

up the we While we see believe how amid building pleased this during prudent, held were loan our current is well to provision loss quarter. portfolio loan uncertainty our

discuss, will remain As quality asset Dan strong. metrics

our over continue With from key Michelle also to results build for turn We capital with ratios to the I'll quarter. overview, on detail call the operating more increases the the quarter. for showing that previous

Michelle Hickox

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

banking adjusted as PPP by and million to QX. of second second during were adjusted quarter in and the costs costs driven $XXX,XXX offset by liquidity was due Capital due in for a by estimate increase but accounting quarter. the million substantial the million increased XXXX. $X.X last Our diluted in quarter million net the by NIM, several drop adjusted acquired in million an the for costs. $XX.X service X.XX% impacted million income or $X.XX year charge an first excluding million points $X.XX on funding million nonrecurring per totaled items, was last mostly of million share The accretion, million in $XX.X decrease low $XXX.X income the and the reserve primarily acquisition partially including X.XX% revenue quarter XXXX. was quarter. quarter. the the second this terminated the in yields and from by expense that the There decline year $X $X.X purchase second impairment. million management compared XX the on from from loans due the The in million X.XX% was decrease impacted factors, COVID-XX up the to adjusted the NIM asset liquidity bank's Fed quarter A a the in yields quarter, including reduction in QX. quarter. $XXX.X decreases all income to income the low in linked were for offset increases PPP with of expenses investment a linked a the was driven in by loan diluted with quarter second quarter for the share NIM We MOE, or million second Total by interest $XX $X.X was accretion, Year-over-year, first Net in offset linked $XXX.X quarter recovery pandemic a was position accretion, quarter a fund a net $XX.X in a noninterest primarily COVID-XX last compared increase decline the compared $X.XX income was linked and and second second per quarter for per $XX.X SBA ORE multiple increase or decrease Texas from negatively in interest The loan. basis and $XX.X noninterest yields decrease mortgage and share $XX.X income. to These significant diluted down to volume-based year million increased Total funding in in the pandemic

this nonrecurring COVID-XX. June and and an annualized costs restructuring This decrease XX, million related of million and increase our XX normal due estimate were merger salary to deposits In increase $XXX increase strategic addition, an XX. PPP billion XXXX, approximately lower of their from PPP continue were $XXX XX, to PPP borrowers that million have We in that hold FHLB increase Total at related loan June $X.X June in of advances FHLB deposits as end accelerated in PPP XX to modifications. $XX.X of quarter. of includes expense billion borrowings and additional of early and anticipation or ensure These and the June benefits the was as linked the offset as QX RSA salaries as and were liquidity since as obtained billion million fundings costs. third roll million matured $XX.X significant quarter as shows commercial $X.X of in off well were the origination related by quarter. million pandemic. of deferred the advances of as deposit XXXX, accounts XX.X% $XXX severance for bonuses adequate to short-term to is of during million over prior well of an $X.X expected the advances after to short-term well termination Slide second the as to $X.X mix Total the than $X.X to of

points to basis so as to portfolio. capital continue loan if XX.XX%, build can we XX.XX% PPP reflect equity QX. LF the XX and points capital. The are Tier I my end. increased Dan this XX Slide concludes quarter by need ratios it XX will Capital basis morning, will ratio by total monitor liquidity X funding over of continue turn and the utilize additional discuss comments We we capital in increased That to to common that to to the presented and on ratio

Dan Brooks

purchase XXXX, $XXX.X the primarily down PPP Mortgage the million not Overall million loans were million. investment, to at loans held XX, XXXX. for for due million up Loans billion $XX.X XX, from to including economic XX, loans quarter, June $XX.X year-to-date the March loans, March of $XX.X the warehouse Michelle. compared billion averaged Loan from loans pandemic. $XXX.X were quarter mortgage quarter $XXX.X includes coronavirus purchase ended Thanks, growth PPP million the excluding resulting from for at of dislocation XXXX. $XXX.X warehouse

Our of Slide Slide the of sustained mortgage estate continues warehouse shows environment. portfolio. the commercial our and composition portfolio, rate the mortgage demand X XX low see loan composition our real shows to persistent from

of As commercial makes of XX.X% estate XXXX, XX, loans. June up real

in entire breaks types our of further warehouse. size by portfolio CRE largest collateral and portfolio is million, book office, down $X.X $XX.X is XX size loan retail Our loan portfolio, with diversified owner-occupied. our million. CRE the which average property of our well is in office CRE largest the our type. CRE and Slide Across includes segments is retail XX.X%

an is book with portfolio extremely retail granular average Our an million. $X.X loan of size

average was the COVID-XX service ratio our portfolio weighted retail pandemic was XX%. X.XXx, debt loan-to-value began, the coverage average Before in the weighted and

a requests and with overall subsequent developments our this While better position retail a that more anticipate the anticipated. We payment. from markets across confidence borrowers favorable to and to degree a high to payment that rent portfolio of navigate in retail a early About asset this to our quarter, those of conversations bank the of to returned to of deferral, class. have portfolio since received number our CRE have of has pandemic, with the in coupled underwriting any third the about favorable than full been have retail places loans the been have X/X loans landlords of the large return impacts days and we X/X indicate our seen granularity book deferral collections dating conservative

Of XX. the exposure weighted The The one Slide size an class as are warehouse segments portfolio. hotel motel of our is office is secured most contains pre-COVID CRE. Slide lifted conservatively CRE a this on asset and of impacted and markets secured other product average of during Slide occupancy CRE other is of some our energy the XX% the been with April, office pandemic. note, expect as And of a found by XX segment be properties lines just seen on average by while $X.X DSCR lag book. X.XXx. and XX% LTV lows to March that in office granular properties. our acutely million. detail hotel the we type pre-COVID weighted loans XX can hotel have rates our from of average CRE and The details regarding with will regarding underwritten has during book behind detail Additional contains and continue motel office loan largely additional

granted testing, in bank's And on sort for of readily provides temporary modifications. we the book were XX relationship payment relief that approach period rebound of with recent developments. commodity recent that affected the continue will of while banking, and have and of is March, a loans of stress some exhibit vast to gathering percentage provided total X% Slide days. our of the confident to payment our Given detail to XX customers since loans. Consistent the received are this majority prices loan relief we actively total resilience. results cumulative evaluating information deferrals The COVID-XX

again. pleased reopened. XX% Note economy that granted to began peaked loans full payments deferrals who been many have started have received payments voluntarily the sharply of that payment as April. been deferrals making deferrals to We the in borrowers have resume make that

million at June of of payments continue assets to have early linked following to our charge-offs decreasing assets metrics X.XX% our approximately XX, remain a July, remain of deferral from Net loans decrease payment for basis and XXXX, in strong we the resume first total this quality the total X% at expiration XXXX. as points quarter. As annualized or to made yet not or deferral the credit with X.XX% of remained first nonperforming X period. Overall, of number flat the $XX.X quarter down anticipate

These pandemic. increase a included environment on The economic provision COVID-XX As in the commercial adoption quarter, credit on calculated under expense charge-off and was loss to reserve the the provision have nonaccrual second $XX.X related and incurred prudently using quarter. previously energy a allowance I provided a elected comments and call, $X.X over as defer increase CARES noted our This factor the also million this and morning. on quarter had XXXX loan of discussed quarters. an in CECL been a are for $X.X to Act, all and million placed were first $XX.X loan to portfolio placed qualitative specific Provision recognize model. quarter to expense represents uncertainty a related the our my loss linked million loan second the to our we an for million the of that prior

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

David Brooks

Thanks, Dan.

overall of organizational continued announcement high the we realignment future of growth. on merger, the Following and We for over termination and company initiative this year position of the began to a to infrastructure. our remainder intend the performance the with to the process Capital design Texas strategic regard focus

help continued Texas. returns and Our that company's strongest country's I of great I've has Colorado encompasses X us footprint and across challenging the believe of having markets will strong customers in this pursuit the said to us our shareholders, markets period. consistently in markets performance that deliver helped great great strong through

source deliver economy build lenders confident time We'll to continue Independent will and now to to tremendous stronger will in and our I years the our addition, serve questions. to as as and everyone line result Thank grateful In you are of our our of ahead. taking a the great teams results communities for I'm Financial, here the that customers dedication at am improves. join the strength the open for us even to today. months and continuing relationships Operator.

Operator

first comes Instructions] of question with [Operator the Our Piper Brad from line Sandler. Milsaps

Brad Milsaps

to thinking of as back I'll result the of of savings in you start additional the some you may the somewhere of this but if a have were year, quarter. where you on that or $XX maybe Michelle, exclude? kind some opportunities know Just Maybe don't it how kind what run basis, I expense you seen may can have of of to investing? on half seems kind expenses pandemic, expense areas wanted rate kind around include parts all do get like your you're about got with million $XX million, against curious side depending of the where a of a of on things. to I moving lot them, net

Michelle Hickox

Brad. Thanks, Yes.

over rate about primarily some salary plus Your, I mostly that, been for the that think quarter, million due not did little the had we have a had I of your not did numbers to related that was number. quarter, had on some had expenses are noise for modifications some we the million expense right. $XX quarter our quarter then and exactly loans, sort PPP costs would we this deferred $XX to severance have all and to run additional our a think to would which offset million at rate $XX noninterest COVID ongoing pay now million is $XX onetime still I that about this put it rate And the related run we that PPP bonuses if good premium had that run for that normalized. right we,

Brad Milsaps

on recognized Great. quarter? had lending, just what of PPP PPP average the happen the of do And, amount as well? I of in quarter the appreciate you interest that. you the then And level amount have income you the in And then loans to second that

Michelle Hickox

I the average. don't know exact

income interest. full you include was quarter, it was Brad, about for little million million less think and I the a total $X.X than $XXX if the and recognized fees

Brad Milsaps

Great. And for final or question Dave maybe Dan. just

expect think CECL expect provisioning of you to understanding want that But see you to would to As peak? from of as kind you're things close kind kind about from you here? continue you you significant however more half? building have improve, it Do incremental the that, stability, drove economic to of kind you yet. that we the this a that reserve quarter, getting guys you would you define of move back think through Or do adopted have haven't here if building

Dan Brooks

quarter, what And second primarily answer to hold to recognize the related current less to or expect added current second certainly in. we CRE if to question in in environment was Dan. that factors. slightly some those second Yes, risk took the is conditions specifically, economic quarter the improve, we're this the then reserves we we factors your Brad, Q would really quarter be the future additional of noting recognition the the than

David Brooks

we've we day expect previously, about do noted as our Brad, And million. we've, be CECL $XX adjustment X when as our, to we adopt

model reserved ever mention economic checking at materially the put we're incurred data same. CECL model, that that looks And also quarter-to-quarter then, will as might the we far than incurred the running that ended with think said, about ex which the the circumstances. XX, provisioning obviously, But the the loss I and had we're think at and how at Dan year-to-date Dan before. that's with determine also committee X and whole are loss And it Michelle model higher CECL in and the that given the the, model you we at moment, we goes. sets, also beside future in If up fully at X.XX%, where is we've PPP,

other is that. million, So to big expect than way another CECL we say we adopt a wouldn't when adjustment $XX

Operator

next with KBW. Our Brady question Gailey comes from

Brady Gailey

little on I expand little mean, think what we you call happen? on like there there? is you expense Is and what some Maybe think what David, sometimes a savings that just on you realignment, merger expect? that the the that, So what expand hear something can focused after just you're I potentially this can done? ongoing? expect and And it's exactly bit you bit horizon. on Is a strategic didn't we TCBI it, it should

David Brooks

Yes. know, is acquired really from He and who asked Hobbs, Michael it. have Officer Chief when Brady, Michael, we Michael And Bank Banking we Colorado was he's to thanks. our where was he Guaranty The, President as look. a involved. you intricately I down of coming take hard

announced the several community going overseeing of with As you an along company. know, all he the was the Sarvadi] Well, been aspects involved we merger all so to this go-forward in around discussions in and those be officer other executive had integration. banking has traditional new [Jon the revenue he intricately in

talked had Michael's of had successes in together where they doing got brings look he And a obviously, at and what those as then retail about there was with deep doing. in under teams had we at areas. his a really before C&I, teams, so Texas success him in he's and in terrific And that market well experience of he they what amount Capital putting as we've a dive and hiring both really were up Colorado some the middle leadership,

to origination finance of development loans, as SBA loans as it line of realignment business. both and as line also on a exit our business strategic a equipment little in SBA regards of and the equipment business decision bit and leases of separate pullback was the So to

feel going is So experience our very program. good on very what that to we're be allowed about, still in early SBA. We PPP in and to the have success active good us

SBA more banking opposed business a So line as but sense. we of support very as makes are of it in we Colorado good a that to separate Texas to overall, we're community now viewing and across think generating line all our

directly, roll then a of SBA. away move very that's from realignment We're completely move Texas. Texas. made X Colorado. to been in now bit implement in Brady, and week be C&I talked retail key the move bit, going we've to announcing here to is more across next that's away to out across or about business. that to then also little before, And And so into middle roll So that strategy out a equipment that hires the We've strategic in successful finance the kind a little from business we'll as or market

run in our to So down, as or Michelle call into of it, on initiatives the million into and we reinvest well. yes, your so salaries as, going strategy middle has well side, revenue rate the as to infrastructure spoken around as market turn retail about, that point, but $X we're chunk and strategy are the a investments and

think, be though, we're Michelle expect consistent now, mentioned rate earlier to that bit we why, run that steady, about expenses, question million yes, earlier. even that's down a So I you $XX it little Brad's as million, in to $XX mentioned, our right

Brady Gailey

Okay. Great.

Any loan excluding it into loan of warehouse, and ask ex look the growth and linked down And year? at half if thoughts to year about was PPP you next mortgage the on quarter. in wanted back I Next, growth. it

David Brooks

families in said, the That our really think, was, an economy we continued given saw particularly a And have was real for was assets, We, investment remember. assets, decline time some the economic and loans we quarter the rates to obviously, second investment first Yes. for down. groups uncertainty. some and low the held shut anomaly given we cap another can exiting estate thing

on second that So have we just we line lot the is quarter. of finish are opportunities, to while enough And the to we had. offset deals we of discussions given quarter payoffs at down a the to didn't in had and headwind looking continuing the a shut lot downs get pay economy the in

that's So happened. what

the strong lot is I'm third in investors I the feel to, as going it's the go-forward, quarter. think pipeline it looking start okay, We far And opportunities, coming the at to sidelines are As now things environment. of developing a going some of growth right any disruption back here off seems really now. of would and how looking good nice hard the we dislocation. opportunities I are a like should be pending back for saying, really it kind now of more is half the this and normal to X% than then, economic get call activity, assuming guess, Brady, what that year, exactly, to expect obviously, in just or stronger X%, significantly It's we 'XX, in maybe about

Brady Gailey

then an go income a on And it then the Cost margin. NIM could back quarter, came down the for half a but on nice finally just of this thoughts on liquidity big either like pretty any spread impact outlook And deposits or of the I it me, the know year? the for maybe feels NIM. But has little lower.

Michelle Hickox

you already, not We've million Yes. by interest-bearing shrunk We impacted know. the of balance great, think, of on of let our the end And about advances money quarter. We've that sheet the a as our go is NIM was holding $XXX basis in We since yield balance FHLB deposits. our the just, points. estimate still a large. had, has didn't I couple that XX sheet we're need. those I already we by liquidity lot

of will that So half that this we liquidity our I quarter. we don't books on had the think have maybe

some have But down. just go continuing will on the yields NIM those at increase. to deposit costs, that and loan see we you and if We're just deposits. opportunity the So look still underlying

still with She's that. exception rates done good relationship job a at Our move our down. treasurer really working is to really hard managers

paying delta next CD probably talked over in X that be versus what were at. still some promotional products, months we've we those As have before, XX-month the maturing X% CDs renewing a they'll there's what about are that

some get still we'll benefit. So

if we to stable you question look for get the year. given loan we remain But of through the call now. think think, at are loans is NIM on is, pricing yields to our deposits, pretty as, right what are, think our, is better I able loans underlying at, where point I and competitive I this it sort rest just still think I at of I

David Brooks

It was ex the believe we think quarter. actually, or up points about Michelle, probably ex X I NIM core discussed as PPP was liquidity, we basis this X

Michelle Hickox

right. That's

David Brooks

that be consistent that's we previous with going So flattish your think it indication will forward.

I think that was supported in fair? the second quarter. Is that

Michelle Hickox

That's right.

Operator

next Our comes with from Rose question Michael James. Raymond

Michael Rose

I think update on was I'm Any much trying risk and much to any on classified. wanted due build past reserve factors? this XX, migration? $XXX was was understand How maybe And there? the quarter. was Q the XX And kind then rating it million about to criticized start I update quarter. classified, of some criticized last then those how bucket?

David Brooks

Yes.

I classified. think the criticized is

You didn't previous the those Michael. see from change quarter, a material in

early. still it's think I

necessary. past credit we're as to touching As them materially as further we grading And what it these days there. is that, determine each than better we see, evaluating dues, we're seen have as at look can you

well. I the think portfolio continues to perform there are,

that So would point. expect we I that see continues, an as be this don't think migration outsized at the we change pandemic would but there expect at as being will everyone this point as some

Michael Rose

for to clarification I just the then I And Okay. expense That's make that understand helpful. just sure want correctly. commentary a maybe Michelle.

expenses related PPP. of you So that deferred that would to $XX.X roughly the million exclude

as for loans recognized way those in they are X is the fees I you'll maturity it that think when recognize forgiven expenses are the way about come Is years? the it? the to So up understand or

Michelle Hickox

That's right. That's right.

Michael Rose

Okay.

PPP at then is fees forgiveness? terms if see expect what And a can quarter. you'd of point fourth I on then that we of the in loans what the proportion So you your assume for I in assumption based assume that, guess, from this larger the

Michelle Hickox

Yes.

just of what's believe think I I maybe forgiveness, to going lot get we're quarter. that given happening, this any, don't a point, this at

I first that's quarter, to going get even quarter to think now. most fourth maybe pushed of

on month, about that's fees assuming PPP is if on payoff. helpful, that recognizing X.X rate run a Our no million we're Michael,

Michael Rose

It was color, I borrowers? any the And color mean missed couple a on impact. this then would PPP helpful. of if there I get I'm little can just growth there? we deposit Was a large the be this, really strong. concentration quarter any you there ex Just of sort sorry have might was

Michelle Hickox

We companies. tend to that. significant look do concentration. our We Those at be a not have There's lumpy. really title

PPP. unusual Our not $X really deposits I And specialty at that's our came treasury across million our And million in, but chunk just deposit them. have, depositors. base, grew was even $XXX $X did significantly noninterest-bearing think looking our ex to commercial of about it for group that million sort that

And so base really from. was where came across it just deposits of is our sort our deposit

David Brooks

in of it, of of sense was Michael, important is times base sentiment Our uncertainty. was that customer the our liquidity

we've in the was know And of their accounts, given in quarter So of uncertainty it balances world. felt DDA a ever rate lot extraordinary amount we don't think noninterest-bearing was really of that, of, extraordinary. we the just like a the about our how growth before. lot our although customers seen than to keeping were The in greater

ability our continuing, last something But X years, a we've our the branch see that continues we'll encouraged we are of strength generate holds our about low-cost the in talked network to across deposits we So the to do, be how company. up. core

Michael Rose

But also we assuming reverse as that some move of less forward? safe environment gets is, that maybe to assume bad the

David Brooks

that's think I Yes, Sure. fair.

Operator

next Matt comes Olney question Stephens. from Our with

Matt Olney

any color than to CRE. want the recent better add been Dan, you And Can to prepared more statement? collections start in with remarks that I rent have believe I mentioned expected. you retail

David Brooks

Yes.

of on I asked is, many going average XX% of of of measure the asked from defensive, Matt. that but information XX-day of rents. readily way detailed appears needed Overall, well been those was think I less. perhaps, deferrals XX% of deferral, what probably a it, thought they collections to borrowers range, retrospect, many that us better certainly And But they the much to would it good on. our in we In on than that, XXX% a to going think at it And lot a certainly, When were those looked collected we would. based we've as some say some this Many it book. And those we've came would book to XX% perform. the and think of I'd were their and And that for better range to about than I rent that perhaps gather have into performed had be some in now. average, would this Very the past, the granted I and about. think deferrals number to a continued expected. talked borrowers, strong customers them. in we performance pre-COVID this as think XX% portfolio

Matt Olney

That's I debt appraisals same think Have Looks updated service Dan, appraisals. if that. looked recent from like I leverage in overall so, months in since And then, levels it appreciate any you I low. and Okay. and ratios pretty great. great. are coverage the overall book, LTVs, disclosed recent at pandemic the started? guess, takeaways And that looks more the you any

David Brooks

couple seen evaluate existing Those a appraisals any of material in say we've aware we on that the and appraisals have continue new be new credits not would that not and book in would on the of. last I of done months. gone decline we to

right, a shift not that in know, value? big So this to seen deterioration seeing we question is is values, at everyone the point. in not wants which are seen we've We've a

Matt Olney

see Just right then is costs Michelle. replacing now. retail you'll rolled rolling be shifting over that's deposits. was cost What some you're trade-off to assume I that mentioned off of be? Great. of And off? the this FHLB funding That's going incremental seeing more trying deposit to great the What's that, what to you Michelle, average today? the with news. And

Michelle Hickox

we advances, funds at XX FHLB, overall short-term And on basis were basis paying those, Matt. The of is points today, cost right XX points. our those

Matt Olney

bps, incremental new XX The for that's cost the the deposit?

Michelle Hickox

mean depends. I those those it points. earlier, were No. that have Like XX mentioned renewing promotional that CDs our I out basis paying XXX, we at there, are

and PPP those XX have XX loans XX some we'll, the index market if that's We can up at utilize or on funding customer. Most PPP off, until the that we money pay basis for funds, the bps. depending to still though, we need LF pay likely points

additional I So liquidity. don't I one, need really, don't related that. the to really don't an cost And now, right incremental anticipate we

David Brooks

the got Michelle, excess liquidity about I'm Really, right, it if we've don't need. we thinking be, trade, would

if advance other that XX of of that out, hypothetical come we're take which bps, rollout million would are a million, rolling you're and $XXX balances out So repay yielding... holding the institutions, at you at $XXX you'd financial

Michelle Hickox

depends. It XX points. XX basis to

David Brooks

Yes.

real So impact our spread on all. should no it have really at

Operator

to management Our additional we any with have or comments. question to As Instructions] Young at Instructions] closing additional Michael floor this like from back no SunTrust. I'd for [Operator time, the pass comes over questions [Operator next

David Brooks

everyone the a you and much. help Hope Bye. call. appreciate I very day. you has appreciate the We with Bank interest Group. your Thank today thank great for Independent in your participation,

Operator

and Ladies and lines you may does time. thank We teleconference. participation, for you gentlemen, disconnect this your your conclude today's at this

Independent Bank (IBTX) 28 Jul 202020 Q2 Earnings call transcript