IBTX - Earnings call transcript Q2 2021 | Independent Bank Group, Inc.

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Operator

Greetings, and welcome to the Independent Bank Group Q2 2021 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn this conference over to your host Mr. Paul Langdale, thank you sir.

You may begin.

Paul Langdale

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

David Brooks

joining Thanks, us everyone you and call. Paul. Good thank on morning, for today's

rebound. quarter results building business is taking terms the company's importantly, loan growth execution customers. this as based XX.X% our teams of disciplined with both growth our the across Most relationships, annualized type. and return in of represents product and broad winning Our teams This quarter geographically of as and as represent markets for to Texas care our the second economies delivering loan core growth strong a organic to continue book growth in Colorado our well our

liquidity. of second $X.XX, the group robust per value tangible reported share and maintain EPS book we For quarter,

resilient assets of non performing Additionally, basis June remain credit at representing just total XX metrics assets XX. with points

share $X.XX the I'll that the our in returns again our call on strength with of the board operating has to of turn elected for Michelle quarter. providing to our the for to dividend the results overview, longstanding Given philosophy now position, per raise to line And over detail more our company's shareholders. with

Michelle Hickox

Good you, financial on data is six. slide the everyone. for quarter David. Thank Selected morning

continued net which levels of points the continued The liquidity increases interest primarily loan well quarter to that which as income Other contract and an purchases that the fees estimate by travel quarter managers QX quarter There's a PPP due $XX.X forgiveness related to to approximately linked We $XX.X per in deposits that quarter increased partially that broker XX, compared to increase share offset reduction dealer ratio and treasury year was million of unusual by capital grow the $X.X in March and X.XX% from basis Noninterest operations specialty cost. basis quarter. gain on the had returned for compared million impacted income $X.X back deposit income was margins. million primarily through last XXXX. $X.XX basis adjusted linked We in tranche of $XX.X $X.XX completion on XX the in by linked by offset the last The interest net were a quarterly or due the to desired. $XX.X linked on equipment totaled the on normalized ratio recognized were loan points margin second of and $X.X tier XX million second points operation We quarter XXXX. $XX.X basis the coupled shows capital labor or in remainder run expense several consolidated had XX.XX% level. in continue million of diluted versus to income second NIM $XXX,XXX increases half rate the deposits, linked growth yield recognized. XX. and Our by The million quarter. $XX.X upgrades X.XX%. margin was million the QX and will income $X.XX share share reciprocal as diluted Occupancy was due million per increase recognized than or quarter Those points. an decreased with per week debt million quarter. X.XX% slide with the in they of by meeting I minimal second total earning diluted common second mortgage This for the in was for more to slightly rates PPP will will quarter concludes quarter from $X.X million deposits sale accretion are linked of all relationship in reduction includes $XX quarter average the noninterest my excluding turn brought compression correspondence with to comments. from the it in securities to in in to million three mix was from forma that in XX.XX% total in million adjusted QX last of expense for $XXX.X with ratios higher these the over over quarter expense decrease million linked Net over balance fees to $X.X quarter loan the at subordinated that the levels. billion with ratios other X.XX% of on in This and quarter, with for approximately That second recur July quarter, as year as to $X.X portfolio. in million occupancy million the decreases entertainment of Total XX consulting in during the quarter XX $XX ratios. related retail to end for second pro million in million lower with in be second non-interest by of expenses quarter. for Total and XXXX, in increasing the customers which of due lower early be refreshes rate remaining and capital of up $X.X QX. do by over around from quarter. I XX an losses and expense income bearing quarter, The million increase $XXX,XXX million work. loan capital $XXX accretion. sheet million equity is quarter the on impact off XXXX. company's $XXX deposit was $XXX with points were were excluding our for Slide the loan to $XXX.X volumes linked noninterest noninterest Dan the now noninterest expense. the of portfolio. Capital expenses driven not The XXXX. compared in of of compared primarily the in linked the $XXX.X including the down and and basis XX $X.X at the the year presented million income from of branch expect interest $XXX,XXX return slight impact to was the origination and second million quarter last $XX.X In increasing second quarter, second small discuss amount one call to

Dan Brooks

to end, were Thanks, compared billion purchase loans warehouse $XX.X billion for quarter. linked loans held Michelle. at $XX.X Overall investment quarter mortgage in the excluding

by increased of for the linked million Excluding the PPP impact loans, loans investment $XXX core quarter. over held

warehouse or June offs reserved XX loan that portfolio XXXX morning. were was held loans. discipline from for primarily at two prior were total commercial with and underwritten to on is the driven for. As of David down this mortgage warehouse Overall, across end June $XX.X has Average rates versus for and loans based remain are quarter million million off by These the the demand excluding in the $XXX.X to total have to losses broader same this by credits previously XX the At PPP second quarters CECL mentioned, strong line loans the to loans quarter for driven reflecting had of related with annualized quality customers the relationship and the non-performing XXXX. at quarter. on mortgage charge purchase all reduction on million X.XX% our I assets Net X.XX% sheet credit allowance metrics points the guided of mortgage comments $XXX.X loan linked for basis and structure broad in continue million balance our and with Texas our in three growth decades. the XX, for bank PPP of over $XXX.X Colorado investment, been was assets that or charge totaled credit lending loans decreased million quarter, market. $XXX.X

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

David Brooks

Thanks, Dan.

As enter the strong high to year. digit single loan demand remainder we'll XXXX, anticipate of we and for half loan growth achieve second we the remains of be able that the

this the are well-positioned themselves. to attractive organic capitalize addition opportunities to and continued In growth, present transactions on we M&A as structured well strategic, financially

you tailwinds, the especially be of strong Colorado taking the for committed remain continue and us for the to time looking as join Our strategy opportunistically, talent. to and markets country company capital to Texas attracting strongest by execution today. Thank the we grow ahead, in operates secular disciplined our to economies and supported

We will to questions. now Operator? open the line

Operator

Instructions] be At of answer Brad comes question from Piper this Milsaps [Operator time Our and with a session. Sandler. line question conducting we'll first

with proceed may You question. your

Brad Milsaps

Hey, good morning.

David Brooks

morning, Good Brad.

Brad Milsaps

of those some writing back while expenses there. off PPP of to on come the maybe expect of the sounds sort end start to million, that of year. to consulting a increased occupancy you expense But expenses $XX of it the fall fees or the in back I base least at side expect the there? was you like to sit Michelle, Would or million equation. to $XX some range way into wanted pull will I kind of quickly remain

Michelle Hickox

are recognized there's people more contract a labor to that Brad. well we're time. shouldn't that level. higher that of repeat run help fair, because PPP the think what than period is little paying than I I to we dollars at solutions occupancy, for on longer QX be a last were rate I'd a software Yes, using that in got million the that repayment with that's The cost of for expenses of some bit expected quarter as over a think into our we that in to as related

probably I so rate $XX.X to now. that's think And good. run expense $XX for million million in probably It's

Brad Milsaps

good move the in that's helpful really Great, then to and David, sheet. quarter. maybe the obviously, balance growth loan just some

You guys of cash. are still lot sitting on a

and accelerate is to of to what portfolio you just for wait loan with bond redeployed Just have? of or curious, plan might kind there liquidity of to the you kind your growth and cash additionally that there Michelle, grow of sort some the continue excess

Michelle Hickox

securities sitting Yes, we given return continuing into get would it even to amount end securities on portfolio. that is a be bit of year. well. excess minimal by now depend REITs But money our the we're loan billion obviously, this Fed and the our monitor will plan with close that month, the at the coming as past the deploy that Right X with cash on growth we back to of

Brad Milsaps

I hop Great, queue. will guys. back thank you in

David Brooks

Brad. thanks, Hey,

Operator

Securities. Our Young Truist next question comes with Michael

You with proceed question. may your

Michael Young

but in the seen for if single quarter the is a growth front. of curious high of a it question. kind digit the Obviously, pay of core Are just And to on it outlook reason just maybe growth actually We've the kind Hey, other stronger terms versus lot be payoffs be? you you very of maybe wanted Thank that's start of good on seeing that? any area. from taking pressure loan about good production the downs. that and could lower that net the banks basis? morning. growth this guys for in I Could

David Brooks

about when digit Good growth and of feel morning, estimate good for high summer. the quarter. single the half loan the law for year closings We second the in summertime accounts for the really upper Michael. the the the think normal We

more from the here quarter third then in the quarter fourth So of now. is the you accelerate increased function loan or not probably than production pipeline little growth could downs pay the net the a were quarter we really a it materially little was in what for more But pullback normalize a right a bit, we in they see reduction how bit would again which first quarter over while kind the $XXX that the of we in loan than and in growth offs, and payoffs they we're sized down been see net a had couple quarter, running million. of pay having in well were million million quarter production a the to net quarter of for second where $XXX was been in under year, a we've over production and was We've this $XXX $XXX quarter, saw a million was downs and million little our pay downs this million $XXX similar $XXX pay seeing.

how the our about just got well that's lending. in our new in the up also different was XX.X%. the all buckets. construction of was we we across So in It CRE And with very spread XX% core markets, spread it our our was net customers production then ended XX% of product

at levels. you was know Colorado As family market single historic high just in the Texas and

a more than then of production product and and well. funded that's new would got multifamily some rest XX% we've So been, And funded We're some commitments of debt. in some consumer we're portfolio the seeing retail. new and single pickup that. over demand And as a But also portion. of a neighborhood for done then seeing lot lot always our seeing had construction, construction, jumbo, family, was family all well just have retail that construction. we we've the just it the retail the markets types We're product single C&I

So really geographically, in terms was Texas, about Colorado, one it is thirds third base balance and line sheet. then a very our in right with two strong which of

in So three Texas evenly our spread markets. major across

reminder, strong company choir saying for public growth we opportunities for haven't been good a a months able been that the our is been quarter loan years eight come that to I it's But that really and net team we're growth. when They've working been this we've Michael think a in so frustrating hard what been the around. hustling, as And had did right company and job. everybody's show organic a both XX

can like we So have whatever. we're not moving feel do go situation grow M&A train where or we keep We accretion in to a to the organically.

grow going to are We organically.

think saying we've in in can best our still been a we the that country. mean welcome this consistent go I that and the We're organically. was, quarter reminder grow I markets company

Michael Young

question pricing Thanks, second book all I stability that of loan kind we we I year expect guess or Okay, appreciate maybe my and David was color. over it. loan kind how compares just when the how in back what really great. for kind and maybe to of the those that of guess yields? back half then pressure I do will this of see on

David Brooks

that, were the number I'll Yes, give exact we encouraged by that came as or believe higher Michael for I I believe than. two it was bits net production three well, let quarter on but the loan Michelle the

Michelle Hickox

our our rates as three X%. for quarter Well, and average than up higher quarter paid were points yields production new we've this basis PPP got a loan a lot previous off and over those obviously, loans loans investment held are

XX right what basis our overall I XX to yields in looked, ex-fees coming still the now. lower loan think points are were time average last yields Michael, I maybe the than

that see the yield that stability. in to average was We good that quarter. this can So I maintain increase thought

think NIM. for I outlet good that's our

Michael Young

Okay, great. you. That’s helpful. Thank

Operator

line from Gailey comes question KBW. with next Brady the Our of

You with may question. proceed your

Brady Gailey

Good Yes, guys. it's Brady Gailey. morning,

David Brooks

Good morning, Brady.

Brady Gailey

dividend payout and at want So I continued increases you you far been there of the It's only is But modest. ratio kind laying is it a as It's with to still increasing about dividend wanted a start great see down, about think you payout do to the lot be How the dividend. ratio? XX% XX%. increasing to pretty from like recently. another as here to have

David Brooks

can point, discussion XX% is To around philosophy, Brady a more generating trailing we're about number to XX% capital right generating quickly with your even really it. we're our growth of board that given of having pay we our capital our though, been lot the is earnings. has Our current out still rate deploy than

watching opportunities been expecting the be strategic we've some would front. So there and that on M&A

stocks. be haven't been you buying to trading back We've we at our to about So was the at. talked prices a hurry huge it in

more. we dividend trend to yes, continue toward one so is way paying And can back

the I towards given whether level, by. M&A, an we the possibility at looking number buybacks payout of eye have with goes we've think stock been that as continuing time dividend to increase but XX% given to our the board XX% comfortable the right now ratio is the also

So if our I will. bias, think you that's

and to saw the blacked out well. as had with stock Our the been lean would volatility with is us have the towards the be dividend earnings. we we continuing on bank the then last not certainly increase back We week we've for been seen opportunistic here. in to volatility There prices be for pulling the market may in buyback stock opportunities

So going we're we is here forward the to and our late is the that of continue year, surprised seen and second like you'll every opportunities discussion by third I of M&A be the into is I And going the to trying ascertain we're July, taking I'm the be is and their in discussions there see dialogue situation now. think pathway but anyone activity positive. there in and a now. second look best lot what more we're at to half to as but a then look board half here think continue announcements year in and well to opportunistic and of the think haven't quarter I

see. we'll So

Brady Gailey

talking think And elevated. issue Texas? pretty that's why just you an David the the reasons to seems with like other of in haven't biggest could on M&A one banks, mean, M&A we being expectations seen from I seller's topic, I just it be it more do

David Brooks

think Brady. that do I do. I

trades private The gosh sudden week think has little then XX% if are I my of a price a the bit premium companies of stock at well. a and bank as been on we pricing, all prices for I the think the didn't what activity the then and stocks certain I damper a volatility all down get the market announced deal company. next going

the discussions there's lead think encouraged -- so And patient. XX-XX M&A now's around sense we're finding and out be I the our as approach I and that think deal am and those discussions time don't for So We've in moment and been are people people those that's now negotiating a on. yes going a we're kinds going of in being hitting. a for and partner And ago, jump that disciplined league thoughtful are I win-win. you I years to the mentioned a to are makes

Brady Gailey

it interesting all just see I release to at a brings me, out what press question hiring about Good. Then week, [CCBI] to of that maybe on comment Turpin last but last was IBTX? for week maybe John the think before was David, hiring recently from he you put he the kind or

David Brooks

Yes.

growth, they get the aspire We're that stage our only and not we organic aspire the continue company. to look grow. a strategic at we So growth continuing first but to ready to opportunity. We're to set

I've billion and said So a $XX the company from be we end that then of by could easily year growing next there.

continue as team. the leadership to the I He's think last expand grow, executive community other bigger marketing, a infrastructure bank season those and grow as We've Texas a expand truth I we a regional other things. our we in like small to add and community pick team our leadership toward risk highly we and can think to leadership big got view future. our And our bank, us. a continue to forward enterprise that with important Bank us in you'll see bank need compliance and got to U.S. as our and and we and we're is a risk community for come guy We new thought continue help team, deeper up a how bigger important year, we of Bank areas we during to leadership. you into become hire better build and was we've it's bank. discussions Capital who And the build I aspire and and a from up matter a background resources from around us grown him. of is large to human expand think merger And really goes an felt to done So terrific team, the and that seasoned companies. in U.S. opportunity And as management know add to add an like really a all continue with John to for time companies,

Brady Gailey

color for great. guys. the Okay, Thanks

David Brooks

Yes. Thanks Brady.

Operator

comes from Stephens. of with question line the next Olney Our Matt

with may You proceed question. your

Matt Olney

pretty the Thanks. volatile Good morning. balances of thoughts of ask the first for the about on to the your so hear half back mortgage to warehouse. I the far, year. We'd going been was love year. It half about has

David Brooks

$XXX morning, four that back we billion Yes, land months $X could has market pulled Sure. Matt. expected to little we were three that Good faster million in hopeful range. The we or ago. it a than

year. the It's to the hold know as market share. the months back, side. competition for very now And little couple White, competitive so you in of trying a aggressive of has the million-ish in on space come we've range. lot in pricing and like in settle it trending That's business led looks be roughly more that banks a the us. and to for And to been last have where we'll that as That's here Jim we're to that's on balance going of who here been been runs where $XXX the we think business talking with

are great job guys our so customers. of a with working And our doing

relationships of get out into last have, some the world there And mortgage fundings we’re going to with use then else. expanded that in We it and year, we upscale for credits. some of we everyone opportunity on that stronger was slugging

[indiscernible]. it like looks we so And

Matt Olney

are down overnight the I the at or Michelle, the trying Okay, of as that at around XX June And get levels of the you're $X.X to, think assets. billion you, targeting to get What about liquidity. you David. some that earning then, are levels? you Is there XX% overnight potentially to of a this great. within could level balances deploy average $X liquidity. I'm had up you year mentioned the curious end the Thank already billion securities

Michelle Hickox

we would like lot to it a That's for Matt. higher be than Yes.

to to But deploy our that million. into closer think pre-pandemic were do is we I can't back And really what we'd we do it obviously $XXX like overnight. loan portfolio.

And up in that to the we have of fact so to losses. attention put as portfolio do to be we unrealized to rates also if we'll continue investment the it need mindful go pay

trying we're be careful and we're there so make wisely. investing sure to And

Matt Olney

Okay, so But back Michelle, just be term the to to a year. beyond Is half target. million ? take assume get maybe clarify, $XXX might a the that that -- will I longer there just while

Michelle Hickox

Right.

I think we're going is to continue to have of some excess good year, this liquidity outlet. a through the Matt remainder probably

Matt Olney

Okay.

all guys. That's Thanks, me. for Okay.

David Brooks

Thank you, Matt.

Operator

next Hovde of Rabatin comes Our Brett question from line with Group.

proceed may your question. with You

Brett Rabatin

good Hey, Michelle. morning, David and

David Brooks

good morning Hey Brett.

Brett Rabatin

Well, to late. joined wanted a few ask I minutes

about a to dropped may some covered off little have wanted noticed there was I being kind calm you So bit. of ask to that degree but other then and this

And comment there production obviously so there. here felt to margins banking you ask if I the then anything outlook note and just know from didn't about levels sale of wanted just And was on about how and mortgage warehouse? the

Michelle Hickox

margin from Yes. Mortgage more has impacted been decreases.

about basis points down it's think from I XX QX, Brett.

and somewhere go we'll expect I will generally a volatile then it there bit. so down it's at they so just to QX, give be volumes but at I through on were July of The down I and impacted an And being in steady. times, pretty mortgage is mostly margin. volumes think bit And are really least QX by outlook where seasonal has a June, bit they're would because fourth the but stayed are is end quarter to a really probably hate their

David Brooks

That's the what drove [indiscernible].

Michelle Hickox

mortgage. Right. primarily income That's is fee our line

Brett Rabatin

Okay. other little was And and other bucket? in anything was Michelle, a noteworthy dip there the there

Michelle Hickox

I nothing of be where depending our so and markets interest can Brett, are. biggest rates on think has do there. other of note Those some derivative the and really thing volatile markets with to

Brett Rabatin

that's Okay. some And there of in kind M&A more market to be of or the M&A anything else that's gave sort happening down happening. and sellers that else about consider maybe just some of which to strengthen the M&A anything the was stock was would stuff things impacting you more really is the whether a bank slowing it's volatility Is see there you other are state robust wanting then question the helpful David hindering commentary around environment?

David Brooks

Yes.

way. other didn't have underwriting impacted see this touch point, put I have think were see, I credit shaken, underwriting the people's markets would year the didn't different that a all the you problems would touched, thought really that have see we we, of were it we a and that think is and credit improved time. of that more banks credit And And think kind just ago didn't the really another to tested we recession I or thing You talking of believed that that that's I and depth didn't see normally is that. their And we between differentiation we see a going everyone and that. we

think right a to the think And I so continue optimistic generally now perform future. And of higher I are that level. has people allowed kind then to everyone at about

in of good looks been strong banks. we're best difficult we've kind it's through Texas so pandemic period And growth, and economy wow, and getting especially that for for banks into now Colorado, this example like and pretty the the of for

impetus loan real a we years just testing three no I cases two there's a deeper, in underwriting, didn't a lot and the of ago think year everyone's see kind we so portfolios, get us pressure of expected more see or that really last would And more some on that pressure, bank’s that.

it continued for on on. good really credit but ground provide good the for So solid banks, for business, the overall a people economy to for differentiation has stand hasn't which side to pretty our there and good is been

do there's for So people no pressure I anything. to guess, now right seems like Brett,

the that's gosh, think run it's see going sunny, slowing And company and we pathway what kind is own can sunny another thing do. our is so of I people of let's ahead down kind and is

Brett Rabatin

Yes.

all color. Okay. for the Great

David Brooks

Sure.

Operator

Rose Raymond [Operator question with comes Instructions] James. line Our next of Michael from

may question. proceed You with your

Michael Rose

picking my for this loan really your just little was question. any on Hey, core utilization between gains We've XX% up C&I line a What side it and and just looks back seen like ex-PPP and share market to strong. I taking that morning. as wanted increased over then drove go Thanks up? to bit quarter the a good little The growth. energy higher Texas? Thanks. differentiation of that? that kind growth nudge Was Denver of C&I

David Brooks

Good morning, Michael.

I think front. C&I the it across broad really does base

we've and team Denver. We Texas teams about as have added and in new in new members talked

So C&I growing not just that of where remark market lot But relationships add we've hiring. getting are traction The hired lot new of a have nothing gaining new brought over really color, well. teams that is Dan, a with really that the we've other of been them. can we in share, Michael than I we've one market space been

the so margin at impacting seeing And we're really growth. is that net loan our you

Michael Rose

Great. to that. of kind follow And on up just

us couple couple and as loan making book you on can if to get So is what give have and as give the a I you be bigger the time expectations announcement, you the you initiatives was the long the I years sub company's get for for it update term But complexion we you're C&I back talked period commercial about, kind of relative go grow strategic been to a got one guys which the and know of bread us, butter would MoE of of real pre just years? Can an Thanks. that next CRE concentration just into progress. longer the XXX%. estate,

David Brooks

what on -- think, And I now right numbers Dan, Sure. are our

Dan Brooks

below and on thresholds. [indiscernible] the at we're the XXX% or XX%

David Brooks

Yes.

got and couple we're CRE, so years, expect way come broader estate lending. than a real introduce right We've there. said, other on And as who to the we've we to that, done that. track balancing be commercial with Michael, book we've just look, we of portfolio we've our set done down So and commercial last

in by to that's some seen job selective high engine on an quality quarters energy against been we've a but to traction. it's C&I. butter community great the there do couple commercial traction getting a of but bread of in to continue add regional book. bank, introducing continue Texas last had course, of building one the at small Same we've in now opportunity but We've a CRE in Colorado, always good and thing We

expertise a up to that see you'll about, you And book our book. has something think they've balanced and bank similar C&I where I've will we've allowed that in be are opportunity that got management us we those in to to and middle strategy. as retail, past expertise I acquire talked and or would that So would picked up a nice over wealth an added C&I acquisition look, things more know, to to the special market or Michael, the some become time we'll we guaranty up have expertise talked picked balance a us bigger that a I in product some love the continue

can little that, like and a acquisitions has team, the different we up maybe than pick a team a a that in company past. skill where So maybe we had set,

been on mean, what do. so when ago, to successful. right think moving years, be we I And we've us We're years three you'll be with hope we we're of began looking even And direction. that's see I more to track where a this balanced. couple

Michael Rose

one I like The level release. can improving this come negative the given Thanks. we provision you has seem just Right, environment just to back may Could the additional releases day here. the outlook. some for room then below and But were get down. does post as like be And us variant where you finally, we think if about you helpful. know, that. quarter forward? see remind me some reserve potentially CECL potentially And there's reserve and concerns Delta things there another to it just continues move improve maybe

Dan Brooks

one. take is Michael. I'll This Dan. that

grow continue always past to Our the intention, CECL today. is what as we've is said in into reserve the to

You're clearly the does on relates I that Moody's improvement the we forecast continue we'll Moody's Delta as but to year. variant we no The was that future in as what to the the continue impact provision all we monitor of but expect provisions latter conditions no and what half what what best credit think And know of what say have work monitor towards and to during driven is that to additional impact took the determine provisions relates expected that what and I does we'll new would to new correct. it we'll are Moody's it based the in have quarter we would and economic today, say by way monitor the is quarters. to do

Michael Rose

questions. my taking for thanks Great,

Dan Brooks

Thanks Michael.

Operator

David would session. I remarks. gentlemen, to like we for reached answer today's to and Mr. closing Ladies call this end the and Brooks question have turn of over back

David Brooks

mentioned I'm built joining being of our as well the we've pathway of last think, have in itself. organically the everyone Thank forward. presents XX proud I I the We, opportunity value our our That's over you. great team. Appreciate to grow really that today. as earlier, shown been strategic franchise of years being as when markets, able

team we'll your just headed. with where and We happy company are to and our new to and today continue Appreciate our where members story add you in we're soon. we Bye. interest and talk really

Operator

This conference. concludes today's

this at day. your rest for your the your of You participation. Thank may you disconnect time. Enjoy lines

Independent Bank (IBTX) 27 Jul 212021 Q2 Earnings call transcript