IBTX - Earnings call transcript Q1 2022 | Independent Bank Group, Inc.

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Operator

Greetings, and welcome to the Independent Bank Group First Quarter 2022 Earnings Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Paul Langdale, Executive Vice President of Corporate Development and Strategy. you. Thank

begin. may You

Paul Langdale

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

David Brooks

Good Paul. the you And morning today. everyone. Thanks thank call for joining

For the and demographic growth. for by demand share of relationship annualized borrowers from Colorado $X.XX pleased as strong earnings loan announce across as organic markets quarter, first continued mortgage excluding strong we to were PPP. per our driven our quarter, is economic adjusted diluted well growth warehouse Texas of and experience and growth This to XX.X% the continue as

Michelle our that cost a funding During evolved that for This the hikes balance With now quarter, resulted of a million to of by in the turn focused initiative preparation we retail for our results overall $X.X ongoing reducing fed. rate reduction deposit strategically This and the for resulted in on with detail our sheet the interest-bearing expense a by franchise. interest XX% or operating I'll together also and enhancing the versus optimized fortifying and overview, quarter non-core deposits. by the call more additional on quarter. linked strategy core is lower

Michelle Hickox

morning, Good David. you, the Slide data Thank selected quarter. everyone, for that X shows Note financial

an down quarter. versus million and was diluted the interest in income the share acquired down $X.X Net $X first $XXX.X down was from loan from Non-cash annualized but portfolio. quarter. offset over on $X.XX driven in linked assets was during the interest by million income the of $X.X fourth in from fee was million a were quarter, reduction the quarter, decline in a million XXXX. net by per These to PPP QX our grew share from $X.X decrease growth, million was primarily decreases securities expense, $XXX.X which quarter. $X.X XXXX QX also due loan in of earning $X.X accretion million rates which diluted through of or adjusted or quarter million to to million deposit the totalled to a XX.X% First accounts million $XX.X opportunistic per $X.XX income investments linked

increase quarter increase This linked was the which to volumes. also the shift As income to taxes first mortgage funding, of includes quarter, mortgage was addition driven cash of first $X.X we longer quarter, by cost This $XX.X was to [ph] increase versus as bonds an in linked million loan broadly impacting totalled during banking decrease quarter, includes paid reduction stock linked noninterest $XXX taxes are reduction driven a balances. $X.X Noninterest million revenue related salaries for listings. and by from linked X.XX% rate million due million headwinds well and the The points in The accretion Total was the the payroll million noted as primarily up XX, higher municipal benefits. seasonally on of first Slide for change the of decreases excluding million security XX million of NIM the a held increase maturity designated was and higher $X.X The duration growth in to in the quarter. annual the basis a as $X.X quarter. in higher from versus fields from in and interest $XX.X mostly the quarter. quarter. expense,

decrease a to expenses non-interest $XX.X deposit Deposits primarily In funding million Fed well as increases driven $XXX money. treasury included the linked quarter. efforts in specialty efforts at reduce of by billion of $X.X was shows was These exiting due higher reduction salaries totaled This a expense XX versus our hikes. end, rate in expenses. on in annual $XXX,XXX brokered the addition, and XXX(k) bankruptcy advance quarter of other cost. mix vertical, non-core strategic our to trustee reducing offset our in and benefit as The QX bonuses. Slide million by matching partially by

ratios and chart illustrates stability XX common Slide efforts, with costs of increased points basis the my bearing the end. on ratios remained accounts other tier of first of additional change interest strong one equity our capital quarter concludes capital by basis decrease XX. equity XX.XX%. Slide a capital result points. XX the deposit are and of the That core during on shows vertical deposit and to consolidated In presented year ratio XX customer comment. Tangible quarter, since company’s this common a Capital total to X.XX%. As in The ratio XX.XX%

portfolio. discuss So I will loan turn the over Dan to to it

Dan Brooks

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

This slightly rate loan impact loans, Excluding be million growth. to linked loans for broad-based resulting metrics demands, warehouse the held loan driven million which growth non-accrual one point totaled one totaling quarter. continues $XXX.X relationship during the added to lower volumes million and a customers hold remain core quarter Loan of basis over Texas quarter. increased the of driven of decreased quarter. or to pressure Credit the mortgage represents was X.XX% for at PPP was by commercial Net being nonperforming estate in lending loans end, shorter by investment assets by total during assets annualized our which the purchase quality Total the driven XX.X% decreased annualized quarter, $XX.X $XX.X increased Average rates on upward times healthy. to Colorado. $XXX.X primarily across industry. across real charge-offs primarily mortgage by to decrease million and mortgage

during for in $X.X reserved that comments our warehouse These ACL. I quarter, XXXX, the discount for the a had quarter. been the reduced for loan have million all XX, we sold the is previously allowance provision of loans $X.X March of the held or taken related this For portfolio credit million to a ACL $XXX.X At loans excluding are with note credit investment, losses morning. mortgage at loans. the We million X.XX%

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

David Brooks

Dan. Thanks,

Looking XXXX. for ahead, are core confident the remainder we at the of level our grow in loan our ability to to now X% XX% portfolio

Fed. ahead with forward are continue believe success benefit positioned tightening curve also We rising very We encouraged balance mind. new in initiative business we that deliberately our are the from sheet additional we and well environment by by book of optimization rate the the to a of to

remains communities. create across shareholder consistent our long-term great by deliver value customers, our and shareholders, to franchise markets growing Our and to our four top high priority performance to

tireless invest strategically And to optimistic dedication about relationships our for continue to I’m all momentum. position earning expanding business for to build on this the ahead. day. people and bankers will and to company each our new their we And in opportunities I’m grateful We existing to excited technology the remain future. growth

today. Colorado. platform Thank the quarters we We to first to Texas join time us have taking in across for the and you grow established the continue

questions. the open we’ll Now line to Operator?

Operator

you. Thank

the We questions line questions. [Operator will Instructions] a with be conducting your Our from with of Milsaps session. Brad Sandler. Piper first now question-and-answer Please proceed come

Brad Milsaps

good morning. Hey,

David Brooks

Good morning, Brad.

Brad Milsaps

to my Thanks of You’ve the complete last managing to balance cash of of of another in curious questions. just maybe runoff less now, I the you pertains the about for the got billion maybe with how portfolio some excess how $X.X manage that your growth going some plan kind the plans better for taking your cash, most and forward. of to side sheet wanted you start guide to quarter XXXX? growing balance bond overall on sheet? think a I Michelle, by about think Do kind loan liquidities deposit is the with you think talked

Michelle Hickox

our that as would our would whole in said bond time, Brad We some, I’ve was treasury the we we was end came And have specialty the about for which I on I deposits it going certainly exit vertical, did cost Yes. loan to liquidity. plan were of trustee before the right depend and growth $XXX It bankruptcy think quarter. said million. then our out that went had the portfolio.

funds. all that to really so related was types of And of those outflow

up for core deposits a actually were stabled the quarter. Our bit

If this would this see way, loan our bond a still at We significant outflows, at is. to raise can is that deposit good for rates haven’t year, run And deposit where all of we bit a portfolio, growth have that that hopefully really say at but we we change the off it for we to point. to The means billion bogie rates. start probably continue rest $X.X get if point the could those I manage will right. may and lag we raised

Brad Milsaps

with about, And us, of deposit in terms Great. Fed maybe continuing of higher? does you think sort and in of terms sensitivity, guys what you Thank of you. kind kind move could kind as interest rate to of betas the what expect you NIM we loan can your as assume of your remind move

Michelle Hickox

additional an I year. loans for our for year, what basis of of betas NIM and think and think in I I model points But think expect. add we’re through lower mean, on assuming the XX our model the people could deposits hope, rest basis what to XXX maybe rest I the shows than the points hikes rate and XX

Brad Milsaps

I’ll great. in Thank you. back hop queue. Okay,

David Brooks

Brad. Hey, thanks

Operator

you. Thank

come next with your Michael Securities. Our from Please proceed questions line the Truist Young of with questions.

Michael Young

XX% start to good there. Hey, everyone. outlook growth morning, a loan X% to little on better Wanted of the

So the clarity there And would pipelines could it market us through payoffs increased are the Is any this follow-up loan just or demand you’re downs, a seeing as in less point pricing improvement? be you that move you appreciated. in of as just other and kind pay also higher? seeing on increased at that, yields, walk rates any

David Brooks

really the growth Yes. excuse the of well. our are All think driven quarters me, Good factors the, four obviously loan couple feel morning, strength We good of I by we’ve is about markets the extremely doing of markets. biggest seen last Michael.

and customers them Our and caused that want things investing customers and assets purchasing to new to are borrow money. doing

number one factor. the that’s So

saw a pay some in see quarter in first January that slowdown of think the should rates will through that. us go We we up. signaled the the seen first continue that had quarter year haven’t course over that’s had the as in and year. that of hoped which tailwind give of a in expected and in also But We downs to We fact go a we for as slowdown. that trend we quarter kind first our we callback the

in, least certainly not community but as continued estate banking well lot a the side. to in commercial across on C&I our four real Thirdly, markets, and of important. We’ve add banking both talent commercial as

now. that team, the we lenders the the history but the and So right team of only strongest largest – in the of really we’ve got deepest really we’ve had company think not

to we Brad, so deliver XX-ish strong. of loan And kind think And can about sorry, we again, now continuation really we feel the to eight that. continue seven, guiding pipelines are eight, year. for of I’m Michael growth, pretends where good for balance believe we’ve a The of hence, been we the strong that growth

but here very start signs, good early positive. a second can a everything now quarter. see It’s the to obviously, we appears in the right off We’re all

at ago, betas down historic good other concern first We alluded news, some just felt it able to to quarter. Michelle be the our deposit least we’d quality keep and the the in we high for confident The the here, a couple expressed averages But raises. a all moment also little suppressed that below might hold liquidity expressed competition with while. for a loans loan we first competition for yields concern

seen you five floating have fixed for ability long not both, the of the early up lot with we in late in know, to We’ve floating core better our to us, pricing we the rates. But time, push fact, obviously, the first in actually to year yields increase the In do still of and that, quarter here real rates seen rates we’ve to ability three a as been indexes. the those through. That’s quarter lending. ours second and estate the seen a our

loans seeing here We’re for in the that instance rates booked April. we on

at little our So of a above far or on our coming yield portfolio. the current the are rates right –

on down any we’re yield on – this overall pull our on seeing at point So portfolio. not the

So and years of two the been that’s the really, pandemic for since with beginning from struggling cuts. a rate change that we’ve

positive that. So trends seeing we’re on

loan the as to being help betas. rates We on improving think will So as and continued at interest here our deposit be product then a increase said, when of net least early yields we said, able that Michelle lag in margin. Michelle the think will

Michael Young

that you you that yields to environment? a so Thank move we those of great. yield or kind the rising with actually let you other bit rise point or on only for kind color, will still little some shrink and But would maybe the you of a all the think fund Okay, at that there into growth look be terms obviously securities, continue weaker as is on is rate yielding you’re do forward rates. interest have loan to mortgage I David, higher just getting that question could higher either that warehouse, enough of portfolio, you’ll in attractive

David Brooks

fee our business, Yes, we retail materially. in certainly saw the which hurt was right quarter challenge more been decline headwind that the warehouse the has mortgage in biggest our mortgage first our income and

that be high a pricing in biggest going a Then that details level and volumes our ask, standpoint, we’re to so And is you competitive. super continue the Michael. real to say as headwind. I from between seeing trade and right

knock maybe seen [ph] wood have here. We on

the That’s everything of Some up continue and be balance and we a That and theme. going bit. to to slowing little of the participants not seems to, we of behavior services that our a to not usual nonprofit products will market worst some in for provide said, on basis. try the we’re not

of thinking the to kind now also, we here said, way that expect That’s see you out will So it, we’re forward, million. demand our just pipelines, see business. with to and is stronger then what we continue from to the type than fees could let continue that and down think to loan it normal roll choose and but and we’ll we $XXX and how warehouse goes mortgage just it of that a about alluded we loans Michael, that to around the the replace bit if level commercial little going normal

we’re where today. about kind for just But leveled manage we’ll thinking the $XXX and rest it. of the is of I around we’re million It’s it for think way internally the is planning year. to So it pricing

Michael Young

great. Appreciate David. Thanks, Okay, it.

David Brooks

Thanks, Mike.

Operator

Thank you.

Please from questions. proceed Hovde come line your with with Group. questions Brett next Our the Rabatin

Brett Rabatin

good David Michelle. Hey, and morning,

Michelle Hickox

morning. Good Brett. Hi,

David Brooks

Good Brett. morning,

Brett Rabatin

you I you’ve to thoughts ever lending could you some than and that. and has obviously the team higher mortgage quarter maybe first And obviously this And there’s some best expenses, just with and noise then, Michelle, had. if inflationary us to ask expenses wanted around seeing I continue Wanting was look like? try give looks if you you from usual. are the year know the first to grow David, like curious, said, some what didn’t pressures? about one, what

this that into so year. play might And expenses

We’re for throughout turning on you just some expense hoping see the color the year? [ph] how level

Michelle Hickox

Yes.

a people we than that of a we quarter This First always we lot have taxes, expect, reset. have are did bit matching payroll stock paid, expenses because taxes payroll I vestings think, year we on bonuses. our higher,

down were there run of over guidance good in about that to about a first are So some in expense put the be bit quarter. The quarter rate. still from year-over-year I little I the rate range million going a but in, us which increase X% things there I the be the second the in million expenses anticipate at each $XXX that run feel that year. in think, from would year, won’t be rest XXXX, the expenses could million of of for for to $XX in the quarter, $XX continue

Brett Rabatin

great was color. [indiscernible] offs. estate and of what or in of one trends it to then, estate that any Okay. did continues curious But classified to had basis credit. only was? and million just maybe And credit you assets if was property charge that one really property you good what commercial type be related was there net And point real obviously That’s commercial have real

Dan Brooks

morning. Hey is this Dan. Good Brett,

It an expect unusual office anything say it’ll course. one there’s you As in list normal noted, property credit we that on managed the classified non-accrual. be was was it. not our would downgraded I adversely about just was already to And that’s

were a loans reduction message I adversely criticizing to what a year half credits classified is they fact, ago. the continue the think in quarter. bigger in graded probably we And see as in of expected, are

be very trends So continue good. those to

Brett Rabatin

year just the you’ve M&A, prospects if past seems in us slow a a the you M&A thoughts taking everyone’s growth. less on And how is us I’m what And to months. could more would burner down franchise been bit organic David, in Appreciate tell might you any next make a that it pause economy, And what we or two. assuming maybe own then here your three, for that, you’re think me, year the you think lastly and trying next maybe a give Can on they’re that the Great. figure you six little so? M&A have given Dan. out in [indiscernible] pipeline, focused the might view of might for that the Okay. on from you back mean about bank like for or and

David Brooks

how the level, core from and good years. highest people their company, ebbs we've Brad, of demonstrated their continue feel and companies. franchises you to Well, That companies as said, about XX, and alluded last view feel performance we economy competency and as about to in the And it still flows the Colorado with that XX over their our bankers just very Texas companies. we of and the

financials the stock. in And volatility significant stock a in performing be in of and that we'll quarter this I thing to be felt pretty prices, one quality and quarter, bank I the markets asset continues is to lot XXXX. all class how the about So in we stock went January the think the see, say really my focus last you change a decline from in major going to high with just Texas. want build just relationships volatility only from just index the were And then quality in to number to companies the

plays the thinking my And they've like the the but how of is I any of think out, band plan. in whole volatility, are see over people how years. we'll got banks face experience their help, of strategic kind those it things about don't So

to becoming of I XX, cycle timing still goes some feel see, so don't increased spreading here people and M&A months, it in goes, we just or it how things rate the how think interest M&A affects economy, in the but the I accelerated how war many So next XX way. it, really that the on of in going Ukraine depends control, believe about how fed chance we're the that the and

the you control which grow continue both don't points and I is there's that many things we to so the then add said side. control, control Brett, think side we as on and what talent, administrative production company, our terrific So back, on

and embedded want a risk so. management to We continued the do and grow teams invest will Michelle the that to future investing level people, and we're about and talked across expense in infrastructure we our things and us in at to allow do at the those in numbers. company

Brett Rabatin

Okay. That's great color. I appreciate that.

David Brooks

Thanks, Brett.

Operator

you. Thank

from come the with with Gailey questions. line Our Please next Brady your of proceed questions KBW.

Brady Gailey

Hey, morning guys. thanks. Good

David Brooks

Brady. Good morning

Brady Gailey

M&A, you back last in repurchased you So the stocks? like doesn't buybacks bank any especially all maybe in are X% year, half you side look the pullback quarter. about the it company of about how the on the flip of of but I the did in know buyback given thinking

David Brooks

Yes. believe for and I are disruption in mean to when to that markets, the there's us we those chances opportunistic. volatility continue be

of kinds in early coming things here. those out seen opportunities the have see, of what here We second and volumes we'll of kinds but earning quarter, season

a minute, I market be, here on to two. think of seems see everything week how next goes for to the or waiting hold kind

we'll out other Brady. we yes, aggressive comes we will how So see the stocks be side mispriced. when believe But are the

Brady Gailey

I or that of are your left you Is mix point? know balances any of the this deposit more of happy going then at kind strategic with And runoff there forward kind broker in the was deposits. dip deposit of Okay.

Michelle Hickox

have bit a of We still that.

of think of but need runoff point. majority a a we point time broker available to and obviously those still at them gone think back. as this has use we us happened when is that I I most needed, bring the when that at our are to source in But liquidity

Brady Gailey

Okay. All great. guys. right, Thanks

David Brooks

Thanks Brady.

Operator

Thank you.

with proceed questions. of come Our Raymond Rose from with Please line next questions your the Michael James.

Michael Rose

good of this Thanks hallmarks been company, one the quality's asset questions. my seemingly idiosyncratic quarter. of the taking for Obviously addition one, Hey, everyone. morning, excluding

we the given be reserve concerns expect limited mean, horizon. further caution markets more might, outlook a here. to from and from broader obviously bit is I your give Just the down, little down some reserve growth speaking, and we has could loans that but Or here? little maybe just somewhat on that the so macro good outlook that anything expect, a to broadly the the for just should level releases in come reserve Thanks. come

Dan Brooks

I is that. Dan. this Michael I'll think take

at minimal are really we as rather with you would think credit offs say our portfolio and as managing I charge we really I the loan our in look consistent assets low know our nonperforming have, culture portfolio. and history

So we That that pandemic. through the was the to expect continue to case. be certainly the case

potential we we perform headwind ahead As continue look certainly in the similar at to economy, a to expect our in portfolio fashion.

the In already the morning on to be to we've release you and the we indicate but that reserves addition provision. side growth that on And have to XXXX manage certainly know where that. today, opportunities that, place the any any based based little position in would the that, we I provision grow loan to book expect we what We would color. in not additional adequate certainly hopefully make on have of gives wouldn't this already would a would we we spoken expect continue to that additional expect that certainly bit to in think we'll

Michael Rose

well. follow-up helpful. very one it's May Yeah, capital just on as

that You dividend like around moving like should obviously expect what build, is earnings capital XX% guys strong, row is ratio we we in generation have is have dividend, so seems about looks It increases internal the quarters going solid. a further here. to trending a think been forward? you guys are capital Should increased or payout four

David Brooks

think it morning Michael, that's around XX% to way of I think our about a think good I – earnings. good

coming about certainly talked looks pay that out be and repurchase will be we'll how we again, couple see return how Although, based to if it the in go if could that's to quarters, immediate And forward. our lean, a also dividend we continue prospects, a up. way M&A decide plan about dividend earnings dividend helpful at fact that go would the last increases. are impact stock off we the board level to as with over we like future, that don't toward the higher at and think as our then expect to But we helpful increases good could prospects, shareholders our increases also to upon the look and we active pending capital

Michael Rose

So, quarter, be should yes, me, just exactly Thanks. one permanent one kind tax using looks is a Maybe like the for going we of to X.X% down this kind final rate, obviously be of perfect. change, forward. what

Michelle Hickox

over XX% of had is little rate, some a that contribution probably to better run permanent a a a we related difference Really property. Yeah.

I would in So over a use your XX% little over modelling.

Michael Rose

Michelle. Thanks, my taking for question. Perfect. Thanks

David Brooks

Hey, thanks, Michael.

Operator

of [Operator Our Instructions] you. Please Thank with Olney from come next your questions. proceed the questions line Stephens. with Matt

Matt Olney

thanks. morning everybody. Hey, Good

David Brooks

Hey, Matt. morning, good

Matt Olney

changed movements competition bank the mentioned color? that Michelle think fed And pricing you I deposit has more ahead get I to are Did yet trying that and not any of any some any Michelle, recently. hear correctly, are seeing from the of Thanks. tightening?

Michelle Hickox

of lot We competition. seen whole a really, haven't

they lot of a maybe But offering from field promotional lot bank We union of heard a have product. rate higher we noise a our of times another relationship really our a it's point. where or a will credit get some one-off managers that's this call at from haven't for

David Brooks

And this Matt. our we not increased have rates point, at so

Matt Olney

then higher that. remind few saw a And other on again for loans that I on March you loan weeks. the of me in side, that dollar thank here and rates side, we reprice will just of in probably fed amount the Okay, from guess immediately the the with

Michelle Hickox

the over something $X.X like that billion that either have little billion are rate a To-date, or of loans month on about that's index increase we what tied rate XX-day from they the or $X that. have end increased have Matt to on a that we of the that the a reprised different, we're increase. with March at So directly reset basis

increases. be would that think I so And with consistent rate future

David Brooks

Ultimately so would expect we course portfolio to over or year about of reprise. half our the about a

Dan Brooks

a on of rate. timeframe portfolio extended has of That's sort they It's bit some right. the more. About half has which just that the variable reprise

David Brooks

that of rest XX annual is Most Matt, as kind the days, and adjust. quarter-by-quarter rates first just within then the of

Matt Olney

of course you Michelle, started color that to patient, advantage I guess Thanks. being any the of yet Have more during earlier, weeks. potentially at Got in mentioned it. or within I seeing seen type growing I the the you the guess this looking for you still recent that. security security, yields target you're attractive more recent And of Okay. then on take we've think we and and weeks. then Thank year, that you're in yields portfolio

Michelle Hickox

and more we is buying been mean, our been been I We've back just on which rates then invested the go million those Munis the reinvesting backs that now have $XX to about cash on X.XX%. it's at gotten increased, manage it's a about quarter been flow, we've yield's have right that about bit X.XX% a out come mortgage treasuries X.XX%. days as Yeah. rates yields about in right. We've up, and portfolio been

been So rate past increase to investment we the able over significantly this the portfolio month. of have

Matt Olney

for book that. It off. to reinvestments increased I just Thanks like recent those of Michelle, And that doesn't Okay. in clarify, coming sound you've the the are flows size Am what's right? just cash of from getting weeks.

Michelle Hickox

really – good growing mentioned Well, will still if bit on better but been portfolio, earlier, loan growth, it we which a the depend expected. like I you are has than

our long comes this the good to $X.X point, manage is year growing think liquidity certainly billion away, but a still a the time as target so by growth and of end that's we'll it I portfolio at the So loan in. look

Matt Olney

at side, year? would that liquidity excess $X.X the what Okay. And that of like The mentioned billion scenario look under I end would the imply? you that guess position security the

Michelle Hickox

of what that's by in end That I XX% would comfortable but flow, depends by the be with of expect year. the year, sort we'll range. deposit on to we end back the would be of liquidity the And with XX% where our our happens

Matt Olney

it. Got

much. very you Thank Okay.

David Brooks

Matt. Thanks

Operator

no questions further for any now like over at call I to closing would Thank to this Brooks back turn David you. the are comments. There time.

David Brooks

appreciate this really I everyone morning. joining

We good move here the Appreciate great to in everyone's continue our feel day. position have about Hope year as the uncertainties this ahead. with a in interest we you forward call.

Operator

conclude teleconference. participation. your does This We today's appreciate

your at this Enjoy your time. You lines may disconnect of rest the day.

Independent Bank (IBTX) 26 Apr 222022 Q1 Earnings call transcript