- Earnings call transcript Q3 2022

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Operator

Greetings. Welcome to the Independent Bank Group's Third 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] Please note this conference is being recorded. now President conference and I'll Puri, to time, Vice Executive Chief this turn over the Ankita At Legal Officer. begin. may you Ankita

Ankita Puri

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

David Brooks

Good thanks morning, the joining everyone, Ankita. you, Thank for call and today.

quarter, the quarter earnings and of PPP. mortgage growth warehouse of share for loan strong per announced annualized $X.XX diluted third XX% For excluding adjusted we the and

across markets floating-rate the to our resilience Our continue uncertainty in short of during see we relationship and see Net total and we loans duration playing been increase continued able loan Colorado production. million income defense healthy both borrowers to from loans demand Texas the footprint. the adjust and during are our in begin that to exhibiting net and of reprice. across were to interest the as CRE upward quarter face balance pleased a sheet. the growth We new amount Xx nearly while in time, same we but the managing offense funding was in loans At side $XXX effectively have reprice sold quarter, macroeconomic

shaping optimistic financials. that to macroenvironment. up of a discuss, will and turn the resilient market is outperform and our the to discuss a over and overview, the Dan to core stable to about cautiously dynamic remain credit As are Paul I'll ability call With what we trends be complex

Paul Langdale

David, morning good Thanks and everyone.

PPP loan loans paydown The X.X% $X.XX adjusted to repricing, to was accretion during prior normal interest interest Net per increase million decreases loans in XX% totaled the from offset before by quarter in $X.X of quarter. floating-rate rate Third million replace The income million. partially XXX,XXX. interest the increase as versus fees in book held net QX growth $XX.X quarter $X.X amortization was or over fixed payoffs. second and representing or by investment $XXX.X income income and core with funded increased by the the well share, as net of driven loan million acquired for new income an provision combined growth quarter by production XXX,XXX in

third As left interest of quarter assets in million This basis X.XX% increase all accretion be and of September XX, cost of up overall X.XX in $XX.X quarter. average basis up are asset in liability representing the XX%. compared an from second quarter. XX of basis increase to This XX deposit points quarter. quarter, quarter. XX%. the to third yield points PPP quarter, of of points XX of the increase X.XX net beta on loan a XXX earning quarter the income yield The points, an of jumped recognized. beta The from interest-bearing basis basis basis overall XX in from XX XX of third the The the basis acquired an in total the all points, of deposits XX%. points to linked was points an in and liabilities XX was of of second was points, an was loan XXX,XXX second cost in interest-bearing The the X.XX% representing in accretion second was representing basis earning core beta PPP was This fees

of interest-bearing XX successful the In need focus core from year-end in with liquidity specialty base our branch interest the line Year-to-date in balances. grow branch strategically fluctuation needs, deposit liquidity in vein, deposits, verticals core is we've both environment. offense playing brokered been that sensitive specialty shows, we are managing defense funds on margins. to our growth function remains incremental public while a rate to fund deposit current book balances in Slide both and rate managing the noninterest-bearing XXXX up mostly with As and in and slightly

forward see to deposits deliberate the up are betas headwind opportunistic, we rapidly in Deposits term, competition curve. being while to will the be for the are marketplace a NII We simultaneously growth and to in nimble, in and portfolio. Fed increased be are higher the by beginning deposit challenged managing which near-term short sprints the likely

after tailwind our medium to peak. should term, deposit book continue the Over however, as loan cost serve even a

loan the mentioned, loan $XXX amount. totaled million for gross new net production As growth roughly but totaled that Xx quarter, David

remains mid-Xs in new that bulk that rate quoted experienced and of repricing CRE It two above the rate the production the bread represents As five-year end, consistently butter iceberg the life the activity is coming the today, fixed fixed outside. while and noting that average being is number the loan To Xs. has of with of worth years. surface, between ocean our of three net low is growth this on a business book a weighted new loan in

growth a the terminal Fed X case base by pivots, consistent When XXXX. year-end rate via the and where reaches a should As it holds option to the quarters, this tailwind scenario, by put the reprices the we book present built-in XX next interest over eventually income have to fixed forward costs. flat Fed carry through positions even NII the Provision penalties versus loan of the $X.X rate book in our losses interest composition income in, was of a line third cycle refi on million the for swapped All floating the for to or credit face alternative. performance funding quarter. headwinds near-term in

due net net there provision factors. warehouse the in growth to across Looking by the and and $XXX,XXX our changes that ahead, we the else second this Wealth budgeting will on held revenue with all that, other volumes are businesses and lower CECL caveat equal represents loan that about macroeconomic build to lower Noninterest forecast the mortgage X% Mortgage model no to decreased income compared being the assumes from to fees be AUM for quarter, material model mortgage lower respectively. industry mostly driven of

was banks. million of which the from for fee QX non-GAAP income primarily declines expect includes volumes we the a campus. mortgage the deposits was the was one-time core increased separation third benefits headquarters expense million expense driven and expenses. the basis, occupancy was campus. other adjustments was as to headquarters in income for development lease, salaries operations an and asset increases by driven right-of-use quarter, impairment noninterest by expense credits fee interest-bearing to $X.X an Offsetting noninterest For to of a $XX.X construction the third quarter, employees related grant million levels. income, offset million which the well Noninterest our as fourth moving to into higher new the and warehouse incentive facility On This for employee earnings slightly a related about economic $X down decrease related on by in XX% linked of income be held the correspondent quarter, stronger versus of quarter, $XX.X to from increase primarily

XXXX. driving positive incrementally we leverage in focused operating Looking are on ahead, deliberately

We are shareholders on to focused pulling and parts going of benefit levers the mindful of we equation provide our will this greatest the be that the forward. moving

the expense through we pursuit expenses peak base. we of initiatives coming and As net be planning savings efficiency cycle, manage to the able over well we stricter require neutral All in we wrap comments To will the expect growth, XXXX the in discipline are January. being QX goal realize anticipate and the capitalized quarter to ratio ratios from today. over minimums. case levels quarter well I linked levels with capital all have on capital capital as fourth consolidated XXXX TCE further XX provided including regulatory a in end, to in that this quarters. be but call to slightly recognize managing expense updates Slide base increased shows above the up And These the remain the to targeted time. able

over call Dan. So with will that, the to turn I

Daniel Brooks

Loans Paul. held in for the quarter. third investment Thanks, billion $XX.X to increased

totaled for As or growth XX% David loan and million mortgage PPP warehouse and the loans Paul excluding $XXX quarter. discussed, annualized

our quarter during mindful of so, as and to continues portfolio of situation. market. Even strength macroeconomic our all of remain property the impact points credit to of million basis totaled the the Texas The the are the quarter. and from broadly, the Overall, quality underwriting, across a remain Colorado Credit trends loan higher of loan of rates related Colorado. by for slightly to in decreased book the underlying hotel of bolstered four or quarter this total healthy. XX% at accounting both shorter Average mortgage has decreased industry. down in category New quarter mortgage to end. assets no volumes, nonperforming more more in $XX.X rates, $XXX.X third estate of lower on decreased the million during the demand, X.XX% had loans type, stable the in charge-offs for quarter, $XXX.X we history stressing was the our resulted a loans in annualized by foreclosure and purchase markets hold and upward These assets geographically morning. - million be warehouse million I portfolio distributed are as in continually multi-decade evolving prior owned The increased the Net to real metrics $XX.X commitments. strong comments, with the new due to mortgage Total pressure well times production single quarter. during well product than and

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

David Brooks

Dan. Thanks,

encouraged see are resilience been to our We from and we've forward to Texas march for high-quality rates across and our sustained demand by of Colorado, business the continue curve. up customers markets as long-time higher even strength and pleased

to are through mindful the we risks are and of performance today's environment, in present growth. While pursuit cycle continued we of committed our

Paul and geared work are organization toward we with re-underwriting new to toward with on results. season, which investment high-performance be we a eye both investment are an we as means decisions expense is our decisions As eye discipline underwriting mentioned, an sharply XXXX, focused ensuring through budget old in that company

Thank customers high and our our to the to join time Our to to us We'll for value line communities remains you open a company today. through shareholders questions. Operator? now creating priority performance deliver day. serve for each purpose-driven taking

Operator

[Operator you. you. Thank Instructions] Thank

of Our your first question with proceed Please line comes with Gailey Brady question. from the KBW.

Brady Gailey

you, morning Thank guys. good

David Brooks

Good morning Brady right.

Brady Gailey

said then you XQ from And of about some neutral. expense will base base. be Paul, the that XXXX, it quarter, expenses year-over-year said you think reported I know in on or had that you XQ. wanted more in or an quarterly question. to I adjusted more next kind is expense would of I Are you a one-timers talking peak I rate? start think also run expense

Paul Langdale

So of that's adjusted number an Brady.

David see probably case think estimate XX So is fourth our flat. XX.X we taking of hard base to be. right as mentioned, I in We would about and quarter course, the But a and base. we're expense this go look to now that hold that that at mentioned, were quarter, the

estimate past set cycle of the expect sure and that make in we're performance current to to fourth for call update trying the the that would be provide up an quarter had Just through on we've and I kind in January. we'll our that

Brady Gailey

update will rip And be Got deposit comments how us it, move you be higher here? maybe on that you betas rates in rates all deposit as right. are a betas should but then continue continue kind higher to guys just about headwind, to as mentioned your what thinking of

Paul Langdale

an But marketplace, so obviously, clients give the of the bond bit. hard issuances, the bit our And first has for in certainly higher incrementally cyclical going bit we were guidance quarter, third say little in terminal a property up we quarter we're although rationalize of funds the here of the the certainly seeing is quarter, increased on an quarter It's Fed expect quarter. some had as We're public to expect where tailwind had exact in deposits fourth face that do the funds marketplace raises first from some to in where some sort a to exact and estimate hard we've competition we've from they toward combat go our slightly in in a in public to taxes betas just estimate. to fourth I'd give that little positive the the rate, which thing have portfolio. little the helped far hand-to-hand but it's

Brady Gailey

then little heard you're you of being times line focused mentioned When better I've And a ROA guys bigger performing points couple finally that, at in really look peers. David, picture estimates it's company. basis kind than me a high on consensus from for there, I of kind question. XXX with Okay. out your of that a

you your on think when you it top-performing you what what's are it looking about in in do - about of like when terms profitability, a at focused mind, you're being is high-performance, the So company? credit think

David Brooks

thanks. of folks look Certainly, we a is Brady, to question, look well. as ROA a That's great what lot and to

above to So in terms want be would of ROA, I think we peers.

said, The lot and XXX, a XXX - well which has gone up because as of to than of historically efficiency ratio. we've is down, pay you pay the to attention as that. if doing better So the we'd us. peer, bill, ratio efficiency with to not We at like been ROTCE infrastructure we attention not been be case the few years last is

to alluded down just going And - as we times. if with do But Paul conservative at which bore room have so upon the a with a we've expense they've of they a into company think the details, because done we middle so when a look next year. a is company us want handle we we far that principles to we better what everyone to standpoint credit that credit look that's understand to We something think we've the some take upon on get heard number of and which commitment at side underwritten and still things, that from then be book. won't about franchise to our projects got they we'll to are high-performing had company, behind which our principles build I our sure think that now. we Brady invest fairway procedures infrastructure cycle top-performing at a continue underwriting just and the lot but investors And to to us also of make to met the out obviously, in through the We certain we. and run try processes make a when I

it's think period well up. going to I in us serve that's the coming

it So I part of as think a well that's Brady.

down positioning well, the perform but So cycle as we also come a in yes traditional performance the year. next into company to metrics, here

Brady Gailey

great. right, all Thanks Okay guys.

David Brooks

Thanks, Brady.

Operator

line with next of comes Milsaps question Brad Sandler. Please the Piper Our question. your from proceed with

Brad Milsaps

morning. good Hi,

David Brooks

Hi Brad, good morning.

Brad Milsaps

wanted with moment. margin for stick to Paul, I a the maybe

what in correlation saw on XX%, only beta fixed with the of Fed in between the pretty the your pretty talked repricing, You you get loan stick you the going funds think of a of guys good relationship of a lift bit a lot in quarter forward, your that is good change was maybe I somewhere beta? yield loan rate is around in a loan change in to terms mind in kind did little basis, yields about number

Paul Langdale

consistent as kind That's is. of forward It that up curve. we forward - our look with expectations

the in maybe over the here For think, couple margin next competition, but the probably will of and QX, specifically because as of our well we book And repricing QX then starting incremental in have QX and flattening we'll mentioned fixed-rate quarters, I commentary. serious loan we QX as XXXX. of see that see rising lift QX of margins, some in benefit we'll over QX, in in deposit as with the

Brad Milsaps

as to Paul a do that. can you wholesale feel coming lot you - David, how guys you bit And maybe you of see the go you terms going Do a And like kind need pipe? kind fund out could the you about you growth of do more of think little investment how about the kind you'll year, think loan of to talk of fund, then into in portfolio, about it market next what of thinking borrowing it. you down to

David Brooks

right, case the growth base here Yes, were that. case the we'd loan little the so you If in a to in should the thinking the of quarter, case, but landing, percent. is is saying good, than probably quarter, company, into maybe we a we Obviously, here Xish loan And - know. it better I'm pipeline growth, X% in growth year, have able been to it's through cycle we're is Brad, than back little looks range. navigate as be our for Fed quarter mild-to-moderate next the then better XX% recession, fourth third third look we the if as expected soft a were X% for that our a in Brad a base

sort in is be our able our advantage And will if estate, are will recession other difficulty, base well companies. estate. People take markets case well customers continue Companies our in that. and to real strong to capitalized, buy so positioned will invest year, some of which next of well so, of there's our customers positioned, real

grow as at will we case X% continue and NII the quarters. with in and to next be will first year, get some loan then all of structure the year, some talking in the in have we'll one the pretty year, was year. So, well of as expense so Paul in about continue moderate situation, at the portfolio second the pressure the lift a three to is. then again as portfolio said kind point good NIM fourth abate base we that whatever think X% reprice And we'll Fed the or deposit our terminal last of in growth, during quarter rate quarter to next shape will then portfolio that then of think rate assuming of that there, our level And even with can as should as quarter benefits we be the next our fourth the Paul our we'll I through recent

Paul Langdale

incremental really of treasury over that we've deliberately margins look the last pretty growth fund have have. generate our the brokered to speaking next, is over we that at buckets we to years and the platforms specialty quarters we invested there on to the funding able anything, three Brad, retail think in going the be team deposit us a Yes, and four that you growth for our some side, do to couple strong call or if really and it,

in there in the relative utilization to is kind point historic it this been the of where at Our past cycle. has at lows,

brokered can the we market temporary market opportunistic little have in that kind attacking and the FHLB nimble a when be of feel we these you the dislocations So curve. and

but possible preference the So that much the deposit growth in continue layer on as base. as our is to fund try balance to to through core sheet, really we'll

Brad Milsaps

it. guys. Thanks Appreciate

David Brooks

Thanks Brad.

Operator

with from of your line with Truist question. King proceed Please Next question Securities. comes the Brandon

Brandon King

morning. Thank good you,

David Brooks

Brandon. morning, Good

Brandon King

above I and to get is comfortable the previously of morning. deposit wanted ratio. XX% See XX% on thoughts deposit Good loan stated loan you're XXs, to kind with to ratio low

keep and as where might you kind I that So pace next growth? more term into get deposit growth that plays aggressive loan Do of matching kind with with just you thoughts pricing of your and deposits trending want see think how year little to you on to your become deposit that strategy. far near due a as could

David Brooks

question, Good Brandon.

We our believe continue bit case We said, deposits that to our be slow scenario think Paul we opportunistic. deposit And grow can can said. growth as will growth we a that our under we base given core that, year. Paul little and the core believe for as next then loan

deposit our defense, as to and go don't XX% So in think expect of said we our this deposits ratio I outside loan offense and gaps, but or our stronger that to range where we deposit I core playing XX% then year, that have to And our specialty to. growing the kind base more wholesale noninterest-bearing good guided do core protecting treasury to of we'll using is sign. is the need really fill which grown to, base our base a Paul

base is than been. core deposit it's ever Our stronger

Brandon King

level and Okay. currently a saw balance used And at? well. running flow is And $XXX your the also that to fund was in that little there I that we're was balances comfortable million, sitting sheet cash then I a quarter certain lower as - you're growth were curious, loan above

Paul Langdale

we So Brandon, is to deposit at X% of the look way the really base. X% that,

tangible you it to assets. would So X% guide. of at assets, I deposit in Either but base X% look kind either X% not of a that as I of could way, X% to of necessarily terms say with the guess use

Brandon King

the discussions, accruals details follow-up inflation also that there me bonus nature? on just things commentary but but will elevated, you in potentially slowing, of Okay. hold investing year just and goal business good still expenses provide I as And if and performance growth in having for a the expense next in given far on I'm how little that particularly be could are while flat with be be that, achieved, from more still the as curious on ongoing lastly - know any to just could XXXX.

David Brooks

in consultants as you on that because we and of because as the our lot historically Brandon, a Sure. Brandon. continued organization have run wave. - now, kind to growth, end do infrastructure We've to past, back It we - we a pandemic, had of of had will we a during lean basis even a to use the house, a annualized challenge, back of and of really of and get had lot so and an we built lot as we as quickly consultant that of initial a spend had be out lot know, the

If be you how judicious going we'll out. much more will, use have in we consultants we built forward

So entire at we've to same as adding out or and it out have that finish our built both consulting needs of time, to, audit we've continue to that be. people use to had primarily the audit, scaling expense you ago. I'll department, been a meantime, an in to something internal we the had that. lot building we supplement example, internal grow continue here, two it to three then we give But capacity years outsourced to where And up until

a always need it, the about absolute doing last those that So a that of to in on think with as kinds economy. ahead as of rigor be going in will. take the for that and make won't we we we're in at focused you're us then the hard what's the underwrite to on we economic days three invested and if years kind all I return lot of need you thinking challenge, of we've in re-underwrite this investments of into everything Look it's forward, consulting believe just slowdown look look business at to areas been to we've to scale-to-scale, a expense everything and that time able good

color, Brandon we'd we're to historically of XXXX. to we've continue be more got seeing for But fourth be detail get to here able that's you detail as and got got to we've that. fourth much us quarter, a some some see some done last we need the in we that expenses equation. on few work we to I judicious kind but strong work think I as do. on how And been do years. do still then But the of to in So We've work lot quarter on more hopefully that lot a more of around we've give the on call, the

Brandon King

my questions. taking for thanks helpful, Very

David Brooks

Hi, thanks Brandon.

Operator

Thank question with next line Please you. Stephens. Olney of with is from questions. proceed the The Matt your

Matt Olney

Hi thanks, morning. good

David Brooks

morning, Good Matt.

Paul Langdale

Matt. morning, Good

Matt Olney

on in XQ potentially to Paul, the out flatten that said discussion. margin XQ could the and the interest margin improve follow-up expect net and near and in the want help XQ term think still Just XQ that near this in in translate term, I and income you net me continue Can the into then you momentum XQ to you as interest XQ? do into into loans reprice.

Paul Langdale

think net I see to Matt. we sheet the as grow continue we'll balance income growth, right, interest

And continue part the obviously but of income expectation XXXX. up, to to interest so, push the net see our is biggest we'll starting of lift in XQ

Matt Olney

saw It like we're Got quarter it, clarification. with respect third the going we And sheet levels just okay. for slightly seems the build then Thanks and thinking growth. to your I'm in capital, capital more about balance into the appetite highlighted? then I economic outlook this case build guess, that thinking right you your to way? given levels Am a for And stock pressure the see base to I about XXXX. capital what's scenario of continue for buyback

David Brooks

there dividend to capital couple environment it's capital prudent. We're also as to in return Matt, in Obviously, of push At do the would here. We our were this out over around aggressive capital economy. some point economic earnings buyback. in earlier But repurchasing capacity think do about we That's always there's continue will the excess would of the account accrued uncertainty pretty last have we shareholders. our that account bias be to the our the to we to our We let think to I to continue be this how stock we the Board opportunistic. time, going up year continue think of grow. in we lot that think years. in XXXX, our a materially

we were But believe dislocate so, on we'll eye towards then making have and it. again and how economy be another use the capital with which we the to we that sure if we And opportunistic do. - need, materially, the stocks we smart all

Matt Olney

of has calls your there kind David. week lastly M&A, right flurry markets, on appreciate M&A. that. in Texas curious there on what last much with But then been activity a now? hearing just And you're M&A, I of kind these Thanks. Texas on to of hasn't in respect been Okay, or two talk of

David Brooks

Yes, I to think talk we've it's as continued right a really now environment tough Matt about.

heard there possible is say more through in range the than that the long outcomes uncertainty think been wider much I've number it time. I XXXX people a a of of has is

week that watch. even and year also stock I seen help from this bank volatility So think interesting to doesn't to has in you've the week prices pretty been uncertainty really

to do that help So quality companies. I doesn't sellers sellers, of think think high anything about

admire going well And Austin, San clear, about And are we think are how Houston, those of are so in high that we Antonio, that it those Worth, high think be a very we've Front that growth list about we've been companies And growth the well bases have to Texas quality very, companies we great markets run deposit got and transparent Denver we that managed, I that in Colorado. want in that to companies now think we're Dallas-Fort markets. Range the companies. disciplined

that. deposit I than to markets, the the strategy to this core from around state, that. go out there to to to to we And though don't the share it's admittedly base in certainly time economic better the competitive if major the we've major even think is I do continue in fast-growing continue And as opportunities We now etc., earlier, think strategy. banks doing our with on not going more these is And markets So this are just you pretty be mentioned well but is in of long-term have the pricing state. dislocation. deviate to at upcoming to some to an do whatever of choose buy to is wanted of future, this But value our add probably this backend market franchise point long-term think these Matt. in a opportunity markets, growth

Matt Olney

Thanks guys.

David Brooks

Matt. Thanks a lot,

Operator

with next proceed Thank line question. from [Operator James. question from coming Please Raymond Rose the of your Michael is you. Instructions] The

Michael Rose

Hi, good morning everyone.

from quick follow-up Just a of couple me. questions

kind and then couple behind rising year. then are about are next the it as your if margin, of outline the Thanks. off assumptions on could margin, you're interest quarters commentary ex the of Just the based the rate to relates is just you through half outlook. accretion XXX, back And that the of that what core talking the the of that

Paul Langdale

ex really of in margin, that beginning hold funds kind really accretion flat of year and then the of at federal core we're and the QX end That's what Correct. curve next the peaks a QX, looking XXXX. through of

So that's market yields. our assumption for

Michael Rose

Okay.

essentially So what using? you're forward is the curve current

Paul Langdale

Correct.

Michael Rose

or XX%, And about then being an balance number. on period Okay. end warehouse you secondarily, the down is average off of about basis talked the on that

Paul Langdale

cycle is positioning what can customers give through a really and average Yes, focused think of that of What kind we've but on side, for commentary balance a we've non-QM that more on back would around be few seen book some base. Dan seen on level. kind this, is been we've an pull the we

Michael Rose

those efforts, what were keep your expense kind filled Okay, expenses, of to Thanks. single-digit kind of perfect. kind year, frontline continue positions, base of balance And hiring just that next of kind of those positions as loan you on can generate of had basis you initiatives bunch you flattish the growth. encompass then does you particularly what in some high for the that to ongoing of back and describe press a kind mentioned strategic just to you release -- were help to the

David Brooks

Yes.

of we there, the at and so to and we'll lot leadership I'm loans even and just invested continued we the be to now with wage of continue terrific salary -- Michael all lot along we're had have this plenty then, more continue this about that not we'll And we of manner and about -- about talked but in we have we've spoken a our inflation talent through certainly, market, have to do watch but I that to that. expensive has a so, not the and quarter. the was a We our to opportunistic have everyone concerned think year it right capacity forward. in had we've grow to that terms attracting hire going company, kind situation think into have here But in and seen producing getting a year peers. balanced there, lenders system

Michael Rose

Thanks great. taking for questions. Okay, my

David Brooks

Michael. Thanks,

Paul Langdale

Michael. Thanks,

Operator

end turn floor reached Thank back of I remarks. time, will the the session. this you. the for At question-and-answer management further to we've

David Brooks

level. our and the all XXXX customer Texas to of make every colleagues, say happen I want day across to it at thanks strong who Colorado,

We and on remain shape. of are, reality about continue optimistic and good terrific from We're feedback but to the our customers we with our really in markets that. get we sober where encouraged in customers financial our are

about to and all the up 'XX looks anxious we future. think shapes an to it, for see we're we feel be year, positioned positive how but interesting where we're it So

the and out road. for joining we to at look and So seeing thanks forward conferences today in on the you

Operator

today's This may will conference. for conclude this your lines you disconnect participation, your you at Thank now time.

Independent Bank (IBTX) 25 Oct 222022 Q3 Earnings call transcript