McKinney, Texas-based Independent Bank Group Inc. reported third-quarter adjusted net income of $57.8 million, or $1.35 per share, compared to $36.6 million, or $1.20 per share, in the year-ago quarter.
The S&P Global Market Intelligence consensus estimate for normalized EPS in the third quarter was $1.34.
Net income totaled $55.6 million, or $1.30 per share, compared to $35.7 million, or $1.17 per share, in the third quarter of 2018.
Independent Bank Group on Oct. 1 sold the trust business acquired in its acquisition of Guaranty Bancorp. As part of the transaction, the company transferred approximately $306 million in assets held in fiduciary or agency capacities for $4.7 million in proceeds and recognized a $1.4 million net gain.
Total deposits were $11.73 billion as of Sept. 30, compared to $7.74 billion at the end of the year-ago quarter.
Net interest margin at Sept. 30 was 3.84%, compared to 4.11% at June 30, and 3.94% at Sept. 30, 2018.
The bank's provision for loan losses was $5.2 million as of Sept. 30, compared to $4.7 million as of June 30 and $1.5 million in the year-ago quarter. Independent Bank Group said the provision expense was elevated in the third quarter because of two commercial credits that were charged off in excess of the specific reserves that were placed on them in previous periods. One of the credits is a loan that was partially reserved in the second quarter, while the other is an energy credit that has been in workout for several quarters.