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SouthState (NYSE: SSB) has completed its acquisition of Independent Bank Group (NASDAQ: IBTX) on January 1, 2025. The merger includes the integration of Independent Bank into SouthState Bank, N.A., expanding SouthState's presence in Texas and marking its entry into Colorado. The combined entity now has approximately $65 billion in assets.
As part of the merger, three former Independent Financial directors have joined the boards of SouthState and SouthState Bank, increasing board membership from 12 to 15. The new board members are David R. Brooks (former Independent Financial chairman and CEO), Janet Froetscher (former director and current President of J.B and M.K. Pritzker Family Foundation), and G. Stacy Smith (former lead independent director and Managing Partner of SCW Capital).
Independent Bank Group (NASDAQ: IBTX) reported Q3 2024 net income of $20.4 million, or $0.49 per diluted share, compared to $32.8 million in Q3 2023. Adjusted net income was $20.6 million, or $0.50 per diluted share. The company declared a quarterly cash dividend of $0.38 per share. Highlights include:
- Net interest margin expanded by 3 basis points to 2.50%
- Loan yields expanded by 4 basis points to 6.07%
- Nonperforming asset ratio of 0.37% and net charge-off ratio of 0.00%
- Book value increased to $47.03 per share
- Total capital ratio grew by 151 basis points to 13.26%
The company plans to exit the mortgage warehouse line of business in Q4 2024. Total loans held for investment were $13.9 billion, and total deposits were $16.0 billion. The company remains well-capitalized under regulatory guidelines.
Independent Bank Group (NASDAQ: IBTX) reported a net loss of $493.5 million, or $11.89 per diluted share, for Q2 2024. This was significantly impacted by a $518.0 million non-cash goodwill impairment charge due to the company's stock price trading below book value and the announced merger with SouthState Excluding this and other non-recurring items, adjusted net income was $24.9 million, or $0.60 per diluted share.
Key highlights include:
- Net interest margin expanded by 5 basis points to 2.47%
- Loan yields increased by 10 basis points to 6.03%
- Nonperforming asset ratio remained healthy at 0.35%
- Total capital ratio grew to 11.75%
The Board of Directors declared a quarterly cash dividend of $0.38 per share, payable on August 19, 2024.
SouthState (NYSE: SSB) announced its agreement to acquire Texas-based Independent Bank Group (NASDAQ: IBTX) in an all-stock transaction valued at $2 billion. Independent Bank Group has $18.9 billion in assets, $15.7 billion in deposits, and $14.6 billion in loans. The merger will create a combined company with $65 billion in assets, $55 billion in deposits, and $48 billion in loans. Independent Bank Group shareholders will receive 0.60 shares of SouthState for each share of Independent Bank Group. The deal, approved by both boards, is expected to close by Q1 2025, pending regulatory and shareholder approvals.
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