MCKINNEY, Texas (AP) _ Independent Bank Group Inc. (IBTX) on Tuesday reported second-quarter profit of $38.7 million.
The McKinney-based bank said it had earnings of 90 cents per share. Earnings, adjusted for non-recurring costs, came to $1.14 per share.
The results beat Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 85 cents per share.
The bank holding company posted revenue of $176.6 million in the period. Its revenue net of interest expense was $153.7 million, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $141.8 million.
Independent Bank Group shares have declined 22% since the beginning of the year. The stock has declined 23% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on IBTX at https://www.zacks.com/ap/IBTX