MCKINNEY, Texas (AP) _ Independent Bank Group Inc. (IBTX) on Monday reported fourth-quarter net income of $54.2 million.

The bank, based in McKinney, Texas, said it had earnings of $1.26 per share. Earnings, adjusted for non-recurring costs, were $1.28 per share.

The results topped Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.

The bank holding company posted revenue of $161 million in the period. Its revenue net of interest expense was $147.7 million, also exceeding Street forecasts. Three analysts surveyed by Zacks expected $147.5 million.

For the year, the company reported profit of $224.8 million, or $5.21 per share. Revenue was reported as $586.8 million.

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

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News