Independent Bank : Second Quarter 2021 Earnings Presentation

NASDAQ: IBTX

Earnings Presentation

July 26, 2021

Safe Harbor Statement

The numbers as of and for the quarter ended June 30, 2021 are unaudited. This communication contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and the future performance of Independent Bank Group, Inc. ("IBTX"). Words such as "anticipates," "believes," "estimates," "expects," "forecasts," "intends," "plans," "projects," "could," "may," "should," "will" or other similar words and expressions are intended to identify these forward-looking statements. These forward-looking statements are based on IBTX's current expectations and assumptions regarding IBTX's business, the economy, and other future conditions. Because forward-looking statements relate to future results and occurrences, they are subject to inherent uncertainties, assumptions, risks, and changes in circumstances that are difficult to predict. Many possible events or factors could materialize or IBTX's underlying assumptions could prove incorrect and affect IBTX's future financial results and performance and could cause actual results or performance to differ materially from anticipated results or performance. Such risks and uncertainties include, among others, risks relating to the coronavirus (COVID-19) pandemic and its effect on U.S. and world financial markets, potential regulatory actions, changes in consumer behaviors and impacts on and modifications to the operations and business of IBTX relating thereto, and the business, economic and political conditions in the markets in which IBTX operates. Except to the extent required by applicable law or regulation, IBTX disclaims any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments. Further information regarding IBTX and factors which could affect the forward-looking statements contained herein can be found in IBTX's Annual Report on Form 10-K for the fiscal year ended December 31, 2020, it's Quarterly Report on Form 10-Q for the period ended March 31, 2021, and its other filings with the Securities and Exchange Commission.

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Safe Harbor Statement (cont.)

Non-GAAP Financial Measures

In addition to results presented in accordance with GAAP, this presentation contains certain non-GAAP financial measures. These measures and ratios include "adjusted net income," "tangible book value," "tangible book value per common share," "adjusted efficiency ratio," "tangible common equity to tangible assets," "return on tangible common equity," "adjusted return on average assets," "adjusted return on average common equity," "adjusted return on tangible common equity," "adjusted earnings per share," "adjusted diluted earnings per share," "adjusted net interest margin," "adjusted net interest income," "adjusted noninterest expenses" and "adjusted noninterest income" and are supplemental measures that are not required by, or are not presented in accordance with, accounting principles generally accepted in the United States.

We believe that these measures provide useful information to management and investors that is supplementary to our financial condition, results of operations and cash flows computed in accordance with GAAP; however we acknowledge that our financial measures have a number of limitations relative to GAAP financial measures. Certain non-GAAP financial measures exclude items of income, expenditures, expenses, assets, or liabilities, including provisions for credit losses and the effect of goodwill, other intangible assets and income from accretion on acquired loans arising from purchase accounting adjustments, that we believe cause certain aspects of our results of operations or financial condition to be not indicative of our primary operating results. All of these items significantly impact our financial statements. Additionally, the items that we exclude in our adjustments are not necessarily consistent with the items that our peers may exclude from their results of operations and key financial measures and therefore may limit the comparability of similarly named financial measures and ratios. We compensate for these limitations by providing the equivalent GAAP measures whenever we present the non-GAAP financial measures and by including a reconciliation of the impact of the components adjusted for in the non-GAAP financial measure so that both measures and the individual components may be considered when analyzing our performance.

A reconciliation of our non-GAAP financial measures to the comparable GAAP financial measures is included at the end of this presentation.

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Today's Presenters

David R. Brooks

Chairman of the Board, CEO and President, Director

• 41 years in the financial services industry; 33 years at Independent Bank
• Active in community banking since the early 1980s - led the investor group that acquired Independent Bank in 1988

Daniel W. Brooks

Vice Chairman, Chief Risk Officer, Director

• 38 years in the financial services industry; 32 years at Independent Bank
• Active in community banking since the early 1980s

Michelle S. Hickox

Executive Vice President, Chief Financial Officer

• 31 years in the financial services industry; 9 years at Independent Bank
• Formerly a Financial Services Audit Partner at RSM US LLP
• Certified Public Accountant

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2021 Q2 Results

Highlights

• Solid organic loan growth of 12.4% annualized for the quarter, (excluding warehouse and PPP)
• Improved credit metrics with nonperforming assets of 0.29% of total assets
• Strong capital levels with an estimated total capital ratio of 14.23%, leverage ratio of 9.03%, and (non-GAAP) tangible common equity (TCE) ratio of 8.45%
• Announced redemption of $40 million in subordinated debentures in July 2021
• Grew book value by $1.17 per share to $58.89 and tangible book value per share by $1.24 to $33.98

GAAP

Adjusted1

$1.35	$1.35
EPS	Adj. EPS
$58.2 Million	$58.2 Million
Net Income	Adj. Net Income
1.28%	1.28%
Return on Average	Adj. Return on Average
Assets	Assets
9.27%	9.27%
Return on Average	Adj. Return on Average
Equity	Equity
14.23%	16.19%
Total Capital Ratio	Return on Tangible
	Equity
9.03%	8.45%
Leverage Ratio	TCE

1Adjusted (non-GAAP) metrics. See Appendix for reconciliation to the closest applicable GAAP metrics.

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