Independent Bank : Investor Presentation 2023 Q4

NASDAQ: IBTX

Investor Presentation

4th Quarter, 2023

Safe Harbor Statement

The numbers as of and for the quarter ended September 30, 2023 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 "aim," "anticipates," "believes," "estimates," "expects," "forecasts," "guidance," "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, potential regulatory actions, changes in consumer behaviors and impacts on and modifications to the operations and business of IBTX relating thereto, the impact of business, economic and political conditions in the markets in which IBTX operates, and risks relating to the coronavirus (COVID-19) pandemic and its effect on U.S. and world financial markets. 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, 2022, Quarterly Reports on Form 10-Q for the periods ended March 31, 2023, June 30, 2023 and September 30, 2023 and its other filings with the Securities and Exchange Commission.

NASDAQ: IBTX

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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.

NASDAQ: IBTX

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Overview

• Community bank holding company with $18.5 billion in assets and 91 financial centers across Texas and Colorado.
• Innately conservative credit culture with a demonstrated history of maintaining resilient asset quality through previous downturns.
• Highly granular loan portfolio with a small average credit size and low hold limits.
• Loan growth driven by regional community banking: loans made to relationship borrowers across our footprint in Texas and Colorado.
• Large insider ownership aligns shareholder interests with day-to-day management and decision-making.
• Disciplined growth both organically and through strategic acquisitions.

NASDAQ: IBTX

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Company Snapshot

91

BRANCHES

1,500

EMPLOYEES

FOUNDED IN

1988

Denver, CO

HEADQUARTERS

McKinney, TX

Independent Bank Group, Inc.

NASDAQ: IBTX

Financial Highlights

as of and for the Quarter Ended September 30, 2023

Balance Sheet Highlights ($ millions)
Total Assets	$	18,520
Loans Held for Investment, Excluding		13,781
Mortgage Warehouse
Mortgage Warehouse Loans		442
Total Deposits		15,341
Total Stockholders' Equity		2,332
Profitability Metrics 1
Adjusted EPS	$	0.79
Adjusted ROAA		0.70 %
Adjusted ROTCE		9.87
Adjusted Efficiency Ratio		63.84
Asset Quality Metrics 2
NPAs / Assets		0.33 %
NPLs / Loans Held for Investment		0.28
NCOs (Annualized)		0.01
Capital Ratios
Tier 1 Capital / RWA		10.21 %
Total Capital / RWA		11.89
TCE / Tangible Assets		7.35
Tier 1 Capital / Avg. Assets		9.09

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

2Nonperforming assets, which consist of nonperforming loans, OREO and other repossessed assets, totaled $61,044. Nonperforming loans, which consist of nonaccrual loans and loans delinquent 90 days and still accruing interest totaled $38,425.

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Experienced Leadership Team

David R. Brooks Chairman & CEO

Michael B. Hobbs President & Chief Operating Officer

Founder - led the investor group that acquired Independent Bank in 1988.

29 years in financial services; Joined the company in 2019 with the acquisition of Guaranty Bank & Trust, where he served as President.

Paul B. Langdale Chief Financial Officer

14 years in financial services; 5 years at the company.

Daniel W. Brooks Vice Chairman

42 years in financial services; 36 years at the company.

James P. Tippit Corporate Responsibility

18 years in financial services; 12 years at the company.

John G. Turpen Chief Risk Officer

22 years in financial services; 2 years at the Company

Strong, Diverse Markets

Dallas/Ft. Worth - North Texas 39 Branches

Our company was founded in North Texas in 1988, and we have since built a large presence in the Dallas/Fort Worth MSA - one of the fastest-growing MSAs in the country, and one of the strongest markets in Texas. Dallas/Fort Worth boasts a diverse economy that has benefited from a continued boom of corporate relocation activity to business-friendly Texas.

Denver - Colorado Front Range 31 Branches

The Colorado Front Range is one of the strongest and fastest-growing areas of the country. In the 2019 U.S. News & World Report ranking of the best places to live in the United States, Denver came in at No. 2, and Colorado Springs came in at No. 3. The confluence of a diverse economy and strong quality of life indicators has drawn a deep talent pool that helps position the Colorado Front Range for continued growth.

Austin - Central Texas 8 Branches

This market includes the tech hub of Austin, Texas, which U.S. News & World Report rated the No. 1 best place to live in the United States in its 2019 ranking. The market boasts a growing wave of corporate expansions by tech firms into the Austin market, as well as a thriving public sector presence.

Greater Houston 13 Branches

The Greater Houston MSA serves for a regional center for international trade, energy and manufacturing. The city is regularly ranked as one of the most diverse cities in the United States, and is the home to numerous universities as well as a thriving medical industry.

NASDAQ: IBTX

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Demonstrated Record of Healthy Growth

Growth in Total Assets ($ in millions)

CAGR Since 2013 (Organic): 25.7%					$18,733	$18,258	$18,520
CAGR Since 2013 (Total): 24.6%					$17,753
-	Established history of growing assets both organically and
	through strategic acquisitions.				$14,958
- Demonstrated expertise in integrating M&A transactions,
	adding $9.7 billion in acquired assets since our IPO.
-	Track record of building scalable platforms for future growth.
					Entered
					Colorado	$9,850
					Market
					$8,684
		Entered
		Houston		$5,853
		Market
		$5,055
		$4,133
	$2,164
	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022	Q3 2023

IPO Date: April 3, 2013

Assets Acquired in Fiscal Year

NASDAQ: IBTX

Note: Acquired assets includes impact of purchase accounting.

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Historically Strong Credit Culture

NPLs / LHFI (1)

2.67% 2.67%

NCOs / Average Total Loans

4.41%

4.15% 4.11%

3.43%

3.03%

2.91%

1.89%

1.62%

1.14%

2009 2010 2011

3.36%

	2.67%
2.36%		2.07%
			1.71%
	1.83%		1.57%
				1.31%			1.22%
		1.44% 1.49% 1.50%		1.12%
			0.98%
						0.94%
								0.80% 0.80%
0.81%				0.91%			0.76% 0.53%	0.41% 0.48%
				0.68%	0.64%
	0.53%
						0.44% 0.49%
		0.32%	0.37% 0.39%
		0.24%				0.29% 0.28%
			0.16% 0.24%

2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

Q3

1.64%

1.22%

1.12%

	1.05%
		0.74%	0.70%
					0.49% 0.43% 0.46% 0.48% 0.46% 0.49% 0.49%		0.45%
			0.40%			0.28%				0.26% 0.24%	0.26%
				0.19%			0.18% 0.18% 0.16%
	0.31%			0.11%	0.16%				0.12%
										0.06%
0.21%												0.05%
		0.11% 0.06% 0.09%			0.12%		0.06% 0.07%	0.05% 0.05%
		0.03% 0.02%		0.01%	0.04% 0.01%
2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022 2023
													YTD

IBTX		U.S. Average		Texas Average

IBTX

U.S. Average

Texas Average

	Source: S&P Capital IQ.
NASDAQ: IBTX	Note: Financial data as of and for the YTD period ended September 30, 2023.	8
(1) LHFI excludes mortgage warehouse purchase loans.

Focus on Performance and Results

Earnings Per Share (Diluted)

Efficiency Ratio

$5.08

$5.24

$5.21$5.02

	56.82%
52.35%	53.01%

$4.47

$4.33

2018

1.39%

1.35%

2018

		$4.87
		$4.67		$4.70
$4.46
2019	2020	2021	2022
	EPS (2)		Adjusted EPS (1)

Return on Average Assets

1.51%
		1.28%
1.32%		1.22%
		1.16%
		1.23%	1.21%
				1.09%
2019	2020	2021	2022
	ROAA		Adjusted ROAA (1)

				51.30%	54.20%
			48.79%	51.04%
50.47%
		45.95%	46.04%
2018	2019	2020	2021	2022
		Efficiency Ratio		Adjusted Efficiency Ratio (1)

Return on Tangible Common Equity

18.85%

17.58%

17.06%			15.58%
	16.55%	15.46%	15.20%
				15.38%
			14.93%
					14.23%
2018	2019	2020	2021	2022
		ROTCE		Adjusted ROTCE (1)

NASDAQ: IBTX

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

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Delivering Shareholder Value

		Tangible Book Value Per Share1 ($)		We have focused on growing tangible book
										value per share since our IPO. Recently, tangible
35										book value has been impacted by AOCI, stock
					$35.25				repurchases, and litigation settlement expense.
					$33.23	$32.25		We have returned capital to our shareholders
30									$31.11	through our quarterly dividend and by repurchasing
				$28.99						our company's common stock.
25			$27.44							Our significant insider ownership helps ensure
									that shareholder interests are well-represented both
		$23.76								at the board table and on a day-to-day basis inside
									the company.
20	$21.19									Annual Dividend Per Share
15																$1.52
														$1.32
10													$1.00	$1.05
5												$0.54
										$0.34	$0.40
0
	2016	2017	2018	2019	2020	2021	2022	2023	Q3	2016	2017	2018	2019	2020	2021	2022
			NASDAQ: IBTX		1Adjusted (non-GAAP) metrics. See Appendix for reconciliation to the closest applicable GAAP metrics.			10