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Independent Bank Group: 1Q Earnings Snapshot

MCKINNEY, Texas (AP) _ Independent Bank Group Inc. (IBTX) on Monday reported first-quarter net income of $37.1 million.

The McKinney, Texas-based bank said it had earnings of 85 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, came to $1.19 per share.

The results matched Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was also for earnings of $1.19 per share.

The bank holding company posted revenue of $172 million in the period. Its revenue net of interest expense was $138.1 million, topping Street forecasts. Three analysts surveyed by Zacks expected $137.4 million.

Independent Bank Group shares have risen 22 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $55.97, a fall of 22 percent in the last 12 months.

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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