MCKINNEY, Texas (AP) _ Independent Bank Group Inc. (IBTX) on Monday reported first-quarter net income of $44.2 million.
The bank, based in McKinney, Texas, said it had earnings of $1.03 per share. Earnings, adjusted for non-recurring gains, came to $1.01 per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $1.02 per share.
The bank holding company posted revenue of $170.9 million in the period. Its revenue net of interest expense was $137.8 million, also missing Street forecasts.
Independent Bank Group shares have decreased 50% since the beginning of the year. In the final minutes of trading on Monday, shares hit $27.51, a drop of 51% in the last 12 months.