MCKINNEY, Texas (AP) _ Independent Bank Group Inc. (IBTX) on Monday reported second-quarter profit of $49.7 million.
The McKinney, Texas-based bank said it had earnings of $1.15 per share. Earnings, adjusted for non-recurring costs, were $1.22 per share.
The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $1.27 per share.
The bank holding company posted revenue of $183.9 million in the period. Its revenue net of interest expense was $145.8 million, which beat Street forecasts. Three analysts surveyed by Zacks expected $138.7 million.
Independent Bank Group shares have increased 20% since the beginning of the year. In the final minutes of trading on Monday, shares hit $55.10, a drop of 21% in the last 12 months.