Independent Bank (Mckinney, TX) (merged into SouthState Bank)
Independent Bank (Mckinney, TX) reported total assets of $17.5 bn at Q4 2024, its last Call Report before it merged into SouthState Bank. The CET1 capital ratio at Independent Bank (Mckinney, TX) was 12.54%, and the uninsured share of Independent Bank (Mckinney, TX) was 44.83%. Source: FDIC Call Reports.
Key takeaways
- Since , Independent Bank (Mckinney, TX) has taken over 3 institutions; the latest was Guaranty Bank and Trust Company on (FDIC Call Reports).
What sets Independent Bank (Mckinney, TX) apart
How large is Independent Bank (Mckinney, TX)?
The balance sheet of Independent Bank (Mckinney, TX) at : assets $17.5 bn, deposits $15.2 bn, net loans $13.5 bn (loans equal to 88.33% of deposits). Securities make up 9.3% of total assets at Independent Bank (Mckinney, TX). Since , when Independent Bank (Mckinney, TX) held $5.3 bn, its assets grew 233.4%. In the year to , deposits at Independent Bank (Mckinney, TX) fell 3.1% while its total assets fell 7.9%. At , Independent Bank (Mckinney, TX) employed 1,392 full-time equivalent staff across 101 offices, about $12.6 mn of assets per employee and $150.9 mn of deposits per office.
How much funding at Independent Bank (Mckinney, TX) is uninsured?
At Independent Bank (Mckinney, TX), uninsured deposits (above the FDIC limit) made up 44.83% of domestic deposits at (+4.62 pp on a year earlier). In dollars, Independent Bank (Mckinney, TX) estimated $6.8 bn of uninsured deposits.
Key facts, Q4 2024
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $15.2 bn | $15.7 bn (Q4 2023) | |
| Net loans and leases | $13.5 bn | $14.6 bn (Q4 2023) | |
| Loan-to-deposit ratio | 88.33% | 92.66% (Q4 2023) | |
| Tier 1 leverage ratio | 10.68% | 10.41% (Q4 2023) | |
| Total risk-based capital ratio | 13.44% | 12.40% (Q4 2023) | |
| Net interest margin | 2.65% | 2.88% (Q4 2023) | |
| Return on assets (ROA) | -2.15% | 0.37% (Q4 2023) | |
| Efficiency ratio | 66.36% | 80.98% (Q4 2023) | |
| Unrealized gain/loss on held-to-maturity securities | Loss of $39.6 mn | Widened by $5.3 mn | |
| Unrealized gain/loss on available-for-sale securities | Loss of $222.8 mn | Widened by $801,000 | |
| Noncurrent loans to total loans | 0.32% | 0.35% (Q4 2023) | |
| Net charge-offs to average loans | 0.16% | 0.01% (Q4 2023) |
US rank of Independent Bank (Mckinney, TX): 1 = highest unless marked 1 = lowest.
Balance sheet
Independent Bank (Mckinney, TX): assets, deposits and loans
- Total assets $17.5bn
- Deposits $15.2bn
- Net loans $13.5bn
Capital and securities
The CET1 ratio of Independent Bank (Mckinney, TX) stood at 12.54% in , +0.99 pp year on year. Low and high at Independent Bank (Mckinney, TX) since : 9.66% () to 13.77% (). Equity capital of Independent Bank (Mckinney, TX) at : $2.2 bn, or 12.6% of total assets. Independent Bank (Mckinney, TX) also reported a total capital ratio of 13.44% for , and a tier 1 leverage ratio of 10.68%.
On held-to-maturity securities, Independent Bank (Mckinney, TX) carried an unrealized loss of $39.6 mn at , equal to 1.8% of equity capital. The loss widened by $5.3 mn over the year. Its deepest point: $57.2 mn in . The available-for-sale portfolio of Independent Bank (Mckinney, TX) showed an unrealized loss of $222.8 mn at ; the loss widened by $801,000 over the year.
Independent Bank (Mckinney, TX): capital ratios
- Total capital 13%
- CET1 13%
- Tier 1 leverage 11%
Independent Bank (Mckinney, TX): unrealized securities gains and losses
- Available for sale -$223mn
- Held to maturity -$40mn
Profitability and loan quality
For the year to , Independent Bank (Mckinney, TX) earned a return on equity of -16.32%; return on assets: -2.15%. Net interest margin at Independent Bank (Mckinney, TX): 2.65%, -0.23 pp in a year. Independent Bank (Mckinney, TX) net income: -$396.4 mn, down 674.6% year on year. The efficiency ratio of Independent Bank (Mckinney, TX) was 66.36%: about 66 cents cost per revenue dollar, against 63 cents at the median peer.
At , noncurrent loans were 0.32% of total loans at Independent Bank (Mckinney, TX); net charge-offs: 0.16% of average loans. Gross loans and leases at Independent Bank (Mckinney, TX): $13.6 bn at , against $14.7 bn at .
Independent Bank (Mckinney, TX): profitability
- Return on equity -16%
- Net interest margin 2.6%
- Return on assets -2.1%
Peer group of Independent Bank (Mckinney, TX)
The peer group of Independent Bank (Mckinney, TX) is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 2 share the charter type of Independent Bank (Mckinney, TX) (state nonmember bank) and 0 have head offices in Texas. Against them, Independent Bank (Mckinney, TX) shows CET1 ratio 12.54% against a peer median of 12.48%, return on equity -16.32% against a peer median of 8.04% and uninsured deposit share 44.83% against a peer median of 41.51%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Trustmark Bank | State member bank | MS | $18.2 bn | 12.20% | 11.94% | 35.27% | |
| Renasant Bank | State member bank | MS | $18.0 bn | 12.85% | 8.33% | 43.33% | |
| Pacific Premier Bank | National bank | CA | $17.9 bn | 18.57% | 5.64% | 39.69% | |
| Independent Bank | State nonmember bank | TX | $17.5 bn | 12.54% | -16.32% | 44.83% | |
| Apple Bank | State-chartered stock savings bank | NY | $17.5 bn | 11.81% | 2.18% | 20.88% | |
| ServisFirst Bank | State nonmember bank | AL | $17.4 bn | 11.83% | 14.53% | 66.60% | |
| TowneBank | State nonmember bank | VA | $17.2 bn | 12.77% | 7.74% | 48.51% | |
. FDIC Call Reports.
Last eight quarters
Two years at Independent Bank (Mckinney, TX), to : assets $18.8 bn to $17.5 bn, deposits $14.1 bn to $15.2 bn, equity $2.7 bn to $2.2 bn. Staff 1,478 to 1,392; offices 102 to 101.
| Metric | Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $18.8 bn | $18.7 bn | $18.5 bn | $19.0 bn | $18.9 bn | $18.4 bn | $18.6 bn | $17.5 bn |
| Total deposits | $14.1 bn | $14.9 bn | $15.3 bn | $15.7 bn | $15.7 bn | $15.8 bn | $16.0 bn | $15.2 bn |
| Bank equity capital | $2.7 bn | $2.7 bn | $2.7 bn | $2.7 bn | $2.7 bn | $2.2 bn | $2.3 bn | $2.2 bn |
| CET1 ratio | 12.15% | 12.02% | 11.88% | 11.55% | 11.56% | 11.71% | 12.08% | 12.54% |
| Return on equity (ROE) | -4.48% | 0.73% | 2.37% | 2.55% | 4.61% | -35.48% | -22.83% | -16.32% |
| Uninsured share of domestic deposits | 49.53% | 43.12% | 40.75% | 40.21% | 40.18% | 41.36% | 43.01% | 44.83% |
| Full-time equivalent employees | 1,478 | 1,501 | 1,478 | 1,496 | 1,490 | 1,485 | 1,456 | 1,392 |
| Number of offices | 102 | 101 | 100 | 100 | 101 | 101 | 101 | 101 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Independent Bank (Mckinney, TX), oldest first; figures before and after each event are not like for like.
- . Absorbed Grand Bank (FDIC certificate 57378).
- . Absorbed Northstar Bank (FDIC certificate 11561).
- . Absorbed Integrity Bank, SSB (FDIC certificate 58631).
- . Absorbed Guaranty Bank and Trust Company (FDIC certificate 17482).
- . Merged into SouthState Bank, National Association (FDIC certificate 33555).
Large one-quarter moves at Independent Bank (Mckinney, TX)
- Total assets at Independent Bank (Mckinney, TX) changed by +42.4% in the quarter to 2017-06-30: Absorbtion - Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Northstar Bank.
- Total assets at Independent Bank (Mckinney, TX) changed by +43.6% in the quarter to 2019-03-31: Absorbtion - Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from Guaranty Bank and Trust Company.
Questions and identifiers
What were the total assets of Independent Bank (Mckinney, TX)?
Independent Bank (Mckinney, TX) reported $17.5 bn at in its Call Report.
Is Independent Bank (Mckinney, TX) the same as its holding company?
No. This page covers Independent Bank (Mckinney, TX), FDIC certificate 3076; INDEPENDENT BANK GROUP INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Independent Bank (Mckinney, TX) profitable?
Independent Bank (Mckinney, TX) reported net income of -$396.4 mn for the year to ; annualized return on equity: -16.32%. So no: Independent Bank (Mckinney, TX) made a loss over these months.
When is data for Independent Bank (Mckinney, TX) next updated?
Independent Bank (Mckinney, TX) no longer files Call Reports; its data ends at .
Where can I check the figures for Independent Bank (Mckinney, TX)?
In the FDIC BankFind Suite record for certificate 3076, and in the Call Reports of Independent Bank (Mckinney, TX) (RSSD ID 122854) at the FFIEC Central Data Repository.