Independent Bank Group, Inc. (NASDAQ:IBTX) Q1 2024 Earnings Call Transcript

Dan Brooks: Yes. Matt, good morning, this is Dan. I’ll take that one. We do expect the balances that we have enjoyed here for the last 90 days or last two quarters to continue to be at that level. In fact, if you think about it, we’re headed into the spring summer season here. So there’s kind of a normal pickup beyond what happens in the first quarter. There was a bit of a bump when the mortgage rates dropped right at the beginning of the year, but we’ve actually seen ours hold and accelerate again because the consumer seems to become more comfortable with the higher rates. And we have seen competitors continue to exit this and that gives us plenty of confidence that our book will hold and certainly at these levels, maybe be up a little bit in the next quarter.

Matt Olney: Okay. Perfect. Thanks guys.

Dan Brooks: Thanks Matt.

Operator: Thank you. At this time, I’d like to turn the floor back over to management for any additional or closing comments.

Dan Brooks: Thank you. I appreciate everyone joining today. We feel, as you’ve heard incrementally encouraged about the NIM having bottomed out. We did have a slight increase in March and expecting a slight increase in April here in our NIM run rate. So we’re encouraged about that. And broadly, as you’ve heard, the credit quality is as good as it’s been in 15 years here. So we’re encouraged by that and encouraged by what we see in the pipeline, both on deposits and loans. So, we’re looking for a good second quarter, and I hope everyone has a great day.