Texas Capital Bancshares, Inc. (NASDAQ:TCBI), the parent company of
Texas Capital Bank, announced earnings and operating results for
the third quarter of 2016.
“We are extremely pleased with our third quarter
results, highlighted with continued improvement in core earnings
and efficiency," said Keith Cargill, CEO. "Proactively managing
credit is an ongoing focus and key to our continued success. Our
ability to attract and develop great talent as well as partner with
exceptional clients will drive future risk-appropriate growth in
earnings and ROE and solidifies our outlook for a bright
future."
- Loans held for investment ("LHI"), excluding mortgage finance,
increased 1% and total LHI decreased 1% on a linked quarter basis
(increased 3% and 3% on an average basis, respectively), growing
10% and 11%, respectively, from the third quarter of 2015.
- Mortgage finance loans decreased 6% on a linked quarter basis
(increased 6% on an average basis) and increased 15% from the third
quarter of 2015.
- Demand deposits increased 10% and total deposits increased 9%
on a linked quarter basis (increased 14% and 6% on an average
basis, respectively), growing 34% and 20%, respectively, from the
third quarter of 2015.
- Net income increased 10% on a linked quarter basis and
increased 15% from the third quarter of 2015.
- EPS increased 12% on a linked quarter basis and increased 16%
from the third quarter of 2015.
FINANCIAL SUMMARY(dollars and shares in
thousands)
|
|
Q3
2016 |
|
Q3
2015 |
|
%
Change |
QUARTERLY OPERATING
RESULTS |
|
|
|
|
|
|
Net income |
|
$ |
42,725 |
|
|
$ |
37,114 |
|
|
15 |
% |
Net income available to
common stockholders |
|
$ |
40,287 |
|
|
$ |
34,676 |
|
|
16 |
% |
Diluted EPS |
|
$ |
0.87 |
|
|
$ |
0.75 |
|
|
16 |
% |
Diluted shares |
|
46,510 |
|
|
46,471 |
|
|
— |
% |
ROA |
|
0.78 |
% |
|
0.79 |
% |
|
|
ROE |
|
10.20 |
% |
|
9.69 |
% |
|
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
|
|
|
Loans held for
sale |
|
$ |
648,684 |
|
|
$ |
1,062 |
|
|
N/M |
|
LHI, mortgage
finance |
|
4,961,159 |
|
|
4,312,790 |
|
|
15 |
% |
LHI |
|
12,662,394 |
|
|
11,562,828 |
|
|
10 |
% |
Total LHI |
|
17,623,553 |
|
|
15,875,618 |
|
|
11 |
% |
Total assets |
|
22,216,388 |
|
|
18,665,995 |
|
|
19 |
% |
Demand deposits |
|
8,789,740 |
|
|
6,545,273 |
|
|
34 |
% |
Total deposits |
|
18,145,123 |
|
|
15,165,345 |
|
|
20 |
% |
Stockholders’
equity |
|
1,725,782 |
|
|
1,590,051 |
|
|
9 |
% |
Tangible book value per
share |
|
$ |
33.82 |
|
|
$ |
30.98 |
|
|
9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
DETAILED FINANCIALSTexas Capital Bancshares,
Inc. reported net income of $42.7 million and net income available
to common stockholders of $40.3 million for the quarter ended
September 30, 2016 compared to net income of $37.1 million and
net income available to common stockholders of $34.7 million for
the same period in 2015. On a fully diluted basis, earnings per
common share were $0.87 for the quarter ended September 30,
2016 compared to $0.75 for the same period of 2015.
Return on average common equity (“ROE”) was
10.20 percent and return on average assets (“ROA”) was 0.78 percent
for the third quarter of 2016, compared to 9.65 percent and 0.77
percent, respectively, for the second quarter of 2016 and 9.69
percent and 0.79 percent, respectively, for the third quarter of
2015. The linked quarter and year-over-year increases in ROE
resulted from an increase in net interest income for the third
quarter of 2016, despite a higher provision for credit losses. ROA
remains low as a result of the increased provision for credit
losses and higher liquidity assets. Average liquidity assets for
the third quarter of 2016 totaled $3.6 billion, including $3.2
billion in deposits at the Federal Reserve Bank of Dallas, which
had an average yield of 51 basis points, compared to $2.5 billion
for the third quarter of 2015, which had an average yield of 25
basis points.
Net interest income was $166.7 million for the
third quarter of 2016, compared to $157.1 million for the second
quarter of 2016 and $142.0 million for the third quarter of 2015.
Net interest margin for the third quarter of 2016 was 3.14 percent,
a 4 basis point decrease from the second quarter of 2016 and a 2
basis point increase from the third quarter of 2015. The linked
quarter decrease in net interest margin is due primarily to the
increase in liquidity assets as well as growth in traditional LHI
and loans held for sale ("LHFS") with lower yields. The
year-over-year increase in net interest margin is due primarily to
growth in total LHI with higher yields.
Average LHI, excluding mortgage finance loans,
for the third quarter of 2016 were $12.6 billion, an increase of
$315.3 million, or 3 percent, from the second quarter of 2016 and
an increase of $1.3 billion, or 11 percent, from the third quarter
of 2015. Average mortgage finance loans for the third quarter of
2016 were $4.7 billion, an increase of $246.7 million, or 6
percent, from the second quarter of 2016 and an increase of $677.1
million, or 17 percent, from the third quarter of 2015. Average
participations on mortgage finance loans for the third quarter of
2016 were $883.0 million, an increase of $225.6 million, or 34
percent, from the second quarter of 2016 and an increase of $490.4
million, or 125 percent, from the third quarter of 2015. Average
loans held for sale generated from our Mortgage Correspondent
Aggregation business increased to $430.9 million for the third
quarter of 2016 from $157.9 million for the second quarter of 2016
as we continue to gain traction in that business.
Average total deposits for the third quarter of
2016 increased $980.3 million from the second quarter of 2016 and
increased $2.9 billion from the third quarter of 2015. Average
demand deposits for the third quarter of 2016 increased $1.1
billion, or 14 percent, to $8.8 billion from $7.8 billion from the
second quarter of 2016, and increased $2.2 billion, or 34 percent,
from $6.6 billion during the third quarter of 2015.
We recorded a $22.0 million provision for credit
losses for the third quarter of 2016 compared to $16.0 million for
the second quarter of 2016 and $13.8 million for the third quarter
of 2015. The provision for the third quarter of 2016 was driven by
the application of our methodology. The year-over-year increase was
primarily related to a change in applied risk weights, which are
based in part on historical loss experience, as well as changes in
the composition of our pass-rated and classified loan portfolios,
primarily related to energy loans, and growth in traditional LHI,
excluding mortgage finance loans. The combined allowance for credit
losses at September 30, 2016 increased to 1.51 percent of LHI
excluding mortgage finance loans compared to 1.41 percent at June
30, 2016 and 1.19 percent at September 30, 2015. The
year-over-year increase resulted from increases in the provision
for credit losses primarily related to energy as well as continuing
loan growth in 2016. In management’s opinion, the allowance is
appropriate and is derived from consistent application of the
methodology for establishing reserves for Texas Capital Bank’s loan
portfolio.
We experienced a slight increase in
non-performing assets in the third quarter of 2016 on a linked
quarter basis, bringing the ratio of total non-performing assets to
total LHI plus other real estate owned (“OREO”) to 1.07 percent
compared 1.04 percent for the second quarter of 2016 and 0.69
percent for the third quarter of 2015. The year-over-year increase
is primarily related to energy loans, which was expected as energy
prices remained low through 2015 and the first nine months of 2016.
Net charge-offs for the third quarter of 2016 were $7.4 million
compared to $12.0 million for the second quarter of 2016 and $2.3
million for the third quarter of 2015. The year-over-year increase
in net charge-offs resulted from realizing losses for which
reserves had been provided in previous quarters. For the third
quarter of 2016, net charge-offs related to energy loans were $1.8
million compared to $12.1 million for the second quarter of 2016
and none for the third quarter of 2015. For the third quarter of
2016, net charge-offs were 0.17 percent of total LHI, compared to
0.29 percent for the second quarter of 2016 and 0.06 percent for
the same period in 2015. At September 30, 2016, total OREO was
$19.0 million compared to $18.7 million at June 30, 2016 and
$187,000 at September 30, 2015. The year-over-year increase
was due primarily to the foreclosure of a commercial property
during the first quarter of 2016.
Non-interest income increased $5.3 million, or
47 percent, during the third quarter of 2016 compared to the same
period of 2015, and increased $2.8 million, or 20 percent, compared
to the second quarter of 2016. The year-over-year increase
primarily related to an increase in brokered loan fees, service
charges and swap fees. Brokered loan fees increased $2.7 million
during the third quarter of 2016 compared to the same period of
2015 as a result of an increase in mortgage finance and LHFS
volumes. Service charges increased $784,000 during the third
quarter of 2016 compared to the same period of 2015 as a result of
the increase in deposit balances and improved pricing. Swap fees
increased $664,000 during the third quarter of 2016 compared to the
same period of 2015. These fees fluctuate from quarter to quarter
based on the number and volume of transactions closed during the
quarter. The linked-quarter increase in non-interest income
primarily related to a $1.7 million, or 29 percent, increase in
brokered loan fees and a $469,000, or 19 percent, increase in
service charges.
Non-interest expense for the third quarter of
2016 increased $13.1 million, or 16 percent, compared to the third
quarter of 2015, and increased $544,000, or 1 percent, compared to
the second quarter of 2016. The year-over-year increase is
primarily related to an $8.1 million increase in salaries and
employee benefits expense and a $1.4 million increase in
communications and technology expense, all of which were due to
general business growth. FDIC insurance assessment expense for the
third quarter of 2016 increased $1.9 million compared to the same
quarter in 2015 as a result of the increase in total assets from
September 30, 2015 to September 30, 2016.
Stockholders’ equity increased by 9 percent from
$1.5 billion at September 30, 2015 to $1.7 billion at
September 30, 2016, primarily due to retention of net income.
Texas Capital Bank is well capitalized under regulatory guidelines
and at September 30, 2016, our ratio of tangible common equity
to total tangible assets was 7.0 percent.
ABOUT TEXAS CAPITAL BANCSHARES,
INC.Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a
member of the Russell 2000® Index and the S&P SmallCap 600®, is
the parent company of Texas Capital Bank, a commercial bank that
delivers highly personalized financial services to businesses and
entrepreneurs. Headquartered in Dallas, the bank has full-service
locations in Austin, Dallas, Fort Worth, Houston and San
Antonio.
This news release may be deemed to include forward-looking
statements which are based on management’s current estimates or
expectations of future events or future results. These statements
are not historical in nature and can generally be identified by
such words as “believe,” “expect,” “estimate,” “anticipate,”
“plan,” “may,” “will,” “intend” and similar expressions. A number
of factors, many of which are beyond our control, could cause
actual results to differ materially from future results expressed
or implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, the credit quality
of our loan portfolio, general economic conditions in the United
States and in our markets, including the continued impact on our
customers from declines and volatility in oil and gas prices, rates
of default or loan losses, volatility in the mortgage industry, the
success or failure of our business strategies, future financial
performance, future growth and earnings, the appropriateness of our
allowance for loan losses and provision for credit losses, the
impact of increased regulatory requirements and legislative changes
on our business, increased competition, interest rate risk, the
success or failure of new lines of business and new product or
service offerings and the impact of new technologies. These and
other factors that could cause results to differ materially from
those described in the forward-looking statements, as well as a
discussion of the risks and uncertainties that may affect our
business, can be found in our Annual Report on Form 10-K and in
other filings we make with the Securities and Exchange Commission.
The information contained in this release speaks only as of its
date. We are under no obligation, and expressly disclaim such
obligation, to update, alter or revise our forward-looking
statements, whether as a result of new information, future events,
or otherwise.
TEXAS CAPITAL BANCSHARES, INC. |
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED) |
(Dollars
in thousands except per share data) |
|
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|
|
2016 |
2016 |
2016 |
2015 |
2015 |
CONSOLIDATED
STATEMENTS OF INCOME |
|
|
|
|
|
|
Interest income |
|
$ |
182,492 |
|
$ |
172,442 |
|
$ |
159,803 |
|
$ |
154,820 |
|
$ |
153,856 |
|
Interest expense |
|
15,753 |
|
15,373 |
|
15,020 |
|
12,632 |
|
11,808 |
|
Net
interest income |
|
166,739 |
|
157,069 |
|
144,783 |
|
142,188 |
|
142,048 |
|
Provision for credit losses |
|
22,000 |
|
16,000 |
|
30,000 |
|
14,000 |
|
13,750 |
|
Net interest income
after provision for credit losses |
|
144,739 |
|
141,069 |
|
114,783 |
|
128,188 |
|
128,298 |
|
Non-interest income |
|
16,716 |
|
13,932 |
|
11,297 |
|
11,320 |
|
11,380 |
|
Non-interest expense |
|
94,799 |
|
94,255 |
|
86,820 |
|
87,042 |
|
81,688 |
|
Income before income
taxes |
|
66,656 |
|
60,746 |
|
39,260 |
|
52,466 |
|
57,990 |
|
Income tax expense |
|
23,931 |
|
21,866 |
|
14,132 |
|
17,713 |
|
20,876 |
|
Net
income |
|
42,725 |
|
38,880 |
|
25,128 |
|
34,753 |
|
37,114 |
|
Preferred stock dividends |
|
2,438 |
|
2,437 |
|
2,438 |
|
2,437 |
|
2,438 |
|
Net
income available to common stockholders |
|
$ |
40,287 |
|
$ |
36,443 |
|
$ |
22,690 |
|
$ |
32,316 |
|
$ |
34,676 |
|
|
|
|
|
|
|
|
Diluted EPS |
|
$ |
0.87 |
|
$ |
0.78 |
|
$ |
0.49 |
|
$ |
0.70 |
|
$ |
0.75 |
|
Diluted shares |
|
46,509,683 |
|
46,438,132 |
|
46,354,378 |
|
46,479,845 |
|
46,471,390 |
|
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEET DATA |
|
|
|
|
|
|
Total
assets |
|
$ |
22,216,388 |
|
$ |
21,080,994 |
|
$ |
20,210,893 |
|
$ |
18,903,821 |
|
$ |
18,666,708 |
|
LHI |
|
12,662,394 |
|
12,502,513 |
|
12,059,849 |
|
11,745,674 |
|
11,562,828 |
|
LHI,
mortgage finance |
|
4,961,159 |
|
5,260,027 |
|
4,981,304 |
|
4,966,276 |
|
4,312,790 |
|
Loans
held for sale, at fair value |
|
648,684 |
|
221,347 |
|
94,702 |
|
86,075 |
|
1,062 |
|
Liquidity assets |
|
3,471,074 |
|
2,624,170 |
|
2,644,418 |
|
1,681,374 |
|
2,345,192 |
|
Securities |
|
26,356 |
|
27,372 |
|
28,461 |
|
29,992 |
|
31,998 |
|
Demand deposits |
|
8,789,740 |
|
7,984,208 |
|
7,455,107 |
|
6,386,911 |
|
6,545,273 |
|
Total
deposits |
|
18,145,123 |
|
16,703,565 |
|
16,298,847 |
|
15,084,619 |
|
15,165,345 |
|
Other
borrowings |
|
1,751,420 |
|
2,115,445 |
|
1,704,859 |
|
1,643,051 |
|
1,353,834 |
|
Subordinated notes |
|
280,954 |
|
280,863 |
|
280,773 |
|
280,682 |
|
280,592 |
|
Long-term debt |
|
113,406 |
|
113,406 |
|
113,406 |
|
113,406 |
|
113,406 |
|
Stockholders’ equity |
|
1,725,782 |
|
1,684,735 |
|
1,647,088 |
|
1,623,533 |
|
1,590,051 |
|
|
|
|
|
|
|
|
End
of period shares outstanding |
|
46,009,495 |
|
45,952,911 |
|
45,902,489 |
|
45,873,807 |
|
45,839,364 |
|
Book
value |
|
$ |
34.25 |
|
$ |
33.40 |
|
$ |
32.61 |
|
$ |
32.12 |
|
$ |
31.42 |
|
Tangible book
value(1) |
|
$ |
33.82 |
|
$ |
32.97 |
|
$ |
32.18 |
|
$ |
31.69 |
|
$ |
30.98 |
|
|
|
|
|
|
|
|
SELECTED FINANCIAL RATIOS |
|
|
|
|
|
|
Net
interest margin |
|
3.14 |
% |
3.18 |
% |
3.13 |
% |
3.01 |
% |
3.12 |
% |
Return on average assets |
|
0.78 |
% |
0.77 |
% |
0.53 |
% |
0.72 |
% |
0.79 |
% |
Return on average common equity |
|
10.20 |
% |
9.65 |
% |
6.13 |
% |
8.82 |
% |
9.69 |
% |
Non-interest income to earning assets |
|
0.32 |
% |
0.28 |
% |
0.24 |
% |
0.24 |
% |
0.25 |
% |
Efficiency ratio(2) |
|
51.7 |
% |
55.1 |
% |
55.6 |
% |
56.7 |
% |
53.2 |
% |
Non-interest expense to earning assets |
|
1.79 |
% |
1.91 |
% |
1.88 |
% |
1.84 |
% |
1.80 |
% |
Tangible common equity
to total tangible assets(3) |
|
7.0 |
% |
7.2 |
% |
7.3 |
% |
7.7 |
% |
7.6 |
% |
Common Equity Tier
1 |
|
7.6 |
% |
7.4 |
% |
7.5 |
% |
7.5 |
% |
7.7 |
% |
Tier 1 capital |
|
8.8 |
% |
8.6 |
% |
8.8 |
% |
8.8 |
% |
9.1 |
% |
Total capital |
|
11.1 |
% |
10.9 |
% |
11.1 |
% |
11.1 |
% |
11.4 |
% |
Leverage |
|
8.4 |
% |
8.7 |
% |
9.1 |
% |
8.9 |
% |
9.1 |
% |
|
(1)
Stockholders’ equity excluding preferred stock, less goodwill and
intangibles, divided by shares outstanding at period end. |
(2)
Non-interest expense divided by the sum of net interest income and
non-interest income. |
(3)
Stockholders’ equity excluding preferred stock and accumulated
other comprehensive income less goodwill and intangibles divided by
total assets less accumulated other comprehensive income and
goodwill and intangibles. |
|
TEXAS CAPITAL BANCSHARES, INC. |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(Dollars
in thousands) |
|
|
September 30,
2016 |
September 30,
2015 |
%Change |
Assets |
|
|
|
|
Cash and due from
banks |
|
$ |
117,345 |
|
$ |
101,758 |
|
15 |
% |
Interest-bearing
deposits |
|
3,441,074 |
|
2,320,192 |
|
48 |
% |
Federal funds sold and
securities purchased under resale agreements |
|
30,000 |
|
25,000 |
|
100 |
% |
Securities,
available-for-sale |
|
26,356 |
|
31,998 |
|
(18 |
)% |
Loans held for sale, at
fair value |
|
648,684 |
|
1,062 |
|
100 |
% |
LHI, mortgage
finance |
|
4,961,159 |
|
4,312,790 |
|
15 |
% |
LHI (net of unearned
income) |
|
12,662,394 |
|
11,562,828 |
|
10 |
% |
Less: Allowance
for loan losses |
|
180,436 |
|
130,540 |
|
38 |
% |
LHI, net |
|
17,443,117 |
|
15,745,078 |
|
11 |
% |
Mortgage servicing
rights, net |
|
15,462 |
|
— |
|
100 |
% |
Premises and equipment,
net |
|
20,604 |
|
23,894 |
|
(14 |
)% |
Accrued interest
receivable and other assets |
|
454,116 |
|
397,631 |
|
14 |
% |
Goodwill and
intangibles, net |
|
19,630 |
|
20,095 |
|
(2 |
)% |
Total assets |
|
$ |
22,216,388 |
|
$ |
18,666,708 |
|
19 |
% |
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
Liabilities: |
|
|
|
|
Deposits: |
|
|
|
|
Non-interest
bearing |
|
$ |
8,789,740 |
|
$ |
6,545,273 |
|
34 |
% |
Interest bearing |
|
9,355,383 |
|
8,620,072 |
|
9 |
% |
Total
deposits |
|
18,145,123 |
|
15,165,345 |
|
20 |
% |
|
|
|
|
|
Accrued interest
payable |
|
3,124 |
|
2,694 |
|
16 |
% |
Other liabilities |
|
196,579 |
|
160,786 |
|
22 |
% |
Federal funds purchased
and repurchase agreements |
|
81,420 |
|
103,834 |
|
(22 |
)% |
Other borrowings |
|
1,670,000 |
|
1,250,000 |
|
34 |
% |
Subordinated notes,
net |
|
280,954 |
|
280,592 |
|
— |
|
Trust preferred
subordinated debentures |
|
113,406 |
|
113,406 |
|
— |
|
Total liabilities |
|
20,490,606 |
|
17,076,657 |
|
20 |
% |
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
Preferred stock, $.01
par value, $1,000 liquidation value: |
|
|
|
|
Authorized shares -
10,000,000 |
|
|
|
|
Issued shares - 6,000,000 shares issued at September 30, 2016 and
2015 |
|
150,000 |
|
150,000 |
|
− |
|
Common stock, $.01 par value: |
|
|
|
|
Authorized shares -
100,000,000 |
|
|
|
|
Issued shares -
46,009,912 and 45,839,781 at September 30, 2016 and 2015,
respectively |
|
460 |
|
458 |
|
— |
% |
Additional paid-in capital |
|
717,452 |
|
713,209 |
|
1 |
% |
Retained earnings |
|
857,238 |
|
725,502 |
|
18 |
% |
Treasury stock (shares
at cost: 417 at September 30, 2016 and 2015) |
|
(8 |
) |
(8 |
) |
— |
|
Accumulated other comprehensive income, net of taxes |
|
640 |
|
890 |
|
(28 |
)% |
Total stockholders’
equity |
|
1,725,782 |
|
1,590,051 |
|
9 |
% |
Total liabilities and
stockholders’ equity |
|
$ |
22,216,388 |
|
$ |
18,666,708 |
|
19 |
% |
|
|
|
|
|
|
|
|
|
|
TEXAS CAPITAL
BANCSHARES, INC. |
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
|
(Dollars in thousands
except per share data) |
|
|
|
|
|
|
|
Three Months Ended
September 30 |
Nine Months
EndedSeptember 30 |
|
|
2016 |
2015 |
2016 |
2015 |
Interest income |
|
|
|
|
|
Interest and fees on loans |
|
$ |
177,724 |
|
$ |
151,749 |
|
$ |
501,673 |
|
$ |
442,529 |
|
Securities |
|
232 |
|
298 |
|
739 |
|
979 |
|
Federal funds sold |
|
455 |
|
193 |
|
1,209 |
|
427 |
|
Deposits in other banks |
|
4,081 |
|
1,616 |
|
11,116 |
|
4,203 |
|
Total
interest income |
|
182,492 |
|
153,856 |
|
514,737 |
|
448,138 |
|
Interest expense |
|
|
|
|
|
Deposits |
|
8,950 |
|
6,240 |
|
26,743 |
|
17,510 |
|
Federal funds purchased |
|
126 |
|
56 |
|
362 |
|
217 |
|
Repurchase agreements |
|
3 |
|
6 |
|
8 |
|
14 |
|
Other
borrowings |
|
1,730 |
|
672 |
|
4,257 |
|
1,590 |
|
Subordinated notes |
|
4,191 |
|
4,191 |
|
12,573 |
|
12,573 |
|
Trust
preferred subordinated debentures |
|
753 |
|
643 |
|
2,203 |
|
1,892 |
|
Total
interest expense |
|
15,753 |
|
11,808 |
|
46,146 |
|
33,796 |
|
Net interest income |
|
166,739 |
|
142,048 |
|
468,591 |
|
414,342 |
|
Provision for credit losses |
|
22,000 |
|
13,750 |
|
68,000 |
|
39,250 |
|
Net interest income after provision for credit
losses |
|
144,739 |
|
128,298 |
|
400,591 |
|
375,092 |
|
Non-interest income |
|
|
|
|
|
Service charges on deposit accounts |
|
2,880 |
|
2,096 |
|
7,401 |
|
6,339 |
|
Trust
fee income |
|
1,113 |
|
1,222 |
|
3,024 |
|
3,709 |
|
Bank
owned life insurance (BOLI) income |
|
520 |
|
484 |
|
1,592 |
|
1,444 |
|
Brokered loan fees |
|
7,581 |
|
4,885 |
|
18,090 |
|
14,394 |
|
Swap
fees |
|
918 |
|
254 |
|
2,330 |
|
3,275 |
|
Other |
|
3,704 |
|
2,439 |
|
9,508 |
|
7,257 |
|
Total
non-interest income |
|
16,716 |
|
11,380 |
|
41,945 |
|
36,418 |
|
Non-interest expense |
|
|
|
|
|
Salaries and employee benefits |
|
56,722 |
|
48,583 |
|
162,904 |
|
142,611 |
|
Net
occupancy expense |
|
5,634 |
|
5,874 |
|
17,284 |
|
17,373 |
|
Marketing |
|
4,292 |
|
3,999 |
|
12,686 |
|
12,142 |
|
Legal
and professional |
|
5,333 |
|
5,510 |
|
16,883 |
|
15,176 |
|
Communications and technology |
|
6,620 |
|
5,180 |
|
19,228 |
|
15,905 |
|
FDIC
insurance assessment |
|
6,355 |
|
4,489 |
|
17,867 |
|
12,490 |
|
Allowance and other carrying costs for OREO |
|
269 |
|
1 |
|
765 |
|
16 |
|
Other |
|
9,574 |
|
8,052 |
|
28,257 |
|
23,768 |
|
Total non-interest
expense |
|
94,799 |
|
81,688 |
|
275,874 |
|
239,481 |
|
Income before income taxes |
|
66,656 |
|
57,990 |
|
166,662 |
|
172,029 |
|
Income tax expense |
|
23,931 |
|
20,876 |
|
59,929 |
|
61,928 |
|
Net income |
|
42,725 |
|
37,114 |
|
106,733 |
|
110,101 |
|
Preferred stock dividends |
|
2,438 |
|
2,438 |
|
7,313 |
|
7,313 |
|
Net income available to common stockholders |
|
$ |
40,287 |
|
$ |
34,676 |
|
$ |
99,420 |
|
$ |
102,788 |
|
|
|
|
|
|
|
Basic earnings per common share |
|
$ |
0.88 |
|
$ |
0.76 |
|
$ |
2.16 |
|
$ |
2.24 |
|
Diluted earnings per common share |
|
$ |
0.87 |
|
$ |
0.75 |
|
$ |
2.14 |
|
$ |
2.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXAS CAPITAL BANCSHARES, INC. |
SUMMARY OF LOAN LOSS EXPERIENCE |
(Dollars
in thousands) |
|
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|
|
2016 |
2016 |
2016 |
2015 |
2015 |
Allowance for loan
losses: |
|
|
|
|
|
|
Beginning balance |
|
$ |
167,397 |
|
$ |
162,510 |
|
$ |
141,111 |
|
$ |
130,540 |
|
$ |
118,770 |
|
Loans charged-off: |
|
|
|
|
|
|
Commercial |
|
9,945 |
|
15,791 |
|
8,496 |
|
4,976 |
|
2,758 |
|
Real estate |
|
— |
|
528 |
|
— |
|
43 |
|
— |
|
Consumer |
|
40 |
|
— |
|
— |
|
— |
|
— |
|
Leases |
|
— |
|
— |
|
— |
|
— |
|
25 |
|
Total charge-offs |
|
9,985 |
|
16,319 |
|
8,496 |
|
5,019 |
|
2,783 |
|
Recoveries: |
|
|
|
|
|
|
Commercial |
|
2,495 |
|
4,294 |
|
1,040 |
|
2,846 |
|
388 |
|
Real estate |
|
15 |
|
13 |
|
8 |
|
5 |
|
8 |
|
Construction |
|
— |
|
34 |
|
— |
|
3 |
|
42 |
|
Consumer |
|
5 |
|
4 |
|
7 |
|
154 |
|
9 |
|
Leases |
|
26 |
|
— |
|
45 |
|
11 |
|
4 |
|
Total recoveries |
|
2,541 |
|
4,345 |
|
1,100 |
|
3,019 |
|
451 |
|
Net charge-offs |
|
7,444 |
|
11,974 |
|
7,396 |
|
2,000 |
|
2,332 |
|
Provision for loan
losses |
|
20,483 |
|
16,861 |
|
28,795 |
|
12,571 |
|
14,102 |
|
Ending balance |
|
$ |
180,436 |
|
$ |
167,397 |
|
$ |
162,510 |
|
$ |
141,111 |
|
$ |
130,540 |
|
|
|
|
|
|
|
|
Allowance for
off-balance sheet credit losses: |
|
|
|
|
|
|
Beginning balance |
|
$ |
9,355 |
|
$ |
10,216 |
|
$ |
9,011 |
|
$ |
7,582 |
|
$ |
7,934 |
|
Provision for
off-balance sheet credit losses |
|
1,517 |
|
(861 |
) |
1,205 |
|
1,429 |
|
(352 |
) |
Ending balance |
|
$ |
10,872 |
|
$ |
9,355 |
|
$ |
10,216 |
|
$ |
9,011 |
|
$ |
7,582 |
|
|
|
|
|
|
|
|
Total allowance for
credit losses |
|
$ |
191,308 |
|
$ |
176,752 |
|
$ |
172,726 |
|
$ |
150,122 |
|
$ |
138,122 |
|
|
|
|
|
|
|
|
Total provision for
credit losses |
|
$ |
22,000 |
|
$ |
16,000 |
|
$ |
30,000 |
|
$ |
14,000 |
|
$ |
13,750 |
|
|
|
|
|
|
|
|
Allowance for loan
losses to LHI |
|
1.02 |
% |
0.94 |
% |
0.95 |
% |
0.84 |
% |
0.82 |
% |
Allowance for loan
losses to LHI excluding mortgage finance loans(2) |
|
1.42 |
% |
1.34 |
% |
1.35 |
% |
1.20 |
% |
1.13 |
% |
Allowance for loan
losses to average LHI |
|
1.05 |
% |
1.00 |
% |
1.04 |
% |
0.92 |
% |
0.85 |
% |
Allowance for loan
losses to average LHI excluding mortgage finance loans(2) |
|
1.43 |
% |
1.36 |
% |
1.36 |
% |
1.21 |
% |
1.15 |
% |
Net charge-offs to
average LHI(1) |
|
0.17 |
% |
0.29 |
% |
0.19 |
% |
0.05 |
% |
0.06 |
% |
Net charge-offs to
average LHI excluding mortgage finance loans(1)(2) |
|
0.24 |
% |
0.39 |
% |
0.25 |
% |
0.07 |
% |
0.08 |
% |
Net charge-offs to
average LHI for last twelve months(1) |
|
0.18 |
% |
0.15 |
% |
0.10 |
% |
0.07 |
% |
0.07 |
% |
Net charge-offs to
average LHI, excluding mortgage finance loans, for last twelve
months(1)(2) |
|
0.24 |
% |
0.20 |
% |
0.14 |
% |
0.10 |
% |
0.10 |
% |
Total provision for
credit losses to average LHI(1) |
|
0.51 |
% |
0.39 |
% |
0.77 |
% |
0.36 |
% |
0.36 |
% |
Total provision for
credit losses to average LHI excluding mortgage finance
loans(1)(2) |
|
0.70 |
% |
0.52 |
% |
1.01 |
% |
0.47 |
% |
0.48 |
% |
Combined allowance for
credit losses to LHI |
|
1.09 |
% |
1.00 |
% |
1.01 |
% |
0.90 |
% |
0.87 |
% |
Combined allowance for
credit losses to LHI, excluding mortgage finance loans(2) |
|
1.51 |
% |
1.41 |
% |
1.43 |
% |
1.28 |
% |
1.19 |
% |
|
|
|
|
|
|
|
Non-performing assets
(NPAs): |
|
|
|
|
|
|
Non-accrual loans |
|
$ |
169,113 |
|
$ |
165,429 |
|
$ |
173,156 |
|
$ |
179,788 |
|
$ |
109,674 |
|
Other real estate owned
(OREO) |
|
19,009 |
|
18,727 |
|
17,585 |
|
278 |
|
187 |
|
Total |
|
$ |
188,122 |
|
$ |
184,156 |
|
$ |
190,741 |
|
$ |
180,066 |
|
$ |
109,861 |
|
|
|
|
|
|
|
|
Non-accrual loans to
LHI |
|
|
0.96 |
% |
|
0.93 |
% |
|
1.02 |
% |
|
1.08 |
% |
|
0.69 |
% |
Non-accrual loans to
LHI excluding mortgage finance loans(2) |
|
|
1.34 |
% |
|
1.32 |
% |
|
1.44 |
% |
|
1.53 |
% |
|
0.95 |
% |
Total NPAs to LHI plus
OREO |
|
|
1.07 |
% |
|
1.04 |
% |
|
1.12 |
% |
|
1.08 |
% |
|
0.69 |
% |
Total NPAs to LHI
excluding mortgage finance loans plus OREO(2) |
|
|
1.48 |
% |
|
1.47 |
% |
|
1.58 |
% |
|
1.53 |
% |
|
0.95 |
% |
Total NPAs to earning
assets |
|
|
0.87 |
% |
|
0.90 |
% |
|
0.97 |
% |
|
0.99 |
% |
|
0.61 |
% |
Allowance for loan
losses to non-accrual loans |
|
|
1.1x |
|
|
1.0x |
|
|
0.9x |
|
|
0.8x |
|
|
1.2x |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructured loans |
|
$ |
— |
|
$ |
249 |
|
$ |
249 |
|
$ |
249 |
|
$ |
249 |
|
Loans past due 90 days
and still accruing(3) |
|
$ |
9,706 |
|
$ |
7,743 |
|
$ |
10,100 |
|
$ |
7,013 |
|
$ |
7,558 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans past due 90 days
to LHI |
|
|
0.06 |
% |
|
0.04 |
% |
|
0.06 |
% |
|
0.04 |
% |
|
0.05 |
% |
Loans past due 90 days
to LHI excluding mortgage finance loans(2) |
|
|
0.08 |
% |
|
0.06 |
% |
|
0.08 |
% |
|
0.06 |
% |
|
0.07 |
% |
|
(1)
Interim period ratios are annualized. |
(2) The
indicated ratios are presented with and excluding the mortgage
finance loans because the risk profile of our mortgage finance
loans is different than our other loans held for investment. No
provision for credit losses is allocated to these loans based on
the internal risk grade assigned. |
(3) At September 30, 2016, loans past due 90 days and
still accruing includes premium finance loans of $7.1 million.
These loans are primarily secured by obligations of insurance
carriers to refund premiums on cancelled insurance policies. The
refund of premiums from the insurance carriers can take 180 days or
longer from the cancellation date. |
|
TEXAS CAPITAL BANCSHARES, INC. |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
(Dollars
in thousands) |
|
|
|
|
|
|
|
|
|
3rd Quarter |
|
2nd Quarter |
|
1st Quarter |
|
4th Quarter |
|
3rd Quarter |
|
|
|
2016 |
|
2016 |
|
2016 |
|
2015 |
|
2015 |
|
Interest income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
177,724 |
|
$ |
168,064 |
|
$ |
155,885 |
|
$ |
152,200 |
|
$ |
151,749 |
|
Securities |
|
232 |
|
246 |
|
261 |
|
275 |
|
298 |
|
Federal funds sold |
|
455 |
|
382 |
|
372 |
|
255 |
|
193 |
|
Deposits in other banks |
|
4,081 |
|
3,750 |
|
3,285 |
|
2,090 |
|
1,616 |
|
Total
interest income |
|
182,492 |
|
172,442 |
|
159,803 |
|
154,820 |
|
153,856 |
|
Interest expense |
|
|
|
|
|
|
Deposits |
|
8,950 |
|
8,971 |
|
8,822 |
|
7,068 |
|
6,240 |
|
Federal funds purchased |
|
126 |
|
110 |
|
126 |
|
67 |
|
56 |
|
Repurchase agreements |
|
3 |
|
2 |
|
3 |
|
5 |
|
6 |
|
Other
borrowings |
|
1,730 |
|
1,365 |
|
1,162 |
|
642 |
|
672 |
|
Subordinated notes |
|
4,191 |
|
4,191 |
|
4,191 |
|
4,191 |
|
4,191 |
|
Trust
preferred subordinated debentures |
|
753 |
|
734 |
|
716 |
|
659 |
|
643 |
|
Total
interest expense |
|
15,753 |
|
15,373 |
|
15,020 |
|
12,632 |
|
11,808 |
|
Net interest income |
|
166,739 |
|
157,069 |
|
144,783 |
|
142,188 |
|
142,048 |
|
Provision for credit losses |
|
22,000 |
|
16,000 |
|
30,000 |
|
14,000 |
|
13,750 |
|
Net interest income after provision for credit
losses |
|
144,739 |
|
141,069 |
|
114,783 |
|
128,188 |
|
128,298 |
|
Non-interest income |
|
|
|
|
|
|
Service charges on deposit accounts |
|
2,880 |
|
2,411 |
|
2,110 |
|
1,984 |
|
2,096 |
|
Trust
fee income |
|
1,113 |
|
1,098 |
|
813 |
|
1,313 |
|
1,222 |
|
Bank
owned life insurance (BOLI) income |
|
520 |
|
536 |
|
536 |
|
567 |
|
484 |
|
Brokered loan fees |
|
7,581 |
|
5,864 |
|
4,645 |
|
4,267 |
|
4,885 |
|
Swap
fees |
|
918 |
|
1,105 |
|
307 |
|
1,000 |
|
254 |
|
Other |
|
3,704 |
|
2,918 |
|
2,886 |
|
2,189 |
|
2,439 |
|
Total
non-interest income |
|
16,716 |
|
13,932 |
|
11,297 |
|
11,320 |
|
11,380 |
|
Non-interest expense |
|
|
|
|
|
|
Salaries and employee benefits |
|
56,722 |
|
54,810 |
|
51,372 |
|
49,999 |
|
48,583 |
|
Net
occupancy expense |
|
5,634 |
|
5,838 |
|
5,812 |
|
5,809 |
|
5,874 |
|
Marketing |
|
4,292 |
|
4,486 |
|
3,908 |
|
4,349 |
|
3,999 |
|
Legal
and professional |
|
5,333 |
|
6,226 |
|
5,324 |
|
6,974 |
|
5,510 |
|
Communications and technology |
|
6,620 |
|
6,391 |
|
6,217 |
|
5,520 |
|
5,180 |
|
FDIC
insurance assessment |
|
6,355 |
|
6,043 |
|
5,469 |
|
4,741 |
|
4,489 |
|
Allowance and other carrying costs for OREO |
|
269 |
|
260 |
|
236 |
|
6 |
|
1 |
|
Other |
|
9,574 |
|
10,201 |
|
8,482 |
|
9,644 |
|
8,052 |
|
Total
non-interest expense |
|
94,799 |
|
94,255 |
|
86,820 |
|
87,042 |
|
81,688 |
|
Income before income taxes |
|
66,656 |
|
60,746 |
|
39,260 |
|
52,466 |
|
57,990 |
|
Income tax expense |
|
23,931 |
|
21,866 |
|
14,132 |
|
17,713 |
|
20,876 |
|
Net income |
|
42,725 |
|
38,880 |
|
25,128 |
|
34,753 |
|
37,114 |
|
Preferred stock dividends |
|
2,438 |
|
2,437 |
|
2,438 |
|
2,437 |
|
2,438 |
|
Net income available to common shareholders |
|
$ |
40,287 |
|
$ |
36,443 |
|
$ |
22,690 |
|
$ |
32,316 |
|
$ |
34,676 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXAS CAPITAL BANCSHARES, INC. |
QUARTERLY FINANCIAL SUMMARY - UNAUDITED |
Consolidated Daily Average Balances, Average Yields and Rates |
(Dollars
in thousands) |
|
3rd Quarter
2016 |
|
2nd Quarter
2016 |
|
1st Quarter
2016 |
|
4th Quarter
2015 |
|
3rd Quarter
2015 |
|
AverageBalance |
Revenue/Expense(1) |
Yield/Rate |
|
Average
Balance |
Revenue/
Expense(1) |
Yield/ Rate |
|
Average
Balance |
Revenue/
Expense(1) |
Yield/ Rate |
|
Average Balance |
Revenue/
Expense(1) |
Yield/ Rate |
|
Average
Balance |
Revenue/
Expense(1) |
Yield/ Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities -
Taxable |
$ |
26,051 |
|
$ |
228 |
|
3.47 |
% |
|
$ |
27,097 |
|
$ |
240 |
|
3.57 |
% |
|
$ |
28,343 |
|
$ |
254 |
|
3.60 |
% |
|
$ |
29,973 |
|
$ |
267 |
|
3.53 |
% |
|
$ |
32,358 |
|
$ |
287 |
|
3.52 |
% |
Securities - Non-taxable(2) |
564 |
|
8 |
|
5.82 |
% |
|
564 |
|
8 |
|
5.87 |
% |
|
759 |
|
11 |
|
5.70 |
% |
|
829 |
|
12 |
|
5.74 |
% |
|
1,162 |
|
17 |
|
5.80 |
% |
Federal funds sold and
securities purchased under resale agreements |
369,215 |
|
455 |
|
0.49 |
% |
|
312,832 |
|
382 |
|
0.49 |
% |
|
304,425 |
|
372 |
|
0.49 |
% |
|
375,181 |
|
255 |
|
0.27 |
% |
|
308,822 |
|
193 |
|
0.25 |
% |
Interest-bearing
deposits in other banks |
3,192,141 |
|
4,080 |
|
0.51 |
% |
|
2,871,295 |
|
3,750 |
|
0.53 |
% |
|
2,649,164 |
|
3,285 |
|
0.50 |
% |
|
3,081,882 |
|
2,090 |
|
0.27 |
% |
|
2,537,033 |
|
1,616 |
|
0.25 |
% |
Loans held for sale, at
fair value |
430,869 |
|
3,662 |
|
3.38 |
% |
|
157,898 |
|
1,350 |
|
3.44 |
% |
|
126,084 |
|
1,094 |
|
3.49 |
% |
|
24,658 |
|
237 |
|
0.04 |
|
|
570 |
|
6 |
|
4.18 |
% |
LHI, mortgage finance
loans |
4,658,804 |
|
36,655 |
|
3.13 |
% |
|
4,412,091 |
|
33,974 |
|
3.10 |
% |
|
3,724,513 |
|
29,037 |
|
3.14 |
% |
|
3,669,022 |
|
27,846 |
|
3.01 |
% |
|
3,981,731 |
|
30,427 |
|
3.03 |
% |
LHI |
12,591,561 |
|
137,407 |
|
4.34 |
% |
|
12,276,272 |
|
132,740 |
|
4.35 |
% |
|
11,910,788 |
|
125,754 |
|
4.25 |
% |
|
11,693,464 |
|
124,117 |
|
4.21 |
% |
|
11,302,248 |
|
121,316 |
|
4.26 |
% |
Less allowance for loan
losses |
168,086 |
|
— |
|
— |
|
|
164,316 |
|
— |
|
— |
|
|
141,125 |
|
— |
|
— |
|
|
130,822 |
|
— |
|
— |
|
|
118,543 |
|
— |
|
— |
|
LHI, net of
allowance |
17,082,279 |
|
174,062 |
|
4.05 |
% |
|
16,524,047 |
|
166,714 |
|
4.06 |
% |
|
15,494,176 |
|
154,791 |
|
4.02 |
% |
|
15,231,664 |
|
151,963 |
|
3.96 |
% |
|
15,165,436 |
|
151,743 |
|
3.97 |
% |
Total earning
assets |
21,101,119 |
|
182,495 |
|
3.44 |
% |
|
19,893,733 |
|
172,444 |
|
3.49 |
% |
|
18,602,951 |
|
159,807 |
|
3.46 |
% |
|
18,744,187 |
|
154,824 |
|
3.28 |
% |
|
18,045,381 |
|
153,862 |
|
3.38 |
% |
Cash and other
assets |
588,440 |
|
|
|
|
544,737 |
|
|
|
|
506,025 |
|
|
|
|
499,712 |
|
|
|
|
481,378 |
|
|
|
Total assets |
$ |
21,689,559 |
|
|
|
|
$ |
20,438,470 |
|
|
|
|
$ |
19,108,976 |
|
|
|
|
$ |
19,243,899 |
|
|
|
|
$ |
18,526,759 |
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction
deposits |
$ |
2,301,362 |
|
$ |
1,960 |
|
0.34 |
% |
|
$ |
2,207,726 |
|
$ |
1,749 |
|
0.32 |
% |
|
$ |
2,004,817 |
|
$ |
1,381 |
|
0.28 |
% |
|
$ |
2,150,740 |
|
$ |
950 |
|
0.18 |
% |
|
$ |
1,754,940 |
|
$ |
763 |
|
0.17 |
% |
Savings deposits |
6,177,681 |
|
6,228 |
|
0.40 |
% |
|
6,388,133 |
|
6,494 |
|
0.41 |
% |
|
6,335,425 |
|
6,714 |
|
0.43 |
% |
|
6,316,191 |
|
5,370 |
|
0.34 |
% |
|
5,858,381 |
|
4,616 |
|
0.31 |
% |
Time deposits |
501,701 |
|
763 |
|
0.61 |
% |
|
486,610 |
|
727 |
|
0.60 |
% |
|
509,762 |
|
727 |
|
0.57 |
% |
|
539,421 |
|
748 |
|
0.55 |
% |
|
536,531 |
|
723 |
|
0.53 |
% |
Deposits in foreign
branches |
— |
|
— |
|
— |
% |
|
— |
|
— |
|
— |
% |
|
— |
|
— |
|
— |
% |
|
— |
|
— |
|
— |
% |
|
179,731 |
|
138 |
|
0.30 |
% |
Total interest bearing
deposits |
8,980,744 |
|
8,951 |
|
0.40 |
% |
|
9,082,469 |
|
8,970 |
|
0.40 |
% |
|
8,850,004 |
|
8,822 |
|
0.40 |
% |
|
9,006,352 |
|
7,068 |
|
0.31 |
% |
|
8,329,583 |
|
6,240 |
|
0.30 |
% |
Other borrowings |
1,607,613 |
|
1,860 |
|
0.46 |
% |
|
1,411,387 |
|
1,476 |
|
0.42 |
% |
|
1,346,998 |
|
1,292 |
|
0.39 |
% |
|
1,327,087 |
|
714 |
|
0.21 |
% |
|
1,459,864 |
|
734 |
|
0.20 |
% |
Subordinated notes |
280,895 |
|
4,191 |
|
5.94 |
% |
|
280,805 |
|
4,191 |
|
6.00 |
% |
|
280,713 |
|
4,191 |
|
6.00 |
% |
|
280,622 |
|
4,191 |
|
5.93 |
% |
|
280,532 |
|
4,191 |
|
5.93 |
% |
Trust preferred
subordinated debentures |
113,406 |
|
752 |
|
2.64 |
% |
|
113,406 |
|
735 |
|
2.61 |
% |
|
113,406 |
|
716 |
|
2.54 |
% |
|
113,406 |
|
659 |
|
2.31 |
% |
|
113,406 |
|
643 |
|
2.25 |
% |
Total interest bearing
liabilities |
10,982,658 |
|
15,754 |
|
0.57 |
% |
|
10,888,067 |
|
15,372 |
|
0.57 |
% |
|
10,591,121 |
|
15,021 |
|
0.57 |
% |
|
10,727,467 |
|
12,632 |
|
0.47 |
% |
|
10,183,385 |
|
11,808 |
|
0.46 |
% |
Demand deposits |
8,849,725 |
|
|
|
|
7,767,693 |
|
|
|
|
6,730,586 |
|
|
|
|
6,755,615 |
|
|
|
|
6,621,159 |
|
|
|
Other liabilities |
135,141 |
|
|
|
|
113,927 |
|
|
|
|
148,418 |
|
|
|
|
157,425 |
|
|
|
|
152,154 |
|
|
|
Stockholders’
equity |
1,722,035 |
|
|
|
|
1,668,783 |
|
|
|
|
1,638,851 |
|
|
|
|
1,603,392 |
|
|
|
|
1,570,061 |
|
|
|
Total liabilities and
stockholders’ equity |
$ |
21,689,559 |
|
|
|
|
$ |
20,438,470 |
|
|
|
|
$ |
19,108,976 |
|
|
|
|
$ |
19,243,899 |
|
|
|
|
$ |
18,526,759 |
|
|
|
Net interest income(2) |
|
$ |
166,741 |
|
|
|
|
$ |
157,072 |
|
|
|
|
$ |
144,786 |
|
|
|
|
$ |
142,192 |
|
|
|
|
$ |
142,054 |
|
|
Net interest
margin |
|
|
3.14 |
% |
|
|
|
3.18 |
% |
|
|
|
3.13 |
% |
|
|
|
3.01 |
% |
|
|
|
3.12 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
The loan averages include loans on which the accrual of interest
has been discontinued and are stated net of unearned income. |
(2)
Taxable equivalent rates used where applicable. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MEDIA & INVESTOR CONTACT
Heather Worley, 214.932.6646
heather.worley@texascapitalbank.com
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