Texas Capital Bancshares, Inc. (NASDAQ:TCBI), the parent company of
Texas Capital Bank, announced earnings and operating results for
the fourth quarter and full year of 2017.
“We are pleased to finish 2017 with strong
operating results, including record earnings. The strong loan and
deposit growth in 2017 positions us well as we move into 2018,"
said Keith Cargill, CEO. "We are focused on developing our talent
and leveraging our people with improved technology as we gain
efficiencies and improve client experience."
- Q4 2017 was negatively impacted by a $17.6 million ($0.35 per
share) write-off of our deferred tax asset ("DTA") as a result of
the Tax Cuts and Jobs Act (the "Tax Act"). The amount of the
write-off is expected to be recovered during 2018 from cash tax
savings resulting from the Tax Act.
- Net income decreased 24% on a linked quarter basis and
decreased 8% from the fourth quarter of 2016.
- EPS decreased 25% on a linked quarter basis and decreased 13%
from the fourth quarter of 2016.
- Loans held for investment ("LHI"), excluding mortgage finance,
increased 4% on a linked quarter basis and 18% from the fourth
quarter of 2016.
- Total mortgage finance loans, including mortgage correspondent
loans ("MCA loans"), decreased 4% on a linked quarter basis and
increased 16% from the fourth quarter of 2016.
- Demand deposits decreased 5% and total deposits remained flat
on a linked quarter basis (increased 4% and 8% on an average basis,
respectively), and decreased 2% and increased 12%, respectively,
from the fourth quarter of 2016.
FINANCIAL SUMMARY(dollars and shares in
thousands)
| |
2017 |
|
2016 |
|
% Change |
| ANNUAL OPERATING
RESULTS |
|
|
|
|
|
| Net income |
$ |
197,063 |
|
|
$ |
155,119 |
|
|
27 |
% |
| Net income available to
common stockholders |
$ |
187,313 |
|
|
$ |
145,369 |
|
|
29 |
% |
| Diluted EPS |
$ |
3.73 |
|
|
$ |
3.11 |
|
|
20 |
% |
| Diluted shares |
50,260 |
|
|
46,766 |
|
|
7 |
% |
| ROA |
0.87 |
% |
|
0.74 |
% |
|
|
| ROE |
9.51 |
% |
|
9.27 |
% |
|
|
| QUARTERLY OPERATING
RESULTS |
|
|
|
|
|
| Net income |
$ |
44,742 |
|
|
$ |
48,386 |
|
|
(8 |
)% |
| Net income available to
common stockholders |
$ |
42,305 |
|
|
$ |
45,949 |
|
|
(8 |
)% |
| Diluted EPS |
$ |
0.84 |
|
|
$ |
0.96 |
|
|
(13 |
)% |
| Diluted shares |
50,312 |
|
|
47,760 |
|
|
5 |
% |
| ROA |
0.71 |
% |
|
0.85 |
% |
|
|
| ROE |
8.18 |
% |
|
10.82 |
% |
|
|
| BALANCE SHEET |
|
|
|
|
|
| Loans held for sale
(MCA) |
$ |
1,007,695 |
|
|
$ |
968,929 |
|
|
4 |
% |
| LHI, mortgage
finance |
5,308,160 |
|
|
4,497,338 |
|
|
18 |
% |
| LHI |
15,366,252 |
|
|
13,001,011 |
|
|
18 |
% |
| Total LHI |
20,674,412 |
|
|
17,498,349 |
|
|
18 |
% |
| Total loans |
21,685,416 |
|
|
18,467,278 |
|
|
17 |
% |
| Total assets |
25,075,645 |
|
|
21,697,134 |
|
|
16 |
% |
| Demand deposits |
7,812,660 |
|
|
7,994,201 |
|
|
(2 |
)% |
| Total deposits |
19,123,180 |
|
|
17,016,831 |
|
|
12 |
% |
| Stockholders’
equity |
2,202,721 |
|
|
2,009,557 |
|
|
10 |
% |
DETAILED FINANCIALS Texas
Capital Bancshares, Inc. reported net income of $197.1 million and
net income available to common stockholders of $187.3 million for
the year ended December 31, 2017, compared to net income of
$155.1 million and net income available to common stockholders of
$145.4 million for the year ended December 31, 2016. For the
fourth quarter of 2017, net income was $44.7 million and net income
available to common stockholders was $42.3 million, compared to net
income of $48.4 million and net income available to common
stockholders of $45.9 million for the same period in 2016. On a
fully diluted basis, earnings per common share were $3.73 for the
year ended December 31, 2017 compared to $3.11 for the same
period in 2016. Diluted earnings per common share were $0.84 for
the quarter ended December 31, 2017 compared to $0.96 for the
same period of 2016. The decrease reflects a $17.6 million
write-off of our DTA in response to enactment of the Tax Act, which
was recorded as additional income tax expense during the fourth
quarter. The write-off had an adverse effect of $0.35 on earnings
per common share for the 2017 fourth quarter and full year. The
federal corporate income tax rates declined from 35% to 21%
effective January 1, 2018 as a result of the Tax Act. The amount of
the DTA write-off is expected to be recovered in 2018 from cash tax
savings attributable to the Tax Act.
Return on common equity ("ROE") was 9.51 percent
and return on average assets ("ROA") was 0.87 percent for the year
ended December 31, 2017, compared to 9.27 percent and 0.74
percent, respectively, for the year ended December 31, 2016.
ROE was 8.18 percent and ROA was 0.71 percent for the fourth
quarter of 2017, compared to 11.20 percent and 0.99 percent,
respectively, for the third quarter of 2017 and 10.82 percent and
0.85 percent, respectively, for the fourth quarter of 2016. The
linked quarter and year-over-year decreases in ROE and ROA for the
fourth quarter of 2017 resulted primarily from the DTA write-off,
which outpaced the increases in net-interest income and decreases
in the provision for credit losses. Excluding the DTA write-off,
year-to-date and quarter-to-date December 31, 2017 ROE would have
been 10.41% and 11.58%, respectively.
Net interest income was $210.6 million for the
fourth quarter of 2017, compared to $204.4 million for the third
quarter of 2017 and $171.2 million for the fourth quarter of 2016.
The linked quarter and year-over-year increases in net interest
income are due primarily to the growth in total LHI. Net interest
margin for the fourth quarter of 2017 was 3.47% percent, a decrease
of 12 basis points from the third quarter of 2017 and an increase
of 36 basis points from the fourth quarter of 2016. Traditional LHI
yields were down 3 basis points from the third quarter of 2017, but
were up 50 basis points compared to the fourth quarter of 2016. In
contrast, total cost of deposits for the fourth quarter of 2017 was
up only 6 basis points to 0.53 percent compared to the third
quarter of 2017 and up 31 basis points compared to the fourth
quarter of 2016. Net interest margin for the fourth quarter of 2017
was adversely affected by increases in mortgage and liquidity
assets which are at lower yields than traditional LHI, but produced
significant growth in net interest income.
Average LHI, excluding mortgage finance loans,
for the year ended December 31, 2017 were $14.0 billion, an
increase of $1.7 billion, or 13 percent, from 2016. Average LHI,
excluding mortgage finance loans, for the fourth quarter of 2017
were $15.0 billion, an increase of $582.1 million, or 4 percent,
from the third quarter of 2017 and an increase of $2.3 billion, or
18 percent, from the fourth quarter of 2016. Average total mortgage
finance loans (including MCA) for the fourth quarter of 2017 were
$6.2 billion, an increase of $388.9 million, or 7 percent, from the
third quarter of 2017 and an increase of $930.2 million, or 17
percent, from the fourth quarter of 2016.
Average total deposits for the year ended
December 31, 2017 were $18.5 billion, an increase of $1.2
billion, or 7 percent, from 2016. Average demand deposits for the
year ended December 31, 2017 were $8.3 billion, an increase of
$196.5 billion, or 2 percent, from 2016. Average total deposits for
the fourth quarter of 2017 increased $1.5 billion from the third
quarter of 2017 and increased $1.9 billion from the fourth quarter
of 2016. Average demand deposits for the fourth quarter of
2017 increased $321.6 million, or 4 percent, to $9.1 billion from
$8.8 billion from the third quarter of 2017, and decreased $43.8
million, or 0.48 percent, from the third quarter of 2017.
We recorded a $2.0 million provision for credit
losses for the fourth quarter of 2017 compared to $20.0 million for
the third quarter of 2017 and $9.0 million for the fourth quarter
of 2016. The provision for the fourth quarter of 2017 was driven by
the consistent application of our methodology. The linked quarter
and year-over-year decreases were primarily related to improvements
in the composition of our pass-rated and classified loan
portfolios, including energy loans. The combined allowance for
credit losses at December 31, 2017 decreased to 1.26 percent
of LHI excluding mortgage finance loans compared to 1.30 percent at
September 30, 2017 and 1.38 percent at December 31, 2016. In
management’s opinion, the allowance is appropriate and is derived
from consistent application of the methodology for establishing
reserves for the loan portfolio.
We experienced a decrease in non-performing
assets in the fourth quarter of 2017 compared to levels reported in
the third quarter of 2017 and fourth quarter of 2016, reducing the
ratio or total non-performing assets to total LHI plus other real
estate owned ("OREO") to 0.55 percent compared to 0.67 percent for
the third quarter of 2017 and 1.07 percent for the fourth quarter
of 2016. The linked quarter and year-over-year decreases are
primarily related to the decrease in energy non-accrual loans from
$81.6 million at September 30, 2017 and $121.5 at December 31, 2016
to $65.2 million at December 31, 2017. Net charge-offs for the
fourth quarter of 2017 were $964,000 compared to $10.7 million for
the third quarter of 2017 and $20.8 million for the fourth quarter
of 2016. For the fourth quarter of 2017, net charge-offs related to
energy loans were $175,000 compared to net charge-offs of $6.3
million for the third quarter of 2017 and $16.3 million for the
fourth quarter of 2016. For the fourth quarter of 2017, net
charge-offs were 0.02 percent of average total LHI, compared to
0.22 percent for the third quarter of 2017 and 0.48 percent for the
same period in 2016. At December 31, 2017, OREO was $11.7
million compared to $18.1 million at September 30, 2017 and $19.0
at December 31, 2016. The linked quarter and year-over-year
decreases were due to a $6.1 million permanent write down of a
commercial property during the fourth quarter of 2017.
Non-interest income increased $539,000, or 3
percent, during the fourth quarter of 2017 compared to the same
period of 2016, and increased $371,000, or 2 percent, compared to
the third quarter of 2017. The year-over-year increase primarily
related to a $3.9 million increase in servicing income during the
fourth quarter of 2017 compared to the same period of 2016
primarily attributable to an increase in mortgage servicing rights
("MSRs"). Offsetting this increase was a $2.7 million decrease in
other non-interest income and a $1.6 million decrease in brokered
loan fees, which resulted from a decrease in mortgage finance
volumes.
Non-interest expense for the fourth quarter of
2017 increased $26.6 million, or 25 percent, compared to the fourth
quarter of 2016, and increased $18.3 million, or 16 percent,
compared to the third quarter of 2017. The year-over-year increase
is primarily related to a $6.1 million write-down of OREO taken
during the fourth quarter of 2017 and a $6.8 million increase in
servicing related expenses resulting from a $2.8 million impairment
charge primarily due to an anticipated sale of Ginnie Mae MSRs in
the first quarter of 2018 and an increase in MSRs, which are being
amortized. Non-interest expense for the fourth quarter of 2017 was
also affected by increases in salaries and employee benefits,
marketing expense and legal and professional expense of $4.1
million, $3.8 million and $2.3 million, respectively, all of which
were due to general business growth. The linked quarter increase in
non-interest expense was primarily related to the $6.1 million
write-down of OREO, as well as a $3.3 million increase in servicing
related expenses, which included a $2.8 million impairment charge
on MSRs, a $2.4 million increase in legal and professional expense
and a $2.3 million increase in salaries and employee benefits.
Stockholders’ equity increased by 10 percent
from $2.0 billion at December 31, 2016 to $2.2 billion at
December 31, 2017, primarily due to retention of net income.
Texas Capital Bank is well capitalized under regulatory guidelines.
At December 31, 2017, our ratio of tangible common equity to
total tangible assets was 8.1 percent.
ABOUT TEXAS CAPITAL BANCSHARES,
INC.Texas Capital Bancshares, Inc. (NASDAQ:TCBI), a member
of the Russell 2000® Index and the S&P MidCap 400®, 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, the financial impact of the Tax
Cuts and Jobs Act on our results of operations, the impact on our
loan and deposit portfolios as a result of Hurricanes Harvey and
Irma, 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) |
| |
4th Quarter |
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
| |
2017 |
2017 |
2017 |
2017 |
2016 |
| CONSOLIDATED
STATEMENTS OF INCOME |
|
|
|
|
|
|
Interest income |
$ |
249,519 |
|
$ |
237,643 |
|
$ |
208,191 |
|
$ |
183,946 |
|
$ |
188,671 |
|
|
Interest expense |
38,870 |
|
33,282 |
|
25,232 |
|
20,587 |
|
17,448 |
|
| Net
interest income |
210,649 |
|
204,361 |
|
182,959 |
|
163,359 |
|
171,223 |
|
|
Provision for credit losses |
2,000 |
|
20,000 |
|
13,000 |
|
9,000 |
|
9,000 |
|
| Net interest income
after provision for credit losses |
208,649 |
|
184,361 |
|
169,959 |
|
154,359 |
|
162,223 |
|
|
Non-interest income |
19,374 |
|
19,003 |
|
18,769 |
|
17,110 |
|
18,835 |
|
|
Non-interest expense |
133,138 |
|
114,830 |
|
111,814 |
|
106,094 |
|
106,523 |
|
| Income before income
taxes |
94,885 |
|
88,534 |
|
76,914 |
|
65,375 |
|
74,535 |
|
|
Income tax expense |
50,143 |
|
29,850 |
|
25,819 |
|
22,833 |
|
26,149 |
|
| Net
income |
44,742 |
|
58,684 |
|
51,095 |
|
42,542 |
|
48,386 |
|
|
Preferred stock dividends |
2,437 |
|
2,438 |
|
2,437 |
|
2,438 |
|
2,437 |
|
| Net
income available to common stockholders |
$ |
42,305 |
|
$ |
56,246 |
|
$ |
48,658 |
|
$ |
40,104 |
|
$ |
45,949 |
|
| |
|
|
|
|
|
|
Diluted EPS |
$ |
0.84 |
|
$ |
1.12 |
|
$ |
0.97 |
|
$ |
0.80 |
|
$ |
0.96 |
|
|
Diluted shares |
50,311,962 |
|
50,250,866 |
|
50,229,670 |
|
50,234,230 |
|
47,759,548 |
|
| CONSOLIDATED
BALANCE SHEET DATA |
|
|
|
|
|
| Total
assets |
$ |
25,075,645 |
|
$ |
24,400,998 |
|
$ |
23,119,713 |
|
$ |
20,864,874 |
|
$ |
21,697,134 |
|
|
LHI |
15,366,252 |
|
14,828,406 |
|
14,280,353 |
|
13,298,918 |
|
13,001,011 |
|
| LHI,
mortgage finance |
5,308,160 |
|
5,642,285 |
|
5,183,600 |
|
3,371,598 |
|
4,497,338 |
|
| Loans
held for sale, MCA |
1,007,695 |
|
955,983 |
|
843,164 |
|
884,647 |
|
968,929 |
|
|
Liquidity assets(1) |
2,727,581 |
|
2,357,537 |
|
2,142,658 |
|
2,804,921 |
|
2,725,645 |
|
|
Securities |
23,511 |
|
24,224 |
|
119,043 |
|
42,203 |
|
24,874 |
|
|
Demand deposits |
7,812,660 |
|
8,263,202 |
|
8,174,830 |
|
7,094,696 |
|
7,994,201 |
|
| Total
deposits |
19,123,180 |
|
19,081,257 |
|
17,292,223 |
|
16,605,380 |
|
17,016,831 |
|
| Other
borrowings |
3,165,040 |
|
2,583,496 |
|
3,162,224 |
|
1,641,834 |
|
2,109,575 |
|
|
Subordinated notes |
281,406 |
|
281,315 |
|
281,225 |
|
281,134 |
|
281,044 |
|
|
Long-term debt |
113,406 |
|
113,406 |
|
113,406 |
|
113,406 |
|
113,406 |
|
|
Stockholders’ equity |
2,202,721 |
|
2,158,363 |
|
2,100,553 |
|
2,050,442 |
|
2,009,557 |
|
| |
|
|
|
|
|
| End
of period shares outstanding |
49,643,344 |
|
49,621,825 |
|
49,595,252 |
|
49,560,100 |
|
49,503,662 |
|
| Book
value |
$ |
41.35 |
|
$ |
40.47 |
|
$ |
39.33 |
|
$ |
38.35 |
|
$ |
37.56 |
|
| Tangible book
value(2) |
$ |
40.97 |
|
$ |
40.09 |
|
$ |
38.94 |
|
$ |
37.95 |
|
$ |
37.17 |
|
|
SELECTED FINANCIAL RATIOS |
|
|
|
|
|
| Net
interest margin |
3.47 |
% |
3.59 |
% |
3.57 |
% |
3.29 |
% |
3.11 |
% |
|
Return on average assets |
0.71 |
% |
0.99 |
% |
0.96 |
% |
0.83 |
% |
0.85 |
% |
|
Return on average common equity |
8.18 |
% |
11.20 |
% |
10.08 |
% |
8.60 |
% |
10.82 |
% |
|
Non-interest income to average earning assets |
0.32 |
% |
0.33 |
% |
0.36 |
% |
0.34 |
% |
0.34 |
% |
|
Efficiency ratio(3) |
57.9 |
% |
51.4 |
% |
55.4 |
% |
58.8 |
% |
56.0 |
% |
|
Efficiency ratio, excluding OREO write-down(3) |
55.2 |
% |
51.4 |
% |
55.4 |
% |
58.8 |
% |
56.0 |
% |
|
Non-interest expense to average earning assets |
2.17 |
% |
2.00 |
% |
2.17 |
% |
2.12 |
% |
1.93 |
% |
| Tangible common equity
to total tangible assets(4) |
8.1 |
% |
8.2 |
% |
8.4 |
% |
9.0 |
% |
8.5 |
% |
| Common Equity Tier
1 |
8.5 |
% |
8.4 |
% |
8.6 |
% |
9.6 |
% |
9.0 |
% |
| Tier 1 capital |
9.5 |
% |
9.4 |
% |
9.8 |
% |
10.9 |
% |
10.2 |
% |
| Total capital |
11.5 |
% |
11.4 |
% |
11.8 |
% |
13.3 |
% |
12.5 |
% |
| Leverage |
9.2 |
% |
9.6 |
% |
10.3 |
% |
10.3 |
% |
9.3 |
% |
|
|
| (1)
Liquidity assets include Federal funds sold and deposits in other
banks. |
| (2)
Stockholders’ equity excluding preferred stock, less goodwill and
intangibles, divided by shares outstanding at period end. |
| (3)
Non-interest expense divided by the sum of net interest income and
non-interest income. |
| (4)
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) |
| |
December 31, 2017 |
December 31, 2016 |
%Change |
|
Assets |
|
|
|
| Cash and due from
banks |
$ |
178,010 |
|
$ |
113,707 |
|
57 |
% |
| Interest-bearing
deposits |
2,697,581 |
|
2,700,645 |
|
— |
% |
| Federal funds sold and
securities purchased under resale agreements |
30,000 |
|
25,000 |
|
20 |
% |
| Securities,
available-for-sale |
23,511 |
|
24,874 |
|
(5 |
)% |
| Loans held for sale
($1,007.7 million and $968.9 million at December 31, 2017 and 2016,
respectively, at fair value) |
1,011,004 |
|
968,929 |
|
4 |
% |
| LHI, mortgage
finance |
5,308,160 |
|
4,497,338 |
|
18 |
% |
| LHI (net of unearned
income) |
15,366,252 |
|
13,001,011 |
|
18 |
% |
| Less: Allowance
for loan losses |
184,655 |
|
168,126 |
|
10 |
% |
| LHI, net |
20,489,757 |
|
17,330,223 |
|
18 |
% |
| Mortgage servicing
rights, net |
85,327 |
|
28,536 |
|
199 |
% |
| Premises and equipment,
net |
25,176 |
|
19,775 |
|
27 |
% |
| Accrued interest
receivable and other assets |
516,239 |
|
465,933 |
|
11 |
% |
| Goodwill and
intangibles, net |
19,040 |
|
19,512 |
|
(2 |
)% |
| Total assets |
$ |
25,075,645 |
|
$ |
21,697,134 |
|
16 |
% |
| |
|
|
|
| Liabilities and
Stockholders’ Equity |
|
|
|
| Liabilities: |
|
|
|
|
Deposits: |
|
|
|
| Non-interest
bearing |
$ |
7,812,660 |
|
$ |
7,994,201 |
|
(2 |
)% |
| Interest bearing |
11,310,520 |
|
9,022,630 |
|
25 |
% |
| Total
deposits |
19,123,180 |
|
17,016,831 |
|
12 |
% |
| |
|
|
|
| Accrued interest
payable |
7,680 |
|
5,498 |
|
40 |
% |
| Other liabilities |
182,212 |
|
161,223 |
|
13 |
% |
| Federal funds purchased
and repurchase agreements |
365,040 |
|
109,575 |
|
233 |
% |
| Other borrowings |
2,800,000 |
|
2,000,000 |
|
40 |
% |
| Subordinated notes,
net |
281,406 |
|
281,044 |
|
— |
% |
| Trust preferred
subordinated debentures |
113,406 |
|
113,406 |
|
— |
% |
| Total liabilities |
22,872,924 |
|
19,687,577 |
|
16 |
% |
| |
|
|
|
| Stockholders’
equity: |
|
|
|
| Preferred stock, $.01
par value, $1,000 liquidation value: |
|
|
|
| Authorized shares -
10,000,000 |
|
|
|
|
Issued shares - 6,000,000 shares issued at December 31, 2017 and
2016 |
150,000 |
|
150,000 |
|
— |
% |
|
Common stock, $.01 par value: |
|
|
|
| Authorized shares -
100,000,000 |
|
|
|
| Issued shares -
49,643,761 and 49,504,079 at December 31, 2017 and 2016,
respectively |
496 |
|
495 |
|
— |
% |
|
Additional paid-in capital |
961,305 |
|
955,468 |
|
1 |
% |
|
Retained earnings |
1,090,500 |
|
903,187 |
|
21 |
% |
| Treasury stock (shares
at cost: 417 at December 31, 2017 and 2016) |
(8 |
) |
(8 |
) |
— |
% |
|
Accumulated other comprehensive income, net of taxes |
428 |
|
415 |
|
3 |
% |
| Total stockholders’
equity |
2,202,721 |
|
2,009,557 |
|
10 |
% |
| Total liabilities and
stockholders’ equity |
$ |
25,075,645 |
|
$ |
21,697,134 |
|
16 |
% |
| |
| TEXAS CAPITAL
BANCSHARES, INC. |
|
|
|
|
| CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
| (Dollars in thousands
except per share data) |
|
|
|
|
| |
Three Months Ended December 31 |
Year EndedDecember 31 |
| |
2017 |
2016 |
2017 |
2016 |
|
Interest income |
|
|
|
|
|
Interest and fees on loans |
$ |
238,906 |
|
$ |
182,909 |
|
$ |
846,292 |
|
$ |
684,582 |
|
|
Securities |
213 |
|
228 |
|
1,066 |
|
967 |
|
|
Federal funds sold and securities purchased under resale
agreements |
936 |
|
338 |
|
2,542 |
|
1,547 |
|
|
Deposits in other banks |
9,464 |
|
5,196 |
|
29,399 |
|
16,312 |
|
| Total
interest income |
249,519 |
|
188,671 |
|
879,299 |
|
703,408 |
|
|
Interest expense |
|
|
|
|
|
Deposits |
27,625 |
|
10,432 |
|
79,886 |
|
37,175 |
|
|
Federal funds purchased |
723 |
|
156 |
|
2,592 |
|
518 |
|
| Other
borrowings |
5,380 |
|
1,863 |
|
15,137 |
|
6,128 |
|
|
Subordinated notes |
4,191 |
|
4,191 |
|
16,764 |
|
16,764 |
|
| Trust
preferred subordinated debentures |
951 |
|
806 |
|
3,592 |
|
3,009 |
|
| Total
interest expense |
38,870 |
|
17,448 |
|
117,971 |
|
63,594 |
|
|
Net interest income |
210,649 |
|
171,223 |
|
761,328 |
|
639,814 |
|
|
Provision for credit losses |
2,000 |
|
9,000 |
|
44,000 |
|
77,000 |
|
|
Net interest income after provision for credit
losses |
208,649 |
|
162,223 |
|
717,328 |
|
562,814 |
|
|
Non-interest income |
|
|
|
|
|
Service charges on deposit accounts |
3,109 |
|
2,940 |
|
12,432 |
|
10,341 |
|
|
Wealth management and trust fee income |
1,767 |
|
1,244 |
|
6,153 |
|
4,268 |
|
| Bank
owned life insurance (BOLI) income |
698 |
|
481 |
|
2,260 |
|
2,073 |
|
|
Brokered loan fees |
5,692 |
|
7,249 |
|
23,331 |
|
25,339 |
|
|
Servicing income |
5,270 |
|
1,410 |
|
15,657 |
|
1,715 |
|
| Swap
fees |
586 |
|
536 |
|
3,990 |
|
2,866 |
|
|
Other |
2,252 |
|
4,975 |
|
10,433 |
|
14,178 |
|
| Total
non-interest income |
19,374 |
|
18,835 |
|
74,256 |
|
60,780 |
|
|
Non-interest expense |
|
|
|
|
|
Salaries and employee benefits |
70,192 |
|
66,081 |
|
264,231 |
|
228,985 |
|
| Net
occupancy expense |
6,749 |
|
5,937 |
|
25,811 |
|
23,221 |
|
|
Marketing |
8,438 |
|
4,617 |
|
26,787 |
|
17,303 |
|
| Legal
and professional |
8,756 |
|
6,443 |
|
29,731 |
|
23,326 |
|
|
Communications and technology |
6,590 |
|
6,334 |
|
31,004 |
|
25,562 |
|
| FDIC
insurance assessment |
6,710 |
|
6,573 |
|
23,510 |
|
24,440 |
|
|
Servicing related expenses |
7,177 |
|
398 |
|
15,506 |
|
1,703 |
|
|
Allowance and other carrying costs for OREO |
6,122 |
|
59 |
|
6,437 |
|
824 |
|
|
Other |
12,404 |
|
10,081 |
|
42,859 |
|
37,033 |
|
| Total non-interest
expense |
133,138 |
|
106,523 |
|
465,876 |
|
382,397 |
|
|
Income before income taxes |
94,885 |
|
74,535 |
|
325,708 |
|
241,197 |
|
|
Income tax expense |
50,143 |
|
26,149 |
|
128,645 |
|
86,078 |
|
|
Net income |
44,742 |
|
48,386 |
|
197,063 |
|
155,119 |
|
|
Preferred stock dividends |
2,437 |
|
2,437 |
|
9,750 |
|
9,750 |
|
|
Net income available to common stockholders |
$ |
42,305 |
|
$ |
45,949 |
|
$ |
187,313 |
|
$ |
145,369 |
|
| |
|
|
|
|
|
Basic earnings per common share |
$ |
0.85 |
|
$ |
0.97 |
|
$ |
3.78 |
|
$ |
3.14 |
|
|
Diluted earnings per common share |
$ |
0.84 |
|
$ |
0.96 |
|
$ |
3.73 |
|
$ |
3.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXAS CAPITAL BANCSHARES, INC. |
|
SUMMARY OF LOAN LOSS EXPERIENCE |
| (Dollars
in thousands) |
| |
4th Quarter |
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
| |
2017 |
2017 |
2017 |
2017 |
2016 |
| Allowance for loan
losses: |
|
|
|
|
|
| Beginning balance |
$ |
182,929 |
|
$ |
174,225 |
|
$ |
172,013 |
|
$ |
168,126 |
|
$ |
180,436 |
|
| Loans charged-off: |
|
|
|
|
|
| Commercial |
1,999 |
|
10,603 |
|
12,310 |
|
9,233 |
|
22,326 |
|
| Real estate |
— |
|
250 |
|
40 |
|
— |
|
— |
|
| Construction |
— |
|
59 |
|
— |
|
— |
|
— |
|
| Consumer |
— |
|
— |
|
180 |
|
— |
|
7 |
|
| Leases |
— |
|
— |
|
— |
|
— |
|
— |
|
| Total charge-offs |
1,999 |
|
10,912 |
|
12,530 |
|
9,233 |
|
22,333 |
|
| Recoveries: |
|
|
|
|
|
| Commercial |
1,019 |
|
132 |
|
61 |
|
3,381 |
|
1,535 |
|
| Real estate |
1 |
|
21 |
|
3 |
|
50 |
|
27 |
|
| Construction |
— |
|
3 |
|
— |
|
101 |
|
— |
|
| Consumer |
14 |
|
15 |
|
36 |
|
5 |
|
5 |
|
| Leases |
1 |
|
1 |
|
— |
|
8 |
|
6 |
|
| Total recoveries |
1,035 |
|
172 |
|
100 |
|
3,545 |
|
1,573 |
|
| Net charge-offs |
964 |
|
10,740 |
|
12,430 |
|
5,688 |
|
20,760 |
|
| Provision for loan
losses |
2,690 |
|
19,444 |
|
14,642 |
|
9,575 |
|
8,450 |
|
| Ending balance |
$ |
184,655 |
|
$ |
182,929 |
|
$ |
174,225 |
|
$ |
172,013 |
|
$ |
168,126 |
|
| |
|
|
|
|
|
| Allowance for
off-balance sheet credit losses: |
|
|
|
|
|
| Beginning balance |
$ |
9,761 |
|
$ |
9,205 |
|
$ |
10,847 |
|
$ |
11,422 |
|
$ |
10,872 |
|
| Provision for
off-balance sheet credit losses |
(690 |
) |
556 |
|
(1,642 |
) |
(575 |
) |
550 |
|
| Ending balance |
$ |
9,071 |
|
$ |
9,761 |
|
$ |
9,205 |
|
$ |
10,847 |
|
$ |
11,422 |
|
| |
|
|
|
|
|
| Total allowance for
credit losses |
$ |
193,726 |
|
$ |
192,690 |
|
$ |
183,430 |
|
$ |
182,860 |
|
$ |
179,548 |
|
| |
|
|
|
|
|
| Total provision for
credit losses |
$ |
2,000 |
|
$ |
20,000 |
|
$ |
13,000 |
|
$ |
9,000 |
|
$ |
9,000 |
|
| |
|
|
|
|
|
| Allowance for loan
losses to LHI |
0.89 |
% |
0.89 |
% |
0.90 |
% |
1.03 |
% |
0.96 |
% |
| Allowance for loan
losses to LHI excluding mortgage finance loans(2) |
1.20 |
% |
1.23 |
% |
1.22 |
% |
1.29 |
% |
1.29 |
% |
| Allowance for loan
losses to average LHI |
0.92 |
% |
0.95 |
% |
0.99 |
% |
1.09 |
% |
0.98 |
% |
| Allowance for loan
losses to average LHI excluding mortgage finance loans(2) |
1.23 |
% |
1.27 |
% |
1.27 |
% |
1.33 |
% |
1.32 |
% |
| Net charge-offs to
average LHI(1) |
0.02 |
% |
0.22 |
% |
0.28 |
% |
0.15 |
% |
0.48 |
% |
| Net charge-offs to
average LHI excluding mortgage finance loans(1)(2) |
0.03 |
% |
0.30 |
% |
0.36 |
% |
0.18 |
% |
0.65 |
% |
| Net charge-offs to
average LHI for last twelve months(1) |
0.16 |
% |
0.29 |
% |
0.27 |
% |
0.28 |
% |
0.29 |
% |
| Net charge-offs to
average LHI, excluding mortgage finance loans, for last twelve
months(1)(2) |
0.21 |
% |
0.37 |
% |
0.36 |
% |
0.36 |
% |
0.38 |
% |
| Total provision for
credit losses to average LHI(1) |
0.04 |
% |
0.41 |
% |
0.30 |
% |
0.23 |
% |
0.21 |
% |
| Total provision for
credit losses to average LHI excluding mortgage finance
loans(1)(2) |
0.05 |
% |
0.55 |
% |
0.38 |
% |
0.28 |
% |
0.28 |
% |
| Combined allowance for
credit losses to LHI |
0.94 |
% |
0.94 |
% |
0.94 |
% |
1.10 |
% |
1.03 |
% |
| Combined allowance for
credit losses to LHI, excluding mortgage finance loans(2) |
1.26 |
% |
1.30 |
% |
1.28 |
% |
1.37 |
% |
1.38 |
% |
|
|
|
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. |
|
|
| TEXAS CAPITAL
BANCSHARES, INC. |
|
|
|
|
|
|
SUMMARY OF NON-PERFORMING ASSETS AND PAST DUE
LOANS |
|
|
|
| (Dollars in
thousands) |
|
|
|
|
|
| |
4th Quarter |
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
| |
2017 |
2017 |
2017 |
2017 |
2016 |
| |
|
|
|
|
|
| Non-performing assets
(NPAs): |
|
|
|
|
|
| Non-accrual loans |
$ |
101,444 |
|
$ |
118,205 |
|
$ |
123,730 |
|
$ |
146,549 |
|
$ |
167,791 |
|
| Other real estate owned
(OREO) |
11,742 |
|
18,131 |
|
18,689 |
|
18,833 |
|
18,961 |
|
| Total |
$ |
113,186 |
|
$ |
136,336 |
|
$ |
142,419 |
|
$ |
165,382 |
|
$ |
186,752 |
|
| |
|
|
|
|
|
| Non-accrual loans to
LHI |
0.49 |
% |
0.58 |
% |
0.64 |
% |
0.88 |
% |
0.96 |
% |
| Non-accrual loans to
LHI excluding mortgage finance loans(1) |
0.66 |
% |
0.80 |
% |
0.87 |
% |
1.10 |
% |
1.29 |
% |
| Total NPAs to LHI plus
OREO |
0.55 |
% |
0.67 |
% |
0.73 |
% |
0.99 |
% |
1.07 |
% |
| Total NPAs to LHI
excluding mortgage finance loans plus OREO(1) |
0.74 |
% |
0.92 |
% |
1.00 |
% |
1.24 |
% |
1.43 |
% |
| Total NPAs to earning
assets |
0.47 |
% |
0.58 |
% |
0.64 |
% |
0.82 |
% |
0.89 |
% |
| Allowance for loan
losses to non-accrual loans |
|
1.8 |
x |
|
1.5 |
x |
|
1.4 |
x |
|
1.2 |
x |
|
1.0 |
x |
| |
|
|
|
|
|
| Restructured loans |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
| Loans past due 90 days
and still accruing(2)(3) |
$ |
28,166 |
|
$ |
8,892 |
|
$ |
11,077 |
|
$ |
8,799 |
|
$ |
10,729 |
|
| |
|
|
|
|
|
| Loans past due 90 days
to LHI |
0.14 |
% |
0.04 |
% |
0.06 |
% |
0.05 |
% |
0.06 |
% |
| Loans past due 90 days
to LHI excluding mortgage finance loans(2) |
0.18 |
% |
0.06 |
% |
0.08 |
% |
0.07 |
% |
0.08 |
% |
|
|
|
1. 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. |
| 2. At
December 31, 2017, loans past due 90 days and still accruing
includes premium finance loans of $5.5 million. These loans are
primarily secured by obligations of insurance carriers to refund
premiums on canceled insurance policies. The refund of premiums
from the insurance carriers can take 180 days or longer from the
cancellation date. |
| 3. At
December 31, 2017, loans past due 90 days and still accruing
includes $19.7 million in loans held for sale, of which $19.0
million are loans with government guarantees that we purchased and
sold into Ginnie Mae pools. Pursuant to Ginnie Mae servicing
guidelines we have the unilateral right to repurchase these loans,
and therefore must record them as loans held for sale on our
balance sheet regardless of whether the repurchase option has been
exercised. |
|
|
|
TEXAS CAPITAL BANCSHARES, INC. |
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
| (Dollars
in thousands) |
| |
|
|
|
|
|
| |
4th Quarter |
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
| |
2017 |
2017 |
2017 |
2017 |
2016 |
|
Interest income |
|
|
|
|
|
|
Interest and fees on loans |
$ |
238,906 |
|
$ |
229,116 |
|
$ |
201,646 |
|
$ |
176,624 |
|
$ |
182,909 |
|
|
Securities |
213 |
|
341 |
|
287 |
|
225 |
|
228 |
|
|
Federal funds sold and securities purchased under resale
agreements |
936 |
|
642 |
|
434 |
|
530 |
|
338 |
|
|
Deposits in other banks |
9,464 |
|
7,544 |
|
5,824 |
|
6,567 |
|
5,196 |
|
| Total
interest income |
249,519 |
|
237,643 |
|
208,191 |
|
183,946 |
|
188,671 |
|
|
Interest expense |
|
|
|
|
|
|
Deposits |
27,625 |
|
22,435 |
|
16,533 |
|
13,293 |
|
10,432 |
|
|
Federal funds purchased |
723 |
|
891 |
|
726 |
|
252 |
|
156 |
|
| Other
borrowings |
5,380 |
|
4,835 |
|
2,901 |
|
2,021 |
|
1,863 |
|
|
Subordinated notes |
4,191 |
|
4,191 |
|
4,191 |
|
4,191 |
|
4,191 |
|
| Trust
preferred subordinated debentures |
951 |
|
930 |
|
881 |
|
830 |
|
806 |
|
| Total
interest expense |
38,870 |
|
33,282 |
|
25,232 |
|
20,587 |
|
17,448 |
|
|
Net interest income |
210,649 |
|
204,361 |
|
182,959 |
|
163,359 |
|
171,223 |
|
|
Provision for credit losses |
2,000 |
|
20,000 |
|
13,000 |
|
9,000 |
|
9,000 |
|
|
Net interest income after provision for credit
losses |
208,649 |
|
184,361 |
|
169,959 |
|
154,359 |
|
162,223 |
|
|
Non-interest income |
|
|
|
|
|
|
Service charges on deposit accounts |
3,109 |
|
3,211 |
|
3,067 |
|
3,045 |
|
2,940 |
|
|
Wealth management and trust fee income |
1,767 |
|
1,627 |
|
1,402 |
|
1,357 |
|
1,244 |
|
| Bank
owned life insurance (BOLI) income |
698 |
|
615 |
|
481 |
|
466 |
|
481 |
|
|
Brokered loan fees |
5,692 |
|
6,152 |
|
5,809 |
|
5,678 |
|
7,249 |
|
|
Servicing income |
5,270 |
|
4,486 |
|
3,700 |
|
2,201 |
|
1,410 |
|
| Swap
fees |
586 |
|
647 |
|
954 |
|
1,803 |
|
536 |
|
|
Other |
2,252 |
|
2,265 |
|
3,356 |
|
2,560 |
|
4,975 |
|
| Total
non-interest income |
19,374 |
|
19,003 |
|
18,769 |
|
17,110 |
|
18,835 |
|
|
Non-interest expense |
|
|
|
|
|
|
Salaries and employee benefits |
70,192 |
|
67,882 |
|
63,154 |
|
63,003 |
|
66,081 |
|
| Net
occupancy expense |
6,749 |
|
6,436 |
|
6,515 |
|
6,111 |
|
5,937 |
|
|
Marketing |
8,438 |
|
7,242 |
|
6,157 |
|
4,950 |
|
4,617 |
|
| Legal
and professional |
8,756 |
|
6,395 |
|
7,127 |
|
7,453 |
|
6,443 |
|
|
Communications and technology |
6,590 |
|
6,002 |
|
11,906 |
|
6,506 |
|
6,334 |
|
| FDIC
insurance assessment |
6,710 |
|
6,203 |
|
4,603 |
|
5,994 |
|
6,573 |
|
|
Servicing related expenses |
7,177 |
|
3,897 |
|
2,682 |
|
1,750 |
|
398 |
|
|
Allowance and other carrying costs for OREO |
6,122 |
|
105 |
|
71 |
|
139 |
|
59 |
|
|
Other |
12,404 |
|
10,668 |
|
9,599 |
|
10,188 |
|
10,081 |
|
| Total
non-interest expense |
133,138 |
|
114,830 |
|
111,814 |
|
106,094 |
|
106,523 |
|
|
Income before income taxes |
94,885 |
|
88,534 |
|
76,914 |
|
65,375 |
|
74,535 |
|
|
Income tax expense |
50,143 |
|
29,850 |
|
25,819 |
|
22,833 |
|
26,149 |
|
|
Net income |
44,742 |
|
58,684 |
|
51,095 |
|
42,542 |
|
48,386 |
|
|
Preferred stock dividends |
2,437 |
|
2,438 |
|
2,437 |
|
2,438 |
|
2,437 |
|
|
Net income available to common shareholders |
$ |
42,305 |
|
$ |
56,246 |
|
$ |
48,658 |
|
$ |
40,104 |
|
$ |
45,949 |
|
| |
|
TEXAS CAPITAL BANCSHARES, INC. |
|
QUARTERLY FINANCIAL SUMMARY - UNAUDITED |
|
Consolidated Daily Average Balances, Average Yields and Rates |
| (Dollars
in thousands) |
| |
4th Quarter 2017 |
|
3rd Quarter 2017 |
|
2nd Quarter 2017 |
|
1st Quarter 2017 |
|
4th Quarter 2016 |
| |
AverageBalance |
Revenue/Expense |
Yield/Rate |
|
AverageBalance |
Revenue/Expense |
Yield/Rate |
|
Average Balance |
Revenue/Expense |
Yield/ Rate |
|
Average Balance |
Revenue/Expense |
Yield/ Rate |
|
Average Balance |
Revenue/Expense |
Yield/ Rate |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Securities -
Taxable |
$ |
23,678 |
|
$ |
213 |
|
3.57 |
% |
|
$ |
86,087 |
|
$ |
340 |
|
1.57 |
% |
|
$ |
65,049 |
|
$ |
287 |
|
1.77 |
% |
|
$ |
31,905 |
|
$ |
224 |
|
2.84 |
% |
|
$ |
25,008 |
|
$ |
221 |
|
3.53 |
% |
|
Securities - Non-taxable(2) |
— |
|
— |
|
— |
% |
|
— |
|
— |
|
— |
% |
|
— |
|
— |
|
— |
% |
|
224 |
|
3 |
|
4.85 |
% |
|
531 |
|
9 |
|
6.37 |
% |
| Federal funds sold and
securities purchased under resale agreements |
292,544 |
|
936 |
|
1.27 |
% |
|
205,938 |
|
642 |
|
1.24 |
% |
|
174,264 |
|
434 |
|
1.00 |
% |
|
276,910 |
|
530 |
|
0.78 |
% |
|
254,008 |
|
338 |
|
0.53 |
% |
| Interest-bearing
deposits in other banks |
2,924,942 |
|
9,464 |
|
1.28 |
% |
|
2,383,060 |
|
7,544 |
|
1.26 |
% |
|
2,250,330 |
|
5,824 |
|
1.04 |
% |
|
3,312,256 |
|
6,567 |
|
0.80 |
% |
|
3,812,076 |
|
5,197 |
|
0.54 |
% |
| Loans held for sale, at
fair value |
1,144,124 |
|
11,507 |
|
3.99 |
% |
|
1,009,703 |
|
9,882 |
|
3.88 |
% |
|
845,623 |
|
8,235 |
|
3.91 |
% |
|
1,064,322 |
|
9,535 |
|
3.63 |
% |
|
944,484 |
|
7,903 |
|
3.33 |
% |
| LHI, mortgage finance
loans |
5,102,107 |
|
44,477 |
|
3.46 |
% |
|
4,847,530 |
|
42,294 |
|
3.46 |
% |
|
3,805,831 |
|
33,399 |
|
3.52 |
% |
|
2,757,566 |
|
23,105 |
|
3.40 |
% |
|
4,371,475 |
|
35,081 |
|
3.19 |
% |
| LHI(1)(2) |
15,010,041 |
|
185,039 |
|
4.89 |
% |
|
14,427,980 |
|
178,839 |
|
4.92 |
% |
|
13,718,739 |
|
161,369 |
|
4.72 |
% |
|
12,980,544 |
|
145,018 |
|
4.53 |
% |
|
12,701,868 |
|
140,130 |
|
4.39 |
% |
| Less
allowance for loan losses |
183,233 |
|
— |
|
— |
|
|
172,774 |
|
— |
|
— |
|
|
170,957 |
|
— |
|
— |
|
|
169,318 |
|
— |
|
— |
|
|
180,727 |
|
— |
|
— |
|
| LHI, net of
allowance |
19,928,915 |
|
229,516 |
|
4.57 |
% |
|
19,102,736 |
|
221,133 |
|
4.59 |
% |
|
17,353,613 |
|
194,768 |
|
4.50 |
% |
|
15,568,792 |
|
168,123 |
|
4.38 |
% |
|
16,892,616 |
|
175,211 |
|
4.13 |
% |
| Total earning
assets |
24,314,203 |
|
251,636 |
|
4.11 |
% |
|
22,787,524 |
|
239,541 |
|
4.17 |
% |
|
20,688,879 |
|
209,548 |
|
4.06 |
% |
|
20,254,409 |
|
184,982 |
|
3.70 |
% |
|
21,928,723 |
|
188,879 |
|
3.43 |
% |
| Cash and other
assets |
766,622 |
|
|
|
|
713,778 |
|
|
|
|
632,097 |
|
|
|
|
606,762 |
|
|
|
|
595,671 |
|
|
|
| Total assets |
$ |
25,080,825 |
|
|
|
|
$ |
23,501,302 |
|
|
|
|
$ |
21,320,976 |
|
|
|
|
$ |
20,861,171 |
|
|
|
|
$ |
22,524,394 |
|
|
|
| Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transaction
deposits |
$ |
2,469,984 |
|
$ |
5,845 |
|
0.94 |
% |
|
$ |
2,145,324 |
|
$ |
4,359 |
|
0.81 |
% |
|
$ |
2,008,872 |
|
$ |
2,893 |
|
0.58 |
% |
|
$ |
2,008,401 |
|
$ |
2,193 |
|
0.44 |
% |
|
$ |
2,281,240 |
|
$ |
2,129 |
|
0.37 |
% |
| Savings deposits |
8,403,473 |
|
20,655 |
|
0.98 |
% |
|
7,618,843 |
|
17,152 |
|
0.89 |
% |
|
6,952,317 |
|
12,940 |
|
0.75 |
% |
|
6,989,748 |
|
10,483 |
|
0.61 |
% |
|
6,711,083 |
|
7,592 |
|
0.45 |
% |
| Time deposits |
533,312 |
|
1,125 |
|
0.84 |
% |
|
496,076 |
|
924 |
|
0.74 |
% |
|
455,542 |
|
700 |
|
0.62 |
% |
|
427,770 |
|
617 |
|
0.59 |
% |
|
474,548 |
|
711 |
|
0.60 |
% |
| Total interest bearing
deposits |
11,406,769 |
|
27,625 |
|
0.96 |
% |
|
10,260,243 |
|
22,435 |
|
0.87 |
% |
|
9,416,731 |
|
16,533 |
|
0.70 |
% |
|
9,425,919 |
|
13,293 |
|
0.57 |
% |
|
9,466,871 |
|
10,432 |
|
0.44 |
% |
| Other borrowings |
1,852,750 |
|
6,103 |
|
1.31 |
% |
|
1,821,837 |
|
5,726 |
|
1.25 |
% |
|
1,456,737 |
|
3,627 |
|
1.00 |
% |
|
1,333,685 |
|
2,273 |
|
0.69 |
% |
|
1,553,010 |
|
2,017 |
|
0.52 |
% |
| Subordinated notes |
281,348 |
|
4,191 |
|
5.91 |
% |
|
281,256 |
|
4,191 |
|
5.91 |
% |
|
281,167 |
|
4,191 |
|
5.98 |
% |
|
281,076 |
|
4,191 |
|
6.05 |
% |
|
280,985 |
|
4,191 |
|
5.93 |
% |
| Trust preferred
subordinated debentures |
113,406 |
|
951 |
|
3.33 |
% |
|
113,406 |
|
930 |
|
3.25 |
% |
|
113,406 |
|
881 |
|
3.12 |
% |
|
113,406 |
|
830 |
|
2.97 |
% |
|
113,406 |
|
806 |
|
2.83 |
% |
| Total interest bearing
liabilities |
13,654,273 |
|
38,870 |
|
1.13 |
% |
|
12,476,742 |
|
33,282 |
|
1.06 |
% |
|
11,268,041 |
|
25,232 |
|
0.90 |
% |
|
11,154,086 |
|
20,587 |
|
0.75 |
% |
|
11,414,272 |
|
17,446 |
|
0.61 |
% |
| Demand deposits |
9,085,819 |
|
|
|
|
8,764,263 |
|
|
|
|
7,863,402 |
|
|
|
|
7,547,338 |
|
|
|
|
9,129,668 |
|
|
|
| Other liabilities |
138,050 |
|
|
|
|
116,998 |
|
|
|
|
102,653 |
|
|
|
|
117,877 |
|
|
|
|
141,153 |
|
|
|
| Stockholders’
equity |
2,202,683 |
|
|
|
|
2,143,299 |
|
|
|
|
2,086,880 |
|
|
|
|
2,041,870 |
|
|
|
|
1,839,301 |
|
|
|
| Total liabilities and
stockholders’ equity |
$ |
25,080,825 |
|
|
|
|
$ |
23,501,302 |
|
|
|
|
$ |
21,320,976 |
|
|
|
|
$ |
20,861,171 |
|
|
|
|
$ |
22,524,394 |
|
|
|
| Net
interest income(2) |
|
$ |
212,766 |
|
|
|
|
$ |
206,259 |
|
|
|
|
$ |
184,316 |
|
|
|
|
$ |
164,395 |
|
|
|
|
$ |
171,433 |
|
|
| Net interest
margin |
|
|
3.47 |
% |
|
|
|
3.59 |
% |
|
|
|
3.57 |
% |
|
|
|
3.29 |
% |
|
|
|
3.11 |
% |
|
|
| (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. |
|
|
INVESTOR CONTACT Heather Worley,
214.932.6646 heather.worley@texascapitalbank.com
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