Texas Capital Bancshares, Inc. (NASDAQ:TCBI), the parent company of
Texas Capital Bank, announced earnings and operating results for
the second quarter of 2017.
“We are extremely pleased with our second
quarter results, reporting record earnings led by strong core loan
growth and rebounding mortgage finance balances," said Keith
Cargill, CEO. "We continue to be optimistic about our earnings
power for the remainder of 2017 and are well-positioned to exploit
future business opportunities."
- Loans held for investment ("LHI"), excluding mortgage finance,
increased 7% on a linked quarter basis, growing 14% from the second
quarter of 2016.
- Total mortgage finance loans, including MCA increased 42% on a
linked quarter basis and increased 10% from the second quarter of
2016.
- Demand deposits increased 15% and total deposits increased 4%
on a linked quarter basis, increasing 2% and 4%, respectively, from
the second quarter of 2016.
- Net income increased 20% on a linked quarter basis and
increased 31% from the second quarter of 2016.
- EPS increased 21% on a linked quarter basis and increased 24%
from the second quarter of 2016.
- ROE increased to 10.08% compared to 8.60% for the first quarter
of 2017 and 9.65% for the second quarter of 2016.
|
FINANCIAL SUMMARY(dollars and shares in
thousands) |
|
|
|
|
|
|
|
Q2 2017 |
|
Q2 2016 |
|
% Change |
QUARTERLY OPERATING
RESULTS |
|
|
|
|
|
Net income |
$ |
51,095 |
|
|
$ |
38,880 |
|
|
31 |
% |
Net income available to
common stockholders |
$ |
48,658 |
|
|
$
|
36,443 |
|
|
34 |
% |
Diluted EPS |
$
|
0.97 |
|
|
$ |
0.78 |
|
|
24 |
% |
Diluted shares |
50,230 |
|
|
46,438 |
|
|
8 |
% |
ROA |
0.96 |
% |
|
0.77 |
% |
|
|
ROE |
10.08 |
% |
|
9.65 |
% |
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
|
|
Loans held for sale
(MCA) |
$ |
843,164 |
|
|
$ |
221,347 |
|
|
281 |
% |
LHI, mortgage
finance |
5,183,600 |
|
|
5,260,027 |
|
|
(1 |
)% |
LHI |
14,280,353 |
|
|
12,502,513 |
|
|
14 |
% |
Total LHI |
19,463,953 |
|
|
17,762,540 |
|
|
10 |
% |
Total loans |
20,309,970 |
|
|
17,983,887 |
|
|
13 |
% |
Total assets |
23,119,713 |
|
|
21,080,994 |
|
|
10 |
% |
Demand deposits |
8,174,830 |
|
|
7,984,208 |
|
|
2 |
% |
Total deposits |
17,292,223 |
|
|
16,703,565 |
|
|
4 |
% |
Stockholders’
equity |
2,100,553 |
|
|
1,684,735 |
|
|
25 |
% |
DETAILED FINANCIALSTexas Capital Bancshares,
Inc. reported net income of $51.1 million and net income available
to common stockholders of $48.7 million for the quarter ended
June 30, 2017 compared to net income of $38.9 million and net
income available to common stockholders of $36.4 million for the
same period in 2016. On a fully diluted basis, earnings per common
share were $0.97 for the quarter ended June 30, 2017 compared
to $0.78 for the same period of 2016. The increase reflects the
$12.2 million year over year increase in net income offset by the
$0.07 per share dilutive effect of the common stock offering in the
fourth quarter 2016.
Return on average common equity (“ROE”) was
10.08 percent and return on average assets (“ROA”) was 0.96 percent
for the second quarter of 2017, compared to 8.60 percent and 0.83
percent, respectively, for the first quarter of 2017 and 9.65
percent and 0.77 percent, respectively, for the second quarter of
2016. The linked quarter increase in ROE and ROA resulted from
increases in net interest income and non-interest income in the
second quarter of 2017 that exceeded the growth of the provision
for credit losses and non-interest expense. ROA also benefited from
more effective utilization of liquidity balances and an increase in
net interest margin. Average liquidity assets for the second
quarter of 2017 totaled $2.4 billion, including $2.3 billion in
deposits at the Federal Reserve Bank of Dallas, which had an
average yield of 104 basis points, compared to $3.3 billion in the
first quarter of 2017, which had an average yield of 80 basis
points and $2.9 billion for the second quarter of 2016, which had
an average yield of 53 basis points.
Net interest income was $183.0 million for the
second quarter of 2017, compared to $163.4 million for the first
quarter of 2017 and $157.1 million for the second quarter of 2016.
Net interest margin for the second quarter of 2017 was 3.57
percent, an increase of 28 basis points from the first quarter of
2017 and an increase of 39 basis points from the second quarter of
2016. The linked quarter and year-over-year increases in net
interest margin are due primarily to the improved earning asset
composition and the effect of the increase in interest rates on
loan yields attributable to our asset-sensitive balance sheet.
Average LHI, excluding mortgage finance loans,
for the second quarter of 2017 were $13.7 billion, an increase of
$738.2 million, or 6 percent, from the first quarter of 2017 and an
increase of $1.4 billion, or 12 percent, from the second quarter of
2016. Average total mortgage finance loans (including Mortgage
Correspondent Aggregation ("MCA")) for the second quarter of 2017
were $4.7 billion, an increase of $829.6 million, or 22 percent,
from the first quarter of 2017 and a decrease of $81.5 million, or
2 percent, from the second quarter of 2016. Mortgage finance
volumes showed increases in average balances from the seasonal
lower volumes in the first quarter of 2017. Average loans held for
sale ("LHS") generated from our MCA business decreased to $845.6
million for the second quarter of 2017 from $1.1 billion for the
first quarter of 2017 as a result of the shorter holding period in
the second quarter and increased from $157.9 million for the second
quarter of 2016 as we continue to gain traction in that
business.
Average total deposits for the second quarter of
2017 increased $306.9 million from the first quarter of 2017 and
increased $430.0 million from the second quarter of 2016. Average
demand deposits for the second quarter of 2017 increased $316.1
million, or 4 percent, to $7.9 billion from $7.5 billion during the
first quarter of 2017, and increased $95.7 million, or 1 percent,
from $7.8 billion during the second quarter of 2016.
We recorded a $13.0 million provision for credit
losses for the second quarter of 2017 compared to $9.0 million for
the first quarter of 2017 and $16.0 million for the second quarter
of 2016. The provision for the second quarter of 2017 was driven by
the application of our methodology. The linked-quarter increase was
primarily related to loan growth and the year-over-year decrease
was primarily related to improvements in the composition of our
pass-rated and classified loan portfolios, including energy loans.
Overall 2016 provision levels were higher primarily related to
energy exposure. As a result of strong loan growth, the combined
allowance for credit losses at June 30, 2017 decreased to 1.28
percent of LHI excluding mortgage finance loans compared to 1.37
percent at March 31, 2017 and 1.41 percent at June 30, 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 second quarter of 2017 compared to levels reported in
the first quarter of 2017 and second quarter of 2016, bringing the
ratio of total non-performing assets to total LHI plus other real
estate owned (“OREO”) to 0.73 percent compared to 0.99 percent for
the first quarter of 2016 and 1.04 percent for the second quarter
of 2016. The linked-quarter and year-over-year decreases are
primarily related to the decrease in energy non-accrual loans from
$127.0 million at June 30, 2016 and $100.9 million at March
31, 2017 to $82.6 million at June 30, 2017. Net charge-offs
for the second quarter of 2017 were $12.4 million compared to $5.7
million for the first quarter of 2017 and $12.0 million for the
second quarter of 2016. For the second quarter of 2017, net
charge-offs related to energy loans were $6.4 million compared to
$7.1 million for the first quarter of 2017 and $12.1 million for
the second quarter of 2016. For the second quarter of 2017, net
charge-offs were 0.28 percent of average total LHI, compared to
0.15 percent for the first quarter of 2017 and 0.29 percent for the
same period in 2016. At June 30, 2017, total OREO was $18.7
million compared to $18.8 million at March 31, 2017 and $18.7
million at June 30, 2016.
Non-interest income increased $4.8 million, or
35 percent, during the second quarter of 2017 compared to the same
period of 2016, and increased $1.7 million, or 10 percent, compared
to the first quarter of 2017. The year-over-year increase primarily
related to an increase in servicing income and service charges on
deposit accounts. Servicing income increased $3.7 million during
the second quarter of 2017 compared to the same period of 2016 as a
result of an increase in servicing assets primarily related to our
MCA business. Service charges increased $656,000 during the second
quarter of 2017 compared to the same period of 2016 as a result of
the improved pricing of treasury services. The linked-quarter
increase in non-interest income primarily related to a $1.5
million, or 68 percent, increase in servicing income.
Non-interest expense for the second quarter of
2017 increased $17.6 million, or 19 percent, compared to the second
quarter of 2016, and increased $5.7 million, or 5 percent, compared
to the first quarter of 2017. In the second quarter of 2017, in an
effort to improve processes and efficiencies, management determined
that the current system in one of our support areas is not an
effective technology, resulting in a $5.3 million technology
write-off of the full value of the unamortized software and
development costs. We are in the process of enabling a new
technology. Other factors contributing to the year-over-year
increase in non-interest expense included an $8.3 million increase
in salaries and employee benefits expense and a $1.7 million
increase in marketing expense, both of which were due to general
business growth, and a $2.1 million increase in servicing related
expenses, resulting from an increase in capitalized servicing
assets, which are being amortized, primarily related to our MCA
business. The linked quarter increase is primarily related to the
second quarter 2017 technology write-off.
Stockholders’ equity increased by 25 percent
from $1.7 billion at June 30, 2016 to $2.1 billion at
June 30, 2017, primarily due to retention of net income and
proceeds from the fourth quarter 2016 common stock offering. Texas
Capital Bank is well capitalized under regulatory guidelines and at
June 30, 2017, our ratio of tangible common equity to total
tangible assets was 8.4 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, 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) |
|
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
2nd Quarter |
|
2017 |
2017 |
2016 |
2016 |
2016 |
CONSOLIDATED
STATEMENTS OF INCOME |
|
|
|
|
|
Interest income |
$ |
208,191 |
|
$ |
183,946 |
|
$ |
188,671 |
|
$ |
182,492 |
|
$ |
172,442 |
|
Interest expense |
25,232 |
|
20,587 |
|
17,448 |
|
15,753 |
|
15,373 |
|
Net
interest income |
182,959 |
|
163,359 |
|
171,223 |
|
166,739 |
|
157,069 |
|
Provision for credit losses |
13,000 |
|
9,000 |
|
9,000 |
|
22,000 |
|
16,000 |
|
Net interest income
after provision for credit losses |
169,959 |
|
154,359 |
|
162,223 |
|
144,739 |
|
141,069 |
|
Non-interest income |
18,769 |
|
17,110 |
|
18,835 |
|
16,716 |
|
13,932 |
|
Non-interest expense |
111,814 |
|
106,094 |
|
106,523 |
|
94,799 |
|
94,255 |
|
Income before income
taxes |
76,914 |
|
65,375 |
|
74,535 |
|
66,656 |
|
60,746 |
|
Income tax expense |
25,819 |
|
22,833 |
|
26,149 |
|
23,931 |
|
21,866 |
|
Net
income |
51,095 |
|
42,542 |
|
48,386 |
|
42,725 |
|
38,880 |
|
Preferred stock dividends |
2,437 |
|
2,438 |
|
2,437 |
|
2,438 |
|
2,437 |
|
Net
income available to common stockholders |
$ |
48,658 |
|
$ |
40,104 |
|
$ |
45,949 |
|
$ |
40,287 |
|
$ |
36,443 |
|
|
|
|
|
|
|
Diluted EPS |
$ |
0.97 |
|
$ |
0.80 |
|
$ |
0.96 |
|
$ |
0.87 |
|
$ |
0.78 |
|
Diluted shares |
50,229,670 |
|
50,234,230 |
|
47,759,548 |
|
46,509,683 |
|
46,438,132 |
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEET DATA |
|
|
|
|
|
Total
assets |
$ |
23,119,713 |
|
$ |
20,864,874 |
|
$ |
21,697,134 |
|
$ |
22,216,388 |
|
$ |
21,080,994 |
|
LHI |
14,280,353 |
|
13,298,918 |
|
13,001,011 |
|
12,662,394 |
|
12,502,513 |
|
LHI,
mortgage finance |
5,183,600 |
|
3,371,598 |
|
4,497,338 |
|
4,961,159 |
|
5,260,027 |
|
Loans
held for sale (MCA) |
843,164 |
|
884,647 |
|
968,929 |
|
648,684 |
|
221,347 |
|
Liquidity assets |
2,142,658 |
|
2,804,921 |
|
2,725,645 |
|
3,471,074 |
|
2,624,170 |
|
Securities |
119,043 |
|
42,203 |
|
24,874 |
|
26,356 |
|
27,372 |
|
Demand deposits |
8,174,830 |
|
7,094,696 |
|
7,994,201 |
|
8,789,740 |
|
7,984,208 |
|
Total
deposits |
17,292,223 |
|
16,605,380 |
|
17,016,831 |
|
18,145,123 |
|
16,703,565 |
|
Other
borrowings |
3,162,224 |
|
1,641,834 |
|
2,109,575 |
|
1,751,420 |
|
2,115,445 |
|
Subordinated notes |
281,225 |
|
281,134 |
|
281,044 |
|
280,954 |
|
280,863 |
|
Long-term debt |
113,406 |
|
113,406 |
|
113,406 |
|
113,406 |
|
113,406 |
|
Stockholders’ equity |
2,100,553 |
|
2,050,442 |
|
2,009,557 |
|
1,725,782 |
|
1,684,735 |
|
|
|
|
|
|
|
End
of period shares outstanding |
49,595,252 |
|
49,560,100 |
|
49,503,662 |
|
46,009,495 |
|
45,952,911 |
|
Book
value |
$ |
39.33 |
|
$ |
38.35 |
|
$ |
37.56 |
|
$ |
34.25 |
|
$ |
33.40 |
|
Tangible book
value(1) |
$ |
38.94 |
|
$ |
37.95 |
|
$ |
37.17 |
|
$ |
33.82 |
|
$ |
32.97 |
|
|
|
|
|
|
|
SELECTED FINANCIAL RATIOS |
|
|
|
|
|
Net
interest margin |
3.57 |
% |
3.29 |
% |
3.11 |
% |
3.14 |
% |
3.18 |
% |
Return on average assets |
0.96 |
% |
0.83 |
% |
0.85 |
% |
0.78 |
% |
0.77 |
% |
Return on average common equity |
10.08 |
% |
8.60 |
% |
10.82 |
% |
10.20 |
% |
9.65 |
% |
Non-interest income to earning assets |
0.36 |
% |
0.34 |
% |
0.34 |
% |
0.32 |
% |
0.28 |
% |
Efficiency ratio(2) |
55.4 |
% |
58.8 |
% |
56.0 |
% |
51.7 |
% |
55.1 |
% |
Non-interest expense to earning assets |
2.17 |
% |
2.12 |
% |
1.93 |
% |
1.79 |
% |
1.91 |
% |
Tangible common equity
to total tangible assets(3) |
8.4 |
% |
9.0 |
% |
8.5 |
% |
7.0 |
% |
7.2 |
% |
Common Equity Tier
1 |
8.6 |
% |
9.6 |
% |
9.0 |
% |
7.6 |
% |
7.4 |
% |
Tier 1 capital |
9.8 |
% |
10.9 |
% |
10.2 |
% |
8.8 |
% |
8.6 |
% |
Total capital |
11.8 |
% |
13.3 |
% |
12.5 |
% |
11.1 |
% |
10.9 |
% |
Leverage |
10.3 |
% |
10.3 |
% |
9.3 |
% |
8.4 |
% |
8.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
June 30, 2017 |
June 30, 2016 |
%Change |
Assets |
|
|
|
Cash and due from
banks |
$
|
126,977 |
|
$
|
98,807 |
|
29 |
% |
Interest-bearing
deposits |
2,117,658 |
|
2,594,170 |
|
(18 |
)% |
Federal funds sold and
securities purchased under resale agreements |
25,000 |
|
30,000 |
|
(17 |
)% |
Securities,
available-for-sale |
119,043 |
|
27,372 |
|
335 |
% |
Loans held for sale
($843.2 million and $221.3 million at June 30, 2017 and 2016,
respectively, at fair value) |
846,017 |
|
221,347 |
|
282 |
% |
LHI, mortgage
finance |
5,183,600 |
|
5,260,027 |
|
(1 |
)% |
LHI (net of unearned
income) |
14,280,353 |
|
12,502,513 |
|
14 |
% |
Less: Allowance
for loan losses |
174,225 |
|
167,397 |
|
4 |
% |
LHI, net |
19,289,728 |
|
17,595,143 |
|
10 |
% |
Mortgage servicing
rights, net |
63,023 |
|
8,543 |
|
638 |
% |
Premises and equipment,
net |
20,750 |
|
21,766 |
|
(5 |
)% |
Accrued interest
receivable and other assets |
492,240 |
|
464,098 |
|
6 |
% |
Goodwill and
intangibles, net |
19,277 |
|
19,748 |
|
(2 |
)% |
Total assets |
$ |
23,119,713 |
|
$ |
21,080,994 |
|
10 |
% |
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
Liabilities: |
|
|
|
Deposits: |
|
|
|
Non-interest
bearing |
$ |
8,174,830 |
|
$ |
7,984,208 |
|
2 |
% |
Interest bearing |
9,117,393 |
|
8,719,357 |
|
5 |
% |
Total
deposits |
17,292,223 |
|
16,703,565 |
|
4 |
% |
|
|
|
|
Accrued interest
payable |
6,246 |
|
5,339 |
|
17 |
% |
Other liabilities |
163,836 |
|
177,641 |
|
(8 |
)% |
Federal funds purchased
and repurchase agreements |
462,224 |
|
95,982 |
|
382 |
% |
Other borrowings |
2,700,000 |
|
2,019,463 |
|
34 |
% |
Subordinated notes,
net |
281,225 |
|
280,863 |
|
— |
|
Trust preferred
subordinated debentures |
113,406 |
|
113,406 |
|
— |
|
Total liabilities |
21,019,160 |
|
19,396,259 |
|
8 |
% |
|
|
|
|
Stockholders’
equity: |
|
|
|
Preferred stock, $.01
par value, $1,000 liquidation value: |
|
|
|
Authorized shares -
10,000,000 |
|
|
|
Issued shares - 6,000,000 shares issued at June 30, 2017 and
2016 |
150,000 |
|
150,000 |
|
− |
|
Common stock, $.01 par value: |
|
|
|
Authorized shares -
100,000,000 |
|
|
|
Issued shares -
49,595,669 and 45,953,328 at June 30, 2017 and 2016,
respectively |
496 |
|
460 |
|
8 |
% |
Additional paid-in capital |
957,721 |
|
716,652 |
|
34 |
% |
Retained earnings |
991,949 |
|
816,951 |
|
21 |
% |
Treasury stock (shares
at cost: 417 at June 30, 2017 and 2016) |
(8 |
) |
(8 |
) |
— |
|
Accumulated other comprehensive income, net of taxes |
395 |
|
680 |
|
(42 |
)% |
Total stockholders’
equity |
2,100,553 |
|
1,684,735 |
|
25 |
% |
Total liabilities and
stockholders’ equity |
$ |
23,119,713 |
|
$ |
21,080,994 |
|
10 |
% |
TEXAS CAPITAL
BANCSHARES, INC. |
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
(Dollars in thousands
except per share data) |
|
|
|
|
|
Three Months Ended June 30 |
Six Months EndedJune 30 |
|
2017 |
2016 |
2017 |
2016 |
Interest income |
|
|
|
|
Interest and fees on loans |
$ |
201,646 |
|
$ |
168,064 |
|
$ |
378,270 |
|
$ |
323,949 |
|
Securities |
287 |
|
246 |
|
512 |
|
507 |
|
Federal funds sold |
434 |
|
382 |
|
964 |
|
754 |
|
Deposits in other banks |
5,824 |
|
3,750 |
|
12,391 |
|
7,035 |
|
Total
interest income |
208,191 |
|
172,442 |
|
392,137 |
|
332,245 |
|
Interest expense |
|
|
|
|
Deposits |
16,533 |
|
8,971 |
|
29,826 |
|
17,793 |
|
Federal funds purchased |
726 |
|
110 |
|
978 |
|
236 |
|
Other
borrowings |
2,901 |
|
1,367 |
|
4,922 |
|
2,532 |
|
Subordinated notes |
4,191 |
|
4,191 |
|
8,382 |
|
8,382 |
|
Trust
preferred subordinated debentures |
881 |
|
734 |
|
1,711 |
|
1,450 |
|
Total
interest expense |
25,232 |
|
15,373 |
|
45,819 |
|
30,393 |
|
Net interest income |
182,959 |
|
157,069 |
|
346,318 |
|
301,852 |
|
Provision for credit losses |
13,000 |
|
16,000 |
|
22,000 |
|
46,000 |
|
Net interest income after provision for credit
losses |
169,959 |
|
141,069 |
|
324,318 |
|
255,852 |
|
Non-interest income |
|
|
|
|
Service charges on deposit accounts |
3,067 |
|
2,411 |
|
6,112 |
|
4,521 |
|
Wealth management and trust fee income |
1,402 |
|
1,098 |
|
2,759 |
|
1,911 |
|
Bank
owned life insurance (BOLI) income |
481 |
|
536 |
|
947 |
|
1,072 |
|
Brokered loan fees |
5,809 |
|
5,864 |
|
11,487 |
|
10,509 |
|
Servicing income |
3,700 |
|
50 |
|
5,901 |
|
(5 |
) |
Swap
fees |
954 |
|
1,105 |
|
2,757 |
|
1,412 |
|
Other |
3,356 |
|
2,868 |
|
5,916 |
|
5,809 |
|
Total
non-interest income |
18,769 |
|
13,932 |
|
35,879 |
|
25,229 |
|
Non-interest expense |
|
|
|
|
Salaries and employee benefits |
63,154 |
|
54,810 |
|
126,157 |
|
106,182 |
|
Net
occupancy expense |
6,515 |
|
5,838 |
|
12,626 |
|
11,650 |
|
Marketing |
6,157 |
|
4,486 |
|
11,107 |
|
8,394 |
|
Legal
and professional |
7,127 |
|
6,226 |
|
14,580 |
|
11,550 |
|
Communications and technology |
11,906 |
|
6,391 |
|
18,412 |
|
12,608 |
|
FDIC
insurance assessment |
4,603 |
|
6,043 |
|
10,597 |
|
11,512 |
|
Servicing related expenses |
2,682 |
|
612 |
|
4,432 |
|
685 |
|
Other |
9,670 |
|
9,849 |
|
19,997 |
|
18,494 |
|
Total non-interest
expense |
111,814 |
|
94,255 |
|
217,908 |
|
181,075 |
|
Income before income taxes |
76,914 |
|
60,746 |
|
142,289 |
|
100,006 |
|
Income tax expense |
25,819 |
|
21,866 |
|
48,652 |
|
35,998 |
|
Net income |
51,095 |
|
38,880 |
|
93,637 |
|
64,008 |
|
Preferred stock dividends |
2,437 |
|
2,437 |
|
4,875 |
|
4,875 |
|
Net income available to common stockholders |
$ |
48,658 |
|
$ |
36,443 |
|
$ |
88,762 |
|
$ |
59,133 |
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.98 |
|
$ |
0.79 |
|
$ |
1.79 |
|
$ |
1.29 |
|
Diluted earnings per common share |
$ |
0.97 |
|
$ |
0.78 |
|
$ |
1.77 |
|
$ |
1.27 |
|
TEXAS CAPITAL BANCSHARES, INC. |
SUMMARY OF LOAN LOSS EXPERIENCE |
(Dollars
in thousands) |
|
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
2nd Quarter |
|
2017 |
2017 |
2016 |
2016 |
2016 |
Allowance for loan
losses: |
|
|
|
|
|
Beginning balance |
$
|
172,013 |
|
$
|
168,126 |
|
$
|
180,436 |
|
$
|
167,397 |
|
$
|
162,510 |
|
Loans charged-off: |
|
|
|
|
|
Commercial |
12,310 |
|
9,233 |
|
22,326 |
|
9,945 |
|
15,791 |
|
Real estate |
40 |
|
— |
|
— |
|
— |
|
528 |
|
Consumer |
180 |
|
— |
|
7 |
|
40 |
|
— |
|
Total charge-offs |
12,530 |
|
9,233 |
|
22,333 |
|
9,985 |
|
16,319 |
|
Recoveries: |
|
|
|
|
|
Commercial |
61 |
|
3,381 |
|
1,535 |
|
2,495 |
|
4,294 |
|
Real estate |
3 |
|
50 |
|
27 |
|
15 |
|
13 |
|
Construction |
— |
|
101 |
|
— |
|
— |
|
34 |
|
Consumer |
36 |
|
5 |
|
5 |
|
5 |
|
4 |
|
Leases |
— |
|
8 |
|
6 |
|
26 |
|
— |
|
Total recoveries |
100 |
|
3,545 |
|
1,573 |
|
2,541 |
|
4,345 |
|
Net charge-offs |
12,430 |
|
5,688 |
|
20,760 |
|
7,444 |
|
11,974 |
|
Provision for loan
losses |
14,642 |
|
9,575 |
|
8,450 |
|
20,483 |
|
16,861 |
|
Ending balance |
$ |
174,225 |
|
$ |
172,013 |
|
$ |
168,126 |
|
$ |
180,436 |
|
$ |
167,397 |
|
|
|
|
|
|
|
Allowance for
off-balance sheet credit losses: |
|
|
|
|
|
Beginning balance |
$ |
10,847 |
|
$ |
11,422 |
|
$ |
10,872 |
|
$ |
9,355 |
|
$ |
10,216 |
|
Provision for
off-balance sheet credit losses |
(1,642 |
) |
(575 |
) |
550 |
|
1,517 |
|
(861 |
) |
Ending balance |
$ |
9,205 |
|
$ |
10,847 |
|
$ |
11,422 |
|
$ |
10,872 |
|
$ |
9,355 |
|
|
|
|
|
|
|
Total allowance for
credit losses |
$ |
183,430 |
|
$ |
182,860 |
|
$ |
179,548 |
|
$ |
191,308 |
|
$ |
176,752 |
|
|
|
|
|
|
|
Total provision for
credit losses |
$ |
13,000 |
|
$ |
9,000 |
|
$ |
9,000 |
|
$ |
22,000 |
|
$ |
16,000 |
|
|
|
|
|
|
|
Allowance for loan
losses to LHI |
0.90 |
% |
1.03 |
% |
0.96 |
% |
1.02 |
% |
0.94 |
% |
Allowance for loan
losses to LHI excluding mortgage finance loans(2) |
1.22 |
% |
1.29 |
% |
1.29 |
% |
1.42 |
% |
1.34 |
% |
Allowance for loan
losses to average LHI |
0.99 |
% |
1.09 |
% |
0.98 |
% |
1.05 |
% |
1.00 |
% |
Allowance for loan
losses to average LHI excluding mortgage finance loans(2) |
1.27 |
% |
1.33 |
% |
1.32 |
% |
1.43 |
% |
1.36 |
% |
Net charge-offs to
average LHI(1) |
0.28 |
% |
0.15 |
% |
0.48 |
% |
0.17 |
% |
0.29 |
% |
Net charge-offs to
average LHI excluding mortgage finance loans(1)(2) |
0.36 |
% |
0.18 |
% |
0.65 |
% |
0.24 |
% |
0.39 |
% |
Net charge-offs to
average LHI for last twelve months(1) |
0.27 |
% |
0.28 |
% |
0.29 |
% |
0.18 |
% |
0.15 |
% |
Net charge-offs to
average LHI excluding mortgage finance loans for last twelve
months(1)(2) |
0.36 |
% |
0.36 |
% |
0.38 |
% |
0.24 |
% |
0.20 |
% |
Total provision for
credit losses to average LHI(1) |
0.30 |
% |
0.23 |
% |
0.21 |
% |
0.51 |
% |
0.39 |
% |
Total provision for
credit losses to average LHI excluding mortgage finance
loans(1)(2) |
0.38 |
% |
0.28 |
% |
0.28 |
% |
0.70 |
% |
0.52 |
% |
Combined allowance for
credit losses to LHI |
0.94 |
% |
1.10 |
% |
1.03 |
% |
1.09 |
% |
1.00 |
% |
Combined allowance for
credit losses to LHI excluding mortgage finance loans(2) |
1.28 |
% |
1.37 |
% |
1.38 |
% |
1.51 |
% |
1.41 |
% |
|
|
|
|
|
|
Non-performing assets
(NPAs): |
|
|
|
|
|
Non-accrual loans |
$ |
123,730 |
|
$ |
146,549 |
|
$ |
167,791 |
|
$ |
169,113 |
|
$ |
165,429 |
|
Other real estate owned
(OREO) |
18,689 |
|
18,833 |
|
18,961 |
|
19,009 |
|
18,727 |
|
Total |
$ |
142,419 |
|
$ |
165,382 |
|
$ |
186,752 |
|
$ |
188,122 |
|
$ |
184,156 |
|
|
|
|
|
|
|
|
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
2nd Quarter |
|
2017 |
2017 |
2016 |
2016 |
2016 |
|
|
|
|
|
|
Non-accrual loans to
LHI |
0.64 |
% |
0.88 |
% |
0.96 |
% |
0.96 |
% |
0.93 |
% |
Non-accrual loans to
LHI excluding mortgage finance loans(2) |
0.87 |
% |
1.10 |
% |
1.29 |
% |
1.34 |
% |
1.32 |
% |
Total NPAs to LHI plus
OREO |
0.73 |
% |
0.99 |
% |
1.07 |
% |
1.07 |
% |
1.04 |
% |
Total NPAs to LHI
excluding mortgage finance loans plus OREO(2) |
1.00 |
% |
1.24 |
% |
1.43 |
% |
1.48 |
% |
1.47 |
% |
Total NPAs to earning
assets |
0.64 |
% |
0.82 |
% |
0.89 |
% |
0.87 |
% |
0.90 |
% |
Allowance for loan
losses to non-accrual loans |
1.4 |
x |
1.2 |
x |
1.0 |
x |
1.1 |
x |
1.0 |
x |
|
|
|
|
|
|
Restructured loans |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$
|
— |
|
$
|
249 |
|
Loans past due 90 days
and still accruing(3) |
$ |
11,077 |
|
$ |
8,799 |
|
$ |
10,729 |
|
$
|
9,706 |
|
$ |
7,743 |
|
|
|
|
|
|
|
Loans past due 90 days
to LHI |
0.06 |
% |
0.05 |
% |
0.06 |
% |
0.06 |
% |
0.04 |
% |
Loans past due 90 days
to LHI excluding mortgage finance loans(2) |
0.08 |
% |
0.07 |
% |
0.08 |
% |
0.08 |
% |
0.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
(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
June 30, 2017, loans past due 90 days and still accruing
includes premium finance loans of $6.3 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) |
|
|
|
|
|
|
|
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
2nd Quarter |
|
2017 |
2017 |
2016 |
2016 |
2016 |
Interest income |
|
|
|
|
|
Interest and fees on loans |
$
|
201,646 |
|
$
|
176,624 |
|
$
|
182,909 |
|
$
|
177,724 |
|
$
|
168,064 |
|
Securities |
287 |
|
225 |
|
228 |
|
232 |
|
246 |
|
Federal funds sold |
434 |
|
530 |
|
338 |
|
455 |
|
382 |
|
Deposits in other banks |
5,824 |
|
6,567 |
|
5,196 |
|
4,081 |
|
3,750 |
|
Total
interest income |
208,191 |
|
183,946 |
|
188,671 |
|
182,492 |
|
172,442 |
|
Interest expense |
|
|
|
|
|
Deposits |
16,533 |
|
13,293 |
|
10,432 |
|
8,950 |
|
8,971 |
|
Federal funds purchased |
726 |
|
252 |
|
156 |
|
126 |
|
110 |
|
Other
borrowings |
2,901 |
|
2,021 |
|
1,863 |
|
1,733 |
|
1,367 |
|
Subordinated notes |
4,191 |
|
4,191 |
|
4,191 |
|
4,191 |
|
4,191 |
|
Trust
preferred subordinated debentures |
881 |
|
830 |
|
806 |
|
753 |
|
734 |
|
Total
interest expense |
25,232 |
|
20,587 |
|
17,448 |
|
15,753 |
|
15,373 |
|
Net interest income |
182,959 |
|
163,359 |
|
171,223 |
|
166,739 |
|
157,069 |
|
Provision for credit losses |
13,000 |
|
9,000 |
|
9,000 |
|
22,000 |
|
16,000 |
|
Net interest income after provision for credit losses
|
169,959 |
|
154,359 |
|
162,223 |
|
144,739 |
|
141,069 |
|
Non-interest income |
|
|
|
|
|
Service charges on deposit accounts |
3,067 |
|
3,045 |
|
2,940 |
|
2,880 |
|
2,411 |
|
Wealth management and trust fee income |
1,402 |
|
1,357 |
|
1,244 |
|
1,113 |
|
1,098 |
|
Bank
owned life insurance (BOLI) income |
481 |
|
466 |
|
481 |
|
520 |
|
536 |
|
Brokered loan fees |
5,809 |
|
5,678 |
|
7,249 |
|
7,581 |
|
5,864 |
|
Servicing income |
3,700 |
|
2,201 |
|
1,410 |
|
310 |
|
50 |
|
Swap
fees |
954 |
|
1,803 |
|
536 |
|
918 |
|
1,105 |
|
Other |
3,356 |
|
2,560 |
|
4,975 |
|
3,394 |
|
2,868 |
|
Total
non-interest income |
18,769 |
|
17,110 |
|
18,835 |
|
16,716 |
|
13,932 |
|
Non-interest expense |
|
|
|
|
|
Salaries and employee benefits |
63,154 |
|
63,003 |
|
66,081 |
|
56,722 |
|
54,810 |
|
Net
occupancy expense |
6,515 |
|
6,111 |
|
5,937 |
|
5,634 |
|
5,838 |
|
Marketing |
6,157 |
|
4,950 |
|
4,617 |
|
4,292 |
|
4,486 |
|
Legal
and professional |
7,127 |
|
7,453 |
|
6,443 |
|
5,333 |
|
6,226 |
|
Communications and technology |
11,906 |
|
6,506 |
|
6,334 |
|
6,620 |
|
6,391 |
|
FDIC
insurance assessment |
4,603 |
|
5,994 |
|
6,573 |
|
6,355 |
|
6,043 |
|
Servicing related expenses |
2,682 |
|
1,750 |
|
398 |
|
620 |
|
612 |
|
Other |
9,670 |
|
10,327 |
|
10,140 |
|
9,223 |
|
9,849 |
|
Total
non-interest expense |
111,814 |
|
106,094 |
|
106,523 |
|
94,799 |
|
94,255 |
|
Income before income taxes |
76,914 |
|
65,375 |
|
74,535 |
|
66,656 |
|
60,746 |
|
Income tax expense |
25,819 |
|
22,833 |
|
26,149 |
|
23,931 |
|
21,866 |
|
Net income |
51,095 |
|
42,542 |
|
48,386 |
|
42,725 |
|
38,880 |
|
Preferred stock dividends |
2,437 |
|
2,438 |
|
2,437 |
|
2,438 |
|
2,437 |
|
Net income available to common shareholders |
$ |
48,658 |
|
$ |
40,104 |
|
$ |
45,949 |
|
$ |
40,287 |
|
$ |
36,443 |
|
TEXAS CAPITAL BANCSHARES, INC. |
QUARTERLY FINANCIAL SUMMARY - UNAUDITED |
Consolidated Daily Average Balances, Average Yields and Rates |
(Dollars
in thousands) |
|
2nd Quarter 2017 |
|
1st Quarter 2017 |
|
4th Quarter 2016 |
|
3rd Quarter 2016 |
|
2nd Quarter 2016 |
|
AverageBalance |
Revenue/Expense (1) |
Yield/Rate |
|
Average Balance |
Revenue/ Expense (1) |
Yield/ Rate |
|
AverageBalance |
Revenue/Expense (1) |
Yield/Rate |
|
Average Balance |
Revenue/ Expense (1) |
Yield/ Rate |
|
Average Balance |
Revenue/ Expense (1) |
Yield/ Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities -
Taxable |
$ |
65,049 |
|
$ |
287 |
|
1.77 |
% |
|
$ |
31,905 |
|
$ |
224 |
|
2.84 |
% |
|
$ |
25,008 |
|
$ |
221 |
|
3.53 |
% |
|
$ |
26,051 |
|
$ |
228 |
|
3.47 |
% |
|
$ |
27,097 |
|
$ |
240 |
|
3.57 |
% |
Securities - Non-taxable(2) |
— |
|
— |
|
— |
% |
|
224 |
|
3 |
|
4.85 |
% |
|
531 |
|
9 |
|
6.37 |
% |
|
564 |
|
8 |
|
5.82 |
% |
|
564 |
|
8 |
|
5.87 |
% |
Federal funds sold and
securities purchased under resale agreements |
174,264 |
|
434 |
|
1.00 |
% |
|
276,910 |
|
530 |
|
0.78 |
% |
|
254,008 |
|
338 |
|
0.53 |
% |
|
369,215 |
|
455 |
|
0.49 |
% |
|
312,832 |
|
382 |
|
0.49 |
% |
Interest-bearing
deposits in other banks |
2,250,330 |
|
5,824 |
|
1.04 |
% |
|
3,312,256 |
|
6,567 |
|
0.80 |
% |
|
3,812,076 |
|
5,197 |
|
0.54 |
% |
|
3,192,141 |
|
4,080 |
|
0.51 |
% |
|
2,871,295 |
|
3,750 |
|
0.53 |
% |
Loans held for sale, at
fair value |
845,623 |
|
8,235 |
|
3.91 |
% |
|
1,064,322 |
|
9,535 |
|
3.63 |
% |
|
944,484 |
|
7,903 |
|
3.33 |
% |
|
430,869 |
|
3,662 |
|
3.38 |
% |
|
157,898 |
|
1,350 |
|
3.44 |
% |
LHI, mortgage finance
loans |
3,805,831 |
|
33,399 |
|
3.52 |
% |
|
2,757,566 |
|
23,105 |
|
3.40 |
% |
|
4,371,475 |
|
35,081 |
|
3.19 |
% |
|
4,658,804 |
|
36,655 |
|
3.13 |
% |
|
4,412,091 |
|
33,974 |
|
3.10 |
% |
LHI(2) |
13,718,739 |
|
161,369 |
|
4.72 |
% |
|
12,980,544 |
|
145,018 |
|
4.53 |
% |
|
12,701,868 |
|
140,130 |
|
4.39 |
% |
|
12,591,561 |
|
137,407 |
|
4.34 |
% |
|
12,276,272 |
|
132,740 |
|
4.35 |
% |
Less
allowance for loan losses |
170,957 |
|
— |
|
— |
|
|
169,318 |
|
— |
|
— |
|
|
180,727 |
|
— |
|
— |
|
|
168,086 |
|
— |
|
— |
|
|
164,316 |
|
— |
|
— |
|
LHI, net of
allowance |
17,353,613 |
|
194,768 |
|
4.50 |
% |
|
15,568,792 |
|
168,123 |
|
4.38 |
% |
|
16,892,616 |
|
175,211 |
|
4.13 |
% |
|
17,082,279 |
|
174,062 |
|
4.05 |
% |
|
16,524,047 |
|
166,714 |
|
4.06 |
% |
Total earning
assets |
20,688,879 |
|
209,548 |
|
4.06 |
% |
|
20,254,409 |
|
184,982 |
|
3.70 |
% |
|
21,928,723 |
|
188,879 |
|
3.43 |
% |
|
21,101,119 |
|
182,495 |
|
3.44 |
% |
|
19,893,733 |
|
172,444 |
|
3.49 |
% |
Cash and other
assets |
632,097 |
|
|
|
|
606,762 |
|
|
|
|
595,671 |
|
|
|
|
588,440 |
|
|
|
|
544,737 |
|
|
|
Total assets |
$ |
21,320,976 |
|
|
|
|
$ |
20,861,171 |
|
|
|
|
$ |
22,524,394 |
|
|
|
|
$ |
21,689,559 |
|
|
|
|
$ |
20,438,470 |
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction
deposits |
$ |
2,008,872 |
|
$ |
2,893 |
|
0.58 |
% |
|
$ |
2,008,401 |
|
$ |
2,193 |
|
0.44 |
% |
|
$ |
2,281,240 |
|
$ |
2,129 |
|
0.37 |
% |
|
$ |
2,301,362 |
|
$ |
1,960 |
|
0.34 |
% |
|
$ |
2,207,726 |
|
$ |
1,749 |
|
0.32 |
% |
Savings deposits |
6,952,317 |
|
12,940 |
|
0.75 |
% |
|
6,989,748 |
|
10,483 |
|
0.61 |
% |
|
6,711,083 |
|
7,592 |
|
0.45 |
% |
|
6,177,681 |
|
6,228 |
|
0.40 |
% |
|
6,388,133 |
|
6,494 |
|
0.41 |
% |
Time deposits |
455,542 |
|
700 |
|
0.62 |
% |
|
427,770 |
|
617 |
|
0.59 |
% |
|
474,548 |
|
711 |
|
0.60 |
% |
|
501,701 |
|
763 |
|
0.61 |
% |
|
486,610 |
|
727 |
|
0.60 |
% |
Total interest bearing
deposits |
9,416,731 |
|
16,533 |
|
0.70 |
% |
|
9,425,919 |
|
13,293 |
|
0.57 |
% |
|
9,466,871 |
|
10,432 |
|
0.44 |
% |
|
8,980,744 |
|
8,951 |
|
0.40 |
% |
|
9,082,469 |
|
8,970 |
|
0.40 |
% |
Other borrowings |
1,456,737 |
|
3,627 |
|
1.00 |
% |
|
1,333,685 |
|
2,273 |
|
0.69 |
% |
|
1,553,010 |
|
2,017 |
|
0.52 |
% |
|
1,607,613 |
|
1,860 |
|
0.46 |
% |
|
1,411,387 |
|
1,476 |
|
0.42 |
% |
Subordinated notes |
281,167 |
|
4,191 |
|
5.98 |
% |
|
281,076 |
|
4,191 |
|
6.05 |
% |
|
280,985 |
|
4,191 |
|
5.93 |
% |
|
280,895 |
|
4,191 |
|
5.94 |
% |
|
280,805 |
|
4,191 |
|
6.00 |
% |
Trust preferred
subordinated debentures |
113,406 |
|
881 |
|
3.12 |
% |
|
113,406 |
|
830 |
|
2.97 |
% |
|
113,406 |
|
806 |
|
2.83 |
% |
|
113,406 |
|
752 |
|
2.64 |
% |
|
113,406 |
|
735 |
|
2.61 |
% |
Total interest bearing
liabilities |
11,268,041 |
|
25,232 |
|
0.90 |
% |
|
11,154,086 |
|
20,587 |
|
0.75 |
% |
|
11,414,272 |
|
17,446 |
|
0.61 |
% |
|
10,982,658 |
|
15,754 |
|
0.57 |
% |
|
10,888,067 |
|
15,372 |
|
0.57 |
% |
Demand deposits |
7,863,402 |
|
|
|
|
7,547,338 |
|
|
|
|
9,129,668 |
|
|
|
|
8,849,725 |
|
|
|
|
7,767,693 |
|
|
|
Other liabilities |
102,653 |
|
|
|
|
117,877 |
|
|
|
|
141,153 |
|
|
|
|
135,141 |
|
|
|
|
113,927 |
|
|
|
Stockholders’
equity |
2,086,880 |
|
|
|
|
2,041,870 |
|
|
|
|
1,839,301 |
|
|
|
|
1,722,035 |
|
|
|
|
1,668,783 |
|
|
|
Total liabilities and
stockholders’ equity |
$ |
21,320,976 |
|
|
|
|
$ |
20,861,171 |
|
|
|
|
$ |
22,524,394 |
|
|
|
|
$ |
21,689,559 |
|
|
|
|
$ |
20,438,470 |
|
|
|
Net
interest income(2) |
|
$ |
184,316 |
|
|
|
|
$ |
164,395 |
|
|
|
|
$ |
171,433 |
|
|
|
|
$ |
166,741 |
|
|
|
|
$ |
157,072 |
|
|
Net interest
margin |
|
|
3.57 |
% |
|
|
|
3.29 |
% |
|
|
|
3.11 |
% |
|
|
|
3.14 |
% |
|
|
|
3.18 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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