Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company
of Texas Capital Bank, announced operating results for the second
quarter of 2021.
“I continue to be pleased with the progress
we're making in these first six months of 2021,” said Rob C.
Holmes, President and CEO. “Building on an incredibly productive
first quarter, second quarter successes included executing our
largest capital markets transaction to-date with a $375.0 million
subordinated note issuance, making the strategic decision to sell
our portfolio of mortgage servicing rights to better align
resources for the future and continuing to add new talent in key
strategic areas at a record-setting pace. All of these actions,
combined with the necessary and much appreciated hard work being
done by our team internally every day, are laying a lasting
foundation to support our long-term strategy, which we are looking
forward to sharing with you during the third quarter.”
- Net income of $73.5 million ($1.31 per
diluted share) reported for the second quarter of 2021, an increase
of $1.5 million on a linked quarter basis and an increase of $107.8
million from the second quarter of 2020.
- Loans held for investment (“LHI”),
excluding mortgage finance loans, decreased 1% on a linked quarter
basis and decreased 8% from the second quarter of 2020. PPP loans
continue to pay off, as expected, and contributed $363.7 million to
the linked quarter decrease in LHI, excluding mortgage finance
loans.
- Total mortgage finance loans, including
mortgage correspondent aggregation (“MCA”) loans held for sale
(“LHS”), decreased 4% on a linked quarter basis and decreased 6%
from the second quarter of 2020. The decrease in MCA LHS is
consistent with the previously announced transition of the MCA
program.
- Demand deposits decreased 6% and total
deposits decreased 14% on a linked quarter basis, and increased 31%
and decreased 4%, respectively, from the second quarter of 2020.
The linked-quarter declines were the result of targeted actions to
reduce high-cost indexed deposits.
- Issuance of $375.0 million in 4.00%
fixed rate subordinated notes, completed in the second quarter of
2021, providing additional capital to be used for general corporate
purposes. A portion of the proceeds were used for the redemption of
our existing 6.50% fixed rate subordinated notes.
FINANCIAL SUMMARY
(dollars and shares in
thousands) |
Q2 2021 |
|
Q2 2020 |
|
% Change |
QUARTERLY OPERATING
RESULTS |
|
|
|
|
|
Net income |
$ |
73,481 |
|
|
$ |
(34,316 |
) |
|
|
314 |
|
% |
Net income available to common stockholders |
$ |
67,164 |
|
|
$ |
(36,753 |
) |
|
|
283 |
|
% |
Diluted earnings per common share |
$ |
1.31 |
|
|
$ |
(0.73 |
) |
|
|
279 |
|
% |
Diluted common shares |
51,094 |
|
|
50,416 |
|
|
|
1 |
|
% |
Return on average assets |
0.76 |
% |
|
(0.36 |
) |
% |
|
|
Return on average common equity |
9.74 |
% |
|
(5.48 |
) |
% |
|
|
BALANCE
SHEET |
|
|
|
|
|
LHS |
$ |
63,747 |
|
|
$ |
454,581 |
|
|
|
(86 |
) |
% |
LHI, mortgage finance |
8,772,799 |
|
|
8,972,626 |
|
|
|
(2 |
) |
% |
LHI |
15,168,565 |
|
|
16,552,203 |
|
|
|
(8 |
) |
% |
Total LHI |
23,941,364 |
|
|
25,524,829 |
|
|
|
(6 |
) |
% |
Total assets |
35,228,542 |
|
|
36,613,127 |
|
|
|
(4 |
) |
% |
Demand deposits |
14,228,038 |
|
|
10,835,911 |
|
|
|
31 |
|
% |
Total deposits |
28,839,563 |
|
|
30,187,695 |
|
|
|
(4 |
) |
% |
Stockholders’ equity |
3,114,957 |
|
|
2,734,755 |
|
|
|
14 |
|
% |
DETAILED FINANCIALS
For the second quarter of 2021, net income was
$73.5 million, compared to net income of $71.9 million for the
first quarter of 2021, and net loss of $34.3 million for the second
quarter of 2020. On a fully diluted basis, earnings per common
share were $1.31 for the quarter ended June 30, 2021, compared
to earnings per common share of $1.33 for the quarter ended March
31, 2021 and loss per common share of $0.73 for the quarter ended
June 30, 2020.
We recorded a $19.0 million negative provision
for credit losses for the second quarter of 2021, compared to a
$6.0 million negative provision for credit losses for the first
quarter of 2021 and a $100.0 million provision for credit losses
for the second quarter of 2020. The linked quarter decrease in
provision for credit losses resulted primarily from decreases in
charge-offs and criticized loans, as well as an improvement in the
economic outlook as the economy continues to recover from the
impacts of the COVID-19 pandemic. We recorded $2.4 million in net
charge-offs during the second quarter of 2021, compared to $6.4
million during the first quarter of 2021 and $74.1 million during
the second quarter of 2020. Criticized loans totaled $891.6 million
at June 30, 2021, compared to $945.1 million at March 31, 2021 and
$1.0 billion at June 30, 2020.
Non-performing assets (“NPAs”) totaled $86.6
million at June 30, 2021, a decrease of $11.1 million compared
to the first quarter of 2021 and a decrease of $87.4 million
compared to the second quarter of 2020. The ratio of total LHI NPAs
to total LHI plus other real estate owned for the second quarter of
2021 was 0.36%, compared to 0.40% for the first quarter of 2021 and
0.68% for the second quarter of 2020.
Net interest income was $197.0 million for the
second quarter of 2021, compared to $200.1 million for the first
quarter of 2021 and $209.9 million for the second quarter of 2020.
The linked-quarter and year-over-year decreases in net interest
income were primarily driven by a decrease in total average loans,
partially offset by increases in loan fees. Net interest margin for
the second quarter of 2021 was 2.10%, an increase of 1 basis point
from the first quarter of 2021 and a decrease of 20 basis points
from the second quarter of 2020. LHI yields, excluding mortgage
finance loans, increased 10 basis points from the first quarter of
2021, and decreased 3 basis points compared to the second quarter
of 2020. LHI, mortgage finance yields for the second quarter of
2021 decreased 13 basis points compared to the first quarter of
2021, and decreased 36 basis points compared to the second quarter
of 2020. Additionally, total cost of deposits for the second
quarter of 2021 decreased 4 basis points to 0.20% compared to 0.24%
for the first quarter of 2021, and decreased 22 basis points from
0.42% for the second quarter of 2020.
Non-interest income for the second quarter of
2021 decreased $9.0 million, or 23%, compared to the first quarter
of 2021, and decreased $40.4 million, or 57%, compared to the
second quarter of 2020. The linked quarter decrease was primarily
related to decreases in brokered loans fees, servicing income and
net gain/(loss) on sale of LHS, partially offset by an increase in
other non-interest income. The year-over-year decrease was
primarily related to decreases in net gain/(loss) on sale of LHS
and brokered loan fees, offset by increases in service charges on
deposit accounts and other non-interest income. The linked quarter
and year-over-year decreases in brokered loan fees and net
gain/(loss) on sale of LHS, as well as the linked quarter decline
in servicing income, were primarily due to the second quarter 2021
sale of our portfolio of MSRs and transition of the MCA program to
a third-party.
Non-interest expense for the second quarter of
2021 decreased $1.3 million, or 1 percent, compared to the first
quarter of 2021, and decreased $73.3 million, or 33%, compared to
the second quarter of 2020. The year-over-year decrease was
primarily due to decreases in marketing expense, communications and
technology expense, servicing-related expenses and merger-related
expenses.
All regulatory ratios continue to be in excess
of “well-capitalized” requirements as of June 30, 2021. Our
CET 1, tier 1 capital, total capital and leverage ratios were
10.5%, 12.1%, 14.8% and 8.4%, respectively, at June 30, 2021,
compared to 10.2%, 12.2%, 14.0% and 8.3%, respectively, at March
31, 2021. At June 30, 2021, our ratio of tangible common
equity to total tangible assets was 7.9% compared to 6.7% at March
31, 2021.
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 (the “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.
Forward Looking Statements
This communication contains “forward-looking
statements” within the meaning of and pursuant to the Private
Securities Litigation Reform Act of 1995 regarding, among other
things, our financial condition, results of operations, business
plans and future performance. These statements are not historical
in nature and may often be identified by the use of words such as
“expect,” “estimate,” “anticipate,” “plan,” “may,” “will,”
“forecast,” “could,” “should,” “projects,” “targeted,” “continue,”
“intend” and similar expressions.
Because forward-looking statements relate to future results and
occurrences, they are subject to inherent and various
uncertainties, risks, and changes in circumstances that are
difficult to predict, may change over time, are based on
management’s expectations and assumptions at the time the
statements are made and are not guarantees of future results. 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
factors include, but are not limited to, (1) the credit quality of
our loan portfolio, (2) general economic conditions and related
material risks and uncertainties in the United States, globally and
in our markets and the impact they may have on us and our
customers, including the continued impact on our customers from
volatility in oil and gas prices as well as the continued impact of
the COVID-19 pandemic (and any other pandemic, epidemic or
health-related crisis), (3) technological changes, including the
increased focus on information technology and cybersecurity and our
ability to manage such information systems and the effects of
cyber-incidents (including failures, disruptions or security
breaches) or those of third-party providers, (4) changes in
interest rates and changes in the value of commercial and
residential real estate securing our loans, (5) adverse economic or
market conditions that could affect the credit quality of our loan
portfolio or our operating performance, (6) expectations regarding
rates of default and credit losses and the appropriateness of our
allowance for credit losses and provision for credit losses, (7)
unexpected market conditions, regulatory changes or changes in our
credit ratings that could, among other things, cause access to
capital market transactions and other sources of funding to become
more difficult, (8) the inadequacy of our available funds to meet
our obligations, (9) the failure to effectively balance our funding
sources with cash demands by depositors and borrowers, (10)
material failures of our accounting estimates and risk management
processes based on management judgment, (11) failure of our risk
management strategies and procedures, including failure or
circumvention of our controls, (12) the failure to effectively
manage risk, (13) uncertainty regarding the London Interbank
Offered Rate and our ability to successfully implement any new
interest rate benchmarks, (14) the impact of changing regulatory
requirements and legislative changes on our business, (15) the
failure to successfully execute our business strategy, including
completing planned merger, acquisition or sale transactions, (16)
the failure to identify, attract and retain key personnel or the
loss of such personnel, (17) increased or more effective
competition from banks or other financial service providers in our
markets, (18) structural changes in the markets for origination,
sale and servicing of residential mortgages, (19) certainty in the
pricing of mortgage loans that we purchase, and later sell or
securitize, (20) volatility in the market price of our common
stock, (21) credit risk resulting from our exposure to
counterparties, (22) an increase in the incidence or severity of
fraud, illegal payments, security breaches and other illegal acts
impacting us, (23) the failure to maintain adequate regulatory
capital to support our business, (24) environmental liability or
other environmental, social or governance factors that may
materially negatively impact the company, (25) severe weather,
natural disasters, acts of war or terrorism and other external
events and (26) our success at managing the risk and uncertainties
involved in the foregoing factors.
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, our Quarterly Reports on Form 10-Q and in other filings we
make with the Securities and Exchange Commission. The information
contained in this communication speaks only as of its date. Except
to the extent required by applicable law or regulation, we disclaim
any obligation to update such factors or to publicly announce the
results of any revisions to any of the forward-looking statements
included herein to reflect future events or developments.
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 |
|
2021 |
2021 |
2020 |
2020 |
2020 |
CONSOLIDATED
STATEMENTS OF INCOME |
|
|
|
|
|
Interest income |
$ |
224,490 |
|
|
$ |
228,412 |
|
|
$ |
255,163 |
|
$ |
243,731 |
|
$ |
252,010 |
|
|
Interest expense |
27,496 |
|
|
28,339 |
|
|
32,153 |
|
36,162 |
|
42,082 |
|
|
Net interest income |
196,994 |
|
|
200,073 |
|
|
223,010 |
|
207,569 |
|
209,928 |
|
|
Provision for credit losses |
(19,000 |
) |
|
(6,000 |
) |
|
32,000 |
|
30,000 |
|
100,000 |
|
|
Net interest income after
provision for credit losses |
215,994 |
|
|
206,073 |
|
|
191,010 |
|
177,569 |
|
109,928 |
|
|
Non-interest income |
30,102 |
|
|
39,092 |
|
|
42,863 |
|
60,348 |
|
70,485 |
|
|
Non-interest expense |
149,060 |
|
|
150,316 |
|
|
150,863 |
|
165,741 |
|
222,335 |
|
|
Income/(loss) before income
taxes |
97,036 |
|
|
94,849 |
|
|
83,010 |
|
72,176 |
|
(41,922 |
) |
|
Income tax expense/(benefit) |
23,555 |
|
|
22,911 |
|
|
22,834 |
|
15,060 |
|
(7,606 |
) |
|
Net income/(loss) |
73,481 |
|
|
71,938 |
|
|
60,176 |
|
57,116 |
|
(34,316 |
) |
|
Preferred stock dividends |
6,317 |
|
|
3,779 |
|
|
2,437 |
|
2,438 |
|
2,437 |
|
|
Net income/(loss) available to common stockholders |
$ |
67,164 |
|
|
$ |
68,159 |
|
|
$ |
57,739 |
|
$ |
54,678 |
|
$ |
(36,753 |
) |
|
Diluted earnings/(loss) per common share |
$ |
1.31 |
|
|
$ |
1.33 |
|
|
$ |
1.14 |
|
$ |
1.08 |
|
$ |
(0.73 |
) |
|
Diluted common shares |
51,093,660 |
|
|
51,069,511 |
|
|
50,794,421 |
|
50,573,073 |
|
50,416,331 |
|
|
CONSOLIDATED BALANCE
SHEET DATA |
|
|
|
|
|
Total assets |
$ |
35,228,542 |
|
|
$ |
40,054,433 |
|
|
$ |
37,726,096 |
|
$ |
38,432,872 |
|
$ |
36,613,127 |
|
|
LHI |
15,168,565 |
|
|
15,399,174 |
|
|
15,351,451 |
|
15,789,958 |
|
16,552,203 |
|
|
LHI, mortgage finance |
8,772,799 |
|
|
9,009,081 |
|
|
9,079,409 |
|
9,378,104 |
|
8,972,626 |
|
|
LHS |
63,747 |
|
|
176,286 |
|
|
283,165 |
|
648,009 |
|
454,581 |
|
|
Liquidity assets(1) |
6,768,650 |
|
|
11,212,276 |
|
|
9,032,807 |
|
10,461,544 |
|
9,540,044 |
|
|
Investment securities |
3,798,275 |
|
|
3,443,058 |
|
|
3,196,970 |
|
1,367,313 |
|
234,969 |
|
|
Demand deposits |
14,228,038 |
|
|
15,174,642 |
|
|
12,740,947 |
|
12,339,212 |
|
10,835,911 |
|
|
Total deposits |
28,839,563 |
|
|
33,391,970 |
|
|
30,996,589 |
|
31,959,487 |
|
30,187,695 |
|
|
Other borrowings |
2,014,481 |
|
|
2,515,587 |
|
|
3,111,751 |
|
2,908,183 |
|
2,895,790 |
|
|
Long-term debt |
927,386 |
|
|
664,968 |
|
|
395,896 |
|
395,806 |
|
395,715 |
|
|
Stockholders’ equity |
3,114,957 |
|
|
3,159,482 |
|
|
2,871,224 |
|
2,800,404 |
|
2,734,755 |
|
|
|
|
|
|
|
|
End of period shares outstanding |
50,592,201 |
|
|
50,557,767 |
|
|
50,470,450 |
|
50,455,552 |
|
50,435,672 |
|
|
Book value |
$ |
55.64 |
|
|
$ |
53.59 |
|
|
$ |
53.92 |
|
$ |
52.53 |
|
$ |
51.25 |
|
|
Tangible book value(2) |
$ |
55.29 |
|
|
$ |
53.24 |
|
|
$ |
53.57 |
|
$ |
52.18 |
|
$ |
50.89 |
|
|
SELECTED FINANCIAL RATIOS |
|
|
|
|
|
Net interest margin |
2.10 |
|
% |
2.09 |
|
% |
2.32 |
% |
2.22 |
% |
2.30 |
|
% |
Return on average assets |
0.76 |
|
% |
0.73 |
|
% |
0.61 |
% |
0.59 |
% |
(0.36 |
) |
% |
Return on average common equity |
9.74 |
|
% |
10.08 |
|
% |
8.50 |
% |
8.24 |
% |
(5.48 |
) |
% |
Non-interest income to average earning assets |
0.32 |
|
% |
0.41 |
|
% |
0.44 |
% |
0.64 |
% |
0.77 |
|
% |
Efficiency ratio(3) |
65.6 |
|
% |
62.9 |
|
% |
56.7 |
% |
61.9 |
% |
79.3 |
|
% |
Non-interest expense to average earning assets |
1.59 |
|
% |
1.57 |
|
% |
1.56 |
% |
1.76 |
% |
2.43 |
|
% |
Tangible common equity to
total tangible assets(4) |
7.9 |
|
% |
6.7 |
|
% |
7.2 |
% |
6.9 |
% |
7.0 |
|
% |
Common Equity Tier 1 |
10.5 |
|
% |
10.2 |
|
% |
9.4 |
% |
9.1 |
% |
8.8 |
|
% |
Tier 1 capital |
12.1 |
|
% |
12.2 |
|
% |
10.3 |
% |
9.9 |
% |
9.7 |
|
% |
Total capital |
14.8 |
|
% |
14.0 |
|
% |
12.1 |
% |
11.8 |
% |
11.6 |
|
% |
Leverage |
8.4 |
|
% |
8.3 |
|
% |
7.5 |
% |
7.6 |
% |
7.5 |
|
% |
(1) Liquidity assets include
Federal funds sold and interest-bearing 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, less goodwill and intangibles, divided
by total assets, less goodwill and intangibles.
TEXAS
CAPITAL BANCSHARES, INC. |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(dollars in
thousands) |
|
June 30, 2021 |
June 30, 2020 |
%Change |
Assets |
|
|
|
Cash and due from banks |
$ |
202,549 |
|
|
$ |
176,540 |
|
|
15 |
|
% |
Interest-bearing deposits |
6,768,650 |
|
|
9,490,044 |
|
|
(29 |
) |
% |
Federal funds sold and
securities purchased under resale agreements |
— |
|
|
50,000 |
|
|
(100 |
) |
% |
Securities,
available-for-sale |
3,798,275 |
|
|
234,969 |
|
|
N/M |
|
|
LHS, at fair value |
63,747 |
|
|
454,581 |
|
|
(86 |
) |
% |
LHI, mortgage finance |
8,772,799 |
|
|
8,972,626 |
|
|
(2 |
) |
% |
LHI (net of unearned
income) |
15,168,565 |
|
|
16,552,203 |
|
|
(8 |
) |
% |
Less: Allowance for credit
losses on loans |
221,511 |
|
|
264,722 |
|
|
(16 |
) |
% |
LHI, net |
23,719,853 |
|
|
25,260,107 |
|
|
(6 |
) |
% |
Mortgage servicing rights,
net |
1,316 |
|
|
75,451 |
|
|
(98 |
) |
% |
Premises and equipment,
net |
21,969 |
|
|
28,603 |
|
|
(23 |
) |
% |
Accrued interest receivable
and other assets |
634,719 |
|
|
824,963 |
|
|
(23 |
) |
% |
Goodwill and intangibles,
net |
17,464 |
|
|
17,869 |
|
|
(2 |
) |
% |
Total assets |
$ |
35,228,542 |
|
|
$ |
36,613,127 |
|
|
(4 |
) |
% |
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
Liabilities: |
|
|
|
Deposits: |
|
|
|
Non-interest bearing |
$ |
14,228,038 |
|
|
$ |
10,835,911 |
|
|
31 |
|
% |
Interest bearing |
14,611,525 |
|
|
19,351,784 |
|
|
(24 |
) |
% |
Total deposits |
28,839,563 |
|
|
30,187,695 |
|
|
(4 |
) |
% |
|
|
|
|
Accrued interest payable |
8,116 |
|
|
20,314 |
|
|
(60 |
) |
% |
Other liabilities |
324,039 |
|
|
378,858 |
|
|
(14 |
) |
% |
Federal funds purchased and
repurchase agreements |
14,481 |
|
|
195,790 |
|
|
(93 |
) |
% |
Other borrowings |
2,000,000 |
|
|
2,700,000 |
|
|
(26 |
) |
% |
Long-term debt |
927,386 |
|
|
395,715 |
|
|
134 |
|
% |
Total liabilities |
32,113,585 |
|
|
33,878,372 |
|
|
(5 |
) |
% |
|
|
|
|
Stockholders’ equity: |
|
|
|
Preferred stock, $.01 par
value, $1,000 liquidation value: |
|
|
|
Authorized shares -
10,000,000 |
|
|
|
Issued shares - 300,000 and
6,000,000 shares issued at June 30, 2021 and 2020,
respectively |
300,000 |
|
|
150,000 |
|
|
100 |
|
% |
Common stock, $.01 par value: |
|
|
|
Authorized shares -
100,000,000 |
|
|
|
Issued shares - 50,592,618 and 50,436,089 at June 30, 2021 and
2020, respectively |
506 |
|
|
504 |
|
|
— |
|
% |
Additional paid-in capital |
992,469 |
|
|
983,144 |
|
|
1 |
|
% |
Retained earnings |
1,848,379 |
|
|
1,600,639 |
|
|
15 |
|
% |
Treasury stock (shares at
cost: 417 at June 30, 2021 and 2020) |
(8 |
) |
|
(8 |
) |
|
— |
|
% |
Accumulated other comprehensive income/(loss), net of taxes |
(26,389 |
) |
|
476 |
|
|
N/M |
|
|
Total stockholders’
equity |
3,114,957 |
|
|
2,734,755 |
|
|
14 |
|
% |
Total liabilities and
stockholders’ equity |
$ |
35,228,542 |
|
|
$ |
36,613,127 |
|
|
(4 |
) |
% |
TEXAS CAPITAL
BANCSHARES, INC. |
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
(dollars in thousands except
per share data) |
|
|
|
|
|
Three Months Ended June 30, |
Six Months Ended June 30, |
|
2021 |
2020 |
2021 |
2020 |
Interest income |
|
|
|
|
Interest and fees on loans |
$ |
210,611 |
|
|
$ |
247,595 |
|
|
$ |
426,203 |
|
|
$ |
531,220 |
|
|
Investment securities |
10,918 |
|
|
2,024 |
|
|
20,805 |
|
|
4,207 |
|
|
Federal funds sold and securities purchased under resale
agreements |
— |
|
|
77 |
|
|
1 |
|
|
691 |
|
|
Interest-bearing deposits in other banks |
2,961 |
|
|
2,314 |
|
|
5,893 |
|
|
21,900 |
|
|
Total interest income |
224,490 |
|
|
252,010 |
|
|
452,902 |
|
|
558,018 |
|
|
Interest expense |
|
|
|
|
Deposits |
16,271 |
|
|
32,294 |
|
|
36,275 |
|
|
94,468 |
|
|
Federal funds purchased |
51 |
|
|
176 |
|
|
126 |
|
|
845 |
|
|
Other borrowings |
451 |
|
|
4,569 |
|
|
2,968 |
|
|
14,151 |
|
|
Long-term debt |
10,723 |
|
|
5,043 |
|
|
16,466 |
|
|
10,307 |
|
|
Total interest expense |
27,496 |
|
|
42,082 |
|
|
55,835 |
|
|
119,771 |
|
|
Net interest income |
196,994 |
|
|
209,928 |
|
|
397,067 |
|
|
438,247 |
|
|
Provision for credit losses |
(19,000 |
) |
|
100,000 |
|
|
(25,000 |
) |
|
196,000 |
|
|
Net interest income after provision for credit
losses |
215,994 |
|
|
109,928 |
|
|
422,067 |
|
|
242,247 |
|
|
Non-interest income |
|
|
|
|
Service charges on deposit accounts |
4,634 |
|
|
2,459 |
|
|
9,350 |
|
|
5,752 |
|
|
Wealth management and trust fee income |
3,143 |
|
|
2,348 |
|
|
5,998 |
|
|
4,815 |
|
|
Brokered loan fees |
6,933 |
|
|
10,764 |
|
|
16,244 |
|
|
18,779 |
|
|
Servicing income |
5,935 |
|
|
6,120 |
|
|
14,944 |
|
|
10,866 |
|
|
Swap fees |
534 |
|
|
1,468 |
|
|
1,060 |
|
|
4,225 |
|
|
Net gain/(loss) on sale of LHS |
(3,070 |
) |
|
39,023 |
|
|
2,502 |
|
|
26,023 |
|
|
Other |
11,993 |
|
|
8,303 |
|
|
19,096 |
|
|
11,805 |
|
|
Total non-interest income |
30,102 |
|
|
70,485 |
|
|
69,194 |
|
|
82,265 |
|
|
Non-interest expense |
|
|
|
|
Salaries and employee benefits |
86,830 |
|
|
100,791 |
|
|
174,352 |
|
|
177,984 |
|
|
Net occupancy expense |
7,865 |
|
|
9,134 |
|
|
16,139 |
|
|
17,846 |
|
|
Marketing |
1,900 |
|
|
7,988 |
|
|
3,597 |
|
|
16,510 |
|
|
Legal and professional |
9,147 |
|
|
11,330 |
|
|
17,424 |
|
|
28,796 |
|
|
Communications and technology |
14,352 |
|
|
42,760 |
|
|
30,321 |
|
|
56,551 |
|
|
FDIC insurance assessment |
5,226 |
|
|
7,140 |
|
|
11,839 |
|
|
12,989 |
|
|
Servicing-related expenses |
12,355 |
|
|
20,100 |
|
|
25,344 |
|
|
36,454 |
|
|
Merger-related expenses |
— |
|
|
10,486 |
|
|
— |
|
|
17,756 |
|
|
Other |
11,385 |
|
|
12,606 |
|
|
20,360 |
|
|
22,866 |
|
|
Total non-interest
expense |
149,060 |
|
|
222,335 |
|
|
299,376 |
|
|
387,752 |
|
|
Income/(loss) before income taxes |
97,036 |
|
|
(41,922 |
) |
|
191,885 |
|
|
(63,240 |
) |
|
Income tax expense/(benefit) |
23,555 |
|
|
(7,606 |
) |
|
46,466 |
|
|
(12,237 |
) |
|
Net income/(loss) |
73,481 |
|
|
(34,316 |
) |
|
145,419 |
|
|
(51,003 |
) |
|
Preferred stock dividends |
6,317 |
|
|
2,437 |
|
|
10,096 |
|
|
4,875 |
|
|
Net income/(loss) available to common
stockholders |
$ |
67,164 |
|
|
$ |
(36,753 |
) |
|
$ |
135,323 |
|
|
$ |
(55,878 |
) |
|
|
|
|
|
|
Basic earnings/(loss) per common share |
$ |
1.33 |
|
|
$ |
(0.73 |
) |
|
$ |
2.68 |
|
|
$ |
(1.11 |
) |
|
Diluted earnings/(loss) per common share |
$ |
1.31 |
|
|
$ |
(0.73 |
) |
|
$ |
2.65 |
|
|
$ |
(1.11 |
) |
|
TEXAS
CAPITAL BANCSHARES, INC. |
SUMMARY
OF CREDIT LOSS EXPERIENCE |
(dollars in
thousands) |
|
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
2nd Quarter |
|
2021 |
2021 |
2020 |
2020 |
2020 |
Allowance for credit losses on
loans: |
|
|
|
|
|
Beginning balance |
$ |
242,484 |
|
|
$ |
254,615 |
|
|
$ |
290,165 |
|
$ |
264,722 |
|
$ |
240,958 |
|
Loans charged-off: |
|
|
|
|
|
Commercial |
1,412 |
|
|
2,451 |
|
|
37,984 |
|
2,436 |
|
12,287 |
|
Energy |
686 |
|
|
5,732 |
|
|
33,283 |
|
141 |
|
62,368 |
|
Real estate |
1,192 |
|
|
— |
|
|
180 |
|
— |
|
— |
|
Total charge-offs |
3,290 |
|
|
8,183 |
|
|
71,447 |
|
2,577 |
|
74,655 |
|
Recoveries: |
|
|
|
|
|
Commercial |
308 |
|
|
1,050 |
|
|
394 |
|
113 |
|
513 |
|
Energy |
609 |
|
|
715 |
|
|
5,696 |
|
880 |
|
— |
|
Total recoveries |
917 |
|
|
1,765 |
|
|
6,090 |
|
993 |
|
513 |
|
Net charge-offs |
2,373 |
|
|
6,418 |
|
|
65,357 |
|
1,584 |
|
74,142 |
|
Provision for credit losses on
loans |
(18,600 |
) |
|
(5,713 |
) |
|
29,807 |
|
27,027 |
|
97,906 |
|
Ending balance |
$ |
221,511 |
|
|
$ |
242,484 |
|
|
$ |
254,615 |
|
$ |
290,165 |
|
$ |
264,722 |
|
|
|
|
|
|
|
Allowance for off-balance
sheet credit losses: |
|
|
|
|
|
Beginning balance |
$ |
17,147 |
|
|
$ |
17,434 |
|
|
$ |
15,241 |
|
$ |
12,268 |
|
$ |
10,174 |
|
Provision for off-balance
sheet credit losses |
(400 |
) |
|
(287 |
) |
|
2,193 |
|
2,973 |
|
2,094 |
|
Ending balance |
$ |
16,747 |
|
|
$ |
17,147 |
|
|
$ |
17,434 |
|
$ |
15,241 |
|
$ |
12,268 |
|
|
|
|
|
|
|
Total allowance for credit
losses |
$ |
238,258 |
|
|
$ |
259,631 |
|
|
$ |
272,049 |
|
$ |
305,406 |
|
$ |
276,990 |
|
|
|
|
|
|
|
Total provision for credit
losses |
$ |
(19,000 |
) |
|
$ |
(6,000 |
) |
|
$ |
32,000 |
|
$ |
30,000 |
|
$ |
100,000 |
|
|
|
|
|
|
|
Allowance for credit losses on
loans to LHI |
0.93 |
|
% |
0.99 |
|
% |
1.04 |
% |
1.15 |
% |
1.04 |
% |
Allowance for credit losses on
loans to average LHI |
0.98 |
|
% |
1.03 |
|
% |
1.01 |
% |
1.14 |
% |
1.03 |
% |
Net charge-offs to average
LHI(1) |
0.04 |
|
% |
0.11 |
|
% |
1.03 |
% |
0.02 |
% |
1.16 |
% |
Net charge-offs to average LHI
for last twelve months(1) |
0.31 |
|
% |
0.59 |
|
% |
0.80 |
% |
0.59 |
% |
0.73 |
% |
Total provision for credit
losses to average LHI(1) |
(0.34 |
) |
% |
(0.10 |
) |
% |
0.51 |
% |
0.47 |
% |
1.57 |
% |
Total allowance for credit
losses to LHI |
1.00 |
|
% |
1.06 |
|
% |
1.11 |
% |
1.21 |
% |
1.09 |
% |
(1) Interim period ratios are annualized.
TEXAS CAPITAL
BANCSHARES, INC. |
|
|
|
|
|
SUMMARY OF
NON-PERFORMING ASSETS AND PAST DUE LOANS |
|
|
|
(dollars in thousands) |
|
|
|
|
|
|
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
2nd Quarter |
|
2021 |
2021 |
2020 |
2020 |
2020 |
|
|
|
|
|
|
Non-performing assets
(NPAs): |
|
|
|
|
|
Non-accrual loans |
$ |
86,636 |
|
$ |
97,730 |
|
$ |
121,989 |
|
$ |
161,946 |
|
$ |
174,031 |
|
Other real estate owned
(OREO) |
— |
|
— |
|
— |
|
— |
|
— |
|
Total LHI NPAs |
$ |
86,636 |
|
$ |
97,730 |
|
$ |
121,989 |
|
$ |
161,946 |
|
$ |
174,031 |
|
|
|
|
|
|
|
Non-accrual loans to LHI |
0.36 |
% |
0.40 |
% |
0.50 |
% |
0.64 |
% |
0.68 |
% |
Total LHI NPAs to LHI plus
OREO |
0.36 |
% |
0.40 |
% |
0.50 |
% |
0.64 |
% |
0.68 |
% |
Total LHI NPAs to earning
assets |
0.25 |
% |
0.25 |
% |
0.33 |
% |
0.43 |
% |
0.49 |
% |
Allowance for credit losses on
loans to non-accrual loans |
|
2.6x |
|
|
2.5x |
|
|
2.1x |
|
|
1.8x |
|
|
1.5x |
|
|
|
|
|
|
|
LHI past due 90 days and still
accruing(1) |
$ |
7,671 |
|
$ |
6,187 |
|
$ |
12,541 |
|
$ |
15,896 |
|
$ |
21,079 |
|
LHI past due 90 days to
LHI |
0.03 |
% |
0.03 |
% |
0.05 |
% |
0.06 |
% |
0.08 |
% |
LHS non-accrual(2) |
$ |
— |
|
$ |
— |
|
$ |
6,966 |
|
$ |
— |
|
$ |
— |
|
LHS past due 90 days and still
accruing(3) |
$ |
2,695 |
|
$ |
16,359 |
|
$ |
16,667 |
|
$ |
15,631 |
|
$ |
10,152 |
|
(1) At June 30, 2021, loans past due 90
days and still accruing includes premium finance loans of $3.0
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.(2) Includes one
non-accrual loan previously reported in loans HFI that was
transferred to loans HFS as of December 31, 2020 and subsequently
sold at carrying value.(3) Includes loans guaranteed by U.S.
government agencies that were repurchased out of Ginnie Mae
securities. Loans are recorded as LHS and carried at fair value on
the balance sheet. Interest on these past due loans accrues at the
debenture rate guaranteed by the U.S. government. Also includes
loans that, pursuant to Ginnie Mae servicing guidelines, we have
the unilateral right, but not obligation, to repurchase and thus
must record as LHS 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) |
|
|
|
|
|
|
|
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
2nd Quarter |
|
2021 |
2021 |
2020 |
2020 |
2020 |
Interest income |
|
|
|
|
|
Interest and fees on loans |
$ |
210,611 |
|
|
$ |
215,592 |
|
|
$ |
242,776 |
|
$ |
237,179 |
|
$ |
247,595 |
|
|
Investment securities |
10,918 |
|
|
9,887 |
|
|
9,594 |
|
3,674 |
|
2,024 |
|
|
Federal funds sold and securities purchased under resale
agreements |
— |
|
|
1 |
|
|
1 |
|
1 |
|
77 |
|
|
Interest-bearing deposits in other banks |
2,961 |
|
|
2,932 |
|
|
2,792 |
|
2,877 |
|
2,314 |
|
|
Total interest income |
224,490 |
|
|
228,412 |
|
|
255,163 |
|
243,731 |
|
252,010 |
|
|
Interest expense |
|
|
|
|
|
Deposits |
16,271 |
|
|
20,004 |
|
|
23,819 |
|
27,830 |
|
32,294 |
|
|
Federal funds purchased |
51 |
|
|
75 |
|
|
110 |
|
128 |
|
176 |
|
|
Other borrowings |
451 |
|
|
2,517 |
|
|
3,407 |
|
3,365 |
|
4,569 |
|
|
Long-term debt |
10,723 |
|
|
5,743 |
|
|
4,817 |
|
4,839 |
|
5,043 |
|
|
Total interest expense |
27,496 |
|
|
28,339 |
|
|
32,153 |
|
36,162 |
|
42,082 |
|
|
Net interest income |
196,994 |
|
|
200,073 |
|
|
223,010 |
|
207,569 |
|
209,928 |
|
|
Provision for credit losses |
(19,000 |
) |
|
(6,000 |
) |
|
32,000 |
|
30,000 |
|
100,000 |
|
|
Net interest income after provision for credit
losses |
215,994 |
|
|
206,073 |
|
|
191,010 |
|
177,569 |
|
109,928 |
|
|
Non-interest income |
|
|
|
|
|
Service charges on deposit accounts |
4,634 |
|
|
4,716 |
|
|
3,004 |
|
2,864 |
|
2,459 |
|
|
Wealth management and trust fee income |
3,143 |
|
|
2,855 |
|
|
2,681 |
|
2,502 |
|
2,348 |
|
|
Brokered loan fees |
6,933 |
|
|
9,311 |
|
|
12,610 |
|
15,034 |
|
10,764 |
|
|
Servicing income |
5,935 |
|
|
9,009 |
|
|
8,834 |
|
7,329 |
|
6,120 |
|
|
Swap fees |
534 |
|
|
526 |
|
|
473 |
|
484 |
|
1,468 |
|
|
Net gain/(loss) on sale of LHS |
(3,070 |
) |
|
5,572 |
|
|
6,761 |
|
25,242 |
|
39,023 |
|
|
Other |
11,993 |
|
|
7,103 |
|
|
8,500 |
|
6,893 |
|
8,303 |
|
|
Total non-interest income |
30,102 |
|
|
39,092 |
|
|
42,863 |
|
60,348 |
|
70,485 |
|
|
Non-interest expense |
|
|
|
|
|
Salaries and employee benefits |
86,830 |
|
|
87,522 |
|
|
78,449 |
|
84,096 |
|
100,791 |
|
|
Net occupancy expense |
7,865 |
|
|
8,274 |
|
|
8,373 |
|
8,736 |
|
9,134 |
|
|
Marketing |
1,900 |
|
|
1,697 |
|
|
3,435 |
|
3,636 |
|
7,988 |
|
|
Legal and professional |
9,147 |
|
|
8,277 |
|
|
12,129 |
|
11,207 |
|
11,330 |
|
|
Communications and technology |
14,352 |
|
|
15,969 |
|
|
15,405 |
|
31,098 |
|
42,760 |
|
|
FDIC insurance assessment |
5,226 |
|
|
6,613 |
|
|
6,592 |
|
6,374 |
|
7,140 |
|
|
Servicing-related expenses |
12,355 |
|
|
12,989 |
|
|
15,844 |
|
12,287 |
|
20,100 |
|
|
Merger-related expenses |
— |
|
|
— |
|
|
— |
|
— |
|
10,486 |
|
|
Other |
11,385 |
|
|
8,975 |
|
|
10,636 |
|
8,307 |
|
12,606 |
|
|
Total non-interest expense |
149,060 |
|
|
150,316 |
|
|
150,863 |
|
165,741 |
|
222,335 |
|
|
Income/(loss) before income taxes |
97,036 |
|
|
94,849 |
|
|
83,010 |
|
72,176 |
|
(41,922 |
) |
|
Income tax expense/(benefit) |
23,555 |
|
|
22,911 |
|
|
22,834 |
|
15,060 |
|
(7,606 |
) |
|
Net income/(loss) |
73,481 |
|
|
71,938 |
|
|
60,176 |
|
57,116 |
|
(34,316 |
) |
|
Preferred stock dividends |
6,317 |
|
|
3,779 |
|
|
2,437 |
|
2,438 |
|
2,437 |
|
|
Net income/(loss) available to common
shareholders |
$ |
67,164 |
|
|
$ |
68,159 |
|
|
$ |
57,739 |
|
$ |
54,678 |
|
$ |
(36,753 |
) |
|
TEXAS
CAPITAL BANCSHARES, INC. |
QUARTERLY
FINANCIAL SUMMARY - UNAUDITED |
Consolidated
Daily Average Balances, Average Yields and Rates |
(dollars in
thousands) |
|
2nd Quarter 2021 |
|
1st Quarter 2021 |
|
4th Quarter 2020 |
|
3rd Quarter 2020 |
|
2nd Quarter 2020 |
|
AverageBalance |
Revenue/Expense |
Yield/Rate |
|
AverageBalance |
Revenue/Expense |
Yield/Rate |
|
AverageBalance |
Revenue/Expense |
Yield/Rate |
|
AverageBalance |
Revenue/Expense |
Yield/Rate |
|
AverageBalance |
Revenue/Expense |
Yield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities - taxable |
$ |
3,361,696 |
|
$ |
9,222 |
|
1.10 |
% |
|
$ |
3,225,786 |
|
$ |
8,112 |
|
1.02 |
% |
|
$ |
2,137,481 |
|
$ |
7,748 |
|
1.44 |
% |
|
$ |
525,149 |
|
$ |
1,905 |
|
1.44 |
% |
|
$ |
38,829 |
|
$ |
185 |
|
1.92 |
% |
Investment securities -
non-taxable(2) |
181,574 |
|
2,147 |
|
4.74 |
% |
|
196,785 |
|
2,247 |
|
4.63 |
% |
|
200,781 |
|
2,337 |
|
4.63 |
% |
|
190,797 |
|
2,239 |
|
4.67 |
% |
|
195,806 |
|
2,327 |
|
4.78 |
% |
Federal funds sold and
securities purchased under resale agreements |
713 |
|
— |
|
0.18 |
% |
|
4,605 |
|
1 |
|
0.07 |
% |
|
1,709 |
|
1 |
|
0.13 |
% |
|
12,051 |
|
1 |
|
0.04 |
% |
|
245,434 |
|
77 |
|
0.13 |
% |
Interest-bearing deposits in
other banks |
11,583,046 |
|
2,961 |
|
0.10 |
% |
|
11,840,942 |
|
2,932 |
|
0.10 |
% |
|
10,808,548 |
|
2,792 |
|
0.10 |
% |
|
11,028,962 |
|
2,877 |
|
0.10 |
% |
|
10,521,240 |
|
2,314 |
|
0.09 |
% |
LHS, at fair value |
93,164 |
|
781 |
|
3.36 |
% |
|
243,326 |
|
1,595 |
|
2.66 |
% |
|
410,637 |
|
2,475 |
|
2.40 |
% |
|
543,606 |
|
3,867 |
|
2.83 |
% |
|
380,624 |
|
2,547 |
|
2.69 |
% |
LHI, mortgage finance
loans |
7,462,223 |
|
57,401 |
|
3.09 |
% |
|
8,177,759 |
|
64,942 |
|
3.22 |
% |
|
9,550,119 |
|
78,906 |
|
3.29 |
% |
|
9,061,984 |
|
76,464 |
|
3.36 |
% |
|
8,676,521 |
|
74,518 |
|
3.45 |
% |
LHI(1)(2) |
15,242,975 |
|
152,515 |
|
4.01 |
% |
|
15,457,888 |
|
149,196 |
|
3.91 |
% |
|
15,620,410 |
|
161,750 |
|
4.12 |
% |
|
16,286,036 |
|
157,230 |
|
3.84 |
% |
|
17,015,041 |
|
170,970 |
|
4.04 |
% |
Less allowance for credit losses on loans |
241,676 |
|
— |
|
— |
|
|
254,697 |
|
— |
|
— |
|
|
290,189 |
|
— |
|
— |
|
|
264,769 |
|
— |
|
— |
|
|
236,823 |
|
— |
|
— |
|
LHI, net of allowance |
22,463,522 |
|
209,916 |
|
3.75 |
% |
|
23,380,950 |
|
214,138 |
|
3.71 |
% |
|
24,880,340 |
|
240,656 |
|
3.85 |
% |
|
25,083,251 |
|
233,694 |
|
3.71 |
% |
|
25,454,739 |
|
245,488 |
|
3.88 |
% |
Total earning assets |
37,683,715 |
|
225,027 |
|
2.40 |
% |
|
38,892,394 |
|
229,025 |
|
2.39 |
% |
|
38,439,496 |
|
256,009 |
|
2.65 |
% |
|
37,383,816 |
|
244,583 |
|
2.60 |
% |
|
36,836,672 |
|
252,938 |
|
2.76 |
% |
Cash and other assets |
996,946 |
|
|
|
|
1,064,679 |
|
|
|
|
1,031,195 |
|
|
|
|
1,037,760 |
|
|
|
|
1,075,864 |
|
|
|
Total assets |
$ |
38,680,661 |
|
|
|
|
$ |
39,957,073 |
|
|
|
|
$ |
39,470,691 |
|
|
|
|
$ |
38,421,576 |
|
|
|
|
$ |
37,912,536 |
|
|
|
Liabilities and Stockholders’
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction deposits |
$ |
3,795,152 |
|
$ |
5,395 |
|
0.57 |
% |
|
$ |
3,991,966 |
|
$ |
5,861 |
|
0.60 |
% |
|
$ |
4,384,493 |
|
$ |
6,604 |
|
0.60 |
% |
|
$ |
4,275,574 |
|
$ |
6,652 |
|
0.62 |
% |
|
$ |
3,923,966 |
|
$ |
5,998 |
|
0.61 |
% |
Savings deposits |
11,296,382 |
|
8,990 |
|
0.32 |
% |
|
12,889,974 |
|
10,788 |
|
0.34 |
% |
|
12,982,189 |
|
12,671 |
|
0.39 |
% |
|
12,786,719 |
|
12,808 |
|
0.40 |
% |
|
12,537,467 |
|
13,510 |
|
0.43 |
% |
Time deposits |
1,755,993 |
|
1,886 |
|
0.43 |
% |
|
2,204,242 |
|
3,355 |
|
0.62 |
% |
|
2,355,199 |
|
4,544 |
|
0.77 |
% |
|
2,844,083 |
|
8,370 |
|
1.17 |
% |
|
3,434,388 |
|
12,786 |
|
1.50 |
% |
Total interest bearing
deposits |
16,847,527 |
|
16,271 |
|
0.39 |
% |
|
19,086,182 |
|
20,004 |
|
0.43 |
% |
|
19,721,881 |
|
23,819 |
|
0.48 |
% |
|
19,906,376 |
|
27,830 |
|
0.56 |
% |
|
19,895,821 |
|
32,294 |
|
0.65 |
% |
Other borrowings |
2,349,718 |
|
502 |
|
0.09 |
% |
|
2,686,398 |
|
2,592 |
|
0.39 |
% |
|
3,022,077 |
|
3,517 |
|
0.46 |
% |
|
2,811,435 |
|
3,493 |
|
0.49 |
% |
|
3,612,263 |
|
4,745 |
|
0.53 |
% |
Long-term debt |
881,309 |
|
10,723 |
|
4.88 |
% |
|
464,731 |
|
5,743 |
|
5.01 |
% |
|
395,841 |
|
4,817 |
|
4.84 |
% |
|
395,749 |
|
4,839 |
|
4.87 |
% |
|
395,658 |
|
5,043 |
|
5.13 |
% |
Total interest bearing
liabilities |
20,078,554 |
|
27,496 |
|
0.55 |
% |
|
22,237,311 |
|
28,339 |
|
0.52 |
% |
|
23,139,799 |
|
32,153 |
|
0.55 |
% |
|
23,113,560 |
|
36,162 |
|
0.62 |
% |
|
23,903,742 |
|
42,082 |
|
0.71 |
% |
Demand deposits |
15,139,546 |
|
|
|
|
14,421,505 |
|
|
|
|
13,174,114 |
|
|
|
|
12,202,065 |
|
|
|
|
10,865,896 |
|
|
|
Other liabilities |
274,401 |
|
|
|
|
309,644 |
|
|
|
|
303,480 |
|
|
|
|
314,500 |
|
|
|
|
293,698 |
|
|
|
Stockholders’ equity |
3,188,160 |
|
|
|
|
2,988,613 |
|
|
|
|
2,853,298 |
|
|
|
|
2,791,451 |
|
|
|
|
2,849,200 |
|
|
|
Total liabilities and
stockholders’ equity |
$ |
38,680,661 |
|
|
|
|
$ |
39,957,073 |
|
|
|
|
$ |
39,470,691 |
|
|
|
|
$ |
38,421,576 |
|
|
|
|
$ |
37,912,536 |
|
|
|
Net interest income(2) |
|
$ |
197,531 |
|
|
|
|
$ |
200,686 |
|
|
|
|
$ |
223,856 |
|
|
|
|
$ |
208,421 |
|
|
|
|
$ |
210,856 |
|
|
Net interest margin |
|
|
2.10 |
% |
|
|
|
2.09 |
% |
|
|
|
2.32 |
% |
|
|
|
2.22 |
% |
|
|
|
2.30 |
% |
(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
Jamie Britton, 214.932.6721
jamie.britton@texascapitalbank.com
MEDIA CONTACT
Shannon Wherry, 469.399.8527
shannon.wherry@texascapitalbank.com
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