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 2015.
“We are pleased to finish 2015 with solid
earnings and continued growth in loans and deposits. The earnings
results were achieved despite significant additional provisions
from the adverse credit migration primarily in the energy
portfolio. In addition, we incurred start-up costs associated with
the launch of our new mortgage correspondent aggregation ("MCA")
business,” said Keith Cargill, CEO. “We experienced another year of
industry-leading growth in core loans held for investment as well
as in mortgage finance loans. While we have encountered challenges
related to the energy industry, we believe we are appropriately
reserved for losses."
- Loans held for investment ("LHI"), excluding mortgage finance,
increased 2% and total LHI increased 5% on a linked quarter basis,
growing 16% and 17%, respectively, from the fourth quarter of
2014.
- Mortgage finance loans increased 15% on a linked quarter basis
and increased 21% from the fourth quarter of 2014.
- Demand deposits decreased 2% and total deposits decreased 1% on
a linked quarter basis, growing 27% and 19%, respectively, from the
fourth quarter of 2014.
- Net income decreased 6% on a linked quarter basis and decreased
8% from the fourth quarter of 2014.
- EPS decreased 7% on a linked quarter basis, and decreased 10%
from the fourth quarter of 2014.
FINANCIAL SUMMARY |
|
|
|
|
|
(dollars and shares in thousands) |
|
|
|
|
|
|
2015 |
|
2014 |
|
% Change |
ANNUAL OPERATING
RESULTS |
|
|
|
|
|
Net income |
$ |
144,854 |
|
|
$ |
136,352 |
|
|
6 |
% |
Net income available to
common stockholders |
$ |
135,104 |
|
|
$ |
126,602 |
|
|
7 |
% |
Diluted EPS |
$ |
2.91 |
|
|
$ |
2.88 |
|
|
1 |
% |
Diluted shares |
46,438 |
|
|
44,003 |
|
|
6 |
% |
ROA |
0.79 |
% |
|
1.05 |
% |
|
|
ROE |
9.65 |
% |
|
11.31 |
% |
|
|
|
|
|
|
|
|
QUARTERLY OPERATING
RESULTS |
|
|
|
|
|
Net income |
$ |
34,753 |
|
|
$ |
37,834 |
|
|
(8 |
)% |
Net income available to
common stockholders |
$ |
32,316 |
|
|
$ |
35,397 |
|
|
(9 |
)% |
Diluted EPS |
$ |
0.70 |
|
|
$ |
0.78 |
|
|
(10 |
)% |
Diluted shares |
46,480 |
|
|
45,093 |
|
|
3 |
% |
ROA |
0.72 |
% |
|
1.03 |
% |
|
|
ROE |
8.82 |
% |
|
11.41 |
% |
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
|
|
Loans held for
sale |
$ |
86,075 |
|
|
$ |
— |
|
|
100 |
% |
LHI, mortgage
finance |
4,966,276 |
|
|
4,102,125 |
|
|
21 |
% |
LHI |
11,745,674 |
|
|
10,154,887 |
|
|
16 |
% |
Total LHI |
16,711,950 |
|
|
14,257,012 |
|
|
17 |
% |
Total assets |
18,909,139 |
|
|
15,905,713 |
|
|
19 |
% |
Demand deposits |
6,386,911 |
|
|
5,011,619 |
|
|
27 |
% |
Total deposits |
15,084,619 |
|
|
12,673,300 |
|
|
19 |
% |
Stockholders’
equity |
1,623,533 |
|
|
1,484,190 |
|
|
9 |
% |
Tangible book value per
share |
$ |
31.69 |
|
|
$ |
28.72 |
|
|
10 |
% |
DETAILED FINANCIALSTexas Capital Bancshares,
Inc. reported net income of $144.9 million and net income available
to common stockholders of $135.1 million for the year ended
December 31, 2015 compared to net income of $136.4 million and
net income available to common stockholders of $126.6 million for
the year ended December 31, 2014. For the fourth quarter of
2015, net income was $34.8 million and net income available to
common stockholders was $32.3 million, compared to net income of
$37.8 million and net income available to common stockholders of
$35.4 million for the same period in 2014. On a fully diluted
basis, earnings per common share were $2.91 for the year ended
December 31, 2015 compared to $2.88 for the same period in
2014. Diluted earnings per common share were $0.70 for the quarter
ended December 31, 2015 compared to $0.78 for the same period
of 2014. The decrease reflects the dilutive effect of the fourth
quarter 2014 offering of 2.5 million common shares for net proceeds
of $149.6 million and a $3.1 million decrease in net income.
Return on average common equity (“ROE”) was 9.65
percent and return on average assets ("ROA") was 0.79 percent for
the year ended December 31, 2015, compared to 11.31 percent
and 1.05 percent, respectively, for the year ended December 31,
2014. ROE was 8.82 percent and ROA was 0.72 percent for the fourth
quarter of 2015, compared to 11.41 percent and 1.03 percent,
respectively, for the fourth quarter of 2014. The ROE
decrease resulted from the 9 percent year-over-year increase in
average common equity, reflecting the impact of the common stock
offering completed in the fourth quarter of 2014, as well as a
decrease in net income driven largely by increased provisioning for
loan losses. The decrease in ROA from the fourth quarter of 2014 to
the fourth quarter of 2015 resulted from the increased provisioning
as well as a combination of reduced yields on loans and a $2.5
billion increase in the average balance of liquidity assets, which
include Federal funds sold and deposits in other banks. The $3.5
billion of liquidity assets included $3.1 billion in deposits at
the Federal Reserve Bank of Dallas, which had an average yield of
0.27 percent for the fourth quarter of 2015, compared to 0.25
percent for the same period of 2014.
Net interest income was $142.2 million for the
fourth quarter of 2015, compared to $127.6 million for the fourth
quarter of 2014 and $142.0 million for the third quarter of 2015.
The net interest margin for the fourth quarter of 2015 was 3.01
percent, a 55 basis point decrease from the fourth quarter of 2014
and an 11 basis point decrease from the third quarter of 2015. The
year-over-year decrease in net interest margin is due primarily to
a substantial increase in liquidity assets, as well as the growth
in loans with lower average yields. The cost of total deposits and
borrowed funds was 18 basis points for the fourth quarter of 2015,
compared to 17 basis points for the fourth quarter of 2014 and
third quarter of 2015.
Average LHI, excluding mortgage finance loans,
for the year ended December 31, 2015 were $11.7 billion, an
increase of $1.8 billion, or 20 percent, from 2014. Average LHI,
excluding mortgage finance loans, for the fourth quarter of 2015
were $11.7 billion, an increase of $1.8 billion, or 18 percent,
from the fourth quarter of 2014, and an increase of $391.2 million,
or 3 percent, from the third quarter of 2015. Average mortgage
finance loans for the year ended December 31, 2015 were $4.0
billion, an increase of $1.0 billion, or 35 percent, from 2014.
Average mortgage finance loans for the fourth quarter of 2015 were
$3.7 billion, an increase of $197.3 million, or 6 percent, from the
fourth quarter of 2014 and a decrease of $312.7 million, or 8
percent, from the third quarter of 2015.
As previously announced, we successfully launched our MCA
business late in the third quarter after completing the pilot
phase. Due to the delayed launch, the ramp up of production has
been slower than expected, but we did experience improved volumes
in the fourth quarter of 2015. As expected, the acquired mortgage
assets are providing increases in yields and we anticipate that the
MCA business will provide more efficient use of regulatory capital
over time as it grows. Continued competition among non-banks
attempting to build servicing portfolios has driven fees to
exceptionally low levels. While we expect the MCA business to have
a favorable impact on net interest income, the economics are not as
strong as originally projected. Average loans held for sale for the
quarter ended December 31, 2015 were $24.7 million. During
2015, we incurred pre-tax operating losses of $7.4 million ($0.10
per share) to develop and launch this business.
Average total deposits for the year ended
December 31, 2015 were $14.7 billion, an increase of $3.9
billion, or 36 percent, from 2014. Average total deposits for the
fourth quarter of 2015 increased $3.3 billion from the fourth
quarter of 2014 and increased $811.2 million from the third quarter
of 2015. Average demand deposits for the year ended
December 31, 2015 were $6.4 billion, an increase of $2.3
billion, or 54 percent, from 2014. Average demand deposits for the
fourth quarter of 2015 increased $1.7 billion, or 34 percent, to
$6.8 billion from $5.0 billion during the fourth quarter of 2014
and increased $134.5 million, or 2 percent, from the third quarter
of 2015.
We recorded a $14.0 million provision for credit
losses in the fourth quarter of 2015 compared to $6.5 million in
the fourth quarter of 2014 and $13.8 million in the third quarter
of 2015. The provision for the fourth quarter of 2015 was driven by
the application of our methodology. The year-over-year increase was
primarily related to the growth in traditional LHI, excluding
mortgage finance loans, as well as a change in applied risk weights
which are based in part on historical loss experience as well as
changes in the composition of our pass-rated loan portfolio. The
combined reserve at December 31, 2015 increased to 1.28
percent of LHI excluding mortgage finance loans due to increases in
the provision in 2015, as compared to 1.06 percent at
December 31, 2014 and 1.19 percent at September 30, 2015. In
management’s opinion, the reserve is appropriate and is derived
from consistent application of the methodology for establishing
reserves for Texas Capital Bank’s loan portfolio.
We experienced an increase in non-performing
asset totals in the fourth quarter of 2015 on a linked quarter
basis, bringing the ratio of total non-performing assets to total
LHI plus other real estate owned (“OREO”) to 1.08 percent compared
to 0.31 percent in the fourth quarter of 2014 and 0.69 percent in
the third quarter of 2015. The increase is primarily related to
energy loans. Net charge-offs for the fourth quarter of 2015 were
$2.0 million compared to net charge-offs of $1.1 million in the
fourth quarter of 2014 and net charge-offs of $2.3 million in the
third quarter of 2015. None of the charge-offs were related to
energy loans. For the fourth quarter of 2015, net charge-offs were
0.05 percent of total LHI, compared to 0.03 percent for the same
period in 2014 and 0.06 percent for the third quarter of 2015.
Non-interest income increased $94,000, or 1
percent, during the fourth quarter of 2015 compared to the same
period of 2014. Brokered loan fees and swap fees increased $288,000
and $106,000, respectively, during the fourth quarter of 2015
compared to the same period of 2014. The increase in brokered loan
fees was a result of an increase in mortgage finance volumes. Swap
fees fluctuate from quarter to quarter based on the number and
volume of transactions closed during the quarter. Offsetting these
increases was a $445,000 decrease in other non-interest income
during the fourth quarter of 2015 compared to the same period of
2014.
Non-interest expense for the fourth quarter of
2015 increased $12.9 million, or 17 percent, compared to the fourth
quarter of 2014. The increase is primarily related to a $6.1
million increase in salaries and employee benefits expense, a $3.2
million increase in legal and professional expense and a $1.7
million increase in other non-interest expense, all of which were
due to general business growth. FDIC insurance assessment expense
for the fourth quarter of 2015 increased $1.9 million compared to
the same quarter in 2014 as a result of the increase in total
assets from December 31, 2014 to December 31, 2015.
Stockholders’ equity increased by 9 percent from
$1.5 billion at December 31, 2014 to $1.6 billion at
December 31, 2015, primarily due to retention of net income.
Texas Capital Bank is well capitalized under regulatory guidelines
and at December 31, 2015, our ratio of tangible common equity
to total tangible assets was 7.7 percent.
ABOUT TEXAS CAPITAL BANCSHARES,
INC.Texas Capital Bancshares, Inc. (NASDAQ®: TCBI), a
member of the Russell 2000® Index and the S&P SmallCap 600®, is
the parent company of Texas Capital Bank, a commercial bank that
delivers highly personalized financial services to businesses and
entrepreneurs. Headquartered in Dallas, the bank has full-service
locations in Austin, Dallas, Fort Worth, Houston and San
Antonio.
This news release may be deemed to include forward-looking
statements which are based on management’s current estimates or
expectations of future events or future results. These statements
are not historical in nature and can generally be identified by
such words as “believe,” “expect,” “estimate,” “anticipate,”
“plan,” “may,” “will,” “intend” and similar expressions. A number
of factors, many of which are beyond our control, could cause
actual results to differ materially from future results expressed
or implied by such forward-looking statements. These risks
and uncertainties include, but are not limited to, deterioration of
the credit quality of our loan portfolio, the effects of continued
low oil and gas prices on our customers, increased defaults and
loan losses, the risk of adverse impacts from general economic
conditions, volatility in the mortgage industry, competition,
interest rate sensitivity and exposure to regulatory and
legislative changes. 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 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 |
|
2015 |
2015 |
2015 |
2015 |
2014 |
CONSOLIDATED
STATEMENTS OF INCOME |
|
|
|
|
|
Interest income |
$ |
154,820 |
|
$ |
153,856 |
|
$ |
153,374 |
|
$ |
140,908 |
|
$ |
137,833 |
|
Interest expense |
12,632 |
|
11,808 |
|
11,089 |
|
10,899 |
|
10,251 |
|
Net
interest income |
142,188 |
|
142,048 |
|
142,285 |
|
130,009 |
|
127,582 |
|
Provision for credit losses |
14,000 |
|
13,750 |
|
14,500 |
|
11,000 |
|
6,500 |
|
Net interest income
after provision for credit losses |
128,188 |
|
128,298 |
|
127,785 |
|
119,009 |
|
121,082 |
|
Non-interest income |
11,320 |
|
11,380 |
|
12,771 |
|
12,267 |
|
11,226 |
|
Non-interest expense |
87,042 |
|
81,688 |
|
81,276 |
|
76,517 |
|
74,117 |
|
Income before income
taxes |
52,466 |
|
57,990 |
|
59,280 |
|
54,759 |
|
58,191 |
|
Income tax expense |
17,713 |
|
20,876 |
|
21,343 |
|
19,709 |
|
20,357 |
|
Net
income |
34,753 |
|
37,114 |
|
37,937 |
|
35,050 |
|
37,834 |
|
Preferred stock dividends |
2,437 |
|
2,438 |
|
2,437 |
|
2,438 |
|
2,437 |
|
Net
income available to common stockholders |
$ |
32,316 |
|
$ |
34,676 |
|
$ |
35,500 |
|
$ |
32,612 |
|
$ |
35,397 |
|
|
|
|
|
|
|
Diluted EPS |
$ |
.70 |
|
$ |
.75 |
|
$ |
.76 |
|
$ |
.70 |
|
$ |
.78 |
|
Diluted shares |
46,479,845 |
|
46,471,390 |
|
46,443,413 |
|
46,367,870 |
|
45,092,511 |
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEET DATA |
|
|
|
|
|
Total
assets |
$ |
18,909,139 |
|
$ |
18,672,117 |
|
$ |
17,823,528 |
|
$ |
17,331,849 |
|
$ |
15,905,713 |
|
LHI |
11,745,674 |
|
11,562,828 |
|
11,123,325 |
|
10,760,978 |
|
10,154,887 |
|
LHI,
mortgage finance |
4,966,276 |
|
4,312,790 |
|
4,906,415 |
|
5,408,750 |
|
4,102,125 |
|
Loans
held for sale, at fair value |
86,075 |
|
1,062 |
|
— |
|
— |
|
— |
|
Liquidity assets |
1,681,374 |
|
2,345,192 |
|
1,337,364 |
|
734,945 |
|
1,233,990 |
|
Securities |
29,992 |
|
31,998 |
|
35,361 |
|
37,649 |
|
41,719 |
|
Demand deposits |
6,386,911 |
|
6,545,273 |
|
6,479,073 |
|
6,050,817 |
|
5,011,619 |
|
Total
deposits |
15,084,619 |
|
15,165,345 |
|
14,188,276 |
|
14,122,306 |
|
12,673,300 |
|
Other
borrowings |
1,643,051 |
|
1,353,834 |
|
1,509,007 |
|
1,125,458 |
|
1,192,681 |
|
Subordinated notes |
286,000 |
|
286,000 |
|
286,000 |
|
286,000 |
|
286,000 |
|
Long-term debt |
113,406 |
|
113,406 |
|
113,406 |
|
113,406 |
|
113,406 |
|
Stockholders’ equity |
1,623,533 |
|
1,590,051 |
|
1,554,529 |
|
1,517,958 |
|
1,484,190 |
|
|
|
|
|
|
|
End
of period shares outstanding |
45,873,807 |
|
45,839,364 |
|
45,812,971 |
|
45,772,245 |
|
45,735,007 |
|
Book
value |
$ |
32.12 |
|
$ |
31.42 |
|
$ |
30.66 |
|
$ |
29.89 |
|
$ |
29.17 |
|
Tangible book
value(1) |
$ |
31.69 |
|
$ |
30.98 |
|
$ |
30.22 |
|
$ |
29.44 |
|
$ |
28.72 |
|
|
|
|
|
|
|
SELECTED FINANCIAL RATIOS |
|
|
|
|
|
Net
interest margin |
3.01 |
% |
3.12 |
% |
3.22 |
% |
3.22 |
% |
3.56 |
% |
Return on average assets |
0.72 |
% |
0.79 |
% |
0.83 |
% |
0.84 |
% |
1.03 |
% |
Return on average common equity |
8.82 |
% |
9.69 |
% |
10.32 |
% |
9.82 |
% |
11.41 |
% |
Non-interest income to earning assets |
0.24 |
% |
0.25 |
% |
0.29 |
% |
0.30 |
% |
0.31 |
% |
Efficiency ratio(2) |
56.7 |
% |
53.2 |
% |
52.4 |
% |
53.8 |
% |
53.4 |
% |
Non-interest expense to earning assets |
1.84 |
% |
1.80 |
% |
1.84 |
% |
1.89 |
% |
2.07 |
% |
Tangible common equity
to total tangible assets(3) |
7.7 |
% |
7.6 |
% |
7.8 |
% |
7.8 |
% |
8.3 |
% |
Common Equity Tier
1 |
7.5 |
% |
7.7 |
% |
7.4 |
% |
7.2 |
% |
7.9 |
% |
Tier 1 capital |
8.8 |
% |
9.1 |
% |
8.8 |
% |
8.6 |
% |
9.5 |
% |
Total capital |
11.1 |
% |
11.4 |
% |
11.0 |
% |
10.7 |
% |
11.8 |
% |
Leverage |
8.9 |
% |
9.1 |
% |
9.0 |
% |
9.5 |
% |
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
(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) |
|
December 31, |
December 31, |
% |
|
2015 |
2014 |
Change |
Assets |
|
|
|
Cash and due from
banks |
$ |
109,496 |
|
$ |
96,524 |
|
13 |
% |
Interest-bearing
deposits |
1,626,374 |
|
1,233,990 |
|
32 |
% |
Federal funds sold and
securities purchased under resale agreements |
55,000 |
|
— |
|
100 |
% |
Securities,
available-for-sale |
29,992 |
|
41,719 |
|
(28 |
)% |
Loans held for sale, at
fair value |
86,075 |
|
— |
|
100 |
% |
LHI, mortgage
finance |
4,966,276 |
|
4,102,125 |
|
21 |
% |
LHI (net of unearned
income) |
11,745,674 |
|
10,154,887 |
|
16 |
% |
Less: Allowance
for loan losses |
141,111 |
|
100,954 |
|
40 |
% |
LHI, net |
16,570,839 |
|
14,156,058 |
|
17 |
% |
Mortgage servicing
rights, net |
423 |
|
— |
|
100 |
% |
Premises and equipment,
net |
23,561 |
|
23,135 |
|
2 |
% |
Accrued interest
receivable and other assets |
387,419 |
|
333,699 |
|
16 |
% |
Goodwill and
intangibles, net |
19,960 |
|
20,588 |
|
(3 |
)% |
Total assets |
$ |
18,909,139 |
|
$ |
15,905,713 |
|
19 |
% |
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
Liabilities: |
|
|
|
Deposits: |
|
|
|
Non-interest
bearing |
$ |
6,386,911 |
|
$ |
5,011,619 |
|
27 |
% |
Interest bearing |
8,697,708 |
|
7,348,972 |
|
18 |
% |
Interest bearing in
foreign branches |
— |
|
312,709 |
|
(100 |
)% |
Total
deposits |
15,084,619 |
|
12,673,300 |
|
19 |
% |
|
|
|
|
Accrued interest
payable |
5,097 |
|
4,747 |
|
7 |
% |
Other liabilities |
153,433 |
|
151,389 |
|
1 |
% |
Federal funds purchased
and repurchase agreements |
143,051 |
|
92,676 |
|
54 |
% |
Other borrowings |
1,500,000 |
|
1,100,005 |
|
36 |
% |
Subordinated notes |
286,000 |
|
286,000 |
|
— |
|
Trust preferred
subordinated debentures |
113,406 |
|
113,406 |
|
— |
|
Total liabilities |
17,285,606 |
|
14,421,523 |
|
20 |
% |
|
|
|
|
Stockholders’
equity: |
|
|
|
Preferred stock, $.01
par value, $1,000 liquidation value: |
|
|
|
Authorized shares -
10,000,000 |
|
|
|
Issued shares - 6,000,000 shares issued at December 31, 2015 and
2014 |
150,000 |
|
150,000 |
|
− |
Common stock, $.01 par value: |
|
|
|
Authorized shares -
100,000,000 |
|
|
|
Issued shares -
45,874,224 and 45,735,424 at December 31, 2015 and 2014,
respectively |
459 |
|
457 |
|
— |
% |
Additional paid-in capital |
714,546 |
|
709,738 |
|
1 |
% |
Retained earnings |
757,818 |
|
622,714 |
|
22 |
% |
Treasury stock (shares
at cost: 417 at December 31, 2015 and 2014) |
(8 |
) |
(8 |
) |
— |
|
Accumulated other comprehensive income, net of taxes |
718 |
|
1,289 |
|
(44 |
)% |
Total stockholders’
equity |
1,623,533 |
|
1,484,190 |
|
9 |
% |
Total liabilities and
stockholders’ equity |
$ |
18,909,139 |
|
$ |
15,905,713 |
|
19 |
% |
TEXAS CAPITAL
BANCSHARES, INC. |
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
(Dollars in thousands
except per share data) |
|
|
|
|
|
Three Months Ended December 31 |
Year EndedDecember 31 |
|
2015 |
2014 |
2015 |
2014 |
Interest income |
|
|
|
|
Interest and fees on loans |
$ |
152,200 |
|
$ |
136,882 |
|
$ |
594,729 |
|
$ |
511,606 |
|
Securities |
275 |
|
389 |
|
1,254 |
|
1,828 |
|
Federal funds sold |
255 |
|
91 |
|
682 |
|
207 |
|
Deposits in other banks |
2,090 |
|
471 |
|
6,293 |
|
906 |
|
Total
interest income |
154,820 |
|
137,833 |
|
602,958 |
|
514,547 |
|
Interest expense |
|
|
|
|
Deposits |
7,068 |
|
5,263 |
|
24,578 |
|
18,145 |
|
Federal funds purchased |
67 |
|
81 |
|
284 |
|
373 |
|
Repurchase agreements |
5 |
|
4 |
|
19 |
|
17 |
|
Other
borrowings |
642 |
|
35 |
|
2,232 |
|
356 |
|
Subordinated notes |
4,191 |
|
4,241 |
|
16,764 |
|
16,202 |
|
Trust
preferred subordinated debentures |
659 |
|
627 |
|
2,551 |
|
2,489 |
|
Total
interest expense |
12,632 |
|
10,251 |
|
46,428 |
|
37,582 |
|
Net interest income |
142,188 |
|
127,582 |
|
556,530 |
|
476,965 |
|
Provision for credit losses |
14,000 |
|
6,500 |
|
53,250 |
|
22,000 |
|
Net interest income after provision for credit
losses |
128,188 |
|
121,082 |
|
503,280 |
|
454,965 |
|
Non-interest income |
|
|
|
|
Service charges on deposit accounts |
1,984 |
|
1,976 |
|
8,323 |
|
7,253 |
|
Trust
fee income |
1,313 |
|
1,223 |
|
5,022 |
|
4,937 |
|
Bank
owned life insurance (BOLI) income |
567 |
|
520 |
|
2,011 |
|
2,067 |
|
Brokered loan fees |
4,267 |
|
3,979 |
|
18,661 |
|
13,981 |
|
Swap
fees |
1,000 |
|
894 |
|
4,275 |
|
2,992 |
|
Other |
2,189 |
|
2,634 |
|
9,446 |
|
11,281 |
|
Total
non-interest income |
11,320 |
|
11,226 |
|
47,738 |
|
42,511 |
|
Non-interest expense |
|
|
|
|
Salaries and employee benefits |
49,999 |
|
43,910 |
|
192,610 |
|
169,051 |
|
Net
occupancy expense |
5,809 |
|
5,746 |
|
23,182 |
|
20,866 |
|
Marketing |
4,349 |
|
4,411 |
|
16,491 |
|
15,989 |
|
Legal
and professional |
6,974 |
|
3,725 |
|
22,150 |
|
21,182 |
|
Communications and technology |
5,520 |
|
5,454 |
|
21,425 |
|
18,667 |
|
FDIC
insurance assessment |
4,741 |
|
2,875 |
|
17,231 |
|
10,919 |
|
Allowance and other carrying costs for OREO |
6 |
|
24 |
|
22 |
|
85 |
|
Other |
9,644 |
|
7,972 |
|
33,412 |
|
28,355 |
|
Total non-interest
expense |
87,042 |
|
74,117 |
|
326,523 |
|
285,114 |
|
Income before income taxes |
52,466 |
|
58,191 |
|
224,495 |
|
212,362 |
|
Income tax expense |
17,713 |
|
20,357 |
|
79,641 |
|
76,010 |
|
Net income |
34,753 |
|
37,834 |
|
144,854 |
|
136,352 |
|
Preferred stock dividends |
2,437 |
|
2,437 |
|
9,750 |
|
9,750 |
|
Net income available to common stockholders |
$ |
32,316 |
|
$ |
35,397 |
|
$ |
135,104 |
|
$ |
126,602 |
|
|
|
|
|
|
Basic earnings per common share |
$ |
0.70 |
|
$ |
0.80 |
|
$ |
2.95 |
|
$ |
2.93 |
|
Diluted earnings per common share |
$ |
0.70 |
|
$ |
0.78 |
|
$ |
2.91 |
|
$ |
2.88 |
|
TEXAS CAPITAL BANCSHARES, INC. |
SUMMARY OF LOAN LOSS EXPERIENCE |
(Dollars
in thousands) |
|
4th Quarter |
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
|
2015 |
2015 |
2015 |
2015 |
2014 |
Reserve for loan
losses: |
|
|
|
|
|
Beginning balance |
$ |
130,540 |
|
$ |
118,770 |
|
$ |
108,078 |
|
$ |
100,954 |
|
$ |
96,322 |
|
Loans charged-off: |
|
|
|
|
|
Commercial |
4,976 |
|
2,758 |
|
5,418 |
|
3,102 |
|
1,285 |
|
Real estate |
43 |
|
— |
|
— |
|
346 |
|
— |
|
Consumer |
— |
|
— |
|
— |
|
62 |
|
165 |
|
Leases |
— |
|
25 |
|
— |
|
— |
|
— |
|
Total charge-offs |
5,019 |
|
2,783 |
|
5,418 |
|
3,510 |
|
1,450 |
|
Recoveries: |
|
|
|
|
|
Commercial |
2,846 |
|
388 |
|
1,424 |
|
286 |
|
190 |
|
Real estate |
5 |
|
8 |
|
12 |
|
8 |
|
34 |
|
Construction |
3 |
|
42 |
|
272 |
|
83 |
|
— |
|
Consumer |
154 |
|
9 |
|
6 |
|
4 |
|
96 |
|
Leases |
11 |
|
4 |
|
15 |
|
8 |
|
2 |
|
Total recoveries |
3,019 |
|
451 |
|
1,729 |
|
389 |
|
322 |
|
Net charge-offs |
2,000 |
|
2,332 |
|
3,689 |
|
3,121 |
|
1,128 |
|
Provision for loan
losses |
12,571 |
|
14,102 |
|
14,381 |
|
10,245 |
|
5,760 |
|
Ending balance |
$ |
141,111 |
|
$ |
130,540 |
|
$ |
118,770 |
|
$ |
108,078 |
|
$ |
100,954 |
|
|
|
|
|
|
|
Reserve for off-balance
sheet credit losses: |
|
|
|
|
|
Beginning balance |
$ |
7,582 |
|
$ |
7,934 |
|
$ |
7,815 |
|
$ |
7,060 |
|
$ |
6,320 |
|
Provision for
off-balance sheet credit losses |
1,429 |
|
(352 |
) |
119 |
|
755 |
|
740 |
|
Ending balance |
$ |
9,011 |
|
$ |
7,582 |
|
$ |
7,934 |
|
$ |
7,815 |
|
$ |
7,060 |
|
|
|
|
|
|
|
Total allowance for
credit losses |
$ |
150,122 |
|
$ |
138,122 |
|
$ |
126,704 |
|
$ |
115,893 |
|
$ |
108,014 |
|
|
|
|
|
|
|
Total provision for
credit losses |
$ |
14,000 |
|
$ |
13,750 |
|
$ |
14,500 |
|
$ |
11,000 |
|
$ |
6,500 |
|
|
|
|
|
|
|
Allowance to LHI |
0.84 |
% |
0.82 |
% |
0.74 |
% |
0.67 |
% |
0.71 |
% |
Allowance to LHI
excluding mortgage finance loans(2) |
1.20 |
% |
1.13 |
% |
1.07 |
% |
1.00 |
% |
0.99 |
% |
Allowance to average
LHI |
0.92 |
% |
0.85 |
% |
0.77 |
% |
0.76 |
% |
0.75 |
% |
Allowance to average
LHI excluding mortgage finance loans(2) |
1.21 |
% |
1.15 |
% |
1.09 |
% |
1.03 |
% |
1.02 |
% |
Net charge-offs to
average LHI(1) |
0.05 |
% |
0.06 |
% |
0.10 |
% |
0.09 |
% |
0.03 |
% |
Net charge-offs to
average LHI excluding mortgage finance loans(1)(2) |
0.07 |
% |
0.08 |
% |
0.14 |
% |
0.12 |
% |
0.05 |
% |
Net charge-offs to
average LHI for last twelve months(1) |
0.07 |
% |
0.07 |
% |
0.06 |
% |
0.06 |
% |
0.05 |
% |
Net charge-offs to
average LHI, excluding mortgage finance loans, for last twelve
months(1)(2) |
0.10 |
% |
0.10 |
% |
0.08 |
% |
0.08 |
% |
0.07 |
% |
Total provision for
credit losses to average LHI(1) |
0.36 |
% |
0.36 |
% |
0.37 |
% |
0.31 |
% |
0.19 |
% |
Total provision for
credit losses to average LHI excluding mortgage finance
loans(1)(2) |
0.47 |
% |
0.48 |
% |
0.53 |
% |
0.42 |
% |
0.26 |
% |
Combined allowance for
credit losses to LHI |
0.90 |
% |
0.87 |
% |
0.79 |
% |
0.72 |
% |
0.76 |
% |
Combined allowance for
credit losses to LHI, excluding mortgage finance loans(2) |
1.28 |
% |
1.19 |
% |
1.14 |
% |
1.08 |
% |
1.06 |
% |
|
|
|
|
|
|
Non-performing assets
(NPAs): |
|
|
|
|
|
Non-accrual loans |
$ |
179,788 |
|
$ |
109,674 |
|
$ |
122,920 |
|
$ |
68,307 |
|
$ |
43,304 |
|
Other real estate owned
(OREO) |
278 |
|
187 |
|
609 |
|
605 |
|
568 |
|
Total |
$ |
180,066 |
|
$ |
109,861 |
|
$ |
123,529 |
|
$ |
68,912 |
|
$ |
43,872 |
|
|
|
|
|
|
|
|
4th Quarter |
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
|
2015 |
2015 |
2015 |
2015 |
2014 |
Non-accrual loans to
LHI |
|
1.08 |
% |
|
0.69 |
% |
|
0.77 |
% |
|
0.42 |
% |
|
0.30 |
% |
Non-accrual loans to
LHI excluding mortgage finance loans(2) |
|
1.53 |
% |
|
0.95 |
% |
|
1.11 |
% |
|
0.63 |
% |
|
0.43 |
% |
Total NPAs to LHI plus
OREO |
|
1.08 |
% |
|
0.69 |
% |
|
0.77 |
% |
|
0.43 |
% |
|
0.31 |
% |
Total NPAs to LHI
excluding mortgage finance loans plus OREO(2) |
|
1.53 |
% |
|
0.95 |
% |
|
1.11 |
% |
|
0.64 |
% |
|
0.43 |
% |
Total NPAs to earning
assets |
|
0.99 |
% |
|
0.61 |
% |
|
0.72 |
% |
|
0.41 |
% |
|
0.28 |
% |
Allowance for loan
losses to non-accrual loans |
|
0.8 |
x |
|
1.2 |
x |
|
1.0 |
x |
|
1.6 |
x |
|
2.3 |
x |
|
|
|
|
|
|
Restructured loans |
$ |
249 |
|
$ |
249 |
|
$ |
249 |
|
$ |
319 |
|
$ |
1,806 |
|
Loans past due 90 days
and still accruing(3) |
$ |
7,013 |
|
$ |
7,558 |
|
$ |
5,482 |
|
$ |
2,971 |
|
$ |
5,274 |
|
|
|
|
|
|
|
Loans past due 90 days
to LHI |
|
0.04 |
% |
|
0.05 |
% |
|
0.03 |
% |
|
0.02 |
% |
|
0.04 |
% |
Loans past due 90 days
to LHI excluding mortgage finance loans(2) |
|
0.06 |
% |
|
0.07 |
% |
|
0.05 |
% |
|
0.03 |
% |
|
0.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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
December 31, 2015, loans past due 90 days and still accruing
includes premium finance loans of $6.6 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) |
|
|
|
|
|
|
|
4th Quarter |
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
|
2015 |
2015 |
2015 |
2015 |
2014 |
Interest income |
|
|
|
|
|
Interest and fees on loans |
$ |
152,200 |
|
$ |
151,749 |
|
$ |
151,606 |
|
$ |
139,174 |
|
$ |
136,882 |
Securities |
275 |
|
298 |
|
323 |
|
358 |
|
389 |
Federal funds sold |
255 |
|
193 |
|
118 |
|
116 |
|
91 |
Deposits in other banks |
2,090 |
|
1,616 |
|
1,327 |
|
1,260 |
|
471 |
Total
interest income |
154,820 |
|
153,856 |
|
153,374 |
|
140,908 |
|
137,833 |
Interest expense |
|
|
|
|
|
Deposits |
7,068 |
|
6,240 |
|
5,642 |
|
5,628 |
|
5,263 |
Federal funds purchased |
67 |
|
56 |
|
93 |
|
68 |
|
81 |
Repurchase agreements |
5 |
|
6 |
|
4 |
|
4 |
|
4 |
Other
borrowings |
642 |
|
672 |
|
528 |
|
390 |
|
35 |
Subordinated notes |
4,191 |
|
4,191 |
|
4,191 |
|
4,191 |
|
4,241 |
Trust
preferred subordinated debentures |
659 |
|
643 |
|
631 |
|
618 |
|
627 |
Total
interest expense |
12,632 |
|
11,808 |
|
11,089 |
|
10,899 |
|
10,251 |
Net interest income |
142,188 |
|
142,048 |
|
142,285 |
|
130,009 |
|
127,582 |
Provision for credit losses |
14,000 |
|
13,750 |
|
14,500 |
|
11,000 |
|
6,500 |
Net interest income after provision for credit
losses |
128,188 |
|
128,298 |
|
127,785 |
|
119,009 |
|
121,082 |
Non-interest income |
|
|
|
|
|
Service charges on deposit accounts |
1,984 |
|
2,096 |
|
2,149 |
|
2,094 |
|
1,976 |
Trust
fee income |
1,313 |
|
1,222 |
|
1,287 |
|
1,200 |
|
1,223 |
Bank
owned life insurance (BOLI) income |
567 |
|
484 |
|
476 |
|
484 |
|
520 |
Brokered loan fees |
4,267 |
|
4,885 |
|
5,277 |
|
4,232 |
|
3,979 |
Swap
fees |
1,000 |
|
254 |
|
1,035 |
|
1,986 |
|
894 |
Other |
2,189 |
|
2,439 |
|
2,547 |
|
2,271 |
|
2,634 |
Total
non-interest income |
11,320 |
|
11,380 |
|
12,771 |
|
12,267 |
|
11,226 |
Non-interest expense |
|
|
|
|
|
Salaries and employee benefits |
49,999 |
|
48,583 |
|
48,200 |
|
45,828 |
|
43,910 |
Net
occupancy expense |
5,809 |
|
5,874 |
|
5,808 |
|
5,691 |
|
5,746 |
Marketing |
4,349 |
|
3,999 |
|
3,925 |
|
4,218 |
|
4,411 |
Legal
and professional |
6,974 |
|
5,510 |
|
5,618 |
|
4,048 |
|
3,725 |
Communications and technology |
5,520 |
|
5,180 |
|
5,647 |
|
5,078 |
|
5,454 |
FDIC
insurance assessment |
4,741 |
|
4,489 |
|
4,211 |
|
3,790 |
|
2,875 |
Allowance and other carrying costs for OREO |
6 |
|
1 |
|
6 |
|
9 |
|
24 |
Other |
9,644 |
|
8,052 |
|
7,861 |
|
7,855 |
|
7,972 |
Total
non-interest expense |
87,042 |
|
81,688 |
|
81,276 |
|
76,517 |
|
74,117 |
Income before income taxes |
52,466 |
|
57,990 |
|
59,280 |
|
54,759 |
|
58,191 |
Income tax expense |
17,713 |
|
20,876 |
|
21,343 |
|
19,709 |
|
20,357 |
Net income |
34,753 |
|
37,114 |
|
37,937 |
|
35,050 |
|
37,834 |
Preferred stock dividends |
2,437 |
|
2,438 |
|
2,437 |
|
2,438 |
|
2,437 |
Net income available to common shareholders |
$ |
32,316 |
|
$ |
34,676 |
|
$ |
35,500 |
|
$ |
32,612 |
|
$ |
35,397 |
TEXAS CAPITAL BANCSHARES, INC. |
QUARTERLY FINANCIAL SUMMARY - UNAUDITED |
Consolidated Daily Average Balances, Average Yields and Rates |
(Dollars
in thousands) |
|
4th Quarter 2015 |
|
3rd Quarter 2015 |
|
2nd Quarter 2015 |
|
1st Quarter 2015 |
|
4th Quarter 2014 |
|
Average
Balance |
Revenue/ Expense
(1) |
Yield/ Rate |
|
Average
Balance |
Revenue/ Expense
(1) |
Yield/ Rate |
|
Average
Balance |
Revenue/ Expense
(1) |
Yield/ Rate |
|
Average
Balance |
Revenue/
Expense (1) |
Yield/ Rate |
|
Average
Balance |
Revenue/
Expense (1) |
Yield/ Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities -
Taxable |
$ |
29,973 |
|
$ |
267 |
|
3.53 |
% |
|
$ |
32,358 |
|
$ |
287 |
|
3.52 |
% |
|
$ |
35,081 |
|
$ |
311 |
|
3.56 |
% |
|
$ |
37,145 |
|
$ |
332 |
|
3.62 |
% |
|
$ |
39,258 |
|
$ |
355 |
|
3.59 |
% |
Securities - Non-taxable(2) |
829 |
|
12 |
|
5.74 |
% |
|
1,162 |
|
17 |
|
5.80 |
% |
|
1,427 |
|
18 |
|
5.06 |
% |
|
2,785 |
|
40 |
|
5.82 |
% |
|
3,257 |
|
52 |
|
6.33 |
% |
Federal funds sold and
securities purchased under resale agreements |
375,181 |
|
255 |
|
0.27 |
% |
|
308,822 |
|
193 |
|
0.25 |
% |
|
200,690 |
|
118 |
|
0.24 |
% |
|
191,297 |
|
116 |
|
0.25 |
% |
|
139,761 |
|
91 |
|
0.26 |
% |
Deposits in other
banks |
3,081,882 |
|
2,090 |
|
0.27 |
% |
|
2,537,033 |
|
1,616 |
|
0.25 |
% |
|
2,103,732 |
|
1,327 |
|
0.25 |
% |
|
2,019,567 |
|
1,260 |
|
0.25 |
% |
|
742,240 |
|
471 |
|
0.25 |
% |
Loans held for sale, at
fair value |
24,658 |
|
237 |
|
3.81 |
% |
|
570 |
|
6 |
|
4.18 |
% |
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
|
— |
|
— |
|
— |
|
LHI, mortgage finance
loans |
3,669,022 |
|
27,846 |
|
3.01 |
% |
|
3,981,731 |
|
30,427 |
|
3.03 |
% |
|
4,573,478 |
|
33,773 |
|
2.96 |
% |
|
3,746,938 |
|
27,631 |
|
2.99 |
% |
|
3,471,737 |
|
26,773 |
|
3.06 |
% |
LHI |
11,693,464 |
|
124,117 |
|
4.21 |
% |
|
11,302,248 |
|
121,316 |
|
4.26 |
% |
|
10,941,029 |
|
117,833 |
|
4.32 |
% |
|
10,502,172 |
|
111,543 |
|
4.31 |
% |
|
9,921,611 |
|
110,109 |
|
4.40 |
% |
Less reserve for
loan losses |
130,822 |
|
— |
|
— |
|
|
118,543 |
|
— |
|
— |
|
|
109,086 |
|
— |
|
— |
|
|
101,042 |
|
— |
|
— |
|
|
96,139 |
|
— |
|
— |
|
LHI, net of
reserve |
15,231,664 |
|
151,963 |
|
3.96 |
% |
|
15,165,436 |
|
151,743 |
|
3.97 |
% |
|
15,405,421 |
|
151,606 |
|
3.95 |
% |
|
14,148,068 |
|
139,174 |
|
3.99 |
% |
|
13,297,209 |
|
136,882 |
|
4.08 |
% |
Total earning
assets |
18,744,187 |
|
154,824 |
|
3.28 |
% |
|
18,045,381 |
|
153,862 |
|
3.38 |
% |
|
17,746,351 |
|
153,380 |
|
3.47 |
% |
|
16,398,862 |
|
140,922 |
|
3.49 |
% |
|
14,221,725 |
|
137,851 |
|
3.85 |
% |
Cash and other
assets |
505,090 |
|
|
|
|
486,846 |
|
|
|
|
493,034 |
|
|
|
|
459,030 |
|
|
|
|
409,635 |
|
|
|
Total assets |
$ |
19,249,277 |
|
|
|
|
$ |
18,532,227 |
|
|
|
|
$ |
18,239,385 |
|
|
|
|
$ |
16,857,892 |
|
|
|
|
$ |
14,631,360 |
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction
deposits |
$ |
2,150,740 |
|
$ |
950 |
|
0.18 |
% |
|
$ |
1,754,940 |
|
$ |
763 |
|
0.17 |
% |
|
$ |
1,404,521 |
|
$ |
458 |
|
0.13 |
% |
|
$ |
1,401,626 |
|
$ |
444 |
|
0.13 |
% |
|
$ |
1,150,530 |
|
$ |
401 |
|
0.14 |
% |
Savings deposits |
6,316,191 |
|
5,370 |
|
0.34 |
% |
|
5,858,381 |
|
4,616 |
|
0.31 |
% |
|
5,610,277 |
|
4,332 |
|
0.31 |
% |
|
5,891,344 |
|
4,420 |
|
0.30 |
% |
|
5,479,395 |
|
4,121 |
|
0.30 |
% |
Time deposits |
539,421 |
|
748 |
|
0.55 |
% |
|
536,531 |
|
723 |
|
0.53 |
% |
|
516,582 |
|
657 |
|
0.51 |
% |
|
447,681 |
|
506 |
|
0.46 |
% |
|
406,040 |
|
413 |
|
0.40 |
% |
Deposits in foreign
branches |
— |
|
— |
|
— |
% |
|
179,731 |
|
138 |
|
0.30 |
% |
|
246,035 |
|
195 |
|
0.32 |
% |
|
304,225 |
|
258 |
|
0.34 |
% |
|
369,471 |
|
328 |
|
0.35 |
% |
Total interest bearing
deposits |
9,006,352 |
|
7,068 |
|
0.31 |
% |
|
8,329,583 |
|
6,240 |
|
0.30 |
% |
|
7,777,415 |
|
5,642 |
|
0.29 |
% |
|
8,044,876 |
|
5,628 |
|
0.28 |
% |
|
7,405,436 |
|
5,263 |
|
0.28 |
% |
Other borrowings |
1,327,087 |
|
714 |
|
0.21 |
% |
|
1,459,864 |
|
734 |
|
0.20 |
% |
|
1,565,874 |
|
625 |
|
0.16 |
% |
|
1,172,675 |
|
462 |
|
0.16 |
% |
|
251,737 |
|
120 |
|
0.19 |
% |
Subordinated notes |
286,000 |
|
4,191 |
|
5.81 |
% |
|
286,000 |
|
4,191 |
|
5.81 |
% |
|
286,000 |
|
4,191 |
|
5.88 |
% |
|
286,000 |
|
4,191 |
|
5.94 |
% |
|
286,000 |
|
4,241 |
|
5.88 |
% |
Trust preferred
subordinated debentures |
113,406 |
|
659 |
|
2.31 |
% |
|
113,406 |
|
643 |
|
2.25 |
% |
|
113,406 |
|
631 |
|
2.23 |
% |
|
113,406 |
|
618 |
|
2.21 |
% |
|
113,406 |
|
627 |
|
2.19 |
% |
Total interest bearing
liabilities |
10,732,845 |
|
12,632 |
|
0.47 |
% |
|
10,188,853 |
|
11,808 |
|
0.46 |
% |
|
9,742,695 |
|
11,089 |
|
0.46 |
% |
|
9,616,957 |
|
10,899 |
|
0.46 |
% |
|
8,056,579 |
|
10,251 |
|
0.50 |
% |
Demand deposits |
6,755,615 |
|
|
|
|
6,621,159 |
|
|
|
|
6,804,994 |
|
|
|
|
5,592,124 |
|
|
|
|
5,047,876 |
|
|
|
Other liabilities |
157,425 |
|
|
|
|
152,154 |
|
|
|
|
161,614 |
|
|
|
|
152,639 |
|
|
|
|
146,259 |
|
|
|
Stockholders’
equity |
1,603,392 |
|
|
|
|
1,570,061 |
|
|
|
|
1,530,082 |
|
|
|
|
1,496,172 |
|
|
|
|
1,380,646 |
|
|
|
Total liabilities and
stockholders’ equity |
$ |
19,249,277 |
|
|
|
|
$ |
18,532,227 |
|
|
|
|
$ |
18,239,385 |
|
|
|
|
$ |
16,857,892 |
|
|
|
|
$ |
14,631,360 |
|
|
|
Net interest income(2) |
|
$ |
142,192 |
|
|
|
|
$ |
142,054 |
|
|
|
|
$ |
142,291 |
|
|
|
|
$ |
130,023 |
|
|
|
|
$ |
127,600 |
|
Net interest
margin |
|
|
3.01 |
% |
|
|
|
3.12 |
% |
|
|
|
3.22 |
% |
|
|
|
3.22 |
% |
|
|
|
|
3.56 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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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