Texas Capital Bancshares, Inc. (NASDAQ:TCBI), the parent company of
Texas Capital Bank, announced earnings and operating results for
the third quarter of 2017.
“We are extremely pleased to report results for
another great quarter, with record earnings, continued core loan
and deposit growth and seasonally strong mortgage finance balances.
We continue to be optimistic about our earnings power for the
remainder of 2017," said Keith Cargill, CEO. "While we remain well
positioned to take advantage of future business opportunities, we
also remain cautious as we are late in a recovery cycle."
- Loans held for investment ("LHI"), excluding mortgage finance,
increased 4% on a linked quarter basis, growing 17% from the third
quarter of 2016.
- Total mortgage finance loans, including MCA, increased 9% on a
linked quarter basis and increased 18% from the third quarter of
2016.
- Demand deposits increased 1% and total deposits increased 10%
on a linked quarter basis, decreasing 6% and increasing 5%,
respectively, from the third quarter of 2016.
- Net income increased 15% on a linked quarter basis and
increased 37% from the third quarter of 2016.
- EPS increased 15% on a linked quarter basis and increased 29%
from the third quarter of 2016.
- ROE increased to 11.20% compared to 10.08% for the second
quarter of 2017 and 10.20% for the third quarter of 2016.
FINANCIAL SUMMARY(dollars and shares in
thousands)
|
Q3 2017 |
|
Q3 2016 |
|
% Change |
QUARTERLY OPERATING
RESULTS |
|
|
|
|
|
Net income |
$ |
58,684 |
|
|
$ |
42,725 |
|
|
37 |
% |
Net income available to
common stockholders |
$ |
56,246 |
|
|
$ |
40,287 |
|
|
40 |
% |
Diluted EPS |
$ |
1.12 |
|
|
$ |
0.87 |
|
|
29 |
% |
Diluted shares |
50,251 |
|
|
46,510 |
|
|
8 |
% |
ROA |
0.99 |
% |
|
0.78 |
% |
|
|
|
ROE |
11.20 |
% |
|
10.20 |
% |
|
|
|
|
|
|
|
|
|
|
BALANCE SHEET |
|
|
|
|
|
|
Loans held for sale
(MCA) |
$ |
955,983 |
|
|
$ |
648,684 |
|
|
47 |
% |
LHI, mortgage
finance |
5,642,285 |
|
|
4,961,159 |
|
|
14 |
% |
LHI |
14,828,406 |
|
|
12,662,394 |
|
|
17 |
% |
Total LHI |
20,470,691 |
|
|
17,623,553 |
|
|
16 |
% |
Total loans |
21,426,674 |
|
|
18,272,237 |
|
|
17 |
% |
Total assets |
24,400,998 |
|
|
22,216,388 |
|
|
10 |
% |
Demand deposits |
8,263,202 |
|
|
8,789,740 |
|
|
(6 |
)% |
Total deposits |
19,081,257 |
|
|
18,145,123 |
|
|
5 |
% |
Stockholders’
equity |
2,158,363 |
|
|
1,725,782 |
|
|
25 |
% |
DETAILED FINANCIALS
Texas Capital Bancshares, Inc. reported net
income of $58.7 million and net income available to common
stockholders of $56.2 million for the quarter ended
September 30, 2017 compared to net income of $42.7 million and
net income available to common stockholders of $40.3 million for
the same period in 2016. On a fully diluted basis, earnings per
common share were $1.12 for the quarter ended September 30,
2017 compared to $0.87 for the same period of 2016. The increase
reflects the $16.0 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
11.20 percent and return on average assets (“ROA”) was 0.99 percent
for the third quarter of 2017, compared to 10.08 percent and 0.96
percent, respectively, for the second quarter of 2017 and 10.20
percent and 0.78 percent, respectively, for the third quarter of
2016. The linked quarter increase in ROE and ROA resulted from
increases in net interest income and non-interest income in the
third quarter of 2017 that exceeded growth in the provision for
credit losses and non-interest expense. ROA also benefited from
more effective utilization of liquidity balances in the past two
quarters as balances were deployed into higher yielding loan
categories.
Net interest income was $204.4 million for the
third quarter of 2017, compared to $183.0 million for the second
quarter of 2017 and $166.7 million for the third quarter of 2016.
The linked quarter and year-over-year increases in net interest
income are due primarily to improved earning asset composition and
the effect of increases in interest rates on loan yields
attributable to our asset-sensitive balance sheet. The benefit of
mortgage finance balances is also most impactful in the seasonally
strong second and third quarters. Net interest margin for the third
quarter of 2017 was 3.59 percent, an increase of 2 basis points
from the second quarter of 2017 and an increase of 45 basis points
from the third quarter of 2016. We experienced significant
improvement in traditional LHI yields with a 20 basis point
increase for the third quarter of 2017 compared to the second
quarter of 2017 and a 58 basis point increase compared to the third
quarter of 2016. In contrast, total cost of deposits for the third
quarter of 2017 was up only 9 basis points to 0.47 percent compared
to 0.38 percent for the second quarter of 2017 and up 27 basis
points compared to the third quarter of 2016. Net interest
margin for the third quarter of 2017 was also adversely affected by
increases in mortgage and liquidity assets, which produced
significant growth in net interest income.
Average LHI, excluding mortgage finance loans,
for the third quarter of 2017 were $14.4 billion, an increase of
$709.2 million, or 5 percent, from the second quarter of 2017 and
an increase of $1.8 billion, or 15 percent, from the third quarter
of 2016. Average total mortgage finance loans (including Mortgage
Correspondent Aggregation ("MCA")) for the third quarter of 2017
were $5.9 billion, an increase of $1.2 billion, or 26 percent, from
the second quarter of 2017 and an increase of $767.6 million, or 15
percent, from the third quarter of 2016.
Average total deposits for the third quarter of
2017 increased $1.7 billion from the second quarter of 2017 and
increased $1.2 billion from the third quarter of 2016. Average
demand deposits for the third quarter of 2017 increased $900.9
million, or 11 percent, to $8.8 billion from $7.9 billion during
the second quarter of 2017, and decreased $85.5 million, or 1
percent, from the third quarter of 2016.
We recorded a $20.0 million provision for credit
losses for the third quarter of 2017 compared to $13.0 million for
the second quarter of 2017 and $22.0 million for the third quarter
of 2016. The provision for the third quarter of 2017 was driven by
the consistent application of our methodology, and includes a $4.5
million provision related to Hurricanes Harvey and Irma. The
linked-quarter increase was primarily related to the hurricane
provision as well as 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.
The combined allowance for credit losses at September 30, 2017
increased to 1.30 percent of LHI excluding mortgage finance loans
compared to 1.28 percent at June 30, 2017 and decreased from 1.51
percent at September 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 third quarter of 2017 compared to levels reported in
the second quarter of 2017 and third quarter of 2016, reducing the
ratio of total non-performing assets to total LHI plus other real
estate owned (“OREO”) to 0.67 percent compared to 0.73 percent for
the second quarter of 2017 and 1.07 percent for the third quarter
of 2016. The linked-quarter and year-over-year decreases are
primarily related to the decrease in energy non-accrual loans from
$129.3 million at September 30, 2016 and $82.6 million at June
30, 2017 to $81.6 million at September 30, 2017. Net
charge-offs for the third quarter of 2017 were $10.7 million
compared to $12.4 million for the second quarter of 2017 and $7.4
million for the third quarter of 2016. For the third quarter of
2017, net charge-offs related to energy loans were $6.3 million
compared to $6.4 million for the second quarter of 2017 and $1.8
million for the third quarter of 2016. For the third quarter of
2017, net charge-offs were 0.22 percent of average total LHI,
compared to 0.28 percent for the second quarter of 2017 and 0.17
percent for the same period in 2016. At September 30, 2017,
total OREO was $18.1 million compared to $18.7 million at June 30,
2017 and $19.0 million at September 30, 2016. We recorded a
$101,000 OREO valuation allowance during the third quarter of
2017.
Non-interest income increased $2.3 million, or
14 percent, during the third quarter of 2017 compared to the same
period of 2016, and increased $234,000, or 1 percent, compared to
the second quarter of 2017. The year-over-year increase primarily
related to a $4.2 million increase in servicing income during the
third quarter of 2017 compared to the same period of 2016 primarily
attributable to an increase in mortgage servicing rights.
Offsetting this increase was a $1.4 million decrease in brokered
loan fees resulting from a decrease in mortgage finance
volumes.
Non-interest expense for the third quarter of
2017 increased $20.0 million, or 21 percent, compared to the third
quarter of 2016, and increased $3.0 million, or 3 percent, compared
to the second quarter of 2017. The year-over-year increase is
primarily related to an $11.2 million increase in salaries and
employee benefits expense and a $3.0 million increase in marketing
expense, both of which were due to general business growth, and a
$3.3 million increase in servicing related expenses, resulting from
an increase in mortgage servicing rights, which are being
amortized. The linked quarter increase is primarily related to a
$4.7 million increase in salaries and employee benefits, a $1.6
million increase in the FDIC assessment, a $1.2 million increase in
servicing related expenses and a $1.1 million increase in marketing
expense, offset by a $5.9 million decrease in communications and
technology expense. The linked quarter decrease in communications
and technology expense relates to the technology write-off recorded
in the second quarter of 2017.
Stockholders’ equity increased by 25 percent
from $1.7 billion at September 30, 2016 to $2.2 billion at
September 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 September 30, 2017, our ratio of tangible common equity
to total tangible assets was 8.2 percent.
ABOUT TEXAS CAPITAL BANCSHARES,
INC.Texas Capital Bancshares, Inc. (NASDAQ:TCBI), a member
of the Russell 2000® Index and the S&P MidCap 400®, is the
parent company of Texas Capital Bank, a commercial bank that
delivers highly personalized financial services to businesses and
entrepreneurs. Headquartered in Dallas, the bank has full-service
locations in Austin, Dallas, Fort Worth, Houston and San
Antonio.
This news release may be deemed to include forward-looking
statements which are based on management’s current estimates or
expectations of future events or future results. These statements
are not historical in nature and can generally be identified by
such words as “believe,” “expect,” “estimate,” “anticipate,”
“plan,” “may,” “will,” “intend” and similar expressions. A number
of factors, many of which are beyond our control, could cause
actual results to differ materially from future results expressed
or implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, the credit quality
of our loan portfolio, general economic conditions in the United
States and in our markets, including the continued impact on our
customers from declines and volatility in oil and gas prices, the
impact on our loan and deposit portfolios as a result of Hurricanes
Harvey and Irma, rates of default or loan losses, volatility in the
mortgage industry, the success or failure of our business
strategies, future financial performance, future growth and
earnings, the appropriateness of our allowance for loan losses and
provision for credit losses, the impact of increased regulatory
requirements and legislative changes on our business, increased
competition, interest rate risk, the success or failure of new
lines of business and new product or service offerings and the
impact of new technologies. These and other factors that could
cause results to differ materially from those described in the
forward-looking statements, as well as a discussion of the risks
and uncertainties that may affect our business, can be found in our
Annual Report on Form 10-K and in other filings we make with the
Securities and Exchange Commission. The information contained in
this release speaks only as of its date. We are under no
obligation, and expressly disclaim such obligation, to update,
alter or revise our forward-looking statements, whether as a result
of new information, future events, or otherwise.
|
TEXAS CAPITAL BANCSHARES, INC. |
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED) |
(Dollars
in thousands except per share data) |
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|
2017 |
2017 |
2017 |
2016 |
2016 |
CONSOLIDATED
STATEMENTS OF INCOME |
|
|
|
|
|
Interest income |
$ |
237,643 |
|
$ |
208,191 |
|
$ |
183,946 |
|
$ |
188,671 |
|
$ |
182,492 |
|
Interest expense |
33,282 |
|
25,232 |
|
20,587 |
|
17,448 |
|
15,753 |
|
Net
interest income |
204,361 |
|
182,959 |
|
163,359 |
|
171,223 |
|
166,739 |
|
Provision for credit losses |
20,000 |
|
13,000 |
|
9,000 |
|
9,000 |
|
22,000 |
|
Net interest income
after provision for credit losses |
184,361 |
|
169,959 |
|
154,359 |
|
162,223 |
|
144,739 |
|
Non-interest income |
19,003 |
|
18,769 |
|
17,110 |
|
18,835 |
|
16,716 |
|
Non-interest expense |
114,830 |
|
111,814 |
|
106,094 |
|
106,523 |
|
94,799 |
|
Income before income
taxes |
88,534 |
|
76,914 |
|
65,375 |
|
74,535 |
|
66,656 |
|
Income tax expense |
29,850 |
|
25,819 |
|
22,833 |
|
26,149 |
|
23,931 |
|
Net
income |
58,684 |
|
51,095 |
|
42,542 |
|
48,386 |
|
42,725 |
|
Preferred stock dividends |
2,438 |
|
2,437 |
|
2,438 |
|
2,437 |
|
2,438 |
|
Net
income available to common stockholders |
$ |
56,246 |
|
$ |
48,658 |
|
$ |
40,104 |
|
$ |
45,949 |
|
$ |
40,287 |
|
|
|
|
|
|
|
Diluted EPS |
$ |
1.12 |
|
$ |
0.97 |
|
$ |
0.80 |
|
$ |
0.96 |
|
$ |
0.87 |
|
Diluted shares |
50,250,866 |
|
50,229,670 |
|
50,234,230 |
|
47,759,548 |
|
46,509,683 |
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEET DATA |
|
|
|
|
|
Total
assets |
$ |
24,400,998 |
|
$ |
23,119,713 |
|
$ |
20,864,874 |
|
$ |
21,697,134 |
|
$ |
22,216,388 |
|
LHI |
14,828,406 |
|
14,280,353 |
|
13,298,918 |
|
13,001,011 |
|
12,662,394 |
|
LHI,
mortgage finance |
5,642,285 |
|
5,183,600 |
|
3,371,598 |
|
4,497,338 |
|
4,961,159 |
|
Loans
held for sale (MCA) |
955,983 |
|
843,164 |
|
884,647 |
|
968,929 |
|
648,684 |
|
Liquidity assets |
2,357,537 |
|
2,142,658 |
|
2,804,921 |
|
2,725,645 |
|
3,471,074 |
|
Securities |
24,224 |
|
119,043 |
|
42,203 |
|
24,874 |
|
26,356 |
|
Demand deposits |
8,263,202 |
|
8,174,830 |
|
7,094,696 |
|
7,994,201 |
|
8,789,740 |
|
Total
deposits |
19,081,257 |
|
17,292,223 |
|
16,605,380 |
|
17,016,831 |
|
18,145,123 |
|
Other
borrowings |
2,583,496 |
|
3,162,224 |
|
1,641,834 |
|
2,109,575 |
|
1,751,420 |
|
Subordinated notes |
281,315 |
|
281,225 |
|
281,134 |
|
281,044 |
|
280,954 |
|
Long-term debt |
113,406 |
|
113,406 |
|
113,406 |
|
113,406 |
|
113,406 |
|
Stockholders’ equity |
2,158,363 |
|
2,100,553 |
|
2,050,442 |
|
2,009,557 |
|
1,725,782 |
|
|
|
|
|
|
|
End
of period shares outstanding |
49,621,825 |
|
49,595,252 |
|
49,560,100 |
|
49,503,662 |
|
46,009,495 |
|
Book
value |
$ |
40.47 |
|
$ |
39.33 |
|
$ |
38.35 |
|
$ |
37.56 |
|
$ |
34.25 |
|
Tangible book
value(1) |
$ |
40.09 |
|
$ |
38.94 |
|
$ |
37.95 |
|
$ |
37.17 |
|
$ |
33.82 |
|
|
|
|
|
|
|
SELECTED FINANCIAL RATIOS |
|
|
|
|
|
Net
interest margin |
3.59 |
% |
3.57 |
% |
3.29 |
% |
3.11 |
% |
3.14 |
% |
Return on average assets |
0.99 |
% |
0.96 |
% |
0.83 |
% |
0.85 |
% |
0.78 |
% |
Return on average common equity |
11.20 |
% |
10.08 |
% |
8.60 |
% |
10.82 |
% |
10.20 |
% |
Non-interest income to earning assets |
0.33 |
% |
0.36 |
% |
0.34 |
% |
0.34 |
% |
0.32 |
% |
Efficiency ratio(2) |
51.4 |
% |
55.4 |
% |
58.8 |
% |
56.0 |
% |
51.7 |
% |
Non-interest expense to earning assets |
2.00 |
% |
2.17 |
% |
2.12 |
% |
1.93 |
% |
1.79 |
% |
Tangible common equity
to total tangible assets(3) |
8.2 |
% |
8.4 |
% |
9.0 |
% |
8.5 |
% |
7.0 |
% |
Common Equity Tier
1 |
8.4 |
% |
8.6 |
% |
9.6 |
% |
9.0 |
% |
7.6 |
% |
Tier 1 capital |
9.4 |
% |
9.8 |
% |
10.9 |
% |
10.2 |
% |
8.8 |
% |
Total capital |
11.4 |
% |
11.8 |
% |
13.3 |
% |
12.5 |
% |
11.1 |
% |
Leverage |
9.6 |
% |
10.3 |
% |
10.3 |
% |
9.3 |
% |
8.4 |
% |
(1) Stockholders’ equity excluding preferred stock, less
goodwill and intangibles, divided by shares outstanding at period
end.(2) Non-interest expense divided by the sum of net interest
income and non-interest income.(3) Stockholders’ equity excluding
preferred stock and accumulated other comprehensive income less
goodwill and intangibles divided by total assets less accumulated
other comprehensive income and goodwill and intangibles.
|
TEXAS CAPITAL BANCSHARES, INC. |
CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
(Dollars in
thousands) |
|
September 30, 2017 |
September 30, 2016 |
%Change |
Assets |
|
|
|
Cash and due from
banks |
$ |
143,616 |
|
$ |
117,345 |
|
22 |
% |
Interest-bearing
deposits |
2,332,537 |
|
3,441,074 |
|
(32 |
)% |
Federal funds sold and
securities purchased under resale agreements |
25,000 |
|
30,000 |
|
(17 |
)% |
Securities,
available-for-sale |
24,224 |
|
26,356 |
|
(8 |
)% |
Loans held for sale, at
fair value |
955,983 |
|
648,684 |
|
47 |
% |
LHI, mortgage
finance |
5,642,285 |
|
4,961,159 |
|
14 |
% |
LHI (net of unearned
income) |
14,828,406 |
|
12,662,394 |
|
17 |
% |
Less: Allowance
for loan losses |
182,929 |
|
180,436 |
|
1 |
% |
LHI, net |
20,287,762 |
|
17,443,117 |
|
16 |
% |
Mortgage servicing
rights, net |
77,630 |
|
15,462 |
|
402 |
% |
Premises and equipment,
net |
23,882 |
|
20,604 |
|
16 |
% |
Accrued interest
receivable and other assets |
511,207 |
|
454,116 |
|
13 |
% |
Goodwill and
intangibles, net |
19,157 |
|
19,630 |
|
(2 |
)% |
Total assets |
$ |
24,400,998 |
|
$ |
22,216,388 |
|
10 |
% |
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
Liabilities: |
|
|
|
|
Deposits: |
|
|
|
|
Non-interest
bearing |
$ |
8,263,202 |
|
$ |
8,789,740 |
|
(6 |
)% |
Interest bearing |
10,818,055 |
|
9,355,383 |
|
16 |
% |
Total
deposits |
19,081,257 |
|
18,145,123 |
|
5 |
% |
|
|
|
|
|
Accrued interest
payable |
4,562 |
|
3,124 |
|
46 |
% |
Other liabilities |
178,599 |
|
196,579 |
|
(9 |
)% |
Federal funds purchased
and repurchase agreements |
83,496 |
|
81,420 |
|
3 |
% |
Other borrowings |
2,500,000 |
|
1,670,000 |
|
50 |
% |
Subordinated notes,
net |
281,315 |
|
280,954 |
|
— |
|
Trust preferred
subordinated debentures |
113,406 |
|
113,406 |
|
— |
|
Total liabilities |
22,242,635 |
|
20,490,606 |
|
9 |
% |
|
|
|
|
Stockholders’
equity: |
|
|
|
Preferred stock, $.01
par value, $1,000 liquidation value: |
|
|
|
Authorized shares -
10,000,000 |
|
|
|
Issued shares - 6,000,000 shares issued at September 30, 2017 and
2016 |
150,000 |
|
150,000 |
|
— |
|
Common stock, $.01 par value: |
|
|
|
Authorized shares -
100,000,000 |
|
|
|
Issued shares -
49,622,242 and 46,009,912 at September 30, 2017 and 2016,
respectively |
496 |
|
460 |
|
8 |
% |
Additional paid-in capital |
959,251 |
|
717,452 |
|
34 |
% |
Retained earnings |
1,048,195 |
|
857,238 |
|
22 |
% |
Treasury stock (shares
at cost: 417 at September 30, 2017 and 2016) |
(8 |
) |
(8 |
) |
— |
|
Accumulated other comprehensive income, net of taxes |
429 |
|
640 |
|
(33 |
)% |
Total stockholders’
equity |
2,158,363 |
|
1,725,782 |
|
25 |
% |
Total liabilities and
stockholders’ equity |
$ |
24,400,998 |
|
$ |
22,216,388 |
|
10 |
% |
|
|
|
|
|
|
|
|
|
TEXAS CAPITAL
BANCSHARES, INC. |
|
|
|
|
CONSOLIDATED
STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
(Dollars in thousands
except per share data) |
|
|
|
|
|
Three Months Ended September 30 |
Nine Months EndedSeptember 30 |
|
2017 |
2016 |
2017 |
2016 |
Interest income |
|
|
|
|
Interest and fees on loans |
$ |
229,116 |
|
$ |
177,724 |
|
$ |
607,386 |
|
$ |
501,673 |
|
Securities |
341 |
|
232 |
|
853 |
|
739 |
|
Federal funds sold and securities purchased under resale
agreements |
642 |
|
455 |
|
1,606 |
|
1,209 |
|
Deposits in other banks |
7,544 |
|
4,081 |
|
19,935 |
|
11,116 |
|
Total
interest income |
237,643 |
|
182,492 |
|
629,780 |
|
514,737 |
|
Interest expense |
|
|
|
|
Deposits |
22,435 |
|
8,950 |
|
52,261 |
|
26,743 |
|
Federal funds purchased |
891 |
|
126 |
|
1,869 |
|
362 |
|
Other
borrowings |
4,835 |
|
1,733 |
|
9,757 |
|
4,265 |
|
Subordinated notes |
4,191 |
|
4,191 |
|
12,573 |
|
12,573 |
|
Trust
preferred subordinated debentures |
930 |
|
753 |
|
2,641 |
|
2,203 |
|
Total
interest expense |
33,282 |
|
15,753 |
|
79,101 |
|
46,146 |
|
Net interest income |
204,361 |
|
166,739 |
|
550,679 |
|
468,591 |
|
Provision for credit losses |
20,000 |
|
22,000 |
|
42,000 |
|
68,000 |
|
Net interest income after provision for credit
losses |
184,361 |
|
144,739 |
|
508,679 |
|
400,591 |
|
Non-interest income |
|
|
|
|
Service charges on deposit accounts |
3,211 |
|
2,880 |
|
9,323 |
|
7,401 |
|
Wealth management and trust fee income |
1,627 |
|
1,113 |
|
4,386 |
|
3,024 |
|
Bank
owned life insurance (BOLI) income |
615 |
|
520 |
|
1,562 |
|
1,592 |
|
Brokered loan fees |
6,152 |
|
7,581 |
|
17,639 |
|
18,090 |
|
Servicing income |
4,486 |
|
310 |
|
10,387 |
|
305 |
|
Swap
fees |
647 |
|
918 |
|
3,404 |
|
2,330 |
|
Other |
2,265 |
|
3,394 |
|
8,181 |
|
9,203 |
|
Total
non-interest income |
19,003 |
|
16,716 |
|
54,882 |
|
41,945 |
|
Non-interest expense |
|
|
|
|
Salaries and employee benefits |
67,882 |
|
56,722 |
|
194,039 |
|
162,904 |
|
Net
occupancy expense |
6,436 |
|
5,634 |
|
19,062 |
|
17,284 |
|
Marketing |
7,242 |
|
4,292 |
|
18,349 |
|
12,686 |
|
Legal
and professional |
6,395 |
|
5,333 |
|
20,975 |
|
16,883 |
|
Communications and technology |
6,002 |
|
6,620 |
|
24,414 |
|
19,228 |
|
FDIC
insurance assessment |
6,203 |
|
6,355 |
|
16,800 |
|
17,867 |
|
Servicing related expenses |
3,897 |
|
620 |
|
8,329 |
|
1,305 |
|
Other |
10,773 |
|
9,223 |
|
30,770 |
|
27,717 |
|
Total non-interest
expense |
114,830 |
|
94,799 |
|
332,738 |
|
275,874 |
|
Income before income taxes |
88,534 |
|
66,656 |
|
230,823 |
|
166,662 |
|
Income tax expense |
29,850 |
|
23,931 |
|
78,502 |
|
59,929 |
|
Net income |
58,684 |
|
42,725 |
|
152,321 |
|
106,733 |
|
Preferred stock dividends |
2,438 |
|
2,438 |
|
7,313 |
|
7,313 |
|
Net income available to common stockholders |
$ |
56,246 |
|
$ |
40,287 |
|
$ |
145,008 |
|
$ |
99,420 |
|
|
|
|
|
|
Basic earnings per common share |
$ |
1.13 |
|
$ |
0.88 |
|
$ |
2.93 |
|
$ |
2.16 |
|
Diluted earnings per common share |
$ |
1.12 |
|
$ |
0.87 |
|
$ |
2.89 |
|
$ |
2.14 |
|
TEXAS CAPITAL BANCSHARES, INC. |
SUMMARY OF LOAN LOSS EXPERIENCE |
(Dollars
in thousands) |
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|
2017 |
2017 |
2017 |
2016 |
2016 |
Allowance for loan
losses: |
|
|
|
|
|
Beginning balance |
$ |
174,225 |
|
$ |
172,013 |
|
$ |
168,126 |
|
$ |
180,436 |
|
$ |
167,397 |
|
Loans charged-off: |
|
|
|
|
|
Commercial |
10,603 |
|
12,310 |
|
9,233 |
|
22,326 |
|
9,945 |
|
Real estate |
250 |
|
40 |
|
— |
|
— |
|
— |
|
Construction |
59 |
|
— |
|
— |
|
— |
|
— |
|
Consumer |
— |
|
180 |
|
— |
|
7 |
|
40 |
|
Total charge-offs |
10,912 |
|
12,530 |
|
9,233 |
|
22,333 |
|
9,985 |
|
Recoveries: |
|
|
|
|
|
Commercial |
132 |
|
61 |
|
3,381 |
|
1,535 |
|
2,495 |
|
Real estate |
21 |
|
3 |
|
50 |
|
27 |
|
15 |
|
Construction |
3 |
|
— |
|
101 |
|
— |
|
— |
|
Consumer |
15 |
|
36 |
|
5 |
|
5 |
|
5 |
|
Leases |
1 |
|
— |
|
8 |
|
6 |
|
26 |
|
Total recoveries |
172 |
|
100 |
|
3,545 |
|
1,573 |
|
2,541 |
|
Net charge-offs |
10,740 |
|
12,430 |
|
5,688 |
|
20,760 |
|
7,444 |
|
Provision for loan
losses |
19,444 |
|
14,642 |
|
9,575 |
|
8,450 |
|
20,483 |
|
Ending balance |
$ |
182,929 |
|
$ |
174,225 |
|
$ |
172,013 |
|
$ |
168,126 |
|
$ |
180,436 |
|
|
|
|
|
|
|
Allowance for
off-balance sheet credit losses: |
|
|
|
|
|
Beginning balance |
$ |
9,205 |
|
$ |
10,847 |
|
$ |
11,422 |
|
$ |
10,872 |
|
$ |
9,355 |
|
Provision for
off-balance sheet credit losses |
556 |
|
(1,642 |
) |
(575 |
) |
550 |
|
1,517 |
|
Ending balance |
$ |
9,761 |
|
$ |
9,205 |
|
$ |
10,847 |
|
$ |
11,422 |
|
$ |
10,872 |
|
|
|
|
|
|
|
Total allowance for
credit losses |
$ |
192,690 |
|
$ |
183,430 |
|
$ |
182,860 |
|
$ |
179,548 |
|
$ |
191,308 |
|
|
|
|
|
|
|
Total provision for
credit losses |
$ |
20,000 |
|
$ |
13,000 |
|
$ |
9,000 |
|
$ |
9,000 |
|
$ |
22,000 |
|
|
|
|
|
|
|
Allowance for loan
losses to LHI |
0.89 |
% |
0.90 |
% |
1.03 |
% |
0.96 |
% |
1.02 |
% |
Allowance for loan
losses to LHI excluding mortgage finance loans(2) |
1.23 |
% |
1.22 |
% |
1.29 |
% |
1.29 |
% |
1.42 |
% |
Allowance for loan
losses to average LHI |
0.95 |
% |
0.99 |
% |
1.09 |
% |
0.98 |
% |
1.05 |
% |
Allowance for loan
losses to average LHI excluding mortgage finance loans(2) |
1.27 |
% |
1.27 |
% |
1.33 |
% |
1.32 |
% |
1.43 |
% |
Net charge-offs to
average LHI(1) |
0.22 |
% |
0.28 |
% |
0.15 |
% |
0.48 |
% |
0.17 |
% |
Net charge-offs to
average LHI excluding mortgage finance loans(1)(2) |
0.30 |
% |
0.36 |
% |
0.18 |
% |
0.65 |
% |
0.24 |
% |
Net charge-offs to
average LHI for last twelve months(1) |
0.29 |
% |
0.27 |
% |
0.28 |
% |
0.29 |
% |
0.18 |
% |
Net charge-offs to
average LHI excluding mortgage finance loans for last twelve
months(1)(2) |
0.37 |
% |
0.36 |
% |
0.36 |
% |
0.38 |
% |
0.24 |
% |
Total provision for
credit losses to average LHI(1) |
0.41 |
% |
0.30 |
% |
0.23 |
% |
0.21 |
% |
0.51 |
% |
Total provision for
credit losses to average LHI excluding mortgage finance
loans(1)(2) |
0.55 |
% |
0.38 |
% |
0.28 |
% |
0.28 |
% |
0.70 |
% |
Combined allowance for
credit losses to LHI |
0.94 |
% |
0.94 |
% |
1.10 |
% |
1.03 |
% |
1.09 |
% |
Combined allowance for
credit losses to LHI excluding mortgage finance loans(2) |
1.30 |
% |
1.28 |
% |
1.37 |
% |
1.38 |
% |
1.51 |
% |
|
|
|
|
|
|
Non-performing assets
(NPAs): |
|
|
|
|
|
Non-accrual loans |
$ |
118,205 |
|
$ |
123,730 |
|
$ |
146,549 |
|
$ |
167,791 |
|
$ |
169,113 |
|
Other real estate owned
(OREO) |
18,131 |
|
18,689 |
|
18,833 |
|
18,961 |
|
19,009 |
|
Total |
$ |
136,336 |
|
$ |
142,419 |
|
$ |
165,382 |
|
$ |
186,752 |
|
$ |
188,122 |
|
|
|
|
|
|
|
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|
2017 |
2017 |
2017 |
2016 |
2016 |
|
|
|
|
|
|
Non-accrual loans to
LHI |
0.58 |
% |
0.64 |
% |
0.88 |
% |
0.96 |
% |
0.96 |
% |
Non-accrual loans to
LHI excluding mortgage finance loans(2) |
0.80 |
% |
0.87 |
% |
1.10 |
% |
1.29 |
% |
1.34 |
% |
Total NPAs to LHI plus
OREO |
0.67 |
% |
0.73 |
% |
0.99 |
% |
1.07 |
% |
1.07 |
% |
Total NPAs to LHI
excluding mortgage finance loans plus OREO(2) |
0.92 |
% |
1.00 |
% |
1.24 |
% |
1.43 |
% |
1.48 |
% |
Total NPAs to earning
assets |
0.58 |
% |
0.64 |
% |
0.82 |
% |
0.89 |
% |
0.87 |
% |
Allowance for loan
losses to non-accrual loans |
1.5x |
1.4x |
1.2x |
1.0x |
1.1x |
|
|
|
|
|
|
Restructured loans |
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
Loans past due 90 days
and still accruing(3) |
$ |
8,892 |
|
$ |
11,077 |
|
$ |
8,799 |
|
$ |
10,729 |
|
$ |
9,706 |
|
|
|
|
|
|
|
Loans past due 90 days
to LHI |
0.04 |
% |
0.06 |
% |
0.05 |
% |
0.06 |
% |
0.06 |
% |
Loans past due 90 days
to LHI excluding mortgage finance loans(2) |
0.06 |
% |
0.08 |
% |
0.07 |
% |
0.08 |
% |
0.08 |
% |
(1) Interim period ratios are annualized. (2) The indicated
ratios are presented with and excluding the mortgage finance loans
because the risk profile of our mortgage finance loans is different
than our other loans held for investment. No provision for credit
losses is allocated to these loans based on the internal risk grade
assigned. (3) At September 30, 2017, loans past due 90
days and still accruing includes premium finance loans of $8.4
million. These loans are primarily secured by obligations of
insurance carriers to refund premiums on cancelled insurance
policies. The refund of premiums from the insurance carriers can
take 180 days or longer from the cancellation date.
|
TEXAS CAPITAL BANCSHARES, INC. |
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
(Dollars
in thousands) |
|
|
|
|
|
|
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|
2017 |
2017 |
2017 |
2016 |
2016 |
Interest income |
|
|
|
|
|
Interest and fees on loans |
$ |
229,116 |
|
$ |
201,646 |
|
$ |
176,624 |
|
$ |
182,909 |
|
$ |
177,724 |
|
Securities |
341 |
|
287 |
|
225 |
|
228 |
|
232 |
|
Federal funds sold and securities purchased under resale
agreements |
642 |
|
434 |
|
530 |
|
338 |
|
455 |
|
Deposits in other banks |
7,544 |
|
5,824 |
|
6,567 |
|
5,196 |
|
4,081 |
|
Total
interest income |
237,643 |
|
208,191 |
|
183,946 |
|
188,671 |
|
182,492 |
|
Interest expense |
|
|
|
|
|
Deposits |
22,435 |
|
16,533 |
|
13,293 |
|
10,432 |
|
8,950 |
|
Federal funds purchased |
891 |
|
726 |
|
252 |
|
156 |
|
126 |
|
Other
borrowings |
4,835 |
|
2,901 |
|
2,021 |
|
1,863 |
|
1,733 |
|
Subordinated notes |
4,191 |
|
4,191 |
|
4,191 |
|
4,191 |
|
4,191 |
|
Trust
preferred subordinated debentures |
930 |
|
881 |
|
830 |
|
806 |
|
753 |
|
Total
interest expense |
33,282 |
|
25,232 |
|
20,587 |
|
17,448 |
|
15,753 |
|
Net interest income |
204,361 |
|
182,959 |
|
163,359 |
|
171,223 |
|
166,739 |
|
Provision for credit losses |
20,000 |
|
13,000 |
|
9,000 |
|
9,000 |
|
22,000 |
|
Net interest income after provision for credit
losses |
184,361 |
|
169,959 |
|
154,359 |
|
162,223 |
|
144,739 |
|
Non-interest income |
|
|
|
|
|
Service charges on deposit accounts |
3,211 |
|
3,067 |
|
3,045 |
|
2,940 |
|
2,880 |
|
Wealth management and trust fee income |
1,627 |
|
1,402 |
|
1,357 |
|
1,244 |
|
1,113 |
|
Bank
owned life insurance (BOLI) income |
615 |
|
481 |
|
466 |
|
481 |
|
520 |
|
Brokered loan fees |
6,152 |
|
5,809 |
|
5,678 |
|
7,249 |
|
7,581 |
|
Servicing income |
4,486 |
|
3,700 |
|
2,201 |
|
1,410 |
|
310 |
|
Swap
fees |
647 |
|
954 |
|
1,803 |
|
536 |
|
918 |
|
Other |
2,265 |
|
3,356 |
|
2,560 |
|
4,975 |
|
3,394 |
|
Total
non-interest income |
19,003 |
|
18,769 |
|
17,110 |
|
18,835 |
|
16,716 |
|
Non-interest expense |
|
|
|
|
|
Salaries and employee benefits |
67,882 |
|
63,154 |
|
63,003 |
|
66,081 |
|
56,722 |
|
Net
occupancy expense |
6,436 |
|
6,515 |
|
6,111 |
|
5,937 |
|
5,634 |
|
Marketing |
7,242 |
|
6,157 |
|
4,950 |
|
4,617 |
|
4,292 |
|
Legal
and professional |
6,395 |
|
7,127 |
|
7,453 |
|
6,443 |
|
5,333 |
|
Communications and technology |
6,002 |
|
11,906 |
|
6,506 |
|
6,334 |
|
6,620 |
|
FDIC
insurance assessment |
6,203 |
|
4,603 |
|
5,994 |
|
6,573 |
|
6,355 |
|
Servicing related expenses |
3,897 |
|
2,682 |
|
1,750 |
|
398 |
|
620 |
|
Other |
10,773 |
|
9,670 |
|
10,327 |
|
10,140 |
|
9,223 |
|
Total
non-interest expense |
114,830 |
|
111,814 |
|
106,094 |
|
106,523 |
|
94,799 |
|
Income before income taxes |
88,534 |
|
76,914 |
|
65,375 |
|
74,535 |
|
66,656 |
|
Income tax expense |
29,850 |
|
25,819 |
|
22,833 |
|
26,149 |
|
23,931 |
|
Net income |
58,684 |
|
51,095 |
|
42,542 |
|
48,386 |
|
42,725 |
|
Preferred stock dividends |
2,438 |
|
2,437 |
|
2,438 |
|
2,437 |
|
2,438 |
|
Net income available to common shareholders |
$ |
56,246 |
|
$ |
48,658 |
|
$ |
40,104 |
|
$ |
45,949 |
|
$ |
40,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TEXAS CAPITAL BANCSHARES, INC. |
QUARTERLY FINANCIAL SUMMARY - UNAUDITED |
Consolidated Daily Average Balances, Average Yields and Rates |
(Dollars
in thousands) |
|
3rd Quarter 2017 |
|
2nd Quarter 2017 |
|
1st Quarter 2017 |
|
4th Quarter 2016 |
|
3rd Quarter 2016 |
|
AverageBalance |
Revenue/Expense |
Yield/Rate |
|
Average Balance |
Revenue/ Expense |
Yield/ Rate |
|
Average Balance |
Revenue/ Expense |
Yield/ Rate |
|
Average Balance |
Revenue/ Expense |
Yield/ Rate |
|
Average Balance |
Revenue/ Expense |
Yield/ Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Securities -
Taxable |
$ |
86,087 |
|
$ |
340 |
|
1.57 |
% |
|
$ |
65,049 |
|
$ |
287 |
|
1.77 |
% |
|
$ |
31,905 |
|
$ |
224 |
|
2.84 |
% |
|
$ |
25,008 |
|
$ |
221 |
|
3.53 |
% |
|
$ |
26,051 |
|
$ |
228 |
|
3.47 |
% |
Securities - Non-taxable(2) |
— |
|
— |
|
— |
% |
|
— |
|
— |
|
— |
% |
|
224 |
|
3 |
|
4.85 |
% |
|
531 |
|
9 |
|
6.37 |
% |
|
564 |
|
8 |
|
5.82 |
% |
Federal funds sold and
securities purchased under resale agreements |
205,938 |
|
642 |
|
1.24 |
% |
|
174,264 |
|
434 |
|
1.00 |
% |
|
276,910 |
|
530 |
|
0.78 |
% |
|
254,008 |
|
338 |
|
0.53 |
% |
|
369,215 |
|
455 |
|
0.49 |
% |
Interest-bearing
deposits in other banks |
2,383,060 |
|
7,544 |
|
1.26 |
% |
|
2,250,330 |
|
5,824 |
|
1.04 |
% |
|
3,312,256 |
|
6,567 |
|
0.80 |
% |
|
3,812,076 |
|
5,197 |
|
0.54 |
% |
|
3,192,141 |
|
4,080 |
|
0.51 |
% |
Loans held for sale, at
fair value |
1,009,703 |
|
9,882 |
|
3.88 |
% |
|
845,623 |
|
8,235 |
|
3.91 |
% |
|
1,064,322 |
|
9,535 |
|
3.63 |
% |
|
944,484 |
|
7,903 |
|
3.33 |
% |
|
430,869 |
|
3,662 |
|
3.38 |
% |
LHI, mortgage finance
loans |
4,847,530 |
|
42,294 |
|
3.46 |
% |
|
3,805,831 |
|
33,399 |
|
3.52 |
% |
|
2,757,566 |
|
23,105 |
|
3.40 |
% |
|
4,371,475 |
|
35,081 |
|
3.19 |
% |
|
4,658,804 |
|
36,655 |
|
3.13 |
% |
LHI(1)(2) |
14,427,980 |
|
178,839 |
|
4.92 |
% |
|
13,718,739 |
|
161,369 |
|
4.72 |
% |
|
12,980,544 |
|
145,018 |
|
4.53 |
% |
|
12,701,868 |
|
140,130 |
|
4.39 |
% |
|
12,591,561 |
|
137,407 |
|
4.34 |
% |
Less
allowance for loan losses |
172,774 |
|
— |
|
— |
|
|
170,957 |
|
— |
|
— |
|
|
169,318 |
|
— |
|
— |
|
|
180,727 |
|
— |
|
— |
|
|
168,086 |
|
— |
|
— |
|
LHI, net of
allowance |
19,102,736 |
|
221,133 |
|
4.59 |
% |
|
17,353,613 |
|
194,768 |
|
4.50 |
% |
|
15,568,792 |
|
168,123 |
|
4.38 |
% |
|
16,892,616 |
|
175,211 |
|
4.13 |
% |
|
17,082,279 |
|
174,062 |
|
4.05 |
% |
Total earning
assets |
22,787,524 |
|
239,541 |
|
4.17 |
% |
|
20,688,879 |
|
209,548 |
|
4.06 |
% |
|
20,254,409 |
|
184,982 |
|
3.70 |
% |
|
21,928,723 |
|
188,879 |
|
3.43 |
% |
|
21,101,119 |
|
182,495 |
|
3.44 |
% |
Cash and other
assets |
713,778 |
|
|
|
|
|
632,097 |
|
|
|
|
|
606,762 |
|
|
|
|
|
595,671 |
|
|
|
|
|
588,440 |
|
|
|
|
Total assets |
$ |
23,501,302 |
|
|
|
|
|
$ |
21,320,976 |
|
|
|
|
|
$ |
20,861,171 |
|
|
|
|
|
$ |
22,524,394 |
|
|
|
|
|
$ |
21,689,559 |
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction
deposits |
$ |
2,145,324 |
|
$ |
4,359 |
|
0.81 |
% |
|
$ |
2,008,872 |
|
$ |
2,893 |
|
0.58 |
% |
|
$ |
2,008,401 |
|
$ |
2,193 |
|
0.44 |
% |
|
$ |
2,281,240 |
|
$ |
2,129 |
|
0.37 |
% |
|
$ |
2,301,362 |
|
$ |
1,960 |
|
0.34 |
% |
Savings deposits |
7,618,843 |
|
17,152 |
|
0.89 |
% |
|
6,952,317 |
|
12,940 |
|
0.75 |
% |
|
6,989,748 |
|
10,483 |
|
0.61 |
% |
|
6,711,083 |
|
7,592 |
|
0.45 |
% |
|
6,177,681 |
|
6,228 |
|
0.40 |
% |
Time deposits |
496,076 |
|
924 |
|
0.74 |
% |
|
455,542 |
|
700 |
|
0.62 |
% |
|
427,770 |
|
617 |
|
0.59 |
% |
|
474,548 |
|
711 |
|
0.60 |
% |
|
501,701 |
|
763 |
|
0.61 |
% |
Total interest bearing
deposits |
10,260,243 |
|
22,435 |
|
0.87 |
% |
|
9,416,731 |
|
16,533 |
|
0.70 |
% |
|
9,425,919 |
|
13,293 |
|
0.57 |
% |
|
9,466,871 |
|
10,432 |
|
0.44 |
% |
|
8,980,744 |
|
8,951 |
|
0.40 |
% |
Other borrowings |
1,821,837 |
|
5,726 |
|
1.25 |
% |
|
1,456,737 |
|
3,627 |
|
1.00 |
% |
|
1,333,685 |
|
2,273 |
|
0.69 |
% |
|
1,553,010 |
|
2,017 |
|
0.52 |
% |
|
1,607,613 |
|
1,860 |
|
0.46 |
% |
Subordinated notes |
281,256 |
|
4,191 |
|
5.91 |
% |
|
281,167 |
|
4,191 |
|
5.98 |
% |
|
281,076 |
|
4,191 |
|
6.05 |
% |
|
280,985 |
|
4,191 |
|
5.93 |
% |
|
280,895 |
|
4,191 |
|
5.94 |
% |
Trust preferred
subordinated debentures |
113,406 |
|
930 |
|
3.25 |
% |
|
113,406 |
|
881 |
|
3.12 |
% |
|
113,406 |
|
830 |
|
2.97 |
% |
|
113,406 |
|
806 |
|
2.83 |
% |
|
113,406 |
|
752 |
|
2.64 |
% |
Total interest bearing
liabilities |
12,476,742 |
|
33,282 |
|
1.06 |
% |
|
11,268,041 |
|
25,232 |
|
0.90 |
% |
|
11,154,086 |
|
20,587 |
|
0.75 |
% |
|
11,414,272 |
|
17,446 |
|
0.61 |
% |
|
10,982,658 |
|
15,754 |
|
0.57 |
% |
Demand deposits |
8,764,263 |
|
|
|
|
|
7,863,402 |
|
|
|
|
|
7,547,338 |
|
|
|
|
|
9,129,668 |
|
|
|
|
|
8,849,725 |
|
|
|
|
Other liabilities |
116,998 |
|
|
|
|
|
102,653 |
|
|
|
|
|
117,877 |
|
|
|
|
|
141,153 |
|
|
|
|
|
135,141 |
|
|
|
|
Stockholders’
equity |
2,143,299 |
|
|
|
|
|
2,086,880 |
|
|
|
|
|
2,041,870 |
|
|
|
|
|
1,839,301 |
|
|
|
|
|
1,722,035 |
|
|
|
|
Total liabilities and
stockholders’ equity |
$ |
23,501,302 |
|
|
|
|
|
$ |
21,320,976 |
|
|
|
|
|
$ |
20,861,171 |
|
|
|
|
|
$ |
22,524,394 |
|
|
|
|
|
$ |
21,689,559 |
|
|
|
|
Net
interest income(2) |
|
$ |
206,259 |
|
|
|
|
|
$ |
184,316 |
|
|
|
|
|
$ |
164,395 |
|
|
|
|
|
$ |
171,433 |
|
|
|
|
|
$ |
166,741 |
|
|
|
Net interest
margin |
|
|
3.59 |
% |
|
|
|
3.57 |
% |
|
|
|
3.29 |
% |
|
|
|
3.11 |
% |
|
|
|
3.14 |
% |
(1) The loan averages include non-accrual loans
and are stated net of unearned income.(2) Taxable equivalent rates
used where applicable.
INVESTOR CONTACT
Heather Worley, 214.932.6646
heather.worley@texascapitalbank.com
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