Record level of income in fee areas of focus(1)
Quarterly strategic actions include acquisition of $332 million commercial loan portfolio and balance sheet
repositioning of the proceeds from $1.2 billion sale of lower-yielding available-for-sale securities into higher yielding securities
Book Value and Tangible Book Value(2) per share both increased 14% year over year, reaching record levels
Capital ratios continue to be strong, including 11.2% CET1 and 15.2% Total Capital
DALLAS, Oct. 17, 2024 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the third quarter of 2024.
Net loss available to common stockholders was $65.6 million, or $1.41 net loss per diluted share, for the third quarter of 2024, compared to net income available to common stockholders of $37.4 million, or $0.80 net income per diluted share, and $57.4 million, or $1.18 per diluted share, for the for the second quarter of 2024 and third quarter of 2023, respectively.
The third quarter of 2024 included a $179.6 million loss on sale of available-for-sale debt securities ($2.92 net loss per diluted share) and restructuring expense of $5.9 million ($0.10 net loss per diluted share), partially offset by a $651,000 release of Federal Deposit Insurance Corporation (“FDIC”) special assessment accrual ($0.01 net income per diluted share).
“We achieved significant financial milestones this quarter as our multi-year transformation is increasingly delivering financial outcomes consistent with realized success delivering our proven and differentiated strategy,” said Rob C. Holmes, President and CEO. “Our current business momentum coupled with our sustained leading capital and liquidity levels positions us well to effectively drive execution through 2025.”
| FINANCIAL RESULTS |
|
|
|
|
|
| (dollars and shares in thousands) |
|
|
|
|
|
|
3rd Quarter |
|
2nd Quarter |
|
3rd Quarter |
|
|
2024 |
|
|
|
2024 |
|
|
|
2023 |
|
| OPERATING RESULTS |
|
|
|
|
|
| Net income/(loss) |
$ |
(61,319 |
) |
|
$ |
41,662 |
|
|
$ |
61,679 |
|
| Net income/(loss) available to common stockholders |
$ |
(65,632 |
) |
|
$ |
37,350 |
|
|
$ |
57,366 |
|
| Diluted earnings/(loss) per common share |
$ |
(1.41 |
) |
|
$ |
0.80 |
|
|
$ |
1.18 |
|
| Diluted common shares |
|
46,609 |
|
|
|
46,872 |
|
|
|
48,529 |
|
| Return on average assets |
(0.78)% |
|
|
0.56 |
% |
|
|
0.81 |
% |
| Return on average common equity |
(8.87)% |
|
|
5.26 |
% |
|
|
8.08 |
% |
|
|
|
|
|
|
| BALANCE SHEET |
|
|
|
|
|
| Loans held for investment |
$ |
16,764,512 |
|
|
$ |
16,700,569 |
|
|
$ |
16,183,882 |
|
| Loans held for investment, mortgage finance |
|
5,529,659 |
|
|
|
5,078,161 |
|
|
|
4,429,489 |
|
| Total loans held for investment |
|
22,294,171 |
|
|
|
21,778,730 |
|
|
|
20,613,371 |
|
| Loans held for sale |
|
9,022 |
|
|
|
36,785 |
|
|
|
155,073 |
|
| Total assets |
|
31,629,299 |
|
|
|
29,854,994 |
|
|
|
29,628,249 |
|
| Non-interest bearing deposits |
|
9,070,804 |
|
|
|
7,987,715 |
|
|
|
9,352,883 |
|
| Total deposits |
|
25,865,255 |
|
|
|
23,818,327 |
|
|
|
23,878,978 |
|
| Stockholders’ equity |
|
3,354,044 |
|
|
|
3,175,601 |
|
|
|
3,077,700 |
|
|
|
|
|
|
|
| (1) |
Fee areas of focus include service charges on deposit accounts, wealth managment and trust fee income, investment banking and advisory fees and trading income. |
| (2) |
Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end. |
|
|
THIRD QUARTER 2024 COMPARED TO SECOND QUARTER 2024
For the third quarter of 2024, net loss available to common stockholders was $65.6 million, or $1.41 net loss per diluted share, compared to net income available to common stockholders of $37.4 million, or $0.80 net income per diluted share, for the second quarter of 2024. The net loss for the third quarter of 2024 resulted primarily from the $179.6 million loss on the sale of available-for-sale debt securities ($2.92 net loss per diluted share).
Provision for credit losses for the third quarter of 2024 was $10.0 million, compared to $20.0 million for the second quarter of 2024. The $10.0 million provision for credit losses recorded in the third quarter of 2024 resulted primarily from growth in total loans held for investment (“LHI”) and $6.1 million in net charge-offs.
Net interest income was $240.1 million for the third quarter of 2024, compared to $216.6 million for the second quarter of 2024, as increases in average earning assets and yields on average earning assets were partially offset by an increase in average interest bearing deposits. Net interest margin for the third quarter of 2024 was 3.16%, an increase of 15 basis points from the second quarter of 2024. LHI, excluding mortgage finance, yields increased 1 basis point from the second quarter of 2024 and LHI, mortgage finance, yields increased 26 basis points from the second quarter of 2024. Total cost of deposits was 2.94% for the third quarter of 2024, a 5 basis point decrease from the second quarter of 2024.
Non-interest income for the third quarter of 2024 decreased $165.2 million compared to the second quarter of 2024, primarily due to the $179.6 million loss on sale of available-for-sale debt securities recognized during the third quarter of 2024, partially offset by increases in investment banking and advisory fees and other non-interest income.
Non-interest expense for the third quarter of 2024 increased $6.9 million, or 4%, compared to the second quarter of 2024, primarily due to increases in salaries and benefits, occupancy expense and communications and technology expense, partially offset by decreases in FDIC assessment expense and other non-interest expense. The third quarter of 2024 included restructuring expenses of $2.4 million recorded in salaries and benefits, $476,000 recorded in occupancy expense and $3.1 million recorded in communications and technology expense. The third quarter of 2024 also included a $651,000 release of FDIC special assessment accrual.
THIRD QUARTER 2024 COMPARED TO THIRD QUARTER 2023
Net loss available to common stockholders was $65.6 million, or $1.41 net loss per diluted share, for the third quarter of 2024, compared to net income available to common stockholders of $57.4 million, or $1.18 net income per diluted share, for the third quarter of 2023.
The third quarter of 2024 included a $10.0 million provision for credit losses, reflecting growth in total LHI and $6.1 million in net charge-offs, compared to an $18.0 million provision for the third quarter of 2023.
Net interest income increased to $240.1 million for the third quarter of 2024, compared to $232.1 million for the third quarter of 2023, primarily due to increases in average total LHI and yields on average earning assets, partially offset by an increase in average interest bearing liabilities. Net interest margin increased 3 basis points to 3.16% for the third quarter of 2024 compared to the third quarter of 2023. LHI, excluding mortgage finance, yields increased 12 basis points compared to the third quarter of 2023 and LHI, mortgage finance yields decreased 9 basis points from the third quarter of 2023. Total cost of deposits increased 32 basis points compared to the third quarter of 2023.
Non-interest income for the third quarter of 2024 decreased $161.6 million compared to the third quarter of 2023. The decrease was primarily due to the $179.6 million loss on sale of available-for-sale debt securities recognized during the third quarter of 2024, partially offset by increases in investment banking and advisory fees and other non-interest income.
Non-interest expense for the third quarter of 2024 increased $15.4 million, or 9%, compared to the third quarter of 2023, primarily due to increases in salaries and benefits, occupancy expense and communications and technology expense, partially offset by decreases in legal and professional expense.
CREDIT QUALITY
Net charge-offs of $6.1 million were recorded during the third quarter of 2024, compared to net charge-offs of $12.0 million and $8.9 million during the second quarter of 2024 and the third quarter of 2023, respectively. Criticized loans totaled $897.7 million at September 30, 2024, compared to $859.7 million at June 30, 2024 and $677.4 million at September 30, 2023. Non-accrual LHI totaled $89.0 million at September 30, 2024, compared to $85.0 million at June 30, 2024 and $63.1 million at September 30, 2023. The ratio of non-accrual LHI to total LHI for the third quarter of 2024 was 0.40%, compared to 0.39% for the second quarter of 2024 and 0.31% for the third quarter of 2023. The ratio of total allowance for credit losses to total LHI was 1.43% at September 30, 2024, compared to 1.44% and 1.41% at June 30, 2024 and September 30, 2023, respectively.
REGULATORY RATIOS AND CAPITAL
All regulatory ratios continue to be in excess of “well capitalized” requirements as of September 30, 2024. CET1, tier 1 capital, total capital and leverage ratios were 11.2%, 12.6%, 15.2% and 11.4%, respectively, at September 30, 2024, compared to 11.6%, 13.1%, 15.7% and 12.2%, respectively, at June 30, 2024 and 12.7%, 14.3%, 17.1% and 12.1%, respectively, at September 30, 2023. At September 30, 2024, our ratio of tangible common equity to total tangible assets was 9.7%, compared to 9.6% at June 30, 2024 and 9.4% at September 30, 2023.
About Texas Capital Bancshares, Inc.
Texas Capital Bancshares, Inc. (NASDAQ: TCBI), a member of the Russell 2000® Index and the S&P MidCap 400®, the parent company of Texas Capital Bank d/b/a Texas Capital, is a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio, and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital has established commercial banking, consumer banking, investment banking and wealth management capabilities.
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, TCBI’s 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 “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, trends, guidance, expectations and future plans.
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. Numerous risks and other factors, many of which are beyond management’s control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. While there can be no assurance that any list of risks is complete, important risks and other factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, but are not limited to: economic or business conditions in Texas, the United States or globally that impact TCBI or its customers; negative credit quality developments arising from the foregoing or other factors; TCBI’s ability to effectively manage its liquidity and maintain adequate regulatory capital to support its businesses; TCBI’s ability to pursue and execute upon growth plans, whether as a function of capital, liquidity or other limitations; TCBI’s ability to successfully execute its business strategy, including its strategic plan and developing and executing new lines of business and new products and services; the extensive regulations to which TCBI is subject and its ability to comply with applicable governmental regulations, including legislative and regulatory changes; TCBI’s ability to effectively manage information technology systems, including third party vendors, cyber or data privacy incidents or other failures, disruptions or security breaches; elevated or further changes in interest rates, including the impact of interest rates on TCBI’s securities portfolio and funding costs, as well as related balance sheet implications stemming from the fair value of our assets and liabilities; the effectiveness of TCBI’s risk management processes strategies and monitoring; fluctuations in commercial and residential real estate values, especially as they relate to the value of collateral supporting TCBI’s loans; the failure to identify, attract and retain key personnel and other employees; increased or expanded competition from banks and other financial service providers in TCBI’s markets; adverse developments in the banking industry and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments, including in the context of regulatory examinations and related findings and actions; negative press and social media attention with respect to the banking industry or TCBI, in particular; claims, litigation or regulatory investigations and actions that TCBI may become subject to; severe weather, natural disasters, climate change, acts of war, terrorism, global conflict (including those already reported by the media, as well as others that may arise), or other external events, as well as related legislative and regulatory initiatives; and the risks and factors more fully described in TCBI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents and filings with the SEC. 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) |
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
| CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
|
|
| Interest income |
$ |
452,533 |
|
$ |
422,068 |
|
$ |
417,378 |
|
$ |
417,072 |
|
$ |
425,769 |
|
| Interest expense |
|
212,431 |
|
|
205,486 |
|
|
202,369 |
|
|
202,355 |
|
|
193,698 |
|
| Net interest income |
|
240,102 |
|
|
216,582 |
|
|
215,009 |
|
|
214,717 |
|
|
232,071 |
|
| Provision for credit losses |
|
10,000 |
|
|
20,000 |
|
|
19,000 |
|
|
19,000 |
|
|
18,000 |
|
| Net interest income after provision for credit losses |
|
230,102 |
|
|
196,582 |
|
|
196,009 |
|
|
195,717 |
|
|
214,071 |
|
| Non-interest income |
|
(114,771 |
) |
|
50,424 |
|
|
41,319 |
|
|
31,133 |
|
|
46,872 |
|
| Non-interest expense |
|
195,324 |
|
|
188,409 |
|
|
202,393 |
|
|
201,385 |
|
|
179,891 |
|
| Income/(loss) before income taxes |
|
(79,993 |
) |
|
58,597 |
|
|
34,935 |
|
|
25,465 |
|
|
81,052 |
|
| Income tax expense/(benefit) |
|
(18,674 |
) |
|
16,935 |
|
|
8,793 |
|
|
5,315 |
|
|
19,373 |
|
| Net income/(loss) |
|
(61,319 |
) |
|
41,662 |
|
|
26,142 |
|
|
20,150 |
|
|
61,679 |
|
| Preferred stock dividends |
|
4,313 |
|
|
4,312 |
|
|
4,313 |
|
|
4,312 |
|
|
4,313 |
|
| Net income/(loss) available to common stockholders |
$ |
(65,632 |
) |
$ |
37,350 |
|
$ |
21,829 |
|
$ |
15,838 |
|
$ |
57,366 |
|
| Diluted earnings/(loss) per common share |
$ |
(1.41 |
) |
$ |
0.80 |
|
$ |
0.46 |
|
$ |
0.33 |
|
$ |
1.18 |
|
| Diluted common shares |
|
46,608,742 |
|
|
46,872,498 |
|
|
47,711,192 |
|
|
48,097,517 |
|
|
48,528,698 |
|
|
|
|
|
|
|
| CONSOLIDATED BALANCE SHEET DATA |
|
|
|
|
|
| Total assets |
$ |
31,629,299 |
|
$ |
29,854,994 |
|
$ |
29,180,585 |
|
$ |
28,356,266 |
|
$ |
29,628,249 |
|
| Loans held for investment |
|
16,764,512 |
|
|
16,700,569 |
|
|
16,677,691 |
|
|
16,362,230 |
|
|
16,183,882 |
|
| Loans held for investment, mortgage finance |
|
5,529,659 |
|
|
5,078,161 |
|
|
4,153,313 |
|
|
3,978,328 |
|
|
4,429,489 |
|
| Loans held for sale |
|
9,022 |
|
|
36,785 |
|
|
37,750 |
|
|
44,105 |
|
|
155,073 |
|
| Interest bearing cash and cash equivalents |
|
3,894,537 |
|
|
2,691,352 |
|
|
3,148,157 |
|
|
3,042,357 |
|
|
3,975,860 |
|
| Investment securities |
|
4,405,520 |
|
|
4,388,976 |
|
|
4,414,280 |
|
|
4,143,194 |
|
|
4,069,717 |
|
| Non-interest bearing deposits |
|
9,070,804 |
|
|
7,987,715 |
|
|
8,478,215 |
|
|
7,328,276 |
|
|
9,352,883 |
|
| Total deposits |
|
25,865,255 |
|
|
23,818,327 |
|
|
23,954,037 |
|
|
22,371,839 |
|
|
23,878,978 |
|
| Short-term borrowings |
|
1,035,000 |
|
|
1,675,000 |
|
|
750,000 |
|
|
1,500,000 |
|
|
1,400,000 |
|
| Long-term debt |
|
660,172 |
|
|
659,997 |
|
|
859,823 |
|
|
859,147 |
|
|
858,471 |
|
| Stockholders’ equity |
|
3,354,044 |
|
|
3,175,601 |
|
|
3,170,662 |
|
|
3,199,142 |
|
|
3,077,700 |
|
|
|
|
|
|
|
| End of period shares outstanding |
|
46,207,757 |
|
|
46,188,078 |
|
|
46,986,275 |
|
|
47,237,912 |
|
|
48,015,003 |
|
| Book value per share |
$ |
66.09 |
|
$ |
62.26 |
|
$ |
61.10 |
|
$ |
61.37 |
|
$ |
57.85 |
|
| Tangible book value per share(1) |
$ |
66.06 |
|
$ |
62.23 |
|
$ |
61.06 |
|
$ |
61.34 |
|
$ |
57.82 |
|
|
|
|
|
|
|
| SELECTED FINANCIAL RATIOS |
|
|
|
|
|
| Net interest margin |
|
3.16 |
% |
|
3.01 |
% |
|
3.03 |
% |
|
2.93 |
% |
|
3.13 |
% |
| Return on average assets |
(0.78)% |
|
0.56 |
% |
|
0.36 |
% |
|
0.27 |
% |
|
0.81 |
% |
| Return on average common equity |
(8.87)% |
|
5.26 |
% |
|
3.03 |
% |
|
2.25 |
% |
|
8.08 |
% |
| Non-interest income to average earning assets |
(1.52)% |
|
0.71 |
% |
|
0.59 |
% |
|
0.43 |
% |
|
0.64 |
% |
| Efficiency ratio(2) |
|
155.8 |
% |
|
70.6 |
% |
|
79.0 |
% |
|
81.9 |
% |
|
64.5 |
% |
| Non-interest expense to average earning assets |
|
2.59 |
% |
|
2.65 |
% |
|
2.89 |
% |
|
2.79 |
% |
|
2.46 |
% |
| Common equity to total assets |
|
9.7 |
% |
|
9.6 |
% |
|
9.8 |
% |
|
10.2 |
% |
|
9.4 |
% |
| Tangible common equity to total tangible assets(3) |
|
9.7 |
% |
|
9.6 |
% |
|
9.8 |
% |
|
10.2 |
% |
|
9.4 |
% |
| Common Equity Tier 1 |
|
11.2 |
% |
|
11.6 |
% |
|
12.4 |
% |
|
12.6 |
% |
|
12.7 |
% |
| Tier 1 capital |
|
12.6 |
% |
|
13.1 |
% |
|
13.9 |
% |
|
14.2 |
% |
|
14.3 |
% |
| Total capital |
|
15.2 |
% |
|
15.7 |
% |
|
16.6 |
% |
|
17.1 |
% |
|
17.1 |
% |
| Leverage |
|
11.4 |
% |
|
12.2 |
% |
|
12.4 |
% |
|
12.2 |
% |
|
12.1 |
% |
| (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, less goodwill and intangibles, divided by total assets, less goodwill and intangibles. |
|
|
| TEXAS CAPITAL BANCSHARES, INC. |
| CONSOLIDATED BALANCE SHEETS (UNAUDITED) |
| (dollars in thousands) |
|
September 30, 2024 |
September 30, 2023 |
% Change |
| Assets |
|
|
|
| Cash and due from banks |
$ |
297,048 |
|
$ |
216,916 |
|
37 |
% |
| Interest bearing cash and cash equivalents |
|
3,894,537 |
|
|
3,975,860 |
|
(2)% |
| Available-for-sale debt securities |
|
3,518,662 |
|
|
3,147,865 |
|
12 |
% |
| Held-to-maturity debt securities |
|
812,432 |
|
|
881,352 |
|
(8)% |
| Equity securities |
|
74,426 |
|
|
40,500 |
|
84 |
% |
| Investment securities |
|
4,405,520 |
|
|
4,069,717 |
|
8 |
% |
| Loans held for sale |
|
9,022 |
|
|
155,073 |
|
(94)% |
| Loans held for investment, mortgage finance |
|
5,529,659 |
|
|
4,429,489 |
|
25 |
% |
| Loans held for investment |
|
16,764,512 |
|
|
16,183,882 |
|
4 |
% |
| Less: Allowance for credit losses on loans |
|
273,143 |
|
|
244,902 |
|
12 |
% |
| Loans held for investment, net |
|
22,021,028 |
|
|
20,368,469 |
|
8 |
% |
| Premises and equipment, net |
|
81,577 |
|
|
31,050 |
|
163 |
% |
| Accrued interest receivable and other assets |
|
919,071 |
|
|
809,668 |
|
14 |
% |
| Goodwill and intangibles, net |
|
1,496 |
|
|
1,496 |
|
— |
% |
| Total assets |
$ |
31,629,299 |
|
$ |
29,628,249 |
|
7 |
% |
|
|
|
|
| Liabilities and Stockholders’ Equity |
|
|
|
| Liabilities: |
|
|
|
| Non-interest bearing deposits |
$ |
9,070,804 |
|
$ |
9,352,883 |
|
(3)% |
| Interest bearing deposits |
|
16,794,451 |
|
|
14,526,095 |
|
16 |
% |
| Total deposits |
|
25,865,255 |
|
|
23,878,978 |
|
8 |
% |
| Accrued interest payable |
|
18,679 |
|
|
31,149 |
|
(40)% |
| Other liabilities |
|
696,149 |
|
|
381,951 |
|
82 |
% |
| Short-term borrowings |
|
1,035,000 |
|
|
1,400,000 |
|
(26)% |
| Long-term debt |
|
660,172 |
|
|
858,471 |
|
(23)% |
| Total liabilities |
|
28,275,255 |
|
|
26,550,549 |
|
6 |
% |
|
|
|
|
| Stockholders’ equity: |
|
|
|
| Preferred stock, $.01 par value, $1,000 liquidation value: |
|
|
|
| Authorized shares - 10,000,000 |
|
|
|
| Issued shares - 300,000 shares issued at September 30, 2024 and 2023 |
|
300,000 |
|
|
300,000 |
|
— |
% |
| Common stock, $.01 par value: |
|
|
|
| Authorized shares - 100,000,000 |
|
|
|
| Issued shares - 51,494,260 and 51,110,447 at September 30, 2024 and 2023, respectively |
|
515 |
|
|
511 |
|
1 |
% |
| Additional paid-in capital |
|
1,054,614 |
|
|
1,039,074 |
|
1 |
% |
| Retained earnings |
|
2,428,940 |
|
|
2,419,555 |
|
— |
% |
| Treasury stock - 5,286,503 and 3,095,444 shares at cost at September 30, 2024 and 2023, respectively |
|
(301,868 |
) |
|
(175,528 |
) |
72 |
% |
| Accumulated other comprehensive loss, net of taxes |
|
(128,157 |
) |
|
(505,912 |
) |
(75)% |
| Total stockholders’ equity |
|
3,354,044 |
|
|
3,077,700 |
|
9 |
% |
| Total liabilities and stockholders’ equity |
$ |
31,629,299 |
|
$ |
29,628,249 |
|
7 |
% |
|
|
|
|
|
|
|
|
|
| TEXAS CAPITAL BANCSHARES, INC. |
|
|
|
|
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
|
|
|
|
| (dollars in thousands except per share data) |
|
|
|
|
|
Three Months Ended September 30, |
Nine Months Ended September 30, |
|
|
2024 |
|
|
2023 |
|
2024 |
|
|
2023 |
| Interest income |
|
|
|
|
| Interest and fees on loans |
$ |
361,407 |
|
$ |
345,138 |
$ |
1,037,537 |
|
$ |
975,443 |
| Investment securities |
|
38,389 |
|
|
27,070 |
|
104,117 |
|
|
79,840 |
| Interest bearing cash and cash equivalents |
|
52,737 |
|
|
53,561 |
|
150,325 |
|
|
157,568 |
| Total interest income |
|
452,533 |
|
|
425,769 |
|
1,291,979 |
|
|
1,212,851 |
| Interest expense |
|
|
|
|
| Deposits |
|
190,255 |
|
|
160,117 |
|
547,135 |
|
|
417,602 |
| Short-term borrowings |
|
13,784 |
|
|
19,576 |
|
39,316 |
|
|
52,573 |
| Long-term debt |
|
8,392 |
|
|
14,005 |
|
33,835 |
|
|
43,270 |
| Total interest expense |
|
212,431 |
|
|
193,698 |
|
620,286 |
|
|
513,445 |
| Net interest income |
|
240,102 |
|
|
232,071 |
|
671,693 |
|
|
699,406 |
| Provision for credit losses |
|
10,000 |
|
|
18,000 |
|
49,000 |
|
|
53,000 |
| Net interest income after provision for credit losses |
|
230,102 |
|
|
214,071 |
|
622,693 |
|
|
646,406 |
| Non-interest income |
|
|
|
|
| Service charges on deposit accounts |
|
6,307 |
|
|
5,297 |
|
18,557 |
|
|
15,477 |
| Wealth management and trust fee income |
|
4,040 |
|
|
3,509 |
|
11,306 |
|
|
10,653 |
| Brokered loan fees |
|
2,400 |
|
|
2,532 |
|
6,442 |
|
|
6,842 |
| Investment banking and advisory fees |
|
34,753 |
|
|
23,099 |
|
78,225 |
|
|
56,764 |
| Trading income |
|
5,786 |
|
|
6,092 |
|
16,148 |
|
|
18,693 |
| Available-for-sale debt securities gains/(losses), net |
|
(179,581 |
) |
|
— |
|
(179,581 |
) |
|
489 |
| Other |
|
11,524 |
|
|
6,343 |
|
25,875 |
|
|
21,368 |
| Total non-interest income |
|
(114,771 |
) |
|
46,872 |
|
(23,028 |
) |
|
130,286 |
| Non-interest expense |
|
|
|
|
| Salaries and benefits |
|
121,138 |
|
|
110,010 |
|
368,705 |
|
|
351,730 |
| Occupancy expense |
|
12,937 |
|
|
9,910 |
|
33,340 |
|
|
29,011 |
| Marketing |
|
5,863 |
|
|
4,757 |
|
17,895 |
|
|
20,168 |
| Legal and professional |
|
11,135 |
|
|
17,614 |
|
38,603 |
|
|
47,797 |
| Communications and technology |
|
25,951 |
|
|
19,607 |
|
69,078 |
|
|
57,655 |
| Federal Deposit Insurance Corporation insurance assessment |
|
4,906 |
|
|
5,769 |
|
18,897 |
|
|
11,632 |
| Other |
|
13,394 |
|
|
12,224 |
|
39,608 |
|
|
37,569 |
| Total non-interest expense |
|
195,324 |
|
|
179,891 |
|
586,126 |
|
|
555,562 |
| Income/(loss) before income taxes |
|
(79,993 |
) |
|
81,052 |
|
13,539 |
|
|
221,130 |
| Income tax expense/(benefit) |
|
(18,674 |
) |
|
19,373 |
|
7,054 |
|
|
52,139 |
| Net income/(loss) |
|
(61,319 |
) |
|
61,679 |
|
6,485 |
|
|
168,991 |
| Preferred stock dividends |
|
4,313 |
|
|
4,313 |
|
12,938 |
|
|
12,938 |
| Net income/(loss) available to common stockholders |
$ |
(65,632 |
) |
$ |
57,366 |
$ |
(6,453 |
) |
$ |
156,053 |
|
|
|
|
|
| Basic earnings/(loss) per common share |
$ |
(1.42 |
) |
$ |
1.19 |
$ |
(0.14 |
) |
$ |
3.24 |
| Diluted earnings/(loss) per common share |
$ |
(1.41 |
) |
$ |
1.18 |
$ |
(0.14 |
) |
$ |
3.20 |
|
|
|
|
|
|
|
|
|
|
|
| TEXAS CAPITAL BANCSHARES, INC. |
| SUMMARY OF CREDIT LOSS EXPERIENCE |
| (dollars in thousands) |
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
| Allowance for credit losses on loans: |
|
|
|
|
|
| Beginning balance |
$ |
267,297 |
|
$ |
263,962 |
|
$ |
249,973 |
|
$ |
244,902 |
|
$ |
237,343 |
|
| Allowance established for acquired purchase credit deterioration loans |
|
2,579 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Loans charged-off: |
|
|
|
|
|
| Commercial |
|
6,120 |
|
|
9,997 |
|
|
7,544 |
|
|
8,356 |
|
|
13,246 |
|
| Commercial real estate |
|
262 |
|
|
2,111 |
|
|
3,325 |
|
|
5,500 |
|
|
— |
|
| Consumer |
|
30 |
|
|
— |
|
|
— |
|
|
— |
|
|
41 |
|
| Total charge-offs |
|
6,412 |
|
|
12,108 |
|
|
10,869 |
|
|
13,856 |
|
|
13,287 |
|
| Recoveries: |
|
|
|
|
|
| Commercial |
|
329 |
|
|
153 |
|
|
105 |
|
|
15 |
|
|
4,346 |
|
| Commercial real estate |
|
— |
|
|
— |
|
|
— |
|
|
4 |
|
|
— |
|
| Consumer |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Total recoveries |
|
329 |
|
|
153 |
|
|
105 |
|
|
19 |
|
|
4,346 |
|
| Net charge-offs |
|
6,083 |
|
|
11,955 |
|
|
10,764 |
|
|
13,837 |
|
|
8,941 |
|
| Provision for credit losses on loans |
|
9,350 |
|
|
15,290 |
|
|
24,753 |
|
|
18,908 |
|
|
16,500 |
|
| Ending balance |
$ |
273,143 |
|
$ |
267,297 |
|
$ |
263,962 |
|
$ |
249,973 |
|
$ |
244,902 |
|
|
|
|
|
|
|
| Allowance for off-balance sheet credit losses: |
|
|
|
|
|
| Beginning balance |
$ |
45,319 |
|
$ |
40,609 |
|
$ |
46,362 |
|
$ |
46,270 |
|
$ |
44,770 |
|
| Provision for off-balance sheet credit losses |
|
650 |
|
|
4,710 |
|
|
(5,753 |
) |
|
92 |
|
|
1,500 |
|
| Ending balance |
$ |
45,969 |
|
$ |
45,319 |
|
$ |
40,609 |
|
$ |
46,362 |
|
$ |
46,270 |
|
|
|
|
|
|
|
| Total allowance for credit losses |
$ |
319,112 |
|
$ |
312,616 |
|
$ |
304,571 |
|
$ |
296,335 |
|
$ |
291,172 |
|
| Total provision for credit losses |
$ |
10,000 |
|
$ |
20,000 |
|
$ |
19,000 |
|
$ |
19,000 |
|
$ |
18,000 |
|
|
|
|
|
|
|
| Allowance for credit losses on loans to total loans held for investment |
|
1.23 |
% |
|
1.23 |
% |
|
1.27 |
% |
|
1.23 |
% |
|
1.19 |
% |
| Allowance for credit losses on loans to average total loans held for investment |
|
1.24 |
% |
|
1.27 |
% |
|
1.32 |
% |
|
1.24 |
% |
|
1.17 |
% |
| Net charge-offs to average total loans held for investment(1) |
|
0.11 |
% |
|
0.23 |
% |
|
0.22 |
% |
|
0.27 |
% |
|
0.17 |
% |
| Net charge-offs to average total loans held for investment for last 12 months(1) |
|
0.20 |
% |
|
0.22 |
% |
|
0.20 |
% |
|
0.25 |
% |
|
0.26 |
% |
| Total provision for credit losses to average total loans held for investment(1) |
|
0.18 |
% |
|
0.38 |
% |
|
0.38 |
% |
|
0.37 |
% |
|
0.34 |
% |
| Total allowance for credit losses to total loans held for investment |
|
1.43 |
% |
|
1.44 |
% |
|
1.46 |
% |
|
1.46 |
% |
|
1.41 |
% |
| (1) |
Interim period ratios are annualized. |
|
|
| TEXAS CAPITAL BANCSHARES, INC. |
|
|
|
|
|
| SUMMARY OF NON-PERFORMING ASSETS AND PAST DUE LOANS |
|
|
|
| (dollars in thousands) |
|
|
|
|
|
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
2023 |
|
|
2023 |
|
| Non-accrual loans held for investment |
$ |
88,960 |
|
$ |
85,021 |
|
$ |
92,849 |
|
$ |
81,398 |
|
$ |
63,129 |
|
| Non-accrual loans held for sale(1) |
|
— |
|
|
— |
|
|
9,250 |
|
|
— |
|
|
— |
|
| Other real estate owned |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
| Total non-performing assets |
$ |
88,960 |
|
$ |
85,021 |
|
$ |
102,099 |
|
$ |
81,398 |
|
$ |
63,129 |
|
|
|
|
|
|
|
| Non-accrual loans held for investment to total loans held for investment |
|
0.40 |
% |
|
0.39 |
% |
|
0.45 |
% |
|
0.40 |
% |
|
0.31 |
% |
| Total non-performing assets to total assets |
|
0.28 |
% |
|
0.28 |
% |
|
0.35 |
% |
|
0.29 |
% |
|
0.21 |
% |
| Allowance for credit losses on loans to non-accrual loans held for investment |
3.1x |
3.1x |
2.8x |
3.1x |
3.9x |
| Total allowance for credit losses to non-accrual loans held for investment |
3.6x |
3.7x |
3.3x |
3.6x |
4.6x |
|
|
|
|
|
|
| Loans held for investment past due 90 days and still accruing |
$ |
5,281 |
|
$ |
286 |
|
$ |
3,674 |
|
$ |
19,523 |
|
$ |
4,602 |
|
| Loans held for investment past due 90 days to total loans held for investment |
|
0.02 |
% |
|
— |
% |
|
0.02 |
% |
|
0.10 |
% |
|
0.02 |
% |
| Loans held for sale past due 90 days and still accruing |
$ |
— |
|
$ |
64 |
|
$ |
147 |
|
$ |
— |
|
$ |
— |
|
| (1) |
First quarter 2024 includes one non-accrual loan previously reported in loans held for investment that was transferred at fair value to held for sale as of March 31, 2024. |
|
|
| TEXAS CAPITAL BANCSHARES, INC. |
| CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) |
| (dollars in thousands) |
|
|
|
|
|
|
|
3rd Quarter |
2nd Quarter |
1st Quarter |
4th Quarter |
3rd Quarter |
|
|
2024 |
|
|
2024 |
|
2023 |
|
2023 |
|
2023 |
| Interest income |
|
|
|
|
|
| Interest and fees on loans |
$ |
361,407 |
|
$ |
345,251 |
$ |
330,879 |
$ |
325,210 |
$ |
345,138 |
| Investment securities |
|
38,389 |
|
|
33,584 |
|
32,144 |
|
28,454 |
|
27,070 |
| Interest bearing deposits in other banks |
|
52,737 |
|
|
43,233 |
|
54,355 |
|
63,408 |
|
53,561 |
| Total interest income |
|
452,533 |
|
|
422,068 |
|
417,378 |
|
417,072 |
|
425,769 |
| Interest expense |
|
|
|
|
|
| Deposits |
|
190,255 |
|
|
181,280 |
|
175,600 |
|
170,173 |
|
160,117 |
| Short-term borrowings |
|
13,784 |
|
|
12,749 |
|
12,783 |
|
18,069 |
|
19,576 |
| Long-term debt |
|
8,392 |
|
|
11,457 |
|
13,986 |
|
14,113 |
|
14,005 |
| Total interest expense |
|
212,431 |
|
|
205,486 |
|
202,369 |
|
202,355 |
|
193,698 |
| Net interest income |
|
240,102 |
|
|
216,582 |
|
215,009 |
|
214,717 |
|
232,071 |
| Provision for credit losses |
|
10,000 |
|
|
20,000 |
|
19,000 |
|
19,000 |
|
18,000 |
| Net interest income after provision for credit losses |
|
230,102 |
|
|
196,582 |
|
196,009 |
|
195,717 |
|
214,071 |
| Non-interest income |
|
|
|
|
|
| Service charges on deposit accounts |
|
6,307 |
|
|
5,911 |
|
6,339 |
|
5,397 |
|
5,297 |
| Wealth management and trust fee income |
|
4,040 |
|
|
3,699 |
|
3,567 |
|
3,302 |
|
3,509 |
| Brokered loan fees |
|
2,400 |
|
|
2,131 |
|
1,911 |
|
2,076 |
|
2,532 |
| Investment banking and advisory fees |
|
34,753 |
|
|
25,048 |
|
18,424 |
|
6,906 |
|
23,099 |
| Trading income |
|
5,786 |
|
|
5,650 |
|
4,712 |
|
3,819 |
|
6,092 |
| Available-for-sale debt securities gains/(losses), net |
|
(179,581 |
) |
|
— |
|
— |
|
— |
|
— |
| Other |
|
11,524 |
|
|
7,985 |
|
6,366 |
|
9,633 |
|
6,343 |
| Total non-interest income |
|
(114,771 |
) |
|
50,424 |
|
41,319 |
|
31,133 |
|
46,872 |
| Non-interest expense |
|
|
|
|
|
| Salaries and benefits |
|
121,138 |
|
|
118,840 |
|
128,727 |
|
107,970 |
|
110,010 |
| Occupancy expense |
|
12,937 |
|
|
10,666 |
|
9,737 |
|
9,483 |
|
9,910 |
| Marketing |
|
5,863 |
|
|
5,996 |
|
6,036 |
|
5,686 |
|
4,757 |
| Legal and professional |
|
11,135 |
|
|
11,273 |
|
16,195 |
|
17,127 |
|
17,614 |
| Communications and technology |
|
25,951 |
|
|
22,013 |
|
21,114 |
|
23,607 |
|
19,607 |
| Federal Deposit Insurance Corporation insurance assessment |
|
4,906 |
|
|
5,570 |
|
8,421 |
|
25,143 |
|
5,769 |
| Other |
|
13,394 |
|
|
14,051 |
|
12,163 |
|
12,369 |
|
12,224 |
| Total non-interest expense |
|
195,324 |
|
|
188,409 |
|
202,393 |
|
201,385 |
|
179,891 |
| Income/(loss) before income taxes |
|
(79,993 |
) |
|
58,597 |
|
34,935 |
|
25,465 |
|
81,052 |
| Income tax expense/(benefit) |
|
(18,674 |
) |
|
16,935 |
|
8,793 |
|
5,315 |
|
19,373 |
| Net income/(loss) |
|
(61,319 |
) |
|
41,662 |
|
26,142 |
|
20,150 |
|
61,679 |
| Preferred stock dividends |
|
4,313 |
|
|
4,312 |
|
4,313 |
|
4,312 |
|
4,313 |
| Net income/(loss) available to common shareholders |
$ |
(65,632 |
) |
$ |
37,350 |
$ |
21,829 |
$ |
15,838 |
$ |
57,366 |
|
|
|
|
|
|
|
|
|
|
|
|
| TEXAS CAPITAL BANCSHARES, INC. |
| TAXABLE EQUIVALENT NET INTEREST INCOME ANALYSIS (UNAUDITED)(1) |
| (dollars in thousands) |
|
3rd Quarter 2024 |
|
2nd Quarter 2024 |
|
1st Quarter 2024 |
|
4th Quarter 2023 |
|
3rd Quarter 2023 |
|
Average
Balance |
Income/
Expense |
Yield/
Rate |
|
Average
Balance |
Income/
Expense |
Yield/
Rate |
|
Average
Balance |
Income/
Expense |
Yield/
Rate |
|
Average
Balance |
Income/
Expense |
Yield/
Rate |
|
Average
Balance |
Income/
Expense |
Yield/
Rate |
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Investment securities(2) |
$ |
4,314,834 |
$ |
38,389 |
3.34 |
% |
|
$ |
4,427,023 |
$ |
33,584 |
2.80 |
% |
|
$ |
4,299,368 |
$ |
32,144 |
2.77 |
% |
|
$ |
4,078,975 |
$ |
28,454 |
2.48 |
% |
|
$ |
4,204,749 |
$ |
27,070 |
2.33 |
% |
| Interest bearing cash and cash equivalents |
|
3,958,843 |
|
52,737 |
5.30 |
% |
|
|
3,273,069 |
|
43,233 |
5.31 |
% |
|
|
4,051,627 |
|
54,355 |
5.40 |
% |
|
|
4,637,374 |
|
63,408 |
5.42 |
% |
|
|
3,965,045 |
|
53,561 |
5.36 |
% |
| Loans held for sale |
|
23,793 |
|
565 |
9.44 |
% |
|
|
28,768 |
|
683 |
9.55 |
% |
|
|
51,164 |
|
1,184 |
9.31 |
% |
|
|
29,071 |
|
672 |
9.17 |
% |
|
|
31,878 |
|
647 |
8.06 |
% |
| Loans held for investment, mortgage finance(4) |
|
5,152,317 |
|
54,371 |
4.20 |
% |
|
|
4,357,288 |
|
42,722 |
3.94 |
% |
|
|
3,517,707 |
|
31,455 |
3.60 |
% |
|
|
3,946,280 |
|
33,709 |
3.39 |
% |
|
|
4,697,702 |
|
50,813 |
4.29 |
% |
| Loans held for investment(3)(4) |
|
16,792,446 |
|
306,541 |
7.26 |
% |
|
|
16,750,788 |
|
301,910 |
7.25 |
% |
|
|
16,522,089 |
|
298,306 |
7.26 |
% |
|
|
16,164,233 |
|
290,897 |
7.14 |
% |
|
|
16,317,324 |
|
293,750 |
7.14 |
% |
| Less: Allowance for credit losses on loans |
|
266,915 |
|
— |
— |
|
|
|
263,145 |
|
— |
— |
|
|
|
249,936 |
|
— |
— |
|
|
|
244,287 |
|
— |
— |
|
|
|
238,883 |
|
— |
— |
|
| Loans held for investment, net |
|
21,677,848 |
|
360,912 |
6.62 |
% |
|
|
20,844,931 |
|
344,632 |
6.65 |
% |
|
|
19,789,860 |
|
329,761 |
6.70 |
% |
|
|
19,866,226 |
|
324,606 |
6.48 |
% |
|
|
20,776,143 |
|
344,563 |
6.58 |
% |
| Total earning assets |
|
29,975,318 |
|
452,603 |
5.96 |
% |
|
|
28,573,791 |
|
422,132 |
5.86 |
% |
|
|
28,192,019 |
|
417,444 |
5.88 |
% |
|
|
28,611,646 |
|
417,140 |
5.69 |
% |
|
|
28,977,815 |
|
425,841 |
5.75 |
% |
| Cash and other assets |
|
1,239,855 |
|
|
|
|
1,177,061 |
|
|
|
|
1,058,463 |
|
|
|
|
1,120,354 |
|
|
|
|
1,106,031 |
|
|
| Total assets |
$ |
31,215,173 |
|
|
|
$ |
29,750,852 |
|
|
|
$ |
29,250,482 |
|
|
|
$ |
29,732,000 |
|
|
|
$ |
30,083,846 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Transaction deposits |
$ |
1,988,688 |
$ |
15,972 |
3.20 |
% |
|
$ |
2,061,622 |
$ |
16,982 |
3.31 |
% |
|
$ |
2,006,493 |
$ |
16,858 |
3.38 |
% |
|
$ |
1,972,324 |
$ |
15,613 |
3.14 |
% |
|
$ |
1,755,451 |
$ |
13,627 |
3.08 |
% |
| Savings deposits |
|
12,240,616 |
|
147,770 |
4.80 |
% |
|
|
11,981,668 |
|
143,173 |
4.81 |
% |
|
|
11,409,677 |
|
136,790 |
4.82 |
% |
|
|
11,043,155 |
|
132,801 |
4.77 |
% |
|
|
10,858,306 |
|
127,323 |
4.65 |
% |
| Time deposits |
|
2,070,537 |
|
26,513 |
5.09 |
% |
|
|
1,658,899 |
|
21,125 |
5.12 |
% |
|
|
1,719,325 |
|
21,952 |
5.14 |
% |
|
|
1,716,812 |
|
21,759 |
5.03 |
% |
|
|
1,610,235 |
|
19,167 |
4.72 |
% |
| Total interest bearing deposits |
|
16,299,841 |
|
190,255 |
4.64 |
% |
|
|
15,702,189 |
|
181,280 |
4.64 |
% |
|
|
15,135,495 |
|
175,600 |
4.67 |
% |
|
|
14,732,291 |
|
170,173 |
4.58 |
% |
|
|
14,223,992 |
|
160,117 |
4.47 |
% |
| Short-term borrowings |
|
1,012,608 |
|
13,784 |
5.42 |
% |
|
|
927,253 |
|
12,749 |
5.53 |
% |
|
|
912,088 |
|
12,783 |
5.64 |
% |
|
|
1,257,609 |
|
18,069 |
5.70 |
% |
|
|
1,393,478 |
|
19,576 |
5.57 |
% |
| Long-term debt |
|
660,098 |
|
8,392 |
5.06 |
% |
|
|
778,401 |
|
11,457 |
5.92 |
% |
|
|
859,509 |
|
13,986 |
6.54 |
% |
|
|
858,858 |
|
14,113 |
6.52 |
% |
|
|
858,167 |
|
14,005 |
6.47 |
% |
| Total interest bearing liabilities |
|
17,972,547 |
|
212,431 |
4.70 |
% |
|
|
17,407,843 |
|
205,486 |
4.75 |
% |
|
|
16,907,092 |
|
202,369 |
4.81 |
% |
|
|
16,848,758 |
|
202,355 |
4.76 |
% |
|
|
16,475,637 |
|
193,698 |
4.66 |
% |
| Non-interest bearing deposits |
|
9,439,020 |
|
|
|
|
8,647,594 |
|
|
|
|
8,637,775 |
|
|
|
|
9,247,491 |
|
|
|
|
10,016,579 |
|
|
| Other liabilities |
|
558,368 |
|
|
|
|
537,754 |
|
|
|
|
509,286 |
|
|
|
|
541,162 |
|
|
|
|
474,869 |
|
|
| Stockholders’ equity |
|
3,245,238 |
|
|
|
|
3,157,661 |
|
|
|
|
3,196,329 |
|
|
|
|
3,094,589 |
|
|
|
|
3,116,761 |
|
|
| Total liabilities and stockholders’ equity |
$ |
31,215,173 |
|
|
|
$ |
29,750,852 |
|
|
|
$ |
29,250,482 |
|
|
|
$ |
29,732,000 |
|
|
|
$ |
30,083,846 |
|
|
| Net interest income |
|
$ |
240,172 |
|
|
|
$ |
216,646 |
|
|
|
$ |
215,075 |
|
|
|
$ |
214,785 |
|
|
|
$ |
232,143 |
|
| Net interest margin |
|
|
3.16 |
% |
|
|
|
3.01 |
% |
|
|
|
3.03 |
% |
|
|
|
2.93 |
% |
|
|
|
3.13 |
% |
| (1) |
Taxable equivalent rates used where applicable. |
| (2) |
Yields on investment securities are calculated using available-for-sale securities at amortized cost. |
| (3) |
Average balances include non-accrual loans. |
| (4) |
In the first quarter of 2024, enhancements were made to our methodology for applying relationship pricing credits to mortgage client loans. To conform to the current period presentation, certain prior period interest income amounts have been reclassified from loans held for investment, mortgage finance to loans held for investment and related yields have been adjusted accordingly. |
INVESTOR CONTACT Jocelyn Kukulka, 469.399.8544 jocelyn.kukulka@texascapitalbank.com MEDIA CONTACT Julia Monter, 469.399.8425 julia.monter@texascapitalbank.com
