Press Release

Texas Capital Bancshares Announces Operating Results for Q1 2011

Company Release - 4/20/2011 4:02 PM ET

DALLAS--(BUSINESS WIRE)-- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced earnings and operating results for the first quarter of 2011.

  • Net income decreased 1% on a linked quarter basis and increased 57% from Q1 2010
  • EPS decreased 3% on a linked quarter basis and increased 48% for the first quarter of 2011 as compared to the same quarter of 2010
  • Demand deposits grew 2% and total deposits decreased 4% on a linked quarter basis and grew 49% and 18%, respectively, from Q1 2010
  • Loans held for investment remained consistent on a linked quarter basis and total loans decreased 6% on a linked quarter basis; grew 6% and 10%, respectively, from Q1 2010

“We are pleased to report another solid quarter, one in which net interest margin improved significantly,” said George Jones, CEO. “We experienced decreases in the levels of our non-performing assets and credit losses and reduced our funding costs. With our strong core earnings power, we are well-positioned to take advantage of the improving economy and the market opportunities it will afford.”

FINANCIAL SUMMARY

(dollars and shares in thousands)

         
Q1 2011 Q1 2010 % Change
QUARTERLY OPERATING RESULTS(1)
Net Income $ 11,939 $ 7,600 57 %
Diluted EPS $ .31 $ .21 48 %
ROA .78 % .57 %
ROE 8.91 % 6.21 %
Diluted Shares 38,342 36,784
 
BALANCE SHEET(1)
Total Assets $ 6,061,046 $ 5,499,599 10 %
Demand Deposits 1,480,695 994,096 49 %
Total Deposits 5,221,991 4,409,819 18 %
Loans Held for Investment 4,711,424 4,443,456 6 %
Total Loans 5,522,824 5,035,892 10 %
Stockholders’ Equity 544,925 499,996 9 %
 

(1) Operating results, assets and loans are reporting from continuing operations

DETAILED FINANCIALS

Texas Capital Bancshares, Inc. reported net income from continuing operations of $11.9 million for the quarter ended March 31, 2011, compared to $7.6 million for the first quarter of 2010. On a fully diluted basis, earnings per common share from continuing operations were $.31 for the three months ended March 31, 2011 compared to $.21 for the same period last year. The discussion below relates only to continuing operations.

Return on average equity was 8.91 percent and return on average assets was .78 percent for the first quarter of 2011, compared to 6.21 percent and .57 percent, respectively, for the first quarter of 2010.

The net interest margin in the first quarter of 2011 was 4.46 percent, a 3 basis point increase from the first quarter of 2010 and a 34 basis point increase from the fourth quarter of 2010. The year over year increase is due to a reduction in funding costs and our ability to maintain and improve spreads on our loans. On a linked quarter basis, we reported a significant increase in margin from 4.12% to 4.46%, as we continued to reduce our overall funding costs. Net interest income was $64.5 million for the first quarter of 2011, compared to $55.2 million for the first quarter of 2010. The increase was due to an increase in average earning assets of $808.3 million over levels reported in the first quarter of 2010. The increase in average earning assets included a $308.0 million increase in average loans held for investment and a $278.2 million increase in average loans held for sale, offset by a decrease of $76.1 million in average securities.

Average total deposits for the first quarter of 2011 increased by $1.0 billion from the first quarter of 2010 and decreased by $437.0 million from the fourth quarter of 2010. For the same periods, the average balance of demand deposits increased by $461.4 million, or 48 percent, to $1.4 billion from $956.4 million during the first quarter of 2010 and increased $80.5 million, or 6 percent, from the fourth quarter of 2010.

In the first quarter of 2011, we experienced decreases in levels of non-performing assets and credit losses. Credit costs, including the provision for credit losses and valuation charges related to other real estate owned (“OREO”) totaled $10.8 million in the first quarter of 2011 compared to $15.4 million in the first quarter of 2010 and $14.3 million in the fourth quarter of 2010. We recorded a $7.5 million provision for credit losses the first quarter of 2011 compared to $13.5 million in the first quarter of 2010 and $12.0 million in the fourth quarter of 2010. At March 31, 2011, the combined reserve decreased to 1.53 percent of loans held for investment as compared to 1.69 percent at March 31, 2010 and 1.56 percent at December 31, 2010. In management’s opinion, the reserve is adequate and is derived from consistent application of the methodology for establishing the adequacy of reserves for Texas Capital Bank’s loan portfolio. In the first quarter of 2011, net charge-offs were $9.0 million, compared to net charge-offs of $9.3 million in the first quarter of 2010 and net charge-offs of $17.0 million in the fourth quarter of 2010. Non-accrual loans were $116.5 million, or 2.47 percent of loans held for investment at the end of the first quarter of 2011, and $115.9 million, or 2.61 percent, at the end of the first quarter of 2010 and $112.1 million, or 2.38 percent, at the end of the fourth quarter 2010. At March 31, 2011, total OREO was $26.2 million compared to $28.9 million at the end of the first quarter of 2010, and $42.3 million at the end of the fourth quarter 2010. The OREO balance of $26.2 million at March 31, 2011 is stated net of a $10.4 million valuation allowance. The valuation charge for OREO reflected in non-interest expense was $3.3 million in the first quarter of 2011 compared to $1.9 million in the first quarter of 2010 and $2.3 million in the fourth quarter of 2010.

Non-interest income increased $736,000 during the first quarter of 2011, or 11%, compared to the same period of 2010 primarily related to an increase of $626,000 in brokered loan fees.

Non-interest expense for the first quarter of 2011 increased $9.2 million, or 25 percent, to $46.4 million from $37.2 million in the first quarter of 2010. The increase is primarily related to a $4.1 million increase in salaries and employee benefits to $24.2 million from $20.1 million, which was primarily due to general business growth. Marketing expense increased $1.3 million relating to general business growth. Allowance and other carrying costs for OREO expense increased $1.7 million to $4.0 million, $3.3 million of which related to deteriorating values of assets held in OREO. Of the $3.3 million valuation expense in the first quarter of 2011, $1.9 million was related to an increase in the valuation allowance and $1.4 million related to direct write-downs of the OREO balance. Additionally, legal and professional expense and FDIC assessment expense increased $773,000 and $643,000, respectively, from the first quarter of 2011.

Stockholders’ equity increased by 9 percent from $500.0 million at March 31, 2010 to $544.9 million at March 31, 2011. Contributing to the increase was retained net income and proceeds of sales of common stock. The Bank is well capitalized under regulatory guidelines and at March 31, 2011, the Company’s ratio of tangible common equity to total tangible assets was 8.8 percent.

ABOUT TEXAS CAPITAL BANCSHARES, INC.

Texas Capital Bancshares, Inc. (NASDAQ: TCBI) is the parent company of Texas Capital Bank, a commercial bank that delivers highly personalized financial services to businesses and private clients. Headquartered in Dallas, the Bank has full-service locations in Austin, Dallas, Fort Worth, Houston and San Antonio.

This release contains forward-looking statements, which are subject to risks and uncertainties. A number of factors, many of which are beyond Texas Capital Bancshares’ control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These risks and uncertainties include the risk of adverse impacts from general economic conditions, 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 can be found in the Form 10-K and other filings made by Texas Capital Bancshares with the Securities and Exchange Commission.

TEXAS CAPITAL BANCSHARES, INC.
 
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(Dollars in thousands except per share data)
  1st Quarter  

4th Quarter

  3rd Quarter   2nd Quarter   1st Quarter
2011   2010   2010   2010   2010
CONSOLIDATED STATEMENT OF INCOME
Interest income $ 70,111 $ 75,432 $ 72,600 $ 67,472 $ 64,306
Interest expense   5,613       9,477       9,994       9,587       9,078  
Net interest income 64,498 65,955 62,606 57,885 55,228
Provision for credit losses   7,500       12,000       13,500       14,500       13,500  
Net interest income after provision for credit losses 56,998 53,955 49,106 43,385 41,728
Non-interest income 7,684 9,178 8,101 8,036 6,948
Non-interest expense   46,399       44,582       42,602       39,118       37,186  
Income from continuing operations before income taxes

18,283

18,551

14,605

12,303

11,490

Income tax expense   6,344       6,475       5,074       4,187       3,890  
Income from continuing operations 11,939 12,076 9,531 8,116 7,600
Loss from discontinued operations (after-tax)   (60 )     (22 )     (5 )     (54 )     (55 )
Net income $ 11,879     $ 12,054     $ 9,526     $ 8,062     $ 7,545  
Diluted EPS from continuing operations $ .31 $ .32 $ .25 $ .22 $ .21
Diluted EPS $ .31 $ .32 $ .25 $ .22 $ .21
 
Diluted shares 38,341,679 37,658,396 37,444,516 37,486,785 36,783,719
 
CONSOLIDATED BALANCE SHEET DATA
Total assets $ 6,061,046 $ 6,448,179 $ 6,344,916 $ 5,961,472 $ 5,499,599
Loans held for investment 4,711,424 4,711,330 4,483,204 4,462,830 4,443,456
Loans held for sale 811,400 1,194,209 1,399,208 997,150 592,436
Securities 171,990 185,424 202,177 227,029 246,209
Demand deposits 1,480,695 1,451,307 1,195,093 1,120,664 994,096
Total deposits 5,221,991 5,455,401 5,407,033 4,926,069 4,409,819
Other borrowings 133,995 300,387 270,628 376,646 452,061
Long-term debt 113,406 113,406 113,406 113,406 113,406
Stockholders’ equity 544,925 528,319 515,618 514,078 499,996
 
End of period shares outstanding 37,216,929 36,956,688 36,792,030 36,776,836 36,524,313
Book value (excluding securities gains/losses) $ 14.50 $ 14.15 $ 13.84 $ 13.79 $ 13.52
Tangible book value (excluding securities gains/losses)

$

14.25

$

13.89

$

13.58

$

13.53

$

13.25

 
SELECTED FINANCIAL RATIOS
From continuing operations:
Net interest margin 4.46 % 4.12 % 4.27 % 4.32 % 4.43 %
Return on average assets .78 % .72 % .62 % .58 % .57 %
Return on average equity 8.91 % 9.04 % 7.23 % 6.33 % 6.21 %
Non-interest income to earning assets .53 % .57 % .55 % .60 % .55 %
Efficiency ratio 64.3 % 59.3 % 60.3 % 59.3 % 59.8 %
Efficiency ratio (excluding OREO valuation/write-down)

59.7

%

56.2

%

55.1

%

58.5

%

56.7

%

Non-interest expense to earning assets 3.20 % 2.78 % 2.90 % 2.91 % 2.97 %
From consolidated:
Net interest margin 4.46 % 4.12 % 4.27 % 4.32 % 4.43 %
Return on average assets .78 % .72 % .62 % .57 % .57 %
Return on average equity 8.87 % 9.02 % 7.23 % 6.29 % 6.17 %
 
Tangible common equity to total tangible assets 8.8 % 8.0 % 7.9 % 8.4 % 8.8 %
Tier 1 capital ratio 11.2 % 10.6 % 10.7 % 11.0 % 11.3 %
Total capital ratio 12.5 % 11.8 % 11.9 % 12.3 % 12.5 %
Tier 1 leverage ratio 10.3 % 9.4 % 10.0 % 10.7 % 11.0 %
 
TEXAS CAPITAL BANCSHARES, INC.
 
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
  March 31,

2011

  March 31,

2010

  %

Change

Assets    
Cash and due from banks $ 213,480 $ 70,066 205 %
Federal funds sold 10,240 9,990 3 %
Securities, available-for-sale 171,990 246,209 (30 )%
Loans held for sale 811,400 592,436 37 %
Loans held for sale from discontinued operations 488 583 (16 )%
Loans held for investment (net of unearned income) 4,711,424 4,443,456 6 %
Less: Allowance for loan losses   70,248       71,705     (2 )%
Loans held for investment, net 4,641,176 4,371,751 6 %
Premises and equipment, net 11,652 10,773 8 %
Accrued interest receivable and other assets 191,706 188,649 3 %
Goodwill and intangibles, net   9,402       9,725     (3 )%
Total assets $ 6,061,534     $ 5,500,182     10 %
 
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest bearing $ 1,480,695 $ 994,096 49 %
Interest bearing 3,429,358 3,072,001 12 %
Interest bearing in foreign branches   311,938       343,722     (9 )%
Total deposits 5,221,991 4,409,819 18 %
 
Accrued interest payable 1,662 2,038 (18 )%
Other liabilities 45,555 22,862 99 %
Federal funds purchased 115,870 425,939 (73 )%
Repurchase agreements 14,716 21,874 (33 )%
Other borrowings 3,409 4,248 (20 )%
Trust preferred subordinated debentures   113,406       113,406     -  
Total liabilities 5,516,609 5,000,186 10 %
 
Stockholders’ equity:
Preferred stock, $.01 par value, $1,000 liquidation value:
Authorized shares – 10,000,000
Issued shares
Common stock, $.01 par value:
Authorized shares – 100,000,000
Issued shares – 37,217,346 and 36,524,730 at March 31, 2011 and 2010, respectively

372

365

2

%

Additional paid-in capital 341,680 337,124 1 %
Retained earnings 197,686 156,165 27 %
Treasury stock (shares at cost: 417 at March 31, 2011 and 2010, respectively)

(8

)

(8

)

-

Accumulated other comprehensive income, net of taxes   5,195       6,350     (18 )%
Total stockholders’ equity   544,925       499,996     9 %
Total liabilities and stockholders’ equity $ 6,061,534     $ 5,500,182     10 %
 
TEXAS CAPITAL BANCSHARES, INC.
     
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands except per share data)
Three Months Ended

March 31

2011     2010
Interest income
Interest and fees on loans $ 68,040 $ 61,569
Securities 1,846 2,726
Federal funds sold 28 9
Deposits in other banks   197         2  
Total interest income 70,111 64,306
Interest expense
Deposits 4,871 7,758
Federal funds purchased 107 365
Repurchase agreements 2 4
Other borrowings 47
Trust preferred subordinated debentures   633         904  
Total interest expense   5,613         9,078  
Net interest income 64,498 55,228
Provision for credit losses   7,500         13,500  
Net interest income after provision for credit losses 56,998 41,728
Non-interest income
Service charges on deposit accounts 1,783 1,483
Trust fee income 954 954
Bank owned life insurance (BOLI) income 523 471
Brokered loan fees 2,520 1,904
Equipment rental income 783 1,344
Other   1,121         792  
Total non-interest income 7,684 6,948
Non-interest expense
Salaries and employee benefits 24,172 20,069
Net occupancy expense 3,310 3,014
Leased equipment depreciation 556 1,059
Marketing 2,123 787
Legal and professional 2,723 1,950
Communications and technology 2,347 1,926
FDIC insurance assessment 2,511 1,868
Allowance and other carrying costs for OREO 4,030 2,292
Other   4,627         4,221  
Total non-interest expense   46,399         37,186  
Income from continuing operations before income taxes 18,283 11,490
Income tax expense   6,344         3,890  
Income from continuing operations 11,939 7,600
Loss from discontinued operations (after-tax)   (60 )       (55 )
Net income $ 11,879       $ 7,545  
 
Basic earnings per common share:
Income from continuing operations $ .32 $ .21
Net income $ .32 $ .21
 
Diluted earnings per common share:
Income from continuing operations $ .31 $ .21
Net income $ .31 $ .21
 
TEXAS CAPITAL BANCSHARES, INC.
 
SUMMARY OF LOAN LOSS EXPERIENCE
(Dollars in thousands)
  1st Quarter   4th Quarter   3rd Quarter   2nd Quarter   1st Quarter
2011   2010   2010   2010   2010
Reserve for loan losses:
Beginning balance $ 71,510 $ 75,655 $ 74,881 $ 71,705 $ 67,931
Loans charged-off:
Commercial 1,993 11,135 2,384 6,653 7,551
Real estate – construction 6,229 5,789 420
Real estate – term 7,364 5,751 3,000 766
Consumer 34 216
Leases   532       148       595       218       594  
Total 9,923 17,250 12,208 12,660 9,331
Recoveries:
Commercial 546 47 76 30 23
Real estate – construction 243 1
Real estate – term 31 101 7 22 8
Consumer 1 2 2
Leases   150       75       8       55       20  
Total recoveries   971       225       94       107       51  
Net charge-offs 8,952 17,025 12,114 12,553 9,280
Provision for loan losses   7,690       12,880       12,888       15,729       13,054  
Ending balance $ 70,248     $ 71,510     $ 75,655     $ 74,881     $ 71,705  
 
Reserve for off-balance sheet credit losses:
Beginning balance $ 1,897 $ 2,777 $ 2,165 $ 3,394 $ 2,948
Provision (benefit) for off-balance sheet credit losses   (190 )     (880 )     612       (1,229 )     446  
Ending balance $ 1,707     $ 1,897     $ 2,777     $ 2,165     $ 3,394  
 
Total reserves for credit losses $ 71,955 $ 73,407 $ 78,432 $ 77,046 $ 75,099
 
Total provision for credit losses $ 7,500 12,000 $ 13,500 $ 14,500 $ 13,500
 
Reserve to loans held for investment(2) 1.49 % 1.52 % 1.69 % 1.68 % 1.61 %
Reserve to average loans held for investment(2) 1.49 % 1.58 % 1.68 % 1.68 % 1.63 %
Net charge-offs to average loans(1)(2) .77 % 1.49 % 1.07 % 1.13 % .85 %
Net charge-offs to average loans for last twelve months(1)(2) 1.11 % 1.14 % .95 % .73 % .61 %
Total provision for credit losses to average loans(1)(2) .64 % 1.05 % 1.19 % 1.30 % 1.24 %
Combined reserves for credit losses to loans held for investment(2)

1.53

%

1.56

%

1.75

%

1.73

%

1.69

%

 
Non-performing assets (NPAs):
Non-accrual loans $ 116,479 $ 112,090 $ 127,054 $ 138,236 $ 115,926
Other real estate owned (OREO) (4)   26,172       42,261       38,646       42,077       28,865  
Total $ 142,651     $ 154,351     $ 165,700     $ 180,313     $ 144,791  
 
Non-accrual loans to loans(2) 2.47 % 2.38 % 2.83 % 3.10 % 2.61 %
Total NPAs to loans plus OREO(2) 3.01 % 3.25 % 3.66 % 4.00 % 3.24 %
Reserve for loan losses to non-accrual loans

.6

x

.6

x

.6

x

.5

x

.6

x

 
Restructured loans $ 22,219 $ 4,319 $ $

$

10,700
Loans past due 90 days and still accruing(3) $ 2,529 $ 6,706 $ 2,428 $ 13,962 $ 2,390
 
Loans past due 90 days to loans(2) .05 % .14 % .05 % .31 % .05 %
 

(1) Interim period ratios are annualized.

(2) Excludes loans held for sale.

(3) At March 31, 2011, loans past due 90 days and still accruing includes premium finance loans of $2.4 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.

(4) At March 31, 2011, OREO balance is net of $10.4 million valuation allowance.

TEXAS CAPITAL BANCSHARES, INC.
 
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(Dollars in thousands)
         
1st Quarter 4th Quarter 3rd Quarter 2nd Quarter 1st Quarter
2011   2010   2010   2010   2010
Interest income
Interest and fees on loans $ 68,040 $ 73,206 $ 70,293 $ 64,935 $ 61,569
Securities 1,846 2,018 2,246 2,491 2,726
Federal funds sold 28 118 50 40 2
Deposits in other banks  

197

      90       11       6       9  
Total interest income 70,111 75,432 72,600 67,472 64,306
Interest expense
Deposits 4,871 8,371 8,760 8,420 7,758
Federal funds purchased 107 229 259 244 365
Repurchase agreements 2 1 3 2 4
Other borrowings 1 47
Trust preferred subordinated debentures   633       876       972       920       904  
Total interest expense   5,613       9,477       9,994       9,587       9,078  
Net interest income 64,498 65,955 62,606 57,885 55,228
Provision for credit losses   7,500       12,000       13,500       14,500       13,500  
Net interest income after provision for credit losses 56,998 53,955 49,106 43,385 41,728
Non-interest income
Service charges on deposit accounts 1,783 1,708 1,662 1,539 1,483
Trust fee income 954 899 1,013 980 954
Bank owned life insurance (BOLI) income 523 482 455 481 471
Brokered loan fees 2,520 3,793 3,272 2,221 1,904
Equipment rental income 783 802 792 1,196 1,344
Other   1,121       1,494       907       1,619       792  
Total non-interest income 7,684 9,178 8,101 8,036 6,948
Non-interest expense
Salaries and employee benefits 24,172 21,964 21,872 21,393 20,069
Net occupancy expense 3,310 3,140 3,128 3,032 3,014
Leased equipment depreciation 556 623 580 1,035 1,059
Marketing 2,123 2,198 1,333 1,101 787
Legal and professional 2,723 3,884 2,705 3,298 1,950
Communications and technology 2,347 2,143 2,256 2,186 1,926
FDIC insurance assessment 2,511 2,611 2,482 2,241 1,868
Allowance and other carrying costs for OREO 4,030 3,233 4,071 808 2,292
Other   4,627       4,786       4,175       4,024       4,221  
Total non-interest expense   46,399       44,582       42,602       39,118       37,186  
Income from continuing operations before income taxes

18,283

18,551

14,605

12,303

11,490

Income tax expense   6,344       6,475       5,074       4,187       3,890  
Income from continuing operations 11,939 12,076 9,531 8,116 7,600
Loss from discontinued operations (after-tax)   (60 )     (22 )     (5 )     (54 )     (55 )
Net income $ 11,879     $ 12,054     $ 9,526     $ 8,062     $ 7,545  
 
TEXAS CAPITAL BANCSHARES, INC.
 
QUARTERLY FINANCIAL SUMMARY – UNAUDITED
Consolidated Daily Average Balances, Average Yields and Rates

Continuing Operations

(Dollars in thousands)
 
  1st Quarter 2011       4th Quarter 2010       3rd Quarter 2010       2nd Quarter 2010       1st Quarter 2010
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 $ 140,007 $ 1,500 4.35 % $ 155,180 $ 1,666 4.26 % $ 173,835 $ 1,890 4.31 % $ 193,542 $ 2,126 4.41 % $ 211,618 $ 2,341 4.49 %
Securities – Non-taxable(2) 37,154 532 5.81 % 37,848 541 5.67 % 38,357 548 5.67 % 39,635 562 5.69 % 41,654 592 5.76 %
Federal funds sold 44,322 28 0.26 % 241,907 118 0.19 % 107,404 50 0.18 % 91,564 40 0.18 % 7,471 2 0.11 %
Deposits in other banks 277,228 197 0.29 % 144,650 90 0.25 % 18,766 11 0.23 % 12,449 6 0.19 % 12,457 9 0.29 %
Loans held for sale 735,682 8,677 4.78 % 1,324,264 15,314 4.59 % 1,074,309 12,760 4.71 % 664,474 8,244 4.98 % 457,459 5,490 4.87 %
Loans held for investment 4,721,928 59,363 5.10 % 4,533,501 57,892 5.07 % 4,493,998 57,533 5.08 % 4,459,790 56,691 5.10 % 4,413,960 56,079 5.15 %
Less reserve for loan losses   70,142    

 

    74,580    

 

    74,810    

 

    71,536    

 

    66,726    

 

 
Loans, net of reserve   5,387,468     68,040   5.12 %   5,783,185     73,206   5.02 %   5,493,497     70,293   5.08 %   5,052,728     64,935   5.15 %   4,804,693     61,569   5.20 %
Total earning assets 5,886,179 70,297 4.84 % 6,362,770 75,621 4.72 % 5,831,859 72,792 4.95 % 5,389,918 67,669 5.04 % 5,077,893 64,513 5.15 %
Cash and other assets   297,060   285,566   267,923   261,668   311,128
Total assets $ 6,183,239 $ 6,648,336 $ 6,099,782 $ 5,651,586 $ 5,389,021
 
Liabilities and Stockholders’ Equity
Transaction deposits $ 345,978 $ 55 0.06 % $ 434,160 $ 132 0.12 % $ 465,370 $ 189 0.16 % $ 484,900 $ 389 0.32 % $ 365,205 $ 264 0.29 %
Savings deposits 2,469,435 2,371 0.39 % 2,511,343 3,978 0.63 % 2,222,431 4,228 0.75 % 2,054,199 4,047 0.79 % 1,773,201 3,524 0.81 %
Time deposits 709,604 1,921 1.10 % 1,022,509 3,068 1.19 % 955,703 3,044 1.26 % 832,973 2,808 1.35 % 840,820 2,787 1.34 %
Deposits in foreign branches   376,570     524   0.56 %   451,088     1,193   1.05 %   418,112     1,299   1.23 %   380,361     1,176   1.24 %   353,803     1,183   1.36 %
Total interest bearing deposits 3,901,587

4,871

0.51

%

4,419,100

8,371

0.75

%

4,061,616

8,760

0.86

%

3,752,433

8,420

0.90

%

3,333,029

7,758

0.94

%

Other borrowings 159,450 109 0.28 % 212,939 230 0.43 % 230,043 262 0.45 % 222,427 247 0.45 % 461,477 416 0.37 %
Trust preferred subordinated debentures   113,406    

633

 

2.26

%

  113,406    

876

 

3.06

%

  113,406    

972

 

3.40

%

  113,406    

920

 

3.25

%

  113,406    

904

 

3.23

%

Total interest bearing liabilities 4,174,443

5,613

0.55

%

4,745,445

9,477

0.79

%

4,405,065

9,994

0.90

%

4,088,266

9,587

0.94

%

3,907,912

9,078

0.94

%

Demand deposits 1,417,734 1,337,213 1,142,735 1,024,292 956,359
Other liabilities 47,753 35,589 28,997 24,693 28,643
Stockholders’ equity   543,309   530,089   522,985   514,335   496,107
Total liabilities and stockholders’ equity $ 6,183,239 $ 6,648,336 $ 6,099,782 $ 5,651,586 $ 5,389,021
 
Net interest income $ 64,684 $ 66,144 $ 62,798 $ 58,082 $ 55,435
Net interest margin 4.46 % 4.12 % 4.27 % 4.32 % 4.43 %
 

(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.

Source: Texas Capital Bancshares, Inc.

Contact:

Texas Capital Bancshares, Inc.

Myrna Vance, 214-932-6646

myrna.vance@texascapitalbank.com

Contact Information

Texas Capital Bancshares, Inc.,
2000 McKinney Avenue
Suite 700
Dallas, TX 75201
(214) 932-6600

Investor Relations Contact
Heather Worley
(214) 932-6646
heather.worley@
texascapitalbank.com

Transfer Agent
Computershare Investor Services LLC
Two North Lasalle Street
Third Floor
Chicago, IL 60602
(800) 568-3476
(312) 588-4990

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