Press Release

Texas Capital Bancshares Announces Operating Results for Q1 2012

Company Release - 4/25/2012 4:03 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 2012.

  • Net income increased 5% on a linked quarter basis and 127% from the first quarter of 2011
  • EPS increased 4% on a linked quarter basis and 126% from the first quarter of 2011
  • Demand deposits were consistent and total deposits increased 9% on a linked quarter basis; both grew 18% and 16%, respectively, from the first quarter of 2011
  • Loans held for investment increased 4% and total loans increased 5% on a linked quarter basis; both grew 23% and 46%, respectively, from the first quarter of 2011

“We are pleased to report another quarter of excellent growth and improved profitability for Texas Capital,” said George Jones, CEO. “Along with improvements in key measures of operating performance and credit quality, we also experienced significant growth in income, loans, deposits and capital. With a strong pipeline in place, we are optimistic about our ability to continue to provide excellent results for our shareholders.”

         

FINANCIAL SUMMARY

(dollars and shares in thousands)

 
Q1 2012 Q1 2011 % Change
QUARTERLY OPERATING RESULTS(1)
Net Income $ 27,081 $ 11,939 127 %
Diluted EPS $ .70 $ .31 126 %
ROA 1.33 % .78 %
ROE 17.36 % 8.91 %
Diluted Shares 38,914 38,342
 
BALANCE SHEET(1)
Total Assets $ 8,559,917 $ 6,061,046 41 %
Demand Deposits 1,751,443 1,480,695 18 %
Total Deposits 6,063,558 5,221,991 16 %
Loans Held for Investment 5,792,349 4,711,424 23 %
Total Loans 8,047,630 5,522,824 46 %
Stockholders’ Equity 647,341 544,925 19 %
 

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

DETAILED FINANCIALS

Texas Capital Bancshares, Inc. reported net income from continuing operations of $27.1 million for the quarter ended March 31, 2012 compared to $11.9 million for the first quarter of 2011. On a fully diluted basis, earnings per common share from continuing operations were $.70 for the three months ended March 31, 2012, compared to $.31 for the same period last year. The discussion below relates only to continuing operations.

Return on average equity was 17.36 percent and return on average assets was 1.33 percent for the first quarter of 2012, compared to 8.91 percent and .78 percent, respectively, for the first quarter of 2011.

Net interest income was $88.2 million for the first quarter of 2012, compared to $88.1 million in the fourth quarter of 2011 and $64.5 million for the first quarter of 2011. The net interest margin in the first quarter of 2012 was 4.54 percent, an 8 basis point increase from the first quarter of 2011 and a 6 basis point decrease from the fourth quarter of 2011. The year over year increase in net interest margin and net interest income is due to the reduction in funding costs.

Average loans held for investment for the first quarter of 2012 were $5.7 billion, an increase of $939.1 million from the first quarter of 2011 and increased $265.7 million from the fourth quarter of 2011. Average loans held for sale for the first quarter of 2012 increased $1.3 billion compared to the first quarter of 2011 and decreased $57.3 million from the fourth quarter of 2011.

Average total deposits for the first quarter of 2012 increased by $516.0 million from the first quarter of 2011 and increased by $210.6 million from the fourth quarter of 2011. For the same periods, the average balance of demand deposits increased by $282.7 million, or 20 percent, to $1.7 billion from $1.4 billion during the first quarter of 2011 and increased $41.3 million from the fourth quarter of 2011.

In the first quarter of 2012, 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 $5.7 million in the first quarter of 2012 compared to $10.8 million in the first quarter of 2011 and $7.1 million in the fourth quarter of 2011. We recorded a $3.0 million provision for credit losses in the first quarter of 2012 compared to $7.5 million in the first quarter of 2011 and $6.0 million in the fourth quarter of 2011. At March 31, 2012, the combined reserve decreased to 1.29 percent of loans held for investment as compared to 1.53 percent at March 31, 2011 and 1.31 percent at December 31, 2011. In management’s opinion, the reserve is appropriate 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 2012, net charge-offs were $828,000, compared to net charge-offs of $9.0 million in the first quarter of 2011 and net charge-offs of $3.4 million in the fourth quarter of 2011. Non-accrual loans were $50.2 million, or .87 percent of loans held for investment at the end of the first quarter of 2012, $116.5 million, or 2.47 percent, at the end of the first quarter of 2011 and $54.6 million, or .98 percent, at the end of the fourth quarter 2011. At March 31, 2012, total OREO was $32.6 million compared to $26.2 million at the end of the first quarter of 2011, and $34.1 million at the end of the fourth quarter of 2011. The OREO balance of $32.6 million at March 31, 2012 is stated net of a $6.3 million valuation allowance. The valuation charge for OREO reflected in non-interest expense was $2.7 million in the first quarter of 2012 compared to $3.3 million in the first quarter of 2011 and $1.1 million in the fourth quarter of 2011.

Non-interest income increased $1.5 million during the first quarter of 2012, or 20 percent, compared to the same period of 2011 primarily related to a $1.1 million increase in brokered loan fees.

Non-interest expense for the first quarter of 2012 increased $5.9 million, or 13 percent, to $52.3 million from $46.4 million in the first quarter of 2011. The increase is primarily related to a $4.8 million increase in salaries and employee benefits to $29.0 million from $24.2 million, which was primarily due to general business growth. Marketing expense increased $700,000 from the first quarter of 2011 due to expansion of customer bases in both loans and deposits. Additionally, legal and professional expense increased $1.3 million from the first quarter of 2011. Allowance and other carrying costs for OREO expense decreased $688,000 to $3.3 million, which included a $2.7 million valuation expense. Of the $2.7 million valuation expense in the first quarter of 2012, $1.9 million related to direct write-downs of the OREO balance and $856,000 related to increasing the valuation allowance, compared to $1.4 million and $1.9 million, respectively, in the same period of 2011. Additionally, FDIC insurance expense decreased $942,000 from the first quarter of 2011.

Stockholders’ equity increased by 19 percent from $544.9 million at March 31, 2011 to $647.3 million at March 31, 2012, primarily related to retained net income. The Bank is well capitalized under regulatory guidelines, and at March 31, 2012, the Company’s ratio of tangible common equity to total tangible assets was 7.3 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
2012     2011     2011     2011     2011
CONSOLIDATED STATEMENT OF INCOME
Interest income $ 93,131 $ 92,967 $ 83,263 $ 75,259 $ 70,111
Interest expense   4,902         4,820         4,065         4,165         5,613  
Net interest income 88,229 88,147 79,198 71,094 64,498
Provision for credit losses   3,000         6,000         7,000         8,000         7,500  
Net interest income after provision for credit losses 85,229 82,147 72,198 63,094 56,998
Non-interest income 9,190 8,994 7,603 7,951 7,684
Non-interest expense   52,276         50,353         46,186         45,263         46,399  
Income from continuing operations before income taxes

42,143

40,788

33,615

25,782

18,283

Income tax expense   15,062         15,043         11,905         9,074         6,344  
Income from continuing operations 27,081 25,745 21,710 16,708 11,939
Income (loss) from discontinued operations (after-tax)  

4

       

(5

)

     

(7

)

     

(54

)

     

(60

)

Net income $ 27,085       $ 25,740       $ 21,703       $ 16,654       $ 11,879  
Diluted EPS from continuing operations $ .70 $ .67 $ .56 $ .44 $ .31
Diluted EPS $ .70 $ .67 $ .56 $ .43 $ .31
 
Diluted shares 38,914,241 38,609,094 38,435,386 38,332,888 38,341,679
 
CONSOLIDATED BALANCE SHEET DATA
Total assets $ 8,559,917 $ 8,137,225 $ 7,705,372 $ 6,709,338 $ 6,061,046
Loans held for investment 5,792,349 5,572,371 5,302,584 5,164,293 4,711,424
Loans held for sale 2,255,281 2,080,081 1,909,567 1,122,330 811,400
Securities 123,828 143,710 142,895 157,821 171,990
Demand deposits 1,751,443 1,751,944 1,661,125 1,483,159 1,480,695
Total deposits 6,063,558 5,556,257 5,486,463 5,421,726 5,221,991
Other borrowings 1,657,728 1,768,116 1,451,894 561,902 133,995
Long-term debt 113,406 113,406 113,406 113,406 113,406
Stockholders’ equity 647,341 616,331 587,944 563,924 544,925
 
End of period shares outstanding 37,912,054 37,666,291 37,457,762 37,329,726 37,216,929
Book value(1) $ 16.96 $ 16.24 $ 15.56 $ 14.97 $ 14.50
Tangible book value(1) $ 16.42 $ 15.69 $ 15.01 $ 14.41 $ 14.25
 
SELECTED FINANCIAL RATIOS
From continuing operations
Net interest margin 4.54 % 4.60 % 4.81 % 4.86 % 4.46 %
Return on average assets 1.33 % 1.28 % 1.25 % 1.08 % .78 %
Return on average equity 17.36 % 17.05 % 14.93 % 12.13 % 8.91 %
Non-interest income to earning assets .47 % .47 % .46 % .54 % .53 %
Efficiency ratio 53.7 % 51.8 % 53.2 % 57.3 % 64.3 %
Efficiency ratio (excluding OREO valuation charge) 50.8 % 50.7 % 51.3 % 56.3 % 59.7 %
Non-interest expense to earning assets 2.69 % 2.62 % 2.80 % 3.08 % 3.20 %
Non-interest expense to earning assets (excluding OREO valuation charge)

2.55

%

2.57

%

2.70

%

3.03

%

2.97

%

 
Tangible common equity to total tangible assets 7.3 % 7.3 % 7.3 % 8.0 % 8.8 %
Tier 1 capital ratio 9.5 % 9.6 % 9.7 % 10.2 % 11.2 %
Total capital ratio 10.4 % 10.6 % 10.7 % 11.3 % 12.5 %
Tier 1 leverage ratio 8.9 % 8.8 % 9.8 % 10.5 % 10.3 %
 

(1) Excluding securities gains/losses.

 
 
TEXAS CAPITAL BANCSHARES, INC.
 
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
  March 31,

2012

    March 31,

2011

    %

Change

Assets        
Cash and due from banks $ 66,806 $ 61,186 9 %
Interest-bearing deposits 61,324 152,294 (60 )%
Federal funds sold 20,680 10,240 102 %
Securities, available-for-sale 123,828 171,990 (28 )%
Loans held for sale 2,255,281 811,400 178 %
Loans held for sale from discontinued operations 390 488 (20 )%
Loans held for investment (net of unearned income) 5,792,349 4,711,424 23 %
Less: Allowance for loan losses   71,992         70,248       2 %
Loans held for investment, net 5,720,357 4,641,176 23 %
Premises and equipment, net 11,445 11,652 (2 )%
Accrued interest receivable and other assets 279,866 191,706 46 %
Goodwill and intangibles, net   20,330         9,402       116 %
Total assets $ 8,560,307       $ 6,061,534       41 %
 
Liabilities and Stockholders’ Equity
Liabilities:
Deposits:
Non-interest bearing $ 1,751,443 $ 1,480,695 18 %
Interest bearing 3,902,123 3,429,358 14 %
Interest bearing in foreign branches   409,992         311,938       31 %
Total deposits 6,063,558 5,221,991 16 %
 
Accrued interest payable 893 1,662 (46 )%
Other liabilities 77,381 45,555 70 %
Federal funds purchased 383,927 115,870 231 %
Repurchase agreements 23,740 14,716 61 %
Other borrowings 1,250,061 3,409 N/M
Trust preferred subordinated debentures   113,406         113,406       -  
Total liabilities 7,912,966 5,516,609 43 %
 
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 – 37,912,054 and 37,217,346 at March 31, 2012 and 2011, respectively

379

372

2

%

Additional paid-in capital 353,567 341,680 3 %
Retained earnings 288,868 197,686 46 %
Treasury stock (shares at cost: 417 at March 31, 2012 and 2011, respectively)

(8

)

(8

)

-

Accumulated other comprehensive income, net of taxes   4,535         5,195       (13 )%
Total stockholders’ equity   647,341         544,925       19 %
Total liabilities and stockholders’ equity $ 8,560,307       $ 6,061,534       41 %
 
 
TEXAS CAPITAL BANCSHARES, INC.
     
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands except per share data)
Three Months Ended

March 31

2012     2011
Interest income
Loans $ 91,774 $ 68,040
Securities 1,307 1,846
Federal funds sold 1 28
Deposits in other banks   49       197  
Total interest income 93,131 70,111
Interest expense
Deposits 3,472 4,871
Federal funds purchased 281 107
Repurchase agreements 3 2
Other borrowings 435
Trust preferred subordinated debentures   711       633  
Total interest expense   4,902       5,613  
Net interest income 88,229 64,498
Provision for credit losses   3,000       7,500  
Net interest income after provision for credit losses 85,229 56,998
Non-interest income
Service charges on deposit accounts 1,604 1,783
Trust fee income 1,114 954
Bank owned life insurance (BOLI) income 521 523
Brokered loan fees 3,651 2,520
Equipment rental income 161 783
Other   2,139       1,121  
Total non-interest income 9,190 7,684
Non-interest expense
Salaries and employee benefits 29,019 24,172
Net occupancy expense 3,604 3,310
Leased equipment depreciation 139 556
Marketing 2,823 2,123
Legal and professional 3,991 2,723
Communications and technology 2,483 2,347
FDIC insurance assessment 1,569 2,511
Allowance and other carrying costs for OREO 3,342 4,030
Other   5,306       4,627  
Total non-interest expense   52,276       46,399  
Income from continuing operations before income taxes 42,143 18,283
Income tax expense   15,062       6,344  
Income from continuing operations 27,081 11,939
Income (loss) from discontinued operations (after-tax)   4       (60 )
Net income $ 27,085     $ 11,879  
 
Basic earnings per common share:
Income from continuing operations $ .72 $ .32
Net income $ .72 $ .32
 
Diluted earnings per common share:
Income from continuing operations $ .70 $ .31
Net income $ .70 $ .31
 
 
TEXAS CAPITAL BANCSHARES, INC.
 
SUMMARY OF LOAN LOSS EXPERIENCE
(Dollars in thousands)
  1st Quarter     4th Quarter     3rd Quarter     2nd Quarter     1st Quarter
2012     2011     2011     2011     2011
Reserve for loan losses:
Beginning balance $ 70,295 $ 67,897 $ 67,748 $ 70,248 $ 71,510
Loans charged-off:
Commercial 462 1,348 1,523 3,654 1,993
Real estate – construction
Real estate – term 559 2,438 5,049 6,424 7,364
Consumer 283 34
Leases   95         238         (16 )       464         532  
Total loans charged-off 1,116 4,024 6,556 10,825 9,923
Recoveries:
Commercial 159 390 109 143 546
Real estate – construction 5 243
Real estate – term 108 45 152 122 31
Consumer 5 4 1 3 1
Leases   16         171         36         26         150  
Total recoveries   288         610         303         294         971  
Net charge-offs 828 3,414 6,253 10,531 8,952
Provision for loan losses   2,525         5,812         6,402         8,031         7,690  
Ending balance $ 71,992       $ 70,295       $ 67,897       $ 67,748       $ 70,248  
 
Reserve for off-balance sheet credit losses:
Beginning balance $ 2,462 $ 2,274 $ 1,676 $ 1,707 $ 1,897
Provision (benefit) for off-balance sheet credit losses   475         188         598         (31 )       (190 )
Ending balance $ 2,937       $ 2,462       $ 2,274       $ 1,676       $ 1,707  
 
Total reserves for credit losses $ 74,929 $ 72,757 $ 70,171 $ 69,424 $ 71,955
 
Total provision for credit losses $ 3,000 $ 6,000 $ 7,000 $ 8,000 $ 7,500
 
Reserve to loans held for investment(2) 1.24 % 1.26 % 1.28 % 1.31 % 1.49 %
Reserve to average loans held for investment(2) 1.27 % 1.30 % 1.30 % 1.39 % 1.49 %
Net charge-offs to average loans(1)(2) .06 % .25 % .48 % .86 % .77 %
Net charge-offs to average loans for last twelve months(1)(2) .40 % .58 % .90 % 1.06 % 1.11 %
Total provision for credit losses to average loans(1)(2) .21 % .44 % .53 % .66 % .64 %
Combined reserves for credit losses to loans held for investment(2)

1.29

%

1.31

%

1.32

%

1.34

%

1.53

%

 
Non-performing assets (NPAs):
Non-accrual loans $ 50,160 $ 54,580 $ 66,714 $ 77,884 $ 116,479
Other real estate owned (OREO) (4)   32,601         34,077         35,796         27,285         26,172  
Total $ 82,761       $ 88,657       $ 102,510       $ 105,169       $ 142,651  
 
Non-accrual loans to loans(2) .87 % .98 % 1.26 % 1.51 % 2.47 %
Total NPAs to loans plus OREO(2) 1.42 % 1.58 % 1.92 % 2.03 % 3.01 %
Reserve for loan losses to non-accrual loans

1.4

x

1.3

x

1.0

x

.9

x

.6

x

 
Restructured loans $ 12,582 $ 25,104 $ 24,963 $ 23,540 $ 22,219
Loans past due 90 days and still accruing(3) $ 5,941 $ 5,467 $ 3,003 $ 10,333 $ 2,529
 
Loans past due 90 days to loans(2) .10 % .10 % .06 % .20 % .05 %
 

(1) Interim period ratios are annualized.

(2) Excludes loans held for sale.

(3) At March 31, 2012, loans past due 90 days and still accruing includes premium finance loans of $4.4 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, 2012, OREO balance is net of $6.3 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
2012     2011     2011     2011     2011
Interest income
Loans $ 91,774 $ 91,512 $ 81,692 $ 73,509 $ 68,040
Securities 1,307 1,408 1,524 1,680 1,846
Federal funds sold 1 1 3 5 28
Deposits in other banks   49       46         44         65         197  
Total interest income 93,131 92,967 83,263 75,259 70,111
Interest expense
Deposits 3,472 3,471 3,191 3,417 4,871
Federal funds purchased 281 273 128 94 107
Repurchase agreements 3 4 2 2 2
Other borrowings 435 404 110 14
Trust preferred subordinated debentures   711       668         634         638         633  
Total interest expense   4,902       4,820         4,065         4,165         5,613  
Net interest income 88,229 88,147 79,198 71,094 64,498
Provision for credit losses   3,000       6,000         7,000         8,000         7,500  
Net interest income after provision for credit losses 85,229 82,147 72,198 63,094 56,998
Non-interest income
Service charges on deposit accounts 1,604 1,504 1,585 1,608 1,783
Trust fee income 1,114 1,108 1,091 1,066 954
Bank owned life insurance (BOLI) income 521 500 533 539 523
Brokered loan fees 3,651 3,408 2,849 2,558 2,520
Equipment rental income 161 223 223 676 783
Other   2,139       2,251         1,322         1,504         1,121  
Total non-interest income 9,190 8,994 7,603 7,951 7,684
Non-interest expense
Salaries and employee benefits 29,019 26,658 25,596 24,109 24,172
Net occupancy expense 3,604 3,537 3,367 3,443 3,310
Leased equipment depreciation 139 198 281 447 556
Marketing 2,823 3,798 2,455 2,733 2,123
Legal and professional 3,991 4,362 3,647 4,264 2,723
Communications and technology 2,483 2,468 2,210 2,584 2,347
FDIC insurance assessment 1,569 1,595 1,465 1,972 2,511
Allowance and other carrying costs for OREO 3,342 2,383 2,150 1,023 4,030
Other   5,306       5,354         5,015         4,688         4,627  
Total non-interest expense   52,276       50,353         46,186         45,263         46,399  
Income from continuing operations before income taxes

42,143

40,788

33,615

25,782

18,283

Income tax expense   15,062       15,043         11,905         9,074         6,344  
Income from continuing operations 27,081 25,745 21,710 16,708 11,939
Income (loss) from discontinued operations (after-tax)  

4

     

(5

)

     

(7

)

     

(54

)

     

(60

)

Net income $ 27,085     $ 25,740       $ 21,703       $ 16,654       $ 11,879  
 
 

TEXAS CAPITAL BANCSHARES, INC.

 

QUARTERLY FINANCIAL SUMMARY – UNAUDITED

Consolidated Daily Average Balances, Average Yields and Rates

Continuing Operations

(Dollars in thousands)
 
  1st Quarter 2012     4th Quarter 2011     3rd Quarter 2011     2nd Quarter 2011     1st Quarter 2011
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 $ 109,003 $ 1,041 3.84 % $ 109,761 $ 1,126 4.07 % $ 115,871 $ 1,214 4.16 % $ 127,269 $ 1,346 4.24 % $ 140,007 $ 1,500 4.35 %
Securities – Non-taxable(2) 28,506 409 5.77 % 30,065 434 5.73 % 33,051 477 5.73 % 35,804 514 5.76 % 37,154 532 5.81 %
Federal funds sold 6,848 1 0.06 % 8,505 1 0.05 % 20,864 3 0.06 % 14,303 5 0.14 % 44,322 28 0.26 %
Deposits in other banks 49,470 49 0.41 % 42,644 46 0.43 % 36,495 44 0.48 % 77,928 65 0.33 % 277,228 197 0.29 %
Loans held for sale 2,036,622 21,315 4.21 % 2,093,883 22,332 4.23 % 1,191,375 13,340 4.44 % 808,165 9,591 4.76 % 735,682 8,677 4.78 %
Loans held for investment 5,660,993 70,459 5.01 % 5,395,253 69,180 5.09 % 5,219,496 68,352 5.20 % 4,890,696 63,918 5.24 % 4,721,928 59,363 5.10 %

Less reserve for loan losses

  70,261    

 

    67,214    

 

    66,215    

 

    68,031    

 

    70,142    

 

 
Loans, net of reserve   7,627,354     91,774   4.84 %   7,421,922     91,512   4.89 %   6,344,656     81,692   5.11 %   5,630,830     73,509   5.24 %   5,387,468     68,040   5.12 %
Total earning assets 7,821,181 93,274 4.80 % 7,612,897 93,119 4.85 % 6,550,937 83,430 5.05 % 5,886,134 75,439 5.14 % 5,886,179 70,297 4.84 %
Cash and other assets   388,009   382,577   333,563   306,372   297,060
Total assets $ 8,209,190 $ 7,995,474 $ 6,884,500 $ 6,192,506 $ 6,183,239
 
Liabilities and Stockholders’ Equity
Transaction deposits $ 565,319 $ 140 0.10 % $ 429,980 $ 33 0.03 % $ 412,203 $ 52 0.05 % $ 375,084 $ 55 0.06 % $ 345,978 $ 55 0.06 %
Savings deposits 2,535,412 2,083 0.33 % 2,422,465 2,062 0.34 % 2,253,123 1,664 0.29 % 2,465,118 1,700 0.28 % 2,469,435 2,371 0.39 %
Time deposits 624,823 920 0.59 % 534,441 927 0.69 % 468,196 1,032 0.87 % 541,337 1,351 1.00 % 709,604 1,921 1.10 %
Deposits in foreign branches   409,422     329   0.32 %   578,728     449   0.31 %   588,221     443   0.30 %   415,998     311   0.30 %   376,570     524   0.56 %
Total interest bearing deposits 4,134,976

3,472

0.34

%

3,965,614

3,471

0.35

%

3,721,743

3,191

0.34

%

3,797,537

3,417

0.36

%

3,901,587

4,871

0.51

%

Other borrowings 1,554,716 719 0.19 % 1,588,198 681 0.17 % 894,073 240 0.11 % 233,388 110 0.19 % 159,450 109 0.28 %
Trust preferred subordinated debentures   113,406    

711

 

2.52

%

  113,406    

668

 

2.34

%

  113,406    

634

 

2.22

%

  113,406    

638

 

2.26

%

  113,406    

633

 

2.26

%

Total interest bearing liabilities 5,803,098

4,902

0.34

%

5,667,218

4,820

0.34

%

4,729,222

4,065

0.34

%

4,144,331

4,165

0.40

%

4,174,443

5,613

0.55

%

Demand deposits 1,700,390 1,659,132 1,525,087 1,455,366 1,417,734
Other liabilities 78,108 70,142 53,233 40,177 47,753
Stockholders’ equity   627,594   598,982   576,958   552,632   543,309
Total liabilities and stockholders’ equity $ 8,209,190 $ 7,995,474 $ 6,884,500 $ 6,192,506 $ 6,183,239
 
Net interest income $ 88,372 $ 88,299 $ 79,365 $ 71,274 $ 64,684
Net interest margin 4.54 % 4.60 % 4.81 % 4.86 % 4.46 %

(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.

Texas Capital Bancshares, Inc.
Myrna Vance, 214-932-6646
myrna.vance@texascapitalbank.com

Source: Texas Capital Bancshares, Inc.

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

Copyright 2018, © S&P Global Market Intelligence  Terms of Use