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-- Loans held for investment increased 2% and total loans increased 2% on a linked quarter basis and grew 12% and 16%, respectively, from Q3 2008
-- Demand deposits grew 10% and total deposits increased 7% on a linked quarter basis and grew 43% and 16%, respectively, from Q3 2008
-- Net income before preferred dividends decreased 17% on a linked quarter basis and decreased 29% from Q3 2008
-- EPS increased 150% on a linked quarter basis, due to the reduction in preferred stock dividends related to the TARP that was repaid in Q2, and decreased 44% from Q3 2008
"Our core earnings power improved, even in the overall economic downturn and the increased pressure on credit," said George Jones, CEO. "Our growth in loans, demand deposits and the improvement in net interest margin are indicators of success in this challenging environment."
FINANCIAL SUMMARY
(dollars and shares in thousands)
Q3 2009 Q3 2008 % Change
QUARTERLY OPERATING RESULTS
Net Income $ 5,353 $ 7,565 (29 )%
Diluted EPS $ .15 $ .27 (44 )%
ROA .40 % .65 %
ROE 4.46 % 9.12 %
Diluted Shares 36,304 27,793
BALANCE SHEET
Total Assets $ 5,317,851 $ 4,742,043 12 %
Demand Deposits 802,692 561,227 43 %
Total Deposits 3,916,568 3,388,963 16 %
Loans Held for Investment 4,290,453 3,840,172 12 %
Total Loans 4,840,240 4,183,174 16 %
Stockholders' Equity 474,044 380,858 24 %
DETAILED FINANCIALS
Texas Capital Bancshares, Inc. reported net income from continuing operations of $5.4 million for the quarter ended September 30, 2009 compared to $7.6 million for the third quarter of 2008. On a fully diluted basis, earnings per common share from continuing operations were $.15 for the three months ended September 30, 2009, compared to $.27 for the same quarter last year. The discussion below relates only to continuing operations.
Return on average equity was 4.46 percent and return on average assets was .40 percent for the third quarter of 2009, compared to 9.12 percent and .65 percent, respectively for the third quarter of 2008. The reduction in the ROE resulted from the 24 percent increase in stockholders' equity from two equity offerings since September 2008 and reduced earnings.
Net interest income was $51.6 million for the third quarter of 2009, compared to $38.3 million for the third quarter of 2008. The increase was due to an increase in average earning assets of $645.3 million over levels reported in the third quarter of 2008. The increase in average earning assets included a $482.9 million increase in average loans held for investment and an increase of $251.8 million in average loans held for sale, offset by a decrease of $80.0 million in average securities.
The net interest margin in the third quarter of 2009 was 4.06 percent, a 59 basis point increase from the third quarter of 2008 and an 18 basis point increase from the second quarter of 2009 due to low funding costs and our ability to maintain and improve yields on our earning assets.
Average total deposits increased by $529.2 million from the third quarter of 2008 and increased by $664.5 million from the second quarter of 2009. For the same periods, the average balance of demand deposits increased by $196.6 million, or 35 percent, to $764.6 million from $567.9 million during the third quarter of 2008 and increased $40.1 million, or 6 percent, from the second quarter of 2009.
As a result of the overall economic downturn, we have experienced increases in levels of non-performing assets and exposure to credit losses. Provision for loan losses and valuation allowance related to OREO totaled $15.7 million in third quarter of 2009 compared to $4.0 million in the third quarter of 2008 and $11.0 million in the second quarter of 2009. The Company recorded a $13.5 million provision for loan losses in the third quarter of 2009, compared to $4.0 million in the third quarter of 2008 and $11.0 million in the second quarter of 2009. The third quarter provision resulted in an increase in the reserve to 1.59 percent of loans held for investment as compared to 1.07 percent at September 30, 2008, and 1.35 percent at the end of the second quarter of 2009. 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 third quarter of 2009, net charge-offs were $2.0 million, compared to net charge-offs of $1.5 million in the third quarter of 2008 and net charge-offs of $6.8 million in the second quarter of 2009. Non-accrual loans were $85.3 million, or 1.99 percent, of loans at the end of the third quarter of 2009, compared to $46.6 million, or 1.21 percent of loans at the end of the third quarter of 2008, and $49.6 million, or 1.18 percent of loans at the end of the second quarter of 2009. At September 30, 2009, total other real estate owned (OREO) was $34.7 million compared to $5.8 million at the end of the third quarter of 2008, and $31.4 million at the end of the second quarter of 2009. The balance of $34.7 million at September 30, 2009 is stated net of a valuation allowance for which the Company incurred a non-interest expense of $2.2 million during the third quarter of 2009.
Non-interest income for the third quarter of 2009 increased $2.2 million, or 45 percent, to $7.1 million from $4.9 million in the third quarter of 2008. The increase is primarily related to a $1.1 million increase in brokered loan fees and a $497,000 increase in service charge income, offset by a $234,000 decrease in trust fee income. Additionally, other non-interest income increased $1.0 million due to a $1.0 million charge associated with customer fraud on certain mortgage loans that was recorded in other non-interest income in the third quarter of 2008.
Non-interest expense for the third quarter of 2009 increased $9.4 million, or 34 percent, to $37.1 million from $27.7 million in the third quarter of 2008. The increase is primarily related to a $3.6 increase in salaries and employee benefits to $19.6 million from $16.0 million, which was primarily due to general business growth. Valuation allowance for foreclosed assets and other carrying costs expense increased $2.2 million related to establishing a valuation allowance of $2.2 million. The expense related to the valuation allowance increased our efficiency ratio from 59.4 percent to 63.1 percent for the third quarter. Additionally, legal and professional expense and FDIC assessment expense increased $916,000 and $1.0 million, respectively, from the third quarter 2008.
Stockholders' equity increased by 24 percent from $380.9 million in September 2008 to $474.0 million at the end of the third quarter of 2009. Contributing to the increase was retained net income of $21.4 million and proceeds of sales of common stock totaling $114.4 million. The Bank is well capitalized under regulatory guidelines and at September 30, 2009, the Company's ratio of tangible common equity to total tangible assets was 8.7 percent.
ABOUT TEXAS CAPITAL BANCSHARES, INC.
Texas Capital Bancshares, Inc. (NASDAQ: TCBI | Quote | Chart | News | PowerRating) 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)
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter
2009 2009 2009 2008 2008
CONSOLIDATED STATEMENT OF INCOME
Interest income $ 62,197 $ 60,013 $ 55,806 $ 58,873 $ 62,240
Interest expense 10,631 11,211 14,589 20,161 23,974
Net interest income 51,566 48,802 41,217 38,712 38,266
Provision for loan losses 13,500 11,000 8,500 11,000 4,000
Net interest income after provision for loan losses 38,066 37,802 32,717 27,712 34,266
Non-interest income 7,133 7,416 6,900 5,950 4,885
Non-interest expense 37,067 35,373 30,306 28,443 27,675
Income from continuing operations before income taxes 8,132 9,845 9,311 5,219 11,476
Income tax expense 2,779 3,363 3,186 1,732 3,911
Income from continuing operations 5,353 6,482 6,125 3,487 7,565
Loss from discontinued operations (after-tax) (41 ) (44 ) (95 ) (100 ) (252 )
Net income 5,312 6,438 6,030 3,387 7,313
Preferred stock dividends - 4,453 930 - -
Net income available to common shareholders $ 5,312 $ 1,985 $ 5,100 $ 3,387 $ 7,313
Diluted EPS from continuing operations $ .15 $ .06 $ .17 $ .11 $ .27
Diluted EPS $ .15 $ .06 $ .16 $ .11 $ .26
Diluted shares 36,303,975 33,866,237 31,072,444 31,037,610 27,792,938
CONSOLIDATED BALANCE SHEET DATA
Total assets $ 5,317,851 $ 5,303,800 $ 5,009,931 $ 5,139,564 $ 4,742,043
Loans held for investment 4,290,453 4,211,304 4,019,247 4,027,871 3,840,172
Loans held for sale 549,787 544,652 426,982 496,351 343,002
Securities 285,869 308,187 361,898 378,752 365,145
Demand deposits 802,692 730,034 608,939 587,161 561,227
Total deposits 3,916,568 3,643,582 3,010,960 3,333,187 3,388,963
Other borrowings 790,192 1,059,572 1,386,783 1,280,607 835,025
Long-term debt 113,406 113,406 113,406 113,406 113,406
Stockholders' equity 474,044 464,026 471,990 387,073 380,858
End of period shares 35,802,485 35,688,661 31,014,575 30,971,189 30,844,202
Book value (excluding securities gains/losses) $ 13.05 $ 12.87 $ 12.64 $ 12.44 $ 12.33
Tangible book value (excluding securities gains/losses) $ 12.84 $ 12.66 $ 12.39 $ 12.19 $ 12.08
SELECTED FINANCIAL RATIOS
From continuing operations:
Net interest margin 4.06 % 3.88 % 3.39 % 3.41 % 3.47 %
Return on average assets .40 % .49 % .48 % .29 % .65 %
Return on average equity 4.46 % 5.45 % 5.44 % 3.61 % 9.12 %
Non-interest income to earning assets .56 % .59 % .56 % .52 % .44 %
Efficiency ratio 63.1 % 62.9 % 63.0 % 63.7 % 64.1 %
Non-interest expense to earning assets 2.91 % 2.80 % 2.48 % 2.49 % 2.49 %
From consolidated:
Net interest margin 4.06 % 3.88 % 3.39 % 3.41 % 3.47 %
Return on average assets .40 % .48 % .47 % .28 % .63 %
Return on average equity 4.43 % 5.41 % 5.36 % 3.50 % 8.81 %
Tangible common equity to total tangible assets 8.7 % 8.6 % 7.8 % 7.4 % 7.9 %
Tier 1 capital ratio 11.2 % 11.2 % 11.9 % 10.0 % 10.5 %
Total capital ratio 12.5 % 12.3 % 13.0 % 10.9 % 11.4 %
Tier 1 leverage ratio 10.8 % 10.6 % 11.0 % 10.2 % 10.5 %
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(Dollars in thousands)
September 30, September 30, %
2009 2008 Change
Assets
Cash and due from banks $ 60,365 $ 64,738 (7 )%
Federal funds sold 240 3,050 (92 )%
Securities, available-for-sale 285,869 365,145 (22 )%
Loans held for sale 549,787 343,002 60 %
Loans held for sale from discontinued operations 589 648 (9 )%
Loans held for investment (net of unearned income) 4,290,453 3,840,172 12 %
Less: Allowance for loan losses 68,368 40,998 67 %
Loans held for investment, net 4,222,085 3,799,174 11 %
Premises and equipment, net 11,473 6,081 89 %
Accrued interest receivable and other assets 180,465 153,124 18 %
Goodwill and intangibles, net 7,567 7,729 (2 )%
Total assets $ 5,318,440 $ 4,742,691 12 %
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Non-interest bearing $ 802,692 $ 561,227 43 %
Interest bearing 2,720,011 2,143,944 27 %
Interest bearing in foreign branches 393,865 683,792 (42 )%
Total deposits 3,916,568 3,388,963 16 %
Accrued interest payable 2,516 5,508 (54 )%
Other liabilities 21,714 18,931 15 %
Federal funds purchased 616,029 240,405 156 %
Repurchase agreements 65,422 42,032 56 %
Other short-term borrowings 108,741 552,588 (80 )%
Trust preferred subordinated debentures 113,406 113,406 -
Total liabilities 4,844,396 4,368,833 11 %
Stockholders' equity:
Common stock, $.01 par value:
Authorized shares - 100,000,000
Issued shares - 35,802,485 and 30,844,202 at September 30, 2009 and 358 308 16 %
2008, respectively
Additional paid-in capital 324,724 253,599 28 %
Retained earnings 142,248 126,464 12 %
Treasury stock (shares at cost: 417 at September 30, 2009 and 84,691 (8 ) (581 ) (99 )%
at September 30, 2008)
Deferred compensation - 573 (100 )%
Accumulated other comprehensive income, net of taxes 6,722 495 N/M
Total stockholders' equity 474,044 380,858 24 %
Total liabilities and stockholders' equity $ 5,318,440 $ 4,742,691 12 %
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(Dollars in thousands except per share data)
Three Months Ended Nine Months Ended
September 30 September 30
2009 2008 2009 2008
Interest income
Interest and fees on loans $ 58,959 $ 57,909 $ 167,326 $ 176,195
Securities 3,226 4,281 10,621 13,691
Federal funds sold 5 40 29 141
Deposits in other banks 7 10 40 30
Total interest income 62,197 62,240 178,016 190,057
Interest expense
Deposits 8,916 18,338 29,264 56,777
Federal funds purchased 586 2,273 1,944 7,186
Repurchase agreements 14 86 42 462
Other borrowings 125 1,791 1,873 7,770
Trust preferred subordinated debentures 990 1,486 3,308 4,837
Total interest expense 10,631 23,974 36,431 77,032
Net interest income 51,566 38,266 141,585 113,025
Provision for loan losses 13,500 4,000 33,000 15,750
Net interest income after provision for loan losses 38,066 34,266 108,585 97,275
Non-interest income
Service charges on deposit accounts 1,658 1,161 4,797 3,566
Trust fee income 1,000 1,234 2,836 3,656
Bank owned life insurance (BOLI) income 418 299 1,115 925
Brokered loan fees 2,120 1,024 6,822 2,168
Equipment rental income 1,291 1,487 4,200 4,513
Other 646 (320 ) 1,679 1,692
Total non-interest income 7,133 4,885 21,449 16,520
Non-interest expense
Salaries and employee benefits 19,569 16,039 53,788 46,750
Net occupancy expense 3,164 2,300 9,305 7,097
Leased equipment depreciation 1,050 1,153 3,288 3,525
Marketing 705 521 1,915 1,847
Legal and professional 3,274 2,358 8,816 6,829
Communications and data processing 935 858 2,750 2,482
FDIC insurance assessment 1,452 432 6,492 1,154
Allowance and other carrying costs for OREO 2,390 239 3,968 668
Other 4,528 3,775 12,424 10,856
Total non-interest expense 37,067 27,675 102,746 81,208
Income from continuing operations before income taxes 8,132 11,476 27,288 32,587
Income tax expense 2,779 3,911 9,328 11,192
Income from continuing operations 5,353 7,565 17,960 21,395
Loss from discontinued operations (after-tax) (41 ) (252 ) (180 ) (516 )
Net income 5,312 7,313 17,780 20,879
Preferred stock dividends - - 5,383 -
Net income available to common stockholders $ 5,312 $ 7,313 $ 12,397 $ 20,879
Basic earnings per common share:
Income from continuing operations $ .15 $ .27 $ .38 $ .79
Net income $ .15 $ .26 $ .37 $ .77
Diluted earnings per common share:
Income from continuing operations $ .15 $ .27 $ .37 $ .79
Net income $ .15 $ .26 $ .37 $ .77
TEXAS CAPITAL BANCSHARES, INC.
SUMMARY OF LOAN LOSS EXPERIENCE
(Dollars in thousands)
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter
2009 2009 2009 2008 2008
Beginning balance $ 56,893 $ 52,727 $ 46,835 $ 40,998 $ 38,460
Loans charged-off:
Commercial 115 92 1,695 535 592
Real estate - construction 576 1,821 60 1,195 553
Real estate - term 1,239 1,250 236 3,432 267
Consumer 80 - 419 64 129
Leases 72 3,724 226 - -
Total 2,082 6,887 2,636 5,226 1,541
Recoveries:
Commercial 21 48 21 43 27
Consumer 16 5 - - 13
Leases 20 - - - 12
Real estate - construction - - 7 - -
Real estate - term - - - 20 27
Total recoveries 57 53 28 63 79
Net charge-offs 2,025 6,834 2,608 5,163 1,462
Provision for loan losses 13,500 11,000 8,500 11,000 4,000
Ending balance $ 68,368 $ 56,893 $ 52,727 $ 46,835 $ 40,998
Reserve to loans held for investment(2) 1.59 % 1.35 % 1.31 % 1.16 % 1.07 %
Reserve to average loans held for investment(2) 1.60 % 1.38 % 1.31 % 1.21 % 1.08 %
Net charge-offs to average loans(1)(2) .19 % .66 % .26 % .53 % .15 %
Net charge-offs to average loans for last twelve months(1)(2) .41 % .41 % .34 % .35 % .28 %
Provision for loan losses to average loans(1)(2) 1.26 % 1.07 % .85 % 1.13 % .42 %
Non-performing assets (NPAs): (4)
Non-accrual loans $ 85,270 $ 49,592 $ 50,683 $ 47,499 $ 46,579
Other real estate owned (OREO) (5) 34,671 31,404 27,501 25,904 5,792
Total $ 119,941 $ 80,996 $ 78,184 $ 73,403 $ 52,371
Non-accrual loans to loans(2) 1.99 % 1.18 % 1.26 % 1.18 % 1.21 %
Total NPAs to loans plus OREO 2.77 % 1.91 % 1.93 % 1.81 % 1.36 %
Reserve to non-accrual loans .8x 1.1x 1.0x 1.0x .9x
Loans past due 90 days and still accruing(3) $ 7,569 $ 3,539 $ 4,637 $ 4,115 $ 2,970
Loans past due 90 days to loans(2) .18 % .08 % .12 % .10 % .08 %
(1) Interim period ratios are annualized.
(2) Excludes loans held for sale.
(3) At September 30, 2009, loans past due 90 days and still accruing includes premium finance loans of $2.6 million. These loans are primarily secured by obligations of insurance carriers to refund premiums on cancelled insurance policies. The refund of premiums from the insurance carriers can take 180 days or longer from the cancellation date.
(4) At September 30, 2009, non-performing assets include $3.1 million of mortgage warehouse loans which were transferred to the loans held for investment portfolio at lower of cost or market, and some were subsequently moved to other real estate owned.
(5) At September 30, 2009, OREO balance is net of $2.2 million valuation allowance.
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENT OF INCOME (UNAUDITED)
(Dollars in thousands)
3rd Quarter 2nd Quarter 1st Quarter 4th Quarter 3rd Quarter
2009 2009 2009 2008 2008
Interest income
Interest and fees on loans $ 58,959 $ 56,455 $ 51,912 $ 54,814 $ 57,909
Securities 3,226 3,544 3,851 4,031 4,281
Federal funds sold 5 9 15 27 40
Deposits in other banks 7 5 28 1 10
Total interest income 62,197 60,013 55,806 58,873 62,240
Interest expense
Deposits 8,916 8,769 11,579 16,075 18,338
Federal funds purchased 586 740 618 1,046 2,273
Repurchase agreements 14 14 14 79 86
Other borrowings 125 570 1,178 1,353 1,791
Trust preferred subordinated debentures 990 1,118 1,200 1,608 1,486
Total interest expense 10,631 11,211 14,589 20,161 23,974
Net interest income 51,566 48,802 41,217 38,712 38,266
Provision for loan losses 13,500 11,000 8,500 11,000 4,000
Net interest income after provision for loan losses 38,066 37,802 32,717 27,712 34,266
Non-interest income
Service charges on deposit accounts 1,658 1,614 1,525 1,133 1,161
Trust fee income 1,000 952 884 1,036 1,234
Bank owned life insurance (BOLI) income 418 423 274 315 299
Brokered loan fees 2,120 2,670 2,032 1,074 1,024
Equipment rental income 1,291 1,453 1,456 1,482 1,487
Other 646 304 729 910 (320 )
Total non-interest income 7,133 7,416 6,900 5,950 4,885
Non-interest expense
Salaries and employee benefits 19,569 18,000 16,219 14,688 16,039
Net occupancy expense 3,164 3,387 2,754 2,534 2,300
Leased equipment depreciation 1,050 1,115 1,123 1,142 1,153
Marketing 705 655 555 882 521
Legal and professional 3,274 3,291 2,251 2,793 2,358
Communications and data processing 935 979 836 832 858
FDIC insurance assessment 1,452 3,493 1,547 643 432
Allowance and other carrying costs for OREO 2,390 378 1,200 873 239
Other 4,528 4,075 3,821 4,056 3,775
Total non-interest expense 37,067 35,373 30,306 28,443 27,675
Income from continuing operations before income taxes 8,132 9,845 9,311 5,219 11,476
Income tax expense 2,779 3,363 3,186 1,732 3,911
Income from continuing operations 5,353 6,482 6,125 3,487 7,565
Loss from discontinued operations (after-tax) (41 ) (44 ) (95 ) (100 ) (252 )
Net income 5,312 6,438 6,030 3,387 7,313
Preferred stock dividends - 4,453 930 - -
Net income available to common stockholders $ 5,312 $ 1,985 $ 5,100 $ 3,387 $ 7,313
TEXAS CAPITAL BANCSHARES, INC.
QUARTERLY FINANCIAL SUMMARY - UNAUDITED
Consolidated Daily Average Balances, Average Yields and Rates
Continuing Operations
(Dollars in thousands)
3rd Quarter 2009 2nd Quarter 2009 1st Quarter 2009 4th Quarter 2008 3rd Quarter 2008
Average Revenue/ Yield/ Average Revenue/ Yield/ Average Average Average Average Revenue/ Yield/ Average Revenue/ Yield/
Balance Expense (1) Rate Balance Expense (1) Rate Balance Balance Balance Balance Expense (1) Rate Balance Expense (1) Rate
Assets
Securities - Taxable $ 247,936 $ 2,813 4.50 % $ 280,372 $ 3,124 4.47 % $ 321,802 $ 3,431 4.32 % $ 313,992 $ 3,610 4.57 % $ 325,317 $ 3,852 4.71 %
Securities - Non-taxable(2) 44,642 635 5.64 % 45,901 646 5.64 % 46,055 646 5.69 % 46,272 648 5.57 % 47,271 660 5.55 %
Federal funds sold 6,782 5 0.29 % 5,649 9 0.64 % 14,923 15 0.41 % 23,050 27 0.47 % 8,001 40 1.99 %
Deposits in other banks 12,649 7 0.22 % 12,268 5 0.16 % 11,207 28 1.01 % 5,761 1 0.07 % 2,554 10 1.56 %
Loans held for sale 539,889 6,881 5.06 % 656,462 7,775 4.75 % 587,401 6,487 4.48 % 316,409 4,441 5.58 % 288,103 4,137 5.71 %
Loans held for investment 4,264,202 52,078 4.85 % 4,124,937 48,680 4.73 % 4,022,180 45,425 4.58 % 3,875,586 50,373 5.17 % 3,781,289 53,772 5.66 %
Less reserve for loan losses 56,429 - - 51,601 - - 46,686 - - 38,145 - - 38,180 - -
Loans, net of reserve 4,747,662 58,959 4.93 % 4,729,798 56,455 4.79 % 4,562,895 51,912 4.61 % 4,153,850 54,814 5.25 % 4,031,212 57,909 5.71 %
Total earning assets 5,059,671 62,419 4.89 % 5,073,988 60,239 4.76 % 4,956,882 56,032 4.58 % 4,542,925 59,100 5.18 % 4,414,355 62,471 5.63 %
Cash and other assets 245,564 251,960 238,723 218,335 201,589
Total assets $ 5,305,235 $ 5,325,948 $ 5,195,605 $ 4,761,260 $ 4,615,944
Liabilities and Stockholders' Equity
Transaction deposits $ 144,944 $ 58 0.16 % $ 135,756 $ 55 0.16 % $ 129,850 $ 44 0.14 % $ 103,111 $ 67 0.26 % $ 103,905 $ 122 0.47 %
Savings deposits 1,377,712 3,090 0.89 % 974,275 2,003 0.82 % 745,355 1,420 0.77 % 729,337 2,350 1.28 % 778,956 3,371 1.72 %
Time deposits 1,284,220 4,245 1.31 % 1,082,691 5,105 1.89 % 1,277,824 8,066 2.56 % 1,405,426 10,603 3.00 % 1,275,798 10,524 3.28 %
Deposits in foreign branches 404,545 1,523 1.49 % 394,251 1,606 1.63 % 444,549 2,049 1.87 % 555,573 3,055 2.19 % 720,211 4,321 2.39 %
Total interest bearing deposits 3,211,421 8,916 1.10 % 2,586,973 8,769 1.36 % 2,597,578 11,579 1.81 % 2,793,447 16,075 2.29 % 2,878,870 18,338 2.53 %
Other borrowings 724,127 725 0.40 % 1,404,881 1,324 0.38 % 1,367,691 1,810 0.54 % 881,868 2,478 1.12 % 709,157 4,150 2.33 %
Trust preferred subordinated debentures 113,406 990 3.46 % 113,406 1,118 3.95 % 113,406 1,200 4.29 % 113,406 1,608 5.64 % 113,406 1,486 5.21 %
Total interest bearing liabilities 4,048,954 10,631 1.04 % 4,105,260 11,211 1.10 % 4,078,675 14,589 1.45 % 3,788,721 20,161 2.12 % 3,701,433 23,974 2.58 %
Demand deposits 764,557 724,487 636,704 566,513 567,914
Other liabilities 15,617 18,899 23,619 21,323 16,452
Stockholders' equity 476,107 477,302 456,607 384,703 330,145
Total liabilities and stockholders' equity $ 5,305,235 $ 5,325,948 $ 5,195,605 $ 4,761,260 $ 4,615,944
Net interest income $ 51,788 $ 49,028 $ 41,443 $ 38,939 $ 38,497
Net interest margin 4.06 % 3.88 % 3.39 % 3.41 % 3.47 %
(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.
Texas Capital Bancshares, Inc. Myrna Vance, 214-932-6646 myrna.vance@texascapitalbank.com
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The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.
It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.
HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.
The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302
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