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As Of Filer Filing For·On·As Docs:Size 4/21/21 Texas Capital Bancshares Inc./TX 8-K:2,5,9 4/20/21 14:3.7M |
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Document |
INVESTOR CONTACT | MEDIA CONTACT | |||||||
Jamie Britton, 214.932.6721 | Shannon Wherry, 469.399.8527 | |||||||
jamie.britton@texascapitalbank.com | shannon.wherry@texascapitalbank.com |
(dollars and shares in thousands) | Q1 2021 | Q1 2020 | % Change | ||||||||||||||
QUARTERLY OPERATING RESULTS | |||||||||||||||||
Net income | $ | 71,938 | $ | (16,687) | (531) | % | |||||||||||
Net income available to common stockholders | $ | 68,159 | $ | (19,125) | (456) | % | |||||||||||
Diluted earnings per common share | $ | 1.33 | $ | (0.38) | (450) | % | |||||||||||
Diluted common shares | 51,070 | 50,475 | 1 | % | |||||||||||||
ROA | 0.73 | % | (0.20) | % | |||||||||||||
ROE | 10.08 | % | (2.85) | % | |||||||||||||
BALANCE SHEET | |||||||||||||||||
LHS | $ | 176,286 | $ | 774,064 | (77) | % | |||||||||||
LHI, mortgage finance | 9,009,081 | 7,588,803 | 19 | % | |||||||||||||
LHI | 15,399,174 | 16,857,579 | (9) | % | |||||||||||||
Total LHI | 24,408,255 | 24,446,382 | — | % | |||||||||||||
Total assets | 40,054,433 | 35,879,416 | 12 | % | |||||||||||||
Demand deposits | 15,174,642 | 9,420,303 | 61 | % | |||||||||||||
Total deposits | 33,391,970 | 27,134,263 | 23 | % | |||||||||||||
Stockholders’ equity | 3,159,482 | 2,772,596 | 14 | % |
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 | |||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
Interest income | $ | 228,412 | $ | 255,163 | $ | 243,731 | $ | 252,010 | $ | 306,008 | |||||||
Interest expense | 28,339 | 32,153 | 36,162 | 42,082 | 77,689 | ||||||||||||
Net interest income | 200,073 | 223,010 | 207,569 | 209,928 | 228,319 | ||||||||||||
Provision for credit losses | (6,000) | 32,000 | 30,000 | 100,000 | 96,000 | ||||||||||||
Net interest income after provision for credit losses | 206,073 | 191,010 | 177,569 | 109,928 | 132,319 | ||||||||||||
Non-interest income | 39,092 | 42,886 | 60,348 | 70,502 | 11,780 | ||||||||||||
Non-interest expense | 150,316 | 150,886 | 165,741 | 222,352 | 165,417 | ||||||||||||
Income/(loss) before income taxes | 94,849 | 83,010 | 72,176 | (41,922) | (21,318) | ||||||||||||
Income tax expense/(benefit) | 22,911 | 22,834 | 15,060 | (7,606) | (4,631) | ||||||||||||
Net income/(loss) | 71,938 | 60,176 | 57,116 | (34,316) | (16,687) | ||||||||||||
Preferred stock dividends | 3,779 | 2,437 | 2,438 | 2,437 | 2,438 | ||||||||||||
Net income/(loss) available to common stockholders | $ | 68,159 | $ | 57,739 | $ | 54,678 | $ | (36,753) | $ | (19,125) | |||||||
Diluted earnings/(loss) per common share | $ | 1.33 | $ | 1.14 | $ | 1.08 | $ | (0.73) | $ | (0.38) | |||||||
Diluted common shares | 51,069,511 | 50,794,421 | 50,573,073 | 50,416,331 | 50,474,802 | ||||||||||||
CONSOLIDATED BALANCE SHEET DATA | |||||||||||||||||
Total assets | $ | 40,054,433 | $ | 37,726,096 | $ | 38,432,872 | $ | 36,613,127 | $ | 35,879,416 | |||||||
LHI | 15,399,174 | 15,351,451 | 15,789,958 | 16,552,203 | 16,857,579 | ||||||||||||
LHI, mortgage finance | 9,009,081 | 9,079,409 | 9,378,104 | 8,972,626 | 7,588,803 | ||||||||||||
LHS | 176,286 | 283,165 | 648,009 | 454,581 | 774,064 | ||||||||||||
Liquidity
assets(1) | 11,212,276 | 9,032,807 | 10,461,544 | 9,540,044 | 9,498,189 | ||||||||||||
Investment securities | 3,443,058 | 3,196,970 | 1,367,313 | 234,969 | 228,784 | ||||||||||||
Demand deposits | 15,174,642 | 12,740,947 | 12,339,212 | 10,835,911 | 9,420,303 | ||||||||||||
Total deposits | 33,391,970 | 30,996,589 | 31,959,487 | 30,187,695 | 27,134,263 | ||||||||||||
Other borrowings | 2,515,587 | 3,111,751 | 2,908,183 | 2,895,790 | 5,195,267 | ||||||||||||
Long-term debt | 664,968 | 395,896 | 395,806 | 395,715 | 395,625 | ||||||||||||
Stockholders’ equity | 3,159,482 | 2,871,224 | 2,800,404 | 2,734,755 | 2,772,596 | ||||||||||||
End of period shares outstanding | 50,557,767 | 50,470,450 | 50,455,552 | 50,435,672 | 50,407,778 | ||||||||||||
Book value | $ | 53.59 | $ | 53.92 | $ | 52.53 | $ | 51.25 | $ | 52.03 | |||||||
Tangible book value(2) | $ | 53.24 | $ | 53.57 | $ | 52.18 | $ | 50.89 | $ | 51.67 | |||||||
SELECTED FINANCIAL RATIOS | |||||||||||||||||
Net interest margin | 2.09 | % | 2.32 | % | 2.22 | % | 2.30 | % | 2.78 | % | |||||||
Return on average assets | 0.73 | % | 0.61 | % | 0.59 | % | (0.36) | % | (0.20) | % | |||||||
Return on average common equity | 10.08 | % | 8.50 | % | 8.24 | % | (5.48) | % | (2.85) | % | |||||||
Non-interest income to average earning assets | 0.41 | % | 0.44 | % | 0.64 | % | 0.77 | % | 0.14 | % | |||||||
Efficiency
ratio(3) | 62.9 | % | 56.7 | % | 61.9 | % | 79.3 | % | 68.9 | % | |||||||
Non-interest expense to average earning assets | 1.57 | % | 1.56 | % | 1.76 | % | 2.43 | % | 2.00 | % | |||||||
Tangible
common equity to total tangible assets(4) | 6.7 | % | 7.2 | % | 6.9 | % | 7.0 | % | 7.3 | % | |||||||
Common Equity Tier 1 | 10.2 | % | 9.4 | % | 9.1 | % | 8.8 | % | 9.3 | % | |||||||
Tier 1 capital | 12.3 | % | 10.3 | % | 9.9 | % | 9.7 | % | 10.2 | % | |||||||
Total capital | 14.0 | % | 12.1 | % | 11.8 | % | 11.6 | % | 12.0 | % | |||||||
Leverage | 8.3 | % | 7.5 | % | 7.6 | % | 7.5 | % | 8.5 | % |
TEXAS CAPITAL BANCSHARES, INC. | |||||||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||||||||
(dollars in thousands) | |||||||||||
March 31, 2021 | March 31, 2020 | % Change | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 215,835 | $ | 162,386 | 33 | % | |||||
Interest-bearing deposits | 11,212,276 | 9,468,189 | 18 | % | |||||||
Federal funds sold and securities purchased under resale agreements | — | 30,000 | (100) | % | |||||||
Securities, available-for-sale | 3,443,058 | 228,784 | N/M | ||||||||
LHS, at fair value | 176,286 | 774,064 | (77) | % | |||||||
LHI, mortgage finance | 9,009,081 | 7,588,803 | 19 | % | |||||||
LHI (net of unearned income) | 15,399,174 | 16,857,579 | (9) | % | |||||||
Less: Allowance for credit losses on loans | 242,484 | 240,958 | 1 | % | |||||||
LHI, net | 24,165,771 | 24,205,424 | — | % | |||||||
Mortgage servicing rights, net | 121,096 | 70,619 | 71 | % | |||||||
Premises and equipment, net | 23,346 | 29,663 | (21) | % | |||||||
Accrued interest receivable and other assets | 679,199 | 892,305 | (24) | % | |||||||
Goodwill and intangibles, net | 17,566 | 17,982 | (2) | % | |||||||
Total assets | $ | 40,054,433 | $ | 35,879,416 | 12 | % | |||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Deposits: | |||||||||||
Non-interest bearing | $ | 15,174,642 | $ | 9,420,303 | 61 | % | |||||
Interest bearing | 18,217,328 | 17,713,960 | 3 | % | |||||||
Total deposits | 33,391,970 | 27,134,263 | 23 | % | |||||||
Accrued interest payable | 5,629 | 16,969 | (67) | % | |||||||
Other liabilities | 316,797 | 364,696 | (13) | % | |||||||
Federal funds purchased and repurchase agreements | 115,587 | 295,267 | (61) | % | |||||||
Other borrowings | 2,400,000 | 4,900,000 | (51) | % | |||||||
Long-term debt | 664,968 | 395,625 | 68 | % | |||||||
Total liabilities | 36,894,951 | 33,106,820 | 11 | % | |||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $.01 par value, $1,000 liquidation value: | |||||||||||
Authorized shares - 10,000,000 | |||||||||||
Issued shares - 6,300,000 and 6,000,000 shares issued at March 31, 2021 and 2020, respectively | 450,000 | 150,000 | 200 | % | |||||||
Common stock, $.01 par value: | |||||||||||
Authorized shares - 100,000,000 | |||||||||||
Issued shares - 50,558,184 and 50,408,195 at March 31, 2021 and 2020, respectively | 505 | 504 | — | % | |||||||
Additional paid-in capital | 984,207 | 979,939 | — | % | |||||||
Retained earnings | 1,781,215 | 1,637,392 | 9 | % | |||||||
Treasury stock (shares at cost: 417 at March 31, 2021 and 2020) | (8) | (8) | — | % | |||||||
Accumulated other comprehensive income/(loss), net of taxes | (56,437) | 4,769 | N/M | ||||||||
Total stockholders’ equity | 3,159,482 | 2,772,596 | 14 | % | |||||||
Total liabilities and stockholders’ equity | $ | 40,054,433 | $ | 35,879,416 | 12 | % |
TEXAS CAPITAL BANCSHARES, INC. | ||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||
(dollars in thousands except per share data) | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2021 | 2020 | |||||||||||||
Interest income | ||||||||||||||
Interest and fees on loans | $ | 215,592 | $ | 283,625 | ||||||||||
Investment securities | 9,887 | 2,183 | ||||||||||||
Federal funds sold and securities purchased under resale agreements | 1 | 614 | ||||||||||||
Interest-bearing deposits in other banks | 2,932 | 19,586 | ||||||||||||
Total interest income | 228,412 | 306,008 | ||||||||||||
Interest expense | ||||||||||||||
Deposits | 20,004 | 62,174 | ||||||||||||
Federal funds purchased | 75 | 669 | ||||||||||||
Other borrowings | 2,517 | 9,582 | ||||||||||||
Long-term debt | 5,743 | 5,264 | ||||||||||||
Total interest expense | 28,339 | 77,689 | ||||||||||||
Net interest income | 200,073 | 228,319 | ||||||||||||
Provision for credit losses | (6,000) | 96,000 | ||||||||||||
Net interest income after provision for credit losses | 206,073 | 132,319 | ||||||||||||
Non-interest income | ||||||||||||||
Service charges on deposit accounts | 4,716 | 3,293 | ||||||||||||
Wealth management and trust fee income | 2,855 | 2,467 | ||||||||||||
Brokered loan fees | 9,311 | 8,015 | ||||||||||||
Servicing income | 9,009 | 4,746 | ||||||||||||
Swap fees | 526 | 2,757 | ||||||||||||
Net gain/(loss) on sale of LHS | 5,572 | (13,000) | ||||||||||||
Other | 7,103 | 3,502 | ||||||||||||
Total non-interest income | 39,092 | 11,780 | ||||||||||||
Non-interest expense | ||||||||||||||
Salaries and employee benefits | 87,522 | 77,193 | ||||||||||||
Net occupancy expense | 8,274 | 8,712 | ||||||||||||
Marketing | 1,697 | 8,522 | ||||||||||||
Legal and professional | 8,277 | 17,466 | ||||||||||||
Communications and technology | 15,969 | 13,791 | ||||||||||||
FDIC insurance assessment | 6,613 | 5,849 | ||||||||||||
Servicing-related expenses | 12,989 | 16,354 | ||||||||||||
Merger-related expenses | — | 7,270 | ||||||||||||
Other | 8,975 | 10,260 | ||||||||||||
Total non-interest expense | 150,316 | 165,417 | ||||||||||||
Income/(loss) before income taxes | 94,849 | (21,318) | ||||||||||||
Income tax expense/(benefit) | 22,911 | (4,631) | ||||||||||||
Net income/(loss) | 71,938 | (16,687) | ||||||||||||
Preferred stock dividends | 3,779 | 2,438 | ||||||||||||
Net income/(loss) available to common stockholders | $ | 68,159 | $ | (19,125) | ||||||||||
Basic earnings/(loss) per common share | $ | 1.35 | $ | (0.38) | ||||||||||
Diluted earnings/(loss) per common share | $ | 1.33 | $ | (0.38) |
TEXAS CAPITAL BANCSHARES, INC. | |||||||||||||||||
SUMMARY OF CREDIT LOSS EXPERIENCE | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||
Beginning balance | $ | 254,615 | $ | 290,165 | $ | 264,722 | $ | 240,958 | $ | 195,047 | |||||||
Impact of CECL adoption | — | — | — | — | 8,585 | ||||||||||||
Loans charged-off: | |||||||||||||||||
Commercial | 2,451 | 37,984 | 2,436 | 12,287 | 20,653 | ||||||||||||
Energy | 5,732 | 33,283 | 141 | 62,368 | 37,730 | ||||||||||||
Real estate | — | 180 | — | — | — | ||||||||||||
Total charge-offs | 8,183 | 71,447 | 2,577 | 74,655 | 58,383 | ||||||||||||
Recoveries: | |||||||||||||||||
Commercial | 1,050 | 394 | 113 | 513 | 257 | ||||||||||||
Energy | 715 | 5,696 | 880 | — | 423 | ||||||||||||
Total recoveries | 1,765 | 6,090 | 993 | 513 | 680 | ||||||||||||
Net charge-offs | 6,418 | 65,357 | 1,584 | 74,142 | 57,703 | ||||||||||||
Provision for credit losses on loans | (5,713) | 29,807 | 27,027 | 97,906 | 95,029 | ||||||||||||
Ending balance | $ | 242,484 | $ | 254,615 | $ | 290,165 | $ | 264,722 | $ | 240,958 | |||||||
Allowance for off-balance sheet credit losses: | |||||||||||||||||
Beginning balance | $ | 17,434 | $ | 15,241 | $ | 12,268 | $ | 10,174 | $ | 8,640 | |||||||
Impact of CECL adoption | — | — | — | — | 563 | ||||||||||||
Provision for off-balance sheet credit losses | (287) | 2,193 | 2,973 | 2,094 | 971 | ||||||||||||
Ending balance | $ | 17,147 | $ | 17,434 | $ | 15,241 | $ | 12,268 | $ | 10,174 | |||||||
Total allowance for credit losses | $ | 259,631 | $ | 272,049 | $ | 305,406 | $ | 276,990 | $ | 251,132 | |||||||
Total provision for credit losses | $ | (6,000) | $ | 32,000 | $ | 30,000 | $ | 100,000 | $ | 96,000 | |||||||
Allowance for credit losses on loans to LHI | 0.99 | % | 1.04 | % | 1.15 | % | 1.04 | % | 0.99 | % | |||||||
Allowance for credit losses on loans to average LHI | 1.03 | % | 1.01 | % | 1.14 | % | 1.03 | % | 1.02 | % | |||||||
Net
charge-offs to average LHI(1) | 0.11 | % | 1.03 | % | 0.02 | % | 1.16 | % | 0.98 | % | |||||||
Net charge-offs to average LHI for last twelve months(1) | 0.59 | % | 0.80 | % | 0.59 | % | 0.73 | % | 0.53 | % | |||||||
Total
provision for credit losses to average LHI(1) | (0.10) | % | 0.51 | % | 0.47 | % | 1.57 | % | 1.63 | % | |||||||
Total allowance for credit losses to LHI | 1.06 | % | 1.11 | % | 1.21 | % | 1.09 | % | 1.03 | % | |||||||
TEXAS CAPITAL BANCSHARES, INC. | |||||||||||||||||
SUMMARY OF NON-PERFORMING ASSETS AND PAST DUE LOANS | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||
Non-performing assets (NPAs): | |||||||||||||||||
Non-accrual loans | $ | 97,730 | $ | 121,989 | $ | 161,946 | $ | 174,031 | $ | 219,165 | |||||||
Other real estate owned (OREO) | — | — | — | — | — | ||||||||||||
Total LHI NPAs | $ | 97,730 | $ | 121,989 | $ | 161,946 | $ | 174,031 | $ | 219,165 | |||||||
Non-accrual loans to LHI | 0.40 | % | 0.50 | % | 0.64 | % | 0.68 | % | 0.90 | % | |||||||
Total LHI NPAs to LHI plus OREO | 0.40 | % | 0.50 | % | 0.64 | % | 0.68 | % | 0.90 | % | |||||||
Total LHI NPAs to earning assets | 0.25 | % | 0.33 | % | 0.43 | % | 0.49 | % | 0.63 | % | |||||||
Allowance for credit losses on loans to non-accrual loans | 2.5x | 2.1x | 1.8x | 1.5x | 1.1x | ||||||||||||
LHI past due 90 days and still accruing(1) | $ | 6,187 | $ | 12,541 | $ | 15,896 | $ | 21,079 | $ | 21,274 | |||||||
LHI past due 90 days to LHI | 0.03 | % | 0.05 | % | 0.06 | % | 0.08 | % | 0.09 | % | |||||||
LHS non-accrual(2) | $ | — | $ | 6,966 | $ | — | $ | — | $ | — | |||||||
LHS
past due 90 days and still accruing(3) | $ | 16,359 | $ | 16,667 | $ | 15,631 | $ | 10,152 | $ | 9,014 |
TEXAS CAPITAL BANCSHARES, INC. | |||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | 1st Quarter | |||||||||||||
2021 | 2020 | 2020 | 2020 | 2020 | |||||||||||||
Interest income | |||||||||||||||||
Interest and fees on loans | $ | 215,592 | $ | 242,776 | $ | 237,179 | $ | 247,595 | $ | 283,625 | |||||||
Investment securities | 9,887 | 9,594 | 3,674 | 2,024 | 2,183 | ||||||||||||
Federal funds sold and securities purchased under resale agreements | 1 | 1 | 1 | 77 | 614 | ||||||||||||
Interest-bearing deposits in other banks | 2,932 | 2,792 | 2,877 | 2,314 | 19,586 | ||||||||||||
Total interest income | 228,412 | 255,163 | 243,731 | 252,010 | 306,008 | ||||||||||||
Interest expense | |||||||||||||||||
Deposits | 20,004 | 23,819 | 27,830 | 32,294 | 62,174 | ||||||||||||
Federal funds purchased | 75 | 110 | 128 | 176 | 669 | ||||||||||||
Other borrowings | 2,517 | 3,407 | 3,365 | 4,569 | 9,582 | ||||||||||||
Long-term debt | 5,743 | 4,817 | 4,839 | 5,043 | 5,264 | ||||||||||||
Total interest expense | 28,339 | 32,153 | 36,162 | 42,082 | 77,689 | ||||||||||||
Net interest income | 200,073 | 223,010 | 207,569 | 209,928 | 228,319 | ||||||||||||
Provision for credit losses | (6,000) | 32,000 | 30,000 | 100,000 | 96,000 | ||||||||||||
Net interest income after provision for credit losses | 206,073 | 191,010 | 177,569 | 109,928 | 132,319 | ||||||||||||
Non-interest income | |||||||||||||||||
Service charges on deposit accounts | 4,716 | 3,004 | 2,864 | 2,459 | 3,293 | ||||||||||||
Wealth management and trust fee income | 2,855 | 2,681 | 2,502 | 2,348 | 2,467 | ||||||||||||
Brokered loan fees | 9,311 | 12,610 | 15,034 | 10,764 | 8,015 | ||||||||||||
Servicing income | 9,009 | 8,834 | 7,329 | 6,120 | 4,746 | ||||||||||||
Swap fees | 526 | 473 | 484 | 1,468 | 2,757 | ||||||||||||
Net gain/(loss) on sale of LHS | 5,572 | 6,761 | 25,242 | 39,023 | (13,000) | ||||||||||||
Other | 7,103 | 8,523 | 6,893 | 8,320 | 3,502 | ||||||||||||
Total non-interest income | 39,092 | 42,886 | 60,348 | 70,502 | 11,780 | ||||||||||||
Non-interest expense | |||||||||||||||||
Salaries and employee benefits | 87,522 | 78,449 | 84,096 | 100,791 | 77,193 | ||||||||||||
Net occupancy expense | 8,274 | 8,373 | 8,736 | 9,134 | 8,712 | ||||||||||||
Marketing | 1,697 | 3,435 | 3,636 | 7,988 | 8,522 | ||||||||||||
Legal and professional | 8,277 | 12,129 | 11,207 | 11,330 | 17,466 | ||||||||||||
Communications and technology | 15,969 | 15,405 | 31,098 | 42,760 | 13,791 | ||||||||||||
FDIC insurance assessment | 6,613 | 6,592 | 6,374 | 7,140 | 5,849 | ||||||||||||
Servicing-related expenses | 12,989 | 15,867 | 12,287 | 20,117 | 16,354 | ||||||||||||
Merger-related expenses | — | — | — | 10,486 | 7,270 | ||||||||||||
Other | 8,975 | 10,636 | 8,307 | 12,606 | 10,260 | ||||||||||||
Total non-interest expense | 150,316 | 150,886 | 165,741 | 222,352 | 165,417 | ||||||||||||
Income/(loss) before income taxes | 94,849 | 83,010 | 72,176 | (41,922) | (21,318) | ||||||||||||
Income tax expense/(benefit) | 22,911 | 22,834 | 15,060 | (7,606) | (4,631) | ||||||||||||
Net income/(loss) | 71,938 | 60,176 | 57,116 | (34,316) | (16,687) | ||||||||||||
Preferred stock dividends | 3,779 | 2,437 | 2,438 | 2,437 | 2,438 | ||||||||||||
Net income/(loss) available to common shareholders | $ | 68,159 | $ | 57,739 | $ | 54,678 | $ | (36,753) | $ | (19,125) |
TEXAS CAPITAL BANCSHARES, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
QUARTERLY FINANCIAL SUMMARY - UNAUDITED | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated Daily Average Balances, Average Yields and Rates | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1st Quarter 2021 | 4th Quarter 2020 | 3rd Quarter 2020 | 2nd Quarter 2020 | 1st Quarter 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | Average Balance | Revenue/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities - Taxable | $ | 3,225,786 | $ | 8,112 | 1.02 | % | $ | 2,137,481 | $ | 7,748 | 1.44 | % | $ | 525,149 | $ | 1,905 | 1.44 | % | $ | 38,829 | $ | 185 | 1.92 | % | $ | 42,799 | $ | 274 | 2.57 | % | |||||||||||||||||||||||||||||
Investment
securities - Non-taxable(2) | 196,785 | 2,247 | 4.63 | % | 200,781 | 2,337 | 4.63 | % | 190,797 | 2,239 | 4.67 | % | 195,806 | 2,327 | 4.78 | % | 195,578 | 2,417 | 4.97 | % | |||||||||||||||||||||||||||||||||||||||
Federal funds sold and securities purchased under resale agreements | 4,605 | 1 | 0.07 | % | 1,709 | 1 | 0.13 | % | 12,051 | 1 | 0.04 | % | 245,434 | 77 | 0.13 | % | 199,727 | 614 | 1.24 | % | |||||||||||||||||||||||||||||||||||||||
Interest-bearing deposits in other banks | 11,840,942 | 2,932 | 0.10 | % | 10,808,548 | 2,792 | 0.10 | % | 11,028,962 | 2,877 | 0.10 | % | 10,521,240 | 2,314 | 0.09 | % | 6,225,948 | 19,586 | 1.27 | % | |||||||||||||||||||||||||||||||||||||||
LHS, at fair value | 243,326 | 1,595 | 2.66 | % | 410,637 | 2,475 | 2.40 | % | 543,606 | 3,867 | 2.83 | % | 380,624 | 2,547 | 2.69 | % | 3,136,381 | 27,480 | 3.52 | % | |||||||||||||||||||||||||||||||||||||||
LHI, mortgage finance loans | 8,177,759 | 64,942 | 3.22 | % | 9,550,119 | 78,906 | 3.29 | % | 9,061,984 | 76,464 | 3.36 | % | 8,676,521 | 74,518 | 3.45 | % | 7,054,682 | 55,324 | 3.15 | % | |||||||||||||||||||||||||||||||||||||||
LHI(1)(2) | 15,457,888 | 149,196 | 3.91 | % | 15,620,410 | 161,750 | 4.12 | % | 16,286,036 | 157,230 | 3.84 | % | 17,015,041 | 170,970 | 4.04 | % | 16,598,775 | 201,781 | 4.89 | % | |||||||||||||||||||||||||||||||||||||||
Less
allowance for credit losses on loans | 254,697 | — | — | 290,189 | — | — | 264,769 | — | — | 236,823 | — | — | 201,837 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
LHI, net of allowance | 23,380,950 | 214,138 | 3.71 | % | 24,880,340 | 240,656 | 3.85 | % | 25,083,251 | 233,694 | 3.71 | % | 25,454,739 | 245,488 | 3.88 | % | 23,451,620 | 257,105 | 4.41 | % | |||||||||||||||||||||||||||||||||||||||
Total earning assets | 38,892,394 | 229,025 | 2.39 | % | 38,439,496 | 256,009 | 2.65 | % | 37,383,816 | 244,583 | 2.60 | % | 36,836,672 | 252,938 | 2.76 | % | 33,252,053 | 307,476 | 3.72 | % | |||||||||||||||||||||||||||||||||||||||
Cash and other assets | 1,064,679 | 1,031,195 | 1,037,760 | 1,075,864 | 976,520 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 39,957,073 | $ | 39,470,691 | $ | 38,421,576 | $ | 37,912,536 | $ | 34,228,573 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction deposits | $ | 3,991,966 | $ | 5,861 | 0.60 | % | $ | 4,384,493 | $ | 6,604 | 0.60 | % | $ | 4,275,574 | $ | 6,652 | 0.62 | % | $ | 3,923,966 | $ | 5,998 | 0.61 | % | $ | 3,773,067 | $ | 13,582 | 1.45 | % | |||||||||||||||||||||||||||||
Savings deposits | 12,889,974 | 10,788 | 0.34 | % | 12,982,189 | 12,671 | 0.39 | % | 12,786,719 | 12,808 | 0.40 | % | 12,537,467 | 13,510 | 0.43 | % | 11,069,429 | 35,961 | 1.31 | % | |||||||||||||||||||||||||||||||||||||||
Time deposits | 2,204,242 | 3,355 | 0.62 | % | 2,355,199 | 4,544 | 0.77 | % | 2,844,083 | 8,370 | 1.17 | % | 3,434,388 | 12,786 | 1.50 | % | 2,842,535 | 12,631 | 1.79 | % | |||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 19,086,182 | 20,004 | 0.43 | % | 19,721,881 | 23,819 | 0.48 | % | 19,906,376 | 27,830 | 0.56 | % | 19,895,821 | 32,294 | 0.65 | % | 17,685,031 | 62,174 | 1.41 | % | |||||||||||||||||||||||||||||||||||||||
Other borrowings | 2,686,398 | 2,592 | 0.39 | % | 3,022,077 | 3,517 | 0.46 | % | 2,811,435 | 3,493 | 0.49 | % | 3,612,263 | 4,745 | 0.53 | % | 3,020,255 | 10,251 | 1.37 | % | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 464,731 | 5,743 | 5.01 | % | 395,841 | 4,817 | 4.84 | % | 395,749 | 4,839 | 4.87 | % | 395,658 | 5,043 | 5.13 | % | 395,571 | 5,264 | 5.35 | % | |||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 22,237,311 | 28,339 | 0.52 | % | 23,139,799 | 32,153 | 0.55 | % | 23,113,560 | 36,162 | 0.62 | % | 23,903,742 | 42,082 | 0.71 | % | 21,100,857 | 77,689 | 1.48 | % | |||||||||||||||||||||||||||||||||||||||
Demand deposits | 14,421,505 | 13,174,114 | 12,202,065 | 10,865,896 | 10,003,495 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 309,644 | 303,480 | 314,500 | 293,698 | 270,868 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 2,988,613 | 2,853,298 | 2,791,451 | 2,849,200 | 2,853,353 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 39,957,073 | $ | 39,470,691 | $ | 38,421,576 | $ | 37,912,536 | $ | 34,228,573 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net
interest income(2) | $ | 200,686 | $ | 223,856 | $ | 208,421 | $ | 210,856 | $ | 229,787 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 2.09 | % | 2.32 | % | 2.22 | % | 2.30 | % | 2.78 | % |
This ‘8-K’ Filing | Date | Other Filings | ||
---|---|---|---|---|
Filed on: | 4/21/21 | |||
For Period end: | 4/20/21 | 4, DEF 14A | ||
3/31/21 | 10-Q, 13F-HR | |||
12/31/20 | 10-K, 13F-HR | |||
3/31/20 | 10-Q, 13F-HR | |||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 5/03/21 Texas Capital Bancshares Inc./TX 424B2 1:485K Donnelley … Solutions/FA 4/29/21 Texas Capital Bancshares Inc./TX 424B5 1:482K Donnelley … Solutions/FA |