Business
Texas Capital Bancshares, Inc. Announces First Quarter 2023 Results
First quarter 2023 net income of $38.7 million and net income available to common stockholders of $34.3 million, or $0.70 per diluted share; both declining
About this update from Texas Capital Bancshares, Inc.
[{"type":"text","content":"First quarter 2023 net income of $38.7 million and net income available to common stockholders of $34.3 million, or $0.70 per diluted share; both declining $1.0 million compared to first quarter 2022 First quarter 2023 Pre-Provision Net Revenue(1) grew $28.0 million (55%) compared to first quarter 2022 Top tier liquidity and capital ratios maintained, enabling continued execution of the strategic plan; Cash andSecurities to Total Assets of 28.0% and Tangible Common Equity to Tangible Assets(2) of 9.7% Total deposits declined 3%; continuing communicated execution of long-term deposit mix shift away from highest cost sources DALLAS, April 20, 2023 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the first quarter of 2023. Net income available to common stockholders was $34.3 million, or $0.70 per diluted share, for the first quarter of 2023, compared to $212.9 million, or $4.23 per diluted share, for the fourth quarter of 2022 and $35.3 million, or $0.69 per diluted share, for the first quarter of 2022. The fourth quarter of 2022 was significantly impacted by the following items, a $248.5 million ($3.83 per diluted share) gain and $13.0 million ($-0.20 per diluted share) in expenses related to the sale of the Company’s insurance premium finance subsidiary, $9.8 million ($-0.15 per diluted share) in restructuring reserves related to the continued deployment of our target operating model and $8.0 million ($-0.12 per diluted share) in charitable contributions to the newly formed Texas Capital Bank Foundation. “The transformative actions over the last two years were acutely focused on building a balance sheet and business model resilient to market and rate cycles,” said Rob C. Holmes, President and CEO. “Through the quarter, we maintained industry leading liquidity and capital ratios, while adding a record number of new clients and delivering improved financial results for all of our stakeholders. As the banking industry is pressured nationwide, we remain committed to our strategic plan and focused actions to serve the best clients in our markets.” FINANCIAL RESULTS (dollars and shares in thousands) 1st Quarter 4th Quarter 1st Quarter 2023 2022 2022OPERATING RESULTS Net income$38,661 $217,251 $39,650 Net income available to common stockholders$...