Business
Texas Capital Bancshares, Inc. Announces First Quarter 2024 Results
First quarter 2024 net income of $26.1 million and net income available to common stockholders of $21.8 million, or $0.46 per diluted share First quarter 2024
About this update from Texas Capital Bancshares, Inc.
[{"type":"text","content":"First quarter 2024 net income of $26.1 million and net income available to common stockholders of $21.8 million, or $0.46 per diluted share First quarter 2024 growth in loans held for investment of 2.4% and in total deposits of 7.1% Capital ratios continue to be strong, including 12.4% CET1 and 16.6% Total Capital DALLAS, April 18, 2024 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the first quarter of 2024. Net income available to common stockholders was $21.8 million, or $0.46 per diluted share, for the first quarter of 2024, compared to $15.8 million, or $0.33 per diluted share, for the fourth quarter of 2023 and $34.3 million, or $0.70 per diluted share, for the first quarter of 2023. The first quarter of 2024 included a $5.0 million ($0.08 per diluted share) legal settlement expense, Federal Deposit Insurance Corporation (“FDIC”) special assessment expense of $3.0 million ($0.05 per diluted share) and $2.0 million ($0.03 per diluted share) of restructuring expenses. “We continue to leverage our unique balance sheet positioning and maturing product capabilities to build an enduring and valuable franchise,” said Rob C. Holmes, President and CEO. “Quality quarterly growth in areas of focus coupled with strong firm-wide pipelines signal emerging momentum moving into the second quarter.” FINANCIAL RESULTS (dollars and shares in thousands) 1st Quarter 4th Quarter 1st Quarter 2024 2023 2023 OPERATING RESULTS Net income$26,142 $20,150 $38,661 Net income available to common stockholders$21,829 $15,838 $34,348 Diluted earnings per common share$0.46 $0.33 $0.70 Diluted common shares 47,711 48,098 48,881 Return on average assets 0.36% 0.27% 0.53%Return on average common equity 3.03% 2.25% 5.06% BALANCE SHEET Loans held for investment$16,677,691 $16,362,230 $16,014,497 Loans held for investment, mortgage finance 4,153,313 3,978,328 4,060,570 Total loans held for investment 20,831,004 20,340,558 20,075,067 Loans held for sale 37,750 44,105 27,608 Total assets 29,180,585 28,356,266 28,596,653 Non-interest bearing deposits 8,478,215 7,328,276 9,500,583 Total deposits 23,954,037 22,371,839 22,179,697 Stockholders’ equity 3,170,662 3,199,142 3,079,974 FIRST QUARTER 2024 COMPARED TO FOURTH QUARTER 2023 For the first quarter of 2024, net income avail...