Business
Texas Capital Bancshares, Inc. Announces Fourth Quarter and Full Year 2022 Results
Fourth quarter 2022 net income of $217.3 million and net income available to common stockholders of $212.9 million, or $4.23 per diluted share Repurchased
About this update from Texas Capital Bancshares, Inc.
[{"type":"text","content":"Fourth quarter 2022 net income of $217.3 million and net income available to common stockholders of $212.9 million, or $4.23 per diluted share Repurchased $65.3 million shares of common stock at tangible book value Completed the sale of BankDirect Capital Finance, LLC recognizing $248.5 million pre-tax gain on sale Record level regulatory capital ratios, including 13.0% CET 1 and 17.7% Total Capital DALLAS, Jan. 18, 2023 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the fourth quarter and full year of 2022. Net income available to common stockholders was $212.9 million, or $4.23 per diluted share, for the fourth quarter of 2022, compared to $37.1 million, or $0.74 per diluted share, for the third quarter of 2022 and $60.8 million, or $1.19 per diluted share, for the fourth quarter of 2021. The fourth quarter of 2022 included 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, BankDirect Capital Finance, LLC (“BDCF”), $9.8 million ($-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 quarterly financial results coupled with the strategic and transformative actions taken during 2022 position the Firm to execute on the unique opportunity in front of us, while serving the best clients in the best markets,” said Rob C. Holmes, President and CEO. “The financial resilience created over the last two years by the aggregate, focused actions taken have built the foundation of the Firm which will be our strategic advantage allowing us to both support our clients during times of market stress while delivering financial progress to all of our stakeholders.” FINANCIAL RESULTS (dollars and shares in thousands) 4th Quarter 3rd Quarter 4th Quarter Full Year Full Year 2022 2022 2021 2022 2021 OPERATING RESULTS Net income$217,251 $41,418 $65,130 $332,478 $253,939 Net income available to common stockholders$212,939 $37,105 $60,817 $315,228 $235,218 Diluted earnings per common share$4.23 $0.74 $1.19 $6.18 $4.60 Diluted common shares 50,283 50...