Business
Texas Capital Bancshares, Inc. Announces Operating Results for 2019
DALLAS, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced earnings and
About this update from Texas Capital Bancshares, Inc.
[{"type":"text","content":"DALLAS, Jan. 22, 2020 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced earnings and operating results for the fourth quarter and full year of 2019.\n “We are pleased with our 2019 results as we finished the year with a meaningful improvement in year-over-year EPS, despite headwinds from interest rate decreases, and a continued focus on proactively dealing with credit to strengthen our balance sheet and future earning power,\" said Keith Cargill, CEO. \"Our results this year highlight the continued strength of our organic business model having gained meaningful market share over the past 7 years while more than tripling our balance sheet and more than doubling EPS. We are confident that our pending merger with Independent Bank Group will better position us to drive long-term shareholder value, improve client experience and invest even more effectively in our talent, technology and communities due to the scale advantage and complementary strengths we each offer.\" Average mortgage finance loans, including mortgage correspondent aggregation (\"MCA\") loans held for sale (\"LHS\"), increased 7% on a linked quarter basis and increased 61% from the fourth quarter of 2018.Average demand deposits and average total deposits increased 9% and 6%, respectively, on a linked quarter basis and increased 47% and 35%, respectively from the fourth quarter of 2018.Average loans held for investment (\"LHI\"), excluding mortgage finance loans, decreased 1% on a linked quarter basis and increased less than 1% from the fourth quarter of 2018, reflecting planned reductions in our leveraged lending and energy balances.Net income and EPS for full year 2019 both increased 7% compared to full year 2018. FINANCIAL SUMMARY(Dollars and shares in thousands) 2019 2018 % ChangeANNUAL OPERATING RESULTS Net income$322,866 $300,824 7%Net income available to common stockholders$313,116 $291,074 8%Diluted EPS$6.21 $5.79 7%Diluted shares50,419 50,273 —%ROA1.04% 1.19% ROE12.38% 13.14% QUARTERLY OPERATING RESULTS Net income$73,917 $71,891 3%Net income available to common stockholders$71,480 $69,454 3%Diluted EPS$1.42 $1.38 3%Diluted shares50,462 50,333 —%ROA0.85% 1.09% ROE10.68% 11.82% BALANCE SHEET LHS$2,577,134 $1,969,474 31%LHI, mortgage finance8,169,849 5,877,524 39%LHI16,476,413 16,690,550 (1)%To...