Business
Texas Capital Bancshares, Inc. Announces Operating Results for Q1 2020
DALLAS, April 22, 2020 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating
About this update from Texas Capital Bancshares, Inc.
[{"type":"text","content":"DALLAS, April 22, 2020 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the first quarter of 2020.\n \"Our focus during this unprecedented time is on keeping our employees safe and continuing to serve our clients and communities,\" said Keith Cargill, CEO. \"We have taken deliberate actions to ensure that our balance sheet remains strong, including increases in liquidity and reserves supported by a strong capital position. We remain committed to a timely closing of our pending merger with Independent Bank Group and believe our combined strength will enable us to better serve our clients and build long-term shareholder value.\" Strong balance sheet positioning in the first quarter of 2020 included deliberate increases in liquidity and funding sources to support current and future client needs.Over 90% of employees working virtually since early March with little to no impact on client experience.Net loss of $16.7 million ($0.38 per share) reported for the first quarter of 2020 attributable to a $96.0 million ($1.50 per share) provision for credit losses driven by the adoption of CECL on January 1, 2020, coupled with increases in charge-offs and criticized loans and reserve build related to the global COVID-19 pandemic, MSR impairment of $10.0 million ($0.16 per share) and merger-related expenses of $7.3 million ($0.11 per share). FINANCIAL SUMMARY(Dollars and shares in thousands) Q1 2020 Q1 2019 % ChangeQUARTERLY OPERATING RESULTS Net income/(loss)$(16,687) $82,839 (120)%Net income/(loss) available to common stockholders$(19,125) $80,401 (124)%Diluted earnings/(loss) per common share$(0.38) $1.60 (124)%Diluted common shares50,475 50,345 —%ROA(0.20)% 1.26% ROE(2.85)% 13.58% BALANCE SHEET LHS$774,064 $1,901,637 (59)%LHI, mortgage finance7,588,803 6,299,710 20%LHI16,857,579 17,061,590 (1)%Total LHI24,446,382 23,361,300 5%Total loans25,220,446 25,262,937 —%Total assets35,879,416 28,383,111 26%Demand deposits9,420,303 6,743,607 40%Total deposits27,134,263 20,650,127 31%Stockholders’ equity2,803,533 2,581,942 9% DETAILED FINANCIALS During the first quarter of 2020, all of us have faced an unprecedented time as our country deals with the health challenges of COVID-19. Actions by US federal, state and foreign governments to address the pandemic, in...