Business
Texas Capital Bancshares, Inc. Announces Operating Results for Q3 2019
DALLAS, Oct. 16, 2019 (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, Oct. 16, 2019 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced earnings and operating results for the third quarter of 2019.\n \"We're pleased to report another quarter of strong earnings,\" said Keith Cargill, CEO. \"We remain committed to our strategic objective, which is to provide a premier and differentiated client experience to clients that desire a broad relationship with the bank. We believe our focus on deepening client relationships, diversifying our funding profile and improving credit quality will result in more stable earnings and a higher, more sustainable ROE for the long-term.\" Total mortgage finance loans, including mortgage correspondent aggregation (\"MCA\") loans held for sale (\"LHS\"), increased 25% on a linked quarter basis (increasing 12% on an average basis) and increased 49% from the third quarter of 2018 (increasing 54% on an average basis).Demand deposits increased 34% and total deposits increased 19% on a linked quarter basis (increased 26% and 18%, respectively, on an average basis), and increased 46% and 34%, respectively, from the third quarter of 2018 (increased 26% and 28%, respectively, on an average basis).Loans held for investment (\"LHI\"), excluding mortgage finance loans, decreased 1% on a linked quarter basis (increasing 1% on an average basis) and increased 1% from the third quarter of 2018 (increasing 3% on an average basis).Net income increased 13% on a linked quarter basis and increased 3% from the third quarter of 2018.EPS increased 13% on a linked quarter basis and increased 3% from the third quarter of 2018. FINANCIAL SUMMARY(Dollars and shares in thousands) Q3 2019 Q3 2018 % ChangeQUARTERLY OPERATING RESULTS Net income$88,141 $85,552 3%Net income available to common stockholders$85,703 $83,114 3%Diluted EPS$1.70 $1.65 3%Diluted shares50,416 50,381 —%ROA1.06% 1.31% ROE13.22% 14.68% BALANCE SHEET LHS$2,674,225 $1,651,930 62%LHI, mortgage finance7,951,432 5,477,787 45%LHI16,772,824 16,569,538 1%Total LHI24,724,256 22,047,325 12%Total loans27,398,481 23,699,255 16%Total assets33,526,437 27,127,107 24%Demand deposits10,289,572 7,031,460 46%Total deposits27,413,303 20,385,637 34%Stockholders’ equity2,757,433 2,426,442 14% DETAILED FINANCIALSFor the third quarter of 2019, net income was $88.1 million and net i...