Business
Texas Capital Bancshares, Inc. Announces Second Quarter 2023 Results
Net Income doubled to $68.7 million in the second quarter of 2023, as compared to second quarter 2022 Second quarter 2023 Pre-Provision Net Revenue(1) grew
About this update from Texas Capital Bancshares, Inc.
[{"type":"text","content":"Net Income doubled to $68.7 million in the second quarter of 2023, as compared to second quarter 2022 Second quarter 2023 Pre-Provision Net Revenue(1) grew $28.9 million (43%) compared to second quarter 2022 Capital and liquidity positions continue to be strong DALLAS, July 20, 2023 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the second quarter of 2023. Net income available to common stockholders was $64.3 million, or $1.33 per diluted share, for the second quarter of 2023, compared to $34.3 million, or $0.70 per diluted share, for the first quarter of 2023 and $29.8 million, or $0.59 per diluted share, for the second quarter of 2022. “Our talent, the strength of our balance sheet and the breadth of our platform continues to be a competitive differentiator in our markets,” said Rob C. Holmes, President and CEO. “Steadily maturing capabilities resulted in another quarter of improving financial results consistent with expectations. We are steadfast in our commitment to our long-term plan and will continue to execute on our vision to serve the best clients in our markets.” FINANCIAL RESULTS (dollars and shares in thousands) 2nd Quarter 1st Quarter 2nd Quarter 2023 2023 2022 OPERATING RESULTS Net income$68,651 $38,661 $34,159 Net income available to common stockholders$64,339 $34,348 $29,847 Diluted earnings per common share$1.33 $0.70 $0.59 Diluted common shares 48,421 48,881 50,802 Return on average assets 0.95% 0.53% 0.44%Return on average common equity 9.17% 5.06% 4.35% BALANCE SHEET Loans held for investment$16,227,203 $16,014,497 $17,517,866 Loans held for investment, mortgage finance 5,098,812 4,060,570 6,549,507 Total loans held for investment 21,326,015 20,075,067 24,067,373 Loans held for sale 29,097 27,608 4,266 Total assets 28,976,544 28,596,653 32,338,963 Non-interest bearing deposits 9,429,352 9,500,583 12,555,367 Total deposits 23,318,240 22,179,697 25,440,021 Stockholders’ equity 3,081,927 3,079,974 3,006,832 (1) Net interest income and non-interest expense, less non-interest expense. SECOND QUARTER 2023 COMPARED TO FIRST QUARTER 2023 For the second quarter of 2023, net income available to common stockholders was $64.3 million, or $1.33 per diluted share, compared to $34.3 million, or $0.70 per diluted share, for the firs...