Business
Texas Capital Bancshares, Inc. Announces Third Quarter 2022 Results
Third quarter 2022 net income of $41.4 million and net income available to common stockholders of $37.1 million, or $0.74 per diluted share Achieved
About this update from Texas Capital Bancshares, Inc.
[{"type":"text","content":"Third quarter 2022 net income of $41.4 million and net income available to common stockholders of $37.1 million, or $0.74 per diluted share Achieved year-over-year operating leverage ahead of guidance DALLAS, Oct. 19, 2022 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the third quarter of 2022. Net income available to common stockholders was $37.1 million, or $0.74 per diluted share, for the third quarter of 2022, compared to $29.8 million, or $0.59 per diluted share, for the second quarter of 2022 and $39.1 million, or $0.76 per diluted share, for the third quarter of 2021. “The quarterly financial results demonstrate dedication towards our stated goals as we achieved year-over-year quarterly operating leverage,” said Rob C. Holmes, President and CEO. “Additionally, we calibrated our capital and expenses and built a financially resilient balance sheet with strong reserves and capital geared towards supporting our clients through market and rate driven cycles.” FINANCIAL RESULTS (dollars and shares in thousands) 3rd Quarter 2nd Quarter 3rd Quarter 2022 2022 2021 OPERATING RESULTS Net income$41,418 $34,159 $43,390 Net income available to common stockholders$37,105 $29,847 $39,078 Diluted earnings per common share$0.74 $0.59 $0.76 Diluted common shares 50,418 50,802 51,140 Return on average assets 0.52% 0.44% 0.47%Return on average common equity 5.36% 4.35% 5.41% BALANCE SHEET Loans held for investment$14,878,959 $17,517,866 $15,221,404 Loans held for investment, mortgage finance 4,908,822 6,549,507 8,528,313 Total loans held for investment 19,787,781 24,067,373 23,749,717 Loans held for sale 3,142,178 4,266 9,660 Total assets 30,408,513 32,338,963 36,404,320 Non-interest bearing deposits 11,494,685 12,555,367 14,970,462 Total deposits 24,498,563 25,440,021 29,813,668 Stockholders’ equity 2,885,775 3,006,832 3,147,752 THIRD QUARTER 2022 COMPARED TO SECOND QUARTER 2022 For the third quarter of 2022, net income available to common stockholders was $37.1 million, or $0.74 per diluted share, compared to $29.8 million, or $0.59 per diluted share, for the second quarter of 2022. We recorded a $12.0 million provision for credit losses for the third quarter of 2022, compared to a $22.0 million provision for credit losses for the second quarter o...