Business
Texas Capital Bancshares, Inc. Announces Third Quarter 2023 Results
Third quarter 2023 net income of $61.7 million and net income available to common stockholders of $57.4 million, or $1.18 per diluted share Top tier capital
About this update from Texas Capital Bancshares, Inc.
[{"type":"text","content":"Third quarter 2023 net income of $61.7 million and net income available to common stockholders of $57.4 million, or $1.18 per diluted share Top tier capital ratios, including 12.7% CET1 and 17.1% Total Capital DALLAS, Oct. 19, 2023 (GLOBE NEWSWIRE) -- Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the third quarter of 2023. Net income available to common stockholders was $57.4 million, or $1.18 per diluted share, for the third quarter of 2023, compared to $64.3 million, or $1.33 per diluted share, for the second quarter of 2023 and $37.1 million, or $0.74 per diluted share, for the third quarter of 2022. “Our quarterly results demonstrate the power of the platform we built over the last two years,” said Rob C. Holmes, President and CEO. “Our capability and expertise to provide solutions for our clients extends well beyond traditional lending products and is complimented by near record levels of capital and liquidity.” FINANCIAL RESULTS (dollars and shares in thousands) 3rd Quarter 2nd Quarter 3rd Quarter 2023 2023 2022 OPERATING RESULTS Net income$61,679 $68,651 $41,418 Net income available to common stockholders$57,366 $64,339 $37,105 Diluted earnings per common share$1.18 $1.33 $0.74 Diluted common shares 48,529 48,421 50,418 Return on average assets 0.81% 0.95% 0.52%Return on average common equity 8.08% 9.17% 5.36% BALANCE SHEET Loans held for investment$16,183,882 $16,227,203 $14,878,959 Loans held for investment, mortgage finance 4,429,489 5,098,812 4,908,822 Total loans held for investment 20,613,371 21,326,015 19,787,781 Loans held for sale 155,073 29,097 3,142,178 Total assets 29,628,249 28,976,544 30,408,513 Non-interest bearing deposits 9,352,883 9,429,352 11,494,685 Total deposits 23,878,978 23,318,240 24,498,563 Stockholders’ equity 3,077,700 3,081,927 2,885,775 THIRD QUARTER 2023 COMPARED TO SECOND QUARTER 2023 For the third quarter of 2023, net income available to common stockholders was $57.4 million, or $1.18 per diluted share, compared to $64.3 million, or $1.33 per diluted share, for the second quarter of 2023. Provision for credit losses for the third quarter of 2023 was $18.0 million, compared to $7.0 million for the second quarter of 2023. The $18.0 million provision for credit losses recorded in the third quarter of 2023 resulted prim...