Texas Capital Stock Price, News & Analysis

Texas Capital Bancshares, Inc. (NASDAQ: TCBI) announced its Q3 2024 results, reporting a net loss of $65.6 million, or $1.41 per diluted share. This loss was primarily due to a $179.6 million loss on sale of available-for-sale debt securities. The quarter included strategic actions such as acquiring a $332 million commercial loan portfolio and repositioning the balance sheet with proceeds from a $1.2 billion sale of lower-yielding securities.

Despite the loss, the company achieved record levels of income in fee areas of focus. Book Value and Tangible Book Value per share both increased 14% year-over-year, reaching record levels. Capital ratios remained strong, with CET1 at 11.2% and Total Capital at 15.2%. Net interest income increased to $240.1 million, up from $216.6 million in Q2 2024, with net interest margin improving to 3.16%.

Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, has announced its plans to release financial results for the third quarter of 2024 before market opening on Thursday, October 17, 2024. The company will host a conference call and webcast to discuss the Q3 2024 operating results on the same day at 9:00 a.m. EDT.

Participants can pre-register for the call or join through an operator using the provided phone number and access code. A live webcast will be available, and presentation slides can be accessed on the company's investor website. An audio replay will be made available one hour after the call concludes.

Texas Capital Bank Private Wealth Advisors and Texas Capital Funds Trust have launched the Texas Capital Government Money Market ETF (NYSE: MMKT), a first-of-its-kind ETF holding highly liquid, short-term U.S. government debt instruments and cash equivalents. This innovative fund combines the intraday liquidity and flexibility of an ETF with the risk and return characteristics of a money market fund, following Rule 2a-7 of the Investment Company Act of 1940.

The MMKT ETF aims to provide high current interest income while maintaining liquidity and stability of principal. It joins Texas Capital's suite of funds, including the Texas Capital Texas Equity Index ETF (NYSE Arca: TXS). The fund is managed by J. Steven Orr, chief investment officer of Texas Capital Bank Private Wealth Advisors, with over 30 years of portfolio management experience.

Texas Capital Bancshares, Inc. (TCBI) has reported significant progress in its three-year enterprise-wide transformation. The company announced several strategic actions, including:

• Acquisition of a $400 million healthcare portfolio
• Balance sheet repositioning with $1.24 billion securities sale and $1.06 billion purchase
• Structural operating model enhancements reducing 2025 non-interest expense by $30 million
• Expansion of products and capabilities, including Energy Equity Research, Direct Lending, Public Finance, and SBA Lending

The company has achieved peer-leading balance sheet strength, launched Texas Capital Securities, and developed a best-in-class treasury solutions platform. These actions are expected to improve financial performance and drive long-term value creation.

Texas Capital Bancshares, Inc. (NASDAQ: TCBI) has announced the launch of its Texas Capital Direct Lending (TCDL) platform, aimed at providing non-bank private capital to the middle market. The platform will focus on senior secured floating rate term loans for Texas-based middle market companies and private equity sponsors. Tim Laczkowski has been appointed as Managing Director to lead this new initiative.

TCDL will target companies with $5-50 million in EBITDA, primarily focusing on those between $10-30 million. This move expands Texas Capital's suite of financial and advisory solutions, positioning it as the 'first call' for middle market companies in Texas and beyond. The platform will leverage Texas Capital's industry expertise, product breadth, and existing banking capabilities to offer a comprehensive financing solution.

The Federal Home Loan Bank of Dallas (FHLB Dallas) and Texas Capital have awarded a $510,000 Affordable Housing Program (AHP) grant to fund a 34-efficiency unit affordable housing development for veterans in Waco, Texas. The project, named Freedom's Path Waco, will be developed by Solutions for Veterans, a Georgia-based nonprofit. The $10 million development will renovate three existing historic structures on the Waco VA campus and include a new multipurpose community building with eight residential units.

The development is expected to open in late 2026 and will benefit veterans with disabilities, those who are homeless, or at risk of becoming homeless. The AHP grant is part of FHLB Dallas's broader initiative, which awarded $28.4 million in AHP General Fund grants to 43 affordable housing projects in 2023, creating 2,677 new or rehabilitated housing units. For 2024, $79.4 million has been allocated for the AHP General Fund, with awards to be announced in the fall.

Texas Capital Bancshares, Inc. (NASDAQ: TCBI) has appointed Todd Jordan as Austin Market President and leader of Austin Middle Market Banking. Jordan, with over 28 years of leadership experience in commercial banking, joins from Bank of America where he was Senior Vice President, Senior Relationship Manager for 10 years. He will report to Jay Clingman, Head of Commercial Banking.

Jordan's role involves delivering top-tier products and solutions, focusing on client service, driving Texas Capital's strategy, and instilling the firm's culture across Central Texas. With his extensive experience and 20 years living in Austin, Jordan brings valuable local expertise to serve Austin-based businesses.

Texas Capital Bancshares (NASDAQ: TCBI), parent company of Texas Capital Bank, has announced a quarterly dividend for its Series B Preferred Stock. The board of directors declared a cash dividend of $14.375 per share for the 5.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. This is equivalent to $0.359375 per depositary share, each representing a 1/40th interest in a share of the Series B Preferred Stock.

The depositary shares are traded on NASDAQ under the symbol "TCBIO". The dividend is scheduled to be paid on September 16, 2024, to stockholders of record as of the close of business on September 3, 2024. This announcement demonstrates Texas Capital Bancshares' commitment to providing returns to its preferred shareholders.

Texas Capital Bancshares (NASDAQ: TCBI) reported Q2 2024 net income of $41.7 million, with net income available to common stockholders at $37.4 million, or $0.80 per diluted share. This marks an improvement from Q1 2024's $21.8 million ($0.46 per share) but a decrease from Q2 2023's $64.3 million ($1.33 per share). Key highlights include:

- Record book value and tangible book value per share, both up 1.9%
- Strong capital ratios: 11.6% CET1 and 15.7% Total Capital
- Net interest income of $216.6 million, slightly up from Q1 2024
- Net interest margin at 3.01%, down 2 basis points from Q1 2024
- $20 million provision for credit losses, up from $19 million in Q1 2024
- Non-interest income increased 22% from Q1 2024
- Non-interest expense decreased 7% compared to Q1 2024