Texas Capital Bancshares, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Texas Capital Bancshares, Inc. has filed its Q1 2024 10-Q report, detailing its financial performance and position as of March 31, 2024.</b>

AI Summary

TEXAS CAPITAL BANCSHARES INC/TX (TCBIO) filed a Quarterly Report (10-Q) with the SEC on April 18, 2024. Texas Capital Bancshares, Inc. filed its quarterly report on Form 10-Q for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal executive offices are located at 2000 McKinney Ave, Suite 700, Dallas, TX 75201. The filing was made on April 18, 2024. The Standard Industrial Classification code for the company is 6022 (State Commercial Banks).

Why It Matters

For investors and stakeholders tracking TEXAS CAPITAL BANCSHARES INC/TX, this filing contains several important signals. This 10-Q filing provides investors and analysts with the latest financial data for Texas Capital Bancshares, Inc., crucial for evaluating the bank's performance in the current economic climate. Understanding the details within this report is essential for assessing the bank's asset quality, profitability, and capital adequacy following the first quarter of 2024.

Risk Assessment

Risk Level: low — TEXAS CAPITAL BANCSHARES INC/TX shows low risk based on this filing. The filing is a standard quarterly report (10-Q) and does not contain any immediate red flags or significant deviations from typical disclosures for a publicly traded bank.

Analyst Insight

Monitor the detailed financial statements and management's discussion and analysis within the 10-Q for insights into loan portfolio performance, net interest margin trends, and non-interest income drivers.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-04-18 — Filing Date (Date the 10-Q was filed)
• 001-34657 — SEC File Number (SEC file number for the company)
• 0001077428-24-000092 — Accession Number (Unique identifier for the filing)

Key Players & Entities

• TEXAS CAPITAL BANCSHARES INC/TX (company) — Filer name
• 2000 MCKINNEY AVE SUITE 700 (location) — Business address
• DALLAS (location) — City in business address
• TX (location) — State in business address
• 75201 (location) — ZIP code in business address
• 2024-04-18 (date) — Filing date
• 2024-03-31 (date) — Period of report
• 6022 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Texas Capital Bancshares, Inc. operates within the commercial banking sector, providing a range of financial services to businesses and individuals.

Regulatory Implications

As a commercial bank, Texas Capital Bancshares is subject to regulations from federal and state authorities, including the Federal Reserve and Texas Department of Banking, overseeing capital requirements, lending practices, and consumer protection.

What Investors Should Do

1. Review the Consolidated Balance Sheets for changes in assets, liabilities, and equity from the previous quarter.
2. Analyze the Consolidated Statements of Operations for revenue trends, particularly net interest income and non-interest income.
3. Examine the Management's Discussion and Analysis of Financial Condition and Results of Operations for qualitative insights into performance drivers and risks.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q.
• 2024-04-18: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing updated financial information compared to the previous year's filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share TCBI Nasdaq Stock Market 5.7

Filing Documents

• tcbi-20240331.htm (10-Q) — 1957KB
• tcbi2024time-basedrsustock.htm (EX-10.1) — 122KB
• tcbi2024perf-basedstockset.htm (EX-10.2) — 146KB
• ex311-331202410q.htm (EX-31.1) — 10KB
• ex312-331202410q.htm (EX-31.2) — 9KB
• ex321-331202410q.htm (EX-32.1) — 4KB
• ex322-331202410q.htm (EX-32.2) — 4KB
• image_0.jpg (GRAPHIC) — 0KB
• 0001077428-24-000092.txt (&nbsp;) — 10983KB
• tcbi-20240331.xsd (EX-101.SCH) — 46KB
• tcbi-20240331_cal.xml (EX-101.CAL) — 89KB
• tcbi-20240331_def.xml (EX-101.DEF) — 356KB
• tcbi-20240331_lab.xml (EX-101.LAB) — 656KB
• tcbi-20240331_pre.xml (EX-101.PRE) — 498KB
• tcbi-20240331_htm.xml (XML) — 2257KB

—Financial Information

Part I.—Financial Information

Financial Statements - Unaudited

Item 1. Financial Statements - Unaudited 3 Consolidated Balance Sheets 3 Consolidated Statements of Income and Other Comprehensive Income 4 Consolidated Statements of Stockholders' Equity 5 Consolidated Statements of Cash Flows 6

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 20

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 29

Controls and Procedures

Item 4. Controls and Procedures 31

—Other Information

Part II.—Other Information

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Exhibits

Item 6. Exhibits 33

Signatures

Signatures 34 Table of Contents

- FINANCIAL INFORMATION

PART I - FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS TEXAS CAPITAL BANCSHARES, INC. CONSOLIDATED BALANCE SHEETS - UNAUDITED (in thousands except share data) March 31, 2024 December 31, 2023 Assets Cash and due from banks $ 167,985 $ 200,493 Interest bearing cash and cash equivalents 3,148,157 3,042,357 Available-for-sale debt securities 3,491,510 3,225,892 Held-to-maturity debt securities 849,283 865,477 Equity securities 73,487 51,825 Investment securities 4,414,280 4,143,194 Loans held for sale 37,750 44,105 Loans held for investment, mortgage finance 4,153,313 3,978,328 Loans held for investment 16,677,691 16,362,230 Less: Allowance for credit losses on loans 263,962 249,973 Loans held for investment, net 20,567,042 20,090,585 Premises and equipment, net 49,899 32,366 Accrued interest receivable and other assets 793,976 801,670 Goodwill and intangibles, net 1,496 1,496 Total assets $ 29,180,585 $ 28,356,266 Liabilities and Stockholders' Equity Liabilities: Non-interest bearing deposits $ 8,478,215 $ 7,328,276 Interest bearing deposits 15,475,822 15,043,563 Total deposits 23,954,037 22,371,839 Accrued interest payable 32,352 33,234 Other liabilities 413,711 392,904 Short-term borrowings 750,000 1,500,000 Long-term debt 859,823 859,147 Total liabilities 26,009,923 25,157,124 Stockholders' equity: Preferred stock, $ 0.01 par value, $ 1,000 liquidation value: Authorized shares - 10,000,000 Issued shares - 300,000 at March 31, 2024 and December 31, 2023 300,000 300,000 Common stock, $ 0.01 par value: Authorized shares - 100,000,000 Issued shares - 51,420,680 and 51,142,979 at March 31, 2024 and December 31, 2023, respectively 514 511 Additional paid-in capital 1,044,669 1,045,576 Retained earnings 2,457,222 2,435,393 Treasury stock - 4,434,405 and 3,905,067 shares at cost at March 31, 2024 and December 31, 2023, respectively ( 251,857 ) ( 220,334 ) Accumulated other comprehensive loss, net of taxes ( 379,886 ) ( 362,004 ) Total stockholders'

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED (1) Operations and Summary of Significant Accounting Policies Organization and Nature of Business Texas Capital Bancshares, Inc. ("TCBI" or the "Company"), a Delaware corporation, was incorporated in 1996 and commenced banking operations in 1998. The consolidated financial statements include the accounts of TCBI and its wholly owned subsidiary, Texas Capital Bank (the "Bank"), a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. The Company is headquartered in Dallas, with primary banking offices in Austin, Dallas, Fort Worth, Houston and San Antonio, and has built a network of clients across the country. Basis of Presentation The Company's accounting and reporting policies conform to accounting principles generally accepted in the United States ("GAAP") and to generally accepted practices within the banking industry. Certain prior period balances have been reclassified to conform to the current period presentation. The consolidated interim financial statements are unaudited, and certain information and disclosures in the notes to consolidated unaudited financial statements that are presented in accordance with GAAP have been condensed or omitted. In the opinion of management, the interim financial statements include all normal and recurring adjustments and the disclosures made present a fair presentation of the Company's financial position and results of operations. The consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q adopted by the U.S. Securities and Exchange Commission ("SEC"). Accordingly, the financial statements and the notes to the consolidated unaudited financial statements required by GAAP for complete annual financial statements do not include all of the information and should be read in conjunction with the consolidated finan

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