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Last10K.com | 10-K Annual Report Wed Feb 09 2022
Exhibit 99.1
| INVESTOR CONTACT | ||||||||
| Jamie Britton, 214.932.6721 | ||||||||
| jamie.britton@texascapitalbank.com | ||||||||
| MEDIA CONTACT | ||||||||
| Shannon Wherry, 469.399.8527 | ||||||||
| shannon.wherry@texascapitalbank.com | ||||||||
TEXAS CAPITAL BANCSHARES, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2021 RESULTS
Fourth quarter 2021 net income of $65.1 million, or $1.19 per diluted share
Continued improvement in credit quality drove a provision release of $10.0 million
Necessary regulatory approvals obtained for launch of Texas Capital Securities
Full year 2021 net income of $253.9 million, or $4.60 per diluted share
DALLAS - January 20, 2022 - Texas Capital Bancshares, Inc. (NASDAQ: TCBI) (the “Company”), the parent company of Texas Capital Bank, today reported results for the fourth quarter and full year of 2021.
Net income was $65.1 million, or $1.19 per diluted share, for the fourth quarter of 2021, compared to $43.4 million, or $0.76 per diluted share, for the third quarter of 2021 and $60.2 million, or $1.14 per diluted share, for the fourth quarter of 2020. Full year 2021 net income was $253.9 million, or $4.60 per diluted share, compared to $66.3 million, or $1.12 per diluted share, for full year 2020.
“This quarter’s results conclude a year full of new initiatives and accomplishments designed to best position the Company for yet another important year ahead,” said Rob C. Holmes, President and CEO. “Our entire team is poised to continue delivering on our goals outlined in September. With our organizational discipline improving and financial results trending favorably, I am confident we will continue realizing progress towards our vision of becoming the flagship financial services firm headquartered in Texas.”
| FINANCIAL RESULTS | |||||||||||||||||||||||||||||
| (dollars and shares in thousands) | |||||||||||||||||||||||||||||
| 4th Quarter | 3rd Quarter | 4th Quarter | Full Year | Full Year | |||||||||||||||||||||||||
| 2021 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||
| OPERATING RESULTS | |||||||||||||||||||||||||||||
| Net income | $ | 65,130 | $ | 43,390 | $ | 60,176 | $ | 253,939 | $ | 66,289 | |||||||||||||||||||
| Net income available to common stockholders | $ | 60,817 | $ | 39,078 | $ | 57,739 | $ | 235,218 | $ | 56,539 | |||||||||||||||||||
| Diluted earnings per common share | $ | 1.19 | $ | 0.76 | $ | 1.14 | $ | 4.60 | $ | 1.12 | |||||||||||||||||||
| Diluted common shares | 51,208 | 51,140 | 50,794 | 51,141 | 50,583 | ||||||||||||||||||||||||
| Return on average assets | 0.69 | % | 0.47 | % | 0.61 | % | 0.67 | % | 0.18 | % | |||||||||||||||||||
| Return on average common equity | 8.36 | % | 5.41 | % | 8.50 | % | 8.35 | % | 2.10 | % | |||||||||||||||||||
| BALANCE SHEET | |||||||||||||||||||||||||||||
| Loans held for investment (“LHI”) | $ | 15,331,457 | $ | 15,221,404 | $ | 15,351,451 | |||||||||||||||||||||||
| LHI, mortgage finance | 7,475,497 | 8,528,313 | 9,079,409 | ||||||||||||||||||||||||||
| Total LHI | 22,806,954 | 23,749,717 | 24,430,860 | ||||||||||||||||||||||||||
| Loans held for sale (“LHS”) | 8,123 | 9,660 | 283,165 | ||||||||||||||||||||||||||
| Total assets | 34,731,738 | 36,404,320 | 37,726,096 | ||||||||||||||||||||||||||
| Demand deposits | 13,390,370 | 14,970,462 | 12,740,947 | ||||||||||||||||||||||||||
| Total deposits | 28,109,365 | 29,813,668 | 30,996,589 | ||||||||||||||||||||||||||
| Stockholders’ equity | 3,209,616 | 3,147,752 | 2,871,224 | ||||||||||||||||||||||||||
The following information was filed by Texas Capital Bancshares Inctx (TCBI) on Thursday, January 20, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Texas Capital Bancshares Inctx's Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:
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Other - Other Highlight
Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, the following: Deterioration of the credit quality of our loan portfolio or declines in the value of collateral due to external factors or otherwise.
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Other - Other Highlight
See Note 12 - Financial Instruments with Off-Balance Sheet Risk in the accompanying notes to the consolidated financial statements included elsewhere in this report for presentation of the activity in the allowance for credit losses for off-balance asset credit losses.
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Revenue - Product Highlight
The net proceeds of the offering are being used to expand the Bank's warehouse lending program and better serve our clients in all market environments; Sale of our portfolio of MSRs and transition of the MCA program to a third-party.
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Financial - Expense Highlight
Non-interest Expense Non-interest expense for the year ended December 31, 2021 decreased $105.3 million compared to 2020.
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Financial - Earnings Highlight
The yield on total loans held for investment, net, decreased to 3.56% for the year ended December 31, 2021 compared to 3.88% for 2020 and the yield on earning assets decreased to 2.36% for the year ended December 31, 2021 compared to 2.86% for 2020.
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Transition activities began immediately following...Read more
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Financial Statements, Disclosures and Schedules
Inside this 10-K Annual Report
Audit Information
Cover Page
Related Party Transactions
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Income And Other Comprehensive Income
Consolidated Statements Of Stockholders' Equity
Certain Transfers Of Financial Assets
Certain Transfers Of Financial Assets (Details)
Certain Transfers Of Financial Assets (Tables)
Certain Transfers Of Financial Assets - Narrative (Details)
Certain Transfers Of Financial Assets - Schedule Of Fair Value Assumption Used To Value Mortgage Servicing Rights Retained (Details)
Certain Transfers Of Financial Assets - Schedule Of Mortgage Servicing Rights Activity (Details)
Certain Transfers Of Financial Assets - Schedule Of Sensitivity Analysis Of Fair Value, Transferor's Interests In Transferred Financial Assets (Details)
Deposits
Deposits (Tables)
Deposits - Narrative (Details)
Deposits - Schedule Of Deposits (Details)
Deposits - Schedule Of Maturities Of Interest-Bearing Time Deposits (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Schedule Of Derivative Instruments (Details)
Derivative Financial Instruments Derivative Financial Instruments - Narrative (Details)
Derivative Financial Instruments Derivative Financial Instruments - Schedule Of Weighted Average Interest Rate Received And Paid (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Disclosures
Fair Value Disclosures (Tables)
Fair Value Disclosures - Level 3 Fair Value Assets Measured On A Recurring Basis (Details)
Fair Value Disclosures - Narrative (Details)
Fair Value Disclosures - Schedule Of Assets And Liabilities Measured At Fair Value (Details)
Fair Value Disclosures - Summary Of The Carrying Amounts And Estimated Fair Values Of Financial Instruments (Details)
Financial Instruments With Off-Balance Sheet Risk
Financial Instruments With Off-Balance Sheet Risk (Details)
Financial Instruments With Off-Balance Sheet Risk (Tables)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Narrative (Details)
Goodwill And Other Intangible Assets - Schedule Of Estimated Aggregate Future Amortization Expense For Intangible Assets (Details)
Goodwill And Other Intangible Assets - Schedule Of Goodwill And Other Intangible Assets (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Additional Information (Details)
Income Taxes - Deferred Tax Asset (Details)
Income Taxes - Effective Income Tax Reconciliation (Details)
Income Taxes - Income Tax Expense (Benefit) (Details)
Investment Securities
Investment Securities (Tables)
Investment Securities - Narrative (Details)
Investment Securities - Schedule Of Amortized Cost And Estimated Fair Value Of Securities (Details)
Investment Securities - Schedule Of Available-For-Sale Debt Securities In A Continuous Unrealized Loss Position (Details)
Investment Securities - Summary Of Available-For-Sale Debt Securities (Details)
Investment Securities - Summary Of Unrealized And Realized Gains/(Losses) Recognized In Net Income On Equity Securities (Details)
Leases
Leases (Tables)
Leases - Maturity Of Remaining Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Net Lease Cost (Details)
Leases - Other Information (Details)
Leases - Rou Assets And Lease Liabilities (Details)
Loans Held For Investment And Allowance For Loan Losses
Loans Held For Investment And Allowance For Loan Losses (Tables)
Loans Held For Investment And Allowance For Loan Losses - Additional Information (Details)
Loans Held For Investment And Allowance For Loan Losses - Age Analysis (Details)
Loans Held For Investment And Allowance For Loan Losses - Allowance Activity (Details)
Loans Held For Investment And Allowance For Loan Losses - Details Of Recorded Investment (Details)
Loans Held For Investment And Allowance For Loan Losses - Loans By Investment Grade (Details)
Loans Held For Investment And Allowance For Loan Losses - Loans Held For Investment By Portfolio Segment (Details)
Long-Term Debt
Long-Term Debt (Tables)
Long-Term Debt - Narrative (Details)
Long-Term Debt - Schedule Of Details Of The Trust Preferred Subordinated Debentures (Details)
Material Transactions Affecting Stockholders' Equity
Material Transactions Affecting Stockholders' Equity (Details)
New Accounting Standards
Operations And Summary Of Significant Accounting Policies
Operations And Summary Of Significant Accounting Policies (Policies)
Operations And Summary Of Significant Accounting Policies (Tables)
Operations And Summary Of Significant Accounting Policies - Additional Information (Details)
Operations And Summary Of Significant Accounting Policies - Revision Of Prior Period Financial Statements, Balance Sheet (Details)
Parent Company Only
Parent Company Only (Tables)
Parent Company Only - Balance Sheet (Details)
Parent Company Only - Statement Of Cash Flows (Details)
Parent Company Only - Statement Of Earnings (Details)
Premises And Equipment
Premises And Equipment (Details)
Premises And Equipment (Tables)
Quarterly Financial Data
Quarterly Financial Data (Details)
Quarterly Financial Data (Tables)
Regulated Operations - Narrative (Details)
Regulatory Restrictions
Regulatory Restrictions (Tables)
Regulatory Restrictions - Schedule Of Compliance With Regulatory Capital Requirements (Details)
Related Party Transactions (Details)
Short-Term And Other Borrowings
Short-Term And Other Borrowings (Tables)
Short-Term And Other Borrowings - Summary Of Borrowings (Details)
Short-Term And Other Borrowings - Summary Of Other Borrowing Capacities (Details)
Stock-Based Compensation And Employee Benefits
Stock-Based Compensation And Employee Benefits (Tables)
Stock-Based Compensation And Employee Benefits - Narrative (Details)
Stock-Based Compensation And Employee Benefits - Schedule Of Stock Appreciation Rights Activity (Details)
Stock-Based Compensation And Employee Benefits - Summary Of Status And Changes In Nonvested Restricted Stock Units (Details)
Material Contracts, Statements, Certifications & more
Texas Capital Bancshares Inctx provided additional information to their SEC Filing as exhibits
Exhibit 10.12: Material Contract
Exhibit 10.13: Material Contract
Exhibit 10.14: Material Contract
Exhibit 10.15: Material Contract
Exhibit 21: Subsidaries Of The Registrant
Exhibit 23.1: Consents Of Experts And Counsel
Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification
Exhibit 32.1: Section 1350 Certification
Exhibit 32.2: Section 1350 Certification
Ticker: TCBI
CIK: 1077428
Form Type: 10-K Annual Report
Accession Number: 0001077428-22-000012
Submitted to the SEC: Wed Feb 09 2022 5:09:41 PM EST
Accepted by the SEC: Wed Feb 09 2022
Period: Friday, December 31, 2021
Industry: State Commercial Banks
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