Connect with us

Hi, what are you looking for?

Alive Business PlanAlive Business Plan

Stock

Texas Capital Bancshares beats Q3 expectations, shares rise

DALLAS – Texas Capital Bancshares, Inc. (NASDAQ:TCBI) reported better-than-expected third quarter results on Thursday, sending shares up 1.5% in after-hours trading.

The Dallas-based bank posted adjusted earnings per share of $1.60, significantly beating analyst estimates of a $1.97 loss per share. Revenue came in at $125.33 million, below the consensus estimate of $279.69 million but up from $46.87 million in the same quarter last year.

Texas Capital’s net interest income rose to $240.1 million in Q3, compared to $232.1 million in the year-ago period. This increase was primarily driven by higher average total loans held for investment and improved yields on average earning assets.

The bank’s provision for credit losses was $10 million for the quarter, down from $18 million in Q3 2023. Net charge-offs totaled $6.1 million, compared to $8.9 million in the prior year quarter.

“We achieved significant financial milestones this quarter as our multi-year transformation is increasingly delivering financial outcomes consistent with realized success delivering our proven and differentiated strategy,” said Rob C. Holmes, President and CEO.

Total deposits increased 8% YoY to $25.87 billion. The bank’s CET1 ratio stood at 11.2% at quarter-end, down from 12.7% a year ago but still well above regulatory requirements.

While beating earnings expectations, Texas Capital recorded a $179.6 million loss on the sale of available-for-sale debt securities during the quarter. The company said its current business momentum and strong capital position set it up well for continued execution through 2025.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

This post appeared first on investing.com
Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!

    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    You May Also Like

    Latest News

    The Gateway Pundit, a far-right website, published a note from its editor on Saturday acknowledging that two election workers in Georgia did not engage...

    Latest News

    New majorities in Congress, particularly when the incoming party has a new leader, offer the rare chance for the institution to take a breath...

    Investing

    JAKARTA (Reuters) -Indonesia has asked Alphabet (NASDAQ:GOOGL)’s Google and Apple (NASDAQ:AAPL) to block Chinese fast fashion e-commerce firm Temu in their application stores in...

    Latest News

    Sister Stephanie Schmidt had a hunch about what her fellow nuns would discuss over dinner at their Erie, Pennsylvania, monastery on Wednesday night. The...



    Disclaimer: alivebusinessplan.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 alivebusinessplan.com