Thu, Jul 18, 8:08 PM (51 days ago)
Texas Capital Bancshares, Inc. reported a decline in net income to $41.7 million for Q2 2024, down from $68.7 million in Q2 2023. Net interest income decreased to $216.6 million from $232.0 million year-over-year, primarily due to rising funding costs. The net interest margin also fell to 3.01% from 3.29%. Non-interest income grew to $50.4 million, driven by higher investment banking and advisory fees, despite a drop in trading income. Non-interest expenses rose to $188.4 million, mainly due to increased salaries, benefits, and FDIC insurance costs. The provision for credit losses increased to $20.0 million from $7.0 million. Total loans held for investment grew to $21.8 billion, with mortgage finance loans representing 23% of the portfolio. The allowance for credit losses was 1.23% of total loans. The company repurchased 1.4 million shares for $81.5 million. The liquidity position remains strong with $2.7 billion in interest-bearing cash and cash equivalents.