INVESTOR CONTACT | ||||||||
Jocelyn Kukulka, 469.399.8544 | ||||||||
jocelyn.kukulka@texascapitalbank.com | ||||||||
MEDIA CONTACT | ||||||||
Julia Monter, 469.399.8425 | ||||||||
julia.monter@texascapitalbank.com |
FINANCIAL RESULTS | |||||||||||||||||
(dollars and shares in thousands) | |||||||||||||||||
2nd Quarter | 1st Quarter | 2nd Quarter | |||||||||||||||
2023 | 2023 | 2022 | |||||||||||||||
OPERATING RESULTS | |||||||||||||||||
Net income | $ | 68,651 | $ | 38,661 | $ | 34,159 | |||||||||||
Net income available to common stockholders | $ | 64,339 | $ | 34,348 | $ | 29,847 | |||||||||||
Diluted earnings per common share | $ | 1.33 | $ | 0.70 | $ | 0.59 | |||||||||||
Diluted common shares | 48,421 | 48,881 | 50,802 | ||||||||||||||
Return on average assets | 0.95 | % | 0.53 | % | 0.44 | % | |||||||||||
Return on average common equity | 9.17 | % | 5.06 | % | 4.35 | % | |||||||||||
BALANCE SHEET | |||||||||||||||||
Loans held for investment | $ | 16,227,203 | $ | 16,014,497 | $ | 17,517,866 | |||||||||||
Loans held for investment, mortgage finance | 5,098,812 | 4,060,570 | 6,549,507 | ||||||||||||||
Total loans held for investment | 21,326,015 | 20,075,067 | 24,067,373 | ||||||||||||||
Loans held for sale | 29,097 | 27,608 | 4,266 | ||||||||||||||
Total assets | 28,976,544 | 28,596,653 | 32,338,963 | ||||||||||||||
Non-interest bearing deposits | 9,429,352 | 9,500,583 | 12,555,367 | ||||||||||||||
Total deposits | 23,318,240 | 22,179,697 | 25,440,021 | ||||||||||||||
Stockholders’ equity | 3,081,927 | 3,079,974 | 3,006,832 | ||||||||||||||
TEXAS CAPITAL BANCSHARES, INC. | |||||||||||||||||
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED) | |||||||||||||||||
(dollars in thousands except per share data) | |||||||||||||||||
2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | |||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | |||||||||||||
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||
Interest income | $ | 401,916 | $ | 385,166 | $ | 371,292 | $ | 322,072 | $ | 242,351 | |||||||
Interest expense | 169,926 | 149,821 | 123,687 | 82,991 | 36,818 | ||||||||||||
Net interest income | 231,990 | 235,345 | 247,605 | 239,081 | 205,533 | ||||||||||||
Provision for credit losses | 7,000 | 28,000 | 34,000 | 12,000 | 22,000 | ||||||||||||
Net interest income after provision for credit losses | 224,990 | 207,345 | 213,605 | 227,081 | 183,533 | ||||||||||||
Non-interest income | 46,011 | 37,403 | 277,667 | 25,332 | 26,240 | ||||||||||||
Non-interest expense | 181,644 | 194,027 | 213,090 | 197,047 | 164,303 | ||||||||||||
Income before income taxes | 89,357 | 50,721 | 278,182 | 55,366 | 45,470 | ||||||||||||
Income tax expense | 20,706 | 12,060 | 60,931 | 13,948 | 11,311 | ||||||||||||
Net income | 68,651 | 38,661 | 217,251 | 41,418 | 34,159 | ||||||||||||
Preferred stock dividends | 4,312 | 4,313 | 4,312 | 4,313 | 4,312 | ||||||||||||
Net income available to common stockholders | $ | 64,339 | $ | 34,348 | $ | 212,939 | $ | 37,105 | $ | 29,847 | |||||||
Diluted earnings per common share | $ | 1.33 | $ | 0.70 | $ | 4.23 | $ | 0.74 | $ | 0.59 | |||||||
Diluted common shares | 48,421,276 | 48,880,725 | 50,282,663 | 50,417,884 | 50,801,628 | ||||||||||||
CONSOLIDATED BALANCE SHEET DATA | |||||||||||||||||
Total assets | $ | 28,976,544 | $ | 28,596,653 | $ | 28,414,642 | $ | 30,408,513 | $ | 32,338,963 | |||||||
Loans held for investment | 16,227,203 | 16,014,497 | 15,197,307 | 14,878,959 | 17,517,866 | ||||||||||||
Loans held for investment, mortgage finance | 5,098,812 | 4,060,570 | 4,090,033 | 4,908,822 | 6,549,507 | ||||||||||||
Loans held for sale | 29,097 | 27,608 | 36,357 | 3,142,178 | 4,266 | ||||||||||||
Interest bearing cash and cash equivalents | 2,587,131 | 3,385,494 | 4,778,623 | 3,399,638 | 4,032,931 | ||||||||||||
Investment securities | 4,226,653 | 4,345,969 | 3,585,114 | 3,369,622 | 3,552,699 | ||||||||||||
Non-interest bearing deposits | 9,429,352 | 9,500,583 | 9,618,081 | 11,494,685 | 12,555,367 | ||||||||||||
Total deposits | 23,318,240 | 22,179,697 | 22,856,880 | 24,498,563 | 25,440,021 | ||||||||||||
Short-term borrowings | 1,350,000 | 2,100,000 | 1,201,142 | 1,701,480 | 2,651,536 | ||||||||||||
Long-term debt | 857,795 | 932,119 | 931,442 | 930,766 | 917,098 | ||||||||||||
Stockholders’ equity | 3,081,927 | 3,079,974 | 3,055,351 | 2,885,775 | 3,006,832 | ||||||||||||
End of period shares outstanding | 47,992,521 | 47,851,862 | 48,783,763 | 49,897,726 | 49,878,041 | ||||||||||||
Book value per share | $ | 57.97 | $ | 58.10 | $ | 56.48 | $ | 51.82 | $ | 54.27 | |||||||
Tangible book value per share(1) | $ | 57.93 | $ | 58.06 | $ | 56.45 | $ | 51.48 | $ | 53.93 | |||||||
SELECTED FINANCIAL RATIOS | |||||||||||||||||
Net interest margin | 3.29 | % | 3.33 | % | 3.26 | % | 3.05 | % | 2.68 | % | |||||||
Return on average assets | 0.95 | % | 0.53 | % | 2.80 | % | 0.52 | % | 0.44 | % | |||||||
Return on average common equity | 9.17 | % | 5.06 | % | 30.66 | % | 5.36 | % | 4.35 | % | |||||||
Non-interest income to average earning assets | 0.66 | % | 0.54 | % | 3.70 | % | 0.33 | % | 0.34 | % | |||||||
Efficiency ratio(2) | 65.3 | % | 71.1 | % | 40.6 | % | 74.5 | % | 70.9 | % | |||||||
Non-interest expense to average earning assets | 2.61 | % | 2.78 | % | 2.84 | % | 2.53 | % | 2.16 | % | |||||||
Common equity to total assets | 9.6 | % | 9.7 | % | 9.7 | % | 8.5 | % | 8.4 | % | |||||||
Tangible common equity to total tangible assets(3) | 9.6 | % | 9.7 | % | 9.7 | % | 8.5 | % | 8.3 | % | |||||||
Common Equity Tier 1 | 12.2 | % | 12.4 | % | 13.0 | % | 11.1 | % | 10.5 | % | |||||||
Tier 1 capital | 13.7 | % | 14.0 | % | 14.7 | % | 12.6 | % | 11.9 | % | |||||||
Total capital | 16.4 | % | 16.9 | % | 17.7 | % | 15.2 | % | 14.4 | % | |||||||
Leverage | 12.4 | % | 12.0 | % | 11.5 | % | 10.7 | % | 10.7 | % |
TEXAS CAPITAL BANCSHARES, INC. | |||||||||||
CONSOLIDATED BALANCE SHEETS (UNAUDITED) | |||||||||||
(dollars in thousands) | |||||||||||
June 30, 2023 | June 30, 2022 | % Change | |||||||||
Assets | |||||||||||
Cash and due from banks | $ | 260,314 | $ | 242,425 | 7 | % | |||||
Interest bearing cash and cash equivalents | 2,587,131 | 4,032,931 | (36) | % | |||||||
Available-for-sale debt securities | 3,292,478 | 2,535,646 | 30 | % | |||||||
Held-to-maturity debt securities | 900,315 | 980,935 | (8) | % | |||||||
Equity securities | 33,860 | 36,118 | (6) | % | |||||||
Investment securities | 4,226,653 | 3,552,699 | 19 | % | |||||||
Loans held for sale | 29,097 | 4,266 | N/M | ||||||||
Loans held for investment, mortgage finance | 5,098,812 | 6,549,507 | (22) | % | |||||||
Loans held for investment | 16,227,203 | 17,517,866 | (7) | % | |||||||
Less: Allowance for credit losses on loans | 237,343 | 229,013 | 4 | % | |||||||
Loans held for investment, net | 21,088,672 | 23,838,360 | (12) | % | |||||||
Premises and equipment, net | 26,096 | 28,722 | (9) | % | |||||||
Accrued interest receivable and other assets | 757,085 | 622,501 | 22 | % | |||||||
Goodwill and intangibles, net | 1,496 | 17,059 | (91) | % | |||||||
Total assets | $ | 28,976,544 | $ | 32,338,963 | (10) | % | |||||
Liabilities and Stockholders’ Equity | |||||||||||
Liabilities: | |||||||||||
Non-interest bearing deposits | $ | 9,429,352 | $ | 12,555,367 | (25) | % | |||||
Interest bearing deposits | 13,888,888 | 12,884,654 | 8 | % | |||||||
Total deposits | 23,318,240 | 25,440,021 | (8) | % | |||||||
Accrued interest payable | 29,658 | 8,928 | N/M | ||||||||
Other liabilities | 338,924 | 314,548 | 8 | % | |||||||
Short-term borrowings | 1,350,000 | 2,651,536 | (49) | % | |||||||
Long-term debt | 857,795 | 917,098 | (6) | % | |||||||
Total liabilities | 25,894,617 | 29,332,131 | (12) | % | |||||||
Stockholders’ equity: | |||||||||||
Preferred stock, $.01 par value, $1,000 liquidation value: | |||||||||||
Authorized shares - 10,000,000 | |||||||||||
Issued shares - 300,000 shares issued at June 30, 2023 and 2022 | 300,000 | 300,000 | — | % | |||||||
Common stock, $.01 par value: | |||||||||||
Authorized shares - 100,000,000 | |||||||||||
Issued shares - 51,087,965 and 50,820,337 at June 30, 2023 and 2022, respectively | 511 | 508 | 1 | % | |||||||
Additional paid-in capital | 1,035,063 | 1,015,105 | 2 | % | |||||||
Retained earnings | 2,362,189 | 2,013,458 | 17 | % | |||||||
Treasury stock - 3,095,444 and 942,296 shares at cost at June 30, 2023 and 2022, respectively | (175,528) | (50,031) | N/M | ||||||||
Accumulated other comprehensive loss, net of taxes | (440,308) | (272,208) | 62 | % | |||||||
Total stockholders’ equity | 3,081,927 | 3,006,832 | 2 | % | |||||||
Total liabilities and stockholders’ equity | $ | 28,976,544 | $ | 32,338,963 | (10) | % |
TEXAS CAPITAL BANCSHARES, INC. | ||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | ||||||||||||||
(dollars in thousands except per share data) | ||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||
Interest income | ||||||||||||||
Interest and fees on loans | $ | 332,867 | $ | 218,292 | $ | 630,305 | $ | 405,948 | ||||||
Investment securities | 27,478 | 14,665 | 52,770 | 31,967 | ||||||||||
Interest bearing cash and cash equivalents | 41,571 | 9,394 | 104,007 | 12,965 | ||||||||||
Total interest income | 401,916 | 242,351 | 787,082 | 450,880 | ||||||||||
Interest expense | ||||||||||||||
Deposits | 137,391 | 20,566 | 257,485 | 34,196 | ||||||||||
Short-term borrowings | 18,253 | 4,859 | 32,997 | 5,617 | ||||||||||
Long-term debt | 14,282 | 11,393 | 29,265 | 21,988 | ||||||||||
Total interest expense | 169,926 | 36,818 | 319,747 | 61,801 | ||||||||||
Net interest income | 231,990 | 205,533 | 467,335 | 389,079 | ||||||||||
Provision for credit losses | 7,000 | 22,000 | 35,000 | 20,000 | ||||||||||
Net interest income after provision for credit losses | 224,990 | 183,533 | 432,335 | 369,079 | ||||||||||
Non-interest income | ||||||||||||||
Service charges on deposit accounts | 5,158 | 6,102 | 10,180 | 12,217 | ||||||||||
Wealth management and trust fee income | 3,715 | 4,051 | 7,144 | 7,963 | ||||||||||
Brokered loan fees | 2,415 | 4,133 | 4,310 | 8,103 | ||||||||||
Investment banking and trading income | 27,498 | 11,126 | 46,266 | 15,305 | ||||||||||
Other | 7,225 | 828 | 15,514 | 2,935 | ||||||||||
Total non-interest income | 46,011 | 26,240 | 83,414 | 46,523 | ||||||||||
Non-interest expense | ||||||||||||||
Salaries and benefits | 113,050 | 103,358 | 241,720 | 203,217 | ||||||||||
Occupancy expense | 9,482 | 8,874 | 19,101 | 17,759 | ||||||||||
Marketing | 6,367 | 8,506 | 15,411 | 13,483 | ||||||||||
Legal and professional | 15,669 | 11,288 | 30,183 | 21,590 | ||||||||||
Communications and technology | 20,525 | 15,649 | 38,048 | 30,349 | ||||||||||
Federal Deposit Insurance Corporation insurance assessment | 3,693 | 3,318 | 5,863 | 7,299 | ||||||||||
Other | 12,858 | 13,310 | 25,345 | 23,698 | ||||||||||
Total non-interest expense | 181,644 | 164,303 | 375,671 | 317,395 | ||||||||||
Income before income taxes | 89,357 | 45,470 | 140,078 | 98,207 | ||||||||||
Income tax expense | 20,706 | 11,311 | 32,766 | 24,398 | ||||||||||
Net income | 68,651 | 34,159 | 107,312 | 73,809 | ||||||||||
Preferred stock dividends | 4,312 | 4,312 | 8,625 | 8,625 | ||||||||||
Net income available to common stockholders | $ | 64,339 | $ | 29,847 | $ | 98,687 | $ | 65,184 | ||||||
Basic earnings per common share | $ | 1.34 | $ | 0.59 | $ | 2.05 | $ | 1.29 | ||||||
Diluted earnings per common share | $ | 1.33 | $ | 0.59 | $ | 2.02 | $ | 1.28 |
TEXAS CAPITAL BANCSHARES, INC. | |||||||||||||||||
SUMMARY OF CREDIT LOSS EXPERIENCE | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | |||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | |||||||||||||
Allowance for credit losses on loans: | |||||||||||||||||
Beginning balance | $ | 260,928 | $ | 253,469 | $ | 234,613 | $ | 229,013 | $ | 211,151 | |||||||
Loans charged-off: | |||||||||||||||||
Commercial | 8,852 | 20,732 | 17,106 | 3,135 | 2,868 | ||||||||||||
Total charge-offs | 8,852 | 20,732 | 17,106 | 3,135 | 2,868 | ||||||||||||
Recoveries: | |||||||||||||||||
Commercial | 611 | 819 | 2,105 | 400 | 217 | ||||||||||||
Consumer | 2 | 3 | 2 | 2 | 2 | ||||||||||||
Total recoveries | 613 | 822 | 2,107 | 402 | 219 | ||||||||||||
Net charge-offs | 8,239 | 19,910 | 14,999 | 2,733 | 2,649 | ||||||||||||
Provision for credit losses on loans | (15,346) | 27,369 | 33,855 | 8,333 | 20,511 | ||||||||||||
Ending balance | $ | 237,343 | $ | 260,928 | $ | 253,469 | $ | 234,613 | $ | 229,013 | |||||||
Allowance for off-balance sheet credit losses: | |||||||||||||||||
Beginning balance | $ | 22,424 | $ | 21,793 | $ | 21,648 | $ | 17,981 | $ | 16,492 | |||||||
Provision for off-balance sheet credit losses | 22,346 | 631 | 145 | 3,667 | 1,489 | ||||||||||||
Ending balance | $ | 44,770 | $ | 22,424 | $ | 21,793 | $ | 21,648 | $ | 17,981 | |||||||
Total allowance for credit losses | $ | 282,113 | $ | 283,352 | $ | 275,262 | $ | 256,261 | $ | 246,994 | |||||||
Total provision for credit losses | $ | 7,000 | $ | 28,000 | $ | 34,000 | $ | 12,000 | $ | 22,000 | |||||||
Allowance for credit losses on loans to total loans held for investment | 1.11 | % | 1.30 | % | 1.31 | % | 1.19 | % | 0.95 | % | |||||||
Allowance for credit losses on loans to average total loans held for investment | 1.15 | % | 1.38 | % | 1.31 | % | 1.06 | % | 1.02 | % | |||||||
Net charge-offs to average total loans held for investment(1) | 0.16 | % | 0.43 | % | 0.31 | % | 0.05 | % | 0.05 | % | |||||||
Net charge-offs to average total loans held for investment for last 12 months(1) | 0.23 | % | 0.19 | % | 0.09 | % | 0.03 | % | 0.03 | % | |||||||
Total provision for credit losses to average total loans held for investment(1) | 0.14 | % | 0.60 | % | 0.70 | % | 0.22 | % | 0.39 | % | |||||||
Total allowance for credit losses to total loans held for investment | 1.32 | % | 1.41 | % | 1.43 | % | 1.30 | % | 1.03 | % |
TEXAS CAPITAL BANCSHARES, INC. | |||||||||||||||||
SUMMARY OF NON-PERFORMING ASSETS AND PAST DUE LOANS | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | |||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | |||||||||||||
Non-accrual loans held for investment | $ | 81,039 | $ | 93,951 | $ | 48,338 | $ | 35,864 | $ | 50,526 | |||||||
Non-accrual loans held for sale(1) | — | — | — | 1,340 | — | ||||||||||||
Other real estate owned | — | — | — | — | — | ||||||||||||
Total non-performing assets | $ | 81,039 | $ | 93,951 | $ | 48,338 | $ | 37,204 | $ | 50,526 | |||||||
Non-accrual loans held for investment to total loans held for investment | 0.38 | % | 0.47 | % | 0.25 | % | 0.18 | % | 0.21 | % | |||||||
Total non-performing assets to total assets | 0.28 | % | 0.33 | % | 0.17 | % | 0.12 | % | 0.16 | % | |||||||
Allowance for credit losses on loans to non-accrual loans held for investment | 2.9x | 2.8x | 5.2x | 6.5x | 4.5x | ||||||||||||
Total allowance for credit losses to non-accrual loans held for investment | 3.5x | 3.0x | 5.7x | 6.9x | 4.9x | ||||||||||||
Loans held for investment past due 90 days and still accruing | $ | 64 | $ | 3,098 | $ | 131 | $ | 30,664 | $ | 3,206 | |||||||
Loans held for investment past due 90 days to total loans held for investment | — | % | 0.02 | % | — | % | 0.15 | % | 0.01 | % | |||||||
Loans held for sale past due 90 days and still accruing(1)(2) | $ | — | $ | — | $ | — | $ | 4,877 | $ | 1,602 |
TEXAS CAPITAL BANCSHARES, INC. | |||||||||||||||||
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) | |||||||||||||||||
(dollars in thousands) | |||||||||||||||||
2nd Quarter | 1st Quarter | 4th Quarter | 3rd Quarter | 2nd Quarter | |||||||||||||
2023 | 2023 | 2022 | 2022 | 2022 | |||||||||||||
Interest income | |||||||||||||||||
Interest and fees on loans | $ | 332,867 | $ | 297,438 | $ | 295,372 | $ | 282,474 | $ | 218,292 | |||||||
Investment securities | 27,478 | 25,292 | 16,210 | 15,002 | 14,665 | ||||||||||||
Interest bearing deposits in other banks | 41,571 | 62,436 | 59,710 | 24,596 | $ | 9,394 | |||||||||||
Total interest income | 401,916 | 385,166 | 371,292 | 322,072 | 242,351 | ||||||||||||
Interest expense | |||||||||||||||||
Deposits | 137,391 | 120,094 | 96,150 | 60,317 | 20,566 | ||||||||||||
Short-term borrowings | 18,253 | 14,744 | 13,449 | 10,011 | 4,859 | ||||||||||||
Long-term debt | 14,282 | 14,983 | 14,088 | 12,663 | 11,393 | ||||||||||||
Total interest expense | 169,926 | 149,821 | 123,687 | 82,991 | 36,818 | ||||||||||||
Net interest income | 231,990 | 235,345 | 247,605 | 239,081 | 205,533 | ||||||||||||
Provision for credit losses | 7,000 | 28,000 | 34,000 | 12,000 | 22,000 | ||||||||||||
Net interest income after provision for credit losses | 224,990 | 207,345 | 213,605 | 227,081 | 183,533 | ||||||||||||
Non-interest income | |||||||||||||||||
Service charges on deposit accounts | 5,158 | 5,022 | 5,252 | 5,797 | 6,102 | ||||||||||||
Wealth management and trust fee income | 3,715 | 3,429 | 3,442 | 3,631 | 4,051 | ||||||||||||
Brokered loan fees | 2,415 | 1,895 | 2,655 | 3,401 | 4,133 | ||||||||||||
Investment banking and trading income | 27,498 | 18,768 | 11,937 | 7,812 | 11,126 | ||||||||||||
Gain on disposal of subsidiary | — | — | 248,526 | — | — | ||||||||||||
Other | 7,225 | 8,289 | 5,855 | 4,691 | 828 | ||||||||||||
Total non-interest income | 46,011 | 37,403 | 277,667 | 25,332 | 26,240 | ||||||||||||
Non-interest expense | |||||||||||||||||
Salaries and benefits | 113,050 | 128,670 | 102,925 | 128,764 | 103,358 | ||||||||||||
Occupancy expense | 9,482 | 9,619 | 17,030 | 9,433 | 8,874 | ||||||||||||
Marketing | 6,367 | 9,044 | 10,623 | 8,282 | 8,506 | ||||||||||||
Legal and professional | 15,669 | 14,514 | 37,493 | 16,775 | 11,288 | ||||||||||||
Communications and technology | 20,525 | 17,523 | 20,434 | 18,470 | 15,649 | ||||||||||||
Federal Deposit Insurance Corporation insurance assessment | 3,693 | 2,170 | 3,092 | 3,953 | 3,318 | ||||||||||||
Other | 12,858 | 12,487 | 21,493 | 11,370 | 13,310 | ||||||||||||
Total non-interest expense | 181,644 | 194,027 | 213,090 | 197,047 | 164,303 | ||||||||||||
Income before income taxes | 89,357 | 50,721 | 278,182 | 55,366 | 45,470 | ||||||||||||
Income tax expense | 20,706 | 12,060 | 60,931 | 13,948 | 11,311 | ||||||||||||
Net income | 68,651 | 38,661 | 217,251 | 41,418 | 34,159 | ||||||||||||
Preferred stock dividends | 4,312 | 4,313 | 4,312 | 4,313 | 4,312 | ||||||||||||
Net income available to common shareholders | $ | 64,339 | $ | 34,348 | $ | 212,939 | $ | 37,105 | $ | 29,847 |
TEXAS CAPITAL BANCSHARES, INC. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
TAXABLE EQUIVALENT NET INTEREST INCOME ANALYSIS (UNAUDITED)(1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2nd Quarter 2023 | 1st Quarter 2023 | 4th Quarter 2022 | 3rd Quarter 2022 | 2nd Quarter 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | Average Balance | Income/ Expense | Yield/ Rate | |||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Investment securities(2) | $ | 4,306,881 | $ | 27,478 | 2.36 | % | $ | 4,060,456 | $ | 25,292 | 2.31 | % | $ | 3,385,372 | $ | 16,210 | 1.70 | % | $ | 3,509,044 | $ | 15,002 | 1.58 | % | $ | 3,543,576 | $ | 15,065 | 1.60 | % | |||||||||||||||||||||||||||||
Interest bearing cash and cash equivalents | 3,286,091 | 41,571 | 5.07 | % | 5,541,341 | 62,436 | 4.57 | % | 6,158,769 | 59,710 | 3.85 | % | 4,453,806 | 24,596 | 2.19 | % | 4,747,377 | 9,394 | 0.79 | % | |||||||||||||||||||||||||||||||||||||||
Loans held for sale | 28,414 | 599 | 8.46 | % | 43,472 | 938 | 8.75 | % | 1,053,157 | 12,064 | 4.54 | % | 1,029,983 | 11,316 | 4.36 | % | 8,123 | 62 | 3.07 | % | |||||||||||||||||||||||||||||||||||||||
Loans held for investment, mortgage finance | 4,376,235 | 36,198 | 3.32 | % | 3,286,804 | 28,528 | 3.52 | % | 4,279,367 | 43,708 | 4.05 | % | 5,287,531 | 52,756 | 3.96 | % | 5,858,599 | 49,914 | 3.42 | % | |||||||||||||||||||||||||||||||||||||||
Loans held for investment(3) | 16,217,314 | 296,183 | 7.33 | % | 15,598,854 | 268,131 | 6.97 | % | 15,105,083 | 239,746 | 6.30 | % | 16,843,922 | 218,513 | 5.15 | % | 16,616,234 | 168,409 | 4.07 | % | |||||||||||||||||||||||||||||||||||||||
Less: Allowance for credit losses on loans | 261,027 | — | — | 252,727 | — | — | 233,246 | — | — | 229,005 | — | — | 211,385 | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Loans held for investment, net | 20,332,522 | 332,381 | 6.56 | % | 18,632,931 | 296,659 | 6.46 | % | 19,151,204 | 283,454 | 5.87 | % | 21,902,448 | 271,269 | 4.91 | % | 22,263,448 | 218,323 | 3.93 | % | |||||||||||||||||||||||||||||||||||||||
Total earning assets | 27,953,908 | 402,029 | 5.69 | % | 28,278,200 | 385,325 | 5.45 | % | 29,748,502 | 371,438 | 4.89 | % | 30,895,281 | 322,183 | 4.10 | % | 30,562,524 | 242,844 | 3.16 | % | |||||||||||||||||||||||||||||||||||||||
Cash and other assets | 1,049,145 | 1,041,745 | 989,900 | 918,630 | 870,396 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 29,003,053 | $ | 29,319,945 | $ | 30,738,402 | $ | 31,813,911 | $ | 31,432,920 | |||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Transaction deposits | $ | 1,345,742 | $ | 9,468 | 2.82 | % | $ | 776,500 | $ | 3,853 | 2.01 | % | $ | 1,105,466 | $ | 4,977 | 1.79 | % | $ | 1,444,964 | $ | 5,239 | 1.44 | % | $ | 1,671,729 | $ | 3,920 | 0.94 | % | |||||||||||||||||||||||||||||
Savings deposits | 10,590,558 | 114,275 | 4.33 | % | 11,195,402 | 105,707 | 3.83 | % | 10,563,049 | 80,801 | 3.03 | % | 10,249,387 | 46,555 | 1.80 | % | 8,696,819 | 15,462 | 0.71 | % | |||||||||||||||||||||||||||||||||||||||
Time deposits | 1,531,922 | 13,648 | 3.57 | % | 1,430,657 | 10,534 | 2.99 | % | 1,625,857 | 10,372 | 2.53 | % | 1,701,238 | 8,523 | 1.99 | % | 877,399 | 1,184 | 0.54 | % | |||||||||||||||||||||||||||||||||||||||
Total interest bearing deposits | 13,468,222 | 137,391 | 4.09 | % | 13,402,559 | 120,094 | 3.63 | % | 13,294,372 | 96,150 | 2.87 | % | 13,395,589 | 60,317 | 1.79 | % | 11,245,947 | 20,566 | 0.73 | % | |||||||||||||||||||||||||||||||||||||||
Short-term borrowings | 1,397,253 | 18,253 | 5.24 | % | 1,242,881 | 14,744 | 4.81 | % | 1,387,660 | 13,449 | 3.84 | % | 1,931,537 | 10,011 | 2.06 | % | 2,232,119 | 4,859 | 0.87 | % | |||||||||||||||||||||||||||||||||||||||
Long-term debt | 883,871 | 14,282 | 6.48 | % | 931,796 | 14,983 | 6.52 | % | 931,107 | 14,088 | 6.00 | % | 921,707 | 12,663 | 5.45 | % | 929,616 | 11,393 | 4.92 | % | |||||||||||||||||||||||||||||||||||||||
Total interest bearing liabilities | 15,749,346 | 169,926 | 4.33 | % | 15,577,236 | 149,821 | 3.90 | % | 15,613,139 | 123,687 | 3.14 | % | 16,248,833 | 82,991 | 2.03 | % | 14,407,682 | 36,818 | 1.02 | % | |||||||||||||||||||||||||||||||||||||||
Non-interest bearing deposits | 9,749,105 | 10,253,731 | 11,642,969 | 12,214,531 | 13,747,876 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other liabilities | 389,155 | 436,621 | 426,543 | 305,554 | 227,701 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders’ equity | 3,115,447 | 3,052,357 | 3,055,751 | 3,044,993 | 3,049,661 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 29,003,053 | $ | 29,319,945 | $ | 30,738,402 | $ | 31,813,911 | $ | 31,432,920 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest income | $ | 232,103 | $ | 235,504 | $ | 247,751 | $ | 239,192 | $ | 206,026 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net interest margin | 3.29 | % | 3.33 | % | 3.26 | % | 3.05 | % | 2.68 | % |