UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-K/A
Amendment No.1
x | Annual Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
For the fiscal year ended December 31, 2011
¨ | Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. |
For the transition period from to
Commission file number 001-34657
TEXAS CAPITAL BANCSHARES, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware | 75-2679109 | |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification Number) |
2000 McKinney Avenue, Suite 700, Dallas, Texas, U.S.A. | 75201 | |
(Address of principal executive officers) | (Zip Code) |
214/932-6600
(Registrants telephone number,
including area code)
N/A
(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)
Securities registered under Section 12(b) of the Exchange Act:
Common stock, par value $0.01 per share
(Title of class)
The Nasdaq Stock Market LLC
(Name of Exchange on Which Registered)
Securities registered under Section 12(g) of the Exchange Act: NONE
Indicate by check mark if the issuer is a well-known seasoned issuer pursuant to Section 13 or Section 15(d) of the Securities Act. Yes ¨ No x
Indicate by check mark if the issuer is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Act. Yes ¨ No x
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No ¨
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x ¨ No
Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrants knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See definition of large accelerated filer, accelerated filer and smaller reporting company in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filer | x | Accelerated Filer | ¨ | |||
Non-Accelerated Filer | ¨ (Do not check if a smaller reporting company) | Smaller Reporting Company | ¨ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x
As of June 30, 2011, the last business day of the registrants most recently completed second fiscal quarter, the aggregate market value of the shares of common stock held by non-affiliates, based on the closing price per share of the registrants common stock as reported on The Nasdaq Global Select Market, was approximately $916,485,000. There were 37,774,773 shares of the registrants common stock outstanding on February 22, 2012.
Documents Incorporated by Reference
Portions of the registrants Proxy Statement relating to the 2012 Annual Meeting of Stockholders, which will be filed no later than April 5, 2011, are incorporated by reference into Part III of this Form 10-K.
EXPLANATORY NOTE
The purpose of this Amendment No. 1 to our Annual Report on Form 10-K for the year ended December 31, 2011 (Form 10-K), as filed with the Securities and Exchange Commission on February 23, 2012 is to furnish Exhibit 101 to the Form 10-K which provides certain items from our Form 10-K formatted in the eXtensible Business Language (XBRL).
No other changes have been made to the Form 10-K other than furnishing of the exhibit described above. This Amendment No. 1 does not reflect subsequent events occurring after the original date of the Form 10-K or modify or update in any way disclosures made in the Form 10-K.
SIGNATURES
Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
/S/ Peter Bartholow |
Peter Bartholow |
Chief Financial Officer |
Date: March 15, 2012 |
EXHIBIT INDEX
Exhibit |
||
101 | The following materials from Texas Capital Bancshares, Inc.s Annual Report on Form 10-K for the year ended December 31, 2011, formatted in XBRL (eXtensible Business Reporting Language): (i) Consolidated Statements of Income, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Cash Flows, and (iv) Notes to Consolidated Financial Statements * | |
* | Pursuant to Rule 406T of Regulation S-T, these interactive data files are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933 or Section 18 of the Securities Exchange Act of 1934 and otherwise are not subject to liability under these sections. |
Borrowing Arrangements (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Borrowing Arrangements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of borrowings |
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Schedule of borrowing capacities |
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Schedule of maturities of the borrowings |
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Loans and Allowance for Credit Losses (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Dec. 31, 2008
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---|---|---|---|---|
Loans and Leases Receivable, Net Reported Amount | ||||
Commercial | $ 3,275,150 | $ 2,592,924 | ||
Construction | 422,026 | 270,008 | ||
Real Estate | 1,819,251 | 1,759,758 | ||
Consumer | 24,822 | 21,470 | ||
Leases | 61,792 | 95,607 | ||
Gross loans held for investment | 5,603,041 | 4,739,767 | ||
Deferred inocme (net of origination costs) | (30,670) | (28,437) | ||
Allowance for loan losses | (70,295) | (71,510) | (67,931) | (45,365) |
Loans held for investment, net | 5,502,076 | 4,639,820 | ||
Loans held for sale | 2,080,081 | 1,194,209 | ||
Total | $ 7,582,157 | $ 5,834,029 |
Discontinued Operations (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Discontinued Operations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of the results of operations of the discontinued components |
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Loans and Allowances for Credit Losses - Credit Risk Profile (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
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Dec. 31, 2010
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---|---|---|
Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | $ 3,275,150 | $ 2,592,924 |
Construction | 422,026 | 270,008 |
Real Estate | 1,819,251 | 1,759,758 |
Consumer | 24,822 | 21,470 |
Leases | 61,792 | 95,607 |
Total | 5,603,041 | 4,739,767 |
Special Mention [Member]
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Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | 30,872 | 45,754 |
Construction | 5,064 | 19,856 |
Real Estate | 32,413 | 59,294 |
Consumer | 50 | 76 |
Leases | 3,952 | 1,552 |
Total | 72,351 | 126,532 |
Substandard [Member]
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Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | 45,740 | 42,858 |
Construction | 10,204 | 6,288 |
Real Estate | 49,601 | 88,567 |
Consumer | 6 | 376 |
Leases | 153 | 9,017 |
Total | 105,704 | 147,106 |
Doubtful [Member]
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Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | 42,543 | |
Construction | 21 | |
Real Estate | 62,497 | |
Consumer | 706 | |
Leases | 6,323 | |
Total | 112,090 | |
Pass [Member]
|
||
Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | 3,185,625 | 2,461,769 |
Construction | 385,639 | 243,843 |
Real Estate | 1,717,434 | 1,549,400 |
Consumer | 24,453 | 20,312 |
Leases | 57,255 | 78,715 |
Total | 5,370,406 | 4,354,039 |
Non-accrual [Member]
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Financing Receivable, Recorded Investment [Line Items] | ||
Commercial | 12,913 | |
Construction | 21,119 | |
Real Estate | 19,803 | |
Consumer | 313 | |
Leases | 432 | |
Total | $ 54,580 |
Fair Value Disclosures (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of assets and liabilities measured at fair value on a recurring and nonrecurring basis |
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Schedule of a summary of the carrying amounts and estimated fair values of financial instruments |
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Securities (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of summary of securities |
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Schedule of amortized cost and estimated fair value of securities |
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Schedule of investment securities that have been in a continuous unrealized loss position for less or more than 12 months |
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Earnings Per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | 12 Months Ended | |||||||||
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Dec. 31, 2011
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Numerator: | |||||||||||
Net income from continuing operations | $ 25,745 | $ 21,710 | $ 16,708 | $ 11,939 | $ 12,076 | $ 9,531 | $ 8,116 | $ 7,600 | $ 76,102 | $ 37,323 | $ 24,387 |
Preferred stock dividends | 0 | 0 | 5,383 | ||||||||
Net income available to common shareholders | 76,102 | 37,323 | 19,004 | ||||||||
Loss from discontinued operations | (5) | (7) | (54) | (60) | (22) | (5) | (54) | (55) | (126) | (136) | (235) |
Net income available to common shareholders | $ 75,976 | $ 37,187 | $ 18,769 | ||||||||
Denominator: | |||||||||||
Denominator for basic earnings per share - weighted average shares | 37,549,000 | 37,412,000 | 37,281,000 | 37,091,000 | 36,855,000 | 36,784,000 | 36,670,000 | 36,191,000 | 37,334,743 | 36,627,329 | 34,113,285 |
Effect of employee stock-based awards | 682,694 | 594,707 | 278,882 | ||||||||
Effect of warrants to purchase common stock | 315,640 | 123,992 | 18,287 | ||||||||
Denominator for dilutive earnings per share - adjusted weighted average shares and assumed conversions | 38,609,000 | 38,435,000 | 38,333,000 | 38,342,000 | 37,658,000 | 37,445,000 | 37,487,000 | 36,784,000 | 38,333,077 | 37,346,028 | 34,410,454 |
Basic earnings per common share from continuing operations | $ 0.69 | $ 0.58 | $ 0.45 | $ 0.32 | $ 0.33 | $ 0.26 | $ 0.22 | $ 0.21 | $ 2.04 | $ 1.02 | $ 0.56 |
Basic earnings per common share | $ 0.69 | $ 0.58 | $ 0.45 | $ 0.32 | $ 0.33 | $ 0.26 | $ 0.22 | $ 0.21 | $ 2.03 | $ 1.02 | $ 0.55 |
Diluted earnings per share from continuing operations | $ 0.67 | $ 0.56 | $ 0.44 | $ 0.31 | $ 0.32 | $ 0.25 | $ 0.22 | $ 0.21 | $ 1.99 | $ 1.00 | $ 0.55 |
Diluted earnings per common share | $ 0.67 | $ 0.56 | $ 0.43 | $ 0.31 | $ 0.32 | $ 0.25 | $ 0.22 | $ 0.21 | $ 1.98 | $ 1.00 | $ 0.55 |
Stock options exluded from computation of EPS | 98,000 | 978,567 | 1,669,686 |
Fair Value Disclosures (Details 1) (USD $)
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12 Months Ended |
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Dec. 31, 2011
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Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Asset measured on nonrecurring basis, specific valuation allowance | $ 11,000 |
Impaired loans
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Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Asset measured on nonrecurring basis, carrying value | 12,500,000 |
OREO
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Fair Value Assets Measured On Non Recurring Basis Unobservable Input Reconciliation [Line Items] | |
Asset measured on nonrecurring basis, carrying value | 44,800,000 |
Asset measured on nonrecurring basis, specific valuation allowance | $ 10,700,000 |
Discontinued Operations (Details) (USD $)
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3 Months Ended | 12 Months Ended | |||||||||
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Dec. 31, 2011
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Sep. 30, 2011
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Jun. 30, 2011
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Mar. 31, 2011
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Dec. 31, 2010
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Sep. 30, 2010
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Jun. 30, 2010
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Mar. 31, 2010
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Discontinued Operations [Abstract] | |||||||||||
Loans held for sale from discontinued operations | $ 393,000 | $ 393,000 | |||||||||
Results of operations of the disclontinued components | |||||||||||
Revenues | 58,000 | 36,000 | 64,000 | ||||||||
Expenses | 250,000 | 242,000 | 421,000 | ||||||||
Loss before income taxes | (192,000) | (206,000) | (357,000) | ||||||||
Income tax benefit | 66,000 | 70,000 | 122,000 | ||||||||
Loss from discontinued operations | $ (5,000) | $ (7,000) | $ (54,000) | $ (60,000) | $ (22,000) | $ (5,000) | $ (54,000) | $ (55,000) | $ (126,000) | $ (136,000) | $ (235,000) |
Financial Instruments with Off-Balance Sheet Risk (Details) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
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Dec. 31, 2010
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Commitments to extend credit
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Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 1,730,801 | $ 1,306,871 |
Standby letters of credit
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Fair Value, Off-balance Sheet Risks, Disclosure Information [Line Items] | ||
Fair Value Disclosure, Off-balance Sheet Risks, Amount, Liability | $ 71,360 | $ 54,831 |
Income Taxes (Details) (USD $)
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12 Months Ended | ||
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Dec. 31, 2011
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Dec. 31, 2010
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Dec. 31, 2009
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Income Taxes [Abstract] | |||
Deferred Tax Assets, Gross | $ 49,400,000 | $ 48,100,000 | |
Current: | |||
Federal | 47,799,000 | 24,329,000 | 20,955,000 |
State | 1,183,000 | 840,000 | 219,000 |
Total | 48,982,000 | 25,169,000 | 21,174,000 |
Deferred: | |||
Federal | (6,927,000) | (5,248,000) | (8,774,000) |
State | 245,000 | (365,000) | 0 |
Total | (6,682,000) | (5,613,000) | (8,775,000) |
Total expense: | |||
Federal | 40,872,000 | 19,081,000 | 12,181,000 |
State | 1,428,000 | 475,000 | 219,000 |
Total | $ 42,300,000 | $ 19,556,000 | $ 12,400,000 |
Related Party Transactions
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12 Months Ended |
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Dec. 31, 2011
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Related Party Transactions [Abstract] | |
Related Party Transactions | (18) Related Party Transactions
See Note 7 for a description of deposits with related parties.
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Quarterly Financial Data (Tables)
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Dec. 31, 2011
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Selected Quarterly Financial Information [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information |
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Employee Benefits (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2011
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Employee Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of weighted-average assumptions |
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Schedule of stock options activity |
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Schedule of stock appreciation rights activity |
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Schedule of restricted stock units activity |
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Premises and Equipment (Tables)
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12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
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Premises and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Schedule of premies and equipment |
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Deposits (Details) (USD $)
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Dec. 31, 2011
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Dec. 31, 2010
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Scheduled maturities of interest bearing time deposits | ||
2012 | $ 1,026,174,000 | |
2013 | 21,742,000 | |
2014 | 8,693,000 | |
2015 | 8,567,000 | |
2016 | 834,000 | |
2017 and after | 769,000 | |
Time deposits, total | 1,066,779,000 | |
Time Deposits From Related Parties | 26,549,000 | 44,753,000 |
Time Deposits, $100,000 or More | $ 1,029,352,000 | $ 1,238,526,000 |
Commitments and Contingencies (Tables)
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12 Months Ended | |||||||||||||||||||||||||||
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Dec. 31, 2011
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Commitments and Contingencies [Abstract] | ||||||||||||||||||||||||||||
Schedule of minimum future lease payments under operating leases |
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Securities
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Dec. 31, 2011
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Securities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities | (2) Securities
The following is a summary of securities (in thousands):
(1) Equity securities consist of Community Reinvestment Act funds.
The amortized cost and estimated fair value of securities are presented below by contractual maturity (in thousands, except percentage data):
(1) Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without prepayment penalties. The average expected life of the mortgage-backed securities was 1.7 years at ##D<YE> ##D<CY>. (2) Yields have been adjusted to a tax equivalent basis assuming a 35% federal tax rate. (3) Yields are calculated based on amortized cost.
Securities with carrying values of approximately $95,573,000 and $42,253,000 were pledged to secure certain borrowings and deposits at ##D<YE> ##D<CY> and ##D<PY>, respectively. See Note 8 for discussion of securities securing borrowings. Of the pledged securities at ##D<YE> ##D<CY> and ##D<PY>, approximately $67,247,000 and $20,613,000, respectively, were pledged for certain deposits.
At ##D<YE> ##D<CY> we did not have any investment securities in an unrealized loss position. The following table discloses, as of ##D<YE> ##D<PY>, our investment securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months (in thousands):
At ##D<YE> ##D<PY>, the number of investment positions in an unrealized loss position totaled 1. The unrealized losses at ##D<YE> ##D<PY> were interest rate related, and losses have decreased as rates decreased in 2009 and remained low during 2010 and 2011. We do not believe these unrealized losses are “other than temporary” as (1) we do not have the intent to sell any of the securities in the table above; and (2) it is not probable that we will be unable to collect the amounts contractually due. We have not identified any issues related to the ultimate repayment of principal as a result of credit concerns on these securities.
Unrealized gains or losses on our available-for-sale securities (after applicable income tax expense or benefit) are included in accumulated other comprehensive income (loss), net. We had comprehensive income of $75.3 million for the year ended ##D<YE> ##D<CY> and comprehensive income of $36.4 million for the year ended ##D<YE> ##D<PY>. Comprehensive income during the year ended ##D<YE> ##D<CY> included a net after-tax loss of $633,000, and comprehensive income during the year ended ##D<YE> ##D<PY> included a net after-tax loss of $810,000 due to changes in the net unrealized gains/losses on securities available-for-sale. |
Loans and Allowance for Credit Losses - TDR Summary (Details 7) (USD $)
In Thousands, unless otherwise specified |
Dec. 31, 2011
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Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modifications, Recorded Investment | $ 35,231 |
Extended maturity [Member]
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Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modifications, Recorded Investment | 11,152 |
Adjusted interest rates [Member]
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Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modifications, Recorded Investment | 19,806 |
Combination of rate and maturity [Member]
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Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modifications, Recorded Investment | 3,855 |
Other [Member]
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Financing Receivable, Modifications [Line Items] | |
Financing Receivable, Modifications, Recorded Investment | $ 418 |