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Texas Capital Bancshares (TCBI) in Dallas has announced its CEO succession plan. Keith Cargill, 60, will become president and chief executive of the $10 billion-asset company when current chief George Jones, 69, retires at yearend.
June 11 -
Texas Capital Bancshares (TCBI) in Dallas announced several executive moves in advance of its new chief executive taking office.
July 31 -
Texas Capital Bancshares (TCBI) in Dallas posted lower quarterly income due to a spike in expenses.
July 25
Higher interest income boosted quarterly earnings at Texas Capital Bancshares (TCBI) in Dallas, which also had to pay a special deposit-insurance assessment.
The $10.8 billion-asset company reported a profit of $33.5 million in the third quarter, 3% higher than in the same period of 2012, it announced Wednesday. Earnings per share were 75 cents, missing the estimates of analysts polled by Bloomberg by 2 cents.
Texas Capital's net interest income rose 12%, to $108.8 million, as growth in loans more than compensated for a 15-basis-point decrease in the bank's net interest margin, to 4.21%. The bank's total loans grew by 10%, to $10.3 billion.
Noninterest income ticked down 1%, to $10.4 million, as swipe fee revenue and brokered loan fees decreased. Noninterest expense rose 16%, to $62 million, as salary expenses rose $5 million and occupancy costs also increased.
Texas Capital paid a $3 million assessment charge to the Federal Deposit Insurance Corp. related to the company's yearend call reports for 2011 and 2012, it said. Due to a change in risk weighting, the bank fell below "well-capitalized" status for the two periods in question. Texas Capital has disputed the assessment, it said.
The bank's provision for credit losses rose by 67%, to $5 million, while net chargeoffs fell to $46,000 from $1.2 million.
Texas Capital announced in June that Keith Cargill will become the company's new chief executive following George Jones' retirement at the end of the year. In July, the company announced a handful of executive promotions.
