Texas Capital Bancshares Q3 revenue, EPS beat estimates
TCBI•Texas Capital Bancshares reported Q3 revenue of $356.63 million, above the $339.10 million consensus, and adjusted EPS of $2.35, above estimates of $1.92. The company authorized a new $200 million share repurchase program.
1. Quarterly results
Q3 revenue rose and beat analyst expectations, while adjusted EPS also exceeded estimates. Net interest income was $274.98 million and net interest margin was 3.44%.
2. Income and credit costs
Fee income grew 14% year over year, driven by investment banking and advisory fees. The company said record net interest income reflected higher average earning asset yields and lower borrowings, partly offset by higher funding costs. Provision for credit losses increased from a year earlier, reflecting higher criticized loans and net charge-offs.
3. Capital return
Texas Capital Bancshares authorized a new $200 million share repurchase program. The company did not provide specific financial guidance for future periods.
