Texas Capital Bancshares, Inc. - TCBI STOCK NEWS

Texas Capital Bancshares, Inc. (NASDAQ: TCBI) has appointed Laura Whitley to its Board of Directors, effective immediately. This change follows the retirement of Larry L. Helm, who served 17 years on the board, including 11 years as chairman. Robert Stallings, a board member since 2001, will assume the chairmanship. Whitley brings extensive experience from her nearly 35-year tenure at Bank of America, where she held leadership roles across various banking sectors. She currently serves as CFO for Urban Strategies and has significant community engagement experience. The CEO, Rob C. Holmes, expressed gratitude for Helm's service and optimism about Whitley's transformational leadership benefiting Texas Capital Bank as it continues to grow.

Texas Capital Bancshares (NASDAQ: TCBI) reported a net income of $38.7 million for Q1 2023, reflecting a decline from $39.7 million in Q1 2022. Net income available to common stockholders was $34.3 million, or $0.70 per diluted share, down from $35.3 million or $0.69 per diluted share a year ago. The company's Pre-Provision Net Revenue grew by 55% year-over-year, totaling $28 million. Total deposits decreased by 3%, in line with a strategic shift away from high-cost sources. Regulatory ratios remain robust, with the Common Equity Tier 1 ratio at 12.4%. The bank repurchased 1,011,909 shares for $59.7 million. Credit quality showed some concern with net charge-offs totaling $19.9 million, attributed to a single commercial loan. Overall, Texas Capital maintains a focus on strategic growth despite challenges in the current banking environment.

Texas Capital Bancshares, Inc. (NASDAQ: TCBI) announced the appointment of David A. Youngberg Jr. as managing director and chief credit officer, effective immediately. Youngberg brings over 20 years of experience in credit risk and enterprise risk management, previously serving at Goldman Sachs in various senior roles. In his new role, he will oversee Texas Capital Bank's credit approval, underwriting, and monitoring processes, reporting directly to Chief Risk Officer Tim Storms. Youngberg expressed enthusiasm for shaping the bank's credit framework to better serve clients nationwide. This leadership change aims to enhance the bank's risk discipline and support its growth as a premier financial services firm in Texas.

Texas Capital Bancshares, Inc. (NASDAQ: TCBI) announced that it will release its financial results for the first quarter of 2023 on April 20, 2023, prior to market opening. Following the release, executive management will host a conference call at 9:00 a.m. EDT to discuss the operating results. Participants can register for the call online or by dialing in. An audio replay will be available within an hour after the call concludes. The company is part of the Russell 2000 and S&P MidCap 400 indices and serves a wide array of clients through its commercial, consumer, investment banking, and wealth management services.

Texas Capital Bank has published its inaugural 2023 Environmental, Social, and Governance (ESG) report, marking a shift from its previous annual Corporate Social Responsibility Report. This new initiative, titled "Our Values in Action," reflects the bank's commitment to being a leading corporate citizen in Texas. Over the past year, the bank has made significant strides in enhancing its culture and business framework, gaining recognition as America's most trusted bank by Newsweek. The ESG Council was formed to identify opportunities, set goals, and monitor progress on ESG matters. The report outlines the bank's dedication to community service, as well as efforts in diversity, equity, inclusion, and consumer protection. Texas Capital aims to elevate its status as a premier financial services firm in Texas by sharing its achievements and setting ambitious future goals.

Texas Capital Bank has partnered with The University of North Texas at Dallas (UNT Dallas) to promote diversity in the financial services sector. The initiative introduces the American Banker Association's Commercial Lending Certificate for students, equipping them with essential credit analysis and commercial banking skills. This program can be integrated into finance, business, and accounting majors. As part of the collaboration, professionals from Texas Capital Bank will lead career development sessions. This move addresses the underrepresentation of African American and Hispanic credit analysts, with the job market expected to grow by 8.3% by 2026.

Texas Capital Bank served as the Opening Day sponsor for the 2023 Houston Livestock Show and Rodeo, marking a significant first for the institution. This partnership underscores its commitment to the community and education initiatives. On February 28, the bank distributed 10,000 limited edition bobbleheads and upgraded seating for select attendees, enhancing the Rodeo experience. The bank's engagement aligns with its mission to support Texas communities, further exemplified by an upcoming partnership in June with the Rodeo Scholarship Celebration. Texas Capital Bank is publicly traded under NASDAQ: TCBI.

Texas Capital Bancshares, Inc. (NASDAQ: TCBI) announced the appointment of Edward Rosenberg as Managing Director at Texas Capital Securities, effective March 2, 2023. Rosenberg will lead the funds management strategy and work with the Investment Banking and Private Wealth teams. With over 28 years of experience, he previously held leadership roles at American Century Investments, Northern Trust, and Russell Investments. Texas Capital Bank aims to expand its service offerings in investment banking and private wealth management. The company is headquartered in Dallas and operates across several Texas cities.

Texas Capital Bancshares, Inc. (NASDAQ: TCBI) has declared a cash dividend of $14.375 per share for its 5.75% Fixed Rate Non-Cumulative Perpetual Preferred Stock, Series B. This translates to $0.359375 per depositary share, each representing a 1/40th interest in the preferred stock. The dividend is scheduled for payment on March 15, 2023, to shareholders on record as of March 1, 2023. Texas Capital Bancshares operates Texas Capital Bank, offering tailored financial services across various sectors, with a presence in multiple Texas cities.