The following is a summary of the Texas Capital Bancshares, Inc. (TCBI) Q1 2024 Earnings Call Transcript:
Financial Performance:
Texas Capital Bancshares reported a 4% increase in adjusted total revenue to $256 million.
The company's net income to common was $21.8 million, an increase of 38% linked quarter.
Fee income from focus areas rose 62% linked quarter and 20% year-over-year, and noninterest income made up over 16% of total revenue.
Total deposits grew 7% during the quarter.
CET1 of 12.4% and tangible common equity to tangible assets of 9.8% rank third and first respectively amongst the country's largest banks.
The company repurchased approximately 529,000 shares during Q1 2024.
Business Progress:
The company displayed accelerated client adoption trends driven by competitive banking platform offerings.
The treasury solution platform has significantly increased payment system volumes, resulting in a record quarter for treasury product fees.
The rebuild of the Private Wealth business, offering superior client experience at significant scale, is nearing completion.
There was significant growth in the investment banking and trading income sector, doubling quarter over quarter.
With increased relevance amongst mortgage finance clients and continued investment in the treasury business, the company has grown its total relationships by 40% over the past year.
Future plans include increased investments in cash management suite and hiring additional frontline TS officers.
More details: Texas Capital Bancshares IR
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