Every material Form 8-K Texas Capital Bancshares filed with the SEC in 2024, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Texas Capital Bancshares reported a net loss available to common stockholders of $65.6 million, or $1.41 per diluted share, for the quarter ended September 30, 2024, compared with net income of $37.4 million, or $0.80 per diluted share, in the second quarter. The loss was driven mainly by a $179.6 million loss on the sale of available-for-sale debt securities, which matters to shareholders because it erased the prior quarter's profit and reduced stockholders' equity.
Net loss available to common stockholders of $65.6 million, or $1.41 per diluted share, versus net income of $37.4 million, or $0.80, in Q2 2024
$179.6 million loss on sale of available-for-sale debt securities ($2.92 per diluted share) and $5.9 million in restructuring expense
Net interest income rose to $240.1 million from $216.6 million in Q2 2024; net interest margin was 3.16%
Book value per share was $66.09 at September 30, 2024, up 14% year over year
On July 29, 2024, Texas Capital Bancshares entered into an amended and restated employment agreement with CEO Robert C. Holmes and approved special retention restricted stock units for four named executive officers. The board said the changes reflect Holmes's leadership through the company's multi-year transformation, and the filing sets out larger severance and change-in-control terms that apply to him.
CEO agreement sets base salary at $1,100,000 with a target cash incentive of not less than 200% for the rest of 2024 and not less than 180% from 2025
Holmes receives a one-time RSU award with a grant date value of $4,045,489 (61,491 units), cliff vesting on the third anniversary of grant
Severance is two times base salary plus target bonus, rising to three times if termination occurs from 90 days before to two years after a change in control
Other named executives receiving RSUs: J. Matthew Scurlock $1,000,000, John W. Cummings $350,000, Anna M. Alvarado $375,000
Texas Capital Bancshares reported second-quarter 2024 net income of $41.7 million and net income available to common stockholders of $37.4 million, or $0.80 per diluted share. That is up from $0.46 in the first quarter but down from $1.33 in the second quarter of 2023. The results were released in a press release and presentation filed as exhibits to this 8-K.
Net income available to common stockholders was $37.4 million, or $0.80 per diluted share, versus $21.8 million, or $0.46, in Q1 2024 and $64.3 million, or $1.33, in Q2 2023.
Provision for credit losses was $20.0 million, with $12.0 million in net charge-offs.
Net interest margin was 3.01%, and non-interest income rose $9.1 million, or 22%, from Q1 2024.
The company repurchased 852,098 shares for $50.0 million, at a weighted average price of $58.14 per share.
Texas Capital Bancshares elected Mark Midkiff, former chief risk officer at KeyCorp, to its Board of Directors effective June 1, 2024, and he will also join the Board's Risk Committee. The filing describes him as bringing over thirty years of risk management experience and says he qualifies as independent under Nasdaq rules.
Board elected Mark Midkiff on May 10, 2024; service begins June 1, 2024
Midkiff will serve on the Board's Risk Committee
Previously chief risk officer at KeyCorp from 2018 until December 2023, then in a transition role until his retirement earlier in 2024
Compensation will match other non-management directors, per the 2024 proxy statement filed March 7, 2024
Texas Capital Bancshares reported first-quarter 2024 net income available to common stockholders of $21.8 million, or $0.46 per diluted share, down from $34.3 million, or $0.70, a year earlier but up from $0.33 in the fourth quarter of 2023. Chief Risk Officer Tim J. Storms also told the company he plans to retire on or around June 15, 2024, and the company intends to search for a replacement.
Q1 2024 net income available to common stockholders was $21.8 million, or $0.46 per diluted share, versus $34.3 million, or $0.70, in Q1 2023 and $15.8 million, or $0.33, in Q4 2023.
Net interest income was $215.0 million, down from $235.3 million a year earlier; non-interest income rose to $41.3 million from $37.4 million.
Q1 2024 included a $5.0 million legal settlement expense, a $3.0 million FDIC special assessment and $2.0 million of restructuring expenses.
Chief Risk Officer Tim J. Storms plans to retire on or around June 15, 2024, and will provide consulting services during the transition.
Texas Capital Bancshares reported fourth quarter 2023 net income available to common stockholders of $15.8 million, or $0.33 per diluted share, down from $57.4 million, or $1.18 per share, in the third quarter and $212.9 million, or $4.23 per share, a year earlier. The company also authorized a new share repurchase program of up to $150.0 million through January 31, 2025, which ends the prior January 2023 authorization.
Q4 2023 net income available to common stockholders was $15.8 million, or $0.33 per diluted share, versus $57.4 million, or $1.18, in Q3 2023 and $212.9 million, or $4.23, in Q4 2022.
Q4 2023 included a $19.9 million FDIC special assessment, or $0.32 per diluted share.
Net interest margin was 2.93% in Q4 2023, down 20 basis points from Q3 2023; the provision for credit losses was $19.0 million.
On January 17, 2024, the board authorized repurchases of up to $150.0 million of common stock through January 31, 2025.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Texas Capital Bancshares filing is on SEC EDGAR ↗. 8-K briefs of other companies →