Texas Capital Bancshares, Inc. reported a net loss of $16.7 million for Q1 2020, primarily due to a $96.0 million provision for credit losses related to CECL adoption and the COVID-19 pandemic. The company focused on maintaining a strong balance sheet with increased liquidity and reserves.
Strong balance sheet positioning with deliberate increases in liquidity and funding sources.
Over 90% of employees working virtually since early March with little to no impact on client experience.
Net loss of $16.7 million or $0.38 per share was reported.
The results reflected increases in charge-offs and criticized loans related to the COVID-19 pandemic, MSR impairment, and merger-related expenses.
This communication may be deemed to include “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 regarding the financial condition, results of operations, business plans and the future performance of TCBI.
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