Texas Capital announces $400M healthcare acquisition, $1.24B bond repositioning, expense cuts

TEXAS CAPITAL BANCSHARES INC/TX

Acquired ~$400M healthcare committed exposure; expected close in September 2024.
Sold $1.24B of low-yield securities (1.23%) and bought $1.06B at 5.26%; $139M after-tax loss causes Q3 net loss but improves forward profitability.
Structural enhancements to reduce 2025 non-interest expense by ~$30M.
Hired energy equity research team (Derrick Whitfield, Thomas McGarrity); launched Direct Lending (Tim Laczkowski) and Public Finance (Steven Genyk).
Texas Capital Securities on track to achieve 10% of total revenue in FY2024, one year ahead of target.

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