UPDATE 1-Texas Capital Q4 profit up

* Q4 EPS $0.18 vs $0.11 yr ago

* Net interest income up 42 pct

Jan 27 (BestGrowthStock) – Texas Capital Bancshares Inc (TCBI.O: )
posted a 88 percent jump in quarterly profit, helped by a rise
in net interest income and lesser provision for loan losses.

For the fourth quarter, the company reported a net income
of $6.4 million, or 18 cents a share, compared with $3.4
million, or 11 cents a share, a year earlier.

Analysts on average were expecting earnings of 16 cents,
before special items, according to Thomson Reuters I/B/E/S.

Net interest income rose 42 percent to $55.1 million,
helped by increase in average earning assets of $667.5 million
over the levels reported a year ago.

“As a result of the overall economic downturn, we have
experienced increases in levels of non-performing assets and
exposure to credit losses during 2009,” the company said in a
statement.

Provision for loan losses fell to $10.5 million from $11
million, while, net charge-offs rose to $8 million from $5.2
million, the company said.

Separately, the company said it entered into an equity
distribution agreement with Morgan Stanley to sell upto $40
million of its common shares.

Shares of the Dallas-based company closed at $16.00
Wednesday on Nasdaq.

Investing

(Reporting by Koustav Samanta in BangaloreEditing by Jarshad
Kakkrakandy)

UPDATE 1-Texas Capital Q4 profit up