Companies: 10,795     total market cap: $144.503 T
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Texas Capital Bancshares
TCBI
#3342
Rank
$4.62 B
Marketcap
๐Ÿ‡บ๐Ÿ‡ธ United States
Country
$104.58
Share price
2.08%
Change (1 day)
62.87%
Change (1 year)
๐Ÿฆ Banks๐Ÿ’ณ Financial services
Categories
  1. Texas Capital Bancshares
  2. Quarterly Reports (10-Q)
  3. Financial Year FY2025 Q2

Texas Capital Bancshares - 10-Q quarterly report FY2025 Q2


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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the quarterly period ended June 30, 2025
☐Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the transition period from              to             
Commission file number 001-34657
TEXAS CAPITAL BANCSHARES, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 75-2679109
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
2000 McKinney Avenue
Suite 700
                DallasTXUSA75201
(Address of principal executive offices)(Zip Code)
(214) 932-6600
(Registrant’s telephone number, including area code)

Securities registered under Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareTCBI
The Nasdaq Stock Market
5.75% Non-Cumulative Perpetual Preferred Stock Series B, par value $0.01 per shareTCBIO
The Nasdaq Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒        No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒        ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filerx Accelerated Filer ☐
Non-Accelerated Filer☐Smaller Reporting Company☐
Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes  ☐        No ý
On July 15, 2025, the number of shares set forth below was outstanding with respect to each of the issuer’s classes of common stock:
Common Stock, par value $0.01 per share 45,755,147

Texas Capital Bancshares, Inc.
Form 10-Q
Quarter Ended June 30, 2025

Index
 
Item 1.
3
Consolidated Balance Sheets
3
Consolidated Statements of Income and Other Comprehensive Income
4
Consolidated Statements of Stockholders' Equity
6
Consolidated Statements of Cash Flows
7
Notes to Consolidated Financial Statements
8
Item 2.
24
Item 3.
35
Item 4.
37
Item 1.
38
Item 1A.
38
Item 2.
38
Item 6.
39
40


PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(in thousands except share data)June 30, 2025December 31, 2024
Assets
Cash and due from banks$182,451 $176,501 
Interest bearing cash and cash equivalents2,507,691 3,012,307 
Available-for-sale debt securities3,774,141 3,524,686 
Held-to-maturity debt securities761,907 796,168 
Equity securities68,692 75,261 
Trading securities3,888 — 
Investment securities4,608,628 4,396,115 
Loans held for investment, mortgage finance5,889,589 5,215,574 
Loans held for investment18,035,945 17,234,492 
Less: Allowance for credit losses on loans277,648 271,709 
Loans held for investment, net23,647,886 22,178,357 
Premises and equipment, net86,831 85,443 
Accrued interest receivable and other assets908,552 881,664 
Goodwill and intangibles, net1,496 1,496 
Total assets$31,943,535 $30,731,883 
Liabilities and Stockholders’ Equity
Liabilities:
Non-interest bearing deposits$7,718,006 $7,485,428 
Interest bearing deposits18,346,303 17,753,171 
Total deposits26,064,309 25,238,599 
Accrued interest payable14,120 23,680 
Other liabilities484,780 556,322 
Short-term borrowings1,250,000 885,000 
Long-term debt620,256 660,346 
Total liabilities28,433,465 27,363,947 
Stockholders’ equity:
Preferred stock, $0.01 par value, $1,000 liquidation value:
Authorized shares - 10,000,000
Issued shares - 300,000 at June 30, 2025 and December 31, 2024
300,000 300,000 
Common stock, $0.01 par value:
Authorized shares - 100,000,000
Issued shares - 51,747,305 and 51,520,315 at June 30, 2025 and December 31, 2024, respectively
517 515 
Additional paid-in capital1,065,083 1,056,719 
Retained earnings2,611,401 2,495,651 
Treasury stock - 6,000,469 and 5,286,503 shares at cost at June 30, 2025 and December 31, 2024, respectively
(354,000)(301,842)
Accumulated other comprehensive loss, net of taxes(112,931)(183,107)
Total stockholders’ equity3,510,070 3,367,936 
Total liabilities and stockholders’ equity$31,943,535 $30,731,883 
See accompanying notes to consolidated financial statements.
3
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME AND OTHER
COMPREHENSIVE INCOME - UNAUDITED
Three Months Ended June 30,Six Months Ended June 30,
(in thousands except per share data)2025202420252024
Interest income
Interest and fees on loans$364,358 $345,251 $698,508 $676,130 
Investment securities45,991 33,584 92,556 65,728 
Interest bearing cash and cash equivalents29,218 43,233 75,792 97,588 
Total interest income439,567 422,068 866,856 839,446 
Interest expense
Deposits174,798 181,280 349,734 356,880 
Short-term borrowings3,444 12,749 11,690 25,532 
Long-term debt7,930 11,457 16,003 25,443 
Total interest expense186,172 205,486 377,427 407,855 
Net interest income253,395 216,582 489,429 431,591 
Provision for credit losses15,000 20,000 32,000 39,000 
Net interest income after provision for credit losses238,395 196,582 457,429 392,591 
Non-interest income
Service charges on deposit accounts8,182 5,911 16,022 12,250 
Wealth management and trust fee income3,730 3,699 7,694 7,266 
Brokered loan fees2,398 2,131 4,347 4,042 
Investment banking and advisory fees24,109 25,048 40,587 43,472 
Trading income7,896 5,650 13,835 10,362 
Available-for-sale debt securities losses(1,886)— (1,886)— 
Other9,640 7,985 17,914 14,351 
Total non-interest income54,069 50,424 98,513 91,743 
Non-interest expense
Salaries and benefits120,154 118,840 251,795 247,567 
Occupancy expense12,144 10,666 22,988 20,403 
Marketing3,624 5,996 8,633 12,032 
Legal and professional11,069 11,273 26,058 27,468 
Communications and technology24,314 22,013 47,956 43,127 
Federal Deposit Insurance Corporation insurance assessment5,096 5,570 10,437 13,991 
Other13,875 14,051 25,429 26,214 
Total non-interest expense190,276 188,409 393,296 390,802 
Income before income taxes102,188 58,597 162,646 93,532 
Income tax expense24,860 16,935 38,271 25,728 
Net income77,328 41,662 124,375 67,804 
Preferred stock dividends4,312 4,312 8,625 8,625 
Net income available to common stockholders$73,016 $37,350 $115,750 $59,179 
Other comprehensive income/(loss)
Change in unrealized gain/(loss)$20,038 $(13,939)$70,317 $(56,282)
Amounts reclassified into net income
9,967 19,825 20,326 39,533 
Other comprehensive income/(loss)30,005 5,886 90,643 (16,749)
Income tax expense/(benefit)6,774 (6,268)20,467 (11,021)
Other comprehensive income/(loss), net of tax23,231 12,154 70,176 (5,728)
Comprehensive income$100,559 $53,816 $194,551 $62,076 
Basic earnings per common share
$1.59 $0.80 $2.52 $1.26 
Diluted earnings per common share
$1.58 $0.80 $2.49 $1.25 
See accompanying notes to consolidated financial statements.
4
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - UNAUDITED

Preferred StockCommon StockAdditional Treasury StockAccumulated Other 
 Paid-inRetainedComprehensive 
(in thousands except share data)SharesAmountSharesAmountCapitalEarningsSharesAmountIncome/(Loss)Total
Balance at March 31, 2024300,000 $300,000 51,420,680 $514 $1,044,669 $2,457,222 (4,434,405)$(251,857)$(379,886)$3,170,662 
Comprehensive income/(loss):
Net income— — — — — 41,662 — — — 41,662 
Change in other comprehensive income/(loss), net of taxes— — — — — — — — 12,154 12,154 
Total comprehensive income
53,816 
Stock-based compensation expense recognized in earnings— — — — 5,246 — — — — 5,246 
Preferred stock dividend— — — — — (4,312)— — — (4,312)
Issuance of stock related to stock-based awards— — 53,901 1 199 — — — — 200 
Repurchase of common stock— — — — — — (852,098)(50,011)— (50,011)
Balance at June 30, 2024300,000 $300,000 51,474,581 $515 $1,050,114 $2,494,572 (5,286,503)$(301,868)$(367,732)$3,175,601 
Balance at March 31, 2025300,000 $300,000 51,707,542 $517 $1,060,028 $2,538,385 (5,682,609)$(332,994)$(136,162)$3,429,774 
Comprehensive income/(loss):
Net income— — — — — 77,328 — — — 77,328 
Change in other comprehensive income/(loss), net of taxes— — — — — — — — 23,231 23,231 
Total comprehensive income
100,559 
Stock-based compensation expense recognized in earnings— — — — 4,920 — — — — 4,920 
Preferred stock dividend— — — — — (4,312)— — — (4,312)
Issuance of stock related to stock-based awards— — 39,763 — 135 — — — — 135 
Repurchase of common stock— — — — — — (317,860)(21,006)— (21,006)
Balance at June 30, 2025300,000 $300,000 51,747,305 $517 $1,065,083 $2,611,401 (6,000,469)$(354,000)$(112,931)$3,510,070 
See accompanying notes to consolidated financial statements.
5
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - UNAUDITED

Preferred StockCommon StockAdditional Treasury StockAccumulated Other 
 Paid-inRetainedComprehensive 
(in thousands except share data)SharesAmountSharesAmountCapitalEarningsSharesAmountIncome/(Loss)Total
Balance at December 31, 2023 (audited)
300,000 $300,000 51,142,979 $511 $1,045,576 $2,435,393 (3,905,067)$(220,334)$(362,004)$3,199,142 
Comprehensive income/(loss):
Net income— — — — — 67,804 — — — 67,804 
Change in other comprehensive income/(loss), net of taxes
— — — — — — — — (5,728)(5,728)
Total comprehensive income
62,076 
Stock-based compensation expense recognized in earnings
— — — — 13,272 — — — — 13,272 
Preferred stock dividend — — — — — (8,625)— — — (8,625)
Issuance of stock related to stock-based awards
— — 331,602 4 (8,734)— — — — (8,730)
Repurchase of common stock— — — — — — (1,381,436)(81,534)— (81,534)
Balance at June 30, 2024300,000 $300,000 51,474,581 $515 $1,050,114 $2,494,572 (5,286,503)$(301,868)$(367,732)$3,175,601 
Balance at December 31, 2024 (audited)
300,000 $300,000 51,520,315 $515 $1,056,719 $2,495,651 (5,286,503)$(301,842)$(183,107)$3,367,936 
Comprehensive income/(loss):
Net income
— — — — — 124,375 — — — 124,375 
Change in other comprehensive income/(loss), net of taxes— — — — — — — — 70,176 70,176 
Total comprehensive income194,551 
Stock-based compensation expense recognized in earnings
— — — — 15,279 — — — — 15,279 
Preferred stock dividend— — — — — (8,625)— — — (8,625)
Issuance of stock related to stock-based awards
— — 226,990 2 (6,915)— — — — (6,913)
Repurchase of common stock— — — — — — (713,966)(52,158)— (52,158)
Balance at June 30, 2025300,000 $300,000 51,747,305 $517 $1,065,083 $2,611,401 (6,000,469)$(354,000)$(112,931)$3,510,070 
See accompanying notes to consolidated financial statements.
6
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six Months Ended June 30,
(in thousands)20252024
Operating activities
Net income$124,375 $67,804 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses32,000 39,000 
Depreciation and amortization23,669 24,835 
Net loss on available-for-sale debt securities1,886 — 
Net loss/(gain) on equity securities104 (3,975)
Sales/(purchases) of trading securities, net(3,888)— 
Stock-based compensation expense20,377 14,755 
Proceeds from sales and repayments of loans held for sale— 25,731 
Changes in operating assets and liabilities:
Accrued interest receivable and other assets(66,954)(24,042)
Accrued interest payable and other liabilities(68,204)(15,017)
Net cash provided by operating activities63,365 129,091 
Investing activities
Purchases of available-for-sale debt securities(700,052)(693,894)
Proceeds from sales of available-for-sale debt securities280,402 — 
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities238,840 416,701 
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities35,925 35,712 
Sales/(purchases) of equity securities, net6,465 (18,432)
Originations of loans held for investment, mortgage finance(43,839,841)(37,081,520)
Proceeds from pay-offs of loans held for investment, mortgage finance43,165,826 35,981,687 
Net increase in loans held for investment, excluding mortgage finance loans(824,215)(379,469)
Purchase of premises and equipment, net(7,960)(42,246)
Net cash used in investing activities(1,644,610)(1,781,461)
Financing activities
Net increase/(decrease) in deposits825,710 1,446,488 
Issuance of stock related to stock-based awards(6,913)(8,730)
Preferred stock dividends paid(8,625)(8,625)
Repurchase of common stock(52,158)(81,534)
Net increase/(decrease) in short-term borrowings365,000 175,000 
Redemption of long-term debt(40,435)(200,000)
Net cash provided by financing activities1,082,579 1,322,599 
Net increase in cash and cash equivalents(498,666)(329,771)
Cash and cash equivalents at beginning of period3,188,808 3,242,850 
Cash and cash equivalents at end of period$2,690,142 $2,913,079 
Supplemental disclosures of cash flow information
Cash paid during the period for interest$386,987 $464,930 
Cash paid during the period for income taxes
52,813 47,988 
Transfers of loans from held for investment to held for sale— 18,411 
See accompanying notes to consolidated financial statements.
7
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED
(1) Operations and Summary of Significant Accounting Policies
Organization and Nature of Business
Texas Capital Bancshares, Inc. (“TCBI” or the “Company”) is a registered bank holding company and a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. TCBI is headquartered in Dallas, with primary banking offices in Austin, Dallas, Fort Worth, Houston and San Antonio, and has built a network of clients across the country.
The Company’s business activities are conducted primarily through its wholly-owned bank subsidiary Texas Capital Bank (the “Bank”) and its wholly-owned non-bank subsidiary, TCBI Securities Inc. (“TCBI Securities”). The Bank is a Texas state-chartered bank. TCBI Securities is a registered broker-dealer with the U.S. Securities and Exchange Commission (“SEC”) and a member of the Financial Industry Regulatory Authority and Municipal Securities Rulemaking Board.
The Company was incorporated as a Delaware corporation in 1996 and commenced banking operations in 1998.
Basis of Presentation
The Company’s accounting and reporting policies conform to accounting principles generally accepted in the United States (“GAAP”) and to generally accepted practices within the banking industry. Certain prior period balances have been reclassified to conform to the current period presentation.
The consolidated interim financial statements are unaudited, and certain information and disclosures in the notes to consolidated unaudited financial statements that are presented in accordance with GAAP have been condensed or omitted. In the opinion of management, the interim financial statements include all normal and recurring adjustments and the disclosures made present a fair presentation of the Company’s financial position and results of operations. The consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q adopted by the SEC. Accordingly, the financial statements and the notes to the consolidated unaudited financial statements required by GAAP for complete annual financial statements do not include all of the information and should be read in conjunction with the consolidated financial statements, and notes thereto, for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for credit losses, the fair value of financial instruments and the status of contingencies are particularly susceptible to significant change.
(2) Earnings Per Share
The following table presents the computation of basic and diluted earnings per share:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands except share and per share data)2025202420252024
Numerator:
Net income
$77,328 $41,662 $124,375 $67,804 
Preferred stock dividends4,312 4,312 8,625 8,625 
Net income available to common stockholders
$73,016 $37,350 $115,750 $59,179 
Denominator:
Basic earnings per common share—weighted average common shares45,791,602 46,546,243 45,956,594 46,925,761 
Effect of dilutive outstanding stock-settled awards423,792 326,255 446,522 371,569 
Dilutive earnings per common share—weighted average diluted common shares46,215,394 46,872,498 46,403,116 47,297,330 
Basic earnings per common share
$1.59 $0.80 $2.52 $1.26 
Diluted earnings per common share
$1.58 $0.80 $2.49 $1.25 
Anti-dilutive outstanding stock-settled awards31,703 38,461 26,974 105,680 
8
(3) Investment Securities
The following is a summary of the Company’s investment securities: 
(in thousands)Amortized
Cost(1)		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
June 30, 2025
Available-for-sale debt securities:
Residential mortgage-backed securities$3,620,954 $17,279 $(118,713)$3,519,520 
Commercial mortgage-backed securities
241,799 2,076 (621)243,254 
CRT securities11,829 — (462)11,367 
Total available-for-sale debt securities3,874,582 19,355 (119,796)3,774,141 
Held-to-maturity debt securities:
Residential mortgage-backed securities761,907 — (87,244)674,663 
Total held-to-maturity debt securities761,907 — (87,244)674,663 
Equity securities68,692 
Trading securities3,888 
Total investment securities(2)$4,608,628 
December 31, 2024
Available-for-sale debt securities:
U.S. Treasury securities$280,137 $— $(2,852)$277,285 
Residential mortgage-backed securities3,195,145 7,200 (168,302)3,034,043 
Commercial mortgage-backed securities
206,830 — (5,398)201,432 
CRT securities12,466 — (540)11,926 
Total available-for-sale debt securities3,694,578 7,200 (177,092)3,524,686 
Held-to-maturity securities:
Residential mortgage-backed securities796,168 — (117,994)678,174 
Total held-to-maturity securities796,168 — (117,994)678,174 
Equity securities75,261 
Total investment securities(2)$4,396,115 
(1)    Excludes accrued interest receivable of $15.6 million and $13.8 million at June 30, 2025 and December 31, 2024, respectively, related to available-for-sale debt securities and $1.2 million and $1.3 million at June 30, 2025 and December 31, 2024, respectively, related to held-to-maturity debt securities that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.
(2)    Includes available-for-sale debt securities, equity securities and trading securities at estimated fair value and held-to-maturity debt securities at amortized cost.
Debt Securities
During the second quarter of 2025, the Company sold available-for-sale debt securities with an amortized cost basis of $287.5 million, realizing a loss of $1.9 million, and repositioned the proceeds into purchases of available-for-sale residential mortgage-backed securities. The Company did not sell any available-for-sale debt securities during the first six months of 2024.
The amortized cost and estimated fair value as of June 30, 2025, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.
Available-for-saleHeld-to-maturity
(in thousands)Amortized CostFair ValueAmortized CostFair Value
Due within one year$— $— $— $— 
Due after one year through five years— — — — 
Due after five years through ten years254,523 255,531 — — 
Due after ten years3,620,059 3,518,610 761,907 674,663 
Total$3,874,582 $3,774,141 $761,907 $674,663 
9
The table below presents the weighted average yields for the Company’s available-for-sale debt securities as of June 30, 2025. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% federal tax rate, where applicable.
Residential mortgage-backed securities
Commercial mortgage-backed securities
CRT securities
Due within one year— %— %— %
Due after one year through five years— — — 
Due after five years through ten years3.90 4.81 4.44 
Due after ten years4.68 — — 
Total4.68 %4.81 %4.44 %
The following table discloses the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months:
Less Than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
June 30, 2025
Residential mortgage-backed securities$888,175 $(3,438)$1,258,369 $(115,275)$2,146,544 $(118,713)
Commercial mortgage-backed securities
158,266 (621)— — 158,266 (621)
CRT securities— — 11,367 (462)11,367 (462)
Total$1,046,441 $(4,059)$1,269,736 $(115,737)$2,316,177 $(119,796)
December 31, 2024
U.S. Treasury securities$— $— $277,285 $(2,852)$277,285 $(2,852)
Residential mortgage-backed securities1,338,801 (18,141)1,323,180 (150,161)2,661,981 (168,302)
Commercial mortgage-backed securities
201,432 (5,398)— — 201,432 (5,398)
CRT securities— — 11,926 (540)11,926 (540)
Total$1,540,233 $(23,539)$1,612,391 $(153,553)$3,152,624 $(177,092)
At June 30, 2025, the Company had 49 available-for-sale debt securities in an unrealized loss position, comprised of 42 residential mortgage-backed securities, five commercial mortgage-backed securities and two Credit Risk Transfer (“CRT”) securities. The unrealized losses on the available-for-sale debt securities were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The Company does not currently intend to sell and based on current conditions it does not believe it is likely that the Company will be required to sell these available-for-sale debt securities before recovery of the amortized cost of such securities in an unrealized loss position and has therefore recorded the unrealized losses related to this portfolio in accumulated other comprehensive income/loss, net (“AOCI”). Held-to-maturity securities consist of government guaranteed securities for which no loss is expected. At June 30, 2025 and December 31, 2024, no allowance for credit losses was established for available-for-sale or held-to-maturity debt securities.
At June 30, 2025 and December 31, 2024, debt securities with carrying values of approximately $962,000 and $940,000, respectively, were pledged to secure certain customer deposits.
Equity Securities
Equity securities consist of investments that qualify for consideration under the regulations implementing the Community Reinvestment Act and investments in exchange traded funds. The following is a summary of unrealized and realized gains/(losses) recognized on equity securities included in other non-interest income on the consolidated statements of income and other comprehensive income:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Net gains/(losses) recognized during the period$1,604 $(59)$(104)$3,975 
Less: Realized net gains/(losses) recognized on securities sold703 59 1,031 371 
Unrealized net gains/(losses) recognized on securities still held$901 $(118)$(1,135)$3,604 
10
(4) Loans and Allowance for Credit Losses on Loans
Loans are summarized by portfolio segment as follows:
(in thousands)June 30, 2025December 31, 2024
Loans held for investment(1):
Commercial$11,930,668 $11,145,591 
Mortgage finance5,889,589 5,215,574 
Commercial real estate5,665,100 5,616,282 
Consumer540,837 565,376 
Gross loans held for investment24,026,194 22,542,823 
Unearned income (net of direct origination costs)(100,660)(92,757)
Total loans held for investment23,925,534 22,450,066 
Allowance for credit losses on loans(277,648)(271,709)
Total loans held for investment, net$23,647,886 $22,178,357 
(1)    Excludes accrued interest receivable of $101.9 million and $107.3 million at June 30, 2025 and December 31, 2024, respectively, that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.

11
The following tables summarize gross loans held for investment by year of origination and internally assigned credit grades:
(in thousands)202520242023202220212020
and prior		Revolving lines of creditRevolving lines of credit converted to term loansTotal
June 30, 2025
Commercial
(1-7) Pass$750,086 $1,440,357 $1,018,302 $1,048,253 $263,885 $196,156 $6,689,345 $30,470 $11,436,854 
(8) Special mention1,380 32,844 19,174 112,767 6,576 5,120 41,666 — 219,527 
(9) Substandard - accruing188 9,531 59,314 14,722 37,158 7,437 55,580 — 183,930 
(9+) Non-accrual21,580 445 8,626 28,313 — 12,378 19,015 — 90,357 
Total commercial$773,234 $1,483,177 $1,105,416 $1,204,055 $307,619 $221,091 $6,805,606 $30,470 $11,930,668 
Mortgage finance
(1-7) Pass$— $— $— $— $— $— $5,889,589 $— $5,889,589 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total mortgage finance$— $— $— $— $— $— $5,889,589 $— $5,889,589 
Commercial real estate
(1-7) Pass$357,920 $662,180 $943,876 $1,836,390 $743,688 $714,679 $255,511 $12,625 $5,526,869 
(8) Special mention— 25,532 5,681 61,943 19,115 1,889 — 819 114,979 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — 3,034 19,914 — 304 — — 23,252 
Total commercial real estate$357,920 $687,712 $952,591 $1,918,247 $762,803 $716,872 $255,511 $13,444 $5,665,100 
Consumer
(1-7) Pass$19,669 $39,075 $29,706 $53,121 $74,146 $118,149 $201,554 $— $535,420 
(8) Special mention— 2,717 — — — — 2,700 — 5,417 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total consumer$19,669 $41,792 $29,706 $53,121 $74,146 $118,149 $204,254 $— $540,837 
Total$1,150,823 $2,212,681 $2,087,713 $3,175,423 $1,144,568 $1,056,112 $13,154,960 $43,914 $24,026,194 
Gross charge-offs$— $259 $116 $4,451 $28 $858 $18,436 $— $24,148 
(in thousands)202420232022202120202019
and prior		Revolving lines of creditRevolving lines of credit converted to term loansTotal
December 31, 2024
Commercial
(1-7) Pass$1,612,695 $1,156,414 $1,256,539 $307,590 $76,821 $169,974 $6,027,177 $12,040 $10,619,250 
(8) Special mention22,953 28,354 134,092 21,626 30 6,369 91,423 — 304,847 
(9) Substandard - accruing623 44,901 51,536 7,855 301 3,309 37,405 — 145,930 
(9+) Non-accrual— 9,220 8,057 — 360 23,708 34,219 — 75,564 
Total commercial$1,636,271 $1,238,889 $1,450,224 $337,071 $77,512 $203,360 $6,190,224 $12,040 $11,145,591 
Mortgage finance
(1-7) Pass$— $— $— $— $— $— $5,215,574 $— $5,215,574 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total mortgage finance$— $— $— $— $— $— $5,215,574 $— $5,215,574 
Commercial real estate
(1-7) Pass$599,301 $889,603 $1,843,706 $885,913 $216,077 $704,288 $273,663 $18,085 $5,430,636 
(8) Special mention25,532 4,353 70,161 15,831 299 13,731 — 872 130,779 
(9) Substandard - accruing— — — — — 20,230 — — 20,230 
(9+) Non-accrual85 — 20,637 — — 13,915 — — 34,637 
Total commercial real estate$624,918 $893,956 $1,934,504 $901,744 $216,376 $752,164 $273,663 $18,957 $5,616,282 
Consumer
(1-7) Pass$44,352 $28,289 $54,148 $75,924 $40,667 $99,471 $220,561 $— $563,412 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — 1,000 — 1,000 
(9+) Non-accrual— — — — — 964 — — 964 
Total Consumer$44,352 $28,289 $54,148 $75,924 $40,667 $100,435 $221,561 $— $565,376 
Total$2,305,541 $2,161,134 $3,438,876 $1,314,739 $334,555 $1,055,959 $11,901,022 $30,997 $22,542,823 
Gross charge-offs$994 $7,543 $550 $4,037 $537 $8,784 $23,566 $44 $46,055 
12
The following table details activity in the allowance for credit losses on loans. Allocation of a portion of the allowance to one category does not preclude its availability to absorb losses in other categories.
(in thousands)CommercialMortgage
Finance		Commercial Real EstateConsumerTotal
Six Months Ended June 30, 2025
Beginning balance$198,423 $2,755 $68,825 $1,706 $271,709 
Provision for credit losses on loans31,737 7,875 (11,011)100 28,701 
Charge-offs23,217 — 931 — 24,148 
Recoveries969 — 413 4 1,386 
Net charge-offs (recoveries)22,248 — 518 (4)22,762 
Ending balance$207,912 $10,630 $57,296 $1,810 $277,648 
Six Months Ended June 30, 2024
Beginning balance$171,437 $4,173 $71,829 $2,534 $249,973 
Provision for credit losses on loans26,200 1,445 12,245 153 40,043 
Charge-offs17,541 — 5,436 — 22,977 
Recoveries258 — — — 258 
Net charge-offs (recoveries)17,283 — 5,436 — 22,719 
Ending balance$180,354 $5,618 $78,638 $2,687 $267,297 
The Company recorded a $28.7 million provision for credit losses on loans for the six months ended June 30, 2025, compared to $40.0 million for the same period of 2024. The $28.7 million provision for credit losses on loans resulted primarily from an increase in total loans held for investment and $22.8 million in net charge-offs recorded during the six months ended June 30, 2025, partially offset by a decline in criticized loans. Criticized loans totaled $637.5 million at June 30, 2025, compared to $714.0 million at December 31, 2024.
A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. At June 30, 2025, the Company had $4.1 million in collateral-dependent commercial loans, collateralized by business assets, and $22.9 million in collateral-dependent commercial real estate loans, collateralized by real estate.
The table below provides an age analysis of gross loans held for investment:
(in thousands)30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past DueTotal Past
Due		Non-accrual(1)CurrentTotalNon-accrual With No Allowance
June 30, 2025
Commercial$2,418 $4,278 $1,775 $8,471 $90,357 $11,831,840 $11,930,668 $5,628 
Mortgage finance— — — — — 5,889,589 5,889,589 — 
Commercial real estate5,987 3,895 293 10,175 23,252 5,631,673 5,665,100 3,034 
Consumer1,651 — — 1,651 — 539,186 540,837 — 
Total$10,056 $8,173 $2,068 $20,297 $113,609 $23,892,288 $24,026,194 $8,662 
(1)As of June 30, 2025, $848,000 of non-accrual loans were earning interest income on a cash basis compared to $360,000 as of December 31, 2024. Additionally, $630,000 of interest income was recognized on non-accrual loans for the six months ended June 30, 2025 compared to $161,000 for the same period in 2024. Accrued interest of $919,000 and $668,000 was reversed during the six months ended June 30, 2025 and June 30, 2024, respectively.
13
Modifications to Borrowers Experiencing Financial Difficulty
The table below details gross loans held for investment made to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2025 and June 30, 2024, by type of modification granted and the financial effect of those modifications:
Financial Statement Impact
($ in thousands)Payment
Deferral		Term
Extension		Payment
Deferral
and Term
Extension		TotalPercentage of Loans Held for InvestmentInterest Rate ReductionTerm Extension (in months)Payment Deferrals
Three Months Ended June 30, 2025
Commercial$9,492 $11,002 $21,580 $42,074 0.18 %—%
10 to 26
$5,762 
Total$9,492 $11,002 $21,580 $42,074 0.18 %
Three Months Ended June 30, 2024
Commercial$16,147 $253 $7,439 $23,839 0.11 %—%
3 to 13
$1,176 
Commercial real estate— 15,831 — 15,831 0.07 %—%3— 
Total$16,147 $16,084 $7,439 $39,670 0.18 %
Six Months Ended June 30, 2025
Commercial$9,492 $12,819 $22,338 $44,649 0.19 %—%
6 to 26
$5,897 
Commercial real estate17,835 — — 17,835 0.07 %—%—369 
Total$27,327 $12,819 $22,338 $62,484 0.26 %
Six Months Ended June 30, 2024
Commercial$24,207 $703 $7,439 $32,349 0.15 %—%
3 to 13
$1,853 
Commercial real estate— 15,831 — 15,831 0.07 %—%
3
— 
Total$24,207 $16,534 $7,439 $48,180 0.22 %
The table below details gross loans held for investment that experienced a default during the periods presented subsequent to being granted a modification in the prior twelve months. Default is defined as movement to nonperforming status, foreclosure or charge-off, whichever occurs first.
(in thousands)
Payment
Deferral		Term
Extension
Payment Deferral
and Term Extension
Total
Three Months Ended June 30, 2025
Commercial$22,500 $6,537 $— $29,037 
Commercial real estate— — — — 
Total$22,500 $6,537 $— $29,037 
Three Months Ended June 30, 2024
Commercial$— $— $— $— 
Total
$— $— $— $— 
Six Months Ended June 30, 2025
Commercial$25,496 $6,537 $— $32,033 
Commercial real estate— — 13,500 13,500 
Total$25,496 $6,537 $13,500 $45,533 
Six Months Ended June 30, 2024
Commercial$3,129 $— $1,756 $4,885 
Total$3,129 $— $1,756 $4,885 
14
The table below provides an age analysis of gross loans held for investment as of June 30, 2025 and June 30, 2024 made to borrowers experiencing financial difficulty that were modified in the prior twelve months:
(in thousands)30-89 Days
Past Due		90+ Days
Past Due		Non-AccrualCurrentTotal
June 30, 2025
Commercial$758 $— $61,005 $15,100 $76,863 
Commercial real estate
— — 17,835 — 17,835 
Total$758 $— $78,840 $15,100 $94,698 
June 30, 2024
Commercial$— $— $11,297 $30,757 $42,054 
Commercial real estate
— — — 15,831 15,831 
Total$— $— $11,297 $46,588 $57,885 

(5) Short-Term Borrowings and Long-Term Debt
The table below presents a summary of short-term borrowings:
(in thousands)June 30, 2025December 31, 2024
Federal Home Loan Bank borrowings
$1,250,000 $885,000 
Total short-term borrowings$1,250,000 $885,000 
The table below presents a summary of long-term debt:
(in thousands)June 30, 2025December 31, 2024
Bank-issued 5.25% fixed rate subordinated notes due 2026
134,408 174,717 
Company-issued 4.00% fixed rate subordinated notes due 2031
372,442 372,223 
Trust preferred floating rate subordinated debentures due 2032 to 2036113,406 113,406 
Total long-term debt$620,256 $660,346 
During the second quarter of 2025, the Company partially paid down $40.5 million of the bank-issued 5.25% fixed rate subordinated notes due 2026.
(6) Financial Instruments with Off-Balance Sheet Risk
The table below presents the Company’s financial instruments with off-balance sheet risk, as well as the activity in the allowance for off-balance sheet credit losses related to those financial instruments.
(in thousands)CommercialMortgage
Finance		Commercial
Real Estate		ConsumerTotal
Six Months Ended June 30, 2025
Beginning balance$47,907 $23 $5,351 $51 $53,332 
Provision for off-balance sheet credit losses4,075 7 (767)(16)3,299 
Ending balance$51,982 $30 $4,584 $35 $56,631 
Six Months Ended June 30, 2024
Beginning balance$36,040 $6 $10,147 $169 $46,362 
Provision for off-balance sheet credit losses1,222 23 (2,363)75 (1,043)
Ending balance$37,262 $29 $7,784 $244 $45,319 
(in thousands)June 30, 2025December 31, 2024
Commitments to extend credit - period end balance$10,488,980 $9,694,406 
Standby letters of credit - period end balance548,540 538,047 
15
(7) Regulatory Ratios and Capital
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory (and possibly additional discretionary) actions by regulators that, if undertaken, could have a direct material adverse effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.
The Basel III Capital Rules adopted by U.S. federal banking agencies, among other things, (i) establish the capital measure called “Common Equity Tier 1” (“CET1”), (ii) specify that Tier 1 capital consists of CET1 and “Additional Tier 1 Capital” instruments meeting stated requirements, (iii) require that most deductions/adjustments to regulatory capital measures be made to CET1 and not to other components of capital and (iv) define the scope of the deductions/adjustments to the capital measures.
Additionally, the Basel III Capital Rules require that the Company maintain a 2.5% capital conservation buffer comprised of CET1, with respect to each of CET1, Tier 1 and total capital to risk-weighted asset ratios. A financial institution with a conservation buffer of less than the required amount is subject to limitations on capital distributions, including dividend payments and stock repurchases, and certain discretionary bonus payments to executive officers. No dividends were declared or paid on the Company’s common stock during the six months ended June 30, 2025 or during 2024. On January 22, 2025, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $200.0 million in shares of its outstanding common stock, which is set to expire January 31, 2026. During the six months ended June 30, 2025, the Company repurchased 713,966 shares of its common stock for an aggregate price, including excise tax expense, of $52.2 million, at a weighted average price of $72.58 per share.
Because the Bank had less than $15.0 billion in total consolidated assets as of December 31, 2009, it is allowed to continue to classify the trust preferred securities, all of which were issued prior to May 19, 2010, as Tier 1 capital.
At the beginning of each of the last five years of the life of the Bank-issued fixed rate subordinated notes due 2026, the amount that is eligible to be included in Tier 2 capital is reduced by 20% of the original amount of the notes (net of redemptions). In 2025, the amount of the notes that qualify as Tier 2 capital has been reduced by 100%.
The table below summarizes the Company’s and the Bank’s actual and required capital ratios under the Basel III Capital Rules and other standards. As shown in the table below, the Company’s and Bank’s capital ratios exceeded the regulatory definition of well capitalized as of June 30, 2025 and December 31, 2024.
June 30, 2025December 31, 2024
(dollars in thousands)Minimum Capital Required(2)Capital Required to be Well CapitalizedCapital AmountRatioCapital AmountRatio
The Company
CET1 capital (to risk-weighted assets)7.00 %N/A$3,321,203 11.45 %$3,251,979 11.38 %
Tier 1 capital (to risk-weighted assets)8.50 %6.00 %3,731,203 12.86 %3,661,979 12.82 %
Total capital (to risk-weighted assets)10.50 %10.00 %4,437,924 15.30 %4,390,656 15.37 %
Tier 1 capital (to average assets)(1)4.00 %N/A3,731,203 11.84 %3,661,979 11.33 %
The Bank
CET1 capital (to risk-weighted assets)7.00 %6.50 %$3,397,976 11.81 %$3,611,714 12.75 %
Tier 1 capital (to risk-weighted assets)8.50 %8.00 %3,397,976 11.81 %3,611,714 12.75 %
Total capital (to risk-weighted assets)10.50 %10.00 %3,732,255 12.97 %3,968,168 14.00 %
Tier 1 capital (to average assets)(1)4.00 %5.00 %3,397,976 10.87 %3,611,714 11.27 %
(1)    The Tier 1 capital ratio (to average assets) is not impacted by the Basel III Capital Rules; however, the Federal Reserve Board and the FDIC may require the Company and the Bank, respectively, to maintain a Tier 1 capital ratio (to average assets) above the required minimum.
(2)    Percentages represent the minimum capital ratios plus, as applicable, the fully phased-in 2.5% CET1 capital buffer under the Basel III Capital Rules.
16
(8) Stock-Based Compensation
The Company has long-term incentive plans under which stock-based compensation awards are granted to employees and directors by the Company’s board of directors or its designated committee. Grants are subject to vesting requirements and may include, among other things, nonqualified stock options, stock appreciation rights, restricted stock units (“RSUs”), restricted stock and performance units, or any combination thereof. On April 15, 2025, the Company’s stockholders approved the Texas Capital Bancshares, Inc. 2022 Long-Term Incentive Plan, as amended and restated, which increases shares authorized and available for grant by 1.1 million shares and extends the plan’s maturity date by two years.
The table below summarizes the Company’s stock-based compensation expense:
 Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Stock-settled awards:
RSUs$4,920 $5,246 $15,279 $13,272 
Cash-settled units2,707 975 5,098 1,483 
Total$7,627 $6,221 $20,377 $14,755 
 
(in thousands except period data)June 30, 2025
Unrecognized compensation expense related to unvested stock-settled awards$28,043 
Weighted average period over which stock-settled awards expense is expected to be recognized, in years1.9
Unrecognized compensation expense related to cash-settled units$22,738 
Weighted average period over which cash-settled units expense is expected to be recognized, in years2.3
(9) Fair Value Disclosures
The Company determines the fair market values of its assets and liabilities measured at fair value on a recurring and nonrecurring basis using the fair value hierarchy as prescribed in Accounting Standards Codification 820, Fair Value Measurements and Disclosures. See Note 1 - Operations and Summary of Significant Accounting Policies in the Company’s 2024 Form 10-K for information regarding the fair value hierarchy and a description of the methods and significant assumptions used by the Company in estimating its fair value disclosures for financial statements.
17
Assets and liabilities measured at fair value are as follows:
 Fair Value Measurements Using
(in thousands)Level 1Level 2Level 3
June 30, 2025
Available-for-sale debt securities:(1)
Residential mortgage-backed securities$— $3,519,520 $— 
Commercial mortgage-backed securities
— 243,254 — 
CRT securities— — 11,367 
Equity securities(1)(2)52,561 16,131 — 
Trading securities(1)— 3,888 — 
Loans held for investment(3)— — 16,154 
Derivative assets(4)— 50,129 — 
Securities sold not yet purchased(5)26,551 — — 
Derivative liabilities(4)— 40,217 — 
Non-qualified deferred compensation plan liabilities(6)19,533 — — 
December 31, 2024
Available-for-sale debt securities:(1)
U.S. Treasury securities$277,285 $— $— 
Residential mortgage-backed securities— 3,034,043 — 
Commercial mortgage-backed securities
— 201,432 — 
CRT securities— — 11,926 
Equity securities(1)(2)59,235 16,026 — 
Loans held for investment(3)— — 35,318 
Derivative assets(4)— 23,202 — 
Securities sold not yet purchased(5)33,705 — — 
Derivative liabilities(4)— 57,906 — 
Non-qualified deferred compensation plan liabilities(6)19,109 — — 
(1)Available-for-sale debt securities, equity securities and trading securities are measured at fair value on a recurring basis, generally monthly.
(2)Equity securities consist of investments that qualify for consideration under the regulations implementing the Community Reinvestment Act and investments in exchange traded funds.
(3)Includes certain collateral-dependent loans held for investment for which a specific allocation of the allowance for credit losses is based upon the fair value of the loan’s underlying collateral. These loans held for investment are measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions.
(4)Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly.
(5)Securities sold not yet purchased are measured at fair value on a recurring basis, generally monthly.
(6)Non-qualified deferred compensation plan liabilities represent the fair value of the obligation to the employee, which generally corresponds to the fair value of the invested assets, and are measured at fair value on a recurring basis, generally monthly.
18
Level 3 Valuations
The following table presents a reconciliation of the level 3 fair value category measured at fair value on a recurring basis:
Net Gains/(Losses)
(in thousands)Balance at Beginning of PeriodPurchases / AdditionsSales / ReductionsRealizedUnrealizedBalance at End of Period
Three Months Ended June 30, 2025
Available-for-sale debt securities:(1)
CRT securities$11,594 $— $(337)$— $110 $11,367 
Three Months Ended June 30, 2024
Available-for-sale debt securities:(1)
CRT securities$12,261 $— $(291)$— $358 $12,328 
Six Months Ended June 30, 2025
Available-for-sale debt securities:(1)
CRT securities$11,926 $— $(638)$— $79 $11,367 
Six Months Ended June 30, 2024
Available-for-sale debt securities:(1)
CRT securities$11,995 $— $(500)$— $833 $12,328 
(1)Unrealized gains/(losses) on available-for-sale debt securities are recorded in AOCI. Realized gains/(losses) are recorded in other non-interest income on the consolidated statements of income and other comprehensive income/(loss).
CRT securities
The fair value of CRT securities is based on a discounted cash flow model, which utilizes Level 3 inputs, the most significant of which were a discount rate and weighted-average life. At June 30, 2025, the discount rates utilized ranged from 4.54% to 5.86% and the weighted-average life ranged from 3.97 years to 6.16 years. On a combined amortized cost weighted-average basis a discount rate of 5.08% and a weighted-average life of 4.87 years were utilized to determine the fair value of these securities at June 30, 2025. At December 31, 2024, the combined weighted-average discount rate and weighted-average life utilized were 5.63% and 5.35 years, respectively.
Loans held for investment
Certain collateral-dependent loans held for investment are reported at fair value when, based upon an individual evaluation, the specific allocation of the allowance for credit losses that is deducted from the loan's amortized cost is based upon the fair value of the loan's underlying collateral. The $16.2 million fair value of loans held for investment at June 30, 2025 reported above includes impaired loans with a carrying value of $27.1 million that were reduced by specific allowance allocations totaling $10.9 million based on collateral valuations utilizing Level 3 inputs. The $35.3 million fair value of loans held for investment at December 31, 2024 reported above includes impaired loans with a carrying value of $63.6 million that were reduced by specific allowance allocations totaling $28.3 million based on collateral valuations utilizing Level 3 inputs.
19
Fair Value of Financial Instruments
A summary of the carrying amounts and estimated fair values of financial instruments is as follows:
Carrying
Amount		Estimated Fair Value
(in thousands)TotalLevel 1Level 2Level 3
June 30, 2025
Financial assets:
Cash and cash equivalents$2,690,142 $2,690,142 $2,690,142 $— $— 
Available-for-sale debt securities3,774,141 3,774,141 — 3,762,774 11,367 
Held-to-maturity debt securities761,907 674,663 — 674,663 — 
Equity securities68,692 68,692 52,561 16,131 — 
Trading securities3,888 3,888 — 3,888 — 
Loans held for investment, net23,647,886 23,597,536 — — 23,597,536 
Derivative assets50,129 50,129 — 50,129 — 
Financial liabilities:
Total deposits26,064,309 26,065,518 — — 26,065,518 
Short-term borrowings1,250,000 1,250,000 — 1,250,000 — 
Long-term debt620,256 590,131 — 590,131 — 
Securities sold not yet purchased26,551 26,551 26,551 — — 
Derivative liabilities40,217 40,217 — 40,217 — 
December 31, 2024
Financial assets:
Cash and cash equivalents$3,188,808 $3,188,808 $3,188,808 $— $— 
Available-for-sale debt securities3,524,686 3,524,686 277,285 3,235,475 11,926 
Held-to-maturity debt securities796,168 678,174 — 678,174 — 
Equity securities75,261 75,261 59,235 16,026 — 
Loans held for investment, net22,178,357 22,115,585 — — 22,115,585 
Derivative assets23,202 23,202 — 23,202 — 
Financial liabilities:
Total deposits25,238,599 25,245,009 — — 25,245,009 
Short-term borrowings885,000 885,000 — 885,000 — 
Long-term debt660,346 622,713 — 622,713 — 
Securities sold not yet purchased33,705 33,705 33,705 — — 
Derivative liabilities57,906 57,906 — 57,906 — 
20
(10) Derivative Financial Instruments
The notional amounts and estimated fair values of derivative positions outstanding are presented in the following table.
 June 30, 2025December 31, 2024
Estimated Fair ValueEstimated Fair Value
(in thousands)Notional
Amount		Asset DerivativeLiability DerivativeNotional
Amount		Asset DerivativeLiability Derivative
Derivatives designated as hedges
Cash flow hedges:
Interest rate contracts:
Swaps hedging loans$2,500,000 $3,463 $7,437 $2,600,000 $254 $23,265 
Non-hedging derivatives
Customer-initiated and other derivatives:
Foreign currency forward contracts314,676 2,014 1,786 485,948 5,462 5,299 
Interest rate contracts:
Swaps6,548,231 40,597 40,597 6,273,301 45,771 45,771 
Caps and floors written2,012,478 5,017 2,174 970,451 1,066 2,529 
Caps and floors purchased2,012,478 2,174 5,017 970,451 2,529 1,066 
Forward contracts27,269,117 75,354 74,395 20,237,917 41,896 41,035 
Gross derivatives128,619 131,406 96,978 118,965 
Netting adjustment - offsetting derivative assets/liabilities(66,427)(66,427)(44,097)(44,097)
Netting adjustment - cash collateral received/posted(12,063)(24,762)(29,679)(16,962)
Net derivatives included on the consolidated balance sheets$50,129 $40,217 $23,202 $57,906 
The Company’s credit exposure on derivative instruments is limited to the net favorable value and interest payments by each counterparty. In some cases, collateral may be required from the counterparties involved if the net value of the derivative instruments exceeds a nominal amount. The Company’s credit exposure associated with these instruments, net of any collateral pledged, was approximately $50.1 million at June 30, 2025 and approximately $23.2 million at December 31, 2024. Collateral levels are monitored and adjusted on a regular basis for changes in the value of derivative instruments. At June 30, 2025, the Company had $38.7 million in cash collateral pledged to counterparties included in interest bearing cash and cash equivalents on the consolidated balance sheet and $13.3 million in cash collateral received from counterparties included in interest bearing deposits on the consolidated balance sheet. The comparative amounts at December 31, 2024, were $71.3 million in cash collateral pledged to counterparties and $31.0 million cash collateral received from counterparties.
The Company also enters into credit risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which the Company is either a participant or a lead bank. The risk participation agreements entered into by the Company as a participant bank provide credit protection to the financial institution counterparty should the borrower fail to perform on its interest rate derivative contract with that financial institution. The Company is party to 17 risk participation agreements where it acts as a participant bank with a notional amount of $262.3 million at June 30, 2025, compared to 17 risk participation agreements with a notional amount of $228.6 million at December 31, 2024. The maximum estimated exposure to these agreements, assuming 100% default by all obligors, was approximately $1.4 million at June 30, 2025 and $4.1 million at December 31, 2024. The fair value of these exposures was insignificant to the consolidated financial statements at both June 30, 2025 and December 31, 2024. Risk participation agreements entered into by the Company as the lead bank provide credit protection should the borrower fail to perform on its interest rate derivative contract. The Company is party to 33 risk participation agreements where the Company acts as the lead bank having a notional amount of $423.3 million at June 30, 2025, compared to 25 agreements having a notional amount of $349.5 million at December 31, 2024.
Derivatives Designated as Cash Flow Hedges
The Company enters into interest rate derivative contracts that are designated as qualifying cash flow hedges to hedge the exposure to variability in expected future cash flows attributable to changes in a contractually specified interest rate.
During the six months ended June 30, 2025, the Company recorded $865,000 in unrealized gains to adjust its cash flow hedges to fair value, which was recorded net of tax to AOCI, and reclassified $17.1 million from AOCI as a decrease to interest income on loans. Based on current market conditions, the Company estimates that during the next 12 months, an additional $4.7 million will be reclassified from AOCI as a decrease to interest income. As of June 30, 2025, the maximum length of time over which forecasted transactions are hedged is 2.25 years.
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(11) Accumulated Other Comprehensive Income
The following table provides the change in AOCI by component:
(in thousands)Cash Flow HedgesAvailable-for-Sale SecuritiesHeld-to-Maturity SecuritiesTotal
Three Months Ended June 30, 2025
Beginning balance$(8,020)$(93,114)$(35,028)$(136,162)
Change in unrealized gain/(loss)207 19,831 — 20,038 
Amounts reclassified into net income8,379 — 1,588 9,967 
Total other comprehensive income
8,586 19,831 1,588 30,005 
Income tax expense
1,938 4,478 358 6,774 
Total other comprehensive income, net of tax
6,648 15,353 1,230 23,231 
Ending balance$(1,372)$(77,761)$(33,798)$(112,931)
Three Months Ended June 30, 2024
Beginning balance$(53,544)$(285,238)$(41,104)$(379,886)
Change in unrealized gain/(loss)(8,738)(5,201)— (13,939)
Amounts reclassified into net income18,114 — 1,711 19,825 
Total other comprehensive income/(loss)9,376 (5,201)1,711 5,886 
Income tax expense/(benefit)1,047 (6,880)(435)(6,268)
Total other comprehensive income/(loss), net of tax8,329 1,679 2,146 12,154 
Ending balance$(45,215)$(283,559)$(38,958)$(367,732)
Six Months Ended June 30, 2025
Beginning balance$(15,275)$(131,531)$(36,301)$(183,107)
Change in unrealized gain/(loss)865 69,452 — 70,317 
Amounts reclassified into net income17,093 — 3,233 20,326 
Total other comprehensive income
17,958 69,452 3,233 90,643 
Income tax expense
4,055 15,682 730 20,467 
Total other comprehensive income, net of tax
13,903 53,770 2,503 70,176 
Ending balance$(1,372)$(77,761)$(33,798)$(112,931)
Six Months Ended June 30, 2024
Beginning balance$(45,749)$(273,806)$(42,449)$(362,004)
Change in unrealized gain/(loss)(36,611)(19,671)— (56,282)
Amounts reclassified into net income36,120 — 3,413 39,533 
Total other comprehensive income/(loss)(491)(19,671)3,413 (16,749)
Income tax expense/(benefit)(1,025)(9,918)(78)(11,021)
Total other comprehensive income/(loss), net of tax534 (9,753)3,491 (5,728)
Ending balance$(45,215)$(283,559)$(38,958)$(367,732)
(12) New Accounting Standards
Accounting Standards Update 2025-03 “Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“ASU 2025-03”) amends the guidance to improve the requirements for identifying the accounting acquirer in a business combination in which the legal acquiree is a variable interest entity (“VIE”). The amendments require entities to consider the general accounting acquirer factors in Topic 805 when the transaction is primarily effected by the exchange of equity interests. ASU 2025-03 will be effective for the Company beginning January 1, 2027 for the Company’s interim and annual financial statements on Forms 10-Q and 10-K, respectively and is not expected to have a significant impact on the Company’s financial statements.
Accounting Standards Update 2025-04 “Compensation - Stock Compensation (Topic 718) and Revenue from Contracts with Customers (Topic 606): Clarifications to Share-Based Consideration Payable to a Customer” (“ASU 2025-04”) clarifies the guidance on the accounting for share-based payment awards that are granted by an entity as consideration payable to its customer, with the intent to reduce diversity in practice and improve existing guidance by revising the definition of a “performance condition” and eliminating a forfeiture policy election for service conditions associated with share-based consideration payable to a customer. ASU 2025-04 also clarifies the guidance in Topic 606 on the variable consideration constraint does not apply to share-based consideration payable to a customer “regardless of whether an award’s grant date has occurred”. ASU 2025-04 will be effective for the Company beginning January 1, 2027 for the Company’s interim and annual
22
financial statements on Forms 10Q and 10-K, respectively and is not expected to have a significant impact on the Company’s financial statements.
23
ITEM 7.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of the Company’s financial condition and results of operations for the three and six months ended June 30, 2025 and 2024 should be read in conjunction with its audited consolidated financial statements and the related notes to the consolidated financial statements included in 2024 Form 10-K. Operating results for the three and six months ended June 30, 2025 are not necessarily indicative of the results for the year ending December 31, 2025 or any future period.
Forward-Looking Statements
This report contains “forward-looking statements” within the meaning of and pursuant to the Private Securities Litigation Reform Act of 1995 regarding, among other things, the Company’s financial condition, results of operations, business plans and future performance. These statements are not historical in nature and may often be identified by the use of words such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, trends, guidance, expectations and future plans.
Because forward-looking statements relate to future results and occurrences, they are subject to inherent and various uncertainties, risks, and changes in circumstances that are difficult to predict, may change over time, are based on management’s expectations and assumptions at the time the statements are made and are not guarantees of future results. Numerous risks and other factors, many of which are beyond management’s control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. While there can be no assurance that any list of risks is complete, important risks and other factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, but are not limited to, economic or business conditions in Texas, the United States, or globally that impact TCBI or its customers; negative credit quality developments arising from the foregoing or other factors, including recent trade policies and their impact on our customers; increased or expanded competition from banks and other financial service providers in TCBI’s markets; TCBI’s ability to effectively manage its liquidity and maintain adequate regulatory capital to support its businesses; TCBI’s ability to pursue and execute upon growth plans, whether as a function of capital, liquidity, or other limitations; TCBI’s ability to successfully execute its business strategy, including its strategic plan and developing and executing new lines of business and new products and services and potential strategic acquisitions; the extensive regulations to which TCBI is subject and its ability to comply with applicable governmental regulations, including legislative and regulatory changes; TCBI’s ability to effectively manage information technology systems, including third party vendors, cyber or data privacy incidents, or other failures, disruptions or security breaches; TCBI’s ability to use technology to provide products and services to its customers; risks related to the development and use of AI; changes in interest rates, including the impact of interest rates on TCBI’s securities portfolio and funding costs, as well as related balance sheet implications stemming from the fair value of our assets and liabilities; the effectiveness of TCBI’s risk management processes, strategies and monitoring; fluctuations in commercial and residential real estate values, especially as they relate to the value of collateral supporting TCBI’s loans; the failure to identify, attract, and retain key personnel and other employees; adverse developments in the banking industry and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments, including in the context of regulatory examinations and related findings and actions; negative press and social media attention with respect to the banking industry or TCBI, in particular; claims, litigation or regulatory investigations and actions that TCBI may become subject to; severe weather, natural disasters, climate change, acts of war, terrorism, global or other geopolitical conflicts, or other external events, as well as related legislative and regulatory initiatives; and the risks and factors more fully described in TCBI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other documents and filings with the SEC. The information contained in this communication speaks only as of its date. Except to the extent required by applicable law or regulation, we disclaim any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.
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Results of Operations
Selected income statement data and key performance indicators are presented in the table below:
Three Months Ended June 30,Six Months Ended June 30,
(dollars in thousands except per share data)2025202420252024
Net interest income$253,395 $216,582 $489,429 $431,591 
Provision for credit losses15,000 20,000 32,000 39,000 
Non-interest income54,069 50,424 98,513 91,743 
Non-interest expense190,276 188,409 393,296 390,802 
Income before income taxes
102,188 58,597 162,646 93,532 
Income tax expense
24,860 16,935 38,271 25,728 
Net income
77,328 41,662 124,375 67,804 
Preferred stock dividends4,312 4,312 8,625 8,625 
Net income available to common stockholders
$73,016 $37,350 $115,750 $59,179 
Basic earnings per common share
$1.59 $0.80 $2.52 $1.26 
Diluted earnings per common share
$1.58 $0.80 $2.49 $1.25 
Net interest margin3.35 %3.01 %3.27 %3.02 %
Return on average assets (“ROA”)0.99 %0.56 %0.80 %0.46 %
Return on average common equity (“ROE”)9.17 %5.26 %7.40 %4.14 %
Efficiency ratio(1)61.9 %70.6 %66.9 %74.7 %
Non-interest income to average earning assets0.72 %0.71 %0.66 %0.65 %
Non-interest expense to average earning assets2.52 %2.65 %2.63 %2.77 %
(1)    Non-interest expense divided by the sum of net interest income and non-interest income.
Three months ended June 30, 2025 compared to three months ended June 30, 2024
The Company reported net income of $77.3 million and net income available to common stockholders of $73.0 million for the second quarter of 2025, compared to net income of $41.7 million and net income available to common stockholders of $37.4 million for the second quarter of 2024. On a fully diluted basis, earnings per common share was $1.58 for the second quarter of 2025, compared to $0.80 for the same period in 2024. ROE was 9.17% and ROA was 0.99% for the second quarter of 2025, compared to 5.26% and 0.56%, respectively, for the same period in 2024. The increase in net income for the second quarter of 2025 compared to the second quarter of 2024 resulted primarily from an increase in net interest income.
Six months ended June 30, 2025 compared to six months ended June 30, 2024
The Company reported net income of $124.4 million and net income available to common stockholders of $115.8 million for the six months ended June 30, 2025, compared to net income of $67.8 million and net income available to common stockholders of $59.2 million for the same period in 2024. On a fully diluted basis, earnings per common share was $2.49 for the six months ended June 30, 2025, compared to $1.25 for the same period in 2024. ROE was 7.40% and ROA was 0.80% for the six months ended June 30, 2025, compared to 4.14% and 0.46%, respectively, for the same period in 2024. The increase in net income for the six months ended June 30, 2025 compared to the same period in 2024 resulted primarily from an increase in net interest income.
Details of the changes in the various components of net income are discussed below.

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Taxable Equivalent Net Interest Income Analysis - Quarterly(1)

Three Months Ended June 30, 2025Three Months Ended June 30, 2024
(dollars in thousands)Average
Balance		Income/
Expense		Yield/
Rate		Average
Balance		Income/
Expense		Yield/
Rate
Assets
Investment securities(2)$4,573,164 $45,999 3.93 %$4,427,023 $33,584 2.80 %
Interest bearing cash and cash equivalents
2,661,037 29,218 4.40 %3,273,069 43,233 5.31 %
Loans held for sale— — — %28,768 683 9.55 %
Loans held for investment, mortgage finance5,327,559 58,707 4.42 %4,357,288 42,722 3.94 %
Loans held for investment(3)18,018,626 306,142 6.81 %16,750,788 301,910 7.25 %
Less: Allowance for credit losses on loans278,035 — — 263,145 — — 
Loans held for investment, net23,068,150 364,849 6.34 %20,844,931 344,632 6.65 %
Total earning assets30,302,351 440,066 5.80 %28,573,791 422,132 5.86 %
Cash and other assets1,117,118 1,177,061 
Total assets$31,419,469 $29,750,852 
Liabilities and Stockholders’ Equity
Transaction deposits$2,213,037 $13,731 2.49 %$2,061,622 $16,982 3.31 %
Savings deposits13,727,095 134,272 3.92 %11,981,668 143,173 4.81 %
Time deposits2,361,525 26,795 4.55 %1,658,899 21,125 5.12 %
Total interest bearing deposits18,301,657 174,798 3.83 %15,702,189 181,280 4.64 %
Short-term borrowings306,176 3,444 4.51 %927,253 12,749 5.53 %
Long-term debt649,469 7,930 4.90 %778,401 11,457 5.92 %
Total interest bearing liabilities19,257,302 186,172 3.88 %17,407,843 205,486 4.75 %
Non-interest bearing deposits8,191,402 8,647,594 
Other liabilities475,724 537,754 
Stockholders’ equity3,495,041 3,157,661 
Total liabilities and stockholders’ equity$31,419,469 $29,750,852 
Net interest income$253,894 $216,646 
Net interest margin3.35 %3.01 %
(1)Taxable equivalent rates used where applicable.
(2)Yields on investment securities are calculated using available-for-sale securities at amortized cost.
(3)Average balances include non-accrual loans.

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Taxable Equivalent Net Interest Income Analysis - Year to Date(1)
Six Months Ended June 30, 2025Six Months Ended June 30, 2024
(dollars in thousands)Average
Balance		Revenue /
Expense		Yield /
Rate		Average
Balance		Revenue /
Expense		Yield /
Rate
Assets
Investment securities(2)$4,518,822 $92,564 4.01 %$4,363,195 $65,728 2.79 %
Interest bearing cash and cash equivalents3,454,011 75,792 4.43 %3,662,348 97,588 5.36 %
Loans held for sale167 2 2.97 %39,966 1,867 9.40 %
Loans held for investment, mortgage finance4,653,577 97,234 4.21 %3,937,498 74,177 3.79 %
Loans held for investment(3)17,774,206 602,233 6.83 %16,636,438 600,216 7.26 %
Less: Allowance for credit losses on loans275,411 — — %256,541 — — %
Loans held for investment, net
22,152,372 699,467 6.37 %20,317,395 674,393 6.68 %
Total earning assets30,125,372 867,825 5.78 %28,382,904 839,576 5.87 %
Cash and other assets1,137,040 1,117,763 
Total assets$31,262,412 $29,500,667 
Liabilities and Stockholders’ Equity
Transaction deposits$2,188,282 $27,639 2.55 %$2,034,057 $33,840 3.35 %
Savings deposits13,543,190 267,849 3.99 %11,695,673 279,963 4.81 %
Time deposits2,345,543 54,246 4.66 %1,689,112 43,077 5.13 %
Total interest bearing deposits18,077,015 349,734 3.90 %15,418,842 356,880 4.65 %
Short-term borrowings527,608 11,690 4.47 %919,670 25,532 5.58 %
Long-term debt654,927 16,003 4.93 %818,955 25,443 6.25 %
Total interest bearing liabilities19,259,550 377,427 3.95 %17,157,467 407,855 4.78 %
Non-interest bearing deposits8,034,196 8,642,685 
Other liabilities513,728 523,520 
Stockholders’ equity3,454,938 3,176,995 
Total liabilities and stockholders’ equity$31,262,412 $29,500,667 
Net interest income$490,398 $431,721 
Net interest margin3.27 %3.02 %
(1)Taxable equivalent rates used where applicable.
(2)Yields on investment securities are calculated using available-for-sale securities at amortized cost.
(3)Average balances include non-accrual loans.
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Volume/Rate Analysis
The following table presents the changes in taxable equivalent net interest income and identifies the changes due to differences in the average volume of earning assets and interest bearing liabilities and the changes due to differences in the average interest rate on those assets and liabilities.
Three Months Ended June 30,Six Months Ended June 30,
 2025/20242025/2024
 Net
Change		Change Due To(1)Net
Change		Change Due To(1)
(in thousands)VolumeYield/Rate(2)VolumeYield/Rate(2)
Interest income
Investment securities$12,415 $1,017 $11,398 $26,836 $2,159 $24,677 
Interest bearing cash and cash equivalents(14,015)(8,080)(5,935)(21,796)(5,553)(16,243)
Loans held for sale(683)(683)— (1,865)(1,860)(5)
Loans held for investment, mortgage finance15,985 9,505 6,480 23,057 13,496 9,561 
Loans held for investment4,232 22,854 (18,622)2,017 41,075 (39,058)
Total interest income17,934 24,613 (6,679)28,249 49,317 (21,068)
Interest expense
Transaction deposits(3,251)1,246 (4,497)(6,201)2,569 (8,770)
Savings deposits(8,901)20,874 (29,775)(12,114)44,190 (56,304)
Time deposits5,670 8,944 (3,274)11,169 16,745 (5,576)
Short-term borrowings(9,305)(8,539)(766)(13,842)(10,879)(2,963)
Long-term debt(3,527)(1,898)(1,629)(9,440)(5,098)(4,342)
Total interest expense(19,314)20,627 (39,941)(30,428)47,527 (77,955)
Net interest income$37,248 $3,986 $33,262 $58,677 $1,790 $56,887 
(1)Yield/rate and volume variances are allocated to yield/rate.
(2)Taxable equivalent rates used where applicable assuming a 21% tax rate.

Net Interest Income
Net interest income was $253.4 million for the three months ended June 30, 2025, compared to $216.6 million for the same period in 2024. The increase was primarily due to an increase in average earning assets and a decrease in funding costs, partially offset by an increase in average interest bearing liabilities.
Average earning assets for the three months ended June 30, 2025 increased $1.7 billion compared to the same period in 2024, which included increases of $2.2 billion in average total loans held for investment and $146.1 million in average investment securities, partially offset by a $612.0 million decrease in average interest bearing cash and cash equivalents. Average interest bearing liabilities increased $1.8 billion for the three months ended June 30, 2025 compared to the same period in 2024, primarily due to a $2.6 billion increase in average interest bearing deposits, partially offset by decreases of $621.1 million in average short-term borrowings and $128.9 million in average long-term debt. Average non-interest bearing deposits for the three months ended June 30, 2025 decreased to $8.2 billion from $8.6 billion for the same period in 2024.
Net interest margin for the three months ended June 30, 2025 was 3.35%, compared to 3.01% for the same period in 2024. The increase in net interest margin was primarily due to a decrease in the cost of interest bearing deposits, partially offset by lower earning asset yields.
The yield on total loans held for investment decreased to 6.34% for the three months ended June 30, 2025, compared to 6.65% for the same period in 2024, and the yield on earning assets decreased to 5.80% for the three months ended June 30, 2025, compared to 5.86% for the same period in 2024. Total cost of deposits decreased to 2.65% for the three months ended June 30, 2025 from 2.99% for the same period in 2024, and total funding costs, including non-interest bearing deposits and stockholders' equity, decreased to 2.41% for the three months ended June 30, 2025, compared to 2.83% for the same period in 2024.
Net interest income was $489.4 million for the six months ended June 30, 2025, compared to $431.6 million for the same period in 2024. The increase was primarily due to an increase in average earning assets and a decrease in funding costs, partially offset by an increase in average interest bearing liabilities.
Average earning assets increased $1.7 billion for the six months ended June 30, 2025, compared to the same period in 2024, which included increases of $1.8 billion in average total loans held for investment and $155.6 million in average investment securities, partially offset by a $208.3 million decrease in average interest bearing cash and cash equivalents. Average interest bearing liabilities increased $2.1 billion for the six months ended June 30, 2025, compared to the same period in 2024, primarily due to an increase of $2.7 billion in average interest bearing deposits, partially offset by decreases of $392.1 million
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in average short-term borrowings and $164.0 million in average long-term debt. Average non-interest bearing deposits for the six months ended June 30, 2025 decreased to $8.0 billion from $8.6 billion for the same period in 2024.
Net interest margin for the six months ended June 30, 2025 was 3.27%, compared to 3.02% for the same period of 2024. The increase was primarily due to a decrease in funding costs.
The yield on total loans held for investment decreased to 6.37% for the six months ended June 30, 2025, compared to 6.68% for the same period in 2024, and the yield on earning assets decreased to 5.78% for the six months ended June 30, 2025, compared to 5.87% for the same period in 2024. Total cost of deposits decreased to 2.70% for the six months ended June 30, 2025 from 2.98% for the same period in 2024 and total funding costs, including non-interest bearing deposits and stockholders' equity, decreased to 2.48% for the six months ended June 30, 2025, compared to 2.83% for the same period in 2024.
Non-interest Income 
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Service charges on deposit accounts$8,182 $5,911 $16,022 $12,250 
Wealth management and trust fee income3,730 3,699 7,694 7,266 
Brokered loan fees2,398 2,131 4,347 4,042 
Investment banking and advisory fees24,109 25,048 40,587 43,472 
Trading income7,896 5,650 13,835 10,362 
Available-for-sale debt securities losses(1,886)— (1,886)— 
Other9,640 7,985 17,914 14,351 
Total non-interest income$54,069 $50,424 $98,513 $91,743 
Non-interest income increased $3.6 million during the three months ended June 30, 2025, compared to the same period in 2024, primarily due to increases in service charges on deposit accounts, trading income and other non-interest income, partially offset by a $1.9 million loss on sale of available-for-sale debt securities recognized during the second quarter of 2025.
Non-interest income was $98.5 million for the six months June 30, 2025, a $6.8 million increase as compared to the same period in 2024, primarily due to increases in service charges on deposit accounts, trading income and other non-interest income, partially offset by a decrease in investment banking and advisory fees and the $1.9 million loss on sale of available-for-sale debt securities mentioned above.
Non-interest Expense 
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Salaries and benefits$120,154 $118,840 $251,795 $247,567 
Occupancy expense12,144 10,666 22,988 20,403 
Marketing3,624 5,996 8,633 12,032 
Legal and professional11,069 11,273 26,058 27,468 
Communications and technology24,314 22,013 47,956 43,127 
Federal Deposit Insurance Corporation (“FDIC”) insurance assessment5,096 5,570 10,437 13,991 
Other13,875 14,051 25,429 26,214 
Total non-interest expense$190,276 $188,409 $393,296 $390,802 
Non-interest expense increased $1.9 million during the three months ended June 30, 2025, compared to the same period in 2024. The increase was primarily due to increases in salaries and benefits, occupancy expense and communications and technology expense, partially offset by a decrease in marketing expense.
Non-interest expense was $393.3 million for the six months June 30, 2025, an increase of $2.5 million as compared to the same period in 2024, primarily due to increases in salaries and benefits and communications and technology expense, partially offset by decreases in marketing expense and FDIC insurance assessment. FDIC insurance assessment included an additional $3.5 million FDIC special assessment expense recorded in the first six months of 2024.

29
Analysis of Financial Condition
Loans Held for Investment
The following table summarizes the Company’s loans held for investment by portfolio segment. See Note 1 - Operations and Summary of Significant Accounting Policies in the 2024 Form 10-K for details of these portfolio segments.
(in thousands)June 30, 2025December 31, 2024
Commercial$11,930,668 $11,145,591 
Mortgage finance5,889,589 5,215,574 
Commercial real estate5,665,100 5,616,282 
Consumer
540,837 565,376 
Gross loans held for investment
24,026,194 22,542,823 
Unearned income (net of direct origination costs)
(100,660)(92,757)
Total loans held for investment$23,925,534 $22,450,066 
Total loans held for investment were $23.9 billion at June 30, 2025, an increase of $1.5 billion from December 31, 2024, as increases in commercial, mortgage finance and commercial real estate loans were partially offset by a decrease in consumer loans. Mortgage finance loans include legal ownership interests in mortgage loans that the Company purchases from unaffiliated mortgage originators, either directly or through a special purpose entity structure, that are typically sold within 10 to 20 days and represent 25% and 23% of gross loans held for investment at June 30, 2025 and December 31, 2024, respectively. Volumes fluctuate based on the level of market demand for the product and the number of days between purchase and sale of the loans, which can be affected by changes in overall market interest rates, and tend to peak at the end of each month.
The Company originates a substantial majority of all loans held for investment. The Company also participates in shared national credits, both as a participant and as an agent. As of June 30, 2025, the Company had $5.7 billion in shared national credits, $1.0 billion of which the Company administered as agent. All syndicated loans, whether the Company acts as agent or participant, are underwritten to the same standards as all other loans the Company originates. As of June 30, 2025, approximately $39.4 million of the Company’s shared national credits were on non-accrual.
Portfolio Concentrations
Although more than 50% of the Company’s total loan exposure is outside of Texas and more than 50% of deposits are sourced outside of Texas, Texas concentration remains significant. As of June 30, 2025, a majority of the loans held for investment, excluding mortgage finance and other national lines of business, were to businesses with headquarters or operations in Texas. This geographic concentration subjects the Company’s loan portfolio to the general economic conditions within this state. The risks created by this concentration have been considered by management in determining the appropriateness of the allowance for credit losses.
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Non-performing Assets
Non-performing assets include non-accrual loans and leases, and repossessed assets. The table below summarizes non-accrual loans by portfolio segment and by type of property securing the credit.
(dollars in thousands)June 30, 2025December 31, 2024
Non-accrual loans held for investment
Commercial:
Business assets$81,916 $64,481 
Accounts receivable and inventory5,077 6,315 
Machinery and equipment
2,858 2,729 
Unsecured8 60 
Highly liquid assets498 1,340 
Other— 639 
Total commercial90,357 75,564 
Commercial real estate:
Industrial buildings
22,948 20,637 
Office buildings
— 14,000 
Single family residences304 — 
Total commercial real estate23,252 34,637 
Consumer:
Single family residences— 964 
Total consumer— 964 
Total non-accrual loans held for investment113,609 111,165 
Non-accrual loans held for sale— — 
Other real estate owned (“OREO”)— — 
Total non-performing assets$113,609 $111,165 
Non-accrual loans held for investment to total loans held for investment0.47 %0.50 %
Total non-performing assets to total assets0.36 %0.36 %
Allowance for credit losses on loans to non-accrual loans held for investment2.4x2.4x
Loans held for investment past due 90 days and accruing$2,068 $4,265 
Loans held for investment past due 90 days to total loans held for investment0.01 %0.02 %
Loans held for sale past due 90 days and accruing$— $— 
Summary of Credit Loss Experience
The provision for credit losses, comprised of a provision for loans and off-balance sheet credit losses, is a charge to earnings to maintain the allowance for credit losses at a level consistent with management’s assessment of expected losses at each balance sheet date.
The Company recorded a provision for credit losses of $32.0 million for the six months ended June 30, 2025, compared to a provision of $39.0 million for the six months ended June 30, 2024. The provision for credit losses for the six months ended June 30, 2025 reflects an increase in total loans held for investment and $22.8 million in net charge-offs recorded during the six months ended June 30, 2025, partially offset by a decline in criticized loans. Criticized loans totaled $637.5 million at June 30, 2025, compared to $714.0 million at December 31, 2024.
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The table below presents key metrics related to the Company’s credit loss experience: 
June 30, 2025June 30, 2024
Allowance for credit losses on loans to total loans held for investment1.16 %1.23 %
Allowance for credit losses on loans to average total loans held for investment(1)1.24 %1.30 %
Total allowance for credit losses to total loans held for investment1.40 %1.44 %
Total provision for credit losses to average total loans held for investment(1)(2)0.29 %0.20 %
(1)Ratios are calculated using average balance for the six months ended June 30, 2025 and 2024, respectively.
(2)Ratios are annualized utilizing provision for credit losses for the six months ended June 30, 2025 and 2024, respectively.
The table below details net charge-offs/(recoveries) as a percentage of average total loans by portfolio segment:
Six Months Ended June 30,
20252024
(dollars in thousands)Net
Charge-offs		Net Charge-offs
to Average
Loans(1)		Net
Charge-offs		Net Charge-offs
to Average
Loans(1)
Commercial$22,248 0.39 %$17,283 0.33 %
Mortgage finance— — %— — %
Commercial real estate518 0.02 %5,436 0.19 %
Consumer(4)— %— — %
Total$22,762 0.20 %$22,719 0.22 %
(1)Ratios are annualized utilizing net charge-offs for the six months ended June 30, 2025 and 2024, respectively.
Liquidity and Capital Resources
Liquidity
In general terms, liquidity is a measurement of the Company’s ability to meet its cash needs. The Company’s objectives in managing its liquidity are to maintain the ability to meet loan commitments, repurchase investment securities and repay deposits and other liabilities in accordance with their terms, without an adverse impact on current or future earnings. The Company’s liquidity strategy is guided by policies, formulated and monitored by senior management and the Asset and Liability Management Committee (“ALCO”), which take into account the demonstrated marketability of the Company’s assets, the sources and stability of its funding and the level of unfunded commitments. The Company regularly evaluates all of its various funding sources with an emphasis on accessibility, stability, reliability and cost-effectiveness. The Company’s principal source of funding is customer deposits, supplemented by short-term borrowings, primarily from federal funds purchased and Federal Home Loan Bank (“FHLB”) borrowings, brokered deposits and long-term debt. The Company also relies on the availability of the mortgage secondary market provided by Ginnie Mae and government sponsored entities to support the liquidity of mortgage finance loans.
The following table summarizes the Company’s interest bearing cash and cash equivalents:
(dollars in thousands)June 30, 2025December 31, 2024
Interest bearing cash and cash equivalents$2,507,691 $3,012,307 
Interest bearing cash and cash equivalents as a percent of:
Total loans held for investment10.5 %13.4 %
Total earning assets8.2 %10.2 %
Total deposits9.6 %11.9 %
The Company aims to obtain as much of its funding as possible from customer deposits, which are generated through digital acquisition or as a result of development of long-term customer relationships, with a significant focus on treasury management products. In addition, the Company also has access to deposits through brokered channels. The following table summarizes period-end total deposits:
June 30, 2025December 31, 2024
(dollars in thousands)Balance% of TotalBalance% of Total
Customer deposits$25,858,066 99.2 %$24,704,091 97.9 %
Brokered deposits206,243 0.8 %534,508 2.1 %
Total deposits$26,064,309 100.0 %$25,238,599 100.0 %
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Estimated uninsured deposits, including accrued interest, were 41% of total deposits at both June 30, 2025 and December 31, 2024. The uninsured amounts are estimated based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.
The Company has short-term borrowing sources available to supplement deposits and meet its funding needs. Such borrowings are generally used to fund mortgage finance loans, due to their liquidity, short duration and interest spreads available. These borrowing sources include federal funds purchased from downstream correspondent bank relationships (which consist of banks that are smaller than the Bank) and from upstream correspondent bank relationships (which consist of banks that are larger than the Bank) and advances from the FHLB and the Federal Reserve. The following table summarizes short-term borrowings, all of which mature within one year:
(in thousands)June 30, 2025December 31, 2024
FHLB borrowings$1,250,000 $885,000 
Total short-term borrowings
$1,250,000 $885,000 
The following table summarizes the Company’s short-term borrowing capacities net of balances outstanding:
(in thousands)June 30, 2025December 31, 2024
FHLB borrowing capacity relating to loans and pledged securities$1,624,083 $4,664,703 
FHLB borrowing capacity relating to unencumbered securities4,436,475 4,189,993 
Total FHLB borrowing capacity(1)$6,060,558 $8,854,696 
Unused federal funds lines available from commercial banks$1,570,000 $1,370,000 
Unused Federal Reserve borrowings capacity$10,975,549 $5,436,652 
Unused revolving line of credit(2)
$75,000 $75,000 
(1)FHLB borrowings are collateralized by a blanket floating lien on certain real estate secured loans and certain pledged securities.
(2)Unsecured revolving, non-amortizing line of credit with maturity date of February 8, 2026. Proceeds may be used for general corporate purposes, including funding regulatory capital infusions into the Bank. The loan agreement contains customary financial covenants and restrictions. No borrowings were made against this line of credit during the six months ended June 30, 2025 or 2024.
The Company has long-term debt outstanding of $620.3 million as of June 30, 2025, comprised of trust preferred securities and subordinated notes with maturity dates ranging from January 2026 to December 2036. See Note 5 - Short-Term Borrowings and Long-Term Debt in the accompanying notes to the consolidated financial statements included elsewhere in this report for additional information. The Company may consider raising additional capital, if needed, in public or private offerings of debt or equity securities to supplement deposits and meet its long-term funding needs.
As the Company is a holding company and is a separate operating entity from the Bank, the Company’s primary sources of liquidity are dividends received from the Bank and borrowings from outside sources. Banking regulations may limit the amount of dividends that may be paid by the Bank. See Note 7 - Regulatory Ratios and Capital in the accompanying notes to the consolidated financial statements included elsewhere in this report for additional information regarding dividend restrictions and “Liquidity Risks” included in Part I, Item 1A. Risk Factors of the 2024 Form 10-K.
Periodically, based on market conditions and other factors, and subject to compliance with applicable laws and regulations and the terms of its existing indebtedness, the Company may repay, repurchase, exchange or redeem outstanding indebtedness, or otherwise enter into transactions regarding debt or capital structure. For example, the Company periodically evaluates and may engage in liability management transactions, including repurchases or redemptions of outstanding subordinated notes, which may be funded by the issuance of, or exchanges of, newly issued unsecured borrowings to actively manage the debt maturity profile and interest cost.
Capital Resources
The Company’s equity capital averaged $3.5 billion for the six months ended June 30, 2025 compared to $3.2 billion for the same period in 2024. The Company has not paid any cash dividends on common stock since operations commenced and has no plans to do so in the foreseeable future.
On January 22, 2025, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $200.0 million in shares of its outstanding common stock, excluding the effect of excise tax expense incurred on net stock repurchases. The share repurchase program expires on January 31, 2026, but may be suspended or discontinued at any time. Remaining repurchase authorization under the January 17, 2024 share repurchase program was terminated upon authorization of this new program. During the six months ended June 30, 2025, the Company repurchased 713,966 shares of its common stock for an aggregate purchase price, including excise tax expense, of $52.2 million, at a weighted average price of $72.58 per share.
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Any repurchases under the Company’s repurchase program will be made in accordance with applicable securities laws from time to time in open market or private transactions. The extent to which the Company repurchases shares, and the timing of such repurchases, will be at management’s discretion and will depend upon a variety of factors, including market conditions, the Company’s capital position and amount of retained earnings, regulatory requirements and other considerations.
For additional information on the Company’s capital and stockholders’ equity, see Note 7 - Regulatory Ratios and Capital, in the accompanying notes to the consolidated financial statements included elsewhere in this report.
Critical Accounting Estimates
SEC guidance requires disclosure of “critical accounting estimates.” The SEC defines “critical accounting estimates” as those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations of the registrant.
The Company follows financial accounting and reporting policies that are in accordance with accounting principles generally accepted in the United States. The more significant of these policies are summarized in Note 1 - Operations and Summary of Significant Accounting Policies in the notes to the consolidated financial statements included in the Company’s 2024 Form 10-K. Not all significant accounting policies require management to make difficult, subjective or complex judgments. However, the policy noted below could be deemed to meet the SEC’s definition of a critical accounting estimate.
Allowance for Credit Losses
Management considers the policies related to the allowance for credit losses as the most critical to the financial statement presentation. The total allowance for credit losses includes activity related to allowances calculated in accordance with Accounting Standards Codification 326, Credit Losses. The allowance for credit losses is established through a provision for credit losses charged to current earnings. The amount maintained in the allowance reflects management’s continuing evaluation of the credit losses expected to be recognized over the life of the loans in the Company’s portfolio. The allowance for credit losses on loans is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. The allowance for credit losses on off-balance sheet financial instruments is recorded in other liabilities on the consolidated balance sheets. For purposes of determining the allowance for credit losses, the loan portfolio is segregated into pools first by portfolio segment and then by past due status or credit grade. Each pool is assigned a loss estimate, reflecting historical loss rates that incorporate probability of default and severity of losses over the estimated remaining life of the loans. Loans that do not share risk characteristics are evaluated on an individual basis and are not included in the collective (pool) evaluation. Management estimates the allowance balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Modifications to loss estimates are made to incorporate a reasonable and supportable forecast of future losses at the pool level, as well as any necessary qualitative adjustments using a Portfolio Level Qualitative Factor (“PLQF”) and/or a Portfolio Segment Level Qualitative Factor (“SLQF”). A similar process is employed to calculate a reserve assigned to off-balance sheet financial instruments, specifically unfunded loan commitments and letters of credit. Modified loss estimates are assigned based on the balance of the commitments estimated to be outstanding at the time of default. The PLQF and SLQF are utilized to address factors that are not present in historical loss rates and are otherwise unaccounted for in the quantitative process. A reserve is recorded upon origination or purchase of a loan. See “Summary of Credit Loss Experience” above and Note 4 - Loans and Allowance for Credit Losses on Loans in the accompanying notes to the consolidated financial statements included elsewhere in this report for further discussion of the risk factors considered by management in establishing the allowance for credit losses.
Management considers a range of macroeconomic scenarios in connection with the allowance estimation process. Within the various economic scenarios considered as of June 30, 2025, the quantitative estimate of the allowance for credit loss would increase by approximately $145.4 million under sole consideration of the most severe downside scenario. The quoted sensitivity calculation reflects the sensitivity of the modeled allowance estimate to macroeconomic forecast data, but is absent of qualitative overlays and other qualitative adjustments that are part of the quarterly reserving process and does not necessarily reflect the nature and extent of future changes in the allowance for reasons including increases or decreases in qualitative adjustments, changes in the risk profile and size of the portfolio, changes in the severity of the macroeconomic scenario and the range of scenarios under management consideration.
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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Market risk represents the potential economic loss on trading and non-trading portfolios and financial instruments due to adverse price movements in markets including interest rates, foreign exchange rates, credit spreads, commodity prices and equity and related implied volatility levels. The Company is subject to market risk primarily through the effect of changes in interest rates on its portfolio of assets held for purposes other than trading and interest rate derivative instruments that are used for managing interest rate risk. In addition, the Company has exposure to market risk through its trading desks that engage in securities, derivatives and foreign exchange transactions to support the capital raising, investing and hedging activities of customers. The Company may manage or reduce market risk through the use of hedging, short sale or other similar transactions intended to reduce market risk to be within tolerance levels designated by the Company’s market risk management strategy. The Company uses Value-at-Risk (“VaR”) as a means to measure, monitor, and limit aggregate market risk on the trading portfolio. VaR is a statistical risk measure estimating potential loss at the 95th percentile based on a one-year history of market risk factors associated with the trading portfolio. VaR provides a consistent cross-asset measure for risk profiles and allows for diversification benefit based on historical correlations across market moves. As of June 30, 2025, the Company’s exposure through its trading desk does not pose a significant market risk to the Company. All statistical models involve a degree of uncertainty and VaR is calculated at a statistical confidence interval of the 95th percentile based on one-year daily historic market moves. Larger economic losses are possible, particularly during stressed macroeconomic and market conditions.
The responsibility for managing market risk rests with the ALCO, which operates under policy guidelines established by the Company’s board of directors. Oversight of the Company’s compliance with the guidelines is the ongoing responsibility of the ALCO, with exceptions reported to the Executive Risk Committee and the board of directors, if necessary, on a quarterly basis.
Interest Rate Risk Management
The Company’s interest rate sensitivity as of June 30, 2025 is illustrated in the following table. The table reflects rate-sensitive positions as of June 30, 2025 and is not necessarily indicative of positions on other dates. The table does not take into account the effect of the Company’s derivatives designated as cash flow hedges. The balances of interest rate sensitive assets and liabilities are presented in the periods in which they next reprice to market rates or mature and are aggregated to show the interest rate sensitivity gap. The mismatch between repricings or maturities within a time period is commonly referred to as the “gap” for that period. A positive gap (asset sensitive), where interest rate sensitive assets exceed interest rate sensitive liabilities, generally will result in the net interest margin increasing in a rising rate environment and decreasing in a falling rate environment. A negative gap (liability sensitive) will generally have the opposite results on the net interest margin. Certain variable rate loans have embedded floors which limit the decline in yield on those loans at times when market interest rates are extraordinarily low. The degree of asset sensitivity, spreads on loans and net interest margin may be reduced until rates increase by an amount sufficient to eliminate the effects of floors. The adverse effect of floors as market rates increase may also be offset by the positive gap, the extent to which rates on deposits and other funding sources lag increasing market rates for loans and changes in composition of funding.
(in thousands)0-3 months4-12 months1-3 years3+ yearsTotal
Assets
Interest bearing cash and cash equivalents$2,507,691 $— $— $— $2,507,691 
Investment securities(1)84,176 682 21,729 4,502,041 4,608,628 
Variable loans22,315,437 259,430 145,564 222,098 22,942,529 
Fixed loans51,191 83,284 236,868 712,322 1,083,665 
Total loans(2)22,366,628 342,714 382,432 934,420 24,026,194 
Total interest sensitive assets$24,958,495 $343,396 $404,161 $5,436,461 $31,142,513 
Liabilities
Interest bearing customer deposits$16,108,333 $— $— $— $16,108,333 
CDs1,072,587 1,053,723 108,457 3,203 2,237,970 
Total interest bearing deposits17,180,920 1,053,723 108,457 3,203 18,346,303 
Short-term borrowings1,250,000 — — — 1,250,000 
Long-term debt113,406 134,408 — 372,442 620,256 
Total borrowings1,363,406 134,408 — 372,442 1,870,256 
Total interest sensitive liabilities$18,544,326 $1,188,131 $108,457 $375,645 $20,216,559 
GAP$6,414,169 $(844,735)$295,704 $5,060,816 $— 
Cumulative GAP$6,414,169 $5,569,434 $5,865,138 $10,925,954 $10,925,954 
Non-interest bearing deposits7,718,006 
Stockholders’ equity3,510,070 
Total$11,228,076 
(1)Available-for-sale debt securities, equity securities and trading securities based on fair market value.
(2)Total loans include gross loans held for investment and loans held for sale.
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While a gap interest table is useful in analyzing interest rate sensitivity, an interest rate sensitivity simulation provides a better illustration of the sensitivity of earnings to changes in interest rates. Earnings are also affected by the effects of changing interest rates on the value of funding derived from non-interest bearing deposits and stockholders’ equity. Management performs a sensitivity analysis to identify interest rate risk exposure on net interest income. Management also quantifies and measures interest rate risk exposure using a model to dynamically simulate the effect of changes in net interest income relative to changes in interest rates over the next twelve months based on different interest rate scenarios. These are a static rate scenario and “shock test” scenarios, as described below.
These scenarios are based on interest rates as of the last day of a reporting period published by independent sources and incorporate relevant spreads of instruments that are actively traded in the open market. The Federal Reserve’s federal funds target affects short-term borrowing; the prime lending rate, SOFR and other alternative indexes are the basis for most of the variable-rate loan pricing. The 10-year treasury rate is also monitored because of its effect on prepayment speeds for mortgage-backed securities. These are the Company’s primary interest rate exposures. Interest rate derivative contracts may be used to manage exposure to adverse fluctuations in these primary interest rate exposures as is discussed in more detail under the heading Use of Derivatives to Manage Interest Rate and Other Risks below.
For modeling purposes, the “shock test” scenarios as of June 30, 2025 and June 30, 2024 assume immediate parallel, sustained 100 and 200 basis point increases in interest rates as well as 100 and 200 basis point decreases in interest rates. The Company will continue to evaluate these scenarios as interest rates change.
The Company’s interest rate risk exposure model incorporates assumptions regarding the level of interest rate, including indeterminable maturity deposits (non-interest bearing deposits, interest bearing transaction accounts and savings accounts) and loan and security prepayment behaviors for a given level of market rate change. In the current environment of changing short-term rates, deposit pricing can vary by product and customer. These assumptions have been developed through a combination of historical analysis and projection of future expected pricing behavior. Changes in prepayment behavior of mortgage-backed securities and residential and commercial mortgage loans in each rate environment are captured using industry estimates of prepayment speeds for various coupon segments of the portfolio. The impact of these changes is factored into the simulation model results and indicated interest rate sensitivity as follows:
Annualized Hypothetical Change in Net Interest Income
June 30, 2025June 30, 2024
     + 200 basis points7.4 %4.1 %
     + 100 basis points3.8 %2.1 %
     - 100 basis points(5.9)%(5.0)%
     - 200 basis points(12.0)%(10.0)%
The simulations used to manage interest rate risk are based on numerous assumptions regarding the effect of changes in interest rates on the timing and extent of repricing characteristics, future cash flows and customer behavior. These assumptions are inherently uncertain and, as a result, the model cannot precisely estimate net interest income or precisely predict the impact of higher or lower interest rates on net interest income. Actual results will differ from simulated results due to timing, magnitude and frequency of interest rate changes as well as changes in market conditions, customer behavior and management strategies, among other factors.
Use of Derivatives to Manage Interest Rate and Other Risks
In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers.
On the date the Company enters into a derivative contract, the derivative is designated as either a fair value hedge, cash flow hedge, net investment hedge, or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations.
To manage the sensitivity of earnings and capital to interest rate, prepayment, credit, price and foreign currency fluctuations (asset and liability management positions), the Company may enter into derivative transactions. In addition, the Company enters into interest rate and foreign exchange derivative contracts to support the business requirements of its customers (customer-related positions).
For additional information regarding derivatives, see Note 10 - Derivative Financial Instruments in the accompanying notes to the consolidated financial statements included elsewhere in this report.
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ITEM 4.    CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the supervision and participation of its Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based upon that evaluation, the Company has concluded that, as of the end of such period, its disclosure controls and procedures were effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed in the reports that the Company files or submits under the Exchange Act and were effective in ensuring that information required to be disclosed in the reports filed or submitted under the Exchange Act is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(e) and 15d-15(f) under the Exchange Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
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PART II - OTHER INFORMATION
ITEM 1.     LEGAL PROCEEDINGS
The Company is subject to various claims and legal actions that may arise in the ordinary course of conducting its business. Management does not expect the disposition of any of these matters to have a material adverse impact on the Company’s financial statements or results of operations. 
ITEM 1A.     RISK FACTORS
There have been no material changes in the Company’s risk factors from those previously disclosed in Part I, Item 1A of the 2024 Form 10-K.
ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The Company repurchased shares of its common stock in the open market during the six months ended June 30, 2025 as follows:
Total Number ofApproximate Dollar Value
Shares Purchased as Partof Shares That May Yet
Total Number ofAverage Price Paidof Publicly AnnouncedBe Purchased Under the
Shares Purchased
per Share(1)
Plans or Programs(2)
Plans or Programs(1)(2)
Total first quarter 2025
396,106 $78.25 396,106 $169,003,778 
April 2025271,636 $64.67 271,636 $151,437,945 
May 202538,875 70.31 38,875 148,704,792 
June 20257,349 70.93 7,349 148,183,554 
Total second quarter 2025
317,860 $65.50 317,860 $148,183,554 
Total 2025
713,966 $72.58 713,966 $148,183,554 
(1)    The approximate dollar value of shares that may yet be purchased under the plans or programs and average price paid per share do not include the effect of excise tax expense incurred on net stock repurchases.
(2)    On January 22, 2025, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $200.0 million in shares of its outstanding common stock, excluding the effect of excise tax expense incurred on net stock repurchases. Any repurchases under the repurchase program will be made in accordance with applicable securities laws from time to time in open market or private transactions. The extent to which the Company repurchases shares, and the timing of such repurchases, will be at management’s discretion and will depend upon a variety of factors, including market conditions, the Company’s capital position and amount of retained earnings, regulatory requirements and other considerations. The share repurchase program is set to expire on January 31, 2026, and the program may be suspended or discontinued at any time. Remaining repurchase authorization under the January 17, 2024 share repurchase program was terminated upon authorization of this new program.
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Table of Contents

ITEM 6.     EXHIBITS, FINANCIAL STATEMENT SCHEDULES
(a) Exhibits

10.1
31.1
31.2
32.1
32.2
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHXBRL Taxonomy Extension Schema Document*
101.CALXBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFXBRL Taxonomy Extension Definition Linkbase Document*
101.LABXBRL Taxonomy Extension Label Linkbase Document*
101.PREXBRL Taxonomy Extension Presentation Linkbase Document*
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
*    Filed herewith
**    Furnished herewith
+    Management contract or compensatory plan arrangement


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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
TEXAS CAPITAL BANCSHARES, INC.
Date: July 17, 2025
/s/ J. Matthew Scurlock
J. Matthew Scurlock
Chief Financial Officer
(Duly authorized officer and principal financial officer)
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What is the market capitalization of a company?

The market capitalization sometimes referred as Marketcap, is the value of a publicly listed company.
In most cases it can be easily calculated by multiplying the share price with the amount of outstanding shares.

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