Texas Capital Bancshares - 10-Q quarterly report FY2025 Q3

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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 September 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

Dallas

USA

75201

(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 class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

TCBI

The Nasdaq Stock Market

5.75% Non-Cumulative Perpetual Preferred Stock Series B, par value $0.01 per share

TCBIO

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 Filer

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 October 21, 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 45,643,585

Table of Contents

Texas Capital Bancshares, Inc.

Form 10-Q

Quarter Ended September 30, 2025

Index

Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

TEXAS CAPITAL BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS - UNAUDITED



(in thousands except share data)	September 30, 2025		December 31, 2024
Assets
Cash and due from banks	$	212,438	$	176,501
Interest bearing cash and cash equivalents	2,852,387		3,012,307
Available-for-sale debt securities	3,801,261		3,524,686
Held-to-maturity debt securities	743,120		796,168
Equity securities	55,054		75,261
Trading securities	2,219		—
Investment securities	4,601,654		4,396,115

Loans held for investment, mortgage finance	6,057,804		5,215,574
Loans held for investment	18,134,059		17,234,492
Less: Allowance for credit losses on loans	274,026		271,709
Loans held for investment, net	23,917,837		22,178,357

Premises and equipment, net	88,348		85,443
Accrued interest receivable and other assets	862,820		881,664
Goodwill and intangibles, net	1,496		1,496
Total assets	$	32,536,980	$	30,731,883
Liabilities and Stockholders’ Equity
Liabilities:
Non-interest bearing deposits	$	7,689,598	$	7,485,428
Interest bearing deposits	19,815,800		17,753,171
Total deposits	27,505,398		25,238,599
Accrued interest payable	9,360		23,680
Other liabilities	489,708		556,322
Short-term borrowings	275,000		885,000
Long-term debt	620,416		660,346
Total liabilities	28,899,882		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 September 30, 2025 and December 31, 2024	300,000		300,000
Common stock, $0.01 par value:
Authorized shares - 100,000,000
Issued shares - 51,767,419 and 51,520,315 at September 30, 2025 and December 31, 2024, respectively	518		515
Additional paid-in capital	1,069,582		1,056,719
Retained earnings	2,712,298		2,495,651
Treasury stock - 6,087,556 and 5,286,503 shares at cost at September 30, 2025 and December 31, 2024, respectively	(361,076)		(301,842)
Accumulated other comprehensive loss, net of taxes	(84,224)		(183,107)
Total stockholders’ equity	3,637,098		3,367,936
Total liabilities and stockholders’ equity	$	32,536,980	$	30,731,883

See accompanying notes to consolidated financial statements.

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TEXAS CAPITAL BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME AND OTHER

COMPREHENSIVE INCOME - UNAUDITED



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands except per share data)	2025		2024		2025		2024
Interest income
Interest and fees on loans	$	379,017	$	361,407	$	1,077,525	$	1,037,537
Investment securities	49,396		38,389		141,952		104,117
Interest bearing cash and cash equivalents	32,202		52,737		107,994		150,325
Total interest income	460,615		452,533		1,327,471		1,291,979
Interest expense
Deposits	180,779		190,255		530,513		547,135
Short-term borrowings	534		13,784		12,224		39,316
Long-term debt	7,531		8,392		23,534		33,835

Total interest expense	188,844		212,431		566,271		620,286
Net interest income	271,771		240,102		761,200		671,693
Provision for credit losses	12,000		10,000		44,000		49,000
Net interest income after provision for credit losses	259,771		230,102		717,200		622,693
Non-interest income
Service charges on deposit accounts	8,111		6,307		24,133		18,557
Wealth management and trust fee income	3,989		4,040		11,683		11,306
Brokered loan fees	2,419		2,400		6,766		6,442

Investment banking and advisory fees	33,985		34,753		74,572		78,225
Trading income	7,238		5,786		21,073		16,148

Available-for-sale debt securities losses	—		(179,581)		(1,886)		(179,581)


Other	12,841		11,524		30,755		25,875
Total non-interest income	68,583		(114,771)		167,096		(23,028)
Non-interest expense
Salaries and benefits	119,856		121,138		371,651		368,705
Occupancy expense	11,828		12,937		34,816		33,340
Marketing	3,412		5,863		12,045		17,895
Legal and professional	12,474		11,135		38,532		38,603
Communications and technology	24,594		25,951		72,550		69,078
Federal Deposit Insurance Corporation insurance assessment	5,198		4,906		15,635		18,897


Other	13,213		13,394		38,642		39,608
Total non-interest expense	190,575		195,324		583,871		586,126
Income/(loss) before income taxes	137,779		(79,993)		300,425		13,539
Income tax expense/(benefit)	32,569		(18,674)		70,840		7,054
Net income/(loss)	105,210		(61,319)		229,585		6,485
Preferred stock dividends	4,313		4,313		12,938		12,938
Net income/(loss) available to common stockholders	$	100,897	$	(65,632)	$	216,647	$	(6,453)
Other comprehensive income/(loss)
Change in unrealized gain/(loss)	$	30,909	$	109,849	$	101,226	$	53,567
Amounts reclassified into net income	6,172		199,599		26,498		239,132
Other comprehensive income	37,081		309,448		127,724		292,699
Income tax expense	8,374		69,873		28,841		58,852
Other comprehensive income, net of tax	28,707		239,575		98,883		233,847
Comprehensive income	$	133,917	$	178,256	$	328,468	$	240,332
Basic earnings/(loss) per common share	$	2.21	$	(1.42)	$	4.72	$	(0.14)
Diluted earnings/(loss) per common share	$	2.18	$	(1.41)	$	4.67	$	(0.14)

See accompanying notes to consolidated financial statements.

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TEXAS CAPITAL BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - UNAUDITED


	Preferred Stock			Common Stock			Additional				Treasury Stock			Accumulated Other
							Paid-in		Retained					Comprehensive
(in thousands except share data)	Shares	Amount		Shares	Amount		Capital		Earnings		Shares	Amount		Income/(Loss)		Total
Balance at June 30, 2024	300,000	$	300,000	51,474,581	$	515	$	1,050,114	$	2,494,572	(5,286,503)	$	(301,868)	$	(367,732)	$	3,175,601

Comprehensive income/(loss):
Net loss	—	—		—	—		—		(61,319)		—	—		—		(61,319)
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		239,575		239,575
Total comprehensive income																178,256

Stock-based compensation expense recognized in earnings	—	—		—	—		4,957		—		—	—		—		4,957

Preferred stock dividend	—	—		—	—		—		(4,313)		—	—		—		(4,313)
Issuance of stock related to stock-based awards	—	—		19,679	—		(457)		—		—	—		—		(457)




Balance at September 30, 2024	300,000	$	300,000	51,494,260	$	515	$	1,054,614	$	2,428,940	(5,286,503)	$	(301,868)	$	(128,157)	$	3,354,044

Balance at June 30, 2025	300,000	$	300,000	51,747,305	$	517	$	1,065,083	$	2,611,401	(6,000,469)	$	(354,000)	$	(112,931)	$	3,510,070

Comprehensive income/(loss):
Net income	—	—		—	—		—		105,210		—	—		—		105,210
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		28,707		28,707
Total comprehensive income																133,917

Stock-based compensation expense recognized in earnings	—	—		—	—		5,146		—		—	—		—		5,146

Preferred stock dividend	—	—		—	—		—		(4,313)		—	—		—		(4,313)
Issuance of stock related to stock-based awards	—	—		20,114	1		(647)		—		—	—		—		(646)
Repurchase of common stock	—	—		—	—		—		—		(87,087)	(7,076)		—		(7,076)



Balance at September 30, 2025	300,000	$	300,000	51,767,419	$	518	$	1,069,582	$	2,712,298	(6,087,556)	$	(361,076)	$	(84,224)	$	3,637,098

See accompanying notes to consolidated financial statements.

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TEXAS CAPITAL BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - UNAUDITED


	Preferred Stock			Common Stock			Additional				Treasury Stock			Accumulated Other
							Paid-in		Retained					Comprehensive
(in thousands except share data)	Shares	Amount		Shares	Amount		Capital		Earnings		Shares	Amount		Income/(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	—	—		—	—		—		6,485		—	—		—		6,485
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		233,847		233,847
Total comprehensive income																240,332

Stock-based compensation expense recognized in earnings	—	—		—	—		18,229		—		—	—		—		18,229

Preferred stock dividend	—	—		—	—		—		(12,938)		—	—		—		(12,938)
Issuance of stock related to stock-based awards	—	—		351,281	4		(9,191)		—		—	—		—		(9,187)



Repurchase of common stock	—	—		—	—		—		—		(1,381,436)	(81,534)		—		(81,534)
Balance at September 30, 2024	300,000	$	300,000	51,494,260	$	515	$	1,054,614	$	2,428,940	(5,286,503)	$	(301,868)	$	(128,157)	$	3,354,044

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	—	—		—	—		—		229,585		—	—		—		229,585
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		98,883		98,883
Total comprehensive income																328,468

Stock-based compensation expense recognized in earnings	—	—		—	—		20,425		—		—	—		—		20,425

Preferred stock dividend	—	—		—	—		—		(12,938)		—	—		—		(12,938)
Issuance of stock related to stock-based awards	—	—		247,104	3		(7,562)		—		—	—		—		(7,559)
Repurchase of common stock	—	—		—	—		—		—		(801,053)	(59,234)		—		(59,234)



Balance at September 30, 2025	300,000	$	300,000	51,767,419	$	518	$	1,069,582	$	2,712,298	(6,087,556)	$	(361,076)	$	(84,224)	$	3,637,098

See accompanying notes to consolidated financial statements.

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TEXAS CAPITAL BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS



	Nine Months Ended September 30,
(in thousands)	2025		2024
Operating activities
Net income	$	229,585	$	6,485
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	44,000		49,000

Depreciation and amortization	36,291		38,917

Net loss on available-for-sale debt securities	1,886		179,581
Net gain on equity securities	(2,265)		(6,727)
Sales/(purchases) of trading securities, net	(2,219)		—



Stock-based compensation expense	28,614		21,208


Proceeds from sales and repayments of loans held for sale	—		53,494



Changes in operating assets and liabilities:
Accrued interest receivable and other assets	(39,949)		(60,683)
Accrued interest payable and other liabilities	(66,283)		180,584
Net cash provided by operating activities	229,660		461,859
Investing activities
Purchases of available-for-sale debt securities	(843,190)		(1,793,339)
Proceeds from sales of available-for-sale debt securities	280,402		1,057,159
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities	385,694		514,159
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities	55,555		55,696
Sales/(purchases) of equity securities, net	22,472		(15,874)
Originations of loans held for investment, mortgage finance	(71,110,334)		(60,379,814)
Proceeds from pay-offs of loans held for investment, mortgage finance	70,268,104		58,828,483

Net increase in loans held for investment, excluding mortgage finance loans	(936,069)		(446,916)

Purchase of premises and equipment, net	(12,910)		(57,435)


Net cash used in investing activities	(1,890,276)		(2,237,881)
Financing activities
Net increase in deposits	2,266,799		3,493,416
Issuance of stock related to stock-based awards	(7,559)		(9,187)



Preferred stock dividends paid	(12,938)		(12,938)
Repurchase of common stock	(59,234)		(81,534)
Net decrease in short-term borrowings	(610,000)		(465,000)


Redemption of long-term debt	(40,435)		(200,000)

Net cash provided by financing activities	1,536,633		2,724,757
Net increase/(decrease) in cash and cash equivalents	(123,983)		948,735
Cash and cash equivalents at beginning of period	3,188,808		3,242,850
Cash and cash equivalents at end of period	$	3,064,825	$	4,191,585
Supplemental disclosures of cash flow information
Cash paid during the period for interest	$	580,591	$	672,199
Cash paid during the period for income taxes	67,402		48,040
Transfers of loans from held for investment to held for sale	—		18,411

See accompanying notes to consolidated financial statements.

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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.

Effective September 19, 2025, the Bank became a member of the Federal Reserve System. As a result, the Board of Governors of the Federal Reserve System assumed the role as the Bank’s primary federal regulator, succeeding the Federal Deposit Insurance Corporation. The Texas Department of Banking will continue to serve as the Bank’s primary state regulator.

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.

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(2) Earnings Per Share

The following table presents the computation of basic and diluted earnings per share:



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands except share and per share data)	2025		2024		2025		2024
Numerator:
Net income/(loss)	$	105,210	$	(61,319)	$	229,585	$	6,485
Preferred stock dividends	4,313		4,313		12,938		12,938
Net income/(loss) available to common stockholders	$	100,897	$	(65,632)	$	216,647	$	(6,453)
Denominator:
Basic earnings per common share—weighted average common shares	45,708,185		46,201,518		45,873,276		46,674,034
Effect of dilutive outstanding stock-settled awards	524,982		407,224		474,960		379,683
Dilutive earnings per common share—weighted average diluted common shares	46,233,167		46,608,742		46,348,236		47,053,717
Basic earnings/(loss) per common share	$	2.21	$	(1.42)	$	4.72	$	(0.14)
Diluted earnings/(loss) per common share	$	2.18	$	(1.41)	$	4.67	$	(0.14)
Anti-dilutive outstanding stock-settled awards	—		622		207		62,560

(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
September 30, 2025
Available-for-sale debt securities:


Residential mortgage-backed securities	$	3,616,063	$	28,099	$	(100,147)	$	3,544,015
Commercial mortgage-backed securities	243,360		2,899		(6)		246,253


Credit risk transfer securities	11,447		—		(454)		10,993
Total available-for-sale debt securities	3,870,870		30,998		(100,607)		3,801,261
Held-to-maturity debt securities:
Residential mortgage-backed securities	743,120		—		(81,197)		661,923
Total held-to-maturity debt securities	743,120		—		(81,197)		661,923
Equity securities							55,054
Trading securities							2,219
Total investment securities(2)							$	4,601,654
December 31, 2024
Available-for-sale debt securities:
U.S. Treasury securities	$	280,137	$	—	$	(2,852)	$	277,285

Residential mortgage-backed securities	3,195,145		7,200		(168,302)		3,034,043
Commercial mortgage-backed securities	206,830		—		(5,398)		201,432


Credit risk transfer securities	12,466		—		(540)		11,926
Total available-for-sale debt securities	3,694,578		7,200		(177,092)		3,524,686
Held-to-maturity securities:
Residential mortgage-backed securities	796,168		—		(117,994)		678,174
Total held-to-maturity securities	796,168		—		(117,994)		678,174
Equity securities							75,261

Total investment securities(2)							$	4,396,115

(1) Excludes accrued interest receivable of $15.6 million and $13.8 million at September 30, 2025 and December 31, 2024, respectively, related to available-for-sale debt securities and $1.2 million and $1.3 million at September 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.

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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. In the third quarter of 2024, the Company sold available-for-sale debt securities with an amortized cost basis of $1.2 billion and realized a loss of $179.6 million.

The amortized cost and estimated fair value as of September 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-sale				Held-to-maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

Due within one year	$	—	$	—	$	—	$	—
Due after one year through five years	—		—		—		—
Due after five years through ten years	255,563		258,015		—		—
Due after ten years	3,615,307		3,543,246		743,120		661,923
Total	$	3,870,870	$	3,801,261	$	743,120	$	661,923

The table below presents the weighted average yields for the Company’s available-for-sale debt securities as of September 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		Credit risk transfer securities
Due within one year	—	%	—	%	—	%
Due after one year through five years	—		—		—
Due after five years through ten years	3.91		4.90		4.28
Due after ten years	4.71		—		—
Total	4.71	%	4.90	%	4.28	%

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 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
September 30, 2025


Residential mortgage-backed securities	$	23	$	—	$	1,014,549	$	(100,147)	$	1,014,572	$	(100,147)
Commercial mortgage-backed securities	33,327		(6)		—		—		33,327		(6)
Credit risk transfer securities	—		—		10,993		(454)		10,993		(454)
Total	$	33,350	$	(6)	$	1,025,542	$	(100,601)	$	1,058,892	$	(100,607)
December 31, 2024
U.S. Treasury securities	$	—	$	—	$	277,285	$	(2,852)	$	277,285	$	(2,852)

Residential mortgage-backed securities	1,338,801		(18,141)		1,323,180		(150,161)		2,661,981		(168,302)
Commercial mortgage-backed securities	201,432		(5,398)		—		—		201,432		(5,398)
Credit risk transfer securities	—		—		11,926		(540)		11,926		(540)
Total	$	1,540,233	$	(23,539)	$	1,612,391	$	(153,553)	$	3,152,624	$	(177,092)

At September 30, 2025, the Company had 32 available-for-sale debt securities in an unrealized loss position, comprised of 29 residential mortgage-backed securities, one commercial mortgage-backed securities and two credit risk transfer 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 September 30, 2025 and December 31, 2024, no allowance for credit losses was established for available-for-sale or held-to-maturity debt securities.

At September 30, 2025 and December 31, 2024, debt securities with carrying values of approximately $951,000 and $940,000, respectively, were pledged to secure certain customer deposits.

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Equity Securities

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 September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Net gains/(losses) recognized during the period	$	2,369	$	2,752	$	2,265	$	6,727
Less: Realized net gains/(losses) recognized on securities sold	831		482		1,862		853
Unrealized net gains/(losses) recognized on securities still held	$	1,538	$	2,270	$	403	$	5,874

(4) Loans and Allowance for Credit Losses on Loans

Loans are summarized by portfolio segment as follows:



(in thousands)	September 30, 2025		December 31, 2024

Loans held for investment(1):
Commercial	$	11,999,025	$	11,145,591
Mortgage finance	6,057,804		5,215,574
Commercial real estate	5,696,720		5,616,282
Consumer	540,126		565,376



Gross loans held for investment	24,293,675		22,542,823
Unearned income (net of direct origination costs)	(101,812)		(92,757)
Total loans held for investment	24,191,863		22,450,066
Allowance for credit losses on loans	(274,026)		(271,709)
Total loans held for investment, net	$	23,917,837	$	22,178,357

(1) Excludes accrued interest receivable of $107.6 million and $107.3 million at September 30, 2025 and December 31, 2024, respectively, that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.

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The following tables summarize gross loans held for investment by year of origination and internally assigned credit grades:


(in thousands)	2025		2024		2023		2022		2021		2020 and prior		Revolving lines of credit		Revolving lines of credit converted to term loans		Total
September 30, 2025
Commercial
(1-7) Pass	$	1,515,522	$	1,304,446	$	786,716	$	905,138	$	205,979	$	158,114	$	6,708,635	$	30,271	$	11,614,821
(8) Special mention	972		25,126		7,624		55,824		2,620		10,778		25,298		300		128,542
(9) Substandard - accruing	793		9,423		60,075		14,400		35,910		758		62,337		—		183,696
(9+) Non-accrual	14,613		—		4,140		27,072		—		12,575		13,566		—		71,966
Total commercial	$	1,531,900	$	1,338,995	$	858,555	$	1,002,434	$	244,509	$	182,225	$	6,809,836	$	30,571	$	11,999,025
Mortgage finance
(1-7) Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	6,057,804	$	—	$	6,057,804
(8) Special mention	—		—		—		—		—		—		—		—		—
(9) Substandard - accruing	—		—		—		—		—		—		—		—		—
(9+) Non-accrual	—		—		—		—		—		—		—		—		—
Total mortgage finance	$	—	$	—	$	—	$	—	$	—	$	—	$	6,057,804	$	—	$	6,057,804
Commercial real estate
(1-7) Pass	$	653,167	$	608,176	$	951,334	$	1,690,702	$	694,803	$	692,056	$	255,206	$	7,448	$	5,552,892
(8) Special mention	—		25,532		—		87,907		3,263		1,856		—		792		119,350
(9) Substandard - accruing	12		348		—		—		—		—		—		—		360
(9+) Non-accrual	—		—		3,034		21,084		—		—		—		—		24,118
Total commercial real estate	$	653,179	$	634,056	$	954,368	$	1,799,693	$	698,066	$	693,912	$	255,206	$	8,240	$	5,696,720
Consumer
(1-7) Pass	$	28,850	$	41,970	$	29,979	$	53,067	$	74,023	$	116,102	$	194,435	$	—	$	538,426
(8) Special mention	—		—		—		—		—		—		1,700		—		1,700
(9) Substandard - accruing	—		—		—		—		—		—		—		—		—
(9+) Non-accrual	—		—		—		—		—		—		—		—		—
Total consumer	$	28,850	$	41,970	$	29,979	$	53,067	$	74,023	$	116,102	$	196,135	$	—	$	540,126
Total	$	2,213,929	$	2,015,021	$	1,842,902	$	2,855,194	$	1,016,598	$	992,239	$	13,318,981	$	38,811	$	24,293,675
Gross charge-offs	$	7,061	$	704	$	2,371	$	5,692	$	28	$	858	$	21,228	$	—	$	37,942


(in thousands)	2024		2023		2022		2021		2020		2019 and prior		Revolving lines of credit		Revolving lines of credit converted to term loans		Total
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 mention	22,953		28,354		134,092		21,626		30		6,369		91,423		—		304,847
(9) Substandard - accruing	623		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 mention	25,532		4,353		70,161		15,831		299		13,731		—		872		130,779
(9) Substandard - accruing	—		—		—		—		—		20,230		—		—		20,230
(9+) Non-accrual	85		—		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

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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)	Commercial		Mortgage Finance		Commercial Real Estate		Consumer		Total
Nine Months Ended September 30, 2025
Beginning balance	$	198,423	$	2,755	$	68,825	$	1,706	$	271,709

Provision for credit losses on loans	35,106		5,944		(2,306)		75		38,819
Charge-offs	37,011		—		931		—		37,942
Recoveries	1,019		—		413		8		1,440
Net charge-offs (recoveries)	35,992		—		518		(8)		36,502
Ending balance	$	197,537	$	8,699	$	66,001	$	1,789	$	274,026
Nine Months Ended September 30, 2024
Beginning balance	$	171,437	$	4,173	$	71,829	$	2,534	$	249,973
Allowance established for acquired PCD loans	2,579		—		—		—		2,579
Provision for credit losses on loans	54,529		1,290		(6,840)		414		49,393
Charge-offs	23,661		—		5,698		30		29,389
Recoveries	587		—		—		—		587
Net charge-offs (recoveries)	23,074		—		5,698		30		28,802
Ending balance	$	205,471	$	5,463	$	59,291	$	2,918	$	273,143

The Company recorded a $38.8 million provision for credit losses on loans for the nine months ended September 30, 2025, compared to $49.4 million for the same period of 2024. The $38.8 million provision for credit losses on loans resulted primarily from an increase in total loans held for investment and $36.5 million in net charge-offs recorded during the nine months ended September 30, 2025, partially offset by decreases in criticized loans and non-accrual loans. Criticized loans totaled $529.7 million at September 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 September 30, 2025, the Company had $13.2 million in collateral-dependent commercial loans, collateralized by business assets, and $24.1 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 Due		Total Past Due		Non-accrual(1)		Current		Total		Non-accrual With No Allowance
September 30, 2025
Commercial	$	5,202	$	1,340	$	126	$	6,668	$	71,966	$	11,920,391	$	11,999,025	$	3,073
Mortgage finance	—		—		—		—		—		6,057,804		6,057,804		—
Commercial real estate	296		2,096		—		2,392		24,118		5,670,210		5,696,720		4,568
Consumer	—		—		—		—		—		540,126		540,126		—
Total	$	5,498	$	3,436	$	126	$	9,060	$	96,084	$	24,188,531	$	24,293,675	$	7,641

(1)As of September 30, 2025, $556,000 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 nine months ended September 30, 2025 compared to $272,000 for the same period in 2024. Accrued interest of $1.5 million and $917,000 was reversed during the nine months ended September 30, 2025 and September 30, 2024, respectively.

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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 nine months ended September 30, 2025 and September 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		Total		Percentage of Loans Held for Investment		Interest Rate Reduction	Term Extension (in months)	Payment Deferrals
Three Months Ended September 30, 2025
Commercial	$	791	$	8,948	$	758	$	10,497	0.04	%	—%	3 to 6	$	814

Commercial real estate	—		—		17,505		17,505		0.07	%	—%	6	737

Total	$	791	$	8,948	$	18,263	$	28,002	0.12	%
Three Months Ended September 30, 2024
Commercial	$	360	$	—	$	—	$	360	—	%	—%	0	$	42



Total	$	360	$	—	$	—	$	360	—	%

Nine Months Ended September 30, 2025
Commercial	$	12,100	$	19,950	$	23,126	$	55,176	0.23	%	—%	3 to 26	$	6,711

Commercial real estate	18,163		—		17,505		35,668		0.15	%	—%	6	1,106

Total	$	30,263	$	19,950	$	40,631	$	90,844	0.37	%
Nine Months Ended September 30, 2024
Commercial	$	28,082	$	553	$	7,439	$	36,074	0.16	%	—%	3 to 13	$	4,868

Commercial real estate	—		15,831		—		15,831		0.07	%	—%	3	—

Total	$	28,082	$	16,384	$	7,439	$	51,905	0.23	%

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 September 30, 2025
Commercial	$	179	$	3,000	$	14,613	$	17,792



Total	$	179	$	3,000	$	14,613	$	17,792
Three Months Ended September 30, 2024
Commercial	$	2,902	$	—	$	—	$	2,902



Total	$	2,902	$	—	$	—	$	2,902

Nine Months Ended September 30, 2025
Commercial	$	25,675	$	9,537	$	14,613	$	49,825

Commercial real estate	—		—		13,500		13,500

Total	$	25,675	$	9,537	$	28,113	$	63,325
Nine Months Ended September 30, 2024
Commercial	$	6,031	$	—	$	1,756	$	7,787



Total	$	6,031	$	—	$	1,756	$	7,787

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The table below provides an age analysis of gross loans held for investment as of September 30, 2025 and September 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-Accrual		Current		Total
September 30, 2025
Commercial	$	758	$	—	$	47,849	$	18,157	$	66,764

Commercial real estate	—		—		17,506		—		17,506

Total	$	758	$	—	$	65,355	$	18,157	$	84,270
September 30, 2024
Commercial	$	—	$	—	$	10,191	$	4,474	$	14,665

Commercial real estate	—		—		—		15,831		15,831

Total	$	—	$	—	$	10,191	$	20,305	$	30,496

(5) Short-Term Borrowings and Long-Term Debt

The table below presents a summary of short-term borrowings:


(in thousands)	September 30, 2025		December 31, 2024
Federal funds purchased	$	275,000	$	—

Federal Home Loan Bank borrowings	—		885,000
Total short-term borrowings	$	275,000	$	885,000

The table below presents a summary of long-term debt:



(in thousands)	September 30, 2025		December 31, 2024


Bank-issued 5.25% fixed rate subordinated notes due 2026	$	134,459	$	174,717
Company-issued 4.00% fixed rate subordinated notes due 2031	372,551		372,223
Trust preferred floating rate subordinated debentures due 2032 to 2036	113,406		113,406
Total long-term debt	$	620,416	$	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)	Commercial		Mortgage Finance		Commercial Real Estate		Consumer		Total
Nine Months Ended September 30, 2025
Beginning balance	$	47,907	$	23	$	5,351	$	51	$	53,332
Provision for off-balance sheet credit losses	5,717		2		(522)		(16)		5,181
Ending balance	$	53,624	$	25	$	4,829	$	35	$	58,513
Nine Months Ended September 30, 2024
Beginning balance	$	36,040	$	6	$	10,147	$	169	$	46,362
Provision for off-balance sheet credit losses	5,701		26		(6,100)		(20)		(393)
Ending balance	$	41,741	$	32	$	4,047	$	149	$	45,969


(in thousands)							September 30, 2025		December 31, 2024

Commitments to extend credit - period end balance							$	11,063,858	$	9,694,406
Standby letters of credit - period end balance							564,799		538,047

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(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 nine months ended September 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 nine months ended September 30, 2025, the Company repurchased 801,053 shares of its common stock for an aggregate price, including excise tax expense, of $59.2 million, at a weighted average price of $73.44 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 September 30, 2025 and December 31, 2024.


					September 30, 2025				December 31, 2024
(dollars in thousands)	Minimum Capital Required(2)		Capital Required to be Well Capitalized		Capital Amount		Ratio		Capital Amount		Ratio
The Company
CET1 capital (to risk-weighted assets)	7.00	%	N/A		$	3,419,546	12.14	%	$	3,251,979	11.38	%
Tier 1 capital (to risk-weighted assets)	8.50	%	6.00	%	3,829,546		13.60	%	3,661,979		12.82	%
Total capital (to risk-weighted assets)	10.50	%	10.00	%	4,534,636		16.10	%	4,390,656		15.37	%
Tier 1 capital (to average assets)(1)	4.00	%	N/A		3,829,546		11.88	%	3,661,979		11.33	%
The Bank
CET1 capital (to risk-weighted assets)	7.00	%	6.50	%	$	3,509,504	12.53	%	$	3,611,714	12.75	%
Tier 1 capital (to risk-weighted assets)	8.50	%	8.00	%	3,509,504		12.53	%	3,611,714		12.75	%
Total capital (to risk-weighted assets)	10.50	%	10.00	%	3,842,043		13.72	%	3,968,168		14.00	%
Tier 1 capital (to average assets)(1)	4.00	%	5.00	%	3,509,504		10.99	%	3,611,714		11.27	%

(1) The Tier 1 capital (to average assets) ratio 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 (to average assets) ratio 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.

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(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 September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Stock-settled awards:

RSUs	$	5,146	$	4,957	$	20,425	$	18,229

Cash-settled units	3,091		1,496		8,189		2,979
Total	$	8,237	$	6,453	$	28,614	$	21,208


(in thousands except period data)	September 30, 2025
Unrecognized compensation expense related to unvested stock-settled awards	$	22,406
Weighted average period over which stock-settled awards expense is expected to be recognized, in years	1.8
Unrecognized compensation expense related to cash-settled units	$	21,060
Weighted average period over which cash-settled units expense is expected to be recognized, in years	2.1

(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.

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Assets and liabilities measured at fair value are as follows:


	Fair Value Measurements Using
(in thousands)	Level 1		Level 2		Level 3
September 30, 2025
Available-for-sale debt securities:(1)


Residential mortgage-backed securities	$	—	$	3,544,015	$	—


Commercial mortgage-backed securities	—		246,253		—
Credit risk transfer securities	—		—		10,993
Equity securities(1)	45,054		10,000		—
Trading securities(1)	—		2,219		—

Loans held for investment(2)	—		—		21,057

Derivative assets(3)	—		37,297		—
Securities sold not yet purchased(4)	24,730		—		—
Derivative liabilities(3)	—		24,264		—
Non-qualified deferred compensation plan liabilities(5)	18,540		—		—
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		—
Credit risk transfer securities	—		—		11,926
Equity securities(1)	59,235		16,026		—

Loans held for investment(2)	—		—		35,318
Derivative assets(3)	—		23,202		—
Securities sold not yet purchased(4)	33,705		—		—
Derivative liabilities(3)	—		57,906		—
Non-qualified deferred compensation plan liabilities(5)	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)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.

(3)Derivative assets and liabilities are measured at fair value on a recurring basis, generally monthly.

(4)Securities sold not yet purchased are measured at fair value on a recurring basis, generally monthly.

(5)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.

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 Period		Purchases / Additions		Sales / Reductions		Realized		Unrealized		Balance at End of Period
Three Months Ended September 30, 2025
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	11,367	$	—	$	(382)	$	—	$	8	$	10,993

Three Months Ended September 30, 2024
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	12,328	$	—	$	(346)	$	—	$	20	$	12,002

Nine Months Ended September 30, 2025
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	11,926	$	—	$	(1,019)	$	—	$	86	$	10,993

Nine Months Ended September 30, 2024
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	11,995	$	—	$	(846)	$	—	$	853	$	12,002

(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).

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Credit risk transfer securities

The fair value of credit risk transfer 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 September 30, 2025, the discount rates utilized ranged from 4.65% to 5.68% and the weighted-average life ranged from 3.88 years to 5.90 years. On a combined amortized cost weighted-average basis a discount rate of 5.09% and a weighted-average life of 4.74 years were utilized to determine the fair value of these securities at September 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 $21.1 million fair value of loans held for investment at September 30, 2025 reported above includes impaired loans with a carrying value of $35.8 million that were reduced by specific allowance allocations totaling $14.7 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.

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)			Total		Level 1		Level 2		Level 3
September 30, 2025
Financial assets:
Cash and cash equivalents	$	3,064,825	$	3,064,825	$	3,064,825	$	—	$	—
Available-for-sale debt securities	3,801,261		3,801,261		—		3,790,268		10,993
Held-to-maturity debt securities	743,120		661,923		—		661,923		—
Equity securities	55,054		55,054		45,054		10,000		—
Trading securities	2,219		2,219		—		2,219		—

Loans held for investment, net	23,917,837		23,874,493		—		—		23,874,493
Derivative assets	37,297		37,297		—		37,297		—
Financial liabilities:
Total deposits	27,505,398		27,504,235		—		—		27,504,235
Short-term borrowings	275,000		275,000		—		275,000		—
Long-term debt	620,416		592,312		—		592,312		—
Securities sold not yet purchased	24,730		24,730		24,730		—		—
Derivative liabilities	24,264		24,264		—		24,264		—
December 31, 2024
Financial assets:
Cash and cash equivalents	$	3,188,808	$	3,188,808	$	3,188,808	$	—	$	—
Available-for-sale debt securities	3,524,686		3,524,686		277,285		3,235,475		11,926
Held-to-maturity debt securities	796,168		678,174		—		678,174		—
Equity securities	75,261		75,261		59,235		16,026		—

Loans held for investment, net	22,178,357		22,115,585		—		—		22,115,585
Derivative assets	23,202		23,202		—		23,202		—
Financial liabilities:
Total deposits	25,238,599		25,245,009		—		—		25,245,009
Short-term borrowings	885,000		885,000		—		885,000		—
Long-term debt	660,346		622,713		—		622,713		—
Securities sold not yet purchased	33,705		33,705		33,705		—		—
Derivative liabilities	57,906		57,906		—		57,906		—

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(10) Derivative Financial Instruments

The notional amounts and estimated fair values of derivative positions outstanding are presented in the following table.


	September 30, 2025						December 31, 2024
			Estimated Fair Value						Estimated Fair Value
(in thousands)	Notional Amount		Asset Derivative		Liability Derivative		Notional Amount		Asset Derivative		Liability Derivative
Derivatives designated as hedges
Cash flow hedges:
Interest rate contracts:
Swaps hedging loans	$	1,200,000	$	3,778	$	1,528	$	2,600,000	$	254	$	23,265
Non-hedging derivatives
Customer-initiated and other derivatives:
Foreign currency forward contracts	355,200		1,894		1,631		485,948		5,462		5,299
Interest rate contracts:
Swaps	6,502,321		37,382		37,382		6,273,301		45,771		45,771
Caps and floors written	2,055,925		4,028		1,417		970,451		1,066		2,529
Caps and floors purchased	2,055,925		1,417		4,028		970,451		2,529		1,066
Forward contracts	22,708,747		30,815		30,385		20,237,917		41,896		41,035
Gross derivatives			79,314		76,371				96,978		118,965
Netting adjustment - offsetting derivative assets/liabilities			(32,350)		(32,350)				(44,097)		(44,097)
Netting adjustment - cash collateral received/posted			(9,667)		(19,757)				(29,679)		(16,962)
Net derivatives included on the consolidated balance sheets			$	37,297	$	24,264			$	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 $37.3 million at September 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 September 30, 2025, the Company had $30.0 million in cash collateral pledged to counterparties included in interest bearing cash and cash equivalents on the consolidated balance sheet and $10.6 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 19 risk participation agreements where it acts as a participant bank with a notional amount of $228.9 million at September 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 $627,000 at September 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 September 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 46 risk participation agreements where the Company acts as the lead bank having a notional amount of $587.9 million at September 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 nine months ended September 30, 2025, the Company recorded $943,000 in unrealized gains to adjust its cash flow hedges to fair value, which was recorded net of tax to AOCI, and reclassified $21.6 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 $25,000 will be reclassified from AOCI as an increase to interest income. As of September 30, 2025, the maximum length of time over which forecasted transactions are hedged is 2.09 years.

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(11) Accumulated Other Comprehensive Income

The following table provides the change in AOCI by component:


(in thousands)	Cash Flow Hedges		Available-for-Sale Securities		Held-to-Maturity Securities		Total
Three Months Ended September 30, 2025
Beginning balance	$	(1,372)	$	(77,761)	$	(33,798)	$	(112,931)
Change in unrealized gain/(loss)	78		30,831		—		30,909
Amounts reclassified into net income	4,525		—		1,647		6,172
Total other comprehensive income	4,603		30,831		1,647		37,081
Income tax expense	1,040		6,962		372		8,374
Total other comprehensive income, net of tax	3,563		23,869		1,275		28,707
Ending balance	$	2,191	$	(53,892)	$	(32,523)	$	(84,224)
Three Months Ended September 30, 2024
Beginning balance	$	(45,215)	$	(283,559)	$	(38,958)	$	(367,732)
Change in unrealized gain/(loss)	18,849		91,000		—		109,849
Amounts reclassified into net income	18,251		179,581		1,767		199,599
Total other comprehensive income	37,100		270,581		1,767		309,448
Income tax expense	8,377		61,097		399		69,873
Total other comprehensive income, net of tax	28,723		209,484		1,368		239,575
Ending balance	$	(16,492)	$	(74,075)	$	(37,590)	$	(128,157)

Nine Months Ended September 30, 2025
Beginning balance	$	(15,275)	$	(131,531)	$	(36,301)	$	(183,107)
Change in unrealized gain/(loss)	943		100,283		—		101,226
Amounts reclassified into net income	21,618		—		4,880		26,498
Total other comprehensive income	22,561		100,283		4,880		127,724
Income tax expense	5,095		22,644		1,102		28,841
Total other comprehensive income, net of tax	17,466		77,639		3,778		98,883
Ending balance	$	2,191	$	(53,892)	$	(32,523)	$	(84,224)
Nine Months Ended September 30, 2024
Beginning balance	$	(45,749)	$	(273,806)	$	(42,449)	$	(362,004)
Change in unrealized gain/(loss)	(17,762)		71,329		—		53,567
Amounts reclassified into net income	54,371		179,581		5,180		239,132
Total other comprehensive income	36,609		250,910		5,180		292,699
Income tax expense	7,352		51,179		321		58,852
Total other comprehensive income, net of tax	29,257		199,731		4,859		233,847
Ending balance	$	(16,492)	$	(74,075)	$	(37,590)	$	(128,157)

(12) New Accounting Standards

Accounting Standards Update 2025-05 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”) provides certain entities with an additional practical expedient and an accounting policy election for estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions accounted for under Topic 606, Revenue from Contracts with Customers. ASU 2025-05 will be effective for the Company beginning January 1, 2026 for the Company’s interim and annual financial statements on Forms 10-Q and 10-K, respectively, with early adoption permitted and is not expected to have a significant impact on the Company’s financial statements.

Accounting Standards Update 2025-06 “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): (“ASU 2025-06”) removes all references to prescriptive and sequential software development stages and clarifies that the threshold for when an entity is required to start capitalizing software costs is when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 will be effective for the Company beginning January 1, 2028 for the Company’s interim and annual financial statements on Forms 10Q and 10-K, respectively, with early adoption permitted and is not expected to have a significant impact on the Company’s financial statements.

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Accounting Standards Update 2025-07 “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract” (“ASU 2025-07”) refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. ASU 2025-07 also clarifies the guidance on share-based payments from a customer in a revenue contract under Topic 606. ASU 2025-07 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, with early adoption permitted and is not expected to have a significant impact on the Company’s financial statements.

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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 nine months ended September 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 the Company’s 2024 Form 10-K. Operating results for the three and nine months ended September 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 artificial intelligence; 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 September 30,						Nine Months Ended September 30,
(dollars in thousands except per share data)	2025			2024			2025			2024
Net interest income	$	271,771		$	240,102		$	761,200		$	671,693
Provision for credit losses	12,000			10,000			44,000			49,000
Non-interest income	68,583			(114,771)			167,096			(23,028)
Non-interest expense	190,575			195,324			583,871			586,126
Income/(loss) before income taxes	137,779			(79,993)			300,425			13,539
Income tax expense/(benefit)	32,569			(18,674)			70,840			7,054
Net income/(loss)	105,210			(61,319)			229,585			6,485
Preferred stock dividends	4,313			4,313			12,938			12,938
Net income/(loss) available to common stockholders	$	100,897		$	(65,632)		$	216,647		$	(6,453)
Basic earnings/(loss) per common share	$	2.21		$	(1.42)		$	4.72		$	(0.14)
Diluted earnings/(loss) per common share	$	2.18		$	(1.41)		$	4.67		$	(0.14)
Net interest margin	3.47		%	3.16		%	3.34		%	3.07		%
Return on average assets (“ROA”)	1.30		%	(0.78)		%	0.97		%	0.03		%
Return on average common equity (“ROE”)	12.04		%	(8.87)		%	9.02		%	(0.30)		%
Efficiency ratio(1)	56.0		%	155.8		%	62.9		%	90.4		%
Non-interest income to average earning assets	0.88		%	(1.52)		%	0.73		%	(0.11)		%
Non-interest expense to average earning assets	2.44		%	2.59		%	2.57		%	2.71		%

(1) Non-interest expense divided by the sum of net interest income and non-interest income.

Three months ended September 30, 2025 compared to three months ended September 30, 2024

The Company reported net income of $105.2 million and net income available to common stockholders of $100.9 million for the third quarter of 2025, compared to net loss of $61.3 million and net loss available to common stockholders of $65.6 million for the third quarter of 2024. On a fully diluted basis, earnings per common share was $2.18 for the third quarter of 2025, compared to net loss per common share of $1.41 for the same period in 2024. ROE was 12.04% and ROA was 1.30% for the third quarter of 2025, compared to (8.87)% and (0.78)%, respectively, for the same period in 2024. The increase in net income for the third quarter of 2025 compared to the third quarter of 2024 resulted primarily from increases in net interest income and non-interest income.

Nine months ended September 30, 2025 compared to nine months ended September 30, 2024

The Company reported net income of $229.6 million and net income available to common stockholders of $216.6 million for the nine months ended September 30, 2025, compared to net income of $6.5 million and net loss available to common stockholders of $6.5 million for the same period in 2024. On a fully diluted basis, earnings per common share was $4.67 for the nine months ended September 30, 2025, compared to loss per common share of $0.14 for the same period in 2024. ROE was 9.02% and ROA was 0.97% for the nine months ended September 30, 2025, compared to (0.30)% and 0.03%, respectively, for the same period in 2024. The increase in net income for the nine months ended September 30, 2025 compared to the same period in 2024 resulted primarily from increases in net interest income and non-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 September 30, 2025						Three Months Ended September 30, 2024
(dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Assets
Investment securities(2)	$	4,635,066	$	49,401	4.14	%	$	4,314,834	$	38,389	3.34	%
Interest bearing cash and cash equivalents	2,920,102		32,202		4.38	%	3,958,843		52,737		5.30	%
Loans held for sale	—		—		—	%	23,793		565		9.44	%
Loans held for investment, mortgage finance	5,472,467		59,604		4.32	%	5,152,317		54,371		4.20	%
Loans held for investment(3)	18,253,451		319,921		6.95	%	16,792,446		306,541		7.26	%
Less: Allowance for credit losses on loans	277,385		—		—		266,915		—		—
Loans held for investment, net	23,448,533		379,525		6.42	%	21,677,848		360,912		6.62	%
Total earning assets	31,003,701		461,128		5.88	%	29,975,318		452,603		5.96	%
Cash and other assets	1,159,008						1,239,855
Total assets	$	32,162,709					$	31,215,173
Liabilities and Stockholders’ Equity
Transaction deposits	$	2,251,217	$	13,987	2.46	%	$	1,988,688	$	15,972	3.20	%
Savings deposits	14,650,152		143,327		3.88	%	12,240,616		147,770		4.80	%
Time deposits	2,158,228		23,465		4.31	%	2,070,537		26,513		5.09	%

Total interest bearing deposits	19,059,597		180,779		3.76	%	16,299,841		190,255		4.64	%
Short-term borrowings	44,022		534		4.82	%	1,012,608		13,784		5.42	%
Long-term debt	620,348		7,531		4.82	%	660,098		8,392		5.06	%
Total interest bearing liabilities	19,723,967		188,844		3.80	%	17,972,547		212,431		4.70	%
Non-interest bearing deposits	8,351,524						9,439,020
Other liabilities	463,034						558,368
Stockholders’ equity	3,624,184						3,245,238
Total liabilities and stockholders’ equity	$	32,162,709					$	31,215,173
Net interest income			$	272,284					$	240,172
Net interest margin					3.47	%					3.16	%

(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)




	Nine Months Ended September 30, 2025						Nine Months Ended September 30, 2024
(dollars in thousands)	Average Balance		Revenue / Expense		Yield / Rate		Average Balance		Revenue / Expense		Yield / Rate
Assets
Investment securities(2)	$	4,557,996	$	141,965	4.05	%	$	4,346,957	$	104,117	2.97	%
Interest bearing cash and cash equivalents	3,274,086		107,994		4.41	%	3,761,901		150,325		5.34	%
Loans held for sale	110		2		2.97	%	34,536		2,432		9.41	%
Loans held for investment, mortgage finance	4,929,539		156,838		4.25	%	4,345,393		128,548		3.95	%
Loans held for investment(3)	17,935,710		922,154		6.87	%	16,688,820		906,757		7.26	%
Less: Allowance for credit losses on loans	276,076		—		—	%	260,024		—		—	%
Loans held for investment, net	22,589,173		1,078,992		6.39	%	20,774,189		1,035,305		6.66	%
Total earning assets	30,421,365		1,328,953		5.82	%	28,917,583		1,292,179		5.90	%
Cash and other assets	1,144,443						1,158,758
Total assets	$	31,565,808					$	30,076,341
Liabilities and Stockholders’ Equity
Transaction deposits	$	2,209,490	$	41,626	2.52	%	$	2,018,824	$	49,812	3.30	%
Savings deposits	13,916,232		411,176		3.95	%	11,878,646		427,733		4.81	%
Time deposits	2,282,419		77,711		4.55	%	1,817,182		69,590		5.12	%

Total interest bearing deposits	18,408,141		530,513		3.85	%	15,714,652		547,135		4.65	%
Short-term borrowings	364,641		12,224		4.48	%	950,876		39,316		5.52	%
Long-term debt	643,274		23,534		4.89	%	765,616		33,835		5.90	%
Total interest bearing liabilities	19,416,056		566,271		3.90	%	17,431,144		620,286		4.75	%
Non-interest bearing deposits	8,141,135						8,910,067
Other liabilities	496,644						535,221
Stockholders’ equity	3,511,973						3,199,909
Total liabilities and stockholders’ equity	$	31,565,808					$	30,076,341
Net interest income			$	762,682					$	671,893
Net interest margin					3.34	%					3.07	%

(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 September 30,						Nine Months Ended September 30,
	2025/2024						2025/2024
	Net Change		Change Due To(1)				Net Change		Change Due To(1)
(in thousands)			Volume		Yield/Rate(2)				Volume		Yield/Rate(2)
Interest income
Investment securities	$	11,012	$	2,689	$	8,323	$	37,848	$	4,692	$	33,156
Interest bearing cash and cash equivalents	(20,535)		(13,839)		(6,696)		(42,331)		(19,501)		(22,830)
Loans held for sale	(565)		(565)		—		(2,430)		(2,425)		(5)
Loans held for investment, mortgage finance	5,233		3,380		1,853		28,290		17,274		11,016
Loans held for investment	13,380		26,662		(13,282)		15,397		67,769		(52,372)
Total interest income	8,525		18,327		(9,802)		36,774		67,809		(31,035)
Interest expense
Transaction deposits	(1,985)		2,112		(4,097)		(8,186)		4,710		(12,896)
Savings deposits	(4,443)		29,072		(33,515)		(16,557)		73,372		(89,929)
Time deposits	(3,048)		1,122		(4,170)		8,121		17,833		(9,712)
Short-term borrowings	(13,250)		(13,196)		(54)		(27,092)		(24,226)		(2,866)
Long-term debt	(861)		(506)		(355)		(10,301)		(5,404)		(4,897)
Total interest expense	(23,587)		18,604		(42,191)		(54,015)		66,285		(120,300)
Net interest income	$	32,112	$	(277)	$	32,389	$	90,789	$	1,524	$	89,265

(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 $271.8 million for the three months ended September 30, 2025, compared to $240.1 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 a decrease in earning asset yields and an increase in average interest bearing liabilities.

Average earning assets for the three months ended September 30, 2025 increased $1.0 billion compared to the same period in 2024, which included increases of $1.8 billion in average total loans held for investment and $320.2 million in average investment securities, partially offset by a $1.0 billion decrease in average interest bearing cash and cash equivalents. Average interest bearing liabilities increased $1.8 billion for the three months ended September 30, 2025 compared to the same period in 2024, primarily due to a $2.8 billion increase in average interest bearing deposits, partially offset by decreases of $968.6 million in average short-term borrowings and $39.8 million in average long-term debt. Average non-interest bearing deposits for the three months ended September 30, 2025 decreased to $8.4 billion from $9.4 billion for the same period in 2024.

Net interest margin for the three months ended September 30, 2025 was 3.47%, compared to 3.16% 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 6.42% for the three months ended September 30, 2025, compared to 6.62% for the same period in 2024, and the yield on earning assets decreased to 5.88% for the three months ended September 30, 2025, compared to 5.96% for the same period in 2024. Total cost of deposits decreased to 2.62% for the three months ended September 30, 2025 from 2.94% for the same period in 2024, and total funding costs, including non-interest bearing deposits and stockholders' equity, decreased to 2.36% for the three months ended September 30, 2025, compared to 2.76% for the same period in 2024.

Net interest income was $761.2 million for the nine months ended September 30, 2025, compared to $671.7 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 a decrease in earning asset yields and an increase in average interest bearing liabilities.

Average earning assets increased $1.5 billion for the nine months ended September 30, 2025, compared to the same period in 2024, which included increases of $1.8 billion in average total loans held for investment and $211.0 million in average investment securities, partially offset by a $487.8 million decrease in average interest bearing cash and cash equivalents. Average interest bearing liabilities increased $2.0 billion for the nine months ended September 30, 2025, compared to the same

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period in 2024, primarily due to an increase of $2.7 billion in average interest bearing deposits, partially offset by decreases of $586.2 million in average short-term borrowings and $122.3 million in average long-term debt. Average non-interest bearing deposits for the nine months ended September 30, 2025 decreased to $8.1 billion from $8.9 billion for the same period in 2024.

Net interest margin for the nine months ended September 30, 2025 was 3.34%, compared to 3.07% 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 6.39% for the nine months ended September 30, 2025, compared to 6.66% for the same period in 2024, and the yield on earning assets decreased to 5.82% for the nine months ended September 30, 2025, compared to 5.90% for the same period in 2024. Total cost of deposits decreased to 2.67% for the nine months ended September 30, 2025 from 2.97% for the same period in 2024 and total funding costs, including non-interest bearing deposits and stockholders' equity, decreased to 2.44% for the nine months ended September 30, 2025, compared to 2.80% for the same period in 2024.

Non-interest Income


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Service charges on deposit accounts	$	8,111	$	6,307	$	24,133	$	18,557
Wealth management and trust fee income	3,989		4,040		11,683		11,306
Brokered loan fees	2,419		2,400		6,766		6,442

Investment banking and advisory fees	33,985		34,753		74,572		78,225
Trading income	7,238		5,786		21,073		16,148


Available-for-sale debt securities losses	—		(179,581)		(1,886)		(179,581)
Other	12,841		11,524		30,755		25,875
Total non-interest income	$	68,583	$	(114,771)	$	167,096	$	(23,028)

Non-interest income increased $183.4 million during the three months ended September 30, 2025, compared to the same period in 2024, primarily due to the inclusion of a $179.6 million loss on sale of available-for-sale debt securities recognized during the third quarter of 2024, as well as increases in service charges on deposit accounts, trading income and other non-interest income.

Non-interest income was $167.1 million for the nine months September 30, 2025, a $190.1 million increase as compared to the same period in 2024, primarily due to the inclusion of the $179.6 million loss on sale of available-for-sale debt securities recognized during the third quarter of 2024 mentioned above, as well as 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.

Non-interest Expense



	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2025		2024		2025		2024
Salaries and benefits	$	119,856	$	121,138	$	371,651	$	368,705
Occupancy expense	11,828		12,937		34,816		33,340
Marketing	3,412		5,863		12,045		17,895
Legal and professional	12,474		11,135		38,532		38,603
Communications and technology	24,594		25,951		72,550		69,078
Federal Deposit Insurance Corporation (“FDIC”) insurance assessment	5,198		4,906		15,635		18,897


Other	13,213		13,394		38,642		39,608
Total non-interest expense	$	190,575	$	195,324	$	583,871	$	586,126

Non-interest expense decreased $4.7 million during the three months ended September 30, 2025, compared to the same period in 2024. The increase was primarily due to decreases in salaries and benefits, occupancy expense and communications and technology expense, resulting from restructuring expenses recognized in the third quarter of 2024, as well as a decrease in marketing expense, partially offset by an increase in legal and professional expense.

Non-interest expense was $583.9 million for the nine months September 30, 2025, an increase of $2.3 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 $2.8 million FDIC special assessment expense recorded in the first nine months of 2024.

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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 Company’s 2024 Form 10-K for details of these portfolio segments.



(in thousands)	September 30, 2025		December 31, 2024
Commercial	$	11,999,025	$	11,145,591
Mortgage finance	6,057,804		5,215,574
Commercial real estate	5,696,720		5,616,282
Consumer	540,126		565,376
Gross loans held for investment	24,293,675		22,542,823
Unearned income (net of direct origination costs)	(101,812)		(92,757)
Total loans held for investment	$	24,191,863	$	22,450,066

Total loans held for investment were $24.2 billion at September 30, 2025, an increase of $1.7 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 September 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 September 30, 2025, the Company had $5.9 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 September 30, 2025, approximately $32.1 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 September 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)	September 30, 2025			December 31, 2024

Non-accrual loans held for investment
Commercial:
Business assets	$	66,879		$	64,481

Accounts receivable and inventory	4,949			6,315
Machinery and equipment	132			2,729
Unsecured	6			60
Highly liquid assets	—			1,340
Other	—			639
Total commercial	71,966			75,564
Commercial real estate:
Industrial buildings	22,584			20,637
Commercial buildings	1,534			—
Office buildings	—			14,000



Total commercial real estate	24,118			34,637
Consumer:
Single family residences	—			964

Total consumer	—			964
Total non-accrual loans held for investment	96,084			111,165
Non-accrual loans held for sale	—			—
Other real estate owned (“OREO”)	—			—
Total non-performing assets	$	96,084		$	111,165


Non-accrual loans held for investment to total loans held for investment	0.40		%	0.50		%
Total non-performing assets to total assets	0.30		%	0.36		%
Allowance for credit losses on loans to non-accrual loans held for investment	2.9x			2.4x

Loans held for investment past due 90 days and accruing	$	126		$	4,265
Loans held for investment past due 90 days to total loans held for investment	—		%	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 $44.0 million for the nine months ended September 30, 2025, compared to a provision of $49.0 million for the nine months ended September 30, 2024. The provision for credit losses for the nine months ended September 30, 2025 reflects an increase in total loans held for investment and $36.5 million in net charge-offs recorded during the nine months ended September 30, 2025, partially offset by decreases in criticized loans and non-accrual loans. Criticized loans totaled $529.7 million at September 30, 2025, compared to $714.0 million at December 31, 2024.

The table below presents key metrics related to the Company’s credit loss experience:


	September 30, 2025		September 30, 2024
Allowance for credit losses on loans to total loans held for investment	1.13	%	1.23	%
Allowance for credit losses on loans to average total loans held for investment(1)	1.20	%	1.30	%
Total allowance for credit losses to total loans held for investment	1.37	%	1.43	%
Total provision for credit losses to average total loans held for investment(1)(2)	0.26	%	0.31	%

(1)Ratios are calculated using average balance for the nine months ended September 30, 2025 and 2024, respectively.

(2)Ratios are annualized utilizing provision for credit losses for the nine months ended September 30, 2025 and 2024, respectively.

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The table below details net charge-offs/(recoveries) as a percentage of average total loans by portfolio segment:


	Nine Months Ended September 30,
	2025				2024
(dollars in thousands)	Net Charge-offs		Net Charge-offs to Average Loans(1)		Net Charge-offs		Net Charge-offs to Average Loans(1)
Commercial	$	35,992	0.41	%	$	23,074	0.29	%
Mortgage finance	—		—	%	—		—	%
Commercial real estate	518		0.01	%	5,698		0.13	%
Consumer	(8)		—	%	30		0.01	%
Total	$	36,502	0.21	%	$	28,802	0.18	%

(1)Ratios are annualized utilizing net charge-offs for the nine months ended September 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)	September 30, 2025			December 31, 2024
Interest bearing cash and cash equivalents	$	2,852,387		$	3,012,307
Interest bearing cash and cash equivalents as a percent of:
Total loans held for investment	11.8		%	13.4		%
Total earning assets	9.1		%	10.2		%
Total deposits	10.4		%	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:



	September 30, 2025				December 31, 2024

(dollars in thousands)	Balance		% of Total		Balance		% of Total
Customer deposits	$	26,739,258	97.2	%	$	24,704,091	97.9	%
Brokered deposits	766,140		2.8	%	534,508		2.1	%
Total deposits	$	27,505,398	100.0	%	$	25,238,599	100.0	%

Estimated uninsured deposits, including accrued interest, were 42% of total deposits at September 30, 2025 and 41% at December 31, 2024. The uninsured amounts are estimated based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.

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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)	September 30, 2025		December 31, 2024

Federal funds purchased	$	275,000	$	—

FHLB borrowings	—		885,000

Total short-term borrowings	$	275,000	$	885,000

The following table summarizes the Company’s short-term borrowing capacities net of balances outstanding:



(in thousands)	September 30, 2025		December 31, 2024

FHLB borrowing capacity relating to loans and pledged securities	$	2,841,660	$	4,664,703
FHLB borrowing capacity relating to unencumbered securities	4,451,240		4,189,993
Total FHLB borrowing capacity(1)	$	7,292,900	$	8,854,696
Unused federal funds lines available from commercial banks	$	1,275,000	$	1,370,000
Unused Federal Reserve borrowings capacity	$	9,362,692	$	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 nine months ended September 30, 2025 or 2024.

The Company has long-term debt outstanding of $620.4 million as of September 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 Company’s 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 nine months ended September 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 nine months ended September 30, 2025, the Company repurchased 801,053 shares of its common stock for an aggregate purchase price, including excise tax expense, of $59.2 million, at a weighted average price of $73.44 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 September 30, 2025, the quantitative estimate of the allowance for credit loss would increase by approximately $134.7 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 September 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 September 30, 2025 is illustrated in the following table. The table reflects rate-sensitive positions as of September 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 months		4-12 months		1-3 years		3+ years		Total
Assets
Interest bearing cash and cash equivalents	$	2,852,387	$	—	$	—	$	—	$	2,852,387
Investment securities(1)	68,838		197		103,916		4,428,703		4,601,654
Variable loans	22,690,735		176,134		132,504		225,652		23,225,025
Fixed loans	15,588		136,623		224,090		692,349		1,068,650
Total loans(2)	22,706,323		312,757		356,594		918,001		24,293,675
Total interest sensitive assets	$	25,627,548	$	312,954	$	460,510	$	5,346,704	$	31,747,716
Liabilities
Interest bearing customer deposits	$	17,541,388	$	—	$	—	$	—	$	17,541,388
CDs	750,714		1,471,246		48,937		3,515		2,274,412

Total interest bearing deposits	18,292,102		1,471,246		48,937		3,515		19,815,800
Short-term borrowings	275,000		—		—		—		275,000
Long-term debt	113,406		507,010		—		—		620,416
Total borrowings	388,406		507,010		—		—		895,416
Total interest sensitive liabilities	$	18,680,508	$	1,978,256	$	48,937	$	3,515	$	20,711,216
GAP	$	6,947,040	$	(1,665,302)	$	411,573	$	5,343,189	$	—
Cumulative GAP	$	6,947,040	$	5,281,738	$	5,693,311	$	11,036,500	$	11,036,500
Non-interest bearing deposits									7,689,598
Stockholders’ equity									3,637,098
Total									$	11,326,696

(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 September 30, 2025 and September 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
		September 30, 2025		September 30, 2024
+ 200 basis points		7.7	%	6.1	%
+ 100 basis points		4.0	%	3.1	%
- 100 basis points		(6.4)	%	(6.5)	%
- 200 basis points		(12.5)	%	(13.5)	%

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 Company’s 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 nine months ended September 30, 2025 as follows:


				Total Number of	Approximate Dollar Value
				Shares Purchased as Part	of Shares That May Yet
	Total Number of	Average Price Paid		of Publicly Announced	Be 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



Total second quarter 2025	317,860	$	65.50	317,860	$	148,183,554

July 2025	—	$	—	—	$	148,183,554
August 2025	87,087	80.49		87,087	141,174,282
September 2025	—	—		—	141,174,282
Total third quarter 2025	87,087	$	80.49	87,087	$	141,174,282





Total 2025	801,053	$	73.44	801,053	$	141,174,282

(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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ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a) Exhibits




31.1			Certification of Chief Executive Officer pursuant to Rule 13a-14(a) of the Exchange Act*
31.2			Certification of Chief Financial Officer pursuant to Rule 13a-14(a) of the Exchange Act*
32.1			Section 1350 Certification of Chief Executive Officer**
32.2			Section 1350 Certification of Chief Financial Officer**
101.INS			XBRL 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.SCH			XBRL Taxonomy Extension Schema Document*
101.CAL			XBRL Taxonomy Extension Calculation Linkbase Document*
101.DEF			XBRL Taxonomy Extension Definition Linkbase Document*
101.LAB			XBRL Taxonomy Extension Label Linkbase Document*
101.PRE			XBRL Taxonomy Extension Presentation Linkbase Document*
104			Cover 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: October 23, 2025


/s/ J. Matthew Scurlock
J. Matthew Scurlock
Chief Financial Officer
(Duly authorized officer and principal financial officer)


Part I.—Financial Information
	Item 1.	Financial Statements - Unaudited	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.	Management's Discussion and Analysis of Financial Condition and Results of Operations	23
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	34
	Item 4.	Controls and Procedures	36

Part II.—Other Information
	Item 1.	Legal Proceedings	37
	Item 1A.	Risk Factors	37
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	37
	Item 6.	Exhibits	38

Signatures			39

Texas Capital Bancshares - 10-Q quarterly report FY2025 Q3

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