Texas Capital Bancshares - 10-Q quarterly report FY2026 Q2

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

For the quarterly period ended June 30, 2026


☐			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 July 21, 2026, 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 43,474,369

Table of Contents

Texas Capital Bancshares, Inc.

Form 10-Q

Quarter Ended June 30, 2026

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)	June 30, 2026		December 31, 2025
Assets
Cash and due from banks	$	209,512	$	201,315
Interest bearing cash and cash equivalents	3,488,756		1,897,803
Available-for-sale debt securities	3,826,284		3,951,455
Held-to-maturity debt securities	692,332		725,722
Equity securities	43,429		41,998
Trading debt securities	2,539		3,924
Debt and equity securities	4,564,584		4,723,099
Loans held for sale	—		4,361
Loans held for investment, mortgage finance	6,383,381		6,064,019
Loans held for investment	18,563,845		17,976,183
Less: Allowance for credit losses on loans	268,268		270,557
Loans held for investment, net	24,678,958		23,769,645

Premises and equipment, net	91,852		88,003
Accrued interest receivable and other assets	878,203		854,552
Goodwill and intangibles, net	1,496		1,496
Total assets	$	33,913,361	$	31,540,274
Liabilities and Stockholders’ Equity
Liabilities:
Non-interest bearing deposits	$	7,573,788	$	6,959,097
Interest bearing deposits	21,337,600		19,489,670
Total deposits	28,911,388		26,448,767
Accrued interest payable	19,291		6,716
Other liabilities	484,116		502,834
Short-term borrowings	350,000		330,000
Long-term debt	500,859		620,575
Total liabilities	30,265,654		27,908,892
Stockholders’ equity:
Preferred stock, $0.01 par value, $1,000 liquidation value:
Authorized shares - 10,000,000
Issued shares - 300,000 at June 30, 2026 and December 31, 2025	300,000		300,000
Common stock, $0.01 par value:
Authorized shares - 100,000,000
Issued shares - 52,012,706 and 51,786,456 at June 30, 2026 and December 31, 2025, respectively	520		518
Additional paid-in capital	1,082,419		1,074,496
Retained earnings	2,950,049		2,808,645
Treasury stock - 8,542,539 and 7,532,768 shares at cost at June 30, 2026 and December 31, 2025, respectively	(586,401)		(487,692)
Accumulated other comprehensive loss, net of taxes	(98,880)		(64,585)
Total stockholders’ equity	3,647,707		3,631,382
Total liabilities and stockholders’ equity	$	33,913,361	$	31,540,274

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 June 30,				Six Months Ended June 30,
(in thousands except per share data)	2026		2025		2026		2025
Interest income
Interest and fees on loans	$	368,416	$	364,358	$	716,436	$	698,508
Debt and equity securities	46,307		45,991		95,897		92,556
Interest bearing cash and cash equivalents	25,207		29,218		46,691		75,792
Total interest income	439,930		439,567		859,024		866,856
Interest expense
Deposits	167,027		174,798		320,931		349,734
Short-term borrowings	3,552		3,444		5,912		11,690
Long-term debt	8,974		7,930		17,085		16,003

Total interest expense	179,553		186,172		343,928		377,427
Net interest income	260,377		253,395		515,096		489,429
Provision for credit losses	18,000		15,000		34,000		32,000
Net interest income after provision for credit losses	242,377		238,395		481,096		457,429
Non-interest income
Service charges on deposit accounts	8,853		8,182		18,076		16,022
Wealth management and trust fee income	5,136		3,730		9,524		7,694
Brokered loan fees	2,103		2,398		4,109		4,347

Investment banking and advisory fees	31,522		24,109		63,538		40,587
Trading income	11,313		7,896		21,564		13,835

Available-for-sale debt securities gains/(losses)	—		(1,886)		—		(1,886)


Other	16,191		9,640		27,573		17,914
Total non-interest income	75,118		54,069		144,384		98,513
Non-interest expense
Salaries and benefits	123,339		120,154		262,686		251,795
Occupancy expense	12,359		12,144		24,764		22,988
Marketing	4,786		3,624		9,758		8,633
Legal and professional	14,700		11,069		26,680		26,058
Communications and technology	28,494		24,314		55,666		47,956
Federal Deposit Insurance Corporation insurance assessment	4,586		5,096		9,463		10,437


Other	17,229		13,875		30,044		25,429
Total non-interest expense	205,493		190,276		419,061		393,296
Income before income taxes	112,002		102,188		206,419		162,646
Income tax expense	27,054		24,860		47,683		38,271
Net income	84,948		77,328		158,736		124,375
Preferred stock dividends	4,312		4,312		8,625		8,625
Net income available to common stockholders	$	80,636	$	73,016	$	150,111	$	115,750
Other comprehensive income
Change in unrealized gain/(loss)	$	(18,375)	$	20,038	$	(49,703)	$	70,317
Amounts reclassified into net income	2,606		9,967		5,163		20,326
Other comprehensive income/(loss)	(15,769)		30,005		(44,540)		90,643
Income tax expense/(benefit)	(3,628)		6,774		(10,245)		20,467
Other comprehensive income/(loss), net of tax	(12,141)		23,231		(34,295)		70,176
Comprehensive income	$	72,807	$	100,559	$	124,441	$	194,551
Basic earnings per common share	$	1.85	$	1.59	$	3.42	$	2.52
Diluted earnings per common share	$	1.83	$	1.58	$	3.39	$	2.49

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 March 31, 2025	300,000	$	300,000	51,707,542	$	517	$	1,060,028	$	2,538,385	(5,682,609)	$	(332,994)	$	(136,162)	$	3,429,774

Comprehensive income/(loss):
Net income	—	—		—	—		—		77,328		—	—		—		77,328
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		23,231		23,231
Total comprehensive income																100,559

Preferred stock dividends	—	—		—	—		—		(4,312)		—	—		—		(4,312)

Stock-based compensation expense recognized in earnings	—	—		—	—		4,920		—		—	—		—		4,920

Issuance of stock related to stock-based awards	—	—		39,763	—		135		—		—	—		—		135
Repurchase of common stock	—	—		—	—		—		—		(317,860)	(21,006)		—		(21,006)



Balance at June 30, 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

Balance at March 31, 2026	300,000	$	300,000	51,974,496	$	520	$	1,077,139	$	2,878,120	(8,303,191)	$	(562,833)	$	(86,739)	$	3,606,207

Comprehensive income/(loss):
Net income	—	—		—	—		—		84,948		—	—		—		84,948
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		(12,141)		(12,141)
Total comprehensive income																72,807
Common stock dividends ($0.20 per share)	—	—		—	—		—		(8,707)		—	—		—		(8,707)
Preferred stock dividends	—	—		—	—		—		(4,312)		—	—		—		(4,312)

Stock-based compensation expense recognized in earnings	—	—		—	—		4,921		—		—	—		—		4,921


Issuance of stock related to stock-based awards	—	—		38,210	—		359		—		—	—		—		359
Repurchase of common stock	—	—		—	—		—		—		(239,348)	(23,568)		—		(23,568)



Balance at June 30, 2026	300,000	$	300,000	52,012,706	$	520	$	1,082,419	$	2,950,049	(8,542,539)	$	(586,401)	$	(98,880)	$	3,647,707

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, 2024 (audited)	300,000	$	300,000	51,520,315	$	515	$	1,056,719	$	2,495,651	(5,286,503)	$	(301,842)	$	(183,107)	$	3,367,936

Comprehensive income/(loss):
Net income	—	—		—	—		—		124,375		—	—		—		124,375
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		70,176		70,176
Total comprehensive income																194,551

Preferred stock dividends	—	—		—	—		—		(8,625)		—	—		—		(8,625)

Stock-based compensation expense recognized in earnings	—	—		—	—		15,279		—		—	—		—		15,279

Issuance of stock related to stock-based awards	—	—		226,990	2		(6,915)		—		—	—		—		(6,913)



Repurchase of common stock	—	—		—	—		—		—		(713,966)	(52,158)		—		(52,158)
Balance at June 30, 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

Balance at December 31, 2025 (audited)	300,000	$	300,000	51,786,456	$	518	$	1,074,496	$	2,808,645	(7,532,768)	$	(487,692)	$	(64,585)	$	3,631,382

Comprehensive income/(loss):
Net income	—	—		—	—		—		158,736		—	—		—		158,736
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		(34,295)		(34,295)
Total comprehensive income																124,441
Common stock dividends ($0.20 per share)	—	—		—	—		—		(8,707)		—	—		—		(8,707)
Preferred stock dividends	—	—		—	—		—		(8,625)		—	—		—		(8,625)

Stock-based compensation expense recognized in earnings	—	—		—	—		17,126		—		—	—		—		17,126

Issuance of stock related to stock-based awards	—	—		226,250	2		(9,203)		—		—	—		—		(9,201)
Repurchase of common stock	—	—		—	—		—		—		(1,009,771)	(98,709)		—		(98,709)



Balance at June 30, 2026	300,000	$	300,000	52,012,706	$	520	$	1,082,419	$	2,950,049	(8,542,539)	$	(586,401)	$	(98,880)	$	3,647,707

See accompanying notes to consolidated financial statements.

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TEXAS CAPITAL BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS



	Six Months Ended June 30,
(in thousands)	2026		2025
Operating activities
Net income	$	158,736	$	124,375
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses	34,000		32,000

Depreciation and amortization	28,368		23,669
Net loss on available-for-sale debt securities	—		1,886
Net (gain)/loss on equity securities	(3,521)		104
Sales/(purchases) of trading debt securities, net	1,385		(3,888)
Loss on redemption of long-term debt	2,157		—



Stock-based compensation expense	27,273		20,377
Proceeds from sales and repayments of loans held for sale	21,333		—






Changes in operating assets and liabilities:
Accrued interest receivable and other assets	(29,275)		(66,954)
Accrued interest payable and other liabilities	(49,433)		(68,204)
Net cash provided by operating activities	191,023		63,365
Investing activities
Purchases of available-for-sale debt securities	(249,549)		(700,052)
Proceeds from sales of available-for-sale debt securities	—		280,402
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities	348,440		238,840
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities	34,928		35,925
Sales/(purchases) of equity securities, net	2,090		6,465
Originations of loans held for investment, mortgage finance	(51,427,658)		(43,839,841)
Proceeds from pay-offs of loans held for investment, mortgage finance	51,108,296		43,165,826

Decrease/(increase) in loans held for investment, excluding mortgage finance, net	(642,436)		(824,215)

Purchase of premises and equipment, net	(11,353)		(7,960)


Net cash used in investing activities	(837,242)		(1,644,610)
Financing activities
Net increase/(decrease) in deposits, net	2,462,621		825,710
Issuance of stock related to stock-based awards	(9,201)		(6,913)



Common stock dividends paid	(8,707)		—
Preferred stock dividends paid	(8,625)		(8,625)
Repurchase of common stock	(98,709)		(52,158)
Net increase/(decrease) in short-term borrowings, net	20,000		365,000


Redemption of long-term debt	(509,525)		(40,435)
Issuance of long-term debt	397,515		—
Net cash provided by financing activities	2,245,369		1,082,579
Net increase/(decrease) in cash and cash equivalents	1,599,150		(498,666)
Cash and cash equivalents at beginning of period	2,099,118		3,188,808
Cash and cash equivalents at end of period	$	3,698,268	$	2,690,142
Supplemental disclosures of cash flow information
Cash paid during the period for interest	$	369,935	$	386,987
Cash paid during the period for income taxes	$	67,238	$	52,813
Transfers of loans from held for investment to held for sale	$	21,333	$	—

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., doing business as Texas Capital Securities. The Bank is a Texas state-chartered bank. Texas Capital Securities is a registered broker-dealer with the U.S. Securities and Exchange Commission (“SEC”) and a member of the Financial Industry Regulatory Authority and Municipal Securities Rulemaking Board.

The Company was incorporated as a Delaware corporation in 1996 and commenced banking operations in 1998.

Basis of Presentation

The Company’s accounting and reporting policies conform to accounting principles generally accepted in the United States (“GAAP”) and to generally accepted practices within the banking industry. Certain prior period balances have been reclassified to conform to the current period presentation.

The consolidated interim financial statements are unaudited, and certain information and disclosures in the notes to consolidated unaudited financial statements that are presented in accordance with GAAP have been condensed or omitted. In the opinion of management, the interim financial statements include all normal and recurring adjustments and the disclosures made present a fair presentation of the Company’s financial position and results of operations. The consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q adopted by the SEC. Accordingly, the financial statements and the notes to the consolidated unaudited financial statements required by GAAP for complete annual financial statements do not include all of the information and should be read in conjunction with the consolidated financial statements, and notes thereto, for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

Use of Estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for credit losses, the fair value of financial instruments and the status of contingencies are particularly susceptible to significant change.

(2) Earnings Per Share

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



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands except share and per share data)	2026		2025		2026		2025
Numerator:
Net income	$	84,948	$	77,328	$	158,736	$	124,375
Preferred stock dividends	4,312		4,312		8,625		8,625
Net income available to common stockholders	$	80,636	$	73,016	$	150,111	$	115,750
Denominator:
Basic earnings per common share—weighted average common shares	43,599,022		45,791,602		43,845,295		45,956,594
Effect of dilutive outstanding stock-settled awards	463,397		423,792		466,174		446,522
Dilutive earnings per common share—weighted average diluted common shares	44,062,419		46,215,394		44,311,469		46,403,116
Basic earnings per common share	$	1.85	$	1.59	$	3.42	$	2.52
Diluted earnings per common share	$	1.83	$	1.58	$	3.39	$	2.49
Anti-dilutive outstanding stock-settled awards	35,752		31,703		30,616		26,974

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(3) Debt and Equity Securities

The following is a summary of the Company’s debt and equity securities:


(in thousands)	Amortized Cost(1)		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
June 30, 2026
Available-for-sale debt securities:


Residential mortgage-backed securities	$	3,640,879	$	23,945	$	(95,546)	$	3,569,278
Commercial mortgage-backed securities	247,212		1,187		(1,674)		246,725


Credit risk transfer securities	10,672		—		(391)		10,281
Total available-for-sale debt securities	3,898,763		25,132		(97,611)		3,826,284
Held-to-maturity debt securities:
Residential mortgage-backed securities	692,332		—		(75,512)		616,820
Total held-to-maturity debt securities	692,332		—		(75,512)		616,820
Equity securities							43,429
Trading debt securities							2,539
Total debt and equity securities(2)							$	4,564,584
December 31, 2025
Available-for-sale debt securities:


Residential mortgage-backed securities	$	3,743,234	$	41,037	$	(91,625)	$	3,692,646
Commercial mortgage-backed securities	244,457		3,555		—		248,012


Credit risk transfer securities	11,248		—		(451)		10,797
Total available-for-sale debt securities	3,998,939		44,592		(92,076)		3,951,455
Held-to-maturity debt securities:
Residential mortgage-backed securities	725,722		—		(70,890)		654,832
Total held-to-maturity debt securities	725,722		—		(70,890)		654,832
Equity securities							41,998
Trading debt securities							3,924
Total debt and equity securities(2)							$	4,723,099

(1) Excludes accrued interest receivable of $15.6 million and $16.1 million at June 30, 2026 and December 31, 2025, respectively, related to available-for-sale debt securities and $1.1 million and $1.2 million at June 30, 2026 and December 31, 2025, 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 debt securities at estimated fair value and held-to-maturity debt securities at amortized cost.

Debt Securities

The amortized cost and estimated fair value as of June 30, 2026, 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	258,560		257,694		—		—
Due after ten years	3,640,203		3,568,590		692,332		616,820
Total	$	3,898,763	$	3,826,284	$	692,332	$	616,820

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The table below presents the weighted average yields for the Company’s available-for-sale debt securities as of June 30, 2026. 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		4.83		3.75
Due after ten years	4.67		—		—
Total	4.67	%	4.83	%	3.75	%

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
June 30, 2026


Residential mortgage-backed securities	$	681,674	$	(4,105)	$	718,376	$	(91,441)	$	1,400,050	$	(95,546)
Commercial mortgage-backed securities	159,830		(1,674)		—		—		159,830		(1,674)
Credit risk transfer securities	—		—		10,281		(391)		10,281		(391)
Total	$	841,504	$	(5,779)	$	728,657	$	(91,832)	$	1,570,161	$	(97,611)
December 31, 2025


Residential mortgage-backed securities	$	203,193	$	(97)	$	934,222	$	(91,528)	$	1,137,415	$	(91,625)
Commercial mortgage-backed securities	—		—		—		—		—		—
Credit risk transfer securities	—		—		10,797		(451)		10,797		(451)
Total	$	203,193	$	(97)	$	945,019	$	(91,979)	$	1,148,212	$	(92,076)

At June 30, 2026, the Company had 45 available-for-sale debt securities in an unrealized loss position, comprised of 38 residential mortgage-backed securities, five 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 (“AOCI”). Held-to-maturity debt securities consist of government guaranteed securities for which no loss is expected. At June 30, 2026 and December 31, 2025, no allowance for credit losses was established for available-for-sale or held-to-maturity debt securities.

At June 30, 2026 and December 31, 2025, debt securities with carrying values of approximately $876,000 and $937,000, respectively, were pledged to secure certain customer deposits.

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 June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Net gains/(losses) recognized during the period	$	1,875	$	1,604	$	3,521	$	(104)
Less: Realized net gains/(losses) recognized on securities sold	1,244		703		1,852		1,031
Unrealized net gains/(losses) recognized on securities still held	$	631	$	901	$	1,669	$	(1,135)

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(4) Loans and Allowance for Credit Losses on Loans

Loans are summarized by portfolio segment as follows:



(in thousands)	June 30, 2026		December 31, 2025

Loans held for investment(1)(2):
Commercial	$	13,006,203	$	12,163,545
Mortgage finance	6,383,381		6,064,019
Commercial real estate	5,128,375		5,378,712
Consumer	429,267		433,926



Loans held for investment	24,947,226		24,040,202


Allowance for credit losses on loans	(268,268)		(270,557)
Total loans held for investment, net	$	24,678,958	$	23,769,645

(1) Excludes accrued interest receivable of $110.7 million and $107.3 million at June 30, 2026 and December 31, 2025, respectively, that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.

(2) Loans are presented net of deferred loan fees and costs totaling $106.9 million and $106.8 million at June 30, 2026 and December 31, 2025, respectively.

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


(in thousands)	2026		2025		2024		2023		2022		2021 and prior		Revolving lines of credit		Revolving lines of credit converted to term loans		Total
June 30, 2026
Commercial
(1-7) Pass	$	1,277,986	$	1,748,719	$	999,490	$	563,475	$	470,810	$	183,760	$	7,336,769	$	10,377	$	12,591,386
(8) Special mention	268		3,189		26,797		17,625		21,681		14,142		152,797		—		236,499
(9) Substandard - accruing	1,697		21,234		8,754		5,000		—		39,127		17,091		—		92,903
(9+) Non-accrual	128		13,733		—		25,282		20,795		11,407		14,070		—		85,415
Total commercial	$	1,280,079	$	1,786,875	$	1,035,041	$	611,382	$	513,286	$	248,436	$	7,520,727	$	10,377	$	13,006,203
Mortgage finance
(1-7) Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	6,383,381	$	—	$	6,383,381
(8) Special mention	—		—		—		—		—		—		—		—		—
(9) Substandard - accruing	—		—		—		—		—		—		—		—		—
(9+) Non-accrual	—		—		—		—		—		—		—		—		—
Total mortgage finance	$	—	$	—	$	—	$	—	$	—	$	—	$	6,383,381	$	—	$	6,383,381
Commercial real estate
(1-7) Pass	$	660,682	$	818,292	$	616,532	$	820,533	$	972,383	$	813,210	$	141,308	$	5,506	$	4,848,446
(8) Special mention	—		581		5,050		58,266		106,223		64,142		7,000		—		241,262
(9) Substandard - accruing	—		—		—		—		—		101		—		—		101
(9+) Non-accrual	—		—		18,500		—		20,066		—		—		—		38,566
Total commercial real estate	$	660,682	$	818,873	$	640,082	$	878,799	$	1,098,672	$	877,453	$	148,308	$	5,506	$	5,128,375
Consumer
(1-7) Pass	$	13,013	$	33,550	$	31,087	$	26,198	$	43,271	$	172,254	$	108,314	$	—	$	427,687
(8) Special mention	—		—		—		—		—		1,580		—		—		1,580
(9) Substandard - accruing	—		—		—		—		—		—		—		—		—
(9+) Non-accrual	—		—		—		—		—		—		—		—		—
Total consumer	$	13,013	$	33,550	$	31,087	$	26,198	$	43,271	$	173,834	$	108,314	$	—	$	429,267
Total	$	1,953,774	$	2,639,298	$	1,706,210	$	1,516,379	$	1,655,229	$	1,299,723	$	14,160,730	$	15,883	$	24,947,226
Gross charge-offs	$	33	$	3,136	$	7,314	$	8,107	$	7,264	$	—	$	8,731	$	—	$	34,585


(in thousands)	2025		2024		2023		2022		2021		2020 and prior		Revolving lines of credit		Revolving lines of credit converted to term loans		Total
December 31, 2025
Commercial
(1-7) Pass	$	2,038,311	$	1,164,863	$	671,070	$	670,995	$	107,970	$	143,631	$	6,977,639	$	9,359	$	11,783,838
(8) Special mention	7,659		16,204		16,093		42,441		15,346		1,239		39,073		—		138,055
(9) Substandard - accruing	25,513		8,824		44,506		—		34,641		4,192		27,830		—		145,506
(9+) Non-accrual	11,293		—		2,959		36,390		—		11,639		33,865		—		96,146
Total commercial	$	2,082,776	$	1,189,891	$	734,628	$	749,826	$	157,957	$	160,701	$	7,078,407	$	9,359	$	12,163,545
Mortgage finance
(1-7) Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	6,064,019	$	—	$	6,064,019
(8) Special mention	—		—		—		—		—		—		—		—		—
(9) Substandard - accruing	—		—		—		—		—		—		—		—		—
(9+) Non-accrual	—		—		—		—		—		—		—		—		—
Total mortgage finance	$	—	$	—	$	—	$	—	$	—	$	—	$	6,064,019	$	—	$	6,064,019
Commercial real estate
(1-7) Pass	$	781,062	$	565,727	$	941,760	$	1,543,106	$	423,708	$	608,352	$	254,480	$	5,305	$	5,123,500
(8) Special mention	743		45,137		728		90,752		61,132		1,530		7,800		766		208,588
(9) Substandard - accruing	10		25,880		—		—		—		—		—		—		25,890
(9+) Non-accrual	—		—		—		20,734		—		—		—		—		20,734
Total commercial real estate	$	781,815	$	636,744	$	942,488	$	1,654,592	$	484,840	$	609,882	$	262,280	$	6,071	$	5,378,712
Consumer
(1-7) Pass	$	36,507	$	37,851	$	28,181	$	50,765	$	72,924	$	113,440	$	94,258	$	—	$	433,926
(8) Special mention	—		—		—		—		—		—		—		—		—
(9) Substandard - accruing	—		—		—		—		—		—		—		—		—
(9+) Non-accrual	—		—		—		—		—		—		—		—		—
Total Consumer	$	36,507	$	37,851	$	28,181	$	50,765	$	72,924	$	113,440	$	94,258	$	—	$	433,926
Total	$	2,901,098	$	1,864,486	$	1,705,297	$	2,455,183	$	715,721	$	884,023	$	13,498,964	$	15,430	$	24,040,202
Gross charge-offs	$	11,233	$	704	$	4,234	$	8,958	$	28	$	2,011	$	25,715	$	—	$	52,883

Table of Contents

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
Six Months Ended June 30, 2026
Beginning balance	$	202,029	$	6,221	$	60,559	$	1,748	$	270,557

Provision for credit losses on loans	45,871		(3,098)		(11,669)		48		31,152
Charge-offs	27,487		—		7,098		—		34,585
Recoveries	953		—		184		7		1,144
Net charge-offs (recoveries)	26,534		—		6,914		(7)		33,441
Ending balance	$	221,366	$	3,123	$	41,976	$	1,803	$	268,268
Six Months Ended June 30, 2025
Beginning balance	$	198,423	$	2,755	$	68,825	$	1,706	$	271,709

Provision for credit losses on loans	31,737		7,875		(11,011)		100		28,701
Charge-offs	23,217		—		931		—		24,148
Recoveries	969		—		413		4		1,386
Net charge-offs (recoveries)	22,248		—		518		(4)		22,762
Ending balance	$	207,912	$	10,630	$	57,296	$	1,810	$	277,648

The Company recorded a $31.2 million provision for credit losses on loans for the six months ended June 30, 2026, compared to $28.7 million for the same period of 2025. The $31.2 million provision for credit losses on loans resulted primarily from an increase in criticized loans and $33.4 million in net charge-offs recorded during the six months ended June 30, 2026. Criticized loans totaled $696.3 million at June 30, 2026, compared to $634.9 million at December 31, 2025.

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. At June 30, 2026, the Company had $29.5 million in collateral-dependent commercial loans, collateralized by business assets, and $38.6 million in collateral-dependent commercial real estate loans, collateralized by real estate.

The table below provides an age analysis of 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
June 30, 2026
Commercial	$	16,559	$	7,434	$	451	$	24,444	$	85,415	$	12,896,344	$	13,006,203	$	6,499
Mortgage finance	—		—		—		—		—		6,383,381		6,383,381		—
Commercial real estate	5,184		1,094		—		6,278		38,566		5,083,531		5,128,375		20,027
Consumer	2,086		222		—		2,308		—		426,959		429,267		—
Total	$	23,829	$	8,750	$	451	$	33,030	$	123,981	$	24,790,215	$	24,947,226	$	26,526

(1)As of June 30, 2026, $450,000 of non-accrual loans were earning interest income on a cash basis compared to $470,000 as of December 31, 2025. Additionally, $106,000 interest income was recognized on non-accrual loans for the six months ended June 30, 2026 compared to $630,000 recognized for the same period in 2025. Accrued interest of $5.1 million and $919,000 was reversed during the six months ended June 30, 2026 and June 30, 2025, respectively.

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Modifications to Borrowers Experiencing Financial Difficulty

The table below details loans held for investment made to borrowers experiencing financial difficulty that were modified during the three and six months ended June 30, 2026 and June 30, 2025, 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 June 30, 2026
Commercial	$	54,482	$	9,533	$	—	$	64,015	0.26	%	—%	6	$	3,437



Total	$	54,482	$	9,533	$	—	$	64,015	0.26	%
Three Months Ended June 30, 2025
Commercial	$	9,492	$	11,002	$	21,580	$	42,074	0.18	%	—%	10 to 26	$	5,762



Total	$	9,492	$	11,002	$	21,580	$	42,074	0.18	%

Six Months Ended June 30, 2026
Commercial	$	80,002	$	10,898	$	—	$	90,900	0.36	%	—%	4 to 6	$	5,338

Commercial real estate	—		—		16,859		16,859		0.07	%	—%	6	737

Total	$	80,002	$	10,898	$	16,859	$	107,759	0.43	%
Six Months Ended June 30, 2025
Commercial	$	9,492	$	12,819	$	22,338	$	44,649	0.19	%	—%	6 to 26	$	5,897

Commercial real estate	17,835		—		—		17,835		0.07	%	—%	—	$	369

Total	$	27,327	$	12,819	$	22,338	$	62,484	0.26	%

The table below details loans held for investment that experienced a default during the periods presented subsequent to being granted a modification in the prior twelve months. Default is defined as movement to nonperforming status, foreclosure or charge-off, whichever occurs first.


(in thousands)	Payment Deferral		Term Extension		Payment Deferral and Term Extension		Total
Three Months Ended June 30, 2026
Commercial	$	11,082	$	416	$	—	$	11,498



Total	$	11,082	$	416	$	—	$	11,498
Three Months Ended June 30, 2025
Commercial	$	22,500	$	6,537	$	—	$	29,037

Commercial real estate	—		—		—		—

Total	$	22,500	$	6,537	$	—	$	29,037

Six Months Ended June 30, 2026
Commercial	$	11,248	$	416	$	—	$	11,664



Total	$	11,248	$	416	$	—	$	11,664
Six Months Ended June 30, 2025
Commercial	$	25,496	$	6,537	$	—	$	32,033

Commercial real estate	—		—		13,500		13,500

Total	$	25,496	$	6,537	$	13,500	$	45,533

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The table below provides an age analysis of loans held for investment 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
June 30, 2026
Commercial	$	—	$	—	$	49,764	$	54,874	$	104,638

Commercial real estate	—		—		16,598		—		16,598

Total	$	—	$	—	$	66,362	$	54,874	$	121,236
June 30, 2025
Commercial	$	758	$	—	$	61,005	$	15,100	$	76,863

Commercial real estate	—		—		17,835		—		17,835

Total	$	758	$	—	$	78,840	$	15,100	$	94,698

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

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


(in thousands)	June 30, 2026		December 31, 2025
Federal funds purchased	$	—	$	30,000

Federal Home Loan Bank (“FHLB”) borrowings	350,000		300,000
Total short-term borrowings	$	350,000	$	330,000

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



(in thousands)	June 30, 2026		December 31, 2025


Bank-issued 5.25% fixed rate subordinated notes due 2026	$	—	$	134,509
Company-issued 4.00% fixed rate subordinated notes due 2031	—		372,660
Company-issued 5.301% fixed rate senior notes due February 2032	387,453		—
Trust preferred floating rate subordinated debentures due November 2032 to December 2036	113,406		113,406
Total long-term debt	$	500,859	$	620,575

During the first quarter of 2026, the bank-issued 5.25% fixed rate subordinated notes due 2026 matured and were repaid in full.

During the second quarter of 2026, the Company-issued 4.00% fixed rate subordinated notes due 2031 were redeemed and repaid in full.

On February 27, 2026, the Company issued $400.0 million of fixed-to-floating senior notes. The notes are redeemable, in whole or in part, on February 27, 2031 and mature on February 27, 2032. The notes bear interest at a fixed annual rate of 5.301%, payable semi-annually, for an initial five-year period and at a floating rate per annum equal to the compounded Secured Overnight Financing Rate (“SOFR”) plus 1.94%, payable quarterly, for the final year.

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(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
Six Months Ended June 30, 2026
Beginning balance	$	58,209	$	16	$	3,979	$	51	$	62,255
Provision for off-balance sheet credit losses	3,879		11		(1,053)		11		2,848
Ending balance	$	62,088	$	27	$	2,926	$	62	$	65,103
Six Months Ended June 30, 2025
Beginning balance	$	47,907	$	23	$	5,351	$	51	$	53,332
Provision for off-balance sheet credit losses	4,075		7		(767)		(16)		3,299
Ending balance	$	51,982	$	30	$	4,584	$	35	$	56,631


(in thousands)							June 30, 2026		December 31, 2025

Commitments to extend credit - period end balance							$	11,888,078	$	12,193,441
Standby letters of credit - period end balance							745,856		610,178

(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. During the six months ended June 30, 2026, the Company declared and paid common stock dividends of $8.7 million, representing $0.20 per common share. No common stock dividends were paid in 2025. On July 22, 2026, the Company and its board of directors declared and announced a cash dividend of $0.20 per common share payable on September 15, 2026, to holders of record at the close of business on September 1, 2026.

Effective December 12, 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 the net stock repurchases. The share repurchase program will expire on December 31, 2026, but may be suspended or discontinued at any time. The remaining repurchase authorization under the January 22, 2025 share repurchase program was terminated upon authorization of this new program. During the six months ended June 30, 2026, the Company repurchased 1,009,771 shares of its common stock for an aggregate price, including excise tax expense, of $98.7 million, at a weighted average price of $97.01 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.

Table of Contents

The table below summarizes the Company’s and the Bank’s actual and required capital ratios under the Basel III Capital Rules and other standards. As shown in the table below, the Company’s and Bank’s capital ratios exceeded the regulatory definition of well capitalized as of June 30, 2026 and December 31, 2025.


					June 30, 2026				December 31, 2025
(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		$	3,445,091	12.07	%	$	3,394,471	12.13	%
Tier 1 capital (to risk-weighted assets)	8.50	%	6.00	%	3,855,091		13.51	%	3,804,471		13.60	%
Total capital (to risk-weighted assets)	10.50	%	10.00	%	4,188,462		14.68	%	4,509,943		16.12	%
Tier 1 capital (to average assets)(1)	4.00	%	N/A		3,855,091		11.65	%	3,804,471		11.65	%
The Bank
CET1 capital (to risk-weighted assets)	7.00	%	6.50	%	$	3,504,224	12.35	%	$	3,618,691	13.01	%
Tier 1 capital (to risk-weighted assets)	8.50	%	8.00	%	3,504,224		12.35	%	3,618,691		13.01	%
Total capital (to risk-weighted assets)	10.50	%	10.00	%	3,837,595		13.53	%	3,951,503		14.20	%
Tier 1 capital (to average assets)(1)	4.00	%	5.00	%	3,504,224		10.67	%	3,618,691		11.18	%

(1) The Tier 1 capital ratio (to average assets) is not impacted by the Basel III Capital Rules; however, the Federal Reserve Board and the Federal Deposit Insurance Corporation may require the Company and the Bank, respectively, to maintain a Tier 1 capital ratio (to average assets) above the required minimum.

(2) Percentages represent the minimum capital ratios plus, as applicable, the fully phased-in 2.5% CET1 capital buffer under the Basel III Capital Rules.

(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.

The table below summarizes the Company’s stock-based compensation expense:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Stock-settled awards:

RSUs	$	4,921	$	4,920	$	17,126	$	15,279

Cash-settled units	4,853		2,707		10,147		5,098
Total	$	9,774	$	7,627	$	27,273	$	20,377


(in thousands except period data)	June 30, 2026
Unrecognized compensation expense related to unvested stock-settled awards	$	30,246
Weighted average period over which stock-settled awards expense is expected to be recognized, in years	2.0
Unrecognized compensation expense related to cash-settled units	$	33,372
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 2025 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.

Table of Contents

Assets and liabilities measured at fair value are as follows:


	Fair Value Measurements Using
(in thousands)	Level 1		Level 2		Level 3
June 30, 2026
Available-for-sale debt securities:(1)


Residential mortgage-backed securities	$	—	$	3,569,278	$	—


Commercial mortgage-backed securities	—		246,725		—
Credit risk transfer securities	—		—		10,281
Equity securities(1)	33,429		10,000		—
Trading debt securities(1)	—		2,539		—


Loans held for investment(2)	—		—		25,816

Derivative assets(3)	—		15,322		—
Other trading assets(4)	56		—		—
Derivative liabilities(3)	—		42,470		—
Securities sold not yet purchased(4)	11,646		—		—
Non-qualified deferred compensation plan liabilities(5)	20,333		—		—
December 31, 2025
Available-for-sale debt securities:(1)


Residential mortgage-backed securities	$	—	$	3,692,646	$	—


Commercial mortgage-backed securities	—		248,012		—
Credit risk transfer securities	—		—		10,797
Equity securities(1)	31,998		10,000		—
Trading debt securities(1)	—		3,924		—

Loans held for investment(2)	—		—		20,844
Derivative assets(3)	—		40,892		—
Derivative liabilities(3)	—		24,458		—
Securities sold not yet purchased(4)	12,026		—		—
Non-qualified deferred compensation plan liabilities(5)	18,989		—		—

(1)Available-for-sale debt securities, equity securities and trading debt 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)Other trading assets and 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.

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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 June 30, 2026
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	10,574	$	—	$	(341)	$	—	$	48	$	10,281

Three Months Ended June 30, 2025
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	11,594	$	—	$	(337)	$	—	$	110	$	11,367

Six Months Ended June 30, 2026
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	10,797	$	—	$	(576)	$	—	$	60	$	10,281

Six Months Ended June 30, 2025
Available-for-sale debt securities:(1)

Credit risk transfer securities	$	11,926	$	—	$	(638)	$	—	$	79	$	11,367

(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).

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 June 30, 2026, the discount rates utilized ranged from 5.04% to 6.16% and the weighted-average life ranged from 3.73 years to 5.40 years. On a combined amortized cost weighted-average basis a discount rate of 5.55% and a weighted-average life of 4.49 years were utilized to determine the fair value of these securities at June 30, 2026. At December 31, 2025, the combined weighted-average discount rate and weighted-average life utilized were 5.16% and 4.65 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 $25.8 million fair value of loans held for investment at June 30, 2026 reported above includes impaired loans with a carrying value of $48.1 million that were reduced by specific allowance allocations totaling $22.3 million based on collateral valuations utilizing Level 3 inputs. The $20.8 million fair value of loans held for investment at December 31, 2025 reported above includes impaired loans with a carrying value of $30.1 million that were reduced by specific allowance allocations totaling $9.3 million based on collateral valuations utilizing Level 3 inputs.

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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
June 30, 2026
Financial assets:
Cash and cash equivalents	$	3,698,268	$	3,698,268	$	3,698,268	$	—	$	—
Available-for-sale debt securities	3,826,284		3,826,284		—		3,816,003		10,281
Held-to-maturity debt securities	692,332		616,820		—		616,820		—
Equity securities	43,429		43,429		33,429		10,000		—
Trading debt securities	2,539		2,539		—		2,539		—


Loans held for investment, net	24,678,958		24,398,152		—		—		24,398,152
Derivative assets	15,322		15,322		—		15,322		—
Other trading assets	56		56		56		—		—
Financial liabilities:
Total deposits	28,911,388		29,604,026		—		—		29,604,026
Short-term borrowings	350,000		350,000		—		350,000		—
Long-term debt	500,859		507,435		—		507,435		—
Derivative liabilities	42,470		42,470		—		42,470		—
Securities sold not yet purchased	11,646		11,646		11,646		—		—
December 31, 2025
Financial assets:
Cash and cash equivalents	$	2,099,118	$	2,099,118	$	2,099,118	$	—	$	—
Available-for-sale debt securities	3,951,455		3,951,455		—		3,940,658		10,797
Held-to-maturity debt securities	725,722		654,832		—		654,832		—
Equity securities	41,998		41,998		31,998		10,000		—
Trading debt securities	3,924		3,924		—		3,924		—
Loans held for sale	4,361		4,361				4,361
Loans held for investment, net	23,769,645		23,604,206		—		—		23,604,206
Derivative assets	40,892		40,892		—		40,892		—
Financial liabilities:
Total deposits	26,448,767		26,450,932		—		—		26,450,932
Short-term borrowings	330,000		330,000		—		330,000		—
Long-term debt	620,575		593,610		—		593,610		—
Derivative liabilities	24,458		24,458		—		24,458		—
Securities sold not yet purchased	12,026		12,026		12,026		—		—

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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.


	June 30, 2026						December 31, 2025
			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	$	2,600,000	$	118	$	18,833	$	2,050,000	$	4,067	$	770
Fair value hedges:
Interest rate contracts:
Swaps hedging long-term debt	400,000		—		10,200		—		—		—
Non-hedging derivatives
Customer-initiated and other derivatives:
Foreign currency forward contracts	724,896		10,053		9,600		265,943		1,212		984
Commodity contracts	112,146		3,219		2,784		—		—		—
Interest rate contracts:
Swaps	7,097,543		28,013		28,013		6,669,382		31,587		31,587
Caps and floors written	2,594,043		630		2,620		2,740,883		3,718		1,054
Caps and floors purchased	2,635,322		2,685		695		2,782,162		1,179		3,842
Forward contracts	28,453,690		49,846		49,198		22,454,928		40,214		40,021
Gross derivatives			94,564		121,943				81,977		78,258
Netting adjustment - offsetting derivative assets/liabilities			(48,744)		(48,744)				(33,926)		(33,926)
Netting adjustment - cash collateral received/posted			(30,498)		(30,729)				(7,159)		(19,874)
Net derivatives included on the consolidated balance sheets			$	15,322	$	42,470			$	40,892	$	24,458

In the second quarter of 2026, the Company entered into commodity contract derivative instruments with customers while at the same time entering into offsetting commodity contract derivative instruments with another financial institution. These transactions allow the customer to effectively manage their exposure to commodity value fluctuations. Any changes in the fair value of the underlying derivative instruments substantially offset each other, with any difference recorded in trading income on the consolidated statements of income and other comprehensive income.

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 $15.3 million at June 30, 2026 and approximately $40.9 million at December 31, 2025. Collateral levels are monitored and adjusted on a regular basis for changes in the value of derivative instruments. At June 30, 2026, the Company had $116.2 million in cash collateral pledged to counterparties included in interest bearing cash and cash equivalents on the consolidated balance sheet and $33.7 million in cash collateral received from counterparties included in interest bearing deposits on the consolidated balance sheet. The comparative amounts at December 31, 2025, were $29.5 million in cash collateral pledged to counterparties and $7.6 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 24 risk participation agreements where it acts as a participant bank with a notional amount of $425.6 million at June 30, 2026, compared to 23 risk participation agreements with a notional amount of $338.1 million at December 31, 2025. The maximum estimated exposure to these agreements, assuming 100% default by all obligors, was approximately $3.4 million at June 30, 2026 and $510,000 at December 31, 2025. The fair value of these exposures was insignificant to the consolidated financial statements at both June 30, 2026 and December 31, 2025. 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 52 risk participation agreements where the Company acts as the lead bank having a notional amount of $665.1 million at June 30, 2026, compared to 47 agreements having a notional amount of $603.1 million at December 31, 2025.

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Derivatives Designated as Cash Flow Hedges

The Company enters into interest rate derivative contracts that are designated as qualifying cash flow hedges to hedge the exposure to variability in expected future cash flows attributable to changes in a contractually specified interest rate.

During the six months ended June 30, 2026, the Company recorded $24.7 million in unrealized losses to adjust its cash flow hedges to fair value, which was recorded net of tax to AOCI, and reclassified $2.2 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 $10.4 million will be reclassified from AOCI as a decrease to interest income. As of June 30, 2026, the maximum length of time over which forecasted transactions are hedged is 2.09 years.

Derivatives Designated as Fair Value Hedges
The Company enters into interest rate derivative contracts that are designated as qualifying fair value hedges to hedge the exposure to variability in fair value attributable to changes in a contractually specified interest rate. To qualify for hedge accounting the hedging relationship, both at inception and on an ongoing basis, must be expected to be highly effective in achieving offsetting fair value adjustments attributable to the hedged risk during the term of the hedge if a fair value hedge. As of June 30, 2026, all of the Company’s fair value hedges are accounted for using the shortcut method. The shortcut method assumes perfect hedge effectiveness and eliminates the quantitative aspect of assessing hedge effectiveness. The fair value hedges are recorded at fair value in other assets and other liabilities on the consolidated balance sheets with changes in fair value recorded in the same income statement line item as the offsetting unrealized loss or gain on the hedged item attributable to the risk being hedged.

During the first quarter of 2026, the Company entered into a receive-fixed, pay-variable interest rate swap contract to hedge the change in the fair value due to fluctuations in market interest rates for the $400.0 million Company-issued 5.301% fixed rate senior notes. The change in fair value of the fair value hedge is recorded through earnings with an exact offset against the change in the fair value of the hedged item within interest expense on long-term debt in the consolidated statements of income. During the six months ended June 30, 2026, the Company recorded $413,000 in interest expense on long-term debt related to interest settlements on derivatives. As of June 30, 2026, the carrying amount of the hedged liability was $387.5 million, which included a $10.2 million cumulative basis reduction related to the application of hedge accounting.

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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 June 30, 2026
Beginning balance	$	(5,434)	$	(51,352)	$	(29,953)	$	(86,739)
Change in unrealized gain/(loss)	(12,586)		(5,789)		—		(18,375)
Amounts reclassified into net income	1,129		—		1,477		2,606
Total other comprehensive income/(loss)	(11,457)		(5,789)		1,477		(15,769)
Income tax expense/(benefit)	(2,636)		(1,332)		340		(3,628)
Total other comprehensive income/(loss), net of tax	(8,821)		(4,457)		1,137		(12,141)
Ending balance	$	(14,255)	$	(55,809)	$	(28,816)	$	(98,880)
Three Months Ended June 30, 2025
Beginning balance	$	(8,020)	$	(93,114)	$	(35,028)	$	(136,162)
Change in unrealized gain/(loss)	207		19,831		—		20,038
Amounts reclassified into net income	8,379		—		1,588		9,967
Total other comprehensive income/(loss)	8,586		19,831		1,588		30,005
Income tax expense/(benefit)	1,938		4,478		358		6,774
Total other comprehensive income/(loss), net of tax	6,648		15,353		1,230		23,231
Ending balance	$	(1,372)	$	(77,761)	$	(33,798)	$	(112,931)

Six Months Ended June 30, 2026
Beginning balance	$	3,100	$	(36,563)	$	(31,122)	$	(64,585)
Change in unrealized gain/(loss)	(24,708)		(24,995)		—		(49,703)
Amounts reclassified into net income	2,168		—		2,995		5,163
Total other comprehensive income/(loss)	(22,540)		(24,995)		2,995		(44,540)
Income tax expense/(benefit)	(5,185)		(5,749)		689		(10,245)
Total other comprehensive income/(loss), net of tax	(17,355)		(19,246)		2,306		(34,295)
Ending balance	$	(14,255)	$	(55,809)	$	(28,816)	$	(98,880)
Six Months Ended June 30, 2025
Beginning balance	$	(15,275)	$	(131,531)	$	(36,301)	$	(183,107)
Change in unrealized gain/(loss)	865		69,452		—		70,317
Amounts reclassified into net income	17,093		—		3,233		20,326
Total other comprehensive income/(loss)	17,958		69,452		3,233		90,643
Income tax expense/(benefit)	4,055		15,682		730		20,467
Total other comprehensive income/(loss), net of tax	13,903		53,770		2,503		70,176
Ending balance	$	(1,372)	$	(77,761)	$	(33,798)	$	(112,931)

(12) New Accounting Standards

Accounting Standards Update 2026-01 “Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock” (“ASU 2026-01”) improves generally accepted accounting principles by providing authoritative guidance for the initial measurement of paid-in-kind dividends on equity-classified preferred stock. Specifically, the amendments improve the decision usefulness of the financial reporting information provided to investors which helps investors to understand the amount and preference of relative claims on equity. The amendments also provide clear, cost-effective guidance that will reduce complexity. ASU 2026-01 will be effective for the Company beginning January 1, 2027, with early adoption permitted in an interim reporting period, and is not expected to have a significant impact on the Company’s financial statements.

Accounting Standards Update 2026-02 “Environmental Credits and Environmental Credit Obligations (Topic 818) (“ASU 2026-02”) establishes guidance on the recognition, measurement, presentation and disclosure of environmental credits and environmental credit obligations. Under the new standard, entities will recognize and measure environmental credit assets based on their intended use as well as how the credits are obtained. Environmental credit obligations will be recognized and measured depending on whether an entity holds and expects to use compliance environmental credits to settle that obligation. ASU 2026-02 will be effective for the Company beginning January 1, 2028, and is not expected to have a significant impact on the Company’s financial statements.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the Company’s financial condition and results of operations for the three and six months ended June 30, 2026 and 2025 should be read in conjunction with its audited consolidated financial statements and the related notes to the consolidated financial statements included in the 2025 Form 10-K. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results for the year ending December 31, 2026 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 trade policies, geopolitical conflicts, inflation, including increased energy costs, unemployment rates and interest rates; TCBI’s ability to innovate, to anticipate the needs of our current and future customers and to manage 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, products and services; risks related to potential strategic acquisitions, including the risk that TCBI may not be able to consummate acquisitions on favorable terms, if at all, and the risk that TCBI may not realize the anticipated benefits from 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, outages, 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; TCBI’s ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss; 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; the failure to identify, attract and retain key personnel and other employees and to engage in adequate succession planning; severe weather, natural disasters, climate change, acts of war, terrorism, global or other geopolitical conflicts, or other external events, as well as related legislative and regulatory initiatives; and the risks and factors more fully described in TCBI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents and filings with the SEC. The information contained in this communication speaks only as of its date. Except to the extent required by applicable law or regulation, we disclaim any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

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Results of Operations

Selected income statement data and key performance indicators are presented in the table below:



	Three Months Ended June 30,						Six Months Ended June 30,
(dollars in thousands except per share data)	2026			2025			2026			2025
Net interest income	$	260,377		$	253,395		$	515,096		$	489,429
Provision for credit losses	18,000			15,000			34,000			32,000
Non-interest income	75,118			54,069			144,384			98,513
Non-interest expense	205,493			190,276			419,061			393,296
Income before income taxes	112,002			102,188			206,419			162,646
Income tax expense	27,054			24,860			47,683			38,271
Net income	84,948			77,328			158,736			124,375
Preferred stock dividends	4,312			4,312			8,625			8,625
Net income available to common stockholders	$	80,636		$	73,016		$	150,111		$	115,750
Basic earnings per common share	$	1.85		$	1.59		$	3.42		$	2.52
Diluted earnings per common share	$	1.83		$	1.58		$	3.39		$	2.49
Net interest margin	3.28		%	3.35		%	3.35		%	3.27		%
Return on average assets (“ROA”)	1.03		%	0.99		%	0.99		%	0.80		%
Return on average common equity (“ROE”)	9.56		%	9.17		%	8.96		%	7.40		%
Efficiency ratio(1)	61.3		%	61.9		%	63.5		%	66.9		%
Non-interest income to average earning assets	0.95		%	0.72		%	0.94		%	0.66		%
Non-interest expense to average earning assets	2.59		%	2.52		%	2.72		%	2.63		%

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

Three months ended June 30, 2026 compared to three months ended June 30, 2025

The Company reported net income of $84.9 million and net income available to common stockholders of $80.6 million for the second quarter of 2026, compared to net income of $77.3 million and net income available to common stockholders of $73.0 million for the second quarter of 2025. On a fully diluted basis, earnings per common share was $1.83 for the second quarter of 2026, compared to $1.58 for the same period in 2025. ROE was 9.56% and ROA was 1.03% for the second quarter of 2026, compared to 9.17% and 0.99%, respectively, for the same period in 2025. The increase in net income for the second quarter of 2026 compared to the second quarter of 2025 resulted primarily from increases in net interest income and non-interest income, partially offset by an increase in non-interest expense.

Six months ended June 30, 2026 compared to six months ended June 30, 2025

The Company reported net income of $158.7 million and net income available to common stockholders of $150.1 million for the six months ended June 30, 2026, compared to net income of $124.4 million and net income available to common stockholders of $115.8 million for the same period in 2025. On a fully diluted basis, earnings per common share was $3.39 for the six months ended June 30, 2026, compared to $2.49 for the same period in 2025. ROE was 8.96% and ROA was 0.99% for the six months ended June 30, 2026, compared to 7.40% and 0.80%, respectively, for the same period in 2025. The increase in net income for the six months ended June 30, 2026 compared to the same period in 2025 resulted primarily from increases in net interest income and non-interest income, partially offset by an increase in non-interest expense.

Details of the changes in the various components of net income are discussed below.

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Taxable Equivalent Net Interest Income Analysis - Quarterly(1)


	Three Months Ended June 30, 2026						Three Months Ended June 30, 2025
(dollars in thousands)	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Assets
Debt and equity securities(2)	$	4,544,249	$	46,317	4.03	%	$	4,573,164	$	45,999	3.93	%
Interest bearing cash and cash equivalents	2,777,654		25,207		3.64	%	2,661,037		29,218		4.40	%
Loans held for sale(3)	3,080		4		0.54	%	—		—		—	%
Loans held for investment, mortgage finance	6,309,596		63,862		4.06	%	5,327,559		58,707		4.42	%
Loans held for investment(3)	18,490,750		305,403		6.62	%	18,018,626		306,142		6.81	%
Less: Allowance for credit losses on loans	271,925		—		—		278,035		—		—
Loans held for investment, net	24,528,421		369,265		6.04	%	23,068,150		364,849		6.34	%
Total earning assets	31,853,404		440,793		5.54	%	30,302,351		440,066		5.80	%
Cash and other assets	1,190,251						1,117,118
Total assets	$	33,043,655					$	31,419,469
Liabilities and Stockholders’ Equity
Transaction deposits	$	2,762,965	$	16,865	2.45	%	$	2,213,037	$	13,731	2.49	%
Savings deposits	13,902,996		118,592		3.42	%	13,727,095		134,272		3.92	%
Time deposits	3,172,354		31,570		3.99	%	2,361,525		26,795		4.55	%

Total interest bearing deposits	19,838,315		167,027		3.38	%	18,301,657		174,798		3.83	%
Short-term borrowings	378,022		3,552		3.77	%	306,176		3,444		4.51	%
Long-term debt	642,689		8,974		5.60	%	649,469		7,930		4.90	%
Total interest bearing liabilities	20,859,026		179,553		3.45	%	19,257,302		186,172		3.88	%
Non-interest bearing deposits	8,058,149						8,191,402
Other liabilities	442,543						475,724
Stockholders’ equity	3,683,937						3,495,041
Total liabilities and stockholders’ equity	$	33,043,655					$	31,419,469
Net interest income			$	261,240					$	253,894
Net interest margin					3.28	%					3.35	%

(1)Taxable equivalent rates used where applicable.

(2)Yields are calculated using available-for-sale debt securities at amortized cost.

(3)Average balances include non-accrual loans.

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Taxable Equivalent Net Interest Income Analysis - Year to Date(1)




	Six Months Ended June 30, 2026						Six Months Ended June 30, 2025
(dollars in thousands)	Average Balance		Revenue / Expense		Yield / Rate		Average Balance		Revenue / Expense		Yield / Rate
Assets
Debt and equity securities(2)	$	4,589,608	$	95,915	4.17	%	$	4,518,822	$	92,564	4.01	%
Interest bearing cash and cash equivalents	2,599,575		46,691		3.62	%	3,454,011		75,792		4.43	%
Loans held for sale(3)	3,088		4		0.27	%	167		2		2.97	%
Loans held for investment, mortgage finance	5,777,306		115,435		4.03	%	4,653,577		97,234		4.21	%
Loans held for investment(3)	18,332,470		602,755		6.63	%	17,774,206		602,233		6.83	%
Less: Allowance for credit losses on loans	270,183		—		—	%	275,411		—		—	%
Loans held for investment, net	23,839,593		718,190		6.08	%	22,152,372		699,467		6.37	%
Total earning assets	31,031,864		860,800		5.58	%	30,125,372		867,825		5.78	%
Cash and other assets	1,182,119						1,137,040
Total assets	$	32,213,983					$	31,262,412
Liabilities and Stockholders’ Equity
Transaction deposits	$	2,684,858	$	31,845	2.39	%	$	2,188,282	$	27,639	2.55	%
Savings deposits	14,024,838		237,287		3.41	%	13,543,190		267,849		3.99	%
Time deposits	2,599,737		51,799		4.02	%	2,345,543		54,246		4.66	%

Total interest bearing deposits	19,309,433		320,931		3.35	%	18,077,015		349,734		3.90	%
Short-term borrowings	318,337		5,912		3.75	%	527,608		11,690		4.47	%
Long-term debt	659,143		17,085		5.23	%	654,927		16,003		4.93	%
Total interest bearing liabilities	20,286,913		343,928		3.42	%	19,259,550		377,427		3.95	%
Non-interest bearing deposits	7,775,520						8,034,196
Other liabilities	472,623						513,728
Stockholders’ equity	3,678,927						3,454,938
Total liabilities and stockholders’ equity	$	32,213,983					$	31,262,412
Net interest income			$	516,872					$	490,398
Net interest margin					3.35	%					3.27	%

(1)Taxable equivalent rates used where applicable.

(2)Yields are calculated using available-for-sale debt securities at amortized cost.

(3)Average balances include non-accrual loans.

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Volume/Rate Analysis

The following table presents the changes in taxable equivalent net interest income and identifies the changes due to differences in the average volume of earning assets and interest bearing liabilities and the changes due to differences in the average interest rate on those assets and liabilities.



	Three Months Ended June 30,						Six Months Ended June 30,
	2026/2025						2026/2025
	Net Change		Change Due To(1)				Net Change		Change Due To(1)
(in thousands)			Volume		Yield/Rate(2)				Volume		Yield/Rate(2)
Interest income
Debt and equity securities	$	318	$	(283)	$	601	$	3,351	$	1,408	$	1,943
Interest bearing cash and cash equivalents	(4,011)		1,279		(5,290)		(29,101)		(18,770)		(10,331)
Loans held for sale	4		—		4		2		43		(41)
Loans held for investment, mortgage finance	5,155		10,822		(5,667)		18,201		23,460		(5,259)
Loans held for investment	(739)		8,016		(8,755)		522		18,908		(18,386)
Total interest income	727		19,834		(19,107)		(7,025)		25,049		(32,074)
Interest expense
Transaction deposits	3,134		3,414		(280)		4,206		6,279		(2,073)
Savings deposits	(15,680)		1,719		(17,399)		(30,562)		9,530		(40,092)
Time deposits	4,775		9,198		(4,423)		(2,447)		5,874		(8,321)
Short-term borrowings	108		808		(700)		(5,778)		(4,639)		(1,139)
Long-term debt	1,044		(83)		1,127		1,082		103		979
Total interest expense	(6,619)		15,056		(21,675)		(33,499)		17,147		(50,646)
Net interest income	$	7,346	$	4,778	$	2,568	$	26,474	$	7,902	$	18,572

(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 $260.4 million for the three months ended June 30, 2026, compared to $253.4 million for the same period in 2025. 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 deposits.

Average earning assets for the three months ended June 30, 2026 increased $1.6 billion compared to the same period in 2025, which included increases of $1.5 billion in average total loans held for investment and $116.6 million in average interest bearing cash and cash equivalents, partially offset by a $28.9 million decrease in average investment securities. Average interest bearing liabilities increased $1.6 billion for the three months ended June 30, 2026 compared to the same period in 2025, primarily due to increases of $1.5 billion increase in average interest bearing deposits and $71.8 million in average short-term borrowings, partially offset by a decrease of $6.8 million in average long-term debt. Average non-interest bearing deposits for the three months ended June 30, 2026 decreased to $8.1 billion from $8.2 billion for the same period in 2025.

Net interest margin for the three months ended June 30, 2026 was 3.28%, compared to 3.35% for the same period in 2025. The decrease 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 6.04% for the three months ended June 30, 2026, compared to 6.34% for the same period in 2025, and the yield on earning assets decreased to 5.54% for the three months ended June 30, 2026, compared to 5.80% for the same period in 2025. Total cost of deposits decreased to 2.40% for the three months ended June 30, 2026 from 2.65% for the same period in 2025, and total funding costs, including non-interest bearing deposits and stockholders' equity, decreased to 2.21% for the three months ended June 30, 2026, compared to 2.41% for the same period in 2025.

Net interest income was $515.1 million for the six months ended June 30, 2026, compared to $489.4 million for the same period in 2025. 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 deposits.

Average earning assets increased $906.5 million for the six months ended June 30, 2026, compared to the same period in 2025, which included increases of $1.7 billion in average total loans held for investment and $70.8 million in average debt and equity securities, partially offset by an $854.4 million decrease in average interest bearing cash and cash equivalents. Average interest bearing liabilities increased $1.0 billion for the six months ended June 30, 2026, compared to the same period in 2025, primarily due to an increase of $1.2 billion in average interest bearing deposits, partially offset by a decrease of $209.3 million

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in average short-term borrowings. Average non-interest bearing deposits for the six months ended June 30, 2026 decreased to $7.8 billion from $8.0 billion for the same period in 2025.

Net interest margin for the six months ended June 30, 2026 was 3.35%, compared to 3.27% for the same period of 2025. The increase was primarily due to a decrease in funding costs.

The yield on total loans held for investment decreased to 6.08% for the six months ended June 30, 2026, compared to 6.37% for the same period in 2025, and the yield on earning assets decreased to 5.58% for the six months ended June 30, 2026, compared to 5.78% for the same period in 2025. Total cost of deposits decreased to 2.39% for the six months ended June 30, 2026 from 2.70% for the same period in 2025 and total funding costs, including non-interest bearing deposits and stockholders' equity, decreased to 2.19% for the six months ended June 30, 2026, compared to 2.48% for the same period in 2025.

Non-interest Income


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Service charges on deposit accounts	$	8,853	$	8,182	$	18,076	$	16,022
Wealth management and trust fee income	5,136		3,730		9,524		7,694
Brokered loan fees	2,103		2,398		4,109		4,347

Investment banking and advisory fees	31,522		24,109		63,538		40,587
Trading income	11,313		7,896		21,564		13,835


Available-for-sale debt securities losses	—		(1,886)		—		(1,886)
Other	16,191		9,640		27,573		17,914
Total non-interest income	$	75,118	$	54,069	$	144,384	$	98,513

Non-interest income increased $21.0 million during the three months ended June 30, 2026, compared to the same period in 2025, primarily due to increases in wealth management and trust fee income, investment banking and advisory fees, trading income and other non-interest income, as well as the absence of a $1.9 million loss on sale of available-for-sale debt securities recognized in the second quarter of 2025.

Non-interest income was $144.4 million for the six months ended June 30, 2026, a $45.9 million increase as compared to the same period in 2025, primarily due to increases in investment banking and advisory fees, trading income and other non-interest income.

Non-interest Expense



	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Salaries and benefits	$	123,339	$	120,154	$	262,686	$	251,795
Occupancy expense	12,359		12,144		24,764		22,988
Marketing	4,786		3,624		9,758		8,633
Legal and professional	14,700		11,069		26,680		26,058
Communications and technology	28,494		24,314		55,666		47,956
Federal Deposit Insurance Corporation insurance assessment	4,586		5,096		9,463		10,437


Other	17,229		13,875		30,044		25,429
Total non-interest expense	$	205,493	$	190,276	$	419,061	$	393,296

Non-interest expense increased $15.2 million during the three months ended June 30, 2026, compared to the same period in 2025. The increase was primarily due to increases in salaries and benefits, marketing, legal and professional, communications and technology and other non-interest expense.

Non-interest expense was $419.1 million for the six months ended June 30, 2026, an increase of $25.8 million as compared to the same period in 2025, primarily due to increases in salaries and benefits, communications and technology and other non-interest expense.

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 2025 Form 10-K for details of these portfolio segments.

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(in thousands)	June 30, 2026		December 31, 2025
Commercial	$	13,006,203	$	12,163,545
Mortgage finance	6,383,381		6,064,019
Commercial real estate	5,128,375		5,378,712
Consumer	429,267		433,926


Total loans held for investment	$	24,947,226	$	24,040,202

Total loans held for investment were $24.9 billion at June 30, 2026, an increase of $907.0 million from December 31, 2025, as increases in commercial and mortgage finance loans were partially offset by decreases in commercial real estate and 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 26% and 25% of loans held for investment at June 30, 2026 and December 31, 2025, respectively. Volumes fluctuate based on the level of market demand for the product and the number of days between purchase and sale of the loans, which can be affected by changes in overall market interest rates, and tend to peak at the end of each month.

The Company originates a substantial majority of all loans held for investment. The Company also participates in shared national credits, both as a participant and as an agent. As of June 30, 2026, the Company had $6.8 billion in shared national credits, $1.4 billion of which the Company administered as agent. All syndicated loans, whether the Company acts as agent or participant, are underwritten to the same standards as all other loans the Company originates. As of June 30, 2026, approximately $26.6 million of the Company’s shared national credits were on non-accrual.

Portfolio Concentrations

Although more than 50% of the Company’s total loan exposure is outside of Texas and more than 50% of deposits are sourced outside of Texas, Texas concentration remains significant. As of June 30, 2026, 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 Texas. The risks created by this concentration have been considered by management in determining the appropriateness of the allowance for credit losses.

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Non-performing Assets

Non-performing assets include non-accrual loans and leases, and repossessed assets. The table below summarizes non-accrual loans by portfolio segment and by type of property securing the credit.



(dollars in thousands)	June 30, 2026			December 31, 2025

Non-accrual loans held for investment
Commercial:
Business assets	$	83,757		$	92,725

Accounts receivable and inventory	1,103			1,177
Machinery and equipment	91			—
Unsecured	464			2,244


Total commercial	85,415			96,146
Commercial real estate:
Industrial buildings	18,539			19,200
Commercial building	1,527			1,534
Apartment building	18,500			—




Total commercial real estate	38,566			20,734




Total non-accrual loans held for investment	123,981			116,880
Non-accrual loans held for sale(1)	—			4,361
Other real estate owned (“OREO”)	—			—
Total non-performing assets	$	123,981		$	121,241


Non-accrual loans held for investment to total loans held for investment	0.50		%	0.49		%
Total non-performing assets to total assets	0.37		%	0.38		%
Allowance for credit losses on loans to non-accrual loans held for investment	2.2x			2.3x

Loans held for investment past due 90 days and accruing	$	451		$	19,353
Loans held for investment past due 90 days to total loans held for investment	—		%	0.08		%
Loans held for sale past due 90 days and accruing	$	—		$	—

(1) Non-accrual loans held for sale at December 31, 2025 include non-accrual loans previously reported in loans held for investment that were transferred at fair value to held for sale as of December 31, 2025.

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 $34.0 million for the six months ended June 30, 2026, compared to a provision of $32.0 million for the six months ended June 30, 2025. The provision for credit losses for the six months ended June 30, 2026 reflects an increase in criticized loans and $33.4 million in net charge-offs recorded during the six months ended June 30, 2026. Criticized loans totaled $696.3 million at June 30, 2026, compared to $634.9 million at December 31, 2025.

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


	June 30, 2026		June 30, 2025
Allowance for credit losses on loans to total loans held for investment	1.08	%	1.16	%
Allowance for credit losses on loans to average total loans held for investment(1)	1.11	%	1.24	%
Total allowance for credit losses to total loans held for investment	1.34	%	1.40	%
Total provision for credit losses to average total loans held for investment(1)(2)	0.28	%	0.29	%

(1) Ratios are calculated using average balance for the six months ended June 30, 2026 and 2025, respectively.

(2) Ratios are annualized utilizing provision for credit losses for the six months ended June 30, 2026 and 2025, respectively.

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


	Six Months Ended June 30,
	2026				2025
(dollars in thousands)	Net Charge-offs		Net Charge-offs to Average Loans		Net Charge-offs		Net Charge-offs to Average Loans(1)
Commercial	$	26,534	0.42	%	$	22,248	0.39	%
Mortgage finance	—		—	%	—		—	%
Commercial real estate	6,914		0.26	%	518		0.02	%
Consumer	(7)		—	%	(4)		—	%
Total	$	33,441	0.28	%	$	22,762	0.20	%

(1) Ratios are annualized utilizing net charge-offs for the six months ended June 30, 2026 and 2025, 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 FHLB borrowings, brokered deposits and long-term debt. The Company also relies on the availability of the mortgage secondary market provided by Ginnie Mae and government sponsored entities to support the liquidity of mortgage finance loans.

The following table summarizes the Company’s interest bearing cash and cash equivalents:



(dollars in thousands)	June 30, 2026			December 31, 2025
Interest bearing cash and cash equivalents	$	3,488,756		$	1,897,803
Interest bearing cash and cash equivalents as a percent of:
Total loans held for investment	14.0		%	7.9		%
Total earning assets	10.7		%	6.2		%
Total deposits	12.1		%	7.2		%

The Company aims to obtain as much of its funding as possible from customer deposits, which are generated through digital acquisition or as a result of development of long-term customer relationships, with a significant focus on treasury management products. In addition, the Company also has access to deposits through brokered channels. The following table summarizes period-end total deposits:



	June 30, 2026				December 31, 2025

(dollars in thousands)	Balance		% of Total		Balance		% of Total
Customer deposits	$	25,555,978	88.4	%	$	25,719,595	97.2	%
Brokered deposits	3,355,410		11.6	%	729,172		2.8	%
Total deposits	$	28,911,388	100.0	%	$	26,448,767	100.0	%

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Estimated uninsured deposits, including accrued interest, were 37% and 42% of total deposits at June 30, 2026 and December 31, 2025, respectively. The uninsured amounts are estimated based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.

The Company has short-term borrowing sources available to supplement deposits and meet its funding needs. Such borrowings are generally used to fund mortgage finance loans, due to their liquidity, short duration and interest spreads available. These borrowing sources include federal funds purchased from downstream correspondent bank relationships (which consist of banks that are smaller than the Bank) and from upstream correspondent bank relationships (which consist of banks that are larger than the Bank) and advances from the FHLB and the Federal Reserve. The following table summarizes short-term borrowings, all of which mature within one year:



(in thousands)	June 30, 2026		December 31, 2025

Federal funds purchased	$	—	$	30,000

FHLB borrowings	350,000		300,000

Total short-term borrowings	$	350,000	$	330,000

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



(in thousands)	June 30, 2026		December 31, 2025

FHLB borrowing capacity relating to loans and pledged securities	$	2,410,828	$	2,570,596
FHLB borrowing capacity relating to unencumbered securities	4,431,947		4,594,553
Total FHLB borrowing capacity(1)	$	6,842,775	$	7,165,149
Unused federal funds lines available from commercial banks	$	1,557,000	$	1,520,000
Unused Federal Reserve borrowings capacity	$	10,800,547	$	9,174,238
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, 2027. Proceeds may be used for general corporate purposes, including funding regulatory capital infusions into the Bank. The loan agreement contains customary financial covenants and restrictions. No borrowings were made against this line of credit during the six months ended June 30, 2026 or 2025.

The Company has long-term debt outstanding of $500.9 million as of June 30, 2026, comprised of trust preferred securities and senior notes with maturity dates ranging from February 2032 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 2025 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 long-term debt, 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 $3.7 billion for the six months ended June 30, 2026 compared to $3.5 billion for the same period in 2025. The Company declared and paid common stock dividends of $8.7 million, representing $0.20 per common share, during the six months ended June 30, 2026. No common stock dividends were paid in 2025. On July 22, 2026, the Company and its board of directors declared and announced a cash dividend of $0.20 per common share payable on September 15, 2026, to holders of record at the close of business on September 1, 2026.

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Effective December 12, 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 the net stock repurchases. The share repurchase program will expire on December 31, 2026, but may be suspended or discontinued at any time. The remaining repurchase authorization under the January 22, 2025 share repurchase program was terminated upon authorization of this new program. During the six months ended June 30, 2026, the Company repurchased 1,009,771 shares of its common stock for an aggregate purchase price, including excise tax expense, of $98.7 million, at a weighted average price of $97.01 per share.

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 2025 Form 10-K. Not all significant accounting policies require management to make difficult, subjective or complex judgments. However, the policy noted below could be deemed to meet the SEC’s definition of a critical accounting estimate.

Allowance for Credit Losses

Management considers the policies related to the allowance for credit losses as the most critical to the financial statement presentation. The total allowance for credit losses includes activity related to allowances calculated in accordance with Accounting Standards Codification 326, Credit Losses. The allowance for credit losses is established through a provision for credit losses charged to current earnings. The amount maintained in the allowance reflects management’s continuing evaluation of the credit losses expected to be recognized over the life of the loans in the Company’s portfolio. The allowance for credit losses on loans is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. The allowance for credit losses on off-balance sheet financial instruments is recorded in other liabilities on the consolidated balance sheets. For purposes of determining the allowance for credit losses, the loan portfolio is segregated into pools first by portfolio segment and then by past due status or credit grade. Each pool is assigned a loss estimate, reflecting historical loss rates that incorporate probability of default and severity of losses over the estimated remaining life of the loans. Loans that do not share risk characteristics are evaluated on an individual basis and are not included in the collective (pool) evaluation. Management estimates the allowance balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Modifications to loss estimates are made to incorporate a reasonable and supportable forecast of future losses at the pool level, as well as any necessary qualitative adjustments using a Portfolio Level Qualitative Factor (“PLQF”) and/or a Portfolio Segment Level Qualitative Factor (“SLQF”). A similar process is employed to calculate a reserve assigned to off-balance sheet financial instruments, specifically unfunded loan commitments and letters of credit. Modified loss estimates are assigned based on the balance of the commitments estimated to be outstanding at the time of default. The PLQF and SLQF are utilized to address factors that are not present in historical loss rates and are otherwise unaccounted for in the quantitative process. A reserve is recorded upon origination or purchase of a loan. See “Summary of Credit Loss Experience” above and Note 4 - Loans and Allowance for Credit Losses on Loans in the accompanying notes to the consolidated financial statements included elsewhere in this report for further discussion of the risk factors considered by management in establishing the allowance for credit losses.

Management considers a range of macroeconomic scenarios in connection with the allowance estimation process. Within the various economic scenarios considered as of June 30, 2026, the quantitative estimate of the allowance for credit loss would increase by approximately $91.4 million under sole consideration of the most severe downside scenario. The quoted sensitivity calculation reflects the sensitivity of the modeled allowance estimate to macroeconomic forecast data, but is absent of qualitative overlays and other qualitative adjustments that are part of the quarterly reserving process and does not necessarily reflect the nature and extent of future changes in the allowance for reasons including increases or decreases in qualitative adjustments, changes in the risk profile and size of the portfolio, changes in the severity of the macroeconomic scenario and the range of scenarios under management consideration.

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ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK

Market risk represents the potential economic loss on trading and non-trading portfolios and financial instruments due to adverse price movements in markets including interest rates, foreign exchange rates, credit spreads, commodity prices and equity and related implied volatility levels. The Company is subject to market risk primarily through the effect of changes in interest rates on its portfolio of assets held for purposes other than trading and interest rate derivative instruments that are used for managing interest rate risk. In addition, the Company has exposure to market risk through its trading desks that engage in securities, derivatives and foreign exchange transactions to support the capital raising, investing and hedging activities of customers. The Company may manage or reduce market risk through the use of hedging, short sale or other similar transactions intended to reduce market risk to be within tolerance levels designated by the Company’s market risk management strategy. The Company uses Value-at-Risk (“VaR”) as a means to measure, monitor, and limit aggregate market risk on the trading portfolio. VaR is a statistical risk measure estimating potential loss at the 95th percentile based on a one-year history of market risk factors associated with the trading portfolio. VaR provides a consistent cross-asset measure for risk profiles and allows for diversification benefit based on historical correlations across market moves. As of June 30, 2026, the Company’s exposure through its trading desk does not pose a significant market risk to the Company. All statistical models involve a degree of uncertainty and VaR is calculated at a statistical confidence interval of the 95th percentile based on one-year daily historic market moves. Larger economic losses are possible, particularly during stressed macroeconomic and market conditions.

The responsibility for managing market risk rests with the ALCO, which operates under policy guidelines established by the Company’s board of directors. Oversight of the Company’s compliance with the guidelines is the ongoing responsibility of the ALCO, with exceptions reported to the Executive Risk Committee and the board of directors, if necessary, on a quarterly basis.

Interest Rate Risk Management

The Company’s interest rate sensitivity as of June 30, 2026 is illustrated in the following table. The table reflects rate-sensitive positions as of June 30, 2026 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 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	$	3,488,756	$	—	$	—	$	—	$	3,488,756
Debt and equity securities	56,432		504		68,480		4,439,168		4,564,584
Variable loans	23,278,640		252,305		94,844		246,806		23,872,595
Fixed loans	44,206		105,576		255,220		669,629		1,074,631
Total loans	23,322,846		357,881		350,064		916,435		24,947,226
Total interest sensitive assets	$	26,868,034	$	358,385	$	418,544	$	5,355,603	$	33,000,566
Liabilities
Interest bearing customer deposits	$	17,415,038	$	—	$	—	$	—	$	17,415,038
CDs	2,625,828		1,234,566		58,646		3,522		3,922,562

Total interest bearing deposits	20,040,866		1,234,566		58,646		3,522		21,337,600
Short-term borrowings	350,000		—		—		—		350,000
Long-term debt	113,406		—		—		387,453		500,859
Total interest sensitive liabilities	$	20,504,272	$	1,234,566	$	58,646	$	390,975	$	22,188,459
GAP	$	6,363,762	$	(876,181)	$	359,898	$	4,964,628	$	—
Cumulative GAP	$	6,363,762	$	5,487,581	$	5,847,479	$	10,812,107	$	10,812,107
Non-interest bearing deposits									7,573,788
Stockholders’ equity									3,647,707
Total									$	11,221,495

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While a gap interest table is useful in analyzing interest rate sensitivity, an interest rate sensitivity simulation provides a better illustration of the sensitivity of earnings to changes in interest rates. Earnings are also affected by the effects of changing interest rates on the value of funding derived from non-interest bearing deposits and stockholders’ equity. Management performs a sensitivity analysis to identify interest rate risk exposure on net interest income. Management also quantifies and measures interest rate risk exposure using a model to dynamically simulate the effect of changes in net interest income relative to changes in interest rates over the next twelve months based on different interest rate scenarios. These are a static rate scenario and “shock test” scenarios, as described below.

These scenarios are based on interest rates as of the last day of a reporting period published by independent sources and incorporate relevant spreads of instruments that are actively traded in the open market. The Federal Reserve’s federal funds target affects short-term borrowing; the prime lending rate, SOFR and other alternative indexes are the basis for most of the variable-rate loan pricing. The 10-year treasury rate is also monitored because of its effect on prepayment speeds for mortgage-backed securities. These are the Company’s primary interest rate exposures. Interest rate derivative contracts may be used to manage exposure to adverse fluctuations in these primary interest rate exposures as is discussed in more detail under the heading Use of Derivatives to Manage Interest Rate and Other Risks below.

For modeling purposes, the “shock test” scenarios as of June 30, 2026 and June 30, 2025 assume immediate parallel, sustained 100 and 200 basis point increases in interest rates as well as 100 and 200 basis point decreases in interest rates. The Company will continue to evaluate these scenarios as interest rates change.

The Company’s interest rate risk exposure model incorporates assumptions regarding the level of interest rate, including indeterminable maturity deposits (non-interest bearing deposits, interest bearing transaction accounts and savings accounts) and loan and security prepayment behaviors for a given level of market rate change. In the current environment of changing short-term rates, deposit pricing can vary by product and customer. These assumptions have been developed through a combination of historical analysis and projection of future expected pricing behavior. Changes in prepayment behavior of mortgage-backed securities and residential and commercial mortgage loans in each rate environment are captured using industry estimates of prepayment speeds for various coupon segments of the portfolio. The impact of these changes is factored into the simulation model results and indicated interest rate sensitivity as follows:


	Annualized Hypothetical Change in Net Interest Income
		June 30, 2026		June 30, 2025
+ 200 basis points		5.1	%	7.4	%
+ 100 basis points		2.6	%	3.8	%
- 100 basis points		(5.8)	%	(5.9)	%
- 200 basis points		(10.8)	%	(12.0)	%

The simulations used to manage interest rate risk are based on numerous assumptions regarding the effect of changes in interest rates on the timing and extent of repricing characteristics, future cash flows and customer behavior. These assumptions are inherently uncertain and, as a result, the model cannot precisely estimate net interest income or precisely predict the impact of higher or lower interest rates on net interest income. Actual results will differ from simulated results due to timing, magnitude and frequency of interest rate changes as well as changes in market conditions, customer behavior and management strategies, among other factors.

Use of Derivatives to Manage Interest Rate and Other Risks

In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers.

On the date the Company enters into a derivative contract, the derivative is designated as either a fair value hedge, cash flow hedge, net investment hedge, or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations.

To manage the sensitivity of earnings and capital to interest rate, prepayment, credit, price and foreign currency fluctuations (asset and liability management positions), the Company may enter into derivative transactions. In addition, the Company enters into interest rate, commodity 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 2025 Form 10-K.

ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

The Company repurchased shares of its common stock in the open market during the six months ended June 30, 2026 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 2026	770,423	$	96.82	770,423	$	125,410,091
April 2026	1,964	$	96.13	1,964	$	125,221,299
May 2026	163,105	97.02		163,105	109,397,619
June 2026	74,279	99.01		74,279	102,043,593
Total second quarter 2026	239,348	$	97.63	239,348	$	102,043,593










Total 2026	1,009,771	$	97.01	1,009,771	$	102,043,593

(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) Effective December 12, 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 will expire on December 31, 2026, but may be suspended or discontinued at any time. The remaining repurchase authorization under the January 22, 2025 share repurchase program was terminated upon authorization of this new program.

ITEM 5. OTHER INFORMATION

During the three months ended June 30, 2026, the following Rule 10b5-1 trading arrangement, as the term is defined in Regulation S-K, Item 408, was adopted as described in the table below:

Name and Title

Character of Trading Arrangement(1)

Date Adopted

Duration(2)

Aggregate Number of Shares of Common Stock to be Sold Pursuant to the Trading Arrangement

Anna M. Alvarado-Pearce, Chief Legal Officer & Corporate Secretary

Rule 10b5-1 Trading Arrangement

June 10, 2026

June 10, 2026 - June 17, 2027

Up to 7,000(3)

(1) Each trading arrangement marked as a Rule 10b5-1 Trading Arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c), as amended (the “Rule”).

(2) Each trading arrangement permits transactions through and including the earlier to occur of (a) the completion of all sales or (b) the date listed in the table. Each trading arrangement marked as a Rule 10b5-1 Trading Arrangement only permits transactions upon expiration of the applicable mandatory cooling-off period under the Rule.

(3) The Company’s common stock.

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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: July 23, 2026


/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	24
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	35
	Item 4.	Controls and Procedures	37

Part II.—Other Information
	Item 1.	Legal Proceedings	38
	Item 1A.	Risk Factors	38
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	38
	Item 5.	Other Information	38
	Item 6.	Exhibits, Financial Statement Schedules	39

Signatures			40

Texas Capital Bancshares - 10-Q quarterly report FY2026 Q2

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