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~~September 30, 2025


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

For the transition period from to

Commission file number 001-34657

TEXAS CAPITAL BANCSHARES, INC.

(Exact Name of Registrant as Specified in Its Charter)


Delaware						75-2679109
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification Number)

2000 McKinney Avenue

Suite 700

Dallas

USA

75201

(Address of principal executive offices)

(Zip Code)

(214) 932-6600

(Registrant’s telephone number, including area code)

Securities registered under Section 12(b) of the Exchange Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.01 per share

TCBI

The Nasdaq Stock Market

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

TCBIO

The Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large Accelerated Filer

Accelerated Filer

☐

Non-Accelerated Filer

☐

Smaller Reporting Company

☐

Emerging Growth Company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ý

On ~~July~~October 1521, 2025, the number of shares set forth below was outstanding with respect to each of the issuer’s classes of common stock:

Common Stock, par value $0.01 per share 45,~~755~~643,~~147~~585

Table of Contents

Texas Capital Bancshares, Inc.

Form 10-Q

Quarter Ended ~~June~~September 30, 2025

Index

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	2423
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk	3534
	Item 4.	Controls and Procedures	3736
Part II.—Other Information
	Item 1.	Legal Proceedings	3837
	Item 1A.	Risk Factors	3837
	Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	3837
	Item 6.	Exhibits	3938
Signatures			4039

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~~September 30, 2025		December 31, 2024
Assets
Cash and due from banks	$	~~182~~212,~~451~~438	$	176,501
Interest bearing cash and cash equivalents	2,~~507~~852,~~691~~387		3,012,307
Available-for-sale debt securities	3,~~774~~801,~~141~~261		3,524,686
Held-to-maturity debt securities	~~761~~743,~~907~~120		796,168
Equity securities	6855,~~692~~054		75,261
Trading securities	32,~~888~~219		—
Investment securities	4,~~608~~601,~~628~~654		4,396,115
Loans held for investment, mortgage finance	56,~~889~~057,~~589~~804		5,215,574
Loans held for investment	18,~~035~~134,~~945~~059		17,234,492
Less: Allowance for credit losses on loans	~~277~~274,~~648~~026		271,709
Loans held for investment, net	23,~~647~~917,~~886~~837		22,178,357
Premises and equipment, net	8688,~~831~~348		85,443
Accrued interest receivable and other assets	~~908~~862,~~552~~820		881,664
Goodwill and intangibles, net	1,496		1,496
Total assets	$	3132,~~943~~536,~~535~~980	$	30,731,883
Liabilities and Stockholders’ Equity
Liabilities:
Non-interest bearing deposits	$	7,~~718~~689,~~006~~598	$	7,485,428
Interest bearing deposits	1819,~~346~~815,~~303~~800		17,753,171
Total deposits	2627,~~064~~505,~~309~~398		25,238,599
Accrued interest payable	149,~~120~~360		23,680
Other liabilities	~~484~~489,~~780~~708		556,322
Short-term borrowings	1275,~~250,~~000		885,000
Long-term debt	620,~~256~~416		660,346
Total liabilities	28,~~433~~899,~~465~~882		27,363,947
Stockholders’ equity:
Preferred stock, $0.01 par value, $1,000 liquidation value:
Authorized shares - 10,000,000
Issued shares - 300,000 at June 30, 2025 and December 31, 2024	300,000		300,000
Issued shares - 300,000 at September 30, 2025 and December 31, 2024	300,000		300,000
Common stock, $0.01 par value:
Authorized shares - 100,000,000
Issued shares - 51,747,305 and 51,520,315 at June 30, 2025 and December 31, 2024, respectively	517		515
Issued shares - 51,767,419 and 51,520,315 at September 30, 2025 and December 31, 2024, respectively	518		515
Additional paid-in capital	1,~~065~~069,~~083~~582		1,056,719
Retained earnings	2,~~611~~712,~~401~~298		2,495,651
Treasury stock - 6,000,469 and 5,286,503 shares at cost at June 30, 2025 and December 31, 2024, respectively	(354,000)		(301,842)
Treasury stock - 6,087,556 and 5,286,503 shares at cost at September 30, 2025 and December 31, 2024, respectively	(361,076)		(301,842)
Accumulated other comprehensive loss, net of taxes	(~~112~~84,~~931~~224)		(183,107)
Total stockholders’ equity	3,~~510~~637,~~070~~098		3,367,936
Total liabilities and stockholders’ equity	$	3132,~~943~~536,~~535~~980	$	30,731,883

See accompanying notes to consolidated financial statements.

Table of Contents

TEXAS CAPITAL BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME AND OTHER

COMPREHENSIVE INCOME - UNAUDITED

	Three Months Ended June 30,				Six Months Ended June 30,
	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands except per share data)	2025		2024		2025		2024
Interest income
Interest and fees on loans	$	~~364~~379,~~358~~017	$	~~345~~361,~~251~~407	$	~~698~~1,~~508~~077,525	$	~~676~~1,~~130~~037,537
Investment securities	4549,~~991~~396		3338,~~584~~389		92141,~~556~~952		65104,~~728~~117
Interest bearing cash and cash equivalents	2932,~~218~~202		4352,~~233~~737		75107,~~792~~994		97150,~~588~~325
Total interest income	~~439~~460,~~567~~615		~~422~~452,~~068~~533		~~866~~1,~~856~~327,471		~~839~~1,~~446~~291,979
Interest expense
Deposits	~~174~~180,~~798~~779		~~181~~190,~~280~~255		~~349~~530,~~734~~513		~~356~~547,~~880~~135
Short-term borrowings	~~3,444~~534		1213,~~749~~784		1112,~~690~~224		2539,~~532~~316
Long-term debt	7,~~930~~531		118,~~457~~392		1623,~~003~~534		2533,~~443~~835
Total interest expense	~~186~~188,~~172~~844		~~205~~212,~~486~~431		~~377~~566,~~427~~271		~~407~~620,~~855~~286
Net interest income	~~253~~271,~~395~~771		~~216~~240,~~582~~102		~~489~~761,~~429~~200		~~431~~671,~~591~~693
Provision for credit losses	1512,000		2010,000		3244,000		3949,000
Net interest income after provision for credit losses	~~238~~259,~~395~~771		~~196~~230,~~582~~102		~~457~~717,~~429~~200		~~392~~622,~~591~~693
Non-interest income
Service charges on deposit accounts	8,~~182~~111		56,~~911~~307		1624,~~022~~133		1218,~~250~~557
Wealth management and trust fee income	3,~~730~~989		34,~~699~~040		711,~~694~~683		711,~~266~~306
Brokered loan fees	2,~~398~~419		2,~~131~~400		46,~~347~~766		46,~~042~~442
Investment banking and advisory fees	2433,~~109~~985		2534,~~048~~753		4074,~~587~~572		4378,~~472~~225
Trading income	7,~~896~~238		5,~~650~~786		1321,~~835~~073		1016,~~362~~148
Available-for-sale debt securities losses	~~(1,886)~~—		—(179,581)		(1,886)		—(179,581)
Other	912,~~640~~841		711,~~985~~524		1730,~~914~~755		1425,~~351~~875
Total non-interest income	5468,~~069~~583		50(114,~~424~~771)		98167,~~513~~096		91(23,~~743~~028)
Non-interest expense
Salaries and benefits	~~120~~119,~~154~~856		~~118~~121,~~840~~138		~~251~~371,~~795~~651		~~247~~368,~~567~~705
Occupancy expense	1211,~~144~~828		1012,~~666~~937		2234,~~988~~816		2033,~~403~~340
Marketing	3,~~624~~412		5,~~996~~863		812,~~633~~045		1217,~~032~~895
Legal and professional	1112,~~069~~474		11,~~273~~135		2638,~~058~~532		2738,~~468~~603
Communications and technology	24,~~314~~594		2225,~~013~~951		4772,~~956~~550		4369,~~127~~078
Federal Deposit Insurance Corporation insurance assessment	5,~~096~~198		54,~~570~~906		1015,~~437~~635		1318,~~991~~897
Other	13,~~875~~213		1413,~~051~~394		2538,~~429~~642		2639,~~214~~608
Total non-interest expense	190,~~276~~575		~~188~~195,~~409~~324		~~393~~583,~~296~~871		~~390~~586,~~802~~126
Income before income taxes	102,188		58,597		162,646		93,532
Income/(loss) before income taxes	137,779		(79,993)		300,425		13,539
Income tax expense	24,860		16,935		38,271		25,728
Income tax expense/(benefit)	32,569		(18,674)		70,840		7,054
Net income	77,328		41,662		124,375		67,804
Net income/(loss)	105,210		(61,319)		229,585		6,485
Preferred stock dividends	4,~~312~~313		4,~~312~~313		812,~~625~~938		812,~~625~~938
Net income available to common stockholders	$	73,016	$	37,350	$	115,750	$	59,179
Net income/(loss) available to common stockholders	$	100,897	$	(65,632)	$	216,647	$	(6,453)
Other comprehensive income/(loss)
Change in unrealized gain/(loss)	$	2030,~~038~~909	$	~~(13~~109,~~939)~~849	$	70101,~~317~~226	$	~~(56~~53,~~282)~~567
Amounts reclassified into net income	96,~~967~~172		19199,~~825~~599		2026,~~326~~498		39239,~~533~~132
Other comprehensive income/(loss)	30,005		5,886		90,643		(16,749)
Other comprehensive income	37,081		309,448		127,724		292,699
Income tax expense/(benefit)	6,774		(6,268)		20,467		(11,021)
Income tax expense	8,374		69,873		28,841		58,852
Other comprehensive income/(loss), net of tax	23,231		12,154		70,176		(5,728)
Other comprehensive income, net of tax	28,707		239,575		98,883		233,847
Comprehensive income	$	~~100~~133,~~559~~917	$	53178,~~816~~256	$	~~194~~328,~~551~~468	$	62240,~~076~~332
Basic earnings per common share	$	1.59	$	0.80	$	2.52	$	1.26
Basic earnings/(loss) per common share	$	2.21	$	(1.42)	$	4.72	$	(0.14)
Diluted earnings per common share	$	1.58	$	0.80	$	2.49	$	1.25
Diluted earnings/(loss) per common share	$	2.18	$	(1.41)	$	4.67	$	(0.14)

See accompanying notes to consolidated financial statements.

Table of Contents

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, 2024	300,000	$	300,000	51,420,680	$	514	$	1,044,669	$	2,457,222	(4,434,405)	$	(251,857)	$	(379,886)	$	3,170,662
Comprehensive income/(loss):
Net income	—	—		—	—		—		41,662		—	—		—		41,662
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		12,154		12,154
Total comprehensive income																53,816
Stock-based compensation expense recognized in earnings	—	—		—	—		5,246		—		—	—		—		5,246
Preferred stock dividend	—	—		—	—		—		(4,312)		—	—		—		(4,312)
Issuance of stock related to stock-based awards	—	—		53,901	1		199		—		—	—		—		200
Repurchase of common stock	—	—		—	—		—		—		(852,098)	(50,011)		—		(50,011)
Balance at June 30, 2024	300,000	$	300,000	51,474,581	$	515	$	1,050,114	$	2,494,572	(5,286,503)	$	(301,868)	$	(367,732)	$	3,175,601
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
Net loss	—	—		—	—		—		(61,319)		—	—		—		(61,319)
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		23239,~~231~~575		23239,~~231~~575
Total comprehensive income																~~100~~178,~~559~~256
Stock-based compensation expense recognized in earnings	—	—		—	—		4,~~920~~957		—		—	—		—		4,~~920~~957
Preferred stock dividend	—	—		—	—		—		(4,~~312~~313)		—	—		—		(4,~~312~~313)
Issuance of stock related to stock-based awards	—	—		3919,~~763~~679	—		~~135~~(457)		—		—	—		—		~~135~~(457)
Repurchase of common stock	—	—		—	—		—		—		(317,860)	(21,006)		—		(21,006)
Balance at September 30, 2024	300,000	$	300,000	51,494,260	$	515	$	1,054,614	$	2,428,940	(5,286,503)	$	(301,868)	$	(128,157)	$	3,354,044
Balance at June 30, 2025	300,000	$	300,000	51,747,305	$	517	$	1,065,083	$	2,611,401	(6,000,469)	$	(354,000)	$	(112,931)	$	3,510,070
Comprehensive income/(loss):
Net income	—	—		—	—		—		105,210		—	—		—		105,210
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		28,707		28,707
Total comprehensive income																133,917
Stock-based compensation expense recognized in earnings	—	—		—	—		5,146		—		—	—		—		5,146
Preferred stock dividend	—	—		—	—		—		(4,313)		—	—		—		(4,313)
Issuance of stock related to stock-based awards	—	—		20,114	1		(647)		—		—	—		—		(646)
Repurchase of common stock	—	—		—	—		—		—		(87,087)	(7,076)		—		(7,076)
Balance at September 30, 2025	300,000	$	300,000	51,767,419	$	518	$	1,069,582	$	2,712,298	(6,087,556)	$	(361,076)	$	(84,224)	$	3,637,098

See accompanying notes to consolidated financial statements.

Table of Contents

TEXAS CAPITAL BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - UNAUDITED

	Preferred Stock			Common Stock			Additional				Treasury Stock			Accumulated Other
							Paid-in		Retained					Comprehensive
(in thousands except share data)	Shares	Amount		Shares	Amount		Capital		Earnings		Shares	Amount		Income/(Loss)		Total
Balance at December 31, 2023 (audited)	300,000	$	300,000	51,142,979	$	511	$	1,045,576	$	2,435,393	(3,905,067)	$	(220,334)	$	(362,004)	$	3,199,142
Comprehensive income/(loss):
Net income	—	—		—	—		—		676,~~804~~485		—	—		—		676,~~804~~485
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		(5233,~~728)~~847		(5233,~~728)~~847
Total comprehensive income																62240,~~076~~332
Stock-based compensation expense recognized in earnings	—	—		—	—		1318,~~272~~229		—		—	—		—		1318,~~272~~229
Preferred stock dividend	—	—		—	—		—		(812,~~625~~938)		—	—		—		(812,~~625~~938)
Issuance of stock related to stock-based awards	—	—		~~331~~351,~~602~~281	4		(89,~~734~~191)		—		—	—		—		(89,~~730~~187)
Repurchase of common stock	—	—		—	—		—		—		(1,381,436)	(81,534)		—		(81,534)
Balance at June 30, 2024	300,000	$	300,000	51,474,581	$	515	$	1,050,114	$	2,494,572	(5,286,503)	$	(301,868)	$	(367,732)	$	3,175,601
Balance at September 30, 2024	300,000	$	300,000	51,494,260	$	515	$	1,054,614	$	2,428,940	(5,286,503)	$	(301,868)	$	(128,157)	$	3,354,044
Balance at December 31, 2024 (audited)	300,000	$	300,000	51,520,315	$	515	$	1,056,719	$	2,495,651	(5,286,503)	$	(301,842)	$	(183,107)	$	3,367,936
Comprehensive income/(loss):
Net income	—	—		—	—		—		~~124~~229,~~375~~585		—	—		—		~~124~~229,~~375~~585
Change in other comprehensive income/(loss), net of taxes	—	—		—	—		—		—		—	—		7098,~~176~~883		7098,~~176~~883
Total comprehensive income																~~194~~328,~~551~~468
Stock-based compensation expense recognized in earnings	—	—		—	—		1520,~~279~~425		—		—	—		—		1520,~~279~~425
Preferred stock dividend	—	—		—	—		—		(812,~~625~~938)		—	—		—		(812,~~625~~938)
Issuance of stock related to stock-based awards	—	—		~~226~~247,~~990~~104	23		(67,~~915~~562)		—		—	—		—		(67,~~913~~559)
Repurchase of common stock	—	—		—	—		—		—		(~~713~~801,~~966~~053)	(5259,~~158~~234)		—		(5259,~~158~~234)
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 September 30, 2025	300,000	$	300,000	51,767,419	$	518	$	1,069,582	$	2,712,298	(6,087,556)	$	(361,076)	$	(84,224)	$	3,637,098

See accompanying notes to consolidated financial statements.

Table of Contents

TEXAS CAPITAL BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

Six Months Ended June 30,

Nine Months Ended September 30,

(in thousands)

2025

2024

Operating activities

Net income

~~124~~229,~~375~~585

676,~~804~~485

Adjustments to reconcile net income to net cash provided by operating activities:

Provision for credit losses

3244,000

3949,000

Depreciation and amortization

2336,~~669~~291

2438,~~835~~917

Net loss on available-for-sale debt securities

1,886

—179,581

Net loss/(gain) on equity securities

104

(3,975)

Net gain on equity securities

(2,265)

(6,727)

Sales/(purchases) of trading securities, net

(32,~~888~~219)

—

Stock-based compensation expense

2028,~~377~~614

1421,~~755~~208

Proceeds from sales and repayments of loans held for sale

—

2553,~~731~~494

Changes in operating assets and liabilities:

Accrued interest receivable and other assets

(6639,~~954~~949)

(2460,~~042~~683)

Accrued interest payable and other liabilities

(6866,~~204~~283)

~~(15~~180,~~017)~~584

Net cash provided by operating activities

63229,~~365~~660

~~129~~461,~~091~~859

Investing activities

Purchases of available-for-sale debt securities

(~~700~~843,~~052~~190)

(~~693~~1,~~894~~793,339)

Proceeds from sales of available-for-sale debt securities

280,402

—1,057,159

Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities

~~238~~385,~~840~~694

~~416~~514,~~701~~159

Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities

3555,~~925~~555

3555,~~712~~696

Sales/(purchases) of equity securities, net

622,~~465~~472

(1815,~~432~~874)

Originations of loans held for investment, mortgage finance

(4371,~~839~~110,~~841~~334)

(3760,~~081~~379,~~520~~814)

Proceeds from pay-offs of loans held for investment, mortgage finance

4370,~~165~~268,~~826~~104

3558,~~981~~828,~~687~~483

Net increase in loans held for investment, excluding mortgage finance loans

(~~824~~936,~~215~~069)

(~~379~~446,~~469~~916)

Purchase of premises and equipment, net

(712,~~960~~910)

(4257,~~246~~435)

Net cash used in investing activities

(1,~~644~~890,~~610~~276)

(12,~~781~~237,~~461~~881)

Financing activities

Net increase/(decrease) in deposits

825,710

1,446,488

Net increase in deposits

2,266,799

3,493,416

Issuance of stock related to stock-based awards

(67,~~913~~559)

(89,~~730~~187)

Preferred stock dividends paid

(812,~~625~~938)

Repurchase of common stock

(5259,~~158~~234)

(81,534)

Net increase/(decrease) in short-term borrowings

365,000

175,000

Net decrease in short-term borrowings

(610,000)

(465,000)

Redemption of long-term debt

(40,435)

(200,000)

Net cash provided by financing activities

1,~~082~~536,~~579~~633

12,~~322~~724,~~599~~757

Net increase in cash and cash equivalents

(498,666)

(329,771)

Net increase/(decrease) in cash and cash equivalents

(123,983)

948,735

Cash and cash equivalents at beginning of period

3,188,808

3,242,850

Cash and cash equivalents at end of period

23,~~690~~064,~~142~~825

24,~~913~~191,~~079~~585

Supplemental disclosures of cash flow information

Cash paid during the period for interest

~~386~~580,~~987~~591

~~464~~672,~~930~~199

Cash paid during the period for income taxes

5267,~~813~~402

4748,~~988~~040

Transfers of loans from held for investment to held for sale

—

18,411

See accompanying notes to consolidated financial statements.

Table of Contents

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - UNAUDITED

(1) Operations and Summary of Significant Accounting Policies

Organization and Nature of Business

Texas Capital Bancshares, Inc. (“TCBI” or the “Company”) is a registered bank holding company and a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs and individual customers. TCBI is headquartered in Dallas, with primary banking offices in Austin, Dallas, Fort Worth, Houston and San Antonio, and has built a network of clients across the country.

The Company’s business activities are conducted primarily through its wholly-owned bank subsidiary Texas Capital Bank (the “Bank”) and its wholly-owned non-bank subsidiary, TCBI Securities Inc. (“TCBI Securities”). The Bank is a Texas state-chartered bank. TCBI Securities is a registered broker-dealer with the U.S. Securities and Exchange Commission (“SEC”) and a member of the Financial Industry Regulatory Authority and Municipal Securities Rulemaking Board.

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

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

Basis of Presentation

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

The consolidated interim financial statements are unaudited, and certain information and disclosures in the notes to consolidated unaudited financial statements that are presented in accordance with GAAP have been condensed or omitted. In the opinion of management, the interim financial statements include all normal and recurring adjustments and the disclosures made present a fair presentation of the Company’s financial position and results of operations. The consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q adopted by the SEC. Accordingly, the financial statements and the notes to the consolidated unaudited financial statements required by GAAP for complete annual financial statements do not include all of the information and should be read in conjunction with the consolidated financial statements, and notes thereto, for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (the “2024 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.

Use of Estimates

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

(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)	2025		2024		2025		2024
Numerator:
Net income	$	77,328	$	41,662	$	124,375	$	67,804
Preferred stock dividends	4,312		4,312		8,625		8,625
Net income available to common stockholders	$	73,016	$	37,350	$	115,750	$	59,179
Denominator:
Basic earnings per common share—weighted average common shares	45,791,602		46,546,243		45,956,594		46,925,761
Effect of dilutive outstanding stock-settled awards	423,792		326,255		446,522		371,569
Dilutive earnings per common share—weighted average diluted common shares	46,215,394		46,872,498		46,403,116		47,297,330
Basic earnings per common share	$	1.59	$	0.80	$	2.52	$	1.26
Diluted earnings per common share	$	1.58	$	0.80	$	2.49	$	1.25
Anti-dilutive outstanding stock-settled awards	31,703		38,461		26,974		105,680

Table of Contents

(2) Earnings Per Share

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



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

(3) Investment Securities

The following is a summary of the Company’s investment securities:

(in thousands)	AmortizedCost(1)		GrossUnrealizedGains		GrossUnrealizedLosses		EstimatedFairValue
June 30, 2025
September 30, 2025
Available-for-sale debt securities:
Residential mortgage-backed securities	$	3,~~620~~616,~~954~~063	$	1728,~~279~~099	$	(~~118~~100,~~713~~147)	$	3,~~519~~544,~~520~~015
Commercial mortgage-backed securities	~~241~~243,~~799~~360		2,~~076~~899		(~~621~~6)		~~243~~246,~~254~~253
CRT securities	11,829		—		(462)		11,367
Credit risk transfer securities	11,447		—		(454)		10,993
Total available-for-sale debt securities	3,~~874~~870,~~582~~870		1930,~~355~~998		(~~119~~100,~~796~~607)		3,~~774~~801,~~141~~261
Held-to-maturity debt securities:
Residential mortgage-backed securities	~~761~~743,~~907~~120		—		(8781,~~244~~197)		~~674~~661,~~663~~923
Total held-to-maturity debt securities	~~761~~743,~~907~~120		—		(8781,~~244~~197)		~~674~~661,~~663~~923
Equity securities							6855,~~692~~054
Trading securities							32,~~888~~219
Total investment securities(2)							$	4,~~608~~601,~~628~~654
December 31, 2024
Available-for-sale debt securities:
U.S. Treasury securities	$	280,137	$	—	$	(2,852)	$	277,285
Residential mortgage-backed securities	3,195,145		7,200		(168,302)		3,034,043
Commercial mortgage-backed securities	206,830		—		(5,398)		201,432
CRT securities	12,466		—		(540)		11,926
Credit risk transfer securities	12,466		—		(540)		11,926
Total available-for-sale debt securities	3,694,578		7,200		(177,092)		3,524,686
Held-to-maturity securities:
Residential mortgage-backed securities	796,168		—		(117,994)		678,174
Total held-to-maturity securities	796,168		—		(117,994)		678,174
Equity securities							75,261
Total investment securities(2)							$	4,396,115

(1) Excludes accrued interest receivable of $15.6 million and $13.8 million at ~~June~~September 30, 2025 and December 31, 2024, respectively, related to available-for-sale debt securities and $1.2 million and $1.3 million at ~~June~~September 30, 2025 and December 31, 2024, respectively, related to held-to-maturity debt securities that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.

(2) Includes available-for-sale debt securities, equity securities and trading securities at estimated fair value and held-to-maturity debt securities at amortized cost.

Debt Securities

During the second quarter of 2025, the Company sold available-for-sale debt securities with an amortized cost basis of $287.5 million, realizing a loss of $1.9 million, and repositioned the proceeds into purchases of available-for-sale residential mortgage-backed securities. The Company did not sell any available-for-sale debt securities during the first six months of 2024.

The amortized cost and estimated fair value as of June 30, 2025, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.

	Available-for-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	254,523		255,531		—		—
Due after ten years	3,620,059		3,518,610		761,907		674,663
Total	$	3,874,582	$	3,774,141	$	761,907	$	674,663

Table of Contents

~~The~~Debt table below presents the weighted average yields for the Company’s available-for-sale debt securities as of June 30, 2025. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% federal tax rate, where applicable.Securities

	Residential mortgage-backed securities		Commercial mortgage-backed securities		CRT securities
Due within one year	—	%	—	%	—	%
Due after one year through five years	—		—		—
Due after five years through ten years	3.90		4.81		4.44
Due after ten years	4.68		—		—
Total	4.68	%	4.81	%	4.44	%

During the second quarter of 2025, the Company sold available-for-sale debt securities with an amortized cost basis of $287.5 million, realizing a loss of $1.9 million, and repositioned the proceeds into purchases of available-for-sale residential mortgage-backed securities. In the third quarter of 2024, the Company sold available-for-sale debt securities with an amortized cost basis of $1.2 billion and realized a loss of $179.6 million.

The amortized cost and estimated fair value as of September 30, 2025, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.


	Available-for-sale				Held-to-maturity
(in thousands)	Amortized Cost		Fair Value		Amortized Cost		Fair Value

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

The table below presents the weighted average yields for the Company’s available-for-sale debt securities as of September 30, 2025. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% federal tax rate, where applicable.


	Residential mortgage-backed securities		Commercial mortgage-backed securities		Credit risk transfer securities
Due within one year	—	%	—	%	—	%
Due after one year through five years	—		—		—
Due after five years through ten years	3.91		4.90		4.28
Due after ten years	4.71		—		—
Total	4.71	%	4.90	%	4.28	%

The following table discloses the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months:

	Less Than 12 Months				12 Months or Longer				Total
(in thousands)	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
June 30, 2025
September 30, 2025
Residential mortgage-backed securities	$	~~888,175~~23	$	~~(3,438)~~—	$	1,~~258~~014,~~369~~549	$	(~~115~~100,~~275~~147)	$	21,~~146~~014,~~544~~572	$	(~~118~~100,~~713~~147)
Commercial mortgage-backed securities	~~158~~33,~~266~~327		(~~621~~6)		—		—		~~158~~33,~~266~~327		(~~621~~6)
CRT securities	—		—		11,367		(462)		11,367		(462)
Credit risk transfer securities	—		—		10,993		(454)		10,993		(454)
Total	$	133,~~046,441~~350	$	(~~4,059~~6)	$	1,~~269~~025,~~736~~542	$	(~~115~~100,~~737~~601)	$	21,~~316~~058,~~177~~892	$	(~~119~~100,~~796~~607)
December 31, 2024
U.S. Treasury securities	$	—	$	—	$	277,285	$	(2,852)	$	277,285	$	(2,852)
Residential mortgage-backed securities	1,338,801		(18,141)		1,323,180		(150,161)		2,661,981		(168,302)
Commercial mortgage-backed securities	201,432		(5,398)		—		—		201,432		(5,398)
CRT securities	—		—		11,926		(540)		11,926		(540)
Credit risk transfer securities	—		—		11,926		(540)		11,926		(540)
Total	$	1,540,233	$	(23,539)	$	1,612,391	$	(153,553)	$	3,152,624	$	(177,092)

At ~~June~~September 30, 2025, the Company had 4932 available-for-sale debt securities in an unrealized loss position, comprised of 4229 residential mortgage-backed securities, ~~five~~one commercial mortgage-backed securities and two ~~Credit~~credit ~~Risk~~risk ~~Transfer~~transfer ~~(“CRT”)~~ securities. The unrealized losses on the available-for-sale debt securities were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The Company does not currently intend to sell and based on current conditions it does not believe it is likely that the Company will be required to sell these available-for-sale debt securities before recovery of the amortized cost of such securities in an unrealized loss position and has therefore recorded the unrealized losses related to this portfolio in accumulated other comprehensive income/loss, net (“AOCI”). Held-to-maturity securities consist of government guaranteed securities for which no loss is expected. At ~~June~~September 30, 2025 and December 31, 2024, no allowance for credit losses was established for available-for-sale or held-to-maturity debt securities.

At ~~June~~September 30, 2025 and December 31, 2024, debt securities with carrying values of approximately $~~962~~951,000 and $940,000, respectively, were pledged to secure certain customer deposits.

Equity Securities

Equity securities consist of investments that qualify for consideration under the regulations implementing the Community Reinvestment Act and investments in exchange traded funds. The following is a summary of unrealized and realized gains/(losses) recognized on equity securities included in other non-interest income on the consolidated statements of income and other comprehensive income:

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Net gains/(losses) recognized during the period	$	1,604	$	(59)	$	(104)	$	3,975
Less: Realized net gains/(losses) recognized on securities sold	703		59		1,031		371
Unrealized net gains/(losses) recognized on securities still held	$	901	$	(118)	$	(1,135)	$	3,604

Table of Contents

Equity Securities

The following is a summary of unrealized and realized gains/(losses) recognized on equity securities included in other non-interest income on the consolidated statements of income and other comprehensive income:



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

(4) Loans and Allowance for Credit Losses on Loans

Loans are summarized by portfolio segment as follows:

(in thousands)	~~June~~September 30, 2025		December 31, 2024
Loans held for investment(1):
Commercial	$	11,~~930~~999,~~668~~025	$	11,145,591
Mortgage finance	56,~~889~~057,~~589~~804		5,215,574
Commercial real estate	5,~~665~~696,~~100~~720		5,616,282
Consumer	540,~~837~~126		565,376
Gross loans held for investment	24,~~026~~293,~~194~~675		22,542,823
Unearned income (net of direct origination costs)	(~~100~~101,~~660~~812)		(92,757)
Total loans held for investment	2324,~~925~~191,~~534~~863		22,450,066
Allowance for credit losses on loans	(~~277~~274,~~648~~026)		(271,709)
Total loans held for investment, net	$	23,~~647~~917,~~886~~837	$	22,178,357

(1) Excludes accrued interest receivable of $~~101~~107.96 million and $107.3 million at ~~June~~September 30, 2025 and December 31, 2024, respectively, that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.

Table of Contents

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

(in thousands)	2025		2024		2023		2022		2021		2020and prior		Revolving lines of credit		Revolving lines of credit converted to term loans		Total
June 30, 2025
September 30, 2025
Commercial
(1-7) Pass	$	~~750~~1,~~086~~515,522	$	1,~~440~~304,~~357~~446	$	1786,~~018,302~~716	$	1905,~~048,253~~138	$	~~263~~205,~~885~~979	$	~~196~~158,~~156~~114	$	6,~~689~~708,~~345~~635	$	30,~~470~~271	$	11,~~436~~614,~~854~~821
(8) Special mention	~~1,380~~972		3225,~~844~~126		197,~~174~~624		~~112~~55,~~767~~824		62,~~576~~620		510,~~120~~778		4125,~~666~~298		—300		~~219~~128,~~527~~542
(9) Substandard - accruing	~~188~~793		9,~~531~~423		5960,~~314~~075		14,~~722~~400		3735,~~158~~910		~~7,437~~758		5562,~~580~~337		—		183,~~930~~696
(9+) Non-accrual	2114,~~580~~613		~~445~~—		84,~~626~~140		2827,~~313~~072		—		12,~~378~~575		1913,~~015~~566		—		9071,~~357~~966
Total commercial	$	~~773~~1,~~234~~531,900	$	1,~~483~~338,~~177~~995	$	1858,~~105,416~~555	$	1,~~204~~002,~~055~~434	$	~~307~~244,~~619~~509	$	~~221~~182,~~091~~225	$	6,~~805~~809,~~606~~836	$	30,~~470~~571	$	11,~~930~~999,~~668~~025
Mortgage finance
(1-7) Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	56,~~889~~057,~~589~~804	$	—	$	56,~~889~~057,~~589~~804
(8) Special mention	—		—		—		—		—		—		—		—		—
(9) Substandard - accruing	—		—		—		—		—		—		—		—		—
(9+) Non-accrual	—		—		—		—		—		—		—		—		—
Total mortgage finance	$	—	$	—	$	—	$	—	$	—	$	—	$	56,~~889~~057,~~589~~804	$	—	$	56,~~889~~057,~~589~~804
Commercial real estate
(1-7) Pass	$	~~357~~653,~~920~~167	$	~~662~~608,~~180~~176	$	~~943~~951,~~876~~334	$	1,~~836~~690,~~390~~702	$	~~743~~694,~~688~~803	$	~~714~~692,~~679~~056	$	255,~~511~~206	$	127,~~625~~448	$	5,~~526~~552,~~869~~892
(8) Special mention	—		25,532		~~5,681~~—		6187,~~943~~907		193,~~115~~263		1,~~889~~856		—		~~819~~792		~~114~~119,~~979~~350
(9) Substandard - accruing	—12		—348		—		—		—		—		—		—		—360
(9+) Non-accrual	—		—		3,034		1921,~~914~~084		—		~~304~~—		—		—		2324,~~252~~118
Total commercial real estate	$	~~357~~653,~~920~~179	$	~~687~~634,~~712~~056	$	~~952~~954,~~591~~368	$	1,~~918~~799,~~247~~693	$	~~762~~698,~~803~~066	$	~~716~~693,~~872~~912	$	255,~~511~~206	$	138,~~444~~240	$	5,~~665~~696,~~100~~720
Consumer
(1-7) Pass	$	1928,~~669~~850	$	3941,~~075~~970	$	29,~~706~~979	$	53,~~121~~067	$	74,~~146~~023	$	~~118~~116,~~149~~102	$	~~201~~194,~~554~~435	$	—	$	~~535~~538,~~420~~426
(8) Special mention	—		~~2,717~~—		—		—		—		—		21,700		—		51,~~417~~700
(9) Substandard - accruing	—		—		—		—		—		—		—		—		—
(9+) Non-accrual	—		—		—		—		—		—		—		—		—
Total consumer	$	1928,~~669~~850	$	41,~~792~~970	$	29,~~706~~979	$	53,~~121~~067	$	74,~~146~~023	$	~~118~~116,~~149~~102	$	~~204~~196,~~254~~135	$	—	$	540,~~837~~126
Total	$	12,~~150~~213,~~823~~929	$	2,~~212~~015,~~681~~021	$	21,~~087~~842,~~713~~902	$	32,~~175~~855,~~423~~194	$	1,~~144~~016,~~568~~598	$	1992,~~056,112~~239	$	13,~~154~~318,~~960~~981	$	4338,~~914~~811	$	24,~~026~~293,~~194~~675
Gross charge-offs	$	—7,061	$	~~259~~704	$	~~116~~2,371	$	45,~~451~~692	$	28	$	858	$	1821,~~436~~228	$	—	$	2437,~~148~~942


(in thousands)	2024		2023		2022		2021		2020		2019 and prior		Revolving lines of credit		Revolving lines of credit converted to term loans		Total
December 31, 2024
Commercial
(1-7) Pass	$	1,612,695	$	1,156,414	$	1,256,539	$	307,590	$	76,821	$	169,974	$	6,027,177	$	12,040	$	10,619,250
(8) Special mention	22,953		28,354		134,092		21,626		30		6,369		91,423		—		304,847
(9) Substandard - accruing	623		44,901		51,536		7,855		301		3,309		37,405		—		145,930
(9+) Non-accrual	—		9,220		8,057		—		360		23,708		34,219		—		75,564
Total commercial	$	1,636,271	$	1,238,889	$	1,450,224	$	337,071	$	77,512	$	203,360	$	6,190,224	$	12,040	$	11,145,591
Mortgage finance
(1-7) Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	5,215,574	$	—	$	5,215,574
(8) Special mention	—		—		—		—		—		—		—		—		—
(9) Substandard - accruing	—		—		—		—		—		—		—		—		—
(9+) Non-accrual	—		—		—		—		—		—		—		—		—
Total mortgage finance	$	—	$	—	$	—	$	—	$	—	$	—	$	5,215,574	$	—	$	5,215,574
Commercial real estate
(1-7) Pass	$	599,301	$	889,603	$	1,843,706	$	885,913	$	216,077	$	704,288	$	273,663	$	18,085	$	5,430,636
(8) Special mention	25,532		4,353		70,161		15,831		299		13,731		—		872		130,779
(9) Substandard - accruing	—		—		—		—		—		20,230		—		—		20,230
(9+) Non-accrual	85		—		20,637		—		—		13,915		—		—		34,637
Total commercial real estate	$	624,918	$	893,956	$	1,934,504	$	901,744	$	216,376	$	752,164	$	273,663	$	18,957	$	5,616,282
Consumer
(1-7) Pass	$	44,352	$	28,289	$	54,148	$	75,924	$	40,667	$	99,471	$	220,561	$	—	$	563,412
(8) Special mention	—		—		—		—		—		—		—		—		—
(9) Substandard - accruing	—		—		—		—		—		—		1,000		—		1,000
(9+) Non-accrual	—		—		—		—		—		964		—		—		964
Total Consumer	$	44,352	$	28,289	$	54,148	$	75,924	$	40,667	$	100,435	$	221,561	$	—	$	565,376
Total	$	2,305,541	$	2,161,134	$	3,438,876	$	1,314,739	$	334,555	$	1,055,959	$	11,901,022	$	30,997	$	22,542,823
Gross charge-offs	$	994	$	7,543	$	550	$	4,037	$	537	$	8,784	$	23,566	$	44	$	46,055

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		MortgageFinance		Commercial Real Estate		Consumer		Total
Six Months Ended June 30, 2025
Nine Months Ended September 30, 2025
Beginning balance	$	198,423	$	2,755	$	68,825	$	1,706	$	271,709
Provision for credit losses on loans	3135,~~737~~106		75,~~875~~944		(112,~~011~~306)		~~100~~75		2838,~~701~~819
Charge-offs	2337,~~217~~011		—		931		—		2437,~~148~~942
Recoveries	~~969~~1,019		—		413		48		1,~~386~~440
Net charge-offs (recoveries)	2235,~~248~~992		—		518		(48)		2236,~~762~~502
Ending balance	$	~~207~~197,~~912~~537	$	108,~~630~~699	$	5766,~~296~~001	$	1,~~810~~789	$	~~277~~274,~~648~~026
Six Months Ended June 30, 2024
Nine Months Ended September 30, 2024
Beginning balance	$	171,437	$	4,173	$	71,829	$	2,534	$	249,973
Provision for credit losses on loans	26,200		1,445		12,245		153		40,043
Allowance established for acquired PCD loans	2,579		—		—		—		2,579
Charge-offs	17,541		—		5,436		—		22,977
Provision for credit losses on loans	54,529		1,290		(6,840)		414		49,393
Recoveries	258		—		—		—		258
Charge-offs	23,661		—		5,698		30		29,389
Net charge-offs (recoveries)	17,283		—		5,436		—		22,719
Recoveries	587		—		—		—		587
Ending balance	$	180,354	$	5,618	$	78,638	$	2,687	$	267,297
Net charge-offs (recoveries)	23,074		—		5,698		30		28,802
Ending balance	$	205,471	$	5,463	$	59,291	$	2,918	$	273,143

The Company recorded a $2838.78 million provision for credit losses on loans for the ~~six~~nine months ended ~~June~~September 30, 2025, compared to $4049.04 million for the same period of 2024. The $2838.78 million provision for credit losses on loans resulted primarily from an increase in total loans held for investment and $2236.85 million in net charge-offs recorded during the ~~six~~nine months ended ~~June~~September 30, 2025, partially offset by adecreases ~~decline~~ in criticized loans and non-accrual loans. Criticized loans totaled $~~637~~529.57 million at ~~June~~September 30, 2025, compared to $714.0 million at December 31, 2024.

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. At ~~June~~September 30, 2025, the Company had $413.12 million in collateral-dependent commercial loans, collateralized by business assets, and $2224.91 million in collateral-dependent commercial real estate loans, collateralized by real estate.

The table below provides an age analysis of gross loans held for investment:

(in thousands)

30-59 DaysPast Due

60-89 DaysPast Due

90 Days or More Past Due

Total PastDue

Non-accrual(1)

Current

Total

Non-accrual With No Allowance

June 30, 2025

September 30, 2025

Commercial

25,~~418~~202

41,~~278~~340

~~1,775~~126

86,~~471~~668

9071,~~357~~966

11,~~831~~920,~~840~~391

11,~~930~~999,~~668~~025

53,~~628~~073

Mortgage finance

—

56,~~889~~057,~~589~~804

—

Commercial real estate

~~5,987~~296

32,~~895~~096

~~293~~—

102,~~175~~392

2324,~~252~~118

5,~~631~~670,~~673~~210

5,~~665~~696,~~100~~720

34,~~034~~568

Consumer

~~1,651~~—

—

~~1,651~~—

—

~~539~~540,~~186~~126

540,~~837~~126

—

Total

105,~~056~~498

83,~~173~~436

~~2,068~~126

209,~~297~~060

~~113~~96,~~609~~084

2324,~~892~~188,~~288~~531

24,~~026~~293,~~194~~675

87,~~662~~641

(1)As of ~~June~~September 30, 2025, $~~848~~556,000 of non-accrual loans were earning interest income on a cash basis compared to $360,000 as of December 31, 2024. Additionally, $630,000 of interest income was recognized on non-accrual loans for the ~~six~~nine months ended ~~June~~September 30, 2025 compared to $~~161~~272,000 for the same period in 2024. Accrued interest of $~~919,000~~1.5 million and $~~668~~917,000 was reversed during the ~~six~~nine months ended ~~June~~September 30, 2025 and ~~June~~September 30, 2024, respectively.

Table of Contents

Modifications to Borrowers Experiencing Financial Difficulty

The table below details gross loans held for investment made to borrowers experiencing financial difficulty that were modified during the three and ~~six~~nine months ended ~~June~~September 30, 2025 and ~~June~~September 30, 2024, by type of modification granted and the financial effect of those modifications:

											Financial Statement Impact
($ in thousands)	PaymentDeferral		TermExtension		PaymentDeferraland TermExtension		Total		Percentage of Loans Held for Investment		Interest Rate Reduction	Term Extension (in months)	Payment Deferrals
Three Months Ended June 30, 2025
Three Months Ended September 30, 2025
Commercial	$	~~9,492~~791	$	118,~~002~~948	$	~~21,580~~758	$	4210,~~074~~497	0.1804	%	—%	103 to 266	$	~~5,762~~814
Total	$	9,492	$	11,002	$	21,580	$	42,074	0.18	%
Commercial real estate	—		—		17,505		17,505		0.07	%	—%	6	737
Three Months Ended June 30, 2024
Total	$	791	$	8,948	$	18,263	$	28,002	0.12	%
Commercial	$	16,147	$	253	$	7,439	$	23,839	0.11	%	—%	3 to 13	$	1,176
Three Months Ended September 30, 2024
Commercial	$	360	$	—	$	—	$	360	—	%	—%	0	$	42
Total	$	360	$	—	$	—	$	360	—	%
Nine Months Ended September 30, 2025
Commercial	$	12,100	$	19,950	$	23,126	$	55,176	0.23	%	—%	3 to 26	$	6,711
Commercial real estate	18,163		—		17,505		35,668		0.15	%	—%	6	1,106
Total	$	30,263	$	19,950	$	40,631	$	90,844	0.37	%
Nine Months Ended September 30, 2024
Commercial	$	28,082	$	553	$	7,439	$	36,074	0.16	%	—%	3 to 13	$	4,868
Commercial real estate	—		15,831		—		15,831		0.07	%	—%	3	—
Total	$	1628,~~147~~082	$	16,~~084~~384	$	7,439	$	3951,~~670~~905	0.1823	%
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	%
Six Months Ended June 30, 2024
Commercial	$	24,207	$	703	$	7,439	$	32,349	0.15	%	—%	3 to 13	$	1,853
Commercial real estate	—		15,831		—		15,831		0.07	%	—%	3	—
Total	$	24,207	$	16,534	$	7,439	$	48,180	0.22	%

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

(in thousands)	PaymentDeferral		TermExtension		Payment Deferraland Term Extension		Total
Three Months Ended June 30, 2025
Three Months Ended September 30, 2025
Commercial	$	~~22,500~~179	$	63,~~537~~000	$	—14,613	$	2917,~~037~~792
Commercial real estate	—		—		—		—
Total	$	179	$	3,000	$	14,613	$	17,792
Total	$	22,500	$	6,537	$	—	$	29,037
Three Months Ended September 30, 2024
Three Months Ended June 30, 2024
Commercial	$	2,902	$	—	$	—	$	2,902
Commercial	$	—	$	—	$	—	$	—
Total	$	2,902	$	—	$	—	$	2,902
Total	$	—	$	—	$	—	$	—
Nine Months Ended September 30, 2025
Six Months Ended June 30, 2025
Commercial	$	25,675	$	9,537	$	14,613	$	49,825
Commercial	$	25,496	$	6,537	$	—	$	32,033
Commercial real estate	—		—		13,500		13,500
Total	$	25,~~496~~675	$	69,537	$	1328,~~500~~113	$	4563,~~533~~325
Six Months Ended June 30, 2024
Nine Months Ended September 30, 2024
Commercial	$	36,~~129~~031	$	—	$	1,756	$	47,~~885~~787
Total	$	36,~~129~~031	$	—	$	1,756	$	47,~~885~~787

Table of Contents

The table below provides an age analysis of gross loans held for investment as of ~~June~~September 30, 2025 and ~~June~~September 30, 2024 made to borrowers experiencing financial difficulty that were modified in the prior twelve months:

(in thousands)	30-89 DaysPast Due		90+ DaysPast Due		Non-Accrual		Current		Total
June 30, 2025
September 30, 2025
Commercial	$	758	$	—	$	6147,~~005~~849	$	1518,~~100~~157	$	7666,~~863~~764
Commercial real estate	—		—		17,~~835~~506		—		17,~~835~~506
Total	$	758	$	—	$	7865,~~840~~355	$	1518,~~100~~157	$	9484,~~698~~270
June 30, 2024
September 30, 2024
Commercial	$	—	$	—	$	1110,~~297~~191	$	304,~~757~~474	$	4214,~~054~~665
Commercial real estate	—		—		—		15,831		15,831
Total	$	—	$	—	$	1110,~~297~~191	$	4620,~~588~~305	$	5730,~~885~~496

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

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

(in thousands)	~~June~~September 30, 2025		December 31, 2024
Federal Home Loan Bank borrowings	$	1,250,000	$	885,000
Federal funds purchased	$	275,000	$	—
Total short-term borrowings	$	1,250,000	$	885,000
Federal Home Loan Bank borrowings	—		885,000
Total short-term borrowings	$	275,000	$	885,000

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

(in thousands)	~~June~~September 30, 2025		December 31, 2024
Bank-issued 5.25% fixed rate subordinated notes due 2026	~~134,408~~$	134,459	~~174,717~~$	174,717
Company-issued 4.00% fixed rate subordinated notes due 2031	372,~~442~~551		372,223
Trust preferred floating rate subordinated debentures due 2032 to 2036	113,406		113,406
Total long-term debt	$	620,~~256~~416	$	660,346

During the second quarter of 2025, the Company partially paid down $40.5 million of the bank-issued 5.25% fixed rate subordinated notes due 2026.

(6) Financial Instruments with Off-Balance Sheet Risk

The table below presents the Company’s financial instruments with off-balance sheet risk, as well as the activity in the allowance for off-balance sheet credit losses related to those financial instruments.

(in thousands)	Commercial		MortgageFinance		CommercialReal Estate		Consumer		Total
Six Months Ended June 30, 2025
Nine Months Ended September 30, 2025
Beginning balance	$	47,907	$	23	$	5,351	$	51	$	53,332
Provision for off-balance sheet credit losses	45,~~075~~717		72		(~~767~~522)		(16)		35,~~299~~181
Ending balance	$	5153,~~982~~624	$	3025	$	4,~~584~~829	$	35	$	5658,~~631~~513
Six Months Ended June 30, 2024
Nine Months Ended September 30, 2024
Beginning balance	$	36,040	$	6	$	10,147	$	169	$	46,362
Provision for off-balance sheet credit losses	15,~~222~~701		2326		(26,~~363~~100)		75(20)		(~~1,043~~393)
Ending balance	$	3741,~~262~~741	$	2932	$	74,~~784~~047	$	~~244~~149	$	45,~~319~~969
(in thousands)							~~June~~September 30, 2025		December 31, 2024
Commitments to extend credit - period end balance							$	1011,~~488~~063,~~980~~858	$	9,694,406
Standby letters of credit - period end balance							~~548~~564,~~540~~799		538,047

Table of Contents

(7) Regulatory Ratios and Capital

The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory (and possibly additional discretionary) actions by regulators that, if undertaken, could have a direct material adverse effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.

The Basel III Capital Rules adopted by U.S. federal banking agencies, among other things, (i) establish the capital measure called “Common Equity Tier 1” (“CET1”), (ii) specify that Tier 1 capital consists of CET1 and “Additional Tier 1 Capital” instruments meeting stated requirements, (iii) require that most deductions/adjustments to regulatory capital measures be made to CET1 and not to other components of capital and (iv) define the scope of the deductions/adjustments to the capital measures.

Additionally, the Basel III Capital Rules require that the Company maintain a 2.5% capital conservation buffer comprised of CET1, with respect to each of CET1, Tier 1 and total capital to risk-weighted asset ratios. A financial institution with a conservation buffer of less than the required amount is subject to limitations on capital distributions, including dividend payments and stock repurchases, and certain discretionary bonus payments to executive officers. No dividends were declared or paid on the Company’s common stock during the ~~six~~nine months ended ~~June~~September 30, 2025 or during 2024. On January 22, 2025, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $200.0 million in shares of its outstanding common stock, which is set to expire January 31, 2026. During the ~~six~~nine months ended ~~June~~September 30, 2025, the Company repurchased ~~713~~801,~~966~~053 shares of its common stock for an aggregate price, including excise tax expense, of $5259.2 million, at a weighted average price of $7273.5844 per share.

Because the Bank had less than $15.0 billion in total consolidated assets as of December 31, 2009, it is allowed to continue to classify the trust preferred securities, all of which were issued prior to May 19, 2010, as Tier 1 capital.

At the beginning of each of the last five years of the life of the Bank-issued fixed rate subordinated notes due 2026, the amount that is eligible to be included in Tier 2 capital is reduced by 20% of the original amount of the notes (net of redemptions). In 2025, the amount of the notes that qualify as Tier 2 capital has been reduced by 100%.

The table below summarizes the Company’s and the Bank’s actual and required capital ratios under the Basel III Capital Rules and other standards. As shown in the table below, the Company’s and Bank’s capital ratios exceeded the regulatory definition of well capitalized as of ~~June~~September 30, 2025 and December 31, 2024.

					June 30, 2025				December 31, 2024
					September 30, 2025				December 31, 2024
(dollars in thousands)	Minimum Capital Required(2)		Capital Required to be Well Capitalized		Capital Amount		Ratio		Capital Amount		Ratio
The Company
CET1 capital (to risk-weighted assets)	7.00	%	N/A		$	3,~~321~~419,~~203~~546	1112.4514	%	$	3,251,979	11.38	%
Tier 1 capital (to risk-weighted assets)	8.50	%	6.00	%	3,~~731~~829,~~203~~546		1213.8660	%	3,661,979		12.82	%
Total capital (to risk-weighted assets)	10.50	%	10.00	%	4,~~437~~534,~~924~~636		1516.3010	%	4,390,656		15.37	%
Tier 1 capital (to average assets)(1)	4.00	%	N/A		3,~~731~~829,~~203~~546		11.8488	%	3,661,979		11.33	%
The Bank
CET1 capital (to risk-weighted assets)	7.00	%	6.50	%	$	3,~~397~~509,~~976~~504	1112.8153	%	$	3,611,714	12.75	%
Tier 1 capital (to risk-weighted assets)	8.50	%	8.00	%	3,~~397~~509,~~976~~504		1112.8153	%	3,611,714		12.75	%
Total capital (to risk-weighted assets)	10.50	%	10.00	%	3,~~732~~842,~~255~~043		1213.9772	%	3,968,168		14.00	%
Tier 1 capital (to average assets)(1)	4.00	%	5.00	%	3,~~397~~509,~~976~~504		10.8799	%	3,611,714		11.27	%

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

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

Table of Contents

(8) Stock-Based Compensation

The Company has long-term incentive plans under which stock-based compensation awards are granted to employees and directors by the Company’s board of directors or its designated committee. Grants are subject to vesting requirements and may include, among other things, nonqualified stock options, stock appreciation rights, restricted stock units (“RSUs”), restricted stock and performance units, or any combination thereof. On April 15, 2025, the Company’s stockholders approved the Texas Capital Bancshares, Inc. 2022 Long-Term Incentive Plan, as amended and restated, which increases shares authorized and available for grant by 1.1 million shares and extends the plan’s maturity date by two years.

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

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

(in thousands)

2025

2024

2025

2024

Stock-settled awards:

RSUs

45,~~920~~146

54,~~246~~957

1520,~~279~~425

1318,~~272~~229

Cash-settled units

23,~~707~~091

~~975~~1,496

58,~~098~~189

12,~~483~~979

Total

78,~~627~~237

6,~~221~~453

2028,~~377~~614

1421,~~755~~208

(in thousands except period data)	~~June~~September 30, 2025
Unrecognized compensation expense related to unvested stock-settled awards	$	2822,~~043~~406
Weighted average period over which stock-settled awards expense is expected to be recognized, in years	1.98
Unrecognized compensation expense related to cash-settled units	$	2221,~~738~~060
Weighted average period over which cash-settled units expense is expected to be recognized, in years	2.31

(9) Fair Value Disclosures

The Company determines the fair market values of its assets and liabilities measured at fair value on a recurring and nonrecurring basis using the fair value hierarchy as prescribed in Accounting Standards Codification 820, Fair Value Measurements and Disclosures. See Note 1 - Operations and Summary of Significant Accounting Policies in the Company’s 2024 Form 10-K for information regarding the fair value hierarchy and a description of the methods and significant assumptions used by the Company in estimating its fair value disclosures for financial statements.

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, 2025
September 30, 2025
Available-for-sale debt securities:(1)
Residential mortgage-backed securities	$	—	$	3,~~519~~544,~~520~~015	$	—
Commercial mortgage-backed securities	—		~~243~~246,~~254~~253		—
CRT securities	—		—		11,367
Credit risk transfer securities	—		—		10,993
Equity securities(1)(2)	52,561		16,131		—
Equity securities(1)	45,054		10,000		—
Trading securities(1)	—		32,~~888~~219		—
Loans held for investment(3)	—		—		16,154
Loans held for investment(2)	—		—		21,057
Derivative assets(4)	—		50,129		—
Derivative assets(3)	—		37,297		—
Securities sold not yet purchased(5)	26,551		—		—
Securities sold not yet purchased(4)	24,730		—		—
Derivative liabilities(4)	—		40,217		—
Derivative liabilities(3)	—		24,264		—
Non-qualified deferred compensation plan liabilities(6)	19,533		—		—
Non-qualified deferred compensation plan liabilities(5)	18,540		—		—
December 31, 2024
Available-for-sale debt securities:(1)
U.S. Treasury securities	$	277,285	$	—	$	—
Residential mortgage-backed securities	—		3,034,043		—
Commercial mortgage-backed securities	—		201,432		—
CRT securities	—		—		11,926
Credit risk transfer securities	—		—		11,926
Equity securities(1)(2)	59,235		16,026		—
Equity securities(1)	59,235		16,026		—
Loans held for investment(3)	—		—		35,318
Loans held for investment(2)	—		—		35,318
Derivative assets(4)	—		23,202		—
Derivative assets(3)	—		23,202		—
Securities sold not yet purchased(5)	33,705		—		—
Securities sold not yet purchased(4)	33,705		—		—
Derivative liabilities(4)	—		57,906		—
Derivative liabilities(3)	—		57,906		—
Non-qualified deferred compensation plan liabilities(6)	19,109		—		—
Non-qualified deferred compensation plan liabilities(5)	19,109		—		—

(1)Available-for-sale debt securities, equity securities and trading securities are measured at fair value on a recurring basis, generally monthly.

(2)~~Equity~~Includes ~~securities~~certain ~~consist~~collateral-dependent ofloans ~~investments~~held ~~that~~for ~~qualify~~investment for ~~consideration~~which ~~under~~a specific allocation of the ~~regulations~~allowance ~~implementing~~for credit losses is based upon the ~~Community~~fair ~~Reinvestment~~value ~~Act~~of ~~and~~the ~~investments~~loan’s inunderlying ~~exchange~~collateral. ~~traded~~These ~~funds~~loans held for investment are measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions.

(3)~~Includes~~Derivative ~~certain~~assets ~~collateral-dependent~~and ~~loans~~liabilities ~~held~~are ~~for~~measured ~~investment~~at ~~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~~recurring basis, generally ~~annually or more often as warranted by market and economic conditions~~monthly.

(4)~~Derivative~~Securities ~~assets~~sold ~~and~~not ~~liabilities~~yet purchased are measured at fair value on a recurring basis, generally ~~quarterly~~monthly.

(5)~~Securities~~Non-qualified ~~sold~~deferred ~~not~~compensation ~~yet~~plan ~~purchased~~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.

(6)Non-qualified deferred compensation plan liabilities represent the fair value of the obligation to the employee, which generally corresponds to the fair value of the invested assets, and are measured at fair value on a recurring basis, generally monthly.

Table of Contents

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, 2025
Three Months Ended September 30, 2025
Available-for-sale debt securities:(1)
CRT securities	$	11,594	$	—	$	(337)	$	—	$	110	$	11,367
Credit risk transfer securities	$	11,367	$	—	$	(382)	$	—	$	8	$	10,993
Three Months Ended June 30, 2024
Three Months Ended September 30, 2024
Available-for-sale debt securities:(1)
CRT securities	$	12,261	$	—	$	(291)	$	—	$	358	$	12,328
Credit risk transfer securities	$	12,328	$	—	$	(346)	$	—	$	20	$	12,002
Six Months Ended June 30, 2025
Nine Months Ended September 30, 2025
Available-for-sale debt securities:(1)
CRT securities	$	11,926	$	—	$	(638)	$	—	$	79	$	11,367
Credit risk transfer securities	$	11,926	$	—	$	(1,019)	$	—	$	86	$	10,993
Six Months Ended June 30, 2024
Nine Months Ended September 30, 2024
Available-for-sale debt securities:(1)
CRT securities	$	11,995	$	—	$	(500)	$	—	$	833	$	12,328
Credit risk transfer securities	$	11,995	$	—	$	(846)	$	—	$	853	$	12,002

(1)Unrealized gains/(losses) on available-for-sale debt securities are recorded in AOCI. Realized gains/(losses) are recorded in other non-interest income on the consolidated statements of income and other comprehensive income/(loss).

~~CRT securities~~18

The fair value of CRT securities is based on a discounted cash flow model, which utilizes Level 3 inputs, the most significant of which were a discount rate and weighted-average life. At June 30, 2025, the discount rates utilized ranged from 4.54% to 5.86% and the weighted-average life ranged from 3.97 years to 6.16 years. On a combined amortized cost weighted-average basis a discount rate of 5.08% and a weighted-average life of 4.87 years were utilized to determine the fair value of these securities at June 30, 2025. At December 31, 2024, the combined weighted-average discount rate and weighted-average life utilized were 5.63% and 5.35 years, respectively.

Loans held for investment

Certain collateral-dependent loans held for investment are reported at fair value when, based upon an individual evaluation, the specific allocation of the allowance for credit losses that is deducted from the loan's amortized cost is based upon the fair value of the loan's underlying collateral. The $16.2 million fair value of loans held for investment at June 30, 2025 reported above includes impaired loans with a carrying value of $27.1 million that were reduced by specific allowance allocations totaling $10.9 million based on collateral valuations utilizing Level 3 inputs. The $35.3 million fair value of loans held for investment at December 31, 2024 reported above includes impaired loans with a carrying value of $63.6 million that were reduced by specific allowance allocations totaling $28.3 million based on collateral valuations utilizing Level 3 inputs.

Table of Contents

Credit risk transfer securities

The fair value of credit risk transfer securities is based on a discounted cash flow model, which utilizes Level 3 inputs, the most significant of which were a discount rate and weighted-average life. At September 30, 2025, the discount rates utilized ranged from 4.65% to 5.68% and the weighted-average life ranged from 3.88 years to 5.90 years. On a combined amortized cost weighted-average basis a discount rate of 5.09% and a weighted-average life of 4.74 years were utilized to determine the fair value of these securities at September 30, 2025. At December 31, 2024, the combined weighted-average discount rate and weighted-average life utilized were 5.63% and 5.35 years, respectively.

Loans held for investment

Certain collateral-dependent loans held for investment are reported at fair value when, based upon an individual evaluation, the specific allocation of the allowance for credit losses that is deducted from the loan's amortized cost is based upon the fair value of the loan's underlying collateral. The $21.1 million fair value of loans held for investment at September 30, 2025 reported above includes impaired loans with a carrying value of $35.8 million that were reduced by specific allowance allocations totaling $14.7 million based on collateral valuations utilizing Level 3 inputs. The $35.3 million fair value of loans held for investment at December 31, 2024 reported above includes impaired loans with a carrying value of $63.6 million that were reduced by specific allowance allocations totaling $28.3 million based on collateral valuations utilizing Level 3 inputs.

Fair Value of Financial Instruments

A summary of the carrying amounts and estimated fair values of financial instruments is as follows:

	CarryingAmount		Estimated Fair Value
(in thousands)			Total		Level 1		Level 2		Level 3
June 30, 2025
September 30, 2025
Financial assets:
Cash and cash equivalents	$	23,~~690~~064,~~142~~825	$	23,~~690~~064,~~142~~825	$	23,~~690~~064,~~142~~825	$	—	$	—
Available-for-sale debt securities	3,~~774~~801,~~141~~261		3,~~774~~801,~~141~~261		—		3,~~762~~790,~~774~~268		1110,~~367~~993
Held-to-maturity debt securities	~~761~~743,~~907~~120		~~674~~661,~~663~~923		—		~~674~~661,~~663~~923		—
Equity securities	6855,~~692~~054		6855,~~692~~054		5245,~~561~~054		1610,~~131~~000		—
Trading securities	32,~~888~~219		32,~~888~~219		—		32,~~888~~219		—
Loans held for investment, net	23,~~647~~917,~~886~~837		23,~~597~~874,~~536~~493		—		—		23,~~597~~874,~~536~~493
Derivative assets	5037,~~129~~297		5037,~~129~~297		—		5037,~~129~~297		—
Financial liabilities:
Total deposits	2627,~~064~~505,~~309~~398		2627,~~065~~504,~~518~~235		—		—		2627,~~065~~504,~~518~~235
Short-term borrowings	1275,~~250,~~000		1275,~~250,~~000		—		1275,~~250,~~000		—
Long-term debt	620,~~256~~416		~~590~~592,~~131~~312		—		~~590~~592,~~131~~312		—
Securities sold not yet purchased	2624,~~551~~730		2624,~~551~~730		2624,~~551~~730		—		—
Derivative liabilities	4024,~~217~~264		4024,~~217~~264		—		4024,~~217~~264		—
December 31, 2024
Financial assets:
Cash and cash equivalents	$	3,188,808	$	3,188,808	$	3,188,808	$	—	$	—
Available-for-sale debt securities	3,524,686		3,524,686		277,285		3,235,475		11,926
Held-to-maturity debt securities	796,168		678,174		—		678,174		—
Equity securities	75,261		75,261		59,235		16,026		—
Loans held for investment, net	22,178,357		22,115,585		—		—		22,115,585
Derivative assets	23,202		23,202		—		23,202		—
Financial liabilities:
Total deposits	25,238,599		25,245,009		—		—		25,245,009
Short-term borrowings	885,000		885,000		—		885,000		—
Long-term debt	660,346		622,713		—		622,713		—
Securities sold not yet purchased	33,705		33,705		33,705		—		—
Derivative liabilities	57,906		57,906		—		57,906		—

2019

Table of Contents

(10) Derivative Financial Instruments

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

June 30, 2025

December 31, 2024

September 30, 2025

December 31, 2024

Estimated Fair Value

(in thousands)

NotionalAmount

Asset Derivative

Liability Derivative

NotionalAmount

Asset Derivative

Liability Derivative

Derivatives designated as hedges

Cash flow hedges:

Interest rate contracts:

Swaps hedging loans

21,~~500~~200,000

3,~~463~~778

71,~~437~~528

2,600,000

254

23,265

Non-hedging derivatives

Customer-initiated and other derivatives:

Foreign currency forward contracts

~~314~~355,~~676~~200

21,~~014~~894

1,~~786~~631

485,948

5,462

5,299

Interest rate contracts:

Swaps

6,~~548~~502,~~231~~321

4037,~~597~~382

6,273,301

45,771

Caps and floors written

2,~~012~~055,~~478~~925

54,~~017~~028

21,~~174~~417

970,451

1,066

2,529

Caps and floors purchased

2,~~012~~055,~~478~~925

21,~~174~~417

54,~~017~~028

970,451

2,529

1,066

Forward contracts

2722,~~269~~708,~~117~~747

7530,~~354~~815

7430,~~395~~385

20,237,917

41,896

41,035

Gross derivatives

~~128~~79,~~619~~314

~~131~~76,~~406~~371

96,978

118,965

Netting adjustment - offsetting derivative assets/liabilities

(6632,~~427~~350)

(44,097)

Netting adjustment - cash collateral received/posted

(129,~~063~~667)

(2419,~~762~~757)

(29,679)

(16,962)

Net derivatives included on the consolidated balance sheets

5037,~~129~~297

4024,~~217~~264

23,202

57,906

The Company’s credit exposure on derivative instruments is limited to the net favorable value and interest payments by each counterparty. In some cases, collateral may be required from the counterparties involved if the net value of the derivative instruments exceeds a nominal amount. The Company’s credit exposure associated with these instruments, net of any collateral pledged, was approximately $5037.13 million at ~~June~~September 30, 2025 and approximately $23.2 million at December 31, 2024. Collateral levels are monitored and adjusted on a regular basis for changes in the value of derivative instruments. At ~~June~~September 30, 2025, the Company had $3830.70 million in cash collateral pledged to counterparties included in interest bearing cash and cash equivalents on the consolidated balance sheet and $1310.36 million in cash collateral received from counterparties included in interest bearing deposits on the consolidated balance sheet. The comparative amounts at December 31, 2024, were $71.3 million in cash collateral pledged to counterparties and $31.0 million cash collateral received from counterparties.

The Company also enters into credit risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which the Company is either a participant or a lead bank. The risk participation agreements entered into by the Company as a participant bank provide credit protection to the financial institution counterparty should the borrower fail to perform on its interest rate derivative contract with that financial institution. The Company is party to 1719 risk participation agreements where it acts as a participant bank with a notional amount of $~~262~~228.39 million at ~~June~~September 30, 2025, compared to 17 risk participation agreements with a notional amount of $228.6 million at December 31, 2024. The maximum estimated exposure to these agreements, assuming 100% default by all obligors, was approximately $~~1.4 million~~627,000 at ~~June~~September 30, 2025 and $4.1 million at December 31, 2024. The fair value of these exposures was insignificant to the consolidated financial statements at both ~~June~~September 30, 2025 and December 31, 2024. Risk participation agreements entered into by the Company as the lead bank provide credit protection should the borrower fail to perform on its interest rate derivative contract. The Company is party to 3346 risk participation agreements where the Company acts as the lead bank having a notional amount of $~~423~~587.39 million at ~~June~~September 30, 2025, compared to 25 agreements having a notional amount of $349.5 million at December 31, 2024.

Derivatives Designated as Cash Flow Hedges

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

During the ~~six~~nine months ended ~~June~~September 30, 2025, the Company recorded $~~865~~943,000 in unrealized gains to adjust its cash flow hedges to fair value, which was recorded net of tax to AOCI, and reclassified $1721.16 million from AOCI as a decrease to interest income on loans. Based on current market conditions, the Company estimates that during the next 12 months, an additional $~~4.7 million~~25,000 will be reclassified from AOCI as aan ~~decrease~~increase to interest income. As of ~~June~~September 30, 2025, the maximum length of time over which forecasted transactions are hedged is 2.2509 years.

2120

Table of Contents

(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, 2025
Three Months Ended September 30, 2025
Beginning balance	$	(81,~~020~~372)	$	(9377,~~114~~761)	$	(3533,~~028~~798)	$	(~~136~~112,~~162~~931)
Change in unrealized gain/(loss)	~~207~~78		1930,831		—		2030,~~038~~909
Amounts reclassified into net income	84,~~379~~525		—		1,~~588~~647		96,~~967~~172
Total other comprehensive income	84,~~586~~603		1930,831		1,~~588~~647		3037,~~005~~081
Income tax expense	1,~~938~~040		46,~~478~~962		~~358~~372		68,~~774~~374
Total other comprehensive income, net of tax	63,~~648~~563		1523,~~353~~869		1,~~230~~275		2328,~~231~~707
Ending balance	$	(12,~~372)~~191	$	(7753,~~761~~892)	$	(3332,~~798~~523)	$	(~~112~~84,~~931~~224)
Three Months Ended June 30, 2024
Three Months Ended September 30, 2024
Beginning balance	$	(5345,~~544~~215)	$	(~~285~~283,~~238~~559)	$	(4138,~~104~~958)	$	(~~379~~367,~~886~~732)
Change in unrealized gain/(loss)	(818,~~738)~~849		(591,~~201)~~000		—		~~(13~~109,~~939)~~849
Amounts reclassified into net income	18,~~114~~251		—179,581		1,~~711~~767		19199,~~825~~599
Total other comprehensive income/(loss)	9,376		(5,201)		1,711		5,886
Total other comprehensive income	37,100		270,581		1,767		309,448
Income tax expense/(benefit)	1,047		(6,880)		(435)		(6,268)
Income tax expense	8,377		61,097		399		69,873
Total other comprehensive income/(loss), net of tax	8,329		1,679		2,146		12,154
Total other comprehensive income, net of tax	28,723		209,484		1,368		239,575
Ending balance	$	(4516,~~215~~492)	$	(~~283~~74,~~559~~075)	$	(3837,~~958~~590)	$	(~~367~~128,~~732~~157)
Six Months Ended June 30, 2025
Nine Months Ended September 30, 2025
Beginning balance	$	(15,275)	$	(131,531)	$	(36,301)	$	(183,107)
Change in unrealized gain/(loss)	~~865~~943		69100,~~452~~283		—		70101,~~317~~226
Amounts reclassified into net income	1721,~~093~~618		—		34,~~233~~880		2026,~~326~~498
Total other comprehensive income	1722,~~958~~561		69100,~~452~~283		34,~~233~~880		90127,~~643~~724
Income tax expense	45,~~055~~095		1522,~~682~~644		~~730~~1,102		2028,~~467~~841
Total other comprehensive income, net of tax	1317,~~903~~466		5377,~~770~~639		23,~~503~~778		7098,~~176~~883
Ending balance	$	(12,~~372)~~191	$	(7753,~~761~~892)	$	(3332,~~798~~523)	$	(~~112~~84,~~931~~224)
Six Months Ended June 30, 2024
Nine Months Ended September 30, 2024
Beginning balance	$	(45,749)	$	(273,806)	$	(42,449)	$	(362,004)
Change in unrealized gain/(loss)	(3617,~~611~~762)		~~(19~~71,~~671)~~329		—		~~(56~~53,~~282)~~567
Amounts reclassified into net income	3654,~~120~~371		—179,581		35,~~413~~180		39239,~~533~~132
Total other comprehensive income/(loss)	(491)		(19,671)		3,413		(16,749)
Total other comprehensive income	36,609		250,910		5,180		292,699
Income tax expense/(benefit)	(1,025)		(9,918)		(78)		(11,021)
Income tax expense	7,352		51,179		321		58,852
Total other comprehensive income/(loss), net of tax	534		(9,753)		3,491		(5,728)
Total other comprehensive income, net of tax	29,257		199,731		4,859		233,847
Ending balance	$	(4516,~~215~~492)	$	(~~283~~74,~~559~~075)	$	(3837,~~958~~590)	$	(~~367~~128,~~732~~157)

(12) New Accounting Standards

Accounting Standards Update 2025-0305 “~~Business~~Financial ~~Combinations~~Instruments ~~(Topic~~- ~~805)~~Credit ~~and~~Losses ~~Consolidation~~ (Topic ~~810~~326): ~~Determining~~Measurement ~~the~~of ~~Accounting~~Credit ~~Acquirer~~Losses infor ~~the~~Accounts ~~Acquisition~~Receivable ofand aContract ~~Variable Interest Entity~~Assets” (“ASU 2025-0305”) ~~amends~~provides ~~the~~certain ~~guidance~~entities towith ~~improve~~an ~~the~~additional ~~requirements~~practical ~~for~~expedient ~~identifying~~and ~~the~~an accounting ~~acquirer~~policy inelection afor ~~business~~estimating ~~combination~~expected incredit ~~which~~losses ~~the~~on ~~legal~~current ~~acquiree~~accounts isreceivable aand ~~variable~~current ~~interest~~contract ~~entity~~assets ~~(“VIE”).~~arising ~~The~~from ~~amendments~~revenue ~~require~~transactions ~~entities~~accounted tofor ~~consider~~under ~~the general accounting acquirer factors in~~ Topic ~~805~~606, ~~when~~Revenue ~~the~~from ~~transaction~~Contracts iswith ~~primarily effected by the exchange of equity interests~~Customers. ASU 2025-0305 will be effective for the Company beginning January 1, ~~2027~~2026 for the Company’s interim and annual financial statements on Forms 10-Q and 10-K, respectively, with early adoption permitted and is not expected to have a significant impact on the Company’s financial statements.

Accounting Standards Update 2025-0406 “~~Compensation~~Intangibles - ~~Stock~~Goodwill ~~Compensation (Topic 718)~~ and ~~Revenue~~Other ~~from~~- ~~Contracts~~Internal-Use ~~with~~Software ~~Customers~~ (~~Topic~~Subtopic ~~606~~350-40): ~~Clarifications to Share-Based Consideration Payable to a Customer”~~ (“ASU 2025-0406”) ~~clarifies~~removes ~~the~~all ~~guidance~~references onto ~~the~~prescriptive ~~accounting~~and ~~for~~sequential ~~share-based~~software ~~payment~~development ~~awards~~stages and clarifies that ~~are~~the ~~granted~~threshold byfor when an entity asis ~~consideration~~required ~~payable~~ to ~~its~~start ~~customer,~~capitalizing ~~with~~software ~~the~~costs ~~intent~~is towhen ~~reduce~~(1) ~~diversity~~management inhas ~~practice~~authorized and ~~improve~~committed ~~existing~~to ~~guidance~~funding ~~by revising~~ the ~~definition~~software ofproject aand ~~“performance~~(2) ~~condition”~~it ~~and~~is ~~eliminating~~probable athat ~~forfeiture~~the ~~policy~~project ~~election~~will ~~for~~be ~~service~~completed ~~conditions~~and ~~associated~~the ~~with~~software ~~share-based~~will ~~consideration~~be ~~payable~~used to aperform ~~customer~~the function intended. ASU 2025-0406 ~~also~~will ~~clarifies~~be ~~the~~effective ~~guidance~~for ~~in Topic 606 on~~ the ~~variable~~Company ~~consideration~~beginning ~~constraint~~January ~~does~~1, ~~not~~2028 ~~apply~~for tothe ~~share-based~~Company’s ~~consideration~~interim ~~payable~~and toannual afinancial ~~customer~~statements ~~“regardless~~on ofForms ~~whether~~10Q anand ~~award’s~~10-K, ~~grant~~respectively, ~~date~~with ~~has~~early ~~occurred”.~~adoption ~~ASU~~permitted ~~2025-04~~and ~~will~~is benot ~~effective~~expected ~~for~~to ~~the~~have ~~Company~~a ~~beginning~~significant ~~January~~impact 1,on ~~2027 for~~ the Company’s ~~interim~~financial ~~and annual~~ statements.

Table of Contents

Accounting Standards Update 2025-07 “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract” (“ASU 2025-07”) refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. ASU 2025-07 also clarifies the guidance on share-based payments from a customer in a revenue contract under Topic 606. ASU 2025-07 will be effective for the Company beginning January 1, 2027 for the Company’s interim and annual financial statements on Forms 10-Q and 10-K, respectively, with early adoption permitted and is not expected to have a significant impact on the Company’s financial statements.

Table of Contents

financial statements on Forms 10Q and 10-K, respectively and is not expected to have a significant impact on the Company’s financial statements.

Table of Contents

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis of the Company’s financial condition and results of operations for the three and ~~six~~nine months ended ~~June~~September 30, 2025 and 2024 should be read in conjunction with its audited consolidated financial statements and the related notes to the consolidated financial statements included in the Company’s 2024 Form 10-K. Operating results for the three and ~~six~~nine months ended ~~June~~September 30, 2025 are not necessarily indicative of the results for the year ending December 31, 2025 or any future period.

Forward-Looking Statements

This report contains “forward-looking statements” within the meaning of and pursuant to the Private Securities Litigation Reform Act of 1995 regarding, among other things, the Company’s financial condition, results of operations, business plans and future performance. These statements are not historical in nature and may often be identified by the use of words such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, trends, guidance, expectations and future plans.

Because forward-looking statements relate to future results and occurrences, they are subject to inherent and various uncertainties, risks, and changes in circumstances that are difficult to predict, may change over time, are based on management’s expectations and assumptions at the time the statements are made and are not guarantees of future results. Numerous risks and other factors, many of which are beyond management’s control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. While there can be no assurance that any list of risks is complete, important risks and other factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, but are not limited to, economic or business conditions in Texas, the United States, or globally that impact TCBI or its customers; negative credit quality developments arising from the foregoing or other factors, including recent trade policies and their impact on our customers; increased or expanded competition from banks and other financial service providers in TCBI’s markets; TCBI’s ability to effectively manage its liquidity and maintain adequate regulatory capital to support its businesses; TCBI’s ability to pursue and execute upon growth plans, whether as a function of capital, liquidity, or other limitations; TCBI’s ability to successfully execute its business strategy, including its strategic plan and developing and executing new lines of business and new products and services and potential strategic acquisitions; the extensive regulations to which TCBI is subject and its ability to comply with applicable governmental regulations, including legislative and regulatory changes; TCBI’s ability to effectively manage information technology systems, including third party vendors, cyber or data privacy incidents, or other failures, disruptions or security breaches; TCBI’s ability to use technology to provide products and services to its customers; risks related to the development and use of AIartificial intelligence; changes in interest rates, including the impact of interest rates on TCBI’s securities portfolio and funding costs, as well as related balance sheet implications stemming from the fair value of our assets and liabilities; the effectiveness of TCBI’s risk management processes, strategies and monitoring; fluctuations in commercial and residential real estate values, especially as they relate to the value of collateral supporting TCBI’s loans; the failure to identify, attract, and retain key personnel and other employees; adverse developments in the banking industry and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments, including in the context of regulatory examinations and related findings and actions; negative press and social media attention with respect to the banking industry or TCBI, in particular; claims, litigation or regulatory investigations and actions that TCBI may become subject to; severe weather, natural disasters, climate change, acts of war, terrorism, global or other geopolitical conflicts, or other external events, as well as related legislative and regulatory initiatives; and the risks and factors more fully described in TCBI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and other documents and filings with the SEC. The information contained in this communication speaks only as of its date. Except to the extent required by applicable law or regulation, we disclaim any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.

2423

Table of Contents

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,
	Three Months Ended September 30,						Nine Months Ended September 30,
(dollars in thousands except per share data)	2025			2024			2025			2024
Net interest income	$	~~253~~271,~~395~~771		$	~~216~~240,~~582~~102		$	~~489~~761,~~429~~200		$	~~431~~671,~~591~~693
Provision for credit losses	1512,000			2010,000			3244,000			3949,000
Non-interest income	5468,~~069~~583			50(114,~~424~~771)			98167,~~513~~096			91(23,~~743~~028)
Non-interest expense	190,~~276~~575			~~188~~195,~~409~~324			~~393~~583,~~296~~871			~~390~~586,~~802~~126
Income before income taxes	102,188			58,597			162,646			93,532
Income/(loss) before income taxes	137,779			(79,993)			300,425			13,539
Income tax expense	24,860			16,935			38,271			25,728
Income tax expense/(benefit)	32,569			(18,674)			70,840			7,054
Net income	77,328			41,662			124,375			67,804
Net income/(loss)	105,210			(61,319)			229,585			6,485
Preferred stock dividends	4,~~312~~313			4,~~312~~313			812,~~625~~938			812,~~625~~938
Net income available to common stockholders	$	73,016		$	37,350		$	115,750		$	59,179
Net income/(loss) available to common stockholders	$	100,897		$	(65,632)		$	216,647		$	(6,453)
Basic earnings per common share	$	1.59		$	0.80		$	2.52		$	1.26
Basic earnings/(loss) per common share	$	2.21		$	(1.42)		$	4.72		$	(0.14)
Diluted earnings per common share	$	1.58		$	0.80		$	2.49		$	1.25
Diluted earnings/(loss) per common share	$	2.18		$	(1.41)		$	4.67		$	(0.14)
Net interest margin	3.3547		%	3.0116		%	3.2734		%	3.0207		%
Return on average assets (“ROA”)	01.9930		%	(0.5678)		%	0.8097		%	0.4603		%
Return on average common equity (“ROE”)	912.1704		%	5(8.2687)		%	79.4002		%	4(0.1430)		%
Efficiency ratio(1)	6156.90		%	70155.68		%	6662.9		%	7490.74		%
Non-interest income to average earning assets	0.7288		%	0(1.7152)		%	0.6673		%	(0.6511)		%
Non-interest expense to average earning assets	2.5244		%	2.6559		%	2.6357		%	2.7771		%

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

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

The Company reported net income of $77105.32 million and net income available to common stockholders of $73100.09 million for the ~~second~~third quarter of 2025, compared to net ~~income~~loss of $4161.73 million and net ~~income~~loss available to common stockholders of $3765.46 million for the ~~second~~third quarter of 2024. On a fully diluted basis, earnings per common share was $12.5818 for the ~~second~~third quarter of 2025, compared to net loss per common share of $01.8041 for the same period in 2024. ROE was 912.1704% and ROA was 01.9930% for the ~~second~~third quarter of 2025, compared to 5(8.2687)% and (0.5678)%, respectively, for the same period in 2024. The increase in net income for the ~~second~~third quarter of 2025 compared to the ~~second~~third quarter of 2024 resulted primarily from anincreases ~~increase~~ in net interest income and non-interest income.

~~Six~~Nine months ended ~~June~~September 30, 2025 compared to ~~six~~nine months ended ~~June~~September 30, 2024

The Company reported net income of $~~124~~229.46 million and net income available to common stockholders of $~~115~~216.86 million for the ~~six~~nine months ended ~~June~~September 30, 2025, compared to net income of $676.85 million and net ~~income~~loss available to common stockholders of $596.25 million for the same period in 2024. On a fully diluted basis, earnings per common share was $24.4967 for the ~~six~~nine months ended ~~June~~September 30, 2025, compared to loss per common share of $10.2514 for the same period in 2024. ROE was 79.4002% and ROA was 0.8097% for the ~~six~~nine months ended ~~June~~September 30, 2025, compared to 4(0.1430)% and 0.4603%, respectively, for the same period in 2024. The increase in net income for the ~~six~~nine months ended ~~June~~September 30, 2025 compared to the same period in 2024 resulted primarily from anincreases ~~increase~~ in net interest income and non-interest income.

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

2524

Table of Contents

Taxable Equivalent Net Interest Income Analysis - Quarterly(1)

	Three Months Ended June 30, 2025						Three Months Ended June 30, 2024
	Three Months Ended September 30, 2025						Three Months Ended September 30, 2024
(dollars in thousands)	AverageBalance		Income/Expense		Yield/Rate		AverageBalance		Income/Expense		Yield/Rate
Assets
Investment securities(2)	$	4,~~573~~635,~~164~~066	$	4549,~~999~~401	34.9314	%	$	4,~~427~~314,~~023~~834	$	3338,~~584~~389	23.8034	%
Interest bearing cash and cash equivalents	2,~~661~~920,~~037~~102		2932,~~218~~202		4.4038	%	3,~~273~~958,~~069~~843		4352,~~233~~737		5.3130	%
Loans held for sale	—		—		—	%	2823,~~768~~793		~~683~~565		9.5544	%
Loans held for investment, mortgage finance	5,~~327~~472,~~559~~467		5859,~~707~~604		4.4232	%	45,~~357~~152,~~288~~317		4254,~~722~~371		34.9420	%
Loans held for investment(3)	18,~~018~~253,~~626~~451		~~306~~319,~~142~~921		6.8195	%	16,~~750~~792,~~788~~446		~~301~~306,~~910~~541		7.2526	%
Less: Allowance for credit losses on loans	~~278~~277,~~035~~385		—		—		~~263~~266,~~145~~915		—		—
Loans held for investment, net	23,~~068~~448,~~150~~533		~~364~~379,~~849~~525		6.3442	%	2021,~~844~~677,~~931~~848		~~344~~360,~~632~~912		6.6562	%
Total earning assets	3031,~~302~~003,~~351~~701		~~440~~461,~~066~~128		5.8088	%	2829,~~573~~975,~~791~~318		~~422~~452,~~132~~603		5.8696	%
Cash and other assets	1,~~117~~159,~~118~~008						1,~~177~~239,~~061~~855
Total assets	$	3132,~~419~~162,~~469~~709					$	2931,~~750~~215,~~852~~173
Liabilities and Stockholders’ Equity
Transaction deposits	$	2,~~213~~251,~~037~~217	$	13,~~731~~987	2.4946	%	$	21,~~061~~988,~~622~~688	$	1615,~~982~~972	3.3120	%
Savings deposits	1314,~~727~~650,~~095~~152		~~134~~143,~~272~~327		3.9288	%	1112,~~981~~240,~~668~~616		~~143~~147,~~173~~770		4.8180	%
Time deposits	2,~~361~~158,~~525~~228		2623,~~795~~465		4.5531	%	12,~~658~~070,~~899~~537		2126,~~125~~513		5.1209	%
Total interest bearing deposits	1819,~~301~~059,~~657~~597		~~174~~180,~~798~~779		3.8376	%	1516,~~702~~299,~~189~~841		~~181~~190,~~280~~255		4.64	%
Short-term borrowings	~~306~~44,~~176~~022		~~3,444~~534		4.5182	%	~~927~~1,~~253~~012,608		1213,~~749~~784		5.5342	%
Long-term debt	~~649~~620,~~469~~348		7,~~930~~531		4.9082	%	~~778~~660,~~401~~098		118,~~457~~392		5.9206	%
Total interest bearing liabilities	19,~~257~~723,~~302~~967		~~186~~188,~~172~~844		3.8880	%	17,~~407~~972,~~843~~547		~~205~~212,~~486~~431		4.7570	%
Non-interest bearing deposits	8,~~191~~351,~~402~~524						89,~~647~~439,~~594~~020
Other liabilities	~~475~~463,~~724~~034						~~537~~558,~~754~~368
Stockholders’ equity	3,~~495~~624,~~041~~184						3,~~157~~245,~~661~~238
Total liabilities and stockholders’ equity	$	3132,~~419~~162,~~469~~709					$	2931,~~750~~215,~~852~~173
Net interest income			$	~~253~~272,~~894~~284					$	~~216~~240,~~646~~172
Net interest margin					3.3547	%					3.0116	%

(1)Taxable equivalent rates used where applicable.

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

(3)Average balances include non-accrual loans.

2625

Table of Contents

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

	Six Months Ended June 30, 2025						Six Months Ended June 30, 2024
	Nine Months Ended September 30, 2025						Nine Months Ended September 30, 2024
(dollars in thousands)	AverageBalance		Revenue /Expense		Yield /Rate		AverageBalance		Revenue /Expense		Yield /Rate
Assets
Investment securities(2)	$	4,~~518~~557,~~822~~996	$	92141,~~564~~965	4.0105	%	$	4,~~363~~346,~~195~~957	$	65104,~~728~~117	2.7997	%
Interest bearing cash and cash equivalents	3,~~454~~274,~~011~~086		75107,~~792~~994		4.4341	%	3,~~662~~761,~~348~~901		97150,~~588~~325		5.3634	%
Loans held for sale	~~167~~110		2		2.97	%	3934,~~966~~536		12,~~867~~432		9.4041	%
Loans held for investment, mortgage finance	4,~~653~~929,~~577~~539		97156,~~234~~838		4.2125	%	34,~~937~~345,~~498~~393		74128,~~177~~548		3.7995	%
Loans held for investment(3)	17,~~774~~935,~~206~~710		~~602~~922,~~233~~154		6.8387	%	16,~~636~~688,~~438~~820		~~600~~906,~~216~~757		7.26	%
Less: Allowance for credit losses on loans	~~275~~276,~~411~~076		—		—	%	~~256~~260,~~541~~024		—		—	%
Loans held for investment, net	22,~~152~~589,~~372~~173		~~699~~1,~~467~~078,992		6.3739	%	20,~~317~~774,~~395~~189		~~674~~1,~~393~~035,305		6.6866	%
Total earning assets	30,~~125~~421,~~372~~365		~~867~~1,~~825~~328,953		5.7882	%	28,~~382~~917,~~904~~583		~~839~~1,~~576~~292,179		5.8790	%
Cash and other assets	1,~~137~~144,~~040~~443						1,~~117~~158,~~763~~758
Total assets	$	31,~~262~~565,~~412~~808					$	2930,~~500~~076,~~667~~341
Liabilities and Stockholders’ Equity
Transaction deposits	$	2,~~188~~209,~~282~~490	$	2741,~~639~~626	2.5552	%	$	2,~~034~~018,~~057~~824	$	3349,~~840~~812	3.3530	%
Savings deposits	13,~~543~~916,~~190~~232		~~267~~411,~~849~~176		3.9995	%	11,~~695~~878,~~673~~646		~~279~~427,~~963~~733		4.81	%
Time deposits	2,~~345~~282,~~543~~419		5477,~~246~~711		4.6655	%	1,~~689~~817,~~112~~182		4369,~~077~~590		5.1312	%
Total interest bearing deposits	18,~~077~~408,~~015~~141		~~349~~530,~~734~~513		3.9085	%	15,~~418~~714,~~842~~652		~~356~~547,~~880~~135		4.65	%
Short-term borrowings	~~527~~364,~~608~~641		1112,~~690~~224		4.4748	%	~~919~~950,~~670~~876		2539,~~532~~316		5.5852	%
Long-term debt	~~654~~643,~~927~~274		1623,~~003~~534		4.9389	%	~~818~~765,~~955~~616		2533,~~443~~835		65.2590	%
Total interest bearing liabilities	19,~~259~~416,~~550~~056		~~377~~566,~~427~~271		3.9590	%	17,~~157~~431,~~467~~144		~~407~~620,~~855~~286		4.7875	%
Non-interest bearing deposits	8,~~034~~141,~~196~~135						8,~~642~~910,~~685~~067
Other liabilities	~~513~~496,~~728~~644						~~523~~535,~~520~~221
Stockholders’ equity	3,~~454~~511,~~938~~973						3,~~176~~199,~~995~~909
Total liabilities and stockholders’ equity	$	31,~~262~~565,~~412~~808					$	2930,~~500~~076,~~667~~341
Net interest income			$	~~490~~762,~~398~~682					$	~~431~~671,~~721~~893
Net interest margin					3.2734	%					3.0207	%

(1)Taxable equivalent rates used where applicable.

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

(3)Average balances include non-accrual loans.

2726

Table of Contents

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,

Three Months Ended September 30,

Nine Months Ended September 30,

2025/2024

NetChange

Change Due To(1)

NetChange

Change Due To(1)

(in thousands)

Volume

Yield/Rate(2)

Volume

Yield/Rate(2)

Interest income

Investment securities

1211,~~415~~012

12,~~017~~689

118,~~398~~323

2637,~~836~~848

24,~~159~~692

2433,~~677~~156

Interest bearing cash and cash equivalents

(1420,~~015~~535)

(813,~~080~~839)

(56,~~935~~696)

(2142,~~796~~331)

(519,~~553~~501)

(1622,~~243~~830)

Loans held for sale

(~~683~~565)

—

(12,~~865~~430)

(12,~~860~~425)

(5)

Loans held for investment, mortgage finance

155,~~985~~233

93,~~505~~380

61,~~480~~853

2328,~~057~~290

1317,~~496~~274

911,~~561~~016

Loans held for investment

413,~~232~~380

2226,~~854~~662

(1813,~~622~~282)

215,~~017~~397

4167,~~075~~769

(3952,~~058~~372)

Total interest income

178,~~934~~525

2418,~~613~~327

(69,~~679~~802)

2836,~~249~~774

4967,~~317~~809

(2131,~~068~~035)

Interest expense

Transaction deposits

(31,~~251~~985)

12,~~246~~112

(4,~~497~~097)

(68,~~201~~186)

24,~~569~~710

(812,~~770~~896)

Savings deposits

(84,~~901~~443)

2029,~~874~~072

(2933,~~775~~515)

(1216,~~114~~557)

4473,~~190~~372

(5689,~~304~~929)

Time deposits

5(3,~~670~~048)

81,~~944~~122

(34,~~274~~170)

118,~~169~~121

1617,~~745~~833

(59,~~576~~712)

Short-term borrowings

(913,~~305~~250)

(813,~~539~~196)

(~~766~~54)

(1327,~~842~~092)

(1024,~~879~~226)

(2,~~963~~866)

Long-term debt

(~~3,527~~861)

(~~1,898~~506)

(~~1,629~~355)

(910,~~440~~301)

(5,~~098~~404)

(4,~~342~~897)

Total interest expense

(1923,~~314~~587)

2018,~~627~~604

(3942,~~941~~191)

(3054,~~428~~015)

4766,~~527~~285

(77120,~~955~~300)

Net interest income

3732,~~248~~112

~~3,986~~(277)

3332,~~262~~389

5890,~~677~~789

1,~~790~~524

5689,~~887~~265

(1)Yield/rate and volume variances are allocated to yield/rate.

(2)Taxable equivalent rates used where applicable assuming a 21% tax rate.

Net Interest Income

Net interest income was $~~253~~271.48 million for the three months ended ~~June~~September 30, 2025, compared to $~~216~~240.61 million for the same period in 2024. The increase was primarily due to an increase in average earning assets and a decrease in funding costs, partially offset by a decrease in earning asset yields and an increase in average interest bearing liabilities.

Average earning assets for the three months ended ~~June~~September 30, 2025 increased $1.70 billion compared to the same period in 2024, which included increases of $21.28 billion in average total loans held for investment and $~~146~~320.12 million in average investment securities, partially offset by a $~~612~~1.0 ~~million~~billion decrease in average interest bearing cash and cash equivalents. Average interest bearing liabilities increased $1.8 billion for the three months ended ~~June~~September 30, 2025 compared to the same period in 2024, primarily due to a $2.68 billion increase in average interest bearing deposits, partially offset by decreases of $~~621~~968.16 million in average short-term borrowings and $~~128~~39.98 million in average long-term debt. Average non-interest bearing deposits for the three months ended ~~June~~September 30, 2025 decreased to $8.24 billion from $89.64 billion for the same period in 2024.

Net interest margin for the three months ended ~~June~~September 30, 2025 was 3.3547%, compared to 3.0116% for the same period in 2024. The increase in net interest margin was primarily due to a decrease in the cost of interest bearing deposits, partially offset by lower earning asset yields.

The yield on total loans held for investment decreased to 6.3442% for the three months ended ~~June~~September 30, 2025, compared to 6.6562% for the same period in 2024, and the yield on earning assets decreased to 5.8088% for the three months ended ~~June~~September 30, 2025, compared to 5.8696% for the same period in 2024. Total cost of deposits decreased to 2.6562% for the three months ended ~~June~~September 30, 2025 from 2.9994% for the same period in 2024, and total funding costs, including non-interest bearing deposits and stockholders' equity, decreased to 2.4136% for the three months ended ~~June~~September 30, 2025, compared to 2.8376% for the same period in 2024.

Net interest income was $~~489~~761.42 million for the ~~six~~nine months ended ~~June~~September 30, 2025, compared to $~~431~~671.67 million for the same period in 2024. The increase was primarily due to an increase in average earning assets and a decrease in funding costs, partially offset by a decrease in earning asset yields and an increase in average interest bearing liabilities.

Average earning assets increased $1.75 billion for the ~~six~~nine months ended ~~June~~September 30, 2025, compared to the same period in 2024, which included increases of $1.8 billion in average total loans held for investment and $~~155~~211.60 million in average investment securities, partially offset by a $~~208~~487.38 million decrease in average interest bearing cash and cash equivalents. Average interest bearing liabilities increased $2.10 billion for the ~~six~~nine months ended ~~June~~September 30, 2025, compared to the same ~~period in 2024, primarily due to an increase of $2.7 billion in average interest bearing deposits, partially offset by decreases of $392.1 million~~

2827

Table of Contents

period in 2024, primarily due to an increase of $2.7 billion in average interest bearing deposits, partially offset by decreases of $586.2 million in average short-term borrowings and $~~164~~122.03 million in average long-term debt. Average non-interest bearing deposits for the ~~six~~nine months ended ~~June~~September 30, 2025 decreased to $8.01 billion from $8.69 billion for the same period in 2024.

Net interest margin for the ~~six~~nine months ended ~~June~~September 30, 2025 was 3.2734%, compared to 3.0207% for the same period of 2024. The increase was primarily due to a decrease in funding costs.

The yield on total loans held for investment decreased to 6.3739% for the ~~six~~nine months ended ~~June~~September 30, 2025, compared to 6.6866% for the same period in 2024, and the yield on earning assets decreased to 5.7882% for the ~~six~~nine months ended ~~June~~September 30, 2025, compared to 5.8790% for the same period in 2024. Total cost of deposits decreased to 2.7067% for the ~~six~~nine months ended ~~June~~September 30, 2025 from 2.9897% for the same period in 2024 and total funding costs, including non-interest bearing deposits and stockholders' equity, decreased to 2.4844% for the ~~six~~nine months ended ~~June~~September 30, 2025, compared to 2.8380% for the same period in 2024.

Non-interest Income

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

(in thousands)

2025

2024

2025

2024

Service charges on deposit accounts

8,~~182~~111

56,~~911~~307

1624,~~022~~133

1218,~~250~~557

Wealth management and trust fee income

3,~~730~~989

34,~~699~~040

711,~~694~~683

711,~~266~~306

Brokered loan fees

2,~~398~~419

2,~~131~~400

46,~~347~~766

46,~~042~~442

Investment banking and advisory fees

2433,~~109~~985

2534,~~048~~753

4074,~~587~~572

4378,~~472~~225

Trading income

7,~~896~~238

5,~~650~~786

1321,~~835~~073

1016,~~362~~148

Available-for-sale debt securities losses

~~(1,886)~~—

—(179,581)

(1,886)

—(179,581)

Other

912,~~640~~841

711,~~985~~524

1730,~~914~~755

1425,~~351~~875

Total non-interest income

5468,~~069~~583

50(114,~~424~~771)

98167,~~513~~096

91(23,~~743~~028)

Non-interest income increased $3183.64 million during the three months ended ~~June~~September 30, 2025, compared to the same period in 2024, primarily due to ~~increases~~the ininclusion ~~service~~of ~~charges on deposit accounts, trading income and other non-interest income, partially offset by~~ a $1179.96 million loss on sale of available-for-sale debt securities recognized during the ~~second~~third quarter of ~~2025~~2024, as well as increases in service charges on deposit accounts, trading income and other non-interest income.

Non-interest income was $98167.51 million for the ~~six~~nine months ~~June~~September 30, 2025, a $6190.81 million increase as compared to the same period in 2024, primarily due to the inclusion of the $179.6 million loss on sale of available-for-sale debt securities recognized during the third quarter of 2024 mentioned above, as well as increases in service charges on deposit accounts, trading income and other non-interest income, partially offset by a decrease in investment banking and advisory fees ~~and the $1~~.~~9 million loss on sale of available-for-sale debt securities mentioned above.~~

Non-interest Expense

Three Months Ended June 30,

Six Months Ended June 30,

Three Months Ended September 30,

Nine Months Ended September 30,

(in thousands)

2025

2024

2025

2024

Salaries and benefits

~~120~~119,~~154~~856

~~118~~121,~~840~~138

~~251~~371,~~795~~651

~~247~~368,~~567~~705

Occupancy expense

1211,~~144~~828

1012,~~666~~937

2234,~~988~~816

2033,~~403~~340

Marketing

3,~~624~~412

5,~~996~~863

812,~~633~~045

1217,~~032~~895

Legal and professional

1112,~~069~~474

11,~~273~~135

2638,~~058~~532

2738,~~468~~603

Communications and technology

24,~~314~~594

2225,~~013~~951

4772,~~956~~550

4369,~~127~~078

Federal Deposit Insurance Corporation (“FDIC”) insurance assessment

5,~~096~~198

54,~~570~~906

1015,~~437~~635

1318,~~991~~897

Other

13,~~875~~213

1413,~~051~~394

2538,~~429~~642

2639,~~214~~608

Total non-interest expense

190,~~276~~575

~~188~~195,~~409~~324

~~393~~583,~~296~~871

~~390~~586,~~802~~126

Non-interest expense ~~increased~~decreased $14.97 million during the three months ended ~~June~~September 30, 2025, compared to the same period in 2024. The increase was primarily due to ~~increases~~decreases in salaries and benefits, occupancy expense and communications and technology expense, ~~partially~~resulting ~~offset~~from byrestructuring expenses recognized in the third quarter of 2024, as well as a decrease in marketing expense, partially offset by an increase in legal and professional expense.

Non-interest expense was $~~393~~583.39 million for the ~~six~~nine months ~~June~~September 30, 2025, an increase of $2.53 million as compared to the same period in 2024, primarily due to increases in salaries and benefits and communications and technology expense, partially offset by decreases in marketing expense and FDIC insurance assessment. FDIC insurance assessment included an additional $32.58 million FDIC special assessment expense recorded in the first ~~six~~nine months of 2024.

2928

Table of Contents

Analysis of Financial Condition

Loans Held for Investment

The following table summarizes the Company’s loans held for investment by portfolio segment. See Note 1 - Operations and Summary of Significant Accounting Policies in the Company’s 2024 Form 10-K for details of these portfolio segments.

(in thousands)

~~June~~September 30, 2025

December 31, 2024

Commercial

11,~~930~~999,~~668~~025

11,145,591

Mortgage finance

56,~~889~~057,~~589~~804

5,215,574

Commercial real estate

5,~~665~~696,~~100~~720

5,616,282

Consumer

540,~~837~~126

565,376

Gross loans held for investment

24,~~026~~293,~~194~~675

22,542,823

Unearned income (net of direct origination costs)

(~~100~~101,~~660~~812)

(92,757)

Total loans held for investment

2324,~~925~~191,~~534~~863

22,450,066

Total loans held for investment were $2324.92 billion at ~~June~~September 30, 2025, an increase of $1.57 billion from December 31, 2024, as increases in commercial, mortgage finance and commercial real estate loans were partially offset by a decrease in consumer loans. Mortgage finance loans include legal ownership interests in mortgage loans that the Company purchases from unaffiliated mortgage originators, either directly or through a special purpose entity structure, that are typically sold within 10 to 20 days and represent 25% and 23% of gross loans held for investment at ~~June~~September 30, 2025 and December 31, 2024, respectively. Volumes fluctuate based on the level of market demand for the product and the number of days between purchase and sale of the loans, which can be affected by changes in overall market interest rates, and tend to peak at the end of each month.

The Company originates a substantial majority of all loans held for investment. The Company also participates in shared national credits, both as a participant and as an agent. As of ~~June~~September 30, 2025, the Company had $5.79 billion in shared national credits, $1.0 billion of which the Company administered as agent. All syndicated loans, whether the Company acts as agent or participant, are underwritten to the same standards as all other loans the Company originates. As of ~~June~~September 30, 2025, approximately $3932.41 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~~September 30, 2025, a majority of the loans held for investment, excluding mortgage finance and other national lines of business, were to businesses with headquarters or operations in Texas. This geographic concentration subjects the Company’s loan portfolio to the general economic conditions within this state. The risks created by this concentration have been considered by management in determining the appropriateness of the allowance for credit losses.

3029

Table of Contents

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~~September 30, 2025			December 31, 2024
Non-accrual loans held for investment
Commercial:
Business assets	$	8166,~~916~~879		$	64,481
Accounts receivable and inventory	54,~~077~~949			6,315
Machinery and equipment	~~2,858~~132			2,729
Unsecured	86			60
Highly liquid assets	~~498~~—			1,340
Other	—			639
Total commercial	9071,~~357~~966			75,564
Commercial real estate:
Industrial buildings	22,~~948~~584			20,637
Commercial buildings	1,534			—
Office buildings	—			14,000
Single family residences	304			—
Total commercial real estate	24,118			34,637
Total commercial real estate	23,252			34,637
Consumer:
Single family residences	—			964
Total consumer	—			964
Total non-accrual loans held for investment	~~113~~96,~~609~~084			111,165
Non-accrual loans held for sale	—			—
Other real estate owned (“OREO”)	—			—
Total non-performing assets	$	~~113~~96,~~609~~084		$	111,165
Non-accrual loans held for investment to total loans held for investment	0.4740		%	0.50		%
Total non-performing assets to total assets	0.3630		%	0.36		%
Allowance for credit losses on loans to non-accrual loans held for investment	2.4x9x			2.4x
Loans held for investment past due 90 days and accruing	$	~~2,068~~126		$	4,265
Loans held for investment past due 90 days to total loans held for investment	~~0.01~~—		%	0.02		%
Loans held for sale past due 90 days and accruing	$	—		$	—

Summary of Credit Loss Experience

The provision for credit losses, comprised of a provision for loans and off-balance sheet credit losses, is a charge to earnings to maintain the allowance for credit losses at a level consistent with management’s assessment of expected losses at each balance sheet date.

The Company recorded a provision for credit losses of $3244.0 million for the ~~six~~nine months ended ~~June~~September 30, 2025, compared to a provision of $3949.0 million for the ~~six~~nine months ended ~~June~~September 30, 2024. The provision for credit losses for the ~~six~~nine months ended ~~June~~September 30, 2025 reflects an increase in total loans held for investment and $2236.85 million in net charge-offs recorded during the ~~six~~nine months ended ~~June~~September 30, 2025, partially offset by adecreases ~~decline~~ in criticized loans and non-accrual loans. Criticized loans totaled $~~637~~529.57 million at ~~June~~September 30, 2025, compared to $714.0 million at December 31, 2024.

Table of Contents

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

	June 30, 2025		June 30, 2024
	September 30, 2025		September 30, 2024
Allowance for credit losses on loans to total loans held for investment	1.1613	%	1.23	%
Allowance for credit losses on loans to average total loans held for investment(1)	1.2420	%	1.30	%
Total allowance for credit losses to total loans held for investment	1.4037	%	1.4443	%
Total provision for credit losses to average total loans held for investment(1)(2)	0.2926	%	0.2031	%

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

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

Table of Contents

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

	Six Months Ended June 30,
	Nine Months Ended September 30,
	2025				2024
(dollars in thousands)	NetCharge-offs		Net Charge-offsto AverageLoans(1)		NetCharge-offs		Net Charge-offsto AverageLoans(1)
Commercial	$	2235,~~248~~992	0.3941	%	$	1723,~~283~~074	0.3329	%
Mortgage finance	—		—	%	—		—	%
Commercial real estate	518		0.0201	%	5,~~436~~698		0.1913	%
Consumer	(48)		—	%	—30		—0.01	%
Total	$	2236,~~762~~502	0.2021	%	$	2228,~~719~~802	0.2218	%

(1)Ratios are annualized utilizing net charge-offs for the ~~six~~nine months ended ~~June~~September 30, 2025 and 2024, respectively.

Liquidity and Capital Resources

Liquidity

In general terms, liquidity is a measurement of the Company’s ability to meet its cash needs. The Company’s objectives in managing its liquidity are to maintain the ability to meet loan commitments, repurchase investment securities and repay deposits and other liabilities in accordance with their terms, without an adverse impact on current or future earnings. The Company’s liquidity strategy is guided by policies, formulated and monitored by senior management and the Asset and Liability Management Committee (“ALCO”), which take into account the demonstrated marketability of the Company’s assets, the sources and stability of its funding and the level of unfunded commitments. The Company regularly evaluates all of its various funding sources with an emphasis on accessibility, stability, reliability and cost-effectiveness. The Company’s principal source of funding is customer deposits, supplemented by short-term borrowings, primarily from federal funds purchased and Federal Home Loan Bank (“FHLB”) borrowings, brokered deposits and long-term debt. The Company also relies on the availability of the mortgage secondary market provided by Ginnie Mae and government sponsored entities to support the liquidity of mortgage finance loans.

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

(dollars in thousands)	~~June~~September 30, 2025			December 31, 2024
Interest bearing cash and cash equivalents	$	2,~~507~~852,~~691~~387		$	3,012,307
Interest bearing cash and cash equivalents as a percent of:
Total loans held for investment	1011.58		%	13.4		%
Total earning assets	89.21		%	10.2		%
Total deposits	910.64		%	11.9		%

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

	June 30, 2025				December 31, 2024
	September 30, 2025				December 31, 2024
(dollars in thousands)	Balance		% of Total		Balance		% of Total
Customer deposits	$	2526,~~858~~739,~~066~~258	9997.2	%	$	24,704,091	97.9	%
Brokered deposits	~~206~~766,~~243~~140		02.8	%	534,508		2.1	%
Total deposits	$	2627,~~064~~505,~~309~~398	100.0	%	$	25,238,599	100.0	%

32Estimated uninsured deposits, including accrued interest, were 42% of total deposits at September 30, 2025 and 41% at December 31, 2024. The uninsured amounts are estimated based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.

Table of Contents

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

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

(in thousands)	~~June~~September 30, 2025		December 31, 2024
FHLB borrowings	$	1,250,000	$	885,000
Federal funds purchased	$	275,000	$	—
Total short-term borrowings	$	1,250,000	$	885,000
FHLB borrowings	—		885,000
Total short-term borrowings	$	275,000	$	885,000

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

(in thousands)	~~June~~September 30, 2025		December 31, 2024
FHLB borrowing capacity relating to loans and pledged securities	$	12,~~624~~841,~~083~~660	$	4,664,703
FHLB borrowing capacity relating to unencumbered securities	4,~~436~~451,~~475~~240		4,189,993
Total FHLB borrowing capacity(1)	$	67,~~060~~292,~~558~~900	$	8,854,696
Unused federal funds lines available from commercial banks	$	1,~~570~~275,000	$	1,370,000
Unused Federal Reserve borrowings capacity	$	109,~~975~~362,~~549~~692	$	5,436,652
Unused revolving line of credit(2)	$	75,000	$	75,000

(1)FHLB borrowings are collateralized by a blanket floating lien on certain real estate secured loans and certain pledged securities.

(2)Unsecured revolving, non-amortizing line of credit with maturity date of February 8, 2026. Proceeds may be used for general corporate purposes, including funding regulatory capital infusions into the Bank. The loan agreement contains customary financial covenants and restrictions. No borrowings were made against this line of credit during the ~~six~~nine months ended ~~June~~September 30, 2025 or 2024.

The Company has long-term debt outstanding of $620.34 million as of ~~June~~September 30, 2025, comprised of trust preferred securities and subordinated notes with maturity dates ranging from January 2026 to December 2036. See Note 5 - Short-Term Borrowings and Long-Term Debt in the accompanying notes to the consolidated financial statements included elsewhere in this report for additional information. The Company may consider raising additional capital, if needed, in public or private offerings of debt or equity securities to supplement deposits and meet its long-term funding needs.

As the Company is a holding company and is a separate operating entity from the Bank, the Company’s primary sources of liquidity are dividends received from the Bank and borrowings from outside sources. Banking regulations may limit the amount of dividends that may be paid by the Bank. See Note 7 - Regulatory Ratios and Capital in the accompanying notes to the consolidated financial statements included elsewhere in this report for additional information regarding dividend restrictions and “Liquidity Risks” included in Part I, Item 1A. Risk Factors of the Company’s 2024 Form 10-K.

Periodically, based on market conditions and other factors, and subject to compliance with applicable laws and regulations and the terms of its existing indebtedness, the Company may repay, repurchase, exchange or redeem outstanding indebtedness, or otherwise enter into transactions regarding debt or capital structure. For example, the Company periodically evaluates and may engage in liability management transactions, including repurchases or redemptions of outstanding subordinated notes, which may be funded by the issuance of, or exchanges of, newly issued unsecured borrowings to actively manage the debt maturity profile and interest cost.

Capital Resources

The Company’s equity capital averaged $3.5 billion for the ~~six~~nine months ended ~~June~~September 30, 2025 compared to $3.2 billion for the same period in 2024. The Company has not paid any cash dividends on common stock since operations commenced and has no plans to do so in the foreseeable future.

On January 22, 2025, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $200.0 million in shares of its outstanding common stock, excluding the effect of excise tax expense incurred on net stock repurchases. The share repurchase program expires on January 31, 2026, but may be suspended or discontinued at any time. Remaining repurchase authorization under the January 17, 2024 share repurchase program was terminated upon authorization of this new program. During the ~~six~~nine months ended ~~June~~September 30, 2025, the Company repurchased ~~713~~801,~~966~~053 shares of its common stock for an aggregate purchase price, including excise tax expense, of $5259.2 million, at a weighted average price of $7273.5844 per share.

3332

Table of Contents

Any repurchases under the Company’s repurchase program will be made in accordance with applicable securities laws from time to time in open market or private transactions. The extent to which the Company repurchases shares, and the timing of such repurchases, will be at management’s discretion and will depend upon a variety of factors, including market conditions, the Company’s capital position and amount of retained earnings, regulatory requirements and other considerations.

For additional information on the Company’s capital and stockholders’ equity, see Note 7 - Regulatory Ratios and Capital, in the accompanying notes to the consolidated financial statements included elsewhere in this report.

Critical Accounting Estimates

SEC guidance requires disclosure of “critical accounting estimates.” The SEC defines “critical accounting estimates” as those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations of the registrant.

The Company follows financial accounting and reporting policies that are in accordance with accounting principles generally accepted in the United States. The more significant of these policies are summarized in Note 1 - Operations and Summary of Significant Accounting Policies in the notes to the consolidated financial statements included in the Company’s 2024 Form 10-K. Not all significant accounting policies require management to make difficult, subjective or complex judgments. However, the policy noted below could be deemed to meet the SEC’s definition of a critical accounting estimate.

Allowance for Credit Losses

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

Management considers a range of macroeconomic scenarios in connection with the allowance estimation process. Within the various economic scenarios considered as of ~~June~~September 30, 2025, the quantitative estimate of the allowance for credit loss would increase by approximately $~~145~~134.47 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.

3433

Table of Contents

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~~September 30, 2025, the Company’s exposure through its trading desk does not pose a significant market risk to the Company. All statistical models involve a degree of uncertainty and VaR is calculated at a statistical confidence interval of the 95th percentile based on one-year daily historic market moves. Larger economic losses are possible, particularly during stressed macroeconomic and market conditions.

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

Interest Rate Risk Management

The Company’s interest rate sensitivity as of ~~June~~September 30, 2025 is illustrated in the following table. The table reflects rate-sensitive positions as of ~~June~~September 30, 2025 and is not necessarily indicative of positions on other dates. The table does not take into account the effect of the Company’s derivatives designated as cash flow hedges. The balances of interest rate sensitive assets and liabilities are presented in the periods in which they next reprice to market rates or mature and are aggregated to show the interest rate sensitivity gap. The mismatch between repricings or maturities within a time period is commonly referred to as the “gap” for that period. A positive gap (asset sensitive), where interest rate sensitive assets exceed interest rate sensitive liabilities, generally will result in the net interest margin increasing in a rising rate environment and decreasing in a falling rate environment. A negative gap (liability sensitive) will generally have the opposite results on the net interest margin. Certain variable rate loans have embedded floors which limit the decline in yield on those loans at times when market interest rates are extraordinarily low. The degree of asset sensitivity, spreads on loans and net interest margin may be reduced until rates increase by an amount sufficient to eliminate the effects of floors. The adverse effect of floors as market rates increase may also be offset by the positive gap, the extent to which rates on deposits and other funding sources lag increasing market rates for loans and changes in composition of funding.

(in thousands)

0-3 months

4-12 months

1-3 years

3+ years

Total

Assets

Interest bearing cash and cash equivalents

2,~~507~~852,~~691~~387

—

2,~~507~~852,~~691~~387

Investment securities(1)

8468,~~176~~838

~~682~~197

21103,~~729~~916

4,~~502~~428,~~041~~703

4,~~608~~601,~~628~~654

Variable loans

22,~~315~~690,~~437~~735

~~259~~176,~~430~~134

~~145~~132,~~564~~504

~~222~~225,~~098~~652

2223,~~942~~225,~~529~~025

Fixed loans

5115,~~191~~588

83136,~~284~~623

~~236~~224,~~868~~090

~~712~~692,~~322~~349

1,~~083~~068,~~665~~650

Total loans(2)

22,~~366~~706,~~628~~323

~~342~~312,~~714~~757

~~382~~356,~~432~~594

~~934~~918,~~420~~001

24,~~026~~293,~~194~~675

Total interest sensitive assets

2425,~~958~~627,~~495~~548

~~343~~312,~~396~~954

~~404~~460,~~161~~510

5,~~436~~346,~~461~~704

31,~~142~~747,~~513~~716

Liabilities

Interest bearing customer deposits

1617,~~108~~541,~~333~~388

—

1617,~~108~~541,~~333~~388

CDs

1750,~~072,587~~714

1,~~053~~471,~~723~~246

~~108~~48,~~457~~937

3,~~203~~515

2,~~237~~274,~~970~~412

Total interest bearing deposits

1718,~~180~~292,~~920~~102

1,~~053~~471,~~723~~246

~~108~~48,~~457~~937

3,~~203~~515

1819,~~346~~815,~~303~~800

Short-term borrowings

1275,~~250,~~000

—

1275,~~250,~~000

Long-term debt

113,406

~~134~~507,~~408~~010

—

~~372,442~~—

620,~~256~~416

Total borrowings

1388,~~363,~~406

~~134~~507,~~408~~010

—

~~372,442~~—

1895,~~870,256~~416

Total interest sensitive liabilities

18,~~544~~680,~~326~~508

1,~~188~~978,~~131~~256

~~108~~48,~~457~~937

~~375~~3,~~645~~515

20,~~216~~711,~~559~~216

GAP

6,~~414~~947,~~169~~040

(~~844~~1,~~735~~665,302)

~~295~~411,~~704~~573

5,~~060~~343,~~816~~189

—

Cumulative GAP

6,~~414~~947,~~169~~040

5,~~569~~281,~~434~~738

5,~~865~~693,~~138~~311

1011,~~925~~036,~~954~~500

Non-interest bearing deposits

7,~~718~~689,~~006~~598

Stockholders’ equity

3,~~510~~637,~~070~~098

Total

11,~~228~~326,~~076~~696

(1)Available-for-sale debt securities, equity securities and trading securities based on fair market value.

(2)Total loans include gross loans held for investment and loans held for sale.

3534

Table of Contents

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~~September 30, 2025 and ~~June~~September 30, 2024 assume immediate parallel, sustained 100 and 200 basis point increases in interest rates as well as 100 and 200 basis point decreases in interest rates. The Company will continue to evaluate these scenarios as interest rates change.

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

	Annualized Hypothetical Change in Net Interest Income
		June 30, 2025		June 30, 2024
		September 30, 2025		September 30, 2024
+ 200 basis points		7.47	%	46.1	%
+ 100 basis points		34.80	%	23.1	%
- 100 basis points		(56.94)	%	(56.05)	%
- 200 basis points		(12.05)	%	(1013.05)	%

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

Use of Derivatives to Manage Interest Rate and Other Risks

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

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

To manage the sensitivity of earnings and capital to interest rate, prepayment, credit, price and foreign currency fluctuations (asset and liability management positions), the Company may enter into derivative transactions. In addition, the Company enters into interest rate and foreign exchange derivative contracts to support the business requirements of its customers (customer-related positions).

For additional information regarding derivatives, see Note 10 - Derivative Financial Instruments in the accompanying notes to the consolidated financial statements included elsewhere in this report.

3635

Table of Contents

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.

3736

Table of Contents

PART II - OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is subject to various claims and legal actions that may arise in the ordinary course of conducting its business. Management does not expect the disposition of any of these matters to have a material adverse impact on the Company’s financial statements or results of operations.

ITEM 1A. RISK FACTORS

There have been no material changes in the Company’s risk factors from those previously disclosed in Part I, Item 1A of the Company’s 2024 Form 10-K.

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

The Company repurchased shares of its common stock in the open market during the ~~six~~nine months ended ~~June~~September 30, 2025 as follows:

				Total Number of	Approximate Dollar Value
				Shares Purchased as Part	of Shares That May Yet
	Total Number of	Average Price Paid		of Publicly Announced	Be Purchased Under the
	Shares Purchased	per Share(1)		Plans or Programs(2)	Plans or Programs(1)(2)
Total first quarter 2025	396,106	$	78.25	396,106	$	169,003,778
April 2025	271,636	$	64.67	271,636	$	151,437,945
May 2025	38,875	70.31		38,875	148,704,792
June 2025	7,349	70.93		7,349	148,183,554
Total second quarter 2025	317,860	$	65.50	317,860	$	148,183,554
Total 2025	713,966	$	72.58	713,966	$	148,183,554
July 2025	—	$	—	—	$	148,183,554
August 2025	87,087	80.49		87,087	141,174,282
September 2025	—	—		—	141,174,282
Total third quarter 2025	87,087	$	80.49	87,087	$	141,174,282
Total 2025	801,053	$	73.44	801,053	$	141,174,282

(1) The approximate dollar value of shares that may yet be purchased under the plans or programs and average price paid per share do not include the effect of excise tax expense incurred on net stock repurchases.

(2) On January 22, 2025, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $200.0 million in shares of its outstanding common stock, excluding the effect of excise tax expense incurred on net stock repurchases. Any repurchases under the repurchase program will be made in accordance with applicable securities laws from time to time in open market or private transactions. The extent to which the Company repurchases shares, and the timing of such repurchases, will be at management’s discretion and will depend upon a variety of factors, including market conditions, the Company’s capital position and amount of retained earnings, regulatory requirements and other considerations. The share repurchase program is set to expire on January 31, 2026, and the program may be suspended or discontinued at any time. Remaining repurchase authorization under the January 17, 2024 share repurchase program was terminated upon authorization of this new program.

3837

Table of Contents

ITEM 6. EXHIBITS, FINANCIAL STATEMENT SCHEDULES

(a) Exhibits

10.1			Texas Capital Bancshares, Inc. 2022 Long-Term Incentive Plan, as amended and restated, incorporated by reference to the Company’s Registration Statement on Form S-8 dated April 17, 2025+
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

3938

Table of Contents

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~~October 1723, 2025


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

4039

Filing Compare · TEXAS CAPITAL BANCSHARES INC/TX