# TEXAS CAPITAL BANCSHARES INC/TX (TCBI)

Informational only - not investment advice.

CIK: 0001077428
SIC: 6022 State Commercial Banks
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Depository Institutions](/major-group/60/) > [SIC 6022 State Commercial Banks](/industry/6022/)
Latest 10-K filed: 2026-02-10
SEC page: https://www.sec.gov/edgar/browse/?CIK=1077428
Filing source: https://www.sec.gov/Archives/edgar/data/1077428/000107742826000010/tcbi-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-10 · accession 0001077428-26-000010 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001077428.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,771,785,000 USD | 2025 | verified |
| Net income | 330,244,000 USD | 2025 | verified |
| Assets | 31,540,274,000 USD | 2025 | verified |
| Free cash flow | 347,585,000 USD | 2025 | computed |
| Net margin | 18.64% | 2025 | computed |
| Revenue YoY | +2.44% | 2025 | computed |
| ROE | 9.09% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | TCBI | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 18.6% | 21.9% | 35 | 149 |
| Revenue growth | 2.4% | 6.0% | 33 | 148 |
| FCF margin | 19.6% | 23.8% | 31 | 133 |
| ROE | 9.1% | 9.6% | 39 | 149 |
| ROA | 1.0% | 1.1% | 47 | 149 |
| Liabilities / equity | 7.69 | 8.04 | 41 | 149 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6022 State Commercial Banks, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1771785000 | USD | 2025 | 2026-02-10 |
| Net income | 330244000 | USD | 2025 | 2026-02-10 |
| Assets | 31540274000 | USD | 2025 | 2026-02-10 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001077428.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 703,408,000 | 879,299,000 | 1,164,193,000 | 1,354,823,000 | 1,039,407,000 | 876,529,000 | 1,144,244,000 | 1,629,923,000 | 1,729,550,000 | 1,771,785,000 |
| Net income | 155,119,000 | 196,081,000 | 293,387,000 | 312,015,000 | 66,289,000 | 253,939,000 | 332,478,000 | 189,141,000 | 77,508,000 | 330,244,000 |
| Diluted EPS | 3.11 | 3.73 | 5.64 | 5.99 | 1.12 | 4.60 | 6.18 | 3.54 | 1.28 | 6.79 |
| Operating cash flow | -726,293,000 | 132,161,000 | -679,715,000 | -240,189,000 | 2,639,869,000 | 657,315,000 | 147,970,000 | 373,740,000 | 480,088,000 | 360,154,000 |
| Capital expenditures | 2,176,000 | 12,265,000 | 7,651,000 | 16,651,000 | 2,796,000 | 4,127,000 | 11,270,000 | 16,381,000 | 64,841,000 | 12,569,000 |
| Share buybacks |  |  |  |  | 0.00 | 0.00 | 115,302,000 | 105,024,000 | 81,508,000 | 185,850,000 |
| Assets | 21,697,134,000 | 25,075,645,000 | 28,257,767,000 | 32,548,069,000 | 37,726,096,000 | 34,731,738,000 | 28,414,642,000 | 28,356,266,000 | 30,731,883,000 | 31,540,274,000 |
| Liabilities | 19,687,577,000 | 22,885,573,000 | 25,777,459,000 | 29,746,748,000 | 34,854,872,000 | 31,522,122,000 | 25,359,291,000 | 25,157,124,000 | 27,363,947,000 | 27,908,892,000 |
| Stockholders' equity | 1,997,890,000 | 2,190,072,000 | 2,480,308,000 | 2,801,321,000 | 2,871,224,000 | 3,209,616,000 | 3,055,351,000 | 3,199,142,000 | 3,367,936,000 | 3,631,382,000 |
| Free cash flow | -728,469,000 | 119,896,000 | -687,366,000 | -256,840,000 | 2,637,073,000 | 653,188,000 | 136,700,000 | 357,359,000 | 415,247,000 | 347,585,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 22.05% | 22.30% | 25.20% | 23.03% | 6.38% | 28.97% | 29.06% | 11.60% | 4.48% | 18.64% |
| Return on equity | 7.76% | 8.95% | 11.83% | 11.14% | 2.31% | 7.91% | 10.88% | 5.91% | 2.30% | 9.09% |
| Return on assets | 0.71% | 0.78% | 1.04% | 0.96% | 0.18% | 0.73% | 1.17% | 0.67% | 0.25% | 1.05% |
| Liabilities / equity | 9.85 | 10.45 | 10.39 | 10.62 | 12.14 | 9.82 | 8.30 | 7.86 | 8.12 | 7.69 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/TCBI/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-23. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001077428.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.74 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.70 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.33 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 425,769,000 | 61,679,000 | 1.18 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 417,072,000 | 20,150,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 417,378,000 | 26,142,000 | 0.46 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 422,068,000 | 41,662,000 | 0.80 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 452,533,000 | -61,319,000 | -1.41 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 437,571,000 | 71,023,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 427,289,000 | 47,047,000 | 0.92 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 439,567,000 | 77,328,000 | 1.58 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 460,615,000 | 105,210,000 | 2.18 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 444,314,000 | 100,659,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 419,094,000 | 73,788,000 | 1.56 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 439,930,000 | 84,948,000 | 1.83 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from TCBI's latest 10-K: [/company/TCBI/business/](/company/TCBI/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from TCBI's latest 10-K: [/company/TCBI/risk-factors/](/company/TCBI/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1077428/000107742826000059/tcbi-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-23
Report date: 2026-06-30

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

The following discussion and analysis of the Company’s financial condition and results of operations for the three and six months ended June 30, 2026 and 2025 should be read in conjunction with its audited consolidated financial statements and the related notes to the consolidated financial statements included in the 2025 Form 10-K. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results for the year ending December 31, 2026 or any future period.

Forward-Looking Statements

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

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

24

Table of Contents

Results of Operations

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

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["(dollars in thousands except per share data)","2026","","2025","","2026","","2025"],["Net interest income","$","260,377","","","$","253,395","","","$","515,096","","","$","489,429"],["Provision for credit losses","18,000","","","15,000","","","34,000","","","32,000"],["Non-interest income","75,118","","","54,069","","","144,384","","","98,513"],["Non-interest expense","205,493","","","190,276","","","419,061","","","393,296"],["Income before income taxes","112,002","","","102,188","","","206,419","","","162,646"],["Income tax expense","27,054","","","24,860","","","47,683","","","38,271"],["Net income","84,948","","","77,328","","","158,736","","","124,375"],["Preferred stock dividends","4,312","","","4,312","","","8,625","","","8,625"],["Net income available to common stockholders","$","80,636","","","$","73,016","","","$","150,111","","","$","115,750"],["Basic earnings per common share","$","1.85","","","$","1.59","","","$","3.42","","","$","2.52"],["Diluted earnings per common share","$","1.83","","","$","1.58","","","$","3.39","","","$","2.49"],["Net interest margin","3.28","%","","3.35","%","","3.35","%","","3.27","%"],["Return on average assets (\u201cROA\u201d)","1.03","%","","0.99","%","","0.99","%","","0.80","%"],["Return on average common equity (\u201cROE\u201d)","9.56","%","","9.17","%","","8.96","%","","7.40","%"],["Efficiency ratio(1)","61.3","%","","61.9","%","","63.5","%","","66.9","%"],["Non-interest income to average earning assets","0.95","%","","0.72","%","","0.94","%","","0.66","%"],["Non-interest expense to average earning assets","2.59","%","","2.52","%","","2.72","%","","2.63","%"]]
[[/GREPCENT_TABLE]]

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

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

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

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

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

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

25

Table of Contents

Taxable Equivalent Net Interest Income Analysis - Quarterly(1)

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1077428/000107742826000010/tcbi-20251231.htm
Complete FY 2025 MD&A: /company/TCBI/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-10
Report date: 2025-12-31

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

Results of Operations

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

[[GREPCENT_TABLE]]
[["","","","Year Ended December 31,"],["(dollars in thousands except per share data)","","","","","2025","","2024","","2023"],["Net interest income","","","","","$","1,028,637","","","$","901,300","","","$","914,123"],["Provision for credit losses","","","","","55,000","","","67,000","","","72,000"],["Non-interest income","","","","","227,142","","","31,046","","","161,419"],["Non-interest expense","","","","","768,069","","","758,285","","","756,947"],["Income before income taxes","","","","","432,710","","","107,061","","","246,595"],["Income tax expense","","","","","102,466","","","29,553","","","57,454"],["Net income","","","","","330,244","","","77,508","","","189,141"],["Preferred stock dividends","","","","","17,250","","","17,250","","","17,250"],["Net income available to common stockholders","","","","","$","312,994","","","$","60,258","","","$","171,891"],["Basic earnings per common share","","","","","$","6.86","","","$","1.29","","","$","3.58"],["Diluted earnings per common share","","","","","$","6.79","","","$","1.28","","","$","3.54"],["Net interest margin","","","","","3.35","%","","3.03","%","","3.17","%"],["Return on average assets (\u201cROA\u201d)","","","","","1.04","%","","0.25","%","","0.64","%"],["Return on average common equity (\u201cROE\u201d)","","","","","9.59","%","","2.04","%","","6.15","%"],["Efficiency ratio(1)","","","","","61.2","%","","81.3","%","","70.4","%"],["Non-interest income to average earning assets","","","","","0.74","%","","0.11","%","","0.57","%"],["Non-interest expense to average earning assets","","","","","2.50","%","","2.57","%","","2.66","%"]]
[[/GREPCENT_TABLE]]

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

Year ended December 31, 2025 compared to year ended December 31, 2024

The Company reported net income of $330.2 million and net income available to common stockholders of $313.0 million for the year ended December 31, 2025, compared to net income of $77.5 million and net income available to common stockholders of $60.3 million for the same period in 2024. On a fully diluted basis, earnings per common share was $6.79 for the year ended December 31, 2025, compared to $1.28 for the same period in 2024. ROE was 9.59% and ROA was 1.04% for the year ended December 31, 2025, compared to 2.04% and 0.25%, respectively, for the same period in 2024. The increase in net income for the year ended December 31, 2025 compared to the same period in 2024 resulted primarily from increases in net interest income and non-interest income. The increase in non-interest income was primarily the result of a $179.6 million loss on sale of available-for-sale debt securities recognized in 2024 in connection with a strategic balance sheet repositioning undertaken by the Company.

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

32

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

[[GREPCENT_TABLE]]
[["","Year Ended December 31, 2025","","Year Ended December 31, 2024","","Year Ended December 31, 2023"],["(dollars in thousands)","Average Balance","Revenue / Expense","Yield / Rate","","Average Balance","Revenue / Expense","Yield / Rate","","Average Balance","Revenue / Expense","Yield / Rate"],["Assets"],["Investment securities(2)","$","4,575,954","","$","188,990","","4.03","%","","$","4,386,458","","$","148,219","","3.17","%","","$","4,162,931","","$","108,294","","2.37","%"],["Interest bearing cash and cash equivalents","3,203,594","","137,815","","4.30","%","","3,940,590","","203,406","","5.16","%","","4,353,911","","220,976","","5.08","%"],["Loans held for sale(3)","95","","2","","2.60","%","","25,855","","2,432","","9.41","%","","33,166","","2,856","","8.61","%"],["Loans held for investment, mortgage finance(4)","5,171,878","","218,157","","4.22","%","","4,612,994","","179,233","","3.89","%","","4,080,263","","171,366","","4.20","%"],["Loans held for investment(3)(4)","17,996,607","","1,229,207","","6.83","%","","16,746,912","","1,196,673","","7.15","%","","16,076,646","","1,126,843","","7.01","%"],["Less: Allowance for credit losses on loans","276,641","","\u2014","","\u2014","%","","263,279","","\u2014","","\u2014","%","","249,180","","\u2014","","\u2014"],["Loans held for investment, net","22,891,844","","1,447,364","","6.32","%","","21,096,627","","1,375,906","","6.52","%","","19,907,729","","1,298,209","","6.52","%"],["Total earning assets","30,671,487","","1,774,171","","5.76","%","","29,449,530","","1,729,963","","5.82","%","","28,457,737","","1,630,335","","5.65","%"],["Cash and other assets","1,156,587","","","","","1,163,665","","","","","1,079,607"],["Total assets","$","31,828,074","","","","","$","30,613,195","","","","","$","29,537,344"],["Liabilities and Stockholders\u2019 Equity"],["Transaction deposits","$","2,275,219","","$","55,094","","2.42","%","","$","2,049,720","","$","65,215","","3.18","%","","$","1,466,583","","$","42,561","","2.90","%"],["Savings deposits","14,051,757","","541,712","","3.86","%","","12,143,539","","572,126","","4.71","%","","10,921,264","","480,106","","4.40","%"],["Time deposits","2,263,568","","100,966","","4.46","%","","1,946,341","","98,855","","5.08","%","","1,573,294","","65,108","","4.14","%"],["Total interest bearing deposits","18,590,544","","697,772","","3.75","%","","16,139,600","","736,196","","4.56","%","","13,961,141","","587,775","","4.21","%"],["Short-term borrowings","328,499","","14,377","","4.38","%","","933,896","","49,994","","5.35","%","","1,323,039","","70,642","","5.34","%"],["Long-term debt","637,535","","30,999","","4.86","%","","739,136","","42,060","","5.69","%","","882,904","","57,383","","6.50","%"],["Total interest bearing liabilities","19,556,578","","743,148","","3.80","%","","17,812,632","","828,250","","4.65","%","","16,167,084","","715,800","","4.43","%"],["Non-interest bearing deposits","8,220,254","","","","","9,013,038","","","","","9,814,517"],["Other liabilities","486,843","","","","","532,058","","","","","460,779"],["Stockholders\u2019 equity","3,564,399","","","","","3,255,467","","","","","3,094,964"],["Total liabilities and stockholders\u2019 equity","$","31,828,074","","","","","$","30,613,195","","","","","$","29,537,344"],["Net interest income","","$","1,031,023","","","","","$","901,713","","","","","$","914,535"],["Net interest margin","","","3.35","%","","","","3.03","%","","","","3.17","%"]]
[[/GREPCENT_TABLE]]

(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. Loan interest income includes loan fees totaling $68.8 million, $54.6 million and $47.2 million for the years ended December 31, 2025, 2024 and 2023, respectively.

(4)In the first quarter of 2024, enhancements were made to the Company’s methodology for applying relationship pricing credits to mortgage client loans. To conform to the current period presentation, certain prior period interest income amounts have been reclassified from loans held for investment, mortgage finance to loans held for investment and related yields have been adjusted accordingly.

33

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.

[[GREPCENT_TABLE]]
[["","Years Ended December 31,"],["","2025/2024","","2024/2023"],["","Net Change","","Change Due To(1)","","Net Change","","Change Due To(1)"],["(in thousands)","Volume","","Yield/Rate(2)","","Volume","","Yield/Rate(2)"],["Interest income"],["Investment securities","$","40,771","","","$","6,007","","","$","34,764","","","$","39,925","","","$","5,298","","","$","34,627"],["Interest bearing cash and cash equivalents","(65,591)","","","(38,029)","","","(27,562)","","","(17,570)","","","(20,997)","","","3,427"],["Loans held for sale","(2,430)","","","(2,424)","","","(6)","","","(424)","","","(629)","","","205"],["Loans held for investment, mortgage finance","38,924","","","21,741","","","17,183","","","7,867","","","22,375","","","(14,508)"],["Loans held for investment","32,534","","","89,353","","","(56,819)","","","69,830","","","46,986","","","22,844"],["Total interest income","44,208","","","76,648","","","(32,440)","","","99,628","","","53,033","","","46,595"],["Interest expense"],["Transaction deposits","(10,121)","","","7,171","","","(17,292)","","","22,654","","","16,911","","","5,743"],["Savings deposits","(30,414)","","","89,877","","","(120,291)","","","92,020","","","53,780","","","38,240"],["Time deposits","2,111","","","16,115","","","(14,004)","","","33,747","","","15,444","","","18,303"],["Short-term borrowings","(35,617)","","","(32,389)","","","(3,228)","","","(20,648)","","","(20,780)","","","132"],["Long-term debt","(11,061)","","","(5,781)","","","(5,280)","","","(15,323)","","","(9,345)","","","(5,978)"],["Total interest expense","(85,102)","","","74,993","","","(160,095)","","","112,450","","","56,010","","","56,440"],["Net interest income","$","129,310","","","$","1,655","","","$","127,655","","","$","(12,822)","","","$","(2,977)","","","$","(9,845)"]]
[[/GREPCENT_TABLE]]

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

(2)Taxable equivalent rates used where applicable.

Net Interest Income

Net interest income was $1.0 billion for the year ended December 31, 2025 compared to $901.3 million for 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 year ended December 31, 2025 increased $1.2 billion compared to the same period in 2024, which included increases of $1.8 billion in average total loans and $189.5 million in average investment securities, partially offset by a $737.0 million decrease in average interest bearing cash and cash equivalents. Average interest bearing liabilities increased $1.7 billion for the year ended December 31, 2025 compared to the same period in 2024, primarily due to a $2.5 billion increase in average interest bearing deposits, partially offset by decreases of $605.4 million in average short-term borrowings and $101.7 million in average long-term debt. Average non-interest bearing deposits for the year ended December 31, 2025 decreased to $8.2 billion from $9.0 billion for the same period in 2024.

Net interest margin for the year ended December 31, 2025 was 3.35% compared to 3.03% for 2024. The increase was primarily due to a decrease in funding costs.

The yield on total loans held for investment, net, decreased to 6.32% for the year ended December 31, 2025 compared to 6.52% for the same period in 2024 and the yield on earning assets decreased to 5.76% for the year ended December 31, 2025 compared to 5.82% for the same period in 2024. The average cost of total deposits decreased to 2.60% for 2025 from 2.93% for the same period in 2024 and total funding costs, including all deposits, long-term debt and stockholders' equity, decreased to 2.37% for 2025 compared to 2.75% for the same period 2024.

34

Non-interest Income

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/TCBI/mda/fy2025/
All MD&A years: /company/TCBI/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/TCBI/mda/fy2024/): filed 2025-02-11; accession 0001077428-25-000036 (https://www.sec.gov/Archives/edgar/data/1077428/000107742825000036/tcbi-20241231.htm)
- [FY 2023 MD&A](/company/TCBI/mda/fy2023/): filed 2024-02-13; accession 0001077428-24-000040 (https://www.sec.gov/Archives/edgar/data/1077428/000107742824000040/tcbi-20231231.htm)
- [FY 2022 MD&A](/company/TCBI/mda/fy2022/): filed 2023-02-09; accession 0001077428-23-000014 (https://www.sec.gov/Archives/edgar/data/1077428/000107742823000014/tcbi-20221231.htm)
- [FY 2021 MD&A](/company/TCBI/mda/fy2021/): filed 2022-02-09; accession 0001077428-22-000012 (https://www.sec.gov/Archives/edgar/data/1077428/000107742822000012/tcbi-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6022 State Commercial Banks) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit
- [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Consumer & credit](/thread/consumer-credit/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/TCBI.md · JSON record: /company/TCBI.json · verified financials: /company/TCBI/financials.json / /company/TCBI/financials.csv · machine TOC for the whole site: /llms.txt