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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒Quarterly Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the quarterly period ended March 31, 2026
☐Transition Report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
For the transition period from              to             
Commission file number 001-34657
TEXAS CAPITAL BANCSHARES, INC.
(Exact Name of Registrant as Specified in Its Charter)
Delaware 75-2679109
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification Number)
2000 McKinney Avenue
Suite 700
                DallasTXUSA75201
(Address of principal executive offices)(Zip Code)
(214) 932-6600
(Registrant’s telephone number, including area code)

Securities registered under Section 12(b) of the Exchange Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareTCBI
The Nasdaq Stock Market
5.75% Non-Cumulative Perpetual Preferred Stock Series B, par value $0.01 per shareTCBIO
The Nasdaq Stock Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes  ☒        No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒        ☐  No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large Accelerated Filerx Accelerated Filer ☐
Non-Accelerated Filer☐Smaller Reporting Company☐
Emerging Growth Company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes  ☐        No ý
On April 21, 2026, the number of shares set forth below was outstanding with respect to each of the issuer’s classes of common stock:
Common Stock, par value $0.01 per share 43,670,939

Table of Contents
Texas Capital Bancshares, Inc.
Form 10-Q
Quarter Ended March 31, 2026

Index
 
Item 1.
Item 2.
Item 3.
Item 4.
Item 1.
Item 1A.
Item 2.
Item 6.


Table of Contents
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS - UNAUDITED
(in thousands except share data)March 31, 2026December 31, 2025
Assets
Cash and due from banks$254,428 $201,315 
Interest bearing cash and cash equivalents2,702,183 1,897,803 
Available-for-sale debt securities3,913,855 3,951,455 
Held-to-maturity debt securities709,594 725,722 
Equity securities42,024 41,998 
Trading debt securities
7,882 3,924 
Debt and equity securities
4,673,355 4,723,099 
Loans held for sale21,333 4,361 
Loans held for investment, mortgage finance6,961,686 6,064,019 
Loans held for investment18,217,976 17,976,183 
Less: Allowance for credit losses on loans270,441 270,557 
Loans held for investment, net24,909,221 23,769,645 
Premises and equipment, net85,698 88,003 
Accrued interest receivable and other assets838,770 854,552 
Goodwill and intangibles, net1,496 1,496 
Total assets$33,486,484 $31,540,274 
Liabilities and Stockholders’ Equity
Liabilities:
Non-interest bearing deposits$7,634,618 $6,959,097 
Interest bearing deposits20,882,070 19,489,670 
Total deposits28,516,688 26,448,767 
Accrued interest payable9,420 6,716 
Other liabilities475,876 502,834 
Short-term borrowings— 330,000 
Long-term debt878,293 620,575 
Total liabilities29,880,277 27,908,892 
Stockholders’ equity:
Preferred stock, $0.01 par value, $1,000 liquidation value:
Authorized shares - 10,000,000
Issued shares - 300,000 at March 31, 2026 and December 31, 2025
300,000 300,000 
Common stock, $0.01 par value:
Authorized shares - 100,000,000
Issued shares - 51,974,496 and 51,786,456 at March 31, 2026 and December 31, 2025, respectively
520 518 
Additional paid-in capital1,077,139 1,074,496 
Retained earnings2,878,120 2,808,645 
Treasury stock - 8,303,191 and 7,532,768 shares at cost at March 31, 2026 and December 31, 2025, respectively
(562,833)(487,692)
Accumulated other comprehensive loss, net of taxes(86,739)(64,585)
Total stockholders’ equity3,606,207 3,631,382 
Total liabilities and stockholders’ equity$33,486,484 $31,540,274 
See accompanying notes to consolidated financial statements.
3
Table of Contents
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME AND OTHER
COMPREHENSIVE INCOME - UNAUDITED
Three Months Ended March 31,
(in thousands except per share data)20262025
Interest income
Interest and fees on loans$348,020 $334,150 
Debt and equity securities
49,590 46,565 
Interest bearing cash and cash equivalents21,484 46,574 
Total interest income419,094 427,289 
Interest expense
Deposits153,904 174,936 
Short-term borrowings2,360 8,246 
Long-term debt8,111 8,073 
Total interest expense164,375 191,255 
Net interest income254,719 236,034 
Provision for credit losses16,000 17,000 
Net interest income after provision for credit losses238,719 219,034 
Non-interest income
Service charges on deposit accounts9,223 7,840 
Wealth management and trust fee income4,388 3,964 
Brokered loan fees2,006 1,949 
Investment banking and advisory fees32,016 16,478 
Trading income10,251 5,939 
Other11,382 8,274 
Total non-interest income69,266 44,444 
Non-interest expense
Salaries and benefits139,347 131,641 
Occupancy expense12,405 10,844 
Marketing4,972 5,009 
Legal and professional11,980 14,989 
Communications and technology27,172 23,642 
Federal Deposit Insurance Corporation insurance assessment4,877 5,341 
Other12,815 11,554 
Total non-interest expense213,568 203,020 
Income before income taxes94,417 60,458 
Income tax expense20,629 13,411 
Net income73,788 47,047 
Preferred stock dividends4,313 4,313 
Net income available to common stockholders$69,475 $42,734 
Other comprehensive income
Change in unrealized gain/(loss)$(31,328)$50,279 
Amounts reclassified into net income
2,557 10,359 
Other comprehensive income/(loss)
(28,771)60,638 
Income tax expense/(benefit)
(6,617)13,693 
Other comprehensive income/(loss), net of tax
(22,154)46,945 
Comprehensive income$51,634 $93,992 
Basic earnings per common share
$1.58 $0.93 
Diluted earnings per common share
$1.56 $0.92 
See accompanying notes to consolidated financial statements.
4
Table of Contents
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - UNAUDITED

Preferred StockCommon StockAdditional Treasury StockAccumulated Other 
 Paid-inRetainedComprehensive 
(in thousands except share data)SharesAmountSharesAmountCapitalEarningsSharesAmountIncome/(Loss)Total
Balance at December 31, 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— — — — — 47,047 — — — 47,047 
Change in other comprehensive income/(loss), net of taxes
— — — — — — — — 46,945 46,945 
Total comprehensive income
93,992 
Stock-based compensation expense recognized in earnings
— — — — 10,359 — — — — 10,359 
Preferred stock dividend — — — — — (4,313)— — — (4,313)
Issuance of stock related to stock-based awards
— — 187,227 2 (7,050)— — — — (7,048)
Repurchase of common stock— — — — — — (396,106)(31,152)— (31,152)
Balance at March 31, 2025300,000 $300,000 51,707,542 $517 $1,060,028 $2,538,385 (5,682,609)$(332,994)$(136,162)$3,429,774 
Balance at December 31, 2025 (audited)
300,000 $300,000 51,786,456 $518 $1,074,496 $2,808,645 (7,532,768)$(487,692)$(64,585)$3,631,382 
Comprehensive income/(loss):
Net income— — — — — 73,788 — — — 73,788 
Change in other comprehensive income/(loss), net of taxes— — — — — — — — (22,154)(22,154)
Total comprehensive income51,634 
Stock-based compensation expense recognized in earnings— — — — 12,205 — — — — 12,205 
Preferred stock dividend— — — — — (4,313)— — — (4,313)
Issuance of stock related to stock-based awards— — 188,040 2 (9,562)— — — — (9,560)
Repurchase of common stock— — — — — — (770,423)(75,141)— (75,141)
Balance at March 31, 2026300,000 $300,000 51,974,496 $520 $1,077,139 $2,878,120 (8,303,191)$(562,833)$(86,739)$3,606,207 
See accompanying notes to consolidated financial statements.
5
Table of Contents
TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
Three Months Ended March 31,
(in thousands)20262025
Operating activities
Net income$73,788 $47,047 
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for credit losses16,000 17,000 
Depreciation and amortization12,816 9,217 
Net (gain)/loss on equity securities(1,646)2,052 
Sales/(purchases) of trading debt securities, net(3,958)(1,824)
Stock-based compensation expense17,499 12,750 
Changes in operating assets and liabilities:
Accrued interest receivable and other assets16,089 4,604 
Accrued interest payable and other liabilities(43,059)(90,478)
Net cash provided by operating activities87,529 368 
Investing activities
Purchases of available-for-sale debt securities(134,520)(198,597)
Proceeds from maturities, redemptions and pay-downs of available-for-sale debt securities153,484 97,698 
Proceeds from maturities, redemptions and pay-downs of held-to-maturity debt securities16,907 17,659 
Sales/(purchases) of equity securities, net1,620 1,546 
Originations of loans held for investment, mortgage finance(23,599,090)(18,466,846)
Proceeds from pay-offs of loans held for investment, mortgage finance22,701,423 18,956,879 
Decrease/(increase) in loans held for investment, excluding mortgage finance, net(280,484)(429,548)
Purchase of premises and equipment, net(1,357)(2,416)
Net cash used in investing activities(1,142,017)(23,625)
Financing activities
Net increase/(decrease) in deposits, net2,067,921 814,435 
Issuance of stock related to stock-based awards(9,560)(7,048)
Preferred stock dividends paid(4,313)(4,313)
Repurchase of common stock(75,141)(31,152)
Net increase/(decrease) in short-term borrowings, net(330,000)(135,000)
Redemption of long-term debt(134,525)— 
Issuance of long-term debt397,599 — 
Net cash provided by financing activities
1,911,981 636,922 
Net increase in cash and cash equivalents
857,493 613,665 
Cash and cash equivalents at beginning of period2,099,118 3,188,808 
Cash and cash equivalents at end of period$2,956,611 $3,802,473 
Supplemental disclosures of cash flow information
Cash paid during the period for interest$180,511 $189,665 
Cash paid/(refunded) during the period for income taxes:
$1,620 $(1,290)
Transfers of loans from held for investment to held for sale$21,333 $— 
See accompanying notes to consolidated financial statements.
6
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., doing business as Texas Capital Securities. The Bank is a Texas state-chartered bank. Texas Capital Securities is a registered broker-dealer with the U.S. Securities and Exchange Commission (“SEC”) and a member of the Financial Industry Regulatory Authority and Municipal Securities Rulemaking Board.
The Company was incorporated as a Delaware corporation in 1996 and commenced banking operations in 1998.
Basis of Presentation
The Company’s accounting and reporting policies conform to accounting principles generally accepted in the United States (“GAAP”) and to generally accepted practices within the banking industry. Certain prior period balances have been reclassified to conform to the current period presentation.
The consolidated interim financial statements are unaudited, and certain information and disclosures in the notes to consolidated unaudited financial statements that are presented in accordance with GAAP have been condensed or omitted. In the opinion of management, the interim financial statements include all normal and recurring adjustments and the disclosures made present a fair presentation of the Company’s financial position and results of operations. The consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Form 10-Q adopted by the SEC. Accordingly, the financial statements and the notes to the consolidated unaudited financial statements required by GAAP for complete annual financial statements do not include all of the information and should be read in conjunction with the consolidated financial statements, and notes thereto, for the year ended December 31, 2025, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). Operating results for the interim periods disclosed herein are not necessarily indicative of the results that may be expected for a full year or any future period.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements. Actual results could differ from those estimates. The allowance for credit losses, the fair value of financial instruments and the status of contingencies are particularly susceptible to significant change.
(2) Earnings Per Share
The following table presents the computation of basic and diluted earnings per share:
Three Months Ended March 31,
(in thousands except share and per share data)20262025
Numerator:
Net income
$73,788 $47,047 
Preferred stock dividends4,313 4,313 
Net income available to common stockholders
$69,475 $42,734 
Denominator:
Basic earnings per common share—weighted average common shares44,094,304 46,123,416 
Effect of dilutive outstanding stock-settled awards506,825 493,288 
Dilutive earnings per common share—weighted average diluted common shares44,601,129 46,616,704 
Basic earnings per common share
$1.58 $0.93 
Diluted earnings per common share
$1.56 $0.92 
Anti-dilutive outstanding stock-settled awards25,424 22,707 
7
(3) Debt and Equity Securities
The following is a summary of the Company’s debt and equity securities: 
(in thousands)Amortized
Cost(1)		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Estimated
Fair
Value
March 31, 2026
Available-for-sale debt securities:
Residential mortgage-backed securities$3,723,642 $25,241 $(93,382)$3,655,501 
Commercial mortgage-backed securities
245,890 2,114 (224)247,780 
Credit risk transfer securities
11,013 — (439)10,574 
Total available-for-sale debt securities3,980,545 27,355 (94,045)3,913,855 
Held-to-maturity debt securities:
Residential mortgage-backed securities709,594 — (71,010)638,584 
Total held-to-maturity debt securities709,594 — (71,010)638,584 
Equity securities42,024 
Trading debt securities
7,882 
Total debt and equity securities(2)
$4,673,355 
December 31, 2025
Available-for-sale debt securities:
Residential mortgage-backed securities$3,743,234 $41,037 $(91,625)$3,692,646 
Commercial mortgage-backed securities
244,457 3,555 — 248,012 
Credit risk transfer securities
11,248 — (451)10,797 
Total available-for-sale debt securities3,998,939 44,592 (92,076)3,951,455 
Held-to-maturity debt securities:
Residential mortgage-backed securities725,722 — (70,890)654,832 
Total held-to-maturity debt securities
725,722 — (70,890)654,832 
Equity securities41,998 
Trading debt securities
3,924 
Total debt and equity securities(2)
$4,723,099 
(1)    Excludes accrued interest receivable of $16.0 million and $16.1 million at March 31, 2026 and December 31, 2025, respectively, related to available-for-sale debt securities and $1.1 million and $1.2 million at March 31, 2026 and December 31, 2025, respectively, related to held-to-maturity debt securities that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.
(2)    Includes available-for-sale debt securities, equity securities and trading debt securities at estimated fair value and held-to-maturity debt securities at amortized cost.
Debt Securities
The amortized cost and estimated fair value as of March 31, 2026, excluding accrued interest receivable, of available-for-sale and held-to-maturity debt securities are presented below by contractual maturity. Actual maturities may differ from contractual maturities of mortgage-backed securities because borrowers may have the right to call or prepay obligations with or without prepayment penalties.
Available-for-saleHeld-to-maturity
(in thousands)Amortized CostFair ValueAmortized CostFair Value
Due within one year$— $— $— $— 
Due after one year through five years— — — — 
Due after five years through ten years257,612 259,076 — — 
Due after ten years3,722,933 3,654,779 709,594 638,584 
Total$3,980,545 $3,913,855 $709,594 $638,584 
8
The table below presents the weighted average yields for the Company’s available-for-sale debt securities as of March 31, 2026. Weighted average yields are calculated based on amortized cost on a tax-exempt basis assuming a 21% federal tax rate, where applicable.
Residential mortgage-backed securities
Commercial mortgage-backed securities
CRT securities
Due within one year— %— %— %
Due after one year through five years— — — 
Due after five years through ten years3.91 4.84 3.79 
Due after ten years4.70 — — 
Total4.70 %4.84 %3.79 %
The following table discloses the Company’s available-for-sale debt securities that have been in a continuous unrealized loss position for less than 12 months and those that have been in a continuous unrealized loss position for 12 or more months:
Less Than 12 Months12 Months or LongerTotal
(in thousands)Fair ValueUnrealized LossFair ValueUnrealized LossFair ValueUnrealized Loss
March 31, 2026
Residential mortgage-backed securities$613,940 $(2,752)$741,764 $(90,630)$1,355,704 $(93,382)
Commercial mortgage-backed securities
57,003 (224)— — 57,003 (224)
Credit risk transfer securities
— — 10,574 (439)10,574 (439)
Total$670,943 $(2,976)$752,338 $(91,069)$1,423,281 $(94,045)
December 31, 2025
Residential mortgage-backed securities$203,193 $(97)$934,222 $(91,528)$1,137,415 $(91,625)
Commercial mortgage-backed securities
— — — — — — 
Credit risk transfer securities
— — 10,797 (451)10,797 (451)
Total$203,193 $(97)$945,019 $(91,979)$1,148,212 $(92,076)
At March 31, 2026, the Company had 41 available-for-sale debt securities in an unrealized loss position, comprised of 37 residential mortgage-backed securities, two commercial mortgage-backed securities and two credit risk transfer securities. The unrealized losses on the available-for-sale debt securities were the result of changes in market interest rates compared to the date the securities were acquired rather than the credit quality of the issuers or underlying loans. The Company does not currently intend to sell and based on current conditions it does not believe it is likely that the Company will be required to sell these available-for-sale debt securities before recovery of the amortized cost of such securities in an unrealized loss position and has therefore recorded the unrealized losses related to this portfolio in accumulated other comprehensive income (“AOCI”). Held-to-maturity debt securities consist of government guaranteed securities for which no loss is expected. At March 31, 2026 and December 31, 2025, no allowance for credit losses was established for available-for-sale or held-to-maturity debt securities.
At March 31, 2026 and December 31, 2025, debt securities with carrying values of approximately $913,000 and $937,000, respectively, were pledged to secure certain customer deposits.
Equity Securities
The following is a summary of unrealized and realized gains/(losses) recognized on equity securities included in other non-interest income on the consolidated statements of income and other comprehensive income:
Three Months Ended March 31,
(in thousands)20262025
Net gains/(losses) recognized during the period$1,646 $(1,708)
Less: Realized net gains/(losses) recognized on securities sold608 328 
Unrealized net gains/(losses) recognized on securities still held$1,038 $(2,036)
9
(4) Loans and Allowance for Credit Losses on Loans
Loans are summarized by portfolio segment as follows:
(in thousands)March 31, 2026December 31, 2025
Loans held for investment(1)(2):
Commercial$12,499,262 $12,163,545 
Mortgage finance6,961,686 6,064,019 
Commercial real estate5,287,272 5,378,712 
Consumer431,442 433,926 
Loans held for investment25,179,662 24,040,202 
Allowance for credit losses on loans(270,441)(270,557)
Total loans held for investment, net$24,909,221 $23,769,645 
(1)    Excludes accrued interest receivable of $104.4 million and $107.3 million at March 31, 2026 and December 31, 2025, respectively, that is recorded in accrued interest receivable and other assets on the consolidated balance sheets.
(2)    Loans are presented net of deferred loan fees and costs totaling $104.8 million and $106.8 million at March 31, 2026 and December 31, 2025, respectively.

10
The following tables summarize loans held for investment by year of origination and internally assigned credit grades:
(in thousands)202620252024202320222021
and prior		Revolving lines of creditRevolving lines of credit converted to term loansTotal
March 31, 2026
Commercial
(1-7) Pass$540,210 $1,898,487 $1,093,995 $605,811 $634,839 $220,996 $7,193,115 $9,331 $12,196,784 
(8) Special mention40 7,709 27,346 10,872 15,399 14,284 28,101 708 104,459 
(9) Substandard - accruing— 25,083 8,756 11,892 — 37,997 15,281 — 99,009 
(9+) Non-accrual161 12,440 219 32,554 24,804 11,458 17,374 — 99,010 
Total commercial$540,411 $1,943,719 $1,130,316 $661,129 $675,042 $284,735 $7,253,871 $10,039 $12,499,262 
Mortgage finance
(1-7) Pass$— $— $— $— $— $— $6,961,686 $— $6,961,686 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total mortgage finance$— $— $— $— $— $— $6,961,686 $— $6,961,686 
Commercial real estate
(1-7) Pass$309,009 $821,246 $595,484 $875,749 $1,267,974 $934,525 $129,491 $5,956 $4,939,434 
(8) Special mention— 818 45,444 70,778 70,125 67,499 7,000 — 261,664 
(9) Substandard - accruing— 11 348 — 39,776 102 — — 40,237 
(9+) Non-accrual— — 25,532 — 20,405 — — — 45,937 
Total commercial real estate$309,009 $822,075 $666,808 $946,527 $1,398,280 $1,002,126 $136,491 $5,956 $5,287,272 
Consumer
(1-7) Pass$9,654 $33,375 $35,645 $26,978 $45,306 $183,101 $97,084 $— $431,143 
(8) Special mention— — — — — 299 — — 299 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total consumer$9,654 $33,375 $35,645 $26,978 $45,306 $183,400 $97,084 $— $431,442 
Total$859,074 $2,799,169 $1,832,769 $1,634,634 $2,118,628 $1,470,261 $14,449,132 $15,995 $25,179,662 
Gross charge-offs$— $2,760 $— $914 $7,164 $— $6,651 $— $17,489 
(in thousands)202520242023202220212020
and prior		Revolving lines of creditRevolving lines of credit converted to term loansTotal
December 31, 2025
Commercial
(1-7) Pass$2,038,311 $1,164,863 $671,070 $670,995 $107,970 $143,631 $6,977,639 $9,359 $11,783,838 
(8) Special mention7,659 16,204 16,093 42,441 15,346 1,239 39,073 — 138,055 
(9) Substandard - accruing25,513 8,824 44,506 — 34,641 4,192 27,830 — 145,506 
(9+) Non-accrual11,293 — 2,959 36,390 — 11,639 33,865 — 96,146 
Total commercial$2,082,776 $1,189,891 $734,628 $749,826 $157,957 $160,701 $7,078,407 $9,359 $12,163,545 
Mortgage finance
(1-7) Pass$— $— $— $— $— $— $6,064,019 $— $6,064,019 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total mortgage finance$— $— $— $— $— $— $6,064,019 $— $6,064,019 
Commercial real estate
(1-7) Pass$781,062 $565,727 $941,760 $1,543,106 $423,708 $608,352 $254,480 $5,305 $5,123,500 
(8) Special mention743 45,137 728 90,752 61,132 1,530 7,800 766 208,588 
(9) Substandard - accruing10 25,880 — — — — — — 25,890 
(9+) Non-accrual— — — 20,734 — — — — 20,734 
Total commercial real estate$781,815 $636,744 $942,488 $1,654,592 $484,840 $609,882 $262,280 $6,071 $5,378,712 
Consumer
(1-7) Pass$36,507 $37,851 $28,181 $50,765 $72,924 $113,440 $94,258 $— $433,926 
(8) Special mention— — — — — — — — — 
(9) Substandard - accruing— — — — — — — — — 
(9+) Non-accrual— — — — — — — — — 
Total Consumer$36,507 $37,851 $28,181 $50,765 $72,924 $113,440 $94,258 $— $433,926 
Total$2,901,098 $1,864,486 $1,705,297 $2,455,183 $715,721 $884,023 $13,498,964 $15,430 $24,040,202 
Gross charge-offs$11,233 $704 $4,234 $8,958 $28 $2,011 $25,715 $— $52,883 
11
The following table details activity in the allowance for credit losses on loans. Allocation of a portion of the allowance to one category does not preclude its availability to absorb losses in other categories.
(in thousands)CommercialMortgage
Finance		Commercial Real EstateConsumerTotal
Three Months Ended March 31, 2026
Beginning balance$202,029 $6,221 $60,559 $1,748 $270,557 
Provision for credit losses on loans29,111 (3,694)(8,267)92 17,242 
Charge-offs17,489 — — — 17,489 
Recoveries131 — — — 131 
Net charge-offs (recoveries)17,358 — — — 17,358 
Ending balance$213,782 $2,527 $52,292 $1,840 $270,441 
Three Months Ended March 31, 2025
Beginning balance$198,423 $2,755 $68,825 $1,706 $271,709 
Provision for credit losses on loans9,167 2,701 4,641 (42)16,467 
Charge-offs10,197 — 500 — 10,697 
Recoveries483 — 413 4 900 
Net charge-offs (recoveries)9,714 — 87 (4)9,797 
Ending balance$197,876 $5,456 $73,379 $1,668 $278,379 
The Company recorded a $17.2 million provision for credit losses on loans for the three months ended March 31, 2026, compared to $16.5 million for the same period of 2025. The $17.2 million provision for credit losses on loans resulted primarily from an increase in criticized loans and $17.4 million in net charge-offs recorded during the three months ended March 31, 2026. Criticized loans totaled $650.6 million at March 31, 2026, compared to $634.9 million at December 31, 2025.
A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. At March 31, 2026, the Company had $32.4 million in collateral-dependent commercial loans, collateralized by business assets, and $45.9 million in collateral-dependent commercial real estate loans, collateralized by real estate.
The table below provides an age analysis of loans held for investment:
(in thousands)30-59 Days
Past Due		60-89 Days
Past Due		90 Days or More Past DueTotal Past
Due		Non-accrual(1)CurrentTotalNon-accrual With No Allowance
March 31, 2026
Commercial$15,907 $332 $18,030 $34,269 $99,010 $12,365,983 $12,499,262 $3,430 
Mortgage finance— — — — — 6,961,686 6,961,686 — 
Commercial real estate63 548 — 611 45,937 5,240,724 5,287,272 1,534 
Consumer1,627 — — 1,627 — 429,815 431,442 — 
Total$17,597 $880 $18,030 $36,507 $144,947 $24,998,208 $25,179,662 $4,964 
(1)As of March 31, 2026, $463,000 of non-accrual loans were earning interest income on a cash basis compared to $470,000 as of December 31, 2025. Additionally, no interest income was recognized on non-accrual loans for the three months ended March 31, 2026 compared to $64,000 recognized for the same period in 2025. Accrued interest of $4.8 million and $7,000 was reversed during the three months ended March 31, 2026 and March 31, 2025, respectively.
12
Modifications to Borrowers Experiencing Financial Difficulty
The table below details loans held for investment made to borrowers experiencing financial difficulty that were modified during the three months March 31, 2026 and March 31, 2025, by type of modification granted and the financial effect of those modifications:
Financial Statement Impact
($ in thousands)Payment
Deferral		Term
Extension		Payment
Deferral
and Term
Extension		TotalPercentage of Loans Held for InvestmentInterest Rate ReductionTerm Extension (in months)Payment Deferrals
Three Months Ended March 31, 2026
Commercial$25,520 $1,365 $— $26,885 0.11 %—%
4
$1,901 
Commercial real estate— — 16,895 16,895 0.07 %—%6737 
Total$25,520 $1,365 $16,895 $43,780 0.17 %
Three Months Ended March 31, 2025
Commercial$1,817 $— $788 $2,605 0.01 %—%
6 to 12
$135 
Commercial real estate18,163 — — 18,163 0.08 %—%—$369 
Total$19,980 $— $788 $20,768 0.09 %
The table below details loans held for investment that experienced a default during the periods presented subsequent to being granted a modification in the prior twelve months. Default is defined as movement to nonperforming status, foreclosure or charge-off, whichever occurs first.
(in thousands)
Payment
Deferral
Payment Deferral
and Term Extension
Total
Three Months Ended March 31, 2026
Commercial$166 $— $166 
Commercial real estate— — — 
Total$166 $— $166 
Three Months Ended March 31, 2025
Commercial$2,996 $— $2,996 
Commercial real estate— 13,500 13,500 
Total$2,996 $13,500 $16,496 
The table below provides an age analysis of loans held for investment as of March 31, 2026 and March 31, 2025 made to borrowers experiencing financial difficulty that were modified in the prior twelve months:
(in thousands)30-89 Days
Past Due		90+ Days
Past Due		Non-AccrualCurrentTotal
March 31, 2026
Commercial$— $— $59,015 $17,139 $76,154 
Commercial real estate
— — 16,895 — 16,895 
Total$— $— $75,910 $17,139 $93,049 
March 31, 2025
Commercial$— $— $9,567 $33,825 $43,392 
Commercial real estate
— — 31,663 15,831 47,494 
Total$— $— $41,230 $49,656 $90,886 

(5) Short-Term Borrowings and Long-Term Debt
The table below presents a summary of short-term borrowings:
(in thousands)March 31, 2026December 31, 2025
Federal funds purchased$— $30,000 
Federal Home Loan Bank (“FHLB”) borrowings
— 300,000 
Total short-term borrowings$— $330,000 
13
The table below presents a summary of long-term debt:
(in thousands)March 31, 2026December 31, 2025
Bank-issued 5.25% fixed rate subordinated notes due 2026
$— $134,509 
Company-issued 4.00% fixed rate subordinated notes due 2031
372,770 372,660 
Company-issued 5.301% fixed rate senior notes due February 2032
392,117 — 
Trust preferred floating rate subordinated debentures due 2032 to 2036113,406 113,406 
Total long-term debt$878,293 $620,575 
During the first quarter of 2026, the bank-issued 5.25% fixed rate subordinated notes due 2026 matured and were repaid in full.
The Company-issued 4.00% fixed rate subordinated notes due 2031 are redeemable, in whole or in part, on May 6, 2026 and any interest payment date thereafter at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus accrued interest thereon. Furthermore, the interest rate on these notes will reset on May 6, 2026 to a rate per annum equal to the five-year U.S. treasury rate plus 3.15% for the five-year period from the reset date to maturity. On March 9, 2026, the Company gave notice to the holders of these subordinated notes that it will redeem these notes in full on May 6, 2026 (the “redemption date”), at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest as of the redemption date.
On February 27, 2026, the Company issued $400.0 million of fixed-to-floating senior notes. The notes are redeemable, in whole or in part, on February 27, 2031 and mature on February 27, 2032. The notes bear interest at a fixed annual rate of 5.301%, payable semi-annually, for an initial five-year period and at a floating rate per annum equal to the compounded SOFR plus 1.94%, payable quarterly, for the final year.
(6) Financial Instruments with Off-Balance Sheet Risk
The table below presents the Company’s financial instruments with off-balance sheet risk, as well as the activity in the allowance for off-balance sheet credit losses related to those financial instruments.
(in thousands)CommercialMortgage
Finance		Commercial
Real Estate		ConsumerTotal
Three Months Ended March 31, 2026
Beginning balance$58,209 $16 $3,979 $51 $62,255 
Provision for off-balance sheet credit losses(277)(8)(964)7 (1,242)
Ending balance$57,932 $8 $3,015 $58 $61,013 
Three Months Ended March 31, 2025
Beginning balance$47,907 $23 $5,351 $51 $53,332 
Provision for off-balance sheet credit losses604 (2)(61)(8)533 
Ending balance$48,511 $21 $5,290 $43 $53,865 
(in thousands)March 31, 2026December 31, 2025
Commitments to extend credit - period end balance$11,783,332 $12,193,441 
Standby letters of credit - period end balance637,349 610,178 
(7) Regulatory Ratios and Capital
The Company and the Bank are subject to various regulatory capital requirements administered by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory (and possibly additional discretionary) actions by regulators that, if undertaken, could have a direct material adverse effect on the Company’s and the Bank’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, the Company and the Bank must meet specific capital guidelines that involve quantitative measures of the Company’s and the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Company’s and the Bank’s capital amounts and classification are also subject to qualitative judgments by the regulators about components, risk weightings and other factors.
The Basel III Capital Rules adopted by U.S. federal banking agencies, among other things, (i) establish the capital measure called “Common Equity Tier 1” (“CET1”), (ii) specify that Tier 1 capital consists of CET1 and “Additional Tier 1 Capital” instruments meeting stated requirements, (iii) require that most deductions/adjustments to regulatory capital measures be made to CET1 and not to other components of capital and (iv) define the scope of the deductions/adjustments to the capital measures.
Additionally, the Basel III Capital Rules require that the Company maintain a 2.5% capital conservation buffer comprised of CET1, with respect to each of CET1, Tier 1 and total capital to risk-weighted asset ratios. A financial institution with a
14
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 three months ended March 31, 2026 or during 2025. On April 23, 2026, the Company and its board of directors declared and announced a cash dividend of $0.20 per common share. The dividend is payable on June 15, 2026, to holders of record at the close of business on June 1, 2026.
Effective December 12, 2025, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $200.0 million in shares of its outstanding common stock, excluding the effect of excise tax expense incurred on the net stock repurchases. The share repurchase program will expire on December 31, 2026, but may be suspended or discontinued at any time. The remaining repurchase authorization under the January 22, 2025 share repurchase program was terminated upon authorization of this new program. During the three months ended March 31, 2026, the Company repurchased 770,423 shares of its common stock for an aggregate price, including excise tax expense, of $75.1 million, at a weighted average price of $96.82 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.
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 March 31, 2026 and December 31, 2025.
March 31, 2026December 31, 2025
(dollars in thousands)Minimum Capital Required(2)Capital Required to be Well CapitalizedCapital AmountRatioCapital AmountRatio
The Company
CET1 capital (to risk-weighted assets)7.00 %N/A$3,391,450 11.99 %$3,394,471 12.13 %
Tier 1 capital (to risk-weighted assets)8.50 %6.00 %3,801,450 13.44 %3,804,471 13.60 %
Total capital (to risk-weighted assets)10.50 %10.00 %4,505,674 15.93 %4,509,943 16.12 %
Tier 1 capital (to average assets)(1)4.00 %N/A3,801,450 12.11 %3,804,471 11.65 %
The Bank
CET1 capital (to risk-weighted assets)7.00 %6.50 %$3,708,376 13.18 %$3,618,691 13.01 %
Tier 1 capital (to risk-weighted assets)8.50 %8.00 %3,708,376 13.18 %3,618,691 13.01 %
Total capital (to risk-weighted assets)10.50 %10.00 %4,039,830 14.35 %3,951,503 14.20 %
Tier 1 capital (to average assets)(1)4.00 %5.00 %3,708,376 11.91 %3,618,691 11.18 %
(1)    The Tier 1 capital ratio (to average assets) is not impacted by the Basel III Capital Rules; however, the Federal Reserve Board and the FDIC may require the Company and the Bank, respectively, to maintain a Tier 1 capital ratio (to average assets) above the required minimum.
(2)    Percentages represent the minimum capital ratios plus, as applicable, the fully phased-in 2.5% CET1 capital buffer under the Basel III Capital Rules.
(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.
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The table below summarizes the Company’s stock-based compensation expense:
 Three Months Ended March 31,
(in thousands)20262025
Stock-settled awards:
RSUs$12,205 $10,359 
Cash-settled units5,294 2,391 
Total$17,499 $12,750 
 
(in thousands except period data)March 31, 2026
Unrecognized compensation expense related to unvested stock-settled awards$32,878 
Weighted average period over which stock-settled awards expense is expected to be recognized, in years2.2
Unrecognized compensation expense related to cash-settled units$37,330 
Weighted average period over which cash-settled units expense is expected to be recognized, in years2.3
(9) Fair Value Disclosures
The Company determines the fair market values of its assets and liabilities measured at fair value on a recurring and nonrecurring basis using the fair value hierarchy as prescribed in Accounting Standards Codification 820, Fair Value Measurements and Disclosures. See Note 1 - Operations and Summary of Significant Accounting Policies in the 2025 Form 10-K for information regarding the fair value hierarchy and a description of the methods and significant assumptions used by the Company in estimating its fair value disclosures for financial statements.
Assets and liabilities measured at fair value are as follows:
 Fair Value Measurements Using
(in thousands)Level 1Level 2Level 3
March 31, 2026
Available-for-sale debt securities:(1)
Residential mortgage-backed securities$— $3,655,501 $— 
Commercial mortgage-backed securities
— 247,780 — 
Credit risk transfer securities
— — 10,574 
Equity securities(1)
32,024 10,000 — 
Trading debt securities(1)
— 7,882 — 
Loans held for investment(2)
— — 52,228 
Derivative assets(3)
— 43,918 — 
Other trading assets(4)
72 — — 
Derivative liabilities(3)
— 41,578 — 
Securities sold not yet purchased(4)
12,503 — — 
Non-qualified deferred compensation plan liabilities(5)
18,008 — — 
December 31, 2025
Available-for-sale debt securities:(1)
Residential mortgage-backed securities$— $3,692,646 $— 
Commercial mortgage-backed securities
— 248,012 — 
Credit risk transfer securities
— — 10,797 
Equity securities(1)
31,998 10,000 — 
Trading debt securities
— 3,924 — 
Loans held for investment(2)
— — 20,844 
Derivative assets(3)
— 40,892 — 
Derivative liabilities(3)
— 24,458 — 
Securities sold not yet purchased(4)
12,026 — — 
Non-qualified deferred compensation plan liabilities(5)
18,989 — — 
(1)Available-for-sale debt securities, equity securities and trading debt securities are measured at fair value on a recurring basis, generally monthly.
(2)Includes certain collateral-dependent loans held for investment for which a specific allocation of the allowance for credit losses is based upon the fair value of the loan’s underlying collateral. These loans held for investment are measured on a nonrecurring basis, generally annually or more often as warranted by market and economic conditions.
(3)Derivative assets and liabilities are measured at fair value on a recurring basis, generally quarterly.
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(4)Other trading assets and securities sold not yet purchased are measured at fair value on a recurring basis, generally monthly.
(5)Non-qualified deferred compensation plan liabilities represent the fair value of the obligation to the employee, which generally corresponds to the fair value of the invested assets, and are measured at fair value on a recurring basis, generally monthly.
Level 3 Valuations
The following table presents a reconciliation of the level 3 fair value category measured at fair value on a recurring basis:
Net Gains/(Losses)
(in thousands)Balance at Beginning of PeriodPurchases / AdditionsSales / ReductionsRealizedUnrealizedBalance at End of Period
Three Months Ended March 31, 2026
Available-for-sale debt securities:(1)
Credit risk transfer securities
$10,797 $— $(235)$— $12 $10,574 
Three Months Ended March 31, 2025
Available-for-sale debt securities:(1)
Credit risk transfer securities
$11,926 $— $(301)$— $(31)$11,594 
(1)Unrealized gains/(losses) on available-for-sale debt securities are recorded in AOCI. Realized gains/(losses) are recorded in other non-interest income on the consolidated statements of income and other comprehensive income/(loss).
Credit risk transfer securities
The fair value of credit risk transfer securities is based on a discounted cash flow model, which utilizes Level 3 inputs, the most significant of which were a discount rate and weighted-average life. At March 31, 2026, the discount rates utilized ranged from 4.79% to 6.11% and the weighted-average life ranged from 3.90 years to 5.65 years. On a combined amortized cost weighted-average basis a discount rate of 5.37% and a weighted-average life of 4.67 years were utilized to determine the fair value of these securities at March 31, 2026. At December 31, 2025, the combined weighted-average discount rate and weighted-average life utilized were 5.16% and 4.65 years, respectively.
Loans held for investment
Certain collateral-dependent loans held for investment are reported at fair value when, based upon an individual evaluation, the specific allocation of the allowance for credit losses that is deducted from the loan's amortized cost is based upon the fair value of the loan's underlying collateral. The $52.2 million fair value of loans held for investment at March 31, 2026 reported above includes impaired loans with a carrying value of $76.8 million that were reduced by specific allowance allocations totaling $24.6 million based on collateral valuations utilizing Level 3 inputs. The $20.8 million fair value of loans held for investment at December 31, 2025 reported above includes impaired loans with a carrying value of $30.1 million that were reduced by specific allowance allocations totaling $9.3 million based on collateral valuations utilizing Level 3 inputs.
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Fair Value of Financial Instruments
A summary of the carrying amounts and estimated fair values of financial instruments is as follows:
Carrying
Amount		Estimated Fair Value
(in thousands)TotalLevel 1Level 2Level 3
March 31, 2026
Financial assets:
Cash and cash equivalents$2,956,611 $2,956,611 $2,956,611 $— $— 
Available-for-sale debt securities3,913,855 3,913,855 — 3,903,281 10,574 
Held-to-maturity debt securities709,594 638,584 — 638,584 — 
Equity securities42,024 42,024 32,024 10,000 — 
Trading debt securities
7,882 7,882 — 7,882 — 
Loans held for sale21,333 21,333 — 21,333 — 
Loans held for investment, net24,909,221 24,699,883 — — 24,699,883 
Derivative assets43,918 43,918 — 43,918 — 
Other trading assets
7272 72 — — 
Financial liabilities:
Total deposits28,516,688 28,524,120 — — 28,524,120 
Long-term debt878,293 849,030 — 849,030 — 
Derivative liabilities41,578 41,578 — 41,578 — 
Securities sold not yet purchased12,503 12,503 12,503 — — 
December 31, 2025
Financial assets:
Cash and cash equivalents$2,099,118 $2,099,118 $2,099,118 $— $— 
Available-for-sale debt securities3,951,455 3,951,455 — 3,940,658 10,797 
Held-to-maturity debt securities725,722 654,832 — 654,832 — 
Equity securities41,998 41,998 31,998 10,000 — 
Trading debt securities
3,924 3,924 — 3,924 — 
Loans held for sale4,361 4,361 4,361 
Loans held for investment, net23,769,645 23,604,206 — — 23,604,206 
Derivative assets40,892 40,892 — 40,892 — 
Financial liabilities:
Total deposits26,448,767 26,450,932 — — 26,450,932 
Short-term borrowings330,000 330,000 — 330,000 — 
Long-term debt620,575 593,610 — 593,610 — 
Derivative liabilities24,458 24,458 — 24,458 — 
Securities sold not yet purchased12,026 12,026 12,026 — — 
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(10) Derivative Financial Instruments
The notional amounts and estimated fair values of derivative positions outstanding are presented in the following table.
 March 31, 2026December 31, 2025
Estimated Fair ValueEstimated Fair Value
(in thousands)Notional
Amount		Asset DerivativeLiability DerivativeNotional
Amount		Asset DerivativeLiability Derivative
Derivatives designated as hedges
Cash flow hedges:
Interest rate contracts:
Swaps hedging loans$2,200,000 $1,193 $8,732 $2,050,000 $4,067 $770 
Fair value hedges:
Interest rate contracts:
Swaps hedging long-term debt400,000 — 5,515 — — — 
Non-hedging derivatives
Customer-initiated and other derivatives:
Foreign currency forward contracts390,321 6,412 6,155 265,943 1,212 984 
Interest rate contracts:
Swaps7,026,856 23,609 23,609 6,669,382 31,587 31,587 
Caps and floors written2,531,138 2,104 2,764 2,740,883 3,718 1,054 
Caps and floors purchased2,572,417 2,871 2,211 2,782,162 1,179 3,842 
Forward contracts44,606,697 147,439 145,258 22,454,928 40,214 40,021 
Gross derivatives183,628 194,244 81,977 78,258 
Netting adjustment - offsetting derivative assets/liabilities(118,526)(118,526)(33,926)(33,926)
Netting adjustment - cash collateral received/posted(21,184)(34,140)(7,159)(19,874)
Net derivatives included on the consolidated balance sheets$43,918 $41,578 $40,892 $24,458 
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 $43.9 million at March 31, 2026 and approximately $40.9 million at December 31, 2025. Collateral levels are monitored and adjusted on a regular basis for changes in the value of derivative instruments. At March 31, 2026, the Company had $82.7 million in cash collateral pledged to counterparties included in interest bearing cash and cash equivalents on the consolidated balance sheet and $24.3 million in cash collateral received from counterparties included in interest bearing deposits on the consolidated balance sheet. The comparative amounts at December 31, 2025, were $29.5 million in cash collateral pledged to counterparties and $7.6 million cash collateral received from counterparties.
The Company also enters into credit risk participation agreements with financial institution counterparties for interest rate swaps related to loans in which the Company is either a participant or a lead bank. The risk participation agreements entered into by the Company as a participant bank provide credit protection to the financial institution counterparty should the borrower fail to perform on its interest rate derivative contract with that financial institution. The Company is party to 25 risk participation agreements where it acts as a participant bank with a notional amount of $457.7 million at March 31, 2026, compared to 23 risk participation agreements with a notional amount of $338.1 million at December 31, 2025. The maximum estimated exposure to these agreements, assuming 100% default by all obligors, was approximately $1.4 million at March 31, 2026 and $510,000 at December 31, 2025. The fair value of these exposures was insignificant to the consolidated financial statements at both March 31, 2026 and December 31, 2025. Risk participation agreements entered into by the Company as the lead bank provide credit protection should the borrower fail to perform on its interest rate derivative contract. The Company is party to 54 risk participation agreements where the Company acts as the lead bank having a notional amount of $684.8 million at March 31, 2026, compared to 47 agreements having a notional amount of $603.1 million at December 31, 2025.
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 three months ended March 31, 2026, the Company recorded $12.1 million in unrealized losses to adjust its cash flow hedges to fair value, which was recorded net of tax to AOCI, and reclassified $1.0 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 $4.0 million will be reclassified from AOCI as an increase to interest income. As of March 31, 2026, the maximum length of time over which forecasted transactions are hedged is 2.17 years.
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Derivatives Designated as Fair Value Hedges
The Company enters into interest rate derivative contracts that are designated as qualifying fair value hedges to hedge the exposure to variability in fair value attributable to changes in a contractually specified interest rate. To qualify for hedge accounting the hedging relationship, both at inception and on an ongoing basis, must be expected to be highly effective in achieving offsetting fair value adjustments attributable to the hedged risk during the term of the hedge if a fair value hedge. As of March 31, 2026, all of the Company’s fair value hedges are accounted for using the shortcut method. The shortcut method assumes perfect hedge effectiveness and eliminates the quantitative aspect of assessing hedge effectiveness. The fair value hedges are recorded at fair value in other assets and other liabilities on the consolidated balance sheets with changes in fair value recorded in the same income statement line item as the offsetting unrealized loss or gain on the hedged item attributable to the risk being hedged.
During the first quarter of 2026, the Company entered into a receive-fixed, pay-variable interest rate swap contract to hedge the change in the fair value due to fluctuations in market interest rates for the $400.0 million Company-issued 5.301% fixed rate senior notes. The change in fair value of the fair value hedge is recorded through earnings with an exact offset against the change in the fair value of the hedged item within interest expense on long-term debt in the consolidated statements of income. During the three months ended March 31, 2026, the Company recorded $60,000 in interest expense on long-term debt related to interest settlements on derivatives. As of March 31, 2026, the carrying amount of the hedged liability was $392.1 million, which included a $5.5 million cumulative basis reduction related to the application of hedge accounting.
(11) Accumulated Other Comprehensive Income
The following table provides the change in AOCI by component:
(in thousands)Cash Flow HedgesAvailable-for-Sale SecuritiesHeld-to-Maturity SecuritiesTotal
Three Months Ended March 31, 2026
Beginning balance$3,100 $(36,563)$(31,122)$(64,585)
Change in unrealized gain/(loss)(12,122)(19,206)— (31,328)
Amounts reclassified into net income1,039 — 1,518 2,557 
Total other comprehensive income/(loss)
(11,083)(19,206)1,518 (28,771)
Income tax expense/(benefit)
(2,549)(4,417)349 (6,617)
Total other comprehensive income/(loss), net of tax
(8,534)(14,789)1,169 (22,154)
Ending balance$(5,434)$(51,352)$(29,953)$(86,739)
Three Months Ended March 31, 2025
Beginning balance$(15,275)$(131,531)$(36,301)$(183,107)
Change in unrealized gain/(loss)658 49,621 — 50,279 
Amounts reclassified into net income8,714 — 1,645 10,359 
Total other comprehensive income
9,372 49,621 1,645 60,638 
Income tax expense
2,117 11,204 372 13,693 
Total other comprehensive income, net of tax
7,255 38,417 1,273 46,945 
Ending balance$(8,020)$(93,114)$(35,028)$(136,162)
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ITEM 7.     MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion and analysis of the Company’s financial condition and results of operations for the three months ended March 31, 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 months ended March 31, 2026 are not necessarily indicative of the results for the year ending December 31, 2026 or any future period.
Forward-Looking Statements
This report contains “forward-looking statements” within the meaning of and pursuant to the Private Securities Litigation Reform Act of 1995 regarding, among other things, the Company’s financial condition, results of operations, business plans and future performance. These statements are not historical in nature and may often be identified by the use of words such as “believes,” “projects,” “expects,” “may,” “estimates,” “should,” “plans,” “targets,” “intends” “could,” “would,” “anticipates,” “potential,” “confident,” “optimistic” or the negative thereof, or other variations thereon, or comparable terminology, or by discussions of strategy, objectives, estimates, trends, guidance, expectations and future plans.
Because forward-looking statements relate to future results and occurrences, they are subject to inherent and various uncertainties, risks, and changes in circumstances that are difficult to predict, may change over time, are based on management’s expectations and assumptions at the time the statements are made and are not guarantees of future results. Numerous risks and other factors, many of which are beyond management’s control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. While there can be no assurance that any list of risks is complete, important risks and other factors that could cause actual results to differ materially from those contemplated by forward-looking statements include, but are not limited to: economic or business conditions in Texas, the United States or globally that impact TCBI or its customers; negative credit quality developments arising from the foregoing or other factors, including trade policies, geopolitical conflicts, inflation, including increased energy costs, unemployment rates and interest rates; TCBI’s ability to innovate, to anticipate the needs of our current and future customers and to manage increased or expanded competition from banks and other financial service providers in TCBI’s markets; TCBI’s ability to effectively manage its liquidity and maintain adequate regulatory capital to support its businesses; TCBI’s ability to pursue and execute upon growth plans, whether as a function of capital, liquidity or other limitations; TCBI’s ability to successfully execute its business strategy, including its strategic plan and developing and executing new lines of business, products and services; risks related to potential strategic acquisitions, including the risk that TCBI may not be able to consummate acquisitions on favorable terms, if at all, and the risk that TCBI may not realize the anticipated benefits from acquisitions; the extensive regulations to which TCBI is subject and its ability to comply with applicable governmental regulations, including legislative and regulatory changes; TCBI’s ability to effectively manage information technology systems, including third party vendors, cyber or data privacy incidents or other failures, outages, disruptions or security breaches; TCBI’s ability to use technology to provide products and services to its customers; risks related to the development and use of artificial intelligence; changes in interest rates, including the impact of interest rates on TCBI’s securities portfolio and funding costs, as well as related balance sheet implications stemming from the fair value of our assets and liabilities; the effectiveness of TCBI’s risk management processes strategies and monitoring; fluctuations in commercial and residential real estate values, especially as they relate to the value of collateral supporting TCBI’s loans; TCBI’s ability to manage any unexpected outflows of uninsured deposits and avoid selling investment securities or other assets at an unfavorable time or at a loss; adverse developments in the banking industry and the potential impact of such developments on customer confidence, liquidity and regulatory responses to these developments, including in the context of regulatory examinations and related findings and actions; negative press and social media attention with respect to the banking industry or TCBI, in particular; claims, litigation or regulatory investigations and actions that TCBI may become subject to; the failure to identify, attract and retain key personnel and other employees and to engage in adequate succession planning; severe weather, natural disasters, climate change, acts of war, terrorism, global or other geopolitical conflicts, or other external events, as well as related legislative and regulatory initiatives; and the risks and factors more fully described in TCBI’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents and filings with the SEC. The information contained in this communication speaks only as of its date. Except to the extent required by applicable law or regulation, we disclaim any obligation to update such factors or to publicly announce the results of any revisions to any of the forward-looking statements included herein to reflect future events or developments.
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Table of Contents
Results of Operations
Selected income statement data and key performance indicators are presented in the table below:
Three Months Ended March 31,
(dollars in thousands except per share data)20262025
Net interest income$254,719 $236,034 
Provision for credit losses16,000 17,000 
Non-interest income69,266 44,444 
Non-interest expense213,568 203,020 
Income before income taxes
94,417 60,458 
Income tax expense
20,629 13,411 
Net income
73,788 47,047 
Preferred stock dividends4,313 4,313 
Net income available to common stockholders
$69,475 $42,734 
Basic earnings per common share
$1.58 $0.93 
Diluted earnings per common share
$1.56 $0.92 
Net interest margin3.43 %3.19 %
Return on average assets (“ROA”)0.95 %0.61 %
Return on average common equity (“ROE”)8.35 %5.56 %
Efficiency ratio(1)65.9 %72.4 %
Non-interest income to average earning assets0.93 %0.60 %
Non-interest expense to average earning assets2.87 %2.75 %
(1)    Non-interest expense divided by the sum of net interest income and non-interest income.
Three months ended March 31, 2026 compared to three months ended March 31, 2025
The Company reported net income of $73.8 million and net income available to common stockholders of $69.5 million for the three months ended March 31, 2026, compared to net income of $47.0 million and net income available to common stockholders of $42.7 million for the same period in 2025. On a fully diluted basis, earnings per common share was $1.56 for the three months ended March 31, 2026, compared to $0.92 for the same period in 2025. ROE was 8.35% and ROA was 0.95% for the three months ended March 31, 2026, compared to 5.56% and 0.61%, respectively, for the same period in 2025. The increase in net income for the three months ended March 31, 2026 compared to the same period in 2025 resulted primarily from increases in net interest income and non-interest income, partially offset by an increase in non-interest expense.
Details of the changes in the various components of net income are discussed below.

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Table of Contents
Taxable Equivalent Net Interest Income Analysis - Year to Date(1)
Three Months Ended March 31, 2026Three Months Ended March 31, 2025
(dollars in thousands)Average
Balance		Revenue /
Expense		Yield /
Rate		Average
Balance		Revenue /
Expense		Yield /
Rate
Assets
Debt and equity securities(2)
$4,635,471 $49,598 4.30 %$4,463,876 $46,565 4.10 %
Interest bearing cash and cash equivalents2,419,518 21,484 3.60 %4,255,796 46,574 4.44 %
Loans held for sale(3)
3,096 — — %335 2 2.97 %
Loans held for investment, mortgage finance
5,239,103 51,573 3.99 %3,972,106 38,527 3.93 %
Loans held for investment(3)
18,172,432 297,352 6.64 %17,527,070 296,091 6.85 %
Less: Allowance for credit losses on loans268,422 — — %272,758 — — %
Loans held for investment, net
23,143,113 348,925 6.11 %21,226,418 334,618 6.39 %
Total earning assets30,201,198 420,007 5.63 %29,946,425 427,759 5.76 %
Cash and other assets1,173,895 1,157,184 
Total assets$31,375,093 $31,103,609 
Liabilities and Stockholders’ Equity
Transaction deposits$2,605,884 $14,980 2.33 %$2,163,250 $13,908 2.61 %
Savings deposits14,148,034 118,695 3.40 %13,357,243 133,577 4.06 %
Time deposits2,020,757 20,229 4.06 %2,329,384 27,451 4.78 %
Total interest bearing deposits18,774,675 153,904 3.32 %17,849,877 174,936 3.97 %
Short-term borrowings257,989 2,360 3.71 %751,500 8,246 4.45 %
Long-term debt675,780 8,111 4.87 %660,445 8,073 4.96 %
Total interest bearing liabilities19,708,444 164,375 3.38 %19,261,822 191,255 4.03 %
Non-interest bearing deposits7,489,751 7,875,244 
Other liabilities503,038 552,154 
Stockholders’ equity3,673,860 3,414,389 
Total liabilities and stockholders’ equity$31,375,093 $31,103,609 
Net interest income$255,632 $236,504 
Net interest margin3.43 %3.19 %
(1)Taxable equivalent rates used where applicable.
(2)Yields are calculated using available-for-sale debt securities at amortized cost.
(3)Average balances include non-accrual loans.
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Volume/Rate Analysis
The following table presents the changes in taxable equivalent net interest income and identifies the changes due to differences in the average volume of earning assets and interest bearing liabilities and the changes due to differences in the average interest rate on those assets and liabilities.
Three Months Ended March 31,
 2026/2025
 Net
Change		Change Due To(1)
(in thousands)VolumeYield/Rate(2)
Interest income
Debt and equity securities
$3,033 $1,735 $1,298 
Interest bearing cash and cash equivalents(25,090)(20,103)(4,987)
Loans held for sale(2)20 (22)
Loans held for investment, mortgage finance13,046 12,278 768 
Loans held for investment1,261 10,900 (9,639)
Total interest income(7,752)4,830 (12,582)
Interest expense
Transaction deposits1,072 2,849 (1,777)
Savings deposits(14,882)7,917 (22,799)
Time deposits(7,222)(3,638)(3,584)
Short-term borrowings(5,886)(5,415)(471)
Long-term debt38 188 (150)
Total interest expense(26,880)1,901 (28,781)
Net interest income$19,128 $2,929 $16,199 
(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 $254.7 million for the three months ended March 31, 2026, compared to $236.0 million for the same period in 2025. The increase was primarily due to an increase in average earning assets and a decrease in funding costs.
Average earning assets increased $254.8 million for the three months ended March 31, 2026, compared to the same period in 2025, which included increases of $1.9 billion in average total loans held for investment and $171.6 million in average debt and equity securities, partially offset by a $1.8 billion decrease in average interest bearing cash and cash equivalents. Average interest bearing liabilities increased $446.6 million for the three months ended March 31, 2026, compared to the same period in 2025, primarily due to an increase of $924.8 million in average interest bearing deposits, partially offset by a decrease of $493.5 million in average short-term borrowings. Average non-interest bearing deposits for the three months ended March 31, 2026 decreased to $7.5 billion from $7.9 billion for the same period in 2025.
Net interest margin for the three months ended March 31, 2026 was 3.43%, compared to 3.19% for the same period of 2025. The increase was primarily due to a decrease in funding costs.
The yield on total loans held for investment decreased to 6.11% for the three months ended March 31, 2026, compared to 6.39% for the same period in 2025, and the yield on earning assets decreased to 5.63% for the three months ended March 31, 2026, compared to 5.76% for the same period in 2025. Total cost of deposits decreased to 2.38% for the three months ended March 31, 2026 from 2.76% for the same period in 2025 and total funding costs, including non-interest bearing deposits and stockholders' equity, decreased to 2.16% for the three months ended March 31, 2026, compared to 2.54% for the same period in 2025.
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Non-interest Income 
Three Months Ended March 31,
(in thousands)20262025
Service charges on deposit accounts$9,223 $7,840 
Wealth management and trust fee income4,388 3,964 
Brokered loan fees2,006 1,949 
Investment banking and advisory fees32,016 16,478 
Trading income10,251 5,939 
Available-for-sale debt securities losses— — 
Other11,382 8,274 
Total non-interest income$69,266 $44,444 
Non-interest income increased $24.8 million during the three months ended March 31, 2026, compared to the same period in 2025, primarily due to increases in service charges on deposit accounts, investment banking and advisory fees, trading income and other non-interest income.
Non-interest Expense 
Three Months Ended March 31,
(in thousands)20262025
Salaries and benefits$139,347 $131,641 
Occupancy expense12,405 10,844 
Marketing4,972 5,009 
Legal and professional11,980 14,989 
Communications and technology27,172 23,642 
Federal Deposit Insurance Corporation (“FDIC”) insurance assessment4,877 5,341 
Other12,815 11,554 
Total non-interest expense$213,568 $203,020 
Non-interest expense increased $10.5 million during the three months ended March 31, 2026, compared to the same period in 2025. The increase was primarily due to increases in salaries and benefits, occupancy expense and communications and technology expense, partially offset by a decrease in legal and professional expense.
Analysis of Financial Condition
Loans Held for Investment
The following table summarizes the Company’s loans held for investment by portfolio segment. See Note 1 - Operations and Summary of Significant Accounting Policies in the 2025 Form 10-K for details of these portfolio segments.
(in thousands)March 31, 2026December 31, 2025
Commercial$12,499,262 $12,163,545 
Mortgage finance6,961,686 6,064,019 
Commercial real estate5,287,272 5,378,712 
Consumer
431,442 433,926 
Total loans held for investment$25,179,662 $24,040,202 
Total loans held for investment were $25.2 billion at March 31, 2026, an increase of $1.1 billion from December 31, 2025, as increases in commercial and mortgage finance loans were partially offset by decreases in commercial real estate and consumer loans. Mortgage finance loans include legal ownership interests in mortgage loans that the Company purchases from unaffiliated mortgage originators, either directly or through a special purpose entity structure, that are typically sold within 10 to 20 days and represent 28% and 25% of loans held for investment at March 31, 2026 and December 31, 2025, respectively. Volumes fluctuate based on the level of market demand for the product and the number of days between purchase and sale of the loans, which can be affected by changes in overall market interest rates, and tend to peak at the end of each month.
The Company originates a substantial majority of all loans held for investment. The Company also participates in shared national credits, both as a participant and as an agent. As of March 31, 2026, the Company had $6.6 billion in shared national credits, $1.2 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 March 31, 2026, approximately $28.9 million of the Company’s shared national credits were on non-accrual.
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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 March 31, 2026, a majority of the loans held for investment, excluding mortgage finance and other national lines of business, were to businesses with headquarters or operations in Texas. This geographic concentration subjects the Company’s loan portfolio to the general economic conditions within Texas. The risks created by this concentration have been considered by management in determining the appropriateness of the allowance for credit losses.
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)March 31, 2026December 31, 2025
Non-accrual loans held for investment
Commercial:
Business assets$96,489 $92,725 
Accounts receivable and inventory1,145 1,177 
Machinery and equipment
166 — 
Unsecured1,210 2,244 
Total commercial99,010 96,146 
Commercial real estate:
Industrial buildings
18,871 19,200 
Commercial building
1,534 1,534 
Apartment building
25,532 — 
Total commercial real estate45,937 20,734 
Total non-accrual loans held for investment144,947 116,880 
Non-accrual loans held for sale(1)
21,333 4,361 
Other real estate owned (“OREO”)— — 
Total non-performing assets$166,280 $121,241 
Non-accrual loans held for investment to total loans held for investment0.58 %0.49 %
Total non-performing assets to total assets0.50 %0.38 %
Allowance for credit losses on loans to non-accrual loans held for investment1.9x2.3x
Loans held for investment past due 90 days and accruing$18,030 $19,353 
Loans held for investment past due 90 days to total loans held for investment0.07 %0.08 %
Loans held for sale past due 90 days and accruing$— $— 
(1)    First quarter 2026 and fourth quarter 2025 includes non-accrual loans previously reported in loans held for investment that were transferred at fair value to held for sale as of March 31, 2026 and December 31, 2025, respectively.
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 $16.0 million for the three months ended March 31, 2026, compared to a provision of $17.0 million for the three months ended March 31, 2025. The provision for credit losses for the three months ended March 31, 2026 reflects an increase in criticized loans and $17.4 million in net charge-offs recorded during the three months ended March 31, 2026. Criticized loans totaled $650.6 million at March 31, 2026, compared to $634.9 million at December 31, 2025.
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The table below presents key metrics related to the Company’s credit loss experience: 
March 31, 2026March 31, 2025
Allowance for credit losses on loans to total loans held for investment1.07 %1.24 %
Allowance for credit losses on loans to average total loans held for investment(1)
1.16 %1.29 %
Total allowance for credit losses to total loans held for investment1.32 %1.48 %
Total provision for credit losses to average total loans held for investment(1)(2)
0.28 %0.32 %
(1)    Ratios are calculated using average balance for the three months ended March 31, 2026 and 2025, respectively.
(2)    Ratios are annualized utilizing provision for credit losses for the three months ended March 31, 2026 and 2025, respectively.
The table below details net charge-offs/(recoveries) as a percentage of average total loans by portfolio segment:
Three Months Ended March 31,
20262025
(dollars in thousands)Net
Charge-offs
Net Charge-offs
to Average
Loans
Net
Charge-offs		Net Charge-offs
to Average
Loans(1)
Commercial$17,358 0.57 %$9,714 0.35 %
Mortgage finance— — %— — %
Commercial real estate— — %87 0.01 %
Consumer— — %(4)— %
Total$17,358 0.30 %$9,797 0.18 %
Liquidity and Capital Resources
Liquidity
In general terms, liquidity is a measurement of the Company’s ability to meet its cash needs. The Company’s objectives in managing its liquidity are to maintain the ability to meet loan commitments, repurchase investment securities and repay deposits and other liabilities in accordance with their terms, without an adverse impact on current or future earnings. The Company’s liquidity strategy is guided by policies, formulated and monitored by senior management and the Asset and Liability Management Committee (“ALCO”), which take into account the demonstrated marketability of the Company’s assets, the sources and stability of its funding and the level of unfunded commitments. The Company regularly evaluates all of its various funding sources with an emphasis on accessibility, stability, reliability and cost-effectiveness. The Company’s principal source of funding is customer deposits, supplemented by short-term borrowings, primarily from federal funds purchased and FHLB borrowings, brokered deposits and long-term debt. The Company also relies on the availability of the mortgage secondary market provided by Ginnie Mae and government sponsored entities to support the liquidity of mortgage finance loans.
The following table summarizes the Company’s interest bearing cash and cash equivalents:
(dollars in thousands)March 31, 2026December 31, 2025
Interest bearing cash and cash equivalents$2,702,183 $1,897,803 
Interest bearing cash and cash equivalents as a percent of:
Total loans held for investment10.7 %7.9 %
Total earning assets8.4 %6.2 %
Total deposits9.5 %7.2 %
The Company aims to obtain as much of its funding as possible from customer deposits, which are generated through digital acquisition or as a result of development of long-term customer relationships, with a significant focus on treasury management products. In addition, the Company also has access to deposits through brokered channels. The following table summarizes period-end total deposits:
March 31, 2026December 31, 2025
(dollars in thousands)Balance% of TotalBalance% of Total
Customer deposits$26,006,886 91.2 %$25,719,595 97.2 %
Brokered deposits2,509,802 8.8 %729,172 2.8 %
Total deposits$28,516,688 100.0 %$26,448,767 100.0 %
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Estimated uninsured deposits, including accrued interest, were 41% and 42% of total deposits at March 31, 2026 and December 31, 2025, respectively. The uninsured amounts are estimated based on the methodologies and assumptions used for the Bank’s regulatory reporting requirements.
The Company has short-term borrowing sources available to supplement deposits and meet its funding needs. Such borrowings are generally used to fund mortgage finance loans, due to their liquidity, short duration and interest spreads available. These borrowing sources include federal funds purchased from downstream correspondent bank relationships (which consist of banks that are smaller than the Bank) and from upstream correspondent bank relationships (which consist of banks that are larger than the Bank) and advances from the FHLB and the Federal Reserve. The following table summarizes short-term borrowings, all of which mature within one year:
(in thousands)
March 31, 2026December 31, 2025
Federal funds purchased$— $30,000 
FHLB borrowings— 300,000 
Total short-term borrowings
$— $330,000 
The following table summarizes the Company’s short-term borrowing capacities net of balances outstanding:
(in thousands)March 31, 2026December 31, 2025
FHLB borrowing capacity relating to loans and pledged securities$2,740,013 $2,570,596 
FHLB borrowing capacity relating to unencumbered securities4,540,952 4,594,553 
Total FHLB borrowing capacity(1)$7,280,965 $7,165,149 
Unused federal funds lines available from commercial banks$1,572,000 $1,520,000 
Unused Federal Reserve borrowings capacity$10,245,901 $9,174,238 
Unused revolving line of credit(2)
$75,000 $75,000 
(1)FHLB borrowings are collateralized by a blanket floating lien on certain real estate secured loans and certain pledged securities.
(2)Unsecured revolving, non-amortizing line of credit with maturity date of February 8, 2027. Proceeds may be used for general corporate purposes, including funding regulatory capital infusions into the Bank. The loan agreement contains customary financial covenants and restrictions. No borrowings were made against this line of credit during the three months March 31, 2026 or 2025.
The Company has long-term debt outstanding of $878.3 million as of March 31, 2026, comprised of trust preferred securities, senior notes and subordinated notes with maturity dates ranging from May 2031 to December 2036. See Note 5 - Short-Term Borrowings and Long-Term Debt in the accompanying notes to the consolidated financial statements included elsewhere in this report for additional information. The Company may consider raising additional capital, if needed, in public or private offerings of debt or equity securities to supplement deposits and meet its long-term funding needs.
As the Company is a holding company and is a separate operating entity from the Bank, the Company’s primary sources of liquidity are dividends received from the Bank and borrowings from outside sources. Banking regulations may limit the amount of dividends that may be paid by the Bank. See Note 7 - Regulatory Ratios and Capital in the accompanying notes to the consolidated financial statements included elsewhere in this report for additional information regarding dividend restrictions and “Liquidity Risks” included in Part I, Item 1A. Risk Factors of the 2025 Form 10-K.
Periodically, based on market conditions and other factors, and subject to compliance with applicable laws and regulations and the terms of its existing indebtedness, the Company may repay, repurchase, exchange or redeem outstanding indebtedness, or otherwise enter into transactions regarding debt or capital structure. For example, the Company periodically evaluates and may engage in liability management transactions, including repurchases or redemptions of outstanding 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 $3.7 billion for the three months ended March 31, 2026 compared to $3.4 billion for the same period in 2025. No dividends were declared or paid on the Company’s common stock during the three months ended March 31, 2026 or during 2025. On April 23, 2026, the Company and its board of directors declared and announced a cash dividend of $0.20 per common share. The dividend is payable on June 15, 2026, to holders of record at the close of business on June 1, 2026.
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Effective December 12, 2025, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $200.0 million in shares of its outstanding common stock, excluding the effect of excise tax expense incurred on the net stock repurchases. The share repurchase program will expire on December 31, 2026, but may be suspended or discontinued at any time. The remaining repurchase authorization under the January 22, 2025 share repurchase program was terminated upon authorization of this new program. During the three months ended March 31, 2026, the Company repurchased 770,423 shares of its common stock for an aggregate purchase price, including excise tax expense, of $75.1 million, at a weighted average price of $96.82 per share.
Any repurchases under the Company’s repurchase program will be made in accordance with applicable securities laws from time to time in open market or private transactions. The extent to which the Company repurchases shares, and the timing of such repurchases, will be at management’s discretion and will depend upon a variety of factors, including market conditions, the Company’s capital position and amount of retained earnings, regulatory requirements and other considerations.
For additional information on the Company’s capital and stockholders’ equity, see Note 7 - Regulatory Ratios and Capital, in the accompanying notes to the consolidated financial statements included elsewhere in this report.
Critical Accounting Estimates
SEC guidance requires disclosure of “critical accounting estimates.” The SEC defines “critical accounting estimates” as those estimates made in accordance with generally accepted accounting principles that involve a significant level of estimation uncertainty and have had or are reasonably likely to have a material impact on the financial condition or results of operations of the registrant.
The Company follows financial accounting and reporting policies that are in accordance with accounting principles generally accepted in the United States. The more significant of these policies are summarized in Note 1 - Operations and Summary of Significant Accounting Policies in the notes to the consolidated financial statements included in the 2025 Form 10-K. Not all significant accounting policies require management to make difficult, subjective or complex judgments. However, the policy noted below could be deemed to meet the SEC’s definition of a critical accounting estimate.
Allowance for Credit Losses
Management considers the policies related to the allowance for credit losses as the most critical to the financial statement presentation. The total allowance for credit losses includes activity related to allowances calculated in accordance with Accounting Standards Codification 326, Credit Losses. The allowance for credit losses is established through a provision for credit losses charged to current earnings. The amount maintained in the allowance reflects management’s continuing evaluation of the credit losses expected to be recognized over the life of the loans in the Company’s portfolio. The allowance for credit losses on loans is a valuation account that is deducted from the loans' amortized cost basis to present the net amount expected to be collected on the loans. The allowance for credit losses on off-balance sheet financial instruments is recorded in other liabilities on the consolidated balance sheets. For purposes of determining the allowance for credit losses, the loan portfolio is segregated into pools first by portfolio segment and then by past due status or credit grade. Each pool is assigned a loss estimate, reflecting historical loss rates that incorporate probability of default and severity of losses over the estimated remaining life of the loans. Loans that do not share risk characteristics are evaluated on an individual basis and are not included in the collective (pool) evaluation. Management estimates the allowance balance using relevant available information from internal and external sources relating to past events, current conditions and reasonable and supportable forecasts. Modifications to loss estimates are made to incorporate a reasonable and supportable forecast of future losses at the pool level, as well as any necessary qualitative adjustments using a Portfolio Level Qualitative Factor (“PLQF”) and/or a Portfolio Segment Level Qualitative Factor (“SLQF”). A similar process is employed to calculate a reserve assigned to off-balance sheet financial instruments, specifically unfunded loan commitments and letters of credit. Modified loss estimates are assigned based on the balance of the commitments estimated to be outstanding at the time of default. The PLQF and SLQF are utilized to address factors that are not present in historical loss rates and are otherwise unaccounted for in the quantitative process. A reserve is recorded upon origination or purchase of a loan. See “Summary of Credit Loss Experience” above and Note 4 - Loans and Allowance for Credit Losses on Loans in the accompanying notes to the consolidated financial statements included elsewhere in this report for further discussion of the risk factors considered by management in establishing the allowance for credit losses.
Management considers a range of macroeconomic scenarios in connection with the allowance estimation process. Within the various economic scenarios considered as of March 31, 2026, the quantitative estimate of the allowance for credit loss would increase by approximately $90.6 million under sole consideration of the most severe downside scenario. The quoted sensitivity calculation reflects the sensitivity of the modeled allowance estimate to macroeconomic forecast data, but is absent of qualitative overlays and other qualitative adjustments that are part of the quarterly reserving process and does not necessarily reflect the nature and extent of future changes in the allowance for reasons including increases or decreases in qualitative adjustments, changes in the risk profile and size of the portfolio, changes in the severity of the macroeconomic scenario and the range of scenarios under management consideration.
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ITEM 3.    QUANTITATIVE AND QUALITATIVE DISCLOSURE ABOUT MARKET RISK
Market risk represents the potential economic loss on trading and non-trading portfolios and financial instruments due to adverse price movements in markets including interest rates, foreign exchange rates, credit spreads, commodity prices and equity and related implied volatility levels. The Company is subject to market risk primarily through the effect of changes in interest rates on its portfolio of assets held for purposes other than trading and interest rate derivative instruments that are used for managing interest rate risk. In addition, the Company has exposure to market risk through its trading desks that engage in securities, derivatives and foreign exchange transactions to support the capital raising, investing and hedging activities of customers. The Company may manage or reduce market risk through the use of hedging, short sale or other similar transactions intended to reduce market risk to be within tolerance levels designated by the Company’s market risk management strategy. The Company uses Value-at-Risk (“VaR”) as a means to measure, monitor, and limit aggregate market risk on the trading portfolio. VaR is a statistical risk measure estimating potential loss at the 95th percentile based on a one-year history of market risk factors associated with the trading portfolio. VaR provides a consistent cross-asset measure for risk profiles and allows for diversification benefit based on historical correlations across market moves. As of March 31, 2026, the Company’s exposure through its trading desk does not pose a significant market risk to the Company. All statistical models involve a degree of uncertainty and VaR is calculated at a statistical confidence interval of the 95th percentile based on one-year daily historic market moves. Larger economic losses are possible, particularly during stressed macroeconomic and market conditions.
The responsibility for managing market risk rests with the ALCO, which operates under policy guidelines established by the Company’s board of directors. Oversight of the Company’s compliance with the guidelines is the ongoing responsibility of the ALCO, with exceptions reported to the Executive Risk Committee and the board of directors, if necessary, on a quarterly basis.
Interest Rate Risk Management
The Company’s interest rate sensitivity as of March 31, 2026 is illustrated in the following table. The table reflects rate-sensitive positions as of March 31, 2026 and is not necessarily indicative of positions on other dates. The table does not take into account the effect of the Company’s derivatives designated as cash flow hedges. The balances of interest rate sensitive assets and liabilities are presented in the periods in which they next reprice to market rates or mature and are aggregated to show the interest rate sensitivity gap. The mismatch between repricings or maturities within a time period is commonly referred to as the “gap” for that period. A positive gap (asset sensitive), where interest rate sensitive assets exceed interest rate sensitive liabilities, generally will result in the net interest margin increasing in a rising rate environment and decreasing in a falling rate environment. A negative gap (liability sensitive) will generally have the opposite results on the net interest margin. Certain variable rate loans have embedded floors which limit the decline in yield on those loans at times when market interest rates are extraordinarily low. The degree of asset sensitivity, spreads on loans and net interest margin may be reduced until rates increase by an amount sufficient to eliminate the effects of floors. The adverse effect of floors as market rates increase may also be offset by the positive gap, the extent to which rates on deposits and other funding sources lag increasing market rates for loans and changes in composition of funding.
(in thousands)0-3 months4-12 months1-3 years3+ yearsTotal
Assets
Interest bearing cash and cash equivalents$2,702,183 $— $— $— $2,702,183 
Debt and equity securities(1)
60,663 539 20,035 4,592,118 4,673,355 
Variable loans23,635,219 176,732 117,640 237,595 24,167,186 
Fixed loans17,669 81,654 259,839 674,647 1,033,809 
Total loans
23,652,888 258,386 377,479 912,242 25,200,995 
Total interest sensitive assets$26,415,734 $258,925 $397,514 $5,504,360 $32,576,533 
Liabilities
Interest bearing customer deposits$17,253,945 $— $— $— $17,253,945 
CDs1,309,262 2,230,932 84,365 3,566 3,628,125 
Total interest bearing deposits18,563,207 2,230,932 84,365 3,566 20,882,070 
Short-term borrowings— — — — — 
Long-term debt113,406 — — 764,887 878,293 
Total borrowings113,406 — — 764,887 878,293 
Total interest sensitive liabilities$18,676,613 $2,230,932 $84,365 $768,453 $21,760,363 
GAP$7,739,121 $(1,972,007)$313,149 $4,735,907 $— 
Cumulative GAP$7,739,121 $5,767,114 $6,080,263 $10,816,170 $10,816,170 
Non-interest bearing deposits7,634,618 
Stockholders’ equity3,606,207 
Total$11,240,825 
(1)Available-for-sale debt securities, equity securities and trading debt securities based on fair market value.

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While a gap interest table is useful in analyzing interest rate sensitivity, an interest rate sensitivity simulation provides a better illustration of the sensitivity of earnings to changes in interest rates. Earnings are also affected by the effects of changing interest rates on the value of funding derived from non-interest bearing deposits and stockholders’ equity. Management performs a sensitivity analysis to identify interest rate risk exposure on net interest income. Management also quantifies and measures interest rate risk exposure using a model to dynamically simulate the effect of changes in net interest income relative to changes in interest rates over the next twelve months based on different interest rate scenarios. These are a static rate scenario and “shock test” scenarios, as described below.
These scenarios are based on interest rates as of the last day of a reporting period published by independent sources and incorporate relevant spreads of instruments that are actively traded in the open market. The Federal Reserve’s federal funds target affects short-term borrowing; the prime lending rate, SOFR and other alternative indexes are the basis for most of the variable-rate loan pricing. The 10-year treasury rate is also monitored because of its effect on prepayment speeds for mortgage-backed securities. These are the Company’s primary interest rate exposures. Interest rate derivative contracts may be used to manage exposure to adverse fluctuations in these primary interest rate exposures as is discussed in more detail under the heading Use of Derivatives to Manage Interest Rate and Other Risks below.
For modeling purposes, the “shock test” scenarios as of March 31, 2026 and March 31, 2025 assume immediate parallel, sustained 100 and 200 basis point increases in interest rates as well as 100 and 200 basis point decreases in interest rates. The Company will continue to evaluate these scenarios as interest rates change.
The Company’s interest rate risk exposure model incorporates assumptions regarding the level of interest rate, including indeterminable maturity deposits (non-interest bearing deposits, interest bearing transaction accounts and savings accounts) and loan and security prepayment behaviors for a given level of market rate change. In the current environment of changing short-term rates, deposit pricing can vary by product and customer. These assumptions have been developed through a combination of historical analysis and projection of future expected pricing behavior. Changes in prepayment behavior of mortgage-backed securities and residential and commercial mortgage loans in each rate environment are captured using industry estimates of prepayment speeds for various coupon segments of the portfolio. The impact of these changes is factored into the simulation model results and indicated interest rate sensitivity as follows:
Annualized Hypothetical Change in Net Interest Income
March 31, 2026March 31, 2025
     + 200 basis points5.5 %7.4 %
     + 100 basis points2.8 %3.8 %
     - 100 basis points(5.6)%(6.1)%
     - 200 basis points(11.3)%(12.2)%
The simulations used to manage interest rate risk are based on numerous assumptions regarding the effect of changes in interest rates on the timing and extent of repricing characteristics, future cash flows and customer behavior. These assumptions are inherently uncertain and, as a result, the model cannot precisely estimate net interest income or precisely predict the impact of higher or lower interest rates on net interest income. Actual results will differ from simulated results due to timing, magnitude and frequency of interest rate changes as well as changes in market conditions, customer behavior and management strategies, among other factors.
Use of Derivatives to Manage Interest Rate and Other Risks
In the ordinary course of business, the Company enters into derivative transactions to manage various risks and to accommodate the business requirements of its customers.
On the date the Company enters into a derivative contract, the derivative is designated as either a fair value hedge, cash flow hedge, net investment hedge, or a designation is not made as it is a customer-related transaction, an economic hedge for asset/liability risk management purposes or another stand-alone derivative created through the Company’s operations.
To manage the sensitivity of earnings and capital to interest rate, prepayment, credit, price and foreign currency fluctuations (asset and liability management positions), the Company may enter into derivative transactions. In addition, the Company enters into interest rate and foreign exchange derivative contracts to support the business requirements of its customers (customer-related positions).
For additional information regarding derivatives, see Note 10 - Derivative Financial Instruments in the accompanying notes to the consolidated financial statements included elsewhere in this report.
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ITEM 4.    CONTROLS AND PROCEDURES
Evaluation of Disclosure Controls and Procedures
The Company’s management, with the supervision and participation of its Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this report. Based upon that evaluation, the Company has concluded that, as of the end of such period, its disclosure controls and procedures were effective in recording, processing, summarizing and reporting, on a timely basis, information required to be disclosed in the reports that the Company files or submits under the Exchange Act and were effective in ensuring that information required to be disclosed in the reports filed or submitted under the Exchange Act is accumulated and communicated to the Company's management, including its Chief Executive Officer and Chief Financial Officer, as appropriate to allow timely decisions regarding required disclosure.
Changes in Internal Control over Financial Reporting
There were no changes in the Company’s internal control over financial reporting (as defined in Rules 13a-15(e) and 15d-15(f) under the Exchange Act) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
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PART II - OTHER INFORMATION
ITEM 1.     LEGAL PROCEEDINGS
The Company is subject to various claims and legal actions that may arise in the ordinary course of conducting its business. Management does not expect the disposition of any of these matters to have a material adverse impact on the Company’s financial statements or results of operations. 
ITEM 1A.     RISK FACTORS
There have been no material changes in the Company’s risk factors from those previously disclosed in Part I, Item 1A of the 2025 Form 10-K.
ITEM 2.     UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
The Company repurchased shares of its common stock in the open market during the three months ended March 31, 2026 as follows:
Total Number ofApproximate Dollar Value
Shares Purchased as Partof Shares That May Yet
Total Number ofAverage Price Paidof Publicly AnnouncedBe Purchased Under the
Shares Purchased
per Share(1)
Plans or Programs(2)
Plans or Programs(1)(2)
January 202651,411 $98.97 51,411 $194,911,786 
February 2026340,125 101.23 340,125 160,482,422 
March 2026378,887 92.57 378,887 125,410,091 
Total first quarter 2026770,423 $96.82 770,423 $125,410,091 
(1)    The approximate dollar value of shares that may yet be purchased under the plans or programs and average price paid per share do not include the effect of excise tax expense incurred on net stock repurchases.
(2)    Effective December 12, 2025, the Company’s board of directors authorized a new share repurchase program under which the Company may repurchase up to $200.0 million in shares of its outstanding common stock, excluding the effect of excise tax expense incurred on net stock repurchases. Any repurchases under the repurchase program will be made in accordance with applicable securities laws from time to time in open market or private transactions. The extent to which the Company repurchases shares, and the timing of such repurchases, will be at management’s discretion and will depend upon a variety of factors, including market conditions, the Company’s capital position and amount of retained earnings, regulatory requirements and other considerations. The share repurchase program will expire on December 31, 2026, but may be suspended or discontinued at any time. The remaining repurchase authorization under the January 22, 2025 share repurchase program was terminated upon authorization of this new program.
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ITEM 6.     EXHIBITS, FINANCIAL STATEMENT SCHEDULES
(a) Exhibits

3.1
3.2
4.1
4.2
10.1
10.2
31.1
31.2
32.1
32.2
101.INSXBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCHXBRL Taxonomy Extension Schema Document*
101.CALXBRL Taxonomy Extension Calculation Linkbase Document*
101.DEFXBRL Taxonomy Extension Definition Linkbase Document*
101.LABXBRL Taxonomy Extension Label Linkbase Document*
101.PREXBRL Taxonomy Extension Presentation Linkbase Document*
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
*    Filed herewith
**    Furnished herewith
+    Management contract or compensatory plan arrangement


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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
TEXAS CAPITAL BANCSHARES, INC.
Date: April 23, 2026
/s/ J. Matthew Scurlock
J. Matthew Scurlock
Chief Financial Officer
(Duly authorized officer and principal financial officer)
35
Exhibit 10.1
AWARD AGREEMENT
UNDER THE
TEXAS CAPITAL BANCSHARES, INC.
2022 AMENDED & RESTATED LONG-TERM INCENTIVE PLAN

1.Award of Units. Pursuant to the Texas Capital Bancshares, Inc. 2022 Amended & Restated Long-Term Incentive Plan (the “Plan”) of Texas Capital Bancshares, Inc., a Delaware corporation and its Subsidiaries (together, the “Company”), __________________ (the “Participant”) as an employee (or Contractor) of the Company, has been granted an Award under the Plan for ________________________________ (___________) Restricted Stock Units (the “Awarded Units”), which may be converted into the number of whole shares of Common Stock (in accordance with Section 4 below) equal to the number of vested Awarded Units (determined in accordance with Section 3 below), subject to the terms and conditions of the Plan and this Award Agreement (this “Agreement”). The Date of Grant of this Award is ____________, 2026. Each Awarded Unit shall be a notional share of Common Stock, with the value of each Awarded Unit being equal to the Fair Market Value of a share of Common Stock at any time.
2.Subject to Plan. This Agreement is subject to the terms and conditions of the Plan, and the terms of the Plan shall control to the extent inconsistent with the provisions of this Agreement. The capitalized terms used herein that are defined in the Plan shall have the same meanings assigned to them in the Plan, except as otherwise expressly provided herein. This Agreement is subject to any rules promulgated pursuant to the Plan by the Board or the Committee and communicated to the Participant in writing.
3.Vesting; Forfeiture. Awarded Units which have become vested pursuant to the terms of this Section 3 are collectively referred to herein as “Vested Units.” All other Awarded Units are collectively referred to herein as “Unvested Units.” The Participant shall be eligible to receive shares of Common Stock with respect to the Vested Units in accordance with Section 4 below. Subject to the provisions of Section 5 and Section 34 below and except as otherwise provided in this Section 3, the Awarded Units will be vested in accordance with the Schedule set forth below, if, as of the date(s) specified in the Schedule, the Participant is employed by (or if the Participant is a Contractor, is providing services to) the Company or its Subsidiaries on such date(s)):
Vesting DateAwarded Units that Become Vested Units on such Date
The one-year anniversary of the Date of Grant33.3%
The second-year anniversary of the Date of GrantAn additional 33.3%
The third-year anniversary of the Date of GrantAn additional 33.4%

a.Except as otherwise provided by Section 3.b., Section 3.c. and Section 3.d. hereof, immediately upon the Participant’s Termination of Service for any reason whatsoever, the Participant shall be deemed to have forfeited all of the Participant’s Unvested Units. Similarly, if the Participant provides notice to the Company in accordance with Section 7 hereof that he or she is resigning from employment with the Company for any reason, then the Participant shall be deemed to have forfeited all of the Participant’s Unvested Units as of the first day of the Notice Period (as defined in Section 7 hereof).
b.Notwithstanding the foregoing and except as otherwise provided in Section 5 below, in the event that a Change in Control occurs, the acquiror or surviving or resulting corporation assumes the Awarded Units and on or after the date of the Change in Control, the Participant incurs a Termination of Service by the Company (or by its successor following the Change in Control) without Cause or by the Participant for Good Reason, then all Unvested Units shall immediately become Vested Units upon such termination. If the acquiror or surviving or
1

Exhibit 10.1
resulting corporation does not assume the Awarded Units in connection with the Change in Control, then Section 12.4 of the Plan shall apply.
c.Notwithstanding the foregoing, if the Participant’s employment with the Company or any of its Subsidiaries terminates by reason of the Participant’s death or Total and Permanent Disability, all Unvested Units shall immediately become Vested Units upon such termination.
d.Notwithstanding anything to the contrary contained herein and subject to Section 5 and the Non-Compete in this Section 3.d.(i), if at any time after the date the Participant reaches eligible age for retirement (“Retiring Participant”) as outlined in the Company’s retirement policy in effect on the date the Retiring Participant provides written notice of his or her intent to retire (the “Retirement Policy”), the Unvested Units shall not be forfeited upon the Retiring Participant’s Termination of Service and instead, such Unvested Units shall continue to be subject to the vesting provisions set forth in Section 3.a. as if the Retiring Participant had remained employed by the Company (with shares of Common Stock being delivered pursuant to Section 4 on the original vesting dates). The Retiring Participant acknowledges and agrees that once the Retiring Participant provides written notice to the Company of his or her intent to retire, the Retiring Participant shall no longer be eligible to receive any additional grants under the Plan. Eligible age for retirement shall be based on the Retiring Participant’s age plus years of service, in accordance with the Retirement Policy. The Participant further acknowledges, understands, and agrees that the Board retains the right to modify the Company’s Retirement Policy at any time. In compliance with California Business and Professions Code Section 16600.1, if the Participant is a resident of the state of California (a “California Resident”), then the Non-Compete in Section 3.d.(i) shall not apply to the Participant.
(i)Non-Competition. During the Restricted Period (as defined herein), the Retiring Participant agrees that he or she shall not, without the Company’s prior written consent, directly or indirectly: (i) carry on or engage in Competitive Services within the Restricted Territory on his or her own or on behalf of any Person or any Principal or Representative of any Person, or (ii) own, manage, operate, join, control or participate in the ownership, management, operation or control, of any business, whether in corporate, proprietorship or partnership form or otherwise where such business is engaged in the provision of Competitive Services within the Restricted Territory, except that the Retiring Participant may own publicly traded stock for investment purposes only in any company in which the Participant owns less than 5% of the voting equity.
(1)For purposes of this Section 3.d.(i), (V) “Restricted Period” means the remaining vesting period; (W) “Restricted Territory” means the State of Texas, and any other territory where the Company had operations on the retirement date of the Retiring Participant or the date of termination (if the conduct occurs after the Retiring Participant’s Termination of Service), as applicable; and (X) “Competitive Services” means engaging in the business of wealth management, investment banking and commercial and mortgage banking, including, without limitation, originating, underwriting, closing and selling loans, receiving deposits, broker-dealer or securities activities, as well as the business of providing any other activities, products, or services of the type conducted, authorized, offered, or provided by the Company as of the date of the Retiring Participant’s Termination of Service, or during the two (2) years immediately prior to the date of the Retiring Participant’s Termination of Service; (Y) “Person” means any individual or any corporation, partnership, joint venture, limited liability company, association or other entity or enterprise; and (Z) “Principal or Representative” means a principal, owner, partner, shareholder, joint venturer, investor, member,
2

Exhibit 10.1
trustee, director, officer, manager, employee, agent, representative or consultant.
4.Delivery of Common Stock. The Vested Units shall be converted into the number of whole shares of Common Stock equal to the number of Vested Units and the Company shall electronically register such shares of Common Stock in the Participant’s name (or in the name of his or her estate or beneficiary) or deliver certificates for such shares of Common Stock to the Participant in accordance with the following schedule:
a.On the vesting dates set forth in Section 3.a.(i); or
b.If earlier, (i) the date of the Participant’s death or Total and Permanent Disability as provided in Section 3.c. of this Agreement, or (ii) the date of the Participant’s Termination of Service without Cause or with Good Reason on or after a Change in Control as provided in Section 3.b. of this Agreement.
To the extent an Awarded Unit does not vest in accordance with the provisions of this Agreement, such Awarded Unit shall be forfeited, and no shares of Common Stock shall be delivered with respect to such forfeited Awarded Unit.
5.Forfeiture and Disgorgement.
a.Notwithstanding any provisions in this Agreement to the contrary, in the event the Participant violates the provisions of Sections 3.d.(i), in the case of a Retiring Participant (as applicable), or 5.b. or the provisions of any agreement between the Company (or any of its Subsidiaries) that contains confidentiality, non-solicitation or other protective or restrictive covenant provisions, then:
(i)the Awarded Units shall immediately cease to vest as of the date of such violation;
(ii)any shares of Common Stock that had not been registered (or delivered) with respect to Awarded Units shall be immediately forfeited, and this Agreement (other than the provisions of this Section 5) will be terminated on the date of such violation; and
(iii)any shares of Common Stock (less any taxes paid by the Participant on such shares of Common Stock) that had been delivered to the Participant (or registered in the Participant’s name) with respect to any Vested Units shall be immediately returned to the Company by the Participant.
The Company must deliver written notice of its intent to enforce the provisions of this Section 5.a. at least 15 days prior to the date it intends to enforce the terms of Sections 5.a.(i) and (ii). Both the Company and the Participant agree that upon delivery of written notice under this Section 5.a., neither party will enter into any transaction that will affect the other party’s interests in the cash subject to dispute until the expiration of the 15-day notice period.
The provisions of this Section 5 (including, without limitation, the provisions of this Section 5.a. and the provisions of Section 5.b. below) only shall apply to the Awarded Units for the period beginning on the Date of Grant and ending on the anniversary date of the last year of the date the Awarded Units become vested in accordance with the provisions of Section 3 above (regardless of whether the Agreement terminates or expires prior to such date) or (ii) if a Change in Control occurs, the date of the Participant’s Termination of Service either by the Company without Cause or by the Participant with Good Reason.
3

Exhibit 10.1
b.The Participant agrees that to protect the Company’s Confidential Information, and in consideration for the equity compensation awarded in this Agreement, it is necessary for a Retiring Participant to enter into the Non-Compete covenant in Section 3.d.(i) above as applicable and the following protective covenants, which are ancillary to the enforceable promises between the Company and the Participant (or Retiring Participant as applicable) in this Agreement. By execution of this Agreement (whether by electronic means or handwritten signature), the Participant (or Retiring Participant as applicable) agrees to the following:
(i)Confidential Information.
(1)Definition of Confidential Information. The Participant acknowledges that the Company would not provide the Participant with access to its Confidential Information or grant the Awarded Units but for the Participant’s covenants or promises contained in this Section 5.b. For purposes of this Agreement, “Confidential Information” may include the Company’s (for purposes of this Section 5.b., the “Company” shall include both the Company and Texas Capital Bank’s (“TCB”)) unique concepts, lending practices, sales presentations, marketing programs, marketing strategies, business practices, methods of operation, pricing information, cost information, trademarks, licenses, technical information, proprietary information, computer software programs, computer tapes and disks concerning its operations systems, customer lists, customer leads, customer loan and financial information, documents identifying past, present and future customers, customer profiles and preference data, hiring and training methods, investment policies, financial and other confidential, proprietary and/or trade secret information concerning the Company’s operations and expansion plans. Confidential Information may also include, without limitation, information about the Company’s business, proprietary, and technical information that is not known to others and could have economic value to others if improperly disclosed. Confidential Information also may include any information the Company discloses to the Participant, either directly or indirectly, in writing, orally or by inspection of tangible objects, including, without limitation, information and technical data contained in the Company’s manuals, booklets, publications and materials, equipment of every kind and character, as well as documents, prototypes, samples, prospects, inventions, product ideas, know how, processes, plans (including, without limitation, marketing plans and strategies), specifications, designs, techniques, technology, formulas, software, improvements, forecasts, and research. Confidential Information does not include any information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right or privilege of the Company. The Participant’s obligations under this Section 5 regarding specific Confidential Information shall cease when that specific portion of the Confidential Information loses its status as Confidential Information.
(2)Access to and Agreement Not To Disclose Confidential Information. During the Participant’s employment with Company, the Company agrees to provide the Participant with some or all of the Company’s Confidential Information to which the Participant has not had previous access or knowledge. By executing this Agreement, the Participant agrees that the Confidential Information constitutes valuable, special and unique assets of the Company, developed at the Company’s great expense, the unauthorized use or disclosure of which would cause irreparable harm to the Company. The Participant understands and acknowledges that the Company is engaged in a specialized and
4

Exhibit 10.1
competitive industry; that the Company relies heavily on information, data, programs, and processes it has developed and acquired; and that competitors can reap potential or real economic benefits from the possession of the Confidential Information that is otherwise not available to its competitors. The Participant understands and acknowledges, therefore, that the protection of the Company’s Confidential Information constitutes a legitimate business interest of the Company. The Participant acknowledges that the Confidential Information is the Company’s exclusive property, and the Participant will hold the Confidential Information in trust and solely for the Company’s benefit. The Participant further acknowledges that portions of the Confidential Information constitute “trade secrets” under Texas and federal law and, in addition to the other protections provided in this Agreement, all trade secrets will be accorded the protection and benefits under Texas law, federal law, and any other applicable law.
In exchange for the Company’s promise to provide the Participant with some or all of the Company’s Confidential Information to which the Participant has not previously had access or knowledge, the Participant agrees that he or she will not, either during the period of the Participant’s employment with the Company or at any time thereafter, use or rely upon for the Participant’s benefit or the benefit of another, or disclose, disseminate, or distribute to anyone, including, without limitation, any individual, person, firm, corporation, or other entity, or publish, or use for any purpose, any of the Confidential Information (whether acquired, learned, obtained, or developed by the Participant alone or in conjunction with others), except (A) as properly required in the ordinary course of the Company’s business or as the Company directs and authorizes or; (B) as required by applicable law (if, to the extent reasonable and practicable, reasonable prior notice of such disclosure is given to the Company). The Participant agrees that he or she will take all reasonable measures to protect the secrecy of and avoid unauthorized disclosure and unauthorized use of the Confidential Information. The Participant also agrees to notify the Company immediately in the event of any unauthorized use, reliance upon or disclosure of the Company’s Confidential Information of which the Participant is aware.
(3)Use of Confidential Information During Employment. The Participant further agrees that in the course of his or her employment by the Company, the Participant will not remove from any office of the Company any documents, electronically stored information, or related items that contain Confidential Information, including, without limitation, computer discs, recordings, or other storage or archival systems or devices, including copies, except as may be required in the performance of the Participant’s duties as an employee of the Company. The Participant also agrees that he or she will not place or save any Confidential Information on any computer or electronic storage system that is not the Company’s property. All Confidential Information, and all memoranda, notes, records, drawings, documents, or other writings whatsoever made, compiled, acquired, or received by the Participant at any time during his or her employment, including during the term of this Agreement, arising out of, in connection with, or related to any activity or business of the Company, including, without limitation, the customers, vendors, third parties, or others with whom the Company has a business
5

Exhibit 10.1
relationship, the arrangements of the Company with such parties, and the pricing and expansion policies and strategy of the Company, are, and shall continue to be, the Company’s sole and exclusive property.
(ii)No Solicitation of Employees/Customers. The Participant agrees that during the Restricted Period, to the fullest extent enforceable under applicable law, the Participant will not, alone or in combination with any individual, partner(s), company, corporation, or other entity or business with which the Participant is in any way affiliated, including, without limitation, any partner, limited partner, member, director, officer, shareholder, employee, or agent of any such entity, recruit, solicit, request, induce or attempt to influence, directly or indirectly, any employee of the Company to resign or terminate employment with the Company. Additionally, the Participant agrees that during the Restricted Period, to the fullest extent enforceable under applicable law, the Participant shall not, directly or indirectly, solicit or induce or attempt to solicit or induce to reduce or cease doing business with the Company, or divert or attempt to divert from doing business with the Company, any then current or prospective customers, suppliers or other persons or entities that were serviced by the Participant, about whom the Participant received Confidential Information, or whose names became known to the Participant by virtue of Participant’s employment with the Company, or otherwise interfere with the relationship between the Company and such customers, suppliers, or other persons or entities. In compliance with California Business and Professions Code Section 16600.1, this Section 5.b.(ii) shall not apply to the Participant if he or she is a California Resident. The Company will not attempt to enforce this Section 5.b.(ii) if Grantee is a California Resident.
(1)For purposes of this Agreement, (V) “Restricted Period” means during the Participant’s employment with the Company, and a period equal to the longer of (i) the one year period after the date the Participant’s employment with the Company terminates for any reason, or (ii) as set forth in Section 3.d.(i), in the event the Awarded Units vest in accordance with Section 3.d. above, the remaining vesting period. For the avoidance of doubt, the Restricted Period for a Participant on Garden Leave in accordance with Section 7, shall commence on the last day of the Garden Leave and continue for a period of twelve (12) months from that date.
(iii)Loyalty to Company. The Participant agrees that while employed by the Company, the Participant will comply at all times with Participant's duty of loyalty to the Company as an employee or agent of the Company placed in a position of special trust and confidence. This duty shall be understood to include, but not be limited to,
(1)Refrain from engaging or participating in any activity, whether directly or indirectly, that conflicts with the business of the Company, including but not limited to, participating in any business or transaction that competes with the Company’s business or that could adversely impact the Company’s reputation, operations, or profitability,
(2)An obligation not to assist and not to interfere with or otherwise cause harm to the Company’s ongoing or prospective business relationship with a Company employee, consultant or individual providing services as an independent contractor, or a supplier, distributor, vendor, customer, or other person or entity that does business with the Company or that the Company has a reasonable expectation of doing business with,
6

Exhibit 10.1
(3)inform the Company of business opportunities that fall within the Company’s line(s) of business and not pursue them for personal gain or another’s gain separate from the Company without the Company’s express written consent in advance, or otherwise participate in any conduct or relationship that creates a conflict of interest in violation of Company policies, and
(4)An obligation not to assist or not to participate in or pursue activities that harm the value of the Company’s intellectual property and to honor all agreements with the Company concerning the ownership and protection of proprietary works and intellectual property. Participant will be responsible for understanding, complying with, and implementing any intellectual property policy or guidelines published by the Company as they apply to Participant’s position and area of accountability at the Company.
The “Business” of the Company is to provide financial services across a broad range of activities, including, but not limited to, commercial and consumer banking, investment banking, broker-dealer services, registered investment advisory services, direct lending and private credit, treasury and cash management, asset management, wealth management and financial planning, capital markets, securities trading, underwriting, syndicated finance, financial sponsor coverage, capital solutions, advisory services related to mergers and acquisitions, lending, deposit-taking, corporate trustee and other trust services, and other related financial, advisory, or ancillary activities. This definition shall also include any future business activities or lines of business the Company may engage in, expand to, or develop as part of its strategic growth or operational initiatives.
(iv)Return of Materials. The Participant agrees that he or she will not retain or destroy (except as set forth below), and will immediately return to the Company on or prior to the Participant’s termination date, or at any other time the Company requests such return, any and all property of the Company that is in the Participant’s possession or subject to his or her control, including, but not limited to, customer files and information, papers, drawings, notes, manuals, specifications, designs, devices, code, email, documents, diskettes, CDs, tapes, keys, access cards, credit cards, identification cards, equipment, computers, mobile devices, other electronic media, all other files and documents relating to the Company and its business (regardless of form, but specifically including all electronic files and data of the Company), together with all Confidential Information belonging to the Company or that the Participant received from or through his or her employment with the Company. The Participant will not make, distribute, or retain copies of any such information or property. To the extent that the Participant has electronic files or information in his possession or control that belong to the Company or otherwise contain Confidential Information (specifically including but not limited to electronic files or information stored on personal computers, mobile devices, electronic media, or in cloud storage), on or prior to the Participant’s termination date, or at any other time the Company requests, the Participant shall (1) provide the Company with an electronic copy of all of such files or information (in an electronic format that readily accessible by the Company); (2) after doing so, delete all such files and information, including all copies and derivatives thereof, from all non-Company-owned computers, mobile devices, electronic media, cloud storage, and other media, devices, and equipment, such that such files and information are permanently deleted and irretrievable; and (3) provide a written certification to the Company that the required deletions have been completed and specifying the files and information deleted and the media source from which they were deleted.
7

Exhibit 10.1
(v)Reasonableness; Notification. The Participant acknowledges that the geographic boundaries, scope of prohibited activities and the duration of the provisions in Section 3.d.(i) and this Section 5.b are reasonable and are no broader than are necessary to protect the Company’s legitimate business interests. The provisions of Section 3.d.(i) and this Section 5.b shall survive the termination of the Participant’s employment and can be revoked or modified only by a writing signed by the parties that specifically states an intent to revoke or modify this provision. The Participant acknowledges that the Company would not provide him or her with access to its Confidential Information but for his or her covenants or promises contained in this Section 5.b. The Participant further agrees that during the Restricted Period, he or she shall immediately notify the Company in writing of any employment, work, or business he or she undertakes with or on behalf of any person (including himself or herself) or entity.
(vi)Injunctive Relief. The Participant acknowledges and agrees that the Participant’s obligations, covenants, and agreements in Sections 3.d.(i) and 5.b.(i)-(iv) concern special, unique and extraordinary matters and that a violation of any of the terms of these agreements, covenants or obligations will cause the Company irreparable injury for which adequate remedies at law are not available. Therefore, the Participant agrees that the Company, in addition to any amounts that the Company is entitled to pursuant to Section 5.a. above, will be entitled to an injunction, restraining order, or all other equitable relief as a court or arbitrator of competent jurisdiction may deem necessary or appropriate to restrain the Participant from committing any violation of the agreements, covenants or obligations referred to in Sections 3.d.(i) and 5.b.(i)-(iv). The Participant waives any requirement that the Company post a bond or other security should the need arise.
(vii)Attorneys’ Fees. If the parties become involved in legal action regarding the enforcement of the Protective Covenants, the prevailing party in such action will be entitled, in addition to any other remedy, to recover from the non-prevailing party its/his/her reasonable costs and attorneys’ fees incurred in connection with such action.
(viii)Disclosures to Courts, Governmental Agencies or Administrative or Legislative Bodies. Notwithstanding the foregoing or any other agreement regarding confidentiality with the Company, the Participant may disclose Confidential Information when required to do so by a court of competent jurisdiction, by any governmental agency having authority over the Participant or the business of the Company or by any administrative body or legislative body (including a committee thereof) with jurisdiction to order the Participant to divulge, disclose or make accessible such information. Nothing in this Agreement is intended to interfere with the Participant’s right to (1) report possible violations of state or federal law or regulation to any governmental agency or entity, (2) make other disclosures that are protected under the whistleblower provisions of state or federal law or regulation, (3) file a claim or charge with any government agency or entity, or (4) testify, assist, or participate in an investigation, hearing, or proceeding conducted by any government or law enforcement agency, entity or court.
(ix)Defend Trade Secrets Act of 2016. The Participant is hereby notified in accordance with the Defend Trade Secrets Act of 2016 that the Participant will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (1) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. The Participant is further notified that if the Participant files a lawsuit for retaliation against the Company for reporting a suspected violation of law, the Participant may disclose the Company’s trade secrets
8

Exhibit 10.1
to the Participant’s attorney and use the trade secret information in the court proceeding if the Participant: (x) files any document containing the trade secret under seal; and (y) does not disclose the trade secret, except pursuant to court order.
6.Non-Disparagement. The Participant agrees that during the Restricted Period, the Participant shall not make, publish or communicate to any person or entity or in any public forum (including social media) any defamatory or disparaging remarks, comments or statements concerning the Company or any of its products, services, affiliates, directors, officers, or employees.  Notwithstanding the foregoing, this provision does not in any way limit, restrict, or impede any of the Participant’s rights that are expressly reserved in Section 5(viii) and (ix), or in any way limit the Participant’s ability to provide truthful testimony or information in response to a subpoena, court or arbitral order, or valid request by a government entity, or as otherwise required by law.
7.Key Man Provisions. The Participant shall not, without the prior written consent of the Company, directly or indirectly negotiate, agree to, or cause to be included any “key man provision,” “key person clause,” or similar contractual term in any transaction, agreement, or arrangement that requires the Participant’s (or any other person’s) continued involvement, employment, or participation as a condition to the continuation, validity, or enforcement of such transaction, agreement, or arrangement. If a client exercises a “key man provision” triggered by the departure of Participant, Participant shall forfeit the Awarded Units. For the purposes of this provision, a “key man provision” refers to any clause or term that designates a particular person as essential to the transaction or agreement such that their departure or unavailability triggers any adverse consequence, termination right, or other material impact on the parties to the agreement.
8.Notice Regarding Resignation of Employment.
a.The Participant agrees that in the event the Participant decides to resign from his or her employment with the Company for any reason, the Participant will give the Company at least ninety (90) days’ prior written notice of such resignation (the “Notice Period”), and the Participant shall be deemed to have forfeited all of the Participant’s Unvested Units as of the first day of the Notice Period.
b.Upon receipt of such notice, the Company may, in its sole discretion, (i) accept Participant’s resignation early and terminate Participant’s employment at any time during the Notice Period without any further obligation whatsoever to the Participant other than payment of wages due through the date of termination; (ii) relieve the Participant of his or her duties and responsibilities or exclude the Participant from any of the premises of the Company, or both during the Notice Period or any portion thereof (“Garden Leave”); and/or (iii) permit the Participant to continue his or her duties and responsibilities during the Notice Period or any portion thereof (the “Active Notice Period”). During the Active Notice Period or Garden Leave, as applicable, the Participant (a) shall remain an employee of the Company and continue to be subject to all of his or her obligations under this Agreement, (b) shall continue to be paid the Participant’s full base salary, excluding any bonus or other variable compensation, (c) shall continue to be eligible to participate in the Company’s employee benefit plans (in accordance with the terms of such plans), and (d) if on Garden Leave, shall not, without the prior written consent of an authorized representative of the Company, (i) indirectly (e.g. via third parties) or directly contact, communicate with, or otherwise have dealings with any actual or prospective investor, client, customer or employee of the Company, or (ii) enter onto the premises of the Company.
9.Who May Receive Common Stock with Respect to Vested Units. During the lifetime of the Participant, the Common Stock received upon conversion of the Vested Units may only be received by the Participant or his or her legal representative. If the Participant dies prior to the date his or her Awarded Units are converted into shares of Common Stock as described in Section 4 above, the Common Stock relating to such converted Awarded Units may be received by any individual who is entitled to receive the property of the Participant pursuant to the applicable laws of descent and distribution.
9

Exhibit 10.1
10.Common Stock Subject to Ownership Guidelines. The Participant acknowledges, understands and agrees that any Common Stock delivered to the Participant (or registered in the Participant’s name) pursuant to this Agreement shall be subject to the Common Stock ownership guidelines as adopted by the Committee and in effect from time to time, and that the Participant (if and as applicable to Participant) may be required to hold such Common Stock until the Participant has met the requirements of such ownership guidelines. The Participant further acknowledges, understands and agrees that the Committee retains the right to modify the Company’s Common Stock ownership guidelines at any time.
11.Rights as Stockholder. The Participant will have no rights as a stockholder with respect to the Awarded Units until the issuance of a certificate or certificates to the Participant or the registration of such shares of Common Stock in the Participant’s name. The Awarded Units shall be subject to the terms and conditions of this Agreement.
12.No Fractional Shares. Vested Units may be converted only with respect to full shares, and no fractional share of Common Stock shall be issued. Vested Units shall be rounded up to the closest whole number to account for any fractional shares.
13.Non-Assignability. The Awarded Units are not assignable or transferable by the Participant except by will or by the laws of descent and distribution.
14.The Participant’s Acknowledgments. The Participant acknowledges receipt of a copy of the Plan, which is annexed hereto, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Awarded Units subject to all the terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this Agreement.
15.Adjustment of Number of Awarded Units and Related Matters. The number of shares of Common Stock covered by the Awarded Units shall be subject to adjustment in accordance with Articles 11-13 of the Plan.
16.Execution of Documents. The Participant, by his or her electronic execution of this Agreement, hereby agrees to execute any documents requested by the Company in connection with the payment of any amount in connection with the Awarded Units pursuant to this Agreement.
17.Remedies. Except as otherwise provided in Section 5 in this Agreement, each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically, to recover damages and costs (including reasonable attorneys’ fees) caused by any breach of any provision of this Agreement, and to exercise all other rights existing in the party’s favor. No waiver of any breach of this Agreement shall be construed to be a waiver as to succeeding breaches and no waiver of any provisions of this Agreement shall constitute a waiver of any other provision of this Agreement.
18.The Participant’s Representations. Notwithstanding any of the provisions hereof, the Participant hereby agrees that the Company will not be obligated to register any shares of Common Stock in the Participant’s name or issue any shares of Common Stock to the Participant hereunder, if the issuance of such shares shall constitute a violation by the Participant or the Company of any provision of any law or regulation of any governmental authority. Any determination by the Company under this Section 18 shall be final, binding, and conclusive. The obligations of the Company and the rights of the Participant are subject to all applicable laws, rules and regulations.
19.Investment Representation. Unless the shares of Common Stock are issued to the Participant in a transaction registered under applicable federal and state securities laws, by his or her execution hereof, the Participant represents and warrants to the Company that all Common Stock which may be acquired hereunder will be acquired by the Participant for investment purposes for his or her own account and not with any intent for resale or distribution in violation of federal or states securities laws, all certificates issued with respect to the Common Stock shall bear an appropriate restrictive investment legend and shall be held indefinitely, unless they are subsequently registered under the applicable federal
10

Exhibit 10.1
and state securities laws or the Participant obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not required.
20.Law Governing; Forum. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Texas (excluding any conflict of laws rule or principle of Texas law that might refer the governance, construction, or interpretation of this agreement to the laws of another state). The Participant’s sole remedy for any Claim shall be against the Company and no Participant shall have any claim or right of any nature against any Subsidiary of the Company or any stockholder or existing or former director, officer, or Employee of the Company or any Subsidiary of the Company. Subject to the Arbitration Agreement provision below, the parties further agree that the exclusive forum for any litigation arising under the terms of this Agreement and permitted by Section 32 below shall be the state courts for Dallas County, Texas, or the United States District Court for the Northern District of Texas, Dallas Division. With respect to any such court action, the Participant hereby (1) irrevocably submits to the personal jurisdiction of such courts; (2) consents to service of process; (3) consents to venue; and (4) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction, service of process, or venue, but the parties agree that such promises by the Participant shall not be in derogation of the parties’ obligation to arbitrate set forth in Section 32 below. The parties further agree that the courts listed above are convenient forums for any dispute that may arise herefrom and that neither party shall raise as a defense that such courts are not convenient forums. Notwithstanding the foregoing, to the extent Participant is resident of a state or locality that does not permit the use of Texas law for purposes of Section 3, the laws of the state or locality of such residence shall apply solely for that purpose, and any litigation relating thereto shall be conducted in conformance with Section 32 in such state or locality.
21.No Right to Continue Service or Employment. Nothing herein shall be construed to confer upon the Participant the right to continue in the employ or to provide services to the Company or any Subsidiary, whether as an Employee, Contractor, consultant or Outside Director, or interfere with or restrict in any way the right of the Company or any Subsidiary to discharge the Participant as an Employee, Contractor, consultant or Outside Director at any time.
22.Legal Construction. In the event that any one or more of the terms, provisions, or agreements that are contained in this Agreement shall be held by a court or arbitrator of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement that is contained in this Agreement. If any of the provisions of Section 5.b should ever be held by a court or arbitrator of competent jurisdiction to exceed the scope permitted by the applicable law, such provision or provisions shall be automatically modified to such lesser scope as such court or arbitrator may deem just and proper for the reasonable protection of the Company’s legitimate business interests and may be enforced by the Company to that extent in the manner described above and all other provisions of this Agreement shall be valid and enforceable.
23.Covenants and Agreements as Independent Agreements. Each of the covenants and agreements set forth in this Agreement shall be construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim or cause of action of the Participant against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.
24.Entire Agreement. This Agreement, together with the Plan, supersede any and all other prior understandings and agreements, either oral or in writing, between the parties with respect to the subject matter in this Agreement and constitute the only agreements between the parties with respect to the subject matter in this Agreement. Except for the Employment Agreement between the Participant and the Company (if any), all prior negotiations and agreements between the parties with respect to the subject matter in this Agreement are merged into this Agreement. Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not embodied in this Agreement or the Plan and that any agreement, statement or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of any force or effect. Except for the specific representations expressly made by the Company in this Agreement, the Participant specifically disclaims
11

Exhibit 10.1
that the Participant is relying upon or has relied upon any communications, promises, statements, inducements, or representation(s) that may have been made, oral or written, regarding the subject matter of this Agreement. The parties represent that they are relying solely and only on their own judgment in entering into this Agreement.
25.Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
26.Parties Bound. The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon, and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted successors and assigns, subject to the limitation on assignment expressly set forth herein.
27.Modification. No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification is in writing and signed by the parties (electronically or otherwise); provided, however, that the Company may change or modify this Agreement without the Participant’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.
28.Headings. The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute substantive matters to be considered in construing the terms and provisions of this Agreement.
29.Gender and Number. Words of any gender used in this Agreement shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.
30.Notice. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received by the Company or by the Participant, as the case may be, at the addresses set forth below, or at such other addresses as they have theretofore specified by written notice delivered in accordance herewith:
a.Notice to the Company shall be addressed and delivered as follows:
Texas Capital Bancshares, Inc.
2000 McKinney Avenue, Suite 700
Dallas, Texas 75201
Attn: Human Resources
Email: HR@texascapitalbank.com

b.Notice to the Participant shall be addressed and delivered to the most recent address in the Company’s records.
31.Recoupment. The Participant acknowledges, understands and agrees, with respect to the Awarded Units and any shares of Common Stock delivered to the Participant (or registered in the Participant’s name) pursuant to this Agreement, that such Awarded Units and shares of Common Stock issued hereunder shall be subject to recovery by the Company, and the Participant shall be required to forfeit the Awarded Units or repay such compensation or shares of Common Stock, in accordance with the Company’s Recoupment Policy, as in effect from time to time. The Participant further acknowledges, understands, and agrees that the Board retains the right to modify the Company’s Recoupment Policy at any time.
12

Exhibit 10.1
32.Arbitration.
a.The parties agree that to the fullest extent permitted by applicable law any controversy or claim of any party arising out of or in any way relating to this Agreement, the breach thereof, the Participant’s employment with the Company or the termination thereof shall be settled by final, and binding arbitration in Dallas, Texas, in accordance with any Dispute Resolution and Arbitration Agreement (“DRAA”) between the parties or if there is not a DRAA between the parties in accordance with the Arbitration Agreement below; provided, however, that nothing herein shall preclude the Company or the Participant from seeking temporary or preliminary injunctive relief in connection with an arbitrable controversy, including without limitation any controversy under this Agreement. The court to which the application is made is authorized to grant temporary or preliminary injunctive relief and may do so with or without addressing the merits of the underlying arbitrable dispute, as provided by applicable law.  However, all determinations of final relief will be decided in arbitration, and the pursuit of temporary or preliminary injunctive relief shall not be deemed incompatible with or constitute a waiver of rights under the Arbitration Agreement.      
b.“ARBITRATION AGREEMENT”: IF THE PARTIES ARE NOT SUBJECT TO A DRAA, PARTICIPANT AND THE COMPANY AGREE THAT EXCEPT AS OTHERWISE PROVIDED IN THIS ARBITRATION AGREEMENT, ANY AND ALL CLAIMS OR DISPUTES, PAST, PRESENT, AND FUTURE, ARISING OUT OF OR RELATED TO: (i) THIS AGREEMENT, (ii) ANY OTHER AGREEMENT BETWEEN THEM, OR (iii) PARTICIPANT’S EMPLOYMENT AND SEPARATION OF EMPLOYMENT WITH THE COMPANY, WILL BE DECIDED BY A SINGLE ARBITRATOR THROUGH FINAL AND BINDING ARBITRATION AND NOT BY A JUDGE OR JURY under the then-current Employment Arbitration Rules of the AAA for individually negotiated agreements (“AAA Rules”); provided however, that if there is a conflict between the AAA Rules and this Agreement, this Agreement shall govern.  The AAA Rules may be found at www.adr.org/employment or by searching for “AAA Employment Arbitration Rules” using a service such as www.Google.com. The provisions set forth herein, including all waivers included herein, shall be governed by and interpreted in accordance with the Federal Arbitration Act. If a court determines the FAA does not apply to a particular dispute or to one or both parties, the parties agree that the Texas Arbitration Act (“TAA”) will apply and acknowledge that the Company is based in Texas. If neither the FAA or TAA apply, the parties stipulate and agree the arbitration law of the jurisdiction where the arbitration will take place will apply. The Company and Participant waive any right for any dispute to be brought, heard, decided, or arbitrated as a class action or collective action, and the arbitrator will have no authority to preside over any class or collective action (“Class Action Waiver”). The following claims and disputes are not covered under this Arbitration Agreement: (i) Workers’ Compensation benefit claims (but workers’ compensation discrimination or retaliation is covered); (ii) state unemployment or disability insurance compensation claims; and (iii) disputes that may not be arbitrated or subject to pre-dispute arbitration as expressly provided by Dodd-Frank Wall Street Reform and Consumer Protection Act or other controlling federal statute.”
c.FINRA Registered Representatives or Associated Persons. This Section applies to Registered Representatives or Associated Persons, as classified pursuant to the Financial Industry Regulatory Authority (FINRA). To the maximum extent allowed by law, Registered Representatives or Associated Persons, as classified by FINRA, and the Company waive FINRA Rule 13200 (or any successor rule) and agree that any dispute arising out of or related to Your application and selection for employment, employment, and/or termination of employment shall be arbitrated pursuant to this Agreement—and not in a FINRA arbitral forum. 
d.FINRA Exception. If the above waiver of FINRA 13200 is deemed invalid or unenforceable, arbitration between the Company and Registered Representatives or Associated Persons, as classified pursuant to FINRA, will be administered by FINRA in individual, bilateral arbitration in accordance with its Code of Arbitration Procedure for Industry Disputes and the FINRA Rules; provided, however, Participant and the Company waive any right to commence, be a party to or an actual or putative class member of any class or collective action arising out of or
13

Exhibit 10.1
relating to Participant’s employment with the Company, and agree that any dispute must be arbitrated on an individual, bilateral basis. Additionally, if (1) FINRA declines to hear an arbitration of a dispute between the Company and a Registered Representative or Associated Person, and/or (2) if a claim or dispute is deemed not arbitrable under the FINRA Rules or Code of Arbitration Procedure for Industry Disputes, such disputes shall be resolved in individual arbitration in accordance with this Agreement—including without limitation, the Class and Collective Action Waivers section. 
33.Waiver of Jury Trial. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON, THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY AN ARBITRATOR OR, AS PERMITTED BY SECTION 32 ABOVE, A JUDGE HEARING A PETITION FOR PRELIMINARY INJUNCTIVE RELIEF. THEREFORE, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, AND/OR THE RELATIONSHIP ESTABLISHED AMONG THE PARTIES HEREUNDER.
34.Tax Requirements. The Participant is hereby advised to consult immediately with his or her own tax advisor regarding the tax consequences of this Agreement, including, without limitation, any possible tax consequences of this Agreement in connection with Section 409A of the Code. The Company, or if applicable, any Subsidiary (for purposes of this Section 34, the term “Company” shall be deemed to include any applicable Subsidiary) has the authority and the right to deduct or withhold, or require the Participant to remit to the employer, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of the vesting or conversion of the RSUs. Unless otherwise determined by the Committee at the time the Award is granted or thereafter, the Company shall satisfy any such withholding requirement by withholding the number of Awarded Shares having a Fair Market Value on the date of withholding equal to the amount required to be withheld for tax purposes.
35.Section 409A.
a.To the extent (i) any shares of Common Stock to which the Participant becomes entitled under this Agreement, or any agreement or plan referenced herein, in connection with the Participant's Termination of Service with the Company constitutes deferred compensation subject to Section 409A of the Code (“Non-Exempt Deferred Compensation”); (ii) the Participant is deemed at the time of his or her separation from service to be a “specified employee” under Section 409A of the Code; and (iii) at the time of the Participant’s separation from service the Company is publicly traded (as defined in Section 409A of the Code), then such shares of Common Stock (other than any delivery of Common Stock permitted by Section 409A of the Code to be paid or delivered within six months of the Participant’s separation from service) shall not be made until the earlier of (x) the first day of the seventh month following the Participant’s separation from service or (y) the date of the Participant’s death following such separation from service. Upon the expiration of the applicable deferral period, any shares of Common Stock which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this Section 35 (together with, as applicable, accrued interest thereon) shall be delivered to the Participant or the Participant's beneficiary in one lump sum.
b.To the extent any shares of Common Stock to which the Participant becomes entitled under this Agreement, or any agreement or plan referenced herein, in connection with the Participant's Termination of Service with the Company constitutes Non-Exempt Deferred Compensation, a Termination of Service shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a Termination of Service unless such termination is also a “separation from service” (within the meaning of Section 409A of the Code).
14

Exhibit 10.1
c.It is intended that this Agreement comply with the provisions of Section 409A of the Code so as to not subject the Participant to the payment of additional interest and taxes under Section 409A of the Code, and in furtherance of this intent, this Agreement shall be interpreted, operated and administered in a manner consistent with these intentions.

15
Exhibit 10.2
AWARD AGREEMENT
UNDER THE
TEXAS CAPITAL BANCSHARES, INC.
2022 AMENDED & RESTATED LONG-TERM INCENTIVE PLAN

1.Award of Units. Pursuant to the Texas Capital Bancshares, Inc. 2022 Amended & Restated Long-Term Incentive Plan (the “Plan”) of Texas Capital Bancshares, Inc., a Delaware corporation and its Subsidiaries (together the “Company”), ____________________ (the “Participant”) as an employee of the Company, has been granted an Award under the Plan for _______________________________________ (____________)(the “Awarded Units”)1, which may be converted into the number of whole shares of Common Stock (as determined in accordance with Section 4 below) equal to the number of vested Awarded Units (determined in accordance with Section 3 below), subject to the terms and conditions of the Plan and this Performance Award Agreement (this “Agreement”). The Date of Grant of this Award is ____________, 2026. The maximum number of shares of Common Stock that could be issued with respect to the Awarded Units is ________________________________ (__________)2. Each Awarded Unit shall be a notional share of Common Stock, with the value of each Awarded Unit being equal to the Fair Market Value of a share of Common Stock at any time.
2.Subject to Plan. This Agreement is subject to the terms and conditions of the Plan, and the terms of the Plan shall control to the extent inconsistent with the provisions of this Agreement. The capitalized terms used herein that are defined in the Plan shall have the same meanings assigned to them in the Plan, except as otherwise expressly provided herein. This Agreement is subject to any rules promulgated pursuant to the Plan by the Board or the Committee and communicated to the Participant in writing.
3.Vesting; Forfeiture and Non-Compete. Awarded Units which have become vested pursuant to the terms of this Section 3 are collectively referred to herein as “Vested Units.” All other Awarded Units are collectively referred to herein as “Unvested Units.” The Participant shall be eligible to receive shares of Common Stock with respect to the Vested Units in accordance with Section 4 below.
a.Subject to the provisions of Section 5 and Section 34 below and except as otherwise provided in this Section 3, the Awarded Units will vest on the date the Committee determines whether the vesting conditions set forth on Exhibit A hereto have been achieved (which date shall be after the end of 2028 and no later than March 15, 2029).
b.Except as otherwise provided by Section 3.c., Section 3.d. and Section 3.e. hereof, immediately upon the Participant’s Termination of Service for any reason whatsoever, the Participant shall be deemed to have forfeited all of the Participant’s Unvested Units. Similarly, if the Participant provides notice to the Company in accordance with Section 7 hereof that he or she is resigning from employment with the Company for any reason, then the Participant shall be deemed to have forfeited all of the Participant’s Unvested Units as of the first day of the Notice Period (as defined in Section 7 hereof).
c.Notwithstanding the foregoing and except as otherwise provided in Section 5 below and regardless of whether the performance criteria set forth in Exhibit A have been achieved, in the event that a Change in Control occurs, the acquiror or surviving or resulting corporation assumes the Awarded Units and on or after the date of the Change in Control, the Participant incurs a Termination of Service by the Company (or by its successor following the Change in Control) without Cause or by the Participant for Good Reason, then all Unvested Units shall immediately become Vested Units upon such termination (such Unvested Units vesting at the target (100%) performance level). If the acquiror or surviving or resulting corporation does
1 This number should be the target number of Performance-Based RSUs.
2 This number should be 200% of the Performance-Based RSUs.
1


not assume the Awarded Units in connection with the Change in Control, then Section 12.4 of the Plan shall apply.
d.Notwithstanding the foregoing, if the Participant’s employment with the Company or any of its Subsidiaries terminates by reason of the Participant’s death or Total and Permanent Disability, all Unvested Units shall immediately become Vested Units upon such termination (with such Unvested Units vesting at the target (100%) performance level).
e.Notwithstanding anything to the contrary contained herein and subject to Section 5 and the Non-Compete in this Section 3.e.(i), if at any time after the date the Participant reaches eligible age for retirement (“Retiring Participant”) as outlined in the Company’s retirement policy in effect on the date the Retiring Participant provides written notice of his or her intent to retire (the “Retirement Policy”), the Unvested Units shall not be forfeited upon the Retiring Participant’s Termination of Service and instead, such Unvested Units shall continue to be subject to the vesting provisions set forth in Section 3.a. as if the Retiring Participant had remained employed by the Company (with shares of Common Stock being delivered pursuant to Section 4 on the original vesting dates). The Retiring Participant acknowledges and agrees that once the Retiring Participant provides written notice to the Company of his or her intent to retire, the Retiring Participant shall no longer be eligible to receive any additional grants under the Plan. Eligible age for retirement shall be based on the Retiring Participant’s age plus years of service, in accordance with the Retirement Policy. The Participant further acknowledges, understands, and agrees that the Board retains the right to modify the Company’s Retirement Policy at any time. In compliance with California Business and Professions Code Section 16600.1, if the Participant is a resident of the state of California (a “California Resident”), then the Non-Compete in Section 3.d.(i) shall not apply to the Participant.
f.
(i) Non-Competition. During the Restricted Period (as defined herein), the Retiring Participant agrees that he or she shall not, without the Company’s prior written consent, directly or indirectly: (i) carry on or engage in Competitive Services within the Restricted Territory on his or her own or on behalf of any Person or any Principal or Representative of any Person, or (ii) own, manage, operate, join, control or participate in the ownership, management, operation or control, of any business, whether in corporate, proprietorship or partnership form or otherwise where such business is engaged in the provision of Competitive Services within the Restricted Territory, except that the Retiring Participant may own publicly traded stock for investment purposes only in any company in which the Participant owns less than 5% of the voting equity.
(1)For purposes of this this Section 3.e.(i), (V) “Restricted Period” means the remaining vesting period; (W) “Restricted Territory” means the State of Texas, and any other territory where the Company had operations on the retirement date of the Retiring Participant or the date of termination (if the conduct occurs after the Retiring Participant’s Termination of Service), as applicable; and (X) “Competitive Services” means engaging in the business of wealth management, investment banking and commercial and mortgage banking, including, without limitation, originating, underwriting, closing and selling loans, receiving deposits, broker-dealer or securities activities, as well as the business of providing any other activities, products, or services of the type conducted, authorized, offered, or provided by the Company as of the date of the Retiring Participant’s Termination of Service, or during the two (2) years immediately prior to the date of the Retiring Participant’s Termination of Service; (Y) “Person” means any individual or any corporation, partnership, joint venture, limited liability company, association or other entity or enterprise; and (Z) “Principal or
2


Representative” means a principal, owner, partner, shareholder, joint venturer, investor, member, trustee, director, officer, manager, employee, agent, representative or consultant.
4.Delivery of Common Stock. The Vested Units shall be converted into the number of whole shares of Common Stock equal to the number of Vested Units and the Company shall electronically register such shares of Common Stock in the Participant’s name (or in the name of his or her estate or beneficiary) or deliver certificates for such shares of Common Stock to the Participant in accordance with the following schedule:
a.March 15, 2029; or
b.If earlier, (i) the date of the Participant’s death or Total and Permanent Disability as provided in Section 3.d. of this Agreement, or (ii) the date of the Participant’s Termination of Service without Cause or with Good Reason on or after a Change in Control as provided in Section 3.c. of this Agreement.
To the extent an Awarded Unit does not vest in accordance with the provisions of this Agreement, such Awarded Unit shall be forfeited, and no shares of Common Stock shall be delivered with respect to such forfeited Awarded Unit.
5.Forfeiture and Disgorgement.
a.Notwithstanding any provisions in this Agreement to the contrary, in the event the Participant violates the provisions of Section 3.e.(i), in the case of a Retiring Participant (as applicable), or Section 5.b. or the provisions of any agreement between the Company (or any of its Subsidiaries) that contains confidentiality, non-solicitation or other protective or restrictive covenant provisions, then:
(i)the Awarded Units shall immediately cease to vest as of the date of such violation;
(ii)any shares of Common Stock that had not been registered (or delivered) with respect to Awarded Units shall be immediately forfeited, and this Agreement (other than the provisions of this Section 5) will be terminated on the date of such violation; and
(iii)any shares of Common Stock (less any taxes paid by the Participant on such shares of Common Stock) that had been delivered to the Participant (or registered in the Participant’s name) with respect to any Vested Units shall be immediately returned to the Company by the Participant.
The Company must deliver written notice of its intent to enforce the provisions of this Section 5.a. at least 15 days prior to the date it intends to enforce the terms of Sections 5.a.(i) and (ii). Both the Company and the Participant agree that upon delivery of written notice under this Section 5.a., neither party will enter into any transaction that will affect the other party’s interests in the cash subject to dispute until the expiration of the 15-day notice period.
The provisions of this Section 5 (including, without limitation, the provisions of this Section 5.a. and the provisions of Section 5.b. below) only shall apply to the Awarded Units for the period beginning on the Date of Grant and ending on the anniversary date of the last year of the date the Awarded Units become vested in accordance with the provisions of Section 3 above (regardless of whether the Agreement terminates or expires prior to such date) or (ii) if a Change in Control occurs, the date of the Participant’s Termination of Service either by the Company without Cause or by the Participant with Good Reason.
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b.The Participant agrees that to protect the Company’s Confidential Information, and in consideration for the equity compensation awarded in this Agreement, it is necessary for a Retiring Participant to enter into the Non-Compete covenant in Section 3.e.(i) above as applicable, and the following protective covenants, which are ancillary to the enforceable promises between the Company and the Participant (or Retiring Participant as applicable) in this Agreement. By execution of this Agreement (whether by electronic means or handwritten signature), the Participant (or Retiring Participant as applicable) agrees to the following:
(i)Confidential Information.
(1)Definition of Confidential Information. The Participant acknowledges that the Company would not provide the Participant with access to its Confidential Information or grant the Awarded Units but for the Participant’s covenants or promises contained in this Section 5.b. For purposes of this Agreement, “Confidential Information” may include the Company’s (for purposes of this Section 5.b., the “Company” shall include both the Company and Texas Capital Bank’s (“TCB”)) unique concepts, lending practices, sales presentations, marketing programs, marketing strategies, business practices, methods of operation, pricing information, cost information, trademarks, licenses, technical information, proprietary information, computer software programs, computer tapes and disks concerning its operations systems, customer lists, customer leads, customer loan and financial information, documents identifying past, present and future customers, customer profiles and preference data, hiring and training methods, investment policies, financial and other confidential, proprietary and/or trade secret information concerning the Company’s operations and expansion plans. Confidential Information may also include, without limitation, information about the Company’s business, proprietary, and technical information that is not known to others and could have economic value to others if improperly disclosed. Confidential Information also may include any information the Company discloses to the Participant, either directly or indirectly, in writing, orally or by inspection of tangible objects, including, without limitation, information and technical data contained in the Company’s manuals, booklets, publications and materials, equipment of every kind and character, as well as documents, prototypes, samples, prospects, inventions, product ideas, know how, processes, plans (including, without limitation, marketing plans and strategies), specifications, designs, techniques, technology, formulas, software, improvements, forecasts, and research. Confidential Information does not include any information that has become generally available to the public by the act of one who has the right to disclose such information without violating any right or privilege of the Company. The Participant’s obligations under this Section 5 regarding specific Confidential Information shall cease when that specific portion of the Confidential Information loses its status as Confidential Information.
(2)Access to and Agreement Not To Disclose Confidential Information. During the Participant’s employment with Company, the Company agrees to provide the Participant with some or all of the Company’s Confidential Information to which the Participant has not had previous access or knowledge. By executing this Agreement, the Participant agrees that the Confidential Information constitutes valuable, special and unique assets of the Company, developed at the Company’s great expense, the unauthorized use or disclosure of which would cause irreparable harm to the Company. The Participant understands and acknowledges that the Company is engaged in a specialized and
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competitive industry; that the Company relies heavily on information, data, programs, and processes it has developed and acquired; and that competitors can reap potential or real economic benefits from the possession of the Confidential Information that is otherwise not available to its competitors. The Participant understands and acknowledges, therefore, that the protection of the Company’s Confidential Information constitutes a legitimate business interest of the Company. The Participant acknowledges that the Confidential Information is the Company’s exclusive property, and the Participant will hold the Confidential Information in trust and solely for the Company’s benefit. The Participant further acknowledges that portions of the Confidential Information constitute “trade secrets” under Texas and federal law and, in addition to the other protections provided in this Agreement, all trade secrets will be accorded the protection and benefits under Texas law, federal law, and any other applicable law.
In exchange for the Company’s promise to provide the Participant with some or all of the Company’s Confidential Information to which the Participant has not previously had access or knowledge, the Participant agrees that he or she will not, either during the period of the Participant’s employment with the Company or at any time thereafter, use or rely upon for the Participant’s benefit or the benefit of another, or disclose, disseminate, or distribute to anyone, including, without limitation, any individual, person, firm, corporation, or other entity, or publish, or use for any purpose, any of the Confidential Information (whether acquired, learned, obtained, or developed by the Participant alone or in conjunction with others), except (A) as properly required in the ordinary course of the Company’s business or as the Company directs and authorizes or; (B) as required by applicable law (if, to the extent reasonable and practicable, reasonable prior notice of such disclosure is given to the Company). The Participant agrees that he or she will take all reasonable measures to protect the secrecy of and avoid unauthorized disclosure and unauthorized use of the Confidential Information. The Participant also agrees to notify the Company immediately in the event of any unauthorized use, reliance upon or disclosure of the Company’s Confidential Information of which the Participant is aware.
(3)Use of Confidential Information During Employment. The Participant further agrees that in the course of his or her employment by the Company, the Participant will not remove from any office of the Company any documents, electronically stored information, or related items that contain Confidential Information, including, without limitation, computer discs, recordings, or other storage or archival systems or devices, including copies, except as may be required in the performance of the Participant’s duties as an employee of the Company. The Participant also agrees that he or she will not place or save any Confidential Information on any computer or electronic storage system that is not the Company’s property. All Confidential Information, and all memoranda, notes, records, drawings, documents, or other writings whatsoever made, compiled, acquired, or received by the Participant at any time during his or her employment, including during the term of this Agreement, arising out of, in connection with, or related to any activity or business of the Company, including, without limitation, the customers, vendors, third parties, or others with whom the Company has a business
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relationship, the arrangements of the Company with such parties, and the pricing and expansion policies and strategy of the Company, are, and shall continue to be, the Company’s sole and exclusive property.
(ii)No Solicitation of Employees/Customers. The Participant agrees that during the Restricted Period, to the fullest extent enforceable under applicable law, the Participant will not, alone or in combination with any individual, partner(s), company, corporation, or other entity or business with which the Participant is in any way affiliated, including, without limitation, any partner, limited partner, member, director, officer, shareholder, employee, or agent of any such entity, recruit, solicit, request, induce or attempt to influence, directly or indirectly, any employee of the Company to resign or terminate employment with the Company. Additionally, the Participant agrees that during the Restricted Period, to the fullest extent enforceable under applicable law, the Participant shall not, directly or indirectly, solicit or induce or attempt to solicit or induce to reduce or cease doing business with the Company, or divert or attempt to divert from doing business with the Company, any then current or prospective customers, suppliers or other persons or entities that were serviced by the Participant, about whom the Participant received Confidential Information, or whose names became known to the Participant by virtue of Participant’s employment with the Company, or otherwise interfere with the relationship between the Company and such customers, suppliers, or other persons or entities. In compliance with California Business and Professions Code Section 16600.1, this Section 5.b.(ii) shall not apply to the Participant if he or she is a California Resident. The Company will not attempt to enforce this Section 5.b.(ii) if Grantee is a California Resident.
(1)For purposes of this Agreement, “Restricted Period” means during the Participant’s employment with the Company, and a period equal to the longer of (i) the one year period after the date the Participant’s employment with the Company terminates for any reason, or (ii) as set forth in Section 3.e.(i), in the event the Awarded Units vest in accordance with Section 3.e. above, the remaining vesting period. For the avoidance of doubt, the Restricted Period for a Participant on Garden Leave in accordance with Section 7, shall commence on the last day of the Garden Leave and continue for a period of twelve (12) months from that date.
(iii)Loyalty to Company. The Participant agrees that while employed by the Company, the Participant will comply at all times with Participant's duty of loyalty to the Company as an employee or agent of the Company placed in a position of special trust and confidence. This duty shall be understood to include, but not be limited to,
(1)Refrain from engaging or participating in any activity, whether directly or indirectly, that conflicts with the business of the Company, including but not limited to, participating in any business or transaction that competes with the Company’s business or that could adversely impact the Company’s reputation, operations, or profitability,
(2)An obligation not to assist and not to interfere with or otherwise cause harm to the Company’s ongoing or prospective business relationship with a Company employee, consultant or individual providing services as an independent contractor, or a supplier, distributor, vendor, customer, or other person or entity that does business with the Company or that the Company has a reasonable expectation of doing business with,
(3)inform the Company of business opportunities that fall within the Company’s line(s) of business and not pursue them for personal gain or
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another’s gain separate from the Company without the Company’s express written consent in advance, or otherwise participate in any conduct or relationship that creates a conflict of interest in violation of Company policies, and
(4)An obligation not to assist or not to participate in or pursue activities that harm the value of the Company’s intellectual property and to honor all agreements with the Company concerning the ownership and protection of proprietary works and intellectual property. Participant will be responsible for understanding, complying with, and implementing any intellectual property policy or guidelines published by the Company as they apply to Participant’s position and area of accountability at the Company.
(iv)The “Business” of the Company is to provide financial services across a broad range of activities, including, but not limited to, commercial and consumer banking, investment banking, broker-dealer services, registered investment advisory services, direct lending and private credit, treasury and cash management, asset management, wealth management and financial planning, capital markets, securities trading, underwriting, syndicated finance, financial sponsor coverage, capital solutions, advisory services related to mergers and acquisitions, lending, deposit-taking, corporate trustee and other trust services, and other related financial, advisory, or ancillary activities. This definition shall also include any future business activities or lines of business the Company may engage in, expand to, or develop as part of its strategic growth or operational initiatives.
(v)
(vi)Return of Materials. The Participant agrees that he or she will not retain or destroy (except as set forth below), and will immediately return to the Company on or prior to the Participant’s termination date, or at any other time the Company requests such return, any and all property of the Company that is in the Participant’s possession or subject to his or her control, including, but not limited to, customer files and information, papers, drawings, notes, manuals, specifications, designs, devices, code, email, documents, diskettes, CDs, tapes, keys, access cards, credit cards, identification cards, equipment, computers, mobile devices, other electronic media, all other files and documents relating to the Company and its business (regardless of form, but specifically including all electronic files and data of the Company), together with all Confidential Information belonging to the Company or that the Participant received from or through his or her employment with the Company. The Participant will not make, distribute, or retain copies of any such information or property. To the extent that the Participant has electronic files or information in his possession or control that belong to the Company or otherwise contain Confidential Information (specifically including but not limited to electronic files or information stored on personal computers, mobile devices, electronic media, or in cloud storage), on or prior to the Participant’s termination date, or at any other time the Company requests, the Participant shall (1) provide the Company with an electronic copy of all of such files or information (in an electronic format that readily accessible by the Company); (2) after doing so, delete all such files and information, including all copies and derivatives thereof, from all non-Company-owned computers, mobile devices, electronic media, cloud storage, and other media, devices, and equipment, such that such files and information are permanently deleted and irretrievable; and (3) provide a written certification to the Company that the required deletions have
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been completed and specifying the files and information deleted and the media source from which they were deleted.
(vii)Reasonableness; Notification. The Participant acknowledges that the geographic boundaries, scope of prohibited activities and the duration of the provisions in Section 3.e.(i) and this Section 5.b are reasonable and are no broader than are necessary to protect the Company’s legitimate business interests. The provisions of Section 3.e.(i) and this Section 5.b shall survive the termination of the Participant’s employment and can be revoked or modified only by a writing signed by the parties that specifically states an intent to revoke or modify this provision. The Participant acknowledges that the Company would not provide him or her with access to its Confidential Information but for his or her covenants or promises contained in Section 3.e.(i) and this Section 5.b. The Participant further agrees that during the Restricted Period, he or she shall immediately notify the Company in writing of any employment, work, or business he or she undertakes with or on behalf of any person (including himself or herself) or entity.
(viii)Injunctive Relief. The Participant acknowledges and agrees that the Participant’s obligations, covenants, and agreements in Sections 3.e.(i) and 5.b.(i)-(iv) concern special, unique and extraordinary matters and that a violation of any of the terms of these agreements, covenants or obligations will cause the Company irreparable injury for which adequate remedies at law are not available. Therefore, the Participant agrees that the Company, in addition to any amounts that the Company is entitled to pursuant to Section 5.a. above, will be entitled to an injunction, restraining order, or all other equitable relief as a court or arbitrator of competent jurisdiction may deem necessary or appropriate to restrain the Participant from committing any violation of the agreements, covenants or obligations referred to in Sections 3.e.(i) and 5.b.(i)-(iv). The Participant waives any requirement that the Company post a bond or other security should the need arise.
(ix)Attorneys’ Fees. If the parties become involved in legal action regarding the enforcement of the Protective Covenants, the prevailing party in such action will be entitled, in addition to any other remedy, to recover from the non-prevailing party its/his/her reasonable costs and attorneys’ fees incurred in connection with such action.
(x)Disclosures to Courts, Governmental Agencies or Administrative or Legislative Bodies. Notwithstanding the foregoing or any other agreement regarding confidentiality with the Company, the Participant may disclose Confidential Information when required to do so by a court of competent jurisdiction, by any governmental agency having authority over the Participant or the business of the Company or by any administrative body or legislative body (including a committee thereof) with jurisdiction to order the Participant to divulge, disclose or make accessible such information. Nothing in this Agreement is intended to interfere with the Participant’s right to (1) report possible violations of state or federal law or regulation to any governmental agency or entity, (2) make other disclosures that are protected under the whistleblower provisions of state or federal law or regulation, (3) file a claim or charge with any government agency or entity, or (4) testify, assist, or participate in an investigation, hearing, or proceeding conducted by any government or law enforcement agency, entity or court.
(xi)Defend Trade Secrets Act of 2016. The Participant is hereby notified in accordance with the Defend Trade Secrets Act of 2016 that the Participant will not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that (1) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (2) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. The Participant is further notified that if the Participant files a lawsuit for retaliation against the Company for reporting a suspected violation of law, the Participant may disclose the Company’s trade secrets to the Participant’s attorney and use the trade secret information
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in the court proceeding if the Participant: (x) files any document containing the trade secret under seal; and (y) does not disclose the trade secret, except pursuant to court order.
6.Non-Disparagement. The Participant agrees that during the Restricted Period, the Participant shall not make, publish or communicate to any person or entity or in any public forum (including social media) any defamatory or disparaging remarks, comments or statements concerning the Company or any of its products, services, affiliates, directors, officers, or employees.  Notwithstanding the foregoing, this provision does not in any way limit, restrict, or impede any of the Participant’s rights that are expressly reserved in Section 5(viii) and (ix), or in any way limit the Participant’s ability to provide truthful testimony or information in response to a subpoena, court or arbitral order, or valid request by a government entity, or as otherwise required by law.
7.Key Man Provisions. The Participant shall not, without the prior written consent of the Company, directly or indirectly negotiate, agree to, or cause to be included any “key man provision,” “key person clause,” or similar contractual term in any transaction, agreement, or arrangement that requires the Participant’s (or any other person’s) continued involvement, employment, or participation as a condition to the continuation, validity, or enforcement of such transaction, agreement, or arrangement. If a client exercises a “key man provision” triggered by the departure of Participant, Participant shall forfeit the Awarded Units. For the purposes of this provision, a “key man provision” refers to any clause or term that designates a particular person as essential to the transaction or agreement such that their departure or unavailability triggers any adverse consequence, termination right, or other material impact on the parties to the agreement.
8.Notice Regarding Resignation of Employment.
a.The Participant agrees that in the event the Participant decides to resign from his or her employment with the Company for any reason, the Participant will give the Company at least ninety (90) days’ prior written notice of such resignation (the “Notice Period”), and the Participant shall be deemed to have forfeited all of the Participant’s Unvested Units as of the first day of the Notice Period.
b.Upon receipt of such notice, the Company may, in its sole discretion, (i) accept Participant’s resignation early and terminate Participant’s employment at any time during the Notice Period without any further obligation whatsoever to the Participant other than payment of wages due through the date of termination; (ii) relieve the Participant of his or her duties and responsibilities or exclude the Participant from any of the premises of the Company, or both during the Notice Period or any portion thereof (“Garden Leave”); and/or (iii) permit the Participant to continue his or her duties and responsibilities during the Notice Period or any portion thereof (the “Active Notice Period”).  During the Active Notice Period or Garden Leave, as applicable, the Participant (a) shall remain an employee of the Company and continue to be subject to all of his or her obligations under this Agreement, (b) shall continue to be paid the Participant’s full base salary, excluding any bonus or other variable compensation, (c) shall continue to be eligible to participate in the Company’s employee benefit plans (in accordance with the terms of such plans), and (d) if on Garden Leave, shall not, without the prior written consent of an authorized representative of the Company, (i) indirectly (e.g. via third parties) or directly contact, communicate with, or otherwise have dealings with any actual or prospective investor, client, customer or employee of the Company, or (ii) enter onto the premises of the Company.
9.Who May Receive Common Stock with Respect to Vested Units. During the lifetime of the Participant, the Common Stock received upon conversion of the Vested Units may only be received by the Participant or his or her legal representative. If the Participant dies prior to the date his or her Awarded Units are converted into shares of Common Stock as described in Section 4 above, the Common Stock relating to such converted Awarded Units may be received by any individual who is entitled to receive the property of the Participant pursuant to the applicable laws of descent and distribution.
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10.Common Stock Subject to Ownership Guidelines. The Participant acknowledges, understands and agrees that any Common Stock delivered to the Participant (or registered in the Participant’s name) pursuant to this Agreement shall be subject to the Common Stock ownership guidelines as adopted by the Committee and in effect from time to time, and that the Participant (if and as applicable to Participant) may be required to hold such Common Stock until the Participant has met the requirements of such ownership guidelines. The Participant further acknowledges, understands and agrees that the Committee retains the right to modify the Company’s Common Stock ownership guidelines at any time.
11.Rights as Stockholder. The Participant will have no rights as a stockholder with respect to the Awarded Units until the issuance of a certificate or certificates to the Participant or the registration of such shares of Common Stock in the Participant’s name. The Awarded Units shall be subject to the terms and conditions of this Agreement.
12.No Fractional Shares. Vested Units may be converted only with respect to full shares, and no fractional share of Common Stock shall be issued. Vested Units shall be rounded up to the closest whole number to account for any fractional shares.
13.Non-Assignability. The Awarded Units are not assignable or transferable by the Participant except by will or by the laws of descent and distribution.
14.The Participant’s Acknowledgments. The Participant acknowledges receipt of a copy of the Plan, which is annexed hereto, and represents that he or she is familiar with the terms and provisions thereof, and hereby accepts the Awarded Units subject to all the terms and provisions thereof. The Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee or the Board, as appropriate, upon any questions arising under the Plan or this Agreement.
15.Adjustment of Number of Awarded Units and Related Matters. The number of shares of Common Stock covered by the Awarded Units shall be subject to adjustment in accordance with Articles 11-13 of the Plan.
16.Execution of Documents. The Participant, by his or her electronic execution of this Agreement, hereby agrees to execute any documents requested by the Company in connection with the payment of any amount in connection with the Awarded Units pursuant to this Agreement.
17.Remedies. Except as otherwise provided in Section 5 in this Agreement, each of the parties to this Agreement will be entitled to enforce its rights under this Agreement specifically, to recover damages and costs (including reasonable attorneys’ fees) caused by any breach of any provision of this Agreement, and to exercise all other rights existing in the party’s favor. No waiver of any breach of this Agreement shall be construed to be a waiver as to succeeding breaches and no waiver of any provisions of this Agreement shall constitute a waiver of any other provision of this Agreement.
18.The Participant’s Representations. Notwithstanding any of the provisions hereof, the Participant hereby agrees that the Company will not be obligated to register any shares of Common Stock in the Participant’s name or issue any shares of Common Stock to the Participant hereunder, if the issuance of such shares shall constitute a violation by the Participant or the Company of any provision of any law or regulation of any governmental authority. Any determination by the Company under this Section 18 shall be final, binding, and conclusive. The obligations of the Company and the rights of the Participant are subject to all applicable laws, rules and regulations.
19.Investment Representation. Unless the shares of Common Stock are issued to the Participant in a transaction registered under applicable federal and state securities laws, by his or her execution hereof, the Participant represents and warrants to the Company that all Common Stock which may be acquired hereunder will be acquired by the Participant for investment purposes for his or her own account and not with any intent for resale or distribution in violation of federal or states securities laws, all certificates issued with respect to the Common Stock shall bear an appropriate restrictive investment legend and shall be held indefinitely, unless they are subsequently registered under the applicable federal
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and state securities laws or the Participant obtains an opinion of counsel, in form and substance satisfactory to the Company and its counsel, that such registration is not required.
20.Law Governing; Forum. This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Texas (excluding any conflict of laws rule or principle of Texas law that might refer the governance, construction, or interpretation of this agreement to the laws of another state). The Participant’s sole remedy for any Claim shall be against the Company and no Participant shall have any claim or right of any nature against any Subsidiary of the Company or any stockholder or existing or former director, officer, or Employee of the Company or any Subsidiary of the Company. Subject to the Arbitration Agreement provision below, the parties further agree that the exclusive forum for any litigation arising under the terms of this Agreement and permitted by Section 32 below shall be the state courts for Dallas County, Texas, or the United States District Court for the Northern District of Texas, Dallas Division. With respect to any such court action, the Participant hereby (1) irrevocably submits to the personal jurisdiction of such courts; (2) consents to service of process; (3) consents to venue; and (4) waives any other requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction, service of process, or venue, but the parties agree that such promises by the Participant shall not be in derogation of the parties’ obligation to arbitrate set forth in Section 32 below. The parties further agree that the courts listed above are convenient forums for any dispute that may arise herefrom and that neither party shall raise as a defense that such courts are not convenient forums. Notwithstanding the foregoing, to the extent Participant is resident of a state or locality that does not permit the use of Texas law for purposes of Section 3, the laws of the state or locality of such residence shall apply solely for that purpose, and any litigation relating thereto shall be conducted in conformance with Section 32 in such state or locality.
21.No Right to Continue Service or Employment. Nothing herein shall be construed to confer upon the Participant the right to continue in the employ or to provide services to the Company or any Subsidiary, whether as an Employee, Contractor, consultant or Outside Director, or interfere with or restrict in any way the right of the Company or any Subsidiary to discharge the Participant as an Employee, Contractor, consultant or Outside Director at any time.
22.Legal Construction. In the event that any one or more of the terms, provisions, or agreements that are contained in this Agreement shall be held by a court or arbitrator of competent jurisdiction to be invalid, illegal, or unenforceable in any respect for any reason, the invalid, illegal, or unenforceable term, provision, or agreement shall not affect any other term, provision, or agreement that is contained in this Agreement. If any of the provisions of Section 5.b should ever be held by a court or arbitrator of competent jurisdiction to exceed the scope permitted by the applicable law, such provision or provisions shall be automatically modified to such lesser scope as such court or arbitrator may deem just and proper for the reasonable protection of the Company’s legitimate business interests and may be enforced by the Company to that extent in the manner described above and all other provisions of this Agreement shall be valid and enforceable.
23.Covenants and Agreements as Independent Agreements. Each of the covenants and agreements set forth in this Agreement shall be construed as a covenant and agreement independent of any other provision of this Agreement. The existence of any claim or cause of action of the Participant against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the covenants and agreements that are set forth in this Agreement.
24.Entire Agreement. This Agreement, together with the Plan, supersede any and all other prior understandings and agreements, either oral or in writing, between the parties with respect to the subject matter in this Agreement and constitute the only agreements between the parties with respect to the subject matter in this Agreement. Except for the Employment Agreement between the Participant and the Company (if any), all prior negotiations and agreements between the parties with respect to the subject matter in this Agreement are merged into this Agreement. Each party to this Agreement acknowledges that no representations, inducements, promises, or agreements, orally or otherwise, have been made by any party or by anyone acting on behalf of any party, which are not embodied in this Agreement or the Plan and that any agreement, statement or promise that is not contained in this Agreement or the Plan shall not be valid or binding or of any force or effect. Except for the specific representations expressly made by the Company in this Agreement, the Participant specifically disclaims
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that the Participant is relying upon or has relied upon any communications, promises, statements, inducements, or representation(s) that may have been made, oral or written, regarding the subject matter of this Agreement. The parties represent that they are relying solely and only on their own judgment in entering into this Agreement.
25.Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed to be an original and all of which taken together shall constitute one and the same agreement.
26.Parties Bound. The terms, provisions, and agreements that are contained in this Agreement shall apply to, be binding upon, and inure to the benefit of the parties and their respective heirs, executors, administrators, legal representatives, and permitted successors and assigns, subject to the limitation on assignment expressly set forth herein.
27.Modification. No change or modification of this Agreement shall be valid or binding upon the parties unless the change or modification is in writing and signed by the parties (electronically or otherwise); provided, however, that the Company may change or modify this Agreement without the Participant’s consent or signature if the Company determines, in its sole discretion, that such change or modification is necessary for purposes of compliance with or exemption from the requirements of Section 409A of the Code or any regulations or other guidance issued thereunder.
28.Headings. The headings that are used in this Agreement are used for reference and convenience purposes only and do not constitute substantive matters to be considered in construing the terms and provisions of this Agreement.
29.Gender and Number. Words of any gender used in this Agreement shall be held and construed to include any other gender, and words in the singular number shall be held to include the plural, and vice versa, unless the context requires otherwise.
30.Notice. Any notice required or permitted to be delivered hereunder shall be deemed to be delivered only when actually received by the Company or by the Participant, as the case may be, at the addresses set forth below, or at such other addresses as they have theretofore specified by written notice delivered in accordance herewith:
a.Notice to the Company shall be addressed and delivered as follows:
Texas Capital Bancshares, Inc.
2000 McKinney Avenue, Suite 700
Dallas, Texas 75201
Attn: Human Resources
Email: HR@texascapitalbank.com

b.Notice to the Participant shall be addressed and delivered to the most recent address in the Company’s records.
31.Recoupment. The Participant acknowledges, understands and agrees, with respect to the Awarded Units and any shares of Common Stock delivered to the Participant (or registered in the Participant’s name) pursuant to this Agreement, that such Awarded Units and any shares of Common Stock issued hereunder shall be subject to recovery by the Company, and the Participant shall be required to forfeit the Awarded Units or repay such compensation or shares of Common Stock, in accordance with the Company’s Recoupment Policy, as in effect from time to time. The Participant further acknowledges, understands, and agrees that the Board retains the right to modify the Company’s Recoupment Policy at any time.
32.Arbitration.
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a.The parties agree that to the fullest extent permitted by applicable law any controversy or claim of any party arising out of or in any way relating to this Agreement, the breach thereof, the Participant’s employment with the Company or the termination thereof shall be settled by final, and binding arbitration in Dallas, Texas, in accordance with any Dispute Resolution and Arbitration Agreement (“DRAA”) between the parties or if there is not a DRAA between the parties in accordance with the Arbitration Agreement below; provided, however, that nothing herein shall preclude the Company or the Participant from seeking temporary or preliminary injunctive relief in connection with an arbitrable controversy, including without limitation any controversy under this Agreement. The court to which the application is made is authorized to grant temporary or preliminary injunctive relief and may do so with or without addressing the merits of the underlying arbitrable dispute, as provided by applicable law.  However, all determinations of final relief will be decided in arbitration, and the pursuit of temporary or preliminary injunctive relief shall not be deemed incompatible with or constitute a waiver of rights under the Arbitration Agreement.      
b.“ARBITRATION AGREEMENT”: IF THE PARTIES ARE NOT SUBJECT TO A DRAA, PARTICIPANT AND THE COMPANY AGREE THAT EXCEPT AS OTHERWISE PROVIDED IN THIS ARBITRATION AGREEMENT, ANY AND ALL CLAIMS OR DISPUTES, PAST, PRESENT, AND FUTURE, ARISING OUT OF OR RELATED TO: (i) THIS AGREEMENT, (ii) ANY OTHER AGREEMENT BETWEEN THEM, OR (iii) PARTICIPANT’S EMPLOYMENT AND SEPARATION OF EMPLOYMENT WITH THE COMPANY, WILL BE DECIDED BY A SINGLE ARBITRATOR THROUGH FINAL AND BINDING ARBITRATION AND NOT BY A JUDGE OR JURY under the then-current Employment Arbitration Rules of the AAA for individually negotiated agreements (“AAA Rules”); provided however, that if there is a conflict between the AAA Rules and this Agreement, this Agreement shall govern.  The AAA Rules may be found at www.adr.org/employment or by searching for “AAA Employment Arbitration Rules” using a service such as www.Google.com. The provisions set forth herein, including all waivers included herein, shall be governed by and interpreted in accordance with the Federal Arbitration Act. If a court determines the FAA does not apply to a particular dispute or to one or both parties, the parties agree that the Texas Arbitration Act (“TAA”) will apply and acknowledge that the Company is based in Texas. If neither the FAA or TAA apply, the parties stipulate and agree the arbitration law of the jurisdiction where the arbitration will take place will apply. The Company and Participant waive any right for any dispute to be brought, heard, decided, or arbitrated as a class action or collective action, and the arbitrator will have no authority to preside over any class or collective action (“Class Action Waiver”). The following claims and disputes are not covered under this Arbitration Agreement: (i) Workers’ Compensation benefit claims (but workers’ compensation discrimination or retaliation is covered); (ii) state unemployment or disability insurance compensation claims; and (iii) disputes that may not be arbitrated or subject to pre-dispute arbitration as expressly provided by Dodd-Frank Wall Street Reform and Consumer Protection Act or other controlling federal statute.”
c.FINRA Registered Representatives or Associated Persons. This Section applies to Registered Representatives or Associated Persons, as classified pursuant to the Financial Industry Regulatory Authority (FINRA). To the maximum extent allowed by law, Registered Representatives or Associated Persons, as classified by FINRA, and the Company waive FINRA Rule 13200 (or any successor rule) and agree that any dispute arising out of or related to Your application and selection for employment, employment, and/or termination of employment shall be arbitrated pursuant to this Agreement—and not in a FINRA arbitral forum. 
d.FINRA Exception. If the above waiver of FINRA 13200 is deemed invalid or unenforceable, arbitration between the Company and Registered Representatives or Associated Persons, as classified pursuant to FINRA, will be administered by FINRA in individual, bilateral arbitration in accordance with its Code of Arbitration Procedure for Industry Disputes and the FINRA Rules; provided, however, Participant and the Company waive any right to commence, be a party to or an actual or putative class member of any class or collective action arising out of or relating to Participant’s employment with the Company, and agree that any dispute must be arbitrated on an individual, bilateral basis. Additionally, if (1) FINRA declines to hear an
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arbitration of a dispute between the Company and a Registered Representative or Associated Person, and/or (2) if a claim or dispute is deemed not arbitrable under the FINRA Rules or Code of Arbitration Procedure for Industry Disputes, such disputes shall be resolved in individual arbitration in accordance with this Agreement—including without limitation, the Class and Collective Action Waivers section. 
33.Waiver of Jury Trial. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON, THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY AN ARBITRATOR OR, AS PERMITTED BY SECTION 32 ABOVE, A JUDGE HEARING A PETITION FOR PRELIMINARY INJUNCTIVE RELIEF. THEREFORE, EACH PARTY TO THIS AGREEMENT HEREBY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES HERETO, WHETHER ARISING IN CONTRACT, TORT, OR OTHERWISE, ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREBY, AND/OR THE RELATIONSHIP ESTABLISHED AMONG THE PARTIES HEREUNDER.
34.Tax Requirements. The Participant is hereby advised to consult immediately with his or her own tax advisor regarding the tax consequences of this Agreement, including, without limitation, any possible tax consequences of this Agreement in connection with Section 409A of the Code. The Company, or if applicable, any Subsidiary (for purposes of this Section 34, the term “Company” shall be deemed to include any applicable Subsidiary) has the authority and the right to deduct or withhold, or require the Participant to remit to the employer, an amount sufficient to satisfy federal, state, and local taxes (including the Participant’s FICA obligation) required by law to be withheld with respect to any taxable event arising as a result of the vesting or conversion of the RSUs. Unless otherwise determined by the Committee at the time the Award is granted or thereafter, the Company shall satisfy any such withholding requirement by withholding the number of Awarded Shares having a Fair Market Value on the date of withholding equal to the amount required to be withheld for tax purposes.
35.Section 409A.
a.To the extent (i) any shares of Common Stock to which the Participant becomes entitled under this Agreement, or any agreement or plan referenced herein, in connection with the Participant's Termination of Service with the Company constitutes deferred compensation subject to Section 409A of the Code (“Non-Exempt Deferred Compensation”); (ii) the Participant is deemed at the time of his or her separation from service to be a “specified employee” under Section 409A of the Code; and (iii) at the time of the Participant’s separation from service the Company is publicly traded (as defined in Section 409A of the Code), then such shares of Common Stock (other than any delivery of Common Stock permitted by Section 409A of the Code to be paid or delivered within six months of the Participant’s separation from service) shall not be made until the earlier of (x) the first day of the seventh month following the Participant’s separation from service or (y) the date of the Participant’s death following such separation from service. Upon the expiration of the applicable deferral period, any shares of Common Stock which would have otherwise been made during that period (whether in a single sum or in installments) in the absence of this Section 35 (together with, as applicable, accrued interest thereon) shall be delivered to the Participant or the Participant's beneficiary in one lump sum.
b.To the extent any shares of Common Stock to which the Participant becomes entitled under this Agreement, or any agreement or plan referenced herein, in connection with the Participant's Termination of Service with the Company constitutes Non-Exempt Deferred Compensation, a Termination of Service shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits upon or following a Termination of Service unless such termination is also a “separation from service” (within the meaning of Section 409A of the Code).
c.It is intended that this Agreement comply with the provisions of Section 409A of the Code so as to not subject the Participant to the payment of additional interest and taxes under
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Section 409A of the Code, and in furtherance of this intent, this Agreement shall be interpreted, operated and administered in a manner consistent with these intentions.

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EXHIBIT A

The Awarded Units shall vest in accordance with the following schedule (60% based on ROTCE (the “ROTCE Units”) and 40% based on Relative TSR (the “TSR Units”), as outlined below):

1.For purposes of this Exhibit A and the Agreement, unless the context requires otherwise, the following terms shall have the meanings indicated:

a.“ROTCE” shall mean Return on Tangible Common Equity.

b.“Relative TSR” shall mean the Company's Total Shareholder Return (“TSR”) relative to the TSR of the Peer Group. Relative TSR will be determined by ranking the Company and the component companies of the Peer Group from highest to lowest according to their respective TSRs.

c.“Performance Period” shall mean the period commencing on and including January 1, 2026, and ending on December 31, 2028.

“Peer Group” shall be the companies constituting the KBW Regional Banking Index as of the beginning of the Performance Period (each, a “Peer Group Company”), subject to the following potential adjustments;

(i)In the event that a merger, acquisition or business combination of a Peer Group Company by or with another Peer Group Company is consummated during the Performance Period, then the entity that survives as a result of such merger, acquisition, or business combination will be considered a Peer Group Company for the Performance Period.

(ii)In the event that a merger, acquisition or business combination of a Peer Group Company by or with an entity that is not a Peer Group Company is consummated during the Performance Period, and such Peer Group Company is the entity that survives such merger, acquisition, or business combination, then such Peer Group Company will continue to be considered a Peer Group Company for the Performance Period.

(iii)If during the applicable Performance Period (a) a Peer Group Company ceases to be a public company by becoming a private company through the “going dark” process, (b) a Peer Group Company delists, or (c) a merger, acquisition or business combination of a Peer Group Company by or with an entity that is not a Peer Group Company is consummated, and such Peer Group Company is not the entity that survives such merger, acquisition, or business combination, then such Peer Group Company shall be removed from the Peer Group for all periods after the Peer Group Company ceases to be a public company.

(iv)If during the applicable Performance Period a Peer Group Company files a petition for reorganization under Chapter 11 of the U.S. Bankruptcy Code or liquidation under Chapter 7 of the U.S. Bankruptcy Code, or enters receivership by the FDIC, such Peer Group Company shall remain the Peer Group; provided,
Exhibit A to 2026 Performance Award Agreement    Page 1 of 3


however, that, for purposes of this Agreement, TSR for such Peer Group Company(ies) will be negative one hundred percent (-100%).

(v)The Compensation Committee shall have the authority to make other appropriate adjustments in response to a change in circumstances that results in a Peer Group Company no longer satisfying the criteria for which such company was originally selected, including lowering such Peer Group Company’s rank for purposes of determining Relative TSR.

2.Subject to paragraph 4 below, upon the achievement of the average ROTCE for the Performance Period, as determined by the Committee, in its sole discretion, the ROTCE Units shall be eligible to vest as follows:


ROTCE

Payout %
[]
200%
[]
100% - 199.9%
[]
50% - 99.9%
[]
0%
[]

3.Subject to paragraph 4 below, upon the achievement of the Relative TSR by the Company versus Peer Group during the Performance Period, as determined by the Committee, in its sole discretion, the TSR Units shall be eligible to vest based upon the Company’s ranking within its Peer Group as follows:


Rank within Peer Group
Based on Relative TSR

% Vested and Payout
[]
200%
[]
100%-199.9%
[]
50%-99.9%
[]
0%


4.    Achievement of the performance goals set forth in paragraphs 2 and 3 of this Exhibit A shall be determined by the Committee, in its sole discretion, and shall be subject to the following terms and conditions:

a.Payouts between performance levels shall be linear; provided, that in no event shall the payout percentage exceed 200% (maximum payout).
b.Notwithstanding the criteria in the table in paragraph 3 of this Exhibit A, in the event the Company’s TSR over the Performance Period is negative, the Payout for the portion of the award that is earned based on Relative TSR shall not exceed 100%.
Exhibit A to 2026 Performance Award Agreement    Page 2 of 3


c.All performance metrics assume that no capital raises occur during the Performance Period. If a capital raise occurs during the Performance Period, performance may be adjusted to exclude the effects of the capital raise.
d.The Committee will review potential adjustments to achievement of the performance metrics based on Federal Funds Rate changes or any other material changes and/or impacts, as determined by the Committee in its sole discretion.
5.    By way of example, assume (i) 50 Performance-Based Units, (ii) ROTCE for the Performance Period was achieved at 100% payout level%, and (iii) Relative TSR for the Performance Period was achieved at the 100% payout level. Provided that the conditions set forth in Section 3.a.(i) of the Agreement and paragraph 4 of this Exhibit A have been met, the Participant would be entitled to:

a.100% of the ROTCE Units at 100% payout [for example purposes only, 60% x 50 units are ROTCE Units (or 30 units) and to calculate vesting, based on the hypothetical performance, it would be 30 units x 100% for a total number of 30 vested ROTCE Units]; and

b.100% of the TSR Units [for example purposes only, 40% x 50 units are TSR Units (or 20 units) and to calculate vesting, based on the hypothetical performance, it would be 20 units x 100% for a total number of 20 vested TSR Units]. image_0a.jpg


Exhibit A to 2026 Performance Award Agreement    Page 3 of 3

EXHIBIT 31.1
CERTIFICATION
I, Rob C. Holmes, certify that:

1.I have reviewed this report on Form 10-Q of Texas Capital Bancshares, Inc.;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures, (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 a)     all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting. 
 
 
 
 
Date: April 23, 2026
/S/ ROB C. HOLMES
Rob C. Holmes
Chairman, President and Chief Executive Officer

EXHIBIT 31.2
CERTIFICATION
I, J. Matthew Scurlock, certify that:

1.     I have reviewed this report on Form 10-Q of Texas Capital Bancshares, Inc.;

2.    Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.    Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.    The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures, (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)), and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a)    designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b)    designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c)    evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this annual report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d)    disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting;

5.    The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

a)    all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b)    any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 
Date: April 23, 2026
/S/ J. MATTHEW SCURLOCK
J. Matthew Scurlock
Chief Financial Officer

EXHIBIT 32.1
CERTIFICATION
In connection with the Quarterly Report on Form 10-Q of Texas Capital Bancshares, Inc. (the “Company”) for the period ended March 31, 2026 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, Rob C. Holmes, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
1.    The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.    The information contained in the Report, fairly presents, in all material respects, the financial condition and results of operations of the Company.
/S/ ROB C. HOLMES
Rob C. Holmes
Chairman, President and Chief Executive Officer
Date: April 23, 2026

EXHIBIT 32.2
CERTIFICATION
In connection with the Quarterly Report on Form 10-Q of Texas Capital Bancshares, Inc. (the “Company”) for the period ended March 31, 2026 (the “Report”), as filed with the Securities and Exchange Commission on the date hereof, I, J. Matthew Scurlock, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:
1.    The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2.    The information contained in the Report, fairly presents, in all material respects, the financial condition and results of operations of the Company.
/S/ J. MATTHEW SCURLOCK
J. Matthew Scurlock
Chief Financial Officer
Date: April 23, 2026