Exhibit 99.1

INVESTOR CONTACT

Jocelyn Kukulka, 469.399.8544

jocelyn.kukulka@texascapitalbank.com

MEDIA CONTACT

Shannon Wherry, 469.399.8527

shannon.wherry@texascapitalbank.com

TEXAS CAPITAL BANCSHARES, INC. ANNOUNCES FIRST QUARTER 2022 RESULTS

First quarter 2022 net income of $39.7 million, or $0.69 per diluted share

Declines in mortgage finance loans driven by rapid increase in interest rates

Loans held for investment, excluding mortgage finance and PPP, increased $577.7 million, or 15% annualized

DALLAS - April 20, 2022 - Texas Capital Bancshares, Inc. (NASDAQ: TCBI), the parent company of Texas Capital Bank, announced operating results for the first quarter of 2022.

Net income was $39.7 million, or $0.69 per diluted share, for the first quarter of 2022, compared to $65.1 million, or $1.19 per diluted share, for the fourth quarter of 2021 and $71.9 million, or $1.33 per diluted share, for the first quarter of 2021.

“A key objective of our strategic plan to transform Texas Capital Bank is to create greater balance through focused growth initiatives across the platform to reduce reliance on our leading Mortgage Finance franchise. While we continue to be committed to our mature Mortgage Finance business, the first quarter impact from the increase in long-term rates on this business is evidence as to why we have embarked on this strategy,” said Rob C. Holmes, President and CEO. “We are progressing against our plan, and just beginning to realize the benefits from focused investments in core product offerings and key talent acquisition. With short-term rates rising, we continue to take deliberate actions to position our asset-sensitive balance sheet to perform more favorably through the rate cycle.”

FINANCIAL RESULTS
(dollars and shares in thousands)
	1st Quarter			4th Quarter			1st Quarter
	2022			2021			2021
OPERATING RESULTS
Net income	$	39,650		$	65,130		$	71,938
Net income available to common stockholders	$	35,337		$	60,817		$	68,159
Diluted earnings per common share	$	0.69		$	1.19		$	1.33
Diluted common shares	51,324			51,208			51,070
Return on average assets	0.47		%	0.69		%	0.73		%
Return on average common equity	4.97		%	8.36		%	10.08		%
BALANCE SHEET
Loans held for investment	$	15,849,434		$	15,331,457		$	15,399,174
Loans held for investment, mortgage finance	5,827,965			7,475,497			9,009,081
Total loans held for investment	21,677,399			22,806,954			24,408,255
Loans held for sale	8,085			8,123			176,286
Total assets	31,085,377			34,731,738			40,054,433
Non-interest bearing deposits	13,434,723			13,390,370			15,174,642
Total deposits	25,377,938			28,109,365			33,391,970
Stockholders’ equity	3,090,038			3,209,616			3,159,482

FIRST QUARTER 2022 COMPARED TO FOURTH QUARTER 2021

For the first quarter of 2022, net income was $39.7 million, or $0.69 per diluted share, compared to $65.1 million, or $1.19 per diluted share, for the fourth quarter of 2021.

We recorded a $2.0 million negative provision for credit losses for the first quarter of 2022, compared to a $10.0 million negative provision for credit losses for the fourth quarter of 2021, as a decrease in criticized loans was partially offset by growth in loans held for investment, excluding mortgage finance.

Net interest income was $183.5 million for the first quarter of 2022, compared to $194.0 million for the fourth quarter of 2021. The decrease in net interest income was primarily driven by a decrease in average loans held for investment (“LHI”), mortgage finance, partially offset by an increase in investment securities yields. Net interest margin for the first quarter of 2022 was 2.23%, an increase of 11 basis point from the fourth quarter of 2021. LHI, excluding mortgage finance, yields decreased 6 basis points from the fourth quarter of 2021 and LHI, mortgage finance yields increased 16 basis points from the fourth quarter of 2021. Total cost of deposits was 0.20% for the first quarter of 2022, a 1 basis point increase from the fourth quarter of 2021.

Non-interest income for the first quarter of 2022 decreased $11.2 million, or 36%, compared to the fourth quarter of 2021. The decrease was primarily related to decreases in investment banking and trading income, resulting from a decrease in loan syndication fees, and other non-interest income. The decrease in other non-interest income resulted from a non-recurring gain recognized in the fourth quarter of 2021 on the sale of a foreclosed asset.

Non-interest expense for the first quarter of 2022 increased $6.4 million, or 4%, compared to the fourth quarter of 2021. The increase was primarily due to increases in salaries and benefits expense, partially offset by decreases in legal and profession and communications and technology expenses. The increase in salaries and benefits expense was primarily due to an increase in headcount and the effect of seasonal payroll expenses that peak in the first quarter.

FIRST QUARTER 2022 COMPARED TO FIRST QUARTER 2021

Net income was $39.7 million, or $0.69 per diluted share, for the first quarter of 2022, compared to $71.9 million, or $1.33 per diluted share, for the first quarter of 2021.

The first quarter of 2022 included a $2.0 million negative provision for credit losses, compared to a $6.0 million negative provision for credit losses for the first quarter of 2021. The $2.0 million negative provision for credit losses recorded in the first quarter of 2022 resulted from a decline in criticized loans, partially offset by an increase in loans held for investment, excluding mortgage finance.

Net interest income decreased to $183.5 million for the first quarter of 2022, compared to $194.8 million for the first quarter of 2021, primarily due to a decrease in average LHI, mortgage finance, partially offset by an increase in investment securities yields. Net interest margin increased 19 basis points to 2.23% for the first quarter of 2022, as compared to the first quarter of 2021, primarily due to a shift in the composition of earning assets, primarily declines in interest-bearing cash and cash equivalents and LHI, mortgage finance. LHI, excluding mortgage finance, yields decreased 5 basis points compared to the first quarter of 2021 and LHI, mortgage finance yields decreased 15 basis points from the first quarter of 2021. Total cost of deposits decreased 4 basis points compared to the first quarter of 2021.

Non-interest income for the first quarter of 2022 decreased $24.1 million, or 54%, compared to the first quarter of 2021, as brokered loan fees, servicing fee income and net gain/(loss) on sale of loans held for sale all decreased as a result of the sale of our mortgage servicing rights portfolio and transition of the mortgage correspondent program in 2021. The decline in brokered loan fees was also impacted by lower mortgage finance volumes in the first quarter of 2022 as compared to 2021.

Non-interest expense for the first quarter of 2022 increased $2.8 million, or 2%, compared to the first quarter of 2021. The increase was primarily due to increases in salaries and benefits, primarily due to an increase in headcount, partially offset by a decrease in servicing-related expenses from the sale of our mortgage servicing rights portfolio in 2021.

CREDIT QUALITY

We recorded $512,000 in net recoveries during the first quarter of 2022, compared to net charge-offs of $1.0 million and $6.4 million during the fourth quarter of 2021 and the first quarter of 2021, respectively. Criticized loans totaled $476.1 million at March 31, 2022, compared to $582.9 million at December 31, 2021 and $945.1 million at March 31, 2021. Non-accrual loans HFI totaled $59.3 million at March 31, 2022, compared to $72.5 million at December 31, 2021 and $97.7 million at March 31, 2021. The ratio of non-accrual LHI to total LHI for the first quarter of 2022 was 0.27%, compared to 0.32% for the fourth quarter of 2021 and 0.40% for the first quarter of 2021.

CAPITAL RATIOS

All regulatory ratios continue to be in excess of “well-capitalized” requirements as of March 31, 2022. Our CET 1, tier 1 capital, total capital and leverage ratios were 11.5%, 13.0%, 15.7% and 9.9%, respectively, at March 31, 2022, compared to 11.1%, 12.6%, 15.3% and 9.0%, respectively, at December 31, 2021 and 10.2%, 12.2%, 14.0% and 8.3% at March 31, 2021. At March 31, 2022, our ratio of tangible common equity to total tangible assets was 8.9%, compared to 8.3% at December 31, 2021 and 6.7% at March 31, 2021.

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About Texas Capital Bancshares, Inc.

Texas Capital Bancshares, Inc. (NASDAQ: TCBI), a member of the Russell 2000 Index and the S&P MidCap 400, is the parent company of Texas Capital Bank, a full-service financial services firm that delivers customized solutions to businesses, entrepreneurs, and individual customers. Founded in 1998, the institution is headquartered in Dallas with offices in Austin, Houston, San Antonio, and Fort Worth, and has built a network of clients across the country. With the ability to service clients through their entire lifecycles, Texas Capital Bank has established commercial banking, consumer banking, investment banking and wealth management capabilities.

Forward Looking Statements

This communication contains “forward-looking statements” within the meaning of and pursuant to the Private Securities Litigation Reform Act of 1995 regarding, among other things, our 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 “expect,” “estimate,” “anticipate,” “plan,” “may,” “will,” “forecast,” “could,” “should,” “projects,” “targeted,” “continue,” “become,” “intend” and similar expressions.

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. A number of factors, many of which are beyond our control, could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. These factors include, but are not limited to, credit quality and risk, the COVID-19 pandemic, industry and technological changes, cyber incidents or other failures, disruptions or security breaches, interest rates, commercial and residential real estate values, economic and market conditions in Texas, the United States or internationally, fund availability, accounting estimates and risk management processes, the transition away from the London Interbank Offered Rate (LIBOR), legislative and regulatory changes, business strategy execution, key personnel, competition, mortgage markets, fraud, environmental liability and severe weather, natural disasters, acts of war or terrorism or other external events.

These and other factors that could cause results to differ materially from those described in the forward-looking statements, as well as a discussion of the risks and uncertainties that may affect our business, can be found in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and in other filings we make with the Securities and Exchange Commission. 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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TEXAS CAPITAL BANCSHARES, INC.
SELECTED FINANCIAL HIGHLIGHTS (UNAUDITED)
(dollars in thousands except per share data)
	1st Quarter			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter
	2022			2021			2021			2021			2021
CONSOLIDATED STATEMENTS OF INCOME
Interest income	$	208,530		$	219,892		$	216,589		$	216,953		$	223,151
Interest expense	24,983			25,860			26,053			27,496			28,339
Net interest income	183,547			194,032			190,536			189,457			194,812
Provision for credit losses	(2,000)			(10,000)			5,000			(19,000)			(6,000)
Net interest income after provision for credit losses	185,547			204,032			185,536			208,457			200,812
Non-interest income	20,282			31,459			24,779			37,639			44,353
Non-interest expense	153,092			146,649			152,987			149,060			150,316
Income before income taxes	52,737			88,842			57,328			97,036			94,849
Income tax expense	13,087			23,712			13,938			23,555			22,911
Net income	39,650			65,130			43,390			73,481			71,938
Preferred stock dividends	4,313			4,313			4,312			6,317			3,779
Net income available to common stockholders	$	35,337		$	60,817		$	39,078		$	67,164		$	68,159
Diluted earnings per common share	$	0.69		$	1.19		$	0.76		$	1.31		$	1.33
Diluted common shares	51,324,027			51,208,161			51,139,555			51,093,660			51,069,511
CONSOLIDATED BALANCE SHEET DATA
Total assets	$	31,085,377		$	34,731,738		$	36,404,320		$	35,228,542		$	40,054,433
Loan held for investment	15,849,434			15,331,457			15,221,404			15,168,565			15,399,174
Loans held for investment, mortgage finance	5,827,965			7,475,497			8,528,313			8,772,799			9,009,081
Loans held for sale	8,085			8,123			9,660			63,747			176,286
Interest-bearing cash and cash equivalents	5,136,680			7,765,996			8,317,926			6,768,650			11,212,276
Investment securities	3,642,015			3,583,808			3,663,874			3,798,275			3,443,058
Non-interest bearing deposits	13,434,723			13,390,370			14,970,462			14,228,038			15,174,642
Total deposits	25,377,938			28,109,365			29,813,668			28,839,563			33,391,970
Short-term borrowings	1,427,033			2,202,832			2,203,470			2,014,481			2,515,587
Long-term debt	929,414			928,738			928,062			927,386			664,968
Stockholders’ equity	3,090,038			3,209,616			3,147,752			3,114,957			3,159,482
End of period shares outstanding	50,710,441			50,618,494			50,605,626			50,592,201			50,557,767
Book value	$	55.02		$	57.48		$	56.27		$	55.64		$	53.59
Tangible book value(1)	$	54.68		$	57.14		$	55.93		$	55.29		$	53.24
SELECTED FINANCIAL RATIOS
Net interest margin	2.23		%	2.12		%	2.11		%	2.02		%	2.04		%
Return on average assets	0.47		%	0.69		%	0.47		%	0.76		%	0.73		%
Return on average common equity	4.97		%	8.36		%	5.41		%	9.74		%	10.08		%
Non-interest income to average earning assets	0.25		%	0.34		%	0.27		%	0.40		%	0.46		%
Efficiency ratio(2)	75.1		%	65.0		%	71.1		%	65.6		%	62.9		%
Non-interest expense to average earning assets	1.86		%	1.60		%	1.69		%	1.59		%	1.57		%
Tangible common equity to total tangible assets(3)	8.9		%	8.3		%	7.8		%	7.9		%	6.7		%
Common Equity Tier 1	11.5		%	11.1		%	10.7		%	10.5		%	10.2		%
Tier 1 capital	13.0		%	12.6		%	12.2		%	12.1		%	12.2		%
Total capital	15.7		%	15.3		%	14.9		%	14.8		%	14.0		%
Leverage	9.9		%	9.0		%	9.0		%	8.4		%	8.3		%

(1)    Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by shares outstanding at period end.

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

(3)    Stockholders’ equity excluding preferred stock, less goodwill and intangibles, divided by total assets, less goodwill and intangibles.

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TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(dollars in thousands)
	March 31, 2022		March 31, 2021		% Change
Assets
Cash and due from banks	$	234,853	$	215,835	9	%
Interest-bearing cash and cash equivalents	5,136,680		11,212,276		(54)	%
Available-for-sale debt securities	2,591,218		3,408,658		(24)	%
Held-to-maturity debt securities	1,009,972		—		100	%
Equity securities	40,825		34,400		19	%
Investment securities	3,642,015		3,443,058		6	%
Loans held for sale	8,085		176,286		(95)	%
Loans held for investment, mortgage finance	5,827,965		9,009,081		(35)	%
Loans held for investment	15,849,434		15,399,174		3	%
Less: Allowance for credit losses on loans	211,151		242,484		(13)	%
Loans held for investment, net	21,466,248		24,165,771		(11)	%
Mortgage servicing rights, net	—		121,096		(100)	%
Premises and equipment, net	24,181		23,346		4	%
Accrued interest receivable and other assets	556,154		679,199		(18)	%
Goodwill and intangibles, net	17,161		17,566		(2)	%
Total assets	$	31,085,377	$	40,054,433	(22)	%
Liabilities and Stockholders’ Equity
Liabilities:
Non-interest bearing	$	13,434,723	$	15,174,642	(11)	%
Interest bearing	11,943,215		18,217,328		(34)	%
Total deposits	25,377,938		33,391,970		(24)	%
Accrued interest payable	8,560		5,629		52	%
Other liabilities	252,394		316,797		(20)	%
Short-term borrowings	1,427,033		2,515,587		(43)	%
Long-term debt	929,414		664,968		40	%
Total liabilities	27,995,339		36,894,951		(24)	%
Stockholders’ equity:
Preferred stock, $.01 par value, $1,000 liquidation value:
Authorized shares - 10,000,000
Issued shares - 300,000 and 6,300,000 shares issued at March 31, 2022 and 2021, respectively	300,000		450,000		(33)	%
Common stock, $.01 par value:
Authorized shares - 100,000,000
Issued shares - 50,710,858 and 50,558,184 at March 31, 2022 and 2021, respectively	507		505		—	%
Additional paid-in capital	1,011,353		984,207		3	%
Retained earnings	1,983,611		1,781,215		11	%
Treasury stock - 417 shares at cost at March 31, 2022 and 2021	(8)		(8)		—	%
Accumulated other comprehensive loss, net of taxes	(205,425)		(56,437)		264	%
Total stockholders’ equity	3,090,038		3,159,482		(2)	%
Total liabilities and stockholders’ equity	$	31,085,377	$	40,054,433	(22)	%

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TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands except per share data)
	Three Months Ended March 31,
	2022		2021
Interest income
Interest and fees on loans	$	187,657	$	210,331
Investment securities	17,302		9,887
Interest-bearing cash and cash equivalents	3,571		2,933
Total interest income	208,530		223,151
Interest expense
Deposits	13,630		20,004
Short-term borrowings	758		2,592
Long-term debt	10,595		5,743
Total interest expense	24,983		28,339
Net interest income	183,547		194,812
Provision for credit losses	(2,000)		(6,000)
Net interest income after provision for credit losses	185,547		200,812
Non-interest income
Service charges on deposit accounts	6,022		4,716
Wealth management and trust fee income	3,912		2,855
Brokered loan fees	3,970		9,311
Servicing income	237		9,009
Investment banking and trading income	4,179		5,787
Net gain/(loss) on sale of loans held for sale	—		5,572
Other	1,962		7,103
Total non-interest income	20,282		44,353
Non-interest expense
Salaries and benefits	100,098		87,522
Occupancy expense	8,885		8,274
Marketing	4,977		1,697
Legal and professional	10,302		8,277
Communications and technology	14,700		15,969
FDIC insurance assessment	3,981		6,613
Servicing-related expenses	—		12,989
Other	10,149		8,975
Total non-interest expense	153,092		150,316
Income before income taxes	52,737		94,849
Income tax expense	13,087		22,911
Net income	39,650		71,938
Preferred stock dividends	4,313		3,779
Net income available to common stockholders	$	35,337	$	68,159
Basic earnings per common share	$	0.70	$	1.35
Diluted earnings per common share	$	0.69	$	1.33

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TEXAS CAPITAL BANCSHARES, INC.
SUMMARY OF CREDIT LOSS EXPERIENCE
(dollars in thousands)
	1st Quarter			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter
	2022			2021			2021			2021			2021
Allowance for credit losses on loans:
Beginning balance	$	211,866		$	221,957		$	221,511		$	242,484		$	254,615
Loans charged-off:
Commercial	110			3,776			4,348			1,412			2,451
Energy	—			—			—			686			5,732
Real estate	350			—			—			1,192			—
Total charge-offs	460			3,776			4,348			3,290			8,183
Recoveries:
Commercial	217			1,933			1,104			308			1,050
Energy	755			601			42			609			715
Real estate	—			205			112			—			—
Total recoveries	972			2,739			1,258			917			1,765
Net charge-offs	(512)			1,037			3,090			2,373			6,418
Provision for credit losses on loans	(1,227)			(9,054)			3,536			(18,600)			(5,713)
Ending balance	$	211,151		$	211,866		$	221,957		$	221,511		$	242,484
Allowance for off-balance sheet credit losses:
Beginning balance	$	17,265		$	18,211		$	16,747		$	17,147		$	17,434
Provision for off-balance sheet credit losses	(773)			(946)			1,464			(400)			(287)
Ending balance	$	16,492		$	17,265		$	18,211		$	16,747		$	17,147
Total allowance for credit losses	$	227,643		$	229,131		$	240,168		$	238,258		$	259,631
Total provision for credit losses	$	(2,000)		$	(10,000)		$	5,000		$	(19,000)		$	(6,000)
Allowance for credit losses on loans to total loans held for investment	0.97		%	0.93		%	0.93		%	0.93		%	0.99		%
Allowance for credit losses on loans to average total loans held for investment	0.99		%	0.91		%	0.95		%	0.98		%	1.03		%
Net charge-offs to average total loans held for investment(1)	(0.01)		%	0.02		%	0.05		%	0.04		%	0.11		%
Net charge-offs to average total loans held for investment for last 12 months(1)	0.03		%	0.06		%	0.33		%	0.31		%	0.59		%
Total provision for credit losses to average total loans held for investment(1)	(0.04)		%	(0.17)		%	0.09		%	(0.34)		%	(0.10)		%
Total allowance for credit losses to total loans held for investment	1.05		%	1.00		%	1.01		%	1.00		%	1.06		%

(1)Interim period ratios are annualized.

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TEXAS CAPITAL BANCSHARES, INC.
SUMMARY OF NON-PERFORMING ASSETS AND PAST DUE LOANS
(dollars in thousands)
	1st Quarter			4th Quarter			3rd Quarter			2nd Quarter			1st Quarter
	2022			2021			2021			2021			2021
Non-accrual loans held for investment	$	59,327		$	72,502		$	87,532		$	86,636		$	97,730
Non-accrual loans held for sale	—			—			—			—			—
Other real estate owned (OREO)	—			—			—			—			—
Total non-performing assets	$	59,327		$	72,502		$	87,532		$	86,636		$	97,730
Non-accrual loans held for investment to total loans held for investment	0.27		%	0.32		%	0.37		%	0.36		%	0.40		%
Total non-performing assets to earning assets	0.20		%	0.21		%	0.25		%	0.25		%	0.25		%
Allowance for credit losses on loans to non-accrual loans held for investment	3.6x			2.9x			2.5x			2.6x			2.5x
Loans held for investment past due 90 days and still accruing(1)	$	6,031		$	3,467		$	3,405		$	7,671		$	6,187
Loans held for investment past due 90 days to total loans held for investment	0.03		%	0.02		%	0.01		%	0.03		%	0.03		%
Loans held for sale past due 90 days and still accruing(2)	$	3,865		$	3,986		$	3,808		$	2,695		$	16,359

(1)At March 31, 2022, loans past due 90 days and still accruing included premium finance loans of $3.2 million. These loans are primarily secured by obligations of insurance carriers to refund premiums on canceled insurance policies. The refund of premiums from the insurance carriers can take 180 days or longer from the cancellation date.

(2)Includes loans guaranteed by U.S. government agencies that were repurchased out of Ginnie Mae securities. Loans are recorded as loans held for sale and carried at fair value on the balance sheet. Interest on these past due loans accrues at the debenture rate guaranteed by the U.S. government. The first quarter of 2021 also includes loans that, pursuant to Ginnie Mae servicing guidelines, we have the unilateral right, but not obligation, to repurchase and thus must record on our balance sheet regardless of whether the repurchase option has been exercised.

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TEXAS CAPITAL BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
(dollars in thousands)
	1st Quarter		4th Quarter		3rd Quarter		2nd Quarter		1st Quarter
	2022		2021		2021		2021		2021
Interest income
Interest and fees on loans	$	187,657	$	204,379	$	202,748	$	203,074	$	210,331
Investment securities	17,302		11,780		10,235		10,918		9,887
Interest-bearing deposits in other banks	3,571		$	3,733	$	3,606	2,961		2,933
Total interest income	208,530		219,892		216,589		216,953		223,151
Interest expense
Deposits	13,630		14,513		14,719		16,271		20,004
Short-term borrowings	758		771		748		502		2,592
Long-term debt	10,595		10,576		10,586		10,723		5,743
Total interest expense	24,983		25,860		26,053		27,496		28,339
Net interest income	183,547		194,032		190,536		189,457		194,812
Provision for credit losses	(2,000)		(10,000)		5,000		(19,000)		(6,000)
Net interest income after provision for credit losses	185,547		204,032		185,536		208,457		200,812
Non-interest income
Service charges on deposit accounts	6,022		4,702		4,622		4,634		4,716
Wealth management and trust fee income	3,912		3,793		3,382		3,143		2,855
Brokered loan fees	3,970		5,678		6,032		6,933		9,311
Servicing income	237		277		292		5,935		9,009
Investment banking and trading income	4,179		6,456		4,127		8,071		5,787
Net gain/(loss) on sale of loans held for sale	—		—		(1,185)		(3,070)		5,572
Other	1,962		10,553		7,509		11,993		7,103
Total non-interest income	20,282		31,459		24,779		37,639		44,353
Non-interest expense
Salaries and benefits	100,098		89,075		87,503		86,830		87,522
Occupancy expense	8,885		8,769		8,324		7,865		8,274
Marketing	4,977		4,286		2,123		1,900		1,697
Legal and professional	10,302		12,673		11,055		9,147		8,277
Communications and technology	14,700		16,490		28,374		14,352		15,969
FDIC insurance assessment	3,981		4,688		4,500		5,226		6,613
Servicing-related expenses	—		25		2,396		12,355		12,989
Other	10,149		10,643		8,712		11,385		8,975
Total non-interest expense	153,092		146,649		152,987		149,060		150,316
Income before income taxes	52,737		88,842		57,328		97,036		94,849
Income tax expense	13,087		23,712		13,938		23,555		22,911
Net income	39,650		65,130		43,390		73,481		71,938
Preferred stock dividends	4,313		4,313		4,312		6,317		3,779
Net income available to common shareholders	$	35,337	$	60,817	$	39,078	$	67,164	$	68,159

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TEXAS CAPITAL BANCSHARES, INC.
TAXABLE EQUIVALENT NET INTEREST INCOME ANALYSIS (UNAUDITED)
(dollars in thousands)
	1st Quarter 2022						4th Quarter 2021						3rd Quarter 2021						2nd Quarter 2021						1st Quarter 2021
	Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate		Average Balance		Income/ Expense		Yield/ Rate
Assets
Investment securities(1)	$	3,669,257	$	17,743	1.96	%	$	3,608,503	$	12,225	1.34	%	$	3,775,812	$	10,684	1.12	%	$	3,543,270	$	11,369	1.29	%	$	3,422,571	$	10,359	1.23	%
Interest-bearing cash and cash equivalents	8,552,300		3,571		0.17	%	9,760,735		3,733		0.15	%	9,046,095		3,606		0.16	%	11,583,759		2,961		0.10	%	11,845,547		2,933		0.10	%
Loans held for sale	7,633		113		6.01	%	8,348		51		2.41	%	18,791		54		1.14	%	93,164		781		3.36	%	243,326		1,595		2.66	%
Loans held for investment, mortgage finance	5,732,901		43,466		3.07	%	7,901,534		57,949		2.91	%	7,987,521		58,913		2.93	%	7,462,223		57,401		3.09	%	8,177,759		64,942		3.22	%
Loans held for investment(1)(2)	15,686,319		144,134		3.73	%	15,348,322		146,436		3.79	%	15,266,167		143,864		3.74	%	15,242,975		144,978		3.81	%	15,457,888		143,935		3.78	%
Less: Allowance for credit losses on loans	212,612		—		—		223,034		—		—		220,984		—		—		241,676		—		—		254,697		—		—
Loans held for investment, net	21,206,608		187,600		3.59	%	23,026,822		204,385		3.52	%	23,032,704		202,777		3.49	%	22,463,522		202,379		3.61	%	23,380,950		208,877		3.62	%
Total earning assets	33,435,798		209,027		2.54	%	36,404,408		220,394		2.40	%	35,873,402		217,121		2.40	%	37,683,715		217,490		2.31	%	38,892,394		223,764		2.33	%
Cash and other assets	819,486						835,293						855,555						996,946						1,064,679
Total assets	$	34,255,284					$	37,239,701					$	36,728,957					$	38,680,661					$	39,957,073
Liabilities and Stockholders’ Equity
Transaction deposits	$	2,432,687	$	3,962	0.66	%	$	3,007,337	$	4,664	0.62	%	$	3,012,547	$	4,737	0.62	%	$	3,795,152	$	5,395	0.57	%	$	3,991,966	$	5,861	0.60	%
Savings deposits	10,420,545		8,583		0.33	%	10,529,645		8,419		0.32	%	10,044,995		8,262		0.33	%	11,296,382		8,990		0.32	%	12,889,974		10,788		0.34	%
Time deposits	1,038,722		1,085		0.42	%	1,276,800		1,430		0.44	%	1,640,562		1,720		0.42	%	1,755,993		1,886		0.43	%	2,204,242		3,355		0.62	%
Total interest bearing deposits	13,891,954		13,630		0.40	%	14,813,782		14,513		0.39	%	14,698,104		14,719		0.40	%	16,847,527		16,271		0.39	%	19,086,182		20,004		0.43	%
Short-term borrowings	1,770,781		758		0.17	%	2,267,013		771		0.13	%	2,299,692		748		0.13	%	2,349,718		502		0.09	%	2,686,398		2,592		0.39	%
Long-term debt	929,005		10,595		4.63	%	928,307		10,576		4.52	%	927,626		10,586		4.53	%	881,309		10,723		4.88	%	464,731		5,743		5.01	%
Total interest bearing liabilities	16,591,740		24,983		0.61	%	18,009,102		25,860		0.57	%	17,925,422		26,053		0.58	%	20,078,554		27,496		0.55	%	22,237,311		28,339		0.52	%
Non-interest bearing deposits	14,235,749						15,804,061						15,363,568						15,139,546						14,421,505
Other liabilities	243,141						238,833						275,317						274,401						309,644
Stockholders’ equity	3,184,654						3,187,705						3,164,650						3,188,160						2,988,613
Total liabilities and stockholders’ equity	$	34,255,284					$	37,239,701					$	36,728,957					$	38,680,661					$	39,957,073
Net interest income(1)			$	184,044					$	194,534					$	191,068					$	189,994					$	195,425
Net interest margin					2.23	%					2.12	%					2.11	%					2.02	%					2.04	%

(1)    Taxable equivalent rates used where applicable.

(2)    Average balances include non-accrual loans which are stated net of unearned income.

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