Short-Term Borrowings and Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Short-Term Borrowings and Long-Term Debt

Short-Term Borrowings and Long-Term Debt

The table below presents a summary of the Company’s short-term borrowings, all of which mature within one year:

(dollars in thousands)	Federal Funds Purchased			Customer Repurchase Agreements			FHLB Borrowings
December 31, 2023
Amount outstanding at year-end	$	—		$	—		$	1,500,000
Interest rate at year-end	—		%	—		%	5.64		%
Average balance outstanding during the year	$	—		$	25		$	1,323,014
Weighted-average interest rate during the year	—		%	0.39		%	5.34		%
Maximum month-end outstanding during the year	$	—		$	—		$	2,100,000
December 31, 2022
Amount outstanding at year-end	$	—		$	1,142		$	1,200,000
Interest rate at year-end	—		%	0.25		%	4.25		%
Average balance outstanding during the year	$	30,741		$	1,928		$	1,797,082
Weighted-average interest rate during the year	1.17		%	0.28		%	1.60		%
Maximum month-end outstanding during the year	$	525,000		$	2,320		$	2,650,000

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

(in thousands)	December 31, 2023		December 31, 2022
FHLB borrowing capacity relating to loans and pledged securities	$	2,602,092	$	2,621,218
FHLB borrowing capacity relating to unencumbered securities	3,737,615		3,539,297
Total FHLB borrowing capacity(1)	$	6,339,707	$	6,160,515
Unused federal funds lines available from commercial banks	$	1,188,000	$	1,479,000
Unused Federal Reserve borrowings capacity	$	4,094,801	$	3,574,762
Unused revolving line of credit(2)	$	100,000	$	75,000

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

(2)Unsecured revolving, non-amortizing line of credit with maturity date of February 8, 2025. 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 twelve months ended December 31, 2023 or 2022. The line of credit was reduced to $75.0 million in the first quarter of 2024.

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

(in thousands)	December 31, 2023		December 31, 2022
Bank-issued floating rate senior unsecured credit-linked notes due 2024	$	199,499	$	272,492
Bank-issued 5.25% fixed rate subordinated notes due 2026	174,457		174,196
Company-issued 4.00% fixed rate subordinated notes due 2031	371,785		371,348
Trust preferred floating rate subordinated debentures due 2032 to 2036	113,406		113,406
Total long-term debt	$	859,147	$	931,442

In the second quarter of 2023, the Company partially paid down $75.0 million of the senior unsecured credit-linked notes in accordance with the term of the notes.

The following table summarizes the significant terms of the Company’s trust preferred subordinated debentures:

(dollars in thousands)	Texas Capital Statutory Trust I	Texas Capital Statutory Trust II	Texas Capital Statutory Trust III	Texas Capital Statutory Trust IV	Texas Capital Statutory Trust V
Date issued	November 19, 2002	April 10, 2003	October 6, 2005	April 28, 2006	September 29, 2006
Trust preferred securities issued	$10,310	$10,310	$25,774	$25,774	$41,238
Floating or fixed rate securities	Floating	Floating	Floating	Floating	Floating
Interest rate on subordinated debentures	3 month SOFR  + 3.61%	3 month SOFR  + 3.51%	3 month SOFR  + 1.77%	3 month SOFR  + 1.86%	3 month SOFR  + 1.97%
Maturity date	November 2032	April 2033	December 2035	June 2036	December 2036