Texas Capital Bancshares, Inc.

Hello, everyone, and thank you for joining the Texas Capital Bank Share Inc. Full Year and Q4 2025 Earnings Call. My name is Claire, and I will be coordinating your call today. During the presentation, you can register a question by pressing star followed by one on your telephone keypad. If you change your mind, please press star followed by two on your telephone keypad. I will now hand over to Jocelyn Kokoka from Texas Capital Bank to begin. Please go ahead.

Good morning, and thank you for joining us for TCBI's fourth quarter 2025 earnings conference call. I'm Jocelyn Kukulka, head of investor relations. Before we begin, please be aware this call will include forward-looking statements that are based on our current expectations of future results or events. Forward-looking statements are subject to both known and unknown risks and uncertainties that could cause actual results to differ materially from these statements. Our forward-looking statements are as of the date of this call, and we do not assume any obligation to update or revise them. Today's presentation will include certain non-GAAP measures, including but not limited to adjusted operating metrics, adjusted earnings per share, and return on capital. For reconciliation of these and other non-GAAP measures to the corresponding GAAP measures, please refer to the earnings press release and our website. Statements made on this call should be considered together with the cautionary statements and other information contained in today's earnings release, our most recent annual report on Form 10-K, and subsequent filings with the SEC. We will refer to slides during today's presentation, which can be found along with the press release in the investor relations section of our website at TexasCapital.com. Our speakers for the call today are Rob Holmes, Chairman, President, and CEO, and Matt Scurlock, CFO. At the conclusion of our prepared remarks, the operator will open up the call for Q&A. I'll now turn the call over to Rob for opening remarks.

Thank you for joining us today. 2025 was a defining year in this firm's history. In the third quarter, we achieved our stated financial targets, marking completion of our transformation and delivering the largest organic profitability improvement of any commercial bank exceeding $20 billion in assets over the past two decades. We reinforced this achievement in the fourth quarter with a 1.2% ROAA. demonstrating that our third quarter performance was not an anomaly, but instead reflects firm wide client obsession, unwavering commitment to operational excellence, and a balance sheet and business model increasingly centered on the high value client segments that we are uniquely positioned to serve. Full year adjusted ROAA of 1.04% represents a 30 basis point improvement versus 2024 and signals a fundamental improvement of our earnings power. The result of disciplined execution, strategic investments, conservative portfolio management, and sustained operational leverage. Our comprehensive 2025 results validate this trajectory. Record-adjusted total revenue of $1.3 billion. Record-adjusted net income to common stockholders of $314 million. Record adjusted earnings per share of $6.80. Record adjusted pre-provision net revenue of $489 million. Record fee income from strategic areas of focus of $192 million. Equally important, we achieved record tangible common equity to tangible assets of 10.56% and record tangible book value per share of $75.25, metrics that underscore both the quality of our earnings and the prudence of our capital allocation strategy. Our disciplined capital allocation process remains focused solely on driving long-term shareholder value. We continue to bias capital toward franchisor-creative client segments, evidenced by commercial loan growth of $1.1 billion, or 10%, and interest-bearing deposits excluding brokered and indexed that increased $1.7 billion or 10% year over year. During periods of market dislocation in 2025, we opportunistically, we purchased 2.2 million shares or 4.9% of prior year shares outstanding at approximately 114% of prior month tangible book value per share. Since 2020, we have purchased 14.6% of our starting shares outstanding at a weighted average price of $64.33 per share, while adding 340 basis points to our peer-leading tangible common equity to tangible assets ratio. These achievements demonstrate a fundamentally stronger business model, one position to deliver consistent industry-leading returns and sustainable value creation for shareholders. Having established this strong foundation, our strategic focus now shifts to consistent execution and realizing the full potential of our investments. Our infrastructure, talent, and platforms are designed for scale, enabling us to handle significantly higher volumes and revenue while maintaining disciplined expense management. A defining driver of our improved profitability is the diversification and growth of our fee income streams. Fee income areas of focus generated $192 million in 2025 with substantial growth opportunity ahead. These businesses are differentiated in the market, capital efficient, and provide revenue stability across economic cycles. Focused investment in product capabilities, technology platforms, and talent will drive fee income as a percentage of total revenue higher further enhancing our return profile and reducing earnings volatility. The transformation over the past several years has fundamentally repositioned Texas Capital as a scalable, high-performing franchise. This positions us in a new phase, consistent execution and compounding returns. The combination of balance sheet growth, operating leverage, and fee and income expansion creates multiple paths to enhance profitability and sustainable shareholder value creation. Our focus is clear. Execute with discipline, scale with intention, and deliver consistent, superior returns. Our strategy, platform, talent, and momentum position us to achieve these objectives. Thank you for your continued interest in and support of Texas Capital. I'll turn it over to Matt for details on the financial results.