Anna Alvarado
TEXAS CAPITAL BANCSHARES INC/TXAbout Anna Alvarado
Anna M. Alvarado (age 46) is Managing Director, Chief Legal Officer and Corporate Secretary of Texas Capital Bancshares, Inc. (TCBI) and Texas Capital Bank; she has served as CLO since October 2021 and was named Managing Director effective March 1, 2023 . She previously served as global General Counsel at FirstCash, Inc., leading a team of 50+ and driving the company’s Latin American expansion and multiple acquisitions; earlier roles included attorney positions at Texas-based law firms Tanner & Associates PC and Hill Gilstrap PC . Firm context under her tenure: 2024 net income of $60.3 million (adjusted $208.3 million), diluted EPS $1.28 (adjusted $4.43), book value per share $66.36, total deposits $25.2 billion, and total assets $30.7 billion; capital ratios included CET1 11.4% and tangible common equity/tangible assets of 10% . As of December 31, 2024, she met executive stock ownership guidelines (4x base salary for non-CEO NEOs), supporting alignment with shareholders .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| FirstCash, Inc. | Global General Counsel | 2015–2021 | Led international legal team; enabled Latin American expansion; executed domestic and international acquisitions |
| Tanner & Associates PC | Attorney | Not disclosed | Texas-focused legal practice |
| Hill Gilstrap PC | Attorney | Not disclosed | Texas-focused legal practice |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| None disclosed | — | — | No public-company board roles or external committee roles disclosed for Ms. Alvarado |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | 570,000 | 570,000 | 570,000 |
| Target Bonus % of Base | — | — | 80% |
| Target Bonus ($) | — | — | 456,000 |
| Actual Bonus Paid ($) | 483,360 | 289,252 | 564,669 |
| Stock Awards – Grant Date Fair Value ($) | 487,818 | 484,698 | 857,125 |
| All Other Compensation ($) | 12,825 | 18,925 | 19,113 |
| Total Compensation ($) | 1,554,003 | 1,362,875 | 2,010,907 |
Performance Compensation
Annual Incentive Plan – 2024 Structure and Outcomes
| Metric | Weight | Threshold | Target | Maximum | Actual | Achievement % | Payout Contribution |
|---|---|---|---|---|---|---|---|
| Return on Average Assets (Adj.) | 35% | 0.45% | 0.65% | 0.80% | 0.76% | 137% | 48.0% |
| Efficiency Ratio (Adj.) | 35% | 73% | 68% | 63% | 67% | 110% | 38.5% |
| Financial Measures Aggregate | 70% | — | — | — | — | — | 86.5% |
| Management Strategic Objectives | 30% | 50% achieved | 85% achieved | 100% achieved | Varies by NEO | — | Range 100%–150% |
| Executive | Target Bonus ($) | Aggregate Incentive Earned (% of Target) | 2024 Bonus Paid ($) |
|---|---|---|---|
| Anna M. Alvarado | 456,000 | 123.8% | 564,669 |
Notes: Financial measure definitions and adjustments are disclosed by the Compensation Committee (e.g., adjusted ROAA and Efficiency Ratio) .
Long-Term Incentives – Design and Ms. Alvarado’s Awards
- 2024 PRSUs: 3-year performance period; cliff vest based on three-year Average ROTCE (60%) and relative TSR vs peer group (KBW Regional Bank Index) (40%); max 200% of target; negative TSR cap at 100% for applicable portion; subject to clawback and post-vest holding requirements .
- 2024 Time-Based RSUs: 50% of annual LTI, ratable vesting over three years; additional special time-based RSU grant (cliff vest at 3 years) awarded July 29, 2024 for leadership/performance .
- 2022 PRSU Outcomes: Overall payout certified at 172.4% of target for the cycle ending December 31, 2024 .
| Grant Date | Award Type | Units Unvested | Vesting Schedule | Market Value at 12/31/24 ($) |
|---|---|---|---|---|
| 7/29/2024 | Time-based RSUs (special) | 5,700 | Cliff vest at 3 years | 445,740 |
| 2/16/2024 | Time-based RSUs | 3,829 | Ratable over 3 years | 299,428 |
| 2/16/2024 | Performance-based RSUs (target) | 3,829 | 3-year cliff, metrics ROTCE/TSR | 299,428 |
| 2/9/2023 | Time-based RSUs | 2,270 | Ratable over 3 years | 177,514 |
| 2/9/2023 | Performance-based RSUs (target) | 3,404 | 3-year cliff, metrics ROTCE/TSR | 266,193 |
| 2/8/2022 | Time-based RSUs | 6,613 | Ratable over 3–4 years per plan | 517,137 |
| 11/5/2021 | Time-based RSUs | 5,170 | Ratable over 4 years | 404,294 |
Vesting and valuation notes: Values use $78.20 closing share price on 12/31/2024; PRSUs shown at target for in-progress cycles (2023 and 2024 grants) .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| Beneficial Ownership | 20,597 common shares; <1% of outstanding shares (46,124,746) as of Feb 19, 2025 . |
| Stock Ownership Guidelines | CEO 6x base; other NEOs 4x base; Ms. Alvarado met guideline as of Dec 31, 2024 . |
| Hedging/Pledging | Prohibited under insider trading policy; executives may not hedge or pledge TCBI stock; robust post-vest holding and no dividend equivalents on unvested RSUs . |
| Outstanding Unvested Awards | See detailed grant-level RSU/PRSU table above (vesting dates create forward supply considerations) . |
Employment Terms
| Term | Provision |
|---|---|
| Role Start | CLO & Corporate Secretary since Oct 2021; Managing Director since Mar 1, 2023 . |
| Severance (non-CIC) | Executive Severance Plan: 12 months base salary + 1.0x average incentive (prior two years); health benefits for 12 months . |
| Change-in-Control (Double Trigger) | Executive Change-in-Control Plan: 18 months base salary + 1.5x average incentive; health benefits for 18 months; long-term equity awards apply double-trigger vesting; immediate vesting at target for PRSUs where applicable . |
| 12/31/2024 Illustrative Payments | Termination without cause/good reason: Severance $996,961; Other benefits $18,227; Change-in-control termination: Severance $1,495,442; Accelerated vesting of long-term incentives $2,409,734; Other benefits $27,341 (values assume $78.20 share price) . |
| Clawback (Recoupment) | Incentive Award Recoupment Policy allows recovery/cancellation of cash and equity incentives up to 4 years post-payment for restatements, misconduct, extraordinary loss, or policy violations; methods include cancellation, repayment, and future comp offsets . |
| Tax Gross-Ups | No excise tax gross-ups; no perquisite tax gross-ups . |
Investment Implications
- Pay-for-performance alignment: 2024 cash incentive tied to ROAA and Efficiency Ratio (123.8% payout for Ms. Alvarado), and LTI split between PRSUs (ROTCE/relative TSR) and time-based RSUs with clawback and holding requirements—linking realized compensation to profitability, efficiency, capital returns, and shareholder outcomes .
- Retention and supply: Multiple unvested RSU tranches vesting ratably through 2025–2027 plus a 3-year cliff vest (5,700 RSUs granted 7/29/2024) create retention hooks and potential future share supply upon vesting; PRSU payouts depend on 3-year performance and may be capped if TSR is negative .
- Governance safeguards: Anti-hedging/anti-pledging policies, double-trigger CIC vesting, and a broad clawback reduce misalignment and mitigate risk-taking; severance multiples (12–18 months + incentive average) are moderate versus market norms for non-CEO NEOs .
- Ownership alignment: Beneficial ownership and confirmed compliance with 4x salary ownership guideline strengthen alignment; less than 1% stake is typical for NEOs at regional banks, with equity awards and holding requirements serving as primary alignment levers .
Performance and role impact: Ms. Alvarado’s 2024 achievements include structuring the Direct Lending fund, capital-enhancing credit structures, closing the acquired healthcare portfolio, optimizing legal documentation across lending verticals, governance/succession support, and strengthening regulatory engagement—supporting execution of TCBI’s strategic transformation . Firm-level 2024 performance and capital resiliency provide a constructive backdrop for performance-based equity cycles .