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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): January 28, 2025
VERITEX HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)
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| Texas | | 001-36682 | | 27-0973566 |
(State or other jurisdiction of
incorporation or organization) | | (Commission File Number) | | (I.R.S. Employer
Identification Number) |
8214 Westchester Drive, Suite 800
Dallas, Texas 75225
(Address of principal executive offices)
(972) 349-6200
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | | Trading Symbol | | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | | VBTX | | Nasdaq Global Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
| | | | | |
| 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. o
Item 2.02 Results of Operations and Financial Condition
On January 28, 2025, Veritex Holdings, Inc. (the “Company”), the holding company for Veritex Community Bank, a Texas state chartered bank, issued a press release describing its results of operations for the fourth quarter and year ended December 31, 2024. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 2.02 (including Exhibit 99.1) of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 7.01 Regulation FD Disclosure
On Wednesday, January 29, 2025, at 8:30 a.m., Central Time, the Company will host an investor conference call and webcast to review its fourth quarter financial results. The webcast will include a slide presentation that consists of information regarding the Company’s operating and growth strategies and financial performance. The presentation materials will be posted on the Company’s website after the close of the market on Tuesday, January 28, 2025. The presentation materials are attached hereto as Exhibit 99.2 and are incorporated herein by reference.
As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 7.01 (including Exhibit 99.2) of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 8.01 Other Events
After the close of the market on Tuesday, January 28, 2025, the Company issued a press release announcing the declaration of a quarterly cash dividend of $0.20 per share on its outstanding common stock. The dividend will be paid on February 28, 2025 to shareholders of record as of the close of business on February 14, 2025. The press release is attached hereto as Exhibit 99.3 and is incorporated herein by reference.
Forward Looking Statement
This earnings release includes “forward-looking statements”, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on various facts and derived utilizing assumptions, current expectations, estimates and projections and are subject to known and unknown risks, uncertainties and other factors, which change over time and are beyond our control, that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, without limitation, statements relating to the expected payment of Veritex Holdings, Inc.’s (“Veritex”) quarterly cash dividend; the impact of certain changes in Veritex’s accounting policies, standards and interpretations; turmoil in the banking industry, responsive measures to mitigate and manage such turmoil and related supervisory and regulatory actions and costs; and Veritex’s future financial performance, business and growth strategy, projected plans and objectives, as well as other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “seeks,” “targets,” “outlooks,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Veritex’s Annual Report on Form 10-K for the year ended December 31, 2023 and any updates to those risk factors set forth in Veritex’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. If one or more events related to these or other risks or uncertainties materialize, or if Veritex’s underlying assumptions prove to be incorrect, actual results may differ materially from what Veritex anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. Veritex does not undertake any obligation, and specifically declines any obligation, to supplement, update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, expressed or implied, included in this
earnings release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Veritex or persons acting on Veritex’s behalf may issue.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
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| Exhibit Number | | Description |
| | |
| | |
| | |
| 104 | | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |
SIGNATURE
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 hereunto duly authorized.
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| Veritex Holdings, Inc. | | |
| | | |
| By: | | /s/ C. Malcolm Holland, III |
| | | C. Malcolm Holland, III |
| | | Chairman and Chief Executive Officer |
| Date: | | January 28, 2025 |
VERITEX HOLDINGS, INC. REPORTS FOURTH QUARTER AND FULL YEAR 2024 RESULTS
Dallas, TX — January 28, 2025 —Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the fourth quarter and full year of 2024.
“We achieved significant milestones during 2024 as we improved our credit risk profile and strengthened and completed our balance sheet remake,” said C. Malcolm Holland, III, the Company’s Chairman and Chief Executive Officer. “My team and I are committed to continue to drive execution of our strategic plan in 2025. Now it’s back to what we do best; grow profitability.”
2024 Highlights:
•Operating EPS was $2.17 for 2024;
•Criticized loans decreased approximately $100 million during 2024;
•Commercial real estate concentrations decreased from 320.2% for the year ended 2023 to 298.9% for the year ended 2024;
•Nonperforming assets to total loans decreased 15 basis points to 0.62% from 2023;
•Loan to deposit ratio decreased to 89.3% as of December 31, 2024 compared to 93.6% as of December 31, 2023;
•Total deposits grew $414.4 million, or 4.0%, year-over-year;
•Common equity tier 1 capital increased 80 bps to 11.09% as of December 31, 2024 compared to 10.29% as of December 31, 2023;
•Tangible book value per common share increased 6.9%, or $1.40, during 2024 compared to 2023;
•Allowance for credit losses (“ACL”) to total loans increased to 1.18%, or 4 bps, from 1.14% as of December 31, 2023;
•Declared quarterly cash dividend of $0.20 per share of outstanding common stock payable on February 28, 2025;.and
•Named one of the “Best Companies to Work For” by the 2024 Inaugural U.S. News & World Report which evaluates companies based on quality of pay, work/life balance, and opportunities for professional development and advancement.
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| | Quarter to Date | | | Full Year |
Financial Highlights | | Q4 2024 | | Q3 2024 | | Q4 2023 | | | 2024 | | 2023 |
| | (Dollars in thousands, except per share data)
(unaudited) |
| GAAP | | | | | |
| Net income | | $ | 24,882 | | | $ | 31,001 | | | $ | 3,499 | | | | $ | 107,241 | | | $ | 108,261 | |
| Diluted EPS | | 0.45 | | | 0.56 | | | 0.06 | | | | 1.95 | | | 1.98 | |
| Book value per common share | | 29.37 | | | 29.53 | | | 28.18 | | | | 29.37 | | | 28.18 | |
Return on average assets1 | | 0.78 | % | | 0.96 | % | | 0.11 | % | | | 0.85 | % | | 0.88 | % |
Return on average equity1 | | 6.17 | | | 7.79 | | | 0.92 | | | | 6.85 | | | 7.21 | |
| Net interest margin | | 3.20 | | | 3.30 | | | 3.31 | | | | 3.26 | | | 3.49 | |
| Efficiency ratio | | 67.04 | | | 61.94 | | | 77.49 | | | | 62.62 | | | 55.82 | |
Non-GAAP2 | | | | | | | | | | | |
| Operating earnings | | $ | 29,769 | | | $ | 32,181 | | | $ | 31,625 | | | | $ | 119,397 | | | $ | 142,114 | |
| Diluted operating EPS | | 0.54 | | | 0.59 | | | 0.58 | | | | 2.17 | | | 2.60 | |
| Tangible book value per common share | | 21.61 | | | 21.72 | | | 20.21 | | | | 21.61 | | | 20.21 | |
| Pre-tax, pre-provision operating earnings | | 40,945 | | | 44,555 | | | 47,688 | | | | 173,576 | | | 222,211 | |
Pre-tax, pre-provision operating return on average assets1 | | 1.28 | % | | 1.38 | % | | 1.54 | % | | | 1.37 | % | | 1.81 | % |
Pre-tax, pre-provision operating return on average loans1 | | 1.72 | | | 1.83 | | | 1.97 | | | | 1.81 | | | 2.32 | |
Operating return on average assets1 | | 0.93 | | | 1.00 | | | 1.02 | | | | 0.95 | | | 1.16 | |
Return on average tangible common equity1 | | 9.04 | | | 11.33 | | | 2.00 | | | | 10.10 | | | 10.91 | |
Operating return on average tangible common equity1 | | 10.69 | | | 11.74 | | | 12.37 | | | | 11.17 | | | 14.09 | |
| Operating efficiency ratio | | 62.98 | | | 60.63 | | | 55.50 | | | | 60.22 | | | 50.94 | |
1 Annualized ratio.
2 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“GAAP”) financial measures to their most directly comparable GAAP measures.
Results of Operations for the Three Months Ended December 31, 2024
Net Interest Income
For the three months ended December 31, 2024, net interest income before provision for credit losses was $96.1 million and net interest margin was 3.20%, compared to $100.1 million and 3.30%, respectively, for the three months ended September 30, 2024. The $3.9 million decrease, or 3.9%, in net interest income before provision for credit losses was primarily due to a $12.3 million decrease in interest income on loans primarily driven by a decrease in loan yields and average loan balances. This decrease was partially offset by a $1.1 million increase in interest income on debt securities, $6.0 million decrease in interest expense on certificates and other time deposits, $2.4 million decrease in interest expense on transaction and savings deposits during the three months ended December 31, 2024. Net interest margin decreased 10 bps from the three months ended September 30, 2024, primarily due to the decrease in loan yields during the three months ended December 31, 2024, partially offset by an increase in yields on debt securities.
Compared to the three months ended December 31, 2023, net interest income before provision for credit losses for the three months ended December 31, 2024 increased by $608 thousand, or 0.6%. The increase was primarily due to a $4.6 million increase in interest income on debt securities, a $3.7 million increase in interest income in deposits in financial institutions and fed funds sold, a $2.5 million decrease in interest expense on advances from FHLB and a $1.4 million decrease in transaction and savings deposits driven by an decrease in funding costs. The increase in net interest income was partially offset by a $10.4 million decrease in interest income on loans driven by a decrease in loan yields and average balances. Net interest margin decreased 11 bps to 3.20% for the three months ended December 31, 2024 from 3.31% for the three months ended December 31, 2023. The decrease was primarily due to the decrease in loan yields during the three months ended December 31, 2024.
Noninterest Income (Loss)
Noninterest income for the three months ended December 31, 2024 was $10.1 million, a decrease of $3.1 million, or 23.3%, compared to noninterest income of $13.1 million for the three months ended September 30, 2024. The decrease in noninterest income was primarily due to a $4.4 million loss on sales of debt securities as a result of a strategic restructuring in which we sold $188.9 million of lower-yielding AFS securities, at amortized cost, with a 3.89% average yield, and reinvested the proceeds in higher yielding AFS securities with a 5.67% average yield. The decrease was also the result of a decrease of $852 thousand of OREO income, higher amortization of our servicing assets of $829 thousand and a decrease of $681 thousand due to the change in the value of equity securities. The decrease was partially offset by an increase of $4.6 million increase in government guaranteed loan income.
Compared to the three months ended December 31, 2023, noninterest income for the three months ended December 31, 2024 increased $27.8 million, or 156.5%. The increase was primarily due to a $29.4 million loss on equity method investment income related to the write down of our equity method investment in Thrive during the three months ended December 31, 2023 with no corresponding loss recorded during the three months ended December 31, 2024. The Company has no remaining equity method investment in Thrive.
Noninterest Expense
Noninterest expense was $71.2 million for the three months ended December 31, 2024, compared to $70.1 million for the three months ended September 30, 2024, a increase of $1.1 million, or 1.6%. Changes within noninterest expenses items were nominal.
Noninterest expense was $71.2 million for the three months ended December 31, 2024, compared to $60.2 million for the three months ended December 31, 2023, an increase of $11.0 million, or 18.2%. The increase was primarily driven by a $6.8 million increase in salary and employee benefits, a $4.1 million increase in other expenses, a $1.2 million increase in data processing and software expenses, and a $951 thousand increase in marketing expenses. The increase was partially offset by a $2.1 million decrease in professional and regulatory fees.
Financial Condition
Total loans held for investment (“LHI”) was $8.90 billion at December 31, 2024, a decrease of $129.4 million, compared to September 30, 2024, and a decrease of $307.4 million, or 3.3%, compared to December 31, 2023.
Total deposits were $10.75 billion at December 31, 2024, an decrease of $283.4 million compared to September 30, 2024, and an increase of $414.4 million, or 4.0%, compared to December 31, 2023. The decrease from September 30, 2024 was primarily the result of a decrease of $667.1 million in certificates and other time deposits, a decrease of $452.4 million in noninterest-bearing deposits, and a decrease of $20.4 million in correspondent money market accounts. The decrease was partially offset by a increase of $856.4 million in interest-bearing transaction, money market, and savings deposits. The increase from December 31, 2023 was primarily the result of an increase in attractive deposits which consisted of $712.8 million in interest-bearing transaction, money market, and savings deposits. The increase was partially offset by a $232.9 million decrease in certificates and other time deposits, a $38.9 million decrease in correspondent money market accounts, and a $26.6 million decrease in non-interest bearing deposits.
Credit Quality
Nonperforming assets (“NPAs”) increased to $79.2 million, or 0.62% of total assets, at December 31, 2024, compared to $67.3 million, or 0.52% of total assets, at September 30, 2024. Net charge-offs compared to average loans outstanding were 21 bps for the year ended December 31, 2024, compared to 25 bps for year ended December 31, 2023.
ACL as a percentage of LHI was 1.18%, 1.21%, and 1.14% at December 31, 2024, September 30, 2024, and December 31, 2023, respectively. The Company recorded a provision for credit losses of $2.3 million for the three months ended December 31, 2024, compared to a provision for credit losses of $4.0 million and $9.5 million for the three months ended September 30, 2024 and December 31, 2023, respectively. The recorded provision for credit losses reported for the three months ended December 31, 2024, compared to the three months ended December 31, 2023 was primarily attributable to a decrease in the overall loans held for investment balances and changes in general reserves as a result of changes in economic factors. The Company recorded a benefit for unfunded commitments of $401 thousand and $1.5 million during the three months ended December 31, 2024, and December 31, 2023, respectively. There was no provision for unfunded commitments recorded during the three months ended in September 30, 2024. The decrease in the recorded benefit for unfunded commitments during the three months ended December 31, 2024, compared to the three months ended September 30, 2024, was primarily attributable to changes in the economic factors applied to unfunded commitment balances.
Dividend Information
On January 28, 2025, Veritex's Board of Directors declared a quarterly cash dividend of $0.20 per share on its outstanding shares of common stock. The dividend will be paid on February 28, 2025 to stockholders of record as of the close of business on February 14, 2025.
Non-GAAP Financial Measures
Veritex’s management uses certain non-GAAP (U.S. generally accepted accounting principles) financial measures to evaluate its operating performance and provide information that is important to investors. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Veritex’s reported results prepared in accordance with GAAP. Specifically, Veritex reviews and reports tangible book value per common share, operating earnings, tangible common equity to tangible assets, return on average tangible common equity, pre-tax, pre-provision operating earnings, pre-tax, pre-provision operating return on average assets, pre-tax, pre-provision operating return on average loans, diluted operating earnings per share, operating return on average assets, operating return on average tangible common equity and operating efficiency ratio. Veritex has included in this earnings release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Reconciliation of Non-GAAP Financial Measures” after the financial highlights at the end of this earnings release for a reconciliation of these non-GAAP financial measures.
Conference Call
The Company will host an investor conference call to review the results on Wednesday, January 29, 2025 at 8:30 a.m. Central Time. Participants may pre-register for the call by visiting https://edge.media-server.com/mmc/p/8uwctr48 and will receive a unique PIN, which can be used when dialing in for the call.
Participants may also register via teleconference at:
https://register.vevent.com/register/BIf4f4afb9195448ba90575ac59fb337bc. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial-in 15 minutes prior to the start time.
A replay will be available within approximately two hours after the completion of the call, and made accessible for one week. You may access the replay via webcast through the investor relations section of Veritex’s website.
About Veritex Holdings, Inc.
Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.
Media and Investor Relations:
investorrelations@veritexbank.com
Forward-Looking Statements
This earnings release includes “forward-looking statements”, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on various facts and derived utilizing assumptions, current expectations, estimates and projections and are subject to known and unknown risks, uncertainties and other factors, which change over time and are beyond our control, that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, without limitation, statements relating to the expected payment of Veritex’s quarterly cash dividend; the impact of certain changes in Veritex’s accounting policies, standards and interpretations; a continuation of recent turmoil in the banking industry, responsive measures to mitigate and manage it and related supervisory and regulatory actions and costs and Veritex’s future financial performance, business and growth strategy, projected plans and objectives, as well as other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “seeks,” “targets,” “outlooks,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Veritex’s Annual Report on Form 10-K for the year ended December 31, 2023 and any updates to those risk factors set forth in Veritex’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. If one or more events related to these or other risks or uncertainties materialize, or if Veritex’s underlying assumptions prove to be incorrect, actual results may differ materially from what Veritex anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. Veritex does not undertake any obligation, and specifically declines any obligation, to supplement, update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, expressed or implied, included in this earnings release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Veritex or persons acting on Veritex’s behalf may issue.
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)
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| | | For the Quarter Ended | | For the Year Ended |
| | Dec 31, 2024 | | Sep 30, 2024 | | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 | | Dec 31, 2024 | | Dec 31, 2023 |
| | (Dollars and shares in thousands, except per-share data) |
| Per Share Data (Common Stock): | | | | | | | | | | | | | | |
| Basic EPS | | $ | 0.46 | | | $ | 0.57 | | | $ | 0.50 | | | $ | 0.44 | | | $ | 0.06 | | | $ | 1.97 | | | $ | 2.00 | |
| Diluted EPS | | 0.45 | | | 0.56 | | | 0.50 | | | 0.44 | | | 0.06 | | | 1.95 | | | 1.98 | |
| Book value per common share | | 29.37 | | | 29.53 | | | 28.49 | | | 28.23 | | | 28.18 | | | 29.37 | | | 28.18 | |
Tangible book value per common share1 | | 21.61 | | | 21.72 | | | 20.62 | | | 20.33 | | | 20.21 | | | 21.61 | | | 20.21 | |
Dividends paid per common share outstanding2 | | 0.20 | | | 0.20 | | | 0.20 | | | 0.20 | | | 0.20 | | | 0.80 | | | 0.80 | |
| | | | | | | | | | | | | | |
| Common Stock Data: | | | | | | | | | | | | | | |
| Shares outstanding at period end | | 54,517 | | | 54,446 | | | 54,350 | | | 54,496 | | | 54,338 | | | 54,517 | | | 54,338 | |
| Weighted average basic shares outstanding for the period | | 54,489 | | | 54,409 | | | 54,457 | | | 54,444 | | | 54,327 | | | 54,450 | | | 54,256 | |
| Weighted average diluted shares outstanding for the period | | 55,237 | | | 54,932 | | | 54,823 | | | 54,842 | | | 54,691 | | | 54,958 | | | 54,596 | |
| | | | | | | | | | | | | | |
| Summary of Credit Ratios: | | | | | | | | | | | | | | |
| ACL to total LHI | | 1.18 | % | | 1.21 | % | | 1.16 | % | | 1.15 | % | | 1.14 | % | | 1.18 | % | | 1.14 | % |
| NPAs to total assets | | 0.62 | | | 0.52 | | | 0.65 | | | 0.82 | | | 0.77 | | | 0.62 | | | 0.77 | |
| | | | | | | | | | | | | | |
| NPAs to total loans and OREO | | 0.83 | | | 0.70 | | | 0.85 | | | 1.06 | | | 1.00 | | | 0.83 | | | 1.00 | |
Net charge-offs to average loans outstanding3 | | 0.32 | | | 0.01 | | | 0.28 | | | 0.22 | | | 0.40 | | | 0.21 | | | 0.25 | |
| | | | | | | | | | | | | | |
| Summary Performance Ratios: | | | | | | | | | | | | | | |
Return on average assets3 | | 0.78 | % | | 0.96 | % | | 0.87 | % | | 0.79 | % | | 0.11 | % | | 0.85 | % | | 0.88 | % |
Return on average equity3 | | 6.17 | | | 7.79 | | | 7.10 | | | 6.33 | | | 0.92 | | | 6.85 | | | 7.21 | |
Return on average tangible common equity1, 3 | | 9.04 | | | 11.33 | | | 10.54 | | | 9.52 | | | 2.00 | | | 10.10 | | | 10.91 | |
| Efficiency ratio | | 67.04 | | | 61.94 | | | 59.11 | | | 62.45 | | | 77.49 | | | 62.62 | | | 55.82 | |
| Net interest margin | | 3.20 | | | 3.30 | | | 3.29 | | | 3.24 | | | 3.31 | | | 3.26 | | | 3.49 | |
| | | | | | | | | | | | | | |
| Selected Performance Metrics - Operating: | | | | | | | | | | | | | | |
Diluted operating EPS1 | | $ | 0.54 | | | $ | 0.59 | | | $ | 0.52 | | | $ | 0.53 | | | $ | 0.58 | | | $ | 2.17 | | | $ | 2.60 | |
Pre-tax, pre-provision operating return on average assets1, 3 | | 1.28 | % | | 1.38 | % | | 1.42 | % | | 1.42 | % | | 1.54 | % | | 1.37 | % | | 1.81 | % |
Pre-tax, pre-provision operating return on average loans1, 3 | | 1.72 | | | 1.83 | | | 1.83 | | | 1.84 | | | 1.97 | | | 1.81 | | | 2.32 | |
Operating return on average assets1,3 | | 0.93 | | | 1.00 | | | 0.91 | | | 0.95 | | | 1.02 | | | 0.95 | | | 1.16 | |
Operating return on average tangible common equity1,3 | | 10.69 | | | 11.74 | | | 10.94 | | | 11.34 | | | 12.37 | | | 11.17 | | | 14.09 | |
Operating efficiency ratio1 | | 62.98 | | | 60.63 | | | 58.41 | | | 58.73 | | | 55.50 | | | 60.22 | | | 50.94 | |
| Risk weighted assets | | $ | 11,247,813 | | | $ | 11,290,800 | | | $ | 11,450,997 | | | $ | 11,407,446 | | | $ | 11,387,825 | | | $ | 11,247,813 | | | $ | 11,387,825 | |
| | | | | | | | | | | | | | |
| Veritex Holdings, Inc. Capital Ratios: | | | | | | | | | | | | | | |
| Average stockholders' equity to average total assets | | 12.58 | % | | 12.31 | % | | 12.26 | % | | 12.43 | % | | 12.27 | % | | 12.40 | % | | 12.22 | % |
Tangible common equity to tangible assets1 | | 9.54 | | | 9.37 | | | 9.14 | | | 9.02 | | | 9.18 | | | 9.54 | | | 9.18 | |
| Tier 1 capital to average assets (leverage) | | 10.32 | | | 10.06 | | | 10.06 | | | 10.12 | | | 10.03 | | | 10.32 | | | 10.03 | |
| Common equity tier 1 capital | | 11.09 | | | 10.86 | | | 10.49 | | | 10.37 | | | 10.29 | | | 11.09 | | | 10.29 | |
| Tier 1 capital to risk-weighted assets | | 11.36 | | | 11.13 | | | 10.75 | | | 10.63 | | | 10.56 | | | 11.36 | | | 10.56 | |
| Total capital to risk-weighted assets | | 13.96 | | | 13.91 | | | 13.45 | | | 13.33 | | | 13.18 | | | 13.96 | | | 13.18 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
1 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” after the financial highlights for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.
2 Dividend amount represents dividend paid per common share subsequent to each respective quarter end.
3 Annualized ratio for quarterly metrics.
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Dec 31, 2024 | | Sep 30, 2024 | | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 |
| | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | |
| ASSETS | | | | | | | | | | |
| Cash and due from banks | | $ | 52,486 | | | $ | 54,165 | | | $ | 53,462 | | | $ | 41,884 | | | $ | 58,914 | |
| Interest bearing deposits in other banks | | 802,714 | | | 1,046,625 | | | 598,375 | | | 698,885 | | | 570,149 | |
| Cash and cash equivalents | | $ | 855,200 | | | $ | 1,100,790 | | | $ | 651,837 | | | $ | 740,769 | | | $ | 629,063 | |
| Debt securities, net | | 1,478,538 | | | 1,423,610 | | | 1,349,354 | | | 1,344,930 | | | 1,257,042 | |
| Other investments | | 69,638 | | | 71,257 | | | 75,885 | | | 76,788 | | | 76,238 | |
| | | | | | | | | | |
| Loans held for sale ("LHFS") | | 89,309 | | | 48,496 | | | 57,046 | | | 64,762 | | | 79,072 | |
| LHI, mortgage warehouse ("MW") | | 605,411 | | | 630,650 | | | 568,047 | | | 449,531 | | | 377,796 | |
| LHI, excluding MW | | 8,899,133 | | | 9,028,575 | | | 9,209,094 | | | 9,249,551 | | | 9,206,544 | |
| Total loans | | 9,593,853 | | | 9,707,721 | | | 9,834,187 | | | 9,763,844 | | | 9,663,412 | |
| ACL | | (111,745) | | | (117,162) | | | (113,431) | | | (112,032) | | | (109,816) | |
| Bank-owned life insurance | | 85,324 | | | 84,776 | | | 84,233 | | | 85,359 | | | 84,833 | |
| Bank premises, furniture and equipment, net | | 113,480 | | | 114,202 | | | 105,222 | | | 105,299 | | | 105,727 | |
| Other real estate owned ("OREO") | | 24,737 | | | 9,034 | | | 24,256 | | | 18,445 | | | — | |
| Intangible assets, net of accumulated amortization | | 28,664 | | | 32,825 | | | 35,817 | | | 38,679 | | | 41,753 | |
| Goodwill | | 404,452 | | | 404,452 | | | 404,452 | | | 404,452 | | | 404,452 | |
| Other assets | | 226,200 | | | 211,471 | | | 232,518 | | | 241,863 | | | 241,633 | |
| Total assets | | $ | 12,768,341 | | | $ | 13,042,976 | | | $ | 12,684,330 | | | $ | 12,708,396 | | | $ | 12,394,337 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | |
| Deposits: | | | | | | | | | | |
| Noninterest-bearing deposits | | $ | 2,191,457 | | | $ | 2,643,894 | | | $ | 2,416,727 | | | $ | 2,349,211 | | | $ | 2,218,036 | |
| Interest-bearing transaction and savings deposits | | 5,061,157 | | | 4,204,708 | | | 3,979,454 | | | 4,220,114 | | | 4,348,385 | |
| Certificates and other time deposits | | 2,958,861 | | | 3,625,920 | | | 3,744,596 | | | 3,486,805 | | | 3,191,737 | |
| Correspondent money market deposits | | 541,117 | | | 561,489 | | | 584,067 | | | 597,690 | | | 580,037 | |
| Total deposits | | 10,752,592 | | | 11,036,011 | | | 10,724,844 | | | 10,653,820 | | | 10,338,195 | |
| Accounts payable and other liabilities | | 183,944 | | | 168,415 | | | 180,585 | | | 186,027 | | | 195,036 | |
| | | | | | | | | | |
| Advances from FHLB | | — | | | — | | | — | | | 100,000 | | | 100,000 | |
| Subordinated debentures and subordinated notes | | 230,736 | | | 230,536 | | | 230,285 | | | 230,034 | | | 229,783 | |
| Total liabilities | | 11,167,272 | | | 11,434,962 | | | 11,135,714 | | | 11,169,881 | | | 10,863,014 | |
| Commitments and contingencies | | | | | | | | | | |
| Stockholders’ equity: | | | | | | | | | | |
| | | | | | | | | | |
| Common stock | | 613 | | | 613 | | | 612 | | | 611 | | | 610 | |
| Additional paid-in capital | | 1,328,748 | | | 1,324,929 | | | 1,321,995 | | | 1,319,144 | | | 1,317,516 | |
| Retained earnings | | 507,903 | | | 493,921 | | | 473,801 | | | 457,499 | | | 444,242 | |
| | | | | | | | | | |
| Accumulated other comprehensive loss | | (65,076) | | | (40,330) | | | (76,713) | | | (71,157) | | | (63,463) | |
| Treasury stock | | (171,119) | | | (171,119) | | | (171,079) | | | (167,582) | | | (167,582) | |
| Total stockholders’ equity | | 1,601,069 | | | 1,608,014 | | | 1,548,616 | | | 1,538,515 | | | 1,531,323 | |
| Total liabilities and stockholders’ equity | | $ | 12,768,341 | | | $ | 13,042,976 | | | $ | 12,684,330 | | | $ | 12,708,396 | | | $ | 12,394,337 | |
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(in thousands, except per share data) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the Quarter Ended | | For the Year Ended |
| | Dec 31, 2024 | | Sep 30, 2024 | | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 | | Dec 31, 2024 | | Dec 31, 2023 |
| | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | |
| Interest income: | | | | | | | | | | | | | | |
| Loans, including fees | | $ | 154,998 | | | $ | 167,261 | | | $ | 166,979 | | | $ | 161,942 | | | $ | 165,443 | | | $ | 651,180 | | | $ | 648,245 | |
| Debt securities | | 16,893 | | | 15,830 | | | 15,408 | | | 13,695 | | | 12,282 | | | 61,826 | | | 44,364 | |
| Deposits in financial institutions and Fed Funds sold | | 11,888 | | | 12,571 | | | 7,722 | | | 8,050 | | | 8,162 | | | 40,231 | | | 28,331 | |
| Equity securities and other investments | | 940 | | | 1,001 | | | 1,138 | | | 900 | | | 1,717 | | | 3,979 | | | 5,934 | |
| Total interest income | | 184,719 | | | 196,663 | | | 191,247 | | | 184,587 | | | 187,604 | | | 757,216 | | | 726,874 | |
| Interest expense: | | | | | | | | | | | | | | |
| Transaction and savings deposits | | 44,841 | | | 47,208 | | | 45,619 | | | 46,784 | | | 46,225 | | | 184,452 | | | 148,975 | |
| Certificates and other time deposits | | 40,279 | | | 46,230 | | | 44,811 | | | 40,492 | | | 40,165 | | | 171,812 | | | 125,409 | |
| Advances from FHLB | | 130 | | | 47 | | | 1,468 | | | 1,391 | | | 2,581 | | | 3,036 | | | 41,024 | |
| Subordinated debentures and subordinated notes | | 3,328 | | | 3,116 | | | 3,113 | | | 3,114 | | | 3,100 | | | 12,671 | | | 12,352 | |
| Total interest expense | | 88,578 | | | 96,601 | | | 95,011 | | | 91,781 | | | 92,071 | | | 371,971 | | | 327,760 | |
| Net interest income | | 96,141 | | | 100,062 | | | 96,236 | | | 92,806 | | | 95,533 | | | 385,245 | | | 399,114 | |
| Provision for credit losses | | 2,300 | | | 4,000 | | | 8,250 | | | 7,500 | | | 9,500 | | | 22,050 | | | 42,512 | |
| (Benefit) provision for unfunded commitments | | (401) | | | — | | | — | | | (1,541) | | | (1,500) | | | (1,942) | | | (2,041) | |
| Net interest income after provisions | | 94,242 | | | 96,062 | | | 87,986 | | | 86,847 | | | 87,533 | | | 365,137 | | | 358,643 | |
| Noninterest income: | | | | | | | | | | | | | | |
| Service charges and fees on deposit accounts | | 5,612 | | | 5,442 | | | 4,974 | | | 4,896 | | | 4,800 | | | 20,924 | | | 20,248 | |
| Loan fees | | 2,265 | | | 3,278 | | | 2,207 | | | 2,510 | | | 1,200 | | | 10,260 | | | 6,348 | |
| Loss on sales of debt securities | | (4,397) | | | — | | | — | | | (6,304) | | | — | | | (10,701) | | | (5,321) | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Government guaranteed loan income, net | | 5,368 | | | 780 | | | 1,320 | | | 2,614 | | | 4,378 | | | 10,082 | | | 19,982 | |
| Equity method investment (loss) income | | — | | | — | | | — | | | — | | | (29,417) | | | — | | | (30,589) | |
| Customer swap income | | 509 | | | 271 | | | 326 | | | 449 | | | 258 | | | 1,555 | | | 1,633 | |
| Other income | | 699 | | | 3,335 | | | 1,751 | | | 2,497 | | | 989 | | | 8,282 | | | 6,804 | |
| Total noninterest income (loss) | | 10,056 | | | 13,106 | | | 10,578 | | | 6,662 | | | (17,792) | | | 40,402 | | | 19,105 | |
| Noninterest expense: | | | | | | | | | | | | | | |
| Salaries and employee benefits | | 37,446 | | | 37,370 | | | 32,790 | | | 33,365 | | | 30,606 | | | 140,971 | | | 122,070 | |
| Occupancy and equipment | | 4,633 | | | 4,789 | | | 4,585 | | | 4,677 | | | 4,670 | | | 18,684 | | | 19,351 | |
| Professional and regulatory fees | | 5,564 | | | 4,903 | | | 5,617 | | | 6,053 | | | 7,626 | | | 22,137 | | | 26,166 | |
| Data processing and software expense | | 5,741 | | | 5,268 | | | 5,097 | | | 4,856 | | | 4,569 | | | 20,962 | | | 18,539 | |
| Marketing | | 2,896 | | | 2,781 | | | 1,976 | | | 1,546 | | | 1,945 | | | 9,199 | | | 8,704 | |
| Amortization of intangibles | | 2,437 | | | 2,438 | | | 2,438 | | | 2,438 | | | 2,438 | | | 9,751 | | | 9,838 | |
| | | | | | | | | | | | | | |
| Telephone and communications | | 323 | | | 335 | | | 365 | | | 261 | | | 356 | | | 1,284 | | | 1,551 | |
| | | | | | | | | | | | | | |
| Other | | 12,154 | | | 12,216 | | | 10,273 | | | 8,920 | | | 8,028 | | | 43,563 | | | 27,245 | |
| Total noninterest expense | | 71,194 | | | 70,100 | | | 63,141 | | | 62,116 | | | 60,238 | | | 266,551 | | | 233,464 | |
| Income before income tax expense | | 33,104 | | | 39,068 | | | 35,423 | | | 31,393 | | | 9,503 | | | 138,988 | | | 144,284 | |
| Income tax expense | | 8,222 | | | 8,067 | | | 8,221 | | | 7,237 | | | 6,004 | | | 31,747 | | | 36,023 | |
| Net income | | $ | 24,882 | | | $ | 31,001 | | | $ | 27,202 | | | $ | 24,156 | | | $ | 3,499 | | | $ | 107,241 | | | $ | 108,261 | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| Basic EPS | | $ | 0.46 | | | $ | 0.57 | | | $ | 0.50 | | | $ | 0.44 | | | $ | 0.06 | | | $ | 1.97 | | | $ | 2.00 | |
| Diluted EPS | | $ | 0.45 | | | $ | 0.56 | | | $ | 0.50 | | | $ | 0.44 | | | $ | 0.06 | | | $ | 1.95 | | | $ | 1.98 | |
| Weighted average basic shares outstanding | | 54,489 | | | 54,409 | | | 54,457 | | | 54,444 | | | 54,327 | | | 54,450 | | | 54,256 | |
| Weighted average diluted shares outstanding | | 55,237 | | | 54,932 | | | 54,823 | | | 54,842 | | | 54,691 | | | 54,958 | | | 54,596 | |
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited) | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the Quarter Ended |
| | | December 31, 2024 | | September 30, 2024 | | December 31, 2023 |
| | Average
Outstanding
Balance | | Interest
Earned/
Interest
Paid | | Average
Yield/
Rate | | Average
Outstanding
Balance | | Interest
Earned/
Interest
Paid | | Average
Yield/
Rate | | Average
Outstanding
Balance | | Interest
Earned/
Interest
Paid | | Average
Yield/
Rate |
| | (Dollars in thousands) |
| Assets | | | | | | | | | | | | | | | | | | |
| Interest-earning assets: | | | | | | | | | | | | | | | | | | |
Loans1 | | $ | 8,957,193 | | | $ | 147,782 | | | 6.56 | % | | $ | 9,184,182 | | | $ | 159,163 | | | 6.89 | % | | $ | 9,280,439 | | | $ | 161,021 | | | 6.88 | % |
| LHI, MW | | 492,372 | | | 7,216 | | | 5.83 | | | 477,592 | | | 8,098 | | | 6.75 | | | 301,345 | | | 4,422 | | | 5.82 | |
| Debt securities | | 1,458,057 | | | 16,893 | | | 4.61 | | | 1,384,835 | | | 15,830 | | | 4.55 | | | 1,188,776 | | | 12,282 | | | 4.10 | |
| Interest-earning deposits in other banks | | 971,451 | | | 11,888 | | | 4.87 | | | 924,685 | | | 12,571 | | | 5.41 | | | 587,929 | | | 8,162 | | | 5.51 | |
| Equity securities and other investments | | 72,223 | | | 940 | | | 5.18 | | | 75,884 | | | 1,001 | | | 5.25 | | | 82,271 | | | 1,717 | | | 8.28 | |
| Total interest-earning assets | | 11,951,296 | | | 184,719 | | | 6.15 | | | 12,047,178 | | | 196,663 | | | 6.49 | | | 11,440,760 | | | 187,604 | | | 6.51 | |
| ACL | | (117,293) | | | | | | | (115,510) | | | | | | | (111,937) | | | | | |
| Noninterest-earning assets | | 916,969 | | | | | | | 930,250 | | | | | | | 977,811 | | | | | |
| Total assets | | $ | 12,750,972 | | | | | | | $ | 12,861,918 | | | | | | | $ | 12,306,634 | | | | | |
| | | | | | | | | | | | | | | | | | |
| Liabilities and Stockholders’ Equity | | | | | | | | | | | | | | | | | | |
| Interest-bearing liabilities: | | | | | | | | | | | | | | | | | | |
| Interest-bearing demand and savings deposits | | $ | 5,001,159 | | | $ | 44,841 | | | 3.57 | % | | $ | 4,700,196 | | | $ | 47,208 | | | 4.00 | % | | $ | 4,547,911 | | | $ | 46,225 | | | 4.03 | % |
| Certificates and other time deposits | | 3,319,628 | | | 40,279 | | | 4.83 | | | 3,678,718 | | | 46,230 | | | 5.00 | | | 3,285,164 | | | 40,165 | | | 4.85 | |
| Advances from FHLB and Other | | 10,598 | | | 130 | | | 4.88 | | | 3,261 | | | 47 | | | 5.73 | | | 182,935 | | | 2,581 | | | 5.60 | |
| Subordinated debentures and subordinated notes | | 230,633 | | | 3,328 | | | 5.74 | | | 230,393 | | | 3,116 | | | 5.38 | | | 229,648 | | | 3,100 | | | 5.36 | |
| Total interest-bearing liabilities | | 8,562,018 | | | 88,578 | | | 4.12 | | | 8,612,568 | | | 96,601 | | | 4.46 | | | 8,245,658 | | | 92,071 | | | 4.43 | |
| | | | | | | | | | | | | | | | | | |
| Noninterest-bearing liabilities: | | | | | | | | | | | | | | | | | | |
| Noninterest-bearing deposits | | 2,400,809 | | | | | | | 2,486,676 | | | | | | | 2,322,555 | | | | | |
| Other liabilities | | 183,810 | | | | | | | 179,273 | | | | | | | 228,135 | | | | | |
| Total liabilities | | 11,146,637 | | | | | | | 11,278,517 | | | | | | | 10,796,348 | | | | | |
| Stockholders’ equity | | 1,604,335 | | | | | | | 1,583,401 | | | | | | | 1,510,286 | | | | | |
| Total liabilities and stockholders’ equity | | $ | 12,750,972 | | | | | | | $ | 12,861,918 | | | | | | | $ | 12,306,634 | | | | | |
| | | | | | | | | | | | | | | | | | |
Net interest rate spread2 | | | | | | 2.03 | % | | | | | | 2.03 | % | | | | | | 2.08 | % |
Net interest income and margin3 | | | | $ | 96,141 | | | 3.20 | % | | | | $ | 100,062 | | | 3.30 | % | | | | $ | 95,533 | | | 3.31 | % |
1 Includes average outstanding balances of LHFS of $46.4 million, $54.3 million and $31.2 million for the three months ended December 31, 2024, September 30, 2024 and December 31, 2023, respectively, and average balances of LHI, excluding MW.
2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
3 Net interest margin is equal to net interest income divided by average interest-earning assets.
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the Year Ended December 31, |
| | | 2024 | | 2023 |
| | Average
Outstanding
Balance | | Interest
Earned/
Interest
Paid | | Average
Yield/
Rate | | Average
Outstanding
Balance | | Interest
Earned/
Interest
Paid | | Average
Yield/
Rate |
| | (Dollars in thousands) |
| Assets | | | | | | | | | | | | |
| Interest-earning assets: | | | | | | | | | | | | |
Loans1 | | $ | 9,191,753 | | | $ | 624,853 | | | 6.80 | % | | $ | 9,244,070 | | | $ | 628,122 | | | 6.79 | % |
| LHI, MW | | 417,985 | | | 26,327 | | | 6.30 | | | 347,596 | | | 20,123 | | | 5.79 | |
| | | | | | | | | | | | |
| Debt securities | | 1,372,812 | | | 61,826 | | | 4.50 | | | 1,173,880 | | | 44,364 | | | 3.78 | |
| Interest-earning deposits in other banks | | 762,569 | | | 40,231 | | | 5.28 | | | 542,959 | | | 28,331 | | | 5.22 | |
| Equity securities and other investments | | 75,825 | | | 3,979 | | | 5.25 | | | 120,135 | | | 5,934 | | | 4.94 | |
| Total interest-earning assets | | 11,820,944 | | | 757,216 | | | 6.41 | | | 11,428,640 | | | 726,874 | | | 6.36 | |
| ACL | | (115,259) | | | | | | | (103,179) | | | | | |
| Noninterest-earning assets | | 927,178 | | | | | | | 957,286 | | | | | |
| Total assets | | $ | 12,632,863 | | | | | | | $ | 12,282,747 | | | | | |
| | | | | | | | | | | | |
| Liabilities and Stockholders’ Equity | | | | | | | | | | | | |
| Interest-bearing liabilities: | | | | | | | | | | | | |
| Interest-bearing demand and savings deposits | | $ | 4,728,453 | | | $ | 184,452 | | | 3.90 | | | $ | 4,197,517 | | | $ | 148,975 | | | 3.55 | |
| Certificates and other time deposits | | 3,468,448 | | | 171,812 | | | 4.95 | | | 2,977,178 | | | 125,409 | | | 4.21 | |
| Advances from FHLB and Other | | 55,109 | | | 3,036 | | | 5.51 | | | 873,617 | | | 41,024 | | | 4.70 | |
| Subordinated debentures and subordinated notes | | 230,264 | | | 12,671 | | | 5.50 | | | 229,268 | | | 12,352 | | | 5.39 | |
| Total interest-bearing liabilities | | 8,482,274 | | | 371,971 | | | 4.39 | | | 8,277,580 | | | 327,760 | | | 3.96 | |
| | | | | | | | | | | | |
| Noninterest-bearing liabilities: | | | | | | | | | | | | |
| Noninterest-bearing deposits | | 2,397,681 | | | | | | | 2,309,983 | | | | | |
| Other liabilities | | 186,951 | | | | | | | 193,659 | | | | | |
| Total liabilities | | 11,066,906 | | | | | | | 10,781,222 | | | | | |
| Stockholders’ equity | | 1,565,957 | | | | | | | 1,501,525 | | | | | |
| Total liabilities and stockholders’ equity | | $ | 12,632,863 | | | | | | | $ | 12,282,747 | | | | | |
| | | | | | | | | | | | |
Net interest rate spread2 | | | | | | 2.02 | % | | | | | | 2.40 | % |
Net interest income and margin3 | | | | $ | 385,245 | | | 3.26 | % | | | | $ | 399,114 | | | 3.49 | % |
1Includes average outstanding balances of LHFS of $53.3 million and $25.7 million for the twelve months ended December 31, 2024 and 2023, respectively, and average balances of LHI, excluding MW.
2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
3 Net interest margin is equal to net interest income divided by average interest-earning assets.
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)
Yield Trend | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the Quarter Ended |
| | Dec 31,
2024 | | Sep 30,
2024 | | Jun 30,
2024 | | Mar 31,
2024 | | Dec 31,
2023 |
| Average yield on interest-earning assets: | | | | | | | | | | |
Loans1 | | 6.56 | % | | 6.89 | % | | 6.90 | % | | 6.83 | % | | 6.88 | % |
| LHI, MW | | 5.83 | | | 6.75 | | | 6.36 | | | 6.27 | | | 5.82 | |
| Total loans | | 6.53 | | | 6.89 | | | 6.88 | | | 6.81 | | | 6.85 | |
| Debt securities | | 4.61 | | | 4.55 | | | 4.58 | | | 4.25 | | | 4.10 | |
| Interest-bearing deposits in other banks | | 4.87 | | | 5.41 | | | 5.54 | | | 5.54 | | | 5.51 | |
| Equity securities and other investments | | 5.18 | | | 5.25 | | | 5.80 | | | 4.75 | | | 8.28 | |
| Total interest-earning assets | | 6.15 | % | | 6.49 | % | | 6.54 | % | | 6.44 | % | | 6.51 | % |
| | | | | | | | | | |
| Average rate on interest-bearing liabilities: | | | | | | | | | | |
| Interest-bearing demand and savings deposits | | 3.57 | % | | 4.00 | % | | 4.01 | % | | 4.06 | % | | 4.03 | % |
| Certificates and other time deposits | | 4.83 | | | 5.00 | | | 5.02 | | | 4.96 | | | 4.85 | |
| Advances from FHLB | | 4.88 | | | 5.73 | | | 5.54 | | | 5.54 | | | 5.60 | |
| Subordinated debentures and subordinated notes | | 5.74 | | | 5.38 | | | 5.44 | | | 5.45 | | | 5.36 | |
| Total interest-bearing liabilities | | 4.12 | % | | 4.46 | % | | 4.50 | % | | 4.47 | % | | 4.43 | % |
| | | | | | | | | | |
Net interest rate spread2 | | 2.03 | % | | 2.03 | % | | 2.04 | % | | 1.97 | % | | 2.08 | % |
Net interest margin3 | | 3.20 | % | | 3.30 | % | | 3.29 | % | | 3.24 | % | | 3.31 | % |
1 Includes average outstanding balances of LHFS of $46.4 million, $54.3 million, $58.5 million, $53.9 million and $31.2 million for the three months ended December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively, and average balances of LHI, excluding MW.
2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
3 Net interest margin is equal to net interest income divided by average interest-earning assets.
Supplemental Yield Trend | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the Quarter Ended | | For the Year Ended |
| | Dec 31,
2024 | | Sep 30,
2024 | | Jun 30,
2024 | | Mar 31,
2024 | | Dec 31,
2023 | | Dec 31,
2024 | | Dec 31,
2023 |
| Average cost of interest-bearing deposits | | 4.07 | % | | 4.44 | % | | 4.46 | % | | 4.43 | % | | 4.38 | % | | 4.35 | % | | 3.82 | % |
| Average costs of total deposits, including noninterest-bearing | | 3.16 | | | 3.42 | | | 3.46 | | | 3.42 | | | 3.37 | | | 3.36 | | | 2.89 | |
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)
LHI and Deposit Portfolio Composition
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Dec 31, 2024 | | Sep 30, 2024 | | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 |
| | (In thousands, except percentages) |
LHI1 | | | | | | | | | | | | | | | | | | | | |
| Commercial and Industrial ("C&I") | | $ | 2,693,538 | | | 30.2 | % | | $ | 2,728,544 | | | 30.2 | % | | $ | 2,798,260 | | | 30.4 | % | | $ | 2,785,987 | | | 30.1 | % | | $ | 2,752,063 | | | 29.9 | % |
| Real Estate: | | | | | | | | | | | | | | | | | | | | |
| Owner occupied commercial ("OOCRE") | | 780,003 | | | 8.8 | | | 807,223 | | | 8.9 | | | 806,285 | | | 8.7 | | | 788,376 | | | 8.5 | | | 794,088 | | | 8.6 | |
| Non-owner occupied commercial ("NOOCRE") | | 2,382,499 | | | 26.7 | | | 2,338,094 | | | 25.9 | | | 2,369,848 | | | 25.7 | | | 2,352,993 | | | 25.5 | | | 2,350,725 | | | 25.5 | |
| Construction and land | | 1,303,711 | | | 14.7 | | | 1,436,540 | | | 15.8 | | | 1,536,580 | | | 16.7 | | | 1,568,257 | | | 16.9 | | | 1,734,254 | | | 18.8 | |
| Farmland | | 31,690 | | | 0.4 | | | 32,254 | | | 0.4 | | | 30,512 | | | 0.3 | | | 30,979 | | | 0.3 | | | 31,114 | | | 0.3 | |
| 1-4 family residential | | 957,341 | | | 10.7 | | | 944,755 | | | 10.5 | | | 917,402 | | | 10.0 | | | 969,401 | | | 10.5 | | | 937,119 | | | 10.2 | |
| Multi-family residential | | 750,218 | | | 8.4 | | | 738,090 | | | 8.2 | | | 748,740 | | | 8.1 | | | 751,607 | | | 8.1 | | | 605,817 | | | 6.6 | |
| Consumer | | 9,115 | | | 0.1 | | | 11,292 | | | 0.1 | | | 9,245 | | | 0.1 | | | 8,882 | | | 0.1 | | | 10,149 | | | 0.1 | |
Total LHI1 | | $ | 8,908,115 | | | 100 | % | | $ | 9,036,792 | | | 100 | % | | $ | 9,216,872 | | | 100 | % | | $ | 9,256,482 | | | 100 | % | | $ | 9,215,329 | | | 100 | % |
| | | | | | | | | | | | | | | | | | | | |
| MW | | 605,411 | | | | | 630,650 | | | | | 568,047 | | | | | 449,531 | | | | | 377,796 | | | |
| | | | | | | | | | | | | | | | | | | | |
Total LHI1 | | $ | 9,513,526 | | | | | $ | 9,667,442 | | | | | $ | 9,784,919 | | | | | $ | 9,706,013 | | | | | $ | 9,593,125 | | | |
| | | | | | | | | | | | | | | | | | | | |
| Total LHFS | | 89,309 | | | | | 48,496 | | | | | 57,046 | | | | | 64,762 | | | | | 79,072 | | | |
| | | | | | | | | | | | | | | | | | | | |
| Total loans | | $ | 9,602,835 | | | | | $ | 9,715,938 | | | | | $ | 9,841,965 | | | | | $ | 9,770,775 | | | | | $ | 9,672,197 | | | |
| | | | | | | | | | | | | | | | | | | | |
| Deposits | | | | | | | | | | | | | | | | | | | | |
| Noninterest-bearing | | $ | 2,191,457 | | | 20.4 | % | | $ | 2,643,894 | | | 24.0 | % | | $ | 2,416,727 | | | 22.5 | % | | $ | 2,349,211 | | | 22.1 | % | | $ | 2,218,036 | | | 21.5 | % |
| Interest-bearing transaction | | 839,005 | | | 7.8 | | | 421,059 | | | 3.8 | | | 523,272 | | | 4.9 | | | 724,171 | | | 6.8 | | | 927,193 | | | 8.9 | |
| Money market | | 3,772,964 | | | 35.1 | | | 3,462,709 | | | 31.4 | | | 3,268,286 | | | 30.5 | | | 3,326,742 | | | 31.2 | | | 3,284,324 | | | 31.8 | |
| Savings | | 449,188 | | | 4.2 | | | 320,940 | | | 2.9 | | | 187,896 | | | 1.8 | | | 169,201 | | | 1.6 | | | 136,868 | | | 1.3 | |
| Certificates and other time deposits | | 2,958,861 | | | 27.5 | | | 3,625,920 | | | 32.8 | | | 3,744,596 | | | 34.9 | | | 3,486,805 | | | 32.7 | | | 3,191,737 | | | 30.9 | |
| Correspondent money market account | | 541,117 | | | 5.0 | | | 561,489 | | | 5.1 | | | 584,067 | | | 5.4 | | | 597,690 | | | 5.6 | | | 580,037 | | | 5.6 | |
| Total deposits | | $ | 10,752,592 | | | 100 | % | | $ | 11,036,011 | | | 100 | % | | $ | 10,724,844 | | | 100 | % | | $ | 10,653,820 | | | 100 | % | | $ | 10,338,195 | | | 100 | % |
| | | | | | | | | | | | | | | | | | | | |
| Total loans to total deposits ratio | | 89.3 | % | | | | 88.0 | % | | | | 91.8 | % | | | | 91.7 | % | | | | 93.6 | % | | |
| | | | | | | | | | | | | | | | | | | | |
| Total loans to Deposit Ratio, excluding MW loans and LHFS | | 82.8 | % | | | | 81.9 | % | | | | 85.9 | % | | | | 86.9 | % | | | | 89.1 | % | | |
1 Total LHI does not include deferred costs of $9.0 million, $8.2 million, $7.8 million, $6.9 million and $8.8 million at December 31, 2024, September 30, 2024, June 30, 2024, March 31, 2024 and December 31, 2023, respectively.
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)
Asset Quality | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Quarter Ended | | For the Year Ended |
| Dec 31,
2024 | | Sep 30,
2024 | | Jun 30,
2024 | | Mar 31,
2024 | | Dec 31,
2023 | | Dec 31,
2024 | | Dec 31,
2023 |
| (In thousands, except percentages) |
| NPAs: | | | | | | | | | | | | | |
| Nonaccrual loans | $ | 52,521 | | | $ | 55,335 | | | $ | 58,537 | | | $ | 75,721 | | | $ | 79,133 | | | $ | 52,521 | | | $ | 79,133 | |
Nonaccrual PCD loans1 | — | | | 70 | | | 73 | | | 9,419 | | | 13,715 | | | — | | | 13,715 | |
Accruing loans 90 or more days past due2 | 1,914 | | | 2,860 | | | 143 | | | 220 | | | 2,975 | | | 1,914 | | | 2,975 | |
| Total nonperforming loans held for investment ("NPLs") | 54,435 | | | 58,265 | | | 58,753 | | | 85,360 | | | 95,823 | | | 54,435 | | | 95,823 | |
| Other real estate owned ("OREO") | 24,737 | | | 9,034 | | | 24,256 | | | 18,445 | | | — | | | 24,737 | | | — | |
| Total NPAs | $ | 79,172 | | | $ | 67,299 | | | $ | 83,009 | | | $ | 103,805 | | | $ | 95,823 | | | $ | 79,172 | | | $ | 95,823 | |
| | | | | | | | | | | | | |
| Charge-offs: | | | | | | | | | | | | | |
| 1-4 family residential | $ | — | | | $ | — | | | $ | (31) | | | $ | — | | | $ | (21) | | | $ | (31) | | | $ | (21) | |
| Multifamily | — | | | — | | | (198) | | | — | | | (192) | | | (198) | | | (192) | |
| OOCRE | — | | | — | | | — | | | (120) | | | (364) | | | (120) | | | (855) | |
| NOOCRE | (5,113) | | | — | | | (1,969) | | | (4,293) | | | (5,434) | | | (11,375) | | | (13,649) | |
| C&I | (4,586) | | | (2,259) | | | (5,601) | | | (946) | | | (3,893) | | | (13,392) | | | (10,413) | |
| Consumer | (420) | | | (54) | | | (30) | | | (71) | | | (33) | | | (575) | | | (236) | |
| Total charge-offs | $ | (10,119) | | | $ | (2,313) | | | $ | (7,829) | | | $ | (5,430) | | | $ | (9,937) | | | $ | (25,691) | | | $ | (25,366) | |
| | | | | | | | | | | | | |
| Recoveries: | | | | | | | | | | | | | |
| 1-4 family residential | $ | 2 | | | $ | 3 | | | $ | — | | | $ | 1 | | | $ | 1 | | | $ | 6 | | | $ | 3 | |
| | | | | | | | | | | | | |
| OOCRE | — | | | — | | | 120 | | | — | | | — | | | 120 | | | — | |
| NOOCRE | 1,323 | | | — | | | — | | | — | | | — | | | 1,323 | | | 350 | |
| C&I | 1,047 | | | 1,962 | | | 361 | | | 96 | | | 387 | | | 3,466 | | | 1,165 | |
| MW | | | 46 | | | — | | | — | | | — | | | 46 | | | — | |
| Consumer | 30 | | | 33 | | | 497 | | | 49 | | | 34 | | | 609 | | | 100 | |
| Total recoveries | $ | 2,402 | | | $ | 2,044 | | | $ | 978 | | | $ | 146 | | | $ | 422 | | | $ | 5,570 | | | $ | 1,618 | |
| | | | | | | | | | | | | |
| Net charge-offs | $ | (7,717) | | | $ | (269) | | | $ | (6,851) | | | $ | (5,284) | | | $ | (9,515) | | | $ | (20,121) | | | $ | (23,748) | |
| | | | | | | | | | | | | |
| Provision for credit losses | $ | 2,300 | | | $ | 4,000 | | | $ | 8,250 | | | $ | 7,500 | | | $ | 9,500 | | | $ | 22,050 | | | $ | 42,512 | |
| | | | | | | | | | | | | |
| ACL | $ | 111,745 | | | $ | 117,162 | | | $ | 113,431 | | | $ | 112,032 | | | $ | 109,816 | | | $ | 111,745 | | | $ | 109,816 | |
| | | | | | | | | | | | | |
| Asset Quality Ratios: | | | | | | | | | | | | | |
| NPAs to total assets | 0.62 | % | | 0.52 | % | | 0.65 | % | | 0.82 | % | | 0.77 | % | | 0.62 | % | | 0.77 | % |
| NPAs, excluding nonaccrual PCD loans, to total assets | 0.62 | | | 0.52 | | | 0.65 | | | 0.74 | | | 0.66 | | | 0.62 | | | 0.66 | |
| NPAs to total loans and OREO | 0.83 | | | 0.70 | | | 0.85 | | | 1.06 | | | 1.00 | | | 0.83 | | | 1.00 | |
| NPLs to total LHI | 0.57 | | | 0.60 | | | 0.60 | | | 0.88 | | | 1.00 | | | 0.57 | | | 1.00 | |
| NPLs, excluding nonaccrual PCD loans, to total LHI | 0.57 | | | 0.60 | | | 0.60 | | | 0.78 | | | 0.86 | | | 0.57 | | | 0.86 | |
| ACL to total LHI | 1.18 | | | 1.21 | | | 1.16 | | | 1.15 | | | 1.14 | | | 1.18 | | | 1.14 | |
| ACL to total loans, excluding MW and LHFS | 1.25 | | | 1.30 | | | 1.23 | | | 1.21 | | | 1.19 | | | 1.25 | | | 1.19 | |
Net charge-offs to average loans outstanding3 | 0.32 | | | 0.01 | | | 0.28 | | | 0.22 | | | 0.40 | | | 0.21 | | | 0.25 | |
1 Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 Financial Instruments - Credit Losses and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.
2 Accruing loans greater than 90 days past due exclude PCD loans greater than 90 days past due that are accounted for on a pooled basis.
3Annualized ratio for quarterly metrics.
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP, in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios calculated using exclusively either one or both of (i) financial measures calculated in accordance with GAAP and (ii) operating measures or other measures that are not non-GAAP financial measures.
The non-GAAP financial measures that we present in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we present in this earnings release may differ from that of other companies reporting measures with similar names. You should understand how such other financial institutions calculate their financial measures that appear to be similar or have similar names to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.
Tangible Book Value Per Common Share. Tangible book value per common share is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by number of common shares outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is book value per common share.
We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.
The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | As of |
| | Dec 31, 2024 | | Sep 30, 2024 | | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 |
| | (Dollars in thousands, except per share data) |
| Tangible Common Equity | | | | | | | | | | |
| Total stockholders' equity | | $ | 1,601,069 | | | $ | 1,608,014 | | | $ | 1,548,616 | | | $ | 1,538,515 | | | $ | 1,531,323 | |
| Adjustments: | | | | | | | | | | |
| Goodwill | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | |
| Core deposit intangibles | | (18,744) | | | (21,182) | | | (23,619) | | | (26,057) | | | (28,495) | |
| Tangible common equity | | $ | 1,177,873 | | | $ | 1,182,380 | | | $ | 1,120,545 | | | $ | 1,108,006 | | | $ | 1,098,376 | |
| Common shares outstanding | | 54,517 | | | 54,446 | | | 54,350 | | | 54,496 | | | 54,338 | |
| | | | | | | | | | |
| Book value per common share | | $ | 29.37 | | | $ | 29.53 | | | $ | 28.49 | | | $ | 28.23 | | | $ | 28.18 | |
| Tangible book value per common share | | $ | 21.61 | | | $ | 21.72 | | | $ | 20.62 | | | $ | 20.33 | | | $ | 20.21 | |
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.
We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.
The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | As of |
| | Dec 31, 2024 | | Sep 30, 2024 | | Jun 30, 2024 | | Mar 31, 2024 | | Dec 31, 2023 |
| | (Dollars in thousands) |
| Tangible Common Equity | | | | | | | | | | |
| Total stockholders' equity | | $ | 1,601,069 | | | $ | 1,608,014 | | | $ | 1,548,616 | | | $ | 1,538,515 | | | $ | 1,531,323 | |
| Adjustments: | | | | | | | | | | |
| Goodwill | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | |
| Core deposit intangibles | | (18,744) | | | (21,182) | | | (23,619) | | | (26,057) | | | (28,495) | |
| Tangible common equity | | $ | 1,177,873 | | | $ | 1,182,380 | | | $ | 1,120,545 | | | $ | 1,108,006 | | | $ | 1,098,376 | |
| Tangible Assets | | | | | | | | | | |
| Total assets | | $ | 12,768,341 | | | $ | 13,042,976 | | | $ | 12,684,330 | | | $ | 12,708,396 | | | $ | 12,394,337 | |
| Adjustments: | | | | | | | | | | |
| Goodwill | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | |
| Core deposit intangibles | | (18,744) | | | (21,182) | | | (23,619) | | | (26,057) | | | (28,495) | |
| Tangible Assets | | $ | 12,345,145 | | | $ | 12,617,342 | | | $ | 12,256,259 | | | $ | 12,277,887 | | | $ | 11,961,390 | |
| Tangible Common Equity to Tangible Assets | | 9.54 | % | | 9.37 | % | | 9.14 | % | | 9.02 | % | | 9.18 | % |
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.
We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.
The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the Quarter Ended | | For the Year Ended |
| | Dec 31,
2024 | | Sep 30,
2024 | | Jun 30,
2024 | | Mar 31,
2024 | | Dec 31,
2023 | | Dec 31,
2024 | | Dec 31,
2023 |
| | (Dollars in thousands) |
| Net income available for common stockholders adjusted for amortization of core deposit intangibles | | | | | | | | | | | | | | |
| Net income | | $ | 24,882 | | | $ | 31,001 | | | $ | 27,202 | | | $ | 24,156 | | | $ | 3,499 | | | $ | 107,241 | | | $ | 108,261 | |
| Adjustments: | | | | | | | | | | | | | | |
| Plus: Amortization of core deposit intangibles | | 2,437 | | | 2,438 | | | 2,438 | | | 2,438 | | | 2,438 | | | 9,751 | | | 9,752 | |
| Less: Tax benefit at the statutory rate | | 512 | | | 512 | | | 512 | | | 512 | | | 512 | | | 2,048 | | | 2,048 | |
| Net income available for common stockholders adjusted for amortization of core deposit intangibles | | $ | 26,807 | | | $ | 32,927 | | | $ | 29,128 | | | $ | 26,082 | | | $ | 5,425 | | | $ | 114,944 | | | $ | 115,965 | |
| | | | | | | | | | | | | | |
| Average Tangible Common Equity | | | | | | | | | | | | | | |
| Total average stockholders' equity | | $ | 1,604,335 | | | $ | 1,583,401 | | | $ | 1,541,609 | | | $ | 1,533,868 | | | $ | 1,510,286 | | | $ | 1,565,957 | | | $ | 1,501,525 | |
| Adjustments: | | | | | | | | | | | | | | |
| Average goodwill | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | |
| Average core deposit intangibles | | (20,342) | | | (22,789) | | | (25,218) | | | (27,656) | | | (30,093) | | | (23,988) | | | (33,718) | |
| Average tangible common equity | | $ | 1,179,541 | | | $ | 1,156,160 | | | $ | 1,111,939 | | | $ | 1,101,760 | | | $ | 1,075,741 | | | $ | 1,137,517 | | | $ | 1,063,355 | |
| Return on Average Tangible Common Equity (Annualized) | | 9.04 | % | | 11.33 | % | | 10.54 | % | | 9.52 | % | | 2.00 | % | | 10.10 | % | | 10.91 | % |
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)
Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Loans, Operating Return on Average Tangible Common Equity and Operating Efficiency Ratio. Operating earnings, pre-tax, pre-provision operating earnings and the performance metrics calculated using these metrics, listed below, are non-GAAP measures used by management to evaluate the Company’s financial performance. We calculate (a) operating earnings as net income plus equity method investment write-down, plus FDIC special assessment, plus severance payments, plus loss on sale of debt securities AFS, net, less tax impact of adjustments, plus nonrecurring tax adjustments. We calculate (b) diluted operating earnings per share as operating earnings as described in clause (a) divided by weighted average diluted shares outstanding. We calculate (c) pre-tax, pre-provision operating earnings as operating earnings as described in clause (a) plus provision for income taxes, plus benefit (provision) for credit losses and unfunded commitments. We calculate (d) pre-tax, pre-provision operating return on average assets as pre-tax, pre-provision operating earnings as described in clause (a) divided by total average assets. We calculate (e) operating return on average assets as operating earnings as described in clause (a) divided by total average assets. We calculate (f) operating return on average tangible common equity as operating earnings as described in clause (a), adjusted for the amortization of intangibles and tax benefit at the statutory rate, divided by total average tangible common equity (average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization). We calculate (g) operating efficiency ratio as noninterest expense plus adjustments to operating noninterest expense divided by noninterest income plus adjustments to operating noninterest income, plus net interest income
We believe that these measures and the operating metrics calculated utilizing these measures are important to management and many investors in the marketplace who are interested in understanding the ongoing operating performance of the Company and provide meaningful comparisons to its peers.
The following tables reconcile, as of the dates set forth below, operating net income and pre-tax, pre-provision operating earnings and related metrics:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the Quarter Ended | | For the Year Ended |
| | Dec 31,
2024 | | Sep 30,
2024 | | Jun 30,
2024 | | Mar 31,
2024 | | Dec 31,
2023 | | Dec 31,
2024 | | Dec 31,
2023 |
| | (Dollars in thousands, except per share data) |
| Operating Earnings | | | | | | | | | | | | | | |
| Net income | | $ | 24,882 | | | $ | 31,001 | | | $ | 27,202 | | | $ | 24,156 | | | $ | 3,499 | | | $ | 107,241 | | | $ | 108,261 | |
| Plus: Equity method investment write-down | | — | | | — | | | — | | | — | | | 29,417 | | | — | | | 29,417 | |
| Plus: FDIC special assessment | | — | | | — | | | 134 | | | — | | | 768 | | | 134 | | | 768 | |
Plus: Severance payments1 | | 1,545 | | | 1,487 | | | 613 | | | — | | | — | | | 3,645 | | | 1,950 | |
| Plus: Loss on sale of debt securities AFS, net | | 4,397 | | | — | | | — | | | 6,304 | | | — | | | 10,701 | | | 5,321 | |
| Operating pre-tax income | | 30,824 | | | 32,488 | | | 27,949 | | | 30,460 | | | 33,684 | | | 121,721 | | | 145,717 | |
| Less: Tax impact of adjustments | | 1,248 | | | 307 | | | 166 | | | 1,323 | | | 2,059 | | | 3,044 | | | 3,603 | |
| Plus: Nonrecurring tax adjustments | | 193 | | | — | | | 527 | | | — | | | — | | | 720 | | | — | |
| Operating earnings | | $ | 29,769 | | | $ | 32,181 | | | $ | 28,310 | | | $ | 29,137 | | | $ | 31,625 | | | $ | 119,397 | | | $ | 142,114 | |
| | | | | | | | | | | | | | |
| Weighted average diluted shares outstanding | | 55,237 | | | 54,932 | | | 54,823 | | | 54,842 | | | 54,691 | | | 54,958 | | | 54,596 | |
| Diluted EPS | | $ | 0.45 | | | $ | 0.56 | | | $ | 0.50 | | | $ | 0.44 | | | $ | 0.06 | | | $ | 1.95 | | | $ | 1.98 | |
| Diluted operating EPS | | $ | 0.54 | | | $ | 0.59 | | | $ | 0.52 | | | $ | 0.53 | | | $ | 0.58 | | | $ | 2.17 | | | $ | 2.60 | |
1 Severance payments relate to restructurings made during the periods disclosed.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | For the Quarter Ended | | For the Year Ended |
| (Dollars in thousands) | | Dec 31,
2024 | | Sep 30,
2024 | | Jun 30,
2024 | | Mar 31,
2024 | | Dec 31,
2023 | | Dec 31,
2024 | | Dec 31,
2023 |
| Pre-Tax, Pre-Provision Operating Earnings | | | | | | | | | | | | | | |
| Net Income | | $ | 24,882 | | | $ | 31,001 | | | $ | 27,202 | | | $ | 24,156 | | | $ | 3,499 | | | $ | 107,241 | | | $ | 108,261 | |
| Plus: Provision for income taxes | | 8,222 | | | 8,067 | | | 8,221 | | | 7,237 | | | 6,004 | | | 31,747 | | | 36,023 | |
| Plus: Provision for credit losses and unfunded commitments | | 1,899 | | | 4,000 | | | 8,250 | | | 5,959 | | | 8,000 | | | 20,108 | | | 40,471 | |
| Plus: Severance payments | | 1,545 | | | 1,487 | | | 613 | | | — | | | — | | | 3,645 | | | 1,950 | |
| Plus: Loss on sale of AFS, net | | 4,397 | | | — | | | — | | | 6,304 | | | — | | | 10,701 | | | 5,321 | |
| Plus: Equity method investment write-down | | — | | | — | | | — | | | — | | | 29,417 | | | — | | | 29,417 | |
| Plus: FDIC special assessment | | — | | | — | | | 134 | | | — | | | 768 | | | 134 | | | 768 | |
| Net pre-tax, pre-provision operating earnings | | $ | 40,945 | | | $ | 44,555 | | | $ | 44,420 | | | $ | 43,656 | | | $ | 47,688 | | | $ | 173,576 | | | $ | 222,211 | |
| | | | | | | | | | | | | | |
| Average total assets | | $ | 12,750,972 | | | $ | 12,861,918 | | | $ | 12,578,706 | | | $ | 12,336,042 | | | $ | 12,306,634 | | | $ | 12,632,863 | | | $ | 12,282,747 | |
Pre-tax, pre-provision operating return on average assets1 | | 1.28 | % | | 1.38 | % | | 1.42 | % | | 1.42 | % | | 1.54 | % | | 1.37 | % | | 1.81 | % |
| | | | | | | | | | | | | | |
| Average loans | | $ | 9,449,565 | | | $ | 9,661,774 | | | $ | 9,765,428 | | | $ | 9,563,372 | | | $ | 9,581,784 | | | $ | 9,609,738 | | | $ | 9,591,666 | |
Pre-tax, pre-provision operating return on average loans1 | | 1.72 | % | | 1.83 | % | | 1.83 | % | | 1.84 | % | | 1.97 | % | | 1.81 | % | | 2.32 | % |
| | | | | | | | | | | | | | |
| Average Total Assets | | $ | 12,750,972 | | | $ | 12,861,918 | | | $ | 12,578,706 | | | $ | 12,336,042 | | | $ | 12,306,634 | | | $ | 12,632,863 | | | $ | 12,282,747 | |
Return on average assets1 | | 0.78 | % | | 0.96 | % | | 0.87 | % | | 0.79 | % | | 0.11 | % | | 0.85 | % | | 0.88 | % |
Operating return on average assets1 | | 0.93 | | | 1.00 | | | 0.91 | | | 0.95 | | | 1.02 | | | 0.95 | | | 1.16 | |
| | | | | | | | | | | | | | |
| Operating earnings adjusted for amortization of core deposit intangibles | | | | | | | | | | | | | | |
| Operating earnings | | $ | 29,769 | | | $ | 32,181 | | | $ | 28,310 | | | $ | 29,137 | | | $ | 31,625 | | | $ | 119,397 | | | $ | 142,114 | |
| Adjustments: | | | | | | | | | | | | | | |
| Plus: Amortization of core deposit intangibles | | 2,437 | | | 2,438 | | | 2,438 | | | 2,438 | | | 2,438 | | | 9,751 | | | 9,752 | |
| Less: Tax benefit at the statutory rate | | 512 | | | 512 | | | 512 | | | 512 | | | 512 | | | 2,048 | | | 2,048 | |
| Operating earnings adjusted for amortization of core deposit intangibles | | $ | 31,694 | | | $ | 34,107 | | | $ | 30,236 | | | $ | 31,063 | | | $ | 33,551 | | | $ | 127,100 | | | $ | 149,818 | |
| | | | | | | | | | | | | | |
| Average Tangible Common Equity | | | | | | | | | | | | | | |
| Total average stockholders' equity | | $ | 1,604,335 | | | $ | 1,583,401 | | | $ | 1,541,609 | | | $ | 1,533,868 | | | $ | 1,510,286 | | | $ | 1,565,957 | | | $ | 1,501,525 | |
| Adjustments: | | | | | | | | | | | | | | |
| Less: Average goodwill | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | | | (404,452) | |
| Less: Average core deposit intangibles | | (20,342) | | | (22,789) | | | (25,218) | | | (27,656) | | | (30,093) | | | (23,988) | | | (33,718) | |
| Average tangible common equity | | $ | 1,179,541 | | | $ | 1,156,160 | | | $ | 1,111,939 | | | $ | 1,101,760 | | | $ | 1,075,741 | | | $ | 1,137,517 | | | $ | 1,063,355 | |
Operating return on average tangible common equity1 | | 10.69 | % | | 11.74 | % | | 10.94 | % | | 11.34 | % | | 12.37 | % | | 11.17 | % | | 14.09 | % |
| | | | | | | | | | | | | | |
| Efficiency ratio | | 67.04 | % | | 61.94 | % | | 59.11 | % | | 62.45 | % | | 77.49 | % | | 62.62 | % | | 55.82 | % |
| Operating efficiency ratio | | | | | | | | | | | | | | |
| Net interest income | | $ | 96,141 | | | $ | 100,062 | | | $ | 96,236 | | | $ | 92,806 | | | $ | 95,533 | | | $ | 385,245 | | | $ | 399,114 | |
| Noninterest income (loss) | | 10,056 | | | 13,106 | | | 10,578 | | | 6,662 | | | (17,792) | | | 40,402 | | | 19,105 | |
| Plus: Loss on sale of AFS, net | | 4,397 | | | — | | | — | | | 6,304 | | | — | | | 10,701 | | | 5,321 | |
| Plus: Equity method investment write-down | | — | | | — | | | — | | | — | | | 29,417 | | | — | | | 29,417 | |
| Operating noninterest income | | 14,453 | | | 13,106 | | | 10,578 | | | 12,966 | | | 11,625 | | | 51,103 | | | 53,843 | |
| Noninterest expense | | 71,194 | | | 70,100 | | | 63,141 | | | 62,116 | | | 60,238 | | | 266,551 | | | 233,464 | |
| Less: FDIC special assessment | | — | | | — | | | 134 | | | — | | | 768 | | | 134 | | | 768 | |
| Less: Severance payments | | 1,545 | | | 1,487 | | | 613 | | | — | | | — | | | 3,645 | | | 1,950 | |
| Operating noninterest expense | | $ | 69,649 | | | $ | 68,613 | | | $ | 62,394 | | | $ | 62,116 | | | $ | 59,470 | | | $ | 262,772 | | | $ | 230,746 | |
| Operating efficiency ratio | | 62.98 | % | | 60.63 | % | | 58.41 | % | | 58.73 | % | | 55.50 | % | | 60.22 | % | | 50.94 | % |
1 Annualized ratio for quarterly metrics.
A BETTER STATE OF BANKING © 2024 Veritex Bank Member FDIC Investor Presentation January 28, 2025 NASDAQ: VBTX Veritex Holdings, Inc. Fourth Quarter and Full Year 2024 Results
2 Forward-Looking Statements This presentation includes “forward-looking statements”, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on various facts and derived utilizing assumptions, current expectations, estimates and projections and are subject to known and unknown risks, uncertainties and other factors, which change over time and are beyond our control, that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, without limitation, statements relating to the expected payment of Veritex’s quarterly cash dividend; the impact of certain changes in Veritex’s accounting policies, standards and interpretations; turmoil in the banking industry, responsive measures to mitigate and manage such turmoil and related supervisory and regulatory actions and costs and Veritex’s future financial performance, business and growth strategy, projected plans and objectives, as well as other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “seeks,” “targets,” “outlooks,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Veritex’s Annual Report on Form 10-K for the year ended December 31, 2023 and any updates to those risk factors set forth in Veritex’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. If one or more events related to these or other risks or uncertainties materialize, or if Veritex’s underlying assumptions prove to be incorrect, actual results may differ materially from what Veritex anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. Veritex does not undertake any obligation, and specifically declines any obligation, to supplement, update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, expressed or implied, included in this presentation are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Veritex or persons acting on Veritex’s behalf may issue. This presentation also includes industry and trade association data, forecasts and information that Veritex has prepared based, in part, upon data, forecasts and information obtained from independent trade associations, industry publications and surveys, government agencies and other information publicly available to Veritex, which information may be specific to particular markets or geographic locations. Some data is also based on Veritex's good faith estimates, which are derived from Veritex management's knowledge of the industry, markets and independent sources. Industry publications, surveys and forecasts generally state that the information contained therein has been obtained from sources believed to be reliable. Although Veritex believes these sources are reliable, Veritex has not independently verified the information contained therein. While Veritex is not aware of any misstatements regarding the industry data, forecasts and information included in this presentation, such data forecasts, and information and Veritex's estimates based thereon involve risks, assumptions and uncertainties and are subject to change based on various factors. Veritex does not undertake any obligation, and specifically declines any obligation, to supplement, update or revise such data forecasts, and information and Veritex's estimates based thereon, whether as a result of new information, future developments or otherwise, except as required by law. This presentation contains certain non-GAAP (generally accepted accounting principles) financial measures, including tangible book value per common share (“TBVPS”), tangible common equity to tangible assets, return on average tangible common equity (“ROATCE”), operating earnings, pre-tax, pre-provision (“PTPP”) operating earnings, diluted operating earnings per shares (“EPS”), operating return on average assets (“ROAA”), PTPP operating ROAA, Operating ROATCE, operating efficiency ratio, operating noninterest income, operating noninterest expense and adjusted net interest margin (“NIM”). Veritex’s management uses these non-GAAP financial measures to evaluate its operating performance and provide information that is important to investors. The non-GAAP financial measures that Veritex discusses in this presentation should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Please see “Reconciliation of Non-GAAP Financial Measures” at the end of this presentation for reconciliations of non-GAAP measures to the most directly comparable financial measures calculated in accordance with GAAP. Use of Non-GAAP Financial Measures
3 Today’s Speakers Malcolm Holland Chairman & Chief Executive Officer • Over 42 years of banking experience in Dallas metropolitan area; 14 years at the Company • Served in various analyst, lending and executive management positions in Dallas area since 1982 Terry Earley Chief Financial Officer • Joined the Company in January 2019. • Over 40 years of banking experience • Previously served as CFO of Green Bancorp, CFO of Yadkin Financial, and Chief Financial and Operating Officer of RBC Bank Curtis Anderson Chief Credit Officer • Joined the Bank in January 2023 • Previously served as Chief Credit Officer at Texas Capital Bank and held various roles at Bank of America
4 2024 Financial Highlights TotalBalance Sheet1 $9.6Total Loans $10.8Total Deposits 1 Total loans and deposits $ in billions as of December 31, 2024. 2 Refer to the reconciliation of Non-GAAP financial measures at the end of this presentation. 3 Net income $ in millions. Full Year Key Highlights and Execution Operating EPS was $2.17 for 2024 Credit Risk Profile Improves • Criticized loans decreased approximately $100 million during 2024 • CRE concentrations decreased from 320% in 2023 to 299% in 2024. ADC as a percentage to capital sits at 87.5% down from 118.7% at the end of 2023 • NPAs to total assets decreased 15 bps to 0.62% Balance Sheet Strength Increases • Loan to Deposits decreased to 89.3% from 93.6% in 2023 • Non-brokered deposits grew $664 Million, or 8.0%, year over year • Growth in capital with CET1 growing 80 bps to 11.09% at the end of 2024 Full Year 20242 Full Year 20244Q2424Q24 OperatingReportedOperatingReportedKey Performance Metrics $119.4$107.2$29.8$24.9Net Income3 $2.17$1.95$0.54$0.45Diluted EPS 0.95%0.85%0.93%0.78%ROAA 11.17%10.10%10.69%9.04%ROATCE 60.22%62.62%62.98%67.04%Efficiency Ratio 4th Quarter and Full Year 2024 Results
5 Credit Quality Summary • NPA / Total Assets sit at 0.62%, down from 0.77% at the end of 2023 • 2024 YTD net charge-offs are 0.21%, down from 0.25% 2023 YTD 4Q23 1Q24 2Q24 3Q24 4Q24 0.00% 0.10% 0.20% 0.30% 0.40% 0.50% 0.60% 30-59 Past Due 60-89 Past Due 90+ Past Due $30,951$24,430$15,322$22,581$60,459Totals: Past Due Trend % of Total Loans1 Net Charge-off 3 Year Lookback ($ in millions) ($ in millions) $67.3 $79.2 0.52% 0.62% 0.0% 0.1% 0.2% 0.3% 0.4% 0.5% 0.6% 0.7% 0.8% 0.9% 3Q24 4Q24 NPAs / Total Assets 1 Total loans excludes Loans Held for Sale. 0.16% 0.25% 0.21% 2022 2023 2024 Net Charge-offs 4th Quarter and Full Year 2024 Results $43.7 $95.8 $79.2 0.36% 0.77% 0.62% 0.0% 0.2% 0.4% 0.6% 0.8% 1.0% 2022 2023 2024 QOQ Yearly Trend
6 Credit Quality Summary • Criticized loans = $406.9 million, down $78.5 million quarter over quarter • As of January 15, 2025, approximately $50.0 million of criticized loans were paid off ($ in millions, excluding PCD loans) Quarterly Criticized Loans $293.4 $350.3 $339.9 $283.5 $190.9 $213.2 $174.1 $158.5 $201.9 $216.0 4Q23 1Q24 2Q24 3Q24 4Q24 Special Mention Substandard Commercial Real Estate Criticized Loans Breakdown as of December 31, 2024 11% 14% 10% 24% 26% 15% CRE Office CRE Retail CRE Hotel CRE Industrial Multifamily CRE Other Total CRE Criticized is $228.5 million at the end of 2024, down 35% from the end of 2023 $485.4 $506.6 $524.4 $498.4 4th Quarter and Full Year 2024 Results $406.9
7 QOQ Yearly TrendQOQ Yearly TrendQOQ Yearly Trend QOQ Yearly Trend Total ACL (% ACL to Total Loans2) Strengthening the Balance Sheet 88.0% 89.3% 104.1% 93.6% 89.3% 3Q24 4Q24 2022 2023 2024 Loan to Deposit Ratio 15.7% 16.6% 24.0% 20.5% 16.6% 3Q24 4Q24 2022 2023 2024 Reliance on Wholesale Funding1($ in millions) $117,162 $111,745 $91,052 $109,816 $111,745 3Q24 4Q24 2022 2023 2024 10.86% 11.09% 9.09% 10.29% 11.09% 3Q24 4Q24 2022 2023 2024 CET1 / Total RWA $11,036 $10,753 $9,123 $10,338 $10,753 3Q24 4Q24 2022 2023 2024 Deposit Growth 0.96% 1.18% 302.3% 298.9% 325.0% 320.2% 298.9% 3Q24 4Q24 2022 2023 2024 285.00% 295.00% 305.00% 315.00% 325.00% 335.00% CRE Concentration as % of RBC 1 Reliance on wholesale funding % is calculated at the Veritex Community Bank level. 2 % ACL to Total Loans, excluding MW, is 1.25% as of December 31, 2024. ($ in thousands) 4th Quarter and Full Year 2024 Results QOQ Yearly Trend QOQ Yearly Trend
8 Capital Summary • CET1 increase primarily driven by earnings and a decrease in risk weighted assets which were down $40 million from 3Q24 • No utilization of the stock buyback program • TBV increased $0.40 to $21.61 during 2024 from 2023 Bps 3Q24 Capital $ 3Q24 Ratio % 4Q24 Capital $ 4Q24 Ratio % Capital Ratio 23 bps$1,226.610.86%$1,247.511.09%CET1 Capital 23 bps$1,256.711.13%$1,277.611.36%Tier 1 Capital 5 bps$1,570.013.91%$1,570.713.96%Total Capital 26 bps$1,256.710.06%$1,277.610.32%Leverage Tangible Book Value Trend since IPO in 2014 9.2%CAGR 11.1% CAGR adding back dividends1 1 Total dividends of $226.7 million included in the CAGR calculation. CET1 at 11.09%, up 23 bps quarter over quarter VHI Risk Weighted Assets Trend $11,986 $11,742 $11,617 $11,388 $11,407 $11,451 $11,291 $11,251 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ($ in Millions) $8.96 $9.59 $13.82 $12.75 $14.74 $14.73 $15.70 $17.49 $18.64 $20.21 $21.61 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ($ in Millions) 4th Quarter and Full Year 2024 Results
9 Allowance For Credit Losses Summary • General reserve reflects current National economic outlook on economy and recessionary risk • Weighted Moody’s forecast scenarios with 65% weighting on downside scenarios • General reserves represent 97% of the total ACL • Q-Factors represent 42 bps of the general reserve 1.18% Coverage // ACL increase of 22 bps from 4Q22 0.96% 1.00% 1.05% 1.14% 1.14% 1.15% 1.16% 1.21% 1.18% 1.01% 1.07% 1.10% 1.19% 1.19% 1.21% 1.23% 1.30% 1.25% 0.90% 0.95% 1.00% 1.05% 1.10% 1.15% 1.20% 1.25% 1.30% 1.35% 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ACL to Total Loans ACL to Total Loans, excluding MW ACL Coverage Trend Analysis 4th Quarter and Full Year 2024 Results
10 CRE Fixed Rate Maturities Year To Date Change in Loans Loans Summary • Total loans, excluding loans held for sale, decreased approximately $78 million for 2024 due to moderate production and anticipated CRE pay downs • Year over Year change in loans driven by a $430.5 million decrease in construction loans partially offset by a $227.6 million increase in MW loans and $144.4 million increase in Multifamily Quarterly Loan Commitment Production and Commitment Payoffs Commercial and Industrial (“C&I”) Owner occupied commercial (“OOCRE”) Non-owner occupied commercial (“NOOCRE”) Construction and land 1-4 family residential Multi-family residential MW Other $227.6 $2,067.5 $703.5 $1,014.7 $1,710.8 $1,332.0 $1,364.8 Loan Production / Outstanding Balance Loan Payoffs / Outstanding Balance $160,075 $107,742 $43,954 $81,206 $54,839 $86,039 $57,619 5.02% 6.40% 5.08% 5.40% 3.64% 3.93% 4.36% - 50,000 100,000 150,000 200,000 250,000 0.00% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 9.00% 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 Outstanding Balance Average Note Rate $219,335 $107,951 $102,041 $334,504 $15,174 $126,360 $237,926 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 3Q26 - 100,000 200,000 300,000 400,000 500,000CRE Variable Rate Maturities ($ in Thousands) ($430.5) $144.4 ($ in Millions) ($14.1) ($56.9) $20.2 4th Quarter and Full Year 2024 Results $31.8 ($0.5)
11 Breakdown of CRE by Term and ADC CRE By Type and Out of State Breakdown TotalADCTerm 920,577597,839 322,738Multifamily 985,858 524,887 460,971Whs/Industrial 780,654 65,598715,056 Retail 641,520 92,972 548,548Office 408,949 20,641 388,308 Hotel 358,673 358,673 -SFR 350,670 138,257212,413Commercial and Other 4,446,9011,798,8672,648,034Total ($ in thousands) 4th Quarter and Full Year 2024 Results Breakdown of Out of State % of Total$9,515,148Total Loans 13.7%$1,303,794National Businesses 335,815Mortgage Warehouse 311,119Mortgage Servicing Rights 473,007Lender Finance 181.604Specialty Finance 183,671USDA and SBA 2.6%$246,547Mortgage 11.1%$1,061,591Out of State 8.6%820,036Texas CRE Developers 2.5%241,555C&I / Shared National Credits $ Out of State 153,644 340,384 156,777 32,445 97,190 11,071 28,525 820,036
12 Year over Year Change in Deposits Attractive Deposit Growth Summary • Deposit growth was driven by $414 million in attractively priced deposits during 2024, or an increase of 8.6% of attractive deposits • LDR decreased to 89.3% at the end of 2024 • Wholesale funding reduced to 16.6% • $2.3 billion in time deposits mature over the next 2 quarters at a weighted average rate of 4.95% 8 Quarter Term Funding Maturity Schedule $1,504,237 $764,956 $432,076 $219,238 $7,245 $8,842 $3,844 $4,874 5.02% 4.82% 4.61% 4.20% 3.80% 3.51% 3.51% 3.27% 1.00% 2.00% 3.00% 4.00% 5.00% 6.00% 7.00% 8.00% 0.00%393008 54786 17 81179 25 625 2 34.16965 42 72 58 51 21 93 44068.337 76 80 85 404323 93 94%716102. 85109 11 025 2 9 56895 28 16288 36.66 1 457074 53 7467162 250 70. 98 53 9 3346 87 87%9 39 96 412204.9825 1310218 22 06 1 30 51004 9.1397 47 657 0 56 92183264 73576 73.271 969 81 81%3 2 90 355 84 48307.41 15 934 24 55327 33 051 7 0 41. 96113 50 13506 8 67899367 2172 2 75.7 %685 848078 92 81 4 1401 364 9.99 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05%5 39 17 96 2 26 136025 34.67418 43 218 1 51 77204460597 8.89 0 77 368383 85 9776 94 459169502. 9%2 11 5355 20 0770 48 8 611 37.11 34 45527 54 29 0562 72313 71.3706 9 8573099 88 94 2 96 93%885605.474278 14 016 1 22 55 64 3157 9.67 0 48 16 43 56 736665 257029 73. 94 2 82 33815 90 87%8208 9 417 6 1707.9994 16 89387 25 027 0 33 5680173 42.10566 50 6459 91 2767 745 76.22 38 84 8 %1 93 38 924801 83317 10.427 0 8 964103 27 50496 36 04889 44.52 2 53 18 675861 66068 70 21 8.7 %54 87 87 47 95 820904 368 33 12.908 426 21 44819 992 2 38 5605 47.0998 55 6903 1964 1784 72 8%1177 81.225 0 9 7663 98 302 5 006 8415.93 4 23 936 32 45929 40 943 2 9.53715 58 075108066 61%5 1 75 19 894 83.6287 92 26 0100 77073 9 3466 17.8559 26 98 2 34 939 45 43 479 38 52.011160 5 %824 9100217 77 66 0 86.11003 94 7396203 25789 11 921 2 20.33575 8 8710 968 37 413 1 45 954 54. %4 47263 00 71 533 80 15326 8.6510 719 97 961 2305 73505 14 27898 22.8172 1 31 3684 9 88077 48 42%10 4 0 56.9663365 509 56 74 0449 8210 2 91.135 9 6828408 21 12 1 16 7614 25. 82007 33 824 0 42 36%1 793 50 903186 9.445794671 9 2 76 54365 85 058 93.65 1502 11 44 10 837 9 226 0 27.761 723 36 30%7116 44 84509 539 2561.918295 70 4688 9 090 1 87 51 474 96. 8867604 6220 0 13 1653 21 701 46 30.24%39 82 47 31 2225 55 85618664. 9230 1 72 93404 81 47797 90 0141 0 8.55837071 976 15 65369 24 1 %2 2 32.76 55 41 2548 9 91 58 337 34766.871 727 75 4181 0 83 92 513 92906801.09299 9 56 2 18 1 %30085 26 651 478 35. 98 1 43 731 64 52 2757860 812 0 9.343 773 36 86 41 3229 94 96 2903.54015 12 05%408 20 98 1 9 135194 37.673 587 46 211 9 0 54 76373963 8766 71.827 59 80 362 8 9045 97 4438 3 005. %1 14 5912 23 0518 31 69 1 40.140304 8 8697 57 2210 0065 761 483 74.30876 82 842269 912 9 9 %43 55108.448 17 01 25 51 4 34 34 8627 42.6250 0 51 16413 9 704 806168 246199 76.5 2 85 31 985 93 8 %7378202 47 1 10.98 64 9 84 57 28 020 36 569 43 45.101 36 53 64501292625 2 70 7915 9.251308 87 9%7 1 96 332094304 871 487 13.415 8 0 21 93273 30666 9 04 59 47.52 56 145364 651 5 38 73 95 1 81.73%6024 90 27417 8 818 0407 37203 15.596 24 41 989 32 9583 2 41 5775 50.059168 8 91467 1354 75 67%60 47 84.211 0 92 71 33501526 9 8919 18.323 2 26 9705 35 4563098 43 91 4 1 52.53884561 074277 9 61%6 0 78 15 63 86. 856 95 226 49603 761 6 2 12 3035 20.847028 94 1 37 9814 46 48207 55.06 6 0663 5 %1 993 72 89386 80 62779 9.16701 2 97 70565706 2458 141 1 23.31 44 31 82 37 40 40 8 97 923 57. 8%3316766 02709 74 5641 2 83 101 495 91.6488880052 1 8 77 674 17 26067 25.80 34 353 42 81 7 46 51 42%398 9.968 2 68 507 425 77 04818 8592 1 94.1604902 651 997 11 9803 0 9 73783 28.271176 36 81569 45 3 %2 532 55962.41 48 70 983 1 9 534 88 05927 96. 943 005 1371 13 67510 22 211 5 0 30.78 893 9 %6286 47 8679 56 370 2064.9465 73 4558 81 91 8 1 90 538 44 9.079 37107 610 16 1823 2490216 33.2 %609 41 71 10 2 50 3395 8 85788167. 921 1 75 93574 84 479 967 93 013 0201.51 53 10 84 46 8 6239 27 16%2 35.705325 44 249 718 5261 1261 31 504 9.8 Amount Wtd Avg Rate 12 Month Trend of Total Cost of Deposits Non Interest DDA Interest Bearing Checking Money Market Accounts Savings Wholesale Deposits Time Deposits ($ in Millions) 3.44% 3.40%3.41%3.42%3.42% 3.49%3.48%3.47% 3.44% 3.37% 3.21% 3.17% 3.09% Total Cost of Deposits $448.2 $38.3 ($249.6) 4th Quarter and Full Year 2024 Results ($7.0) $312.3 ($127.8)
13 Net Interest Income Summary • 4Q24 NIM – 3.20%, down 11 bps from 4Q23 • 4Q24 Loans, excluding MW, yield – 6.56% • Average Cost of Total Deposits – 3.16%, down 26 bps from 3Q24 • Improved interest rate sensitivity as a result of our restructured balance sheet $92.8 $96.2 $100.1 $96.1 3.31% 3.24% 3.29% 3.30% 3.20% 4Q23 1Q24 2Q24 3Q24 4Q24 Net Interest Income ("NII") NIM $100.8 NII / NIM Trend $100,0623Q24 Net Interest Income $6,314Impact of deposit rate changes $1,961Change in deposit mix $1,063Impact of debt securities volume and rate $573Other ($436)Impact of nonaccrual interest reversals ($1,221)Impact of rate of deposits in other banks ($4,769)Impact of change in loan volume ($7,406)Impact of loan rate changes $96,1414Q24 Net Interest Income ($ in thousand) Net Interest Income Rollforward Interest Rate Sensitivity1 1 Interest rate sensitivity is calculated using a static rate shock. ($ in Millions) 4th Quarter and Full Year 2024 Results 4Q24 4Q24 Interest Rate Scenario Percentage Change From Base EVE Shock Scenerio Percentage Change From Base Up 200 bps 5.51% Up 200 bps -5.14% Up 100 bps 3.17% Up 100 bps -1.99% BASE CASE 0.00% BASE CASE 0.00% Down 100 bps -2.55% Down 100 bps 0.43% Down 200 bps -4.80% Down 200 bps -1.25%
14 Investments and Liquidity Summary • Represents 11.6% of total assets • 87.5% in AFS securities • Effective duration = 3.64 Years • 4Q24 portfolio yield = 4.61% • Uninsured and uncollateralized deposits was 35.01% on December 31, 2024 Total Available Liquidity $4,196 $5,321 $6,256 $6,197 $6,355 $6,504 $7,448 $6,617 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 ($ in millions) 4th Quarter and Full Year 2024 Results November Loss Trade Summary of Details Securities Sold and Average Yield : $189 MM / 3.89% Securities Purchased and Average Yield : $189 MM / 5.67% Pre-tax loss recognized : $4.39 million Estimated Earn-back : 1.39 Years
15 Operating Noninterest Income Noninterest Income and Expense Operating Noninterest Expense 39% 16% 36% 4% 5% Service charges and fees on deposit accounts Loan fees Government guaranteed loan income, net Customer swap income Other income 53% 7% 8% 8% 4% 3% 17% Salaries and employee benefits Occupancy and equipment Professional and regulatory fees Data processing and software expense Marketing Amortization of intangibles Other $69.6 Million $14.5 Million Summary • 4Q24 operating noninterest income = $14.5 Million, up 10.3% from 3Q24 • 4Q24 operating noninterest expense = $69.6Million • Increase in operating noninterest expenses are primarily driven by increases in data processing/software and professional and regulatory fees 4th Quarter and Full Year 2024 Results Expense Management Engaged a national consulting firm to evaluate expense management and initiatives Vendor Management and Contract Renewals • 2024 contract renewals led to over $800 thousand in annual savings • Other key contracts are in scope in 2025 and beyond Other Focus Areas • Treasury Management • Commercial Banking
A BETTER STATE OF BANKING © 2024 Veritex Bank Member FDIC Supplemental Information Veritex Holdings, Inc. Fourth Quarter and Full Year 2024 Results
17 Reconciliation of Non-GAAP Financial Measures
18 Reconciliation of Non-GAAP Financial Measures
19 Reconciliation of Non-GAAP Financial Measures
20 Reconciliation of Non-GAAP Financial Measures
21 Reconciliation of Non-GAAP Financial Measures
A BETTER STATE OF BANKING © 2024 Veritex Bank Member FDIC Veritex Holdings, Inc. Fourth Quarter and Full Year 2024 Results
PRESS RELEASE
FOR IMMEDIATE RELEASE
Veritex Holdings, Inc. Declares Cash Dividend on Common Stock
Dallas, TX – January 28, 2025 – Veritex Holdings, Inc. (Nasdaq: VBTX) (“Veritex” or the “Company”), the parent holding company for Veritex Community Bank, today announced the declaration of a quarterly cash dividend of $0.20 per share on its outstanding common stock. The dividend will be paid on or after February 28, 2025 to shareholders of record as of February 14, 2025.
About Veritex Holdings, Inc.
Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.
Forward Looking Statement
This press release includes “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The forward-looking statements include statements regarding Veritex’s projected plans and objectives, including the expected payment date of its common stock dividend. Forward-looking statements are typically identified by words such as “believe,” “expect,” “anticipate,” “intend,” “target,” “estimate,” “seek,” “plan,” “outlook,” “continue,” “positions,” “prospects” or “potential,” by future conditional verbs such as “will,” “would,” “should,” “could” or “may”, or by variations of such words or by similar expressions. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which change over time and are beyond Veritex’s control. Forward-looking statements speak only as of the date they are made and Veritex assumes no duty to supplement, update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise.
Source: Veritex Holdings, Inc.
Investor Relations:
972-349-6132
investorrelations@veritexbank.com
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Veritex (NASDAQ:VBTX)
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