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 2023.
"Looking back at 2023, I am extremely proud of
the ability of our team, in a volatile economic environment, to
remain disciplined on our strategic plan and strengthen our balance
sheet", said C. Malcolm Holland, III. "This team achieved deposit
growth of $1.2 billion in 2023, increased CET1 to 10.3% and
decreased our LDR below 94%. Market volatility brings many
challenges and opportunities that this Company has navigated with
great precision."
2023 Highlights:
- Total deposits
grew $141.7 million for the fourth quarter of 2023, or 5.6%
annualized. Total deposits grew $1.2 billion, or 13.3%,
year-over-year;
- Loan to deposit
ratio decreased to 93.6% as of December 31, 2023 compared to
104.4% as of December 31, 2022;
- Common equity
tier 1 capital increased 120 bps to 10.29% as of December 31,
2023 compared to 9.09% as of December 31, 2022;
- Tangible book
value per common share increased 8.4%, or $1.57, during 2023
compared to 2022, and including dividends increased 12.7%, or
$2.37;
- Allowance for
credit losses (“ACL”) to total loans increased to 1.14%, or 18 bps
from 0.96% compared to December 31, 2022;
- Non-owner office
book decreased $78 million, or 12.1%, during 2023 and represents
5.8% of total assets;
- Pre-tax,
pre-provision operating return on average assets was 1.81% for
2023;
- Total unfunded
Acquisition, Development, and Construction (“ADC”) decreased to
$900.0 million, or approximately 57%, as of December 31, 2023
compared to $2.1 billion as of December 31, 2022, and
risk-weighted assets decreased $612.2 million, or 5.1%, during 2023
compared to 2022;
- Declared
quarterly cash dividend of $0.20 per share of outstanding common
stock payable on February 23, 2024;.and
- Named one of the
“Best Companies to Work For” by the 2023 Inaugural U.S. News &
World Report which evaluates companies based on quality of pay,
work/life balance, and opportunities for professional development
and advancement.
Financial Highlights |
|
Fourth Quarter 2023 |
|
Third Quarter 2023 |
|
Fourth Quarter 2022 |
|
|
Full Year2023 |
|
Full Year2022 |
|
|
(Dollars in thousands, except per share
data)(unaudited) |
GAAP |
|
|
|
|
|
Net income |
|
$ |
3,499 |
|
|
$ |
32,621 |
|
|
$ |
39,897 |
|
|
|
$ |
108,261 |
|
|
$ |
146,315 |
|
Diluted EPS |
|
|
0.06 |
|
|
|
0.60 |
|
|
|
0.73 |
|
|
|
|
1.98 |
|
|
|
2.71 |
|
Book value per common share |
|
|
28.18 |
|
|
|
27.46 |
|
|
|
26.83 |
|
|
|
|
28.18 |
|
|
|
26.83 |
|
Return on average assets2 |
|
|
0.11 |
% |
|
|
1.06 |
% |
|
|
1.35 |
% |
|
|
|
0.88 |
% |
|
|
1.33 |
% |
Efficiency ratio |
|
|
77.49 |
|
|
|
54.49 |
|
|
|
47.63 |
|
|
|
|
55.82 |
|
|
|
48.64 |
|
Return on average equity2 |
|
|
0.92 |
|
|
|
8.58 |
|
|
|
11.03 |
|
|
|
|
7.21 |
|
|
|
10.28 |
|
Non-GAAP1 |
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
31,625 |
|
|
$ |
32,621 |
|
|
$ |
40,395 |
|
|
|
$ |
142,114 |
|
|
$ |
147,889 |
|
Diluted operating EPS |
|
|
0.58 |
|
|
|
0.60 |
|
|
|
0.74 |
|
|
|
|
2.60 |
|
|
|
2.74 |
|
Tangible book value per common
share |
|
|
20.21 |
|
|
|
19.44 |
|
|
|
18.64 |
|
|
|
|
20.21 |
|
|
|
18.64 |
|
Pre-tax, pre-provision operating
earnings |
|
|
47,688 |
|
|
|
49,621 |
|
|
|
63,694 |
|
|
|
|
222,211 |
|
|
|
216,413 |
|
Pre-tax, pre-provision operating
return on average assets2 |
|
|
1.54 |
% |
|
|
1.61 |
% |
|
|
2.15 |
% |
|
|
|
1.81 |
% |
|
|
1.97 |
% |
Pre-tax, pre-provision operating
return on average loans2 |
|
|
1.97 |
|
|
|
2.05 |
|
|
|
2.78 |
|
|
|
|
2.32 |
|
|
|
2.60 |
|
Operating return on average
assets2 |
|
|
1.02 |
|
|
|
1.06 |
|
|
|
1.36 |
|
|
|
|
1.16 |
|
|
|
1.35 |
|
Operating efficiency ratio |
|
|
55.50 |
|
|
|
54.49 |
|
|
|
47.11 |
|
|
|
|
50.94 |
|
|
|
48.16 |
|
Return on average tangible common
equity2 |
|
|
2.00 |
|
|
|
12.80 |
|
|
|
16.75 |
|
|
|
|
10.91 |
|
|
|
15.78 |
|
Operating return on average
tangible common equity2 |
|
|
12.37 |
|
|
|
12.80 |
|
|
|
16.95 |
|
|
|
|
14.09 |
|
|
|
15.94 |
|
1 Refer to the section titled "Reconciliation of Non-GAAP
Financial Measures" for a reconciliation of these non-GAAP
financial measures to their most directly comparable GAAP
measures.2 Annualized ratio.
Results of Operations for the Three
Months Ended December 31, 2023
Net Interest Income
For the three months ended December 31, 2023,
net interest income before provision for credit losses was $95.5
million and net interest margin was 3.31%, compared to $99.4
million and 3.46%, respectively, for the three months ended
September 30, 2023. The $3.8 million decrease, or 3.9%,
in net interest income before provision for credit losses was
primarily due to a $6.3 million increase in interest expense
on transaction and savings deposits, a $4.0 million increase
in interest expense on certificates and other time deposits and a
$1.9 million decrease in interest income on loans primarily driven
by interest reversals on loans placed on nonaccrual status during
the three months ended December 31, 2023. The decrease was offset
by a $5.9 million decrease in advances from the Federal Home
Loan Bank (“FHLB”), a $1.4 million increase in interest income
on debt securities and a $1.0 million increase in interest
income on deposits in financial institutions and fed funds sold
driven by an increase in average balances and rates during three
months ended December 31, 2023. Net interest margin decreased 15
bps from the three months ended September 30, 2023, primarily
due to the increase in funding costs on deposits during the three
months ended December 31, 2023, partially offset by an increase in
yields on debt securities and other investments.
Compared to the three months ended
December 31, 2022, net interest income before provision for
credit losses for the three months ended December 31, 2023
decreased by $10.6 million, or 10.0%. The decrease was
primarily due to a $31.6 million increase in interest expense
certificates and other time deposits and a $22.2 million
increase in transaction and savings deposits driven by an increase
in funding costs. The decrease in net interest income was partially
offset by a $28.6 million increase in interest income on loans
driven by an increase in loan yields and average balances, an
$8.0 million decrease in interest expense on advances from
FHLB, a $4.8 million increase in interest income in deposits
in financial institutions and fed funds sold and a
$1.4 million increase in interest income on debt securities.
Net interest margin decreased 56 bps to 3.31% for the three months
ended December 31, 2023 from 3.87% for the three months ended
December 31, 2022. The decrease was primarily due to the
increase in funding costs on deposits during the three months ended
December 31, 2023, partially offset by an increase in loan
yields and debt securities.
Noninterest (Loss) Income
Noninterest (loss) income for the three months
ended December 31, 2023 was a loss of $17.8 million, a decrease of
$27.5 million, or 283.9%, compared to noninterest income of
$9.7 million for the three months ended September 30,
2023. The decrease in noninterest income was primarily due to a
$29.3 million decrease in equity method investment income
related to a write down of our equity method investment in Thrive
Mortgage, LLC ("Thrive") related to Thrive’s entry into a
definitive agreement in December 2023 to be acquired by Lower
Holding Company. The decrease was partially offset by a
$665 thousand increase in government guaranteed loan income,
primarily driven by an increase in U.S. Department of Agriculture
(“USDA”) loans sold through our wholly owned subsidiary North
Avenue Capital, LLC ("NAC").
Compared to the three months ended December 31,
2022, noninterest income for the three months ended December 31,
2023 decreased $32.1 million, or 224.2%. The decrease
was primarily due to a $24.0 million decrease in equity method
investment income related to the write down of our equity method
investment in Thrive. In addition, the decrease was partially due
to $946 thousand increase in gain on sale of USDA loans
through NAC, a $2.0 million decrease in customer swap income, a
$1.3 million decrease in loan fees and a $1.0 million
decrease in other income.
Noninterest Expense
Noninterest expense was $60.2 million for the
three months ended December 31, 2023, compared to $59.4 million for
the three months ended September 30, 2023, an increase of
$824 thousand, or 1.4%. The increase was primarily driven by a
$1.4 million increase in other expenses and a $768 thousand
FDIC special assessment expense recorded in the fourth quarter
2023, partially offset by a decrease of $408 thousand in
marketing expenses and a decrease of $343 thousand in salaries
and employee benefits.
Noninterest expense was $60.2 million for the
three months ended December 31, 2023, compared to $57.4 million for
the three months ended December 31, 2022, an increase of
$2.9 million, or 5.0%. The increase was primarily driven by a
$3.2 million increase in professional and regulatory fees
driven by FDIC insurance assessment expense, which includes the
$768 thousand FDIC special assessment expense recorded in the
fourth quarter 2023, and a $2.8 million increase in other
expenses. The increase was partially offset by a $3.1 million
decrease in salary and employee benefits.
Financial Condition
Total loans held for investment (“LHI”) was $9.2
billion at December 31, 2023, a decrease of $30.9 million,
compared to September 30, 2023, and an increase of
$170.1 million, or 1.9%, compared to December 31,
2022.
Total deposits were $10.34 billion at
December 31, 2023, an increase of $141.7 million, or 5.5%
annualized, compared to September 30, 2023, and an increase of
$1.21 billion, or 13.3%, compared to December 31, 2022.
The increase from September 30, 2023 was primarily the result
of an increase of $412.3 million in interest-bearing transaction,
money market and savings deposits accounts. The increase was
partially offset by a decrease of $211.7 million in
certificates and other time deposits and a decrease of
$145.3 million of noninterest bearing deposits. The increase
from December 31, 2022 was primarily the result of increases
of $1.11 billion and $833.7 million in certificates and other
time deposits and interest-bearing transaction, money market, and
savings deposits, respectively. The increase was partially offset
by a $422.6 million decrease in non-interest bearing deposits
and a $301.2 million decrease in correspondent money market
accounts.
Credit Quality
Nonperforming assets (“NPAs”) increased to $95.8
million, or 0.77% of total assets, at December 31, 2023,
compared to $79.9 million, or 0.65% of total assets, at
September 30, 2023. The Company had net charge-offs of $9.5
million for the fourth quarter of 2023. Net charge-offs compared to
average loans outstanding were 25 bps for the year ended
December 31, 2023, compared to 16 bps for year ended
December 31, 2022.
ACL as a percentage of LHI was 1.14%, 1.14%, and
0.96% at December 31, 2023, September 30, 2023, and
December 31, 2022, respectively. The Company recorded a
provision for credit losses of $9.5 million for the three
months ended December 31, 2023, compared to a provision for
credit losses of $8.6 million and $11.8 million for the
three months ended September 30, 2023 and December 31,
2022, respectively. The recorded provision for credit losses
reported for the three months ended December 31, 2023,
compared to the three months ended December 31, 2022 was
primarily attributable to an increase in general reserves as a
result of changes in economic factors and individually analyzed
loans receiving specific reserves. The Company recorded a benefit
for unfunded commitments of $1.5 million, $909 thousand
and $523 thousand during the three months ended
December 31, 2023, September 30, 2023 and
December 31, 2022, respectively. The increase in the recorded
benefit for unfunded commitments during the three months ended
December 31, 2023, compared to the three months ended
September 30, 2023, was attributable to a decrease in unfunded
commitment balances partially offset by changes in economic
factors.
Income Tax
Income tax expense for the twelve months ended
December 31, 2023 totaled $36.0 million, a decrease of
$4.3 million, or 10.7%, compared to the twelve months ended
December 31, 2022. The Company’s effective tax rate was
approximately 25.0% and 21.6% for the twelve months
December 31, 2023 and December 31, 2022, respectively.
The change in the effective tax rate for the twelve months ended
December 31, 2023, compared to the twelve months ended
December 31, 2022, was primarily due to a $4.2 million
valuation allowance relating to our impairment on our investment in
Thrive and its relative relation to less pre-tax income.
Dividend Information
On January 23, 2024, 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 23, 2024 to stockholders of record as of the close
of business on February 9, 2024.
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 24, 2024 at 8:30 a.m. Central Time.
Participants may pre-register for the call by visiting
https://edge.media-server.com/mmc/p/9o9pd6vj/ 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/BI07dad5089afd439ebad10a33915b98b6.
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; expected loss on
Veritex’s current equity method investment in Thrive; the
transaction between Thrive and Lower Holding Company, including the
expected timing of the completion of such transaction, the ability
of the parties thereto to complete such transaction, the ability of
the parties thereto to obtain any required regulatory or other
approvals, authorizations or consents in connection with such
transaction, and diversion of management time on issues related to
such transaction; 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,
2022 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
SUBSIDIARIESFinancial
Highlights(Unaudited) |
|
|
|
For the Quarter Ended |
|
For the Year Ended |
|
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|
Mar 31, 2023 |
|
Dec 31, 2022 |
|
Dec 31, 2023 |
|
Dec 31, 2022 |
|
|
(Dollars and shares in thousands, except per-share
data) |
Per Share Data (Common
Stock): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
|
$ |
0.06 |
|
|
$ |
0.60 |
|
|
$ |
0.62 |
|
|
$ |
0.71 |
|
|
$ |
0.74 |
|
|
$ |
2.00 |
|
|
$ |
2.75 |
|
Diluted EPS |
|
|
0.06 |
|
|
|
0.60 |
|
|
|
0.62 |
|
|
|
0.70 |
|
|
|
0.73 |
|
|
|
1.98 |
|
|
|
2.71 |
|
Book value per common share |
|
|
28.18 |
|
|
|
27.46 |
|
|
|
27.48 |
|
|
|
27.54 |
|
|
|
26.83 |
|
|
|
28.18 |
|
|
|
26.83 |
|
Tangible book value per common share1 |
|
|
20.21 |
|
|
|
19.44 |
|
|
|
19.41 |
|
|
|
19.43 |
|
|
|
18.64 |
|
|
|
20.21 |
|
|
|
18.64 |
|
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 |
|
|
54,338 |
|
|
|
54,305 |
|
|
|
54,261 |
|
|
|
54,229 |
|
|
|
54,030 |
|
|
|
54,338 |
|
|
|
54,030 |
|
Weighted average basic shares outstanding for the period |
|
|
54,327 |
|
|
|
54,300 |
|
|
|
54,247 |
|
|
|
54,149 |
|
|
|
54,011 |
|
|
|
54,256 |
|
|
|
53,170 |
|
Weighted average diluted shares outstanding for the period |
|
|
54,691 |
|
|
|
54,597 |
|
|
|
54,486 |
|
|
|
54,606 |
|
|
|
54,780 |
|
|
|
54,596 |
|
|
|
53,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary of Credit
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL to total LHI |
|
|
1.14 |
% |
|
|
1.14 |
% |
|
|
1.05 |
% |
|
|
1.02 |
% |
|
|
0.96 |
% |
|
|
1.14 |
% |
|
|
0.96 |
% |
NPAs to total assets |
|
|
0.77 |
|
|
|
0.65 |
|
|
|
0.55 |
|
|
|
0.35 |
|
|
|
0.36 |
|
|
|
0.77 |
|
|
|
0.36 |
|
NPAs, excluding nonaccrual purchase credit deteriorated ("PCD")
loans, to total assets3 |
|
|
0.66 |
|
|
|
0.54 |
|
|
|
0.44 |
|
|
|
0.25 |
|
|
|
0.25 |
|
|
|
0.66 |
|
|
|
0.25 |
|
Net charge-offs to average loans outstanding4 |
|
|
0.40 |
|
|
|
0.08 |
|
|
|
0.48 |
|
|
|
0.04 |
|
|
|
0.24 |
|
|
|
0.25 |
|
|
|
0.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Summary Performance
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets4 |
|
|
0.11 |
% |
|
|
1.06 |
% |
|
|
1.10 |
% |
|
|
1.28 |
% |
|
|
1.35 |
% |
|
|
0.88 |
% |
|
|
1.33 |
% |
Return on average equity4 |
|
|
0.92 |
|
|
|
8.58 |
|
|
|
8.96 |
|
|
|
10.55 |
|
|
|
11.03 |
|
|
|
7.21 |
|
|
|
10.28 |
|
Return on average tangible common equity1, 4 |
|
|
2.00 |
|
|
|
12.80 |
|
|
|
13.35 |
|
|
|
15.81 |
|
|
|
16.75 |
|
|
|
10.91 |
|
|
|
15.78 |
|
Efficiency ratio |
|
|
77.49 |
|
|
|
54.49 |
|
|
|
49.94 |
|
|
|
48.42 |
|
|
|
47.63 |
|
|
|
55.82 |
|
|
|
48.64 |
|
Net interest margin |
|
|
3.31 |
|
|
|
3.46 |
|
|
|
3.51 |
|
|
|
3.69 |
|
|
|
3.87 |
|
|
|
3.49 |
|
|
|
3.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Performance
Metrics - Operating: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted operating EPS1 |
|
$ |
0.58 |
|
|
$ |
0.60 |
|
|
$ |
0.64 |
|
|
$ |
0.79 |
|
|
$ |
0.74 |
|
|
$ |
2.60 |
|
|
$ |
2.74 |
|
Pre-tax, pre-provision operating return on average assets1, 2 |
|
|
1.54 |
% |
|
|
1.61 |
% |
|
|
1.90 |
% |
|
|
2.20 |
% |
|
|
2.15 |
% |
|
|
1.81 |
% |
|
|
1.97 |
% |
Pre-tax, pre-provision operating return on average loans1, 4 |
|
|
1.97 |
|
|
|
2.05 |
|
|
|
2.43 |
|
|
|
2.83 |
|
|
|
2.78 |
|
|
|
2.32 |
|
|
|
2.60 |
|
Operating return on average assets1,4 |
|
|
1.02 |
|
|
|
1.06 |
|
|
|
1.13 |
|
|
|
1.43 |
|
|
|
1.36 |
|
|
|
1.16 |
|
|
|
1.35 |
|
Operating return on average tangible common equity1,3 |
|
|
12.37 |
|
|
|
12.80 |
|
|
|
13.70 |
|
|
|
17.68 |
|
|
|
16.95 |
|
|
|
14.09 |
|
|
|
15.94 |
|
Operating efficiency ratio1 |
|
|
55.50 |
|
|
|
54.49 |
|
|
|
48.90 |
|
|
|
45.70 |
|
|
|
47.11 |
|
|
|
50.94 |
|
|
|
48.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Veritex Holdings, Inc.
Capital Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average stockholders' equity to average total assets |
|
|
12.27 |
% |
|
|
12.30 |
% |
|
|
12.23 |
% |
|
|
12.09 |
% |
|
|
12.20 |
% |
|
|
12.22 |
% |
|
|
12.96 |
% |
Tangible common equity to tangible assets1 |
|
|
9.18 |
|
|
|
8.86 |
|
|
|
8.76 |
|
|
|
8.66 |
|
|
|
8.60 |
|
|
|
9.18 |
|
|
|
8.60 |
|
Tier 1 capital to average assets (leverage) |
|
|
10.03 |
|
|
|
10.10 |
|
|
|
9.80 |
|
|
|
9.67 |
|
|
|
9.82 |
|
|
|
10.03 |
|
|
|
9.82 |
|
Common equity tier 1 capital |
|
|
10.29 |
|
|
|
10.11 |
|
|
|
9.76 |
|
|
|
9.32 |
|
|
|
9.09 |
|
|
|
10.29 |
|
|
|
9.09 |
|
Tier 1 capital to risk-weighted assets |
|
|
10.56 |
|
|
|
10.37 |
|
|
|
10.01 |
|
|
|
9.56 |
|
|
|
9.34 |
|
|
|
10.56 |
|
|
|
9.34 |
|
Total capital to risk-weighted assets |
|
|
13.18 |
|
|
|
12.95 |
|
|
|
12.51 |
|
|
|
11.99 |
|
|
|
11.63 |
|
|
|
13.18 |
|
|
|
11.63 |
|
1Refer 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 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.4Annualized ratio for
quarterly metrics.
VERITEX HOLDINGS, INC. AND
SUBSIDIARIESFinancial
Highlights(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|
Mar 31, 2023 |
|
Dec 31, 2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
629,063 |
|
|
$ |
713,408 |
|
|
$ |
663,921 |
|
|
$ |
808,395 |
|
|
$ |
436,077 |
|
Debt securities, net |
|
|
1,257,042 |
|
|
|
1,060,629 |
|
|
|
1,144,020 |
|
|
|
1,150,959 |
|
|
|
1,282,460 |
|
Other investments |
|
|
76,238 |
|
|
|
80,869 |
|
|
|
138,894 |
|
|
|
137,621 |
|
|
|
122,450 |
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for sale
("LHFS") |
|
|
79,072 |
|
|
|
41,313 |
|
|
|
29,876 |
|
|
|
42,816 |
|
|
|
20,641 |
|
LHI, mortgage warehouse
("MW") |
|
|
377,796 |
|
|
|
390,767 |
|
|
|
436,255 |
|
|
|
437,501 |
|
|
|
446,227 |
|
LHI, excluding MW |
|
|
9,206,544 |
|
|
|
9,237,447 |
|
|
|
9,257,183 |
|
|
|
9,237,159 |
|
|
|
9,036,424 |
|
Total loans |
|
|
9,663,412 |
|
|
|
9,669,527 |
|
|
|
9,723,314 |
|
|
|
9,717,476 |
|
|
|
9,503,292 |
|
ACL |
|
|
(109,816 |
) |
|
|
(109,831 |
) |
|
|
(102,150 |
) |
|
|
(98,694 |
) |
|
|
(91,052 |
) |
Bank-owned life insurance |
|
|
84,833 |
|
|
|
84,867 |
|
|
|
84,375 |
|
|
|
84,962 |
|
|
|
84,496 |
|
Bank premises, furniture and
equipment, net |
|
|
105,727 |
|
|
|
106,118 |
|
|
|
105,986 |
|
|
|
107,540 |
|
|
|
108,824 |
|
Intangible assets, net of
accumulated amortization |
|
|
41,753 |
|
|
|
44,294 |
|
|
|
48,293 |
|
|
|
51,086 |
|
|
|
53,213 |
|
Goodwill |
|
|
404,452 |
|
|
|
404,452 |
|
|
|
404,452 |
|
|
|
404,452 |
|
|
|
404,452 |
|
Other assets |
|
|
241,633 |
|
|
|
291,998 |
|
|
|
259,263 |
|
|
|
245,690 |
|
|
|
250,149 |
|
Total assets |
|
$ |
12,394,337 |
|
|
$ |
12,346,331 |
|
|
$ |
12,470,368 |
|
|
$ |
12,609,487 |
|
|
$ |
12,154,361 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
$ |
2,218,036 |
|
|
$ |
2,363,340 |
|
|
$ |
2,234,109 |
|
|
$ |
2,212,389 |
|
|
$ |
2,640,617 |
|
Interest-bearing transaction and savings deposits |
|
|
4,348,385 |
|
|
|
3,936,070 |
|
|
|
3,590,253 |
|
|
|
3,492,011 |
|
|
|
3,514,729 |
|
Certificates and other time deposits |
|
|
3,191,737 |
|
|
|
3,403,427 |
|
|
|
2,928,949 |
|
|
|
2,896,870 |
|
|
|
2,086,642 |
|
Correspondent money market deposits |
|
|
580,037 |
|
|
|
493,681 |
|
|
|
480,598 |
|
|
|
433,468 |
|
|
|
881,246 |
|
Total deposits |
|
|
10,338,195 |
|
|
|
10,196,518 |
|
|
|
9,233,909 |
|
|
|
9,034,738 |
|
|
|
9,123,234 |
|
Accounts payable and other
liabilities |
|
|
195,036 |
|
|
|
229,116 |
|
|
|
190,900 |
|
|
|
171,985 |
|
|
|
177,579 |
|
Advances from FHLB |
|
|
100,000 |
|
|
|
200,000 |
|
|
|
1,325,000 |
|
|
|
1,680,000 |
|
|
|
1,175,000 |
|
Subordinated debentures and
subordinated notes |
|
|
229,783 |
|
|
|
229,531 |
|
|
|
229,279 |
|
|
|
229,027 |
|
|
|
228,775 |
|
Total liabilities |
|
|
10,863,014 |
|
|
|
10,855,165 |
|
|
|
10,979,088 |
|
|
|
11,115,750 |
|
|
|
10,704,588 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
610 |
|
|
|
609 |
|
|
|
609 |
|
|
|
609 |
|
|
|
607 |
|
Additional paid-in capital |
|
|
1,317,516 |
|
|
|
1,314,459 |
|
|
|
1,311,687 |
|
|
|
1,308,345 |
|
|
|
1,306,852 |
|
Retained earnings |
|
|
444,242 |
|
|
|
451,513 |
|
|
|
429,753 |
|
|
|
406,873 |
|
|
|
379,299 |
|
Accumulated other comprehensive loss |
|
|
(63,463 |
) |
|
|
(107,833 |
) |
|
|
(83,187 |
) |
|
|
(54,508 |
) |
|
|
(69,403 |
) |
Treasury stock |
|
|
(167,582 |
) |
|
|
(167,582 |
) |
|
|
(167,582 |
) |
|
|
(167,582 |
) |
|
|
(167,582 |
) |
Total stockholders’ equity |
|
|
1,531,323 |
|
|
|
1,491,166 |
|
|
|
1,491,280 |
|
|
|
1,493,737 |
|
|
|
1,449,773 |
|
Total liabilities and stockholders’ equity |
|
$ |
12,394,337 |
|
|
$ |
12,346,331 |
|
|
$ |
12,470,368 |
|
|
$ |
12,609,487 |
|
|
$ |
12,154,361 |
|
VERITEX HOLDINGS, INC. AND
SUBSIDIARIESFinancial
Highlights(in thousands, except per share
data) |
|
|
|
For the Quarter Ended |
|
For the Year Ended |
|
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|
Mar 31, 2023 |
|
Dec 31, 2022 |
|
Dec 31, 2023 |
|
Dec 31, 2022 |
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
|
Interest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
165,443 |
|
|
$ |
167,368 |
|
|
$ |
163,727 |
|
|
$ |
151,707 |
|
|
$ |
136,846 |
|
|
$ |
648,245 |
|
|
$ |
399,679 |
|
Debt securities |
|
|
12,282 |
|
|
|
10,928 |
|
|
|
10,166 |
|
|
|
10,988 |
|
|
|
10,880 |
|
|
|
44,364 |
|
|
|
38,736 |
|
Deposits in financial institutions and Fed Funds sold |
|
|
8,162 |
|
|
|
7,128 |
|
|
|
7,507 |
|
|
|
5,534 |
|
|
|
3,401 |
|
|
|
28,331 |
|
|
|
6,275 |
|
Equity securities and other investments |
|
|
1,717 |
|
|
|
1,691 |
|
|
|
1,118 |
|
|
|
1,408 |
|
|
|
1,087 |
|
|
|
5,934 |
|
|
|
4,720 |
|
Total interest income |
|
|
187,604 |
|
|
|
187,115 |
|
|
|
182,518 |
|
|
|
169,637 |
|
|
|
152,214 |
|
|
|
726,874 |
|
|
|
449,410 |
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Transaction and savings deposits |
|
|
46,225 |
|
|
|
39,936 |
|
|
|
32,957 |
|
|
|
29,857 |
|
|
|
24,043 |
|
|
|
148,975 |
|
|
|
42,785 |
|
Certificates and other time deposits |
|
|
40,165 |
|
|
|
36,177 |
|
|
|
28,100 |
|
|
|
20,967 |
|
|
|
8,543 |
|
|
|
125,409 |
|
|
|
15,307 |
|
Advances from FHLB |
|
|
2,581 |
|
|
|
8,523 |
|
|
|
17,562 |
|
|
|
12,358 |
|
|
|
10,577 |
|
|
|
41,024 |
|
|
|
15,501 |
|
Subordinated debentures and subordinated notes |
|
|
3,100 |
|
|
|
3,118 |
|
|
|
3,068 |
|
|
|
3,066 |
|
|
|
2,954 |
|
|
|
12,352 |
|
|
|
11,160 |
|
Total interest expense |
|
|
92,071 |
|
|
|
87,754 |
|
|
|
81,687 |
|
|
|
66,248 |
|
|
|
46,117 |
|
|
|
327,760 |
|
|
|
84,753 |
|
Net interest
income |
|
|
95,533 |
|
|
|
99,361 |
|
|
|
100,831 |
|
|
|
103,389 |
|
|
|
106,097 |
|
|
|
399,114 |
|
|
|
364,657 |
|
Provision for credit
losses1 |
|
|
9,500 |
|
|
|
8,627 |
|
|
|
15,000 |
|
|
|
9,385 |
|
|
|
11,800 |
|
|
|
42,512 |
|
|
|
26,950 |
|
(Benefit) provision for
unfunded commitments |
|
|
(1,500 |
) |
|
|
(909 |
) |
|
|
(1,129 |
) |
|
|
1,497 |
|
|
|
(523 |
) |
|
|
(2,041 |
) |
|
|
820 |
|
Net interest income
after provisions |
|
|
87,533 |
|
|
|
91,643 |
|
|
|
86,960 |
|
|
|
92,507 |
|
|
|
94,820 |
|
|
|
358,643 |
|
|
|
336,887 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and fees on deposit accounts |
|
|
4,800 |
|
|
|
5,159 |
|
|
|
5,272 |
|
|
|
5,017 |
|
|
|
5,173 |
|
|
|
20,248 |
|
|
|
20,139 |
|
Loan fees |
|
|
1,200 |
|
|
|
1,564 |
|
|
|
1,520 |
|
|
|
2,064 |
|
|
|
2,477 |
|
|
|
6,348 |
|
|
|
10,442 |
|
Loss on sales of debt securities |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,321 |
) |
|
|
— |
|
|
|
(5,321 |
) |
|
|
— |
|
Gain on sales of mortgage LHFS |
|
|
10 |
|
|
|
21 |
|
|
|
40 |
|
|
|
6 |
|
|
|
4 |
|
|
|
77 |
|
|
|
550 |
|
U.S. Small Business Administration loan income |
|
|
1,240 |
|
|
|
575 |
|
|
|
574 |
|
|
|
322 |
|
|
|
294 |
|
|
|
2,711 |
|
|
|
2,838 |
|
USDA loan income |
|
|
3,138 |
|
|
|
1,197 |
|
|
|
3,570 |
|
|
|
9,366 |
|
|
|
7,514 |
|
|
|
17,271 |
|
|
|
11,222 |
|
Equity method investment (loss) income |
|
|
(29,417 |
) |
|
|
(136 |
) |
|
|
485 |
|
|
|
(1,521 |
) |
|
|
(5,416 |
) |
|
|
(30,589 |
) |
|
|
(5,141 |
) |
Customer swap income |
|
|
238 |
|
|
|
202 |
|
|
|
961 |
|
|
|
217 |
|
|
|
2,273 |
|
|
|
1,618 |
|
|
|
7,898 |
|
Other income |
|
|
999 |
|
|
|
1,092 |
|
|
|
1,270 |
|
|
|
3,381 |
|
|
|
2,007 |
|
|
|
6,742 |
|
|
|
4,874 |
|
Total noninterest (loss) income |
|
|
(17,792 |
) |
|
|
9,674 |
|
|
|
13,692 |
|
|
|
13,531 |
|
|
|
14,326 |
|
|
|
19,105 |
|
|
|
52,822 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
30,606 |
|
|
|
30,949 |
|
|
|
28,650 |
|
|
|
31,865 |
|
|
|
33,690 |
|
|
|
122,070 |
|
|
|
117,841 |
|
Occupancy and equipment |
|
|
4,670 |
|
|
|
4,881 |
|
|
|
4,827 |
|
|
|
4,973 |
|
|
|
5,116 |
|
|
|
19,351 |
|
|
|
18,744 |
|
Professional and regulatory fees |
|
|
7,626 |
|
|
|
7,283 |
|
|
|
6,868 |
|
|
|
4,389 |
|
|
|
4,401 |
|
|
|
26,166 |
|
|
|
14,142 |
|
Data processing and software expense |
|
|
4,569 |
|
|
|
4,541 |
|
|
|
4,709 |
|
|
|
4,720 |
|
|
|
4,197 |
|
|
|
18,539 |
|
|
|
14,013 |
|
Marketing |
|
|
1,945 |
|
|
|
2,353 |
|
|
|
2,627 |
|
|
|
1,779 |
|
|
|
1,841 |
|
|
|
8,704 |
|
|
|
7,179 |
|
Amortization of intangibles |
|
|
2,438 |
|
|
|
2,437 |
|
|
|
2,468 |
|
|
|
2,495 |
|
|
|
2,495 |
|
|
|
9,838 |
|
|
|
9,979 |
|
Telephone and communications |
|
|
356 |
|
|
|
362 |
|
|
|
355 |
|
|
|
478 |
|
|
|
358 |
|
|
|
1,551 |
|
|
|
1,484 |
|
Merger and acquisition ("M&A") expense |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,379 |
|
Other |
|
|
8,028 |
|
|
|
6,608 |
|
|
|
6,693 |
|
|
|
5,916 |
|
|
|
5,261 |
|
|
|
27,245 |
|
|
|
18,314 |
|
Total noninterest expense |
|
|
60,238 |
|
|
|
59,414 |
|
|
|
57,197 |
|
|
|
56,615 |
|
|
|
57,359 |
|
|
|
233,464 |
|
|
|
203,075 |
|
Income before income
tax expense |
|
|
9,503 |
|
|
|
41,903 |
|
|
|
43,455 |
|
|
|
49,423 |
|
|
|
51,787 |
|
|
|
144,284 |
|
|
|
186,634 |
|
Income tax expense |
|
|
6,004 |
|
|
|
9,282 |
|
|
|
9,725 |
|
|
|
11,012 |
|
|
|
11,890 |
|
|
|
36,023 |
|
|
|
40,319 |
|
Net
income |
|
$ |
3,499 |
|
|
$ |
32,621 |
|
|
$ |
33,730 |
|
|
$ |
38,411 |
|
|
$ |
39,897 |
|
|
$ |
108,261 |
|
|
$ |
146,315 |
|
Net income available to common
stockholders |
|
$ |
3,499 |
|
|
$ |
32,621 |
|
|
$ |
33,730 |
|
|
$ |
38,411 |
|
|
$ |
39,897 |
|
|
$ |
108,261 |
|
|
$ |
146,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic EPS |
|
$ |
0.06 |
|
|
$ |
0.60 |
|
|
$ |
0.62 |
|
|
$ |
0.71 |
|
|
$ |
0.74 |
|
|
$ |
2.00 |
|
|
$ |
2.75 |
|
Diluted EPS |
|
$ |
0.06 |
|
|
$ |
0.60 |
|
|
$ |
0.62 |
|
|
$ |
0.70 |
|
|
$ |
0.73 |
|
|
$ |
1.98 |
|
|
$ |
2.71 |
|
Weighted average basic shares
outstanding |
|
|
54,327 |
|
|
|
54,300 |
|
|
|
54,247 |
|
|
|
54,149 |
|
|
|
54,011 |
|
|
|
54,256 |
|
|
|
53,170 |
|
Weighted average diluted shares
outstanding |
|
|
54,691 |
|
|
|
54,597 |
|
|
|
54,486 |
|
|
|
54,606 |
|
|
|
54,780 |
|
|
|
54,596 |
|
|
|
53,952 |
|
1 Includes provision for credit losses on
available for sale (“AFS”) securities of $885 thousand for the
three months ended March 31, 2023.
VERITEX HOLDINGS, INC. AND
SUBSIDIARIESFinancial
Highlights(Unaudited) |
|
|
|
For the Quarter Ended |
|
|
December 31, 2023 |
|
September 30, 2023 |
|
December 31, 2022 |
|
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
|
|
(Dollars in thousands) |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans1 |
|
$ |
9,280,439 |
|
|
$ |
161,021 |
|
6.88 |
% |
|
$ |
9,267,366 |
|
|
$ |
161,615 |
|
6.92 |
% |
|
$ |
8,743,380 |
|
|
$ |
131,823 |
|
5.98 |
% |
LHI, MW |
|
|
301,345 |
|
|
|
4,422 |
|
5.82 |
|
|
|
357,639 |
|
|
|
5,753 |
|
6.38 |
|
|
|
383,080 |
|
|
|
5,024 |
|
5.20 |
|
Debt securities |
|
|
1,188,776 |
|
|
|
12,282 |
|
4.10 |
|
|
|
1,121,716 |
|
|
|
10,928 |
|
3.87 |
|
|
|
1,286,342 |
|
|
|
10,880 |
|
3.36 |
|
Interest-earning deposits in other banks |
|
|
587,929 |
|
|
|
8,162 |
|
5.51 |
|
|
|
520,785 |
|
|
|
7,128 |
|
5.43 |
|
|
|
353,737 |
|
|
|
3,401 |
|
3.81 |
|
Equity securities and other investments |
|
|
82,271 |
|
|
|
1,717 |
|
8.28 |
|
|
|
135,714 |
|
|
|
1,691 |
|
4.94 |
|
|
|
119,054 |
|
|
|
1,087 |
|
3.62 |
|
Total interest-earning assets |
|
|
11,440,760 |
|
|
|
187,604 |
|
6.51 |
|
|
|
11,403,220 |
|
|
|
187,115 |
|
6.51 |
|
|
|
10,885,593 |
|
|
|
152,215 |
|
5.55 |
|
ACL |
|
|
(111,937 |
) |
|
|
|
|
|
|
(105,320 |
) |
|
|
|
|
|
|
(85,275 |
) |
|
|
|
|
Noninterest-earning assets |
|
|
977,811 |
|
|
|
|
|
|
|
961,162 |
|
|
|
|
|
|
|
960,726 |
|
|
|
|
|
Total assets |
|
$ |
12,306,634 |
|
|
|
|
|
|
$ |
12,259,062 |
|
|
|
|
|
|
$ |
11,761,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand and savings deposits |
|
$ |
4,547,911 |
|
|
|
46,225 |
|
4.03 |
% |
|
$ |
4,168,876 |
|
|
$ |
39,936 |
|
3.80 |
% |
|
$ |
4,321,936 |
|
|
|
24,043 |
|
2.21 |
% |
Certificates and other time deposits |
|
|
3,285,164 |
|
|
|
40,165 |
|
4.85 |
|
|
|
3,151,704 |
|
|
|
36,177 |
|
4.55 |
|
|
|
1,785,152 |
|
|
|
8,543 |
|
1.90 |
|
Advances from FHLB and Other |
|
|
182,935 |
|
|
|
2,581 |
|
5.60 |
|
|
|
725,543 |
|
|
|
8,523 |
|
4.66 |
|
|
|
1,073,049 |
|
|
|
10,577 |
|
3.91 |
|
Subordinated debentures and subordinated notes |
|
|
229,648 |
|
|
|
3,100 |
|
5.36 |
|
|
|
229,389 |
|
|
|
3,118 |
|
5.39 |
|
|
|
229,037 |
|
|
|
2,954 |
|
5.12 |
|
Total interest-bearing liabilities |
|
|
8,245,658 |
|
|
|
92,071 |
|
4.43 |
|
|
|
8,275,512 |
|
|
|
87,754 |
|
4.21 |
|
|
|
7,409,174 |
|
|
|
46,117 |
|
2.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
2,322,555 |
|
|
|
|
|
|
|
2,272,207 |
|
|
|
|
|
|
|
2,737,468 |
|
|
|
|
|
Other liabilities |
|
|
228,135 |
|
|
|
|
|
|
|
203,173 |
|
|
|
|
|
|
|
179,584 |
|
|
|
|
|
Total liabilities |
|
|
10,796,348 |
|
|
|
|
|
|
|
10,750,892 |
|
|
|
|
|
|
|
10,326,226 |
|
|
|
|
|
Stockholders’ equity |
|
|
1,510,286 |
|
|
|
|
|
|
|
1,508,170 |
|
|
|
|
|
|
|
1,434,818 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
12,306,634 |
|
|
|
|
|
|
$ |
12,259,062 |
|
|
|
|
|
|
$ |
11,761,044 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread2 |
|
|
|
|
|
2.08 |
% |
|
|
|
|
|
2.30 |
% |
|
|
|
|
|
3.08 |
% |
Net interest income and
margin3 |
|
|
|
$ |
95,533 |
|
3.31 |
% |
|
|
|
$ |
99,361 |
|
3.46 |
% |
|
|
|
$ |
106,097 |
|
3.87 |
% |
1 Includes average outstanding balances of LHFS of $31,242,
$28,284 and $15,296 for the three months ended December 31,
2023, September 30, 2023 and December 31, 2022,
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
SUBSIDIARIESFinancial
Highlights(Unaudited) |
|
|
|
For the Year Ended December 31, |
|
|
|
2023 |
|
|
|
2022 |
|
|
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
|
|
(Dollars in thousands) |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Loans1 |
|
$ |
9,244,070 |
|
|
$ |
628,122 |
|
6.79 |
% |
|
$ |
7,877,949 |
|
|
$ |
383,008 |
|
4.86 |
% |
LHI, MW |
|
|
347,596 |
|
|
|
20,123 |
|
5.79 |
|
|
|
433,062 |
|
|
|
16,671 |
|
3.85 |
|
Debt securities |
|
|
1,173,880 |
|
|
|
44,364 |
|
3.78 |
|
|
|
1,277,643 |
|
|
|
38,736 |
|
3.03 |
|
Interest-earning deposits in other banks |
|
|
542,959 |
|
|
|
28,331 |
|
5.22 |
|
|
|
405,471 |
|
|
|
6,275 |
|
1.55 |
|
Equity securities and other investments |
|
|
120,135 |
|
|
|
5,934 |
|
4.94 |
|
|
|
169,875 |
|
|
|
4,720 |
|
2.78 |
|
Total interest-earning assets |
|
|
11,428,640 |
|
|
|
726,874 |
|
6.36 |
|
|
|
10,164,000 |
|
|
|
449,410 |
|
4.42 |
|
ACL |
|
|
(103,179 |
) |
|
|
|
|
|
|
(79,845 |
) |
|
|
|
|
Noninterest-earning assets |
|
|
957,286 |
|
|
|
|
|
|
|
905,103 |
|
|
|
|
|
Total assets |
|
$ |
12,282,747 |
|
|
|
|
|
|
$ |
10,989,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand and savings deposits |
|
$ |
4,197,517 |
|
|
|
148,975 |
|
3.55 |
|
|
$ |
3,934,926 |
|
|
|
42,785 |
|
1.09 |
|
Certificates and other time deposits |
|
|
2,977,178 |
|
|
|
125,409 |
|
4.21 |
|
|
|
1,601,687 |
|
|
|
15,307 |
|
0.96 |
|
Advances from FHLB and Other |
|
|
873,617 |
|
|
|
41,024 |
|
4.70 |
|
|
|
896,687 |
|
|
|
15,501 |
|
1.73 |
|
Subordinated debentures and subordinated notes |
|
|
229,268 |
|
|
|
12,352 |
|
5.39 |
|
|
|
230,984 |
|
|
|
11,160 |
|
4.83 |
|
Total interest-bearing
liabilities |
|
|
8,277,580 |
|
|
|
327,760 |
|
3.96 |
|
|
|
6,664,284 |
|
|
|
84,753 |
|
1.27 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
|
2,309,983 |
|
|
|
|
|
|
|
2,782,077 |
|
|
|
|
|
Other liabilities |
|
|
193,659 |
|
|
|
|
|
|
|
119,237 |
|
|
|
|
|
Total liabilities |
|
|
10,781,222 |
|
|
|
|
|
|
|
9,565,598 |
|
|
|
|
|
Stockholders’ equity |
|
|
1,501,525 |
|
|
|
|
|
|
|
1,423,660 |
|
|
|
|
|
Total liabilities and stockholders’ equity |
|
$ |
12,282,747 |
|
|
|
|
|
|
$ |
10,989,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread2 |
|
|
|
|
|
2.40 |
% |
|
|
|
|
|
3.15 |
% |
Net interest income and
margin3 |
|
|
|
$ |
399,114 |
|
3.49 |
% |
|
|
|
$ |
364,657 |
|
3.59 |
% |
1Includes average outstanding balances of LHFS of $25,684 and
$13,558 for the twelve months ended December 31, 2023 and
2022, 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
SUBSIDIARIESFinancial
Highlights(Unaudited)
Yield Trend
|
|
For the Quarter Ended |
|
|
Dec 31,2023 |
|
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
Average yield on interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
Loans1 |
|
6.88 |
% |
|
6.92 |
% |
|
6.85 |
% |
|
6.51 |
% |
|
5.98 |
% |
LHI, MW |
|
5.82 |
|
|
6.38 |
|
|
5.44 |
|
|
5.52 |
|
|
5.20 |
|
Debt securities |
|
4.10 |
|
|
3.87 |
|
|
3.60 |
|
|
3.56 |
|
|
3.36 |
|
Interest-bearing deposits in
other banks |
|
5.51 |
|
|
5.43 |
|
|
5.16 |
|
|
4.69 |
|
|
3.81 |
|
Equity securities and other
investments |
|
8.28 |
|
|
4.94 |
|
|
3.25 |
|
|
4.57 |
|
|
3.62 |
|
Total interest-earning assets |
|
6.51 |
% |
|
6.51 |
% |
|
6.36 |
% |
|
6.06 |
% |
|
5.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
Average rate on interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand and
savings deposits |
|
4.03 |
% |
|
3.80 |
% |
|
3.37 |
% |
|
2.92 |
% |
|
2.21 |
% |
Certificates and other time
deposits |
|
4.85 |
|
|
4.55 |
|
|
3.92 |
|
|
3.28 |
|
|
1.90 |
|
Advances from FHLB and Other |
|
5.60 |
|
|
4.66 |
|
|
4.78 |
|
|
4.46 |
|
|
3.91 |
|
Subordinated debentures and
subordinated notes |
|
5.36 |
|
|
5.39 |
|
|
5.37 |
|
|
5.38 |
|
|
5.12 |
|
Total interest-bearing liabilities |
|
4.43 |
% |
|
4.21 |
% |
|
3.86 |
% |
|
3.32 |
% |
|
2.47 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread2 |
|
2.08 |
% |
|
2.30 |
% |
|
2.50 |
% |
|
2.74 |
% |
|
3.08 |
% |
Net interest margin3 |
|
3.31 |
% |
|
3.46 |
% |
|
3.51 |
% |
|
3.69 |
% |
|
3.87 |
% |
1 Includes average outstanding balances of LHFS of
$31,242, $28,284, $23,374, $19,679 and $15,296 for the three months
ended December 31, 2023, September 30, 2023,
June 30, 2023, March 31, 2023 and December 31, 2022,
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 |
|
|
Dec 31,2023 |
|
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
Average cost of interest-bearing deposits |
|
4.38 |
% |
|
4.12 |
% |
|
3.61 |
% |
|
3.06 |
% |
|
2.12 |
% |
Average costs of total deposits,
including noninterest-bearing |
|
3.37 |
|
|
3.15 |
|
|
2.73 |
|
|
2.24 |
|
|
1.46 |
|
VERITEX HOLDINGS, INC. AND
SUBSIDIARIESFinancial
Highlights(Unaudited)
LHI and Deposit Portfolio Composition
|
|
Dec 31, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|
Mar 31, 2023 |
|
Dec 31, 2022 |
|
|
(In thousands, except percentages) |
LHI1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and Industrial ("C&I") |
|
$ |
2,752,063 |
|
|
29.9 |
% |
|
$ |
2,841,024 |
|
|
30.7 |
% |
|
$ |
2,850,084 |
|
|
30.7 |
% |
|
$ |
2,895,957 |
|
|
31.3 |
% |
|
$ |
2,942,348 |
|
|
32.4 |
% |
Real Estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Owner occupied commercial ("OOCRE") |
|
|
794,088 |
|
|
8.6 |
|
|
|
697,299 |
|
|
7.5 |
|
|
|
671,602 |
|
|
7.2 |
|
|
|
631,563 |
|
|
6.8 |
|
|
|
715,829 |
|
|
7.9 |
|
Non-owner occupied commercial ("NOOCRE") |
|
|
2,350,725 |
|
|
25.5 |
|
|
|
2,398,060 |
|
|
26.1 |
|
|
|
2,509,731 |
|
|
27.1 |
|
|
|
2,505,344 |
|
|
27.1 |
|
|
|
2,341,379 |
|
|
25.9 |
|
Construction and land |
|
|
1,734,254 |
|
|
18.8 |
|
|
|
1,705,053 |
|
|
18.4 |
|
|
|
1,659,700 |
|
|
17.9 |
|
|
|
1,831,349 |
|
|
19.8 |
|
|
|
1,787,400 |
|
|
19.7 |
|
Farmland |
|
|
31,114 |
|
|
0.3 |
|
|
|
59,684 |
|
|
0.6 |
|
|
|
51,663 |
|
|
0.6 |
|
|
|
51,680 |
|
|
0.6 |
|
|
|
43,500 |
|
|
0.5 |
|
1-4 family residential |
|
|
937,119 |
|
|
10.2 |
|
|
|
933,225 |
|
|
10.1 |
|
|
|
923,442 |
|
|
10.0 |
|
|
|
896,252 |
|
|
9.7 |
|
|
|
894,456 |
|
|
9.9 |
|
Multi-family residential |
|
|
605,817 |
|
|
6.6 |
|
|
|
603,395 |
|
|
6.5 |
|
|
|
592,473 |
|
|
6.4 |
|
|
|
432,209 |
|
|
4.6 |
|
|
|
322,679 |
|
|
3.6 |
|
Consumer |
|
|
10,149 |
|
|
0.1 |
|
|
|
9,845 |
|
|
0.1 |
|
|
|
11,189 |
|
|
0.1 |
|
|
|
8,316 |
|
|
0.1 |
|
|
|
7,806 |
|
|
0.1 |
|
Total LHI |
|
$ |
9,215,329 |
|
|
100 |
% |
|
$ |
9,247,585 |
|
|
100 |
% |
|
$ |
9,269,884 |
|
|
100 |
% |
|
$ |
9,252,670 |
|
|
100 |
% |
|
$ |
9,055,397 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
MW |
|
|
377,796 |
|
|
|
|
|
390,767 |
|
|
|
|
|
436,255 |
|
|
|
|
|
437,501 |
|
|
|
|
|
446,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total LHI1 |
|
$ |
9,593,125 |
|
|
|
|
$ |
9,638,352 |
|
|
|
|
$ |
9,706,139 |
|
|
|
|
$ |
9,690,171 |
|
|
|
|
$ |
9,501,624 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total LHFS |
|
|
79,072 |
|
|
|
|
|
41,313 |
|
|
|
|
|
29,876 |
|
|
|
|
|
42,816 |
|
|
|
|
|
20,641 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Loans |
|
$ |
9,672,197 |
|
|
|
|
$ |
9,679,665 |
|
|
|
|
$ |
9,736,015 |
|
|
|
|
$ |
9,732,987 |
|
|
|
|
$ |
9,522,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
2,218,036 |
|
|
21.5 |
% |
|
$ |
2,363,340 |
|
|
23.2 |
% |
|
$ |
2,234,109 |
|
|
24.2 |
% |
|
$ |
2,212,389 |
|
|
24.5 |
% |
|
$ |
2,640,617 |
|
|
28.9 |
% |
Interest-bearing transaction |
|
|
347,156 |
|
|
3.4 |
|
|
|
739,098 |
|
|
7.2 |
|
|
|
676,653 |
|
|
7.3 |
|
|
|
866,609 |
|
|
9.6 |
|
|
|
622,814 |
|
|
6.8 |
|
Money market |
|
|
3,864,361 |
|
|
37.3 |
|
|
|
3,096,498 |
|
|
30.4 |
|
|
|
2,816,769 |
|
|
30.5 |
|
|
|
2,518,922 |
|
|
27.9 |
|
|
|
2,773,622 |
|
|
30.4 |
|
Savings |
|
|
136,868 |
|
|
1.3 |
|
|
|
100,474 |
|
|
1.0 |
|
|
|
96,831 |
|
|
1.0 |
|
|
|
106,480 |
|
|
1.2 |
|
|
|
118,293 |
|
|
1.3 |
|
Certificates and other time deposits |
|
|
3,191,737 |
|
|
30.9 |
|
|
|
3,403,427 |
|
|
33.4 |
|
|
|
2,928,949 |
|
|
31.7 |
|
|
|
2,896,870 |
|
|
32.0 |
|
|
|
2,086,642 |
|
|
22.9 |
|
Correspondent money market account |
|
|
580,037 |
|
|
5.6 |
|
|
|
493,681 |
|
|
4.8 |
|
|
|
480,598 |
|
|
5.3 |
|
|
|
433,468 |
|
|
4.8 |
|
|
|
881,246 |
|
|
9.7 |
|
Total deposits |
|
$ |
10,338,195 |
|
|
100 |
% |
|
$ |
10,196,518 |
|
|
100 |
% |
|
$ |
9,233,909 |
|
|
100 |
% |
|
$ |
9,034,738 |
|
|
100 |
% |
|
$ |
9,123,234 |
|
|
100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans to total deposits
ratio |
|
|
93.6 |
% |
|
|
|
|
94.9 |
% |
|
|
|
|
105.4 |
% |
|
|
|
|
107.7 |
% |
|
|
|
|
104.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LHI to Deposit Ratio,
excluding MW |
|
|
89.1 |
% |
|
|
|
|
90.7 |
% |
|
|
|
|
100.4 |
% |
|
|
|
|
102.4 |
% |
|
|
|
|
99.3 |
% |
|
|
1 Total LHI does not include deferred costs of $8.8 million,
$10.1 million, $12.7 million, $15.5 million and $19.0 million at
December 31, 2023, September 30, 2023, June 30,
2023, March 31, 2023 and December 31, 2022,
respectively.
VERITEX HOLDINGS, INC. AND
SUBSIDIARIESFinancial
Highlights(Unaudited)Asset
Quality |
|
|
For the Quarter Ended |
|
For the Year Ended |
|
Dec 31,2023 |
|
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
|
Dec 31,2023 |
|
Dec 31,2022 |
|
(In thousands, except percentages) |
NPAs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
79,133 |
|
|
$ |
65,676 |
|
|
$ |
54,055 |
|
|
$ |
31,452 |
|
|
$ |
30,364 |
|
|
$ |
79,133 |
|
|
$ |
30,364 |
|
Nonaccrual PCD loans1 |
|
13,715 |
|
|
|
13,718 |
|
|
|
13,721 |
|
|
|
12,784 |
|
|
|
13,178 |
|
|
|
13,715 |
|
|
|
13,178 |
|
Accruing loans 90 or more days past due2 |
|
2,975 |
|
|
|
474 |
|
|
|
528 |
|
|
|
296 |
|
|
|
125 |
|
|
|
2,975 |
|
|
|
125 |
|
Total nonperforming loans held for investment ("NPLs") |
|
95,823 |
|
|
|
79,868 |
|
|
|
68,304 |
|
|
|
44,532 |
|
|
|
43,667 |
|
|
|
95,823 |
|
|
|
43,667 |
|
Other real estate owned |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total NPAs |
$ |
95,823 |
|
|
$ |
79,868 |
|
|
$ |
68,304 |
|
|
$ |
44,532 |
|
|
$ |
43,667 |
|
|
$ |
95,823 |
|
|
$ |
43,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Charge-offs: |
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
$ |
(21 |
) |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(21 |
) |
|
$ |
— |
|
Multifamily |
|
(192 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(192 |
) |
|
|
— |
|
OOCRE |
|
(364 |
) |
|
|
(375 |
) |
|
|
— |
|
|
|
(116 |
) |
|
|
— |
|
|
|
(855 |
) |
|
|
(2,646 |
) |
NOOCRE |
|
(5,434 |
) |
|
|
— |
|
|
|
(8,215 |
) |
|
|
— |
|
|
|
(1,019 |
) |
|
|
(13,649 |
) |
|
|
(2,410 |
) |
C&I |
|
(3,893 |
) |
|
|
(1,929 |
) |
|
|
(3,540 |
) |
|
|
(1,051 |
) |
|
|
(5,449 |
) |
|
|
(10,413 |
) |
|
|
(9,731 |
) |
Consumer |
|
(33 |
) |
|
|
(49 |
) |
|
|
(92 |
) |
|
|
(62 |
) |
|
|
(41 |
) |
|
|
(236 |
) |
|
|
(1,285 |
) |
Total charge-offs |
|
(9,937 |
) |
|
|
(2,353 |
) |
|
|
(11,847 |
) |
|
|
(1,229 |
) |
|
|
(6,509 |
) |
|
|
(25,366 |
) |
|
|
(16,072 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Recoveries: |
|
|
|
|
|
|
|
|
|
|
|
|
|
1-4 family residential |
|
1 |
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
|
24 |
|
|
|
3 |
|
|
|
31 |
|
OOCRE |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
26 |
|
|
|
— |
|
|
|
271 |
|
NOOCRE |
|
— |
|
|
|
200 |
|
|
|
150 |
|
|
|
— |
|
|
|
229 |
|
|
|
350 |
|
|
|
725 |
|
C&I |
|
387 |
|
|
|
308 |
|
|
|
106 |
|
|
|
364 |
|
|
|
415 |
|
|
|
1,165 |
|
|
|
1,308 |
|
Consumer |
|
34 |
|
|
|
14 |
|
|
|
46 |
|
|
|
6 |
|
|
|
30 |
|
|
|
100 |
|
|
|
85 |
|
Total recoveries |
|
422 |
|
|
|
522 |
|
|
|
303 |
|
|
|
371 |
|
|
|
724 |
|
|
|
1,618 |
|
|
|
2,420 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs |
$ |
(9,515 |
) |
|
$ |
(1,831 |
) |
|
$ |
(11,544 |
) |
|
$ |
(858 |
) |
|
$ |
(5,785 |
) |
|
$ |
(23,748 |
) |
|
$ |
(13,652 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for credit losses |
$ |
9,500 |
|
|
$ |
8,627 |
|
|
$ |
15,000 |
|
|
$ |
9,385 |
|
|
$ |
11,800 |
|
|
$ |
42,512 |
|
|
$ |
26,950 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACL |
$ |
109,816 |
|
|
$ |
109,831 |
|
|
$ |
102,150 |
|
|
$ |
98,694 |
|
|
$ |
91,052 |
|
|
$ |
109,816 |
|
|
$ |
91,052 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
NPAs to total assets |
|
0.77 |
% |
|
|
0.65 |
% |
|
|
0.55 |
% |
|
|
0.35 |
% |
|
|
0.36 |
% |
|
|
0.77 |
% |
|
|
0.36 |
% |
NPAs, excluding nonaccrual PCD loans, to total assets |
|
0.66 |
|
|
|
0.54 |
|
|
|
0.44 |
|
|
|
0.25 |
|
|
|
0.25 |
|
|
|
0.66 |
|
|
|
0.25 |
|
NPLs to total LHI |
|
1.00 |
|
|
|
0.83 |
|
|
|
0.70 |
|
|
|
0.46 |
|
|
|
0.46 |
|
|
|
1.00 |
|
|
|
0.46 |
|
NPLs, excluding nonaccrual PCD loans, to total LHI |
|
0.86 |
|
|
|
0.69 |
|
|
|
0.56 |
|
|
|
0.33 |
|
|
|
0.32 |
|
|
|
0.86 |
|
|
|
0.32 |
|
ACL to total LHI |
|
1.14 |
|
|
|
1.14 |
|
|
|
1.05 |
|
|
|
1.02 |
|
|
|
0.96 |
|
|
|
1.14 |
|
|
|
0.96 |
|
Net charge-offs to average loans outstanding3 |
|
0.40 |
|
|
|
0.08 |
|
|
|
0.48 |
|
|
|
0.04 |
|
|
|
0.24 |
|
|
|
0.25 |
|
|
|
0.16 |
|
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
SUBSIDIARIESReconciliation 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, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|
Mar 31, 2023 |
|
Dec 31, 2022 |
|
|
(Dollars in thousands, except per share data) |
Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
1,531,323 |
|
|
$ |
1,491,166 |
|
|
$ |
1,491,280 |
|
|
$ |
1,493,737 |
|
|
$ |
1,449,773 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
Core deposit intangibles |
|
|
(28,495 |
) |
|
|
(30,933 |
) |
|
|
(33,371 |
) |
|
|
(35,808 |
) |
|
|
(38,247 |
) |
Tangible common equity |
|
$ |
1,098,376 |
|
|
$ |
1,055,781 |
|
|
$ |
1,053,457 |
|
|
$ |
1,053,477 |
|
|
$ |
1,007,074 |
|
Common shares outstanding |
|
|
54,338 |
|
|
|
54,305 |
|
|
|
54,261 |
|
|
|
54,229 |
|
|
|
54,030 |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common share |
|
$ |
28.18 |
|
|
$ |
27.46 |
|
|
$ |
27.48 |
|
|
$ |
27.54 |
|
|
$ |
26.83 |
|
Tangible book value per common
share |
|
$ |
20.21 |
|
|
$ |
19.44 |
|
|
$ |
19.41 |
|
|
$ |
19.43 |
|
|
$ |
18.64 |
|
VERITEX HOLDINGS, INC. AND
SUBSIDIARIESReconciliation 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, 2023 |
|
Sep 30, 2023 |
|
Jun 30, 2023 |
|
Mar 31, 2023 |
|
Dec 31, 2022 |
|
|
(Dollars in thousands) |
Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
Total stockholders' equity |
|
$ |
1,531,323 |
|
|
$ |
1,491,166 |
|
|
$ |
1,491,280 |
|
|
$ |
1,493,737 |
|
|
$ |
1,449,773 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
Core deposit intangibles |
|
|
(28,495 |
) |
|
|
(30,933 |
) |
|
|
(33,371 |
) |
|
|
(35,808 |
) |
|
|
(38,247 |
) |
Tangible common equity |
|
$ |
1,098,376 |
|
|
$ |
1,055,781 |
|
|
$ |
1,053,457 |
|
|
$ |
1,053,477 |
|
|
$ |
1,007,074 |
|
Tangible
Assets |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
12,394,337 |
|
|
$ |
12,346,331 |
|
|
$ |
12,470,368 |
|
|
$ |
12,609,487 |
|
|
$ |
12,154,361 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
Core deposit intangibles |
|
|
(28,495 |
) |
|
|
(30,933 |
) |
|
|
(33,371 |
) |
|
|
(35,808 |
) |
|
|
(38,247 |
) |
Tangible Assets |
|
$ |
11,961,390 |
|
|
$ |
11,910,946 |
|
|
$ |
12,032,545 |
|
|
$ |
12,169,227 |
|
|
$ |
11,711,662 |
|
Tangible Common Equity to
Tangible Assets |
|
|
9.18 |
% |
|
|
8.86 |
% |
|
|
8.76 |
% |
|
|
8.66 |
% |
|
|
8.60 |
% |
VERITEX HOLDINGS, INC. AND
SUBSIDIARIESReconciliation 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 31,2023 |
|
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
|
Dec 31,2023 |
|
Dec 31,2022 |
|
|
(Dollars in thousands) |
Net (loss) income
available for common stockholders adjusted for amortization of core
deposit intangibles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income |
|
$ |
3,499 |
|
|
$ |
32,621 |
|
|
$ |
33,730 |
|
|
$ |
38,411 |
|
|
$ |
39,897 |
|
|
$ |
108,261 |
|
|
$ |
146,315 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Amortization of core deposit intangibles |
|
|
2,438 |
|
|
|
2,438 |
|
|
|
2,438 |
|
|
|
2,438 |
|
|
|
2,438 |
|
|
|
9,752 |
|
|
|
9,752 |
|
Less: Tax benefit at the statutory rate |
|
|
512 |
|
|
|
512 |
|
|
|
512 |
|
|
|
512 |
|
|
|
512 |
|
|
|
2,048 |
|
|
|
2,048 |
|
Net (loss) income available for common stockholders
adjusted for amortization of core deposit intangibles |
|
$ |
5,425 |
|
|
$ |
34,547 |
|
|
$ |
35,656 |
|
|
$ |
40,337 |
|
|
$ |
41,823 |
|
|
$ |
115,965 |
|
|
$ |
154,019 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average stockholders' equity |
|
$ |
1,510,286 |
|
|
$ |
1,508,170 |
|
|
$ |
1,510,625 |
|
|
$ |
1,476,576 |
|
|
$ |
1,434,818 |
|
|
$ |
1,501,525 |
|
|
$ |
1,423,660 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average goodwill |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,344 |
) |
Average core deposit intangibles |
|
|
(30,093 |
) |
|
|
(32,540 |
) |
|
|
(34,969 |
) |
|
|
(37,361 |
) |
|
|
(39,792 |
) |
|
|
(33,718 |
) |
|
|
(43,451 |
) |
Average tangible common equity |
|
$ |
1,075,741 |
|
|
$ |
1,071,178 |
|
|
$ |
1,071,204 |
|
|
$ |
1,034,763 |
|
|
$ |
990,574 |
|
|
$ |
1,063,355 |
|
|
$ |
975,865 |
|
Return on Average
Tangible Common Equity (Annualized) |
|
|
2.00 |
% |
|
|
12.80 |
% |
|
|
13.35 |
% |
|
|
15.81 |
% |
|
|
16.75 |
% |
|
|
10.91 |
% |
|
|
15.78 |
% |
VERITEX HOLDINGS, INC. AND
SUBSIDIARIESReconciliation 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, plus M&A expenses 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 31,2023 |
|
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
|
Dec 31,2023 |
|
Dec 31,2022 |
|
|
(Dollars in thousands, except per share data) |
Operating
Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,499 |
|
$ |
32,621 |
|
$ |
33,730 |
|
$ |
38,411 |
|
$ |
39,897 |
|
$ |
108,261 |
|
$ |
146,315 |
Plus: Equity method investment
write-down |
|
|
29,417 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
29,417 |
|
|
— |
Plus: FDIC special
assessment |
|
|
768 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
768 |
|
|
— |
Plus: Severance payments1 |
|
|
— |
|
|
— |
|
|
1,194 |
|
|
756 |
|
|
630 |
|
|
1,950 |
|
|
630 |
Plus: Loss on sale of debt
securities AFS, net |
|
|
— |
|
|
— |
|
|
— |
|
|
5,321 |
|
|
— |
|
|
5,321 |
|
|
— |
Plus: M&A expenses |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,379 |
Operating pre-tax income |
|
|
33,684 |
|
|
32,621 |
|
|
34,924 |
|
|
44,488 |
|
|
40,527 |
|
|
145,717 |
|
|
148,324 |
Less: Tax impact of
adjustments |
|
|
2,059 |
|
|
— |
|
|
251 |
|
|
1,293 |
|
|
132 |
|
|
3,603 |
|
|
435 |
Operating earnings |
|
$ |
31,625 |
|
$ |
32,621 |
|
$ |
34,673 |
|
$ |
43,195 |
|
$ |
40,395 |
|
$ |
142,114 |
|
$ |
147,889 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average diluted
shares outstanding |
|
|
54,691 |
|
|
54,597 |
|
|
54,486 |
|
|
54,606 |
|
|
54,780 |
|
|
54,596 |
|
|
53,952 |
Diluted EPS |
|
$ |
0.06 |
|
$ |
0.60 |
|
$ |
0.62 |
|
$ |
0.70 |
|
$ |
0.73 |
|
$ |
1.98 |
|
$ |
2.71 |
Diluted operating
EPS |
|
$ |
0.58 |
|
$ |
0.60 |
|
$ |
0.64 |
|
$ |
0.79 |
|
$ |
0.74 |
|
$ |
2.60 |
|
$ |
2.74 |
1 Severance payments relate to restructurings
made during the periods disclosed.
|
|
For the Quarter Ended |
|
For the Year Ended |
(Dollars in
thousands) |
|
Dec 31,2023 |
|
Sep 30,2023 |
|
Jun 30,2023 |
|
Mar 31,2023 |
|
Dec 31,2022 |
|
Dec 31,2023 |
|
Dec 31,2022 |
Pre-Tax, Pre-Provision
Operating Earnings |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
3,499 |
|
|
$ |
32,621 |
|
|
$ |
33,730 |
|
|
$ |
38,411 |
|
|
$ |
39,897 |
|
|
$ |
108,261 |
|
|
$ |
146,315 |
|
Plus: Provision for income taxes |
|
|
6,004 |
|
|
|
9,282 |
|
|
|
9,725 |
|
|
|
11,012 |
|
|
|
11,890 |
|
|
|
36,023 |
|
|
|
40,319 |
|
Plus: Provision for credit losses and unfunded commitments |
|
|
8,000 |
|
|
|
7,718 |
|
|
|
13,871 |
|
|
|
10,882 |
|
|
|
11,277 |
|
|
|
40,471 |
|
|
|
27,770 |
|
Plus: Severance payments |
|
|
— |
|
|
|
— |
|
|
|
1,194 |
|
|
|
756 |
|
|
|
630 |
|
|
|
1,950 |
|
|
|
630 |
|
Plus: Loss on sale of debt securities AFS, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,321 |
|
|
|
— |
|
|
|
5,321 |
|
|
|
— |
|
Plus: Equity method investment write-down |
|
|
29,417 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,417 |
|
|
|
— |
|
Plus: FDIC special assessment |
|
|
768 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
768 |
|
|
|
— |
|
Plus: M&A expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,379 |
|
Net pre-tax,
pre-provision operating earnings |
|
$ |
47,688 |
|
|
$ |
49,621 |
|
|
$ |
58,520 |
|
|
$ |
66,382 |
|
|
$ |
63,694 |
|
|
$ |
222,211 |
|
|
$ |
216,413 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average total
assets |
|
$ |
12,306,634 |
|
|
$ |
12,259,062 |
|
|
$ |
12,350,223 |
|
|
$ |
12,214,313 |
|
|
$ |
11,761,044 |
|
|
$ |
12,282,747 |
|
|
$ |
10,989,258 |
|
Pre-tax, pre-provision
operating return on average assets1 |
|
|
1.54 |
% |
|
|
1.61 |
% |
|
|
1.90 |
% |
|
|
2.20 |
% |
|
|
2.15 |
% |
|
|
1.81 |
% |
|
|
1.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Total
Assets |
|
$ |
12,306,634 |
|
|
$ |
12,259,062 |
|
|
$ |
12,350,223 |
|
|
$ |
12,214,313 |
|
|
$ |
11,761,044 |
|
|
$ |
12,282,747 |
|
|
$ |
10,989,258 |
|
Return on average assets1 |
|
|
0.11 |
% |
|
|
1.06 |
% |
|
|
1.10 |
% |
|
|
1.28 |
% |
|
|
1.35 |
% |
|
|
0.88 |
% |
|
|
1.33 |
% |
Operating return on average
assets1 |
|
|
1.02 |
|
|
|
1.06 |
|
|
|
1.13 |
|
|
|
1.43 |
|
|
|
1.36 |
|
|
|
1.16 |
|
|
|
1.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average
loans |
|
$ |
9,581,784 |
|
|
$ |
9,625,005 |
|
|
$ |
9,657,313 |
|
|
$ |
9,501,309 |
|
|
$ |
9,103,552 |
|
|
$ |
9,591,666 |
|
|
$ |
8,311,011 |
|
Pre-tax, pre-provision
operating return on average loans1 |
|
|
1.97 |
% |
|
|
2.05 |
% |
|
|
2.43 |
% |
|
|
2.83 |
% |
|
|
2.78 |
% |
|
|
2.32 |
% |
|
|
2.60 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings
adjusted for amortization of core deposit intangibles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating earnings |
|
$ |
31,625 |
|
|
$ |
32,621 |
|
|
$ |
34,673 |
|
|
$ |
43,195 |
|
|
$ |
40,395 |
|
|
$ |
142,114 |
|
|
$ |
147,889 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Plus: Amortization of core deposit intangibles |
|
|
2,438 |
|
|
|
2,438 |
|
|
|
2,438 |
|
|
|
2,438 |
|
|
|
2,438 |
|
|
|
9,752 |
|
|
|
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 |
|
$ |
33,551 |
|
|
$ |
34,547 |
|
|
$ |
36,599 |
|
|
$ |
45,121 |
|
|
$ |
42,321 |
|
|
$ |
149,818 |
|
|
$ |
155,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total average stockholders' equity |
|
$ |
1,510,286 |
|
|
$ |
1,508,170 |
|
|
$ |
1,510,625 |
|
|
$ |
1,476,576 |
|
|
$ |
1,434,818 |
|
|
$ |
1,501,525 |
|
|
$ |
1,423,660 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Average goodwill |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,452 |
) |
|
|
(404,344 |
) |
Less: Average core deposit intangibles |
|
|
(30,093 |
) |
|
|
(32,540 |
) |
|
|
(34,969 |
) |
|
|
(37,361 |
) |
|
|
(39,792 |
) |
|
|
(33,718 |
) |
|
|
(43,451 |
) |
Average tangible common equity |
|
$ |
1,075,741 |
|
|
$ |
1,071,178 |
|
|
$ |
1,071,204 |
|
|
$ |
1,034,763 |
|
|
$ |
990,574 |
|
|
$ |
1,063,355 |
|
|
$ |
975,865 |
|
Operating return on
average tangible common equity1 |
|
|
12.37 |
% |
|
|
12.80 |
% |
|
|
13.70 |
% |
|
|
17.68 |
% |
|
|
16.95 |
% |
|
|
14.09 |
% |
|
|
15.94 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency
ratio |
|
|
77.49 |
% |
|
|
54.49 |
% |
|
|
49.94 |
% |
|
|
48.42 |
% |
|
|
47.63 |
% |
|
|
55.82 |
% |
|
|
48.64 |
% |
Net interest income |
|
$ |
95,533 |
|
|
$ |
99,361 |
|
|
$ |
100,831 |
|
|
$ |
103,389 |
|
|
$ |
106,097 |
|
|
$ |
399,114 |
|
|
$ |
364,657 |
|
Noninterest (loss) income |
|
|
(17,792 |
) |
|
|
9,674 |
|
|
|
13,692 |
|
|
|
13,531 |
|
|
|
14,326 |
|
|
|
19,105 |
|
|
|
52,822 |
|
Plus: Loss on sale of debt securities AFS, net |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,321 |
|
|
|
— |
|
|
|
5,321 |
|
|
|
— |
|
Plus: Equity method investment write-down |
|
|
29,417 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
29,417 |
|
|
|
— |
|
Operating noninterest income |
|
|
11,625 |
|
|
|
9,674 |
|
|
|
13,692 |
|
|
|
18,852 |
|
|
|
14,326 |
|
|
|
53,843 |
|
|
|
52,822 |
|
Noninterest expense |
|
|
60,238 |
|
|
|
59,414 |
|
|
|
57,197 |
|
|
|
56,615 |
|
|
|
57,359 |
|
|
|
233,464 |
|
|
|
203,075 |
|
Less: FDIC special assessment |
|
|
768 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
768 |
|
|
|
— |
|
Less: Severance payments |
|
|
— |
|
|
|
— |
|
|
|
1,194 |
|
|
|
756 |
|
|
|
630 |
|
|
|
1,950 |
|
|
|
630 |
|
Less: M&A expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,379 |
|
Operating noninterest
expense |
|
$ |
59,470 |
|
|
$ |
59,414 |
|
|
$ |
56,003 |
|
|
$ |
55,859 |
|
|
$ |
56,729 |
|
|
$ |
230,746 |
|
|
$ |
201,066 |
|
Operating efficiency
ratio |
|
|
55.50 |
% |
|
|
54.49 |
% |
|
|
48.90 |
% |
|
|
45.70 |
% |
|
|
47.11 |
% |
|
|
50.94 |
% |
|
|
48.21 |
% |
1 Annualized ratio for quarterly metrics.
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