Veritex Holdings, Inc. Reports First Quarter Financial Results
“In addition to our efforts on the Sovereign acquisition this quarter, we continue to make meaningful investments to further enhance our organic growth. On
Mr. Holland also noted, “Even with significant ongoing investments in our infrastructure and expanding growth opportunities, we reported an increase in pre-tax, pre-provision income over both the prior quarter and prior year. Net income declined over the prior quarter primarily due to increased provision expense related to four isolated credit relationships totaling
First Quarter 2017 Financial Highlights
- Net interest income was
$11.3 million , an increase of$1.6 million , or 16.1%, compared to$9.7 million for the same period in 2016. - Total loans increased
$135.6 million , or 15.3%, to$1.0 billion compared to$885.4 million as of March 31, 2016. - Total deposits increased
$275.6 million , or 29.1%, to$1.2 billion compared to$946.1 million as of March 31, 2016. - Pre-tax, pre-provision income was
$5.3 million , an increase of$250 thousand , or 4.9%, compared to$5.1 million for the same period in 2016. - Total stockholders’ equity increased
$107.5 million to $242.7 million compared to$135.2 million as ofMarch 31, 2016 with$95.0 million of the increase related to proceeds from our public offering completed in conjunction with the announcement ofSovereign Bancshares, Inc. (“Sovereign”) acquisition. - Nonperforming assets to total assets and net charge-offs to average loans remained low at 0.19% and 0.06% as of
March 31, 2017 .
Result of Operations for the Three Months Ended
Net Interest Income
For the three months ended
Net interest income before provision for loan losses increased by
Noninterest Income
Noninterest income for the three months ended
Compared to the three months ended
Noninterest Expense
Noninterest expense was
Salaries and employee benefits expense was
Compared to the three months ended
Salaries and employee benefits expense was
Additionally,
Income Taxes
Income tax expense for the three months ended
Compared to the three months ended
Financial Condition
Loans (excluding loans held for sale and deferred loan fees) at March 31, 2017 were
Loans (excluding loans held for sale and deferred loan fees) increased
Deposits at March 31, 2017 were
Deposits increased
Advances from the
Asset Quality
The allowance for loan losses was 0.86%, 0.86%, and 0.83% of total loans at March 31, 2017, December 31, 2016, and March 31, 2016, respectively. The allowance for loan losses as a percentage of total loans over the three quarter periods was determined by the qualitative factors around the nature, volume and mix of the loan portfolio.
The provision for loan losses for the three months ended
Other real estate owned totaled
Nonperforming assets totaled
Non-GAAP Financial Measures
The Company’s management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Specifically, the Company reviews and reports tangible book value per common share, the tangible common equity to tangible assets ratio and pre-tax, pre-provision income. The Company has included in this release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Consolidated Financial Highlights” at the end of this release for a reconciliation of these non-GAAP financial measures.
About
Headquartered in
For more information, visit www.veritexbank.com.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: This release may contain certain forward-looking statements within the meaning of the securities laws that are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about the Company and its subsidiaries. Forward-looking statements include information regarding the Company’s future financial performance, business and growth strategy, projected plans and objectives, and related transactions, integration of the acquired businesses, ability to recognize anticipated operational efficiencies, and other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic 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,” “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. Further, certain factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to whether the Company can: successfully implement its growth strategy, including identifying acquisition targets and consummating suitable acquisitions; continue to sustain internal growth rate; provide competitive products and services that appeal to its customers and target market; continue to have access to debt and equity capital markets; and achieve its performance goals. Other risks include, but are not limited to: difficulties and delays in integrating the Company’s and Sovereign’s businesses or fully realizing cost savings and benefits; the possibility that credit quality could deteriorate; actions of competitors; changes in laws and regulations (including changes in governmental interpretations of regulations and changes in accounting standards); business description following the Sovereign acquisition; economic conditions, including currency rate fluctuations and interest rate fluctuations; and weather. These and various other factors are discussed in the Company’s Final Prospectus Supplement, dated
VERITEX HOLDINGS, INC. AND SUBSIDIARY Consolidated Financial Highlights - (Unaudited) (In thousands, except share and per share data) |
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At and For the Three Months Ended | ||||||||||||||||||||
March 31, 2017 |
December 31, 2016 |
September 30, 2016 |
June 30, 2016 |
March 31, 2016 |
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Selected Financial Data: | ||||||||||||||||||||
Net income | $ | 3,098 | $ | 3,190 | $ | 3,375 | $ | 3,173 | $ | 2,813 | ||||||||||
Total assets | 1,522,015 | 1,408,507 | 1,269,238 | 1,215,497 | 1,130,480 | |||||||||||||||
Total loans(1) | 1,020,970 | 991,897 | 926,712 | 928,000 | 885,415 | |||||||||||||||
Provision for loan losses | 890 | 440 | 238 | 527 | 845 | |||||||||||||||
Allowance for loan losses | 8,816 | 8,524 | 8,102 | 7,910 | 7,372 | |||||||||||||||
Noninterest-bearing deposits | 338,226 | 327,614 | 304,972 | 354,570 | 296,481 | |||||||||||||||
Total deposits | 1,221,696 | 1,119,630 | 1,077,217 | 1,027,729 | 946,058 | |||||||||||||||
Total stockholders’ equity | 242,725 | 239,088 | 142,423 | 138,850 | 135,241 | |||||||||||||||
Summary Performance Ratios: | ||||||||||||||||||||
Return on average assets(2) | 0.83 | % | 0.97 | % | 1.10 | % | 1.12 | % | 1.04 | % | ||||||||||
Return on average equity(2) | 5.20 | 8.11 | 9.50 | 9.26 | 8.39 | |||||||||||||||
Net interest margin(3) | 3.21 | 3.44 | 3.70 | 3.90 | 3.87 | |||||||||||||||
Efficiency ratio(4) | 58.26 | 57.39 | 56.64 | 54.13 | 54.01 | |||||||||||||||
Noninterest expense to average assets(2) | 1.99 | 2.16 | 2.29 | 2.23 | 2.20 | |||||||||||||||
Summary Credit Quality Data: | ||||||||||||||||||||
Nonaccrual loans | $ | 1,686 | $ | 941 | $ | 1,087 | $ | 1,028 | $ | 525 | ||||||||||
Accruing loans 90 or more days past due | 212 | 835 | 357 | 5,634 | 141 | |||||||||||||||
Other real estate owned | 998 | 662 | 662 | 493 | 493 | |||||||||||||||
Nonperforming assets to total assets | 0.19 | % | 0.17 | % | 0.17 | % | 0.59 | % | 0.11 | % | ||||||||||
Nonperforming loans to total loans | 0.19 | 0.18 | 0.16 | 0.72 | 0.08 | |||||||||||||||
Allowance for loan losses to total loans | 0.86 | 0.86 | 0.87 | 0.85 | 0.83 | |||||||||||||||
Net charge-offs to average loans outstanding | 0.06 | 0.03 | 0.03 | 0.03 | 0.03 | |||||||||||||||
Capital Ratios: | ||||||||||||||||||||
Total stockholders’ equity to total assets | 15.95 | % | 16.97 | % | 11.22 | % | 11.42 | % | 11.96 | % | ||||||||||
Tangible common equity to tangible assets(5) | 14.31 | 15.23 | 9.14 | 9.25 | 9.63 | |||||||||||||||
Tier 1 capital to average assets | 14.65 | 16.82 | 9.82 | 10.21 | 10.38 | |||||||||||||||
Tier 1 capital to risk-weighted assets | 19.94 | 20.72 | 12.04 | 11.88 | 12.03 | |||||||||||||||
Common equity tier 1 (to risk weighted assets) | 19.66 | 20.42 | 11.72 | 11.56 | 11.69 | |||||||||||||||
Total capital to risk-weighted assets | 21.20 | 22.02 | 13.38 | 13.23 | 13.38 |
___________________________
(1) Total loans does not include loans held for sale and deferred fees. Loans held for sale were
(2) We calculate our average assets and average equity for a period by dividing the sum of our total assets or total stockholders’ equity, as the case may be, at the close of business on each day in the relevant period, by the number of days in the period. We have calculated our return on average assets and return on average equity for a period by dividing net income for that period by our average assets and average equity, as the case may be, for that period.
(3) Net interest margin represents net interest income, annualized on a fully tax equivalent basis, divided by average interest-earning assets.
(4) Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.
(5) We calculate tangible common equity as total stockholders’ equity less preferred stock, goodwill, core deposit intangibles and other intangible assets, net of accumulated amortization, and we calculate tangible assets as total assets less goodwill, and core deposit intangibles and other intangible assets, net of accumulated amortization. Tangible common equity to tangible assets is a non-GAAP financial measure, and, as we calculate tangible common equity to tangible assets, the most directly comparable GAAP financial measure is total stockholders’ equity to total assets. Our management believe that this measure is important to many investors in the market place who are interested in relative changes from period to period in common equity and total assets, each exclusive of changes in intangible assets. 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. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the table captioned “Reconciliation GAAP —NON-GAAP–(Unaudited).”
VERITEX HOLDINGS, INC. AND SUBSIDIARY Condensed Consolidated Balance Sheets - (Unaudited) (In thousands, except share and per share data) |
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March 31, 2017 |
December 31, 2016 |
September 30, 2016 |
June 30, 2016 |
March 31, 2016 |
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ASSETS | ||||||||||||||||||||
Cash and due from banks | $ | 23,021 | $ | 15,631 | $ | 15,837 | $ | 12,951 | $ | 12,416 | ||||||||||
Interest bearing deposits in other banks | 262,714 | 219,160 | 162,750 | 114,293 | 79,967 | |||||||||||||||
Total cash and cash equivalents | 285,735 | 234,791 | 178,587 | 127,244 | 92,383 | |||||||||||||||
Investment securities | 138,698 | 102,559 | 86,772 | 83,677 | 79,146 | |||||||||||||||
Loans held for sale | 1,925 | 5,208 | 4,856 | 4,793 | 3,597 | |||||||||||||||
Loans, net | 1,012,106 | 983,318 | 918,559 | 920,039 | 877,978 | |||||||||||||||
Accrued interest receivable | 2,845 | 2,907 | 2,414 | 2,259 | 2,252 | |||||||||||||||
Bank-owned life insurance | 20,224 | 20,077 | 19,922 | 19,767 | 19,614 | |||||||||||||||
Bank premises, furniture and equipment, net | 17,521 | 17,413 | 17,501 | 17,243 | 17,248 | |||||||||||||||
Non-marketable equity securities | 7,375 | 7,366 | 7,358 | 7,035 | 5,541 | |||||||||||||||
Investment in unconsolidated subsidiary | 93 | 93 | 93 | 93 | 93 | |||||||||||||||
Other real estate owned | 998 | 662 | 662 | 493 | 493 | |||||||||||||||
Intangible assets, net | 2,161 | 2,181 | 2,257 | 2,264 | 2,347 | |||||||||||||||
Goodwill | 26,865 | 26,865 | 26,865 | 26,865 | 26,865 | |||||||||||||||
Other assets | 5,469 | 5,067 | 3,392 | 3,725 | 2,923 | |||||||||||||||
Total assets | $ | 1,522,015 | $ | 1,408,507 | $ | 1,269,238 | $ | 1,215,497 | $ | 1,130,480 | ||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||||||||||||||
Deposits: | ||||||||||||||||||||
Noninterest-bearing | $ | 338,226 | $ | 327,614 | $ | 304,972 | $ | 354,570 | $ | 296,481 | ||||||||||
Interest-bearing | 883,470 | 792,016 | 772,245 | 673,159 | 649,577 | |||||||||||||||
Total deposits | 1,221,696 | 1,119,630 | 1,077,217 | 1,027,729 | 946,058 | |||||||||||||||
Accounts payable and accrued expenses | 1,631 | 2,914 | 2,082 | 1,611 | 2,122 | |||||||||||||||
Accrued interest payable and other liabilities | 9,655 | 534 | 1,098 | 855 | 573 | |||||||||||||||
Advances from Federal Home Loan Bank | 38,271 | 38,306 | 38,341 | 38,375 | 38,410 | |||||||||||||||
Junior subordinated debentures | 3,093 | 3,093 | 3,093 | 3,093 | 3,093 | |||||||||||||||
Subordinated notes | 4,944 | 4,942 | 4,984 | 4,984 | 4,983 | |||||||||||||||
Total liabilities | 1,279,290 | 1,169,419 | 1,126,815 | 1,076,647 | 995,239 | |||||||||||||||
Commitments and contingencies | ||||||||||||||||||||
Stockholders’ equity: | ||||||||||||||||||||
Common stock | 152 | 152 | 107 | 107 | 107 | |||||||||||||||
Additional paid-in capital | 211,512 | 211,173 | 116,315 | 116,111 | 115,876 | |||||||||||||||
Retained earnings | 32,388 | 29,290 | 26,101 | 22,725 | 19,552 | |||||||||||||||
Unallocated Employee Stock Ownership Plan shares | (209 | ) | (209 | ) | (309 | ) | (309 | ) | (309 | ) | ||||||||||
Accumulated other comprehensive (loss) income | (1,048 | ) | (1,248 | ) | 279 | 286 | 85 | |||||||||||||
Treasury stock, 10,000 shares at cost | (70 | ) | (70 | ) | (70 | ) | (70 | ) | (70 | ) | ||||||||||
Total stockholders’ equity | 242,725 | 239,088 | 142,423 | 138,850 | 135,241 | |||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,522,015 | $ | 1,408,507 | $ | 1,269,238 | $ | 1,215,497 | $ | 1,130,480 |
VERITEX HOLDINGS, INC. AND SUBSIDIARY Condensed Consolidated Statements of Income - (Unaudited) (In thousands, except share and per share data) |
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For the Three Months Ended | ||||||||||||||||||||
March 31, 2017 |
December 31, 2016 |
September 30, 2016 |
June 30, 2016 |
March 31, 2016 |
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Interest income: | ||||||||||||||||||||
Interest and fees on loans | $ | 11,883 | $ | 11,684 | $ | 11,589 | $ | 11,052 | $ | 10,355 | ||||||||||
Interest on investment securities | 575 | 396 | 335 | 344 | 335 | |||||||||||||||
Interest on deposits in other banks | 610 | 200 | 129 | 80 | 92 | |||||||||||||||
Interest on other | 1 | 1 | 1 | 1 | 1 | |||||||||||||||
Total interest income | 13,069 | 12,281 | 12,054 | 11,477 | 10,783 | |||||||||||||||
Interest expense: | ||||||||||||||||||||
Interest on deposit accounts | 1,647 | 1,600 | 1,381 | 1,072 | 935 | |||||||||||||||
Interest on borrowings | 169 | 161 | 156 | 177 | 158 | |||||||||||||||
Total interest expense | 1,816 | 1,761 | 1,537 | 1,249 | 1,093 | |||||||||||||||
Net interest income | 11,253 | 10,520 | 10,517 | 10,228 | 9,690 | |||||||||||||||
Provision for loan losses | 890 | 440 | 238 | 527 | 845 | |||||||||||||||
Net interest income after provision for loan losses | 10,363 | 10,080 | 10,279 | 9,701 | 8,845 | |||||||||||||||
Noninterest income: | ||||||||||||||||||||
Service charges and fees on deposit accounts | 509 | 537 | 433 | 443 | 434 | |||||||||||||||
Gain on sales of investment securities | — | — | — | — | 15 | |||||||||||||||
Gain on sales of loans | 747 | 970 | 1,036 | 620 | 662 | |||||||||||||||
Bank-owned life insurance | 187 | 194 | 193 | 191 | 193 | |||||||||||||||
Other | 92 | 123 | 231 | 158 | 69 | |||||||||||||||
Total noninterest income | 1,535 | 1,824 | 1,893 | 1,412 | 1,373 | |||||||||||||||
Noninterest expense: | ||||||||||||||||||||
Salaries and employee benefits | 3,908 | 3,650 | 3,920 | 3,589 | 3,174 | |||||||||||||||
Occupancy and equipment | 1,011 | 949 | 923 | 894 | 901 | |||||||||||||||
Professional fees | 798 | 943 | 785 | 503 | 573 | |||||||||||||||
Data processing and software expense | 360 | 308 | 296 | 270 | 284 | |||||||||||||||
FDIC assessment fees | 258 | 213 | 179 | 132 | 137 | |||||||||||||||
Marketing | 244 | 279 | 293 | 211 | 200 | |||||||||||||||
Other assets owned expenses and write-downs | 25 | 24 | 9 | 55 | 75 | |||||||||||||||
Amortization of intangibles | 95 | 95 | 95 | 95 | 95 | |||||||||||||||
Telephone and communications | 102 | 107 | 98 | 100 | 97 | |||||||||||||||
Other | 649 | 516 | 431 | 452 | 439 | |||||||||||||||
Total noninterest expense | 7,450 | 7,084 | 7,029 | 6,301 | 5,975 | |||||||||||||||
Net income from operations | 4,448 | 4,820 | 5,143 | 4,812 | 4,243 | |||||||||||||||
Income tax expense | 1,350 | 1,630 | 1,768 | 1,639 | 1,430 | |||||||||||||||
Net income | $ | 3,098 | $ | 3,190 | $ | 3,375 | $ | 3,173 | $ | 2,813 | ||||||||||
Basic earnings per share | $ | 0.20 | $ | 0.28 | $ | 0.32 | $ | 0.30 | $ | 0.26 | ||||||||||
Diluted earnings per share | $ | 0.20 | $ | 0.27 | $ | 0.31 | $ | 0.29 | $ | 0.26 | ||||||||||
Weighted average basic shares outstanding | 15,199,924 | 11,298,689 | 10,705,115 | 10,696,366 | 10,693,800 | |||||||||||||||
Weighted average diluted shares outstanding | 15,631,934 | 11,652,651 | 11,024,695 | 10,993,921 | 10,963,986 |
VERITEX HOLDINGS, INC. AND SUBSIDIARY Reconciliation GAAP — NON-GAAP - (Unaudited) (In thousands, except share and per share data) |
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The following table reconciles, at the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible book value per share compared to our book value per common share: | ||||||||||||||||||||
March 31, 2017 |
December 31, 2016 |
September 30, 2016 |
June 30, 2016 |
March 31, 2016 |
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Tangible Common Equity | ||||||||||||||||||||
Total stockholders’ equity | $ | 242,725 | $ | 239,088 | $ | 142,423 | $ | 138,850 | $ | 135,241 | ||||||||||
Adjustments: | ||||||||||||||||||||
Goodwill | (26,865 | ) | (26,865 | ) | (26,865 | ) | (26,865 | ) | (26,865 | ) | ||||||||||
Intangible assets | (2,161 | ) | (2,181 | ) | (2,257 | ) | (2,264 | ) | (2,347 | ) | ||||||||||
Total tangible common equity | $ | 213,699 | $ | 210,042 | $ | 113,301 | $ | 109,721 | $ | 106,029 | ||||||||||
Tangible Assets | ||||||||||||||||||||
Total assets | $ | 1,522,015 | $ | 1,408,507 | $ | 1,269,238 | $ | 1,215,497 | $ | 1,130,480 | ||||||||||
Adjustments: | ||||||||||||||||||||
Goodwill | (26,865 | ) | (26,865 | ) | (26,865 | ) | (26,865 | ) | (26,865 | ) | ||||||||||
Intangible assets | (2,161 | ) | (2,181 | ) | (2,257 | ) | (2,264 | ) | (2,347 | ) | ||||||||||
Total tangible assets | $ | 1,492,989 | $ | 1,379,461 | $ | 1,240,116 | $ | 1,186,368 | $ | 1,101,268 | ||||||||||
Tangible Common Equity to Tangible Assets | 14.31 | % | 15.23 | % | 9.14 | % | 9.25 | % | 9.63 | % | ||||||||||
Common shares outstanding | 15,229 | 15,195 | 10,736 | 10,728 | 10,724 | |||||||||||||||
Book value per common share(1) | $ | 15.94 | $ | 15.73 | $ | 13.27 | $ | 12.94 | $ | 12.61 | ||||||||||
Tangible book value per common share(2) | $ | 14.03 | $ | 13.82 | $ | 10.55 | $ | 10.23 | $ | 9.89 |
___________________________
(1) We calculate book value per common share as stockholders’ equity less preferred stock at the end of the relevant period divided by the outstanding number of shares of our common stock at the end of the relevant period.
(2) We calculate tangible book value per common share as total stockholders’ equity less preferred stock, goodwill, and intangible assets, net of accumulated amortization at the end of the relevant period, divided by the outstanding number of shares of our common stock at the end of the relevant period. Tangible book value per common share is a non-GAAP financial measure, and, as we calculate tangible book value per common share, the most directly comparable GAAP financial measure is total stockholders’ equity per common share. Our management believes that this measure is important to many investors in the market place who are interested in changes from period to period on book value per common share exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.
VERITEX HOLDINGS, INC. AND SUBSIDIARY Reconciliation GAAP — NON-GAAP - (Unaudited) (In thousands) |
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The following table reconciles net income from operations to pre-tax, pre-provision income: | ||||||||||||||||||||
For the Three Months Ended | ||||||||||||||||||||
March 31, 2017 |
December 31, 2016 |
September 30, 2016 |
June 30, 2016 |
March 31, 2016 |
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Pre-Tax, Pre-Provision Income | ||||||||||||||||||||
Provision for loan losses | $ | 890 | $ | 440 | $ | 238 | $ | 527 | $ | 845 | ||||||||||
Net income from operations | 4,448 | 4,820 | 5,143 | 4,812 | 4,243 | |||||||||||||||
Total pre-tax, pre-provision income(1) | $ | 5,338 | $ | 5,260 | $ | 5,381 | $ | 5,339 | $ | 5,088 |
___________________________
(1) We calculate pre-tax, pre-provision income by adding the total provision for loan losses to net income from operations for the relevant period. Pre-tax pre-provision income is a non-GAAP financial measure and as we calculate pre-tax, pre-provision income, the most directly comparable GAAP financial measure is net income. Our management believe that this measure is important to many investors in the market place who are interested in understanding our operating performance before provision for loan losses, which can vary from quarter to quarter, and income taxes.
VERITEX HOLDINGS, INC. AND SUBSIDIARY Net Interest Margin - (Unaudited) (In thousands) |
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For the Three Months Ended | |||||||||||||||||||||||||||||||||
March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||||||||||||||||||||||||
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 |
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Assets | |||||||||||||||||||||||||||||||||
Interest-earning assets: | |||||||||||||||||||||||||||||||||
Total loans(1) | $ | 1,007,622 | $ | 11,883 | 4.78 | % | $ | 971,977 | $ | 11,684 | 4.78 | % | $ | 856,861 | $ | 10,355 | 4.85 | % | |||||||||||||||
Securities available for sale | 119,226 | 575 | 1.96 | 96,814 | 396 | 1.63 | 77,567 | 335 | 1.73 | ||||||||||||||||||||||||
Investment in subsidiary | 93 | 1 | 4.36 | 93 | 1 | 4.28 | 93 | 1 | 4.31 | ||||||||||||||||||||||||
Interest-bearing deposits in other banks | 295,637 | 610 | 0.84 | 147,974 | 200 | 0.54 | 70,103 | 92 | 0.53 | ||||||||||||||||||||||||
Total interest-earning assets | 1,422,578 | 13,069 | 3.73 | 1,216,858 | 12,281 | 4.02 | 1,004,624 | 10,783 | 4.31 | ||||||||||||||||||||||||
Allowance for loan losses | (8,558 | ) | (8,353 | ) | (6,891 | ) | |||||||||||||||||||||||||||
Noninterest-earning assets | 103,692 | 98,381 | 90,275 | ||||||||||||||||||||||||||||||
Total assets | $ | 1,517,712 | $ | 1,306,886 | $ | 1,088,008 | |||||||||||||||||||||||||||
Liabilities and Stockholders’ Equity | |||||||||||||||||||||||||||||||||
Interest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Interest-bearing deposits | $ | 858,420 | $ | 1,647 | 0.78 | % | $ | 784,778 | $ | 1,600 | 0.81 | % | $ | 605,829 | $ | 935 | 0.62 | % | |||||||||||||||
Advances from FHLB | 38,293 | 70 | 0.74 | 38,328 | 58 | 0.60 | 43,596 | 62 | 0.57 | ||||||||||||||||||||||||
Other borrowings | 8,064 | 99 | 4.98 | 8,077 | 103 | 5.07 | 8,076 | 96 | 4.77 | ||||||||||||||||||||||||
Total interest-bearing liabilities | 904,777 | 1,816 | 0.81 | 831,183 | 1,761 | 0.84 | 657,501 | 1,093 | 0.67 | ||||||||||||||||||||||||
Noninterest-bearing liabilities: | |||||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 368,117 | 315,988 | 293,438 | ||||||||||||||||||||||||||||||
Other liabilities | 3,209 | 3,153 | 2,624 | ||||||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 371,326 | 319,141 | 296,062 | ||||||||||||||||||||||||||||||
Stockholders’ equity | 241,609 | 156,562 | 134,445 | ||||||||||||||||||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,517,712 | $ | 1,306,886 | $ | 1,088,008 | |||||||||||||||||||||||||||
Net interest rate spread(2) | 2.92 | % | 3.18 | % | 3.64 | % | |||||||||||||||||||||||||||
Net interest income | $ | 11,253 | $ | 10,520 | $ | 9,690 | |||||||||||||||||||||||||||
Net interest margin(3) | 3.21 | % | 3.44 | % | 3.87 | % |
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(1) Includes average outstanding balances of loans held for sale of
(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.
Media Contact:LaVonda Renfro 972-349-6200 lrenfro@veritexbank.com Investor Relations: 972-349-6200 scaudle@veritexbank.com