Veritex Holdings, Inc. Reports Second Quarter Financial Results
Mr. Holland continued, "We continue to see good organic growth and we had solid loan demand through the second quarter. We expect stronger loan growth in the third quarter as we believe that we are on pace to increase average loans by at least
Mr. Holland noted, "The IBT acquisition leaves us well positioned to grow income, increase profitability and serve our customers even better than before. I am excited about our future, including our ability to continue our organic growth and to identify opportunities to execute a disciplined M&A strategy."
Second Quarter 2015 Highlights
-
Total loans increased
$103.9 million or 19.2% year-over-year to$644.9 million as ofJune 30, 2015 . -
Deposits increased
$61.9 million or 10.1% year-over-year to$673.1 million as ofJune 30, 2015 . -
Net income from operations increased
$907,000 or 48.4% from second quarter 2014 with net interest income after provision for loan losses increasing$1.1 million or 19.8%. -
Noninterest expense (excluding acquisition expenses) for the second quarter 2015 was
$4.7 million , an increase of$255,000 or 5.7% from the same period in 2014. -
Continued strong asset quality with nonperforming assets to total assets of 0.10%, net recoveries to average loans outstanding of 0.01% and other real estate owned of
$548,000 as of and for the quarter endedJune 30, 2015 .
Results of operations for the three months ended
For the three months ended
Return on average assets ("ROA") and return on average common equity ("ROE") for the three months ended June 30, 2015 were 0.93% and 6.39%, respectively, compared to 0.94% and 6.45% for the three months ended March 31, 2015, and 0.71% and 6.49% for the three months ended June 30, 2014. The slight decline in ROA compared to the three months ended March 31, 2015 was primarily due to a decline in the yield on interest-bearing assets to 4.19% from 4.24% for the three months ended March 31, 2015. This reduction was due to competitive pricing on new loans which resulted in lower loan yields as a result of this pricing pressure. The increase in ROA from June 30, 2014 was the result of year-over-year growth in net income from new clients, expansion of existing client relationships, continued improvement in credit quality, and gains in efficiencies from our operating platform.
The efficiency ratio, defined as noninterest expense divided by the sum of net interest income and noninterest income, was 61.75% for the three months ended June 30, 2015 compared to 66.67% and 65.98% for the three months ended March 31, 2015 and June 30, 2014, respectively. Excluding acquisition related expenses, the efficiency ratio was 61.55% for the three months ended June 30, 2015 and 64.08% for the three months ended March 31, 2015. The overall decrease in the efficiency ratio, excluding acquisition expense, from March 31, 2015 and June 30, 2014 was the result of growing income from loans and other customer related income streams at a faster rate than growth in operating expenses.
For the three months ended June 30, 2015, net interest income before provision for loan losses was
The net interest margin declined 0.15% from the same period in 2014 primarily due to a decline of 0.27% in average yield on loans from 5.05% for the three months ended June 30, 2014. Competitive pricing pressure resulted in overall market yields for loan originations and renewals below the average yield of amortizing or paid-off loans. Partially offsetting the decrease in net interest margin was a 0.03% decrease in the rate paid on interest-bearing liabilities from 0.73% to 0.70% for the three months ended June 30, 2014 and June 30, 2015, respectively. The decrease was related to a change in mix of deposits from certificates of deposits with average rate paid of 1.11% to money market accounts with average rate paid of 0.61%.
Noninterest income for the three months ended June 30, 2015 was
Noninterest expense was
Income tax expense for the three months ended June 30, 2015 totaled
Financial Condition
Loans (excluding loans held for sale and deferred loan fees) at June 30, 2015 were
Deposits at June 30, 2015 were
Advances from the
Asset Quality
Nonperforming assets totaled
Other real estate owned totaled
The provision for loan losses for the three months ended June 30, 2015 was
Non-GAAP Financial Measures
Certain financial measures we use to evaluate our performance and discuss in this release are identified as being "non-GAAP financial measures." In accordance with the
The non-GAAP financial measures that we discuss in this 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 discuss in this release may differ from that of other companies reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures we have discussed in this release when comparing such non-GAAP financial measures.
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 stockholders' equity less preferred stock, goodwill and core deposit intangibles and other intangible assets, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by shares of common stock outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is our 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 intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.
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 tangible common equity as described above, and : tangible assets as total assets less goodwill and core deposit intangibles and other intangible assets, net of accumulated amortization. For common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total common 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, 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.
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, expectations concerning the costs associated with the merger and related transactions, integration of the acquired business, 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 our performance goals. These and various other factors are discussed in the Company's Final Prospectus, dated October 10, 2014, filed pursuant to Rule 424(b)(4), the Company's Annual Report on Form 10-K filed on March 27, 2015, and other reports and statements the Company has filed with the
VERITEX HOLDINGS, INC. AND SUBSIDIARY | |||||
Consolidated Financial Highlights (Unaudited) | |||||
(In thousands) | |||||
At and For the Three Months Ended | |||||
June 30, | March 31, | December 31, | September 30, | June 30, | |
2015 | 2015 | 2014 | 2014 | 2014 | |
(Dollars in thousands, except per share data) | |||||
Selected Financial Data: | |||||
Net income | $1,856 | $1,824 | $1,690 | $1,359 | $1,198 |
Net income (loss) available to common stockholders | 1,836 | 1,804 | 1,670 | 1,339 | 1,178 |
Total assets | 827,140 | 808,906 | 802,286 | 745,344 | 710,382 |
Total loans(1) | 644,938 | 615,495 | 603,310 | 581,338 | 540,990 |
Allowance for loan losses | 6,193 | 6,006 | 5,981 | 5,880 | 5,516 |
Noninterest-bearing deposits | 240,919 | 241,732 | 251,124 | 242,688 | 236,198 |
Total deposits | 673,106 | 668,255 | 638,743 | 644,543 | 611,174 |
Total stockholders' equity | 117,085 | 115,133 | 113,312 | 75,603 | 74,244 |
Summary Performance Ratios: | |||||
Return on average assets(2) | 0.93% | 0.94% | 0.86% | 0.74% | 0.71% |
Return on average equity(2) | 6.39 | 6.45 | 6.21 | 7.16 | 6.49 |
Net interest margin(3) | 3.77 | 3.82 | 3.74 | 3.95 | 3.92 |
Efficiency ratio(4) | 61.75 | 66.67 | 62.49 | 65.87 | 65.98 |
Noninterest expense to average assets(2) | 2.36 | 2.61 | 2.38 | 2.63 | 2.70 |
Summary Credit Quality Data: | |||||
Nonaccrual loans | $312 | $323 | $436 | $445 | $107 |
Accruing loans 90 or more days past due | — | — | — | 3 | 390 |
Other real estate owned | 548 | 548 | 105 | 1,434 | 2,494 |
Nonperforming assets to total assets | 0.10% | 0.12% | 0.07% | 0.25% | 0.42% |
Nonperforming loans to total loans | 0.05 | 0.05 | 0.07 | 0.08 | 0.09 |
Allowance for loan losses to total loans | 0.96 | 0.98 | 0.99 | 1.01 | 1.02 |
Net (recoveries) charge-offs to average loans outstanding | (0.01) | 0.01 | 0.04 | 0.01 | 0.02 |
Capital Ratios: | |||||
Total stockholders' equity to total assets | 14.16% | 14.23% | 14.11% | 10.14% | 10.45% |
Tangible common equity to tangible assets(5) | 11.01 | 11.01 | 10.86 | 6.50 | 6.62 |
Tier 1 capital to average assets | 12.82 | 12.78 | 12.66 | 8.28 | 8.66 |
Tier 1 capital to risk-weighted assets | 14.87 | 15.43 | 15.45 | 10.04 | 10.44 |
Common equity tier 1 (to risk weighted assets) | 13.23 | 13.70 | n/a | n/a | n/a |
Total capital to risk-weighted assets | 16.52 | 17.16 | 17.21 | 11.90 | 12.35 |
(1) Total loans does not include loans held for sale and deferred fees. Loans held for sale were $2.1 million at June 30, 2015, $2.5 million at March 31, 2015, $8.9 million at December 31, 2014, $3.5 million at September 30, 2014 and $6.3 million at June 30, 2014. Deferred loan fees were $49,000 at June 30, 2015, $50,000 at March 31, 2015, $51,000 at December 31, 2014, $60,000 at September 30, 2014 and $71,000 at June 30, 2014. | |||||
(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. 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) | ||||
June 30, | March 31, | December 31, | June 30, | |
2015 | 2015 | 2014 | 2014 | |
ASSETS | ||||
Cash and due from banks | $11,699 | $9,338 | $9,223 | $10,038 |
Interest bearing deposits in other banks | 51,570 | 76,206 | 84,028 | 56,512 |
Total cash and cash equivalents | 63,269 | 85,544 | 93,251 | 66,550 |
Investment securities | 59,299 | 53,391 | 45,127 | 50,547 |
Loans held for sale | 2,127 | 2,508 | 8,858 | 6,342 |
Loans, net | 638,696 | 609,439 | 597,278 | 535,403 |
Accrued interest receivable | 1,557 | 1,539 | 1,542 | 1,359 |
Bank-owned life insurance | 18,115 | 17,969 | 17,822 | 10,647 |
Bank premises, furniture and equipment, net | 12,107 | 11,526 | 11,150 | 11,303 |
Non-marketable equity securities | 3,970 | 3,136 | 4,139 | 2,959 |
Investment in unconsolidated subsidiary | 93 | 93 | 93 | 93 |
Other real estate owned | 548 | 548 | 105 | 2,494 |
Intangible assets | 1,110 | 1,186 | 1,261 | 1,413 |
Goodwill | 19,148 | 19,148 | 19,148 | 19,148 |
Other assets | 7,101 | 2,879 | 2,512 | 2,124 |
Total assets | $827,140 | $808,906 | $802,286 | $710,382 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||
Deposits: | ||||
Noninterest-bearing | $240,919 | $241,732 | $251,124 | $236,198 |
Interest-bearing | 432,187 | 426,523 | 387,619 | 374,976 |
Total deposits | 673,106 | 668,255 | 638,743 | 611,174 |
Accounts payable and accrued expenses | 1,202 | 1,049 | 1,582 | 1,195 |
Accrued interest payable and other liabilities | 672 | 1,395 | 575 | 696 |
Advances from Federal Home Loan Bank | 27,000 | 15,000 | 40,000 | 15,000 |
Junior subordinated debentures | 3,093 | 3,093 | 3,093 | 3,093 |
Subordinated notes | 4,982 | 4,981 | 4,981 | 4,980 |
Total liabilities | 710,055 | 693,773 | 688,974 | 636,138 |
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock | 8,000 | 8,000 | 8,000 | 8,000 |
Common stock | 95 | 95 | 95 | 64 |
Additional paid-in capital | 97,761 | 97,480 | 97,469 | 61,419 |
Retained earnings | 11,687 | 9,851 | 8,047 | 5,038 |
Unallocated Employee Stock Ownership Plan shares | (406) | (401) | (401) | (401) |
Accumulated other comprehensive income | 18 | 178 | 172 | 194 |
Treasury stock, 10,000 shares at cost | (70) | (70) | (70) | (70) |
Total stockholders' equity | 117,085 | 115,133 | 113,312 | 74,244 |
Total liabilities and stockholders' equity | $827,140 | $808,906 | $802,286 | $710,382 |
VERITEX HOLDINGS, INC. AND SUBSIDIARY | ||
Condensed Consolidated Statements of Income (Unaudited) | ||
(In thousands, except share amounts) | ||
Six Months Ended | ||
June 30, | June 30, | |
2015 | 2014 | |
Interest income: | ||
Interest and fees on loans | $14,802 | $12,718 |
Interest on investment securities | 464 | 422 |
Interest on deposits in other banks | 109 | 77 |
Interest on other | 1 | 1 |
Total interest income | 15,376 | 13,218 |
Interest expense: | ||
Interest on deposit accounts | 1,297 | 1,161 |
Interest on borrowings | 249 | 251 |
Total interest expense | 1,546 | 1,412 |
Net interest income | 13,830 | 11,806 |
Provision for loan losses | 258 | 677 |
Net interest income after provision for loan losses | 13,572 | 11,129 |
Noninterest income: | ||
Service charges on deposit accounts | 401 | 396 |
Gain on sales of investment securities | 7 | 34 |
Gain on sales of loans held for sale | 431 | 245 |
(Loss) gain on sales of other real estate owned | (2) | 37 |
Bank-owned life insurance | 358 | 212 |
Other | 259 | 287 |
Total noninterest income | 1,454 | 1,211 |
Noninterest expense: | ||
Salaries and employee benefits | 5,246 | 4,838 |
Occupancy of bank premises | 1,000 | 920 |
Depreciation and amortization | 645 | 667 |
Data processing | 442 | 426 |
FDIC assessment fees | 196 | 217 |
Legal fees | 286 | 59 |
Other professional fees | 470 | 543 |
Advertising and promotions | 120 | 93 |
Utilities and telephone | 148 | 141 |
Other real estate owned expenses and write-downs | 34 | 134 |
Other | 1,226 | 956 |
Total noninterest expense | 9,813 | 8,994 |
Net income from operations | 5,213 | 3,346 |
Income tax expense | 1,533 | 1,190 |
Net income | $3,680 | $2,156 |
Preferred stock dividends | $40 | $40 |
Net income available to common stockholders | $3,640 | $2,116 |
Basic earnings per share | $0.39 | $0.34 |
Diluted earnings per share | $0.38 | $0.33 |
Weighted average basic shares outstanding | 9,447,807 | 6,231,031 |
Weighted average diluted shares outstanding | 9,703,510 | 6,359,031 |
VERITEX HOLDINGS, INC. AND SUBSIDIARY | |||||
Condensed Consolidated Statements of Income (Unaudited) | |||||
(In thousands, except share amounts) | |||||
Three Months Ended | |||||
June 30, | March 31, | December 31, | September 30, | June 30, | |
2015 | 2015 | 2014 | 2014 | 2014 | |
Interest income: | |||||
Interest and fees on loans | $7,454 | $7,348 | $7,335 | $7,183 | $6,566 |
Interest on investment securities | 252 | 212 | 209 | 207 | 206 |
Interest on deposits in other banks | 55 | 54 | 63 | 43 | 40 |
Interest on other | — | — | — | 1 | 1 |
Total interest income | 7,761 | 7,614 | 7,607 | 7,434 | 6,813 |
Interest expense: | |||||
Interest on deposit accounts | 666 | 631 | 652 | 609 | 570 |
Interest on borrowings | 123 | 126 | 123 | 123 | 123 |
Total interest expense | 789 | 757 | 775 | 732 | 693 |
Net interest income | 6,972 | 6,857 | 6,832 | 6,702 | 6,120 |
Provision for loan losses | 148 | 110 | 326 | 420 | 425 |
Net interest income after provision for loan losses | 6,824 | 6,747 | 6,506 | 6,282 | 5,695 |
Noninterest income: | |||||
Service charges on deposit accounts | 216 | 185 | 223 | 213 | 190 |
Gain on sales of investment securities | — | 7 | — | — | — |
Gain on sales of loans held for sale | 129 | 302 | 155 | 241 | 168 |
(Loss) gain on sales of other real estate owned | — | (2) | 6 | (33) | 24 |
Bank-owned life insurance | 180 | 178 | 111 | 105 | 103 |
Other | 163 | 96 | 161 | 104 | 155 |
Total noninterest income | 688 | 766 | 656 | 630 | 640 |
Noninterest expense: | |||||
Salaries and employee benefits | 2,588 | 2,657 | 2,444 | 2,755 | 2,196 |
Occupancy of bank premises | 474 | 526 | 445 | 497 | 474 |
Depreciation and amortization | 320 | 325 | 334 | 338 | 334 |
Data processing | 222 | 220 | 242 | 213 | 210 |
FDIC assessment fees | 96 | 100 | 105 | 99 | 109 |
Legal fees | 85 | 201 | 16 | 50 | 26 |
Other professional fees | 233 | 237 | 279 | 222 | 411 |
Advertising and promotions | 47 | 73 | 52 | 41 | 37 |
Utilities and telephone | 74 | 73 | 73 | 72 | 72 |
Other real estate owned expenses and write-downs | 22 | 13 | 24 | 53 | 108 |
Other | 569 | 657 | 665 | 490 | 483 |
Total noninterest expense | 4,730 | 5,082 | 4,679 | 4,830 | 4,460 |
Net income from operations | 2,782 | 2,431 | 2,483 | 2,082 | 1,875 |
Income tax expense | 926 | 607 | 793 | 723 | 677 |
Net income | $1,856 | $1,824 | $1,690 | $1,359 | $1,198 |
Preferred stock dividends | $20 | $20 | $20 | $20 | $20 |
Net income available to common stockholders | $1,836 | $1,804 | $1,670 | $1,339 | $1,178 |
Basic earnings per share | $0.19 | $0.19 | $0.18 | $0.21 | $0.19 |
Diluted earnings per share | $0.19 | $0.19 | $0.18 | $0.21 | $0.18 |
Weighted average basic shares outstanding | 9,447,807 | 9,447,706 | 9,157,582 | 6,321,897 | 6,321,193 |
Weighted average diluted shares outstanding | 9,708,673 | 9,743,576 | 9,405,168 | 6,462,897 | 6,452,656 |
VERITEX HOLDINGS, INC. AND SUBSIDIARY | |||||
Reconciliation GAAP — NON GAAP (Unaudited) | |||||
(In thousands) | |||||
The following table reconciles, at the dates set forth below, total stockholders' equity to tangible common equity and total assets to tangible assets: | |||||
June 30, | March 31, | December 31, | September 30, | June 30, | |
2015 | 2015 | 2014 | 2014 | 2014 | |
Tangible Common Equity | |||||
Total stockholders' equity | $117,085 | $115,133 | $113,312 | $75,603 | $74,244 |
Adjustments: | |||||
Preferred stock | (8,000) | (8,000) | (8,000) | (8,000) | (8,000) |
Goodwill | (19,148) | (19,148) | (19,148) | (19,148) | (19,148) |
Intangible assets | (1,110) | (1,186) | (1,261) | (1,337) | (1,413) |
Total tangible common equity | $88,827 | $86,799 | $84,903 | $47,118 | $45,683 |
Tangible Assets | |||||
Total assets | $827,140 | $808,906 | $802,286 | $745,344 | $710,382 |
Adjustments: | |||||
Goodwill | (19,148) | (19,148) | (19,148) | (19,148) | (19,148) |
Intangible assets | (1,110) | (1,186) | (1,261) | (1,337) | (1,413) |
Total tangible assets | $806,882 | $788,572 | $781,877 | $724,859 | $689,821 |
Tangible Common Equity to Tangible Assets | 11.01% | 11.01% | 10.86% | 6.50% | 6.62% |
Common shares outstanding | 9,494 | 9,485 | 9,471 | 6,359 | 6,359 |
Book value per common share(1) | $11.49 | $11.29 | $11.12 | $10.63 | $10.42 |
Tangible book value per common share(2) | $9.36 | $9.15 | $8.96 | $7.41 | $7.18 |
(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. |
VERITEX HOLDINGS, INC. AND SUBSIDIARY | |||||||||
Net Interest Margin (Unaudited) | |||||||||
(In thousands) | |||||||||
For the Three Months Ended | |||||||||
June 30, 2015 | March 31, 2015 | June 30, 2014 | |||||||
Interest | Interest | Interest | |||||||
Average | Earned/ | Average | Average | Earned/ | Average | Average | Earned/ | Average | |
Outstanding | Interest | Yield/ | Outstanding | Interest | Yield/ | Outstanding | Interest | Yield/ | |
Balance | Paid | Rate | Balance | Paid | Rate | Balance | Paid | Rate | |
Asset | |||||||||
Interest-earning assets: | |||||||||
Total loans(1) | $624,971 | $7,454 | 4.78% | $613,840 | $7,348 | 4.85% | $521,218 | $6,566 | 5.05% |
Securities available for sale | 56,603 | 252 | 1.79 | 49,242 | 212 | 1.75 | 51,637 | 206 | 1.60 |
Investment in subsidiary | 93 | — | — | 93 | — | — | 93 | 1 | 4.31 |
Interest-earning deposits in financial institutions | 60,630 | 55 | 0.36 | 65,221 | 54 | 0.34 | 52,610 | 40 | 0.30 |
Total interest-earning assets | 742,297 | 7,761 | 4.19 | 728,396 | 7,614 | 4.24 | 625,558 | 6,813 | 4.37 |
Allowance for loan losses | (6,069) | (6,013) | (5,275) | ||||||
Noninterest-earning assets | 68,046 | 67,233 | 58,609 | ||||||
Total assets | $804,274 | $789,616 | $678,892 | ||||||
Liabilities and Stockholders' Equity | |||||||||
Interest-bearing liabilities: | |||||||||
Interest-bearing deposits | $428,146 | $666 | 0.62% | $408,926 | $631 | 0.63% | $356,821 | $570 | 0.64% |
Advances from FHLB | 15,132 | 30 | 0.80 | 16,878 | 32 | 0.77 | 15,000 | 30 | 0.80 |
Other borrowings | 8,077 | 93 | 4.62 | 8,394 | 94 | 4.54 | 8,072 | 93 | 4.62 |
Total interest-bearing liabilities | 451,355 | 789 | 0.70 | 434,198 | 757 | 0.71 | 379,893 | 693 | 0.73 |
Noninterest-bearing liabilities: | |||||||||
Noninterest-bearing deposits | 234,510 | 238,994 | 223,473 | ||||||
Other liabilities | 1,974 | 1,820 | 1,556 | ||||||
Total noninterest-bearing liabilities | 236,484 | 240,814 | 225,029 | ||||||
Stockholders' equity | 116,435 | 114,604 | 73,970 | ||||||
Total liabilities and stockholders' equity | $804,274 | $789,616 | $678,892 | ||||||
Net interest rate spread(2) | 3.49% | 3.53% | 3.64% | ||||||
Net interest income | $6,972 | $6,857 | $6,120 | ||||||
Net interest margin(3) | 3.77% | 3.82% | 3.92% | ||||||
(1) Includes average outstanding balances of loans held for sale of $1,429, $4,420 and $3,653 for the three months ended June 30, 2015, March 31, 2015, and June 30, 2014, respectively. | |||||||||
(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. |
CONTACT: Media Contact:LaVonda Renfro 972-349-6200 lrenfro@veritexbank.com Investor Relations: 972-349-6200 scaudle@veritexbank.com