Veritex Holdings, Inc. Reports First Quarter Financial Results
Mr. Holland continued, "First quarter average loans increased
Mr. Holland added, "Credit quality continues to be strong and the reduction in provision for loan loss expense for the first quarter reflects the quality of our loan portfolio. We continue to monitor current events and factors which could impact our markets and our clients, such as the fall in oil prices; however we have not observed any adverse trends as a result of the fall in oil prices in our markets at this time."
Looking ahead, Mr. Holland noted, "With our demonstrated ability to grow organically together with our pending acquisition of
First Quarter 2015 Highlights
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The Company executed a definitive agreement on March 9, 2015 to acquire
IBT Bancorp , Inc. ("IBT"), the parent holding company ofIndependent Bank of Texas ("Independent Bank"). Independent Bank operates two banking locations in theDallas metropolitan area. At December 31, 2014, IBT had total assets of approximately$121 million , total loans of approximately$99 million and total deposits of approximately$104 million .
-
Total loans increased
$115.4 million or 23.1% year-over-year to$615.5 million as of March 31, 2015.
-
Deposits increased
$95.6 million or 16.7% year-over-year to$668.3 million as of March 31, 2015.
-
Noninterest expense (excluding acquisition expenses) for the first quarter 2015 was
$4.9 million , an increase of$351,000 or 7.7% from the same period in 2014.
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Continued strong asset quality with nonperforming assets to total assets of 0.12%, net charge-offs to average loans outstanding of 0.01% and other real estate owned of
$548,000 as of and for the quarter ended March 31, 2015.
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Minimal direct exposure to the energy sector as loans secured by oil and gas assets were
$2.8 million as of March 31, 2015, or less than 1.0% of total loans.
Results of operations for the three months ended March 31, 2015
For the three months ended March 31, 2015, net income and net income available to common stockholders was
Return on average assets ("ROA") and return on average common equity ("ROE") for the three months ended March 31, 2015 were 0.94% and 6.45%, respectively, compared to 0.86% and 6.21% for the three months ended December 31, 2014, and 0.59% and 5.41% for the three months ended March 31, 2014. The increase in ROA and ROE from March 31, 2014 was the result of continued 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 66.67% for the three months ended March 31, 2015 compared to 62.49% and 72.47% for the three months ended December 31, 2014 and March 31, 2014, respectively. The increase in efficiency ratio from December 31, 2014 was the result of two less days of accrued net interest income of approximately
For the three months ended March 31, 2015, net interest income before provision for loan losses was
The net interest margin improved 0.03% from the three months ended March 31, 2014 due in part to the increase in noninterest-bearing sources of funds including noninterest-bearing deposits and the increase in stockholder's equity largely due to our initial public offering. Also contributing to the increase was a shift in the mix of earning assets as loans grew at a much faster rate than lower yielding investment securities and interest-bearing deposits in other banks and the decrease in cost of interest-bearing deposits. Partially offsetting these improvements, average loan yields declined 0.18% from 5.03% for the three months ended March 31, 2014 as overall market yields for loan originations and renewals were below the average yield of amortizing or paid-off loans. The average yield of interest-bearing liabilities decreased 0.06% from 0.77% for the three months ended March 31, 2014 to 0.71% for the three months ended March 31, 2015 primarily due to a decline in the average cost of money market deposits from 0.61% to 0.59% for the three months ended March 31, 2014 and March 31, 2015, respectively. This decline was the result of a shift in the mix of deposits to brokered money market deposits with an average rate paid of 0.21%.
Noninterest income for the three months ended March 31, 2015 was
Noninterest expense was
Income tax expense for the three months ended March 31, 2015 totaled
Financial Condition
Loans (excluding loans held for sale and deferred loan fees) at March 31, 2015 were
Deposits at March 31, 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 March 31, 2015 was
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 tangible book value per common share and the tangible common equity to tangible assets ratio. 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
Additional Information About the Pending Acquisition of
In connection with the pending acquisition of IBT, the Company will file with the
WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4, THE PROXY STATEMENT/PROSPECTUS INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY OTHER RELEVANT DOCUMENTS TO BE FILED WITH THE SECURITIES AND EXCHANGE COMMISSION IN CONNECTION WITH THE PROPOSED TRANSACTION BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, IBT AND THE PROPOSED TRANSACTION.
Investors and security holders will be able to obtain free copies of the registration statement on Form S-4 and the related proxy statement/prospectus, when filed, as well as other documents filed with the
"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 acquisition of IBT and related transactions, timing for completion of the merger, integration of the acquired business, ability to achieve the anticipated cost savings and operational efficiencies, addition of new and expanded product offerings, as well as projections of 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 with the
VERITEX HOLDINGS, INC. AND SUBSIDIARY | |||||
Consolidated Financial Highlights (Unaudited) | |||||
(In thousands) | |||||
At and for the Three Months Ended | |||||
March 31, | December 31, | September 30, | June 30, | March 31, | |
2015 | 2014 | 2014 | 2014 | 2014 | |
Selected Financial Data: | |||||
Net income | $1,824 | $1,690 | $1,359 | $1,198 | $958 |
Net income available to common stockholders | 1,804 | 1,670 | 1,339 | 1,178 | 938 |
Total assets | 808,906 | 802,286 | 745,344 | 710,382 | 670,351 |
Total loans(1) | 615,495 | 603,310 | 581,338 | 540,990 | 500,091 |
Allowance for loan losses | 6,006 | 5,981 | 5,880 | 5,516 | 5,215 |
Noninterest-bearing deposits | 241,732 | 251,124 | 242,688 | 236,198 | 216,431 |
Total deposits | 668,255 | 638,743 | 644,543 | 611,174 | 572,684 |
Total stockholders' equity | 115,133 | 113,312 | 75,603 | 74,244 | 72,706 |
Summary Performance Ratios: | |||||
Return on average assets(2) | 0.94% | 0.86% | 0.74% | 0.71% | 0.59% |
Return on average equity(2) | 6.45 | 6.21 | 7.16 | 6.49 | 5.41 |
Net interest margin(3) | 3.82 | 3.74 | 3.95 | 3.92 | 3.79 |
Efficiency ratio(4) | 66.67 | 62.49 | 65.87 | 65.98 | 72.47 |
Noninterest expense to average assets(2) | 2.61 | 2.38 | 2.63 | 2.70 | 2.77 |
Summary Credit Quality Data: | |||||
Nonaccrual loans | $323 | $436 | $445 | $107 | $156 |
Accruing loans 90 or more days past due | — | — | 3 | 390 | 6 |
Other real estate owned | 548 | 105 | 1,434 | 2,494 | 2,766 |
Nonperforming assets to total assets | 0.12% | 0.07% | 0.25% | 0.42% | 0.44% |
Nonperforming loans to total loans | 0.05 | 0.07 | 0.08 | 0.09 | 0.03 |
Allowance for loan losses to total loans | 0.98 | 0.99 | 1.01 | 1.02 | 1.04 |
Net charge-offs to average loans outstanding | 0.01 | 0.04 | 0.01 | 0.02 | 0.01 |
Capital Ratios: | |||||
Total stockholders' equity to total assets | 14.23% | 14.11% | 10.14% | 10.45% | 10.85% |
Tangible common equity to tangible assets(5) | 11.01 | 10.86 | 6.50 | 6.62 | 6.78 |
Tier 1 capital to average assets | 12.78 | 12.66 | 8.28 | 8.66 | 8.64 |
Tier 1 capital to risk-weighted assets | 15.43 | 15.45 | 10.04 | 10.44 | 10.97 |
Total capital to risk-weighted assets | 17.16 | 17.21 | 11.90 | 12.35 | 12.98 |
(1) Total loans does not include loans held for sale and deferred fees. Loans held for sale were $2.5 million at March 31, 2015, $8.9 million at December 31, 2014, $3.5 million at September 30, 2014, $6.3 million at June 30, 2014, and $2.5 million at March 31, 2014. Deferred fees were $50,000 at March 31, 2015, $51,000 at December 31, 2014, $60,000 at September 30, 2014, $71,000 at June 30, 2014, and $81,000 at March 31, 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) | |||||
March 31, | December 31, | September 30, | June 30, | March 31, | |
2015 | 2014 | 2014 | 2014 | 2014 | |
Assets | |||||
Cash and due from banks | $9,338 | $9,223 | $9,441 | $10,038 | $10,097 |
Interest bearing deposits in other banks | 76,206 | 84,028 | 58,292 | 56,512 | 62,058 |
Total cash and cash equivalents | 85,544 | 93,251 | 67,733 | 66,550 | 72,155 |
Investment securities | 53,391 | 45,127 | 47,497 | 50,547 | 51,215 |
Loans held for sale | 2,508 | 8,858 | 3,488 | 6,342 | 2,520 |
Loans, net | 609,439 | 597,278 | 575,398 | 535,403 | 494,794 |
Accrued interest receivable | 1,539 | 1,542 | 1,351 | 1,359 | 1,252 |
Bank-owned life insurance | 17,969 | 17,822 | 10,731 | 10,647 | 10,564 |
Bank premises, furniture and equipment, net | 11,526 | 11,150 | 11,235 | 11,303 | 9,814 |
Non-marketable equity securities | 3,136 | 4,139 | 3,115 | 2,959 | 2,715 |
Investment in subsidiary | 93 | 93 | 93 | 93 | 93 |
Other real estate owned | 548 | 105 | 1,434 | 2,494 | 2,766 |
Intangible assets | 1,186 | 1,261 | 1,337 | 1,413 | 1,490 |
Goodwill | 19,148 | 19,148 | 19,148 | 19,148 | 19,148 |
Other assets | 2,879 | 2,512 | 2,784 | 2,124 | 1,825 |
Total assets | $808,906 | $802,286 | $745,344 | $710,382 | $670,351 |
Liabilities and Stockholders' Equity | |||||
Deposits: | |||||
Noninterest-bearing | $241,732 | $251,124 | $242,688 | $236,198 | $216,431 |
Interest-bearing | 426,523 | 387,619 | 401,855 | 374,976 | 356,253 |
Total deposits | 668,255 | 638,743 | 644,543 | 611,174 | 572,684 |
Accounts payable and accrued expenses | 1,049 | 1,582 | 1,327 | 1,195 | 1,352 |
Accrued interest payable and other liabilities | 1,395 | 575 | 798 | 696 | 537 |
Advances from Federal Home Loan Bank | 15,000 | 40,000 | 15,000 | 15,000 | 15,000 |
Other borrowings | 8,074 | 8,074 | 8,073 | 8,073 | 8,072 |
Total liabilities | 693,773 | 688,974 | 669,741 | 636,138 | 597,645 |
Commitments and contingencies | |||||
Stockholders' equity: | |||||
Preferred stock | 8,000 | 8,000 | 8,000 | 8,000 | 8,000 |
Common stock | 95 | 95 | 64 | 64 | 64 |
Additional paid-in capital | 97,480 | 97,469 | 61,513 | 61,419 | 61,356 |
Retained earnings | 9,851 | 8,047 | 6,378 | 5,038 | 3,860 |
Accumulated other comprehensive income | 178 | 172 | 119 | 194 | (4) |
Unallocated Employee Stock Ownership Plan shares; 36,935 shares at December 31, 2014, September 30, 2014, June 30, 3014 and 46,082 shares at March 31, 2014 | (401) | (401) | (401) | (401) | (500) |
Less: Treasury stock, 10,000 shares at cost | (70) | (70) | (70) | (70) | (70) |
Total stockholders' equity | 115,133 | 113,312 | 75,603 | 74,244 | 72,706 |
Total liabilities and stockholders' equity | $808,906 | $802,286 | $745,344 | $710,382 | $670,351 |
VERITEX HOLDINGS, INC. AND SUBSIDIARY | |||||
Condensed Consolidated Statements of Income (Unaudited) | |||||
(In thousands, except share amounts) | |||||
Three Months Ended | |||||
March 31, | December 31, | September 30, | June 30, | March 31, | |
2015 | 2014 | 2014 | 2014 | 2014 | |
Interest income: | |||||
Interest and fees on loans | $7,348 | $7,335 | $7,183 | $6,566 | $6,152 |
Interest on investment securities | 212 | 209 | 207 | 206 | 216 |
Interest on deposits in other banks | 54 | 63 | 43 | 40 | 36 |
Interest on other | — | — | 1 | 1 | 1 |
Total interest income | 7,614 | 7,607 | 7,434 | 6,813 | 6,405 |
Interest expense: | |||||
Interest on deposit accounts | 631 | 652 | 609 | 570 | 587 |
Interest on borrowings | 126 | 123 | 123 | 123 | 132 |
Total interest expense | 757 | 775 | 732 | 693 | 719 |
Net interest income | 6,857 | 6,832 | 6,702 | 6,120 | 5,686 |
Provision for loan losses | 110 | 326 | 420 | 425 | 252 |
Net interest income after provision for loan losses | 6,747 | 6,506 | 6,282 | 5,695 | 5,434 |
Noninterest income: | |||||
Service charges on deposit accounts | 185 | 223 | 213 | 190 | 206 |
Gain on sales of investment securities | 7 | — | — | — | 34 |
Gain on sales of loans held for sale | 302 | 155 | 241 | 168 | 77 |
Gain on sales of other real estate owned | (2) | 6 | (33) | 24 | 13 |
Bank-owned life insurance | 178 | 111 | 105 | 103 | 108 |
Other | 96 | 161 | 104 | 155 | 132 |
Total noninterest income | 766 | 656 | 630 | 640 | 570 |
Noninterest expense: | |||||
Salaries and employee benefits | 2,657 | 2,444 | 2,755 | 2,196 | 2,642 |
Occupancy of bank premises | 526 | 445 | 497 | 474 | 446 |
Depreciation and amortization | 325 | 334 | 338 | 334 | 333 |
Data processing | 220 | 242 | 213 | 210 | 216 |
FDIC assessment fees | 100 | 105 | 99 | 109 | 108 |
Legal fees | 201 | 16 | 50 | 26 | 34 |
Other professional fees | 237 | 279 | 222 | 411 | 132 |
Advertising and promotions | 73 | 52 | 41 | 37 | 55 |
Utilities and telephone | 73 | 73 | 72 | 72 | 69 |
Other real estate owned expenses and write-downs | 13 | 24 | 53 | 108 | 26 |
Other | 657 | 665 | 490 | 483 | 473 |
Total noninterest expense | 5,082 | 4,679 | 4,830 | 4,460 | 4,534 |
Net income from operations | 2,431 | 2,483 | 2,082 | 1,875 | 1,470 |
Income tax expense | 607 | 793 | 723 | 677 | 512 |
Net income | $1,824 | $1,690 | $1,359 | $1,198 | $958 |
Preferred stock dividends | 20 | 20 | 20 | 20 | 20 |
Net income available to common stockholders | $1,804 | $1,670 | $1,339 | $1,178 | $938 |
Basic earnings per share | $0.19 | $0.18 | $0.21 | $0.19 | $0.15 |
Diluted earnings per share | $0.19 | $0.18 | $0.21 | $0.18 | $0.15 |
Weighted average basic shares outstanding | 9,447,706 | 9,157,582 | 6,321,897 | 6,321,193 | 6,139,867 |
Weighted average diluted shares outstanding | 9,743,576 | 9,405,168 | 6,462,897 | 6,452,656 | 6,266,821 |
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: | ||||||||||
Tangible Book Value Per Common Share | ||||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||||
2015 | 2014 | 2014 | 2014 | 2014 | ||||||
Tangible Common Equity | ||||||||||
Total stockholders' equity | $115,133 | $113,312 | $75,603 | $74,244 | $72,706 | |||||
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 | (1,186) | (1,261) | (1,337) | (1,413) | (1,490) | |||||
Total tangible common equity | $86,799 | $84,903 | $47,118 | $45,683 | $44,068 | |||||
Tangible Assets | ||||||||||
Total assets | $808,906 | $802,286 | $745,344 | $710,382 | $670,351 | |||||
Adjustments: | ||||||||||
Goodwill | (19,148) | (19,148) | (19,148) | (19,148) | (19,148) | |||||
Intangible assets | (1,186) | (1,261) | (1,337) | (1,413) | (1,490) | |||||
Total tangible assets | $788,572 | $781,877 | $724,859 | $689,821 | $649,713 | |||||
Tangible Common Equity to Tangible Assets | 11.01% | 10.86% | 6.50% | 6.62% | 6.78% | |||||
Common shares outstanding | 9,485 | 9,471 | 6,359 | 6,359 | 6,359 | |||||
Book value per common share (1) | $11.29 | $11.12 | $10.63 | $10.42 | $10.18 | |||||
Tangible book value per common share (2) | 9.15 | 8.96 | 7.41 | 7.18 | 6.93 | |||||
(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 | ||||||||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | March 31, 2014 | ||||||||||||||||||||||||||||
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) | $613,840 | $7,348 | 4.85% | $599,813 | $7,335 | 4.85% | $496,316 | $6,152 | 5.03% | |||||||||||||||||||||
Investment securities | 49,242 | 212 | 1. 75 | 46,750 | 209 | 1.77 | 48,719 | 216 | 1.80 | |||||||||||||||||||||
Investment in subsidiary | 93 | — | — | 93 | — | — | 93 | 1 | 1.07 | |||||||||||||||||||||
Interest-bearing deposits in other banks | 65,221 | 54 | 0.34 | 78,611 | 63 | 0.32 | 63,345 | 36 | 0.23 | |||||||||||||||||||||
Total interest-earning assets | 728,396 | 7,614 | 4.24 | 725,267 | 7,607 | 4.16 | 608,473 | 6,405 | 4.27 | |||||||||||||||||||||
Allowance for loan losses | (6,013) | (5,906) | (5,134) | |||||||||||||||||||||||||||
Noninterest-earning assets | 67,233 | 60,649 | 60,739 | |||||||||||||||||||||||||||
Total assets | $789,616 | $780,010 | $664,078 | |||||||||||||||||||||||||||
Liabilities and Stockholders' Equity | ||||||||||||||||||||||||||||||
Interest-bearing liabilities: | ||||||||||||||||||||||||||||||
Interest-bearing deposits | $408,926 | $631 | 0.63% | $396,438 | $652 | 0.65% | $357,825 | $587 | 0.67% | |||||||||||||||||||||
Advances from FHLB | 16,878 | 32 | 0.77 | 18,533 | 30 | 0.64 | 15,000 | 33 | 0.89 | |||||||||||||||||||||
Other borrowings | 8,394 | 94 | 4.54 | 8,073 | 93 | 4.57 | 8,072 | 99 | 4.97 | |||||||||||||||||||||
Total interest-bearing liabilities | 434,198 | 757 | 0.71 | 423,044 | 775 | 0.73 | 380,897 | 719 | 0.77 | |||||||||||||||||||||
Noninterest-bearing liabilities: | ||||||||||||||||||||||||||||||
Noninterest-bearing deposits | 238,994 | 246,868 | 209,894 | |||||||||||||||||||||||||||
Other liabilities | 1,820 | 2,171 | 1,431 | |||||||||||||||||||||||||||
Total noninterest-bearing liabilities | 240,814 | 249,039 | 211,325 | |||||||||||||||||||||||||||
Stockholders' equity | 114,604 | 107,927 | 71,856 | |||||||||||||||||||||||||||
Total liabilities and stockholders' equity | $789,616 | $780,010 | $664,078 | |||||||||||||||||||||||||||
Net interest rate spread(2) | 3.53% | 3.43% | 3.50% | |||||||||||||||||||||||||||
Net interest income | $6,857 | $6,832 | $5,686 | |||||||||||||||||||||||||||
Net interest margin(3) | 3.82% | 3.74% | 3.79% | |||||||||||||||||||||||||||
(1) Includes average outstanding balances of loans held for sale of $4,420, $5,173 and $2,048 for the three months ended March 31, 2015, December 31, 2014, and March 31, 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