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Veritex Holdings, Inc. Reports First Quarter Operating Results

DALLAS, April 26, 2022 (GLOBE NEWSWIRE) -- Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the quarter ended March 31, 2022.

“The first quarter of 2022 was another outstanding financial and growth quarter for our Company,” said President and CEO, C. Malcolm C. Holland, III. “We reported operating diluted EPS of $0.66 and delivered outstanding growth this quarter reflected by overall annualized loan growth of 21% and annualized deposit growth of 29%. We continue our focus on growth, investing in experienced and proven talent and maximizing shareholder returns.”

  Quarter to Date
Financial Highlights Q1 2022   Q4 2021   Q1 2021
  (Dollars in thousands, except per share data)
(unaudited)
GAAP          
Net income $ 33,470       $ 41,506       $ 31,787    
Diluted EPS   0.65         0.82         0.64    
Book value per common share   26.86         26.64         24.96    
Return on average assets2   1.36   %     1.68   %     1.44   %
Efficiency ratio   52.84         48.53         49.62    
Return on average equity2   10.00         12.65         10.53    
Non-GAAP1          
Operating earnings $ 34,014       $ 42,410       $ 32,213    
Diluted operating EPS   0.66         0.84         0.64    
Tangible book value per common share   18.51         17.49         16.34    
Pre-tax, pre-provision operating earnings   42,265         48,640         40,210    
Pre-tax, pre-provision operating return on average assets2   1.71   %     1.97   %     1.82   %
Operating return on average assets2   1.38         1.72         1.46    
Operating efficiency ratio   52.05         47.64         49.62    
Return on average tangible common equity2   15.84         20.06         17.17    
Operating return on average tangible common equity2   16.08         20.48         17.39    
1 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“”GAAP”) financial measures to their most directly comparable GAAP measures.
2 Annualized ratio.


Other First
Quarter Highlights

  • Total loans held for investment (“LHI”), excluding mortgage warehouse (“MW”) and paycheck protection program (“PPP”) loans, grew $359.4 million, or 21.2% annualized, during the three months ended March 31, 2022 from $6.8 billion at the end of the fourth quarter of 2021;
  • Total deposits grew $526.0 million, or 28.6% annualized, with the average cost of total deposits decreasing to 0.17% for the three months ended March 31, 2022 from 0.18% and 0.31% from the three months ended December 31, 2021 and March 31, 2021, respectively;
  • Non-performing assets (“NPAs”) to total assets decreased to 0.46%, or 5 bps from December 31, 2021 and 46 bps from March 31, 2021, respectively;
  • Completed common stock offering with net proceeds, after deducting underwriting discounts and offering expenses, of approximately $153.8 million;
  • Announced proposed transaction to acquire interLINK, a technology-enabled deposit gathering and processing platform, to (i) enhance liquidity with flexible and scalable access to approximately $5.7 billion in highly diversified, scalable core deposits and (ii) provide low-cost, stable core deposits to fund sustainable long-term growth. The acquisition is expected to close in the third quarter of 2022, subject to satisfaction of customary closing conditions, including receipt of regulatory approvals from the FDIC and the Texas Department of Banking; and
  • Declared quarterly cash dividend of $0.20 per share of outstanding common stock payable on May 27, 2022.

Results of Operations for the Three Months Ended March 31, 2022

Net Interest Income

For the three months ended March 31, 2022, net interest income before provision for credit losses was $73.0 million and net interest margin was 3.22% compared to $76.7 million and 3.37%, respectively, for the three months ended December 31, 2021. The $3.7 million decrease in net interest income before provision for credit losses was primarily due to a $2.7 million decrease in interest income on loans driven by a decrease in average balances during the three months ended March 31, 2022 and recovery income recognized on fully paid off nonaccrual loans during the three months ended December 31, 2021, with no corresponding recovery income during the three months ended March 31, 2022. Further, this decrease was due to the recognition of $2.1 million of prepayment penalty income on debt securities during the three months ended December 31, 2021, with no corresponding prepayment penalty income recognized during the three months ended March 31, 2022. The decrease in net interest income was slightly offset by a $359 thousand decrease in interest expense on subordinated debentures and subordinated notes and a $281 thousand decrease in interest expense on certificates and other time deposits during the three months ended March 31, 2022. Net interest margin decreased 15 basis points compared to the three months ended December 31, 2021, primarily due to the increase in yields earned on debt securities as a result of the recognition of $2.1 million of prepayment penalty income during three months ended December 31, 2021 with no corresponding prepayment penalty income during the three months ended March 31, 2022. There was no change in the average cost of interest-bearing deposits for the linked quarters.

Compared to the three months ended March 31, 2021, net interest income before provision for credit losses for the three months ended March 31, 2022 increased by $7.4 million, or 11.3%. The increase was primarily due to a $4.0 million increase in interest income on loans driven by an increase in average balances and a $1.7 million decrease in interest expenses on certificates and other time deposits. As a result, the average cost of interest-bearing deposits decreased 19 basis points to 0.26% for the three months ended March 31, 2022 from 0.45% for the three months ended March 31, 2021.

Noninterest Income

Noninterest income for the three months ended March 31, 2022 was $15.1 million, a decrease of $1.1 million, or 6.5%, compared to the three months ended December 31, 2021. The decrease was primarily due to a decrease of $1.4 million in insurance income from BOLI and a decrease of $870 thousand in equity method investment income, offset by a $1.5 million increase in government guaranteed loan income, net.

Compared to the three months ended March 31, 2021, noninterest income for the three months ended March 31, 2022 increased by $925 thousand, or 6.5%. The increase was primarily due to an increase of $1.5 million in loan fees and an increase of $1.1 million in service charges and fees on deposit accounts, offset by a decrease of $1.7 million in government guaranteed loan income, net.

Noninterest Expense

Noninterest expense was $46.6 million for the three months ended March 31, 2022, compared to $45.1 million for the three months ended December 31, 2021, an increase of $1.5 million, or 3.3%. This increase was primarily due to a $2.1 million increase in salaries and employee benefits primarily driven by (i) a $1.2 million increase in FICA taxes, (ii) a $960 thousand increase in stock-based compensation resulting from the vesting of February 1, 2019 performance restricted stock unit awards which vested at 150% due the Company performing at the top quartile of total shareholder return (as defined by the equity awards) and (iii) a $531 thousand increase in salaries as a result of our continued investment in talent which was slightly offset by a $333 thousand decrease in stock-based compensation associate with non-qualified stock options.

Compared to the three months ended March 31, 2021, noninterest expense for the three months ended March 31, 2022 increased by $7.0 million, or 17.6%. The increase was primarily driven by a $4.6 million increase in salaries and employee benefits as a result of a (i) $2.7 million increase in salaries resulting from continued investment in talent, (ii) a $960 thousand increase in stock-based compensation resulting from the vesting of February 1, 2019 performance restricted stock unit awards which vested at 150% due the Company performing at the top quartile of total shareholder return (as defined by the equity awards) and (iii) a $829 thousand increase in FICA taxes. The increase was also due to a $700 thousand increase in merger and acquisition expenses recognized during the three months ended March 31, 2022.

Financial Condition

Total LHI, excluding MW and PPP loans, were $7.1 billion at March 31, 2022, an increase of $359.4 million, or 21.2% annualized, compared to December 31, 2021. The increase was the result of the continued execution and success of our loan growth strategy.

Total deposits were $7.9 billion at March 31, 2022, an increase of $526.0 million, or 28.6% annualized, compared to December 31, 2021. The increase was primarily the result of increases of $412.0 million in interest-bearing transaction and savings deposits and an increase of $255.2 million in noninterest-bearing demand deposits, offset by a decrease of $141.2 million in certificates and other time deposits.

Asset Quality

Nonperforming assets totaled $48.0 million, or 0.46% of total assets at March 31, 2022, compared to $50.1 million, or 0.51% of total assets, at December 31, 2021. The Company had net charge-offs of $4.8 million for the quarter, which were fully reserved against in prior quarters under our allowance for credit loss (“ACL”) model.

The Company recorded a benefit for credit losses of $500 thousand and $3.3 million for the three months ended March 31, 2022 and December 31, 2021, respectively, compared to no provision for credit losses for the three months ended March 31, 2021. The recorded benefit for credit losses for the three months ended March 31, 2022, compared to the three months ended December 31, 2021, was primarily attributable to a decrease in specific reserves on certain nonaccrual loans slightly offset by an increase in general reserves as a result of continued loan growth. For the three months ended March 31, 2022, we also recorded a $493 thousand provision for unfunded commitments, which was attributable to higher unfunded balances. ACL as a percentage of LHI, excluding MW and PPP loans, was 1.02%, 1.15% and 1.76% at March 31, 2022, December 31, 2021 and March 31, 2021, respectively.

Dividend Information

On April 26, 2022, 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 or after May 27, 2022 to stockholders of record as of the close of business on May 13, 2022.

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, 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, April 27, 2022 at 8:30 a.m. Central Time. Participants may pre-register for the call by visiting https://edge.media-server.com/mmc/p/chbsqqsh and will receive a unique PIN, which can be used when dialing in for the call. This will allow attendees to access the call immediately. Alternatively, participants may call toll-free at (877) 703-9880.

The call and corresponding presentation slides will be webcast live on the home page of the Company's website, https://ir.veritexbank.com/. An audio replay will be available one hour after the conclusion of the call at (855) 859-2056, Conference #9446379. This replay, as well as the webcast, will be available until May 4, 2022.

About Veritex Holdings, Inc.

Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.

Forward-Looking Statements

This earnings release contains certain “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 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 date of Veritex’s quarterly cash dividend, the impact of certain changes in Veritex’s accounting policies, standards and interpretations, the effects of the COVID-19 pandemic and actions taken in response thereto, 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,” “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, 2021 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 update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, expressed or implied, included in this earnings release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Veritex or persons acting on Veritex’s behalf may issue.


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)

  For the Quarter Ended
  Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
  2022   2021   2021   2021   2021
  (Dollars and shares in thousands)
Per Share Data (Common Stock):                  
Basic EPS $ 0.66       $ 0.84       $ 0.75       $ 0.60       $ 0.64    
Diluted EPS   0.65         0.82         0.73         0.59         0.64    
Book value per common share   26.86         26.64         26.09         25.72         24.96    
Tangible book value per common share1   18.51         17.49         17.53         17.16         16.34    
Dividends paid per common share outstanding2   0.20         0.20         0.20         0.20         0.17    
                   
Common Stock Data:                  
Shares outstanding at period end   53,907         49,372         49,229         49,498         49,433    
Weighted average basic shares outstanding for the period   50,695         49,329         49,423         49,476         49,394    
Weighted average diluted shares outstanding for the period   51,571         50,441         50,306         50,331         49,998    
                   
Summary of Credit Ratios:                  
ACL to total LHI, excluding MW and PPP loans   1.02   %     1.15   %     1.42   %     1.59   %     1.76   %
NPAs to total assets   0.46         0.51         0.77         0.85         0.92    
Net charge-offs to average loans outstanding   0.07         0.19         0.09         0.09            
                   
Summary Performance Ratios:                  
Return on average assets3   1.36         1.68         1.56         1.27         1.44    
Return on average equity3   10.00         12.65         11.32         9.42         10.53    
Return on average tangible common equity1, 3   15.84         20.06         17.72         15.18         17.17    
Efficiency ratio   52.84         48.53         47.55         52.42         49.62    
Net interest margin   3.22         3.37         3.26         3.11         3.22    
                   
Selected Performance Metrics - Operating:                  
Diluted operating EPS1 $ 0.66       $ 0.84       $ 0.70       $ 0.60       $ 0.64    
Pre-tax, pre-provision operating return on average assets1, 2   1.71   %     1.97   %     1.85   %     1.66   %     1.82   %
Operating return on average assets1, 3   1.38         1.72         1.48         1.29         1.46    
Operating return on average tangible common equity1, 3   16.08         20.48         16.92         15.42         17.39    
Operating efficiency ratio1   52.05         47.64         48.51         51.63         49.62    
                   
Veritex Holdings, Inc. Capital Ratios:                  
Average stockholders' equity to average total assets   13.58   %     13.30   %     13.75   %     13.46   %     13.69   %
Tangible common equity to tangible assets1   9.98         9.28         9.43         9.51         9.17    
Tier 1 capital to average assets (leverage)   10.66         9.05         9.54         9.38         9.50    
Common equity tier 1 capital   9.84         8.58         8.75         9.03         9.27    
Tier 1 capital to risk-weighted assets   10.14         8.89         9.06         9.36         9.61    
Total capital to risk-weighted assets   12.73         11.60         12.31         12.86         13.38    
 
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. 
2Dividend amount represents dividend paid per common share subsequent to each respective quarter end. 
3Annualized ratio for quarterly metrics.


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(In thousands)

  Mar 31, 2022   Dec 31, 2021   Sep 30, 2021   Jun 30, 2021   Mar 31, 2021
  (unaudited)       (unaudited)   (unaudited)   (unaudited)
ASSETS                  
Cash and cash equivalents $ 551,573     $ 379,784     $ 229,712     $ 390,027     $ 468,029  
Debt securities   1,244,514       1,052,494       1,103,745       1,125,877       1,077,860  
Other investments   188,699       190,591       191,786       87,558       87,226  
                   
Loans held for sale   18,721       26,007       18,896       12,065       19,864  
LHI, PPP loans, carried at fair value   18,512       53,369       135,842       291,401       407,353  
LHI, MW   542,877       565,645       615,045       559,939       599,001  
LHI, excluding MW and PPP   7,125,429       6,766,009       6,615,905       6,272,087       5,963,493  
Total loans   7,705,539       7,411,030       7,385,688       7,135,492       6,989,711  
ACL   (72,485 )     (77,754 )     (93,771 )     (99,543 )     (104,936 )
Bank-owned life insurance   83,641       83,194       83,781       83,304       83,318  
Bank premises, furniture and equipment, net   109,138       109,271       116,063       123,504       114,585  
Other real estate owned (“OREO”)   1,062                   2,467       2,337  
Intangible assets, net of accumulated amortization   63,986       66,017       54,682       57,143       59,236  
Goodwill   404,452       403,771       370,840       370,840       370,840  
Other assets   173,561       138,851       129,774       72,856       89,304  
Total assets $ 10,453,680     $ 9,757,249     $ 9,572,300     $ 9,349,525     $ 9,237,510  
LIABILITIES AND STOCKHOLDERS’ EQUITY                  
Deposits:                  
Noninterest-bearing deposits $ 2,765,895     $ 2,510,723     $ 2,302,925     $ 2,388,068     $ 2,171,719  
Interest-bearing transaction and savings deposits   3,688,292       3,276,312       3,228,306       3,112,974       3,189,693  
Certificates and other time deposits   1,435,409       1,576,580       1,647,521       1,477,860       1,543,158  
Total deposits   7,889,596       7,363,615       7,178,752       6,978,902       6,904,570  
Accounts payable and other liabilities   105,552       69,160       66,571       55,499       55,902  
Advances from Federal Home Loan Bank (“FHLB”)   777,522       777,562       777,601       777,640       777,679  
Subordinated debentures and subordinated notes   228,018       227,764       262,761       262,766       262,774  
Securities sold under agreements to repurchase   4,996       4,069       2,455       1,811       2,777  
Total liabilities   9,005,684       8,442,170       8,288,140       8,076,618       8,003,702  
Commitments and contingencies                  
Stockholders’ equity:                  
Common stock   605       560       559       558       557  
Additional paid-in capital   1,297,161       1,142,758       1,137,889       1,134,603       1,131,324  
Retained earnings   298,830       275,273       243,633       216,704       195,661  
Accumulated other comprehensive income   18,982       64,070       69,661       77,189       62,413  
Treasury stock   (167,582 )     (167,582 )     (167,582 )     (156,147 )     (156,147 )
Total stockholders’ equity   1,447,996       1,315,079       1,284,160       1,272,907       1,233,808  
Total liabilities and stockholders’ equity $ 10,453,680     $ 9,757,249     $ 9,572,300     $ 9,349,525     $ 9,237,510  


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(In thousands, except per share data)

  For the Quarter Ended
  Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
  2022   2021   2021   2021   2021
Interest income:                  
Loans, including fees $ 71,443     $ 74,174     $ 71,139     $ 67,814     $ 67,399  
Debt securities   7,762       9,553       7,613       7,529       7,437  
Deposits in financial institutions and Fed Funds sold   262       165       130       167       127  
Equity securities and other investments   910       1,004       898       672       663  
Total interest income   80,377       84,896       79,780       76,182       75,626  
Interest expense:                  
Transaction and savings deposits   1,751       1,629       1,588       1,661       1,980  
Certificates and other time deposits   1,380       1,661       1,934       2,423       3,061  
Advances from FHLB   1,547       1,847       1,848       1,829       1,812  
Subordinated debentures and subordinated notes   2,659       3,018       3,134       3,138       3,138  
Total interest expense   7,337       8,155       8,504       9,051       9,991  
Net interest income   73,040       76,741       71,276       67,131       65,635  
(Benefit) provision for credit losses   (500 )     (3,349 )                  
Provision (benefit) for unfunded commitments   493       (1,040 )     (448 )     577       (570 )
Net interest income after provisions   73,047       81,130       71,724       66,554       66,205  
Noninterest income:                  
Service charges and fees on deposit accounts   4,710       4,782       4,484       3,847       3,629  
Loan fees   2,794       2,697       1,746       1,823       1,341  
Loss on sales of investment securities               (188 )            
Gain on sales of mortgage loans held for sale   307       293       407       385       507  
Government guaranteed loan income, net   4,891       3,423       2,341       3,448       6,548  
Equity method investment income   367       1,238       4,522              
Other   2,028       3,717       2,315       2,953       2,147  
Total noninterest income   15,097       16,150       15,627       12,456       14,172  
Noninterest expense:                  
Salaries and employee benefits   27,513       25,401       22,964       23,451       22,932  
Occupancy and equipment   4,517       4,398       4,536       4,233       4,096  
Professional and regulatory fees   3,158       3,017       3,401       3,086       3,441  
Data processing and software expense   2,921       2,597       2,494       2,536       2,319  
Marketing   1,187       1,443       1,151       1,841       909  
Amortization of intangibles   2,495       2,494       2,509       2,517       2,537  
Telephone and communications   385       380       380       337       337  
Merger and acquisition (“M&A”) expense   700       826                    
Other   3,696       4,521       3,886       3,716       3,026  
Total noninterest expense   46,572       45,077       41,321       41,717       39,597  
Income before income tax expense   41,572       52,203       46,030       37,293       40,780  
Income tax expense   8,102       10,697       9,195       7,837       8,993  
Net income $ 33,470     $ 41,506     $ 36,835     $ 29,456     $ 31,787  
                   
Basic EPS $ 0.66     $ 0.84     $ 0.75     $ 0.60     $ 0.64  
Diluted EPS $ 0.65     $ 0.82     $ 0.73     $ 0.59     $ 0.64  
Weighted average basic shares outstanding   50,695       49,329       49,423       49,476       49,394  
Weighted average diluted shares outstanding   51,571       50,441       50,306       50,331       49,998  


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)

  For the Quarter Ended
  March 31, 2022   December 31, 2021   March 31, 2021
      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
  (In thousands, expect percentages)
Assets                                  
Interest-earning assets:                                  
Loans1 $ 6,872,943     $ 68,297     4.03   %   $ 6,777,397     $ 70,334     4.12   %   $ 5,897,815     $ 62,702     4.31   %
LHI, MW   421,680       3,069     2.95         483,850       3,629     2.98         510,678       3,815     3.03    
PPP loans   31,335       77     1.00         83,553       211     1.00         356,356       882     1.00    
Debt securities   1,140,834       7,762     2.76         1,092,089       9,553     3.47         1,063,538       7,437     2.84    
Interest-bearing deposits in other banks   554,864       262     0.19         417,266       165     0.16         341,483       127     0.15    
Equity securities and other investments   190,002       910     1.94         191,031       1,004     2.09         87,178       663     3.08    
Total interest-earning assets   9,211,658       80,377     3.54         9,045,186       84,896     3.72         8,257,048       75,626     3.71    
ACL   (77,843 )             (95,218 )             (105,972 )        
Noninterest-earning assets   865,107               838,703               790,195          
Total assets $ 9,998,922             $ 9,788,671             $ 8,941,271          
                                   
Liabilities and Stockholders’ Equity                                  
Interest-bearing liabilities:                                  
Interest-bearing demand and savings deposits $ 3,471,645     $ 1,751     0.20   %   $ 3,357,958     $ 1,629     0.19   %   $ 3,038,586     $ 1,980     0.26   %
Certificates and other time deposits   1,501,852       1,380     0.37         1,615,066       1,661     0.41         1,509,836       3,061     0.82    
Advances from FHLB   777,538       1,547     0.81         777,577       1,847     0.94         777,694       1,812     0.94    
Subordinated debentures and subordinated notes   231,875       2,659     4.65         259,191       3,018     4.62         265,356       3,138     4.80    
Total interest-bearing liabilities   5,982,910       7,337     0.50         6,009,792       8,155     0.54         5,591,472       9,991     0.72    
                                   
Noninterest-bearing liabilities:                                  
Noninterest-bearing deposits   2,591,504               2,413,443               2,069,233          
Other liabilities   67,060               63,760               56,272          
Total liabilities   8,641,474               8,486,995               7,716,977          
Stockholders’ equity   1,357,448               1,301,676               1,224,294          
Total liabilities and stockholders’ equity $ 9,998,922             $ 9,788,671             $ 8,941,271          
                                   
Net interest rate spread2         3.04   %           3.18   %           2.99   %
Net interest income and margin3       73,040     3.22   %         76,741     3.37   %         65,635     3.22   %
 
1 Includes average outstanding balances of loans held for sale of $12,769, $8,987 and $16,602 for the three months ended March 31, 2022, December 31, 2021, and March 31, 2021, respectively, and average balances of LHI, excluding MW and PPP loans. 
2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
3 Net interest margin is equal to net interest income divided by average interest-earning assets.


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights

Yield Trend                  
  For the Quarter Ended
  Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
2022 2021 2021 2021 2021
Average yield on interest-earning assets:                  
Loans1 4.03   %   4.12   %   4.16   %   4.16   %   4.31   %
LHI, MW 2.95       2.98       3.15       3.06       3.03    
PPP loans 1.00       1.00       1.00       1.00       1.00    
Debt securities 2.76       3.47       2.70       2.76       2.84    
Interest-bearing deposits in other banks 0.19       0.16       0.15       0.12       0.15    
Equity securities and other investments 1.94       2.09       2.13       3.08       3.08    
Total interest-earning assets 3.54   %   3.72   %   3.64   %   3.53   %   3.71   %
                   
Average rate on interest-bearing liabilities:                  
Interest-bearing demand and savings deposits 0.20   %   0.19   %   0.20   %   0.21   %   0.26   %
Certificates and other time deposits 0.37       0.41       0.50       0.64       0.82    
Advances from FHLB 0.81       0.94       0.94       0.94       0.94    
Subordinated debentures and subordinated notes 4.65       4.62       4.70       4.75       4.80    
Total interest-bearing liabilities 0.50   %   0.54   %   0.59   %   0.63   %   0.72   %
                   
Net interest rate spread2 3.04   %   3.18   %   3.05   %   2.90   %   2.99   %
Net interest margin3 3.22   %   3.37   %   3.26   %   3.11   %   3.22   %
 
1Includes average outstanding balances of loans held for sale of $12,769, $8,987, $8,542, $14,364 and $16,602 for the three months ended March 31, 2022, December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021, respectively, and average balances of LHI, excluding MW and PPP loans.
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
  Mar 31,
  Dec 31,   Sep 30,   Jun 30,   Mar 31,
  2022   2021   2021   2021   2021
Average cost of interest-bearing deposits         0.26   %           0.26   %           0.30   %           0.35   %           0.45   %
Average costs of total deposits, including noninterest-bearing         0.17               0.18               0.20               0.23               0.31    


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)

LHI and Deposit Portfolio Composition     
 
  Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
 2022  2021  2021  2021  2021
  (In thousands, expect percentages)
LHI1                                      
Commercial $ 2,125,900       29.8   %   $ 2,006,876       29.6   %   $ 1,793,740       27.1   %   $ 1,771,100       28.2   %   $ 1,632,040       27.4   %
Real Estate:                                      
Owner occupied commercial (“OOCRE”)   633,615       8.9         665,537       9.8         711,476       10.7         744,899       11.9         733,310       12.3    
Non-owner occupied commercial (“NOOCRE”)   2,145,826       30.0         2,120,309       31.3         2,194,438       33.1         1,986,538       31.6         1,970,945       33.0    
Construction and land   1,297,338       18.2         1,062,144       15.7         936,174       14.1         871,765       13.9         723,444       12.1    
Farmland   48,095       0.7         55,827       0.8         73,550       1.1         13,661       0.2         14,751       0.2    
1-4 family residential   604,408       8.5         542,566       8.0         543,518       8.2         513,635       8.2         492,609       8.3    
Multi-family residential   272,250       3.8         310,241       4.6         356,885       5.4         367,445       5.9         386,844       6.5    
Consumer   9,533       0.1         11,998       0.2         14,266       0.3         10,530       0.1         12,431       0.2    
Total LHI $ 7,136,965       100   %   $ 6,775,498       100   %   $ 6,624,047       100   %   $ 6,279,573       100   %   $ 5,966,374       100   %
                                       
MW   542,877             565,645             615,045             559,939             599,001        
PPP loans   18,512             53,369             135,842             291,401             407,353        
                                       
Total LHI1 $ 7,698,354           $ 7,394,512           $ 7,374,934           $ 7,130,913           $ 6,972,728        
                                       
Deposits                                      
Noninterest-bearing $ 2,765,895       35.1   %   $ 2,510,723       34.1   %   $ 2,302,925       32.1   %   $ 2,388,068       34.1   %   $ 2,171,719       31.6   %
Interest-bearing transaction   599,580       7.6         579,408       7.9         514,537       7.2         451,307       6.5         463,343       6.7    
Money market   2,958,790       37.5         2,568,843       34.9         2,585,926       36.0         2,539,061       36.4         2,602,903       37.7    
Savings   129,922       1.6         128,061       1.7         127,843       1.8         122,606       1.8         123,447       1.8    
Certificates and other time deposits   1,435,409       18.2         1,576,580       21.4         1,647,521       22.9         1,477,860       21.2         1,543,158       22.2    
Total deposits $ 7,889,596       100   %   $ 7,363,615       100   %   $ 7,178,752       100   %   $ 6,978,902       100   %   $ 6,904,570       100   %
                                       
Loan to Deposit Ratio   97.6   %         100.4   %         102.7   %         102.2   %         101.0   %    
Loan to Deposit Ratio, excluding MW and PPP loans   90.5   %         92.0   %         92.3   %         90.0   %         86.4   %    
 
1 Total LHI does not include deferred fees of $11.5 million, $9.5 million, and $8.1 million at March 31, 2022, December 31, 2021 and September 30, 2021, respectively, deferred costs of $7.5 million and $2.9 million at June 30, 2021 and March 31, 2021, respectively.


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)

Asset Quality                
  For the Quarter Ended
  Mar 31,   Dec 31,   Sep 30,   Jun 30,   Mar 31,
  2022   2021   2021   2021   2021
  (In thousands)
NPAs:                  
Nonaccrual loans $ 46,680       $ 49,687       $ 72,317       $ 76,994       $ 73,594    
Accruing loans 90 or more days past due1   264         441         1,711         462         9,093    
Total nonperforming loans held for investment (“NPLs”)   46,944         50,128         74,028         77,456         82,687    
OREO   1,062                         2,467         2,337    
Total NPAs $ 48,006       $ 50,128       $ 74,028       $ 79,923       $ 85,024    
                   
Charge-offs:                  
1-4 family residential $       $       $ (64 )     $ (300 )     $ (15 )  
OOCRE   (1,341 )       (898 )       (813 )       (689 )          
NOOCRE   (553 )       (7,936 )                          
Commercial   (3,294 )       (4,114 )       (5,508 )       (5,608 )       (346 )  
Consumer   (134 )       (44 )       (17 )       (20 )       (18 )  
Total charge-offs   (5,322 )       (12,992 )       (6,402 )       (6,617 )       (379 )  
                   
Recoveries:                  
1-4 family residential           6         26         29         3    
OOCRE                           500            
NOOCRE   400                                    
Commercial   144         61         596         659         226    
Consumer   9         257         8         36         2    
Total recoveries   553         324         630         1,224         231    
                   
Net charge-offs $ (4,769 )     $ (12,668 )     $ (5,772 )     $ (5,393 )     $ (148 )  
                   
ACL $ 72,485       $ 77,754       $ 93,771       $ 99,543       $ 104,936    
                   
Asset Quality Ratios:                  
NPAs to total assets   0.46   %     0.51   %     0.77   %     0.85   %     0.92   %
NPLs to total LHI, excluding MW and PPP loans   0.66         0.74         1.12         1.23         1.39    
ACL to total LHI, excluding MW and PPP loans   1.02         1.15         1.42         1.59         1.76    
Net charge-offs to average loans outstanding   0.07         0.19         0.09         0.09            
1 Accruing loans greater than 90 days past due exclude purchase credit deteriorated loans greater than 90 days past due that are accounted for on a pooled basis.


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles as in effect from time to time in the United States (“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 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
  Mar 31, 2022   Dec 31, 2021   Sep 30, 2021   Jun 30, 2021   Mar 31, 2021
  (Dollars in thousands, except per share data)
Tangible Common Equity                  
Total stockholders' equity $ 1,447,996     $ 1,315,079     $ 1,284,160     $ 1,272,907     $ 1,233,808  
Adjustments:                  
Goodwill   (404,452 )     (403,771 )     (370,840 )     (370,840 )     (370,840 )
Core deposit intangibles   (45,560 )     (47,998 )     (50,436 )     (52,873 )     (55,311 )
Tangible common equity $ 997,984     $ 863,310     $ 862,884     $ 849,194     $ 807,657  
Common shares outstanding   53,907       49,372       49,229       49,498       49,433  
                   
Book value per common share $ 26.86     $ 26.64     $ 26.09     $ 25.72     $ 24.96  
Tangible book value per common share $ 18.51     $ 17.49     $ 17.53     $ 17.16     $ 16.34  


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:

  As of
  Mar 31, 2022   Dec 31, 2021   Sep 30, 2021   Jun 30, 2021   Mar 31, 2021
  (Dollars in thousands)
Tangible Common Equity                  
Total stockholders' equity $ 1,447,996       $ 1,315,079       $ 1,284,160       $ 1,272,907       $ 1,233,808    
Adjustments:                  
Goodwill   (404,452 )       (403,771 )       (370,840 )       (370,840 )       (370,840 )  
Core deposit intangibles   (45,560 )       (47,998 )       (50,436 )       (52,873 )       (55,311 )  
Tangible common equity $ 997,984       $ 863,310       $ 862,884       $ 849,194       $ 807,657    
Tangible Assets                  
Total assets $ 10,453,680       $ 9,757,249       $ 9,572,300       $ 9,349,525       $ 9,237,510    
Adjustments:                  
Goodwill   (404,452 )       (403,771 )       (370,840 )       (370,840 )       (370,840 )  
Core deposit intangibles   (45,560 )       (47,998 )       (50,436 )       (52,873 )       (55,311 )  
Tangible Assets $ 10,003,668       $ 9,305,480       $ 9,151,024       $ 8,925,812       $ 8,811,359    
Tangible Common Equity to Tangible Assets   9.98   %     9.28   %     9.43   %     9.51   %     9.17   %


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.

The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:

  For the Quarter Ended
  Mar 31, 2022   Dec 31, 2021   Sep 30, 2021   Jun 30, 2021   Mar 31, 2021
  (Dollars in thousands)
Net income available for common stockholders adjusted for amortization of core deposit intangibles                  
Net income $ 33,470       $ 41,506       $ 36,835       $ 29,456       $ 31,787    
Adjustments:                  
Plus: Amortization of core deposit intangibles   2,438         2,438         2,438         2,438         2,447    
Less: Tax benefit at the statutory rate   512         512         512         512         514    
Net income available for common stockholders adjusted for amortization of core deposit intangibles $ 35,396       $ 43,432       $ 38,761       $ 31,382       $ 33,720    
                   
Average Tangible Common Equity                  
Total average stockholders' equity $ 1,357,448       $ 1,301,676       $ 1,290,528       $ 1,254,371       $ 1,224,294    
Adjustments:                  
Average goodwill   (404,014 )       (393,220 )       (370,840 )       (370,840 )       (370,840 )  
Average core deposit intangibles   (47,158 )       (49,596 )       (52,043 )       (54,471 )       (56,913 )  
Average tangible common equity $ 906,276       $ 858,860       $ 867,645       $ 829,060       $ 796,541    
Return on Average Tangible Common Equity (Annualized)   15.84   %     20.06   %     17.72   %     15.18   %     17.17   %


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Operating Return on Average 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 severance payments, plus loss on sale of securities, net, less Thrive PPP loan forgiveness income, 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 non interest expense plus adjustments to operating non interest expense divided by non interest income plus adjustments to operating non interest 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 Three Months Ended
  Mar 31, 2022   Dec 31, 2021   Sep 30, 2021   Jun 30, 2021   Mar 31, 2021
  (Dollars in thousands)
Operating Earnings                  
Net income $ 33,470     $ 41,506     $ 36,835     $ 29,456     $ 31,787  
Plus: Severance payments1                     627        
Plus: Loss on sale of securities available for sale, net               188              
Less: Thrive PPP loan forgiveness income2               1,912              
Plus: M&A expenses   700       826                    
Operating pre-tax income   34,170       42,332       35,111       30,083       31,787  
Less: Tax impact of adjustments   156       (78 )     39       131        
Plus: Nonrecurring tax adjustments3                           426  
Operating earnings $ 34,014     $ 42,410     $ 35,072     $ 29,952     $ 32,213  
                   
Weighted average diluted shares outstanding   51,571       50,441       50,306       50,331       49,998  
Diluted EPS $ 0.65     $ 0.82     $ 0.73     $ 0.59     $ 0.64  
Diluted operating EPS $ 0.66     $ 0.84     $ 0.70     $ 0.60     $ 0.64  
1 Severance payments relate to branch restructurings made during the three months ended June 30, 2021
2 During the third quarter of 2021, Thrive’s PPP loan with another bank was 100% forgiven by the Small Business Administration. As a result of our 49% investment in Thrive, the $1.9 million represents our portion of the PPP loan forgiveness. PPP fee income is not taxable and as such has no tax impact. 
3 A nonrecurring tax adjustment of $426 thousand recorded in the first quarter of 2021 was due to a true-up of a deferred tax liability.


  For the Quarter Ended
   Mar 31, 2022     Dec 31, 2021     Sep 30, 2021     Jun 30, 2021     Mar 31, 2021
  (Dollars in thousands)
Pre-Tax, Pre-Provision Operating Earnings                  
Net income $ 33,470       $ 41,506       $ 36,835       $ 29,456       $ 31,787    
Plus: Provision for income taxes   8,102         10,697         9,195         7,837         8,993    
Plus: (Benefit) provision for credit losses and unfunded commitments   (7 )       (4,389 )       (448 )       577         (570 )  
Plus: Severance payments                           627            
Plus: Loss on sale of securities, net                   188                    
Less: Thrive PPP loan forgiveness income                   1,912                    
Plus: M&A expenses   700         826                            
Pre-tax, pre-provision operating earnings $ 42,265       $ 48,640       $ 43,858       $ 38,497       $ 40,210    
                   
Average total assets $ 9,998,922       $ 9,788,671       $ 9,385,470       $ 9,321,279       $ 8,941,271    
Pre-tax, pre-provision operating return on average assets1   1.71   %     1.97   %     1.85   %     1.66   %     1.82   %
                   
Average total assets $ 9,998,922       $ 9,788,671       $ 9,385,470       $ 9,321,279       $ 8,941,271    
Return on average assets1   1.36   %     1.68   %     1.56   %     1.27   %     1.44   %
Operating return on average assets1   1.38         1.72         1.48         1.29         1.46    
                   
Operating earnings adjusted for amortization of core deposit intangibles                  
Operating earnings $ 34,014       $ 42,410       $ 35,072       $ 29,952       $ 32,213    
Adjustments:                  
Plus: Amortization of core deposit intangibles   2,438         2,438         2,438         2,438         2,447    
Less: Tax benefit at the statutory rate   512         512         512         512         514    
Operating earnings adjusted for amortization of core deposit intangibles $ 35,940       $ 44,336       $ 36,998       $ 31,878       $ 34,146    
                   
Average Tangible Common Equity                  
Total average stockholders' equity $ 1,357,448       $ 1,301,676       $ 1,290,528       $ 1,254,371       $ 1,224,294    
Adjustments:                  
Less: Average goodwill   (404,014 )       (393,220 )       (370,840 )       (370,840 )       (370,840 )  
Less: Average core deposit intangibles   (47,158 )       (49,596 )       (52,043 )       (54,471 )       (56,913 )  
Average tangible common equity $ 906,276       $ 858,860       $ 867,645       $ 829,060       $ 796,541    
Operating return on average tangible common equity1   16.08   %     20.48   %     16.92   %     15.42   %     17.39   %
                   
Efficiency ratio   52.84   %     48.53   %     47.55   %     52.42   %     49.62   %
Operating efficiency ratio                  
Net interest income $ 73,040       $ 76,741       $ 71,276       $ 67,131       $ 65,635    
Noninterest income   15,097         16,150         15,627         12,456         14,172    
Plus: Loss on sale of securities, net                   188                    
Less: Thrive PPP loan forgiveness income                   1,912                    
Operating noninterest income   15,097         16,150         13,903         12,456         14,172    
Noninterest expense   46,572         45,077         41,321         41,717         39,597    
Less: Severance payments                           627            
Less: M&A expenses   700         826                            
Operating noninterest expense $ 45,872       $ 44,251       $ 41,321       $ 41,090       $ 39,597    
Operating efficiency ratio   52.05   %     47.64   %     48.51   %     51.63   %     49.62   %
1 Annualized ratio for quarterly metrics.
 


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