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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission File Number: 001-36682
VERITEX HOLDINGS, INC.
(Exact name of registrant as specified in its charter)

Texas 27-0973566
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
   
8214 Westchester Drive, Suite 800  
Dallas,Texas 75225
(Address of principal executive offices) (Zip code)

(972)349-6200
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01VBTXNasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer Accelerated filer
   
Non-accelerated filer Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No 

As of May 5, 2021, there were 49,463,028 outstanding shares of the registrant’s common stock, par value $0.01 per share.



VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Page
7

2


PART I. FINANCIAL INFORMATION 

Item 1. Financial Statements
3


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
as of March 31, 2021 and December 31, 2020
(Dollars in thousands, except par value and share information) 
March 31,December 31,
20212020
(Unaudited)
ASSETS
Cash and due from banks$45,869 $44,337 
Interest bearing deposits in other banks422,160 186,488 
Total cash and cash equivalents468,029 230,825 
Debt securities available-for-sale, at fair value1,043,951 1,024,329 
Debt securities held-to-maturity (fair value of $36,527 and $34,283, at March 31, 2021 and December 31, 2020, respectively)
33,909 30,872 
Equity securities14,739 14,938 
Investment in unconsolidated subsidiaries1,018 1,018 
Federal Home Loan Bank of Dallas Stock (“FHLB”) and Federal Reserve Bank (“FRB”) Stock71,469 71,236 
Total investments1,165,086 1,142,393 
Loans held for sale19,864 21,414 
Loans held for investment, Paycheck Protection Program (“PPP”) loans, carried at fair value407,353 358,042 
Loans held for investment, mortgage warehouse (“MW”)599,001 577,594 
Loans held for investment, excluding MW and PPP 5,963,493 5,847,862 
Less: Allowance for credit losses (“ACL”)(104,936)(105,084)
Total loans held for investment, net6,864,911 6,678,414 
Bank-owned life insurance83,318 82,855 
Bank premises, furniture and equipment, net114,585 115,063 
Other real estate owned2,337 2,337 
Intangible assets, net of accumulated amortization59,236 61,733 
Goodwill370,840 370,840 
Other assets89,304 114,997 
Total assets$9,237,510 $8,820,871 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Deposits:  
Noninterest-bearing deposits$2,171,719 $2,097,099 
Interest-bearing transaction and savings deposits3,189,693 2,958,456 
Certificates and other time deposits1,543,158 1,457,291 
Total deposits6,904,570 6,512,846 
Accounts payable and other liabilities55,902 61,928 
Advances from FHLB777,679 777,718 
Subordinated debentures and subordinated notes262,774 262,778 
Securities sold under agreements to repurchase2,777 2,225 
Total liabilities8,003,702 7,617,495 
Commitments and contingencies (Notes 8 and 11) 
Stockholders’ equity:  
Common stock, $0.01 par value; 75,000,000 shares authorized; 55,742,722 and 55,500,118 shares issued at March 31, 2021 and December 31, 2020, respectively; 49,432,750 and 49,337,768 shares outstanding at March 31, 2021 and December 31, 2020, respectively
557 555 
Additional paid-in capital1,131,324 1,126,437 
Retained earnings195,661 172,232 
Accumulated other comprehensive income62,413 56,225 
Treasury stock, 6,309,972 and 6,162,350 shares at cost at March 31, 2021 and December 31, 2020, respectively
(156,147)(152,073)
Total stockholders’ equity1,233,808 1,203,376 
Total liabilities and stockholders’ equity$9,237,510 $8,820,871 


See accompanying Notes to Condensed Consolidated Financial Statements.
4


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Income (Unaudited)
For the Three Months Ended March 31, 2021 and 2020
(Dollars in thousands, except per share amounts)
Three Months Ended
March 31,
20212020
Interest and dividend income:
Loans, including fees$67,399 $77,861 
Debt securities7,437 7,397 
Deposits in financial institutions and Fed Funds sold127 871 
Equity securities and other investments663 850 
Total interest and dividend income75,626 86,979 
Interest expense:
Transaction and savings deposits1,980 6,552 
Certificates and other time deposits3,061 8,240 
Advances from FHLB1,812 2,879 
Subordinated debentures and subordinated notes3,138 1,903 
Total interest expense9,991 19,574 
Net interest income65,635 67,405 
Provision for credit losses 31,776 
Provision for credit losses on unfunded commitments(570)3,881 
Net interest income after provision for credit losses66,205 31,748 
Noninterest income:
Service charges and fees on deposit accounts3,629 3,642 
Loan fees1,341 845 
Gain on sale of mortgage loans held for sale507 142 
Government guaranteed loan income, net6,548 439 
Other2,147 2,179 
Total noninterest income14,172 7,247 
Noninterest expense:
Salaries and employee benefits22,932 18,870 
Occupancy and equipment4,096 4,273 
Professional and regulatory fees3,441 2,196 
Data processing and software expense2,319 2,089 
Marketing909 1,083 
Amortization of intangibles2,537 2,696 
Telephone and communications337 319 
Other3,026 4,019 
Total noninterest expense39,597 35,545 
Income before income tax expense40,780 3,450 
Income tax expense (benefit)8,993 (684)
Net income$31,787 $4,134 
Basic earnings per share$0.64 $0.08 
Diluted earnings per share$0.64 $0.08 
See accompanying Notes to Condensed Consolidated Financial Statements.
5


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Comprehensive Income (Unaudited)
For the Three Months Ended March 31, 2021 and 2020
(Dollars in thousands)

Three Months Ended March 31,
20212020
Net income$31,787 $4,134 
Other comprehensive income:
Net unrealized gains (losses) on securities available-for-sale:
Change in net unrealized gains (losses) on securities available-for-sale during the period, net(19,437)28,487 
Net unrealized gains (losses) on securities available-for-sale(19,437)28,487 
Net unrealized gains on derivative instruments designated as cash flow hedges27,271 3,732 
Other comprehensive income, before tax7,834 32,219 
Income tax expense1,646 5,974 
Other comprehensive income, net of tax6,188 26,245 
Comprehensive income$37,975 $30,379 

See accompanying Notes to Condensed Consolidated Financial Statements.


6


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) 
For the Three Months Ended March 31, 2021 and 2020
(Dollars in thousands)

Three Months Ended March 31, 2021
 Common StockTreasury StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income
Total 
 SharesAmountSharesAmount
Balance at December 31, 202049,337,768 $555 6,162,350 $(152,073)$1,126,437 $172,232 $56,225 $1,203,376 
Restricted stock units vested, net of 16,587 shares withheld to cover taxes
58,110 — — — (468)— — (468)
Exercise of employee stock options, net of 18,052 and 3,474 shares withheld to cover taxes and exercise, respectively
184,494 2 — — 2,877 — — 2,879 
Stock buyback(147,622)— 147,622 (4,074)— — — (4,074)
Stock based compensation— — — — 2,478 — — 2,478 
Net income— — — — — 31,787 — 31,787 
Dividends paid— — — — — (8,358)— (8,358)
Other comprehensive income— — — — — — 6,188 6,188 
Balance at March 31, 202149,432,750 $557 6,309,972 $(156,147)$1,131,324 $195,661 $62,413 $1,233,808 

Three Months Ended March 31, 2020
 Common StockTreasury StockAdditional
Paid-In
Capital
Retained
Earnings
Accumulated
Other
Comprehensive
Income
 
 SharesAmountSharesAmountTotal
Balance at December 31, 201951,063,869 $549 3,812,711 $(94,603)$1,117,879 $147,911 $19,061 $1,190,797 
Restricted stock units vested, net of 18,679 shares withheld to cover taxes
68,832 1 — — (603)— — (602)
Exercise of employee stock options, net of 98,836 and 139,715 shares withheld to cover taxes and exercise, respectively
416,874 4 — — 414 — — 418 
Stock warrants exercised10,000 — — — 109 — — 109 
Stock buyback(2,002,211)— 2,002,211 (49,557)— — — (49,557)
Stock based compensation— — — — 1,958 — — 1,958 
Net income— — — — — 4,134 — 4,134 
Dividends paid— — — — — (8,728)— (8,728)
Current Expected Credit Losses (“CECL”) impact on date of adoption— — — — — (15,505)— (15,505)
Other comprehensive income— — — — — — 26,245 26,245 
Balance at March 31, 202049,557,364 $554 5,814,922 $(144,160)$1,119,757 $127,812 $45,306 $1,149,269 
See accompanying Notes to Condensed Consolidated Financial Statements.
7


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows (Unaudited)
For the Three Months Ended March 31, 2021 and 2020
(Dollars in thousands)
 For the Three Months Ended March 31,
 20212020
Cash flows from operating activities:
Net income$31,787 $4,134 
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation and amortization of fixed assets and intangibles3,765 4,087 
Net accretion of time deposit premium, debt discount and debt issuance costs(80)(588)
Provision for credit losses(570)35,657 
Accretion of loan purchase discount(1,911)(4,320)
Stock-based compensation expense2,478 1,958 
Excess tax benefit from stock compensation(154)(1,388)
Net amortization of premiums on debt securities730 895 
Unrealized loss on equity securities recognized in earnings199 249 
Change in cash surrender value and mortality rates of bank-owned life insurance(463)(480)
Change in fair value of government guaranteed loans using fair value option(917)(165)
(Gain) loss on sales of mortgage loans held for sale(507)142 
Gain on sales of government guaranteed loans 604 
Net recovery on servicing asset(128) 
Originations of loans held for sale(1,096)(11,634)
Proceeds from sales of loans held for sale4,070 10,689 
Termination of derivatives designated as hedging instruments43,900  
Decrease (increase) in other assets10,554 (13,141)
(Decrease) increase in accounts payable and other liabilities(8,437)13,031 
Net cash provided by operating activities83,220 39,730 
Cash flows from investing activities:  
Purchases of available for sale debt securities(79,816)(200,682)
Proceeds from maturities, calls and pay downs of available for sale debt securities40,102 107,743 
Purchases of held to maturity debt securities(4,335) 
Maturity, calls and paydowns of held to maturity debt securities1,222 57 
Purchases of other investments(233)(28,712)
Net loans originated(184,586)(291,262)
Proceeds from sale of government guaranteed loans 8,384 
Net additions to bank premises, furniture and equipment(661)1,342 
Net cash used in investing activities(228,307)(403,130)
Cash flows from financing activities:  
Net increase (decrease) in deposits391,799 (93,983)
Net (decrease) increase in advances from FHLB(39)699,962 
Redemption of subordinated debt (5,000)
Net change in securities sold under agreement to repurchase552 73 
Payments to tax authorities for stock-based compensation(468)(3,606)
Proceeds from exercise of employee stock options2,879 3,422 
Proceeds from exercise of stock warrants 109 
Purchase of treasury stock(4,074)(49,557)
Dividends paid(8,358)(8,728)
Net cash provided by financing activities382,291 542,692 
Net increase in cash and cash equivalents237,204 179,292 
Cash and cash equivalents at beginning of period230,825 251,550 
Cash and cash equivalents at end of period$468,029 $430,842 
See accompanying Notes to Condensed Consolidated Financial Statements.
8


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Notes to Condensed Consolidated Financial Statements 
(Dollars in thousands, except for per share amounts) 

1. Summary of Significant Accounting Policies
Nature of Organization
In this report, the words “Veritex”, “the Company,” “we,” “us,” and “our” refer to the combined entities of Veritex Holdings, Inc. and its subsidiaries, including Veritex Community Bank. The word “Holdco” refers to Veritex Holdings, Inc. The word “the Bank” refers to Veritex Community Bank.
Veritex is a Texas state banking organization, with corporate offices in Dallas, Texas, and currently operates 25 branches and one mortgage office located in the Dallas-Fort Worth metroplex, 12 branches in the Houston metropolitan area and one branch in Louisville, Kentucky. The Bank provides a full range of banking services, including commercial and retail lending and the acceptance of checking and savings deposits, to individual and corporate customers. The Texas Department of Banking (the “TDB”) and the Board of Governors of the Federal Reserve System (the “Federal Reserve”) are the primary regulators of the Company and the Bank, and both regulatory agencies perform periodic examinations to ensure regulatory compliance.
Basis of Presentation
The accompanying unaudited condensed consolidated financial statements include the accounts of Veritex Holdings, Inc. and its subsidiaries, including Veritex Community Bank.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), but do not include all of the information and footnotes required for complete financial statements. Intercompany transactions and balances are eliminated in consolidation. In management’s opinion, these unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company’s condensed consolidated financial position at March 31, 2021 and December 31, 2020, condensed consolidated results of operations for the three months ended March 31, 2021 and 2020, condensed consolidated stockholders’ equity for the three months ended March 31, 2021 and 2020 and condensed consolidated cash flows for the three months ended March 31, 2021 and 2020.

Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end and the results for the interim periods shown herein are not necessarily indicative of results to be expected for the full year due in part to global economic and financial market conditions, interest rates, access to sources of liquidity, market competition and interruptions of business processes. These unaudited condensed consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Quarterly Reports on Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 26, 2021.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Segment Reporting
    The Company has one reportable segment. All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each activity of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and borrowings while managing interest rate and credit risk. Accordingly, all significant operating decisions are based upon an analysis of the Bank as one segment or unit. The Company’s chief operating decision-maker, the Chief Executive Officer, uses the consolidated results to make operating and strategic decisions.
9



Reclassifications
Certain items in the Company’s prior year financial statements were reclassified to conform to the current presentation including (i) the reclassification on the condensed consolidated statements of income from net gain on sales of loans and other assets owned for $746 to government guaranteed loan income, net for $439, gain on sale of mortgage loans held for sale for $142 and other income for $165 during the three months ended March 31, 2020, and (ii) the reclassification on the condensed consolidated statements of income from rental income to other income for $551 during the three months ended March 31, 2020.
Earnings Per Share (“EPS”)
EPS are based upon the weighted average shares outstanding. The table below sets forth the reconciliation between weighted average shares used for calculating basic and diluted EPS for the three months ended March 31, 2021 and 2020:
Three Months Ended March 31,
20212020
Earnings (numerator)
Net income$31,787 $4,134 
Shares (denominator)
Weighted average shares outstanding for basic EPS49,394 50,725 
Dilutive effect of employee stock-based awards604 331 
Adjusted weighted average shares outstanding49,998 51,056 
EPS:
Basic$0.64 $0.08 
Diluted$0.64 $0.08 

For the three months ended March 31, 2021, there were 75 antidilutive shares excluded from the diluted EPS weighted average shares outstanding, 23 relating to restricted stock units and 52 relating to stock options. For the three months ended March 31, 2020, there were 1,341 antidilutive shares excluded from the diluted EPS weighted average shares outstanding.

Recent Accounting Pronouncements

ASU 2019-12, "Income Taxes (Topic 740)" ("ASU 2019-12") simplifies the accounting for income taxes by removing certain exceptions and improves the consistent application of GAAP by clarifying and amending other existing guidance. ASU 2019-12 was effective for us on January 1, 2021 and did not have a significant impact on our consolidated financial statements and related disclosures.

ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting" ("ASU 2020-04") amendments provide optional guidance for a limited time to ease the potential burden in accounting for reference rate reform. The new guidance provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The Company is currently evaluating the amended guidance and the impact on its consolidated financial statements and related disclosures.

ASU 2020-08, Codification Improvements to Subtopic 310-20, Receivables - Nonrefundable Fees and Other Costs ("ASU 2020-08") clarifies the accounting for the amortization of purchase premiums for callable debt securities with multiple call dates. ASU 2020-08 was effective for us on January 1, 2021 and did not have a significant impact on our consolidated financial statements and related disclosures.


10


2. Supplemental Statement of Cash Flows
Other supplemental cash flow information is presented below: 
 Three Months Ended March 31,
 20212020
(in thousands)
Supplemental Disclosures of Cash Flow Information:  
Cash paid for interest$7,602 $18,489 
Cash paid for income taxes15 2,330 
Supplemental Disclosures of Non-Cash Flow Information:  
Net foreclosure of other real estate owned and repossessed assets 1,725 

3. Share Transactions    
    On January 28, 2019, the Company's Board of Directors (the “Board”) originally authorized a stock buyback program (the "Stock Buyback Program") pursuant to which the Company could, from time to time, purchase up to $50,000 of its outstanding common stock in the aggregate. The Board authorized increases of $50,000 on September 3, 2019 and $75,000 on December 12, 2019, resulting in an aggregate authorization to purchase up to $175,000 under the Stock Buyback Program. The Board also authorized an extension of the original expiration date of the Stock Buyback Program from December 31, 2019 to December 31, 2021. The shares may be repurchased in the open market or in privately negotiated transactions from time to time, depending upon market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission. The Stock Buyback Program does not obligate the Company to purchase any share and the program may be terminated or amended by the Board at any time prior to its expiration.

    During the three months ended March 31, 2021, there were 147,622 shares repurchased through the Stock Buyback Program and held as treasury stock at an average price of $26.83. During the three months ended March 31, 2020, 2,002,211 shares were repurchased through the Stock Buyback Program and held as treasury stock at an average price of $24.78.

11


4. Securities
Equity Securities With a Readily Determinable Fair Value
The Company held equity securities with a fair value of $11,164 and $11,363 at March 31, 2021 and December 31, 2020, respectively. The Company did not realize a loss on equity securities with a readily determinable fair value during the three months ended March 31, 2021 or 2020. The gross unrealized loss recognized on equity securities with readily determinable fair values recorded in other noninterest income in the Company’s condensed consolidated statements of income were as follows:
Three Months Ended March 31,
20212020
Unrealized loss recognized on equity securities with a readily determinable fair value$199 $249 
Equity Securities Without a Readily Determinable Fair Value
The Company held equity securities without a readily determinable fair values and measured at cost of $3,575 as of March 31, 2021 and December 31, 2020.
Debt Securities
Debt securities have been classified in the condensed consolidated balance sheets according to management’s intent. The amortized cost, related gross unrealized gains and losses, allowance for credit losses and the fair value of available for sale and held to maturity securities are as follows:
 March 31, 2021
 Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Allowance for Credit LossesFair Value
Available for sale
Corporate bonds$173,198 $6,206 $276 $ $179,128 
Municipal securities117,704 7,579 849  124,434 
Mortgage-backed securities249,950 11,748 1,887  259,811 
Collateralized mortgage obligations396,158 12,806 1,425  407,539 
Asset-backed securities71,367 2,139 467  73,039 
 $1,008,377 $40,478 $4,904 $ $1,043,951 


March 31, 2021
Amortized CostGross Unrealized GainsGross Unrealized LossesAllowance for Credit