| | |
Per Share
|
| |
Total(1)
|
| ||||||
Public offering price
|
| | | $ | 38.00 | | | | | $ | 150,000,022.00 | | |
Underwriting discounts and commissions(2)
|
| | | $ | 2.09 | | | | | $ | 8,250,001.21 | | |
Proceeds, before expenses, to us
|
| | | $ | 35.91 | | | | | $ | 141,750,020.79 | | |
|
Joint Bookrunners
|
| |
Passive Bookrunner
|
| |||
|
Keefe, Bruyette & Woods
A Stifel Company
|
| |
Goldman Sachs & Co. LLC
|
| |
Raymond James
|
|
|
Co-Managers
|
| |||
|
Piper Sandler
|
| |
Stephens Inc.
|
|
| | | | | S-1 | | | |
| | | | | S-2 | | | |
| | | | | S-3 | | | |
| | | | | S-4 | | | |
| | | | | S-7 | | | |
| | | | | S-8 | | | |
| | | | | S-10 | | | |
| | | | | S-14 | | | |
| | | | | S-18 | | | |
| | | | | S-19 | | | |
| | | | | S-20 | | | |
| | | | | S-21 | | | |
| | | | | S-25 | | | |
| | | | | S-28 | | | |
| | | | | S-34 | | | |
| | | | | S-34 | | |
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 3 | | | |
| | | | | 5 | | | |
| | | | | 5 | | | |
| | | | | 5 | | | |
| | | | | 5 | | | |
| | | | | 5 | | |
| | |
As of and for the Year Ended December 31,
|
| |||||||||||||||
(Dollars in thousands, except per share data)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Selected Income Statement Data: | | | | | | | | | | | | | | | | | | | |
Net interest income
|
| | | $ | 280,783 | | | | | $ | 265,798 | | | | | $ | 285,097 | | |
Provision for credit losses and unfunded commitments
|
| | | | (4,830) | | | | | | 65,669 | | | | | | 21,514 | | |
Net interest income after provision for credit losses
|
| | | | 285,613 | | | | | | 200,129 | | | | | | 263,583 | | |
Noninterest income
|
| | | | 58,405 | | | | | | 47,344 | | | | | | 30,080 | | |
Noninterest expense
|
| | | | 167,712 | | | | | | 159,387 | | | | | | 177,803 | | |
Income before income tax
|
| | | | 176,306 | | | | | | 88,086 | | | | | | 115,860 | | |
Income tax expense
|
| | | | 36,722 | | | | | | 14,203 | | | | | | 25,121 | | |
Net income
|
| | | | 139,584 | | | | | | 73,883 | | | | | | 90,739 | | |
Share Data: | | | | | | | | | | | | | | | | | | | |
Basic earnings per common share
|
| | | $ | 2.83 | | | | | $ | 1.48 | | | | | $ | 1.71 | | |
Diluted earnings per common share
|
| | | | 2.77 | | | | | | 1.48 | | | | | | 1.68 | | |
Book value per common share
|
| | | | 26.64 | | | | | | 24.39 | | | | | | 23.32 | | |
Tangible book value per common share(2)
|
| | | | 17.49 | | | | | | 15.70 | | | | | | 14.73 | | |
Basic weighted average common shares outstanding
|
| | | | 49,405 | | | | | | 49,884 | | | | | | 53,154 | | |
Diluted weighted average common shares outstanding
|
| | | | 50,352 | | | | | | 50,036 | | | | | | 53,978 | | |
Selected Period-end Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 9,757,249 | | | | | $ | 8,820,871 | | | | | $ | 7,954,937 | | |
Cash and cash equivalents
|
| | | | 379,784 | | | | | | 230,825 | | | | | | 251,550 | | |
Debt securities
|
| | | | 1,052,494 | | | | | | 1,055,201 | | | | | | 997,330 | | |
Total loans(1)
|
| | | | 7,341,143 | | | | | | 6,427,924 | | | | | | 5,921,071 | | |
Allowance for credit losses
|
| | | | 77,754 | | | | | | 105,084 | | | | | | 29,834 | | |
Goodwill
|
| | | | 403,771 | | | | | | 370,840 | | | | | | 370,840 | | |
Intangibles
|
| | | | 66,017 | | | | | | 61,733 | | | | | | 72,263 | | |
Noninterest-bearing deposits
|
| | | | 2,510,723 | | | | | | 2,097,099 | | | | | | 1,556,500 | | |
Interest-bearing deposits
|
| | | | 3,276,312 | | | | | | 2,958,456 | | | | | | 2,654,972 | | |
Total deposits
|
| | | | 7,363,615 | | | | | | 6,512,846 | | | | | | 5,894,350 | | |
Advances from FHLB
|
| | | | 777,562 | | | | | | 777,718 | | | | | | 677,870 | | |
Other borrowings
|
| | | | 227,764 | | | | | | 262,778 | | | | | | 145,571 | | |
Total stockholders’ equity
|
| | | | 1,315,079 | | | | | | 1,203,376 | | | | | | 1,190,797 | | |
| | |
As of and for the Year Ended December 31,
|
| |||||||||||||||
(Dollars in thousands, except per share data)
|
| |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
Performance Ratios: | | | | | | | | | | | | | | | | | | | |
Return on average assets(3)
|
| | | | 1.49% | | | | | | 0.87% | | | | | | 1.14% | | |
Return on average equity(3)
|
| | | | 11.01 | | | | | | 6.34 | | | | | | 7.57 | | |
Net interest margin(4)
|
| | | | 3.24 | | | | | | 3.39 | | | | | | 3.97 | | |
Efficiency ratio(5)
|
| | | | 49.45 | | | | | | 50.90 | | | | | | 56.41 | | |
Loans to deposits ratio
|
| | | | 100.4 | | | | | | 104.2 | | | | | | 100.5 | | |
Loans to deposits ratio, excluding MW
|
| | | | 92.0 | | | | | | 89.8 | | | | | | 97.3 | | |
Summary Credit Quality Ratios: | | | | | | | | | | | | | | | | | | | |
Nonperforming assets to total assets
|
| | | | 0.51% | | | | | | 0.99% | | | | | | 0.50% | | |
Nonperforming loans to total loans
|
| | | | 0.74 | | | | | | 1.46 | | | | | | 0.56 | | |
Allowance for credit losses to nonperforming loans
|
| | | | 155.1 | | | | | | 123.19 | | | | | | 89.22 | | |
Allowance for credit losses to total loans, excluding MW and PPP
|
| | | | 1.15 | | | | | | 1.80 | | | | | | 0.52 | | |
Net charge-offs to average loans outstanding
|
| | | | 0.38 | | | | | | 0.36 | | | | | | 0.19 | | |
Capital Ratios: | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity to total assets
|
| | | | 13.48% | | | | | | 13.64% | | | | | | 14.97% | | |
Tangible common equity to tangible assets(6)
|
| | | | 9.28 | | | | | | 9.23 | | | | | | 10.01 | | |
Tier 1 capital to average assets(3)
|
| | | | 9.05 | | | | | | 9.43 | | | | | | 10.17 | | |
Tier 1 capital to risk-weighted assets
|
| | | | 8.89 | | | | | | 9.66 | | | | | | 11.02 | | |
Common equity tier 1 (to risk-weighted assets)
|
| | | | 8.58 | | | | | | 9.30 | | | | | | 10.60 | | |
Total capital to risk-weighted assets
|
| | | | 11.60 | | | | | | 13.57 | | | | | | 13.10 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(Dollars in thousands, except per share data)
|
| |||||||||||||||
Tangible Common Equity | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity
|
| | | $ | 1,315,079 | | | | | $ | 1,203,376 | | | | | $ | 1,190,797 | | |
Adjustments: | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | | (403,771) | | | | | | (370,840) | | | | | | (370,840) | | |
Core deposit intangibles
|
| | | | (47,998) | | | | | | (57,758) | | | | | | (67,546) | | |
Tangible common equity
|
| | | $ | 863,310 | | | | | $ | 774,778 | | | | | $ | 752,411 | | |
Common shares outstanding
|
| | | | 49,372 | | | | | | 49,340 | | | | | | 51,064 | | |
Book value per common share
|
| | | $ | 26.64 | | | | | $ | 24.39 | | | | | $ | 23.32 | | |
Tangible book value per common share
|
| | | $ | 17.49 | | | | | $ | 15.70 | | | | | $ | 14.73 | | |
| | |
For the Year Ended December 31,
|
| |||||||||||||||
| | |
2021
|
| |
2020
|
| |
2019
|
| |||||||||
| | |
(Dollars in thousands)
|
| |||||||||||||||
Tangible Common Equity | | | | | | | | | | | | | | | | | | | |
Total stockholders’ equity
|
| | | $ | 1,315,079 | | | | | $ | 1,203,376 | | | | | $ | 1,190,797 | | |
Adjustments:
|
| | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | | (403,771) | | | | | | (370,840) | | | | | | (370,840) | | |
Core deposit intangibles
|
| | | | (47,998) | | | | | | (57,758) | | | | | | (67,546) | | |
Total tangible common equity
|
| | | $ | 863,310 | | | | | $ | 774,778 | | | | | $ | 752,411 | | |
Tangible Assets | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | $ | 9,757,249 | | | | | $ | 8,820,871 | | | | | $ | 7,954,937 | | |
Adjustments:
|
| | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | | (403,771) | | | | | | (370,840) | | | | | | (370,840) | | |
Core deposit intangibles
|
| | | | (47,998) | | | | | | (57,758) | | | | | | (67,546) | | |
Tangible assets
|
| | | $ | 9,305,480 | | | | | $ | 8,392,273 | | | | | $ | 7,516,551 | | |
Tangible Common Equity to Tangible Assets
|
| | | | 9.28% | | | | | | 9.23% | | | | | | 10.01% | | |
| | |
As of December 31, 2021
|
| |||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||
(Dollars in thousands, except per share amounts) | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | | | | | | | | | |
Cash and due from banks
|
| | | $ | 44,023 | | | | | $ | 185,020 | | |
Interest bearing deposits in other banks
|
| | | | 335,761 | | | | | | 335,761 | | |
Total cash and cash equivalents
|
| | | $ | 379,784 | | | | | $ | 520,789 | | |
Other borrowings:
|
| | | | | | | | | | | | |
Junior subordinated debentures
|
| | | $ | 30,465 | | | | | $ | 30,465 | | |
Subordinated notes
|
| | | | 197,299 | | | | | | 197,299 | | |
Stockholders’ equity:
|
| | | | | | | | | | | | |
Common stock, $0.01 par value per share, 75,000,000 shares authorized;
56,010,423 shares issued and 49,372,329 shares outstanding, actual; and 59,975,792 shares issued and 53,527,118 shares outstanding, as adjusted |
| | | | 560 | | | | | | 600 | | |
Additional paid-in capital
|
| | | | 1,142,758 | | | | | | 1,283,724 | | |
Retained earnings
|
| | | | 275,273 | | | | | | 275,273 | | |
Accumulated other comprehensive income (loss)
|
| | | | 64,070 | | | | | | 64,070 | | |
Treasury stock, 6,638,094 shares at cost
|
| | | | (167,582) | | | | | | (167,582) | | |
Total stockholders’ equity
|
| | | $ | 1,315,079 | | | | | $ | 1,456,085 | | |
Total capitalization
|
| | | $ | 1,542,843 | | | | | $ | 1,683,849 | | |
Underwriters
|
| |
Number of
Shares |
| |||
Keefe, Bruyette & Woods, Inc.
|
| | | | 1,381,579 | | |
Goldman Sachs & Co. LLC
|
| | | | 1,184,211 | | |
Raymond James & Associates, Inc.
|
| | | | 592,105 | | |
Piper Sandler & Co.
|
| | | | 394,737 | | |
Stephens Inc.
|
| | | | 394,737 | | |
Total
|
| | | | 3,947,369 | | |
| | |
Per Share
|
| |
Total No
Exercise |
| |
Full
Exercise |
| |||||||||
Public offering price
|
| | | $ | 38.00 | | | | | $ | 150,000,022 | | | | | $ | 172,500,012 | | |
Underwriting discount
|
| | | $ | 2.09 | | | | | $ | 8,250,001.21 | | | | | $ | 9,487,500.66 | | |
Proceeds to us, before expenses
|
| | | $ | 35.91 | | | | | $ | 141,750,020.79 | | | | | $ | 163,012,511.34 | | |
| | |
Page
|
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| | | | 1 | | | |
| | | | 2 | | | |
| | | | 3 | | | |
| | | | 5 | | | |
| | | | 5 | | | |
| | | | 5 | | | |
| | | | 5 | | | |
| | | | 5 | | |
|
Joint Bookrunners
|
| |
Passive Bookrunner
|
| |||
|
Keefe, Bruyette & Woods
A Stifel Company
|
| |
Goldman Sachs & Co. LLC
|
| |
Raymond James
|
|
|
Co-Managers
|
| |||
|
Piper Sandler
|
| |
Stephens Inc.
|
|
Exhibit 107.1
Calculation of Filing Fee Tables
Form S-3
(Form Type)
VERITEX HOLDINGS, INC.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered and Carry Forward Securities
Security
Type |
Security Class Title |
Fee
Calculation or Carry Forward Rule |
Amount Registered |
Proposed Maximum Offering Price Per Unit |
Maximum Aggregate Offering Price |
Fee Rate | Amount
of Registration Fee |
||||||||||||||
Newly Registered Securities | |||||||||||||||||||||
Fees to Be Paid | Equity | Common Stock, $0.0001 per share | Rule 456(b) and Rule 457(r) | 4,539,474 | (2) | $ | 38.00 | $ | 172,500,012 | 0.0000927 | $ | 15,990.75 | |||||||||
Fees Previously Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |||||||||||||
Carry Forward Securities | |||||||||||||||||||||
Carry Forward Securities | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
Total Offering Amounts | $ | 172,500,012 | $ | 15,990.75 | |||||||||||||||||
Total Fees Previously Paid | $ | 0.00 | |||||||||||||||||||
Total Fee Offsets | $ | 0.00 | |||||||||||||||||||
Net Fee Due | $ | 15,990.75 |
(1) | The prospectus supplement to which this Exhibit is attached is a final prospectus for the related offering. |
(2) | Includes 592,105 shares of common stock issuable upon exercise of the underwriters’ option to purchase additional shares of common stock. |