0001501570-23-000185 | 10-Q/A | XBRL Viewer

Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income tax expense for the three and six months ended June 30, 2023 and 2022 was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Income tax expense for the period	$	9,725		$	8,079		$	20,737		$	16,181
Effective tax rate	22.4		%	21.4		%	22.3		%	20.4		%

Derivative Financial Instruments

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivative Financial Instruments

The Company primarily uses derivatives to manage exposure to market risk, including interest rate risk and credit risk and to assist customers with their risk management objectives. Management will designate certain derivatives as hedging instruments in a qualifying hedge accounting relationship. The Company’s remaining derivatives consist of derivatives held for customer accommodation or other purposes.

The fair value of derivative positions outstanding is included in other assets and accounts payable and other liabilities on the accompanying consolidated balance sheets and in the net change in each of these financial statement line items in the accompanying consolidated statements of cash flows. For derivatives not designated as hedging instruments, swap fee income and gains and losses due to changes in fair value are included in other noninterest income and the operating section of the consolidated statement of cash flows. For derivatives designated as hedging instruments, the entire change in the fair value related to the derivative instrument is recognized as a component of other comprehensive income and subsequently reclassified into interest income or interest expense when the forecasted transaction affects income. The notional amounts and estimated fair values as of June 30, 2023 and December 31, 2022 are as shown in the table below.


	June 30, 2023						December 31, 2022
			Estimated Fair Value						Estimated Fair Value
	Notional Amount		Asset Derivative		Liability Derivative		Notional Amount		Asset Derivative		Liability Derivative
Derivatives designated as hedging instruments (cash flow hedges):
Interest rate swap on money market deposit account payments	$	250,000	$	18,627	$	—	$	250,000	$	21,234	$	—
Interest rate swaps on customer loan interest payments	375,000		—		48,297		375,000		—		49,211
Interest rate collars on customer loan interest payments	450,000		1,087		6,760		450,000		3,267		4,960
Interest rate floor on customer loan interest payments	200,000		5,327		—		100,000		2,022		—
Total derivatives designated as hedging instruments	$	1,275,000	$	25,041	$	55,057	$	1,175,000	$	26,523	$	54,171

Derivatives not designated as hedging instruments:
Financial institution counterparty:
Interest rate swaps	$	874,222	$	41,369	$	581	$	805,311	$	38,839	$	1,126
Interest rate caps and corridors	111,270		2,152		—		68,370		1,494		—
Commercial customer counterparty:
Interest rate swaps	874,222		479		40,755		805,311		1,004		38,188
Interest rate caps and corridors	111,270		—		2,152		68,370		—		1,494
Total derivatives not designated as hedging instruments	$	1,970,984	$	44,000	$	43,488	$	1,747,362	$	41,337	$	40,808
Offsetting derivative assets/liabilities	—		(33,158)		(33,158)		—		(30,982)		(30,982)
Total derivatives	$	3,245,984	$	35,883	$	65,387	$	2,922,362	$	36,878	$	63,997

Pre-tax (loss) gain included in the consolidated statements of income and related to derivative instruments for the three and six months ended June 30, 2023 and 2022 were as follows.


	For the Three Months Ended June 30, 2023						For the Three Months Ended June 30, 2022
	(Loss) gain recognized in other comprehensive income on derivative		Gain (loss) reclassified from accumulated other comprehensive income into income		Location of (loss) gain reclassified from accumulated other comprehensive income into income		(Loss) gain recognized in other comprehensive income on derivative		Gain reclassified from accumulated other comprehensive income into income		Location of (loss) gain reclassified from accumulated other comprehensive income into income
Derivatives designated as hedging instruments (cash flow hedges):
Interest rate swap on borrowing advances	$	(1,094)	$	1,094	Interest Expense		$	(1,094)	$	1,094	Interest Expense
Interest rate swap on money market deposit account payments	1,370		2,866		Interest Expense		2,323		229		Interest Expense
Interest rate swaps, collars and floors on customer loan interest payments	(15,309)		(4,706)		Interest Income		(12,801)		499		Interest Income
Total	$	(15,033)	$	(746)			$	(11,572)	$	1,822

					Net gain recognized in other noninterest income						Net gain recognized in other noninterest income
Derivatives not designated as hedging instruments:
Interest rate swaps, caps and collars					$	983					$	1,407


	For the Six Months Ended June 30, 2023						For the Six Months Ended June 30, 2022
	(Loss) gain recognized in other comprehensive income on derivative		Gain (loss) reclassified from accumulated other comprehensive income into income		Location of (loss) gain reclassified from accumulated other comprehensive income into income		Gain (loss) recognized in other comprehensive income on derivative		(Loss) gain reclassified from accumulated other comprehensive income into income		Location of (loss) gain reclassified from accumulated other comprehensive income into income
Derivatives designated as hedging instruments (cash flow hedges):
Interest rate swap on borrowing advances	$	(2,176)	$	2,176	Interest Expense		$	(1,358)	$	1,358	Interest Expense
Interest rate swap on money market deposit account payments	(2,607)		5,434		Interest Expense		11,712		58		Interest Expense
Interest rate swaps, collars and floors on customer loan interest payments	(3,171)		(8,513)		Interest Income		(35,307)		1,577		Interest Income
Total	$	(7,954)	$	(903)			$	(24,953)	$	2,993

					Net gain recognized in other noninterest income						Net gain recognized in other noninterest income
Derivatives not designated as hedging instruments:
Interest rate swaps, caps and collars					$	1,196					$	2,126

Cash Flow Hedges

We enter into cash flow hedge relationships to mitigate exposure to the variability of future cash flows or other forecasted transactions. The Company uses interest rate swaps, floors, caps and collars to manage overall cash flow changes related to interest rate risk exposure on benchmark interest rate loans. To qualify for hedge accounting, a formal assessment is prepared to determine whether the hedging relationship, both at inception and on an ongoing basis, is expected to be highly effective in achieving offsetting cash flows attributable to the hedged risk during the term of the cash flow hedge. At inception a statistical regression analysis is prepared to determine hedge effectiveness. At each reporting period thereafter, a statistical regression or qualitative analysis is performed. If it is determined that hedge effectiveness has not been or will not continue to be highly effective, then hedge accounting ceases and any gain or loss in AOCI is recognized in earnings immediately. The cash flow hedges are recorded at fair value in other assets and other liabilities on the consolidated balance sheets with changes in fair value recorded in AOCI, net of tax. Amounts recorded to AOCI are reclassified into earnings in the same period in which the hedged asset or liability affects earnings and are presented in the same income statement line item as the earnings effect of the hedged asset or liability.

Interest Rate Swap, Floor, Cap and Collar Agreements Not Designated as Hedging Derivatives

In order to accommodate the borrowing needs of certain commercial customers, the Company has entered into interest rate swap or cap agreements with those customers. These interest rate derivative contracts effectively allow the Company’s customers to convert a variable rate loan into a fixed rate loan. In order to offset the exposure and manage interest rate risk, at the time an agreement was entered into with a customer, the Company entered into an interest rate swap or cap with a correspondent bank counterparty with offsetting terms. These derivative instruments are not designated as accounting hedges and changes in the net fair value are recognized in noninterest income or expense. Because the Company acts as an intermediary for its customers, changes in the fair value of the underlying derivative contracts substantially offset each other and do not have a material impact on the Company’s results of operations. The fair value amounts are included in other assets and other liabilities.

The following is a summary of the interest rate swaps, caps and collars outstanding as of June 30, 2023 and December 31, 2022.


	June 30, 2023
	Notional Amount		Fixed Rate	Floating Rate	Maturity	Fair Value
Non-hedging derivative instruments:
Customer interest rate derivative:
Interest rate swaps - receive fixed/pay floating	$	874,222	2.41% - 7.37%	LIBOR 1 month + 3.0% - 5.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0%	Wtd. Avg. 4.6 years	$	(40,276)
Interest rate caps and corridors	$	111,270	3.50% - 5.90%	SOFR CME 1 month + 0.0%	Wtd. Avg. 1.3 years	$	(2,152)

Correspondent interest rate derivative:
Interest rate swaps - pay fixed/receive floating	$	874,222	2.41% - 7.37%	LIBOR 1 month + 3.0% - 5.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0%	Wtd. Avg. 4.6 years	$	40,788
Interest rate caps and corridors	$	111,270	3.50% - 5.90%	SOFR CME 1 month + 0.0%	Wtd. Avg. 1.3 years	$	2,152

	December 31, 2022
	Notional Amount		Fixed Rate	Floating Rate	Maturity	Fair Value
Non-hedging derivative instruments:
Customer interest rate derivative:
Interest rate swaps - receive fixed/pay floating	$	805,311	2.41% - 8.47%	LIBOR 1 month + 2.8% - 5.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0%	Wtd. Avg. 5.1 years	$	(37,183)
Interest rate caps and corridors	$	68,370	3.50%	LIBOR 1 month + 0.0%	Wtd. Avg. 1.8 years	$	(1,494)

Correspondent interest rate derivative:
Interest rate swaps - pay fixed/receive floating	$	805,311	2.41% - 8.47%	LIBOR 1 month + 2.8% - 5.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0%	Wtd. Avg. 5.1 years	$	37,713
Interest rate caps and corridors	$	68,370	3.50%	LIBOR 1 month + 0.0%	Wtd. Avg. 1.8 years	$	1,494

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Income Taxes (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax expense for the period	$ 9,725	$ 8,079	$ 20,737	$ 16,181
Effective tax rate	22.40%	21.40%	22.30%	20.40%
Net discrete tax expense (benefit), true-up adjustment	$ 41	$ (91)	$ 153	$ (1,100)
Effective tax rate excluding discrete tax item	22.30%	21.70%	22.20%	21.80%

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parenthetical) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Restricted Stock Units
Shares withheld to cover tax withholdings (in shares)	2,960	3,669	74,425	71,634
Employee Stock Options
Shares withheld to cover tax withholdings (in shares)			9,729	28,064
Shares withheld to cover exercise price (in shares)	2,343		121	6,905

Derivative Financial Instruments - AOCI Reclassification (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
(Loss) gain recognized in other comprehensive income on derivative	$ (15,033)	$ (11,572)	$ (7,954)	$ (24,953)
Gain reclassified from accumulated other comprehensive income into income	(746)	1,822	(903)	2,993
Interest rate swap on borrowing advances \| Interest Expense \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
(Loss) gain recognized in other comprehensive income on derivative	(1,094)	(1,094)	(2,176)	(1,358)
Gain reclassified from accumulated other comprehensive income into income	1,094	1,094	2,176	1,358
Interest rate swap on money market deposit account payments \| Interest Expense \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
(Loss) gain recognized in other comprehensive income on derivative	1,370	2,323	(2,607)	11,712
Gain reclassified from accumulated other comprehensive income into income	2,866	229	5,434	58
Interest rate swaps, collars and floors on customer loan interest payments \| Interest Income \| Designated as hedging instrument
Derivative Instruments and Hedging Activities Disclosures [Line Items]
(Loss) gain recognized in other comprehensive income on derivative	(15,309)	(12,801)	(3,171)	(35,307)
Gain reclassified from accumulated other comprehensive income into income	(4,706)	499	(8,513)	1,577
Interest rate swaps, caps and collars \| Non-hedging derivatives
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Net gain recognized in other noninterest income	$ 983	$ 1,407	$ 1,196	$ 2,126

Securities - Proceeds From Sale of Debt Securities (Details) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022
Investments, Debt and Equity Securities [Abstract]
Proceeds from sales	$ 0	$ 109,793,000	$ 0
Gross realized losses	$ 0	$ 5,321,000	$ 0

Stock-Based Awards - Green Bancorp Inc. 2010 Option Plan (Details) - Non Performance Based Stock Options - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Shares Underlying Options
Outstanding at the end of period (in shares)		1,000
Weighted Exercise Price
Outstanding at the end of period (in dollars per share)		$ 10.43
Weighted Average Contractual Term
Outstanding (years)		1 year 25 days
Green Bancorp Inc. 2010 Stock Option Plan
Shares Underlying Options
Outstanding at beginning of period (in shares)	43,162	66,143	66,143
Exercised (in shares)	(29,630)	(1,746)
Outstanding at the end of period (in shares)	13,532	64,397	43,162
Weighted Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 13.11	$ 12.56	$ 12.56
Exercised (in dollars per share)	13.22	13.20
Outstanding at the end of period (in dollars per share)	$ 12.86	$ 12.55	$ 13.11
Weighted Average Contractual Term
Outstanding (years)	3 years 8 months 8 days	1 year 8 months 12 days
Aggregate Intrinsic Value
Outstanding (in dollars)	$ 678,601
Non-performance-based stock options exercised	$ 365	$ 0

Stock-Based Awards - 2010 Plan Options (Details)	6 Months Ended		12 Months Ended
Stock-Based Awards - 2010 Plan Options (Details)	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Shares Underlying Options
Options exercisable at end of period (in shares) \| shares	0	1,000
Weighted Exercise Price
Options exercisable at end of period (in dollars per share) \| $ / shares	$ 0	$ 10.43
Weighted Average Contractual Term
Exercisable		1 year 25 days
Aggregate Intrinsic Value
Exercisable \| $	$ 0
2010 Stock Option and Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense \| $	$ 0	$ 0
Shares Underlying Options
Outstanding at the end of period (in shares) \| shares	0
Weighted Exercise Price
Outstanding at the end of period (in dollars per share) \| $ / shares	$ 0
Aggregate Intrinsic Value
Outstanding (in dollars) \| $	$ 0
Non Performance Based Stock Options
Shares Underlying Options
Outstanding at the end of period (in shares) \| shares		1,000
Weighted Exercise Price
Outstanding at the end of period (in dollars per share) \| $ / shares		$ 10.43
Weighted Average Contractual Term
Outstanding (years)		1 year 25 days
Non Performance Based Stock Options \| 2010 Stock Option and Equity Incentive Plan
Shares Underlying Options
Outstanding at beginning of period (in shares) \| shares	1,000	1,000	1,000
Exercised (in shares) \| shares	(1,000)
Outstanding at the end of period (in shares) \| shares			1,000
Weighted Exercise Price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 10.43	$ 10.43	$ 10.43
Exercised (in dollars per share) \| $ / shares	$ 10.43
Outstanding at the end of period (in dollars per share) \| $ / shares			$ 10.43
Weighted Average Contractual Term
Outstanding (years)			1 year 25 days
Aggregate Intrinsic Value
Outstanding (in dollars) \| $			$ 147,000
Unrecognized compensation expense \| $	$ 0	$ 0	$ 0
Non-performance-based stock options exercised \| $	$ 16,000	$ 0

Capital Requirements and Restrictions on Retained Earnings (Tables)

6 Months Ended

Jun. 30, 2023

Regulatory Capital Requirements under Banking Regulations [Abstract]

Schedule of Comparison of the Company's and Bank's Actual Capital Amounts and Ratios to Required Capital Amounts and Ratios

A comparison of the Company’s and Bank’s actual capital amounts and ratios to required capital amounts and ratios is presented in the following table:


	Actual				For Capital Adequacy Purposes				To Be Well Capitalized Under PCA Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio
As of June 30, 2023
Total capital (to RWA)
Company	$	1,468,808	12.51	%	$	939,286	8.0	%	$	1,174,107	10.0	%
Bank	1,448,929		12.35		938,577		8.0		1,173,222		10.0
Tier 1 capital (to RWA)
Company	1,175,474		10.01		704,580		6.0		704,580		6.0
Bank	1,354,077		11.54		704,026		6.0		938,702		8.0
Common equity tier 1 (to RWA)
Company	1,145,695		9.76		528,241		4.5		n/a		n/a
Bank	1,354,077		11.54		528,020		4.5		762,695		6.5
Tier 1 capital (to average assets)
Company	1,175,474		9.80		479,785		4.0		n/a		n/a
Bank	1,354,077		11.30		479,319		4.0		599,149		5.0
As of December 31, 2022
Total capital (to RWA)
Company	$	1,395,904	11.63	%	$	960,209	8.0	%	n/a		n/a
Bank	1,368,082		11.41		959,216		8.0		$	1,199,020	10.0	%
Tier 1 capital (to RWA)
Company	1,121,021		9.34		720,142		6.0		n/a		n/a
Bank	1,291,288		10.77		719,381		6.0		959,174		8.0
Common equity tier 1 (to RWA)
Company	1,091,353		9.09		540,274		4.5		n/a		n/a
Bank	1,291,288		10.77		539,535		4.5		779,329		6.5
Tier 1 capital (to average assets)
Company	1,121,021		9.82		456,628		4.0		n/a		n/a
Bank	1,291,288		11.32		456,286		4.0		570,357		5.0

Securities - Carrying Amount and Fair Values (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	$ 1,071,649	$ 1,195,694
Gross Unrealized Gains	1,575	1,760
Gross Unrealized Losses	111,294	101,162
ACL	885	0	$ 0	$ 0
Fair Value	961,045	1,096,292
HTM
Amortized Cost	182,975	186,168
Gross Unrealized Gains	0	6
Gross Unrealized Losses	24,208	27,393
ACL	0	0
Fair Value	158,767	158,781
U.S. government agencies
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	39,708
Gross Unrealized Gains	4
Gross Unrealized Losses	0
ACL	0
Fair Value	39,712
Corporate bonds
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	244,322	268,179
Gross Unrealized Gains	1,102	1,445
Gross Unrealized Losses	36,552	17,379
ACL	885	0
Fair Value	207,987	252,245
Municipal securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	46,818	49,886
Gross Unrealized Gains	0	3
Gross Unrealized Losses	3,653	4,198
ACL	0	0
Fair Value	43,165	45,691
HTM
Amortized Cost	112,763	113,657
Gross Unrealized Gains	0	6
Gross Unrealized Losses	12,483	14,756
ACL	0	0
Fair Value	100,280	98,907
Mortgage-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	126,547	156,408
Gross Unrealized Gains	15	23
Gross Unrealized Losses	16,021	17,420
ACL	0	0
Fair Value	110,541	139,011
HTM
Amortized Cost	35,198	36,342
Gross Unrealized Gains	0	0
Gross Unrealized Losses	6,495	6,753
ACL	0	0
Fair Value	28,703	29,589
Collateralized mortgage obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	507,796	609,456
Gross Unrealized Gains	0	0
Gross Unrealized Losses	51,972	55,850
ACL	0	0
Fair Value	455,824	553,606
HTM
Amortized Cost	35,014	36,169
Gross Unrealized Gains	0	0
Gross Unrealized Losses	5,230	5,884
ACL	0	0
Fair Value	29,784	30,285
Asset-backed securities
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	36,708	42,015
Gross Unrealized Gains	454	289
Gross Unrealized Losses	909	2,613
ACL	0	0
Fair Value	36,253	39,691
Collateralized loan obligations
Debt Securities, Available-for-sale [Line Items]
Amortized Cost	69,750	69,750
Gross Unrealized Gains	0	0
Gross Unrealized Losses	2,187	3,702
ACL	0	0
Fair Value	$ 67,563	$ 66,048

Stock-Based Awards

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Stock-Based Awards

2010 Stock Option and Equity Incentive Plan (“2010 Incentive Plan”)

The Company recognized no stock compensation expense related to the 2010 Incentive Plan for the three and six months ended June 30, 2023 and 2022.

A summary of option activity under the 2010 Incentive Plan for the six months ended June 30, 2023 and 2022, and changes during the periods then ended, is presented below:


	2010 Incentive Plan
	Non-Performance Based Stock Options
	Shares Underlying Options	Weighted Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	1,000	$	10.43




Outstanding and exercisable at June 30, 2022	1,000	$	10.43	1.07

Outstanding at January 1, 2023	1,000	$	10.43	1.07	$	147



Exercised	(1,000)	10.43
Outstanding and exercisable at June 30, 2023	—	$	—	—	$	—

As of June 30, 2023, December 31, 2022 and June 30, 2022 there was no unrecognized stock compensation expense related to non-performance based stock options.

A summary of the fair value of the Company’s stock options exercised under the 2010 Incentive Plan for the six months ended June 30, 2023 and 2022 is presented below:


	Fair Value of Options Exercised as of June 30,
	2023		2022
Nonperformance-based stock options exercised	$	16	$	—

2022 Equity Plan and Green Acquired Omnibus Plans

Grants of Restricted Stock Units

During the three and six months ending June 30, 2023, the Company granted non-performance-based RSUs and performance-based restricted stock units (“PSUs”) under the 2022 Amended and Restated Omnibus Incentive Plan (the “2022 Equity Plan”) and the Veritex (Green) 2014 Omnibus Equity Incentive Plan (the “Veritex (Green) 2014 Plan”). The majority of the RSUs granted to employees during the six months ending June 30, 2023 have an annual graded vesting over a three year period from the grant date.

The PSUs granted in February 2023 are subject to a service, performance and market conditions. The performance and market condition determine the number of awards to vest. The service period is from February 1, 2023 to January 31, 2026, the performance conditions performance period is from January 1, 2023 to December 31, 2025 and the market condition performance period is from February 1, 2023 to January 31, 2026. A Monte Carlo simulation was used to estimate the fair value of PSUs on the grant date.

Stock Compensation Expense

Stock compensation expense for options, RSUs and PSUs granted under the 2022 Equity Plan and the Veritex (Green) 2014 Plan were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
2022 Equity Plan	$	2,680	$	2,444	$	5,145	$	5,348
Veritex (Green) 2014 Plan	487		200		909		614

2022 Equity Plan

A summary of the status of the Company’s stock options under the 2022 Equity Plan as of June 30, 2023 and 2022, and changes during the six months then ended, is as follows:


	2022 Equity Plan
	Non-performance Based Stock Options
	Shares Underlying Options	Weighted Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	710,043	$	24.38




Exercised	(38,128)	23.34
Outstanding at June 30, 2022	672,415	$	24.44	6.40
Options exercisable at June 30, 2022	541,737	$	24.53	6.14

Outstanding at January 1, 2023	657,494	$	24.47


Forfeited	(1,666)	17.38
Cancelled	(3,804)	29.13
Exercised	(17,285)	18.29
Outstanding at June 30, 2023	634,739	$	24.63	5.09 years	$	96
Options exercisable at June 30, 2023	608,739	$	24.79	5.03 years	$	93

As of June 30, 2023, December 31, 2022 and June 30, 2022, there was $75, $172 and $50 of total unrecognized compensation expense related to options awarded under the 2022 Equity Plan, respectively. The unrecognized compensation expense at June 30, 2023 is expected to be recognized over the remaining weighted average requisite service period of 0.01 years.

A summary of the status of the Company’s RSUs under the 2022 Equity Plan as of June 30, 2023 and 2022, and changes during the six months then ended, is as follows:


	2022 Equity Plan
	Non-performance-Based
	RSUs
	Units	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2022	598,051	$	23.39
Granted	238,455	38.91

Vested into shares	(112,695)	25.76
Forfeited	(6,142)	31.22
Outstanding at June 30, 2022	717,669	$	28.14

Outstanding at January 1, 2023	955,104	$	28.38
Granted	273,086	27.84

Vested into shares	(184,337)	29.87
Forfeited	(22,887)	32.30
Outstanding at June 30, 2023	1,020,966	$	27.88

A summary of the status of the Company’s PSUs under the 2022 Equity Plan as of June 30, 2023 and 2022, and changes during the six months then ended, is as follows:


	2022 Equity Plan
	Performance-Based
	PSUs
	Units	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2022	156,471	$	24.17
Granted	39,429	40.38
Incremental PSUs granted upon performance conditions met	31,655	—
Vested into shares	(94,991)	21.49
Forfeited	—	—
Outstanding at June 30, 2022	132,564	$	30.15

Outstanding at January 1, 2023	126,707	$	31.19
Granted	53,310	27.55

Vested into shares	(41,781)	26.42
Forfeited	(8,468)	30.90
Outstanding at June 30, 2023	129,768	$	30.28

As of June 30, 2023, December 31, 2022 and June 30, 2022, there was $19,074, $17,160 and $1,207 of total unrecognized compensation related to RSUs and PSUs awarded under the 2022 Equity Plan, respectively. The unrecognized compensation expense at June 30, 2023 is expected to be recognized over the remaining weighted average requisite service period of 0.90 years.

A summary of the fair value of the Company’s stock options exercised, RSUs and PSUs vested under the 2022 Equity Plan during the six months ended June 30, 2023 and 2022 is presented below:


	Fair Value of Options Exercised or RSUs Vested in the Six Months Ended June 30,
	2023	2022
Non-performance-based stock options exercised	66	1,562
RSUs vested	3,125	3,325
PSUs vested	1,070	2,270

Veritex (Green) 2014 Plan

A summary of the status of the Company’s stock options under the Veritex (Green) 2014 Plan as of June 30, 2023 and 2022, and changes during the six months then ended, is as follows:


	Veritex (Green) 2014 Plan
	Non-performance Based Stock Options
	Shares Underlying Options	Weighted Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	217,804	$	19.62




Exercised	(58,642)	19.21
Outstanding at June 30, 2022	158,372	$	19.76	5.65
Options exercisable at June 30, 2022	149,646	$	19.11	5.52

Outstanding at January 1, 2023	155,212	$	19.83



Cancelled	(505)	21.38
Exercised	(13,266)	22.74
Outstanding at June 30, 2023	141,441	$	21.86	4.28 years	$	266
Options exercisable at June 30, 2023	141,441	$	21.86	4.28 years	$	266
Weighted average fair value of options granted during the period		$	—

As of June 30, 2023 and December 31, 2022 there was no unrecognized compensation expense related to options awarded under the Veritex (Green) 2014 Plan. As of June 30, 2022 there was $470 of total unrecognized compensation expense related to options awarded under the Veritex (Green) 2014 Plan, respectively.

A summary of the status of the Company’s RSUs under the Veritex (Green) 2014 Plan as of June 30, 2023 and 2022 and changes during the six months then ended, is as follows:


	Veritex (Green) 2014 Plan
	Non-performance-Based
	RSUs
	Units	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2022	122,784	$	21.13
Granted	4,231	40.38
Vested into shares	(32,931)	21.80
Forfeited	(4,922)	29.13
Outstanding at June 30, 2022	89,162	$	21.55

Outstanding at January 1, 2023	86,233	$	21.09

Vested into shares	(19,282)	29.66
Forfeited	(2,232)	29.13
Outstanding at June 30, 2023	64,719	$	18.26

A summary of the status of the Company’s PSUs under the Veritex (Green) 2014 Plan as of June 30, 2023 and 2022 and changes during the six months then ended, is as follows:


	Veritex (Green) 2014 Plan
	Performance-Based
	PSUs
	Units	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2022	35,899	$	22.26
Granted	4,411	40.38
Incremental PSUs granted upon performance condition met	10,566	—
Vested into shares	(31,703)	19.69

Outstanding at June 30, 2022	19,173	$	29.26

Outstanding at January 1, 2023	19,173	$	30.74


Vested into shares	(8,531)	25.94

Outstanding at June 30, 2023	10,642	$	31.93

As of June 30, 2023, December 31, 2022 and June 30, 2022, there was $2,730, $3,825, and $16,855, respectively, of total unrecognized compensation related to outstanding RSUs and PSUs awarded under the Veritex (Green) 2014 Plan to be recognized over a remaining weighted average requisite service period of 2.17 years.

A summary of the fair value of the Company’s stock options exercised and RSUs vested under the Veritex (Green) 2014 Plan during the six months ended June 30, 2023 and 2022 presented below:


	Fair Value of Options Exercised or RSUs Vested in the Six Months Ended June 30,
	2023		2022
Non-performance-based stock options exercised	$	18	$	2,229
RSUs vested	2,091		718
PSU vested	227		624

Green 2010 Plan

In addition to the Veritex (Green) 2014 Plan discussed earlier in this Note, the Company assumed the Green Bancorp Inc. 2010 Stock Option Plan (“Green 2010 Plan”).

A summary of the status of the Company’s stock options under the Green 2010 Plan as of June 30, 2023 and 2022, and changes during the six months then ended, is as follows:


	Green 2010 Plan
	Non-performance Based Stock Options
	Shares Underlying Options	Weighted Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	66,143	$	12.56




Exercised	(1,746)	13.20
Outstanding at June 30, 2022	64,397	$	12.55	1.70 years

Outstanding at January 1, 2023	43,162	$	13.11




Exercised	(29,630)	13.22
Outstanding at June 30, 2023	13,532	$	12.86	3.69 years	$	678,601

A summary of the fair value of the Company’s stock options exercised under the Green 2010 Plan during the six months ended June 30, 2023 and 2022 presented below:


	Fair Value of Options Exercised as of June 30,
	2023	2022
Nonperformance-based stock options exercised	365	—

Off-Balance Sheet Loan Commitments - Financial Instruments Approximate Value (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Financial instruments with off-balance sheet risk
Total commitments	$ 4,694,102	$ 5,698,408
Commitments to extend credit
Financial instruments with off-balance sheet risk
Total commitments	3,606,714	4,511,671
MW commitments
Financial instruments with off-balance sheet risk
Total commitments	984,453	1,088,558
Standby and commercial letters of credit
Financial instruments with off-balance sheet risk
Total commitments	$ 102,935	$ 98,179

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements include the accounts of Veritex Holdings, Inc. and its subsidiaries, including Veritex Community Bank. The accompanying unaudited 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 consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company’s consolidated balance sheets at June 30, 2023 and December 31, 2022, consolidated statements of income, consolidated changes in stockholders’ equity and consolidated statements of comprehensive income for the three and six months ended June 30, 2023 and 2022 and consolidated statements of cash flows for the six months ended June 30, 2023 and 2022. 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 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 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, 2022 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 28, 2023. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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.
Reclassifications	ReclassificationsCertain items in the Company’s prior year financial statements were reclassified to conform to the current presentation.
EPS	EPSEPS is based upon the weighted average shares outstanding.
Goodwill	Goodwill Goodwill resulting from a business combination represents the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is not amortized but is reviewed for potential impairment annually on October 31 of each fiscal year or when a triggering event occurs. The Company may first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company has an unconditional option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test, and the Company may resume performing the qualitative assessment in any subsequent period. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company proceeds to perform the quantitative goodwill impairment test. The quantitative goodwill impairment test, used to identify both the existence of potential impairment and the amount of impairment loss, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Any such adjustments to goodwill are reflected in the results of operations in the periods in which they become known. During the second quarter of 2023, the Company observed a sustained decline in the market valuation of the Company’s common stock as a result of significant volatility in the banking industry with multiple high-profile bank failures and industry wide concerns related to liquidity, deposit outflows, unrealized securities losses and eroding consumer confidence in the banking system. As a result, the Company performed an interim quantitative impairment test with a trigger date of May 31, 2023. The Company determined the fair value of its reporting unit using a combination of a market and an income approach. Upon completion of the quantitative evaluation, the Company determined that the fair value of the Company's reporting unit exceeded its related carrying value by approximately 26%, and therefore goodwill was not impaired. However, changing economic conditions that may adversely affect the Company's performance, the fair value of its assets and liabilities, or its stock price could result in future impairment, which could adversely affect earnings in future periods. Management will continue to monitor events that could impact this conclusion in the future.

Securities

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Securities

Equity Securities With a Readily Determinable Fair Value

The Company held equity securities with a fair value of $9,761 and $9,792 at June 30, 2023 and December 31, 2022, respectively. The Company did not realize a loss on equity securities with a readily determinable fair value during the six months ended June 30, 2023 or 2022, respectively. The gross unrealized loss recognized on equity securities with readily determinable fair values recorded in other noninterest income in the Company’s consolidated statements of income were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Unrealized loss recognized on equity securities with a readily determinable fair value	$	(157)	$	(356)	$	(31)	$	(869)

Equity Securities Without a Readily Determinable Fair Value

The Company held equity securities without a readily determinable fair values and measured at cost of $11,098 and $10,072 as of June 30, 2023 and December 31, 2022, respectively.

Securities Purchased Under Agreements to Resell

As of June 30, 2023, we held no securities purchased under agreements to resell and we recognized no interest income during the six months ended June 30, 2023 on securities purchased under agreements to resell. As of June 30, 2022, we held securities purchased under agreements to resell of $99.0 million and we recognized interest income of $585 thousand during the six months ended June 30, 2022 on securities purchased under agreements to resell. Securities purchased under agreements to resell typically mature 30 days from the settlement date, qualify as a secured borrowing and are measured at amortized cost.

Debt Securities

Debt securities have been classified in the consolidated balance sheets according to management’s intent. The amortized cost, related gross unrealized gains and losses, ACL and the fair value of AFS and HTM debt securities are as follows:


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		ACL		Fair Value
AFS
U.S. government agencies	$	39,708	$	4	$	—	$	—	$	39,712
Corporate bonds	244,322		1,102		36,552		885		207,987
Municipal securities	46,818		—		3,653		—		43,165
Mortgage-backed securities	126,547		15		16,021		—		110,541
Collateralized mortgage obligations	507,796		—		51,972		—		455,824
Asset-backed securities	36,708		454		909		—		36,253
Collateralized loan obligations	69,750		—		2,187		—		67,563
	$	1,071,649	$	1,575	$	111,294	$	885	$	961,045

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		ACL		Fair Value
HTM
Mortgage-backed securities	$	35,198	$	—	$	6,495	$	—	$	28,703
Collateralized mortgage obligations	35,014		—		5,230		—		29,784
Municipal securities	112,763		—		12,483		—		100,280
	$	182,975	$	—	$	24,208	$	—	$	158,767


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		ACL		Fair Value
AFS

Corporate bonds	$	268,179	$	1,445	$	17,379	$	—	$	252,245
Municipal securities	49,886		3		4,198		—		45,691
Mortgage-backed securities	156,408		23		17,420		—		139,011
Collateralized mortgage obligations	609,456		—		55,850		—		553,606
Asset-backed securities	42,015		289		2,613		—		39,691
Collateralized loan obligations	69,750		—		3,702		—		66,048
	$	1,195,694	$	1,760	$	101,162	$	—	$	1,096,292

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		ACL		Fair Value
HTM
Mortgage-backed securities	$	36,342	$	—	$	6,753	$	—	$	29,589
Collateralized mortgage obligations	36,169		—		5,884		—		30,285
Municipal securities	113,657		6		14,756		—		98,907
	$	186,168	$	6	$	27,393	$	—	$	158,781

Mortgage-backed securities (“MBS”) are commercial MBS, secured by commercial properties, and residential MBS, generally secured by single-family residential properties. All mortgage-backed securities included in the table above were issued by U.S. government agencies or corporations.

The Company elected to transfer 25 AFS debt securities with an aggregate fair value of $117,001 to a classification of HTM debt securities on January 1, 2022. In accordance with FASB ASC 320-10-35-10, the transfer from AFS to HTM must be recorded at the fair value of the AFS debt securities at the time of transfer. The net unrealized holding gain retained in AOCI for securities transferred from AFS to HTM was $3,457 and $3,790 at June 30, 2023 and December 31, 2022, respectively.

The following tables disclose the Company’s AFS debt securities in an unrealized loss position, aggregated by investment category and length of time that individual debt securities have been in a continuous loss position:


	June 30, 2023
	Less Than 12 Months				12 Months or More				Totals
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
AFS

Corporate bonds	$	88,314	$	14,686	$	97,892	$	21,866	$	186,206	$	36,552
Municipal securities	24,483		351		18,682		3,302		43,165		3,653
Mortgage-backed securities	935		19		108,865		16,002		109,800		16,021
Collateralized mortgage obligations	52,483		2,853		403,341		49,119		455,824		51,972
Asset-backed securities	3,232		147		7,864		762		11,096		909
Collateralized loan obligations	—		—		67,563		2,187		67,563		2,187
	$	169,447	$	18,056	$	704,207	$	93,238	$	873,654	$	111,294

HTM
Mortgage-backed securities	$	—	$	—	$	28,703	$	6,495	$	28,703	$	6,495
Collateralized mortgage obligations	3,752		280		26,032		4,950		29,784		5,230
Municipal securities	21,077		225		79,203		12,258		100,280		12,483
	$	24,829	$	505	$	133,938	$	23,703	$	158,767	$	24,208


	December 31, 2022
	Less Than 12 Months				12 Months or More				Totals
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
AFS

Corporate bonds	$	197,946	$	15,697	$	15,568	$	1,682	$	213,514	$	17,379
Municipal securities	33,919		848		8,813		3,350		42,732		4,198
Mortgage-backed securities	115,467		11,104		22,780		6,317		138,247		17,421
Collateralized mortgage obligations	482,358		42,553		71,198		13,296		553,556		55,849
Asset-backed securities	15,195		991		11,207		1,621		26,402		2,612
Collateralized loan obligations	23,673		1,328		42,375		2,375		66,048		3,703
	$	868,558	$	72,521	$	171,941	$	28,641	$	1,040,499	$	101,162

HTM
Mortgage-backed securities	$	804	$	85	$	28,784	$	6,668	$	29,588	$	6,753
Collateralized mortgage obligations	25,285		4,676		4,999		1,208		30,284		5,884
Municipal securities	85,671		11,411		9,161		3,345		94,832		14,756
	$	111,760	$	16,172	$	42,944	$	11,221	$	154,704	$	27,393

Management evaluates AFS debt securities in unrealized loss positions to determine whether the impairment is due to credit-related factors or noncredit-related factors. Consideration is given to (1) the extent to which the fair value is less than cost, (2) the financial condition and near-term prospects of the issuer, and (3) the intent and ability of the Company to retain its investment in the security for a period of time sufficient to allow for any anticipated recovery in fair value.

The number of AFS debt securities in an unrealized loss position totaled 148 and 175 at June 30, 2023 and December 31, 2022, respectively. Management does not have the intent to sell any of these debt securities and believes that it is more likely than not that the Company will not have to sell any such debt securities before a recovery of cost. The fair value is expected to recover as the debt securities approach their maturity date or repricing date or if market yields for such investments decline. Accordingly, as of June 30, 2023, management believes that the unrealized losses detailed in the previous table are due to noncredit-related factors, including changes in interest rates and other market conditions, and therefore no losses have been recognized in the Company’s consolidated statements of income.

The following table presents the activity in the allowance for credit losses for AFS debt securities:


	Six Months Ended June 30,
	2023		2022
Allowance for credit losses:
Beginning Balance	$	—	$	—
Credit Loss Expense	885		—
Allowance for credit losses ending balance	$	885	$	—

The amortized costs and estimated fair values of AFS and HTM debt securities, by contractual maturity, as of the dates indicated, are shown in the table below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. Mortgage-backed securities, collateralized mortgage obligations, asset-backed securities, and collateralized loan obligations typically are issued with stated principal amounts, and the securities are backed by pools of mortgage loans and other loans that have varying maturities. The terms of mortgage-backed securities, collateralized mortgage obligations, asset-backed securities, and collateralized loan obligations thus approximates the terms of the underlying mortgages and loans and can vary significantly due to prepayments. Therefore, these securities are not included in the maturity categories below.


	June 30, 2023
	AFS				HTM
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	39,708	$	39,712	$	—	$	—
Due from one year to five years	43,578		44,452		454		440
Due from five years to ten years	191,277		157,406		13,168		12,744
Due after ten years	56,285		49,294		99,141		87,096
	330,848		290,864		112,763		100,280
Mortgage-backed securities and collateralized mortgage obligations	634,343		566,365		70,212		58,487
Asset-backed securities	36,708		36,253		—		—
Collateralized loan obligations	69,750		67,563		—		—
	$	1,071,649	$	961,045	$	182,975	$	158,767


	December 31, 2022
	AFS				HTM
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	—	$	—	$	—	$	—
Due from one year to five years	53,692		54,179		—		—
Due from five years to ten years	205,911		190,406		8,275		8,129
Due after ten years	58,462		53,351		105,382		90,778
	318,065		297,936		113,657		98,907
Mortgage-backed securities and collateralized mortgage obligations	765,864		692,617		72,511		59,874
Asset-backed securities	42,015		39,691		—		—
Collateralized loan obligations	69,750		66,048		—		—
	$	1,195,694	$	1,096,292	$	186,168	$	158,781

Proceeds from sales of debt securities AFS and gross gains and losses for the six months ended June 30, 2023 and 2022 were as follows:


	Six Months Ended June 30,
	2023		2022
Proceeds from sales (1)	$	109,793	$	—

Gross realized losses (1)	5,321		—

(1) There were no proceeds from sales or gross realized losses for the three months ended June 30, 2023.

As of June 30, 2023 and December 31, 2022, there were no holdings of securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of stockholders' equity. There was a blanket floating lien on all debt securities held by the Company to secure FHLB advances as of June 30, 2023 and December 31, 2022.

LHI and ACL - Credit Quality Indicators (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Total consumer loans held for investment
Year one	$ 268,730		$ 268,730		$ 1,993,914
Year two	2,193,512		2,193,512		1,792,050
Year three	1,850,947		1,850,947		1,017,699
Year four	930,989		930,989		431,810
Year five	376,543		376,543		479,768
Prior	1,259,648		1,259,648		935,168
Revolving Loans Amortized Cost Basis	2,775,183		2,775,183		2,849,209
Revolving Loans Converted to Term	50,587		50,587		2,006
Total	9,706,139		9,706,139		9,501,624
Total gross charge-offs
2023			0
2022			0
2021			0
2020			53
2019			484
Prior			12,539
Revolving Loans Amortized Cost Basis, Write Off			0
Revolving Loans Converted to Term, Write Off			0
Total	11,847	$ 1,863	13,076	$ 7,185
Deferred loan fees, net	(12,701)		(12,701)		(18,973)
Pass
Total consumer loans held for investment
Year one	268,730		268,730		1,976,020
Year two	2,145,175		2,145,175		1,766,159
Year three	1,794,020		1,794,020		985,767
Year four	868,004		868,004		398,380
Year five	300,348		300,348		391,505
Prior	1,019,641		1,019,641		786,325
Revolving Loans Amortized Cost Basis	2,733,551		2,733,551		2,677,207
Revolving Loans Converted to Term	36,794		36,794		1,884
Total	9,166,263		9,166,263		8,983,247
Special mention
Total consumer loans held for investment
Year one	0		0		0
Year two	30,098		30,098		21,649
Year three	45,337		45,337		26,743
Year four	30,695		30,695		25,971
Year five	70,316		70,316		19,659
Prior	83,099		83,099		55,504
Revolving Loans Amortized Cost Basis	24,525		24,525		142,141
Revolving Loans Converted to Term	2,730		2,730		45
Total	286,800		286,800		291,712
Substandard
Total consumer loans held for investment
Year one	0		0		17,894
Year two	18,239		18,239		4,242
Year three	11,590		11,590		5,189
Year four	32,290		32,290		7,459
Year five	5,879		5,879		55,634
Prior	119,688		119,688		67,296
Revolving Loans Amortized Cost Basis	17,107		17,107		29,861
Revolving Loans Converted to Term	11,063		11,063		77
Total	215,856		215,856		187,652
PCD
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	0		0		0
Year four	0		0		0
Year five	0		0		12,970
Prior	37,220		37,220		26,043
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	37,220		37,220		39,013
Commercial
Total consumer loans held for investment
Year one	126,009		126,009		490,978
Year two	397,732		397,732		137,120
Year three	118,511		118,511		95,732
Year four	67,471		67,471		92,734
Year five	54,167		54,167		58,642
Prior	74,669		74,669		39,699
Revolving Loans Amortized Cost Basis	2,002,674		2,002,674		2,026,813
Revolving Loans Converted to Term	8,851		8,851		630
Total	2,850,084		2,850,084		2,942,348
Total gross charge-offs
2023			0
2022			0
2021			0
2020			48
2019			479
Prior			4,064
Revolving Loans Amortized Cost Basis, Write Off			0
Revolving Loans Converted to Term, Write Off			0
Total	3,540	528	4,591	3,822
Commercial \| Pass
Total consumer loans held for investment
Year one	126,009		126,009		473,084
Year two	365,055		365,055		132,396
Year three	117,959		117,959		90,543
Year four	60,365		60,365		83,996
Year five	50,341		50,341		40,030
Prior	59,030		59,030		31,269
Revolving Loans Amortized Cost Basis	1,961,574		1,961,574		1,906,074
Revolving Loans Converted to Term	5,505		5,505		553
Total	2,745,838		2,745,838		2,757,945
Commercial \| Special mention
Total consumer loans held for investment
Year one	0		0		0
Year two	14,612		14,612		666
Year three	533		533		0
Year four	1,704		1,704		4,543
Year five	1,292		1,292		7,385
Prior	1,244		1,244		270
Revolving Loans Amortized Cost Basis	24,525		24,525		114,447
Revolving Loans Converted to Term	0		0		0
Total	43,910		43,910		127,311
Commercial \| Substandard
Total consumer loans held for investment
Year one	0		0		17,894
Year two	18,065		18,065		4,058
Year three	19		19		5,189
Year four	5,402		5,402		4,195
Year five	2,534		2,534		10,954
Prior	10,968		10,968		4,732
Revolving Loans Amortized Cost Basis	16,575		16,575		6,292
Revolving Loans Converted to Term	3,346		3,346		77
Total	56,909		56,909		53,391
Commercial \| PCD
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	0		0		0
Year four	0		0		0
Year five	0		0		273
Prior	3,427		3,427		3,428
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	3,427		3,427		3,701
MW
Total consumer loans held for investment
Year one	3,927		3,927		0
Year two	61,548		61,548		0
Year three	182		182		0
Year four	205		205		0
Year five	665		665		46
Prior	378		378		162
Revolving Loans Amortized Cost Basis	369,350		369,350		446,019
Revolving Loans Converted to Term	0		0		0
Total	436,255		436,255		446,227
Total gross charge-offs
2023			0
2022			0
2021			0
2020			0
2019			0
Prior			0
Revolving Loans Amortized Cost Basis, Write Off			0
Revolving Loans Converted to Term, Write Off			0
Total			0
MW \| Pass
Total consumer loans held for investment
Year one	3,927		3,927		0
Year two	61,548		61,548		0
Year three	182		182		0
Year four	205		205		0
Year five	665		665		0
Prior	170		170		0
Revolving Loans Amortized Cost Basis	369,350		369,350		444,393
Revolving Loans Converted to Term	0		0		0
Total	436,047		436,047		444,393
MW \| Special mention
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	0		0		0
Year four	0		0		0
Year five	0		0		0
Prior	208		208		0
Revolving Loans Amortized Cost Basis	0		0		1,626
Revolving Loans Converted to Term	0		0		0
Total	208		208		1,626
MW \| Substandard
Total consumer loans held for investment
Year one					0
Year two					0
Year three					0
Year four					0
Year five					46
Prior					162
Revolving Loans Amortized Cost Basis					0
Revolving Loans Converted to Term					0
Total					208
Consumer
Total consumer loans held for investment
Year one	4,818		4,818		1,965
Year two	1,333		1,333		452
Year three	372		372		872
Year four	726		726		216
Year five	152		152		135
Prior	2,084		2,084		2,548
Revolving Loans Amortized Cost Basis	1,704		1,704		1,618
Revolving Loans Converted to Term	0		0		0
Total	11,189		11,189		7,806
Total gross charge-offs
2023			0
2022			0
2021			0
2020			0
2019			0
Prior			154
Revolving Loans Amortized Cost Basis, Write Off			0
Revolving Loans Converted to Term, Write Off			0
Total	92	1,091	154	1,225
Consumer \| Pass
Total consumer loans held for investment
Year one	4,818		4,818		1,965
Year two	1,304		1,304		452
Year three	372		372		872
Year four	726		726		216
Year five	138		138		135
Prior	1,916		1,916		2,298
Revolving Loans Amortized Cost Basis	1,704		1,704		1,618
Revolving Loans Converted to Term	0		0		0
Total	10,978		10,978		7,556
Consumer \| Special mention
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	0		0		0
Year four	0		0		0
Year five	0		0		0
Prior	53		53		58
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	53		53		58
Consumer \| Substandard
Total consumer loans held for investment
Year one	0		0		0
Year two	29		29		0
Year three	0		0		0
Year four	0		0		0
Year five	14		14		0
Prior	98		98		169
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	141		141		169
Consumer \| PCD
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	0		0		0
Year four	0		0		0
Year five	0		0		0
Prior	17		17		23
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	17		17		23
Construction and land \| Real Estate
Total consumer loans held for investment
Year one	28,704		28,704		347,855
Year two	608,126		608,126		727,870
Year three	612,155		612,155		380,789
Year four	182,040		182,040		69,241
Year five	29,437		29,437		30,673
Prior	14,393		14,393		15,569
Revolving Loans Amortized Cost Basis	184,343		184,343		215,263
Revolving Loans Converted to Term	502		502		140
Total	1,659,700		1,659,700		1,787,400
Total gross charge-offs
2023			0
2022			0
2021			0
2020			0
2019			0
Prior			0
Revolving Loans Amortized Cost Basis, Write Off			0
Revolving Loans Converted to Term, Write Off			0
Total	0	0	0	0
Construction and land \| Real Estate \| Pass
Total consumer loans held for investment
Year one	28,704		28,704		347,855
Year two	605,749		605,749		709,208
Year three	600,551		600,551		378,229
Year four	153,453		153,453		69,241
Year five	3,671		3,671		30,673
Prior	14,393		14,393		14,025
Revolving Loans Amortized Cost Basis	184,343		184,343		215,263
Revolving Loans Converted to Term	502		502		140
Total	1,591,366		1,591,366		1,764,634
Construction and land \| Real Estate \| Special mention
Total consumer loans held for investment
Year one	0		0		0
Year two	2,377		2,377		18,662
Year three	3,795		3,795		2,560
Year four	3,065		3,065		0
Year five	25,766		25,766		0
Prior	0		0		0
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	35,003		35,003		21,222
Construction and land \| Real Estate \| Substandard
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	7,809		7,809		0
Year four	25,522		25,522		0
Year five	0		0		0
Prior	0		0		0
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	33,331		33,331		0
Construction and land \| Real Estate \| PCD
Total consumer loans held for investment
Year one					0
Year two					0
Year three					0
Year four					0
Year five					0
Prior					1,544
Revolving Loans Amortized Cost Basis					0
Revolving Loans Converted to Term					0
Total					1,544
Farmland \| Real Estate
Total consumer loans held for investment
Year one	2,035		2,035		2,546
Year two	2,487		2,487		16,242
Year three	22,399		22,399		18,530
Year four	18,265		18,265		21
Year five	18		18		0
Prior	5,009		5,009		5,069
Revolving Loans Amortized Cost Basis	1,450		1,450		1,092
Revolving Loans Converted to Term	0		0		0
Total	51,663		51,663		43,500
Total gross charge-offs
2023			0
2022			0
2021			0
2020			0
2019			0
Prior			0
Revolving Loans Amortized Cost Basis, Write Off			0
Revolving Loans Converted to Term, Write Off			0
Total	0	0	0	0
Farmland \| Real Estate \| Pass
Total consumer loans held for investment
Year one	2,035		2,035		2,546
Year two	2,487		2,487		16,242
Year three	22,399		22,399		18,530
Year four	18,265		18,265		21
Year five	18		18		0
Prior	5,009		5,009		5,069
Revolving Loans Amortized Cost Basis	1,450		1,450		1,092
Revolving Loans Converted to Term	0		0		0
Total	51,663		51,663		43,500
Farmland \| Real Estate \| Special mention
Total consumer loans held for investment
Year one					0
Year two					0
Year three					0
Year four					0
Year five					0
Prior					0
Revolving Loans Amortized Cost Basis					0
Revolving Loans Converted to Term					0
Total					0
Farmland \| Real Estate \| Substandard
Total consumer loans held for investment
Year one					0
Year two					0
Year three					0
Year four					0
Year five					0
Prior					0
Revolving Loans Amortized Cost Basis					0
Revolving Loans Converted to Term					0
Total					0
Farmland \| Real Estate \| PCD
Total consumer loans held for investment
Year one					0
Year two					0
Year three					0
Year four					0
Year five					0
Prior					0
Revolving Loans Amortized Cost Basis					0
Revolving Loans Converted to Term					0
Total					0
Residential Real Estate \| Single Family \| Real Estate
Total consumer loans held for investment
Year one	29,388		29,388		135,006
Year two	145,445		145,445		188,819
Year three	201,421		201,421		87,861
Year four	84,769		84,769		43,293
Year five	39,997		39,997		41,960
Prior	287,469		287,469		260,254
Revolving Loans Amortized Cost Basis	129,593		129,593		136,537
Revolving Loans Converted to Term	5,360		5,360		726
Total	923,442		923,442		894,456
Total gross charge-offs
2023			0
2022			0
2021			0
2020			0
2019			0
Prior			0
Revolving Loans Amortized Cost Basis, Write Off			0
Revolving Loans Converted to Term, Write Off			0
Total	0	0	0	0
Residential Real Estate \| Single Family \| Real Estate \| Pass
Total consumer loans held for investment
Year one	29,388		29,388		135,006
Year two	145,300		145,300		188,635
Year three	200,696		200,696		87,861
Year four	84,769		84,769		43,293
Year five	39,868		39,868		41,960
Prior	284,326		284,326		257,768
Revolving Loans Amortized Cost Basis	129,061		129,061		86,900
Revolving Loans Converted to Term	5,360		5,360		726
Total	918,768		918,768		842,149
Residential Real Estate \| Single Family \| Real Estate \| Special mention
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	0		0		0
Year four	0		0		0
Year five	0		0		0
Prior	264		264		278
Revolving Loans Amortized Cost Basis	0		0		26,068
Revolving Loans Converted to Term	0		0		0
Total	264		264		26,346
Residential Real Estate \| Single Family \| Real Estate \| Substandard
Total consumer loans held for investment
Year one	0		0		0
Year two	145		145		184
Year three	725		725		0
Year four	0		0		0
Year five	129		129
Prior	1,780		1,780		1,028
Revolving Loans Amortized Cost Basis	532		532		23,569
Revolving Loans Converted to Term	0		0		0
Total	3,311		3,311		24,781
Residential Real Estate \| Single Family \| Real Estate \| PCD
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	0		0		0
Year four	0		0		0
Year five	0		0		0
Prior	1,099		1,099		1,180
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	1,099		1,099		1,180
Residential Real Estate \| Multi-family residential \| Real Estate
Total consumer loans held for investment
Year one	5,160		5,160		72,044
Year two	77,025		77,025		80,793
Year three	208,657		208,657		110,426
Year four	196,218		196,218		10,356
Year five	10,160		10,160		46,566
Prior	46,869		46,869		2,494
Revolving Loans Amortized Cost Basis	48,358		48,358		0
Revolving Loans Converted to Term	26		26		0
Total	592,473		592,473		322,679
Total gross charge-offs
2023			0
2022			0
2021			0
2020			0
2019			0
Prior			0
Revolving Loans Amortized Cost Basis, Write Off			0
Revolving Loans Converted to Term, Write Off			0
Total	0	0	0	0
Residential Real Estate \| Multi-family residential \| Real Estate \| Pass
Total consumer loans held for investment
Year one	5,160		5,160		72,044
Year two	77,025		77,025		80,793
Year three	208,657		208,657		110,426
Year four	196,218		196,218		8,402
Year five	8,223		8,223		32,822
Prior	19,953		19,953		2,494
Revolving Loans Amortized Cost Basis	48,358		48,358		0
Revolving Loans Converted to Term	26		26		0
Total	563,620		563,620		306,981
Residential Real Estate \| Multi-family residential \| Real Estate \| Special mention
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	0		0		0
Year four	0		0		0
Year five	0		0		0
Prior	26,916		26,916		0
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	26,916		26,916		0
Residential Real Estate \| Multi-family residential \| Real Estate \| Substandard
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	0		0		0
Year four	0		0		1,954
Year five	1,937		1,937		13,744
Prior	0		0		0
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	1,937		1,937		15,698
Residential Real Estate \| Multi-family residential \| Real Estate \| PCD
Total consumer loans held for investment
Year one					0
Year two					0
Year three					0
Year four					0
Year five					0
Prior					0
Revolving Loans Amortized Cost Basis					0
Revolving Loans Converted to Term					0
Total					0
Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| Real Estate
Total consumer loans held for investment
Year one	20,974		20,974		191,044
Year two	164,035		164,035		109,019
Year three	104,346		104,346		85,639
Year four	96,805		96,805		45,929
Year five	44,073		44,073		72,692
Prior	222,553		222,553		206,236
Revolving Loans Amortized Cost Basis	3,388		3,388		5,225
Revolving Loans Converted to Term	15,428		15,428		45
Total	671,602		671,602		715,829
Total gross charge-offs
2023			0
2022			0
2021			0
2020			5
2019			5
Prior			106
Revolving Loans Amortized Cost Basis, Write Off			0
Revolving Loans Converted to Term, Write Off			0
Total	0	244	116	1,585
Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| Real Estate \| Pass
Total consumer loans held for investment
Year one	20,974		20,974		191,044
Year two	154,657		154,657		106,698
Year three	103,045		103,045		84,230
Year four	94,722		94,722		43,965
Year five	42,152		42,152		49,461
Prior	185,144		185,144		167,968
Revolving Loans Amortized Cost Basis	3,388		3,388		5,225
Revolving Loans Converted to Term	12,665		12,665		0
Total	616,747		616,747		648,591
Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| Real Estate \| Special mention
Total consumer loans held for investment
Year one	0		0		0
Year two	9,378		9,378		2,321
Year three	1,028		1,028		1,409
Year four	717		717		1,964
Year five	1,921		1,921		0
Prior	185		185		3,447
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	2,730		2,730		45
Total	15,959		15,959		9,186
Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| Real Estate \| Substandard
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	273		273		0
Year four	1,366		1,366		0
Year five	0		0		23,231
Prior	18,674		18,674		15,004
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	33		33		0
Total	20,346		20,346		38,235
Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| Real Estate \| PCD
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	0		0		0
Year four	0		0		0
Year five	0		0		0
Prior	18,550		18,550		19,817
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	18,550		18,550		19,817
Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| Real Estate
Total consumer loans held for investment
Year one	47,715		47,715		752,476
Year two	735,781		735,781		531,735
Year three	582,904		582,904		237,850
Year four	284,490		284,490		170,020
Year five	197,874		197,874		229,054
Prior	606,224		606,224		403,137
Revolving Loans Amortized Cost Basis	34,323		34,323		16,642
Revolving Loans Converted to Term	20,420		20,420		465
Total	2,509,731		2,509,731		2,341,379
Total gross charge-offs
2023			0
2022			0
2021			0
2020			0
2019			0
Prior			8,215
Revolving Loans Amortized Cost Basis, Write Off			0
Revolving Loans Converted to Term, Write Off			0
Total	8,215	$ 0	8,215	$ 553
Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| Real Estate \| Pass
Total consumer loans held for investment
Year one	47,715		47,715		752,476
Year two	732,050		732,050		531,735
Year three	540,159		540,159		215,076
Year four	259,281		259,281		149,246
Year five	155,272		155,272		196,424
Prior	449,700		449,700		305,434
Revolving Loans Amortized Cost Basis	34,323		34,323		16,642
Revolving Loans Converted to Term	12,736		12,736		465
Total	2,231,236		2,231,236		2,167,498
Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| Real Estate \| Special mention
Total consumer loans held for investment
Year one	0		0		0
Year two	3,731		3,731		0
Year three	39,981		39,981		22,774
Year four	25,209		25,209		19,464
Year five	41,337		41,337		12,274
Prior	54,229		54,229		51,451
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	164,487		164,487		105,963
Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| Real Estate \| Substandard
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	2,764		2,764		0
Year four	0		0		1,310
Year five	1,265		1,265		7,659
Prior	88,168		88,168		46,201
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	7,684		7,684		0
Total	99,881		99,881		55,170
Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| Real Estate \| PCD
Total consumer loans held for investment
Year one	0		0		0
Year two	0		0		0
Year three	0		0		0
Year four	0		0		0
Year five	0		0		12,697
Prior	14,127		14,127		51
Revolving Loans Amortized Cost Basis	0		0		0
Revolving Loans Converted to Term	0		0		0
Total	$ 14,127		$ 14,127		$ 12,748

Stock-Based Awards - Veritex Green 2014 Plan - Options (Details) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Shares Underlying Options
Options exercisable at end of period (in shares) \| shares	0	1,000
Weighted Exercise Price
Options exercisable at end of period (in dollars per share)	$ 0	$ 10.43
Weighted Average Contractual Term
Exercisable		1 year 25 days
Aggregate Intrinsic Value
Exercisable \| $	$ 0
Non Performance Based Stock Options
Shares Underlying Options
Outstanding at the end of period (in shares) \| shares		1,000
Weighted Exercise Price
Outstanding at the end of period (in dollars per share)		$ 10.43
Weighted Average Contractual Term
Outstanding (years)		1 year 25 days
Veritex (Green) 2014 Plan \| Non Performance Based Stock Options
Shares Underlying Options
Outstanding at beginning of period (in shares) \| shares	155,212,000	217,804,000	217,804,000
Cancelled (in shares) \| shares	(505,000)
Exercised (in shares) \| shares	(13,266,000)	(58,642,000)
Outstanding at the end of period (in shares) \| shares	141,441,000	158,372,000	155,212,000
Options exercisable at end of period (in shares) \| shares	141,441,000	149,646,000
Weighted Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 19.83	$ 19.62	$ 19.62
Cancelled (in dollars per share)	21.38
Exercised (in dollars per share)	22.74	19.21
Outstanding at the end of period (in dollars per share)	21.86	19.76	$ 19.83
Options exercisable at end of period (in dollars per share)	$ 21.86	$ 19.11
Weighted Average Contractual Term
Outstanding (years)	4 years 3 months 10 days	5 years 7 months 24 days
Exercisable	4 years 3 months 10 days	5 years 6 months 7 days
Aggregate Intrinsic Value
Outstanding (in dollars) \| $	$ 266
Exercisable \| $	$ 266
Weighted average fair value of options granted during the period (in dollars per share)	$ 0
Unrecognized compensation expense \| $	$ 0	$ 470	$ 0

LHI and ACL - Nonaccrual (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
LHI and ACL - Nonaccrual (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Loans and Allowance for Credit Losses
Nonaccrual	$ 67,776		$ 67,776		$ 43,542
Nonaccrual With No ACL	38,582		38,582		25,275
Financing receivable, nonaccrual, interest income	1,996	$ 589	2,768	$ 1,478
PCD Loans
Loans and Allowance for Credit Losses
Financing receivable, nonaccrual, interest income			7,736		8,545
Commercial
Loans and Allowance for Credit Losses
Nonaccrual	23,007		23,007		11,397
Nonaccrual With No ACL	1,953		1,953		2,521
MW
Loans and Allowance for Credit Losses
Nonaccrual	208		208		0
Nonaccrual With No ACL	0		0		0
Consumer
Loans and Allowance for Credit Losses
Nonaccrual	62		62		169
Nonaccrual With No ACL	62		62		169
1 - 4 family residential \| Residential Real Estate \| Real Estate
Loans and Allowance for Credit Losses
Nonaccrual	1,231		1,231		862
Nonaccrual With No ACL	1,231		1,231		862
Owner occupied commercial real estate (“OOCRE”) \| Commercial Real Estate \| Real Estate
Loans and Allowance for Credit Losses
Nonaccrual	10,287		10,287		9,737
Nonaccrual With No ACL	10,287		10,287		8,545
Non-owner occupied commercial real estate (“NOOCRE”) \| Commercial Real Estate \| Real Estate
Loans and Allowance for Credit Losses
Nonaccrual	32,981		32,981		21,377
Nonaccrual With No ACL	$ 25,049		$ 25,049		$ 13,178

Supplemental Statement of Cash Flows

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Supplemental Statement of Cash Flows

Other supplemental cash flow information is presented below:


	Six Months Ended June 30,
	2023		2022
	(in thousands)
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	127,174	$	16,572
Cash paid for income taxes	23,500		10,000
Supplemental Disclosures of Non-Cash Flow Information:



Transfer of AFS debt securities to HTM debt securities	—		117,001
Net foreclosure of OREO and repossessed assets	—		1,032

Noncash assets acquired in business combination1



LHI	—		(681)






Goodwill	—		681

1 Represents adjustments to provisional estimates recorded during the six months ended June 30, 2022 for the acquisition of North Avenue Capital, LLC (“NAC”).

Fair Value - Non-recurring Basis (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Assets measured at fair value
Valuation allowance recorded	$ 1,589,000		$ 2,511,000
Non-recurring
Assets measured at fair value
Collateral dependent loans with an ACL	7,674,000	$ 7,969,000
Servicing assets with a valuation allowance	7,396,000	10,984,000
Collateral dependent loans with an ACL, gross	10,410,000	10,632,000
Impaired loans, specific allowance	2,736,000	2,663,000
Servicing asset at fair value, gross	8,985,000	13,435,000
Valuation allowance for servicing asset		2,451,000
Liabilities measured at fair value	0	0
Non-recurring \| Level 1 Inputs
Assets measured at fair value
Collateral dependent loans with an ACL	0	0
Servicing assets with a valuation allowance	0	0
Non-recurring \| Level 2 Inputs
Assets measured at fair value
Collateral dependent loans with an ACL	0	0
Servicing assets with a valuation allowance	0	0
Non-recurring \| Level 3 Inputs
Assets measured at fair value
Collateral dependent loans with an ACL	7,674,000	7,969,000
Servicing assets with a valuation allowance	$ 7,396,000	$ 10,984,000

Off-Balance Sheet Loan Commitments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of the Approximate Amounts of Financial Instruments with Off-Balance Sheet Risk

The following table sets forth the approximate amounts of these financial instruments as of June 30, 2023 and December 31, 2022:


	June 30,		December 31,
	2023		2022
Commitments to extend credit	$	3,606,714	$	4,511,671
MW commitments	984,453		1,088,558
Standby and commercial letters of credit	102,935		98,179
Total	$	4,694,102	$	5,698,408

Schedule of Allowance for Unfunded Commitments

This ACL on unfunded commitments is recorded in accounts payable and other liabilities on the consolidated balance sheets:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Beginning balance for ACL on unfunded commitments	$	11,583	$	9,759	$	10,086	$	9,266
(Benefit) provision for credit losses on unfunded commitments	(1,129)		—		368		493
Ending balance of ACL on unfunded commitments	$	10,454	$	9,759	$	10,454	$	9,759

Stock-Based Awards - 2022 Grant Terms and Stock Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting rights, cliff vesting period (in years)			3 years
2022 Equity Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 2,680	$ 2,444	$ 5,145	$ 5,348
Veritex (Green) 2014 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock based compensation expense	$ 487	$ 200	$ 909	$ 614

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

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-Topic 718
-SubTopic 10
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-Section 35
-Paragraph 1D
-Publisher FASB
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://www.xbrl.org/2003/role/disclosureRef
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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2

+ Details

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 72,141,000	$ 63,096,000
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of fixed assets and intangibles	10,041,000	9,381,000
Net amortization of time deposit premium, debt discount and debt issuance costs	478,000	492,000
Provision for credit losses and unfunded commitments	24,753,000	8,993,000
Accretion of loan discount	(1,897,000)	(2,811,000)
Stock-based compensation expense	6,054,000	5,962,000
Excess tax expense (benefit) from stock compensation	153,000	(1,075,000)
Net amortization of premiums on debt securities	1,718,000	2,016,000
Unrealized loss on equity securities recognized in earnings	31,000	869,000
Change in cash surrender value and mortality rates of BOLI	121,000	(903,000)
Loss on sales of debt securities	5,321,000	0
Change in fair value of government guaranteed loans using fair value option	(616,000)	209,000
Gain on sales of mortgage LHFS	(46,000)	(530,000)
Gain on sales of government guaranteed loans	(15,598,000)	(5,427,000)
Servicing asset (recoveries), net impairment	(862,000)	1,883,000
Originations of LHFS	(39,877,000)	(30,047,000)
Proceeds from sales of LHFS	34,273,000	44,115,000
Equity method investment loss (income)	1,036,000	(1,333,000)
Increase in other assets	(6,527,000)	(16,806,000)
Increase in accounts payable and other liabilities	7,620,000	21,157,000
Net cash provided by operating activities	98,317,000	99,241,000
Cash flows from investing activities:
Purchases of AFS debt securities	(189,668,000)	(432,678,000)
Proceeds from sales of AFS debt securities	109,793,000	0
Proceeds from maturities, calls and pay downs of AFS debt securities	197,634,000	54,530,000
Purchases of HTM debt securities	0	(11,642,000)
Maturity, calls and paydowns of HTM debt securities	2,107,000	1,518,000
Purchases of other investments	(16,475,000)	(16,290,000)
Proceeds from sales of equity securities	0	3,327,000
Net loans originated	(291,810,000)	(1,202,273,000)
Proceeds from sale of government guaranteed loans	79,812,000	32,041,000
Net additions (disposals) to premises and equipment	337,000	(2,026,000)
Net cash used in investing activities	(108,270,000)	(1,573,493,000)
Cash flows from financing activities:
Net increase in deposits	110,701,000	1,154,107,000
Net increase in advances from FHLB	150,000,000	221,080,000
Net change in securities sold under agreement to repurchase	0	(794,000)
Net proceeds on sale of common stock in public offering	0	153,869,000
Payments to tax authorities for stock-based compensation	(1,982,000)	(2,992,000)
Proceeds from exercise of employee stock options	765,000	619,000
Dividends paid	(21,687,000)	(20,705,000)
Net cash provided by financing activities	237,797,000	1,505,184,000
Net increase in cash and cash equivalents	227,844,000	30,932,000
Cash and cash equivalents at beginning of period	436,077,000	379,784,000
Cash and cash equivalents at end of period	$ 663,921,000	$ 410,716,000

Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Treasury Stock	APIC	Retained Earnings	AOCI
Beginning balance (in shares) at Dec. 31, 2021		49,372,329
Beginning balance at Dec. 31, 2021	$ 1,315,079	$ 560	$ (167,582)	$ 1,142,758	$ 275,273	$ 64,070
Beginning balance (in shares) at Dec. 31, 2021			6,638,094
Increase (Decrease) in Stockholders' Equity
Restricted stock units (“RSU”) vested, net of shares withheld to cover taxes (in shares)		200,686
Restricted stock units (“RSU”) vested, net of shares withheld to cover taxes	(2,992)	$ 2		(2,994)
Exercise of employee stock options (in shares)		63,548
Exercise of employee stock options	619	$ 1		618
Common stock follow-on offering (in shares)		4,314,474
Common stock follow-on offering	153,869	$ 43		153,826
Stock based compensation	5,962			5,962
Net income	63,096				63,096
Dividends paid	(20,705)				(20,705)
Other comprehensive (loss) income	(85,486)					(85,486)
Ending balance (in shares) at Jun. 30, 2022		53,951,037
Ending balance at Jun. 30, 2022	1,429,442	$ 606	$ (167,582)	1,300,170	317,664	(21,416)
Ending balance (in shares) at Jun. 30, 2022			6,638,094
Beginning balance (in shares) at Mar. 31, 2022		53,908,924
Beginning balance at Mar. 31, 2022	1,447,996	$ 605	$ (167,582)	1,297,161	298,830	18,982
Beginning balance (in shares) at Mar. 31, 2022			6,638,094
Increase (Decrease) in Stockholders' Equity
Restricted stock units (“RSU”) vested, net of shares withheld to cover taxes (in shares)		12,885
Restricted stock units (“RSU”) vested, net of shares withheld to cover taxes	(155)	$ 0		(155)
Exercise of employee stock options (in shares)		29,228
Exercise of employee stock options	521	$ 1		520
Stock based compensation	2,644			2,644
Net income	29,626				29,626
Dividends paid	(10,792)				(10,792)
Other comprehensive (loss) income	(40,398)					(40,398)
Ending balance (in shares) at Jun. 30, 2022		53,951,037
Ending balance at Jun. 30, 2022	1,429,442	$ 606	$ (167,582)	1,300,170	317,664	(21,416)
Ending balance (in shares) at Jun. 30, 2022			6,638,094
Beginning balance (in shares) at Dec. 31, 2022		54,029,955
Beginning balance at Dec. 31, 2022	$ 1,449,773	$ 607	$ (167,582)	1,306,852	379,299	(69,403)
Beginning balance (in shares) at Dec. 31, 2022	6,638,094		6,638,094
Increase (Decrease) in Stockholders' Equity
Restricted stock units (“RSU”) vested, net of shares withheld to cover taxes (in shares)		179,506
Restricted stock units (“RSU”) vested, net of shares withheld to cover taxes	$ (1,982)	$ 2		(1,984)
Exercise of employee stock options (in shares)		51,331
Exercise of employee stock options	765			765
Stock based compensation	6,054			6,054
Net income	72,141				72,141
Dividends paid	(21,687)				(21,687)
Other comprehensive (loss) income	(13,784)					(13,784)
Ending balance (in shares) at Jun. 30, 2023		54,260,792
Ending balance at Jun. 30, 2023	$ 1,491,280	$ 609	$ (167,582)	1,311,687	429,753	(83,187)
Ending balance (in shares) at Jun. 30, 2023	6,638,094		6,638,094
Beginning balance (in shares) at Mar. 31, 2023		54,229,033
Beginning balance at Mar. 31, 2023	$ 1,493,737	$ 609	$ (167,582)	1,308,345	406,873	(54,508)
Beginning balance (in shares) at Mar. 31, 2023			6,638,094
Increase (Decrease) in Stockholders' Equity
Restricted stock units (“RSU”) vested, net of shares withheld to cover taxes (in shares)		18,425
Restricted stock units (“RSU”) vested, net of shares withheld to cover taxes	(56)	$ 0		(56)
Exercise of employee stock options (in shares)		13,334
Exercise of employee stock options	231			231
Stock based compensation	3,167			3,167
Net income	33,730				33,730
Dividends paid	(10,850)				(10,850)
Other comprehensive (loss) income	(28,679)					(28,679)
Ending balance (in shares) at Jun. 30, 2023		54,260,792
Ending balance at Jun. 30, 2023	$ 1,491,280	$ 609	$ (167,582)	$ 1,311,687	$ 429,753	$ (83,187)
Ending balance (in shares) at Jun. 30, 2023	6,638,094		6,638,094

Fair Value - Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Assets measured at fair value
AFS debt securities	$ 961,045	$ 1,096,292
Equity securities with a readily determinable fair value	9,761	9,792
Derivative asset	35,883	36,878
Derivative liability	65,387	63,997
Designated as hedging instrument
Assets measured at fair value
Derivative asset	25,041	26,523
Derivative liability	55,057	54,171
Non-hedging derivatives
Assets measured at fair value
Derivative asset	44,000	41,337
Derivative liability	43,488	40,808
Recurring
Assets measured at fair value
AFS debt securities	961,045	1,096,292
Equity securities with a readily determinable fair value	9,761	9,792
PPP loans		1,995
LHFS	28,691	19,775
Recurring \| Level 1 Inputs
Assets measured at fair value
AFS debt securities	0	0
Equity securities with a readily determinable fair value	9,761	9,792
PPP loans		0
LHFS	0	0
Recurring \| Level 2 Inputs
Assets measured at fair value
AFS debt securities	961,045	1,096,292
Equity securities with a readily determinable fair value	0	0
PPP loans		0
LHFS	28,691	19,775
Recurring \| Level 3 Inputs
Assets measured at fair value
AFS debt securities	0	0
Equity securities with a readily determinable fair value	0	0
PPP loans		1,995
LHFS	0	0
Interest rate swaps \| Recurring \| Designated as hedging instrument
Assets measured at fair value
Derivative asset	25,041	26,523
Derivative liability	55,057	54,171
Interest rate swaps \| Recurring \| Level 1 Inputs \| Designated as hedging instrument
Assets measured at fair value
Derivative asset	0	0
Derivative liability	0	0
Interest rate swaps \| Recurring \| Level 2 Inputs \| Designated as hedging instrument
Assets measured at fair value
Derivative asset	25,041	26,523
Derivative liability	55,057	54,171
Interest rate swaps \| Recurring \| Level 3 Inputs \| Designated as hedging instrument
Assets measured at fair value
Derivative asset	0	0
Derivative liability	0	0
Interest rate swaps \| Financial institution counterparty \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	41,369	38,839
Derivative liability	581	1,126
Interest rate swaps \| Financial institution counterparty \| Recurring \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	41,369	38,839
Derivative liability	581	1,126
Interest rate swaps \| Financial institution counterparty \| Recurring \| Level 1 Inputs \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	0	0
Derivative liability	0	0
Interest rate swaps \| Financial institution counterparty \| Recurring \| Level 2 Inputs \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	41,369	38,839
Derivative liability	581	1,126
Interest rate swaps \| Financial institution counterparty \| Recurring \| Level 3 Inputs \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	0	0
Derivative liability	0	0
Interest rate swaps \| Commercial customer counterparty \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	479	1,004
Derivative liability	40,755	38,188
Interest rate swaps \| Commercial customer counterparty \| Recurring \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	479	1,004
Derivative liability	40,755	38,188
Interest rate swaps \| Commercial customer counterparty \| Recurring \| Level 1 Inputs \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	0	0
Derivative liability	0	0
Interest rate swaps \| Commercial customer counterparty \| Recurring \| Level 2 Inputs \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	479	1,004
Derivative liability	40,755	38,188
Interest rate swaps \| Commercial customer counterparty \| Recurring \| Level 3 Inputs \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	0	0
Derivative liability	0	0
Interest rate caps and corridors \| Financial institution counterparty \| Recurring \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	2,152	1,494
Interest rate caps and corridors \| Financial institution counterparty \| Recurring \| Level 1 Inputs \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	0	0
Interest rate caps and corridors \| Financial institution counterparty \| Recurring \| Level 2 Inputs \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	2,152	1,494
Interest rate caps and corridors \| Financial institution counterparty \| Recurring \| Level 3 Inputs \| Non-hedging derivatives
Assets measured at fair value
Derivative asset	0	0
Interest rate caps and corridors \| Commercial customer counterparty \| Recurring \| Non-hedging derivatives
Assets measured at fair value
Derivative liability	2,152	1,494
Interest rate caps and corridors \| Commercial customer counterparty \| Recurring \| Level 1 Inputs \| Non-hedging derivatives
Assets measured at fair value
Derivative liability	0	0
Interest rate caps and corridors \| Commercial customer counterparty \| Recurring \| Level 2 Inputs \| Non-hedging derivatives
Assets measured at fair value
Derivative liability	2,152	1,494
Interest rate caps and corridors \| Commercial customer counterparty \| Recurring \| Level 3 Inputs \| Non-hedging derivatives
Assets measured at fair value
Derivative liability	$ 0	$ 0

Legal Contingencies	6 Months Ended
Legal Contingencies	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Legal Contingencies	Legal Contingencies Litigation The Company may from time to time be involved in legal actions arising from normal business activities. In the opinion of management, there are no claims for which it is reasonably possible that an adverse outcome would have a material effect on the Company's financial position, liquidity or results of operations. The Company is not aware of any material unasserted claims.

Derivative Financial Instruments - Balance Sheet Information (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 3,245,984	$ 2,922,362
Asset Derivative
Gross derivatives	35,883	36,878
Offsetting derivative assets	(33,158)	(30,982)
Liability Derivative
Gross derivatives	65,387	63,997
Offsetting derivative liabilities	(33,158)	(30,982)
Designated as hedging instrument
Derivative [Line Items]
Notional Amount	1,275,000	1,175,000
Asset Derivative
Gross derivatives	25,041	26,523
Liability Derivative
Gross derivatives	55,057	54,171
Designated as hedging instrument \| Interest rate swap on money market deposit account payments
Derivative [Line Items]
Notional Amount	250,000	250,000
Asset Derivative
Gross derivatives	18,627	21,234
Liability Derivative
Gross derivatives	0	0
Designated as hedging instrument \| Interest rate swaps on customer loan interest payments
Derivative [Line Items]
Notional Amount	375,000	375,000
Asset Derivative
Gross derivatives	0	0
Liability Derivative
Gross derivatives	48,297	49,211
Designated as hedging instrument \| Interest rate collars on customer loan interest payments
Derivative [Line Items]
Notional Amount	450,000	450,000
Asset Derivative
Gross derivatives	1,087	3,267
Liability Derivative
Gross derivatives	6,760	4,960
Designated as hedging instrument \| Interest rate floor on customer loan interest payments
Derivative [Line Items]
Notional Amount	200,000	100,000
Asset Derivative
Gross derivatives	5,327	2,022
Liability Derivative
Gross derivatives	0	0
Non-hedging derivatives
Derivative [Line Items]
Notional Amount	1,970,984	1,747,362
Asset Derivative
Gross derivatives	44,000	41,337
Liability Derivative
Gross derivatives	43,488	40,808
Financial institution counterparty \| Non-hedging derivatives \| Interest rate swaps
Derivative [Line Items]
Notional Amount	874,222	805,311
Asset Derivative
Gross derivatives	41,369	38,839
Liability Derivative
Gross derivatives	581	1,126
Financial institution counterparty \| Non-hedging derivatives \| Interest rate caps and corridors
Derivative [Line Items]
Notional Amount	111,270	68,370
Asset Derivative
Gross derivatives	2,152	1,494
Liability Derivative
Gross derivatives	0	0
Commercial customer counterparty \| Non-hedging derivatives \| Interest rate swaps
Derivative [Line Items]
Notional Amount	874,222	805,311
Asset Derivative
Gross derivatives	479	1,004
Liability Derivative
Gross derivatives	40,755	38,188
Commercial customer counterparty \| Non-hedging derivatives \| Interest rate caps and corridors
Derivative [Line Items]
Notional Amount	111,270	68,370
Asset Derivative
Gross derivatives	0	0
Liability Derivative
Gross derivatives	$ 2,152	$ 1,494

Off-Balance Sheet Loan Commitments - Allowance for Unfunded Commitments (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Allowance For Unfunded Commitments [Roll Forward]
Beginning balance for ACL on unfunded commitments	$ 11,583	$ 9,759	$ 10,086	$ 9,266
(Benefit) provision for credit losses on unfunded commitments	(1,129)	0	368	493
Ending balance of ACL on unfunded commitments	$ 10,454	$ 9,759	$ 10,454	$ 9,759

Securities - Allowance For Credit Losses (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Debt Securities, Available-for-Sale, Excluding Accrued Interest, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses beginning balance	$ 0	$ 0
Credit Loss Expense	885	0
Allowance for credit losses ending balance	$ 885	$ 0

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Schedule of Reconciliation Between Weighted Average Shares Used for Calculating Basic and Diluted EPS

The table below sets forth the reconciliation between weighted average shares used for calculating basic and diluted EPS for the three and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	33,730	$	29,626	$	72,141	$	63,096
Denominator:
Weighted average shares outstanding for basic EPS	54,247		53,949		54,199		52,331
Dilutive effect of employee stock-based awards	239		697		347		790
Adjusted weighted average shares outstanding	54,486		54,646		54,546		53,121
EPS:
Basic	$	0.62	$	0.55	$	1.33	$	1.21
Diluted	$	0.62	$	0.54	$	1.32	$	1.19

LHI and ACL

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

LHI and ACL

LHI in the accompanying consolidated balance sheets are summarized as follows:


	June 30, 2023		December 31, 2022
LHI, carried at amortized cost:
Real estate:
Construction and land	$	1,659,700	$	1,787,400
Farmland	51,663		43,500
1 - 4 family residential	923,442		894,456
Multi-family residential	592,473		322,679
Owner occupied commercial real estate (“OOCRE”)	671,602		715,829
Non-owner occupied commercial real estate (“NOOCRE”)	2,509,731		2,341,379
Commercial	2,850,084		2,942,348
MW	436,255		446,227
Consumer	11,189		7,806
	9,706,139		9,501,624

Deferred loan fees, net	(12,701)		(18,973)
ACL	(102,150)		(91,052)
Total LHI, net	9,591,288		9,391,599

Included in the total LHI, net, as of June 30, 2023 and December 31, 2022 was an accretable discount related to purchased performing and purchased credit deteriorated (“PCD”) loans acquired in the approximate amounts of $6,798 and $8,260, respectively. The discount is being accreted into income on a level-yield basis over the life of the loans. In addition, included in the net loan portfolio as of June 30, 2023 and December 31, 2022 is a discount on retained loans from sale of originated U.S. Small Business Administration (“SBA”) and U.S. Department of Agriculture (“USDA”) loans of $7,602 and $5,238, respectively. During the year ended December 31, 2022, the Company purchased $223,924 in pooled residential real estate loans at a net discount, with a remaining balance of $167,847 as of June 30, 2023. The remaining net purchase discount of $3,683 and $4,135 is included in the total LHI, net, as of June 30, 2023 and December 31, 2022, respectively. No additional pooled residential real estate loans were purchased during the six months ended June 30, 2023.

ACL

The Company’s estimate of the ACL reflects losses expected over the remaining contractual life of the assets. The activity in the ACL related to LHI is as follows:


	Three Months Ended June 30, 2023
	Construction and Land		Farmland		Residential		Multifamily		OOCRE		NOOCRE		Commercial		Consumer		Total
Balance at beginning of the period	$	17,314	$	168	$	9,541	$	3,484	$	8,813	$	26,238	$	32,717	$	419	$	98,694
Credit loss (benefit) expense non-PCD loans	831		2		(331)		1,223		(1,286)		9,914		5,642		(45)		15,950
Credit (benefit) loss expense PCD loans	—		—		(2)		—		(8)		(212)		(728)		—		(950)
Charge-offs	—		—		—		—		—		(8,215)		(3,540)		(92)		(11,847)
Recoveries	—		—		1		—		—		150		106		46		303
Ending Balance	$	18,145	$	170	$	9,209	$	4,707	$	7,519	$	27,875	$	34,197	$	328	$	102,150


	Three Months Ended June 30, 2022
	Construction and Land		Farmland		Residential		Multifamily		OOCRE		NOOCRE		Commercial		Consumer		Total
Balance at beginning of the period	$	8,883	$	158	$	6,134	$	2,127	$	7,423	$	26,954	$	20,084	$	722	$	72,485
Credit (benefit) loss expense non-PCD loans	1,428		(13)		1,919		59		185		725		3,068		1,718		9,089
Credit (benefit) loss expense PCD loans	(11)		—		—		—		—		—		1,178		(1,256)		(89)
Charge-offs	—		—		—		—		(244)		—		(528)		(1,091)		(1,863)
Recoveries	—		—		3		—		245		93		572		41		954
Ending Balance	$	10,300	$	145	$	8,056	$	2,186	$	7,609	$	27,772	$	24,374	$	134	$	80,576


	Six Months Ended June 30, 2023
	Construction and Land		Farmland		Residential		Multifamily		OOCRE		NOOCRE		Commercial		Consumer		Total
Balance at beginning of the period	$	13,120	$	127	$	9,533	$	2,607	$	8,707	$	26,704	$	30,142	$	112	$	91,052
Credit loss (benefit) expense non-PCD loans	5,071		43		(319)		2,100		(1,048)		9,415		8,638		318		24,218
Credit (benefit) expense PCD loans	(46)		—		(7)		—		(24)		(179)		(462)		—		(718)
Charge-offs	—		—		—		—		(116)		(8,215)		(4,591)		(154)		(13,076)
Recoveries	—		—		2		—		—		150		470		52		674
Ending Balance	$	18,145	$	170	$	9,209	$	4,707	$	7,519	$	27,875	$	34,197	$	328	$	102,150


	Six Months Ended June 30, 2022
	Construction and Land		Farmland		Residential		Multifamily		OOCRE		NOOCRE		Commercial		Consumer		Total
Balance at beginning of the period	$	7,293	$	187	$	5,982	$	2,664	$	9,215	$	30,548	$	21,632	$	233	$	77,754
Credit (benefit) loss expense non-PCD loans	3,022		(42)		2,143		(478)		997		(3,389)		7,112		2,340		11,705
Credit (benefit) loss expense PCD loans	(15)		—		(72)		—		(1,263)		673		(1,264)		(1,264)		(3,205)
Charge-offs	—		—		—		—		(1,585)		(553)		(3,822)		(1,225)		(7,185)
Recoveries	—		—		3		—		245		493		716		50		1,507
Ending Balance	$	10,300	$	145	$	8,056	$	2,186	$	7,609	$	27,772	$	24,374	$	134	$	80,576

The majority of the Company's loan portfolio consists of loans to businesses and individuals in the Dallas-Fort Worth metroplex and the Houston metropolitan area. This geographic concentration subjects the loan portfolio to the general economic conditions within these areas. The risks created by this concentration have been considered by management in the determination of the adequacy of the ACL.

A loan is considered collateral-dependent when the borrower is experiencing financial difficulty and repayment is expected to be provided substantially through the operation or sale of the collateral. The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:


	June 30, 2023					December 31, 2022
		Real Property(1)		ACL Allocation			Real Property(1)		ACL Allocation






OOCRE		$	1,157	$	—		$	1,193	$	129
NOOCRE		32,897		1,939			20,896		2,138
Commercial		2,317		589			1,240		396
Mortgage warehouse		208		208			—		—
Consumer		—		—			15		—
Total		$	36,579	$	2,736		$	23,344	$	2,663

(1) Loans reported exclude PCD loans that transitioned upon adoption of ASC 326 and accounted for on a pooled basis.

Nonaccrual and Past Due Loans

Loans are considered past due if the required principal and interest payments have not been received as of the date such payments were due in accordance with the terms of the loan agreement. Loans are placed on nonaccrual status when, in management’s opinion, the borrower may be unable to meet payment obligations as they become due, as well as when required by regulatory provisions. Loans may be placed on nonaccrual status regardless of whether or not such loans are considered past due. When interest accrual is discontinued, all unpaid accrued interest is reversed. Interest income is subsequently recognized only to the extent cash payments are received in excess of principal due. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought current and future payments are reasonably assured.

Nonaccrual loans aggregated by class of loans, as of June 30, 2023 and December 31, 2022, were as follows:


	June 30, 2023				December 31, 2022
	Nonaccrual		Nonaccrual With No ACL			Nonaccrual		Nonaccrual With No ACL
Real estate:


1 - 4 family residential	$	1,231	$	1,231		$	862	$	862

OOCRE	10,287		10,287			9,737		8,545
NOOCRE	32,981		25,049			21,377		13,178
Commercial	23,007		1,953			11,397		2,521
MW	208		—			—		—
Consumer	62		62			169		169
Total	$	67,776	$	38,582		$	43,542	$	25,275

There were $7,736 and $8,545 of PCD loans that are not accounted for on a pooled basis included in nonaccrual loans at June 30, 2023 and December 31, 2022, respectively.

During the three and six months ended June 30, 2023, interest income not recognized on nonaccrual loans was $1,996 and $2,768, respectively. During the three and six months ended June 30, 2022, interest income not recognized on non accrual loans was $589 and $1,478, respectively.

An age analysis of past due loans, aggregated by class of loans and including past due nonaccrual loans, as of June 30, 2023 and December 31, 2022, is as follows:


	June 30, 2023
	30 to 59 Days		60 to 89 Days		90 Days or Greater		Total Past Due (1)		Total Current		PCD		Total Loans		Total 90 Days Past Due and Still Accruing(2)
Real estate:
Construction and land	$	—	$	—	$	—	$	—	$	1,659,700	$	—	$	1,659,700	$	—
Farmland	—		—		—		—		51,663		—		51,663		—
1 - 4 family residential	2,867		306		996		4,169		918,174		1,099		923,442		197
Multi-family residential	—		—		—		—		592,473		—		592,473		—
OOCRE	4,225		33		1,157		5,415		647,637		18,550		671,602		—
NOOCRE	11,970		—		21,569		33,539		2,462,065		14,127		2,509,731		—
Commercial	1,908		18,441		16,462		36,811		2,809,846		3,427		2,850,084		302
MW	—		—		208		208		436,047		—		436,255		—
Consumer	74		43		29		146		11,026		17		11,189		29
Total	$	21,044	$	18,823	$	40,421	$	80,288	$	9,588,631	$	37,220	$	9,706,139	$	528

(1) Total past due loans includes $15 of PCD loans as of June 30, 2023.

(2) Loans 90 days past due and still accruing excludes $795 of PCD loans as of June 30, 2023.


	December 31, 2022
	30 to 59 Days		60 to 89 Days		90 Days or Greater		Total Past Due(1)		Total Current		PCD		Total Loans		Total 90 Days Past Due and Still Accruing(2)
Real estate:
Construction and land	$	1,121	$	2,111	$	—	$	3,232	$	1,782,624	$	1,544	$	1,787,400	$	—
Farmland	—		—		—		—		43,500		—		43,500		—
1 - 4 family residential	4,319		129		499		4,947		888,329		1,180		894,456		123
Multi-family residential	1,000		—		—		1,000		321,679		—		322,679		—
OOCRE	3,342		1,186		1,193		5,721		690,291		19,817		715,829		—
NOOCRE	5,156		—		20,896		26,052		2,302,579		12,748		2,341,379		—
Commercial	3,088		2,188		1,675		6,951		2,931,696		3,701		2,942,348		—
MW	—		—		—		—		446,227		—		446,227		—
Consumer	352		—		45		397		7,386		23		7,806		2
Total	$	18,378	$	5,614	$	24,308	$	48,300	$	9,414,311	$	39,013	$	9,501,624	$	125

(1) Total past due loans includes $13,178 of PCD loans as of December 31, 2022.

(2) Loans 90 days past due and still accruing excludes $2,004 of PCD loans and $669 of PPP loans as of December 31, 2022.

There were $528 loans past due 90 days and still accruing as of June 30, 2023. Loans past due 90 days and still accruing were $125 as of December 31, 2022. These loans are also considered well-secured, and are in the process of collection with plans in place for the borrowers to bring the notes fully current or to subsequently be renewed. The Company believes that it will collect all principal and interest due on each of the loans past due 90 days and still accruing.

Modifications to Borrowers Experiencing Financial Difficulty

The Company adopted Accounting Standards Update (“ASU”) 2022-02, Financial Instruments - Credit Losses (Topic 326) Troubled Debt Restructurings and Vintage Disclosures (“ASU 2022-02”) effective January 1, 2023. The amendments in ASU 2022-02 eliminated the recognition and measure of troubled debt restructurings and enhanced disclosures for loan modifications to borrowers experiencing financial difficulty.

An assessment of whether a borrower is experiencing financial difficulty is made on the date of a modification. Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for credit losses because of the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is generally not recorded upon modification.

The following table shows the amortized cost basis at the end of the reporting period of the loans modified to borrowers experiencing financial difficulty, disaggregated by class of financing receivable and type of concession granted during the six months ended June 30, 2023:

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

Interest Rate Reduction

Amortized Cost Basis

% of Loan Class

Financial Impact

1-4 Family Residential Rentals1

41,497

4.5

Reduced weighted-average contractual interest rate from floating 7.5% to fixed 6.0%

1 1-4 Family Residential Rentals is included in the 1-4 family residential loan portfolio and is reported as such in accordance with Federal Financial Institutions Examination Counsel guidelines.


	Term Extension
	Amortized Cost Basis		% of Loan Class		Financial Impact
NOOCRE	$	8,887	0.4	%	Principal and interest deferred over three months
Commercial	873		—	%	Principal and interest deferred over three months
	$	9,760

No modifications to borrowers in financial difficulty had a payment default during the period and were modified in the 12 months before default to borrowers experiencing financial difficulty:

The Company closely monitors the performance of the loans that are modified to borrowers experiencing financial difficulty to understand the effectiveness of its modification efforts. The following table depicts the performance of loans that have been modified in the last 12 months:


Payment Status
	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due
1-4 Family Residential Rentals	$	41,497	$	—	$	—	$	—
NOOCRE	8,887		—		—		—
Commercial	873		—		—		—
Total	$	51,257	$	—	$	—	$	—

The Company has not committed to lend additional amounts to customers with outstanding loans classified as Troubled Loan Modifications (“TLM”) as of June 30, 2023 or December 31, 2022.

Credit Quality Indicators

From a credit risk standpoint, the Company classifies its loans in one of the following categories: (i) pass, (ii) special mention, (iii) substandard or (iv) doubtful. Loans classified as loss are charged-off. Loans not rated special mention, substandard, doubtful or loss are classified as pass loans.

The classifications of loans reflect a judgment about the risks of default and loss associated with the loan. The Company reviews the ratings on criticized credits monthly. Ratings are adjusted to reflect the degree of risk and loss that is felt to be inherent in each credit as of each monthly reporting period. All classified credits are evaluated for impairment. If impairment is determined to exist, a specific reserve is established. The Company’s methodology is structured so that specific reserves are increased in accordance with deterioration in credit quality (and a corresponding increase in risk and loss) or decreased in accordance with improvement in credit quality (and a corresponding decrease in risk and loss).

Credits rated special mention show clear signs of financial weaknesses or deterioration in credit worthiness, however, such concerns are generally not so pronounced that the Company expects to experience significant loss within the short-term. Such credits typically maintain the ability to perform within standard credit terms and credit exposure is not as prominent as credits with a lower rating.

Credits rated substandard are those in which the normal repayment of principal and interest may be, or has been, jeopardized by reason of adverse trends or developments of a financial, managerial, economic or political nature, or important weaknesses which exist in collateral. A protracted workout on these credits is a distinct possibility. Prompt corrective action is therefore required to strengthen the Company’s position, and/or to reduce exposure and to assure that adequate remedial measures are taken by the borrower. Credit exposure becomes more likely in such credits and a serious evaluation of the secondary support to the credit is performed.

Credits rated doubtful are those in which full collection of principal appears highly questionable, and in which some degree of loss is anticipated, even though the ultimate amount of loss may not yet be certain and/or other factors exist which could affect collection of debt. Based upon available information, positive action by the Company is required to avert or minimize loss. Credits rated doubtful are generally also placed on non-accrual.

Credits classified as PCD are those that, at acquisition date, have experienced a more-than-insignificant deterioration in credit quality since origination. All loans considered to be purchased-credit impaired loans prior to January 1, 2020 were converted to PCD loans upon adoption of ASC 326. The Company elected to maintain pools of loans that were previously accounted for under ASC 310-30 and will continue to account for these pools as a unit of account. Loans are only removed from the existing pools if they are foreclosed, written off, paid off, or sold.

The Company considers the guidance in ASC 310-20 when determining whether a modification, extension or renewal of a loan constitutes a current period origination. Generally, current period renewals of credit are re-underwritten at the point of renewal and considered current period originations for purposes of the table below. Based on the most recent analysis performed, the risk category of loans by class of loans based on year or origination is as follows:


	Term Loans Amortized Cost Basis by Origination Year1
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
As of June 30, 2023
Construction and land:
Pass	$	28,704	$	605,749	$	600,551	$	153,453	$	3,671	$	14,393	$	184,343	$	502	$	1,591,366
Special mention	—		2,377		3,795		3,065		25,766		—		—		—		35,003
Substandard	—		—		7,809		25,522		—		—		—		—		33,331

Total construction and land	$	28,704	$	608,126	$	612,155	$	182,040	$	29,437	$	14,393	$	184,343	$	502	$	1,659,700
Construction and land gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Farmland:
Pass	$	2,035	$	2,487	$	22,399	$	18,265	$	18	$	5,009	$	1,450	$	—	$	51,663



Total farmland	$	2,035	$	2,487	$	22,399	$	18,265	$	18	$	5,009	$	1,450	$	—	$	51,663
Farmland gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


1 - 4 family residential:
Pass	$	29,388	$	145,300	$	200,696	$	84,769	$	39,868	$	284,326	$	129,061	$	5,360	$	918,768
Special mention	—		—		—		—		—		264		—		—		264
Substandard	—		145		725		—		129		1,780		532		—		3,311
PCD	—		—		—		—		—		1,099		—		—		1,099
Total 1 - 4 family residential	$	29,388	$	145,445	$	201,421	$	84,769	$	39,997	$	287,469	$	129,593	$	5,360	$	923,442
1-4 family residential gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Multi-family residential:
Pass	$	5,160	$	77,025	$	208,657	$	196,218	$	8,223	$	19,953	$	48,358	$	26	$	563,620
Special mention	—		—		—		—		—		26,916		—		—		26,916
Substandard	—		—		—		—		1,937		—		—		—		1,937

Total multi-family residential	$	5,160	$	77,025	$	208,657	$	196,218	$	10,160	$	46,869	$	48,358	$	26	$	592,473
Multi-family residential gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

OOCRE:
Pass	$	20,974	$	154,657	$	103,045	$	94,722	$	42,152	$	185,144	$	3,388	$	12,665	$	616,747
Special mention	—		9,378		1,028		717		1,921		185		—		2,730		15,959
Substandard	—		—		273		1,366		—		18,674		—		33		20,346
PCD	—		—		—		—		—		18,550		—		—		18,550
Total OOCRE	$	20,974	$	164,035	$	104,346	$	96,805	$	44,073	$	222,553	$	3,388	$	15,428	$	671,602
OOCRE gross charge-offs	$	—	$	—	$	—	$	5	$	5	$	106	$	—	$	—	$	116

NOOCRE:
Pass	$	47,715	$	732,050	$	540,159	$	259,281	$	155,272	$	449,700	$	34,323	$	12,736	$	2,231,236
Special mention	—		3,731		39,981		25,209		41,337		54,229		—		—		164,487
Substandard	—		—		2,764		—		1,265		88,168		—		7,684		99,881
PCD	—		—		—		—		—		14,127		—		—		14,127
Total NOOCRE	$	47,715	$	735,781	$	582,904	$	284,490	$	197,874	$	606,224	$	34,323	$	20,420	$	2,509,731
NOOCRE gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	8,215	$	—	$	—	$	8,215

Commercial:
Pass	$	126,009	$	365,055	$	117,959	$	60,365	$	50,341	$	59,030	$	1,961,574	$	5,505	$	2,745,838
Special mention	—		14,612		533		1,704		1,292		1,244		24,525		—		43,910
Substandard	—		18,065		19		5,402		2,534		10,968		16,575		3,346		56,909
PCD	—		—		—		—		—		3,427		—		—		3,427
Total commercial	$	126,009	$	397,732	$	118,511	$	67,471	$	54,167	$	74,669	$	2,002,674	$	8,851	$	2,850,084
Commercial gross charge-offs	$	—	$	—	$	—	$	48	$	479	$	4,064	$	—	$	—	$	4,591

MW:
Pass	$	3,927	$	61,548	$	182	$	205	$	665	$	170	$	369,350	$	—	$	436,047
Special mention	—		—		—		—		—		208		—		—		208


Total MW	$	3,927	$	61,548	$	182	$	205	$	665	$	378	$	369,350	$	—	$	436,255
Mortgage warehouse gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer:
Pass	$	4,818	$	1,304	$	372	$	726	$	138	$	1,916	$	1,704	$	—	$	10,978
Special mention	—		—		—		—		—		53		—		—		53
Substandard	—		29		—		—		14		98		—		—		141
PCD	—		—		—		—		—		17		—		—		17
Total consumer	$	4,818	$	1,333	$	372	$	726	$	152	$	2,084	$	1,704	$	—	$	11,189
Consumer gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	154	$	—	$	—	$	154



Total Pass	$	268,730	$	2,145,175	$	1,794,020	$	868,004	$	300,348	$	1,019,641	$	2,733,551	$	36,794	$	9,166,263
Total Special Mention	—		30,098		45,337		30,695		70,316		83,099		24,525		2,730		286,800
Total Substandard	—		18,239		11,590		32,290		5,879		119,688		17,107		11,063		215,856
Total PCD	—		—		—		—		—		37,220		—		—		37,220
Total	$	268,730	$	2,193,512	$	1,850,947	$	930,989	$	376,543	$	1,259,648	$	2,775,183	$	50,587	$	9,706,139
Total gross charge-offs	$	—	$	—	$	—	$	53	$	484	$	12,539	$	—	$	—	$	13,076

1 Term loans amortized cost basis by origination year excludes $12,701 of deferred loan fees, net.


	Term Loans Amortized Cost Basis by Origination Year1
	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
As of December 31,
Construction and land:
Pass	$	347,855	$	709,208	$	378,229	$	69,241	$	30,673	$	14,025	$	215,263	$	140	$	1,764,634
Special mention	—		18,662		2,560		—		—		—		—		—		21,222
Substandard	—		—		—		—		—		—		—		—		—
PCD	—		—		—		—		—		1,544		—		—		1,544
Total construction and land	$	347,855	$	727,870	$	380,789	$	69,241	$	30,673	$	15,569	$	215,263	$	140	$	1,787,400

Farmland:
Pass	$	2,546	$	16,242	$	18,530	$	21	$	—	$	5,069	$	1,092	$	—	$	43,500
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
PCD	—		—		—		—		—		—		—		—		—
Total farmland	$	2,546	$	16,242	$	18,530	$	21	$	—	$	5,069	$	1,092	$	—	$	43,500

1 - 4 family residential:
Pass	$	135,006	$	188,635	$	87,861	$	43,293	$	41,960	$	257,768	$	86,900	$	726	$	842,149
Special mention	—		—		—		—		—		278		26,068		—		26,346
Substandard	—		184		—		—				1,028		23,569		—		24,781
PCD	—		—		—		—		—		1,180		—		—		1,180
Total 1 - 4 family residential	$	135,006	$	188,819	$	87,861	$	43,293	$	41,960	$	260,254	$	136,537	$	726	$	894,456

Multi-family residential:
Pass	$	72,044	$	80,793	$	110,426	$	8,402	$	32,822	$	2,494	$	—	$	—	$	306,981
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		1,954		13,744		—		—		—		15,698
PCD	—		—		—		—		—		—		—		—		—
Total multi-family residential	$	72,044	$	80,793	$	110,426	$	10,356	$	46,566	$	2,494	$	—	$	—	$	322,679

OOCRE:
Pass	$	191,044	$	106,698	$	84,230	$	43,965	$	49,461	$	167,968	$	5,225	$	—	$	648,591
Special mention	—		2,321		1,409		1,964		—		3,447		—		45		9,186
Substandard	—		—		—		—		23,231		15,004		—		—		38,235
PCD	—		—		—		—		—		19,817		—		—		19,817
Total OOCRE	$	191,044	$	109,019	$	85,639	$	45,929	$	72,692	$	206,236	$	5,225	$	45	$	715,829

NOOCRE:


Pass	$	752,476	$	531,735	$	215,076	$	149,246	$	196,424	$	305,434	$	16,642	$	465	$	2,167,498
Special mention	—		—		22,774		19,464		12,274		51,451		—		—		105,963
Substandard	—		—		—		1,310		7,659		46,201		—		—		55,170
PCD	—		—		—		—		12,697		51		—		—		12,748
Total NOOCRE	$	752,476	$	531,735	$	237,850	$	170,020	$	229,054	$	403,137	$	16,642	$	465	$	2,341,379

Commercial:
Pass	$	473,084	$	132,396	$	90,543	$	83,996	$	40,030	$	31,269	$	1,906,074	$	553	$	2,757,945
Special mention	—		666		—		4,543		7,385		270		114,447		—		127,311
Substandard	17,894		4,058		5,189		4,195		10,954		4,732		6,292		77		53,391
PCD	—		—		—		—		273		3,428		—		—		3,701
Total commercial	$	490,978	$	137,120	$	95,732	$	92,734	$	58,642	$	39,699	$	2,026,813	$	630	$	2,942,348

MW:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	444,393	$	—	$	444,393
Special mention	—		—		—		—		—		—		1,626		—		1,626
Substandard	—		—		—		—		46		162		—		—		208

Total MW	$	—	$	—	$	—	$	—	$	46	$	162	$	446,019	$	—	$	446,227

Consumer:
Pass	$	1,965	$	452	$	872	$	216	$	135	$	2,298	$	1,618	$	—	$	7,556
Special mention	—		—		—		—		—		58		—		—		58
Substandard	—		—		—		—		—		169		—		—		169
PCD	—		—		—		—		—		23		—		—		23
Total consumer	$	1,965	$	452	$	872	$	216	$	135	$	2,548	$	1,618	$	—	$	7,806

Total Pass	$	1,976,020	$	1,766,159	$	985,767	$	398,380	$	391,505	$	786,325	$	2,677,207	$	1,884	$	8,983,247
Total Special Mention	—		21,649		26,743		25,971		19,659		55,504		142,141		45		291,712
Total Substandard	17,894		4,242		5,189		7,459		55,634		67,296		29,861		77		187,652
Total PCD	—		—		—		—		12,970		26,043		—		—		39,013
Total	$	1,993,914	$	1,792,050	$	1,017,699	$	431,810	$	479,768	$	935,168	$	2,849,209	$	2,006	$	9,501,624

1 Term loans amortized cost basis by origination year excludes $18,973 of deferred loan fees, net.

Servicing Assets

The Company was servicing loans of approximately $587,529 and $520,593 as of June 30, 2023 and 2022, respectively. A summary of the changes in the related servicing assets are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance at beginning of period	$	15,248	$	18,168	$	14,880	$	17,705

Increase from loan sales	814		207		1,773		1,698
Servicing asset net recoveries, (net impairment)	438		(1,603)		862		(1,883)
Amortization charged as a reduction to income	(1,577)		(1,092)		(2,592)		(1,840)
Balance at end of period	$	14,923	$	15,680	$	14,923	$	15,680

Fair value of servicing assets is estimated by discounting estimated future cash flows from the servicing assets using discount rates that approximate current market rates over the expected lives of the loans being serviced. A valuation allowance is recorded when the fair value is below the carrying amount of the asset. As of June 30, 2023 and 2022 there was a valuation allowance of $1,589 and $2,511, respectively.

The Company may also receive a portion of subsequent interest collections on loans sold that exceed the contractual servicing fees. In that case, the Company records an interest-only strip based on its relative fair market value and the other components of the loans. There was no interest-only strip receivable recorded at June 30, 2023 and December 31, 2022.

The following table reflects principal sold and related gain for SBA and USDA LHI. The gain on sale of these loans is recorded in government guaranteed loan income, net in the Company’s consolidated statements of income.


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
SBA LHI principal sold	$	590	$	11,511	$	6,930	$	15,886
Gain on sale of SBA LHI	431		1,186		579		1,719
USDA LHI principal sold	18,638		500		62,640		20,500
Gain on sale of USDA LHI	2,679		80		9,663		3,708

Consolidated Statements of Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
INTEREST AND DIVIDEND INCOME
Interest and fees on loans	$ 163,727	$ 82,191	$ 315,434	$ 153,634
Debt securities	10,166	9,632	21,154	17,394
Deposits in financial institutions and Fed Funds sold	7,507	714	13,041	976
Equity securities and other investments	1,118	1,057	2,526	1,967
Total interest and dividend income	182,518	93,594	352,155	173,971
INTEREST EXPENSE
Transaction and savings deposits	32,957	4,094	62,814	5,845
Certificates and other time deposits	28,100	1,465	49,067	2,845
Advances from FHLB	17,562	834	29,920	2,381
Subordinated debentures and subordinated notes	3,068	2,721	6,134	5,380
Total interest expense	81,687	9,114	147,935	16,451
NET INTEREST INCOME	100,831	84,480	204,220	157,520
Provision for credit losses	15,000	9,000	24,385	8,500
(Benefit) provision for credit losses on unfunded commitments	(1,129)	0	368	493
Net interest income after provision (benefit) for credit losses	86,960	75,480	179,467	148,527
NONINTEREST INCOME
Service charges and fees on deposit accounts	5,272	5,039	10,289	9,749
Loan fees	1,520	2,385	3,584	5,179
Loss on sales of debt securities	0	0	(5,321)	0
Gain on sale of mortgage LHFS	40	223	46	530
Government guaranteed loan income, net	4,144	789	13,832	5,680
Equity method investment income (loss)	485	966	(1,036)	1,333
Customer swap income	961	1,321	1,178	2,267
Other	1,270	(345)	4,651	737
Total noninterest income	13,692	10,378	27,223	25,475
NONINTEREST EXPENSE
Salaries and employee benefits	28,650	26,924	60,515	54,437
Occupancy and equipment	4,827	4,496	9,800	9,013
Professional and regulatory fees	6,868	2,865	11,257	6,023
Data processing and software expense	4,709	3,386	9,429	6,307
Marketing	2,627	2,306	4,406	3,493
Amortization of intangibles	2,468	2,495	4,963	4,990
Telephone and communications	355	352	833	737
Merger and acquisition (“M&A”) expense	0	295	0	995
Other	6,693	5,034	12,609	8,730
Total noninterest expense	57,197	48,153	113,812	94,725
Income before income tax expense	43,455	37,705	92,878	79,277
Income tax expense	9,725	8,079	20,737	16,181
NET INCOME	$ 33,730	$ 29,626	$ 72,141	$ 63,096
Basic earnings per share (“EPS”) (in dollars per share)	$ 0.62	$ 0.55	$ 1.33	$ 1.21
Diluted EPS (in dollars per share)	$ 0.62	$ 0.54	$ 1.32	$ 1.19

Securities - Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Available For Sale Amortized Cost
Due in one year or less	$ 39,708	$ 0
Due from one year to five years	43,578	53,692
Due from five years to ten years	191,277	205,911
Due after ten years	56,285	58,462
Total investment securities available for sale, single maturity date	330,848	318,065
Amortized Cost	1,071,649	1,195,694
Available For Sale Fair value
Due in one year or less	39,712	0
Due from one year to five years	44,452	54,179
Due from five years to ten years	157,406	190,406
Due after ten years	49,294	53,351
Total investment securities available for sale	290,864	297,936
Fair value	961,045	1,096,292
Held-to-Maturity Amortized Cost
Due in one year or less	0	0
Due from one year to five years	454	0
Due from five years to ten years	13,168	8,275
Due after ten years	99,141	105,382
Total investment securities held to maturity, single maturity date	112,763	113,657
Amortized Cost	182,975	186,168
Held-to-Maturity Fair Value
Due in one year or less	0	0
Due from one year to five years	440	0
Due from five years to ten years	12,744	8,129
Due after ten years	87,096	90,778
Total investment securities held to maturity	100,280	98,907
Fair value	158,767	158,781
Mortgage-backed securities and collateralized mortgage obligations
Available For Sale Amortized Cost
Amortized cost	634,343	765,864
Amortized Cost	126,547	156,408
Available For Sale Fair value
Fair value	566,365	692,617
Fair value	110,541	139,011
Held-to-Maturity Amortized Cost
Amortized cost	70,212	72,511
Amortized Cost	35,198	36,342
Held-to-Maturity Fair Value
Fair value	58,487	59,874
Asset-backed securities
Available For Sale Amortized Cost
Amortized cost	36,708	42,015
Amortized Cost	36,708	42,015
Available For Sale Fair value
Fair value	36,253	39,691
Fair value	36,253	39,691
Held-to-Maturity Amortized Cost
Amortized cost	0	0
Held-to-Maturity Fair Value
Fair value	0	0
Collateralized loan obligations
Available For Sale Amortized Cost
Amortized cost	69,750	69,750
Amortized Cost	69,750	69,750
Available For Sale Fair value
Fair value	67,563	66,048
Fair value	67,563	66,048
Held-to-Maturity Amortized Cost
Amortized cost	0	0
Held-to-Maturity Fair Value
Fair value	$ 0	$ 0

Supplemental Statement of Cash Flows (Tables)

6 Months Ended

Jun. 30, 2023

Supplemental Cash Flow Elements [Abstract]

Schedule of Other Supplemental Cash Flow Information

Other supplemental cash flow information is presented below:


	Six Months Ended June 30,
	2023		2022
	(in thousands)
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$	127,174	$	16,572
Cash paid for income taxes	23,500		10,000
Supplemental Disclosures of Non-Cash Flow Information:



Transfer of AFS debt securities to HTM debt securities	—		117,001
Net foreclosure of OREO and repossessed assets	—		1,032

Noncash assets acquired in business combination1



LHI	—		(681)






Goodwill	—		681

1 Represents adjustments to provisional estimates recorded during the six months ended June 30, 2022 for the acquisition of North Avenue Capital, LLC (“NAC”).

LHI and ACL - Past Due (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Non-Accrual and Past Due Loans
Loans	$ 9,706,139,000	$ 9,501,624,000
Total 90 days past due and still accruing	528,000	125,000
PCD
Non-Accrual and Past Due Loans
Loans	37,220,000	39,013,000
Total Past Due
Non-Accrual and Past Due Loans
Loans	80,288,000	48,300,000
30 to 59 Days
Non-Accrual and Past Due Loans
Loans	21,044,000	18,378,000
60 to 89 Days
Non-Accrual and Past Due Loans
Loans	18,823,000	5,614,000
90 Days or Greater
Non-Accrual and Past Due Loans
Loans	40,421,000	24,308,000
PPP loans excluded		669,000
Total Current
Non-Accrual and Past Due Loans
Loans	9,588,631,000	9,414,311,000
Real Estate \| Construction and land
Non-Accrual and Past Due Loans
Loans	1,659,700,000	1,787,400,000
Total 90 days past due and still accruing	0	0
Real Estate \| Construction and land \| PCD
Non-Accrual and Past Due Loans
Loans		1,544,000
Real Estate \| Construction and land \| Total Past Due
Non-Accrual and Past Due Loans
Loans	0	3,232,000
Real Estate \| Construction and land \| 30 to 59 Days
Non-Accrual and Past Due Loans
Loans	0	1,121,000
Real Estate \| Construction and land \| 60 to 89 Days
Non-Accrual and Past Due Loans
Loans	0	2,111,000
Real Estate \| Construction and land \| 90 Days or Greater
Non-Accrual and Past Due Loans
Loans	0	0
Real Estate \| Construction and land \| Total Current
Non-Accrual and Past Due Loans
Loans	1,659,700,000	1,782,624,000
Real Estate \| Farmland
Non-Accrual and Past Due Loans
Loans	51,663,000	43,500,000
Total 90 days past due and still accruing	0	0
Real Estate \| Farmland \| PCD
Non-Accrual and Past Due Loans
Loans		0
Real Estate \| Farmland \| Total Past Due
Non-Accrual and Past Due Loans
Loans	0	0
Real Estate \| Farmland \| 30 to 59 Days
Non-Accrual and Past Due Loans
Loans	0	0
Real Estate \| Farmland \| 60 to 89 Days
Non-Accrual and Past Due Loans
Loans	0	0
Real Estate \| Farmland \| 90 Days or Greater
Non-Accrual and Past Due Loans
Loans	0	0
Real Estate \| Farmland \| Total Current
Non-Accrual and Past Due Loans
Loans	51,663,000	43,500,000
Real Estate \| Residential Real Estate \| 1 - 4 family residential
Non-Accrual and Past Due Loans
Loans	923,442,000	894,456,000
Total 90 days past due and still accruing	197,000	123,000
Real Estate \| Residential Real Estate \| 1 - 4 family residential \| PCD
Non-Accrual and Past Due Loans
Loans	1,099,000	1,180,000
Real Estate \| Residential Real Estate \| 1 - 4 family residential \| Total Past Due
Non-Accrual and Past Due Loans
Loans	4,169,000	4,947,000
Real Estate \| Residential Real Estate \| 1 - 4 family residential \| 30 to 59 Days
Non-Accrual and Past Due Loans
Loans	2,867,000	4,319,000
Real Estate \| Residential Real Estate \| 1 - 4 family residential \| 60 to 89 Days
Non-Accrual and Past Due Loans
Loans	306,000	129,000
Real Estate \| Residential Real Estate \| 1 - 4 family residential \| 90 Days or Greater
Non-Accrual and Past Due Loans
Loans	996,000	499,000
Real Estate \| Residential Real Estate \| 1 - 4 family residential \| Total Current
Non-Accrual and Past Due Loans
Loans	918,174,000	888,329,000
Real Estate \| Residential Real Estate \| Multi-family residential
Non-Accrual and Past Due Loans
Loans	592,473,000	322,679,000
Total 90 days past due and still accruing	0	0
Real Estate \| Residential Real Estate \| Multi-family residential \| PCD
Non-Accrual and Past Due Loans
Loans		0
Real Estate \| Residential Real Estate \| Multi-family residential \| Total Past Due
Non-Accrual and Past Due Loans
Loans	0	1,000,000
Real Estate \| Residential Real Estate \| Multi-family residential \| 30 to 59 Days
Non-Accrual and Past Due Loans
Loans	0	1,000,000
Real Estate \| Residential Real Estate \| Multi-family residential \| 60 to 89 Days
Non-Accrual and Past Due Loans
Loans	0	0
Real Estate \| Residential Real Estate \| Multi-family residential \| 90 Days or Greater
Non-Accrual and Past Due Loans
Loans	0	0
Real Estate \| Residential Real Estate \| Multi-family residential \| Total Current
Non-Accrual and Past Due Loans
Loans	592,473,000	321,679,000
Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”)
Non-Accrual and Past Due Loans
Loans	671,602,000	715,829,000
Total 90 days past due and still accruing	0	0
Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| PCD
Non-Accrual and Past Due Loans
Loans	18,550,000	19,817,000
Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| Total Past Due
Non-Accrual and Past Due Loans
Loans	5,415,000	5,721,000
Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| 30 to 59 Days
Non-Accrual and Past Due Loans
Loans	4,225,000	3,342,000
Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| 60 to 89 Days
Non-Accrual and Past Due Loans
Loans	33,000	1,186,000
Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| 90 Days or Greater
Non-Accrual and Past Due Loans
Loans	1,157,000	1,193,000
Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| Total Current
Non-Accrual and Past Due Loans
Loans	647,637,000	690,291,000
Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”)
Non-Accrual and Past Due Loans
Loans	2,509,731,000	2,341,379,000
Total 90 days past due and still accruing	0	0
Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| PCD
Non-Accrual and Past Due Loans
Loans	14,127,000	12,748,000
Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| Total Past Due
Non-Accrual and Past Due Loans
Loans	33,539,000	26,052,000
Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| 30 to 59 Days
Non-Accrual and Past Due Loans
Loans	11,970,000	5,156,000
Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| 60 to 89 Days
Non-Accrual and Past Due Loans
Loans	0	0
Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| 90 Days or Greater
Non-Accrual and Past Due Loans
Loans	21,569,000	20,896,000
Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| Total Current
Non-Accrual and Past Due Loans
Loans	2,462,065,000	2,302,579,000
Commercial
Non-Accrual and Past Due Loans
Loans	2,850,084,000	2,942,348,000
Total 90 days past due and still accruing	302,000	0
Commercial \| PCD
Non-Accrual and Past Due Loans
Loans	3,427,000	3,701,000
Commercial \| Total Past Due
Non-Accrual and Past Due Loans
Loans	36,811,000	6,951,000
Commercial \| 30 to 59 Days
Non-Accrual and Past Due Loans
Loans	1,908,000	3,088,000
Commercial \| 60 to 89 Days
Non-Accrual and Past Due Loans
Loans	18,441,000	2,188,000
Commercial \| 90 Days or Greater
Non-Accrual and Past Due Loans
Loans	16,462,000	1,675,000
Commercial \| Total Current
Non-Accrual and Past Due Loans
Loans	2,809,846,000	2,931,696,000
MW
Non-Accrual and Past Due Loans
Loans	436,255,000	446,227,000
Total 90 days past due and still accruing	0	0
MW \| Total Past Due
Non-Accrual and Past Due Loans
Loans	208,000	0
MW \| 30 to 59 Days
Non-Accrual and Past Due Loans
Loans	0	0
MW \| 60 to 89 Days
Non-Accrual and Past Due Loans
Loans	0	0
MW \| 90 Days or Greater
Non-Accrual and Past Due Loans
Loans	208,000	0
MW \| Total Current
Non-Accrual and Past Due Loans
Loans	436,047,000	446,227,000
Consumer
Non-Accrual and Past Due Loans
Loans	11,189,000	7,806,000
Total 90 days past due and still accruing	29,000	2,000
Consumer \| PCD
Non-Accrual and Past Due Loans
Loans	17,000	23,000
Consumer \| Total Past Due
Non-Accrual and Past Due Loans
Loans	146,000	397,000
Consumer \| 30 to 59 Days
Non-Accrual and Past Due Loans
Loans	74,000	352,000
Consumer \| 60 to 89 Days
Non-Accrual and Past Due Loans
Loans	43,000	0
Consumer \| 90 Days or Greater
Non-Accrual and Past Due Loans
Loans	29,000	45,000
Consumer \| Total Current
Non-Accrual and Past Due Loans
Loans	11,026,000	7,386,000
PCD Loans
Non-Accrual and Past Due Loans
Total 90 days past due and still accruing	15,000	13,178,000
PCD Loans \| PCD
Non-Accrual and Past Due Loans
Loans	37,220,000	39,013,000
PCD Loans \| 90 Days or Greater
Non-Accrual and Past Due Loans
Total 90 days past due and still accruing	795,000	2,004,000
PCD Loans \| Real Estate \| Construction and land \| PCD
Non-Accrual and Past Due Loans
Loans	0	1,544,000
PCD Loans \| Real Estate \| Farmland \| PCD
Non-Accrual and Past Due Loans
Loans	0	0
PCD Loans \| Real Estate \| Residential Real Estate \| 1 - 4 family residential \| PCD
Non-Accrual and Past Due Loans
Loans	1,099,000	1,180,000
PCD Loans \| Real Estate \| Residential Real Estate \| Multi-family residential \| PCD
Non-Accrual and Past Due Loans
Loans	0	0
PCD Loans \| Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| PCD
Non-Accrual and Past Due Loans
Loans	18,550,000	19,817,000
PCD Loans \| Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| PCD
Non-Accrual and Past Due Loans
Loans	14,127,000	12,748,000
PCD Loans \| Commercial \| PCD
Non-Accrual and Past Due Loans
Loans	3,427,000	3,701,000
PCD Loans \| MW \| PCD
Non-Accrual and Past Due Loans
Loans	0	0
PCD Loans \| Consumer \| PCD
Non-Accrual and Past Due Loans
Loans	$ 17,000	$ 23,000

Securities - Narrative (Details) $ in Thousands	Jun. 30, 2023 USD ($) investment	Dec. 31, 2022 USD ($) investment	Jan. 01, 2022 USD ($) Security
Investments, Debt and Equity Securities [Abstract]
Number of AFS positions elected for transfer \| Security			25
Aggregate fair value of AFS transferred			$ 117,001
Net unrealized holding gain	$ 3,457	$ 3,790
Number of investment positions in an unrealized loss position \| investment	148	175

Securities - Unrealized Loss Position (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
AFS Fair Value
Less Than 12 Months	$ 169,447	$ 868,558
12 Months or More	704,207	171,941
Totals	873,654	1,040,499
AFS Unrealized Loss
Less Than 12 Months	18,056	72,521
12 Months or More	93,238	28,641
Totals	111,294	101,162
HTM Fair Value
Less Than 12 Months	24,829	111,760
12 Months or More	133,938	42,944
Totals	158,767	154,704
HTM Unrealized Loss
Less Than 12 Months	505	16,172
12 Months or More	23,703	11,221
Totals	24,208	27,393
Corporate bonds
AFS Fair Value
Less Than 12 Months	88,314	197,946
12 Months or More	97,892	15,568
Totals	186,206	213,514
AFS Unrealized Loss
Less Than 12 Months	14,686	15,697
12 Months or More	21,866	1,682
Totals	36,552	17,379
Municipal securities
AFS Fair Value
Less Than 12 Months	24,483	33,919
12 Months or More	18,682	8,813
Totals	43,165	42,732
AFS Unrealized Loss
Less Than 12 Months	351	848
12 Months or More	3,302	3,350
Totals	3,653	4,198
HTM Fair Value
Less Than 12 Months	21,077	85,671
12 Months or More	79,203	9,161
Totals	100,280	94,832
HTM Unrealized Loss
Less Than 12 Months	225	11,411
12 Months or More	12,258	3,345
Totals	12,483	14,756
Mortgage-backed securities
AFS Fair Value
Less Than 12 Months	935	115,467
12 Months or More	108,865	22,780
Totals	109,800	138,247
AFS Unrealized Loss
Less Than 12 Months	19	11,104
12 Months or More	16,002	6,317
Totals	16,021	17,421
HTM Fair Value
Less Than 12 Months	0	804
12 Months or More	28,703	28,784
Totals	28,703	29,588
HTM Unrealized Loss
Less Than 12 Months	0	85
12 Months or More	6,495	6,668
Totals	6,495	6,753
Collateralized mortgage obligations
AFS Fair Value
Less Than 12 Months	52,483	482,358
12 Months or More	403,341	71,198
Totals	455,824	553,556
AFS Unrealized Loss
Less Than 12 Months	2,853	42,553
12 Months or More	49,119	13,296
Totals	51,972	55,849
HTM Fair Value
Less Than 12 Months	3,752	25,285
12 Months or More	26,032	4,999
Totals	29,784	30,284
HTM Unrealized Loss
Less Than 12 Months	280	4,676
12 Months or More	4,950	1,208
Totals	5,230	5,884
Asset-backed securities
AFS Fair Value
Less Than 12 Months	3,232	15,195
12 Months or More	7,864	11,207
Totals	11,096	26,402
AFS Unrealized Loss
Less Than 12 Months	147	991
12 Months or More	762	1,621
Totals	909	2,612
Collateralized loan obligations
AFS Fair Value
Less Than 12 Months	0	23,673
12 Months or More	67,563	42,375
Totals	67,563	66,048
AFS Unrealized Loss
Less Than 12 Months	0	1,328
12 Months or More	2,187	2,375
Totals	$ 2,187	$ 3,703

Stock-Based Awards (Tables)

6 Months Ended

Jun. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Option Activity

A summary of option activity under the 2010 Incentive Plan for the six months ended June 30, 2023 and 2022, and changes during the periods then ended, is presented below:


	2010 Incentive Plan
	Non-Performance Based Stock Options
	Shares Underlying Options	Weighted Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	1,000	$	10.43




Outstanding and exercisable at June 30, 2022	1,000	$	10.43	1.07

Outstanding at January 1, 2023	1,000	$	10.43	1.07	$	147



Exercised	(1,000)	10.43
Outstanding and exercisable at June 30, 2023	—	$	—	—	$	—

A summary of the status of the Company’s stock options under the 2022 Equity Plan as of June 30, 2023 and 2022, and changes during the six months then ended, is as follows:


	2022 Equity Plan
	Non-performance Based Stock Options
	Shares Underlying Options	Weighted Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	710,043	$	24.38




Exercised	(38,128)	23.34
Outstanding at June 30, 2022	672,415	$	24.44	6.40
Options exercisable at June 30, 2022	541,737	$	24.53	6.14

Outstanding at January 1, 2023	657,494	$	24.47


Forfeited	(1,666)	17.38
Cancelled	(3,804)	29.13
Exercised	(17,285)	18.29
Outstanding at June 30, 2023	634,739	$	24.63	5.09 years	$	96
Options exercisable at June 30, 2023	608,739	$	24.79	5.03 years	$	93

A summary of the status of the Company’s stock options under the Veritex (Green) 2014 Plan as of June 30, 2023 and 2022, and changes during the six months then ended, is as follows:


	Veritex (Green) 2014 Plan
	Non-performance Based Stock Options
	Shares Underlying Options	Weighted Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	217,804	$	19.62




Exercised	(58,642)	19.21
Outstanding at June 30, 2022	158,372	$	19.76	5.65
Options exercisable at June 30, 2022	149,646	$	19.11	5.52

Outstanding at January 1, 2023	155,212	$	19.83



Cancelled	(505)	21.38
Exercised	(13,266)	22.74
Outstanding at June 30, 2023	141,441	$	21.86	4.28 years	$	266
Options exercisable at June 30, 2023	141,441	$	21.86	4.28 years	$	266
Weighted average fair value of options granted during the period		$	—

A summary of the status of the Company’s stock options under the Green 2010 Plan as of June 30, 2023 and 2022, and changes during the six months then ended, is as follows:


	Green 2010 Plan
	Non-performance Based Stock Options
	Shares Underlying Options	Weighted Exercise Price		Weighted Average Contractual Term	Aggregate Intrinsic Value
Outstanding at January 1, 2022	66,143	$	12.56




Exercised	(1,746)	13.20
Outstanding at June 30, 2022	64,397	$	12.55	1.70 years

Outstanding at January 1, 2023	43,162	$	13.11




Exercised	(29,630)	13.22
Outstanding at June 30, 2023	13,532	$	12.86	3.69 years	$	678,601

Schedule of Fair Value of Stock Options Exercised or Restricted Stock Units Vested

A summary of the fair value of the Company’s stock options exercised under the 2010 Incentive Plan for the six months ended June 30, 2023 and 2022 is presented below:


	Fair Value of Options Exercised as of June 30,
	2023		2022
Nonperformance-based stock options exercised	$	16	$	—

A summary of the fair value of the Company’s stock options exercised, RSUs and PSUs vested under the 2022 Equity Plan during the six months ended June 30, 2023 and 2022 is presented below:


	Fair Value of Options Exercised or RSUs Vested in the Six Months Ended June 30,
	2023	2022
Non-performance-based stock options exercised	66	1,562
RSUs vested	3,125	3,325
PSUs vested	1,070	2,270

A summary of the fair value of the Company’s stock options exercised and RSUs vested under the Veritex (Green) 2014 Plan during the six months ended June 30, 2023 and 2022 presented below:


	Fair Value of Options Exercised or RSUs Vested in the Six Months Ended June 30,
	2023		2022
Non-performance-based stock options exercised	$	18	$	2,229
RSUs vested	2,091		718
PSU vested	227		624

A summary of the fair value of the Company’s stock options exercised under the Green 2010 Plan during the six months ended June 30, 2023 and 2022 presented below:


	Fair Value of Options Exercised as of June 30,
	2023	2022
Nonperformance-based stock options exercised	365	—

Schedule of Share-based Compensation Expense

Stock compensation expense for options, RSUs and PSUs granted under the 2022 Equity Plan and the Veritex (Green) 2014 Plan were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
2022 Equity Plan	$	2,680	$	2,444	$	5,145	$	5,348
Veritex (Green) 2014 Plan	487		200		909		614

Summary of Status of the Company's Restricted Shares or Restricted Stock Units

A summary of the status of the Company’s RSUs under the 2022 Equity Plan as of June 30, 2023 and 2022, and changes during the six months then ended, is as follows:


	2022 Equity Plan
	Non-performance-Based
	RSUs
	Units	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2022	598,051	$	23.39
Granted	238,455	38.91

Vested into shares	(112,695)	25.76
Forfeited	(6,142)	31.22
Outstanding at June 30, 2022	717,669	$	28.14

Outstanding at January 1, 2023	955,104	$	28.38
Granted	273,086	27.84

Vested into shares	(184,337)	29.87
Forfeited	(22,887)	32.30
Outstanding at June 30, 2023	1,020,966	$	27.88

A summary of the status of the Company’s PSUs under the 2022 Equity Plan as of June 30, 2023 and 2022, and changes during the six months then ended, is as follows:


	2022 Equity Plan
	Performance-Based
	PSUs
	Units	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2022	156,471	$	24.17
Granted	39,429	40.38
Incremental PSUs granted upon performance conditions met	31,655	—
Vested into shares	(94,991)	21.49
Forfeited	—	—
Outstanding at June 30, 2022	132,564	$	30.15

Outstanding at January 1, 2023	126,707	$	31.19
Granted	53,310	27.55

Vested into shares	(41,781)	26.42
Forfeited	(8,468)	30.90
Outstanding at June 30, 2023	129,768	$	30.28

A summary of the status of the Company’s RSUs under the Veritex (Green) 2014 Plan as of June 30, 2023 and 2022 and changes during the six months then ended, is as follows:


	Veritex (Green) 2014 Plan
	Non-performance-Based
	RSUs
	Units	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2022	122,784	$	21.13
Granted	4,231	40.38
Vested into shares	(32,931)	21.80
Forfeited	(4,922)	29.13
Outstanding at June 30, 2022	89,162	$	21.55

Outstanding at January 1, 2023	86,233	$	21.09

Vested into shares	(19,282)	29.66
Forfeited	(2,232)	29.13
Outstanding at June 30, 2023	64,719	$	18.26

A summary of the status of the Company’s PSUs under the Veritex (Green) 2014 Plan as of June 30, 2023 and 2022 and changes during the six months then ended, is as follows:


	Veritex (Green) 2014 Plan
	Performance-Based
	PSUs
	Units	Weighted Average Grant Date Fair Value
Outstanding at January 1, 2022	35,899	$	22.26
Granted	4,411	40.38
Incremental PSUs granted upon performance condition met	10,566	—
Vested into shares	(31,703)	19.69

Outstanding at June 30, 2022	19,173	$	29.26

Outstanding at January 1, 2023	19,173	$	30.74


Vested into shares	(8,531)	25.94

Outstanding at June 30, 2023	10,642	$	31.93

Stock-Based Awards - 2022 Equity Plan - RSUs and PSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Units
Incremental PSUs granted upon performance condition met (in shares)		10,566
Weighted Average Grant Date Fair Value
Incremental PSUs granted upon performance condition met (in dollars per share)		$ 0
RSUs \| 2022 Equity Plan
Units
Outstanding at the beginning of the period (in shares)	955,104	598,051
Granted (in shares)	273,086	238,455
Vested into shares (in shares)	(184,337)	(112,695)
Forfeited (in shares)	(22,887)	(6,142)
Outstanding at the end of the period (in shares)	1,020,966	717,669
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 28.38	$ 23.39
Granted (in dollars per share)	27.84	38.91
Vested into shares (in dollars per share)	29.87	25.76
Forfeited (in dollars per share)	32.30	31.22
Outstanding at the end of the period (in dollars per share)	$ 27.88	$ 28.14
Additional disclosures
Equity instrument other than option, units vested	$ 3,125	$ 3,325
PSUs \| 2022 Equity Plan
Units
Outstanding at the beginning of the period (in shares)	126,707	156,471
Granted (in shares)	53,310	39,429
Vested into shares (in shares)	(41,781)	(94,991)
Incremental PSUs granted upon performance condition met (in shares)		31,655
Forfeited (in shares)	(8,468)	0
Outstanding at the end of the period (in shares)	129,768	132,564
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 31.19	$ 24.17
Granted (in dollars per share)	27.55	40.38
Incremental PSUs granted upon performance condition met (in dollars per share)		0
Vested into shares (in dollars per share)	26.42	21.49
Forfeited (in dollars per share)	30.90	0
Outstanding at the end of the period (in dollars per share)	$ 30.28	$ 30.15
Additional disclosures
Equity instrument other than option, units vested	$ 1,070	$ 2,270
Restricted Stock Units and Performance Stock Based Units \| 2022 Equity Plan
Additional disclosures
Unrecognized compensation expense	$ 2,730	16,855	$ 3,825
Requisite service period to recognize compensation cost (in years)	10 months 24 days
Non Performance Based Stock Options \| 2022 Equity Plan
Additional disclosures
Unrecognized compensation expense	$ 75	50	$ 172
Requisite service period to recognize compensation cost (in years)	3 days
Non-performance-based stock options exercised	$ 66	$ 1,562

Fair Value (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The following table summarizes assets measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:


	June 30, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Financial Assets:
AFS debt securities	$	—	$	961,045	$	—	$	961,045
Equity securities with a readily determinable fair value	9,761		—		—		9,761

LHFS(1)	—		28,691		—		28,691
Interest rate swap designated as hedging instruments	—		25,041		—		25,041
Correspondent interest rate swaps not designated as hedging instruments	—		41,369		—		41,369
Customer interest rate swaps not designated as hedging instruments	—		479		—		479
Correspondent interest rate caps and collars not designated as hedging instruments	—		2,152		—		2,152

Financial Liabilities:
Interest rate swap designated as hedging instruments	$	—	$	55,057	$	—	$	55,057
Correspondent interest rate swaps not designated as hedging instruments	—		581		—		581
Customer interest rate swaps not designated as hedging instruments	—		40,755		—		40,755

Customer interest rate caps and collars not designated as hedging instruments	—		2,152		—		2,152

1) Represents LHFS elected to be carried at fair value.


	December 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Financial Assets:
AFS debt securities	$	—	$	1,096,292	$	—	$	1,096,292
Equity securities with a readily determinable fair value	9,792		—		—		9,792
PPP loans	—		—		1,995		1,995
LHFS(1)	—		19,775		—		19,775
Interest rate swap designated as hedging instruments	—		26,523		—		26,523
Correspondent interest rate swaps not designated as hedging instruments	—		38,839		—		38,839
Customer interest rate swaps not designated as hedging instruments	—		1,004		—		1,004
Correspondent interest rate caps and collars not designated as hedging instruments	—		1,494		—		1,494
Financial Liabilities:
Interest rate swap designated as hedging instruments	$	—	$	54,171	$	—	$	54,171
Correspondent interest rate swaps not designated as hedging instruments	—		1,126		—		1,126
Customer interest rate swaps not designated as hedging instruments	—		38,188		—		38,188
Customer interest rate caps and collars not designated as hedging instruments	—		1,494		—		1,494

(1) Represents LHFS elected to be carried at fair value upon origination or acquisition..

Schedule of Assets Measured at Fair Value on a Non-Recurring Basis

The following table summarizes assets measured at fair value on a non-recurring basis as of June 30, 2023 and December 31, 2022, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:


	Fair Value Measurements Using
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
As of June 30, 2023
Assets:
Collateral dependent loans with an ACL	$	—	$	—	$	7,674	$	7,674
Servicing assets with a valuation allowance	—		—		7,396		7,396
As of December 31, 2022
Assets:
Collateral dependent loans with an ACL	$	—	$	—	$	7,969	$	7,969
Servicing assets with a valuation allowance	—		—		10,984		10,984

Schedule of Estimated Fair Values and Carrying Values of All Financial Instruments

The estimated fair values and carrying values of all financial instruments not measured at fair value on a recurring basis under current authoritative guidance as of June 30, 2023 and December 31, 2022 were as follows:


			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
June 30, 2023
Financial assets:
Cash and cash equivalents	$	663,921	$	—	$	663,921	$	—
HTM debt securities	182,975		—		158,767		—

LHFS(1)	1,185		—		—		1,185


LHI(2)	9,583,614		—		—		9,386,165
Accrued interest receivable	42,637		—		42,637		—
BOLI	84,375		—		84,375		—
Servicing asset	7,527		—		7,527		—
Equity securities without a readily determinable fair value	11,098		N/A		N/A		N/A
FHLB and FRB stock	117,017		N/A		N/A		N/A
Financial liabilities:
Deposits	$	9,233,909	$	—	$	8,414,776	$	—
Advances from FHLB	1,325,000		—		1,324,267		—
Accrued interest payable	29,511		—		29,511		—
Subordinated debentures and subordinated notes	229,279		—		229,279		—


December 31, 2022
Financial assets:
Cash and cash equivalents	$	436,077	$	—	$	436,077	$	—
HTM debt securities	186,168		—		158,781		—
Securities purchased under agreements to resell	—		—		—		—
LHFS(1)	866		—		866		—

LHI(2)	9,399,614		—		—		9,163,616
Accrued interest receivable	44,035		—		44,035		—
BOLI	84,496		—		84,496		—
Servicing asset	3,896		—		3,896		—
Equity securities without a readily determinable fair value	10,072		N/A		N/A		N/A
FHLB and FRB stock	101,568		N/A		N/A		N/A
Financial liabilities:
Deposits	$	9,123,234	$	—	$	8,341,419	$	—
Advances from FHLB	1,175,000		—		1,156,852		—
Accrued interest payable	8,795		—		8,795		—
Subordinated debentures and subordinated notes	228,775		—		228,775		—
Securities sold under agreement to repurchase	—		—		—		—

(1) LHFS represent mortgage LHFS that are carried at lower of cost or market.

(2) LHI includes MW and is carried at amortized cost.

Summary of Significant Accounting Policies - Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 33,730	$ 29,626	$ 72,141	$ 63,096
Denominator:
Weighted average shares outstanding for basic EPS (in shares)	54,247	53,949	54,199	52,331
Dilutive effect of employee stock based awards (in shares)	239	697	347	790
Adjusted weighted average shares outstanding (in shares)	54,486	54,646	54,546	53,121
EPS:
Basic (in dollars per share)	$ 0.62	$ 0.55	$ 1.33	$ 1.21
Diluted (in dollars per share)	$ 0.62	$ 0.54	$ 1.32	$ 1.19

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 28: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B

Reference 32: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 34: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
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Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 230
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-Name Accounting Standards Codification
-Section 45
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1A
-Subparagraph (a)
-Publisher FASB
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
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-Name Accounting Standards Codification
-Section 45
-Paragraph 1B
-Subparagraph (a)
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Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef
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-Paragraph 2
-Subparagraph (SX 210.5-03(20))
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Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
ASSETS
Cash and due from banks	$ 53,166	$ 60,551
Interest bearing deposits in other banks	610,755	375,526
Total cash and cash equivalents	663,921	436,077
Debt securities available-for-sale (“AFS”), at fair value	961,045	1,096,292
Debt securities held-to-maturity (“HTM”) (fair value of $158,767 and $158,781, at June 30, 2023 and December 31, 2022, respectively)	182,975	186,168
Equity securities	20,859	19,864
Investment in unconsolidated subsidiaries	1,018	1,018
Federal Home Loan Bank of Dallas (“FHLB”) Stock and Federal Reserve Bank (“FRB”) Stock	117,017	101,568
Total investments	1,282,914	1,404,910
Loans held for sale (“LHFS”)	29,876	20,641
Loans held for investment (“LHI”), mortgage warehouse (“MW”)	436,255	446,227
LHI, excluding MW	9,257,183	9,036,424
Less: Allowance for credit losses (“ACL”)	(102,150)	(91,052)
Total LHI, net	9,591,288	9,391,599
Bank-owned life insurance (“BOLI”)	84,375	84,496
Premises and equipment, net	105,986	108,824
Intangible assets, net of accumulated amortization	48,293	53,213
Goodwill	404,452	404,452
Other assets	259,263	250,149
Total assets	12,470,368	12,154,361
Deposits:
Noninterest-bearing deposits	2,234,109	2,640,617
Interest-bearing transaction and savings deposits	3,590,253	3,514,729
Certificates and other time deposits	2,928,949	2,086,642
Correspondent money market deposits	480,598	881,246
Total deposits	9,233,909	9,123,234
Accounts payable and other liabilities	190,900	177,579
Advances from FHLB	1,325,000	1,175,000
Subordinated debentures and subordinated notes	229,279	228,775
Total liabilities	10,979,088	10,704,588
Stockholders’ equity:
Common stock, $0.01 par value: Authorized shares - 75,000,000 Issued shares - 60,898,886 and 60,668,049 at June 30, 2023 and December 31, 2022, respectively	609	607
Additional paid-in capital (“APIC”)	1,311,687	1,306,852
Retained earnings	429,753	379,299
Accumulated other comprehensive (loss) income (“AOCI”)	(83,187)	(69,403)
Treasury stock, 6,638,094 and 6,638,094 shares at cost at June 30, 2023 and December 31, 2022, respectively	(167,582)	(167,582)
Total stockholders’ equity	1,491,280	1,449,773
Total liabilities and stockholders’ equity	$ 12,470,368	$ 12,154,361

Fair Value

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value


	June 30, 2023
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Financial Assets:
AFS debt securities	$	—	$	961,045	$	—	$	961,045
Equity securities with a readily determinable fair value	9,761		—		—		9,761

LHFS(1)	—		28,691		—		28,691
Interest rate swap designated as hedging instruments	—		25,041		—		25,041
Correspondent interest rate swaps not designated as hedging instruments	—		41,369		—		41,369
Customer interest rate swaps not designated as hedging instruments	—		479		—		479
Correspondent interest rate caps and collars not designated as hedging instruments	—		2,152		—		2,152

Financial Liabilities:
Interest rate swap designated as hedging instruments	$	—	$	55,057	$	—	$	55,057
Correspondent interest rate swaps not designated as hedging instruments	—		581		—		581
Customer interest rate swaps not designated as hedging instruments	—		40,755		—		40,755

Customer interest rate caps and collars not designated as hedging instruments	—		2,152		—		2,152

1) Represents LHFS elected to be carried at fair value.


	December 31, 2022
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
Financial Assets:
AFS debt securities	$	—	$	1,096,292	$	—	$	1,096,292
Equity securities with a readily determinable fair value	9,792		—		—		9,792
PPP loans	—		—		1,995		1,995
LHFS(1)	—		19,775		—		19,775
Interest rate swap designated as hedging instruments	—		26,523		—		26,523
Correspondent interest rate swaps not designated as hedging instruments	—		38,839		—		38,839
Customer interest rate swaps not designated as hedging instruments	—		1,004		—		1,004
Correspondent interest rate caps and collars not designated as hedging instruments	—		1,494		—		1,494
Financial Liabilities:
Interest rate swap designated as hedging instruments	$	—	$	54,171	$	—	$	54,171
Correspondent interest rate swaps not designated as hedging instruments	—		1,126		—		1,126
Customer interest rate swaps not designated as hedging instruments	—		38,188		—		38,188
Customer interest rate caps and collars not designated as hedging instruments	—		1,494		—		1,494

(1) Represents LHFS elected to be carried at fair value upon origination or acquisition..

There were no transfers between Level 2 and Level 3 during the six months ended June 30, 2023 and December 31, 2022.


	Fair Value Measurements Using
	Level 1 Inputs		Level 2 Inputs		Level 3 Inputs		Total Fair Value
As of June 30, 2023
Assets:
Collateral dependent loans with an ACL	$	—	$	—	$	7,674	$	7,674
Servicing assets with a valuation allowance	—		—		7,396		7,396
As of December 31, 2022
Assets:
Collateral dependent loans with an ACL	$	—	$	—	$	7,969	$	7,969
Servicing assets with a valuation allowance	—		—		10,984		10,984

At June 30, 2023, collateral dependent loans with an allowance had a recorded investment of $10,410, with $2,736 specific allowance for credit loss allocated. At December 31, 2022, collateral dependent loans with an allowance had a carrying value of $10,632, with $2,663 of specific allowance for credit loss allocated.

At June 30, 2023, servicing assets of $8,985 had a valuation allowance totaling $1,589. At December 31, 2022, servicing assets of $13,435 had a valuation allowance totaling $2,451.

There were no liabilities measured at fair value on a non-recurring basis as of June 30, 2023 or December 31, 2022.

Fair Value of Financial Instruments

The Company’s methods of determining fair value of financial instruments in this Note are consistent with its methodologies disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022. Please refer to Note 17 in the Company’s Annual Report on Form 10-K for information on these methods.


			Fair Value
	Carrying Amount		Level 1		Level 2		Level 3
June 30, 2023
Financial assets:
Cash and cash equivalents	$	663,921	$	—	$	663,921	$	—
HTM debt securities	182,975		—		158,767		—

LHFS(1)	1,185		—		—		1,185


LHI(2)	9,583,614		—		—		9,386,165
Accrued interest receivable	42,637		—		42,637		—
BOLI	84,375		—		84,375		—
Servicing asset	7,527		—		7,527		—
Equity securities without a readily determinable fair value	11,098		N/A		N/A		N/A
FHLB and FRB stock	117,017		N/A		N/A		N/A
Financial liabilities:
Deposits	$	9,233,909	$	—	$	8,414,776	$	—
Advances from FHLB	1,325,000		—		1,324,267		—
Accrued interest payable	29,511		—		29,511		—
Subordinated debentures and subordinated notes	229,279		—		229,279		—


December 31, 2022
Financial assets:
Cash and cash equivalents	$	436,077	$	—	$	436,077	$	—
HTM debt securities	186,168		—		158,781		—
Securities purchased under agreements to resell	—		—		—		—
LHFS(1)	866		—		866		—

LHI(2)	9,399,614		—		—		9,163,616
Accrued interest receivable	44,035		—		44,035		—
BOLI	84,496		—		84,496		—
Servicing asset	3,896		—		3,896		—
Equity securities without a readily determinable fair value	10,072		N/A		N/A		N/A
FHLB and FRB stock	101,568		N/A		N/A		N/A
Financial liabilities:
Deposits	$	9,123,234	$	—	$	8,341,419	$	—
Advances from FHLB	1,175,000		—		1,156,852		—
Accrued interest payable	8,795		—		8,795		—
Subordinated debentures and subordinated notes	228,775		—		228,775		—
Securities sold under agreement to repurchase	—		—		—		—

(1) LHFS represent mortgage LHFS that are carried at lower of cost or market.

(2) LHI includes MW and is carried at amortized cost.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

LHI and ACL - Servicing Assets (Details) - USD ($)	3 Months Ended		6 Months Ended
LHI and ACL - Servicing Assets (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Servicing Asset at Amortized Cost [Line Items]
Servicing asset	$ 587,529,000	$ 520,593,000	$ 587,529,000	$ 520,593,000
Summary of changes in related servicing assets
Balance at beginning of period	15,248,000	18,168,000	14,880,000	17,705,000
Increase from loan sales	814,000	207,000	1,773,000	1,698,000
Servicing asset net recoveries, (net impairment)	438,000	(1,603,000)	862,000	(1,883,000)
Amortization charged as a reduction to income	(1,577,000)	(1,092,000)	(2,592,000)	(1,840,000)
Balance at end of period	14,923,000	15,680,000	14,923,000	15,680,000
Valuation allowance recorded	(1,589,000)	(2,511,000)	(1,589,000)	(2,511,000)
Proceeds from sale of loans			34,273,000	44,115,000
Gain on sale of loans			46,000	530,000
SBA LHI
Summary of changes in related servicing assets
Proceeds from sale of loans	590,000	11,511,000	6,930,000	15,886,000
Gain on sale of loans	431,000	1,186,000	579,000	1,719,000
USDA LHI
Summary of changes in related servicing assets
Proceeds from sale of loans	18,638,000	500,000	62,640,000	20,500,000
Gain on sale of loans	2,679,000	$ 80,000	9,663,000	$ 3,708,000
Interest-only strip
Summary of changes in related servicing assets
Interest receivable	$ 0		$ 0		$ 0

Derivative Financial Instruments - Summary of Interest Rate Swaps Outstanding (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Derivative [Line Items]
Notional Amount	$ 3,245,984	$ 2,922,362
Non-hedging derivatives
Derivative [Line Items]
Notional Amount	1,970,984	1,747,362
Non-hedging derivatives \| Commercial customer counterparty \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 874,222	$ 805,311
Maturity (in years)	4 years 7 months 6 days	5 years 1 month 6 days
Fair Value	$ (40,276)	$ (37,183)
Non-hedging derivatives \| Commercial customer counterparty \| Interest rate caps and corridors
Derivative [Line Items]
Notional Amount	$ 111,270	$ 68,370
Maturity (in years)	1 year 3 months 18 days	1 year 9 months 18 days
Fair Value	$ (2,152)	$ (1,494)
Non-hedging derivatives \| Commercial customer counterparty \| LIBOR \| Interest rate caps and corridors
Derivative [Line Items]
Floating Rate	0.00%
Non-hedging derivatives \| Commercial customer counterparty \| Minimum \| Interest rate swaps
Derivative [Line Items]
Fixed Rate	2.41%	2.41%
Non-hedging derivatives \| Commercial customer counterparty \| Minimum \| Interest rate caps and corridors
Derivative [Line Items]
Fixed Rate	3.50%	3.50%
Non-hedging derivatives \| Commercial customer counterparty \| Minimum \| LIBOR \| Interest rate swaps
Derivative [Line Items]
Floating Rate	3.00%	2.80%
Non-hedging derivatives \| Commercial customer counterparty \| Minimum \| LIBOR \| Interest rate caps and corridors
Derivative [Line Items]
Floating Rate		0.00%
Non-hedging derivatives \| Commercial customer counterparty \| Minimum \| Secured Overnight Financing Rate (SOFR) - CME \| Interest rate swaps
Derivative [Line Items]
Floating Rate	0.00%	0.00%
Non-hedging derivatives \| Commercial customer counterparty \| Minimum \| Secured Overnight Financing Rate (SOFR) - NYFD \| Interest rate swaps
Derivative [Line Items]
Floating Rate	2.50%	2.50%
Non-hedging derivatives \| Commercial customer counterparty \| Maximum \| Interest rate swaps
Derivative [Line Items]
Fixed Rate	7.37%	8.47%
Non-hedging derivatives \| Commercial customer counterparty \| Maximum \| Interest rate caps and corridors
Derivative [Line Items]
Fixed Rate	5.90%
Non-hedging derivatives \| Commercial customer counterparty \| Maximum \| LIBOR \| Interest rate swaps
Derivative [Line Items]
Floating Rate	5.00%	5.00%
Non-hedging derivatives \| Commercial customer counterparty \| Maximum \| Secured Overnight Financing Rate (SOFR) - CME \| Interest rate swaps
Derivative [Line Items]
Floating Rate	3.80%	3.80%
Non-hedging derivatives \| Commercial customer counterparty \| Maximum \| Secured Overnight Financing Rate (SOFR) - NYFD \| Interest rate swaps
Derivative [Line Items]
Floating Rate	3.00%	3.00%
Non-hedging derivatives \| Financial institution counterparty \| Interest rate swaps
Derivative [Line Items]
Notional Amount	$ 874,222	$ 805,311
Maturity (in years)	4 years 7 months 6 days	5 years 1 month 6 days
Fair Value	$ 40,788	$ 37,713
Non-hedging derivatives \| Financial institution counterparty \| Interest rate caps and corridors
Derivative [Line Items]
Notional Amount	$ 111,270	$ 68,370
Maturity (in years)	1 year 3 months 18 days	1 year 9 months 18 days
Fair Value	$ 2,152	$ 1,494
Non-hedging derivatives \| Financial institution counterparty \| Minimum \| Interest rate swaps
Derivative [Line Items]
Fixed Rate	2.41%	2.41%
Non-hedging derivatives \| Financial institution counterparty \| Minimum \| Interest rate caps and corridors
Derivative [Line Items]
Fixed Rate	3.50%	3.50%
Non-hedging derivatives \| Financial institution counterparty \| Minimum \| LIBOR \| Interest rate swaps
Derivative [Line Items]
Floating Rate	3.00%	2.80%
Non-hedging derivatives \| Financial institution counterparty \| Minimum \| LIBOR \| Interest rate caps and corridors
Derivative [Line Items]
Floating Rate	0.00%	0.00%
Non-hedging derivatives \| Financial institution counterparty \| Minimum \| Secured Overnight Financing Rate (SOFR) - CME \| Interest rate swaps
Derivative [Line Items]
Floating Rate	0.00%	0.00%
Non-hedging derivatives \| Financial institution counterparty \| Minimum \| Secured Overnight Financing Rate (SOFR) - NYFD \| Interest rate swaps
Derivative [Line Items]
Floating Rate	2.50%	2.50%
Non-hedging derivatives \| Financial institution counterparty \| Maximum \| Interest rate swaps
Derivative [Line Items]
Fixed Rate	7.37%	8.47%
Non-hedging derivatives \| Financial institution counterparty \| Maximum \| Interest rate caps and corridors
Derivative [Line Items]
Fixed Rate	5.90%
Non-hedging derivatives \| Financial institution counterparty \| Maximum \| LIBOR \| Interest rate swaps
Derivative [Line Items]
Floating Rate	5.00%	5.00%
Non-hedging derivatives \| Financial institution counterparty \| Maximum \| Secured Overnight Financing Rate (SOFR) - CME \| Interest rate swaps
Derivative [Line Items]
Floating Rate	3.80%	3.80%
Non-hedging derivatives \| Financial institution counterparty \| Maximum \| Secured Overnight Financing Rate (SOFR) - NYFD \| Interest rate swaps
Derivative [Line Items]
Floating Rate	3.00%	3.00%

Stock-Based Awards - Veritex (Green) 2014 Plan - Fair Value Options Exercised and Restricted Stock Units Vested (Details) - Veritex (Green) 2014 Plan - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Non Performance Based Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-performance-based stock options exercised	$ 18	$ 2,229
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instrument other than option, units vested	2,091	718
PSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Equity instrument other than option, units vested	$ 227	$ 624

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
NET INCOME	$ 33,730	$ 29,626	$ 72,141	$ 63,096

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Stock-Based Awards - 2022 Equity Plan - Options (Details) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares
Shares Underlying Options
Options exercisable at end of period (in shares) \| shares	0	1,000
Weighted Exercise Price
Options exercisable at end of period (in dollars per share) \| $ / shares	$ 0	$ 10.43
Weighted Average Contractual Term
Exercisable		1 year 25 days
Aggregate Intrinsic Value
Exercisable \| $	$ 0
Non Performance Based Stock Options
Shares Underlying Options
Outstanding at the end of period (in shares) \| shares		1,000
Weighted Exercise Price
Outstanding at the end of period (in dollars per share) \| $ / shares		$ 10.43
Weighted Average Contractual Term
Outstanding (years)		1 year 25 days
2022 Equity Plan \| Non Performance Based Stock Options
Shares Underlying Options
Outstanding at beginning of period (in shares) \| shares	657,494	710,043	710,043
Forfeited (in shares) \| shares	(1,666)
Cancelled (in shares) \| shares	(3,804)
Exercised (in shares) \| shares	(17,285)	(38,128)
Outstanding at the end of period (in shares) \| shares	634,739	672,415	657,494
Options exercisable at end of period (in shares) \| shares	608,739	541,737
Weighted Exercise Price
Outstanding at beginning of period (in dollars per share) \| $ / shares	$ 24.47	$ 24.38	$ 24.38
Forfeited (in dollars per share) \| $ / shares	17.38
Cancelled (in dollars per share) \| $ / shares	29.13
Exercised (in dollars per share) \| $ / shares	18.29	23.34
Outstanding at the end of period (in dollars per share) \| $ / shares	24.63	24.44	$ 24.47
Options exercisable at end of period (in dollars per share) \| $ / shares	$ 24.79	$ 24.53
Weighted Average Contractual Term
Outstanding (years)	5 years 1 month 2 days	6 years 4 months 24 days
Exercisable	5 years 10 days	6 years 1 month 20 days
Aggregate Intrinsic Value
Outstanding (in dollars) \| $	$ 96
Exercisable \| $	93
Unrecognized compensation expense \| $	$ 75	$ 50	$ 172
Requisite service period to recognize compensation cost (in years)	3 days

LHI and ACL - Collateral Dependent Loans (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Servicing Asset at Amortized Cost [Line Items]
Loans	$ 9,706,139		$ 9,501,624
ACL Allocation	102,150	$ 98,694	91,052	$ 80,576	$ 72,485	$ 77,754
Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”)
Servicing Asset at Amortized Cost [Line Items]
Loans	671,602		715,829
ACL Allocation	7,519	8,813	8,707	7,609	7,423	9,215
Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”)
Servicing Asset at Amortized Cost [Line Items]
Loans	2,509,731		2,341,379
ACL Allocation	27,875	26,238	26,704	27,772	26,954	30,548
Commercial
Servicing Asset at Amortized Cost [Line Items]
Loans	2,850,084		2,942,348
ACL Allocation	34,197	32,717	30,142	24,374	20,084	21,632
Consumer
Servicing Asset at Amortized Cost [Line Items]
Loans	11,189		7,806
ACL Allocation	328	$ 419	112	$ 134	$ 722	$ 233
Real Property
Servicing Asset at Amortized Cost [Line Items]
Loans	36,579		23,344
Real Property \| Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”)
Servicing Asset at Amortized Cost [Line Items]
Loans	1,157		1,193
Real Property \| Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”)
Servicing Asset at Amortized Cost [Line Items]
Loans	32,897		20,896
Real Property \| Commercial
Servicing Asset at Amortized Cost [Line Items]
Loans	2,317		1,240
Real Property \| Mortgage warehouse
Servicing Asset at Amortized Cost [Line Items]
Loans	208		0
Real Property \| Consumer
Servicing Asset at Amortized Cost [Line Items]
Loans	0		15
Collateralized
Servicing Asset at Amortized Cost [Line Items]
ACL Allocation	2,736		2,663
Collateralized \| Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”)
Servicing Asset at Amortized Cost [Line Items]
ACL Allocation	0		129
Collateralized \| Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”)
Servicing Asset at Amortized Cost [Line Items]
ACL Allocation	1,939		2,138
Collateralized \| Commercial
Servicing Asset at Amortized Cost [Line Items]
ACL Allocation	589		396
Collateralized \| Mortgage warehouse
Servicing Asset at Amortized Cost [Line Items]
ACL Allocation	208		0
Collateralized \| Consumer
Servicing Asset at Amortized Cost [Line Items]
ACL Allocation	$ 0		$ 0

Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Balance Sheet

The notional amounts and estimated fair values as of June 30, 2023 and December 31, 2022 are as shown in the table below.


	June 30, 2023						December 31, 2022
			Estimated Fair Value						Estimated Fair Value
	Notional Amount		Asset Derivative		Liability Derivative		Notional Amount		Asset Derivative		Liability Derivative
Derivatives designated as hedging instruments (cash flow hedges):
Interest rate swap on money market deposit account payments	$	250,000	$	18,627	$	—	$	250,000	$	21,234	$	—
Interest rate swaps on customer loan interest payments	375,000		—		48,297		375,000		—		49,211
Interest rate collars on customer loan interest payments	450,000		1,087		6,760		450,000		3,267		4,960
Interest rate floor on customer loan interest payments	200,000		5,327		—		100,000		2,022		—
Total derivatives designated as hedging instruments	$	1,275,000	$	25,041	$	55,057	$	1,175,000	$	26,523	$	54,171

Derivatives not designated as hedging instruments:
Financial institution counterparty:
Interest rate swaps	$	874,222	$	41,369	$	581	$	805,311	$	38,839	$	1,126
Interest rate caps and corridors	111,270		2,152		—		68,370		1,494		—
Commercial customer counterparty:
Interest rate swaps	874,222		479		40,755		805,311		1,004		38,188
Interest rate caps and corridors	111,270		—		2,152		68,370		—		1,494
Total derivatives not designated as hedging instruments	$	1,970,984	$	44,000	$	43,488	$	1,747,362	$	41,337	$	40,808
Offsetting derivative assets/liabilities	—		(33,158)		(33,158)		—		(30,982)		(30,982)
Total derivatives	$	3,245,984	$	35,883	$	65,387	$	2,922,362	$	36,878	$	63,997

Derivative Instruments, (Loss) Gain

Pre-tax (loss) gain included in the consolidated statements of income and related to derivative instruments for the three and six months ended June 30, 2023 and 2022 were as follows.


	For the Three Months Ended June 30, 2023						For the Three Months Ended June 30, 2022
	(Loss) gain recognized in other comprehensive income on derivative		Gain (loss) reclassified from accumulated other comprehensive income into income		Location of (loss) gain reclassified from accumulated other comprehensive income into income		(Loss) gain recognized in other comprehensive income on derivative		Gain reclassified from accumulated other comprehensive income into income		Location of (loss) gain reclassified from accumulated other comprehensive income into income
Derivatives designated as hedging instruments (cash flow hedges):
Interest rate swap on borrowing advances	$	(1,094)	$	1,094	Interest Expense		$	(1,094)	$	1,094	Interest Expense
Interest rate swap on money market deposit account payments	1,370		2,866		Interest Expense		2,323		229		Interest Expense
Interest rate swaps, collars and floors on customer loan interest payments	(15,309)		(4,706)		Interest Income		(12,801)		499		Interest Income
Total	$	(15,033)	$	(746)			$	(11,572)	$	1,822

					Net gain recognized in other noninterest income						Net gain recognized in other noninterest income
Derivatives not designated as hedging instruments:
Interest rate swaps, caps and collars					$	983					$	1,407


	For the Six Months Ended June 30, 2023						For the Six Months Ended June 30, 2022
	(Loss) gain recognized in other comprehensive income on derivative		Gain (loss) reclassified from accumulated other comprehensive income into income		Location of (loss) gain reclassified from accumulated other comprehensive income into income		Gain (loss) recognized in other comprehensive income on derivative		(Loss) gain reclassified from accumulated other comprehensive income into income		Location of (loss) gain reclassified from accumulated other comprehensive income into income
Derivatives designated as hedging instruments (cash flow hedges):
Interest rate swap on borrowing advances	$	(2,176)	$	2,176	Interest Expense		$	(1,358)	$	1,358	Interest Expense
Interest rate swap on money market deposit account payments	(2,607)		5,434		Interest Expense		11,712		58		Interest Expense
Interest rate swaps, collars and floors on customer loan interest payments	(3,171)		(8,513)		Interest Income		(35,307)		1,577		Interest Income
Total	$	(7,954)	$	(903)			$	(24,953)	$	2,993

					Net gain recognized in other noninterest income						Net gain recognized in other noninterest income
Derivatives not designated as hedging instruments:
Interest rate swaps, caps and collars					$	1,196					$	2,126

Schedule of Derivative Instruments Outstanding

The following is a summary of the interest rate swaps, caps and collars outstanding as of June 30, 2023 and December 31, 2022.


	June 30, 2023
	Notional Amount		Fixed Rate	Floating Rate	Maturity	Fair Value
Non-hedging derivative instruments:
Customer interest rate derivative:
Interest rate swaps - receive fixed/pay floating	$	874,222	2.41% - 7.37%	LIBOR 1 month + 3.0% - 5.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0%	Wtd. Avg. 4.6 years	$	(40,276)
Interest rate caps and corridors	$	111,270	3.50% - 5.90%	SOFR CME 1 month + 0.0%	Wtd. Avg. 1.3 years	$	(2,152)

Correspondent interest rate derivative:
Interest rate swaps - pay fixed/receive floating	$	874,222	2.41% - 7.37%	LIBOR 1 month + 3.0% - 5.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0%	Wtd. Avg. 4.6 years	$	40,788
Interest rate caps and corridors	$	111,270	3.50% - 5.90%	SOFR CME 1 month + 0.0%	Wtd. Avg. 1.3 years	$	2,152

	December 31, 2022
	Notional Amount		Fixed Rate	Floating Rate	Maturity	Fair Value
Non-hedging derivative instruments:
Customer interest rate derivative:
Interest rate swaps - receive fixed/pay floating	$	805,311	2.41% - 8.47%	LIBOR 1 month + 2.8% - 5.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0%	Wtd. Avg. 5.1 years	$	(37,183)
Interest rate caps and corridors	$	68,370	3.50%	LIBOR 1 month + 0.0%	Wtd. Avg. 1.8 years	$	(1,494)

Correspondent interest rate derivative:
Interest rate swaps - pay fixed/receive floating	$	805,311	2.41% - 8.47%	LIBOR 1 month + 2.8% - 5.0% SOFR CME 1 month + 0.0% - 3.8% SOFR-NYFD 30 day avg + 2.5% - 3.0%	Wtd. Avg. 5.1 years	$	37,713
Interest rate caps and corridors	$	68,370	3.50%	LIBOR 1 month + 0.0%	Wtd. Avg. 1.8 years	$	1,494

- Definition

Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item.

+ References + Details

LHI and ACL - Balance Sheet Summary (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Dec. 31, 2021
Loans and Allowance for Credit Losses
Loans	$ 9,706,139	$ 9,501,624
Deferred loan fees, net	(12,701)	(18,973)
Less: Allowance for credit losses (“ACL”)	(102,150)	(91,052)	$ (98,694)	$ (80,576)	$ (72,485)	$ (77,754)
Total LHI, net	9,591,288	9,391,599
Contractual principal balance	6,798	8,260
Discount on retained loans from sale	7,602	5,238
Real Estate \| Construction and land
Loans and Allowance for Credit Losses
Loans	1,659,700	1,787,400
Less: Allowance for credit losses (“ACL”)	(18,145)	(13,120)	(17,314)	(10,300)	(8,883)	(7,293)
Real Estate \| Farmland
Loans and Allowance for Credit Losses
Loans	51,663	43,500
Less: Allowance for credit losses (“ACL”)	(170)	(127)	(168)	(145)	(158)	(187)
Real Estate \| Residential Real Estate
Loans and Allowance for Credit Losses
Discount on retained loans from sale	3,683	4,135
Purchase of real estate loans		223,924
Receivable	167,847
Real Estate \| Residential Real Estate \| 1 - 4 family residential
Loans and Allowance for Credit Losses
Loans	923,442	894,456
Less: Allowance for credit losses (“ACL”)	(9,209)	(9,533)	(9,541)	(8,056)	(6,134)	(5,982)
Real Estate \| Residential Real Estate \| Multi-family residential
Loans and Allowance for Credit Losses
Loans	592,473	322,679
Less: Allowance for credit losses (“ACL”)	(4,707)	(2,607)	(3,484)	(2,186)	(2,127)	(2,664)
Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”)
Loans and Allowance for Credit Losses
Loans	671,602	715,829
Less: Allowance for credit losses (“ACL”)	(7,519)	(8,707)	(8,813)	(7,609)	(7,423)	(9,215)
Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”)
Loans and Allowance for Credit Losses
Loans	2,509,731	2,341,379
Less: Allowance for credit losses (“ACL”)	(27,875)	(26,704)	(26,238)	(27,772)	(26,954)	(30,548)
Commercial
Loans and Allowance for Credit Losses
Loans	2,850,084	2,942,348
Less: Allowance for credit losses (“ACL”)	(34,197)	(30,142)	(32,717)	(24,374)	(20,084)	(21,632)
MW
Loans and Allowance for Credit Losses
Loans	436,255	446,227
Consumer
Loans and Allowance for Credit Losses
Loans	11,189	7,806
Less: Allowance for credit losses (“ACL”)	$ (328)	$ (112)	$ (419)	$ (134)	$ (722)	$ (233)

Off-Balance Sheet Loan Commitments

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Off-Balance Sheet Loan Commitments

The Company is party to financial instruments with off-balance sheet (“OBS”) risk in the normal course of business to meet the financing needs of its customers. These financial instruments include commitments to extend credit, MW commitments and standby and commercial letters of credit. Those instruments involve, to varying degrees, elements of credit risk in excess of the amount recognized in the consolidated balance sheets.

The Company’s exposure to credit loss in the event of nonperformance by the other party to a financial instrument for commitments to extend credit, MW commitments and standby and commercial letters of credit is represented by the contractual amount of those instruments. The Company uses the same credit policies in making commitments and conditional obligations as it does for on-balance sheet instruments.

The following table sets forth the approximate amounts of these financial instruments as of June 30, 2023 and December 31, 2022:


	June 30,		December 31,
	2023		2022
Commitments to extend credit	$	3,606,714	$	4,511,671
MW commitments	984,453		1,088,558
Standby and commercial letters of credit	102,935		98,179
Total	$	4,694,102	$	5,698,408

Commitments to extend credit are agreements to lend to a customer as long as there is no violation of any condition established in the contract. Commitments generally have fixed expiration dates or other termination clauses and may require payment of a fee. Since many of the commitments may expire without being drawn upon, the total commitment amounts do not necessarily represent future cash requirements. Management evaluates each customer’s creditworthiness on a case-by-case basis and substantially all of the Company’s commitments to extend credit are contingent upon customers maintaining specific credit standards at the time of future loan funding. The amount of collateral obtained, if deemed necessary upon extension of credit, is based on management’s credit evaluation of the borrower.

MW commitments are unconditionally cancellable and represent the unused capacity on MW facilities the Company has approved. The Company reserves the right to refuse to buy any mortgage loans offered for sale by a customer, for any reason, at the Company’s sole and absolute discretion.

Standby and commercial letters of credit are conditional commitments issued by the Company to guarantee the performance of a customer to a third party. Standby and commercial letters of credit generally have fixed expiration dates or other termination clauses and may require payment of a fee. The credit risk involved in issuing letters of credit is essentially the same as that involved in extending loan facilities to customers. The Company’s policy for obtaining collateral and the nature of such collateral is substantially the same as that involved in making commitments to extend credit.

The table below presents the activity in the allowance for unfunded commitment credit losses related to those financial instruments discussed above. This ACL on unfunded commitments is recorded in accounts payable and other liabilities on the consolidated balance sheets:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Beginning balance for ACL on unfunded commitments	$	11,583	$	9,759	$	10,086	$	9,266
(Benefit) provision for credit losses on unfunded commitments	(1,129)		—		368		493
Ending balance of ACL on unfunded commitments	$	10,454	$	9,759	$	10,454	$	9,759

LHI and ACL - Allowance for Credit Loss Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Analysis of allowance for loan losses
Beginning balance	$ 98,694	$ 72,485	$ 91,052	$ 77,754
Credit (benefit) loss expense	15,000	9,000	24,385	8,500
Charge-offs	(11,847)	(1,863)	(13,076)	(7,185)
Recoveries	303	954	674	1,507
Ending balance	102,150	80,576	102,150	80,576
Non-PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	15,950	9,089	24,218	11,705
PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	(950)	(89)	(718)	(3,205)
Real Estate \| Construction and land
Analysis of allowance for loan losses
Beginning balance	17,314	8,883	13,120	7,293
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	18,145	10,300	18,145	10,300
Real Estate \| Construction and land \| Non-PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	831	1,428	5,071	3,022
Real Estate \| Construction and land \| PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	0	(11)	(46)	(15)
Real Estate \| Farmland
Analysis of allowance for loan losses
Beginning balance	168	158	127	187
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	170	145	170	145
Real Estate \| Farmland \| Non-PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	2	(13)	43	(42)
Real Estate \| Farmland \| PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	0	0	0	0
Real Estate \| Residential Real Estate \| 1 - 4 family residential
Analysis of allowance for loan losses
Beginning balance	9,541	6,134	9,533	5,982
Charge-offs	0	0	0	0
Recoveries	1	3	2	3
Ending balance	9,209	8,056	9,209	8,056
Real Estate \| Residential Real Estate \| 1 - 4 family residential \| Non-PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	(331)	1,919	(319)	2,143
Real Estate \| Residential Real Estate \| 1 - 4 family residential \| PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	(2)	0	(7)	(72)
Real Estate \| Residential Real Estate \| Multi-family residential
Analysis of allowance for loan losses
Beginning balance	3,484	2,127	2,607	2,664
Charge-offs	0	0	0	0
Recoveries	0	0	0	0
Ending balance	4,707	2,186	4,707	2,186
Real Estate \| Residential Real Estate \| Multi-family residential \| Non-PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	1,223	59	2,100	(478)
Real Estate \| Residential Real Estate \| Multi-family residential \| PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	0	0	0	0
Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”)
Analysis of allowance for loan losses
Beginning balance	8,813	7,423	8,707	9,215
Charge-offs	0	(244)	(116)	(1,585)
Recoveries	0	245	0	245
Ending balance	7,519	7,609	7,519	7,609
Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| Non-PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	(1,286)	185	(1,048)	997
Real Estate \| Commercial Real Estate \| Owner occupied commercial real estate (“OOCRE”) \| PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	(8)	0	(24)	(1,263)
Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”)
Analysis of allowance for loan losses
Beginning balance	26,238	26,954	26,704	30,548
Charge-offs	(8,215)	0	(8,215)	(553)
Recoveries	150	93	150	493
Ending balance	27,875	27,772	27,875	27,772
Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| Non-PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	9,914	725	9,415	(3,389)
Real Estate \| Commercial Real Estate \| Non-owner occupied commercial real estate (“NOOCRE”) \| PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	(212)	0	(179)	673
Commercial
Analysis of allowance for loan losses
Beginning balance	32,717	20,084	30,142	21,632
Charge-offs	(3,540)	(528)	(4,591)	(3,822)
Recoveries	106	572	470	716
Ending balance	34,197	24,374	34,197	24,374
Commercial \| Non-PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	5,642	3,068	8,638	7,112
Commercial \| PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	(728)	1,178	(462)	(1,264)
Consumer
Analysis of allowance for loan losses
Beginning balance	419	722	112	233
Charge-offs	(92)	(1,091)	(154)	(1,225)
Recoveries	46	41	52	50
Ending balance	328	134	328	134
Consumer \| Non-PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	(45)	1,718	318	2,340
Consumer \| PCD Loans
Analysis of allowance for loan losses
Credit (benefit) loss expense	$ 0	$ (1,256)	$ 0	$ (1,264)

Securities - Securities (Details) - USD ($)	3 Months Ended		6 Months Ended
Securities - Securities (Details) - USD ($)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Equity securities	$ 9,761,000		$ 9,761,000		$ 9,792,000
Realized gain (loss) on equity securities			0	$ 0
Unrealized loss recognized on equity securities with a readily determinable fair value	(157,000)	$ (356,000)	(31,000)	(869,000)
Equity securities without a readily determinable fair value	11,098,000		11,098,000		$ 10,072,000
Securities purchased under agreements to resell	$ 0	$ 99,000,000	0	99,000,000
Interest income, securities purchased under agreements to resell			$ 0	$ 585,000

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

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 18 branches located in the Dallas-Fort Worth metroplex and 11 branches in the Houston metropolitan area. 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 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 consolidated financial statements include the accounts of Veritex Holdings, Inc. and its subsidiaries, including Veritex Community Bank.

The accompanying unaudited 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 consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company’s consolidated balance sheets at June 30, 2023 and December 31, 2022, consolidated statements of income, consolidated changes in stockholders’ equity and consolidated statements of comprehensive income for the three and six months ended June 30, 2023 and 2022 and consolidated statements of cash flows for the six months ended June 30, 2023 and 2022.

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 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 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, 2022 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on February 28, 2023.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the 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.

Reclassifications

Certain items in the Company’s prior year financial statements were reclassified to conform to the current presentation.

EPS

EPS is 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 and six months ended June 30, 2023 and 2022:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Numerator:
Net income	$	33,730	$	29,626	$	72,141	$	63,096
Denominator:
Weighted average shares outstanding for basic EPS	54,247		53,949		54,199		52,331
Dilutive effect of employee stock-based awards	239		697		347		790
Adjusted weighted average shares outstanding	54,486		54,646		54,546		53,121
EPS:
Basic	$	0.62	$	0.55	$	1.33	$	1.21
Diluted	$	0.62	$	0.54	$	1.32	$	1.19

For the three months ended June 30, 2023, there were 31 antidilutive shares excluded from the diluted EPS weighted average shares outstanding, 18 relating to RSUs and 13 relating to stock options. For the six months ended June 30, 2023, there were 231 antidilutive shares excluded from the diluted EPS weighed average shares outstanding, 180 related to RSUs and 51 relating to stock options.

For the three months ended June 30, 2022, there were 290 antidilutive shares excluded from the diluted EPS weighted average shares outstanding 280 related to RSUs and ten related to stock options. For the six months ended June 30, 2022, there were 205 antidilutive shares excluded from the diluted EPS weighed average shares outstanding, 204 related to RSUs and 1 relating to stock options.

Recent Accounting Pronouncements

There were no accounting standards or updates issued during the second quarter of 2023.

Goodwill

Goodwill resulting from a business combination represents the excess of the fair value of the consideration transferred over the fair value of the net assets acquired and liabilities assumed as of the acquisition date. Goodwill is not amortized but is reviewed for potential impairment annually on October 31 of each fiscal year or when a triggering event occurs. The Company may first assess qualitative factors to determine whether it is more likely than not (that is, a likelihood of more than 50%) that the fair value of a reporting unit is less than its carrying amount, including goodwill. The Company has an unconditional option to bypass the qualitative assessment for any reporting unit in any period and proceed directly to performing the quantitative goodwill impairment test, and the Company may resume performing the qualitative assessment in any subsequent period. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company proceeds to perform the quantitative goodwill impairment test. The quantitative goodwill impairment test, used to identify both the existence of potential impairment and the amount of impairment loss, compares the fair value of a reporting unit with its carrying amount, including goodwill. If the carrying amount of a reporting unit exceeds its fair value, an impairment loss shall be recognized in an amount equal to that excess, limited to the total amount of goodwill allocated to that reporting unit. Any such adjustments to goodwill are reflected in the results of operations in the periods in which they become known.

During the second quarter of 2023, the Company observed a sustained decline in the market valuation of the Company’s common stock as a result of significant volatility in the banking industry with multiple high-profile bank failures and industry wide concerns related to liquidity, deposit outflows, unrealized securities losses and eroding consumer confidence in the banking system. As a result, the Company performed an interim quantitative impairment test with a trigger date of May 31, 2023. The Company determined the fair value of its reporting unit using a combination of a market and an income approach. Upon completion of the quantitative evaluation, the Company determined that the fair value of the Company's reporting unit exceeded its related carrying value by approximately 26%, and therefore goodwill was not impaired. However, changing economic conditions that may adversely affect the Company's performance, the fair value of its assets and liabilities, or its stock price could result in future impairment, which could adversely affect earnings in future periods. Management will continue to monitor events that could impact this conclusion in the future.

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Supplemental Statement of Cash Flows (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Supplemental Disclosures of Cash Flow Information:
Cash paid for interest	$ 127,174	$ 16,572
Cash paid for income taxes	23,500	10,000
Supplemental Disclosures of Non-Cash Flow Information:
Transfer of AFS debt securities to HTM debt securities	0	117,001
Net foreclosure of OREO and repossessed assets	0	1,032
Noncash assets acquired in business combination
LHI	0	(681)
Goodwill	$ 0	$ 681

Stock-Based Awards - Veritex (Green) 2014 Plan - RSUs and PSUs (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Incremental PSUs granted upon performance condition met (in shares)		10,566
Weighted Average Grant Date Fair Value
Incremental PSUs granted upon performance condition met (in dollars per share)		$ 0
Veritex (Green) 2014 Plan \| RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at the beginning of the period (in shares)	86,233	122,784
Granted (in shares)		4,231
Vested into shares (in shares)	(19,282)	(32,931)
Forfeited (in shares)	(2,232)	(4,922)
Outstanding at the end of the period (in shares)	64,719	89,162
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 21.09	$ 21.13
Granted (in dollars per share)		40.38
Vested into shares (in dollars per share)	29.66	21.80
Forfeited (in dollars per share)	29.13	29.13
Outstanding at the end of the period (in dollars per share)	$ 18.26	$ 21.55
Veritex (Green) 2014 Plan \| PSUs
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward]
Outstanding at the beginning of the period (in shares)	19,173	35,899
Granted (in shares)		4,411
Vested into shares (in shares)	(8,531)	(31,703)
Outstanding at the end of the period (in shares)	10,642	19,173
Weighted Average Grant Date Fair Value
Outstanding at the beginning of the period (in dollars per share)	$ 30.74	$ 22.26
Granted (in dollars per share)		40.38
Vested into shares (in dollars per share)	25.94	19.69
Outstanding at the end of the period (in dollars per share)	$ 31.93	$ 29.26
Veritex (Green) 2014 Plan \| Restricted Stock Units and Performance Stock Based Units
Weighted Average Grant Date Fair Value
Unrecognized compensation expense	$ 19,074	$ 1,207	$ 17,160
Requisite service period to recognize compensation cost (in years)	2 years 2 months 1 day

Capital Requirements and Restrictions on Retained Earnings

6 Months Ended

Jun. 30, 2023

Regulatory Capital Requirements under Banking Regulations [Abstract]

Capital Requirements and Restrictions on Retained Earnings

Under applicable U.S. banking laws, there are legal restrictions limiting the amount of dividends the Company can declare. Approval of the regulatory authorities is required if, among other things, the effect of the dividends declared would cause regulatory capital of the Company to fall below specified minimum levels.

The Company on a consolidated basis and the Bank are subject to various regulatory capital requirements administered by federal banking agencies. Failure to meet minimum capital requirements triggers certain mandatory actions and may lead to additional discretionary actions by regulators that, if undertaken, could have a direct material effect on the Company’s financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action (“PCA”), the Bank must meet specific capital guidelines that involve quantitative measures of the Bank’s assets, liabilities, and certain off-balance sheet items as calculated under regulatory accounting practices. The Bank’s capital amounts and PCA classification are also subject to qualitative judgments by the regulators about components of capital, risk weightings of assets, and other factors. In addition, an institution may be downgraded to, or deemed to be in, a capital category that is lower than indicated by its capital ratios, if it is determined to be in an unsafe or unsound condition or if it receives an unsatisfactory examination rating with respect to certain matters.

As a result of our no longer using the Community Bank Leverage Ratio (“CBLR”) framework, we are subject to various quantitative measures established by regulation to ensure capital adequacy. These generally applicable capital requirements require a banking organization that does not operate under the CBLR framework to maintain minimum amounts and ratios (set forth in the table below) of total capital, Tier 1 capital, and common equity Tier 1 capital to risk-weighted assets (“RWA”), and of Tier 1 capital to average assets. The capital rules implementing Basel III also include a “capital conservation buffer” of 2.5% on top of each of the minimum risk-based capital ratios, and a banking organization with any risk-based capital ratio that meets or exceeds the minimum requirement but does not meet the capital conservation buffer will face constraints on dividends, equity repurchases and discretionary bonus payments based on the amount of the shortfall. Additionally, to be categorized as “well capitalized,” a bank that does not operate under the CBLR framework is required to maintain minimum total risk-based common equity Tier 1, Tier 1, and total capital ratios and Tier 1 leverage ratios as set forth in the table below.

As of June 30, 2023 and December 31, 2022, the Company’s and the Bank’s capital ratios exceeded those levels necessary to be categorized as “well capitalized”. There are no conditions or events since June 30, 2023 that management believes have changed the Company’s category.

In the first quarter of 2020, U.S. federal regulatory authorities issued an interim final rule that provides banking organizations that adopt CECL during the 2020 calendar year with the option to delay for two years the estimated impact of CECL on regulatory capital relative to regulatory capital determined under the prior incurred loss methodology, followed by a three-year transition period to phase out the aggregate amount of the capital benefit provided during the initial two-year delay (i.e., a five-year transition in total). In connection with our adoption of CECL on January 1, 2020, the Company elected to utilize the five-year CECL transition. As a result, the effects of CECL on the Company’s and the Bank’s regulatory capital was delayed through the year 2021, with the effects phased-in over a three-year period from January 1, 2022 through December 31, 2024.

A comparison of the Company’s and Bank’s actual capital amounts and ratios to required capital amounts and ratios is presented in the following table:


	Actual				For Capital Adequacy Purposes				To Be Well Capitalized Under PCA Provisions
	Amount		Ratio		Amount		Ratio		Amount		Ratio
As of June 30, 2023
Total capital (to RWA)
Company	$	1,468,808	12.51	%	$	939,286	8.0	%	$	1,174,107	10.0	%
Bank	1,448,929		12.35		938,577		8.0		1,173,222		10.0
Tier 1 capital (to RWA)
Company	1,175,474		10.01		704,580		6.0		704,580		6.0
Bank	1,354,077		11.54		704,026		6.0		938,702		8.0
Common equity tier 1 (to RWA)
Company	1,145,695		9.76		528,241		4.5		n/a		n/a
Bank	1,354,077		11.54		528,020		4.5		762,695		6.5
Tier 1 capital (to average assets)
Company	1,175,474		9.80		479,785		4.0		n/a		n/a
Bank	1,354,077		11.30		479,319		4.0		599,149		5.0
As of December 31, 2022
Total capital (to RWA)
Company	$	1,395,904	11.63	%	$	960,209	8.0	%	n/a		n/a
Bank	1,368,082		11.41		959,216		8.0		$	1,199,020	10.0	%
Tier 1 capital (to RWA)
Company	1,121,021		9.34		720,142		6.0		n/a		n/a
Bank	1,291,288		10.77		719,381		6.0		959,174		8.0
Common equity tier 1 (to RWA)
Company	1,091,353		9.09		540,274		4.5		n/a		n/a
Bank	1,291,288		10.77		539,535		4.5		779,329		6.5
Tier 1 capital (to average assets)
Company	1,121,021		9.82		456,628		4.0		n/a		n/a
Bank	1,291,288		11.32		456,286		4.0		570,357		5.0

Dividend Restrictions

Dividends paid by the Bank are subject to certain restrictions imposed by regulatory agencies. Capital requirements further limit the amount of dividends that may be paid by the Bank. Dividends of $20,000 were paid by the Bank to the Holdco during the three and six months ending June 30, 2023. No dividends were paid by the Bank to the Holdco during the three and six months ended June 30, 2022.

Dividends of $10,850, or $0.20 per outstanding share, and $21,687, or $0.40 per outstanding share on the applicable record date, were paid by the Company during the three and six months ended June 30, 2023, respectively. Dividends of $10,792, or $0.20 per outstanding share, and $20,705, or $0.40 per outstanding share on the applicable record date, were paid by the Company during the three and six months ended June 30, 2022, respectively.

The Bank is subject to limitations on dividend payouts if, among other things, it does not have a capital conservation buffer of 2.5% or more. The Bank had a capital conservation buffer of 4.35% as of June 30, 2023.

- Definition

The entire disclosure for regulatory capital requirement for depository and lending institutions. Institutions include, but not are not limited to, finance company, insured depository institution, bank holding company, savings and loan association holding company, bank and savings institution not federally insured, mortgage company, foreign financial institution and credit union.

+ References + Details

LHI and ACL (Tables)

6 Months Ended

Jun. 30, 2023

Receivables [Abstract]

Summary of Loans in the Accompanying Consolidated Balance Sheets

LHI in the accompanying consolidated balance sheets are summarized as follows:


	June 30, 2023		December 31, 2022
LHI, carried at amortized cost:
Real estate:
Construction and land	$	1,659,700	$	1,787,400
Farmland	51,663		43,500
1 - 4 family residential	923,442		894,456
Multi-family residential	592,473		322,679
Owner occupied commercial real estate (“OOCRE”)	671,602		715,829
Non-owner occupied commercial real estate (“NOOCRE”)	2,509,731		2,341,379
Commercial	2,850,084		2,942,348
MW	436,255		446,227
Consumer	11,189		7,806
	9,706,139		9,501,624

Deferred loan fees, net	(12,701)		(18,973)
ACL	(102,150)		(91,052)
Total LHI, net	9,591,288		9,391,599

Schedule of Activity in Allowance for Credit Loss

The activity in the ACL related to LHI is as follows:


	Three Months Ended June 30, 2023
	Construction and Land		Farmland		Residential		Multifamily		OOCRE		NOOCRE		Commercial		Consumer		Total
Balance at beginning of the period	$	17,314	$	168	$	9,541	$	3,484	$	8,813	$	26,238	$	32,717	$	419	$	98,694
Credit loss (benefit) expense non-PCD loans	831		2		(331)		1,223		(1,286)		9,914		5,642		(45)		15,950
Credit (benefit) loss expense PCD loans	—		—		(2)		—		(8)		(212)		(728)		—		(950)
Charge-offs	—		—		—		—		—		(8,215)		(3,540)		(92)		(11,847)
Recoveries	—		—		1		—		—		150		106		46		303
Ending Balance	$	18,145	$	170	$	9,209	$	4,707	$	7,519	$	27,875	$	34,197	$	328	$	102,150


	Three Months Ended June 30, 2022
	Construction and Land		Farmland		Residential		Multifamily		OOCRE		NOOCRE		Commercial		Consumer		Total
Balance at beginning of the period	$	8,883	$	158	$	6,134	$	2,127	$	7,423	$	26,954	$	20,084	$	722	$	72,485
Credit (benefit) loss expense non-PCD loans	1,428		(13)		1,919		59		185		725		3,068		1,718		9,089
Credit (benefit) loss expense PCD loans	(11)		—		—		—		—		—		1,178		(1,256)		(89)
Charge-offs	—		—		—		—		(244)		—		(528)		(1,091)		(1,863)
Recoveries	—		—		3		—		245		93		572		41		954
Ending Balance	$	10,300	$	145	$	8,056	$	2,186	$	7,609	$	27,772	$	24,374	$	134	$	80,576


	Six Months Ended June 30, 2023
	Construction and Land		Farmland		Residential		Multifamily		OOCRE		NOOCRE		Commercial		Consumer		Total
Balance at beginning of the period	$	13,120	$	127	$	9,533	$	2,607	$	8,707	$	26,704	$	30,142	$	112	$	91,052
Credit loss (benefit) expense non-PCD loans	5,071		43		(319)		2,100		(1,048)		9,415		8,638		318		24,218
Credit (benefit) expense PCD loans	(46)		—		(7)		—		(24)		(179)		(462)		—		(718)
Charge-offs	—		—		—		—		(116)		(8,215)		(4,591)		(154)		(13,076)
Recoveries	—		—		2		—		—		150		470		52		674
Ending Balance	$	18,145	$	170	$	9,209	$	4,707	$	7,519	$	27,875	$	34,197	$	328	$	102,150


	Six Months Ended June 30, 2022
	Construction and Land		Farmland		Residential		Multifamily		OOCRE		NOOCRE		Commercial		Consumer		Total
Balance at beginning of the period	$	7,293	$	187	$	5,982	$	2,664	$	9,215	$	30,548	$	21,632	$	233	$	77,754
Credit (benefit) loss expense non-PCD loans	3,022		(42)		2,143		(478)		997		(3,389)		7,112		2,340		11,705
Credit (benefit) loss expense PCD loans	(15)		—		(72)		—		(1,263)		673		(1,264)		(1,264)		(3,205)
Charge-offs	—		—		—		—		(1,585)		(553)		(3,822)		(1,225)		(7,185)
Recoveries	—		—		3		—		245		493		716		50		1,507
Ending Balance	$	10,300	$	145	$	8,056	$	2,186	$	7,609	$	27,772	$	24,374	$	134	$	80,576

Schedule of Amortized Cost Basis of Collateral Dependent Loans

The following table presents the amortized cost basis of collateral dependent loans, which are individually evaluated to determine expected credit losses, and the related ACL allocated to these loans:


	June 30, 2023					December 31, 2022
		Real Property(1)		ACL Allocation			Real Property(1)		ACL Allocation






OOCRE		$	1,157	$	—		$	1,193	$	129
NOOCRE		32,897		1,939			20,896		2,138
Commercial		2,317		589			1,240		396
Mortgage warehouse		208		208			—		—
Consumer		—		—			15		—
Total		$	36,579	$	2,736		$	23,344	$	2,663

(1) Loans reported exclude PCD loans that transitioned upon adoption of ASC 326 and accounted for on a pooled basis.

Schedule of Non-Accrual Loans

Nonaccrual loans aggregated by class of loans, as of June 30, 2023 and December 31, 2022, were as follows:


	June 30, 2023				December 31, 2022
	Nonaccrual		Nonaccrual With No ACL			Nonaccrual		Nonaccrual With No ACL
Real estate:


1 - 4 family residential	$	1,231	$	1,231		$	862	$	862

OOCRE	10,287		10,287			9,737		8,545
NOOCRE	32,981		25,049			21,377		13,178
Commercial	23,007		1,953			11,397		2,521
MW	208		—			—		—
Consumer	62		62			169		169
Total	$	67,776	$	38,582		$	43,542	$	25,275

Schedule of Age Analysis of Past Due Loans, Aggregated by Class of Loans

An age analysis of past due loans, aggregated by class of loans and including past due nonaccrual loans, as of June 30, 2023 and December 31, 2022, is as follows:


	June 30, 2023
	30 to 59 Days		60 to 89 Days		90 Days or Greater		Total Past Due (1)		Total Current		PCD		Total Loans		Total 90 Days Past Due and Still Accruing(2)
Real estate:
Construction and land	$	—	$	—	$	—	$	—	$	1,659,700	$	—	$	1,659,700	$	—
Farmland	—		—		—		—		51,663		—		51,663		—
1 - 4 family residential	2,867		306		996		4,169		918,174		1,099		923,442		197
Multi-family residential	—		—		—		—		592,473		—		592,473		—
OOCRE	4,225		33		1,157		5,415		647,637		18,550		671,602		—
NOOCRE	11,970		—		21,569		33,539		2,462,065		14,127		2,509,731		—
Commercial	1,908		18,441		16,462		36,811		2,809,846		3,427		2,850,084		302
MW	—		—		208		208		436,047		—		436,255		—
Consumer	74		43		29		146		11,026		17		11,189		29
Total	$	21,044	$	18,823	$	40,421	$	80,288	$	9,588,631	$	37,220	$	9,706,139	$	528

(1) Total past due loans includes $15 of PCD loans as of June 30, 2023.

(2) Loans 90 days past due and still accruing excludes $795 of PCD loans as of June 30, 2023.


	December 31, 2022
	30 to 59 Days		60 to 89 Days		90 Days or Greater		Total Past Due(1)		Total Current		PCD		Total Loans		Total 90 Days Past Due and Still Accruing(2)
Real estate:
Construction and land	$	1,121	$	2,111	$	—	$	3,232	$	1,782,624	$	1,544	$	1,787,400	$	—
Farmland	—		—		—		—		43,500		—		43,500		—
1 - 4 family residential	4,319		129		499		4,947		888,329		1,180		894,456		123
Multi-family residential	1,000		—		—		1,000		321,679		—		322,679		—
OOCRE	3,342		1,186		1,193		5,721		690,291		19,817		715,829		—
NOOCRE	5,156		—		20,896		26,052		2,302,579		12,748		2,341,379		—
Commercial	3,088		2,188		1,675		6,951		2,931,696		3,701		2,942,348		—
MW	—		—		—		—		446,227		—		446,227		—
Consumer	352		—		45		397		7,386		23		7,806		2
Total	$	18,378	$	5,614	$	24,308	$	48,300	$	9,414,311	$	39,013	$	9,501,624	$	125

(1) Total past due loans includes $13,178 of PCD loans as of December 31, 2022.

(2) Loans 90 days past due and still accruing excludes $2,004 of PCD loans and $669 of PPP loans as of December 31, 2022.

Schedule of Loans Modified as TDRs

Loan Modifications Made to Borrowers Experiencing Financial Difficulty

Interest Rate Reduction

Amortized Cost Basis

% of Loan Class

Financial Impact

1-4 Family Residential Rentals1

41,497

4.5

Reduced weighted-average contractual interest rate from floating 7.5% to fixed 6.0%

1 1-4 Family Residential Rentals is included in the 1-4 family residential loan portfolio and is reported as such in accordance with Federal Financial Institutions Examination Counsel guidelines.


	Term Extension
	Amortized Cost Basis		% of Loan Class		Financial Impact
NOOCRE	$	8,887	0.4	%	Principal and interest deferred over three months
Commercial	873		—	%	Principal and interest deferred over three months
	$	9,760

No modifications to borrowers in financial difficulty had a payment default during the period and were modified in the 12 months before default to borrowers experiencing financial difficulty:


Payment Status
	Current		30-59 Days Past Due		60-89 Days Past Due		90+ Days Past Due
1-4 Family Residential Rentals	$	41,497	$	—	$	—	$	—
NOOCRE	8,887		—		—		—
Commercial	873		—		—		—
Total	$	51,257	$	—	$	—	$	—

Summary of Internal Ratings of Loans, Including Purchased Credit Impaired Loans

Based on the most recent analysis performed, the risk category of loans by class of loans based on year or origination is as follows:


	Term Loans Amortized Cost Basis by Origination Year1
	2023		2022		2021		2020		2019		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
As of June 30, 2023
Construction and land:
Pass	$	28,704	$	605,749	$	600,551	$	153,453	$	3,671	$	14,393	$	184,343	$	502	$	1,591,366
Special mention	—		2,377		3,795		3,065		25,766		—		—		—		35,003
Substandard	—		—		7,809		25,522		—		—		—		—		33,331

Total construction and land	$	28,704	$	608,126	$	612,155	$	182,040	$	29,437	$	14,393	$	184,343	$	502	$	1,659,700
Construction and land gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Farmland:
Pass	$	2,035	$	2,487	$	22,399	$	18,265	$	18	$	5,009	$	1,450	$	—	$	51,663



Total farmland	$	2,035	$	2,487	$	22,399	$	18,265	$	18	$	5,009	$	1,450	$	—	$	51,663
Farmland gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


1 - 4 family residential:
Pass	$	29,388	$	145,300	$	200,696	$	84,769	$	39,868	$	284,326	$	129,061	$	5,360	$	918,768
Special mention	—		—		—		—		—		264		—		—		264
Substandard	—		145		725		—		129		1,780		532		—		3,311
PCD	—		—		—		—		—		1,099		—		—		1,099
Total 1 - 4 family residential	$	29,388	$	145,445	$	201,421	$	84,769	$	39,997	$	287,469	$	129,593	$	5,360	$	923,442
1-4 family residential gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—


Multi-family residential:
Pass	$	5,160	$	77,025	$	208,657	$	196,218	$	8,223	$	19,953	$	48,358	$	26	$	563,620
Special mention	—		—		—		—		—		26,916		—		—		26,916
Substandard	—		—		—		—		1,937		—		—		—		1,937

Total multi-family residential	$	5,160	$	77,025	$	208,657	$	196,218	$	10,160	$	46,869	$	48,358	$	26	$	592,473
Multi-family residential gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

OOCRE:
Pass	$	20,974	$	154,657	$	103,045	$	94,722	$	42,152	$	185,144	$	3,388	$	12,665	$	616,747
Special mention	—		9,378		1,028		717		1,921		185		—		2,730		15,959
Substandard	—		—		273		1,366		—		18,674		—		33		20,346
PCD	—		—		—		—		—		18,550		—		—		18,550
Total OOCRE	$	20,974	$	164,035	$	104,346	$	96,805	$	44,073	$	222,553	$	3,388	$	15,428	$	671,602
OOCRE gross charge-offs	$	—	$	—	$	—	$	5	$	5	$	106	$	—	$	—	$	116

NOOCRE:
Pass	$	47,715	$	732,050	$	540,159	$	259,281	$	155,272	$	449,700	$	34,323	$	12,736	$	2,231,236
Special mention	—		3,731		39,981		25,209		41,337		54,229		—		—		164,487
Substandard	—		—		2,764		—		1,265		88,168		—		7,684		99,881
PCD	—		—		—		—		—		14,127		—		—		14,127
Total NOOCRE	$	47,715	$	735,781	$	582,904	$	284,490	$	197,874	$	606,224	$	34,323	$	20,420	$	2,509,731
NOOCRE gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	8,215	$	—	$	—	$	8,215

Commercial:
Pass	$	126,009	$	365,055	$	117,959	$	60,365	$	50,341	$	59,030	$	1,961,574	$	5,505	$	2,745,838
Special mention	—		14,612		533		1,704		1,292		1,244		24,525		—		43,910
Substandard	—		18,065		19		5,402		2,534		10,968		16,575		3,346		56,909
PCD	—		—		—		—		—		3,427		—		—		3,427
Total commercial	$	126,009	$	397,732	$	118,511	$	67,471	$	54,167	$	74,669	$	2,002,674	$	8,851	$	2,850,084
Commercial gross charge-offs	$	—	$	—	$	—	$	48	$	479	$	4,064	$	—	$	—	$	4,591

MW:
Pass	$	3,927	$	61,548	$	182	$	205	$	665	$	170	$	369,350	$	—	$	436,047
Special mention	—		—		—		—		—		208		—		—		208


Total MW	$	3,927	$	61,548	$	182	$	205	$	665	$	378	$	369,350	$	—	$	436,255
Mortgage warehouse gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—	$	—

Consumer:
Pass	$	4,818	$	1,304	$	372	$	726	$	138	$	1,916	$	1,704	$	—	$	10,978
Special mention	—		—		—		—		—		53		—		—		53
Substandard	—		29		—		—		14		98		—		—		141
PCD	—		—		—		—		—		17		—		—		17
Total consumer	$	4,818	$	1,333	$	372	$	726	$	152	$	2,084	$	1,704	$	—	$	11,189
Consumer gross charge-offs	$	—	$	—	$	—	$	—	$	—	$	154	$	—	$	—	$	154



Total Pass	$	268,730	$	2,145,175	$	1,794,020	$	868,004	$	300,348	$	1,019,641	$	2,733,551	$	36,794	$	9,166,263
Total Special Mention	—		30,098		45,337		30,695		70,316		83,099		24,525		2,730		286,800
Total Substandard	—		18,239		11,590		32,290		5,879		119,688		17,107		11,063		215,856
Total PCD	—		—		—		—		—		37,220		—		—		37,220
Total	$	268,730	$	2,193,512	$	1,850,947	$	930,989	$	376,543	$	1,259,648	$	2,775,183	$	50,587	$	9,706,139
Total gross charge-offs	$	—	$	—	$	—	$	53	$	484	$	12,539	$	—	$	—	$	13,076

1 Term loans amortized cost basis by origination year excludes $12,701 of deferred loan fees, net.


	Term Loans Amortized Cost Basis by Origination Year1
	2022		2021		2020		2019		2018		Prior		Revolving Loans Amortized Cost Basis		Revolving Loans Converted to Term		Total
As of December 31,
Construction and land:
Pass	$	347,855	$	709,208	$	378,229	$	69,241	$	30,673	$	14,025	$	215,263	$	140	$	1,764,634
Special mention	—		18,662		2,560		—		—		—		—		—		21,222
Substandard	—		—		—		—		—		—		—		—		—
PCD	—		—		—		—		—		1,544		—		—		1,544
Total construction and land	$	347,855	$	727,870	$	380,789	$	69,241	$	30,673	$	15,569	$	215,263	$	140	$	1,787,400

Farmland:
Pass	$	2,546	$	16,242	$	18,530	$	21	$	—	$	5,069	$	1,092	$	—	$	43,500
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		—		—		—		—		—		—
PCD	—		—		—		—		—		—		—		—		—
Total farmland	$	2,546	$	16,242	$	18,530	$	21	$	—	$	5,069	$	1,092	$	—	$	43,500

1 - 4 family residential:
Pass	$	135,006	$	188,635	$	87,861	$	43,293	$	41,960	$	257,768	$	86,900	$	726	$	842,149
Special mention	—		—		—		—		—		278		26,068		—		26,346
Substandard	—		184		—		—				1,028		23,569		—		24,781
PCD	—		—		—		—		—		1,180		—		—		1,180
Total 1 - 4 family residential	$	135,006	$	188,819	$	87,861	$	43,293	$	41,960	$	260,254	$	136,537	$	726	$	894,456

Multi-family residential:
Pass	$	72,044	$	80,793	$	110,426	$	8,402	$	32,822	$	2,494	$	—	$	—	$	306,981
Special mention	—		—		—		—		—		—		—		—		—
Substandard	—		—		—		1,954		13,744		—		—		—		15,698
PCD	—		—		—		—		—		—		—		—		—
Total multi-family residential	$	72,044	$	80,793	$	110,426	$	10,356	$	46,566	$	2,494	$	—	$	—	$	322,679

OOCRE:
Pass	$	191,044	$	106,698	$	84,230	$	43,965	$	49,461	$	167,968	$	5,225	$	—	$	648,591
Special mention	—		2,321		1,409		1,964		—		3,447		—		45		9,186
Substandard	—		—		—		—		23,231		15,004		—		—		38,235
PCD	—		—		—		—		—		19,817		—		—		19,817
Total OOCRE	$	191,044	$	109,019	$	85,639	$	45,929	$	72,692	$	206,236	$	5,225	$	45	$	715,829

NOOCRE:


Pass	$	752,476	$	531,735	$	215,076	$	149,246	$	196,424	$	305,434	$	16,642	$	465	$	2,167,498
Special mention	—		—		22,774		19,464		12,274		51,451		—		—		105,963
Substandard	—		—		—		1,310		7,659		46,201		—		—		55,170
PCD	—		—		—		—		12,697		51		—		—		12,748
Total NOOCRE	$	752,476	$	531,735	$	237,850	$	170,020	$	229,054	$	403,137	$	16,642	$	465	$	2,341,379

Commercial:
Pass	$	473,084	$	132,396	$	90,543	$	83,996	$	40,030	$	31,269	$	1,906,074	$	553	$	2,757,945
Special mention	—		666		—		4,543		7,385		270		114,447		—		127,311
Substandard	17,894		4,058		5,189		4,195		10,954		4,732		6,292		77		53,391
PCD	—		—		—		—		273		3,428		—		—		3,701
Total commercial	$	490,978	$	137,120	$	95,732	$	92,734	$	58,642	$	39,699	$	2,026,813	$	630	$	2,942,348

MW:
Pass	$	—	$	—	$	—	$	—	$	—	$	—	$	444,393	$	—	$	444,393
Special mention	—		—		—		—		—		—		1,626		—		1,626
Substandard	—		—		—		—		46		162		—		—		208

Total MW	$	—	$	—	$	—	$	—	$	46	$	162	$	446,019	$	—	$	446,227

Consumer:
Pass	$	1,965	$	452	$	872	$	216	$	135	$	2,298	$	1,618	$	—	$	7,556
Special mention	—		—		—		—		—		58		—		—		58
Substandard	—		—		—		—		—		169		—		—		169
PCD	—		—		—		—		—		23		—		—		23
Total consumer	$	1,965	$	452	$	872	$	216	$	135	$	2,548	$	1,618	$	—	$	7,806

Total Pass	$	1,976,020	$	1,766,159	$	985,767	$	398,380	$	391,505	$	786,325	$	2,677,207	$	1,884	$	8,983,247
Total Special Mention	—		21,649		26,743		25,971		19,659		55,504		142,141		45		291,712
Total Substandard	17,894		4,242		5,189		7,459		55,634		67,296		29,861		77		187,652
Total PCD	—		—		—		—		12,970		26,043		—		—		39,013
Total	$	1,993,914	$	1,792,050	$	1,017,699	$	431,810	$	479,768	$	935,168	$	2,849,209	$	2,006	$	9,501,624

1 Term loans amortized cost basis by origination year excludes $18,973 of deferred loan fees, net.

Schedule of Summary of Changes in Servicing Assets

A summary of the changes in the related servicing assets are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Balance at beginning of period	$	15,248	$	18,168	$	14,880	$	17,705

Increase from loan sales	814		207		1,773		1,698
Servicing asset net recoveries, (net impairment)	438		(1,603)		862		(1,883)
Amortization charged as a reduction to income	(1,577)		(1,092)		(2,592)		(1,840)
Balance at end of period	$	14,923	$	15,680	$	14,923	$	15,680

Schedule of Loans Held-for-Sale, Principal Sold


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
SBA LHI principal sold	$	590	$	11,511	$	6,930	$	15,886
Gain on sale of SBA LHI	431		1,186		579		1,719
USDA LHI principal sold	18,638		500		62,640		20,500
Gain on sale of USDA LHI	2,679		80		9,663		3,708

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
NET INCOME	$ 33,730	$ 29,626	$ 72,141	$ 63,096
Net unrealized gains (losses) on debt securities AFS:
Change in net unrealized loss on debt securities AFS during the period, net	(21,975)	(39,374)	(19,428)	(88,450)
Amortization (accretion) from transfer of debt securities from AFS to HTM	(165)	(151)	3,457	4,104
Reclassification adjustment for net losses included in net income	0	0	5,321	0
Net unrealized loss on debt securities AFS	(22,140)	(39,525)	(10,650)	(84,346)
Net unrealized loss on derivative instruments designated as cash flow hedges	(15,033)	(11,572)	(7,955)	(24,953)
Other comprehensive loss, before tax	(37,173)	(51,097)	(18,605)	(109,299)
Income tax expense	(8,494)	(10,699)	(4,821)	(23,813)
Other comprehensive loss, net of tax	(28,679)	(40,398)	(13,784)	(85,486)
COMPREHENSIVE INCOME (LOSS)	$ 5,051	$ (10,772)	$ 58,357	$ (22,390)

Capital Requirements and Restrictions on Retained Earnings (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Jun. 30, 2023 USD ($) $ / shares	Jun. 30, 2022 USD ($) $ / shares	Dec. 31, 2022 USD ($)
Total capital (to RWA)
Actual amount	$ 1,468,808,000		$ 1,468,808,000		$ 1,395,904,000
Actual ratio (as a percent)	0.1251		0.1251		0.1163
For capital adequacy purposes amount	$ 939,286,000		$ 939,286,000		$ 960,209,000
For capital adequacy purposes ratio (as a percent)	0.080		0.080		0.080
To be well capitalized under prompt corrective action provisions amount	$ 1,174,107,000		$ 1,174,107,000
To be well capitalized under prompt corrective action provisions ratio (as a percent)	0.100		0.100
Tier 1 capital (to RWA)
Actual amount	$ 1,175,474,000		$ 1,175,474,000		$ 1,121,021,000
Actual ratio (as a percent)	0.1001		0.1001		0.0934
For capital adequacy purposes amount	$ 704,580,000		$ 704,580,000		$ 720,142,000
For capital adequacy purposes ratio (as a percent)	0.060		0.060		0.060
To be well capitalized under prompt corrective action provisions amount	$ 704,580,000		$ 704,580,000
To be well capitalized under prompt corrective action provisions ratio (as a percent)	0.060		0.060
Common equity tier 1 (to RWA)
Actual amount	$ 1,145,695,000		$ 1,145,695,000		$ 1,091,353,000
Actual ratio (as a percent)	9.76%		9.76%		9.09%
For capital adequacy purposes amount	$ 528,241,000		$ 528,241,000		$ 540,274,000
For capital adequacy purposes amount (as a percent)	4.50%		4.50%		4.50%
Tier 1 capital (to average assets)
Actual amount	$ 1,175,474,000		$ 1,175,474,000		$ 1,121,021,000
Actual ratio (as a percent)	0.0980		0.0980		0.0982
For capital adequacy purposes amount	$ 479,785,000		$ 479,785,000		$ 456,628,000
For capital adequacy purposes ratio (as a percent)	0.040		0.040		0.040
Dividends paid	$ 10,850,000	$ 10,792,000	$ 21,687,000	$ 20,705,000
Bank's capital conservation buffer (in percent)	0.0435		0.0435
Bank
Total capital (to RWA)
Actual amount	$ 1,448,929,000		$ 1,448,929,000		$ 1,368,082,000
Actual ratio (as a percent)	0.1235		0.1235		0.1141
For capital adequacy purposes amount	$ 938,577,000		$ 938,577,000		$ 959,216,000
For capital adequacy purposes ratio (as a percent)	0.080		0.080		0.080
To be well capitalized under prompt corrective action provisions amount	$ 1,173,222,000		$ 1,173,222,000		$ 1,199,020,000
To be well capitalized under prompt corrective action provisions ratio (as a percent)	0.100		0.100		0.100
Tier 1 capital (to RWA)
Actual amount	$ 1,354,077,000		$ 1,354,077,000		$ 1,291,288,000
Actual ratio (as a percent)	0.1154		0.1154		0.1077
For capital adequacy purposes amount	$ 704,026,000		$ 704,026,000		$ 719,381,000
For capital adequacy purposes ratio (as a percent)	0.060		0.060		0.060
To be well capitalized under prompt corrective action provisions amount	$ 938,702,000		$ 938,702,000		$ 959,174,000
To be well capitalized under prompt corrective action provisions ratio (as a percent)	0.080		0.080		0.080
Common equity tier 1 (to RWA)
Actual amount	$ 1,354,077,000		$ 1,354,077,000		$ 1,291,288,000
Actual ratio (as a percent)	11.54%		11.54%		10.77%
For capital adequacy purposes amount	$ 528,020,000		$ 528,020,000		$ 539,535,000
For capital adequacy purposes amount (as a percent)	4.50%		4.50%		4.50%
To be well capitalized under prompt corrective action provisions amount	$ 762,695,000		$ 762,695,000		$ 779,329,000
To be well capitalized under prompt corrective action provisions ratio (as a percent)	6.50%		6.50%		6.50%
Tier 1 capital (to average assets)
Actual amount	$ 1,354,077,000		$ 1,354,077,000		$ 1,291,288,000
Actual ratio (as a percent)	0.1130		0.1130		0.1132
For capital adequacy purposes amount	$ 479,319,000		$ 479,319,000		$ 456,286,000
For capital adequacy purposes ratio (as a percent)	0.040		0.040		0.040
To be well capitalized under prompt corrective action provisions amount	$ 599,149,000		$ 599,149,000		$ 570,357,000
To be well capitalized under prompt corrective action provisions ratio (as a percent)	0.050		0.050		0.050
Dividends paid to Holdco	$ 20,000,000	0	$ 20,000,000	0
Veritex Holdings, Inc.
Tier 1 capital (to average assets)
Dividends paid	$ 10,850,000	$ 10,792,000	$ 21,687,000	$ 20,705,000
Dividends paid (in dollars per share) \| $ / shares	$ 0.20	$ 0.20	$ 0.40	$ 0.40

Securities (Tables)

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Gross Unrealized Loss Recognized on Equity Securities

The gross unrealized loss recognized on equity securities with readily determinable fair values recorded in other noninterest income in the Company’s consolidated statements of income were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Unrealized loss recognized on equity securities with a readily determinable fair value	$	(157)	$	(356)	$	(31)	$	(869)

Schedule of Carrying Amount and Approximate Fair Values of Available-for-Sale Securities

The amortized cost, related gross unrealized gains and losses, ACL and the fair value of AFS and HTM debt securities are as follows:


	June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		ACL		Fair Value
AFS
U.S. government agencies	$	39,708	$	4	$	—	$	—	$	39,712
Corporate bonds	244,322		1,102		36,552		885		207,987
Municipal securities	46,818		—		3,653		—		43,165
Mortgage-backed securities	126,547		15		16,021		—		110,541
Collateralized mortgage obligations	507,796		—		51,972		—		455,824
Asset-backed securities	36,708		454		909		—		36,253
Collateralized loan obligations	69,750		—		2,187		—		67,563
	$	1,071,649	$	1,575	$	111,294	$	885	$	961,045

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		ACL		Fair Value
HTM
Mortgage-backed securities	$	35,198	$	—	$	6,495	$	—	$	28,703
Collateralized mortgage obligations	35,014		—		5,230		—		29,784
Municipal securities	112,763		—		12,483		—		100,280
	$	182,975	$	—	$	24,208	$	—	$	158,767


	December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		ACL		Fair Value
AFS

Corporate bonds	$	268,179	$	1,445	$	17,379	$	—	$	252,245
Municipal securities	49,886		3		4,198		—		45,691
Mortgage-backed securities	156,408		23		17,420		—		139,011
Collateralized mortgage obligations	609,456		—		55,850		—		553,606
Asset-backed securities	42,015		289		2,613		—		39,691
Collateralized loan obligations	69,750		—		3,702		—		66,048
	$	1,195,694	$	1,760	$	101,162	$	—	$	1,096,292

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		ACL		Fair Value
HTM
Mortgage-backed securities	$	36,342	$	—	$	6,753	$	—	$	29,589
Collateralized mortgage obligations	36,169		—		5,884		—		30,285
Municipal securities	113,657		6		14,756		—		98,907
	$	186,168	$	6	$	27,393	$	—	$	158,781

Schedule of Investment Securities That Have Been in a Continuous Unrealized Loss Position


	June 30, 2023
	Less Than 12 Months				12 Months or More				Totals
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
AFS

Corporate bonds	$	88,314	$	14,686	$	97,892	$	21,866	$	186,206	$	36,552
Municipal securities	24,483		351		18,682		3,302		43,165		3,653
Mortgage-backed securities	935		19		108,865		16,002		109,800		16,021
Collateralized mortgage obligations	52,483		2,853		403,341		49,119		455,824		51,972
Asset-backed securities	3,232		147		7,864		762		11,096		909
Collateralized loan obligations	—		—		67,563		2,187		67,563		2,187
	$	169,447	$	18,056	$	704,207	$	93,238	$	873,654	$	111,294

HTM
Mortgage-backed securities	$	—	$	—	$	28,703	$	6,495	$	28,703	$	6,495
Collateralized mortgage obligations	3,752		280		26,032		4,950		29,784		5,230
Municipal securities	21,077		225		79,203		12,258		100,280		12,483
	$	24,829	$	505	$	133,938	$	23,703	$	158,767	$	24,208


	December 31, 2022
	Less Than 12 Months				12 Months or More				Totals
	Fair Value		Unrealized Loss		Fair Value		Unrealized Loss		Fair Value		Unrealized Loss
AFS

Corporate bonds	$	197,946	$	15,697	$	15,568	$	1,682	$	213,514	$	17,379
Municipal securities	33,919		848		8,813		3,350		42,732		4,198
Mortgage-backed securities	115,467		11,104		22,780		6,317		138,247		17,421
Collateralized mortgage obligations	482,358		42,553		71,198		13,296		553,556		55,849
Asset-backed securities	15,195		991		11,207		1,621		26,402		2,612
Collateralized loan obligations	23,673		1,328		42,375		2,375		66,048		3,703
	$	868,558	$	72,521	$	171,941	$	28,641	$	1,040,499	$	101,162

HTM
Mortgage-backed securities	$	804	$	85	$	28,784	$	6,668	$	29,588	$	6,753
Collateralized mortgage obligations	25,285		4,676		4,999		1,208		30,284		5,884
Municipal securities	85,671		11,411		9,161		3,345		94,832		14,756
	$	111,760	$	16,172	$	42,944	$	11,221	$	154,704	$	27,393

Schedule of Activity in Allowance for Credit Loss

The following table presents the activity in the allowance for credit losses for AFS debt securities:


	Six Months Ended June 30,
	2023		2022
Allowance for credit losses:
Beginning Balance	$	—	$	—
Credit Loss Expense	885		—
Allowance for credit losses ending balance	$	885	$	—

Schedule of Amortized Costs and Estimated Fair Values of Securities Available for Sale, By Contractual Maturity


	June 30, 2023
	AFS				HTM
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	39,708	$	39,712	$	—	$	—
Due from one year to five years	43,578		44,452		454		440
Due from five years to ten years	191,277		157,406		13,168		12,744
Due after ten years	56,285		49,294		99,141		87,096
	330,848		290,864		112,763		100,280
Mortgage-backed securities and collateralized mortgage obligations	634,343		566,365		70,212		58,487
Asset-backed securities	36,708		36,253		—		—
Collateralized loan obligations	69,750		67,563		—		—
	$	1,071,649	$	961,045	$	182,975	$	158,767


	December 31, 2022
	AFS				HTM
	Amortized Cost		Fair Value		Amortized Cost		Fair Value
Due in one year or less	$	—	$	—	$	—	$	—
Due from one year to five years	53,692		54,179		—		—
Due from five years to ten years	205,911		190,406		8,275		8,129
Due after ten years	58,462		53,351		105,382		90,778
	318,065		297,936		113,657		98,907
Mortgage-backed securities and collateralized mortgage obligations	765,864		692,617		72,511		59,874
Asset-backed securities	42,015		39,691		—		—
Collateralized loan obligations	69,750		66,048		—		—
	$	1,195,694	$	1,096,292	$	186,168	$	158,781

Schedule of Proceeds From Sales of Debt Securities AFS and Gross Gains and Losses

Proceeds from sales of debt securities AFS and gross gains and losses for the six months ended June 30, 2023 and 2022 were as follows:


	Six Months Ended June 30,
	2023		2022
Proceeds from sales (1)	$	109,793	$	—

Gross realized losses (1)	5,321		—

(1) There were no proceeds from sales or gross realized losses for the three months ended June 30, 2023.

Cover Page - shares	6 Months Ended
Cover Page - shares	Jun. 30, 2023	Aug. 07, 2023
Cover [Abstract]
Document Type	10-Q/A
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-36682
Entity Registrant Name	VERITEX HOLDINGS, INC.
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	27-0973566
Entity Address, Address Line One	8214 Westchester Drive, Suite 800
Entity Address, City or Town	Dallas,
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75225
City Area Code	(972)
Local Phone Number	349-6200
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	VBTX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		54,305,922
Entity Central Index Key	0001501570
Amendment Flag	true
Amendment Description	Veritex Holdings, Inc. (the “Company”) is filing this Amendment No.1 (this “Amendment”) to its quarterly report on Form 10-Q for the quarter ended June 30, 2023, originally filed with the Securities and Exchange Commission on August 8, 2023 (the “Original Filing”), for the sole purpose of adding the iXBRL to the Original Filing which was inadvertently omitted. No changes have been made to the financial statements or any other disclosures contained in the Original Filing. This Amendment does not modify or update, in any way, disclosures made in the Original Filing.
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Held-to-maturity debt securities, fair value	$ 158,767	$ 158,781
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	75,000,000	75,000,000
Common stock, shares issued (in shares)	60,898,886	60,668,049
Treasury stock (in shares)	6,638,094	6,638,094

Summary of Significant Accounting Policies - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2023 shares	Jun. 30, 2022 shares	Jun. 30, 2023 branch shares	Jun. 30, 2022 shares
Segment Reporting Information [Line Items]
Excluded from diluted EPS weighted average shares (in shares)	31	290	231	205
Reporting unit, percentage of fair value in excess of carrying amount	26.00%		26.00%
Restricted Stock Units
Segment Reporting Information [Line Items]
Excluded from diluted EPS weighted average shares (in shares)	18	280	180	204
Employee Stock Options
Segment Reporting Information [Line Items]
Excluded from diluted EPS weighted average shares (in shares)	13	10	51	1
Dallas-Fort Worth
Segment Reporting Information [Line Items]
Number of branches \| branch			18
Houston
Segment Reporting Information [Line Items]
Number of branches \| branch			11

LHI and ACL - Trouble Debt Restructuring (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	$ 51,257
30 to 59 Days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	0
60 to 89 Days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	0
90 Days or Greater
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	0
Commercial \| Commercial Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	873
Commercial \| Commercial Real Estate \| 30 to 59 Days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	0
Commercial \| Commercial Real Estate \| 60 to 89 Days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	0
Commercial \| Commercial Real Estate \| 90 Days or Greater
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	0
1 - 4 family residential \| Real Estate \| Residential Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	41,497
1 - 4 family residential \| Real Estate \| Residential Real Estate \| 30 to 59 Days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	0
1 - 4 family residential \| Real Estate \| Residential Real Estate \| 60 to 89 Days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	0
1 - 4 family residential \| Real Estate \| Residential Real Estate \| 90 Days or Greater
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	0
Non-owner occupied commercial real estate (“NOOCRE”) \| Real Estate \| Commercial Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	8,887
Non-owner occupied commercial real estate (“NOOCRE”) \| Real Estate \| Commercial Real Estate \| 30 to 59 Days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	0
Non-owner occupied commercial real estate (“NOOCRE”) \| Real Estate \| Commercial Real Estate \| 60 to 89 Days
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	0
Non-owner occupied commercial real estate (“NOOCRE”) \| Real Estate \| Commercial Real Estate \| 90 Days or Greater
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	0
Interest Rate Reduction
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	9,760
Interest Rate Reduction \| Commercial \| Commercial Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	$ 873
Financing receivable, troubled debt restructuring, postmodification percentage (in percent)	0.00%
Interest Rate Reduction \| 1 - 4 family residential \| Real Estate \| Residential Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	$ 41,497
Financing receivable, troubled debt restructuring, postmodification percentage (in percent)	4.50%
Interest Rate Reduction \| Non-owner occupied commercial real estate (“NOOCRE”) \| Real Estate \| Commercial Real Estate
Financing Receivable, Troubled Debt Restructuring [Line Items]
Financing receivable, troubled debt restructuring, postmodification	$ 8,887
Financing receivable, troubled debt restructuring, postmodification percentage (in percent)	0.40%
Contractual Interest Rate Reduction \| Real Estate \| Residential Real Estate \| Minimum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted-average contractual interest rate (in percent)	7.50%
Contractual Interest Rate Reduction \| Real Estate \| Residential Real Estate \| Maximum
Financing Receivable, Troubled Debt Restructuring [Line Items]
Weighted-average contractual interest rate (in percent)	6.00%

Fair Value - Financial Instruments (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Jun. 30, 2022
Financial assets:
HTM debt securities	$ 158,767,000	$ 158,781,000
Securities purchased under agreements to resell	0		$ 99,000,000
Equity securities without a readily determinable fair value	11,098,000	10,072,000
FHLB and FRB stock	117,017,000	101,568,000
Financial liabilities:
Subordinated debentures and subordinated notes	229,279,000	228,775,000
Carrying Amount
Financial assets:
Cash and cash equivalents	663,921,000	436,077,000
HTM debt securities	182,975,000	186,168,000
Securities purchased under agreements to resell		0
LHFS	1,185,000	866,000
LHI		9,399,614,000
Accrued interest receivable	42,637,000	44,035,000
BOLI	84,375,000	84,496,000
Servicing asset	7,527,000	3,896,000
Equity securities without a readily determinable fair value	11,098,000	10,072,000
FHLB and FRB stock	117,017,000	101,568,000
Financial liabilities:
Deposits	9,233,909,000	9,123,234,000
Advances from FHLB	1,325,000,000	1,175,000,000
Accrued interest payable	29,511,000	8,795,000
Subordinated debentures and subordinated notes	229,279,000	228,775,000
Securities sold under agreements to repurchase		0
Level 1 Inputs \| Fair Value
Financial assets:
Cash and cash equivalents	0	0
HTM debt securities	0	0
Securities purchased under agreements to resell		0
LHFS	0	0
LHI		0
Accrued interest receivable	0	0
BOLI	0	0
Servicing asset	0	0
Financial liabilities:
Deposits	0	0
Advances from FHLB	0	0
Accrued interest payable	0	0
Subordinated debentures and subordinated notes	0	0
Securities sold under agreements to repurchase		0
Level 2 Inputs \| Fair Value
Financial assets:
Cash and cash equivalents	663,921,000	436,077,000
HTM debt securities	158,767,000	158,781,000
Securities purchased under agreements to resell		0
LHFS	0	866,000
LHI		0
Accrued interest receivable	42,637,000	44,035,000
BOLI	84,375,000	84,496,000
Servicing asset	7,527,000	3,896,000
Financial liabilities:
Deposits	8,414,776,000	8,341,419,000
Advances from FHLB	1,324,267,000	1,156,852,000
Accrued interest payable	29,511,000	8,795,000
Subordinated debentures and subordinated notes	229,279,000	228,775,000
Securities sold under agreements to repurchase		0
Level 3 Inputs \| Fair Value
Financial assets:
Cash and cash equivalents	0	0
HTM debt securities	0	0
Securities purchased under agreements to resell		0
LHFS	1,185,000	0
LHI		9,163,616,000
Accrued interest receivable	0	0
BOLI	0	0
Servicing asset	0	0
Financial liabilities:
Deposits	0	0
Advances from FHLB	0	0
Accrued interest payable	0	0
Subordinated debentures and subordinated notes	0	0
Securities sold under agreements to repurchase		$ 0
Real Estate, Commercial and Consumer Portfolio Segments \| Carrying Amount
Financial assets:
LHI	9,583,614,000
Real Estate, Commercial and Consumer Portfolio Segments \| Level 1 Inputs \| Fair Value
Financial assets:
LHI	0
Real Estate, Commercial and Consumer Portfolio Segments \| Level 2 Inputs \| Fair Value
Financial assets:
LHI	0
Real Estate, Commercial and Consumer Portfolio Segments \| Level 3 Inputs \| Fair Value
Financial assets:
LHI	$ 9,386,165,000

Income Taxes

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Income Taxes

Income tax expense for the three and six months ended June 30, 2023 and 2022 was as follows:


	Three Months Ended June 30,						Six Months Ended June 30,
	2023			2022			2023			2022
Income tax expense for the period	$	9,725		$	8,079		$	20,737		$	16,181
Effective tax rate	22.4		%	21.4		%	22.3		%	20.4		%

For the three months ended June 30, 2023, the Company had an effective tax rate of 22.4%. The Company had a net discrete tax expense of $41 thousand associated with the recognition of an excess tax expense realized on share-based payment awards during the three months ended June 30, 2023. Excluding this discrete tax item, the Company had an effective tax rate of 22.3% for the three months ended June 30, 2023.

For the three months ended June 30, 2022, the Company had an effective tax rate of 21.4%. The Company had a net discrete tax benefit of $91 thousand primarily associated with the recognition an excess tax benefit realized on share-based payment awards during the three months ended June 30, 2022. Excluding this discrete tax item, the Company had an effective tax rate of 21.7% for the three months ended June 30, 2022.

For the six months ended June 30, 2023, the Company had an effective tax rate of 22.3%. The Company had a net discrete tax expense of $153 thousand associated with the recognition of an excess tax expense realized on share-based payment awards during the six months ended June 30, 2023. Excluding this discrete tax item, the Company had an effective tax rate of 22.2% for the six months ended June 30, 2023.

For the six months ended June 30, 2022, the Company had an effective tax rate of 20.4%. The Company had a net discrete tax benefit of $1.1 million associated with the recognition of an excess tax benefit realized on share-based payment awards during the six months ended June 30, 2022 . Excluding this discrete tax item, the Company had an effective tax rate of 21.8% for the six months ended June 30, 2022.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 21
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 17
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-17

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details