UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (date of earliest event reported): January 26, 2016
VERITEX HOLDINGS, INC.
(Exact name of Registrant as specified in its charter)
Texas |
|
001-36682 |
|
27-0973566 |
(State or other jurisdiction of |
|
(Commission File Number) |
|
(I.R.S. Employer |
8214 Westchester Drive, Suite 400
Dallas, Texas 75225
(Address of principal executive offices)
(972) 349-6200
(Registrants telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Conditions
On January 26, 2016 Veritex Holdings, Inc. the holding company for Veritex Community Bank, a Texas state chartered bank, issued a press release describing its results of operations for the fourth quarter and year ended December 31, 2015. A copy of the press release is included as Exhibit 99.1 hereto and is incorporated herein by reference.
As provided in General Instructions B2 to Form 8-K, the information furnished in Item 2.02 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits. The following is furnished as an exhibit to this Current Report on Form 8-K:
Exhibit Number |
|
Description |
99.1 |
|
Press Release dated January 26, 2016. |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
Veritex Holdings, Inc. | |
|
| |
|
By: |
/s/ C. Malcolm Holland, III |
|
|
C. Malcolm Holland, III |
|
|
Chairman and Chief Executive Officer |
|
Date: |
January 26, 2016 |
EXHIBIT INDEX
Exhibit |
|
Description of Exhibit |
99.1 |
|
Press Release dated January 26, 2016 |
Exhibit 99.1
Veritex Holdings, Inc. Reports Fourth Quarter and Year-End 2015 Results
Dallas, TX January 26, 2016 Veritex Holdings, Inc. (NASDAQ: VBTX), the holding company for Veritex Community Bank, announced the results today for the quarter and year ended December 31, 2015. The Company reported net income for the year ended December 31, 2015 of $8.8 million and $0.84 diluted earnings per common share, compared to net income of $5.2 million and $0.72 diluted earnings per common share for the year ended December 31, 2014, an increase of $3.6 million or 68.9% over the prior year. The Company also reported net income of $2.6 million and $0.23 diluted earnings per common share for the quarter ended December 31, 2015 compared to net income of $2.5 million and $0.23 diluted earnings per common share for the quarter ended September 30, 2015, an increase of $36,000 or 1.4%, over the prior quarter.
Malcolm Holland, the Companys Chairman and Chief Executive Officer said, I am excited to announce the results of another fantastic year. Earnings have increased each quarter since our IPO in October of 2014. I am pleased to see this trend continue throughout 2015. Looking back on the year, I am proud of our many accomplishments. In addition to our record earnings trend, we saw a record level of loan originations, portfolio growth and improved returns on assets and equity.
Mr. Holland also said, Our fourth quarter was really the capstone of the year. Loan growth in this quarter exceeded our expectations and drove a substantial increase in pre-tax, pre-provision income by $668,000 over the prior quarter. This quarters positive momentum will give us a great start into 2016.
Full Year 2015 Highlights
· Full year 2015 diluted earnings per common share increased to $0.84 or 16.7% compared to $0.72 for the full year 2014
· Net income was $8.8 million for 2015, an increase of $3.6 million or 68.9% compared to $5.2 million for the full year 2014
· Pre-tax, pre-provision income was $13.8 million for 2015, an increase of $4.4 million or 47.6% compared to $9.3 million for the full year 2014
· Average loan balances increased $151.4 million or 27.7% compared to the full year 2014
· Average noninterest deposits increased $36.7 million or 15.9% compared to the full year 2014
· Credit quality remained excellent with nonperforming assets to total assets at 0.1% and net charge-offs for the full year 2015 at $77,000
· The acquisition of IBT Bancorp, Inc. (IBT) closed successfully on July 1, 2015 and was fully integrated into systems and operations on August 22, 2015
· No loans secured by oil and gas assets at December 31, 2015
2015 Fourth Quarter Highlights
· Pre-tax, pre-provision income was $4.5 million, an increase of $668,000 or 17.5% compared to $3.8 million for the prior quarter
· Net interest income grew $396,000 or 4.6% compared to the prior quarter
· Noninterest income increased $164,000 or 15.7% compared to the prior quarter
· Noninterest expense declined $108,000 or 1.8% compared to the prior quarter
· Total loans increased $67.5 million or 8.9% to $823.4 million compared to the prior quarter
· Total deposits increased $25.8 million or 3.1% to $868.4 million compared to the prior quarter
· Hired an experienced commercial banking executive to lead larger, upper-end middle market efforts
· In November 2015, Veritex Bank was named in the list of Dallas Morning News Top 100 Places to Work 2015
· Redeemed all 8,000 shares of the Companys SBLF preferred stock at its liquidation value of $8 million plus accrued dividends of $18,000
Result of Operations for the Three Months Ended December 31, 2015
Net Interest Income
For the three months ended December 31, 2015, net interest income before provision for loan losses was $9.0 million and net interest margin was 3.78% compared to $8.6 million and 3.84%, respectively, for the three months ended September 30, 2015. Net interest income increased $396,000 primarily due to increased interest and fees on loans as average loan balances increased $35.3 million resulting from organic loan growth for the three months ended December 31, 2015 compared to the three months ended September 30, 2015. The net interest margin decreased 0.06% from the three months ended September 30, 2015. The average rate paid on interest-bearing liabilities increased 0.02% from 0.67% for the three months ended September 30, 2015. The increase in the rate is primarily due to an increase in premium rate money market accounts with an average rate of 0.70%. Average yield on loans decreased 0.01% from 4.84% for the three months ended September 30, 2015 to 4.83% for the quarter ended December 31, 2015. Competitive pricing pressure resulted in overall market yields for loan originations and renewals to be below the average yield of amortizing or paid-off loans.
Compared to the three months ended December 31, 2014, net interest income before provision for loan losses increased by $2.2 million from $6.8 million to $9.0 million for the three months ended December 31, 2015. The increase in net interest income before provision for loan losses was primarily due to increased interest and fees as average loan balances increased $90.5 million from the acquisition of IBT, which closed in July 2015, and organic loan growth of $101.5 million compared to average loans for the three months ended December 31, 2014. Net interest margin improved 0.04% over 3.74% for the same three months in 2014. The rate paid on interest-bearing liabilities decreased from 0.73% for the three months ended December 31, 2014 to 0.69% for the three months ended December 31, 2015. The decrease was related to a change in the mix of deposits from premium money market accounts with an average rate of 0.65% and certificates of deposits with an average rate paid of 1.14% to money market accounts with average rate paid of 0.25%. Average yield on loans declined 0.02% from 4.85% for the three months ended December 31, 2014 to 4.83% for the quarter ended December 31, 2015. Competitive pricing pressure resulted in overall market yields for loan originations and renewals to be below the average yield of amortizing or paid-off loans.
Noninterest Income
Noninterest income for the three months ended December 31, 2015 was $1.2 million, an increase of $164,000 or 15.7% compared to the three months ended September 30, 2015. The increase was primarily a result of bi-annual dividends received on Federal Reserve Bank stock of $85,000, increased gains on sale of SBA loans of $49,000, and seasonal growth in service charges and fees on deposit accounts of $39,000.
Compared to the three months ended December 31, 2014, noninterest income grew $551,000 or 84.0%, primarily as a result of gains on sale of SBA loans and servicing fees totaling $345,000, increased deposit service charges and fees on deposit accounts of $127,000, and increased insurance income from the bank owned life insurance (BOLI) acquired in connection with the acquisition of IBT.
Noninterest Expense
Noninterest expense was $5.7 million for the three months ended December 31, 2015, compared to noninterest expense of $5.8 million for the three months ended September 30, 2015, a decrease of $108,000 or 1.8%. The decrease was primarily driven by a reduction in investment banker professional fees incurred in the three months ended September 30, 2015 related to the successful acquisition of IBT in July 2015.
Compared to the three months ended December 31, 2014, noninterest expense increased $1.1 million. This increase was in large part due to increases in salary and employee benefit expenses of $575,000 and occupancy and equipment expenses of $131,000 primarily related to the acquisition of IBT. The IBT acquisition was also the primary driver of increases in data processing and software expense of $32,000, FDIC assessment fees of $26,000, telephone and communication expense of $23,000 and other non-interest expense of $150,000.
Income Taxes
Income tax expense for the three months ended December 31, 2015 totaled $1.3 million, an increase of $22,000 or 1.7% compared to the three months ended September 2015. The Companys effective tax rate was approximately 33.6% for the three months ended December 31, 2015 and the three months ended September 30, 2015.
Compared to the three months ended December 31, 2014, income tax expense increased $510,000 or 64.3% for the three months ended December 31, 2015. The Companys effective tax rate was approximately 33.6% for the three months ended December 31, 2015 compared to 31.9% for the three months ended December 31, 2014. The increase in effective tax rate was primarily the result of a net discrete tax benefit associated with recognition of deferred tax assets related to non-qualified stock options during the three months ended December 31, 2014.
Financial Condition
Loans (excluding loans held for sale and deferred loan fees) at December 31, 2015 were $820.6 million, an increase of $66.4 million or 8.8% compared to $754.2 million at September 30, 2015. The increase from September 30, 2015 was primarily the result of the continued execution and success of our organic growth strategy.
Loans (excluding loans held for sale and deferred loan fees) increased $217.3 million or 36.0% compared to $603.3 million at December 31, 2014. The acquisition of IBT represents approximately 41.5% of the increase from the prior year with the remainder of $127.1 million achieved through organic growth.
Deposits at December 31, 2015 were $868.4 million, an increase of $25.8 million or 3.1% compared to $842.6 million at September 30, 2015 due to growth in retail money market accounts and wholesale deposits.
Deposits increased $229.7 million or 36.0% compared to $638.7 million at September 30, 2014. The increase from December 31, 2014 was due to the acquisition of IBTs deposits of approximately $98.3 million, customer deposit growth of approximately $55.6 million, and wholesale deposit growth of approximately $75.8 million.
Advances from the Federal Home Loan Bank were $28.4 million at December 31, 2015 compared to $18.5 million at September 30, 2015 and $40.0 million at December 31, 2014.
Asset Quality
Nonperforming assets totaled $1.1 million or 0.1% of total assets at December 31, 2015 compared to $921,000 or 0.09% at September 30, 2015. Nonperforming assets were $541,000 or 0.07% of total assets at December 31, 2014.
The allowance for loan losses was 0.83% of total loans at December 31, 2015 compared to 0.82% of total loans at September 30, 2015 and 0.99% of total loans at December 31, 2014. The increase in allowance for loan losses as a percentage of total loans compared to September 30, 2015 was minimal as credit quality remained strong. The decrease in allowance for loan losses as a percentage of total loans compared to December 31, 2014 was primarily due to the recording of IBT acquired loans at an estimated fair value.
Other real estate owned totaled $493,000 at December 31, 2015 and September 30, 2015 compared to $105,000 at December 31, 2014. Nonaccrual loans were $593,000 at December 31, 2015 compared to $428,000 at September 30, 2015 and $436,000 at December 31, 2014.
The provision for loan losses for the three months ended December 31, 2015 totaled $610,000 compared to no provision for loan losses for three months ended September 30, 2015 and $326,000 for the three months ended December 31, 2014. The increases were related to general provision requirements related to loan growth as credit quality remained strong.
Non-GAAP Financial Measures
The Companys management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Specifically, the Company reviews and reports tangible book value per common share, the tangible common equity to tangible assets ratio and pre-tax, pre-provision income. The Company has included in this release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to Consolidated Financial Highlights at the end of this release for a reconciliation of these non-GAAP financial measures.
About Veritex Holdings, Inc.
Headquartered in Dallas, Texas, Veritex Holdings, Inc. is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Veritex Community Bank, with ten locations throughout the Dallas metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System.
Acquisition of IBT Bancorp, Inc.
On July 1, 2015, the Company completed the acquisition of IBT, the parent holding company of Independent Bank, headquartered in Irving, Texas with two banking locations in the Dallas metropolitan area. Under the terms of the definitive agreement, the Company issued 1,185,067 shares of its common stock (with cash in lieu of fractional shares) and paid approximately $4.0 million in cash for the outstanding shares of IBT common stock in connection with the closing of the acquisition, which resulted in goodwill of $6.9 million as of July 1, 2015. Additionally, we recognized $1.1 million of core deposit intangibles as of July 1, 2015. The fair values of loans purchased and goodwill are preliminary estimates as of December 31, 2015 as fair value adjustments are still being finalized as of the date of this press release.
For more information, visit www.veritexbank.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This release may contain certain forward-looking statements within the meaning of the securities laws that are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about the Company and its subsidiaries. Forward-looking statements include information regarding the Companys future financial performance, business and growth strategy, projected plans and objectives, expectations concerning the costs associated with the acquisition of IBT and related transactions, integration of the acquired business, ability to recognize anticipated operational efficiencies, and other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words believes, expects, anticipates, intends, projects, estimates, plans and similar expressions or future or conditional verbs such as will, should, would, may and could are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Further, certain factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to whether the Company can: successfully implement its growth strategy, including identifying acquisition targets and consummating suitable acquisitions; continue to sustain internal growth rate; provide competitive products and services that appeal to its customers and target market; continue to have access to debt and equity capital markets; and achieve its performance goals. Other risks include, but are not limited to: the possibility that credit quality could deteriorate; actions of competitors; changes in laws and regulations (including changes in governmental interpretations of regulations and changes in accounting standards); economic conditions, including currency rate fluctuations and interest rate fluctuations; and weather. These and various other factors are discussed in the Companys Final Prospectus, dated October 10, 2014, filed pursuant to Rule 424(b)(4), the Companys Annual Report on Form 10-K filed on March 27, 2015, and other reports and statements the Company has filed with the Securities and Exchange Commission. Copies of such filings are available for download free of charge from www.veritexbank.com under the Investor Relations tab.
VERITEX HOLDINGS, INC. AND SUBSIDIARY
Consolidated Financial Highlights - (Unaudited)
(In thousands, except share and per share data)
|
|
At and For the Three Months Ended |
| |||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
| |||||
|
|
2015 |
|
2015 |
|
2015 |
|
2015 |
|
2014 |
| |||||
Selected Financial Data: |
|
|
|
|
|
|
|
|
|
|
| |||||
Net income |
|
$ |
2,573 |
|
$ |
2,537 |
|
$ |
1,856 |
|
$ |
1,824 |
|
$ |
1,690 |
|
Net income available to common stockholders |
|
2,535 |
|
2,517 |
|
1,836 |
|
1,804 |
|
1,670 |
| |||||
Total assets |
|
1,039,600 |
|
1,009,539 |
|
827,140 |
|
808,906 |
|
802,286 |
| |||||
Total loans(1) |
|
820,605 |
|
754,199 |
|
644,938 |
|
615,495 |
|
603,310 |
| |||||
Provision for loan losses |
|
610 |
|
|
|
148 |
|
110 |
|
326 |
| |||||
Allowance for loan losses |
|
6,772 |
|
6,214 |
|
6,193 |
|
6,006 |
|
5,981 |
| |||||
Noninterest-bearing deposits |
|
301,367 |
|
299,864 |
|
240,919 |
|
241,732 |
|
251,124 |
| |||||
Total deposits |
|
868,410 |
|
842,607 |
|
673,106 |
|
668,255 |
|
638,743 |
| |||||
Total stockholders equity |
|
132,046 |
|
137,508 |
|
117,085 |
|
115,133 |
|
113,312 |
| |||||
Summary Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
| |||||
Return on average assets(2) |
|
0.99 |
% |
1.04 |
% |
0.93 |
% |
0.94 |
% |
0.86 |
% | |||||
Return on average equity(2) |
|
7.37 |
|
7.38 |
|
6.39 |
|
6.45 |
|
6.21 |
| |||||
Net interest margin(3) |
|
3.78 |
|
3.84 |
|
3.77 |
|
3.82 |
|
3.74 |
| |||||
Efficiency ratio(4) |
|
56.11 |
|
60.48 |
|
61.75 |
|
66.67 |
|
62.49 |
| |||||
Noninterest expense to average assets(2) |
|
2.22 |
|
2.39 |
|
2.36 |
|
2.61 |
|
2.38 |
| |||||
Summary Credit Quality Data: |
|
|
|
|
|
|
|
|
|
|
| |||||
Nonaccrual loans |
|
$ |
593 |
|
$ |
428 |
|
$ |
312 |
|
$ |
323 |
|
$ |
436 |
|
Accruing loans 90 or more days past due |
|
84 |
|
|
|
|
|
|
|
|
| |||||
Other real estate owned |
|
493 |
|
493 |
|
548 |
|
548 |
|
105 |
| |||||
Nonperforming assets to total assets |
|
0.10 |
% |
0.09 |
% |
0.10 |
% |
0.12 |
% |
0.07 |
% | |||||
Nonperforming loans to total loans |
|
0.07 |
|
0.06 |
|
0.05 |
|
0.05 |
|
0.07 |
| |||||
Allowance for loan losses to total loans |
|
0.83 |
|
0.82 |
|
0.96 |
|
0.98 |
|
0.99 |
| |||||
Net (recoveries) charge-offs to average loans outstanding |
|
0.01 |
|
(0.00 |
) |
(0.01 |
) |
0.01 |
|
0.04 |
| |||||
Capital Ratios:(6) |
|
|
|
|
|
|
|
|
|
|
| |||||
Total stockholders equity to total assets |
|
12.70 |
% |
13.62 |
% |
14.16 |
% |
14.23 |
% |
14.11 |
% | |||||
Tangible common equity to tangible assets(5) |
|
10.18 |
|
10.30 |
|
11.01 |
|
11.01 |
|
10.86 |
| |||||
Tier 1 capital to average assets |
|
10.83 |
|
12.02 |
|
12.82 |
|
12.78 |
|
12.66 |
| |||||
Tier 1 capital to risk-weighted assets |
|
12.93 |
|
14.73 |
|
14.87 |
|
15.43 |
|
15.45 |
| |||||
Common equity tier 1 (to risk weighted assets) |
|
12.56 |
|
13.29 |
|
13.23 |
|
13.70 |
|
n/a |
| |||||
Total capital to risk-weighted assets |
|
14.34 |
|
16.18 |
|
16.52 |
|
17.16 |
|
17.21 |
|
(1) Total loans does not include loans held for sale and deferred fees. Loans held for sale were $2.8 million at December 31, 2015, $1.8 million at September 30, 2015, $2.1 million at June 30, 2015, $2.5 million at March 31, 2015 and $8.9 million at December 31, 2014. Deferred fees were $61,000 at December 31, 2015, $55,000 at September 30, 2015, $49,000 at June 30, 2015, $50,000 at March 31, 2015 and $51,000 at December 31, 2014.
(2) We calculate our average assets and average equity for a period by dividing the sum of our total assets or total stockholders equity, as the case may be, at the close of business on each day in the relevant period, by the number of days in the period. We have calculated our return on average assets and return on average equity for a period by dividing net income for that period by our average assets and average equity, as the case may be, for that period.
(3) Net interest margin represents net interest income, annualized on a fully tax equivalent basis, divided by average interest-earning assets.
(4) Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.
(5) We calculate tangible common equity as total stockholders equity less preferred stock, goodwill, core deposit intangibles and other intangible assets, net of accumulated amortization, and we calculate tangible assets as total assets less goodwill and core deposit intangibles and other intangible assets, net of accumulated amortization. Tangible common equity to tangible assets is a non-GAAP financial measure, and, as we calculate tangible common equity to tangible assets, the most directly comparable GAAP financial measure is total stockholders equity to total assets. See our reconciliation of non-GAAP financial measures to their most directly comparable GAAP financial measures in the table captioned Reconciliation GAAP NON-GAAP (Unaudited).
(6) Decrease in capital ratios primarily driven by redemption of $8 million in SBLF preferred stock.
VERITEX HOLDINGS, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets - (Unaudited)
(In thousands, except share and per share data)
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
| |||||
|
|
2015 |
|
2015 |
|
2015 |
|
2015 |
|
2014 |
| |||||
ASSETS |
|
|
|
|
|
|
|
|
|
|
| |||||
Cash and due from banks |
|
$ |
10,989 |
|
$ |
10,478 |
|
$ |
11,699 |
|
$ |
9,338 |
|
$ |
9,223 |
|
Interest bearing deposits in other banks |
|
60,562 |
|
113,031 |
|
51,570 |
|
76,206 |
|
84,028 |
| |||||
Total cash and cash equivalents |
|
71,551 |
|
123,509 |
|
63,269 |
|
85,544 |
|
93,251 |
| |||||
Investment securities |
|
75,813 |
|
61,023 |
|
59,299 |
|
53,391 |
|
45,127 |
| |||||
Loans held for sale |
|
2,831 |
|
1,766 |
|
2,127 |
|
2,508 |
|
8,858 |
| |||||
Loans, net |
|
813,771 |
|
747,930 |
|
638,696 |
|
609,439 |
|
597,278 |
| |||||
Accrued interest receivable |
|
2,216 |
|
2,088 |
|
1,557 |
|
1,539 |
|
1,542 |
| |||||
Bank-owned life insurance |
|
19,459 |
|
19,299 |
|
18,115 |
|
17,969 |
|
17,822 |
| |||||
Bank premises, furniture and equipment, net |
|
17,449 |
|
17,585 |
|
12,107 |
|
11,526 |
|
11,150 |
| |||||
Non-marketable equity securities |
|
4,167 |
|
4,045 |
|
3,970 |
|
3,136 |
|
4,139 |
| |||||
Investment in unconsolidated subsidiary |
|
93 |
|
93 |
|
93 |
|
93 |
|
93 |
| |||||
Other real estate owned |
|
493 |
|
493 |
|
548 |
|
548 |
|
105 |
| |||||
Intangible assets |
|
2,410 |
|
2,458 |
|
1,110 |
|
1,186 |
|
1,261 |
| |||||
Goodwill |
|
26,827 |
|
26,025 |
|
19,148 |
|
19,148 |
|
19,148 |
| |||||
Other assets |
|
3,131 |
|
3,225 |
|
7,101 |
|
2,879 |
|
2,512 |
| |||||
Total assets |
|
$ |
1,039,600 |
|
$ |
1,009,539 |
|
$ |
827,140 |
|
$ |
808,906 |
|
$ |
802,286 |
|
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
|
|
|
|
|
|
| |||||
Deposits: |
|
|
|
|
|
|
|
|
|
|
| |||||
Noninterest-bearing |
|
$ |
301,367 |
|
$ |
299,864 |
|
$ |
240,919 |
|
$ |
241,732 |
|
$ |
251,124 |
|
Interest-bearing |
|
567,043 |
|
542,743 |
|
432,187 |
|
426,523 |
|
387,619 |
| |||||
Total deposits |
|
868,410 |
|
842,607 |
|
673,106 |
|
668,255 |
|
638,743 |
| |||||
Accounts payable and accrued expenses |
|
1,776 |
|
1,782 |
|
1,202 |
|
1,049 |
|
1,582 |
| |||||
Accrued interest payable and other liabilities |
|
848 |
|
1,089 |
|
672 |
|
1,395 |
|
575 |
| |||||
Advances from Federal Home Loan Bank |
|
28,444 |
|
18,478 |
|
27,000 |
|
15,000 |
|
40,000 |
| |||||
Junior subordinated debentures |
|
3,093 |
|
3,093 |
|
3,093 |
|
3,093 |
|
3,093 |
| |||||
Subordinated notes |
|
4,983 |
|
4,982 |
|
4,982 |
|
4,981 |
|
4,981 |
| |||||
Total liabilities |
|
907,554 |
|
872,031 |
|
710,055 |
|
693,773 |
|
688,974 |
| |||||
Commitments and contingencies |
|
|
|
|
|
|
|
|
|
|
| |||||
Stockholders equity: |
|
|
|
|
|
|
|
|
|
|
| |||||
Preferred stock |
|
|
|
8,000 |
|
8,000 |
|
8,000 |
|
8,000 |
| |||||
Common stock |
|
107 |
|
107 |
|
95 |
|
95 |
|
95 |
| |||||
Additional paid-in capital |
|
115,721 |
|
115,579 |
|
97,761 |
|
97,480 |
|
97,469 |
| |||||
Retained earnings |
|
16,739 |
|
14,204 |
|
11,687 |
|
9,851 |
|
8,047 |
| |||||
Unallocated Employee Stock Ownership Plan shares |
|
(309 |
) |
(406 |
) |
(406 |
) |
(401 |
) |
(401 |
) | |||||
Accumulated other comprehensive income |
|
(142 |
) |
94 |
|
18 |
|
178 |
|
172 |
| |||||
Treasury stock, 10,000 shares at cost |
|
(70 |
) |
(70 |
) |
(70 |
) |
(70 |
) |
(70 |
) | |||||
Total stockholders equity |
|
132,046 |
|
137,508 |
|
117,085 |
|
115,133 |
|
113,312 |
| |||||
Total liabilities and stockholders equity |
|
$ |
1,039,600 |
|
$ |
1,009,539 |
|
$ |
827,140 |
|
$ |
808,906 |
|
$ |
802,286 |
|
VERITEX HOLDINGS, INC. AND SUBSIDIARY
Condensed Consolidated Statements of Income - (Unaudited)
(In thousands, except share and per share data)
|
|
For the Year Ended |
| ||||
|
|
December 31, |
|
December 31, |
| ||
|
|
2015 |
|
2014 |
| ||
Interest income: |
|
|
|
|
| ||
Interest and fees on loans |
|
$ |
33,680 |
|
$ |
27,236 |
|
Interest on investment securities |
|
997 |
|
839 |
| ||
Interest on deposits in other banks |
|
241 |
|
182 |
| ||
Interest on other |
|
2 |
|
2 |
| ||
Total interest income |
|
34,920 |
|
28,259 |
| ||
Interest expense: |
|
|
|
|
| ||
Interest on deposit accounts |
|
2,918 |
|
2,421 |
| ||
Interest on borrowings |
|
543 |
|
498 |
| ||
Total interest expense |
|
3,461 |
|
2,919 |
| ||
Net interest income |
|
31,459 |
|
25,340 |
| ||
Provision for loan losses |
|
868 |
|
1,423 |
| ||
Net interest income after provision for loan losses |
|
30,591 |
|
23,917 |
| ||
Noninterest income: |
|
|
|
|
| ||
Service charges and fees on deposit accounts |
|
1,326 |
|
1,099 |
| ||
Gain on sales of investment securities |
|
7 |
|
34 |
| ||
Gain on sales of loans |
|
1,254 |
|
641 |
| ||
Gain on sales of other assets owned |
|
19 |
|
10 |
| ||
Bank-owned life insurance |
|
747 |
|
427 |
| ||
Other |
|
351 |
|
285 |
| ||
Total noninterest income |
|
3,704 |
|
2,496 |
| ||
Noninterest expense: |
|
|
|
|
| ||
Salaries and employee benefits |
|
11,265 |
|
10,037 |
| ||
Occupancy and equipment |
|
3,477 |
|
3,246 |
| ||
Professional fees |
|
2,023 |
|
1,382 |
| ||
Data processing and software expense |
|
1,216 |
|
1,041 |
| ||
FDIC assessment fees |
|
448 |
|
421 |
| ||
Marketing |
|
799 |
|
588 |
| ||
Other assets owned expenses and write-downs |
|
53 |
|
211 |
| ||
Amortization of intangibles |
|
338 |
|
295 |
| ||
Telephone and communications |
|
263 |
|
226 |
| ||
Other |
|
1,506 |
|
1,056 |
| ||
Total noninterest expense |
|
21,388 |
|
18,503 |
| ||
Net income from operations |
|
12,907 |
|
7,910 |
| ||
Income tax expense |
|
4,117 |
|
2,705 |
| ||
Net income |
|
$ |
8,790 |
|
$ |
5,205 |
|
Preferred stock dividends |
|
$ |
98 |
|
$ |
80 |
|
Net income available to common stockholders |
|
$ |
8,692 |
|
$ |
5,125 |
|
Basic earnings per share |
|
$ |
0.86 |
|
$ |
0.73 |
|
Diluted earnings per share |
|
$ |
0.84 |
|
$ |
0.72 |
|
Weighted average basic shares outstanding |
|
10,061,015 |
|
6,991,585 |
| ||
Weighted average diluted shares outstanding |
|
10,332,158 |
|
7,152,328 |
|
VERITEX HOLDINGS, INC. AND SUBSIDIARY
Condensed Consolidated Statements of Income - (Unaudited)
(In thousands, except share and per share data)
|
|
For the Three Months Ended |
| |||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
| |||||
|
|
2015 |
|
2015 |
|
2015 |
|
2015 |
|
2014 |
| |||||
Interest income: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest and fees on loans |
|
$ |
9,648 |
|
$ |
9,230 |
|
$ |
7,454 |
|
$ |
7,348 |
|
$ |
7,335 |
|
Interest on investment securities |
|
285 |
|
247 |
|
252 |
|
212 |
|
209 |
| |||||
Interest on deposits in other banks |
|
73 |
|
60 |
|
55 |
|
54 |
|
63 |
| |||||
Interest on other |
|
1 |
|
1 |
|
|
|
|
|
|
| |||||
Total interest income |
|
10,007 |
|
9,538 |
|
7,761 |
|
7,614 |
|
7,607 |
| |||||
Interest expense: |
|
|
|
|
|
|
|
|
|
|
| |||||
Interest on deposit accounts |
|
843 |
|
778 |
|
666 |
|
631 |
|
652 |
| |||||
Interest on borrowings |
|
151 |
|
143 |
|
123 |
|
126 |
|
123 |
| |||||
Total interest expense |
|
994 |
|
921 |
|
789 |
|
757 |
|
775 |
| |||||
Net interest income |
|
9,013 |
|
8,617 |
|
6,972 |
|
6,857 |
|
6,832 |
| |||||
Provision for loan losses |
|
610 |
|
|
|
148 |
|
110 |
|
326 |
| |||||
Net interest income after provision for loan losses |
|
8,403 |
|
8,617 |
|
6,824 |
|
6,747 |
|
6,506 |
| |||||
Noninterest income: |
|
|
|
|
|
|
|
|
|
|
| |||||
Service charges and fees on deposit accounts |
|
419 |
|
380 |
|
282 |
|
245 |
|
292 |
| |||||
Gain on sales of investment securities |
|
|
|
|
|
|
|
7 |
|
|
| |||||
Gain on sales of loans |
|
430 |
|
392 |
|
129 |
|
302 |
|
155 |
| |||||
Gain (loss) on sales of other assets owned |
|
|
|
21 |
|
|
|
(2 |
) |
6 |
| |||||
Bank-owned life insurance |
|
195 |
|
194 |
|
179 |
|
178 |
|
111 |
| |||||
Other |
|
163 |
|
56 |
|
98 |
|
36 |
|
92 |
| |||||
Total noninterest income |
|
1,207 |
|
1,043 |
|
688 |
|
766 |
|
656 |
| |||||
Noninterest expense: |
|
|
|
|
|
|
|
|
|
|
| |||||
Salaries and employee benefits |
|
3,019 |
|
3,001 |
|
2,588 |
|
2,657 |
|
2,444 |
| |||||
Occupancy and equipment |
|
917 |
|
894 |
|
808 |
|
857 |
|
786 |
| |||||
Professional fees |
|
487 |
|
632 |
|
365 |
|
540 |
|
439 |
| |||||
Data processing and software expense |
|
313 |
|
368 |
|
272 |
|
263 |
|
281 |
| |||||
FDIC assessment fees |
|
131 |
|
121 |
|
96 |
|
100 |
|
105 |
| |||||
Marketing |
|
205 |
|
227 |
|
162 |
|
205 |
|
156 |
| |||||
Other assets owned expenses and write-downs |
|
24 |
|
(5 |
) |
22 |
|
13 |
|
24 |
| |||||
Amortization of intangibles |
|
95 |
|
96 |
|
74 |
|
74 |
|
74 |
| |||||
Telephone and communications |
|
81 |
|
68 |
|
57 |
|
57 |
|
58 |
| |||||
Other |
|
462 |
|
440 |
|
286 |
|
316 |
|
312 |
| |||||
Total noninterest expense |
|
5,734 |
|
5,842 |
|
4,730 |
|
5,082 |
|
4,679 |
| |||||
Net income from operations |
|
3,876 |
|
3,818 |
|
2,782 |
|
2,431 |
|
2,483 |
| |||||
Income tax expense |
|
1,303 |
|
1,281 |
|
926 |
|
607 |
|
793 |
| |||||
Net income |
|
$ |
2,573 |
|
$ |
2,537 |
|
$ |
1,856 |
|
$ |
1,824 |
|
$ |
1,690 |
|
Preferred stock dividends |
|
$ |
38 |
|
$ |
20 |
|
$ |
20 |
|
$ |
20 |
|
$ |
20 |
|
Net income available to common stockholders |
|
$ |
2,535 |
|
$ |
2,517 |
|
$ |
1,836 |
|
$ |
1,804 |
|
$ |
1,670 |
|
Basic earnings per share |
|
$ |
0.24 |
|
$ |
0.24 |
|
$ |
0.19 |
|
$ |
0.19 |
|
$ |
0.18 |
|
Diluted earnings per share |
|
$ |
0.23 |
|
$ |
0.23 |
|
$ |
0.19 |
|
$ |
0.19 |
|
$ |
0.18 |
|
Weighted average basic shares outstanding |
|
10,675,948 |
|
10,652,602 |
|
9,447,807 |
|
9,447,706 |
|
9,157,582 |
| |||||
Weighted average diluted shares outstanding |
|
10,954,920 |
|
10,940,427 |
|
9,708,673 |
|
9,743,576 |
|
9,405,168 |
|
VERITEX HOLDINGS, INC. AND SUBSIDIARY
Reconciliation GAAP NON GAAP - (Unaudited)
(In thousands, except share and per share data)
The following table reconciles, at the dates set forth below, total stockholders equity to tangible common equity and total assets to tangible assets:
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
| |||||
|
|
2015 |
|
2015 |
|
2015 |
|
2015 |
|
2014 |
| |||||
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
| |||||
Total stockholders equity |
|
$ |
132,046 |
|
$ |
137,508 |
|
$ |
117,085 |
|
$ |
115,133 |
|
$ |
113,312 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
| |||||
Preferred stock |
|
|
|
(8,000 |
) |
(8,000 |
) |
(8,000 |
) |
(8,000 |
) | |||||
Goodwill(3) |
|
(26,827 |
) |
(26,025 |
) |
(19,148 |
) |
(19,148 |
) |
(19,148 |
) | |||||
Intangible assets |
|
(2,410 |
) |
(2,458 |
) |
(1,110 |
) |
(1,186 |
) |
(1,261 |
) | |||||
Total tangible common equity |
|
$ |
102,809 |
|
$ |
101,025 |
|
$ |
88,827 |
|
$ |
86,799 |
|
$ |
84,903 |
|
Tangible Assets |
|
|
|
|
|
|
|
|
|
|
| |||||
Total assets |
|
$ |
1,039,600 |
|
$ |
1,009,539 |
|
$ |
827,140 |
|
$ |
808,906 |
|
$ |
802,286 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
| |||||
Goodwill(3) |
|
(26,827 |
) |
(26,025 |
) |
(19,148 |
) |
(19,148 |
) |
(19,148 |
) | |||||
Intangible assets |
|
(2,410 |
) |
(2,458 |
) |
(1,110 |
) |
(1,186 |
) |
(1,261 |
) | |||||
Total tangible assets |
|
$ |
1,010,363 |
|
$ |
981,056 |
|
$ |
806,882 |
|
$ |
788,572 |
|
$ |
781,877 |
|
Tangible Common Equity to Tangible Assets |
|
10.18 |
% |
10.30 |
% |
11.01 |
% |
11.01 |
% |
10.86 |
% | |||||
Common shares outstanding |
|
10,712 |
|
10,700 |
|
9,494 |
|
9,485 |
|
9,471 |
| |||||
|
|
|
|
|
|
|
|
|
|
|
| |||||
Book value per common share(1) |
|
$ |
12.33 |
|
$ |
12.10 |
|
$ |
11.49 |
|
$ |
11.29 |
|
$ |
11.12 |
|
Tangible book value per common share(2) |
|
$ |
9.60 |
|
$ |
9.44 |
|
$ |
9.36 |
|
$ |
9.15 |
|
$ |
8.96 |
|
(1) We calculate book value per common share as stockholders equity less preferred stock at the end of the relevant period divided by the outstanding number of shares of our common stock at the end of the relevant period.
(2) We calculate tangible book value per common share as total stockholders equity less preferred stock, goodwill, and intangible assets, net of accumulated amortization at the end of the relevant period, divided by the outstanding number of shares of our common stock at the end of the relevant period. Tangible book value per common share is a non-GAAP financial measure, and, as we calculate tangible book value per common share, the most directly comparable GAAP financial measure is total stockholders equity per common share.
(3) Goodwill reflects provisional estimates of fair value of assets and liabilities acquired in the IBT acquisition as of the date of this earnings release.
VERITEX HOLDINGS, INC. AND SUBSIDIARY
Reconciliation GAAP NON GAAP - (Unaudited)
(In thousands)
The following table reconciles net income from operations to pre-tax, pre-provision income:
|
|
For the Three Months Ended |
| |||||||||||||
|
|
December 31, |
|
September 30, |
|
June 30, |
|
March 31, |
|
December 31, |
| |||||
|
|
2015 |
|
2015 |
|
2015 |
|
2015 |
|
2014 |
| |||||
Pre-Tax, Pre-Provision Income |
|
|
|
|
|
|
|
|
|
|
| |||||
Provision for loan losses |
|
610 |
|
|
|
148 |
|
110 |
|
326 |
| |||||
Net Income from Operations |
|
3,876 |
|
3,818 |
|
2,782 |
|
2,431 |
|
2,483 |
| |||||
Total pre-tax, pre-provision income(1) |
|
$ |
4,486 |
|
$ |
3,818 |
|
$ |
2,930 |
|
$ |
2,541 |
|
$ |
2,809 |
|
(1) We calculate pre-tax, pre-provision income by adding the total provision for loan losses to net income from operations for the relevant period.
The following table reconciles net income from operations to pre-tax, pre-provision income:
|
|
For the Year Ended |
| ||||
|
|
December 31, |
|
December 31, |
| ||
|
|
2015 |
|
2014 |
| ||
Pre-Tax, Pre-Provision Income |
|
|
|
|
| ||
Provision for loan losses |
|
868 |
|
1,423 |
| ||
Net Income from Operations |
|
12,907 |
|
7,910 |
| ||
Total pre-tax, pre-provision income(1) |
|
$ |
13,775 |
|
$ |
9,333 |
|
(1) We calculate pre-tax, pre-provision income by adding the total provision for loan losses to net income from operations for the relevant period.
VERITEX HOLDINGS, INC. AND SUBSIDIARY
Net Interest Margin - (Unaudited)
(In thousands)
|
|
For the Three Months Ended |
| ||||||||||||||||||||||
|
|
December 31, 2015 |
|
September 30, 2015 |
|
December 31, 2014 |
| ||||||||||||||||||
|
|
|
|
Interest |
|
|
|
|
|
Interest |
|
|
|
|
|
Interest |
|
|
| ||||||
|
|
Average |
|
Earned/ |
|
Average |
|
Average |
|
Earned/ |
|
Average |
|
Average |
|
Earned/ |
|
Average |
| ||||||
|
|
Outstanding |
|
Interest |
|
Yield/ |
|
Outstanding |
|
Interest |
|
Yield/ |
|
Outstanding |
|
Interest |
|
Yield/ |
| ||||||
|
|
Balance |
|
Paid |
|
Rate |
|
Balance |
|
Paid |
|
Rate |
|
Balance |
|
Paid |
|
Rate |
| ||||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Total loans(1) |
|
$ |
791,799 |
|
$ |
9,648 |
|
4.83 |
% |
$ |
756,542 |
|
$ |
9,230 |
|
4.84 |
% |
$ |
599,813 |
|
$ |
7,335 |
|
4.85 |
% |
Securities available for sale |
|
67,062 |
|
285 |
|
1.69 |
|
63,204 |
|
248 |
|
1.56 |
|
46,750 |
|
209 |
|
1.77 |
| ||||||
Investment in subsidiary |
|
93 |
|
1 |
|
4.27 |
|
93 |
|
|
|
|
|
93 |
|
|
|
|
| ||||||
Interest-earning deposits in financial institutions |
|
86,079 |
|
73 |
|
0.34 |
|
70,363 |
|
60 |
|
0.34 |
|
78,611 |
|
63 |
|
0.32 |
| ||||||
Total interest-earning assets |
|
945,033 |
|
10,007 |
|
4.20 |
|
890,202 |
|
9,538 |
|
4.25 |
|
725,267 |
|
7,607 |
|
4.16 |
| ||||||
Allowance for loan losses |
|
(6,436 |
) |
|
|
|
|
(7,146 |
) |
|
|
|
|
(5,906 |
) |
|
|
|
| ||||||
Noninterest-earning assets |
|
88,382 |
|
|
|
|
|
88,023 |
|
|
|
|
|
60,649 |
|
|
|
|
| ||||||
Total assets |
|
$ |
1,026,979 |
|
|
|
|
|
$ |
971,079 |
|
|
|
|
|
$ |
780,010 |
|
|
|
|
| |||
Liabilities and Stockholders Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Interest-bearing deposits |
|
$ |
540,311 |
|
$ |
843 |
|
0.62 |
% |
$ |
520,806 |
|
$ |
778 |
|
0.59 |
% |
$ |
396,438 |
|
$ |
652 |
|
0.65 |
% |
Advances from FHLB |
|
20,748 |
|
55 |
|
1.05 |
|
19,404 |
|
56 |
|
1.14 |
|
18,533 |
|
30 |
|
0.64 |
| ||||||
Other borrowings |
|
11,272 |
|
96 |
|
3.38 |
|
9,077 |
|
87 |
|
3.80 |
|
8,073 |
|
93 |
|
4.57 |
| ||||||
Total interest-bearing liabilities |
|
572,331 |
|
994 |
|
0.69 |
|
549,287 |
|
921 |
|
0.67 |
|
423,044 |
|
775 |
|
0.73 |
| ||||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Noninterest-bearing deposits |
|
312,783 |
|
|
|
|
|
282,934 |
|
|
|
|
|
246,868 |
|
|
|
|
| ||||||
Other liabilities |
|
3,419 |
|
|
|
|
|
2,403 |
|
|
|
|
|
2,171 |
|
|
|
|
| ||||||
Total noninterest-bearing liabilities |
|
316,202 |
|
|
|
|
|
285,337 |
|
|
|
|
|
249,039 |
|
|
|
|
| ||||||
Stockholders equity |
|
138,446 |
|
|
|
|
|
136,455 |
|
|
|
|
|
107,927 |
|
|
|
|
| ||||||
Total liabilities and stockholders equity |
|
$ |
1,026,979 |
|
|
|
|
|
$ |
971,079 |
|
|
|
|
|
$ |
780,010 |
|
|
|
|
| |||
Net interest rate spread(2) |
|
|
|
|
|
3.51 |
% |
|
|
|
|
3.59 |
% |
|
|
|
|
3.43 |
% | ||||||
Net interest income |
|
|
|
$ |
9,013 |
|
|
|
|
|
$ |
8,617 |
|
|
|
|
|
$ |
6,832 |
|
|
| |||
Net interest margin(3) |
|
|
|
|
|
3.78 |
% |
|
|
|
|
3.84 |
% |
|
|
|
|
3.74 |
% |
(1) Includes average outstanding balances of loans held for sale of $2,482, $4,215 and $5,173 for the three months ended December 31, 2015, September 30, 2015, and December 31, 2014, respectively.
(2) Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
(3) Net interest margin is equal to net interest income divided by average interest-earning assets.
VERITEX HOLDINGS, INC. AND SUBSIDIARY
Net Interest Margin - (Unaudited)
(In thousands)
|
|
For the Year Ended December 31, |
| ||||||||||||||
|
|
2015 |
|
2014 |
| ||||||||||||
|
|
|
|
Interest |
|
|
|
|
|
Interest |
|
|
| ||||
|
|
Average |
|
Earned/ |
|
Average |
|
Average |
|
Earned/ |
|
Average |
| ||||
|
|
Outstanding |
|
Interest |
|
Yield/ |
|
Outstanding |
|
Interest |
|
Yield/ |
| ||||
|
|
Balance |
|
Paid |
|
Rate |
|
Balance |
|
Paid |
|
Rate |
| ||||
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total loans(1) |
|
$ |
697,439 |
|
$ |
33,680 |
|
4.83 |
% |
$ |
546,041 |
|
$ |
27,236 |
|
4.99 |
% |
Securities available for sale |
|
59,088 |
|
997 |
|
1.69 |
|
49,058 |
|
839 |
|
1.71 |
| ||||
Investment in subsidiary |
|
93 |
|
1 |
|
1.08 |
|
93 |
|
2 |
|
2.15 |
| ||||
Interest-bearing deposits in other banks |
|
70,630 |
|
242 |
|
0.34 |
|
63,176 |
|
182 |
|
0.29 |
| ||||
Total interest-earning assets |
|
827,250 |
|
34,920 |
|
4.22 |
|
658,368 |
|
28,259 |
|
4.29 |
| ||||
Allowance for loan losses |
|
(6,419 |
) |
|
|
|
|
(5,498 |
) |
|
|
|
| ||||
Noninterest-earning assets |
|
78,006 |
|
|
|
|
|
60,168 |
|
|
|
|
| ||||
Total assets |
|
$ |
898,837 |
|
|
|
|
|
$ |
713,038 |
|
|
|
|
| ||
Liabilities and Stockholders Equity |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing deposits |
|
$ |
475,034 |
|
$ |
2,918 |
|
0.61 |
% |
$ |
374,074 |
|
$ |
2,421 |
|
0.65 |
% |
Advances from FHLB |
|
18,055 |
|
25 |
|
0.14 |
|
15,890 |
|
118 |
|
0.74 |
| ||||
Other borrowings |
|
9,212 |
|
518 |
|
5.62 |
|
8,073 |
|
380 |
|
4.71 |
| ||||
Total interest-bearing liabilities |
|
502,301 |
|
3,461 |
|
0.69 |
|
398,037 |
|
2,919 |
|
0.73 |
| ||||
Noninterest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Noninterest-bearing deposits |
|
267,550 |
|
|
|
|
|
230,875 |
|
|
|
|
| ||||
Other liabilities |
|
2,408 |
|
|
|
|
|
1,783 |
|
|
|
|
| ||||
Total noninterest-bearing liabilities |
|
269,958 |
|
|
|
|
|
232,658 |
|
|
|
|
| ||||
Stockholders equity |
|
126,578 |
|
|
|
|
|
82,343 |
|
|
|
|
| ||||
Total liabilities and stockholders equity |
|
$ |
898,837 |
|
|
|
|
|
$ |
713,038 |
|
|
|
|
| ||
Net interest rate spread(2) |
|
|
|
|
|
3.53 |
% |
|
|
|
|
3.56 |
% | ||||
Net interest income |
|
|
|
$ |
31,459 |
|
|
|
|
|
$ |
25,340 |
|
|
| ||
Net interest margin(3) |
|
|
|
|
|
3.80 |
% |
|
|
|
|
3.85 |
% |
(1) Includes average outstanding balances of loans held for sale of $3,134 and $3,569 for the twelve months ended December 31, 2015 and December 31, 2014, respectively.
(2) Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.
(3) Net interest margin is equal to net interest income divided by average interest-earning assets