Veritex Holdings, Inc. (NASDAQ:VBTX) (“Veritex” or “the Company”),
the holding company of Veritex Community Bank, previously announced
its financial results on January 29, 2018, which reflected an
initial provisional purchase price accounting estimate for
Veritex's deferred taxes recorded for the acquisition of Liberty
Bancshares, Inc. (“Liberty”) that closed on December 1, 2017.
Subsequent to reporting earnings, and in accordance with accounting
guidance, Veritex made an update to the provisional estimate for
the deferred taxes of Liberty and re-measured the updated
provisional estimate at December 31, 2017, using the new effective
tax rate under the Tax Cuts and Jobs Act (the “Tax Act”). The
re-measurement resulted in a decrease in total assets and a
decrease in net income of $1.1 million for the fourth quarter and
year-ended December 31, 2017, and a decrease in diluted earnings
per share of $0.05 and $0.06 for the fourth quarter and year-ended
December 31, 2017, respectively.
The measurement period for Veritex to determine
the fair values of acquired identifiable assets and assumed
liabilities is the earlier of (i) twelve months from the date of
the acquisition or (ii) as soon as Veritex receives the information
it was seeking about facts and circumstances that existed as of the
acquisition date or learns that more information is not obtainable.
As Veritex has only recorded provisional estimates for the Liberty
and Sovereign Bancshares, Inc. acquisitions with respect to loans,
bank premises, furniture and equipment, goodwill, intangible assets
and deferred taxes, any changes to these provisional estimates and
re-measurement of deferred taxes could potentially have a further
impact on our earnings.
In addition, the Company also early adopted ASU
No. 2018-02, “Income Statement - Reporting Comprehensive Income
(Topic 220): Reclassification of Certain Tax Effects from
Accumulated Other Comprehensive Income” (ASU 2018-02). ASU 2018-02,
issued in February 2018, provides for the reclassification of the
effect of re-measuring deferred tax balances related to items
within accumulated other comprehensive income (“AOCI") to retained
earnings resulting from the Tax Act. Veritex early adopted ASU
2018-02 and reclassified $227 thousand from AOCI to retained
earnings.
Veritex has included amended preliminary fourth
quarter and year-ended December 31, 2017 results herein. Veritex
has also amended its earnings presentation to reflect these amended
results, which will be available on the Company’s website.
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 currently twenty branch locations and one mortgage
office throughout the Dallas-Fort Worth metroplex and one branch in
the Houston metropolitan area. Veritex Community Bank is a Texas
state chartered bank regulated by the Texas Department of Banking
and the Board of Governors of the Federal Reserve System.
For more information, visit
www.veritexbank.com
Media Contact:LaVonda
Renfro972-349-6200lrenfro@veritexbank.com
Investor Relations:Susan
Caudle972-349-6132scaudle@veritexbank.com
This release contains certain
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements include information regarding Veritex’s future financial
performance, business and growth strategy, projected plans and
objectives, and related transactions, integration of the acquired
businesses, 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. Such forward-looking statements
are based on various facts and derived utilizing important
assumptions, current expectations, estimates and projections about
Veritex and its subsidiaries, any of which may change over time and
some of which may be beyond Veritex’s control. 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
Veritex 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; difficult market conditions and unfavorable economic
trends in the United States generally, and particularly in the
market areas in which Veritex operates and in which its loans are
concentrated, including the effects of declines in housing markets;
an increase in unemployment levels and slowdowns in economic
growth; Veritex's level of nonperforming assets and the costs
associated with resolving any problem loans including litigation
and other costs; changes in market interest rates may increase
funding costs and reduce earning asset yields thus reducing margin;
the impact of changes in interest rates and the credit quality and
strength of underlying collateral and the effect of such changes on
the market value of Veritex's investment securities portfolio; the
credit risk associated with the substantial amount of commercial
real estate, construction and land development, and commercial
loans in our loan portfolio; the extensive federal and state
regulation, supervision and examination governing almost every
aspect of Veritex's operations including changes in regulations
affecting financial institutions, including the Dodd-Frank Wall
Street Reform and Consumer Protection Act and the rules and
regulations being issued in accordance with this statute and
potential expenses associated with complying with such regulations;
Veritex's ability to comply with applicable capital and liquidity
requirements, including our ability to generate liquidity
internally or raise capital on favorable terms, including continued
access to the debt and equity capital markets; possible changes in
trade, monetary and fiscal policies, laws and regulations and other
activities of governments, agencies, and similar organizations; the
effects of weather and natural disasters such as floods, droughts,
wind, tornadoes and hurricanes as well as effects from geopolitical
instability and manmade disasters including terrorist attacks; and
achieve its performance goals. For discussion of these and other
risks that may cause actual results to differ from expectations,
please refer to “Special Cautionary Note Regarding Forward-Looking
Statements” and “Risk Factors” in Veritex’s Annual Report on Form
10-K filed with the SEC on March 10, 2017 and any updates to those
risk factors set forth in Veritex’s subsequent Quarterly Reports on
Form 10-Q or Current Reports on Form 8-K. If one or more events
related to these or other risks or uncertainties materialize, or if
Veritex’s underlying assumptions prove to be incorrect, actual
results may differ materially from what Veritex anticipates.
Accordingly, you should not place undue reliance on any such
forward-looking statements. Any forward-looking statement speaks
only as of the date on which it is made, and Veritex does not
undertake any obligation to publicly update or review any
forward-looking statement, whether as a result of new information,
future developments or otherwise. New risks and uncertainties arise
from time to time, and it is not possible for us to predict those
events or how they may affect us. In addition, Veritex cannot
assess the impact of each factor on Veritex’s business or the
extent to which any factor, or combination of factors, may cause
actual results to differ materially from those contained in any
forward-looking statements. All forward-looking statements,
expressed or implied, included in this communication are expressly
qualified in their entirety by this cautionary statement. This
cautionary statement should also be considered in connection with
any subsequent written or oral forward-looking statements that
Veritex or persons acting on Veritex’s behalf may issue.
Annualized, pro forma, projected and estimated numbers are used for
illustrative purpose only, are not forecasts and may not reflect
actual results.
VERITEX HOLDINGS, INC. AND
SUBSIDIARYConsolidated Financial Highlights -
(Unaudited)(Dollars in thousands)
|
|
At and For the Three Months Ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
Selected
Financial Data: |
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,257 |
|
|
$ |
5,182 |
|
|
$ |
3,615 |
|
|
$ |
3,098 |
|
|
$ |
3,190 |
|
Net income available to
common stockholders |
|
3,257 |
|
|
5,140 |
|
|
3,615 |
|
|
3,098 |
|
|
3,190 |
|
Total assets |
|
2,945,583 |
|
|
2,494,861 |
|
|
1,508,589 |
|
|
1,522,015 |
|
|
1,408,507 |
|
Total loans(1) |
|
2,259,831 |
|
|
1,907,509 |
|
|
1,122,468 |
|
|
1,020,970 |
|
|
991,897 |
|
Provision for loan
losses |
|
2,529 |
|
|
752 |
|
|
943 |
|
|
890 |
|
|
440 |
|
Allowance for loan
losses |
|
12,808 |
|
|
10,492 |
|
|
9,740 |
|
|
8,816 |
|
|
8,524 |
|
Noninterest-bearing
deposits(2) |
|
652,218 |
|
|
495,627 |
|
|
337,057 |
|
|
338,226 |
|
|
327,614 |
|
Total deposits(2) |
|
2,342,912 |
|
|
1,985,658 |
|
|
1,211,107 |
|
|
1,221,696 |
|
|
1,119,630 |
|
Total stockholders’
equity |
|
488,929 |
|
|
445,929 |
|
|
247,602 |
|
|
242,725 |
|
|
239,088 |
|
Summary
Performance Ratios: |
|
|
|
|
|
|
|
|
|
|
Return on average
assets(3) |
|
0.48 |
% |
|
0.94 |
% |
|
0.97 |
% |
|
0.83 |
% |
|
0.97 |
% |
Return on average
equity(3) |
|
2.78 |
|
|
5.44 |
|
|
5.89 |
|
|
5.20 |
|
|
8.11 |
|
Net interest
margin(4) |
|
4.24 |
|
|
3.78 |
|
|
3.53 |
|
|
3.21 |
|
|
3.44 |
|
Efficiency
ratio(5) |
|
53.60 |
|
|
59.33 |
|
|
55.03 |
|
|
58.26 |
|
|
57.39 |
|
Noninterest expense to
average assets(3) |
|
2.22 |
|
|
2.26 |
|
|
2.08 |
|
|
1.99 |
|
|
2.16 |
|
Summary Credit
Quality Data: |
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
13,905 |
|
|
$ |
1,856 |
|
|
$ |
1,514 |
|
|
$ |
1,686 |
|
|
$ |
941 |
|
Accruing loans 90 or
more days past due(6) |
|
18 |
|
|
54 |
|
|
15 |
|
|
212 |
|
|
835 |
|
Other real estate
owned |
|
449 |
|
|
738 |
|
|
493 |
|
|
998 |
|
|
662 |
|
Nonperforming assets to
total assets |
|
0.49 |
% |
|
0.11 |
% |
|
0.13 |
% |
|
0.19 |
% |
|
0.17 |
% |
Nonperforming loans to
total loans |
|
0.62 |
|
|
0.10 |
|
|
0.14 |
|
|
0.19 |
|
|
0.18 |
|
Allowance for loan
losses to total loans |
|
0.57 |
|
|
0.55 |
|
|
0.87 |
|
|
0.86 |
|
|
0.86 |
|
Net charge-offs to
average loans outstanding |
|
0.01 |
|
|
— |
|
|
— |
|
|
0.06 |
|
|
0.03 |
|
Capital
Ratios: |
|
|
|
|
|
|
|
|
|
|
Total stockholders’
equity to total assets |
|
16.60 |
% |
|
17.87 |
% |
|
16.41 |
% |
|
15.95 |
% |
|
16.97 |
% |
Tangible common equity
to tangible assets |
|
11.12 |
|
|
12.76 |
|
|
14.77 |
|
|
14.31 |
|
|
15.23 |
|
Tier 1 capital to
average assets |
|
12.92 |
|
|
15.26 |
|
|
15.09 |
|
|
14.65 |
|
|
16.82 |
|
Tier 1 capital to
risk-weighted assets |
|
12.48 |
|
|
14.17 |
|
|
18.17 |
|
|
19.94 |
|
|
20.72 |
|
Common equity tier 1
(to risk weighted assets) |
|
11.41 |
|
|
13.65 |
|
|
17.92 |
|
|
19.66 |
|
|
20.42 |
|
Total capital to
risk-weighted assets |
|
13.16 |
|
|
14.87 |
|
|
19.37 |
|
|
21.20 |
|
|
22.02 |
|
__________________________
- Total loans does not include loans held for sale and deferred
fees. Loans held for sale were $0.8 million at December 31,
2017, $2.2 million at September 30, 2017, $4.1 million at
June 30, 2017, $1.9 million at March 31, 2017, and $5.2
million at December 31, 2016. Deferred fees were $28 thousand
at December 31, 2017, $28 thousand at September 30, 2016,
$40 thousand at June 30, 2017, $48 thousand at March 31,
2017, and $55 thousand at December 31, 2016. Total loans
include branch assets held for sale of $26.3 million at
December 31, 2017.
- Total noninterest-bearings deposits and total deposits at
December 31, 2017 include branch liabilities held for sale of
$39.4 million and $64.3 million, respectively.
- 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.
- Net interest margin represents net interest income, annualized
on a fully tax equivalent basis, divided by average
interest-earning assets.
- Efficiency ratio represents noninterest expense divided by the
sum of net interest income and noninterest income.
- Accruing loans 90 or more days past due excludes $3.3 million
of PCI loans acquired from Sovereign as of December 31, 2017 and
September 30, 2017. No PCI loans were considered non-performing
loans as of December 31, 2017.
VERITEX HOLDINGS, INC. AND
SUBSIDIARYCondensed Consolidated Balance Sheets -
(Unaudited)(In thousands)
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks |
|
$ |
38,243 |
|
|
$ |
21,879 |
|
|
$ |
28,687 |
|
|
$ |
23,021 |
|
|
$ |
15,631 |
|
Interest bearing
deposits in other banks |
|
110,801 |
|
|
129,497 |
|
|
144,459 |
|
|
262,714 |
|
|
219,160 |
|
Total cash and cash equivalents |
|
149,044 |
|
|
151,376 |
|
|
173,146 |
|
|
285,735 |
|
|
234,791 |
|
Investment
securities |
|
228,117 |
|
|
204,788 |
|
|
134,708 |
|
|
138,698 |
|
|
102,559 |
|
Loans held for
sale |
|
841 |
|
|
2,179 |
|
|
4,118 |
|
|
1,925 |
|
|
5,208 |
|
Loans, net |
|
2,220,682 |
|
|
1,896,989 |
|
|
1,112,688 |
|
|
1,012,106 |
|
|
983,318 |
|
Accrued interest
receivable |
|
7,676 |
|
|
6,387 |
|
|
3,333 |
|
|
2,845 |
|
|
2,907 |
|
Bank-owned life
insurance |
|
21,476 |
|
|
20,517 |
|
|
20,369 |
|
|
20,224 |
|
|
20,077 |
|
Bank premises,
furniture and equipment, net |
|
75,251 |
|
|
40,129 |
|
|
17,978 |
|
|
17,521 |
|
|
17,413 |
|
Non-marketable equity
securities |
|
13,732 |
|
|
10,283 |
|
|
7,407 |
|
|
7,375 |
|
|
7,366 |
|
Investment in
unconsolidated subsidiary |
|
352 |
|
|
352 |
|
|
93 |
|
|
93 |
|
|
93 |
|
Other real estate
owned |
|
449 |
|
|
738 |
|
|
493 |
|
|
998 |
|
|
662 |
|
Intangible assets,
net |
|
20,441 |
|
|
10,531 |
|
|
2,171 |
|
|
2,161 |
|
|
2,181 |
|
Goodwill |
|
159,452 |
|
|
135,832 |
|
|
26,865 |
|
|
26,865 |
|
|
26,865 |
|
Other assets |
|
14,518 |
|
|
14,760 |
|
|
5,220 |
|
|
5,469 |
|
|
5,067 |
|
Branch assets held for
sale |
|
33,552 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total assets |
|
$ |
2,945,583 |
|
|
$ |
2,494,861 |
|
|
$ |
1,508,589 |
|
|
$ |
1,522,015 |
|
|
$ |
1,408,507 |
|
LIABILITIES AND
STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
612,830 |
|
|
$ |
495,627 |
|
|
$ |
337,057 |
|
|
$ |
338,226 |
|
|
$ |
327,614 |
|
Interest-bearing |
|
1,665,800 |
|
|
1,490,031 |
|
|
874,050 |
|
|
883,470 |
|
|
792,016 |
|
Total deposits |
|
2,278,630 |
|
|
1,985,658 |
|
|
1,211,107 |
|
|
1,221,696 |
|
|
1,119,630 |
|
Accounts payable and
accrued expenses |
|
5,098 |
|
|
4,017 |
|
|
2,574 |
|
|
1,631 |
|
|
2,914 |
|
Accrued interest
payable and other liabilities |
|
5,446 |
|
|
4,368 |
|
|
1,032 |
|
|
9,655 |
|
|
534 |
|
Advances from Federal
Home Loan Bank |
|
71,164 |
|
|
38,200 |
|
|
38,235 |
|
|
38,271 |
|
|
38,306 |
|
Junior subordinated
debentures |
|
11,702 |
|
|
11,702 |
|
|
3,093 |
|
|
3,093 |
|
|
3,093 |
|
Subordinated notes |
|
4,987 |
|
|
4,987 |
|
|
4,946 |
|
|
4,944 |
|
|
4,942 |
|
Other borrowings |
|
15,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Branch liabilities held
for sale |
|
64,627 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Total liabilities |
|
2,456,654 |
|
|
2,048,932 |
|
|
1,260,987 |
|
|
1,279,290 |
|
|
1,169,419 |
|
Commitments and
contingencies |
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity: |
|
|
|
|
|
|
|
|
|
|
Common
stock |
|
241 |
|
|
227 |
|
|
152 |
|
|
152 |
|
|
152 |
|
Additional paid-in capital |
|
445,517 |
|
|
404,900 |
|
|
211,901 |
|
|
211,512 |
|
|
211,173 |
|
Retained
earnings |
|
44,627 |
|
|
41,143 |
|
|
36,003 |
|
|
32,388 |
|
|
29,290 |
|
Unallocated Employee Stock Ownership Plan shares |
|
(106 |
) |
|
(209 |
) |
|
(209 |
) |
|
(209 |
) |
|
(209 |
) |
Accumulated other comprehensive (loss) |
|
(1,280 |
) |
|
(62 |
) |
|
(175 |
) |
|
(1,048 |
) |
|
(1,248 |
) |
Treasury
stock, 10,000 shares at cost |
|
(70 |
) |
|
(70 |
) |
|
(70 |
) |
|
(70 |
) |
|
(70 |
) |
Total stockholders’ equity |
|
488,929 |
|
|
445,929 |
|
|
247,602 |
|
|
242,725 |
|
|
239,088 |
|
Total liabilities and stockholders’ equity |
|
$ |
2,945,583 |
|
|
$ |
2,494,861 |
|
|
$ |
1,508,589 |
|
|
$ |
1,522,015 |
|
|
$ |
1,408,507 |
|
VERITEX HOLDINGS, INC. AND
SUBSIDIARYCondensed Consolidated Statements of
Income - (Unaudited)(In thousands, except per
share data)
|
|
For the Year Ended |
|
|
December 31, 2017 |
|
December 31, 2016 |
Interest
income: |
|
|
|
|
Interest
and fees on loans |
|
$ |
73,795 |
|
|
$ |
44,681 |
|
Interest
on investment securities |
|
3,462 |
|
|
1,409 |
|
Interest
on deposits in other banks |
|
2,287 |
|
|
503 |
|
Interest
on other |
|
8 |
|
|
2 |
|
Total interest income |
|
79,552 |
|
|
46,595 |
|
Interest
expense: |
|
|
|
|
Interest
on deposit accounts |
|
9,878 |
|
|
4,988 |
|
Interest
on borrowings |
|
1,166 |
|
|
652 |
|
Total interest expense |
|
11,044 |
|
|
5,640 |
|
Net interest
income |
|
68,508 |
|
|
40,955 |
|
Provision for loan
losses |
|
5,114 |
|
|
2,050 |
|
Net interest
income after provision for loan losses |
|
63,394 |
|
|
38,905 |
|
Noninterest
income: |
|
|
|
|
Service
charges and fees on deposit accounts |
|
2,502 |
|
|
1,846 |
|
Gain on
sales of investment securities |
|
222 |
|
|
15 |
|
Gain on
sales of loans and other assets owned |
|
3,141 |
|
|
3,288 |
|
Bank-owned life insurance |
|
753 |
|
|
771 |
|
Other |
|
958 |
|
|
583 |
|
Total noninterest income |
|
7,576 |
|
|
6,503 |
|
Noninterest
expense: |
|
|
|
|
Salaries
and employee benefits |
|
20,828 |
|
|
14,332 |
|
Occupancy
and equipment |
|
5,618 |
|
|
3,667 |
|
Professional fees |
|
5,672 |
|
|
2,804 |
|
Data
processing and software expense |
|
2,217 |
|
|
1,158 |
|
FDIC
assessment fees |
|
1,177 |
|
|
661 |
|
Marketing |
|
1,293 |
|
|
983 |
|
Other
assets owned expenses and write-downs |
|
182 |
|
|
163 |
|
Amortization of intangibles |
|
964 |
|
|
380 |
|
Telephone
and communications |
|
720 |
|
|
402 |
|
Other |
|
4,118 |
|
|
1,840 |
|
Total noninterest expense |
|
42,789 |
|
|
26,390 |
|
Net income from
operations |
|
28,181 |
|
|
19,018 |
|
Income tax expense |
|
13,029 |
|
|
6,467 |
|
Net
income |
|
$ |
15,152 |
|
|
$ |
12,551 |
|
Preferred stock
dividends |
|
$ |
42 |
|
|
$ |
— |
|
Net income available to
common stockholders |
|
$ |
15,110 |
|
|
$ |
12,551 |
|
Basic earnings per
share |
|
$ |
0.82 |
|
|
$ |
1.16 |
|
Diluted earnings per
share |
|
$ |
0.80 |
|
|
$ |
1.13 |
|
Weighted average basic
shares outstanding |
|
18,404 |
|
|
10,849 |
|
Weighted average
diluted shares outstanding |
|
18,810 |
|
|
11,153 |
|
VERITEX HOLDINGS, INC. AND
SUBSIDIARYCondensed Consolidated Statements of
Income - (Unaudited)(In thousands, except per
share data)
|
|
For the Three Months Ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
Interest
income: |
|
|
|
|
|
|
|
|
|
|
Interest
and fees on loans |
|
$ |
28,182 |
|
|
$ |
20,706 |
|
|
$ |
13,024 |
|
|
$ |
11,883 |
|
|
$ |
11,684 |
|
Interest
on investment securities |
|
1,211 |
|
|
941 |
|
|
735 |
|
|
575 |
|
|
396 |
|
Interest
on deposits in other banks |
|
500 |
|
|
629 |
|
|
548 |
|
|
610 |
|
|
200 |
|
Interest
on other |
|
4 |
|
|
3 |
|
|
— |
|
|
1 |
|
|
1 |
|
Total interest income |
|
29,897 |
|
|
22,279 |
|
|
14,307 |
|
|
13,069 |
|
|
12,281 |
|
Interest
expense: |
|
|
|
|
|
|
|
|
|
|
Interest
on deposit accounts |
|
3,677 |
|
|
2,812 |
|
|
1,742 |
|
|
1,647 |
|
|
1,600 |
|
Interest
on borrowings |
|
470 |
|
|
338 |
|
|
189 |
|
|
169 |
|
|
161 |
|
Total interest expense |
|
4,147 |
|
|
3,150 |
|
|
1,931 |
|
|
1,816 |
|
|
1,761 |
|
Net interest
income |
|
25,750 |
|
|
19,129 |
|
|
12,376 |
|
|
11,253 |
|
|
10,520 |
|
Provision for loan
losses |
|
2,529 |
|
|
752 |
|
|
943 |
|
|
890 |
|
|
440 |
|
Net interest
income after provision for loan losses |
|
23,221 |
|
|
18,377 |
|
|
11,433 |
|
|
10,363 |
|
|
10,080 |
|
Noninterest
income: |
|
|
|
|
|
|
|
|
|
|
Service
charges and fees on deposit accounts |
|
769 |
|
|
669 |
|
|
555 |
|
|
509 |
|
|
537 |
|
Gain on
sales of investment securities |
|
17 |
|
|
205 |
|
|
— |
|
|
— |
|
|
— |
|
Gain on
sales of loans and other assets owned |
|
882 |
|
|
705 |
|
|
807 |
|
|
747 |
|
|
970 |
|
Bank-owned life insurance |
|
192 |
|
|
188 |
|
|
186 |
|
|
187 |
|
|
194 |
|
Other |
|
438 |
|
|
210 |
|
|
218 |
|
|
92 |
|
|
123 |
|
Total noninterest income |
|
2,298 |
|
|
1,977 |
|
|
1,766 |
|
|
1,535 |
|
|
1,824 |
|
Noninterest
expense: |
|
|
|
|
|
|
|
|
|
|
Salaries
and employee benefits |
|
7,357 |
|
|
5,921 |
|
|
3,642 |
|
|
3,908 |
|
|
3,650 |
|
Occupancy
and equipment |
|
1,996 |
|
|
1,596 |
|
|
1,015 |
|
|
1,011 |
|
|
949 |
|
Professional fees |
|
1,713 |
|
|
1,973 |
|
|
1,188 |
|
|
798 |
|
|
943 |
|
Data
processing and software expense |
|
766 |
|
|
719 |
|
|
372 |
|
|
360 |
|
|
308 |
|
FDIC
assessment fees |
|
116 |
|
|
410 |
|
|
393 |
|
|
258 |
|
|
213 |
|
Marketing |
|
388 |
|
|
436 |
|
|
225 |
|
|
244 |
|
|
279 |
|
Other
assets owned expenses and write-downs |
|
73 |
|
|
71 |
|
|
13 |
|
|
25 |
|
|
24 |
|
Amortization of intangibles |
|
551 |
|
|
223 |
|
|
95 |
|
|
95 |
|
|
95 |
|
Telephone
and communications |
|
282 |
|
|
230 |
|
|
106 |
|
|
102 |
|
|
107 |
|
Other |
|
1,793 |
|
|
943 |
|
|
733 |
|
|
649 |
|
|
516 |
|
Total noninterest expense |
|
15,035 |
|
|
12,522 |
|
|
7,782 |
|
|
7,450 |
|
|
7,084 |
|
Net income from
operations |
|
10,484 |
|
|
7,832 |
|
|
5,417 |
|
|
4,448 |
|
|
4,820 |
|
Income tax expense |
|
7,227 |
|
|
2,650 |
|
|
1,802 |
|
|
1,350 |
|
|
1,630 |
|
Net
income |
|
$ |
3,257 |
|
|
$ |
5,182 |
|
|
$ |
3,615 |
|
|
$ |
3,098 |
|
|
$ |
3,190 |
|
Preferred stock
dividends |
|
$ |
— |
|
|
$ |
42 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
Net income available to
common stockholders |
|
$ |
3,257 |
|
|
$ |
5,140 |
|
|
$ |
3,615 |
|
|
$ |
3,098 |
|
|
$ |
3,190 |
|
Basic earnings per
share |
|
$ |
0.14 |
|
|
$ |
0.26 |
|
|
$ |
0.24 |
|
|
$ |
0.20 |
|
|
$ |
0.28 |
|
Diluted earnings per
share |
|
$ |
0.14 |
|
|
$ |
0.25 |
|
|
$ |
0.23 |
|
|
$ |
0.20 |
|
|
$ |
0.27 |
|
Weighted average basic
shares outstanding |
|
23,124 |
|
|
19,976 |
|
|
15,211 |
|
|
15,200 |
|
|
11,299 |
|
Weighted average
diluted shares outstanding |
|
23,524 |
|
|
20,392 |
|
|
15,637 |
|
|
15,632 |
|
|
11,653 |
|
VERITEX HOLDINGS, INC. AND
SUBSIDIARYReconciliation of Non-GAAP Financial
Measures - (Unaudited)(In thousands, except per
share data and percentages)
The following table reconciles, at the dates set forth below, GAAP
net income available to common stockholders to core (non-GAAP) net
income available to common stockholders, core diluted earnings per
share, core efficiency ratio and core net interest margin:
|
|
For the Three Months Ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
Net interest
income (as reported) |
|
$ |
25,750 |
|
|
$ |
19,129 |
|
|
$ |
12,376 |
|
|
$ |
11,253 |
|
|
$ |
10,520 |
|
Adjustment: |
|
|
|
|
|
|
|
|
|
|
Income
recognized on acquired loans |
|
2,955 |
|
|
637 |
|
|
135 |
|
|
55 |
|
|
61 |
|
Core net
interest income |
|
22,795 |
|
|
18,492 |
|
|
12,241 |
|
|
11,198 |
|
|
10,459 |
|
Provision for
loan losses (as reported) |
|
2,529 |
|
|
752 |
|
|
943 |
|
|
890 |
|
|
440 |
|
Noninterest
income (as reported) |
|
2,298 |
|
|
1,977 |
|
|
1,766 |
|
|
1,535 |
|
|
1,824 |
|
Noninterest
expense (as reported) |
|
15,035 |
|
|
12,522 |
|
|
7,782 |
|
|
7,450 |
|
|
7,084 |
|
Adjustment: |
|
|
|
|
|
|
|
|
|
|
Merger
and acquisition ("M&A") costs |
|
(1,018 |
) |
|
(1,391 |
) |
|
(193 |
) |
|
(89 |
) |
|
(279 |
) |
Core
noninterest expense |
|
14,017 |
|
|
11,131 |
|
|
7,589 |
|
|
7,361 |
|
|
6,805 |
|
Core net income
from operations |
|
8,547 |
|
|
8,586 |
|
|
5,475 |
|
|
4,482 |
|
|
5,038 |
|
Income tax
expense (as reported) |
|
7,227 |
|
|
2,650 |
|
|
1,802 |
|
|
1,350 |
|
|
1,630 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Tax
impact of adjustments |
|
(678 |
) |
|
264 |
|
|
20 |
|
|
12 |
|
|
76 |
|
Tax Act
re-measurement |
|
(3,051 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Other
M&A discrete tax items |
|
(398 |
) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Core income tax
expense |
|
3,100 |
|
|
2,914 |
|
|
1,822 |
|
|
1,362 |
|
|
1,706 |
|
Core net
income |
|
$ |
5,447 |
|
|
$ |
5,672 |
|
|
$ |
3,653 |
|
|
$ |
3,120 |
|
|
$ |
3,332 |
|
Preferred stock
dividends (as reported) |
|
— |
|
|
42 |
|
|
— |
|
— |
|
— |
|
|
— |
|
Core net income
available to common stockholders |
|
$ |
5,447 |
|
|
$ |
5,630 |
|
|
$ |
3,653 |
|
|
$ |
3,120 |
|
|
$ |
3,332 |
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
diluted shares outstanding |
|
23,524 |
|
|
20,392 |
|
|
15,637 |
|
|
15,632 |
|
|
11,653 |
|
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per
share (as reported) |
|
0.14 |
|
|
0.25 |
|
|
0.23 |
|
|
0.20 |
|
|
0.27 |
|
Core diluted earnings
per share(1) |
|
0.23 |
|
|
0.28 |
|
|
0.23 |
|
|
0.20 |
|
|
0.29 |
|
|
|
|
|
|
|
|
|
|
|
|
Efficiency Ratio |
|
|
|
|
|
|
|
|
|
|
Efficiency ratio (as
reported) |
|
53.60 |
% |
|
59.33 |
% |
|
55.03 |
% |
|
58.26 |
% |
|
57.39 |
% |
Core efficiency
ratio(2) |
|
55.86 |
% |
|
54.38 |
% |
|
54.18 |
% |
|
57.81 |
% |
|
55.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
Net Interest Margin |
|
|
|
|
|
|
|
|
|
|
Net interest margin (as
reported) |
|
4.24 |
% |
|
3.78 |
% |
|
3.53 |
% |
|
3.21 |
% |
|
3.44 |
% |
Core net interest
margin(3) |
|
3.75 |
% |
|
3.66 |
% |
|
3.49 |
% |
|
3.19 |
% |
|
3.42 |
% |
___________________________
- Core diluted earnings per share is defined as core net income
available to common stockholders divided by weighted average
diluted shares outstanding. Excluded from net income available to
common stockholders are income recognized on acquired loans, merger
and acquisition costs, the tax impact of the adjustments to core
net interest income and core noninterest expense, the
re-measurement of our deferred tax asset as a result of the Tax Act
and the tax impact of other M&A discrete tax items.
- We calculate core efficiency ratio as core noninterest expense
divided by the sum of core net interest income and noninterest
income (as reported).
- Core net interest margin is equal to core net interest income
divided by average interest-earning assets.
VERITEX HOLDINGS, INC. AND
SUBSIDIARYReconciliation of Non-GAAP Financial
Measures - (Unaudited)(In thousands, except per
share data and percentages)
The following table reconciles, at the dates set forth below, GAAP
net income available to common stockholders to core (non-GAAP) net
income available to common stockholders, core diluted earnings per
share, core efficiency ratio and core net interest margin:
|
|
For the Years Ended |
|
|
December 31, 2017 |
|
December 31, 2016 |
Net interest
income (as reported) |
|
$ |
68,508 |
|
|
$ |
40,955 |
|
Adjustment: |
|
|
|
|
Income
recognized on acquired loans |
|
3,782 |
|
|
425 |
|
Core net
interest income |
|
64,726 |
|
|
40,530 |
|
Provision for
loan losses (as reported) |
|
5,114 |
|
|
2,050 |
|
Noninterest
income (as reported) |
|
7,576 |
|
|
6,503 |
|
Noninterest
expense (as reported) |
|
42,789 |
|
|
26,390 |
|
Adjustment: |
|
|
|
|
Merger
and acquisition costs |
|
(2,691 |
) |
|
(472 |
) |
Core
noninterest expense |
|
40,098 |
|
|
25,918 |
|
Core net income
from operations |
|
27,090 |
|
|
19,065 |
|
Income tax
expense (as reported) |
|
13,029 |
|
|
6,467 |
|
Adjustment: |
|
|
|
|
Tax
impact of adjustments |
|
(382 |
) |
|
16 |
|
Tax Act
re-measurement |
|
(3,051 |
) |
|
— |
|
Other
M&A discrete tax items |
|
(398 |
) |
|
— |
|
Core income tax
expense |
|
9,198 |
|
|
6,483 |
|
Core net
income |
|
$ |
17,892 |
|
|
$ |
12,582 |
|
Preferred stock
dividends (as reported) |
|
42 |
|
|
— |
|
Core net income
available to common stockholders |
|
$ |
17,850 |
|
|
$ |
12,582 |
|
|
|
|
|
|
Weighted average
diluted shares outstanding |
|
18,810 |
|
|
11,153 |
|
|
|
|
|
|
Diluted earnings per
share (as reported) |
|
0.80 |
|
|
1.13 |
|
Core diluted earnings
per share |
|
0.95 |
|
|
1.13 |
|
|
|
|
|
|
Efficiency Ratio |
|
|
|
|
Efficiency ratio (as
reported) |
|
56.24 |
% |
|
55.61 |
% |
Core efficiency
ratio |
|
55.46 |
% |
|
55.11 |
% |
|
|
|
|
|
Net Interest Margin |
|
|
|
|
Net interest margin (as
reported) |
|
3.77 |
% |
|
3.72 |
% |
Core net interest
margin |
|
3.56 |
% |
|
3.68 |
% |
VERITEX HOLDINGS, INC. AND
SUBSIDIARYReconciliation of Non-GAAP Financial
Measures - (Unaudited)(In thousands, except per
share data and percentages)
The following table reconciles, at the dates set forth below, total
stockholders’ equity to tangible common equity and total assets to
tangible assets and presents our book value per common share to our
tangible book value per share:
|
|
December 31, 2017 |
|
September 30, 2017 |
|
June 30, 2017 |
|
March 31, 2017 |
|
December 31, 2016 |
Tangible Common
Equity |
|
|
|
|
|
|
|
|
|
|
Total
stockholders’ equity |
|
$ |
488,929 |
|
|
$ |
445,929 |
|
|
$ |
247,602 |
|
|
$ |
242,725 |
|
|
$ |
239,088 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(159,452 |
) |
|
(135,832 |
) |
|
(26,865 |
) |
|
(26,865 |
) |
|
(26,865 |
) |
Intangible assets(1) |
|
(22,165 |
) |
|
(10,531 |
) |
|
(2,171 |
) |
|
(2,161 |
) |
|
(2,181 |
) |
Total
tangible common equity |
|
$ |
307,312 |
|
|
$ |
299,566 |
|
|
$ |
218,566 |
|
|
$ |
213,699 |
|
|
$ |
210,042 |
|
Tangible
Assets |
|
|
|
|
|
|
|
|
|
|
Total
assets |
|
$ |
2,945,583 |
|
|
$ |
2,494,861 |
|
|
$ |
1,508,589 |
|
|
$ |
1,522,015 |
|
|
$ |
1,408,507 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
(159,452 |
) |
|
(135,832 |
) |
|
(26,865 |
) |
|
(26,865 |
) |
|
(26,865 |
) |
Intangible assets(1) |
|
(22,165 |
) |
|
(10,531 |
) |
|
(2,171 |
) |
|
(2,161 |
) |
|
(2,181 |
) |
Total
tangible assets |
|
$ |
2,763,966 |
|
|
$ |
2,348,498 |
|
|
$ |
1,479,553 |
|
|
$ |
1,492,989 |
|
|
$ |
1,379,461 |
|
Tangible Common
Equity to Tangible Assets(2) |
|
11.12 |
% |
|
12.76 |
% |
|
14.77 |
% |
|
14.31 |
% |
|
15.23 |
% |
Common shares
outstanding |
|
24,110 |
|
|
22,644 |
|
|
15,233 |
|
|
15,229 |
|
|
15,195 |
|
|
|
|
|
|
|
|
|
|
|
|
Book value per common
share(3) |
|
$ |
20.28 |
|
|
$ |
19.69 |
|
|
$ |
16.25 |
|
|
$ |
15.94 |
|
|
$ |
15.73 |
|
Tangible book value per
common share(4) |
|
$ |
12.75 |
|
|
$ |
13.23 |
|
|
$ |
14.35 |
|
|
$ |
14.03 |
|
|
$ |
13.82 |
|
___________________________
- Intangible assets as of December 31, 2017 include branch
intangible assets held for sale of $1.7 million.
- We calculate tangible common equity as total stockholders’
equity less goodwill and other intangible assets, net of
accumulated amortization, and we calculate tangible assets as total
assets less goodwill and other intangible assets, net of
accumulated amortization.
- We calculate book value per common share as total stockholders’
equity 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.
- We calculate tangible book value per common share as total
tangible common equity, divided by the outstanding number of shares
of our common stock at the end of the relevant period.
VERITEX HOLDINGS, INC. AND
SUBSIDIARYNet Interest Margin -
(Unaudited)(In thousands, except
percentages)
|
|
For the Three Months Ended |
|
|
December 31, 2017 |
|
September 30, 2017 |
|
December 31, 2016 |
|
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans(1)(4) |
|
$ |
2,030,587 |
|
|
$ |
28,182 |
|
|
5.51 |
% |
|
$ |
1,643,077 |
|
|
$ |
20,706 |
|
|
5.00 |
% |
|
$ |
971,977 |
|
|
$ |
11,684 |
|
|
4.78 |
% |
Securities available for sale |
|
233,244 |
|
|
1,211 |
|
|
2.06 |
|
|
191,265 |
|
|
941 |
|
|
1.95 |
|
|
96,814 |
|
|
396 |
|
|
1.63 |
|
Interest-earning deposits in financial institutions |
|
145,099 |
|
|
500 |
|
|
1.37 |
|
|
171,461 |
|
|
629 |
|
|
1.46 |
|
|
147,974 |
|
|
200 |
|
|
0.54 |
|
Investment in subsidiary |
|
352 |
|
|
4 |
|
|
4.51 |
|
|
265 |
|
|
3 |
|
|
4.49 |
|
|
93 |
|
|
1 |
|
|
4.28 |
|
Total
interest-earning assets |
|
2,409,282 |
|
|
29,897 |
|
|
4.92 |
|
|
2,006,068 |
|
|
22,279 |
|
|
4.41 |
|
|
1,216,858 |
|
|
12,281 |
|
|
4.02 |
|
Allowance for loan
losses |
|
(10,658 |
) |
|
|
|
|
|
(9,910 |
) |
|
|
|
|
|
(8,353 |
) |
|
|
|
|
Noninterest-earning
assets(4) |
|
292,664 |
|
|
|
|
|
|
202,352 |
|
|
|
|
|
|
98,379 |
|
|
|
|
|
Total
assets |
|
$ |
2,691,288 |
|
|
|
|
|
|
$ |
2,198,510 |
|
|
|
|
|
|
$ |
1,306,884 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits(4) |
|
$ |
1,569,950 |
|
|
3,677 |
|
|
0.93 |
% |
|
$ |
1,294,187 |
|
|
$ |
2,812 |
|
|
0.86 |
% |
|
$ |
784,778 |
|
|
1,600 |
|
|
0.81 |
% |
Advances
from FHLB |
|
74,589 |
|
|
213 |
|
|
1.13 |
|
|
53,222 |
|
|
160 |
|
|
1.19 |
|
|
38,328 |
|
|
58 |
|
|
0.60 |
|
Other
borrowings |
|
25,398 |
|
|
257 |
|
|
4.01 |
|
|
13,793 |
|
|
178 |
|
|
5.12 |
|
|
8,078 |
|
|
103 |
|
|
5.07 |
|
Total interest-bearing
liabilities |
|
1,669,937 |
|
|
4,147 |
|
|
0.98 |
|
|
1,361,202 |
|
|
3,150 |
|
|
0.92 |
|
|
831,184 |
|
|
1,761 |
|
|
0.84 |
|
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits(4) |
|
542,918 |
|
|
|
|
|
|
452,426 |
|
|
|
|
|
|
315,988 |
|
|
|
|
|
Other
liabilities(4) |
|
13,819 |
|
|
|
|
|
|
6,898 |
|
|
|
|
|
|
3,153 |
|
|
|
|
|
Total
noninterest-bearing liabilities |
|
556,737 |
|
|
|
|
|
|
459,324 |
|
|
|
|
|
|
319,141 |
|
|
|
|
|
Stockholders’
equity |
|
464,614 |
|
|
|
|
|
|
377,984 |
|
|
|
|
|
|
156,559 |
|
|
|
|
|
Total
liabilities and stockholders’ equity |
|
$ |
2,691,288 |
|
|
|
|
|
|
$ |
2,198,510 |
|
|
|
|
|
|
$ |
1,306,884 |
|
|
|
|
|
Net interest rate
spread(2) |
|
|
|
|
|
3.94 |
% |
|
|
|
|
|
3.49 |
% |
|
|
|
|
|
3.18 |
% |
Net interest
income |
|
|
|
$ |
25,750 |
|
|
|
|
|
|
$ |
19,129 |
|
|
|
|
|
|
$ |
10,520 |
|
|
|
Net interest
margin(3) |
|
|
|
|
|
4.24 |
% |
|
|
|
|
|
3.78 |
% |
|
|
|
|
|
3.44 |
% |
___________________________
- Includes average outstanding balances of loans held for sale of
$3,155, $1,553, and $5,517 for three months ended December 31,
2017, September 30, 2017, and December 31, 2016,
respectively.
- Net interest rate spread is the average yield on
interest-earning assets minus the average rate on interest-bearing
liabilities.
- Net interest margin is equal to net interest income divided by
average interest-earning assets.
- Includes average outstanding balances of branch assets and
liabilities held for sale in total loans, noninterest-bearing
assets, interest-bearing deposits, noninterest-bearing deposits and
other liabilities.
VERITEX HOLDINGS, INC. AND
SUBSIDIARYNet Interest Margin -
(Unaudited)(In thousands, except
percentages)
|
|
For the Year Ended December 31, |
|
|
2017 |
|
2016 |
|
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
|
AverageOutstandingBalance |
|
InterestEarned/InterestPaid |
|
AverageYield/Rate |
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Total
loans(1)(2) |
|
$ |
1,441,295 |
|
|
$ |
73,795 |
|
|
5.12 |
% |
|
$ |
924,465 |
|
|
$ |
44,681 |
|
|
4.83 |
% |
Securities available for sale |
|
170,253 |
|
|
3,462 |
|
|
2.03 |
% |
|
84,558 |
|
|
1,409 |
|
|
1.67 |
% |
Interest-earning deposits in financial institutions |
|
202,314 |
|
|
2,287 |
|
|
1.13 |
% |
|
93,199 |
|
|
503 |
|
|
0.54 |
% |
Investment in subsidiary |
|
202 |
|
|
8 |
|
|
3.96 |
% |
|
93 |
|
|
2 |
|
|
2.15 |
% |
Total
interest-earning assets |
|
1,814,064 |
|
|
79,552 |
|
|
4.39 |
% |
|
1,102,315 |
|
|
46,595 |
|
|
4.23 |
% |
Allowance for loan
losses |
|
(9,567 |
) |
|
|
|
|
|
(7,743 |
) |
|
|
|
|
Noninterest-earning
assets(2) |
|
176,471 |
|
|
|
|
|
|
94,199 |
|
|
|
|
|
Total
assets |
|
$ |
1,980,968 |
|
|
|
|
|
|
$ |
1,188,771 |
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing deposits(2) |
|
$ |
1,151,033 |
|
|
9,878 |
|
|
0.86 |
% |
|
$ |
688,978 |
|
|
4,988 |
|
|
0.72 |
% |
Advances
from FHLB |
|
51,196 |
|
|
531 |
|
|
1.04 |
% |
|
43,649 |
|
|
260 |
|
|
0.60 |
% |
Other
borrowings |
|
13,878 |
|
|
635 |
|
|
4.58 |
% |
|
8,077 |
|
|
392 |
|
|
4.85 |
% |
Total interest-bearing
liabilities |
|
1,216,107 |
|
|
11,044 |
|
|
0.91 |
% |
|
740,704 |
|
|
5,640 |
|
|
0.76 |
% |
Noninterest-bearing
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits(2) |
|
425,124 |
|
|
|
|
|
|
302,548 |
|
|
|
|
|
Other
liabilities(2) |
|
6,802 |
|
|
|
|
|
|
2,937 |
|
|
|
|
|
Total
noninterest-bearing liabilities |
|
431,926 |
|
|
|
|
|
|
305,485 |
|
|
|
|
|
Stockholders’
equity |
|
332,935 |
|
|
|
|
|
|
142,582 |
|
|
|
|
|
Total
liabilities and stockholders’ equity |
|
$ |
1,980,968 |
|
|
|
|
|
|
$ |
1,188,771 |
|
|
|
|
|
Net interest rate
spread |
|
|
|
|
|
3.48 |
% |
|
|
|
|
|
3.47 |
% |
Net interest
income |
|
|
|
$ |
68,508 |
|
|
|
|
|
|
$ |
40,955 |
|
|
|
Net interest
margin |
|
|
|
|
|
3.77 |
% |
|
|
|
|
|
3.72 |
% |
___________________________
- Includes average outstanding balances of loans held for sale of
$2,493 and $5,078 for the twelve months ended December 31, 2017 and
2016, respectively.
- Includes average outstanding balances of branch assets and
liabilities held for sale in total loans, noninterest-bearing
assets, interest-bearing deposits, noninterest-bearing deposits and
other liabilities.
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