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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Veritex Holdings Inc | NASDAQ:VBTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.32 | 1.60% | 20.32 | 20.32 | 20.35 | 20.47 | 20.15 | 20.19 | 165,456 | 19:36:51 |
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 |
__________________________
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 | % |
___________________________
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 |
___________________________
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 | % |
___________________________
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 | % |
___________________________
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