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Veritex Holdings, Inc. Reports First Quarter Operating Results
Источник: Nasdaq GlobeNewswire / 25 апр 2023 16:31:01 America/New_York
DALLAS, April 25, 2023 (GLOBE NEWSWIRE) -- Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the quarter ended March 31, 2023.
“I am incredibly pleased with our first quarter operating performance. We reported outstanding earnings metrics while all banks were navigating the impact of the recent banking environment,” said C. Malcolm Holland, III. “These recent events have given our bankers an opportunity to connect with our customers and prospects to provide reassurance of our Company’s ability to meet their needs. I am encouraged that the time and focus put in over the years resulted in very little deposit outflow since last quarter.”
Quarter to Date Financial Highlights Q1 2023 Q4 2022 Q1 2022 (Dollars in thousands, except per share data)
(unaudited)GAAP Net income $ 38,411 $ 39,897 $ 33,470 Diluted EPS 0.70 0.73 0.65 Book value per common share 27.54 26.83 26.86 Return on average assets2 1.28 % 1.35 % 1.36 % Efficiency ratio 48.42 47.63 52.84 Return on average equity2 10.55 11.03 10.00 Non-GAAP1 Operating earnings $ 43,274 $ 40,395 $ 34,014 Diluted operating EPS 0.79 0.74 0.66 Tangible book value per common share 19.43 18.64 18.51 Pre-tax, pre-provision operating earnings 66,461 63,694 42,265 Pre-tax, pre-provision operating return on average assets2 2.21 % 2.15 % 1.71 % Pre-tax, pre-provision operating return on average loans 2 2.84 2.78 2.34 Operating return on average assets2 1.44 1.36 1.38 Operating efficiency ratio 45.63 47.11 52.05 Return on average tangible common equity2 15.81 16.75 15.84 Operating return on average tangible common equity2 17.72 16.95 16.08 1 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“GAAP”) financial measures to their most directly comparable GAAP measures.
2 Annualized ratio.Other First Quarter Highlights
- Pre-tax, pre-provision operating return on average assets increased 6 bps from the fourth quarter of 2022 to 2.21% and increased 50 bps from the first quarter 2022;
- Pre-tax, pre-provision operating return on average loans increased 6 bps from the fourth quarter of 2022 to 2.84% and increased 50 bps from the first quarter 2022;
- Tangible book value per common share increased to $19.43 during the three months ended March 31, 2023 compared to $18.64 for the three months ended December 31, 2022 and $18.51 for the three months ended March 31, 2022;
- Non-performing assets (“NPAs”) to total assets decreased to 0.35%, or 1 bps from December 31, 2022 and 11 bps from March 31, 2022, respectively;
- Annualized net charge-offs to average loans outstanding were 4 bps for the first quarter of 2023 compared to 28 bps for the three months ended December 31, 2022;
- Total loans held for investment (“LHI”), excluding mortgage warehouse (“MW”), grew $200.7 million, or 8.9% annualized, during the three months ended March 31, 2023 from $9.04 billion at the end of the fourth quarter of 2022;
- Declared quarterly cash dividend of $0.20 per share of outstanding common stock payable on May 25, 2023.
Results of Operations for the Three Months Ended March 31, 2023
Net Interest Income
For the three months ended March 31, 2023, net interest income before provision for credit losses was $103.4 million and net interest margin was 3.69% compared to $106.1 million and 3.87%, respectively, for the three months ended December 31, 2022. The $2.7 million decrease in net interest income before provision for credit losses was primarily due to a $12.4 million increase in interest expense on certificates and other time deposits and a $5.8 million increase in transaction and savings deposits driven by an increase in funding costs on deposits, partially offset by a $14.9 million increase in loan yields and average balances during the three months ended March 31, 2023. Net interest margin decreased 18 basis points compared to the three months ended December 31, 2022, primarily due to the increase in funding costs on deposits during three months ended March 31, 2023, partially offset by an increase in loan yields and average balances.
Compared to the three months ended March 31, 2022, net interest income before provision for credit losses for the three months ended March 31, 2023 increased by $30.3 million, or 41.6%. The increase was primarily due to a $80.3 million increase in interest income on loans driven by an increase in average balances and loan yields, partially offset by a $28.1 million increase in transaction and savings deposits and a $19.6 million increase in certificates and other time deposits driven by an increase in funding costs. Net interest margin increased 47 basis points to 3.69% for the three months ended March 31, 2023 from 3.22% for the three months ended March 31, 2022. The increase was primarily due to the increase in average balances and loan yields during the three months ended March 31, 2023, partially offset by an increase in funding costs.
Noninterest Income
Noninterest income for the three months ended March 31, 2023 was $13.5 million, a decrease of $795 thousand, or 5.5%, compared to the three months ended December 31, 2022. The decrease was primarily due to a $5.3 million loss on sales of investment securities due to the Company selling $116.2 million of investment securities in early March 2023 and a $2.1 million decrease in customer swap income. The decrease was partially offset by a $3.9 million decrease in equity method investment losses and a $1.9 million increase in government guaranteed loan income primarily driven by an increase in USDA loans sold through our wholly owned subsidiary North Avenue Capital, LLC (“NAC”).
Compared to the three months ended March 31, 2022, noninterest income for the three months ended March 31, 2023 decreased by $1.6 million, or 10.4%. The decrease was primarily due to a $5.3 million loss on sales of investment securities due to the Company selling $116.2 million of investment securities in early March 2023 and a $1.9 million decrease in equity method investment income. The decrease was partially offset by a $4.8 million increase in government guaranteed loan income primarily driven by an increase in USDA loans sold through NAC and a $959 thousand increase in BOLI income.
Noninterest Expense
Noninterest expense was $56.6 million for the three months ended March 31, 2023, compared to $57.4 million for the three months ended December 31, 2022, a decrease of $744 thousand, or 1.3%. The decrease was primarily due to a $1.8 million decrease in salaries and employee benefits, partially offset by a $523 thousand increase in data processing and software expenses, a $196 thousand increase in third party banking services, a $120 thousand increase in telephone and communications expenses, and a $459 thousand increase in other miscellaneous expenses.
Compared to the three months ended March 31, 2022, noninterest expense for the three months ended March 31, 2023 increased by $10.0 million, or 21.6%. The increase was primarily driven by a $4.4 million increase in salaries and employee benefits, a $1.8 million increase in data processing and software expenses, a $1.4 million increase in loan and collection expenses, a $1.2 million increase in professional and regulatory fees, and a $429 thousand increase in third party banking services.
Financial Condition
Total LHI, excluding MW, were $9.24 billion at March 31, 2023, an increase of $200.7 million, or 8.9% annualized, compared to December 31, 2022. The increase was the result of the continued execution, and success of our loan growth strategy, including our continued investment in talent.
Total deposits were $9.03 billion at March 31, 2023, a decrease of $88.5 million, or 3.9% annualized, compared to December 31, 2022. The decrease was primarily the result of a decrease of $447.8 million in correspondent money market deposits and a decrease of $428.2 million in non-interest bearing deposits, partially offset by an increase of $810.2 million in certificates and other time deposits.
Credit Quality
Nonperforming assets totaled $44.5 million, or 0.35% of total assets, at March 31, 2023, compared to $43.7 million, or 0.36% of total assets, at December 31, 2022. The Company had net charge-offs of $858 thousand for the quarter, which were fully reserved against in prior quarters under our allowance for credit loss (“ACL”) model.
The Company recorded a provision for credit losses of $8.5 million for the three months ended March 31, 2023, an $11.8 million provision for credit losses for the three months ended December 31, 2022 and a $500 thousand benefit for credit losses for the three months ended March 31, 2022. The recorded provision for credit losses for the three months ended March 31, 2023, compared to the three months ended December 31, 2022, was primarily attributable to an increase in general reserves as a result of changes in economic factors and loan growth. The Company recorded a provision for unfunded commitments of $1.5 million for the three months ended March 31, 2023, a $523 thousand benefit for unfunded commitments for the three months ended December 31, 2022, and a $493 thousand provision for unfunded commitments for the three months ended March 31, 2022. The recorded provision for unfunded commitments for the three months ended March 31, 2023, compared to the three months ended December 31, 2022, was attributable to changes in economic factors partially offset by a decrease in unfunded commitment balances. ACL as a percentage of LHI, excluding MW, was 1.07%, 1.01% and 1.02% at March 31, 2023, December 31, 2022 and March 31, 2022, respectively.
Dividend Information
After the close of the market on Tuesday, April 25, 2023, Veritex’s Board of Directors declared a quarterly cash dividend of $0.20 per share on its outstanding shares of common stock. The dividend will be paid on or after May 25, 2023 to stockholders of record as of the close of business on May 11, 2023.
Non-GAAP Financial Measures
Veritex’s management uses certain non-GAAP (U.S. generally accepted accounting principles) financial measures to evaluate its operating performance and provide information that is important to investors. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Veritex’s reported results prepared in accordance with GAAP. Specifically, Veritex reviews and reports tangible book value per common share, operating earnings, tangible common equity to tangible assets, return on average tangible common equity, pre-tax, pre-provision operating earnings, pre-tax, pre-provision operating return on average assets, pre-tax, pre-provision operating return on average loans, pre-tax, pre-provision operating return on average loans, diluted operating earnings per share, operating return on average assets, operating return on average tangible common equity and operating efficiency ratio. Veritex has included in this earnings release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Reconciliation of Non-GAAP Financial Measures” after the financial highlights at the end of this earnings release for a reconciliation of these non-GAAP financial measures.
Conference Call
The Company will host an investor conference call and webcast to review the results on Wednesday, April 26, 2023, at 8:30 a.m. Central Time. Participants may pre-register for the call by visiting https://edge.media-server.com/mmc/p/4tvcudmz and will receive a unique PIN, which can be used when dialing in for the call.
Participants may also register via teleconference at:
https://register.vevent.com/register/BI557c0ef1335341a3870ff09ae09bc101. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial-in 15 minutes prior to the start time.A replay will be available within approximately two hours after the completion of the call, and made accessible for one week thereafter. You may access the replay via webcast through the investor relations section of Veritex’s website.
About Veritex Holdings, Inc.
Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and 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.
Forward-Looking Statements
This earnings release includes “forward-looking statements”, within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on various facts and derived utilizing assumptions, current expectations, estimates and projections and are subject to known and unknown risks, uncertainties and other factors, which change over time and are beyond our control, that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, without limitation, statements relating to the expected payment of Veritex Holdings, Inc.’s (“Veritex”) quarterly cash dividend; the impact of certain changes in Veritex’s accounting policies, standards and interpretations; the effects of the COVID-19 pandemic and actions taken in response thereto; a continuation of recent turmoil in the banking industry, responsive measures to mitigate and manage it and related supervisory and regulatory actions and costs and Veritex’s future financial performance, business and growth strategy, projected plans and objectives, as well as other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact broader economic and industry 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,” “seeks,” “targets,” “outlooks,” “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 words. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Veritex’s Annual Report on Form 10-K for the year ended December 31, 2022 and any updates to those risk factors set forth in Veritex’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. 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. Veritex does not undertake any obligation, and specifically declines any obligation, to supplement, update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, expressed or implied, included in this earnings release 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.
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)For the Quarter Ended Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 (Dollars and shares in thousands, except per share data) Per Share Data (Common Stock): Basic EPS $ 0.71 $ 0.74 $ 0.80 $ 0.55 $ 0.66 Diluted EPS 0.70 0.73 0.79 0.54 0.65 Book value per common share 27.54 26.83 26.15 26.50 26.86 Tangible book value per common share1 19.43 18.64 17.91 18.20 18.51 Dividends paid per common share outstanding2 0.20 0.20 0.20 0.20 0.20 Common Stock Data: Shares outstanding at period end 54,229 54,030 53,988 53,951 53,907 Weighted average basic shares outstanding for the period 54,149 54,011 53,979 53,949 50,695 Weighted average diluted shares outstanding for the period 54,606 54,780 54,633 54,646 51,571 Summary of Credit Ratios: ACL to total LHI, excluding MW 1.07 % 1.01 % 1.00 % 1.02 % 1.02 % NPAs to total assets 0.35 0.36 0.26 0.40 0.46 NPAs, excluding nonaccrual purchase credit deteriorated (“PCD”) loans, to total assets3 0.25 0.25 0.26 0.40 0.46 Net charge-offs to average loans outstanding, excluding MW4 0.04 0.28 0.12 0.04 0.28 Summary Performance Ratios: Return on average assets4 1.28 % 1.35 % 1.50 % 1.11 % 1.36 % Return on average equity4 10.55 11.03 11.82 8.21 10.00 Return on average tangible common equity1, 4 15.81 16.75 17.82 12.68 15.84 Efficiency ratio 48.42 47.63 44.71 50.76 52.84 Net interest margin 3.69 3.87 3.77 3.42 3.22 Selected Performance Metrics - Operating: Diluted operating EPS1 $ 0.79 $ 0.74 $ 0.80 $ 0.55 $ 0.66 Pre-tax, pre-provision operating return on average assets1, 4 2.21 % 2.15 % 2.20 % 1.76 % 1.71 % Pre-tax, pre-provision operating return on average loans1, 4 2.84 2.78 2.88 2.35 2.34 Operating return on average assets1,4 1.44 1.36 1.51 1.12 1.38 Operating return on average tangible common equity1,4 17.72 16.95 17.94 12.77 16.08 Operating efficiency ratio1 45.63 47.11 44.37 50.45 52.05 Veritex Holdings, Inc. Capital Ratios: Average stockholders' equity to average total assets 12.09 % 12.20 % 12.69 % 13.51 % 13.58 % Tangible common equity to tangible assets1 8.66 8.60 8.58 9.04 9.98 Tier 1 capital to average assets (leverage) 9.67 9.82 9.79 10.14 10.66 Common equity tier 1 capital 9.32 9.09 9.09 9.25 9.84 Tier 1 capital to risk-weighted assets 9.56 9.34 9.35 9.52 10.14 Total capital to risk-weighted assets 11.99 11.63 11.68 11.95 12.73 1Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” after the financial highlights for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.
2Dividend amount represents dividend paid per common share subsequent to each respective quarter end.
3Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC326 and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.
4Annualized ratio for quarterly metrics.VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(In thousands)Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 (unaudited) (unaudited) (unaudited) (unaudited) ASSETS Cash and cash equivalents $ 808,395 $ 436,077 $ 433,897 $ 410,716 $ 551,573 Debt securities, net 1,150,959 1,282,460 1,303,004 1,354,403 1,244,514 Other investments 137,621 122,450 115,551 202,685 188,699 Loans held for sale 42,816 20,641 17,644 14,210 18,721 LHI, MW 437,501 446,227 523,805 629,291 542,877 LHI, excluding MW 9,237,159 9,036,424 8,513,254 7,923,131 7,143,941 Total loans 9,717,476 9,503,292 9,054,703 8,566,632 7,705,539 ACL, loans (98,694 ) (91,052 ) (85,037 ) (80,576 ) (72,485 ) Bank-owned life insurance 84,962 84,496 84,030 84,097 83,641 Bank premises, furniture and equipment, net 107,540 108,824 108,720 108,769 109,138 Other real estate owned (“OREO”) — — — 1,032 1,062 Intangible assets, net of accumulated amortization 51,086 53,213 56,238 59,011 63,986 Goodwill 404,452 404,452 404,452 404,452 404,452 Other assets 245,690 250,149 238,896 193,590 173,561 Total assets $ 12,609,487 $ 12,154,361 $ 11,714,454 $ 11,304,811 $ 10,453,680 LIABILITIES AND STOCKHOLDERS’ EQUITY Deposits: Noninterest-bearing deposits $ 2,212,389 $ 2,640,617 $ 2,811,412 $ 2,947,830 $ 2,765,895 Interest-bearing transaction and savings deposits 3,492,011 3,514,729 3,437,898 3,233,803 3,030,852 Certificates and other time deposits 2,896,870 2,086,642 1,667,364 1,562,626 1,435,409 Correspondent money market deposits 433,468 881,246 831,770 773,447 657,440 Total deposits 9,034,738 9,123,234 8,748,444 8,517,706 7,889,596 Accounts payable and other liabilities 171,985 177,579 173,198 126,116 105,552 Advances from Federal Home Loan Bank (“FHLB”) 1,680,000 1,175,000 1,150,000 1,000,000 777,522 Subordinated debentures and subordinated notes 229,027 228,775 228,524 228,272 228,018 Securities sold under agreements to repurchase — — 2,389 3,275 4,996 Total liabilities 11,115,750 10,704,588 10,302,555 9,875,369 9,005,684 Commitments and contingencies Stockholders’ equity: Common stock 609 607 606 606 605 Additional paid-in capital 1,308,345 1,306,852 1,303,171 1,300,170 1,297,161 Retained earnings 406,873 379,299 350,195 317,664 298,830 Accumulated other comprehensive (loss) income (54,508 ) (69,403 ) (74,491 ) (21,416 ) 18,982 Treasury stock (167,582 ) (167,582 ) (167,582 ) (167,582 ) (167,582 ) Total stockholders’ equity 1,493,737 1,449,773 1,411,899 1,429,442 1,447,996 Total liabilities and stockholders’ equity $ 12,609,487 $ 12,154,361 $ 11,714,454 $ 11,304,811 $ 10,453,680 VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(In thousands, except per share data)For the Quarter Ended Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited) Interest income: Loans, including fees $ 151,707 $ 136,846 $ 109,199 $ 82,191 $ 71,443 Debt securities 10,988 10,880 10,462 9,632 7,762 Deposits in financial institutions and Fed Funds sold 5,534 3,401 1,898 714 262 Equity securities and other investments 1,408 1,087 1,666 1,057 910 Total interest income 169,637 152,214 123,225 93,594 80,377 Interest expense: Transaction and savings deposits 29,857 24,043 12,897 4,094 1,751 Certificates and other time deposits 20,967 8,543 3,919 1,465 1,380 Advances from FHLB 12,358 10,577 2,543 834 1,547 Subordinated debentures and subordinated notes 3,066 2,954 2,826 2,721 2,659 Total interest expense 66,248 46,117 22,185 9,114 7,337 Net interest income 103,389 106,097 101,040 84,480 73,040 Provision (benefit) for credit losses1 9,385 11,800 6,650 9,000 (500 ) Provision (benefit) for unfunded commitments 1,497 (523 ) 850 — 493 Net interest income after provisions 92,507 94,820 93,540 75,480 73,047 Noninterest income: Service charges and fees on deposit accounts 5,017 5,173 5,217 5,039 4,710 Loan fees 2,064 2,477 2,786 2,385 2,794 Loss on sales of investment securities (5,321 ) — — — — Gain on sales of mortgage loans held for sale 6 4 16 223 307 Government guaranteed loan income, net 9,688 7,808 572 789 4,891 Equity method investment (loss) income (1,521 ) (5,416 ) (1,058 ) 966 367 Customer swap income 217 2,273 3,358 1,321 946 Other income (loss) 3,381 2,007 2,130 (345 ) 1,082 Total noninterest income 13,531 14,326 13,021 10,378 15,097 Noninterest expense: Salaries and employee benefits 31,865 33,690 29,714 26,924 27,513 Occupancy and equipment 4,973 5,116 4,615 4,496 4,517 Professional and regulatory fees 4,389 4,401 3,718 2,865 3,158 Data processing and software expense 4,720 4,197 3,509 3,386 2,921 Marketing 1,779 1,841 1,845 2,306 1,187 Amortization of intangibles 2,495 2,495 2,494 2,495 2,495 Telephone and communications 478 358 389 352 385 Merger and acquisition (“M&A”) expense — — 384 295 700 Other 5,916 5,261 4,323 5,034 3,696 Total noninterest expense 56,615 57,359 50,991 48,153 46,572 Income before income tax expense 49,423 51,787 55,570 37,705 41,572 Income tax expense 11,012 11,890 12,248 8,079 8,102 Net income $ 38,411 $ 39,897 $ 43,322 $ 29,626 $ 33,470 Net income available to common stockholders $ 38,411 $ 39,897 $ 43,322 $ 29,626 $ 33,470 Basic EPS $ 0.71 $ 0.74 $ 0.80 $ 0.55 $ 0.66 Diluted EPS $ 0.70 $ 0.73 $ 0.79 $ 0.54 $ 0.65 Weighted average basic shares outstanding 54,149 54,011 53,979 53,949 50,695 Weighted average diluted shares outstanding 54,606 54,780 54,633 54,646 51,571 1 Includes provision for credit losses on loans of $8.5 million and available for sale (“AFS”) securities of $885 thousand for the three months ended March 31, 2023.
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)For the Quarter Ended March 31, 2023 December 31, 2022 March 31, 2022 Average
Outstanding
BalanceInterest
Earned/
Interest
PaidAverage
Yield/
RateAverage
Outstanding
BalanceInterest
Earned/
Interest
PaidAverage
Yield/
RateAverage
Outstanding
BalanceInterest
Earned/
Interest
PaidAverage
Yield/
Rate(In thousands, except percentages) Assets Interest-earning assets: Loans1 $ 9,141,137 $ 146,801 6.51 % $ 8,743,380 $ 131,823 5.98 % $ 6,904,278 $ 68,374 4.02 % LHI, MW 360,172 4,906 5.52 383,080 5,024 5.20 421,680 3,069 2.95 Debt securities 1,252,457 10,988 3.56 1,286,342 10,880 3.36 1,140,834 7,762 2.76 Interest-bearing deposits in other banks 478,345 5,534 4.69 353,737 3,401 3.81 554,864 262 0.19 Equity securities and other investments 124,985 1,408 4.57 119,054 1,087 3.62 190,002 910 1.94 Total interest-earning assets 11,357,096 169,637 6.06 10,885,593 152,215 5.55 9,211,658 80,377 3.54 ACL, loans (92,664 ) (85,275 ) (77,843 ) Noninterest-earning assets 949,881 960,726 865,107 Total assets $ 12,214,313 $ 11,761,044 $ 9,998,922 Liabilities and Stockholders’ Equity Interest-bearing liabilities: Interest-bearing demand and savings deposits $ 4,150,995 $ 29,857 2.92 % $ 4,321,936 $ 24,043 2.21 % $ 3,471,645 $ 1,751 0.20 % Certificates and other time deposits 2,588,728 20,967 3.28 1,785,152 8,543 1.90 1,501,852 1,380 0.37 Advances from FHLB 1,122,683 12,358 4.46 1,073,049 10,577 3.91 777,538 1,547 0.81 Subordinated debentures and subordinated notes 231,251 3,066 5.38 229,037 2,954 5.12 231,875 2,659 4.65 Total interest-bearing liabilities 8,093,657 66,248 3.32 7,409,174 46,117 2.47 5,982,910 7,337 0.50 Noninterest-bearing liabilities: Noninterest-bearing deposits 2,470,700 2,737,468 2,591,504 Other liabilities 173,380 179,584 67,060 Total liabilities 10,737,737 10,326,226 8,641,474 Stockholders’ equity 1,476,576 1,434,818 1,357,448 Total liabilities and stockholders’ equity $ 12,214,313 $ 11,761,044 $ 9,998,922 Net interest rate spread2 2.74 % 3.08 % 3.04 % Net interest income and margin3 $ 103,389 3.69 % $ 106,098 3.87 % $ 73,040 3.22 % 1 Includes average outstanding balances of loans held for sale of $19,679, $15,296 and $12,769 for the three months ended March 31, 2023, December 31, 2022, and March 31, 2022, respectively, and average balances of LHI, excluding MW.
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 SUBSIDIARIES
Financial Highlights
(Unaudited)Yield Trend For the Quarter Ended Mar 31,
2023Dec 31,
2022Sep 30,
2022Jun 30,
2022Mar 31,
2022Average yield on interest-earning assets: Loans1 6.51 % 5.98 % 5.01 % 4.16 % 4.02 % LHI, MW 5.52 5.20 4.11 3.29 2.95 Debt securities 3.56 3.36 3.05 2.93 2.76 Interest-bearing deposits in other banks 4.69 3.81 2.17 0.77 0.19 Equity securities and other investments 4.57 3.62 3.25 2.53 1.94 Total interest-earning assets 6.06 % 5.55 % 4.59 % 3.79 % 3.54 % Average rate on interest-bearing liabilities: Interest-bearing demand and savings deposits 2.92 % 2.21 % 1.23 % 0.44 % 0.20 % Certificates and other time deposits 3.28 1.90 0.94 0.40 0.37 Advances from FHLB 4.46 3.91 1.12 0.40 0.81 Subordinated debentures and subordinated notes 5.38 5.12 4.85 4.70 4.65 Total interest-bearing liabilities 3.32 % 2.47 % 1.27 % 0.58 % 0.50 % Net interest rate spread2 2.74 % 3.08 % 3.32 % 3.21 % 3.04 % Net interest margin3 3.69 % 3.87 % 3.77 % 3.42 % 3.22 %
1Includes average outstanding balances of loans held for sale of $19,679, $15,296, $14,023, $12,112 and $12,769 for the three months ended March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively, and average balances of LHI, excluding MW.
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.Supplemental Yield Trend
For the Quarter Ended Mar 31,
2023Dec 31,
2022Sep 30,
2022Jun 30,
2022Mar 31,
2022Average cost of interest-bearing deposits 3.06 % 2.12 % 1.15 % 0.43 % 0.26 % Average costs of total deposits, including noninterest-bearing 2.24 1.46 0.76 0.28 0.17 VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)
LHI and Deposit Portfolio CompositionMar 31,
2023Dec 31,
2022Sep 30,
2022Jun 30,
2022Mar 31,
2022(In thousands, except percentages) LHI1 Commercial $ 2,895,957 31.3 % $ 2,942,348 32.4 % $ 2,743,769 32.2 % $ 2,457,742 31.0 % $ 2,144,412 30.0 % Real Estate: Owner occupied commercial (“OOCRE”) 631,563 6.8 715,829 7.9 677,705 7.9 646,723 8.1 633,615 8.9 Non-owner occupied commercial (“NOOCRE”) 2,505,344 27.1 2,341,379 25.9 2,273,305 26.6 2,203,970 27.8 2,145,826 29.9 Construction and land 1,831,349 19.8 1,787,400 19.7 1,673,997 19.6 1,532,997 19.3 1,297,338 18.1 Farmland 51,680 0.6 43,500 0.5 43,569 0.5 47,319 0.6 48,095 0.7 1-4 family residential 896,252 9.7 894,456 9.9 858,693 10.1 765,260 9.6 604,408 8.4 Multi-family residential 432,209 4.6 322,679 3.6 252,244 3.0 276,632 3.5 272,250 3.8 Consumer 8,316 0.1 7,806 0.1 7,465 0.1 7,520 0.1 9,533 0.1 Total LHI $ 9,252,670 100 % $ 9,055,397 100 % $ 8,530,747 100 % $ 7,938,163 100 % $ 7,155,477 100 % MW 437,501 446,227 523,805 629,291 542,877 Total LHI1 $ 9,690,171 $ 9,501,624 $ 9,054,552 $ 8,567,454 $ 7,698,354 Deposits Noninterest-bearing $ 2,212,389 24.5 % $ 2,640,617 28.9 % $ 2,811,412 32.1 % $ 2,947,830 34.6 % $ 2,765,895 35.1 % Interest-bearing transaction 866,609 9.6 622,814 6.8 603,729 6.9 660,557 7.8 599,580 7.6 Money market 2,518,922 27.9 2,773,622 30.4 2,701,762 30.9 2,443,748 28.7 2,301,350 29.2 Savings 106,480 1.2 118,293 1.3 132,407 1.5 129,498 1.5 129,922 1.6 Certificates and other time deposits 2,896,870 32.1 2,086,642 22.9 1,667,364 19.1 1,562,626 18.3 1,435,409 18.2 Correspondent money market accounts 433,468 4.8 881,246 9.7 831,770 9.5 773,447 9.1 657,440 8.3 Total deposits $ 9,034,738 100 % $ 9,123,234 100 % $ 8,748,444 100 % $ 8,517,706 100 % $ 7,889,596 100 % Loan to Deposit Ratio 107.3 % 104.1 % 103.5 % 100.6 % 97.6 % Loan to Deposit Ratio, excluding MW 102.4 % 99.3 % 97.5 % 93.2 % 90.7 % 1 Total LHI does not include deferred fees of $15.5 million, $19.0 million, $17.5 million, $15.0 million and $11.5 million at March 31, 2023, December 31, 2022, September 30, 2022, June 30, 2022 and March 31, 2022, respectively.
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Financial Highlights
(Unaudited)
Asset QualityFor the Quarter Ended Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 (In thousands, except percentages) NPAs: Nonaccrual loans $ 31,452 $ 30,364 $ 30,592 $ 42,242 $ 46,680 Nonaccrual PCD loans1 12,784 13,178 — — — Accruing loans 90 or more days past due2 296 125 — 1,753 264 Total nonperforming loans held for investment (“NPLs”) 44,532 43,667 30,592 43,995 46,944 OREO — — — 1,032 1,062 Total NPAs $ 44,532 $ 43,667 $ 30,592 $ 45,027 $ 48,006 Charge-offs: OOCRE $ (116 ) $ — $ (1,061 ) $ (244 ) $ (1,341 ) NOOCRE — (1,019 ) (838 ) — (553 ) Commercial (1,051 ) (5,449 ) (460 ) (528 ) (3,294 ) Consumer (62 ) (41 ) (19 ) (1,091 ) (134 ) Total charge-offs (1,229 ) (6,509 ) (2,378 ) (1,863 ) (5,322 ) Recoveries: 1-4 family residential 1 24 4 3 — OOCRE — 26 — 245 — NOOCRE — 229 3 93 400 Commercial 364 415 177 572 144 Consumer 6 30 5 41 9 Total recoveries 371 724 189 954 553 Net charge-offs $ (858 ) $ (5,785 ) $ (2,189 ) $ (909 ) $ (4,769 ) ACL $ 98,694 $ 91,052 $ 85,037 $ 80,576 $ 72,485 Asset Quality Ratios: NPAs to total assets 0.35 % 0.36 % 0.26 % 0.40 % 0.46 % NPAs, excluding nonaccrual PCD loans, to total assets 0.25 0.25 0.26 0.40 0.46 NPLs to total LHI, excluding MW 0.49 0.50 0.37 0.55 0.66 NPLs, excluding nonaccrual PCD loans, to total LHI, excluding MW 0.34 0.34 0.36 0.55 0.66 ACL to total LHI, excluding MW 1.07 1.01 1.00 1.02 1.02 Net charge-offs to average loans outstanding3 0.04 0.28 0.12 0.04 0.28 1 Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.
2 Accruing loans greater than 90 days past due exclude purchase credit deteriorated loans greater than 90 days past due that are accounted for on a pooled basis.
3Annualized ratio for quarterly metrics.VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with generally accepted accounting principles as in effect from time to time in the United States (“GAAP”), in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios calculated using exclusively either one or both of (i) financial measures calculated in accordance with GAAP and (ii) operating measures or other measures that are not non-GAAP financial measures.
The non-GAAP financial measures that we present in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we present in this earnings release may differ from that of other companies reporting measures with similar names. You should understand how such other financial institutions calculate their financial measures that appear to be similar or have similar names to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.
Tangible Book Value Per Common Share. Tangible book value is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by number of common shares outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is book value per common share.
We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.
The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:
As of Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 (Dollars in thousands, except per share data) Tangible Common Equity Total stockholders' equity $ 1,493,737 $ 1,449,773 $ 1,411,899 $ 1,429,442 $ 1,447,996 Adjustments: Goodwill (404,452 ) (404,452 ) (404,452 ) (404,452 ) (404,452 ) Core deposit intangibles (35,808 ) (38,247 ) (40,684 ) (43,122 ) (45,560 ) Tangible common equity $ 1,053,477 $ 1,007,074 $ 966,763 $ 981,868 $ 997,984 Common shares outstanding 54,229 54,030 53,988 53,951 53,907 Book value per common share $ 27.54 $ 26.83 $ 26.15 $ 26.50 $ 26.86 Tangible book value per common share $ 19.43 $ 18.64 $ 17.91 $ 18.20 $ 18.51
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.
We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.
The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:
As of Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 (Dollars in thousands) Tangible Common Equity Total stockholders' equity $ 1,493,737 $ 1,449,773 $ 1,411,899 $ 1,429,442 $ 1,447,996 Adjustments: Goodwill (404,452 ) (404,452 ) (404,452 ) (404,452 ) (404,452 ) Core deposit intangibles (35,808 ) (38,247 ) (40,684 ) (43,122 ) (45,560 ) Tangible common equity $ 1,053,477 $ 1,007,074 $ 966,763 $ 981,868 $ 997,984 Tangible Assets Total assets $ 12,609,487 $ 12,154,361 $ 11,714,454 $ 11,304,811 $ 10,453,680 Adjustments: Goodwill (404,452 ) (404,452 ) (404,452 ) (404,452 ) (404,452 ) Core deposit intangibles (35,808 ) (38,247 ) (40,684 ) (43,122 ) (45,560 ) Tangible Assets $ 12,169,227 $ 11,711,662 $ 11,269,318 $ 10,857,237 $ 10,003,668 Tangible Common Equity to Tangible Assets 8.66 % 8.60 % 8.58 % 9.04 % 9.98 %
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.
We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.
The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:
For the Quarter Ended Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 (Dollars in thousands) Net income available for common stockholders adjusted for amortization of core deposit intangibles Net income $ 38,411 $ 39,897 $ 43,322 $ 29,626 $ 33,470 Adjustments: Plus: Amortization of core deposit intangibles 2,438 2,438 2,438 2,438 2,438 Less: Tax benefit at the statutory rate 512 512 512 512 512 Net income available for common stockholders adjusted for amortization of core deposit intangibles $ 40,337 $ 41,823 $ 45,248 $ 31,552 $ 35,396 Average Tangible Common Equity Total average stockholders' equity $ 1,476,576 $ 1,434,818 $ 1,453,816 $ 1,447,377 $ 1,357,448 Adjustments: Average goodwill (404,452 ) (404,452 ) (404,452 ) (404,452 ) (404,014 ) Average core deposit intangibles (37,361 ) (39,792 ) (42,230 ) (44,720 ) (47,158 ) Average tangible common equity $ 1,034,763 $ 990,574 $ 1,007,134 $ 998,205 $ 906,276 Return on Average Tangible Common Equity (Annualized) 15.81 % 16.75 % 17.82 % 12.68 % 15.84 %
VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Loans, Operating Return on Average Tangible Common Equity and Operating Efficiency Ratio. Operating earnings, pre-tax, pre-provision operating earnings and the performance metrics calculated using these metrics, listed below, are non-GAAP measures used by management to evaluate the Company’s financial performance. We calculate (a) operating earnings as net income plus severance payments, plus loss on sale of debt securities AFS, net, less tax impact of adjustments, plus nonrecurring tax adjustments. We calculate (b) diluted operating earnings per share as operating earnings as described in clause (a) divided by weighted average diluted shares outstanding. We calculate (c) pre-tax, pre-provision operating earnings as operating earnings as described in clause (a) plus provision for income taxes, plus provision (benefit) for credit losses and unfunded commitments. We calculate (d) pre-tax, pre-provision operating return on average assets as pre-tax, pre-provision operating earnings as described in clause (a) divided by total average assets. We calculate (e) operating return on average assets as operating earnings as described in clause (a) divided by total average assets. We calculate (f) operating return on average tangible common equity as operating earnings as described in clause (a), adjusted for the amortization of intangibles and tax benefit at the statutory rate, divided by total average tangible common equity (average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization). We calculate (g) operating efficiency ratio as noninterest expense plus adjustments to operating noninterest expense divided by noninterest income plus adjustments to operating noninterest income, plus net interest income.
We believe that these measures and the operating metrics calculated utilizing these measures are important to management and many investors in the marketplace who are interested in understanding the ongoing operating performance of the Company and provide meaningful comparisons to its peers.
The following tables reconcile, as of the dates set forth below, operating net income and pre-tax, pre-provision operating earnings and related metrics:
For the Quarter Ended Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 (Dollars in thousands, except per share data) Operating Earnings Net income $ 38,411 $ 39,897 $ 43,322 $ 29,626 $ 33,470 Plus: Severance payments1 835 630 — — — Plus: Loss on sale of debt securities AFS, net 5,321 — — — — Plus: M&A expenses — — 384 295 700 Operating pre-tax income 44,567 40,527 43,706 29,921 34,170 Less: Tax impact of adjustments 1,293 132 81 66 156 Operating earnings $ 43,274 $ 40,395 $ 43,625 $ 29,855 $ 34,014 Weighted average diluted shares outstanding 54,606 54,780 54,633 54,646 51,571 Diluted EPS $ 0.70 $ 0.73 $ 0.79 $ 0.54 $ 0.65 Diluted operating EPS $ 0.79 $ 0.74 $ 0.80 $ 0.55 $ 0.66 1 Severance payments relate to certain restructurings made during the periods disclosed.
For the Quarter Ended Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 (Dollars in thousands) Pre-Tax, Pre-Provision Operating Earnings Net income $ 38,411 $ 39,897 $ 43,322 $ 29,626 $ 33,470 Plus: Provision for income taxes 11,012 11,890 12,248 8,079 8,102 Plus: Provision (benefit) for credit losses and unfunded commitments 10,882 11,277 7,500 9,000 (7 ) Plus: Severance payments 835 630 — — — Plus: Loss on sale of debt securities AFS, net 5,321 — — — — Plus: M&A expenses — — 384 295 700 Pre-tax, pre-provision operating earnings $ 66,461 $ 63,694 $ 63,454 $ 47,000 $ 42,265 Average total assets $ 12,214,313 $ 11,761,044 $ 11,460,857 $ 10,711,663 $ 9,998,922 Pre-tax, pre-provision operating return on average assets1 2.21 % 2.15 % 2.20 % 1.76 % 1.71 % Average loans $ 9,501,309 $ 9,103,552 $ 8,729,093 $ 8,038,153 $ 7,325,958 Pre-tax, pre-provision operating return on average loans1 2.84 % 2.78 % 2.88 % 2.35 % 2.34 % Average total assets $ 12,214,313 $ 11,761,044 $ 11,460,857 $ 10,711,663 $ 9,998,922 Return on average assets1 1.28 % 1.35 % 1.50 % 1.11 % 1.36 % Operating return on average assets1 1.44 1.36 1.51 1.12 1.38 Operating earnings adjusted for amortization of core deposit intangibles Operating earnings $ 43,274 $ 40,395 $ 43,625 $ 29,855 $ 34,014 Adjustments: Plus: Amortization of core deposit intangibles 2,438 2,438 2,438 2,438 2,438 Less: Tax benefit at the statutory rate 512 512 512 512 512 Operating earnings adjusted for amortization of core deposit intangibles $ 45,200 $ 42,321 $ 45,551 $ 31,781 $ 35,940 Average Tangible Common Equity Total average stockholders' equity $ 1,476,576 $ 1,434,818 $ 1,453,816 $ 1,447,377 $ 1,357,448 Adjustments: Less: Average goodwill (404,452 ) (404,452 ) (404,452 ) (404,452 ) (404,014 ) Less: Average core deposit intangibles (37,361 ) (39,792 ) (42,230 ) (44,720 ) (47,158 ) Average tangible common equity $ 1,034,763 $ 990,574 $ 1,007,134 $ 998,205 $ 906,276 Operating return on average tangible common equity1 17.72 % 16.95 % 17.94 % 12.77 % 16.08 % Efficiency ratio 48.42 % 47.63 % 44.71 % 50.76 % 52.84 % Net interest income $ 103,389 $ 106,097 $ 101,040 $ 84,480 $ 73,040 Noninterest income 13,531 14,326 13,021 10,378 15,097 Plus: Loss on sale of AFS securities, net 5,321 — — — — Operating noninterest income 18,852 14,326 13,021 10,378 15,097 Noninterest expense 56,615 57,359 50,991 48,153 46,572 Less: Severance payments 835 630 — — — Less: M&A expenses — — 384 295 700 Operating noninterest expense $ 55,780 $ 56,729 $ 50,607 $ 47,858 $ 45,872 Operating efficiency ratio 45.63 % 47.11 % 44.37 % 50.45 % 52.05 % 1 Annualized ratio for quarterly metrics.
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