NASDAQ$VBTX
Veritex Holdings Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Veritex's financial performance for Q1 2024 was reported, showing growth in deposits, capital, and loans while maintaining stable credit metrics.
Veritex Holdings reported a net income of $24.156 million and diluted EPS of $0.44 for Q1 2024. The company saw growth in deposits, capital, and loans. Credit metrics remained stable.
- Total deposits grew by $1.62 billion, an 18% increase compared to March 31, 2023.
- Total loans grew by $46.4 million, a 0.5% increase compared to March 31, 2023.
- Tangible book value per common share increased by 0.6% compared to December 31, 2023, and 4.63% compared to March 31, 2023.
- The company authorized a stock buyback program to purchase up to $50 million of outstanding common stock.
Headline financials
Revenue & EPS history
Veritex · Revenue · Quarterly
$99.5M
Revenue by segment
Veritex · $6.62B total across 8 segments · Q3 2021
- Non-Owner Occ. CRE$2.18B—32.8%
- Commercial LHI$1.81B—27.4%
- Construction & Land$936M—14.1%
- Owner Occupied CRE$711M—10.7%
- 1-4 Family Residential$544M—8.2%
- Multi-Family Residential$357M—5.4%
- Farmland loans$73.6M—1.1%
- Consumer loans$14.3M—0.2%
Forward guidance
The company announced authorization of a stock buyback program and reinvested in higher yielding AFS securities.
Tailwinds
- Authorization of a stock buyback program on March 28, 2024, to purchase up to $50 million of outstanding common stock.
- Sold $120.1 million of lower-yielding available-for-sale (AFS) debt securities with a 3.11% average yield.
- Reinvested the proceeds in higher yielding AFS securities with a 6.24% average yield.
- Declared quarterly cash dividend of $0.20 per share of outstanding common stock payable on May 24, 2024.
- Total deposits were $10.65 billion at March 31, 2024, an increase of $315.6 million compared to December 31, 2023.
Headwinds
- Net interest income before provision for credit losses decreased by $2.7 million compared to December 31, 2023.
- Noninterest income decreased by $6.9 million compared to the three months ended March 31, 2023.
- Noninterest expense increased by $1.9 million compared to the three months ended December 31, 2023.
- Net charge-offs of $5.3 million for the three months ended March 31, 2024.
- Net interest margin decreased 45 bps from 3.69% for the three months ended March 31, 2023.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 12 quarterly earnings reports · overlaid with Q1 2024
+0.3%
Avg return
Earnings day
+1.3%
Avg return
5 days after
+0.6%
Avg return
30 days after
53%
26 / 49 earnings
Positive
+15.3%
Q1 2020
Best reaction
-10.1%
Q3 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2025 | — | — | — | |
| Q2 2025 | -1.7% | -1.0% | -2.7% | |
| Q1 2025 | +5.1% | +5.6% | +8.6% | |
| Q4 2025 | -0.7% | -2.7% | -2.5% | |
| Q3 2024 | +3.3% | +1.7% | +8.8% | |
| Q2 2024 | -0.5% | +5.1% | -5.0% | |
| Q1 2024 | +2.4% | -0.6% | +1.0% | |
| Q4 2023 | -4.2% | -4.2% | -11.8% | |
| Q3 2023 | -2.9% | +1.7% | +10.8% | |
| Q2 2023 | +0.8% | +3.9% | -7.3% | |
| Q1 2023 | -1.4% | -2.6% | -4.6% | |
| Q4 2022 | -8.2% | -5.2% | -5.4% | |
| Q3 2022 | +7.0% | +14.0% | +17.4% | |
| Q2 2022 | -0.9% | — | — | |
| Q1 2022 | -5.1% | — | — | |
| Q4 2021 | +0.6% | — | — | |
| Q3 2021 | -5.3% | — | — | |
| Q2 2021 | +1.6% | — | — | |
| Q1 2021 | +0.0% | — | — | |
| Q4 2020 | -8.0% | — | — | |
| Q3 2020 | -10.1% | — | — | |
| Q2 2020 | +7.3% | — | — | |
| Q1 2020 | +15.3% | — | — | |
| Q4 2019 | -0.7% | — | — | |
| Q3 2019 | +1.4% | — | — | |
| Q2 2019 | -3.9% | — | — | |
| Q1 2019 | -1.1% | — | — | |
| Q4 2018 | +8.6% | — | — | |
| Q3 2018 | -7.4% | — | — | |
| Q2 2018 | -2.4% | — | — | |
| Q1 2018 | +5.3% | — | — | |
| Q4 2017 | +1.5% | — | — | |
| Q3 2017 | -3.6% | — | — | |
| Q2 2017 | +0.4% | — | — | |
| Q1 2017 | +4.3% | — | — | |
| Q4 2016 | +6.7% | — | — | |
| Q3 2016 | +1.2% | — | — | |
| Q2 2016 | +1.6% | — | — | |
| Q1 2014 | -0.6% | — | — | |
| Q2 2014 | -0.6% | — | — | |
| Q1 2016 | +3.7% | — | — | |
| Q4 2015 | -0.1% | — | — | |
| Q3 2015 | +4.0% | — | — | |
| Q2 2015 | +2.5% | — | — | |
| Q1 2015 | +1.0% | — | — | |
| Q4 2012 | +0.1% | — | — | |
| Q4 2014 | +1.5% | — | — | |
| Q3 2013 | -2.8% | — | — | |
| Q4 2013 | -2.8% | — | — | |
| Q3 2014 | +4.3% | — | — | |
| Q2 2013 | — | — | — | |
| Q1 2013 | — | — | — |
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