Veritex Holdings Inc · Q3 2022 earnings

Briefing

Reported record dollar earnings in a resilient Texas market.

Veritex Holdings, Inc. reported record dollar earnings for Q3 2022, driven by strong performance in a resilient Texas market. The company achieved historical financial metrics, including a 2.2% pre-tax, pre-provision operating return, a 1.5% return on average assets, an 18% return on average tangible common equity, and an efficiency ratio of 44%. Credit metrics also improved, with a 14 bp decrease in nonperforming assets.

• Pre-tax, pre-provision operating return on average assets increased 44 bps from the second quarter of 2022 to 2.20%.
• Net interest margin increased to 3.77%, up 35 basis points from the second quarter of 2022.
• Non-performing assets (NPAs) to total assets decreased to 0.26%, or 14 bps from June 30, 2022 and 51 bps from September 30, 2021, respectively.
• Total deposits grew $230.7 million, or 10.8% annualized, during the three months ended September 30, 2022 from $8.5 billion at the end of the second quarter of 2022.

Headline financials

Revenue & EPS history

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.