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EX - 99.1 2 a2021q1 - exhibit991.htm EX - 99.1 Exhibit 99.1 VERITEX HOLDINGS , INC . REPORTS FIRST QUARTER OPERATING RESULTS Dallas , TX — April 27 , 2021 —Veritex Holdings , Inc. ( " Veritex ” or the “ Company ” ) ( Nasdaq : VBTX ) , the holding company for Veritex Community Bank , today announced the results for the quarter ended March 31 , 2021 . " We are very pleased with our operating results for the first quarter of 2021. Our business momentum continues to build as a result of our investments in talent and the accelerated reopening of the Texas economy , ” said C. Malcolm Holland , III , the Company's Chairman and Chief Executive Officer . " Our loan and deposit growth remains good , credit trends are improving and our balance sheet it strong . We couldn't be more excited about the future of Veritex including today's announcement of our partnership with Thrive Mortgage . " First Quarter Highlights • • • • • Net income of $ 31.8 million , or $ 0.64 diluted earnings per share ( " EPS ” ) , compared to $ 22.8 million , or $ 0.46 diluted EPS , for the quarter ended December 31 , 2020 and $ 4.1 million , or $ 0.08 diluted EPS , for the quarter ended March 31 , 2020 ; Pre - tax , pre - provision operating earnings¹ totaled $ 40.2 million , compared to $ 38.4 million for the quarter ended December 31 , 2020 and $ 39.1 million for the quarter ended March 31 , 2020 ; Operating return on average tangible common equity¹ of 17.39 % for the three months ended March 31 , 2021 compared to 16.44 % for the three months ended December 31 , 2020 ; Total loans held for investment , excluding PPP loans , grew $ 137.0 million from the fourth quarter of 2020 , or 8.65 % annualized . Total loans held for investment , excluding PPP loans , grew $ 337.6 million , or 5.42 % , year over year ; Total deposits grew $ 391.7 million from the fourth quarter of 2020 , or 24.0 % annualized , with the average cost of total deposits decreasing to 0.31 % for the three months ended March 31 , 2021 from 0.38 % and 1.02 % for the three months ended December 31 , 2020 and March 31 , 2020 , respectively ; • Declared quarterly cash dividend of $ 0.17 payable on May 20 , 2021 ; • Extended the expiration date of the stock buyback program to December 31 , 2021 . Financial Highlights Q1 2021 Q4 2020 ( Dollars in thousands ) ( unaudited ) GAAP Net income Diluted EPS Book value per common share Return on average assets² Efficiency ratio Non - GAAP¹ Operating earnings $ 31,787 $ 22,801 0.64 0.46 24.96 24.39 1.44 % 1.04 % 49.62 62.52 $ 32,213 $ 29,730 Diluted operating EPS 0.64 0.60 Tangible book value per common share 16.34 15.70 Pre - tax , pre - provision operating earnings 40,210 38,407 Pre - tax , pre - provision operating return on average assets² 1.82 % 1.75 % Operating return on average assets² 1.46 1.35 Operating efficiency ratio 49.62 49.49 Return on average tangible common equity 17.17 12.84 Operating return on average tangible common equity 17.39 16.44 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 . 1