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EX - 99.1 2 a2021q2 - exhibit991.htm EX - 99.1 VERITEX HOLDINGS , INC . REPORTS SECOND QUARTER OPERATING RESULTS Exhibit 99.1 _ Dallas , TX · July 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 June 30 , 2021 . " Our second quarter of 2021 was another outstanding financial and growth quarter for our Company . The investments made over the last two plus years , including our strategic merger with Green in 2019 and targeted talent hires , continue to deliver the benefits we expected . Our 21 % Q2-21 annualized loan growth , record Q2-21 loan production of $ 1.4 billion , strengthening loan pipelines and improving credit profile make us optimistic about the second half of the year . In addition to a strong quarter , we are pleased to announce the completion of our 49 % investment in Thrive Mortgage and an 18 % increase in our quarterly dividend . " Second Quarter Highlights • • • • • • Net income of $ 29.5 million , or $ 0.59 diluted earnings per share ( " EPS " ) , compared to $ 31.8 million , or $ 0.64 diluted EPS , for the quarter ended March 31 , 2021 and $ 24.0 million , or $ 0.48 diluted EPS , for the quarter ended June 30 , 2020 ; Operating earnings¹ of $ 30.0 million , or $ 0.60 diluted operating EPS¹ , compared to $ 32.2 million , or $ 0.64 diluted operating EPS¹ , for the quarter ended March 31 , 2021 and $ 21.2 million , or $ 0.43 diluted operating EPS¹ , for the quarter ended June 30 , 2020 ; Total loans held for investment ( “ LHI " ) , excluding mortgage warehouse ( " MW " ) and Paycheck Protection Program ( “ PPP ” ) loans , grew $ 308.6 million from the first quarter of 2021 , or 20.7 % annualized ; Total LHI , excluding MW and PPP , grew $ 424.2 million from December 31 , 2020 , or 14.5 % annualized , and $ 545.2 million , or 9.5 % , year over year . Total deposits grew $ 74.3 million from the first quarter of 2021 , or 4.3 % annualized , with the average cost of total deposits decreasing to 0.23 % for the three months ended June 30 , 2021 from 0.31 % for the three months ended March 31 , 2021 ; Total noninterest - bearing deposits grew $ 216.3 million from the first quarter of 2021 , representing 34.2 % of total deposits as of June 30 , 2021 ; Book value per common share increased to $ 25.72 from $ 24.96 as of March 31 , 2021 and tangible book value per common share¹ increased to $ 17.16 from $ 16.34 as of March 31 , 2021 ; and Declared quarterly cash dividend of $ 0.20 per share of outstanding common stock , an increase of 17.6 % over the first quarter of 2021 , payable on August 19 , 2021 . QTD YTD Financial Highlights Q2 2021 Q1 2021 Q2 2021 Q2 2020 ( Dollars in thousands ) ( unaudited ) GAAP Net income $ Diluted EPS 29,456 0.59 31,787 0.64 61,243 1.22 $ 28,162 0.56 Book value per common share 25.72 24.96 25.72 23.45 Return on average assets² 1.27 % 1.44 % 1.35 % 0.68 % Efficiency ratio 52.42 49.62 51.01 46.76 Non - GAAP¹ Operating earnings $ 29,952 $ 32,213 62,165 $ 25,322 Diluted operating EPS Tangible book value per common share Pre - tax , pre - provision operating earnings Pre - tax , pre - provision operating return on average assets Operating return on average assets Operating efficiency ratio Return on average tangible common equity² Operating return on average tangible common equity² 0.60 0.64 1.24 0.50 17.16 16.34 17.16 14.71 38,497 40,210 78,707 84,775 1.66 % 1.82 % 1.74 % 2.03 % 1.29 1.46 1.37 0.61 51.63 49.62 50.62 46.62 15.18 17.17 16.15 9.12 15.42 17.39 16.38 8.31 ' 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