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 Balance				Interest Earned/ Interest Paid			Average Yield/ Rate			Average Outstanding Balance				Interest Earned/ Interest Paid			Average Yield/ Rate			Average Outstanding Balance				Interest Earned/ Interest Paid			Average 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, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022
Average 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, 2023			Dec 31, 2022			Sep 30, 2022			Jun 30, 2022			Mar 31, 2022
Average 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 Composition
		Mar 31, 2023							Dec 31, 2022							Sep 30, 2022							Jun 30, 2022							Mar 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 Quality
	For 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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