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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM10-Q
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2022
OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from              to             .
Commission File Number: 001-36682
VERITEX HOLDINGS, INC.
(Exact name of registrant as specified in its charter)
Texas 27-0973566
(State or other jurisdiction of (I.R.S. employer
incorporation or organization) identification no.)
   
8214 Westchester Drive, Suite 800  
Dallas,Texas 75225
(Address of principal executive offices) (Zip code)
(972)349-6200
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common Stock, par value $0.01VBTXNasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):
Large accelerated filer Accelerated filer
   
Non-accelerated filer Smaller reporting company 
Emerging growth company 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No 

As of May 6, 2022, there were 53,962,875 outstanding shares of the registrant’s common stock, par value $0.01 per share.



VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Page

2


PART I. FINANCIAL INFORMATION 

Item 1. Financial Statements
3


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
as of March 31, 2022 and December 31, 2021
(Dollars in thousands, except par value and share information) 
March 31,December 31,
20222021
(Unaudited)
ASSETS
Cash and due from banks$51,966 $44,023 
Interest bearing deposits in other banks499,607 335,761 
Total cash and cash equivalents551,573 379,784 
Debt securities available-for-sale (“AFS”), at fair value1,063,249 993,058 
Debt securities held-to-maturity (“HTM”) (fair value of $169,818 and $61,446, at March 31, 2022 and December 31, 2021, respectively)
181,265 59,436 
Equity securities14,880 15,393 
Securities purchased under agreements to resell100,818 102,288 
Investment in unconsolidated subsidiaries1,018 1,018 
Federal Home Loan Bank of Dallas (“FHLB”) Stock and Federal Reserve Bank (“FRB”) Stock71,983 71,892 
Total investments1,433,213 1,243,085 
Loans held for sale18,721 26,007 
Loans held for investment (“LHI”), Paycheck Protection Program (“PPP”) loans, carried at fair value18,512 53,369 
LHI, mortgage warehouse (“MW”)542,877 565,645 
LHI, excluding MW and PPP 7,125,429 6,766,009 
Less: Allowance for credit losses (“ACL”)(72,485)(77,754)
Total LHI, net7,614,333 7,307,269 
Bank-owned life insurance (“BOLI”)83,641 83,194 
Bank premises, furniture and equipment, net109,138 109,271 
Other real estate owned (“OREO”)1,062  
Intangible assets, net of accumulated amortization63,986 66,017 
Goodwill404,452 403,771 
Other assets173,561 138,851 
Total assets$10,453,680 $9,757,249 
LIABILITIES AND STOCKHOLDERS’ EQUITY  
Deposits:  
Noninterest-bearing deposits$2,765,895 $2,510,723 
Interest-bearing transaction and savings deposits3,688,292 3,276,312 
Certificates and other time deposits1,435,409 1,576,580 
Total deposits7,889,596 7,363,615 
Accounts payable and other liabilities105,552 69,160 
Advances from FHLB777,522 777,562 
Subordinated debentures and subordinated notes228,018 227,764 
Securities sold under agreements to repurchase4,996 4,069 
Total liabilities9,005,684 8,442,170 
Commitments and contingencies (Notes 8 and 11) 
Stockholders’ equity:  
Common stock, $0.01 par value; 75,000,000 shares authorized; 60,547,018 and 56,010,423 shares issued at March 31, 2022 and December 31, 2021, respectively; 53,908,924 and 49,372,329 shares outstanding at March 31, 2022 and December 31, 2021, respectively
605 560 
Additional paid-in capital (“APIC”)1,297,161 1,142,758 
Retained earnings298,830 275,273 
Accumulated other comprehensive income (“AOCI”)18,982 64,070 
Treasury stock, 6,638,094 and 6,638,094 shares at cost at March 31, 2022 and December 31, 2021, respectively
(167,582)(167,582)
Total stockholders’ equity1,447,996 1,315,079 
Total liabilities and stockholders’ equity$10,453,680 $9,757,249 


See accompanying Notes to Consolidated Financial Statements.
4


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Income (Unaudited)
For the Three Months Ended March 31, 2022 and 2021
(Dollars in thousands, except per share amounts)
Three Months Ended
March 31,
20222021
Interest and dividend income:
Loans, including fees$71,443 $67,399 
Debt securities7,762 7,437 
Deposits in financial institutions and Fed Funds sold262 127 
Equity securities and other investments910 663 
Total interest and dividend income80,377 75,626 
Interest expense:
Transaction and savings deposits1,751 1,980 
Certificates and other time deposits1,380 3,061 
Advances from FHLB1,547 1,812 
Subordinated debentures and subordinated notes2,659 3,138 
Total interest expense7,337 9,991 
Net interest income73,040 65,635 
Benefit for credit losses(500) 
Provision (benefit) for credit losses on unfunded commitments493 (570)
Net interest income after provision for credit losses73,047 66,205 
Noninterest income:
Service charges and fees on deposit accounts4,710 3,629 
Loan fees2,794 1,341 
Gain on sale of mortgage loans held for sale307 507 
Government guaranteed loan income, net4,891 6,548 
Equity method investment income367  
Other2,028 2,147 
Total noninterest income15,097 14,172 
Noninterest expense:
Salaries and employee benefits27,513 22,932 
Occupancy and equipment4,517 4,096 
Professional and regulatory fees3,158 3,441 
Data processing and software expense2,921 2,319 
Marketing1,187 909 
Amortization of intangibles2,495 2,537 
Telephone and communications385 337 
Merger and acquisition (“M&A”) expense700  
Other3,696 3,026 
Total noninterest expense46,572 39,597 
Income before income tax expense41,572 40,780 
Income tax expense8,102 8,993 
Net income$33,470 $31,787 
Basic earnings per share$0.66 $0.64 
Diluted earnings per share$0.65 $0.64 
See accompanying Notes to Consolidated Financial Statements.
5


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Unaudited)
For the Three Months Ended March 31, 2022 and 2021
(Dollars in thousands)
Three Months Ended March 31,
20222021
Net income$33,470 $31,787 
Other comprehensive income:
Net unrealized (losses) gains on securities AFS:
Change in net unrealized losses on securities AFS during the period, net(49,076)(19,437)
Amortization from transfer of securities from AFS to HTM4,255  
Net unrealized losses on securities AFS(44,821)(19,437)
Net unrealized (losses) gains on derivative instruments designated as cash flow hedges(13,381)27,271 
Other comprehensive (losses) income, before tax(58,202)7,834 
Income tax (benefit) expense(13,114)1,646 
Other comprehensive (loss) income, net of tax(45,088)6,188 
Comprehensive (loss) income$(11,618)$37,975 

See accompanying Notes to Consolidated Financial Statements.


6



VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) 
For the Three Months Ended March 31, 2022 and 2021
(In thousands, except for shares)
Three Months Ended March 31, 2022
 Common StockTreasury StockAPICRetained
Earnings
AOCITotal 
 SharesAmountSharesAmount
Balance at December 31, 202149,372,329 $560 6,638,094 $(167,582)$1,142,758 $275,273 $64,070 $1,315,079 
Restricted stock units (“RSU”) vested, net of 67,965 shares withheld to cover taxes
187,801 2 — — (2,839)— — (2,837)
Exercise of employee stock options, net 28,064 and 5,738 shares withheld to cover taxes and exercise, respectively
34,320 — — — 98 — — 98 
Stock based compensation— — — — 3,318 — — 3,318 
Common stock follow on offering4,314,474 43 — — 153,826 — — 153,869 
Net income— — — — — 33,470 — 33,470 
Dividends paid— — — — — (9,913)— (9,913)
Other comprehensive loss— — — — — — (45,088)(45,088)
Balance at March 31, 202253,908,924 $605 6,638,094 $(167,582)$1,297,161 $298,830 $18,982 $1,447,996 
Three Months Ended March 31, 2021
 Common StockTreasury StockAPICRetained
Earnings
AOCI 
 SharesAmountSharesAmountTotal
Balance at December 31, 202049,337,768 $555 6,162,350 $(152,073)$1,126,437 $172,232 $56,225 $1,203,376 
Restricted stock units vested, net of 16,587 shares withheld to cover taxes
58,110 — — — (468)— — (468)
Exercise of employee stock options, net of 18,052 and 3,474 shares withheld to cover taxes and exercise, respectively
184,494 2 — — 2,877 — — 2,879 
Stock buyback(147,622)— 147,622 (4,074)— — — (4,074)
Stock based compensation— — — — 2,478 — — 2,478 
Net income— — — — — 31,787 — 31,787 
Dividends paid— — — — — (8,358)— (8,358)
Other comprehensive income— — — — — — 6,188 6,188 
Balance at March 31, 202149,432,750 $557 6,309,972 $(156,147)$1,131,324 $195,661 $62,413 $1,233,808 
See accompanying Notes to Consolidated Financial Statements.
7


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows (Unaudited)
For the Three Months Ended March 31, 2022 and 2021
(Dollars in thousands)
 For the Three Months Ended March 31,
 20222021
Cash flows from operating activities:
Net income$33,470 $31,787 
Adjustments to reconcile net income to net cash provided by operating activities: 
Depreciation and amortization of fixed assets and intangibles4,378 3,765 
Net accretion of time deposit premium, debt discount and debt issuance costs(16)(80)
Benefit for credit losses(7)(570)
Accretion of loan discount(1,598)(1,911)
Stock-based compensation expense3,318 2,478 
Excess tax benefit from stock compensation(992)(154)
Net amortization of premiums on debt securities811 730 
Unrealized loss on equity securities recognized in earnings513 199 
Change in cash surrender value and mortality rates of BOLI(447)(463)
Change in fair value of government guaranteed loans using fair value option(379)(917)
Gain on sales of mortgage loans held for sale(307)(507)
Gain on sales of government guaranteed loans(4,161) 
Net impairment (recovery) of servicing asset 280 (128)
Originations of loans held for sale(12,613)(1,096)
Proceeds from sales of loans held for sale21,293 4,070 
Equity method investment income(367) 
Termination of derivatives designated as hedging instruments 43,900 
(Increase) decrease in other assets(9,687)10,554 
Increase (decrease) in accounts payable and other liabilities34,729 (8,437)
Net cash provided by operating activities68,218 83,220 
Cash flows from investing activities:  
Purchases of AFS debt securities(266,490)(79,816)
Proceeds from maturities, calls and pay downs of AFS debt securities33,880 40,102 
Purchases of HTM debt securities(5,068)(4,335)
Maturity, calls and paydowns of HTM debt securities25 1,222 
Purchases of other investments(91)(233)
Proceeds from sales of equity securities1,470  
Net loans originated(332,290)(184,586)
Proceeds from sale of government guaranteed loans4,910  
Net additions to bank premises, furniture and equipment(1,130)(661)
Net cash used in investing activities(564,784)(228,307)
Cash flows from financing activities:  
Net increase in deposits525,987 391,799 
Net increase (decrease) in advances from FHLB224 (39)
Net change in securities sold under agreement to repurchase927 552 
Net proceeds on sale of common stock in public offering153,869  
Payments to tax authorities for stock-based compensation(2,837)(468)
Proceeds from exercise of employee stock options98 2,879 
Purchase of treasury stock (4,074)
Dividends paid(9,913)(8,358)
Net cash provided by financing activities668,355 382,291 
Net increase in cash and cash equivalents171,789 237,204 
Cash and cash equivalents at beginning of period379,784 230,825 
Cash and cash equivalents at end of period$551,573 $468,029 
See accompanying Notes to Consolidated Financial Statements.
8


VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements 
(Dollars in thousands, except for per share amounts) 

1. Summary of Significant Accounting Policies
Nature of Organization
In this report, the words “Veritex,” “the Company,” refer to the combined entities of Veritex Holdings, Inc. and its subsidiaries, including Veritex Community Bank. The word “Holdco” refers to Veritex Holdings, Inc. The word “the Bank” refers to Veritex Community Bank.
Veritex is a Texas state banking organization, with corporate offices in Dallas, Texas, and currently operates 18 branches located in the Dallas-Fort Worth metroplex and 10 branches in the Houston metropolitan area. The Bank provides a full range of banking services, including commercial and retail lending and the acceptance of checking and savings deposits, to individual and corporate customers. The Texas Department of Banking and the Board of Governors of the Federal Reserve System (the “Federal Reserve”) are the primary regulators of the Company and the Bank, and both regulatory agencies perform periodic examinations to ensure regulatory compliance.
Basis of Presentation
The accompanying unaudited consolidated financial statements include the accounts of Veritex Holdings, Inc. and its subsidiaries, including Veritex Community Bank.

The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”), but do not include all of the information and footnotes required for complete financial statements. Intercompany transactions and balances are eliminated in consolidation. In management’s opinion, these unaudited consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company’s consolidated balance sheets at March 31, 2022 and December 31, 2021, consolidated statements of income and comprehensive income for the three months ended March 31, 2022 and 2021, consolidated statements of changes in stockholders’ equity for the three months ended March 31, 2022 and 2021 and consolidated statements of cash flows for the three months ended March 31, 2022 and 2021.

Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end and the results for the interim periods shown herein are not necessarily indicative of results to be expected for the full year due in part to global economic and financial market conditions, interest rates, access to sources of liquidity, market competition and interruptions of business processes. These unaudited consolidated financial statements have been prepared in accordance with GAAP for interim financial information and the instructions to Quarterly Reports on Form 10-Q adopted by the Securities and Exchange Commission (“SEC”). These unaudited consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2021 included in the Company’s Annual Report on Form 10-K, as filed with the SEC on March 1, 2022.

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. These estimates and assumptions may also affect disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates.
Segment Reporting
    The Company has one reportable segment. All of the Company’s activities are interrelated, and each activity is dependent and assessed based on how each activity of the Company supports the others. For example, lending is dependent upon the ability of the Company to fund itself with deposits and borrowings while managing interest rate and credit risk. Accordingly, all significant operating decisions are based upon an analysis of the Bank as one segment or unit. The Company’s chief operating decision-maker, the Chief Executive Officer, uses the consolidated results to make operating and strategic decisions.
9


Reclassifications
Certain items in the Company’s prior year financial statements were reclassified to conform to the current presentation.
Earnings Per Share (“EPS”)
EPS is based upon the weighted average shares outstanding. The table below sets forth the reconciliation between weighted average shares used for calculating basic and diluted EPS for the three months ended March 31, 2022 and 2021:
Three Months Ended March 31,
20222021
Earnings (numerator)
Net income$33,470 $31,787 
Shares (denominator)
Weighted average shares outstanding for basic EPS50,695 49,394 
Dilutive effect of employee stock-based awards876 604 
Adjusted weighted average shares outstanding51,571 49,998 
EPS:
Basic$0.66 $0.64 
Diluted$0.65 $0.64 
For the three months ended March 31, 2022, there were 80 antidilutive shares excluded from the diluted EPS weighted average shares outstanding relating to restricted stock units (“RSUs”) and none relating to stock options. For the three months ended March 31, 2021, there were 75 antidilutive shares excluded from the diluted EPS weighted average shares outstanding, 23 relating to RSUs and 52 relating to stock options.

Transfers of debt securities from AFS to HTM

Transfers of debt securities into the HTM category from the AFS category are made at fair value at the date of transfer. The unrealized holding gain or loss at the date of transfer is retained in other comprehensive income and in the carrying value of the HTM securities. Such amounts are amortized over the remaining life of the security.

Recent Accounting Pronouncements

Accounting Standard Update (“ASU”) ASU 2022-01, “Derivatives and Hedging (Topic 815)” (“ASU 2022-01”) clarifies the guidance in ASC 815 on fair value hedge accounting of interest rate risk for portfolios and financial assets. Among other things, the amended guidance established the “last-of-layer” method for making the fair value hedge accounting for these portfolios more accessible and renamed that method the “portfolio layer” method. ASU 2022-01 is effective January 1, 2023 and is not expected to have a significant impact on our consolidated financial statements.

ASU 2022-02, “Financial Instruments - Credit Losses (Topic 326)” (“ASU 2022-02”) eliminates the guidance on troubled debt restructurings and requires entities to evaluate all loan modifications to determine if they result in a new loan or a continuation of the existing loan. ASU 2022-02 also requires that entities disclose current-period gross charge-offs by year of origination for loans and leases. ASU 2022-02 is effective January 1, 2023 and will have an impact on our financial statement disclosures.
10


2. Supplemental Statement of Cash Flows
Other supplemental cash flow information is presented below:

 Three Months Ended March 31,
 20222021
(in thousands)
Supplemental Disclosures of Cash Flow Information:  
Cash paid for interest$5,368 $7,602 
Cash paid for income taxes 15 
Supplemental Disclosures of Non-Cash Flow Information:  
Transfer of AFS debt securities to HTM debt securities117,001  
Net foreclosure of OREO and repossessed assets1,062  
Noncash assets acquired in business combination1
LHI(681) 
Goodwill681  
1 Represents adjustments to provisional estimates recorded during the three months ended March 31, 2022 for the acquisition of North Avenue Capital, LLC (“NAC”). Refer to Note 13. Business Combinations for further discussion.

3. Share Transactions    
    The Company's Board of Directors (the “Board”) has authorized the purchase of up to $250,000 of the Company's outstanding common stock under a stock buyback program (the "Stock Buyback Program") with an expiration date of December 31, 2022. The shares may be repurchased in the open market or in privately negotiated transactions from time to time, depending upon market conditions and other factors, and in accordance with applicable regulations of the SEC. The Stock Buyback Program does not obligate the Company to purchase any shares. The Stock Buyback Program may be terminated or amended by the Board at any time prior to its expiration.

    Shares repurchased through the periods indicated are as follows: