Veritex Holdings, Inc. has reported its operating results for the third quarter of 2024, revealing several key financial highlights. The company's GAAP net income for the quarter ended September 30, 2024, was $31,001, a significant increase from the previous quarter's $27,202. The return on average assets for the same period increased to 10.96%, up from 0.87% in the second quarter of 2024.
Non-GAAP operating earnings for the third quarter of 2024 were $32,181, compared to $28,310 in the second quarter, indicating a positive trend. The company also saw an increase in tangible book value per common share, which rose to $21.72 from $20.62 in the previous quarter.
In terms of financial condition, Veritex reported a decrease in total loans held for investment (LHI) to $9.03 billion at September 30, 2024, down from $9.21 billion at June 30, 2024. However, total deposits grew to $11.04 billion, an increase of $311.2 million from the previous quarter.
The company also saw improvements in credit quality, with nonperforming assets (NPAs) decreasing to 0.52% of total assets, compared to 0.65% at June 30, 2024. Additionally, the allowance for credit losses (ACL) to total loans held for investment increased to 1.21%, up from 1.16% in the previous quarter.
Veritex's net interest margin (NIM) expanded to 3.30% for the third quarter of 2024, indicating an improvement from the previous quarter's 3.29%.
The press release also highlighted the declaration of a quarterly cash dividend of $0.20 per share of outstanding common stock, payable on November 22, 2024.
Following these announcements, the company's shares moved 3.5%, and are now trading at a price of $28.31. If you want to know more, read the company's complete 8-K report here.
