Veritex Holdings, Inc. Reports Fourth Quarter and Full Year 2024 Results

Core Viewpoint - Veritex Holdings, Inc. reported significant milestones in 2024, focusing on improving credit risk and profitability as it moves into 2025 [2]. Financial Highlights - For Q4 2024, net income was $24.882 million, down from $31.001 million in Q3 2024 and up from $3.499 million in Q4 2023 [3]. - Diluted EPS for Q4 2024 was $0.45, compared to $0.56 in Q3 2024 and $0.06 in Q4 2023 [3]. - The book value per common share remained stable at $29.37, consistent with the previous quarter and up from $28.18 in Q4 2023 [3]. - Return on average assets decreased to 0.78% in Q4 2024 from 0.96% in Q3 2024 and 0.11% in Q4 2023 [3]. - Return on average equity was 6.17% in Q4 2024, down from 7.79% in Q3 2024 and 0.92% in Q4 2023 [3]. - Net interest margin for Q4 2024 was 3.20%, down from 3.30% in Q3 2024 and 3.31% in Q4 2023 [3]. Operational Results - Net interest income before provision for credit losses for Q4 2024 was $96.1 million, a decrease of 3.9% from $100.1 million in Q3 2024 [5]. - Compared to Q4 2023, net interest income increased by $608 thousand, or 0.6% [6]. - Noninterest income for Q4 2024 was $10.1 million, a decrease of 23.3% from $13.1 million in Q3 2024 [9]. - Noninterest expense for Q4 2024 was $71.2 million, an increase of 1.6% from $70.1 million in Q3 2024 [11]. Credit Quality - Criticized loans decreased by approximately $100 million during 2024 [8]. - Nonperforming assets to total loans decreased to 0.62% from 0.77% in 2023 [15]. - The allowance for credit losses as a percentage of loans increased to 1.18% from 1.14% in 2023 [16]. Capital and Dividends - Common equity tier 1 capital increased by 80 basis points to 11.09% as of December 31, 2024 [8]. - A quarterly cash dividend of $0.20 per share was declared, payable on February 28, 2025 [17]. Financial Condition - Total loans held for investment were $8.90 billion at December 31, 2024, a decrease of 3.3% from the previous year [13]. - Total deposits were $10.75 billion, an increase of 4.0% year-over-year [14].