Veritex (US:VBTX)2021-04-28 16:44Financial Performance - Net income for 1Q21 was $318 million, or $064 diluted EPS, compared to $228 million, or $046 diluted EPS, for 4Q20[9] - Operating net income for 1Q21 was $322 million, or $064 diluted operating EPS, compared to $297 million, or $060 diluted operating EPS, for 4Q20[10] - Operating ROATCE increased to 1739% in 1Q21 compared to 1644% in 4Q20[11] Loan and Deposit Growth - Total loans, excluding PPP loans, increased $1370 million, or 86% LQA Excluding PPP and mortgage warehouse, total loans grew 79% LQA[12] - Total deposits grew $3917 million, or 240% LQA[13] - Average cost of total deposits decreased to 031% for 1Q21 from 038% for 4Q20[14] Capital Management - Tangible book value per common share increased to $1634 from $1570 at December 31, 2020[15] - A quarterly dividend of $017 was declared in 1Q21[16] - 147,622 shares were repurchased during 1Q21 at an average price of $2592, and the stock buyback program was extended to December 31, 2021[17] Net Interest Income - Net interest income was $656 million, down $12 million from 4Q20, primarily driven by a decrease in the number of days in 1Q21 compared to 4Q20[26] - Average earning assets grew $1914 million, or 95% LQA, during 1Q21[26] Thrive Mortgage Investment - Veritex acquired a 49% interest in Thrive Mortgage for $539 million in an all-cash transaction[66]