Veritex announces $50M stock buyback program

Veritex announced that its board of directors authorized a stock buyback program pursuant to which the company is authorized to purchase up to $50M shares of the company’s outstanding common stock. The stock buyback program has an expiration date of March 31, 2025 and may be suspended, terminated, amended or modified by the board at any time without prior notice at the board’s discretion. The stock buyback program is expected to be funded using the company’s cash on hand and cash from operations of Veritex Community Bank. Repurchases under the stock buyback program may be made, from time to time, in amounts and at prices the company deems appropriate. The stock buyback program does not obligate the company to purchase any shares of its common stock. Repurchases by the company under the stock buyback program will be subject to general market and economic conditions, applicable legal and regulatory requirements and other considerations. In addition, Veritex announces completion of a restructuring of it’s available-for-sale debt security portfolio in March by selling approximately $120.1M of lower-yielding AFS debt securities, at amortized cost, with a yield of 3.11% at a $6.5M pre-tax loss. Approximately $115.9M of the proceeds were reinvested in higher yielding AFS securities with a 6.24% yield.