Veritex reports Q1 EPS 53c, consensus 56c

Reports Q1 net interest income before provision for credit losses was $92.8M and net interest margin was 3.24% compared to $95.5M and 3.31%, respectively, for the three months ended December 31 The $2.7M decrease, or 2.9%, in net interest income before provision for credit losses was primarily due to a $3.5 M decrease in interest income on loans driven by a decrease in loan yields, a $817 thousand decrease in interest income on equity securities and other investments and a $559 thousand increase in interest expense on transaction and savings deposits driven by an increase in funding costs on deposits. The decrease in net interest income was partially offset by a $1.4Mincrease in interest income on debt securities and a $1.2M decrease on advances from the Federal Home Loan Bank … . Net interest margin decreased 7 bps compared to the three months ended December 31, 2023, primarily due to the increase in funding costs on deposits during three months ended March 31 partially offset by an increase in debt securities.”I am encouraged with the start of 2024. We continue to execute on our strategic positioning of our balance sheet with growth in deposits, capital and loans”, said C. Malcolm Holland, III. “Credit metrics remain stable and show positive trends as we gain momentum moving into the second quarter.”