Veritex reports Q4 EPS 58c, consensus 62c

For the three months ended December 31 net interest income before provision for credit losses was $95.5 Mand net interest margin was 3.31%, compared to $99.4M and 3.46%, respectively, for the three months ended September 30. The $3.8M decrease, or 3.9%, in net interest income before provision for credit losses was primarily due to a $6.3M increase in interest expense on transaction and savings deposits, a $4.0M increase in interest expense on certificates and other time deposits and a $1.9M decrease in interest income on loans primarily driven by interest reversals on loans placed on nonaccrual status during the three months ended December 31. “Looking back at 2023, I am extremely proud of the ability of our team, in a volatile economic environment, to remain disciplined on our strategic plan and strengthen our balance sheet”, said C. Malcolm Holland, III. “This team achieved deposit growth of $1.2 billion in 2023, increased CET1 to 10.3% and decreased our LDR below 94%. Market volatility brings many challenges and opportunities that this Company has navigated with great precision.”