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Sep 30, 2020
Veritex Q3 2020 Earnings Report
Veritex reported strong Q3 results despite economic headwinds, marked by a decline in loan deferrals, growth in loans and deposits, and a solid capital position.
Key Takeaways
Veritex Holdings, Inc. reported a net income of $22.9 million, or $0.46 diluted earnings per share, for the quarter ended September 30, 2020. The company saw a significant decrease in loans on active deferral and growth in total loans and deposits. The average cost of total deposits decreased, and the company's capital levels increased.
Net income was $22.9 million, with diluted earnings per share of $0.46.
Pre-tax, pre-provision operating earnings totaled $39.3 million.
Total loans, excluding PPP loans, grew by $165.3 million, representing a 10.7% annualized growth.
Total deposits increased by $97.0 million, or 6.3% annualized, with a decrease in the average cost of total deposits to 0.46%.
Veritex
Veritex
Forward Guidance
The company extended the expiration date of the Stock Buyback Program from December 31, 2020 to March 31, 2021.