Veritex Holdings (VBTX) Misses Q4 EPS by 3c

Veritex Holdings (NASDAQ: VBTX) reported Q4 EPS of $0.58, $0.03 worse than the analyst estimate of $0.61.

Fourth Quarter 2019 Financial Highlights:

• Diluted EPS was $0.56 and diluted operating EPS was $0.58 for the fourth quarter of 2019, resulting in a 23.4% increase in diluted operating EPS compared to the fourth quarter of 2018;
• Return on average assets was 1.43%, operating return on average assets1 was 1.49% and pre-tax, pre-provision operating return on average assets1 was 2.07% for the fourth quarter of 2019;
• Return on average tangible common equity was 16.22% and operating return on average tangible common equity1 was 16.87% for the fourth quarter of 2019;
• Total loans, excluding mortgage warehouse, increased $86.9 million, or 6.1% annualized, and total deposits, excluding time deposits, increased $210.1 million, or 21.0% annualized, during the fourth quarter of 2019;
• Increased and extended the previously announced stock buyback program during the fourth quarter of 2019. During the fourth quarter and full year of 2019, Veritex repurchased 1,453,608 and 3,802,711 shares, respectively, of its outstanding common stock under its stock buyback program for an aggregate of $35.7 million and $94.5 million, respectively. Since inception, the buyback program has repurchased 7% of outstanding common stock;
• Declared quarterly cash dividend of $0.17 payable on February 20, 2020 representing a 20% increase in the declared cash dividend from prior quarters.

C. Malcolm Holland, III, the Company’s Chairman and Chief Executive Officer said: “2019 was a transformational year for Veritex. We are not only a bigger company, but more importantly a better company, as a result of the Green merger and all the work that was completed in 2019. The fourth quarter loan growth, excluding mortgage warehouse, and deposit growth, excluding time deposits, gives us substantial momentum heading into 2020 where we will look to exploit the merger disruption in Dallas-Fort Worth and Houston while continuing to return excess capital to our shareholders.”

For earnings history and earnings-related data on Veritex Holdings (VBTX) click here.

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