Veritex Holdings, Inc. - VBTX STOCK NEWS

Veritex Holdings, Inc. (Nasdaq: VBTX) has declared a quarterly cash dividend of $0.17 per share on its outstanding common stock. This dividend is scheduled for payment on or after May 20, 2021, to shareholders of record by the close of business on May 6, 2021.

Headquartered in Dallas, Texas, Veritex is a bank holding company and operates through Veritex Community Bank, serving the Dallas-Fort Worth and Houston areas.

Veritex Holdings, Inc. (VBTX) has announced the upcoming release of its first quarter 2021 results after market close on April 27, 2021. An investor conference call will follow on April 28, 2021, at 8:30 a.m. Central Time to discuss the results. Pre-registration for the call is available, and it can also be accessed through the company’s website along with presentation slides. An audio replay will be available after the call until May 5, 2021.

The Board of Veritex Holdings has announced that Ned N. Fleming III will not seek reelection at the upcoming 2021 Annual Meeting. Fleming, a founder and Managing Partner of SunTx Capital Partners, played a crucial role in the establishment and growth of Veritex over the past decade. He is noted for his contributions as the Chairperson of the Compensation Committee and a member of the Audit Committee. Fleming expressed pride in the bank's financial standing and its impact on Texas's economic growth. CEO Malcolm Holland acknowledged Fleming's significant influence on the bank's success.

The Board of Directors of Veritex Holdings has extended its stock buyback program, now allowing repurchases of up to $175 million of common stock until December 31, 2021. As of March 18, 2021, the company had already repurchased approximately $156.1 million or 6,299,972 shares. This buyback aims to enhance shareholder value and provides flexibility for future purchases depending on market conditions.

Veritex Holdings announced the termination of a $500 million interest rate swap initially implemented in March 2020. This decision, aimed at hedging cash flow variability from future debt issuances, is expected to yield a net pre-tax gain of approximately $43 million starting in March 2022. The gain will be recognized on a straight-line basis over 10 years, enhancing the company’s financial standing during that period.

Veritex Community Bank has signed a lease for 12,200 square feet of office space at the newly constructed Village Tower, located at 9655 Katy Freeway, Houston. This move aims to support the growth of their Corporate, Commercial, and Industrial banking teams. The timing coincides with Veritex being recognized as one of Fortune’s 100 fastest-growing companies. The new office features modern amenities, including a gym and conference center, and enhances collaboration opportunities amid changing work dynamics post-COVID-19.

Veritex Community Bank has reaffirmed its commitment to the Houston market by securing a new lease at 777 Post Oak Blvd, enhancing brand visibility with prominent signage. The relocation will facilitate better access for customers, leveraging the area's dynamic retail and business scene. This strategic move follows Veritex's merger with Green Bank in 2019, positioning the bank to capitalize on local growth. With over $8 billion in assets and more than 40 branches in Texas, Veritex aims to provide essential banking services to small- and mid-sized businesses.

Veritex Holdings, Inc. (Nasdaq: VBTX) has declared a quarterly cash dividend of $0.170 per share, payable on or after February 18, 2021. Shareholders on record as of February 4, 2021 will receive the dividend. This announcement emphasizes Veritex's commitment to returning value to its investors amid its ongoing banking operations in the Dallas-Fort Worth and Houston areas. The company operates through its subsidiary, Veritex Community Bank, which is regulated by state and federal authorities.

Veritex Holdings (VBTX) reported a net income of $22.8 million for Q4 2020, maintaining $0.46 diluted EPS, consistent with Q3 2020, but down from $29.1 million or $0.56 EPS in Q4 2019. Total loans increased by $91.3 million, or 5.8% annualized, and total deposits grew by $290.3 million, or 18.7% annualized. The Company declared a quarterly cash dividend of $0.17. For the full year, net income was $73.9 million, or $1.48 diluted EPS, down from $90.7 million, or $1.68 EPS in 2019. The net interest margin decreased to 3.29% in Q4, primarily due to reduced loan yields.