Veritex Holdings, Inc. Announces Increase and Extension to Its Stock Buyback Program

Rhea-AI Summary

The Board of Directors of Veritex Holdings has announced an increase in its stock buyback program from $175 million to $250 million. This program, now extended to December 31, 2022, allows the company to repurchase shares in open market or private transactions, depending on market conditions. As of September 14, 2021, Veritex had repurchased approximately $163.8 million, totaling 6,522,823 shares. This initiative aims to enhance shareholder value amidst ongoing market fluctuations.

Positive

• Increased stock buyback program from $175 million to $250 million.
• Extension of buyback program expiration to December 31, 2022.
• Approximately $163.8 million in shares repurchased as of September 14, 2021.

Negative

• None.

DALLAS, Sept. 15, 2021 (GLOBE NEWSWIRE) -- The Board of Directors (the "Board") of Veritex Holdings, Inc. (Nasdaq: VBTX) (the "Company") authorized an increase and extension of its stock buyback program (the "Stock Buyback Program") pursuant to which the Company may, from time to time, purchase shares of its outstanding common stock. The Stock Buyback Program authorized the Company to purchase up to $175.0 million of its outstanding common stock and that amount has been increased by the Board to $250.0 million. The Board also authorized an extension of the expiration date of the Stock Buyback Program from December 31, 2021 to December 31, 2022. The shares may be repurchased in the open market or in privately negotiated transactions from time to time, depending upon market conditions and other factors, and in accordance with applicable regulations of the Securities and Exchange Commission (the "SEC"). The Stock Buyback Program does not obligate the Company to purchase any shares and may be terminated or amended by the Board at any time prior to its expiration date. As of September 14, 2021, the Company had repurchased approximately $163.8 million, or 6,522,823 shares, of its common stock through the Stock Buyback Program which includes 222,851 shares repurchased during the third quarter of 2021.

About Veritex Holdings, Inc.

Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly-owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. Veritex Community Bank is a Texas state chartered bank regulated by the Texas Department of Banking and the Board of Governors of the Federal Reserve System. For more information, visit www.veritexbank.com.

Forward Looking Statements

This press release contains certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on various facts and derived utilizing assumptions, current expectations, estimates and projections and are subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements include, without limitation, statements relating to the expected payment date of Veritex’s quarterly cash dividend, the impact of certain changes in Veritex’s accounting policies, standards and interpretations, the effects of the COVID-19 pandemic and actions taken in response thereto, Veritex’s future financial performance, business and growth strategy, projected plans and objectives, as well as other projections based on macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact broader economic and industry trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. We refer you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of Veritex’s Annual Report on Form 10-K for the year ended December 31, 2020 and any updates to those risk factors set forth in Veritex’s Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other filings with the Securities and Exchange Commission (“SEC”), which are available on the SEC’s website at www.sec.gov. If one or more events related to these or other risks or uncertainties materialize, or if Veritex’s underlying assumptions prove to be incorrect, actual results may differ materially from what Veritex anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made. Veritex does not undertake any obligation, and specifically declines any obligation, to update or revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law. All forward-looking statements, expressed or implied, included in this press release are expressly qualified in their entirety by this cautionary statement. This cautionary statement should also be considered in connection with any subsequent written or oral forward-looking statements that Veritex or persons acting on Veritex’s behalf may issue.

Source: Veritex Holdings, Inc.

FAQ

What is the new amount for Veritex's stock buyback program?

The new amount for Veritex's stock buyback program is $250 million.

Until when has Veritex extended its stock buyback program?

Veritex has extended its stock buyback program until December 31, 2022.

How much stock has Veritex repurchased through the buyback program?

As of September 14, 2021, Veritex has repurchased approximately $163.8 million worth of stock.

What is the purpose of Veritex's stock buyback program?

The purpose of Veritex's stock buyback program is to enhance shareholder value.