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Veritex Holdings, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $13.04 billion from $12.39 billion at the end of 2023. This growth was driven by an increase in deposits and loan portfolio expansion.
Net income for the quarter was $31.0 million, up from $27.2 million in the previous quarter. Basic earnings per share increased to $0.57 from $0.50.
Net interest income was reported at $100.1 million, with a net interest margin of 3.30%. This represents an improvement from the previous quarter's net interest income of $96.2 million and a margin of 3.29%.
Provision for credit losses decreased to $4.0 million from $8.3 million in the prior quarter, reflecting changes in economic factors and loan production.
Noninterest income rose to $13.1 million, a 23.9% increase from the previous quarter, driven by higher loan fees and other income.
Noninterest expense increased by 11.0% to $70.1 million, primarily due to higher salaries and employee benefits.
Total deposits grew to $11.04 billion, a 6.7% increase from December 31, 2023, primarily due to increases in certificates and other time deposits.
The company maintained a strong capital position, with total stockholders' equity rising to $1.61 billion, and capital ratios exceeding regulatory requirements.
Veritex Holdings continues to focus on expanding its market presence in the Dallas-Fort Worth and Houston areas, with a strategic emphasis on lending to small to medium-sized businesses.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Veritex Holdings Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.