Veritex Holdings, Inc. reported net income available to common stockholders of $107.2 million for the year ended December 31, 2024, a slight decrease of 0.9% compared to $108.3 million in 2023. Basic earnings per share (EPS) fell to $1.97 from $2.00, while diluted EPS decreased to $1.95 from $1.98. Net interest income decreased by $13.9 million (3.5%) to $385.2 million, primarily due to a $44.2 million (13.5%) increase in interest expense, partially offset by a $30.3 million increase in interest income. Net interest margin decreased to 3.26% from 3.49%, and net interest spread fell to 2.02% from 2.40%.
Noninterest income increased significantly by $21.3 million (111.5%) to $40.4 million, driven by increases in loan fees and other income, partially offset by a decrease in government guaranteed loan income and an increase in losses on the sale of securities. Noninterest expense rose by $33.1 million (14.2%) to $266.6 million, mainly due to increases in salaries and employee benefits and other noninterest expenses. The provision for credit losses decreased by $20.5 million to $22.1 million, reflecting changes in economic forecasts and qualitative factors used in the CECL model. The Company's effective tax rate for 2024 was 22.8%, compared to 25.0% in 2023.
During 2024, Veritex repurchased 177,670 shares of its common stock under a previously authorized stock buyback program. The company also declared a quarterly cash dividend of $0.20 per share, paid on February 28, 2025. The company's total assets increased by $374 million (3.0%) to $12.77 billion as of December 31, 2024, primarily driven by investments in debt securities and increased cash holdings. Total loans held for investment (LHI) decreased slightly by $79.6 million (0.8%) to $9.51 billion, while total deposits increased by $414.4 million (4.0%) to $10.75 billion.
Veritex's primary market remains the Dallas-Fort Worth and Houston metropolitan areas. The company's strategy focuses on organic growth, strategic acquisitions, improved operational efficiency, and strengthening community ties. The company anticipates continued focus on net interest margin, disciplined growth, deposit liquidity, credit quality, talent investments, government guaranteed lending, and leveraging capital for growth and potential acquisitions in 2025. The company's 10-K filing includes a detailed discussion of various risks, including those related to its business concentration in Texas, economic and market uncertainties, interest rate fluctuations, and regulatory changes.
About Veritex Holdings, Inc.
About 10-K Filings
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