Research Desk Line-up: Cullen/Frost Bankers Post Earnings Coverage
LONDON, UK / ACCESSWIRE / November 2, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Veritex Holdings, Inc. (NASDAQ: VBTX), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=VBTX, following the Company's announcement of its financial results on October 23, 2017, for the third quarter fiscal 2017 (Q3 FY17). The Dallas, Texas-based Company reported year-over-year growth in net interest income and non-interest income. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:
Get more of our free earnings reports coverage from other constituents of the Regional - Southwest Banks industry. Pro-TD has currently selected Cullen/Frost Bankers, Inc. (NYSE: CFR) for due-diligence and potential coverage as the Company reported on October 26, 2017, its financial results for Q3 2017. Register for a free membership today, and be among the early birds that get access to our report on Cullen/Frost Bankers when we publish it.
At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on VBTX; also brushing on CFR. With the links below you can directly download the report of your stock of interest free of charge at:
During Q3 FY17, Veritex's total interest income grew to $22.28 million from $12.05 million in Q3 FY16. The Company's interest expenses also increased to $3.15 million in Q3 FY17 from $1.54 million in Q3 FY16. The reported net interest income of $19.13 million in Q3 FY17, up from $10.52 million in the last year's same quarter, primarily attributed to higher loan balances resulting from the merger with Sovereign and organic loan growth. Meanwhile, core net interest income rose to $18.49 million in Q3 FY17 from $10.40 million in Q3 FY16.
Veritex's net non-interest income also rose 4.4% to $1.98 million during Q3 FY17 from $1.89 million in Q3 FY16, due to increase in gain on sale of securities, services charges and fees on deposit accounts and partially offset decrease in gain on sale of mortgage loans. Furthermore, total non-interest expenses for the reported quarter came in at $12.52 million compared to $7.03 million in the year ago same quarter.
The holding Company for Veritex Community Bank reported net income available to common stockholders of $5.14 million, or $0.25 per diluted share, in Q3 FY17, compared to $3.38 million, or $0.31 per diluted share, in Q3 FY16. The Company's core earnings available to common stockholders came in at $5.63 million, or $0.28 per diluted share, in Q3 FY17 compared to $3.42 million, or $0.31 per diluted share, in Q3 FY16. Moreover, the Company's quarterly core earnings available to common stockholders lagged market consensus estimates of $0.30 per diluted share.
During the reported quarter, the Company's return on average assets fell to 0.94% from 1.10% in the previous year comparable quarter. The return on average equity came in at 5.44% in Q3 FY17 versus 9.50% reported in the year-ago same period. Meanwhile, tangible common book value grew to $13.23 per common share in Q3 FY17 from $10.55 per common share in Q3 FY16.
Veritex's core efficiency ratio was 56.45% in Q3 FY17 compared to 56.70% in Q3 FY16. The Company's core net interest margin grew marginally during Q3 FY17 to 3.66% from 3.65% in Q3 FY16. The tangible common equity to tangible assets ratio also increased to 12.76% at September 30, 2017, from 9.14% as on September 30, 2016. The Company's Tier 1 capital to risk-weighted assets was 14.17% as on September 30, 2017, compared to 12.04% as on September 30, 2016. Furthermore, common equity tier 1 capital to risk-weighted assets ratio stood at 13.65% as on September 30, 2017, versus 11.72% as on September 30, 2016.
Balance Sheet Analyzed
Veritex's average total loans balance at the end of Q3 FY17 was $1.64 billion compared to $954.05 million at the end of last year's same quarter. In Q3 FY17, the yield on average portfolio loans was 5.00% compared to 4.83% in Q3 FY16. Average total interest-earning assets for the quarter ended September 30, 2017, were $2.01 billion versus $1.13 billion during Q3 FY16. Furthermore, average interest-bearing deposits balance during Q3 FY17 was $1.29 billion compared to $726.96 million in Q3 FY16.
The Company had total non-performing loans of $2.6 million as on September 30, 2017, compared to $2.1 million as on September 30, 2016. Moreover, non-performing assets as a percent of total assets were 0.11% at September 30, 2017, versus 0.17% as on September 30, 2016.
Veritex Holdings' share price finished yesterday's trading session at $26.19, marginally sliding 0.64%. A total volume of 157.98 thousand shares have exchanged hands, which was higher than the 3-month average volume of 121.67 thousand shares. The Company's stock price soared 46.97% in the previous twelve months. Shares of the Company have a PE ratio of 27.11 and currently have a market cap of $583.51 million.
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