Exhibit 99.1

VERITEX HOLDINGS, INC. REPORTS SECONDQUARTER 2024 OPERATING RESULTS

Dallas, TX — July 23, 2024 —Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the quarter ended June 30, 2024.

“We are pleased with the second quarter results, highlighted by improved credit quality, stabilized NIM and continued repositioning of our balance sheet,” said C. Malcolm Holland, III, the Company’s Chairman and Chief Executive Officer. “Our LDR, excluding mortgage warehouse, dropped below 86%, we built capital and continue to execute on our strategic plan.”

	Quarter to Date						Year to Date
Financial Highlights	Q2 2024			Q1 2024			Q2 2024			Q2 2023
	(Dollars in thousands, except per share data) (unaudited)
GAAP
Net income	$	27,202		$	24,156		$	51,358		$	72,141
Diluted EPS	0.50			0.44			0.94			1.32
Book value per common share	28.49			28.23			28.49			27.48
Return on average assets1	0.87		%	0.79		%	0.83		%	1.18		%
Return on average equity1	7.10			6.33			6.72			9.74
Net interest margin	3.29			3.24			3.27			3.60
Efficiency ratio	59.11			62.45			60.72			49.17
Non-GAAP2
Operating earnings	$	28,310		$	29,137		$	57,447		$	77,947
Diluted operating EPS	0.52			0.53			1.05			1.43
Tangible book value per common share	20.62			20.33			20.62			19.41
Pre-tax, pre-provision operating earnings	44,420			43,656			88,076			124,981
Pre-tax, pre-provision operating return on average assets1	1.42		%	1.42		%	1.42		%	2.05		%
Pre-tax, pre-provision operating return on average loans1	1.83			1.84			1.83			2.63
Operating return on average assets1	0.91			0.95			0.93			1.28
Return on average tangible common equity1	10.54			9.52			10.03			14.55
Operating return on average tangible common equity1	10.94			11.34			11.14			15.66
Operating efficiency ratio	58.41			58.73			58.57			47.21

1 Annualized ratio.

2 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“GAAP”) financial measures to their most directly comparable GAAP measures.

Other Second Quarter Financial, Credit and Company Highlights

•Pre-tax, pre-provision operating return on average assets was 1.42% as of June 30, 2024;

•Nonperforming assets (“NPAs”) decreased 17 bps from the prior quarter to 0.65% of total assets;

•Net interest margin (“NIM”) increased to 3.29%, a 5 bps improvement from the prior quarter;

•Common equity tier 1 capital grew 12 bps from the prior quarter to 10.49%;

•Total deposits grew $71.0 million, or 2.67% annualized, compared to March 31, 2024;

•Total loans grew $70.3 million, or 2.88% annualized, compared to March 31, 2024;

•Loan to deposit ratio, excluding mortgage warehouse loans, decreased to 85.9% as of June 30, 2024 compared to 86.9% as of March 31, 2024 and 100.4% as of June 30, 2023;

•Tangible book value per common share increased to $20.62;

•Allowance for credit losses (“ACL”) to total loans held for investment (“LHI”) increased to 1.16%, compared to 1.15% as of March 31, 2024 and 1.05% as of June 30, 2023;

•Named one of the “Best Companies to Work For”, “Best in Banking” and “Best Companies in the South” by the 2024 - 2025 U.S. News & World Report which evaluates companies based on quality of pay, work/life balance, and opportunities for professional development and advancement; and

•Declared quarterly cash dividend of $0.20 per share of outstanding common stock payable on August 23, 2024.

1

Results of Operations for the Three Months Ended June 30, 2024

Net Interest Income

For the three months ended June 30, 2024, net interest income before provision for credit losses was $96.2 million and net interest margin was 3.29% compared to $92.8 million and 3.24%, respectively, for the three months ended March 31, 2024. The $3.4 million increase, or 3.7%, in net interest income before provision for credit losses was primarily due to a $5.0 million increase in interest income on loans driven by an increase in loan yields, a $1.7 million increase in interest income on debt securities and other investments and a $1.2 million decrease in interest expense on transaction and savings deposits. The increase in net interest income was partially offset by a $4.3 million increase in interest expense on certificates and other time deposits, during the three months ended June 30, 2024. NIM increased 5 bps compared to the three months ended March 31, 2024, primarily due to an increase in loan yields during the three months ended June 30, 2024, partially offset by an increase in rates on certificates and other time deposits.

Compared to the three months ended June 30, 2023, net interest income before provision for credit losses for the three months ended June 30, 2024decreased by $4.6 million, or 4.6%. The decrease was primarily due to a $16.7 million increase in interest expense on certificates and other time deposits and a $12.7 million increase in interest expense on transaction and savings deposits. The decrease was partially offset by a $16.1 million decrease in interest expense on advances from the Federal Home Loan Bank (“FHLB”), a $5.2 million increase in interest income on debt securities and a $3.3 million increase in interest income on loans driven by an increase in loan yields and average balances. NIM decreased 22 bps from 3.51% for the three months ended June 30, 2023. The decrease was primarily due to the increase in funding costs on deposits during the three months ended June 30, 2024, partially offset by an increase in loan yields and debt securities.

Noninterest Income

Noninterest income for the three months ended June 30, 2024 was $10.6 million, an increase of $3.9 million, or 58.8%, compared to the three months ended March 31, 2024. The increase was primarily due to a $6.3 million loss on sales of investment securities in the prior quarter as a result of a strategic restructuring, in which we sold $120.1 million of lower-yielding available for sale (“AFS”) securities, at amortized cost, with a 3.11% average yield, and reinvested the proceeds in higher yielding AFS securities with a 6.24% average yield, which occurred in March of 2024, with no corresponding transaction in the three months ended June 30, 2024. The increase was partially offset by a $1.3 million decrease in government guaranteed loan income, primarily driven by a decrease in the Company’s SBA and USDA sales, a $746 thousand decrease in other income and a $303 thousand decrease in loan fees.

Compared to the three months ended June 30, 2023, noninterest income for the three months ended June 30, 2024 decreased by $3.1 million, or 22.7%. The decrease was primarily due to a $2.8 million decrease in government guaranteed loan income, primarily driven by a decrease in the Company’s USDA sales, a $657 thousand decrease in customer swap income and a $485 thousand decrease in equity method investment income. Additionally, the decrease was related to a $298 thousand decrease in service charges and fees on deposit accounts. The decrease was partially offset by a $687 thousand increase in loan fees and a $463 thousand increase in other income.

Noninterest Expense

Noninterest expense was $63.1 million for the three months ended June 30, 2024, compared to $62.1 million for the three months ended March 31, 2024, an increase of $1.0 million, or 1.7%. The increase was primarily due to a $1.4 million increase in other noninterest expense, a $430 thousand increase in marketing expenses and a $241 thousand increase in data processing and software expense. The increase is partially offset by a $575 thousand decrease in salaries and employee benefits and a decrease of $436 thousand in professional and regulatory fees driven by FDIC insurance assessment expense, which decreased $203 thousand compared to the three months ended March 31, 2024.

Compared to the three months ended June 30, 2023, noninterest expense for the three months ended June 30, 2024 increased by $5.9 million, or 10.4%. The increase was primarily due to a $4.1 million increase in salaries and employee benefits and a $3.6 million increase in other noninterest expense. The increase was partially offset by a $1.3 million decrease in professional and regulatory fees driven by FDIC insurance assessment expense, which decreased $937 thousand compared to the three months ended June 30, 2023 and a $651 thousand decrease in marketing expense.

2

Financial Condition

Total LHI was $9.21 billion at June 30, 2024, a decrease of $40.5 million, or 1.7% annualized, compared to March 31, 2024.

Total deposits were $10.72 billion at June 30, 2024, an increase of $71.0 million, or 2.7% annualized, compared to March 31, 2024. The increase was primarily the result of an increase of $257.8 million in certificates and other time deposits and an increase of $67.5 million in noninterest-bearing deposits. The increase was partially offset by a decrease of $13.6 million in correspondent money market account balances and a decrease of $240.7 million in interest-bearing transaction and savings deposits.

Credit Quality

NPAs totaled $83.0 million, or 0.65% of total assets, of which $58.8 million represents LHI and $24.3 million represents other real estate owned (“OREO”) at June 30, 2024, compared to $103.8 million, or 0.82% of total assets, at March 31, 2024. The Company had net charge-offs of $6.9 million for the three months ended June 30, 2024. Annualized net charge-offs to average loans outstanding were 28 bps, of which 16 bps were acquired credits, for the three months ended June 30, 2024, compared to 22 bps and 48 bps for the three months ended March 31, 2024 and June 30, 2023, respectively.

ACL as a percentage of LHI was 1.16%, 1.15% and 1.05% at June 30, 2024, March 31, 2024 and June 30, 2023, respectively. The Company recorded a provision for credit losses of $8.3 million, $7.5 million and $15.0 million for the three months ended June 30, 2024, March 31, 2024 and June 30, 2023, respectively. The recorded provision for credit losses for the three months ended June 30, 2024, compared to the three months ended March 31, 2024, was primarily attributable to an increase in general reserves as a result of changes in economic factors. As the balance for unfunded commitments for the three months ended June 30, 2024 remained stable compared to the three months ended March 31, 2024, the Company recorded no benefit or provision for unfunded commitmentsfor the three months ended June 30, 2024. The Company recorded a $1.5 million and a $1.1 million benefit for unfunded commitments for the three months ended March 31, 2024, and June 30, 2023, respectively.

Income Tax

Income tax expense for the three months ended June 30, 2024totaled $8.2 million, an increase of $1.0 million, or 13.6%, compared to the three months ended March 31, 2024. The Company’s effective tax rate was approximately 23.2% for the three months ended June 30, 2024. The increase was primarily due to an one-time tax expense of $527 thousand, which is excluded from operating earnings, and a net discrete tax expense of $410 thousand associated with the recognition of an excess tax expense realized on share-based payment awards.

Dividend Information

After the close of the market on Tuesday, July 23, 2024, Veritex’s Board of Directors declared a quarterly cash dividend of $0.20 per share on its outstanding shares of common stock. The dividend will be paid on or after August 23, 2024 to stockholders of record as of the close of business on August 9, 2024.

Non-GAAP Financial Measures

Veritex’s management uses certain non-GAAP (U.S. generally accepted accounting principles) financial measures to evaluate its operating performance and provide information that is important to investors. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Veritex’s reported results prepared in accordance with GAAP. Specifically, Veritex reviews and reports tangible book value per common share of the Company; operating earnings; tangible common equity to tangible assets; return on average tangible common equity; pre-tax, pre-provision operating earnings; pre-tax, pre-provision operating return on average assets; pre-tax, pre-provision operating return on average loans; diluted operating earnings per share; operating return on average assets; operating return on average tangible common equity; and operating efficiency ratio. Veritex has included in this earnings release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Reconciliation of Non-GAAP Financial Measures” after the financial highlights at the end of this earnings release for a reconciliation of these non-GAAP financial measures.

3

Conference Call

The Company will host an investor conference call and webcast to review the results on Wednesday, July 24, 2024, at 8:30 a.m. Central Time. Participants may pre-register for the call by visiting https://edge.media-server.com/mmc/p/kp9m28ir and will receive a unique PIN, which can be used when dialing in for the call.

Participants may also register via teleconference: https://register.vevent.com/register/BIc18141b3387848439444d3060b38d779. Once registration is completed, participants will be provided with a dial-in number containing a personalized conference code to access the call. All participants are instructed to dial-in 15 minutes prior to the start time.

A replay will be available within approximately two hours after the completion of the call, and made accessible for one week thereafter. You may access the replay via webcast through the investor relations section of Veritex’s website.

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.

Media and Investor Relations:

investorrelations@veritexbank.com

Forward-Looking Statements

This earnings release includes “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, which change over time and are beyond our control, 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 of Veritex Holdings, Inc.’s (“Veritex”) quarterly cash dividend; the impact of certain changes in Veritex’s accounting policies, standards and interpretations; turmoil in the banking industry, responsive measures to mitigate and manage such turmoil and related supervisory and regulatory actions and costs; and 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,”“seeks,” “targets,” “outlooks,” “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, 2023 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 supplement, 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 earnings 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.

4

VERITEX HOLDINGS, INC. AND SUBSIDIARIES

Financial Highlights

(Unaudited)

	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Jun 30, 2024			Jun 30, 2023
	(Dollars and shares in thousands, except per share data)
Per Share Data (Common Stock):
Basic EPS	$	0.50		$	0.44		$	0.06		$	0.60		$	0.62		$	0.94		$	1.33
Diluted EPS	0.50			0.44			0.06			0.60			0.62			0.94			1.32
Book value per common share	28.49			28.23			28.18			27.46			27.48			28.49			27.48
Tangible book value per common share1	20.62			20.33			20.21			19.44			19.41			20.62			19.41
Dividends paid per common share outstanding2	0.20			0.20			0.20			0.20			0.20			0.40			0.40
Common Stock Data:
Shares outstanding at period end	54,350			54,496			54,338			54,305			54,261			54,350			54,261
Weighted average basic shares outstanding for the period	54,457			54,444			54,327			54,300			54,247			54,451			54,199
Weighted average diluted shares outstanding for the period	54,823			54,842			54,691			54,597			54,486			54,832			54,546
Summary of Credit Ratios:
ACL to total LHI	1.16		%	1.15		%	1.14		%	1.14		%	1.05		%	1.16		%	1.05		%
NPAs to total assets	0.65			0.82			0.77			0.65			0.55			0.65			0.55
NPAs to total loans and OREO	0.85			1.06			0.99			0.83			0.70			0.85			0.70
Net charge-offs to average loans outstanding4	0.28			0.22			0.40			0.08			0.48			0.25			0.26
Summary Performance Ratios:
Return on average assets4	0.87		%	0.79		%	0.11		%	1.06		%	1.10		%	0.83		%	1.18		%
Return on average equity4	7.10			6.33			0.92			8.58			8.96			6.72			9.74
Return on average tangible common equity1, 4	10.54			9.52			2.00			12.80			13.35			10.03			14.55
Efficiency ratio	59.11			62.45			77.49			54.49			49.94			60.72			49.17
Net interest margin	3.29			3.24			3.31			3.46			3.51			3.27			3.60
Selected Performance Metrics - Operating:
Diluted operating EPS1	$	0.52		$	0.53		$	0.58		$	0.60		$	0.64		$	1.05		$	1.43
Pre-tax, pre-provision operating return on average assets1, 4	1.42		%	1.42		%	1.54		%	1.61		%	1.90		%	1.42		%	2.05		%
Pre-tax, pre-provision operating return on average loans1, 4	1.83			1.84			1.97			2.05			2.43			1.83			2.63
Operating return on average assets1,4	0.91			0.95			1.02			1.06			1.13			0.93			1.28
Operating return on average tangible common equity1,4	10.94			11.34			12.37			12.80			13.70			11.14			15.66
Operating efficiency ratio1	58.41			58.73			55.50			54.49			48.90			58.57			47.21
Veritex Holdings, Inc. Capital Ratios:
Average stockholders' equity to average total assets	12.26		%	12.43		%	12.27		%	12.30		%	12.23		%	12.34		%	12.16		%
Tangible common equity to tangible assets1	9.14			9.02			9.18			8.86			8.76			9.14			8.76
Tier 1 capital to average assets (leverage)	10.06			10.12			10.03			10.10			9.80			10.06			9.80
Common equity tier 1 capital	10.49			10.37			10.29			10.11			9.76			10.49			9.76
Tier 1 capital to risk-weighted assets	10.75			10.63			10.56			10.37			10.01			10.75			10.01
Total capital to risk-weighted assets	13.45			13.33			13.18			12.95			12.51			13.45			12.51
Risk weighted assets	$	11,450,997		$	11,407,446		$	11,387,825		$	11,617,229		$	11,742,321		$	11,450,997		$	11,742,321

1Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” after the financial highlights for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.

2Dividend amount represents dividend paid per common share subsequent to each respective quarter end.

3Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 Financial Instruments - Credit Losses and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.

4Annualized ratio for quarterly metrics.

5

VERITEX HOLDINGS, INC. AND SUBSIDIARIES

Financial Highlights

(In thousands)

	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
	(unaudited)		(unaudited)				(unaudited)		(unaudited)
ASSETS
Cash and cash equivalents	$	651,837	$	740,769	$	629,063	$	713,408	$	663,921
Debt securities, net	1,349,354		1,344,930		1,257,042		1,060,629		1,144,020
Other investments	75,885		76,788		76,238		80,869		138,894
Loans held for sale (“LHFS”)	57,046		64,762		79,072		41,313		29,876
LHI, mortgage warehouse (“MW”)	568,047		449,531		377,796		390,767		436,255
LHI, excluding MW	9,209,094		9,249,551		9,206,544		9,237,447		9,257,183
Total loans	9,834,187		9,763,844		9,663,412		9,669,527		9,723,314
ACL	(113,431)		(112,032)		(109,816)		(109,831)		(102,150)
Bank-owned life insurance	84,233		85,359		84,833		84,867		84,375
Bank premises, furniture and equipment, net	105,222		105,299		105,727		106,118		105,986
Other real estate owned (“OREO”)	24,256		18,445		—		—		—
Intangible assets, net of accumulated amortization	35,817		38,679		41,753		44,294		48,293
Goodwill	404,452		404,452		404,452		404,452		404,452
Other assets	232,518		241,863		241,633		291,998		259,263
Total assets	$	12,684,330	$	12,708,396	$	12,394,337	$	12,346,331	$	12,470,368
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing deposits	$	2,416,727	$	2,349,211	$	2,218,036	$	2,363,340	$	2,234,109
Interest-bearing transaction and savings deposits	3,979,454		4,220,114		4,348,385		3,936,070		3,590,253
Certificates and other time deposits	3,744,596		3,486,805		3,191,737		3,403,427		2,928,949
Correspondent money market deposits	584,067		597,690		580,037		493,681		480,598
Total deposits	10,724,844		10,653,820		10,338,195		10,196,518		9,233,909
Accounts payable and other liabilities	180,585		186,027		195,036		229,116		190,900
Advances from FHLB	—		100,000		100,000		200,000		1,325,000
Subordinated debentures and subordinated notes	230,285		230,034		229,783		229,531		229,279
Total liabilities	11,135,714		11,169,881		10,863,014		10,855,165		10,979,088
Commitments and contingencies
Stockholders’ equity:
Common stock	612		611		610		609		609
Additional paid-in capital	1,321,995		1,319,144		1,317,516		1,314,459		1,311,687
Retained earnings	473,801		457,499		444,242		451,513		429,753
Accumulated other comprehensive loss	(76,713)		(71,157)		(63,463)		(107,833)		(83,187)
Treasury stock	(171,079)		(167,582)		(167,582)		(167,582)		(167,582)
Total stockholders’ equity	1,548,616		1,538,515		1,531,323		1,491,166		1,491,280
Total liabilities and stockholders’ equity	$	12,684,330	$	12,708,396	$	12,394,337	$	12,346,331	$	12,470,368

6

VERITEX HOLDINGS, INC. AND SUBSIDIARIES

Financial Highlights

(In thousands, except per share data)

	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024		Jun 30, 2023
	(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income:
Loans, including fees	$	166,979	$	161,942	$	165,443	$	167,368	$	163,727	$	328,921	$	315,434
Debt securities	15,408		13,695		12,282		10,928		10,166		29,103		21,154
Deposits in financial institutions and Fed Funds sold	7,722		8,050		8,162		7,128		7,507		15,772		13,041
Equity securities and other investments	1,138		900		1,717		1,691		1,118		2,038		2,526
Total interest income	191,247		184,587		187,604		187,115		182,518		375,834		352,155
Interest expense:
Transaction and savings deposits	45,619		46,784		46,225		39,936		32,957		92,403		62,814
Certificates and other time deposits	44,811		40,492		40,165		36,177		28,100		85,303		49,067
Advances from FHLB	1,468		1,391		2,581		8,523		17,562		2,859		29,920
Subordinated debentures and subordinated notes	3,113		3,114		3,100		3,118		3,068		6,227		6,134
Total interest expense	95,011		91,781		92,071		87,754		81,687		186,792		147,935
Net interest income	96,236		92,806		95,533		99,361		100,831		189,042		204,220
Provision for credit losses1	8,250		7,500		9,500		8,627		15,000		15,750		24,385
(Benefit) provision for unfunded commitments	—		(1,541)		(1,500)		(909)		(1,129)		(1,541)		368
Net interest income after provisions	87,986		86,847		87,533		91,643		86,960		174,833		179,467
Noninterest income:
Service charges and fees on deposit accounts	4,974		4,896		4,800		5,159		5,272		9,870		10,289
Loan fees	2,207		2,510		1,200		1,564		1,520		4,717		3,584
Loss on sales of debt securities	—		(6,304)		—		—		—		(6,304)		(5,321)
Government guaranteed loan income, net	1,320		2,614		4,378		1,772		4,144		3,934		13,832
Equity method investment (loss) income	—		—		(29,417)		(136)		485		—		(1,036)
Customer swap income	326		449		258		180		983		775		1,196
Other income	1,751		2,497		989		1,135		1,288		4,248		4,679
Total noninterest income (loss)	10,578		6,662		(17,792)		9,674		13,692		17,240		27,223
Noninterest expense:
Salaries and employee benefits	32,790		33,365		30,606		30,949		28,650		66,155		60,515
Occupancy and equipment	4,585		4,677		4,670		4,881		4,827		9,262		9,800
Professional and regulatory fees	5,617		6,053		7,626		7,283		6,868		11,670		11,257
Data processing and software expense	5,097		4,856		4,569		4,541		4,709		9,953		9,429
Marketing	1,976		1,546		1,945		2,353		2,627		3,522		4,406
Amortization of intangibles	2,438		2,438		2,438		2,437		2,468		4,876		4,963
Telephone and communications	365		261		356		362		355		626		833
Other	10,273		8,920		8,028		6,608		6,693		19,193		12,609
Total noninterest expense	63,141		62,116		60,238		59,414		57,197		125,257		113,812
Income before income tax expense	35,423		31,393		9,503		41,903		43,455		66,816		92,878
Income tax expense	8,221		7,237		6,004		9,282		9,725		15,458		20,737
Net income	$	27,202	$	24,156	$	3,499	$	32,621	$	33,730	$	51,358	$	72,141
Basic EPS	$	0.50	$	0.44	$	0.06	$	0.60	$	0.62	$	0.94	$	1.33
Diluted EPS	$	0.50	$	0.44	$	0.06	$	0.60	$	0.62	$	0.94	$	1.32
Weighted average basic shares outstanding	54,457		54,444		54,327		54,300		54,247		54,451		54,199
Weighted average diluted shares outstanding	54,823		54,842		54,691		54,597		54,486		54,832		54,546

1 Includes provision for credit losses on AFS securities of $885 thousand for the six months ended June 30, 2023.

7

VERITEX HOLDINGS, INC. AND SUBSIDIARIES

Financial Highlights

(Unaudited)

	For the Quarter Ended
	June 30, 2024						March 31, 2024						June 30, 2023
	Average Outstanding Balance		Interest Earned/ Interest Paid		Average Yield/ Rate		Average Outstanding Balance		Interest Earned/ Interest Paid		Average Yield/ Rate		Average Outstanding Balance		Interest Earned/ Interest Paid		Average Yield/ Rate
	(Dollars in thousands)
Assets
Interest-earning assets:
Loans1	$	9,344,482	$	160,323	6.90	%	$	9,283,815	$	157,585	6.83	%	$	9,285,550	$	158,685	6.85	%
LHI, MW	420,946		6,656		6.36		279,557		4,357		6.27		371,763		5,042		5.44
Debt securities	1,352,293		15,408		4.58		1,294,994		13,695		4.25		1,133,845		10,166		3.60
Interest-bearing deposits in other banks	560,586		7,722		5.54		584,593		8,050		5.54		583,818		7,507		5.16
Equity securities and other investments	78,964		1,138		5.80		76,269		900		4.75		137,868		1,118		3.25
Total interest-earning assets	11,757,271		191,247		6.54		11,519,228		184,587		6.44		11,512,844		182,518		6.36
ACL	(115,978)						(112,229)						(102,559)
Noninterest-earning assets	937,413						929,043						939,938
Total assets	$	12,578,706					$	12,336,042					$	12,350,223
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	4,570,329	$	45,619	4.01	%	$	4,639,445	$	46,784	4.06	%	$	3,919,745	$	32,957	3.37	%
Certificates and other time deposits	3,591,035		44,811		5.02		3,283,735		40,492		4.96		2,873,548		28,100		3.92
Advances from FHLB and Other	106,648		1,468		5.54		100,989		1,391		5.54		1,472,912		17,562		4.78
Subordinated debentures and subordinated notes	230,141		3,113		5.44		229,881		3,114		5.45		229,151		3,068		5.37
Total interest-bearing liabilities	8,498,153		95,011		4.50		8,254,050		91,781		4.47		8,495,356		81,687		3.86
Noninterest-bearing liabilities:
Noninterest-bearing deposits	2,346,908						2,355,315						2,175,002
Other liabilities	192,036						192,809						169,240
Total liabilities	11,037,097						10,802,174						10,839,598
Stockholders’ equity	1,541,609						1,533,868						1,510,625
Total liabilities and stockholders’ equity	$	12,578,706					$	12,336,042					$	12,350,223
Net interest rate spread2					2.04	%					1.97	%					2.50	%
Net interest income and margin3			$	96,236	3.29	%			$	92,806	3.24	%			$	100,831	3.51	%

1 Includes average outstanding balances of LHFS of $58.5 million, $53.9 million and $23.4 million for the quarters ended June 30, 2024, March 31, 2024, and June 30, 2023, respectively, and average balances of LHI, excluding MW.

2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.

3 Net interest margin is equal to net interest income divided by average interest-earning assets.

8

VERITEX HOLDINGS, INC. AND SUBSIDIARIES

Financial Highlights

(In thousands, except percentages)

	For the Six Months Ended
	June 30, 2024						June 30, 2023
	Average Outstanding Balance		Interest Earned/ Interest Paid		Average Yield/ Rate		Average Outstanding Balance		Interest Earned/ Interest Paid		Average Yield/ Rate
Assets
Interest-earning assets:
Loans1	$	9,314,148	$	317,908	6.86	%	$	9,213,742	$	305,486	6.69	%
LHI, MW	350,252		11,013		6.32		366,000		9,948		5.48
Debt securities	1,323,644		29,103		4.42		1,192,823		21,154		3.58
Interest-bearing deposits in other banks	572,589		15,772		5.54		531,373		13,041		4.95
Equity securities and other investments	77,616		2,038		5.28		131,462		2,526		3.87
Total interest-earning assets	11,638,249		375,834		6.49		11,435,400		352,155		6.21
ACL	(114,104)						(97,639)
Noninterest-earning assets	933,229						944,883
Total assets	$	12,457,374					$	12,282,644
Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	4,604,887	$	92,403	4.04	%	$	4,033,975	$	62,814	3.14	%
Certificates and other time deposits	3,437,385		85,303		4.99		2,731,925		49,067		3.62
Advances from FHLB and Other	103,819		2,859		5.54		1,298,765		29,920		4.65
Subordinated debentures and subordinated notes	230,011		6,227		5.44		230,195		6,134		5.37
Total interest-bearing liabilities	8,376,102		186,792		4.48		8,294,860		147,935		3.60
Noninterest-bearing liabilities:
Noninterest-bearing deposits	2,351,112						2,322,790
Other liabilities	192,422						171,299
Total liabilities	10,919,636						10,788,949
Stockholders’ equity	1,537,738						1,493,695
Total liabilities and stockholders’ equity	$	12,457,374					$	12,282,644
Net interest rate spread2					2.01	%					2.61	%
Net interest income and margin3			$	189,042	3.27	%			$	204,220	3.60	%

1 Includes average outstanding balances of LHFS of $56.2 million and $21.5 million for the six months ended June 30, 2024 and 2023, respectively, and average balances of LHI, excluding MW.

2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.

3 Net interest margin is equal to net interest income divided by average interest-earning assets.

9

VERITEX HOLDINGS, INC. AND SUBSIDIARIES

Financial Highlights

(Unaudited)

Yield Trend

	For the Quarter Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
Average yield on interest-earning assets:
Loans1	6.90	%	6.83	%	6.88	%	6.92	%	6.85	%
LHI, MW	6.36		6.27		5.82		6.38		5.44
Total Loans	6.88		6.81		6.85		6.90		6.80
Debt securities	4.58		4.25		4.10		3.87		3.60
Interest-bearing deposits in other banks	5.54		5.54		5.51		5.43		5.16
Equity securities and other investments	5.80		4.75		8.28		4.94		3.25
Total interest-earning assets	6.54	%	6.44	%	6.51	%	6.51	%	6.36	%
Average rate on interest-bearing liabilities:
Interest-bearing demand and savings deposits	4.01	%	4.06	%	4.03	%	3.80	%	3.37	%
Certificates and other time deposits	5.02		4.96		4.85		4.55		3.92
Advances from FHLB	5.54		5.54		5.60		4.66		4.78
Subordinated debentures and subordinated notes	5.44		5.45		5.36		5.39		5.37
Total interest-bearing liabilities	4.50	%	4.47	%	4.43	%	4.21	%	3.86	%
Net interest rate spread2	2.04	%	1.97	%	2.08	%	2.30	%	2.50	%
Net interest margin3	3.29	%	3.24	%	3.31	%	3.46	%	3.51	%

1Includes average outstanding balances of LHFS of $58.5 million, $53.9 million, $31.2 million, $28.3 million and $23.4 million for the three months ended June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023, and June 30, 2023, respectively, and average balances of LHI, excluding MW.

2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.

3 Net interest margin is equal to net interest income divided by average interest-earning assets.

Supplemental Yield Trend

	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		Jun 30, 2024		Jun 30, 2023
Average cost of interest-bearing deposits	4.46	%	4.43	%	4.38	%	4.12	%	3.61	%	4.44	%	3.33	%
Average costs of total deposits, including noninterest-bearing	3.46		3.42		3.37		3.15		2.73		3.44		2.48

10

VERITEX HOLDINGS, INC. AND SUBSIDIARIES

Financial Highlights

(Unaudited)

LHI and Deposit Portfolio Composition

	Jun 30, 2024					Mar 31, 2024					Dec 31, 2023					Sep 30, 2023					Jun 30, 2023
	(In thousands, except percentages)
LHI1
Commercial and Industrial (“C&I”)	$	2,798,260		30.4	%	$	2,785,987		30.1	%	$	2,752,063		29.9	%	$	2,841,024		30.7	%	$	2,850,084		30.7	%
Real Estate:
Owner occupied commercial (“OOCRE”)	806,285			8.7		788,376			8.5		794,088			8.6		697,299			7.5		671,602			7.2
Non-owner occupied commercial (“NOOCRE”)	2,369,848			25.7		2,352,993			25.5		2,350,725			25.5		2,398,060			26.1		2,509,731			27.1
Construction and land	1,536,580			16.7		1,568,257			16.9		1,734,254			18.8		1,705,053			18.4		1,659,700			17.9
Farmland	30,512			0.3		30,979			0.3		31,114			0.3		59,684			0.6		51,663			0.6
1-4 family residential	917,402			10.0		969,401			10.5		937,119			10.2		933,225			10.1		923,442			10.0
Multi-family residential	748,740			8.1		751,607			8.1		605,817			6.6		603,395			6.5		592,473			6.4
Consumer	9,245			0.1		8,882			0.1		10,149			0.1		9,845			0.1		11,189			0.1
Total LHI	$	9,216,872		100	%	$	9,256,482		100	%	$	9,215,329		100	%	$	9,247,585		100	%	$	9,269,884		100	%
MW	568,047					449,531					377,796					390,767					436,255
Total LHI1	$	9,784,919				$	9,706,013				$	9,593,125				$	9,638,352				$	9,706,139
Total LHFS	57,046					64,762					79,072					41,313					29,876
Total Loans	$	9,841,965				$	9,770,775				$	9,672,197				$	9,679,665				$	9,736,015
Deposits
Noninterest-bearing	$	2,416,727		22.5	%	$	2,349,211		22.1	%	$	2,218,036		21.5	%	$	2,363,340		23.2	%	$	2,234,109		24.2	%
Interest-bearing transaction	523,272			4.9		724,171			6.8		927,193			8.9		739,098			7.2		676,653			7.3
Money market	3,268,286			30.5		3,326,742			31.2		3,284,324			31.8		3,096,498			30.4		2,816,769			30.5
Savings	187,896			1.8		169,201			1.6		136,868			1.3		100,474			1.0		96,831			1.0
Certificates and other time deposits	3,744,596			34.9		3,486,805			32.7		3,191,737			30.9		3,403,427			33.4		2,928,949			31.7
Correspondent money market accounts	584,067			5.4		597,690			5.6		580,037			5.6		493,681			4.8		480,598			5.3
Total deposits	$	10,724,844		100	%	$	10,653,820		100	%	$	10,338,195		100	%	$	10,196,518		100	%	$	9,233,909		100	%
Total Loans to Deposits Ratio	91.8		%			91.7		%			93.6		%			94.9		%			105.4		%
Total Loans to Deposit Ratio, excluding MW loans and LHFS	85.9		%			86.9		%			89.1		%			90.7		%			100.4		%

1Total LHI does not include deferred fees of $7.8 million, $6.9 million, $8.8 million, $10.1 million and $12.7 million at June 30, 2024, March 31, 2024, December 31, 2023, September 30, 2023 and June 30, 2023, respectively.

11

VERITEX HOLDINGS, INC. AND SUBSIDIARIES

Financial Highlights

(Unaudited)

Asset Quality

	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Jun 30, 2024			Jun 30, 2023
	(In thousands, except percentages)
NPAs:
Nonaccrual loans	$	58,537		$	75,721		$	79,133		$	65,676		$	54,055		$	58,537		$	54,055
Nonaccrual PCD loans1	73			9,419			13,715			13,718			13,721			73			13,721
Accruing loans 90 or more days past due2	143			220			2,975			474			528			143			528
Total nonperforming loans held for investment (“NPLs”)	58,753			85,360			95,823			79,868			68,304			58,753			68,304
Other real estate owned	24,256			18,445			—			—			—			24,256			—
Total NPAs	$	83,009		$	103,805		$	95,823		$	79,868		$	68,304		$	83,009		$	68,304
Charge-offs:
1-4 family residential	$	(31)		$	—		$	(21)		$	—		$	—		$	(31)		$	—
Multifamily	(198)			—			(192)			—			—			(198)			—
OOCRE	—			(120)			(364)			(375)			—			(120)			(116)
NOOCRE	(1,969)			(4,293)			(5,434)			—			(8,215)			(6,262)			(8,215)
C&I	(5,601)			(946)			(3,893)			(1,929)			(3,540)			(6,547)			(4,591)
Consumer	(30)			(71)			(33)			(49)			(92)			(101)			(154)
Total charge-offs	$	(7,829)		$	(5,430)		$	(9,937)		$	(2,353)		$	(11,847)		$	(13,259)		$	(13,076)
Recoveries:
1-4 family residential	$	—		$	1		$	1		$	—		$	1		$	1		$	2
OOCRE	120			—			—			—			—			120			—
NOOCRE	—			—			—			200			150			—			150
C&I	361			96			387			308			106			457			470
Consumer	497			49			34			14			46			546			52
Total recoveries	$	978		$	146		$	422		$	522		$	303		$	1,124		$	674
Net charge-offs	$	(6,851)		$	(5,284)		$	(9,515)		$	(1,831)		$	(11,544)		$	(12,135)		$	(12,402)
Provision for credit losses	$	8,250		$	7,500		$	9,500		$	8,627		$	15,000		$	15,750		$	24,385
ACL	$	113,431		$	112,032		$	109,816		$	109,831		$	102,150		$	113,431		$	102,150
Asset Quality Ratios:
NPAs to total assets	0.65		%	0.82		%	0.77		%	0.65		%	0.55		%	0.65		%	0.55		%
NPAs, excluding nonaccrual PCD loans, to total assets	0.65			0.74			0.66			0.54			0.44			0.65			0.44
NPAs to total loans and OREO	0.85			1.06			0.99			0.83			0.70			0.85			0.70
NPLs to total LHI	0.60			0.88			1.00			0.83			0.70			0.60			0.70
NPLs, excluding nonaccrual PCD loans, to total LHI	0.60			0.78			0.86			0.69			0.56			0.60			0.56
ACL to total LHI	1.16			1.15			1.14			1.14			1.05			1.16			1.05
ACL to total loans, excluding MW and LHFS	1.23			1.21			1.19			1.19			1.10			1.23			1.10
Net charge-offs to average loans outstanding3	0.28			0.22			0.40			0.08			0.48			0.25			0.26

1 Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 Financial Instruments - Credit Losses and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.

2 Accruing loans greater than 90 days past due exclude purchase credit deteriorated loans greater than 90 days past due that are accounted for on a pooled basis.

3Annualized ratio for quarterly metrics.

12

VERITEX HOLDINGS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP, in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios calculated using exclusively either one or both of (i) financial measures calculated in accordance with GAAP and (ii) operating measures or other measures that are not non-GAAP financial measures.

The non-GAAP financial measures that we present in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we present in this earnings release may differ from that of other companies reporting measures with similar names. You should understand how such other financial institutions calculate their financial measures that appear to be similar or have similar names to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.

Tangible Book Value Per Common Share. Tangible book value is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by number of common shares outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is book value per common share.

We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:

	As of
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023
	(Dollars in thousands, except per share data)
Tangible Common Equity
Total stockholders' equity	$	1,548,616	$	1,538,515	$	1,531,323	$	1,491,166	$	1,491,280
Adjustments:
Goodwill	(404,452)		(404,452)		(404,452)		(404,452)		(404,452)
Core deposit intangibles	(23,619)		(26,057)		(28,495)		(30,933)		(33,371)
Tangible common equity	$	1,120,545	$	1,108,006	$	1,098,376	$	1,055,781	$	1,053,457
Common shares outstanding	54,350		54,496		54,338		54,305		54,261
Book value per common share	$	28.49	$	28.23	$	28.18	$	27.46	$	27.48
Tangible book value per common share	$	20.62	$	20.33	$	20.21	$	19.44	$	19.41

13

VERITEX HOLDINGS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:

	As of
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023
	(Dollars in thousands)
Tangible Common Equity
Total stockholders' equity	$	1,548,616		$	1,538,515		$	1,531,323		$	1,491,166		$	1,491,280
Adjustments:
Goodwill	(404,452)			(404,452)			(404,452)			(404,452)			(404,452)
Core deposit intangibles	(23,619)			(26,057)			(28,495)			(30,933)			(33,371)
Tangible common equity	$	1,120,545		$	1,108,006		$	1,098,376		$	1,055,781		$	1,053,457
Tangible Assets
Total assets	$	12,684,330		$	12,708,396		$	12,394,337		$	12,346,331		$	12,470,368
Adjustments:
Goodwill	(404,452)			(404,452)			(404,452)			(404,452)			(404,452)
Core deposit intangibles	(23,619)			(26,057)			(28,495)			(30,933)			(33,371)
Tangible Assets	$	12,256,259		$	12,277,887		$	11,961,390		$	11,910,946		$	12,032,545
Tangible Common Equity to Tangible Assets	9.14		%	9.02		%	9.18		%	8.86		%	8.76		%

14

VERITEX HOLDINGS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.

The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:

	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Jun 30, 2024			Jun 30, 2023
	(Dollars in thousands)
Net income available for common stockholders adjusted for amortization of core deposit intangibles
Net income	$	27,202		$	24,156		$	3,499		$	32,621		$	33,730		$	51,358		$	72,141
Adjustments:
Plus: Amortization of core deposit intangibles	2,438			2,438			2,438			2,438			2,438			4,876			4,876
Less: Tax benefit at the statutory rate	512			512			512			512			512			1,024			1,024
Net income available for common stockholders adjusted for amortization of core deposit intangibles	$	29,128		$	26,082		$	5,425		$	34,547		$	35,656		$	55,210		$	75,993
Average Tangible Common Equity
Total average stockholders' equity	$	1,541,609		$	1,533,868		$	1,510,286		$	1,508,170		$	1,510,625		$	1,537,738		$	1,493,695
Adjustments:
Average goodwill	(404,452)			(404,452)			(404,452)			(404,452)			(404,452)			(404,452)			(404,452)
Average core deposit intangibles	(25,218)			(27,656)			(30,093)			(32,540)			(34,969)			(26,437)			(36,159)
Average tangible common equity	$	1,111,939		$	1,101,760		$	1,075,741		$	1,071,178		$	1,071,204		$	1,106,849		$	1,053,084
Return on Average Tangible Common Equity (Annualized)	10.54		%	9.52		%	2.00		%	12.80		%	13.35		%	10.03		%	14.55		%

15

VERITEX HOLDINGS, INC. AND SUBSIDIARIES

Reconciliation of Non-GAAP Financial Measures

(Unaudited)

Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Loans, Operating Return on Average Tangible Common Equity and Operating Efficiency Ratio. Operating earnings, pre-tax, pre-provision operating earnings and the performance metrics calculated using these metrics, listed below, are non-GAAP measures used by management to evaluate the Company’s financial performance. We calculate (a) operating earnings as net income plus severance payments, plus loss on sale of debt securities AFS, net, plus M&A expenses less tax impact of adjustments, plus nonrecurring tax adjustments. We calculate (b) diluted operating earnings per share as operating earnings as described in clause (a) divided by weighted average diluted shares outstanding. We calculate (c) pre-tax, pre-provision operating earnings as operating earnings as described in clause (a) plus provision for income taxes, plus provision (benefit) for credit losses and unfunded commitments. We calculate (d) pre-tax, pre-provision operating return on average assets as pre-tax, pre-provision operating earnings as described in clause (a) divided by total average assets. We calculate (e) operating return on average assets as operating earnings as described in clause (a) divided by total average assets. We calculate (f) operating return on average tangible common equity as operating earnings as described in clause (a), adjusted for the amortization of intangibles and tax benefit at the statutory rate, divided by total average tangible common equity (average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization). We calculate (g) operating efficiency ratio as noninterest expense plus adjustments to operating noninterest expense divided by noninterest income plus adjustments to operating noninterest income, plus net interest income.

We believe that these measures and the operating metrics calculated utilizing these measures are important to management and many investors in the marketplace who are interested in understanding the ongoing operating performance of the Company and provide meaningful comparisons to its peers.

The following tables reconcile, as of the dates set forth below, operating net income and pre-tax, pre-provision operating earnings and related metrics:

	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2024		Mar 31, 2024		Dec 31, 2023		Sep 30, 2023		Jun 30, 2023		June 30, 2024		Jun 30, 2023
	(Dollars in thousands, except per share data)
Operating Earnings
Net income	$	27,202	$	24,156	$	3,499	$	32,621	$	33,730	$	51,358	$	72,141
Plus: Severance payments1	613		—		—		—		1,194		613		2,029
Plus: Loss on sale of AFS securities, net	—		6,304		—		—		—		6,304		5,321
Plus: Equity method investment write-down	—		—		29,417		—		—		—		—
Plus: FDIC special assessment	134		—		768		—		—		134		—
Operating pre-tax income	27,949		30,460		33,684		32,621		34,924		58,409		79,491
Less: Tax impact of adjustments	166		1,323		2,059		—		251		1,489		1,544
Plus: Nonrecurring tax adjustments	527		—		—		—		—		527		—
Operating earnings	$	28,310	$	29,137	$	31,625	$	32,621	$	34,673	$	57,447	$	77,947
Weighted average diluted shares outstanding	54,823		54,842		54,691		54,597		54,486		54,832		54,546
Diluted EPS	$	0.50	$	0.44	$	0.06	$	0.60	$	0.62	$	0.94	$	1.32
Diluted operating EPS	$	0.52	$	0.53	$	0.58	$	0.60	$	0.64	$	1.05	$	1.43

1 Severance payments relate to certain restructurings made during the periods disclosed.

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	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2024			Mar 31, 2024			Dec 31, 2023			Sep 30, 2023			Jun 30, 2023			Jun 30, 2024			Jun 30, 2023
	(Dollars in thousands)
Pre-Tax, Pre-Provision Operating Earnings
Net income	$	27,202		$	24,156		$	3,499		$	32,621		$	33,730		$	51,358		$	72,141
Plus: Provision for income taxes	8,221			7,237			6,004			9,282			9,725			15,458			20,737
Plus: Provision for credit losses and unfunded commitments	8,250			5,959			8,000			7,718			13,871			14,209			24,753
Plus: Severance payments	613			—			—			—			1,194			613			2,029
Plus: Loss on sale of AFS securities, net	—			6,304			—			—			—			6,304			5,321
Plus: Equity method investment write-down	—			—			29,417			—			—			—			—
Plus: FDIC special assessment	134			—			768			—			—			134			—
Pre-tax, pre-provision operating earnings	$	44,420		$	43,656		$	47,688		$	49,621		$	58,520		$	88,076		$	124,981
Average total assets	$	12,578,706		$	12,336,042		$	12,306,634		$	12,259,062		$	12,350,223		$	12,457,374		$	12,282,644
Pre-tax, pre-provision operating return on average assets1	1.42		%	1.42		%	1.54		%	1.61		%	1.90		%	1.42		%	2.05		%
Average loans	$	9,765,428		$	9,563,372		$	9,581,784		$	9,625,005		$	9,657,313		$	9,664,400		$	9,579,742
Pre-tax, pre-provision operating return on average loans1	1.83		%	1.84		%	1.97		%	2.05		%	2.43		%	1.83		%	2.63		%
Average total assets	$	12,578,706		$	12,336,042		$	12,306,634		$	12,259,062		$	12,350,223		$	12,457,374		$	12,282,644
Return on average assets1	0.87		%	0.79		%	0.11		%	1.06		%	1.10		%	0.83		%	1.18		%
Operating return on average assets1	0.91			0.95			1.02			1.06			1.13			0.93			1.28
Operating earnings adjusted for amortization of core deposit intangibles
Operating earnings	$	28,310		$	29,137		$	31,625		$	32,621		$	34,673		$	57,447		$	77,947
Adjustments:
Plus: Amortization of core deposit intangibles	2,438			2,438			2,438			2,438			2,438			4,876			4,876
Less: Tax benefit at the statutory rate	512			512			512			512			512			1,024			1,024
Operating earnings adjusted for amortization of core deposit intangibles	$	30,236		$	31,063		$	33,551		$	34,547		$	36,599		$	61,299		$	81,799
Average Tangible Common Equity
Total average stockholders' equity	$	1,541,609		$	1,533,868		$	1,510,286		$	1,508,170		$	1,510,625		$	1,537,738		$	1,493,695
Adjustments:
Less: Average goodwill	(404,452)			(404,452)			(404,452)			(404,452)			(404,452)			(404,452)			(404,452)
Less: Average core deposit intangibles	(25,218)			(27,656)			(30,093)			(32,540)			(34,969)			(26,437)			(36,159)
Average tangible common equity	$	1,111,939		$	1,101,760		$	1,075,741		$	1,071,178		$	1,071,204		$	1,106,849		$	1,053,084
Operating return on average tangible common equity1	10.94		%	11.34		%	12.37		%	12.80		%	13.70		%	11.14		%	15.66		%
Efficiency ratio	59.11		%	62.45		%	77.49		%	54.49		%	49.94		%	60.72		%	49.17		%
Operating efficiency ratio
Net interest income	$	96,236		$	92,806		$	95,533		$	99,361		$	100,831		$	189,042		$	204,220

17

Noninterest income	10,578			6,662			(17,792)			9,674			13,692			17,240			27,223
Plus: Loss on sale of AFS securities, net	—			6,304			—			—			—			6,304			5,321
Plus: Equity method investment write-down	—			—			29,417			—			—			—			—
Operating noninterest income	10,578			12,966			11,625			9,674			13,692			23,544			32,544
Noninterest expense	63,141			62,116			60,238			59,414			57,197			125,257			113,812
Less: FDIC special assessment	134			—			768			—			—			134			—
Less: Severance payments	613			—			—			—			1,194			613			2,029
Operating noninterest expense	$	62,394		$	62,116		$	59,470		$	59,414		$	56,003		$	124,510		$	111,783
Operating efficiency ratio	58.41		%	58.73		%	55.50		%	54.49		%	48.90		%	58.57		%	47.21		%

1 Annualized ratio for quarterly metrics.

18