Shares of Veritex Holdings fall after it posts mixed 3Q earnings

Shares of Veritex Holdings Inc (NASDAQ:VBTX), the parent company for Dallas-based Veritex Community Bank, fell in midday trade Tuesday after it posted mixed third-quarter earnings.

For the quarter ended September 2018, the company reported earnings of $0.34 per share on revenue of $40.3 million. The consensus earnings estimate was $0.46 per share on revenue of $30.5 million. Revenue grew 66.3% on a year-over-year basis.

In July, the parent companies of Dallas-based Veritex Community Bank and Houston-based Green Bank NA agreed to combine in an all-stock acquisition valued at $1 billion to create the tenth largest Texas-based banking institution by market share.

“I am excited about the progress we’ve made with the strategic merger with Green Bank in creating a premier Texas community banking franchise,” said said Veritex Holdings CEO C. Malcolm Holland. “While our employees work diligently on a seamless and successful merger, organic growth continues to be our main focus as evidenced by our nine month annualized growth rate for total loans and deposits of 12.6% and 26.7%. Our focus on deposits has begun to show real results.”

Shares of Veritex Holdings fell 4.5% to $23.38.

Contact Uttara Choudhury at [email protected]

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Story by ProactiveInvestors