# EDGAR Filing Document

**Accession Number:** 0001501570
**File Stem:** 0001501570-25-000124
**Filing Date:** 2025-7
**Character Count:** 90201
**Document Hash:** 3ecd8ae242da1b8eb2c36b95c18f94ed
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001501570-25-000124.hdr.sgml**: 20250718

**ACCESSION NUMBER**: 0001501570-25-000124

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20250718

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250718

**DATE AS OF CHANGE**: 20250718

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Veritex Holdings, Inc.
- **CENTRAL INDEX KEY:** 0001501570
- **STANDARD INDUSTRIAL CLASSIFICATION:** STATE COMMERCIAL BANKS [6022]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 270973566
- **STATE OF INCORPORATION:** TX
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36682
- **FILM NUMBER:** 251132617

**BUSINESS ADDRESS:**
- **STREET 1:** 8214 WESTCHESTER DRIVE
- **STREET 2:** SUITE 800
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225
- **BUSINESS PHONE:** 972-349-6200

**MAIL ADDRESS:**
- **STREET 1:** 8214 WESTCHESTER DRIVE
- **STREET 2:** SUITE 800
- **CITY:** DALLAS
- **STATE:** TX
- **ZIP:** 75225

?xml version='1.0' encoding='ASCII'? vbtx-20250718

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15(d) OF**

**THE SECURITIES EXCHANGE ACT OF 1934**

Date of Report (date of earliest event reported): July 18, 2025

**VERITEX HOLDINGS, INC.** 

(Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Texas** | **001-36682** | **27-0973566** |
| (State or other jurisdiction of<br>incorporation or organization) | (Commission File Number) | (I.R.S. Employer<br>Identification Number) |

---

**8214 Westchester Drive, Suite 800** 

**Dallas, Texas 75225** 

(Address of principal executive offices)

**(972) 349-6200** 

(Registrant's telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☒ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol | Name of each exchange on which registered |
| Common Stock, par value $0.01 per share | VBTX | Nasdaq Global Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

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**Item 2.02 Results of Operations and Financial Condition**

On July 18, 2025, Veritex Holdings, Inc. (the "Company"), the holding company for Veritex Community Bank, a Texas state chartered bank, issued a press release describing its results of operations for the second quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

As provided in General Instruction B.2 to Form 8-K, the information furnished in this Item 2.02 (including Exhibit 99.1) of this Current Report on Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended (the "Securities Act"), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 8.01 Other Events** 

On July 18, 2025, the Company also announced in the press release that its Board of Directors declared a quarterly cash dividend of $0.22 per share on its outstanding common stock. The dividend will be paid on August 21, 2025 to shareholders of record as of the close of business on August 7, 2025. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

**Item 9.01 Financial Statements and Exhibits**

(d) Exhibits.

---

| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| <u>[99.1](a2025q2-exhibit991.htm)</u> | <u>[Press release, dated July 18, 2025 reporting second quarter financial results and declaring quarterly dividend on common stock](a2025q2-exhibit991.htm)</u> |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document. |

---

**CAUTION REGARDING FORWARD-LOOKING STATEMENTS**

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Veritex and Huntington, the expected timing of completion of the transaction, and other statements that are not historical facts and are subject to numerous assumptions, risks, and uncertainties that are beyond the control of Veritex and Huntington. Such statements are subject to numerous assumptions, risks, estimates, uncertainties and other important factors that change over time and could cause actual results to differ materially from any results, performance, or events expressed or implied by such forward-looking statements, including as a result of the factors referenced below. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, continue, believe, intend, estimate, plan, trend, objective, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

Veritex and Huntington caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Veritex's and Huntington's control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected

------

outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital, foreign exchange and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our "Fair Play" banking philosophy; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the SEC, OCC, Federal Reserve, FDIC, CFPB and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Veritex and Huntington; the outcome of any legal proceedings that may be instituted against Veritex and Huntington; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain Veritex shareholder approval or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Veritex and Huntington do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Veritex and Huntington successfully; the dilution caused by Huntington's issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Veritex and Huntington. Additional factors that could cause results to differ materially from those described above can be found in Veritex's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the SEC and available on Veritex's investor relations website, <u>ir.veritexbank.com</u>, under the heading "Financials" and in other documents Veritex files with the SEC, and in Huntington's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the Securities and Exchange Commission (the "SEC") and available in the "Investor Relations" section of Huntington's website, http://www.huntington.com, under the heading "Investor Relations" and in other documents Huntington files with the SEC.

All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Veritex nor Huntington assume any obligation to update forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. If Veritex or Huntington update one or more forward-looking statements, no inference should be drawn that Veritex or Huntington will make additional updates with respect to those or other forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | |
|:---|:---|
| Veritex Holdings, Inc. |  |
| By: | /s/ C. Malcolm Holland, III |
|  | C. Malcolm Holland, III |
|  | Chairman and Chief Executive Officer |
| Date: | July 18, 2025 |

---

## Exhibit 99.1

**Exhibit 99.1**

**VERITEX HOLDINGS, INC. REPORTS SECOND QUARTER 2025 OPERATING RESULTS AND DECLARES QUARTERLY DIVIDEND**

**Dallas, TX — July 18, 2025** —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, 2025.

The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.22 per share of common stock. The dividend will be payable on August 21, 2025 to shareholders of record as of the close of business on August 7, 2025.

---

| | | | |
|:---|:---|:---|:---|
| | **Quarter to Date** | **Quarter to Date** | **Quarter to Date** |
| ***Financial Highlights*** | **Q2 2025** | **Q1 2025** | **Q2 2024** |
| | **(Dollars in thousands, except per share data)<br>(unaudited)** | **(Dollars in thousands, except per share data)<br>(unaudited)** | **(Dollars in thousands, except per share data)<br>(unaudited)** |
| **GAAP** | | | |
| Net income | $30906 | $29070 | $27202 |
| Diluted EPS | 0.56 | 0.53 | 0.50 |
| Book value per common share | 30.39 | 30.08 | 28.49 |
| Return on average assets<sup>1</sup> | 1.00% | 0.94% | 0.87% |
| Return on average equity<sup>1</sup> | 7.56 | 7.27 | 7.10 |
| Net interest margin | 3.33 | 3.31 | 3.29 |
| Efficiency ratio | 61.15 | 60.91 | 59.11 |
| **Non-GAAP**<sup>2</sup> |  |  |  |
| Operating earnings | $30906 | $29707 | $28310 |
| Diluted operating EPS | 0.56 | 0.54 | 0.52 |
| Tangible book value per common share | 22.68 | 22.33 | 20.62 |
| Pre-tax, pre-provision operating earnings | 42672 | 43413 | 44420 |
| Pre-tax, pre-provision operating return on average assets<sup>1</sup> | 1.38% | 1.41% | 1.42% |
| Pre-tax, pre-provision operating return on average loans<sup>1</sup> | 1.82 | 1.89 | 1.83 |
| Operating return on average assets<sup>1</sup> | 1.00 | 0.96 | 0.91 |
| Return on average tangible common equity<sup>1</sup> | 10.79 | 10.49 | 10.54 |
| Operating return on average tangible common equity<sup>1</sup> | 10.79 | 10.70 | 10.94 |
| Operating efficiency ratio | 61.15 | 60.62 | 58.41 |

---

<sup>1</sup> Annualized ratio.

<sup>2</sup> 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 Credit, Capital and Company Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit quality remained strong with a nonperforming assets ("NPAs") to total assets ratio of 0.60% and annualized net charge-offs of 0.05% for the quarter and 0.11% year-to-date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allowance for Credit Losses ("ACL") to total loans held-for-investment ratio (excluding mortgage warehouse ("MW")) remained relatively unchanged at 1.28%;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Capital remains strong with common equity Tier 1 capital ratio of 11.05% as of June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Book value per share increased $0.31 to $30.39 and tangible book value per share increased $0.35 to $22.68;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We repurchased 286,291 and 663,637 shares of Company stock for $7.1 million and $16.6 million during the second quarter and year-to-date, respectively; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• On July 14, 2025, we announced entry into a definitive agreement to merge with Huntington Bancshares Incorporated ("Huntington"), which is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions.

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**Results of Operations for the Three Months Ended June 30, 2025**

**Net Interest Income**

For the three months ended June 30, 2025, net interest income before provision for credit losses was $96.3 million and net interest margin ("NIM") was 3.33% compared to $95.4 million and 3.31%, respectively, for the three months ended March 31, 2025. The $894 thousand increase, or 0.9%, in net interest income before provision for credit losses was primarily due to a $2.8 million increase in interest income on loans, a $1.7 million decrease in interest expense on certificates and other time deposits and a $768 thousand decrease in subordinated debentures and subordinated notes, partially offset by a $2.9 million increase in interest expense on transaction and savings deposits and a $1.2 million decrease in interest income on deposits in financial institutions and fed funds sold for the three months ended June 30, 2025, compared to the three months ended March 31, 2025. The NIM increased two basis points (bps) compared to the three months ended March 31, 2025, primarily due to the decreased funding costs on certificates and other time deposits and subordinated debt due to the redemption of $75.0 million in subordinated debt during the three months ended March 31, 2025 as well as a mix shift from lower yielding to higher yielding assets for the three months ended June 30, 2025. The increase was largely offset by higher deposits funding costs primarily driven by the expiration of favorable hedges on money market deposit accounts at the end of the first quarter 2025.

Compared to the three months ended June 30, 2024, net interest income before provision for credit losses for the three months ended June 30, 2025 was relatively unchanged. Net interest income benefited from decreases in interest expense of $16.3 million on certificates and other time deposits, $1.4 million on advances from the Federal Home Loan Bank ("FHLB") and $1.1 million on subordinated debentures and subordinated notes, as well as an increase of $1.5 million in interest income on debt securities. These changes were substantially offset by a decrease of $17.6 million in interest income on loans and a $2.5 million increase in interest expense on interest-bearing demand and savings deposits. The NIM increased four bps from 3.29% for the three months ended June 30, 2024 to 3.33% for the three months ended June 30, 2025. The increase was primarily due to decreased funding costs on deposits, advances and subordinated debt resulting from interest rate cuts for the year over year period, partially offset by the related declines in rates earned on interest-earnings assets, primarily loans.

**Noninterest Income**

Noninterest income for the three months ended June 30, 2025 was $13.5 million, a decrease of $790 thousand, or 5.5%, compared to the three months ended March 31, 2025. The change was primarily due to a $1.6 million decrease in government guaranteed loan income, partially offset by an $850 thousand increase in customer swap income during the period.

Compared to the three months ended June 30, 2024, noninterest income for the three months ended June 30, 2025 increased by $2.9 million, or 27.6%. The increase was primarily due to a $1.2 million increase in customer swap income, a $728 thousand increase in service charges and fees on deposit accounts, a $528 thousand increase in loan fees and a $368 thousand increase in government guaranteed loan income for the year over year period.

**Noninterest Expense**

Noninterest expense was $67.2 million for the three months ended June 30, 2025, compared to $66.8 million for the three months ended March 31, 2025, an increase of $328 thousand, or 0.5%. The increase was primarily due to a $920 thousand increase in other noninterest expense, a $627 thousand increase in professional and regulatory fees and a $580 thousand increase in marketing expenses compared to the three months ended March 31, 2025. The increase was largely offset by a $1.7 million decrease in salaries and employee benefits primarily due to $733 thousand in lower payroll taxes, which are historically higher in the first quarter, as well as decreases of $678 thousand in bonus expense, $370 thousand in employee insurance expense and $340 thousand in stock grant expenses, offset partially by a $1.0 million increase in salaries expense. In addition, deferred loan origination costs, which reduce salaries expense, were $399 thousand higher for the three months ended June 30, 2025.

Compared to the three months ended June 30, 2024, noninterest expense for the three months ended June 30, 2025 increased by $4.0 million, or 6.4%. The increase was primarily due to a $2.2 million increase in salaries and employee benefits driven by a $4.7 million increase in salaries expense and incentives accruals and a $521 thousand increase in payroll taxes, offset by decreases of $1.1 million in stock grant expense and $661 thousand in severance expense, as well as $1.6 million higher deferred loan origination costs, which reduces salaries and employee benefit expense. Additionally, there was a $1.1 million increase in other noninterest expense, driven primarily by higher OREO expenses, and a $636 thousand increase in marketing expenses during the three months ended June 30, 2025, compared to the same period in the prior year.

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**Income Tax**

Income tax expense for the three months ended June 30, 2025 totaled $8.5 million, which is consistent with the amount recorded for the three months ended March 31, 2025. The Company's effective tax rate was approximately 21.6% for the three months ended June 30, 2025 compared to 22.7% for the three months ended March 31, 2025.

Compared to the three months ended June 30, 2024, income tax expense increased by $295 thousand, or 3.6%, compared to the three months ended June 30, 2025. The Company's effective tax rate was approximately 23.2% for the three months ended June 30, 2024.

**Financial Condition**

Total loans held for investment ("LHI"), excluding MW was $8.78 billion at June 30, 2025, a decrease of $44.7 million compared to March 31, 2025.

Total deposits were $10.42 billion at June 30, 2025, a decrease of $247.2 million compared to March 31, 2025. The decrease was primarily the result of decreases of $185.4 million in noninterest bearing deposits and $171.4 million in interest-bearing transaction and savings deposits, partially offset by an increase of $113.5 million in certificates and other time deposits.

**Credit Quality**

NPAs totaled $75.2 million, or 0.60% of total assets, of which $66.0 million represented LHI and $9.2 million represented OREO at June 30, 2025, compared to $96.9 million, or 0.77% of total assets, at March 31, 2025. The Company had net charge-offs of $1.3 million for the three months ended June 30, 2025. Annualized net charge-offs to average loans outstanding were five bps for the three months ended June 30, 2025, compared to 17 bps and 28 bps for the three months ended March 31, 2025 and June 30, 2024, respectively.

ACL as a percentage of LHI was 1.19% at both June 30, 2025 and March 31, 2025 and 1.16% at June 30, 2024. ACL as a percentage of LHI (excluding MW) was 1.28% at June 30, 2025, 1.27% at March 31, 2025 and 1.23% at June 30, 2024. The Company recorded a provision for credit losses on loans of $1.8 million, $4.0 million and $8.3 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. The provision for credit losses for the three months ended June 30, 2025 was primarily attributable to changes in economic factors for the period. The balance for unfunded commitments increased to $8.9 million as of June 30, 2025, compared to $7.4 million at March 31, 2025, and we recorded a $1.5 million provision for unfunded commitments for the three months ended June 30, 2025, compared to a $1.3 million provision for unfunded commitments for the three months ended March 31, 2025 and no provision recorded for unfunded commitments for the three months ended June 30, 2024. The increase in the allowance for unfunded commitments was attributable to increases in unfunded balances and changes in economic factors for the period.

**Dividend Information**

On July 18, 2025, Veritex's Board of Directors declared a quarterly cash dividend of $0.22 per share on its outstanding shares of common stock. The dividend will be paid on or after August 21, 2025 to stockholders of record as of the close of business on August 7, 2025.

**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.

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**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:**

<u>investorrelations@veritexbank.com</u>

**CAUTION REGARDING FORWARD-LOOKING STATEMENTS**

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Veritex and Huntington, the expected timing of completion of the transaction, and other statements that are not historical facts and are subject to numerous assumptions, risks, and uncertainties that are beyond the control of Veritex and Huntington. Such statements are subject to numerous assumptions, risks, estimates, uncertainties and other important factors that change over time and could cause actual results to differ materially from any results, performance, or events expressed or implied by such forward-looking statements, including as a result of the factors referenced below. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, continue, believe, intend, estimate, plan, trend, objective, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

Veritex and Huntington caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Veritex's and Huntington's control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital, foreign exchange and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our "Fair Play" banking philosophy; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the SEC, OCC, Federal Reserve, FDIC, CFPB and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Veritex and Huntington; the outcome of any legal proceedings that may be instituted against Veritex and Huntington; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain Veritex shareholder approval or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Veritex and Huntington do business; the possibility that the transaction may be more

------

expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management's attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Veritex and Huntington successfully; the dilution caused by Huntington's issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Veritex and Huntington. Additional factors that could cause results to differ materially from those described above can be found in Veritex's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the SEC and available on Veritex's investor relations website, <u>ir.veritexbank.com</u>, under the heading "Financials" and in other documents Veritex files with the SEC, and in Huntington's Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the Securities and Exchange Commission (the "SEC") and available in the "Investor Relations" section of Huntington's website, http://www.huntington.com, under the heading "Investor Relations" and in other documents Huntington files with the SEC.

All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Veritex nor Huntington assume any obligation to update forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. If Veritex or Huntington update one or more forward-looking statements, no inference should be drawn that Veritex or Huntington will make additional updates with respect to those or other forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

------

**VERITEX HOLDINGS, INC. AND SUBSIDIARIES**

**Financial Highlights**

**(Unaudited)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **Jun 30, 2025** | **Mar 31, 2025** | **Dec 31, 2024** | **Sep 30, 2024** | **Jun 30, 2024** | **Jun 30, 2025** | **Jun 30, 2024** |
| | **(Dollars and shares in thousands, except per share data)** | **(Dollars and shares in thousands, except per share data)** | **(Dollars and shares in thousands, except per share data)** | **(Dollars and shares in thousands, except per share data)** | **(Dollars and shares in thousands, except per share data)** | **(Dollars and shares in thousands, except per share data)** | **(Dollars and shares in thousands, except per share data)** |
| **Per Share Data (Common Stock):** | | | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic EPS | $0.57 | $0.53 | $0.46 | $0.57 | $0.50 | $1.10 | $0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted EPS | 0.56 | 0.53 | 0.45 | 0.56 | 0.50 | 1.09 | 0.94 |
| &nbsp;&nbsp;&nbsp;&nbsp;Book value per common share | 30.39 | 30.08 | 29.37 | 29.53 | 28.49 | 30.39 | 28.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;Tangible book value per common share<sup>1</sup> | 22.68 | 22.33 | 21.61 | 21.72 | 20.62 | 22.68 | 20.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dividends paid per common share outstanding<sup>2</sup> | 0.22 | 0.22 | 0.20 | 0.20 | 0.20 | 0.44 | 0.40 |
| **Common Stock Data:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares outstanding at period end | 54265 | 54297 | 54517 | 54446 | 54350 | 54265 | 54350 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average basic shares outstanding for the period | 54251 | 54486 | 54489 | 54409 | 54457 | 54368 | 54451 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average diluted shares outstanding for the period | 54766 | 55123 | 55237 | 54932 | 54823 | 54944 | 54832 |
| **Summary of Credit Ratios:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ACL to total LHI | 1.19% | 1.19% | 1.18% | 1.21% | 1.16% | 1.19% | 1.16% |
| &nbsp;&nbsp;&nbsp;&nbsp;NPAs to total assets | 0.60 | 0.77 | 0.62 | 0.52 | 0.65 | 0.60 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;NPAs, excluding nonaccrual purchase credit deteriorated ("PCD") loans, to total assets<sup>3</sup> | 0.60 | 0.77 | 0.62 | 0.52 | 0.65 | 0.60 | 0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;NPAs to total loans and OREO | 0.79 | 1.03 | 0.83 | 0.70 | 0.85 | 0.79 | 0.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net charge-offs to average loans outstanding<sup>3</sup> | 0.05 | 0.17 | 0.32 | 0.01 | 0.28 | 0.11 | 0.25 |
| **Summary Performance Ratios:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average assets<sup>3</sup> | 1.00% | 0.94% | 0.78% | 0.96% | 0.87% | 0.97% | 0.83% |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average equity<sup>3</sup> | 7.56 | 7.27 | 6.17 | 7.79 | 7.10 | 7.42 | 6.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Return on average tangible common equity<sup>1, 3</sup> | 10.79 | 10.49 | 9.04 | 11.33 | 10.54 | 10.64 | 10.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Efficiency ratio | 61.15 | 60.91 | 67.04 | 61.94 | 59.11 | 61.03 | 60.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net interest margin | 3.33 | 3.31 | 3.20 | 3.30 | 3.29 | 3.32 | 3.27 |
| **Selected Performance Metrics - Operating:** | **Selected Performance Metrics - Operating:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted operating EPS<sup>1</sup> | $0.56 | $0.54 | $0.54 | $0.59 | $0.52 | $1.10 | $1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax, pre-provision operating return on average assets<sup>1, 3</sup> | 1.38% | 1.41% | 1.28% | 1.38% | 1.42% | 1.39% | 1.42% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pre-tax, pre-provision operating return on average loans<sup>1, 3</sup> | 1.82 | 1.89 | 1.72 | 1.83 | 1.83 | 1.86 | 1.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating return on average assets<sup>1,3</sup> | 1.00 | 0.96 | 0.93 | 1.00 | 0.91 | 0.98 | 0.93 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating return on average tangible common equity<sup>1,3</sup> | 10.79 | 10.70 | 10.69 | 11.74 | 10.94 | 10.75 | 11.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating efficiency ratio<sup>1</sup> | 61.15 | 60.62 | 62.98 | 60.63 | 58.41 | 60.88 | 58.57 |
| **Veritex Holdings, Inc. Capital Ratios:** | **Veritex Holdings, Inc. Capital Ratios:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Average stockholders' equity to average total assets | 13.19% | 12.96% | 12.58% | 12.31% | 12.26% | 13.07% | 12.34% |
| &nbsp;&nbsp;&nbsp;Tangible common equity to tangible assets<sup>1</sup> | 10.16 | 9.95 | 9.54 | 9.37 | 9.14 | 10.16 | 9.14 |
| &nbsp;&nbsp;&nbsp;Tier 1 capital to average assets (leverage) <sup>4</sup> | 10.73 | 10.55 | 10.32 | 10.06 | 10.06 | 10.73 | 10.06 |
| &nbsp;&nbsp;&nbsp;Common equity tier 1 capital <sup>4</sup> | 11.05 | 11.04 | 11.09 | 10.86 | 10.49 | 11.05 | 10.49 |
| &nbsp;&nbsp;&nbsp;Tier 1 capital to risk-weighted assets <sup>4</sup> | 11.32 | 11.31 | 11.36 | 11.13 | 10.75 | 11.32 | 10.75 |
| &nbsp;&nbsp;&nbsp;Total capital to risk-weighted assets <sup>4</sup> | 13.46 | 13.46 | 13.96 | 13.91 | 13.45 | 13.46 | 13.45 |
| &nbsp;&nbsp;&nbsp; Risk-weighted assets <sup>4</sup> | $11435978 | $11318220 | $11247813 | $11290800 | $11450997 | $11435978 | $11450997 |

---

<sup>1</sup> Refer 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.

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

<sup>3</sup> Annualized ratio for quarterly metrics.

<sup>4</sup> June 30, 2025 ratios and risk-weighted assets are estimated.

------

**VERITEX HOLDINGS, INC. AND SUBSIDIARIES**

**Financial Highlights**

**(In thousands)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Jun 30, 2025** | **Mar 31, 2025** | **Dec 31, 2024** | **Sep 30, 2024** | **Jun 30, 2024** |
| | (unaudited) | (unaudited) | | (unaudited) | (unaudited) |
| **ASSETS** |  |  |  |  |  |
| Cash and due from banks | $66696 | $81088 | $52486 | $54165 | $53462 |
| Interest bearing deposits in other banks | 703869 | 768702 | 802714 | 1046625 | 598375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 770565 | 849790 | 855200 | 1100790 | 651837 |
| Debt securities, net | 1418804 | 1463157 | 1478538 | 1423610 | 1349354 |
| Other investments | 73986 | 69452 | 69638 | 71257 | 75885 |
| Loans held for sale ("LHFS") | 69480 | 69236 | 89309 | 48496 | 57046 |
| LHI, MW | 669052 | 571775 | 605411 | 630650 | 568047 |
| LHI, excluding MW | 8783988 | 8828672 | 8899133 | 9028575 | 9209094 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total loans | 9522520 | 9469683 | 9593853 | 9707721 | 9834187 |
| ACL | (112262) | (111773) | (111745) | (117162) | (113431) |
| Bank-owned life insurance | 86048 | 85424 | 85324 | 84776 | 84233 |
| Bank premises, furniture and equipment, net | 116642 | 112801 | 113480 | 114202 | 105222 |
| Other real estate owned ("OREO") | 9218 | 24268 | 24737 | 9034 | 24256 |
| Intangible assets, net of accumulated amortization | 25006 | 27974 | 28664 | 32825 | 35817 |
| Goodwill | 404452 | 404452 | 404452 | 404452 | 404452 |
| Other assets | 212889 | 210863 | 226200 | 211471 | 232518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total assets** | $12527868 | $12606091 | $12768341 | $13042976 | $12684330 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |  |  |  |
| Deposits: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | $2133294 | $2318645 | $2191457 | $2643894 | $2416727 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest-bearing transaction and savings deposits | 5009137 | 5180495 | 5061157 | 4204708 | 3979454 |
| &nbsp;&nbsp;&nbsp;&nbsp;Certificates and other time deposits | 2792750 | 2679221 | 2958861 | 3625920 | 3744596 |
| &nbsp;&nbsp;&nbsp;&nbsp;Correspondent money market deposits | 482739 | 486762 | 541117 | 561489 | 584067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deposits | 10417920 | 10665123 | 10752592 | 11036011 | 10724844 |
| Accounts payable and other liabilities | 135647 | 151579 | 183944 | 168415 | 180585 |
| Advances from FHLB | 169000 |  |  |  |  |
| Subordinated debentures and subordinated notes | 156082 | 155909 | 230736 | 230536 | 230285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities** | 10878649 | 10972611 | 11167272 | 11434962 | 11135714 |
| Stockholders' equity: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock | 617 | 615 | 613 | 613 | 612 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1329803 | 1329626 | 1328748 | 1324929 | 1321995 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 545015 | 526044 | 507903 | 493921 | 473801 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | (38528) | (42170) | (65076) | (40330) | (76713) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock | (187688) | (180635) | (171119) | (171119) | (171079) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total stockholders' equity** | 1649219 | 1633480 | 1601069 | 1608014 | 1548616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total liabilities and stockholders' equity** | $12527868 | $12606091 | $12768341 | $13042976 | $12684330 |

---

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**VERITEX HOLDINGS, INC. AND SUBSIDIARIES**

**Financial Highlights**

**(In thousands, except per share data)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **Jun 30, 2025** | **Mar 31, 2025** | **Dec 31, 2024** | **Sep 30, 2024** | **Jun 30, 2024** | **Jun 30, 2025** | **Jun 30, 2024** |
| | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) |
| **Interest income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans, including fees | $149354 | $146505 | $154998 | $167261 | $166979 | $295859 | $328921 |
| &nbsp;&nbsp;&nbsp;Debt securities | 16883 | 17106 | 16893 | 15830 | 15408 | 33989 | 29103 |
| &nbsp;&nbsp;&nbsp;Deposits in financial institutions and Fed Funds sold | 8039 | 9244 | 11888 | 12571 | 7722 | 17283 | 15772 |
| &nbsp;&nbsp;&nbsp;Equity securities and other investments | 847 | 870 | 940 | 1001 | 1138 | 1717 | 2038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest income** | 175123 | 173725 | 184719 | 196663 | 191247 | 348848 | 375834 |
| **Interest expense:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Transaction and savings deposits | 48080 | 45165 | 44841 | 47208 | 45619 | 93245 | 92403 |
| &nbsp;&nbsp;&nbsp;Certificates and other time deposits | 28539 | 30268 | 40279 | 46230 | 44811 | 58807 | 85303 |
| &nbsp;&nbsp;&nbsp;Advances from FHLB | 113 | 27 | 130 | 47 | 1468 | 140 | 2859 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures and subordinated notes | 2056 | 2824 | 3328 | 3116 | 3113 | 4880 | 6227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total interest expense** | 78788 | 78284 | 88578 | 96601 | 95011 | 157072 | 186792 |
| **Net interest income** | 96335 | 95441 | 96141 | 100062 | 96236 | 191776 | 189042 |
| Provision for credit losses | 1750 | 4000 | 2300 | 4000 | 8250 | 5750 | 15750 |
| Provision (benefit) for unfunded commitments | 1500 | 1300 | (401) |  |  | 2800 | (1541) |
| **Net interest income after provisions** | 93085 | 90141 | 94242 | 96062 | 87986 | 183226 | 174833 |
| **Noninterest income:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Service charges and fees on deposit accounts | 5702 | 5611 | 5612 | 5442 | 4974 | 11313 | 9870 |
| &nbsp;&nbsp;&nbsp;Loan fees | 2735 | 2495 | 2265 | 3278 | 2207 | 5230 | 4717 |
| &nbsp;&nbsp;&nbsp;Loss on sales of debt securities |  |  | (4397) |  |  |  | (6304) |
| &nbsp;&nbsp;&nbsp;Government guaranteed loan income, net | 1688 | 3301 | 5368 | 780 | 1320 | 4989 | 3934 |
| &nbsp;&nbsp;&nbsp;Customer swap income | 1550 | 700 | 509 | 271 | 326 | 2250 | 775 |
| &nbsp;&nbsp;&nbsp;Other income | 1824 | 2182 | 699 | 3335 | 1751 | 4006 | 4248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest income** | 13499 | 14289 | 10056 | 13106 | 10578 | 27788 | 17240 |
| **Noninterest expense:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Salaries and employee benefits | 34957 | 36624 | 37446 | 37370 | 32790 | 71581 | 66155 |
| &nbsp;&nbsp;&nbsp;Occupancy and equipment | 4511 | 4650 | 4633 | 4789 | 4585 | 9161 | 9262 |
| &nbsp;&nbsp;&nbsp;Professional and regulatory fees | 5558 | 4931 | 5564 | 4903 | 5617 | 10489 | 11670 |
| &nbsp;&nbsp;&nbsp;Data processing and software expense | 5507 | 5403 | 5741 | 5268 | 5097 | 10910 | 9953 |
| &nbsp;&nbsp;&nbsp;Marketing | 2612 | 2032 | 2896 | 2781 | 1976 | 4644 | 3522 |
| &nbsp;&nbsp;&nbsp;Amortization of intangibles | 2438 | 2438 | 2437 | 2438 | 2438 | 4876 | 4876 |
| &nbsp;&nbsp;&nbsp;Telephone and communications | 233 | 330 | 323 | 335 | 365 | 563 | 626 |
| &nbsp;&nbsp;&nbsp;Other | 11346 | 10426 | 12154 | 12216 | 10273 | 21772 | 19193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total noninterest expense** | 67162 | 66834 | 71194 | 70100 | 63141 | 133996 | 125257 |
| **Income before income tax expense** | 39422 | 37596 | 33104 | 39068 | 35423 | 77018 | 66816 |
| Income tax expense | 8516 | 8526 | 8222 | 8067 | 8221 | 17042 | 15458 |
| **Net income** | $30906 | $29070 | $24882 | $31001 | $27202 | $59976 | $51358 |
| Basic EPS | $0.57 | $0.53 | $0.46 | $0.57 | $0.50 | $1.10 | $0.94 |
| Diluted EPS | $0.56 | $0.53 | $0.45 | $0.56 | $0.50 | $1.09 | $0.94 |
| Weighted average basic shares outstanding | 54251 | 54486 | 54489 | 54409 | 54457 | 54368 | 54451 |
| Weighted average diluted shares outstanding | 54766 | 55123 | 55237 | 54932 | 54823 | 54944 | 54832 |

---

------

**VERITEX HOLDINGS, INC. AND SUBSIDIARIES**

**Financial Highlights**

**(Unaudited)**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | **Average<br>Outstanding<br>Balance** | **Interest<br>Earned/<br>Interest<br>Paid** | **Average**<br>**Yield/**<br>**Rate** <sup>4</sup> | **Average<br>Outstanding<br>Balance** | **Interest<br>Earned/<br>Interest<br>Paid** | **Average**<br>**Yield/**<br>**Rate** <sup>4</sup> | **Average<br>Outstanding<br>Balance** | **Interest<br>Earned/<br>Interest<br>Paid** | **Average**<br>**Yield/**<br>**Rate** <sup>4</sup> |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Assets** | | | | | | | | | |
| Interest-earning assets: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Loans<sup>1</sup> | $8875970 | $141688 | 6.40% | $8886905 | $140329 | 6.40% | $9344482 | $160323 | 6.90% |
| &nbsp;&nbsp;&nbsp;LHI, MW | 523203 | 7666 | 5.88 | 426724 | 6176 | 5.87 | 420946 | 6656 | 6.36 |
| &nbsp;&nbsp;&nbsp;Debt securities | 1440369 | 16883 | 4.70 | 1467220 | 17106 | 4.73 | 1352293 | 15408 | 4.58 |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits in other banks | 707933 | 8039 | 4.55 | 827751 | 9244 | 4.53 | 560586 | 7722 | 5.54 |
| &nbsp;&nbsp;&nbsp;Equity securities and other investments | 70779 | 847 | 4.80 | 70696 | 870 | 4.99 | 78964 | 1138 | 5.80 |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 11618254 | 175123 | 6.05 | 11679296 | 173725 | 6.03 | 11757271 | 191247 | 6.54 |
| ACL | (112369) |  |  | (111563) |  |  | (115978) |  |  |
| Noninterest-earning assets | 933328 |  |  | 938401 |  |  | 937413 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $12439213 |  |  | $12506134 |  |  | $12578706 |  |  |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand and savings deposits | $5502672 | $48080 | 3.50% | $5449091 | $45165 | 3.36% | $4570329 | $45619 | 4.01% |
| &nbsp;&nbsp;&nbsp;Certificates and other time deposits | 2742655 | 28539 | 4.17 | 2726309 | 30268 | 4.50 | 3591035 | 44811 | 5.02 |
| &nbsp;&nbsp;&nbsp;Advances from FHLB and Other | 9813 | 113 | 4.62 | 2333 | 27 | 4.69 | 106648 | 1468 | 5.54 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures and subordinated notes | 155985 | 2056 | 5.29 | 191638 | 2824 | 5.98 | 230141 | 3113 | 5.44 |
| Total interest-bearing liabilities | 8411125 | 78788 | 3.76 | 8369371 | 78284 | 3.79 | 8498153 | 95011 | 4.50 |
| Noninterest-bearing liabilities: |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 2244745 |  |  | 2345586 |  |  | 2346908 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 142925 |  |  | 170389 |  |  | 192036 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 10798795 |  |  | 10885346 |  |  | 11037097 |  |  |
| Stockholders' equity | 1640418 |  |  | 1620788 |  |  | 1541609 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $12439213 |  |  | $12506134 |  |  | $12578706 |  |  |
| Net interest rate spread<sup>2</sup> |  |  | 2.29% |  |  | 2.24% |  |  | 2.04% |
| Net interest income and margin<sup>3</sup> |  | $96335 | 3.33% |  | $95441 | 3.31% |  | $96236 | 3.29% |

---

<sup>1</sup> Includes average outstanding balances of LHFS of $62.2 million, $66.3 million and $58.5 million for the quarters ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively, and average balances of LHI, excluding MW.

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

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

<sup>4</sup> Yields and rates for the quarter are annualized

------

**VERITEX HOLDINGS, INC. AND SUBSIDIARIES**

**Financial Highlights**

**(In thousands, except percentages)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **June 30, 2024** | **June 30, 2024** | **June 30, 2024** |
| | **Average Outstanding Balance** | **Interest Earned/ Interest Paid** | **Average**<br>**Yield/**<br>**Rate** <sup>4</sup> | **Average Outstanding Balance** | **Interest Earned/ Interest Paid** | **Average**<br>**Yield/**<br>**Rate** <sup>4</sup> |
| **Assets** | | | | | | |
| Interest-earning assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;Loans<sup>1</sup> | $8881407 | $282017 | 6.40% | $9314148 | $317908 | 6.86% |
| &nbsp;&nbsp;&nbsp;LHI, MW | 475230 | 13842 | 5.87 | 350252 | 11013 | 6.32 |
| &nbsp;&nbsp;&nbsp;Debt securities | 1453721 | 33989 | 4.71 | 1323644 | 29103 | 4.42 |
| &nbsp;&nbsp;&nbsp;Interest-bearing deposits in other banks | 767511 | 17283 | 4.54 | 572589 | 15772 | 5.54 |
| &nbsp;&nbsp;&nbsp;Equity securities and other investments | 70738 | 1717 | 4.89 | 77616 | 2038 | 5.28 |
| &nbsp;&nbsp;&nbsp;Total interest-earning assets | 11648607 | 348848 | 6.04 | 11638249 | 375834 | 6.49 |
| ACL | (111969) |  |  | (114104) |  |  |
| Noninterest-earning assets | 935850 |  |  | 933229 |  |  |
| &nbsp;&nbsp;&nbsp;Total assets | $12472488 |  |  | $12457374 |  |  |
| **Liabilities and Stockholders' Equity** |  |  |  |  |  |  |
| Interest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Interest-bearing demand and savings deposits | $5476030 | $93245 | 3.43% | $4604887 | $92403 | 4.04% |
| &nbsp;&nbsp;&nbsp;Certificates and other time deposits | 2734527 | 58807 | 4.34 | 3437385 | 85303 | 4.99 |
| &nbsp;&nbsp;&nbsp;Advances from FHLB and Other | 6094 | 140 | 4.63 | 103819 | 2859 | 5.54 |
| &nbsp;&nbsp;&nbsp;Subordinated debentures and subordinated notes | 173713 | 4880 | 5.67 | 230011 | 6227 | 5.44 |
| &nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 8390364 | 157072 | 3.78 | 8376102 | 186792 | 4.48 |
| Noninterest-bearing liabilities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing deposits | 2294887 |  |  | 2351112 |  |  |
| &nbsp;&nbsp;&nbsp;Other liabilities | 156580 |  |  | 192422 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities | 10841831 |  |  | 10919636 |  |  |
| Stockholders' equity | 1630657 |  |  | 1537738 |  |  |
| &nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $12472488 |  |  | $12457374 |  |  |
| Net interest rate spread<sup>2</sup> |  |  | 2.26% |  |  | 2.01% |
| Net interest income and margin<sup>3</sup> |  | $191776 | 3.32% |  | $189042 | 3.27% |

---

<sup>1</sup> Includes average outstanding balances of LHFS of $64.2 million and $56.2 million for the six months ended June 30, 2025 and 2024, respectively, and average balances of LHI, excluding MW.

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

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

<sup>4</sup> Yields and rates for the six month periods are annualized

------

**VERITEX HOLDINGS, INC. AND SUBSIDIARIES**

**Financial Highlights**

**(Unaudited)**

**Yield Trend**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **Jun 30,<br>2025** | **Mar 31,<br>2025** | **Dec 31,<br>2024** | **Sep 30,<br>2024** | **Jun 30,<br>2024** | **Jun 30,<br>2025** | **Jun 30,<br>2024** |
| Average yield on interest-earning assets: |  |  |  |  |  |  |  |
| Loans<sup>1</sup> | 6.40% | 6.40% | 6.56% | 6.89% | 6.90% | 6.40% | 6.86% |
| LHI, MW | 5.88 | 5.87 | 5.83 | 6.75 | 6.36 | 5.87 | 6.32 |
| Total Loans | 6.37 | 6.38 | 6.53 | 6.89 | 6.88 | 6.38 | 6.84 |
| Debt securities | 4.70 | 4.73 | 4.61 | 4.55 | 4.58 | 4.71 | 4.42 |
| Interest-bearing deposits in other banks | 4.55 | 4.53 | 4.87 | 5.41 | 5.54 | 4.54 | 5.54 |
| Equity securities and other investments | 4.80 | 4.99 | 5.18 | 5.25 | 5.80 | 4.89 | 5.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-earning assets | 6.05% | 6.03% | 6.15% | 6.49% | 6.54% | 6.04% | 6.49% |
| Average rate on interest-bearing liabilities: |  |  |  |  |  |  |  |
| Interest-bearing demand and savings deposits | 3.50% | 3.36% | 3.57% | 4.00% | 4.01% | 3.43% | 4.04% |
| Certificates and other time deposits | 4.17 | 4.50 | 4.83 | 5.00 | 5.02 | 4.34 | 4.99 |
| Advances from FHLB and other | 4.62 | 4.69 | 4.88 | 5.73 | 5.54 | 4.63 | 5.54 |
| Subordinated debentures and subordinated notes | 5.29 | 5.98 | 5.74 | 5.38 | 5.44 | 5.67 | 5.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total interest-bearing liabilities | 3.76% | 3.79% | 4.12% | 4.46% | 4.50% | 3.78% | 4.48% |
| Net interest rate spread<sup>2</sup> | 2.29% | 2.24% | 2.03% | 2.03% | 2.04% | 2.26% | 2.01% |
| Net interest margin<sup>3</sup> | 3.33% | 3.31% | 3.20% | 3.30% | 3.29% | 3.32% | 3.27% |

---

 

<sup>1</sup>Includes average outstanding balances of LHFS of $62.2 million, $66.3 million, $46.4 million, $54.3 million and $58.5 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively and $64.2 million and $56.2 million for the six months ended June 30, 2025 and June 30, 2024 respectively, and average balances of LHI, excluding MW.

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

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

**Supplemental Yield Trend**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **Jun 30,<br>2025** | **Mar 31,<br>2025** | **Dec 31,<br>2024** | **Sep 30,<br>2024** | **Jun 30,<br>2024** | **Jun 30,<br>2025** | **Jun 30,<br>2024** |
| Average cost of interest-bearing deposits | 3.73% | 3.74% | 4.07% | 4.44% | 4.46% | 3.73% | 3.33% |
| Average costs of total deposits, including noninterest-bearing | 2.93 | 2.91 | 3.16 | 3.42 | 3.46 | 2.92 | 2.48 |

---

------

**VERITEX HOLDINGS, INC. AND SUBSIDIARIES**

**Financial Highlights**

**(Unaudited)**

**LHI and Deposit Portfolio Composition**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Jun 30,<br>2025** | **Jun 30,<br>2025** | **Mar 31,<br>2025** | **Mar 31,<br>2025** | **Dec 31,<br>2024** | **Dec 31,<br>2024** | **Sep 30,<br>2024** | **Sep 30,<br>2024** | **Jun 30,<br>2024** | **Jun 30,<br>2024** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **LHI**<sup>1</sup> | | | | | | | | | | |
| Commercial and Industrial ("C&I") | $2692209 | 30.6% | $2717037 | 30.7% | $2693538 | 30.2% | $2728544 | 30.2% | $2798260 | 30.4% |
| Real Estate: |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Owner occupied commercial ("OOCRE") | 800881 | 9.1 | 795808 | 9.0 | 780003 | 8.8 | 807223 | 8.9 | 806285 | 8.7 |
| &nbsp;&nbsp;&nbsp;Non-owner occupied commercial ("NOOCRE") | 2311466 | 26.3 | 2266526 | 25.6 | 2382499 | 26.7 | 2338094 | 25.9 | 2369848 | 25.7 |
| &nbsp;&nbsp;&nbsp;Construction and land | 1142457 | 13.0 | 1214260 | 13.7 | 1303711 | 14.7 | 1436540 | 15.8 | 1536580 | 16.7 |
| &nbsp;&nbsp;&nbsp;Farmland | 31589 | 0.4 | 31339 | 0.4 | 31690 | 0.4 | 32254 | 0.4 | 30512 | 0.3 |
| &nbsp;&nbsp;&nbsp;1-4 family residential | 1086342 | 12.3 | 1021293 | 11.6 | 957341 | 10.7 | 944755 | 10.5 | 917402 | 10.0 |
| &nbsp;&nbsp;&nbsp;Multi-family residential | 718946 | 8.2 | 782412 | 8.9 | 750218 | 8.4 | 738090 | 8.2 | 748740 | 8.1 |
| Consumer | 8796 | 0.1 | 8597 | 0.1 | 9115 | 0.1 | 11292 | 0.1 | 9245 | 0.1 |
| Total LHI<sup>1</sup> | $8792686 | 100% | $8837272 | 100% | $8908115 | 100% | $9036792 | 100% | $9216872 | 100% |
| MW | 669052 |  | 571775 |  | 605411 |  | 630650 |  | 568047 |  |
| Total LHI<sup>1</sup> | $9461738 |  | $9409047 |  | $9513526 |  | $9667442 |  | $9784919 |  |
| Total LHFS | 69480 |  | 69236 |  | 89309 |  | 48496 |  | 57046 |  |
| Total loans | $9531218 |  | $9478283 |  | $9602835 |  | $9715938 |  | $9841965 |  |
| **Deposits** |  |  |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Noninterest-bearing | $2133294 | 20.5% | $2318645 | 21.7% | $2191457 | 20.4% | $2643894 | 24.0% | $2416727 | 22.5% |
| &nbsp;&nbsp;&nbsp;Interest-bearing transaction | 603861 | 5.8 | 863462 | 8.1 | 839005 | 7.8 | 421059 | 3.8 | 523272 | 4.9 |
| &nbsp;&nbsp;&nbsp;Money market | 3856812 | 37.0 | 3730446 | 35.0 | 3772964 | 35.1 | 3462709 | 31.4 | 3268286 | 30.5 |
| &nbsp;&nbsp;&nbsp;Savings | 548464 | 5.3 | 586587 | 5.5 | 449188 | 4.2 | 320940 | 2.9 | 187896 | 1.8 |
| &nbsp;&nbsp;&nbsp;Certificates and other time deposits | 2792750 | 26.8 | 2679221 | 25.1 | 2958861 | 27.5 | 3625920 | 32.8 | 3744596 | 34.9 |
| &nbsp;&nbsp;&nbsp;Correspondent money market accounts | 482739 | 4.6 | 486762 | 4.6 | 541117 | 5.0 | 561489 | 5.1 | 584067 | 5.4 |
| Total deposits | $10417920 | 100% | $10665123 | 100% | $10752592 | 100% | $11036011 | 100% | $10724844 | 100% |
| Total loans to deposits ratio | 91.5% |  | 88.9% |  | 89.3% |  | 88.0% |  | 91.8% |  |
| Total loans to deposit ratio, excluding MW loans and LHFS | 84.4% |  | 82.9% |  | 82.8% |  | 81.9% |  | 85.9% |  |

---

<sup>1</sup> Total LHI does not include deferred fees of $8.7 million, $8.6 million, $9.0 million, $8.2 million and $7.8 million at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.

------

**VERITEX HOLDINGS, INC. AND SUBSIDIARIES**

**Financial Highlights**

**(Unaudited)**

**Asset Quality**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **Jun 30, 2025** | **Mar 31, 2025** | **Dec 31, 2024** | **Sep 30, 2024** | **Jun 30, 2024** | **Jun 30, 2025** | **Jun 30, 2024** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | | |
| NPAs: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Nonaccrual loans | $61142 | $69188 | $52521 | $55335 | $58537 | $61142 | $58537 |
| &nbsp;&nbsp;&nbsp;Nonaccrual PCD loans<sup>1</sup> | 196 | 196 |  | 70 | 73 | 196 | 73 |
| &nbsp;&nbsp;&nbsp;Accruing loans 90 or more days past due<sup>2</sup> | 4641 | 3249 | 1914 | 2860 | 143 | 4641 | 143 |
| &nbsp;&nbsp;&nbsp;Total nonperforming loans held for investment ("NPLs") | 65979 | 72633 | 54435 | 58265 | 58753 | 65979 | 58753 |
| &nbsp;&nbsp;&nbsp;Other real estate owned ("OREO") | 9218 | 24268 | 24737 | 9034 | 24256 | 9218 | 24256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total NPAs | $75197 | $96901 | $79172 | $67299 | $83009 | $75197 | $83009 |
| Charge-offs: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-4 family residential | $— | $— | $— | $— | $(31) | $— | $(31) |
| &nbsp;&nbsp;&nbsp;Multifamily |  |  |  |  | (198) |  | (198) |
| &nbsp;&nbsp;&nbsp;OOCRE |  |  |  |  |  |  | (120) |
| &nbsp;&nbsp;&nbsp;NOOCRE | (215) | (3090) | (5113) |  | (1969) | (3305) | (6262) |
| &nbsp;&nbsp;&nbsp;C&I | (1571) | (918) | (4586) | (2259) | (5601) | (2489) | (6547) |
| &nbsp;&nbsp;&nbsp;Consumer | (55) | (212) | (420) | (54) | (30) | (267) | (101) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total charge-offs | $(1841) | $(4220) | $(10119) | $(2313) | $(7829) | $(6061) | $(13259) |
| Recoveries: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;1-4 family residential | $1 | $21 | $2 | $3 | $— | $22 | $1 |
| &nbsp;&nbsp;&nbsp;OOCRE | 186 |  |  |  | 120 | 186 | 120 |
| &nbsp;&nbsp;&nbsp;NOOCRE |  |  | 1323 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;C&I | 131 | 32 | 1047 | 1962 | 361 | 163 | 457 |
| &nbsp;&nbsp;&nbsp;MW |  |  |  | 46 |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer | 262 | 195 | 30 | 33 | 497 | 457 | 546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total recoveries | $580 | $248 | $2402 | $2044 | $978 | $828 | $1124 |
| Net charge-offs | $(1261) | $(3972) | $(7717) | $(269) | $(6851) | $(5233) | $(12135) |
| Provision for credit losses | $1750 | $4000 | $2300 | $4000 | $8250 | $5750 | $15750 |
| ACL | $112262 | $111773 | $111745 | $117162 | $113431 | $112262 | $113431 |
| Asset Quality Ratios: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;NPAs to total assets | 0.60% | 0.77% | 0.62% | 0.52% | 0.65% | 0.60% | 0.65% |
| &nbsp;&nbsp;&nbsp;NPAs, excluding nonaccrual PCD loans, to total assets | 0.60 | 0.77 | 0.62 | 0.52 | 0.65 | 0.60 | 0.65 |
| &nbsp;&nbsp;&nbsp;NPAs to total LHI and OREO | 0.79 | 1.03 | 0.83 | 0.70 | 0.85 | 0.79 | 0.85 |
| &nbsp;&nbsp;&nbsp;NPLs to total LHI | 0.70 | 0.77 | 0.57 | 0.60 | 0.60 | 0.70 | 0.60 |
| &nbsp;&nbsp;&nbsp;NPLs, excluding nonaccrual PCD loans, to total LHI | 0.70 | 0.77 | 0.57 | 0.60 | 0.60 | 0.70 | 0.60 |
| &nbsp;&nbsp;&nbsp;ACL to total LHI | 1.19 | 1.19 | 1.18 | 1.21 | 1.16 | 1.19 | 1.16 |
| &nbsp;&nbsp;&nbsp;ACL to total LHI, excluding MW  | 1.28 | 1.27 | 1.25 | 1.30 | 1.23 | 1.28 | 1.23 |
| &nbsp;&nbsp;&nbsp;Net charge-offs to average loans outstanding<sup>3</sup> | 0.05 | 0.17 | 0.32 | 0.01 | 0.28 | 0.11 | 0.25 |

---

<sup>1</sup> 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.

<sup>2</sup> 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.

<sup>3</sup> Annualized ratio for quarterly metrics.

------

**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** | **As of** | **As of** | **As of** | **As of** |
| | **Jun 30, 2025** | **Mar 31, 2025** | **Dec 31, 2024** | **Sep 30, 2024** | **Jun 30, 2024** |
| | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** |
| **Tangible Common Equity** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | $1649219 | $1633480 | $1601069 | $1608014 | $1548616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | (404452) | (404452) | (404452) | (404452) | (404452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core deposit intangibles | (13868) | (16306) | (18744) | (21182) | (23619) |
| &nbsp;&nbsp;&nbsp;**Tangible common equity** | $1230899 | $1212722 | $1177873 | $1182380 | $1120545 |
| Common shares outstanding | 54265 | 54297 | 54517 | 54446 | 54350 |
| Book value per common share | $30.39 | $30.08 | $29.37 | $29.53 | $28.49 |
| Tangible book value per common share | $22.68 | $22.33 | $21.61 | $21.72 | $20.62 |

---

------

**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** | **As of** | **As of** | **As of** | **As of** |
| | **Jun 30, 2025** | **Mar 31, 2025** | **Dec 31, 2024** | **Sep 30, 2024** | **Jun 30, 2024** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Tangible Common Equity** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | $1649219 | $1633480 | $1601069 | $1608014 | $1548616 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | (404452) | (404452) | (404452) | (404452) | (404452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core deposit intangibles | (13868) | (16306) | (18744) | (21182) | (23619) |
| &nbsp;&nbsp;&nbsp;**Tangible common equity** | $1230899 | $1212722 | $1177873 | $1182380 | $1120545 |
| **Tangible Assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $12527868 | $12606091 | $12768341 | $13042976 | $12684330 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Goodwill | (404452) | (404452) | (404452) | (404452) | (404452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Core deposit intangibles | (13868) | (16306) | (18744) | (21182) | (23619) |
| &nbsp;&nbsp;&nbsp;**Tangible Assets** | $12109548 | $12185333 | $12345145 | $12617342 | $12256259 |
| **Tangible Common Equity to Tangible Assets** | 10.16% | 9.95% | 9.54% | 9.37% | 9.14% |

---

------

**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:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **Jun 30, 2025** | **Mar 31, 2025** | **Dec 31, 2024** | **Sep 30, 2024** | **Jun 30, 2024** | **Jun 30, 2025** | **Jun 30, 2024** |
| | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** | **(Dollars in thousands)** |
| **Net income available for common stockholders adjusted for amortization of core deposit intangibles** | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income | $30906 | $29070 | $24882 | $31001 | $27202 | $59976 | $51358 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Plus: Amortization of core deposit intangibles | 2438 | 2438 | 2437 | 2438 | 2438 | 4876 | 4876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Less: Tax benefit at the statutory rate | 512 | 512 | 512 | 512 | 512 | 1024 | 1024 |
| &nbsp;&nbsp;&nbsp;**Net income available for common stockholders adjusted for amortization of core deposit intangibles** | $32832 | $30996 | $26807 | $32927 | $29128 | $63828 | $55210 |
| **Average Tangible Common Equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total average stockholders' equity | $1640418 | $1620788 | $1604335 | $1583401 | $1541609 | $1630657 | $1537738 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average goodwill | (404452) | (404452) | (404452) | (404452) | (404452) | (404452) | (404452) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Average core deposit intangibles | (15467) | (17904) | (20342) | (22789) | (25218) | (16679) | (26437) |
| &nbsp;&nbsp;&nbsp;**Average tangible common equity** | $1220499 | $1198432 | $1179541 | $1156160 | $1111939 | $1209526 | $1106849 |
| **Return on Average Tangible Common Equity (Annualized)** | 10.79% | 10.49% | 9.04% | 11.33% | 10.54% | 10.64% | 10.03% |

---

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**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 BOLI 1035 exchange charges, plus severance payments, plus loss on sales of debt securities available for sale ("AFS"), net, plus FDIC special assessment, 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:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| | **Jun 30, 2025** | **Mar 31, 2025** | **Dec 31, 2024** | **Sep 30, 2024** | **Jun 30, 2024** | **Jun 30, 2025** | **Jun 30, 2024** |
| | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** | **(Dollars in thousands, except per share data)** |
| **Operating Earnings** | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income | $30906 | $29070 | $24882 | $31001 | $27202 | $59976 | $51358 |
| &nbsp;&nbsp;&nbsp;Plus: BOLI 1035 exchange charges<sup>1</sup> |  | 517 |  |  |  | 517 |  |
| &nbsp;&nbsp;&nbsp;Plus: Severance payments<sup>2</sup> |  |  | 1545 | 1487 | 613 |  | 613 |
| &nbsp;&nbsp;&nbsp;Plus: Loss on sales of AFS securities, net |  |  | 4397 |  |  |  | 6304 |
| &nbsp;&nbsp;&nbsp;Plus: FDIC special assessment |  |  |  |  | 134 |  | 134 |
| Operating pre-tax income | 30906 | 29587 | 30824 | 32488 | 27949 | 60493 | 58409 |
| &nbsp;&nbsp;&nbsp;Less: Tax impact of adjustments |  | 109 | 1248 | 307 | 166 | 109 | 1489 |
| &nbsp;&nbsp;&nbsp;Plus: Nonrecurring tax adjustments |  | 229 | 193 |  | 527 | 229 | 527 |
| Operating earnings | $30906 | $29707 | $29769 | $32181 | $28310 | $60613 | $57447 |
| **Weighted average diluted shares outstanding** | 54766 | 55123 | 55237 | 54932 | 54823 | 54944 | 54832 |
| **Diluted EPS** | $0.56 | $0.53 | $0.45 | $0.56 | $0.50 | $1.09 | $0.94 |
| **Diluted operating EPS** | $0.56 | $0.54 | $0.54 | $0.59 | $0.52 | $1.10 | $1.05 |

---

<sup>1</sup>Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.

<sup>2</sup>Severance payments relate to certain restructurings made during the periods disclosed.

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---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Quarter Ended** | **For the Six Months Ended** | **For the Six Months Ended** |
| **(Dollars in thousands)** | **Jun 30, 2025** | **Mar 31, 2025** | **Dec 31, 2024** | **Sep 30, 2024** | **Jun 30, 2024** | **Jun 30, 2025** | **Jun 30, 2024** |
| **Pre-Tax, Pre-Provision Operating Earnings** | | | | | | | |
| &nbsp;&nbsp;&nbsp;Net income | $30906 | $29070 | $24882 | $31001 | $27202 | $59976 | $51358 |
| &nbsp;&nbsp;&nbsp;Plus: Provision for income taxes | 8516 | 8526 | 8222 | 8067 | 8221 | 17042 | 15458 |
| &nbsp;&nbsp;&nbsp;Plus: Provision for credit losses and unfunded commitments | 3250 | 5300 | 1899 | 4000 | 8250 | 8550 | 14209 |
| &nbsp;&nbsp;&nbsp;Plus: Severance payments<sup>3</sup> |  |  | 1545 | 1487 | 613 |  | 613 |
| &nbsp;&nbsp;&nbsp;Plus: Loss on sale of AFS securities, net |  |  | 4397 |  |  |  | 6304 |
| &nbsp;&nbsp;&nbsp;Plus: BOLI 1035 exchange charges<sup>2</sup> |  | 517 |  |  |  | 517 |  |
| &nbsp;&nbsp;&nbsp;Plus: FDIC special assessment |  |  |  |  | 134 |  | 134 |
| **Pre-tax, pre-provision operating earnings** | $42672 | $43413 | $40945 | $44555 | $44420 | $86085 | $88076 |
| **Average total assets** | $12439213 | $12506134 | $12750972 | $12861918 | $12578706 | $12472488 | $12457374 |
| **Pre-tax, pre-provision operating return on average assets**<sup>1</sup> | 1.38% | 1.41% | 1.28% | 1.38% | 1.42% | 1.39% | 1.42% |
| **Average loans** | $9399173 | $9313629 | $9449565 | $9661774 | $9765428 | $9356637 | $9664400 |
| **Pre-tax, pre-provision operating return on average loans**<sup>1</sup> | 1.82% | 1.89% | 1.72% | 1.83% | 1.83% | 1.86% | 1.83% |
| **Average total assets** | $12439213 | $12506134 | $12750972 | $12861918 | $12578706 | $12472488 | $12457374 |
| Return on average assets<sup>1</sup> | 1.00% | 0.94% | 0.78% | 0.96% | 0.87% | 0.97% | 0.83% |
| Operating return on average assets<sup>1</sup> | 1.00 | 0.96 | 0.93 | 1.00 | 0.91 | 0.98 | 0.93 |
| **Operating earnings adjusted for amortization of core deposit intangibles** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating earnings | $30906 | $29707 | $29769 | $32181 | $28310 | $60613 | $57447 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Plus: Amortization of core deposit intangibles | 2438 | 2438 | 2437 | 2438 | 2438 | 4876 | 4876 |
| &nbsp;&nbsp;&nbsp;Less: Tax benefit at the statutory rate | 512 | 512 | 512 | 512 | 512 | 1024 | 1024 |
| **Operating earnings adjusted for amortization of core deposit intangibles** | $32832 | $31633 | $31694 | $34107 | $30236 | $64465 | $61299 |
| **Average Tangible Common Equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total average stockholders' equity | $1640418 | $1620788 | $1604335 | $1583401 | $1541609 | $1630657 | $1537738 |
| &nbsp;&nbsp;&nbsp;Adjustments: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Average goodwill | (404452) | (404452) | (404452) | (404452) | (404452) | (404452) | (404452) |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Average core deposit intangibles | (15467) | (17904) | (20342) | (22789) | (25218) | (16679) | (26437) |
| &nbsp;&nbsp;&nbsp;**Average tangible common equity** | $1220499 | $1198432 | $1179541 | $1156160 | $1111939 | $1209526 | $1106849 |
| **Operating return on average tangible common equity**<sup>1</sup> | 10.79% | 10.70% | 10.69% | 11.74% | 10.94% | 10.75% | 11.14% |
| **Efficiency ratio** | 61.15% | 60.91% | 67.04% | 61.94% | 59.11% | 61.03% | 60.72% |
| **Operating efficiency ratio** |  |  |  |  |  |  |  |
| Net interest income | $96335 | $95441 | $96141 | $100062 | $96236 | $191776 | $189042 |
| Noninterest income | 13499 | 14289 | 10056 | 13106 | 10578 | 27788 | 17240 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: BOLI 1035 exchange charges<sup>2</sup> |  | 517 |  |  |  | 517 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Loss on sale of AFS securities, net |  |  | 4397 |  |  |  | 6304 |
| Operating noninterest income | 13499 | 14806 | 14453 | 13106 | 10578 | 28305 | 23544 |
| Noninterest expense | 67162 | 66834 | 71194 | 70100 | 63141 | 133996 | 125257 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: FDIC special assessment |  |  |  |  | 134 |  | 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Severance payments<sup>3</sup> |  |  | 1545 | 1487 | 613 |  | 613 |
| Operating noninterest expense | $67162 | $66834 | $69649 | $68613 | $62394 | $133996 | $124510 |
| **Operating efficiency ratio** | 61.15% | 60.62% | 62.98% | 60.63% | 58.41% | 60.88% | 58.57% |

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<sup>1</sup> Annualized ratio for quarterly metrics.

<sup>2</sup>Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.

<sup>3</sup>Severance payments relate to certain restructurings made during the periods disclosed.

<br>