VBTX - Earnings call transcript Q2 2024

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Operator

Good morning, and welcome to the Veritex Holdings Second Quarter 2024 Earnings Conference Call and Webcast. [Operator Instructions] Please note this event will be recorded. I will now turn the conference over to Will Holford with Veritex.

Will Holford

Thank you.

Before we get started, I would like to remind you that this presentation may include forward-looking statements and those statements are subject to risks and uncertainties that could cause actual and anticipated results to differ. obligation revise no forward-looking undertakes company to any publicly statement. The

on webcast, are our to beginning logged you please safe X. into statement on If included our refer presentation our harbor Slide slide

and today the phone, statement. website, that harbor on For those to presentation comments our please available made on are All subject the note safe statement are veritexbank.com. harbor our safe

business. operating believes will see the Some a management release. earnings the on of discussed reconciliation our discussed Please which be measures better financial performance underlying all core metrics basis, non-GAAP reflects in of X-K the non-GAAP filed

Joining to Officer; are Holland, and Malcolm. CEO; turn Officer. and Financial our me Anderson, now today Credit Chief our Earley, Chairman Curtis I Chief over Malcolm call our will Terry the

Malcolm Holland

everyone, earnings to morning, and quarter second our call. welcome Good

focus on positive balance all sheet our virtually in repositioning continues trends Our with categories. clear

are in start is earnings exception we should in per with are than quarter, the -- second share. the results producing of and We've back government components made reported showing enhancements to this of All budgeted. should $X.XX For $XX.X P&L of key guaranteed half start the expenses date year operating million and business. or initially trends the our positive and area, stabilizing the beyond. NIM that some better it of

continues transform. sheet to balance Our

was of our XXXX. continue virtually to value sheet June funding balance $X.XX of declined and as bolster months. funding. Tangible and to seen quarter XX mix we below As lower our has excluding currently measurably nil ratio, the shift of XX% on sheet the to on over at Slide sides grow with cost continues are X, up for balance since liabilities it $XX.XX, down sits climb on wholesale to the last both the deposit warehouse, continues these our Growth book mortgage the loan and metrics dependence XX%. Both

in our year, for areas. C&I small absent building pipelines has business been our growth are warehouse mortgage flat and loan the Although

full these in both year needle, move and for digits. growth We slower high provide fees. digits in the with the relationships the areas that half growth mid-single clients be the are deposits deposit gross anticipate of back loan will Although single to the there are anticipate

credit. the his Moving team general, In and productive have Curtis our in totals Officer trending direction. Chief Credit positive previous to classified Anderson, quarter a entire very trends but quarters. all compared were and to had with down stable, a moving criticized

is underlying work the dynamic However, prudently reflects the ongoing to risk. and portfolio manage

expectations. million played paid basis the Our that assets. charge Houston points reduction Multiple property is reserved a XX restructured down owner problem while loan XX% pass million, a foreclosed on of the with gain. increase full was sale net year-to-date narrow of in a rating line $X.X slight Net resolution. that C&I quarter, had but year a new million Center took biggest now loan first final were a with the who a a a total from credit. substantially sold drivers XX% $X.X is was property charge-offs for we credit NPAs we total quarter $XX at previously against. This being to And Data or a of basis restructured factors additionally, a charge-off reduced was into the to the the that

a material in from no to scheduled This quarter a X.XX% now the make in all, More positive months. continue credit we're reserves encouraged do, XXXX. at the properties price we As QX. to of Credit has quarter that first p&L improving to you effect. Past to to dues in strides down loans continue great housing but sit in this metrics. on contract at X.XX% basis know, the we close XX foreclosed All project to of X.XX% is now under total total, by loss student points XX up improve in and trends. last our

Terry. turn I'll the to call over Now

Terry Earley

for I'm the When Thank expansion at second the Malcolm. NIM quarter, look expense pretty encouraged, the I and you, levels. results credit especially trends, about

every there's X.XX%. It's excluding inception. have we say portfolio, loss Page The X for million, XX% more now thankful since $XX allowance which is I'm coverage over note or for the of up on quarter, for credit significantly us. Starting loss losses at total loss that on comprised recognized general allowance reserve progress, reserves. ahead but our the is a almost the warehouse by important not to work allowance credit we've as sits X.XX% I credit X, for mortgage As ago quarters coverage from the XX% increased of

use to of the scenarios. assumptions given risk. We our downside deemed the conservative weighting model continue level credit coupled significant XX% reasonable on economic in of loss uncertainty with economic this We geopolitical with

Moving X. to Page

compounded and paid book the Over share a the share rate XX.X% book dividends stands to the of contributor went by the expanded including the at year-over-year basis capital in significant quarter ratio last A capital value a since $XX.XX, since ratios shareholder of that decline basis, approximately end a to million. XX.X%, grew year-over-year XX tangible points at XX.XX%. risk-weighted per to X on $XXX value been the public have expansion and increased XXXX. worth in basis shareholders. has Veritex dividends. It's during including quarters, increase Tangible $XXX CETX The a per XXXX, it that by which XX noting is has total assets been in points the million

average $XX.XX the value. at Finally, current tangible spent of of price Veritex book XXX,XXX buyback its bought authorized XX.X% quarter. We use of was during the X% the opportunistic or shares and amount of approximately in an back

On Page X. the

loan-to-deposit loan XX.X% and XXX.X% to Veritex ratio from XX, growth June low XXXX, strong growth at to June deposit XXXX. reduce allowed XX, Our at its

funding note mortgage XX.X% to seems remains the exclude ratio that XX% you target Our these to warehouse Deposit be XXXX. Please loans. reliance XXXX. relevant below XX.X%, This the also XX, stayed have the allowed to June more us this loan-to-deposit mortgages metric XX.X% by was at wholesale on a end when our you if short time warehouse. consider of bank's duration to growth of reduce ratio

glad portfolio we've billion the left Fed in X.XX%. rate of for the can pretty year-end. Bottom average short up of rise graph, see I'm rate cuts remainder over deposit $X.X the have potential cost given an time steep a this X As in kept XXXX September maturities the CD before with have bottom XXXX. total the of and to show maturity monthly right, profile of deposits through you

is largely out. by However, and Slide XX, was loan mortgage approximately since driven On it warehouse. then, CRE and was X.X% growth leveled multifamily

reducing XXX% of by concentrations concentrations shown make the CRE in the and maturity under the CRE our XXX% profile to ADC bottom continue to remain year. The and progress end concentrations our committed CRE on graphs. We under is right getting

at rate an quarters. of approximately $XXX X.XX% million. The next loan of size $X.X X have fixed-rate the million over We is maturities these average average in maturities

XX quarter, up make bottom payoffs. challenging. The the the million down comprises Slide office As XX%. but loan our ADC the This does Texas state. Slide out-of-state illustrates is loan and did including CRE out activity by loans. of second our so into breakdown production XX including a national impact only down now XX% portfolios mortgage. of predominantly portfolio, the out-of-state have portfolio the clients in from the asset quarter. loan estate where The is real geographies. of detail class, what significant followed percentage true and is last of to decline, to last picked portfolio growth businesses payoff $XXX left, XX.X% continued of considerably X.X% it other This activity reflects we market the Texas in total the organic or shown This on loan provides year portfolio vibrant economic in

QX. increased of million just This to XX% are, drivers in in does loan on investment increased takeaways over XX.X% key what XXXX, is on Fed of The the NIM remain and assets. X.XX% the only Slide is net in On the held remainder impact over increase security and of of X metrics the basis X.X to to nonaccrual certain XX. points interest of partially The The QX XX. This reversals, $X.X obviously, rates impact in the portfolio. interest higher the years AFS. interest the rates. Slide Net QX. of were the with million portfolio yields. The deposit believe $XX from slightly by it's offset depending higher income lower range duration by X.XX% yields. our We was X.XX% shows of the higher biggest margin will

deposits. with satisfied snapshot up of see this Slide expectations. Operating our of lack expense is represents or on of and noninterest level we're I the million. performing of capacity June parts a at comments, slide, uninsured decrease USDA were XX, current XXXX. The in XXXX, see of To driven uncollateralized QX flat and you This very Operating quarter-over-quarter, on wrap our to income gain the $XX.X XX. the sale Other cash XXXX. by liquidity revenue our since efforts are management Finally borrowing revenues the trend fee X.Xx available lot declined with quarter. in business. a expenses noninterest line of in in my positives our and

in First, credit. charge-offs with criticized are are and line NPAs stable net down, expectations. are assets

Five, profile. and stable. X lot coverage to loan expanded up funding need capital first, is of basis pipelines risk NIM losses costs Second, higher. increased. of a the the work we to to production ratios Four, continuing loan points on, increasing. But still and credit total Three, reduce there's are relatively are moved allowance things credit

the revenue that, Second, to over call I'd Mark his three, we're performance. to USDA comment. continuing concluding to And reduce like funding turn costs. improving With for

Malcolm Holland

Thank you, Terry.

acquisition. As identification mention on very new we're yet client we're follow-up you progress I to leadership, can and new Under pursuing has also want client do. the to the seen results. see, Dom's some way progress made positive much making our much

remain relationships commitment balanced building much business long-term will make us less and in granularity clients. Those susceptible and market Our retaining to swings. the some bank and provide markets more areas small us full focus community and to that a

to While sound a are foundation are -- regional bank. build they these of diverse their a they at assets a rate size, due areas and slower foundational our

Veritex U.S. XXX-plus Finally, the I'd members best our one by acknowledge for work like of to being on team companies to named

and team. take questions. now Report. Operator, we'll News Congratulations World

Operator

of from is with [Operator Piper first Instructions] our Stephen Sandler And question the to Scouten going Company. come line

Stephen Scouten

could expect put I half. second a what half? know about of you in the talk you side? the kind that should I lending there to a see in that on of bit business think prospect do said funding the we in reflect you back And you're that place seeing into today? some kind from guess, little is perspective what that dynamic How can were you've enhancements government

Malcolm Holland

Yes.

could out bit and -- really that And Jonathan we good are that because year, figure be although So of put key Snyder. bit for job over similarities things quarter is put little businesses, SBA of did that really that of into most ways it. found successful half first of we the we the the of government kind a up get and of a are the really in the reset similarities broker kind and to that the come in in different the markets a there of we there the that control and business go we most there, one they done business. kind -- business USDA that first person He's quite new we down loan business,

have folks And Joseph out SBA into with USDA that so we USDA business, over what the business, business that that that to together, we're our last them chase. the X put it's how put just months, not along Jonathan's can enhancing figured

And short time. very so a in period seen of we've

days, been bunch there. for it's a XX online think of I activity

some see is our enhanced addition to And going you're going see SBA business space. so in to addition to you're USDA -- what

of down listen, having guys that, year. a a year, and saying last I USDA us we for But anticipate good the are line. of time do know this year half but We fairly you still is I tired over back understand decent that. probably Now have

They're or the deals move certain X they on side. expense needle are close. going going to the feeling we have that We very are to X

capture. it's it's team it's bit focused. able little just it's USDA more development So little to more a to a the -- And be business a bigger bit attention, for market

Stephen Scouten

rating other an increasing XXX%, Okay. And then Malcolm. concentration, you feels want from CRE regulators, like loan more be growing XXX% it to there get things agencies I -- said Is Or get that by... occur there is need wholesale those nature going of to about And focus know That's by and that's thinking some just the to like. going to business? and be year-end. Great. to letting maybe of sales, something the you payoffs helpful, that below numbers there's lines

Malcolm Holland

Stephen. It's strictly organic,

well. in of that Our Things quarter fourth These And happening and pretty the one payoffs these quarters the aren't they're past have anticipate We actually the in outside happy pretty second are quarter. actually refinances. and stable, X as third in are happening. been sales.

you through by Unless at we something be our could counsel those estate accelerate I actually a numbers if crazy just actually have rate real under forecast, our happens, that it will X, or it. think get so we And year-end. handedly count

going we're to with manage to to to So going we're go be could and up difficult. if that's company And that X.XX XX. [ going where quickly. be somewhat manage the volume difficult keep it. That's ] rates to But down

So about less concerned under about down XXX% more we're and and getting a long little going XXX% concerned farther it bit probably term.

Terry Earley

the CRE of add, is Stephen, so, of the activity space. a and payoffs in or too, activity me between XX at on $XXX Let Slide you XX% when look was the that XX% million

millions very consistent. and of mean of in mean forecasted payoffs it's pipeline I our looking quarter bankers. third meaningful hundreds forecast for by dollars is So payoffs, the payoffs at I we're the for the

to and will there. barring organic be surprise right, a So going Malcolm's it's be

Stephen Scouten

last Okay. think Is And noninterest-bearing of of growth That's function customer a on then something shift, kind expansion deposit of you could expect Or in well? you what's nice is that of kind acquisition for that it's just referenced as kind kind continue? these saw that great. the of efforts driving that there? mix you And and nicely moved year-over-year. to of me, really, some

Malcolm Holland

ahead, Go Terry.

Terry Earley

doing. of It's and helped the Yes. cetera, function Dom bankers it's materially a business -- absolutely community the certainly and bankers, being et work are their by -- being

range. year, more last say, had of is in would have got Our half and really X% granular stellar deposits. business of growing just late They're initiative that of that. off year. just the a They're I bankers We cost first very kicked for an their the need deposits low

Stephen Scouten

What's it their loan deposit to XX is to X?

Malcolm Holland

in deposits bringing loan they're to that on category. in So XX

those are Now comments, numbers. in my as I said small

you to super, to. super takes of where get those so a a to lot want encouraging. And from it accounts get But to it's basis, percentage

-- actually have So XX. have to there. we're or going bankers XX around something to I to like we business Candidly, we'd think XX

area granularity an to funding. for that's place in is -- get real so that, a the and investing where And lower-cost future that we're and think to this

Terry Earley

that's when value this deposit those That's value, the about Stephen. value enhancing. increase the spread of life deposits, we way deposits the franchise, those business of The think over you the expected lifetime of

Operator

to going James. Raymond And Michael the our next from with line is of question come Rose

Michael Rose

is downside? scheduled you keeps deposit on move kind here of a higher Just to forward growth what following of can up with on the to that peak mature could a mix that CDs that you warehouse. expect if of to as other we opportunities to there trying where outside Just guys you some deposits ex And maybe Stephen's and think do of the are kind And questions reach of we kind XX% up? on cost if for then kind DDA -- shed sense in get costs are line be, get NIB now deposits. ratio loan-to-deposit where time? that Do to wanted I think, around over

Terry Earley

costs Michael, -- it's to this What bearing of work down and because the ratio business are to it's deposit look the QX focusing. what when in the that last 'XX. good And close we're production or pricing is certainly we we mainly very where just at that so to we're loan-to-deposit QX doing, year at quickly did and they're think new we we're peak. move

this we of company on now. production the big that growth shifting deposits shifting of that now impactful revenue funding deposit the some at focus right and slow part affect all growth those the the are So and we loan more is funding deposit the growth loan going mix me, still -- while told -- kind of and we of maintaining of earnings you out way cost. have. To change to this decent cost to from loan deposit a end the changing going and is growth. higher is the focused and than more since then we're to QX where of than It's Nothing

We space, looking with the multiple price but to move in we're So out. not going -- have down execution really key, we're CD time we working be it's but know now We are. them the to we who that's these know on balances why it deposits. in, And hard we don't every they high-priced the is day. brought where significant clients where need or

tuned, down. 'XX is of going rates deposit but down, stay is deposit the probably to yes, 'XX that remixing for So flat. big balance us. base. do through a with we go are assuming over believe going Obviously, the if this go work, But rates into that's costs this really focus stay

Michael Rose

up got great would to the And Terry. of we then of continue some color, that's that tied expect bucket expect I of us point? move kind that down. I in the criticized Yes, of of should of some forward. this come nonperformers flavor really Can a And disposition it. kind nonaccrual were what's to quarter, see a give if at accelerated kind see in totally just know this the few as you And had nice of the I reductions to credits. you classifieds continue we

Malcolm Holland

want that? you to do Curtis, take

Curtis Anderson

mix you. our Yes, a Sorry, bucket. in yes. pretty nonaccrual Thank good there's

strategies, those names. each We course, on have got of of

outlook the emerging pretty the quarter. housing have on mentioned third Malcolm strategies good deal, We student for other we've a names. got

is stable at So at looking the this in it. I'm would I to outlook say, positive, point time how is

Malcolm Holland

Yes.

a stuff. effort Michael doing, arms had his favorable. Perschbache, work this Carp done their I think team, and around it's they're just yeoman's really, Curtis get I mean Donald the really

our into our dive And is that detailed jump we that which a whole unbelievable. criticized we've something the and you classifieds visibility so watch categories, have up know don't deep can even the visibility and grab past into, done always we listen, about

Michael, is you, yes, surprised NPAs retesting it at line, dip relooking going in is that and goes good What something on and be third What yes, debt. is the with did pretty take but out I'd coming things criticized so see if classified can see And a and you down. the trending grab you don't and top and in work it. massive the quarter,

to a of continue on to And And anticipate right me effort this there's there. The half down, a is is thing lot see the there's trending trending I think direction. the positive lot So back year, you're there. down. it going going us effort for but in move of we

Michael Rose

finally any additional thought of Very to at restructuring you be helpful. X.X%. NII in is down And kind at want Or securities Any given me. to obviously, just point? for are maybe guys where this because about the XXX, down the you

get to wanted any there. just So thoughts

Terry Earley

I was did did then look to one QX. pretty think portfolio, look late certainly the We it mean -- Michael, that it's on And yield X.XX%. you I we where a in on -- at something, at basis. regular late is our

duration you that's pretty something -- the growth, affect BOLI at we're affect going will, at profitability mild just So and ratios to at, there's the curve. that's given looking really looking in restructure. other That's NIM, right that's only given help really to yield going not profitability is you think be the -- we're the much go the but portfolio. One thinking never to investment strength are ongoing but short that's we've I it's now. But along we've restructure our because for about. if along But one yield done is doesn't is really good. just been we more it X.X%. looking inverted and to thing don't a something thing going The at relatively in capital But is the with thing done especially moderate

So.

Operator

the And line Hovde our with is Group. Brett of going to question Rabatin from next come

Brett Rabatin

what's things. the I'm X I'm for that so a X%. assume and want quarters at half and may pricing And for if correctly. the to at then wanted of the CDs I is I just includes current get margin heard about on how if one, heard to this here looking I And that year a idea little then X.XX%. disconnected just but reprice that in I other guidance does with maturity looking X the thinking, deposits. within least is of, bit, I Slide X.XX% this next the just talked hey, minute, I any have back think correctly, for over at guidance And lower an you from can sure the got you for schedule that, to on or your that margin? in secondly, fit levels? than you make

Terry Earley

of the year schedule margin rate. the at term $X.X guidance, X.XX%. billion, a is think That's year. back we half cut down. on dot also We the the take, the billion, can $X.X that -- reprice in billion average NIM is with we're You're half or the $X.X using back one assuming X.XX% Fed The into give the that guidance for of to right factored X.XX% plot absolutely of Fed the maturity back

factored also in. that's So

So look believe, you points, and that loans XXX -- basis I at spreads over if it's XXX, on we deposits, something range. our new production in

So well. going it's

is interest with too. but have current that's outlook, so And we the nonaccrual interest big don't will that -- other thing if help, status, we the and into credit reversals, good stays loans given reversals, moving significant --

to range. with right side place we opportunity X.XX% that. to X.XX% you that It's the So the is give we help we not feel on feel But to don't to like do to promise see like over want deliver. funding we

Brett Rabatin

remember That's Terry. guys amount Okay. if that much talk have wanted was a start one. about one, for I curious, of credit? the you with I but previously can't I acquired criticized that to been And it, have helpful, guess just assets And then disclosed second. might how

Malcolm Holland

tips. have don't it, my in that have on criticized. finger down have down. have charge-off we down page. I The We that only don't mean I just we place is the broken don't within broken the have We broken it

Brett Rabatin

Okay.

just it can like Okay. correctly, you I'm bucket. you're from here. hearing to related saying If you And then that work that sounds some down

the working things guys most first. are pressing you assume on that where guys are the -- filled, of things kind kind bucket of that I were As hardest you

that past that? an those may seemed what like relative thoughts could just exposure And with have be few few quarters credits bucket have some you'd in any time you Would quarters, guys the in might so lost on like declined. seemed And easier to been a that have have maybe still of there. ago over it it

Malcolm Holland

I wouldn't categorize it that way, Brett.

biggest to -- a stuff there. will still but go agree be you underneath trend harder Like There's think NPAs, And see top classifieds. going where within trend believe don't We're our I not the the And to of accruing that's that the the a I the move. We're and of lot is. with do still go right? lot and work piece attack steep have I criticized problems. because how just know I turbulence you versus is first anything curve That's line. the is do you down. first. the to you're we working harder I So stuff they're the said, down. biggest

So may Curtis, to want you add.

Curtis Anderson

on strategy. And total, course, what a name defined you reiterate of got that and loan payoffs, you've earlier. priority, got increases. said a it. by every but a the underneath everything yes, Each has of around look workflow you've you strategy I'll kind Yes. at and look NPAs, category, quarter name defined was in

ball. very you've going the You've upgrades. single off take It's approach our dynamic we're to eye downgrades, name-by-name continue. And every got going not quarter, a to got that's

granular. see probably see payoffs day. we those will we So more and work It's migration. strategic we'll and And day probably more very by

Brett Rabatin

know know this I covered apologies used and so buyback, you you on don't I quarter. some if capital just of then but And the this, helpful. the did, you authorization That's Okay. if

the on wanted do might higher to capital? if stock see lead or if that to Just this to moving continue to some might hold you of you

Terry Earley

would it Brett, quarter, book, talked and and think when Yes. be and continue a been we'll is tangible done to last stock have opportunistic, the we buyer said we we buyback announced We've I that. about when we below that. the be

it speak, expect in Given to us be back to so the wouldn't buy where today, to is shares. market,

in been So market But allocated with given use I'm we to it. on bank it going us much the what's have respect capital not stock. of for to expecting

count fully sure So not in lot the diluted I'm how a into buyback model. the of share model my share

Operator

Mark next the is with Our going come from question Shutley line KBW. to of

Mark Shutley

margin the appreciate I guidance.

mostly do costs Just a like deposit follow-up It peaked. What think cuts? have to near rate prior loan yields can there. sounds year-end go you

Terry Earley

the month SOFR. loan resets going after. portfolio and If it's get rate XX% next pretty obviously, SOFR Prime Yes. to to move we Well, It's cuts, of tied meaningfully. the down Fed

the that of a way your people to Prime. on about bit going it's what SOFR lags, when Fed down but in the cuts. I loan just on about goes side, so about to depending move the other it shape loan down, up. So refinance, floating the you're versus protection I fast, happen like on rates but know prime to to it's on do the the holding way of little XX% it when one certainly of have and rates down, on But going adjust the rate on lagged not is of we to is we our and ability got us that. about importance head key that, from our that. the certainly my borrowers be can is going going working to declined loan you the what's for make The we're side. pricing as would of talking And importance deposit that start where that's yields comment go That's Fed see but talk cuts. anticipation wanting question, curve on prepay to we've documents, the deposit --

margin as to the go interest loan with and net down. So rates yields help

Mark Shutley

And a see any gears. just of remainder if maybe rate if if And helpful. or I then XXXX? efficiency wondering gain opportunity was Expenses quarter, you an just the levers the run again. to good contained expense well That's think this it. anywhere? pretty to were about Got in switching that's total there for are expenses

Terry Earley

the guaranteed government execution I revenue there of business, I levels. I'm some the we revenue good be are will it. our in we're get implications that say think expense these incentives more hoping this, pretty would with for there. given if good

labor a mean, market. still I look, it's So tight

talented very better that not cetera, -- lot You as out but have build audit, financial and people security, risk had to cetera. management, $XX it's stress internal et we've testing, -- data over bring enterprise gone et we've of on a billion inexpensive information,

going down. then the invest do banking call, as we ways a for into talking want, us. And been not more such side. we've business it's That's to driver to So on find money about the

but that's I expect wouldn't So going holding though, to main be it why our best it flat. going to the probably reason at do down, we're

revenue but a now. our I the more Veritex is run needs are that generation way being about driver primary right This rate believer revenue you think here. scale a your cost. challenges can't related save good with get to it's earnings and funding prosperity I'm expense related. to not

Operator

question next of Hasan our line from And with Ahmad Davidson. the comes D.A.

Ahmad Hasan

for Gary on Hasan Ahmad Tenner.

you X.XX%. might covered you the about are quarter? about think in third but how the $X.X funding I term billion it's this, at thinking have maturing So

Malcolm Holland

next we tried intentionally was I'm We've the lower. funding we thinking to about the ought reprice to profile these from the move keep short thought things because not up. Fed down,

-- margin price roll -- pricing look we we down bit. And when so on curve the a this where should we're the you deposits, little

and a fourth $X at case. expect billion in would that continue And into going I billion to the [ extend little almost the because think X.XX% that's that, to quarter X.XX%. $X as fourth well ] I So we've got quarter be will the at over

anything -- we're profile, our it's and should be term funding all when CDs. But above X%

FHLB don't we any advances. have notice, you If

down. it be coming So should

Ahmad Hasan

how a bit, for the production little forward? might about think we have but the that SBA there? should now And and story the on What's quarter. That's touched And seasonality? Is USDA it helpful. was going you it guys

Malcolm Holland

done USDA, got of doing We nice restructuring a a in a lot those a we've little half has numbers. job. and better expect both there. back on momentum, of SBA they're

we'll year. And fee on arrow back the half So better QX SBA. me QX income the there's on we production do on actually production the of graph. The think the in is the let million USDA clarify, $XX.X of in

down up. SBA to for the is a from bit way QX pipeline QX QX, the little So production is

right there was with a air-only produced us but average X The the for They around the quarter. we X%. good graph, gain people the no And SBA production SBA for smaller. And apologize in I on So the loans team in had sale of did, of number production. the the hanging premiums good. during on were quarter, new are just this hired USDA it's

space. So I in some making we're that mean, investments

I than be better So fee the look to back for of half income much our that. do there's

Operator

session does and today's Ladies as disconnect. and thank This you participating, gentlemen, well today's conclude call. for now you. conference as question-and-answer may Thank you

Veritex (VBTX) 24 Jul 242024 Q2 Earnings call transcript