DALLAS (AP) _ Veritex Holdings Inc. (VBTX) on Oct. 23 reported third-quarter earnings of $5.2 million.
The bank, based in Dallas, said it had earnings of 25 cents per share. Earnings, adjusted for costs related to mergers and acquisitions, were 28 cents per share.
The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.
The bank holding company posted revenue of $24.3 million in the period. Its adjusted revenue was $21.1 million.
Veritex Holdings shares have risen roughly 1 percent since the beginning of the year.
“I am thrilled with our third quarter accomplishments,” said C. Malcolm Holland, chairman and CEO. “We closed the acquisition of Sovereign Bancshares, Inc., announced the merger with Liberty Bancshares, Inc. and successfully completed a public offering of our common stock. Our organic growth continued to be strong. Loan balances, excluding acquired Sovereign loans, have grown $183.9 million over December 31, 2016 balances, or at a 24.8 percent annualized rate. As we finish out 2017, we are excited about all the opportunities in the thriving business communities we currently serve and the new partnerships we will create through our merger with Liberty.”
Veritex also announced that Veritex Community Bank entered into a Purchase and Assumption Agreement with Horizon Bank, SSB to sell certain assets associated with the Austin and Cedar Park branches located in Austin.
The pending sale is expected to close in the first quarter of 2018, subject to the necessary regulatory approvals.
Terms of the transaction were not announced.
After the sale of the Austin branches, Veritex will operate 17 branch locations throughout Dallas-Fort Worth, two branches in the Houston metropolitan area and one mortgage office. 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.
This year Veritex acquired Sovereign Bankshares which gave it several branches in Tarrant County and in August announced it plans to acquire Fort Worth-based Liberty Bank. On Oct. 19, Veritex announced that the Board of Governors of the Federal Reserve System approved the company’s regulatory application to merge with Liberty Bancshares Inc.
Parts of this story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on VBTX at https://www.zacks.com/ap/VBTX