Veritex Holdings, Inc. (NASDAQ:VBTX) Q4 2022 Earnings Conference Call January 25, 2023 9:30 AM ET

Company Participants

Susan Caudle - Investor Relations Officer and Secretary to the Board

Malcolm Holland - Chairman and Chief Executive Officer, President, Veritex Holdings, Inc and Veritex Community Bank

Terry Earley - Senior Executive Vice President and Chief Financial Officer

Clay Riebe - Chief Credit Officer

Conference Call Participants

Brady Gailey - KBW

Gary Tenner - D.A. Davidson

Brett Rabatin - Hovde Group

Michael Rose - Raymond James

Brad Milsaps - Piper Sandler

Matt Olney - Stephens

Operator

Good day, and welcome to the Veritex Holdings Fourth Quarter 2022 Earnings Conference Call and Webcast. All participants will be in a listen-only-mode. Please note, this event will be recorded.

I will now turn the conference over to Ms. Susan Caudle, Investor Relations Officer and Secretary to the Board of Veritex Holdings.

Susan Caudle

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. The company undertakes no obligation to publicly revise any forward-looking statement. At this time, if you are logged into our webcast, please refer to our slide presentation, including our safe harbor statement beginning on Slide 2. For those of you joining us by phone, please note that the safe harbor statement and presentation are available on our website, veritexbank.com. All comments made during today's call are subject to that safe harbor statement.

Some of the financial metrics discussed will be on a non-GAAP basis, which our management believes better reflects the underlying core operating performance of the business. Please see the reconciliation of all discussed non-GAAP measures in our filed 8-K earnings release.

Joining me today are Malcolm Holland, our Chairman and CEO; Terry Earley, our Chief Financial Officer; and Clay Riebe, our Chief Credit Officer.

I will now turn the call over to Malcolm.

Malcolm Holland

Thank you, Susan. Good morning, everyone, and welcome to our fourth quarter earnings call. Today, we want to focus on our fourth quarter results, as well as our 2022 year-end results. For the quarter, we reported operating earnings of $0.74 per share or $40 million and for the year, $2.74 per share or $147.9 million.

Pretax pre-provision returns were 2.15% for 4Q and 1.97% for the year. Year-over-year metrics continue to perform at levels with ROAA at 1.35%, TBV increase over the year of 6.6%, ROATCE of 16% and efficiency ratio at 48%. The quarter did have a few items of note, which Terry will give you additional detail on momentarily.