Veritex Holdings, Inc. (NASDAQ:VBTX) Q3 2022 Results Conference Call October 26, 2022 9:30 AM ET

Company Participants

Susan Caudle - Investor Relations Officer and Secretary to the Board

Malcolm Holland - Chairman and CEO

Terry Earley - Senior EVP and CFO

Conference Call Participants

Brady Gailey - KBW

Gary Tenner - D.A. Davidson

Brad Milsaps - Piper Sandler

Michael Rose - Raymond James

Matt Olney - Stephens

Operator

Good day, and welcome to the Veritex Holdings Third Quarter '22 Earnings Conference Call and Webcast. [Operator Instructions] Please note this event will be recorded.

I would now like to 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; and Terry Earley, our Chief Financial Officer; and Clay Riebe, our Chief Credit Officer.

I will now turn the call over to Malcolm.

Malcolm Holland

Good morning, everyone, and welcome to our third quarter earnings call. Veritex continues to operate at a very high and efficient level producing record dollar earnings, continued growth and improved credit metrics. Slide 5 gives you a summary of our third quarter results, which are candidly the best in our company's history.

Starting with earnings. We reported $43.6 million in net income or $0.80 per share up from $0.55 per share in Q2. Our pretax pre-provision income continues to climb, up to $63 million or 2.2% on average assets. This metric continues to show the earnings power of Veritex. Terry will give you additional color on the components of our income, much of which is solid, sustainable profit.