Veritex Holdings (VBTX) stock is rising in premarket today. Here is the reason why?

Veritex Holdings (VBTX) has seen an increase of 13.92% in premarket after announcing a Stock Buyback Program Expansion and Increase. However, the last trading session closed at $35.07 with an incline of 0.06%.

VBTX announces a Stock Buyback Program Expansion and Increase

VBTX authorized an expansion and extension of the Company’s stock buyback program on 15th September 2021. It is done under which the Company may buy back shares of its outstanding common stock from time to time. The Board raised the Shares Buyback Program’s authorization to acquire up to $175.0 million. The Board also approved an extension of the Stock Buyback Program’s expiry date from December 31, 2021, to December 31, 2022.

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The Stock Buyback Program has repurchased approximately $163.8 million with 222,851 shares repurchased during the third quarter of 2021.

Second-quarter 2021 Operating Results

VBTX reported second-quarter 2021 operating results on 27th July 2021. The net income of the company came out to be $29.5 million in net income. Operating earnings were almost $30.0 million and total loans held for investment (LHI), and excluding mortgage, warehouse increased by $308.6 million from the first quarter of 2021.

As of June 30, 2021, total noninterest-bearing deposits had increased by $216.3 million from the first quarter of 2021, accounting for 34.2 percent of total deposits. VBTX also declared a quarterly cash dividend of $0.20 per share of outstanding common stock, up 17.6% from the first quarter of 2021, and payable on August 19, 2021.

Investment in Thrive Mortgage

VBTX reported on 19th July 2021 that the Bank has completed a $53.9 million cash transaction to purchase a 49 percent stake in Thrive Mortgage, LLC. The Company received the opportunity to appoint a member to Thrive’s board of directors as part of the investment.

Thrive is a family-owned company managed by Roy Jones, Chairman, and Chief Executive Officer. It has a seasoned management team with an average tenure of more than 10 years with Thrive.

Thrive is the first firm in Texas to close a totally electronic note with a remote notary. Also, it is an industry pioneer in changing the home finance process into a customer-focused digital experience. Texas, Ohio, Colorado, Kentucky etc are just a few of the markets that Thrive serves.

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