Parent Company Only Financial Statements

12 Months Ended

Dec. 31, 2015

Parent Company Only Financial Statements

Parent Company Only Financial Statements

26. Parent Company Only Financial Statements

The following balance sheets, statements of income and statements of cash flows for Veritex Holdings, Inc. should be read in conjunction with the consolidated financial statements and the notes thereto.

Balance Sheets

	December 31,
	2015		2014
Assets
Cash and cash equivalents	$	14,512	$	27,399
Investment in subsidiaries		125,435		93,897
Other assets		332		232
Total assets	$	140,279	$	121,528
Liabilities and Stockholders’ Equity
Other liabilities	$	157	$	142
Other borrowings		8,076		8,074
Total liabilities		8,233		8,216
Stockholders’ equity
Preferred stock		—		8,000
Common stock		107		95
Additional paid-in capital		115,721		97,469
Retained earnings		16,739		8,047
Unallocated employee stock ownership plan shares		(309)		(401)
Accumulated other comprehensive income		(142)		172
Treasury stock		(70)		(70)
Total stockholders’ equity		132,046		113,312
Total liabilities and stockholders’ equity	$	140,279	$	121,528

Statements of Income

	Year Ended December 31,
	2015		2014
Interest income:
Other	$	2	$	2
Interest expense:
Interest on borrowings		376		379
Net interest expense		(374)		(377)
Noninterest expense:
Salaries and employee benefits		161		162
Professional fees		799		212
Other		2		17
Total noninterest expense		962		391
Loss before income tax benefit and equity in undistributed
Income of subsidiaries		(1,336)		(768)
Income tax benefit		(454)		(256)
Income before equity in undistributed income of subsidiaries		(882)		(512)
Equity in undistributed income of subsidiaries		9,672		5,717
Net income	$	8,790	$	5,205

Statements of Cash Flows

	Year Ended December 31,
	2015		2014
Cash flows from operating activities:
Net income	$	8,790	$	5,205
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Amortization of debt costs		2		2
Equity in undistributed net income of Bank		(9,672)		(5,717)
Decrease in other assets		9		68
Decrease in other liabilities		(144)		(444)
Net cash used in operating activities		(1,015)		(886)
Cash flows from investing activities:
Net cash paid in acquisition		(3,841)		—
Capital investment in subsidiaries		—		(15,000)
Net cash used in investing activities		(3,841)		(15,000)
Cash flows from financing activities:
Sale of common stock in initial public offering, net of offering cost of $4,574		—		35,791
Proceeds from issuance of common stock, net		—		5,438
Proceeds from exercise of employee stock options		210		—
Redemption of SBLF preferred stock series C		(8,000)		—
Proceeds from payments on ESOP loan		109		118
Offering costs paid in connection with acquisition		(252)		—
Dividends paid on preferred stock		(98)		(80)
Net cash provided by financing activities		(8,031)		41,267
Net increase in cash and cash equivalents		(12,887)		25,381
Cash and cash equivalents at beginning of year		27,399		2,018
Cash and cash equivalents at end of year	$	14,512	$	27,399