MIL-OSI USA: Acting Chairman Caroline D. Pham Statement on Crypto Week and Digital Asset Legislation

Source: US Commodity Futures Trading Commission

WASHIGNTON, D.C. – Commodity Futures Trading Commission Acting Chairman Caroline D. Pham today praised the passage of digital asset legislation by the House of Representatives.
“This week marks a significant milestone in the Trump Administration’s commitment to embrace the promise of digital assets and make America the crypto capital of the world. The GENIUS Act, which is now headed to the President’s desk, will open a new chapter in financial services. The House also took an important step forward in advancing the CLARITY Act, a long-awaited framework for the regulation of digital asset markets.
“Under President Trump’s strong leadership and clear vision, Crypto Week is the beginning of America’s golden age of digital asset innovation. The CFTC stands ready to fulfill our mission and oversee our markets that enable U.S. economic growth and competitiveness. The future is bright.
“Congratulations to House Agriculture Committee Chairman GT Thompson and Senate Agriculture Committee Chairman John Boozman, as well as Senate Banking Committee Chairman Tim Scott, House Financial Services Committee Chairman French Hill, Senators Bill Hagerty and Cynthia Lummis, Representatives Bryan Steil and Dusty Johnson, and Speaker Mike Johnson, Majority Leader Steve Scalise, Majority Whip Tom Emmer, Majority Leader John Thune, their staffs and all who played a role in making this week possible.”

MIL OSI USA News –

July 19, 2025

MIL-OSI United Nations: Behind bars, not beyond rights: UN Peacekeeping & the Nelson Mandela Rules

Source: United Nations – Peacekeeping

Written by Maya Kelly, a Strategic Communications Consultant and Social Media Coordinator for the UN Department of Peace Operations. She has a background in media, communications, technoculture, and education policy

Human rights belong to everyone – including prisoners. 

Nelson Mandela once said, “A nation should not be judged by how it treats its highest citizens, but rather its lowest ones.” Imprisoned for 27 years under apartheid, the late president of South Africa saw firsthand the injustices faced behind bars. He spent his life advocating for the fair and human treatment of all people, including prisoners.

His fight continues today. Around the world, prisons hold individuals convicted of violent or non-violent offences, political prisoners, juveniles, and pre-trial detainees held for months or years without any conviction – and who accounted for nearly a third of the world’s 11.5 million prison population as of 2022.

In many places, these prisoners’ rights are still not upheld. Many are subjected to violence. Many are denied humane treatment, clean water, adequate food, proper sanitation, healthcare, and legal protections. Overincarceration, overcrowding, underfunding, poor conditions and the serious neglect of prison services threaten the lives of prisoners, the safety of communities, and the global community’s efforts to advance human rights, sustainable development, and peace.

The Nelson Mandela Rules, adopted by the UN General Assembly 10 years ago, seek to change this by establishing minimum standards for the treatment of prisoners. In the countries where we operate, UN peacekeeping helps host governments put these rules into practice in countries like South Sudan, the Central African Republic, and Kosovo*. Our efforts protect the rights of detainees, improve the safety and security of communities, and help advance sustainable peace in regions affected by conflict.

[embedded content]

What are the Nelson Mandela Rules?

The UN first adopted rules for the treatment of prisoners in 1955. They were not updated again until 2015, when after five years of revisions, the UN General Assembly unanimously adopted the revised United Nations Standard Minimum Rules for the Treatment of Prisoners – known today as the Nelson Mandela Rules. 

The new resolution was named to honour the legacy of Mandela’s lifelong struggle for global human rights, equality, democracy, and the promotion of a culture of peace.

The Nelson Mandela Rules are the universally recognized blueprint for effective and humane prison management in the 21st century.

While there are 122 rules in total, they are guided by a set of key principles, which seek to create prison systems that ensure humane treatment for prisoners and help prevent repeat offences:

Humane treatment: Every prisoner is a human being whose rights and dignity must be respected. This includes protection from torture and from cruel, inhuman, or degrading treatment or punishment, and the right to food, water, and medical attention.
Non-discrimination: The rules should be applied equally and without discrimination based on race, gender, language, religion, sexuality or another other status.
Normalisation: Life in prison should be as similar as possible to life in the wider community, with access to resources and regular family contact, to support reintegration and deter repeat offences.
Safety and security: Prisons should provide a safe and secure environment for prisoners, prison staff, service providers and visitors, including protecting prisoners from violence.
Tailored rehabilitation: Rehabilitation opportunities, including education and vocational training, should meet prisoners’ individual needs to prepare them to live a law-abiding and self-supporting life upon release. Rehabilitation reduces the likelihood of repeat offences upon prisoners’ release.

Ensuring prisons meet these standards protects the prisoners and personnel inside and improves the safety of surrounding communities.

Why are the Mandela Rules Important?

When the Nelson Mandela Rules are applied, we’re all better off: the rules improve both prisoner and community safety and security.

Humane, rehabilitative prisons lower reoffending rates upon release, improving public safety. Overcrowding and poor sanitation in prisons accelerates the spread of disease, threatening the health of inmates and the wider community. Improving prison health protects public health. Incarceration disrupts families and communities for generations, while prison alternatives and maintained family contact during incarceration leads to stronger social and community cohesion. Incarceration is not only expensive for governments but has long lasting economic costs for families and communities who lose economic potential.

While the Mandela Rules establish the minimum standards in countries where United Nations peace operations are present, chronic underfunding, overcrowding, and outdated infrastructure severely limit governments’ abilities to meet even the most basic standards of detention. If left unchecked, prisons become breeding grounds for communicable disease, violence, and radicalization with social, economic and political costs that are felt well beyond the prison walls. We, therefore, work together with national authorities and partners to implement and uphold the Mandela Rules in prisons in some of the world’s toughest conflict environments.

How UN Peacekeeping helps countries put the Mandela Rules into practice

UN Peacekeeping deploys Justice and Corrections experts to improve how prisons are run, support programs that help prisoners reintegrate into society, and train national prison staff to strengthen justice for prisoners and wider community members.

We support host governments implement the Nelson Mandela Rules, building safer, fairer prisons that respect human rights, reduce the risk of violence and radicalization, and strengthen public trust in justice institutions. These are key foundations for building lasting peace, security, and stability in conflict and post-conflict settings.

In prisons in South Sudan, climate shocks, regional conflict, stalled imports and overcrowding in prisons mean that prisoners do not have enough to eat. The peacekeeping mission UNMISS is working with the Food and Agriculture Association (FAO) to train inmates in agriculture and let them grow food on “prison farms” to supply the prisons. The results have been transformative: food insecurity has been reduced, and prisoners have gained vocational skills that give them hope for their futures. “This farm helps us produce food, gives us the physical exercise we need, but above all, gives us hope for rebuilding our lives once we finish our sentences,” says Jakor Kuron, an inmate.

MIL OSI United Nations News –

July 19, 2025

MIL-OSI United Nations: Behind bars, not beyond rights: UN Peacekeeping & the Nelson Mandela Rules

Source: United Nations – Peacekeeping

Written by Maya Kelly, a Strategic Communications Consultant and Social Media Coordinator for the UN Department of Peace Operations. She has a background in media, communications, technoculture, and education policy

Human rights belong to everyone – including prisoners. 

Nelson Mandela once said, “A nation should not be judged by how it treats its highest citizens, but rather its lowest ones.” Imprisoned for 27 years under apartheid, the late president of South Africa saw firsthand the injustices faced behind bars. He spent his life advocating for the fair and human treatment of all people, including prisoners.

His fight continues today. Around the world, prisons hold individuals convicted of violent or non-violent offences, political prisoners, juveniles, and pre-trial detainees held for months or years without any conviction – and who accounted for nearly a third of the world’s 11.5 million prison population as of 2022.

In many places, these prisoners’ rights are still not upheld. Many are subjected to violence. Many are denied humane treatment, clean water, adequate food, proper sanitation, healthcare, and legal protections. Overincarceration, overcrowding, underfunding, poor conditions and the serious neglect of prison services threaten the lives of prisoners, the safety of communities, and the global community’s efforts to advance human rights, sustainable development, and peace.

The Nelson Mandela Rules, adopted by the UN General Assembly 10 years ago, seek to change this by establishing minimum standards for the treatment of prisoners. In the countries where we operate, UN peacekeeping helps host governments put these rules into practice in countries like South Sudan, the Central African Republic, and Kosovo*. Our efforts protect the rights of detainees, improve the safety and security of communities, and help advance sustainable peace in regions affected by conflict.

[embedded content]

What are the Nelson Mandela Rules?

The UN first adopted rules for the treatment of prisoners in 1955. They were not updated again until 2015, when after five years of revisions, the UN General Assembly unanimously adopted the revised United Nations Standard Minimum Rules for the Treatment of Prisoners – known today as the Nelson Mandela Rules. 

The new resolution was named to honour the legacy of Mandela’s lifelong struggle for global human rights, equality, democracy, and the promotion of a culture of peace.

The Nelson Mandela Rules are the universally recognized blueprint for effective and humane prison management in the 21st century.

While there are 122 rules in total, they are guided by a set of key principles, which seek to create prison systems that ensure humane treatment for prisoners and help prevent repeat offences:

Humane treatment: Every prisoner is a human being whose rights and dignity must be respected. This includes protection from torture and from cruel, inhuman, or degrading treatment or punishment, and the right to food, water, and medical attention.
Non-discrimination: The rules should be applied equally and without discrimination based on race, gender, language, religion, sexuality or another other status.
Normalisation: Life in prison should be as similar as possible to life in the wider community, with access to resources and regular family contact, to support reintegration and deter repeat offences.
Safety and security: Prisons should provide a safe and secure environment for prisoners, prison staff, service providers and visitors, including protecting prisoners from violence.
Tailored rehabilitation: Rehabilitation opportunities, including education and vocational training, should meet prisoners’ individual needs to prepare them to live a law-abiding and self-supporting life upon release. Rehabilitation reduces the likelihood of repeat offences upon prisoners’ release.

Ensuring prisons meet these standards protects the prisoners and personnel inside and improves the safety of surrounding communities.

Why are the Mandela Rules Important?

When the Nelson Mandela Rules are applied, we’re all better off: the rules improve both prisoner and community safety and security.

Humane, rehabilitative prisons lower reoffending rates upon release, improving public safety. Overcrowding and poor sanitation in prisons accelerates the spread of disease, threatening the health of inmates and the wider community. Improving prison health protects public health. Incarceration disrupts families and communities for generations, while prison alternatives and maintained family contact during incarceration leads to stronger social and community cohesion. Incarceration is not only expensive for governments but has long lasting economic costs for families and communities who lose economic potential.

While the Mandela Rules establish the minimum standards in countries where United Nations peace operations are present, chronic underfunding, overcrowding, and outdated infrastructure severely limit governments’ abilities to meet even the most basic standards of detention. If left unchecked, prisons become breeding grounds for communicable disease, violence, and radicalization with social, economic and political costs that are felt well beyond the prison walls. We, therefore, work together with national authorities and partners to implement and uphold the Mandela Rules in prisons in some of the world’s toughest conflict environments.

How UN Peacekeeping helps countries put the Mandela Rules into practice

UN Peacekeeping deploys Justice and Corrections experts to improve how prisons are run, support programs that help prisoners reintegrate into society, and train national prison staff to strengthen justice for prisoners and wider community members.

We support host governments implement the Nelson Mandela Rules, building safer, fairer prisons that respect human rights, reduce the risk of violence and radicalization, and strengthen public trust in justice institutions. These are key foundations for building lasting peace, security, and stability in conflict and post-conflict settings.

In prisons in South Sudan, climate shocks, regional conflict, stalled imports and overcrowding in prisons mean that prisoners do not have enough to eat. The peacekeeping mission UNMISS is working with the Food and Agriculture Association (FAO) to train inmates in agriculture and let them grow food on “prison farms” to supply the prisons. The results have been transformative: food insecurity has been reduced, and prisoners have gained vocational skills that give them hope for their futures. “This farm helps us produce food, gives us the physical exercise we need, but above all, gives us hope for rebuilding our lives once we finish our sentences,” says Jakor Kuron, an inmate.

MIL OSI United Nations News –

July 19, 2025

MIL-OSI Submissions: Bluetongue outbreak endangers UK livestock – what you need to know about the virus

Source: The Conversation – UK – By Cate Williams, Knowledge Exchange Fellow at Institute of Biological, Environmental and Rural Sciences, Aberystwyth University

Bluetongue causes illness and death in cattle, sheep, goats and other ruminants. Juice Flair/Shutterstock

A tiny midge, no bigger than a pinhead, is bringing UK farming to its knees. The culprit? A strain of the bluetongue virus that’s never been seen before.

As of July 1, the whole of England has been classed as an “infected area” due to bluetongue virus serotype 3 (BTV-3).

There are movement restrictions and testing in place in Scotland, Wales and the island of Ireland. No animals from England – or that have passed through England – are allowed to attend this year’s Royal Welsh Show on July 21-24, for example.

Get your news from actual experts, straight to your inbox. Sign up to our daily newsletter to receive all The Conversation UK’s latest coverage of news and research, from politics and business to the arts and sciences.

The virus, which causes illness and death in sheep, cattle, goats and other ruminants, is spread by biting midges. Although it poses no risk to humans and can’t be transmitted from one animal to another, the latest outbreak is more severe than previous ones. And it could cause lasting damage to UK farming.

Bluetongue isn’t new to the UK, however. A different strain, BTV-8 was detected in 2007 and contained. But BTV-3 is a different story. First detected in the Netherlands in late 2023, it was quickly spotted in the UK, where an early containment effort initially appeared successful.

But the virus made a comeback in autumn 2024 – and this time it spread. On its second attempt, the virus was able to circulate and caused an outbreak. With little existing immunity, BTV-3 has now established itself, prompting concerns about animal welfare, food production and farming livelihoods.

What does the disease do?

Sheep tend to be the most severely affected, though all ruminants are at risk. Clinical signs are species-specific but can include swelling of the face, congestion, nasal discharge, ulcers in the mouth and nose, difficulty breathing and abortion or birth deformities.

Bluetongue can cause the animal’s tongue to swell. It can also turn blue from lack of blood flow – although this is somewhat rare.

Bluetongue disease causes suffering in animals, and while there is a vaccine, there is no treatment for the disease once it’s contracted.

BTV-3 appears to be more lethal than earlier strains. In the Netherlands, vets report that BTV-3 is causing more severe symptoms than BTV-8 did.

Vets in England reported that in some herds 25-40% of cows failed to get pregnant, and there was a high rate of birth defects and stillborn calves. One farm in Suffolk started the calving season with 25% of their cows not pregnant and ended with just 48 calves from 97 cows.

Belgium has seen a fall in calf births, reduced milk deliveries and higher mortality in small ruminants compared to the previous three years.

How is it spread?

Bluetongue virus is transmitted by midges from the Culicoides genus. These are tiny, biting insects that thrive in mild, wet conditions.

Multiple midges can bite the same animal, and it only takes one of them to carry BTV before that animal becomes a host for further transmission. When animals are transported long distances, infected individuals can be bitten again and introduce the virus to previously uninfected midge populations.

Climate change is making outbreaks like this more likely. Milder winters and cooler, wetter summers are ideal for midges, increasing both their numbers and their biting activity.

While there’s no danger to human health, the consequences of BTV-3 are far-reaching. Limitations on movement, exports and imports are being imposed to help prevent the spread of the disease, but this could also hamper farming practices and trade.

The disease and its associated restrictions pose another source of stress for farmers, 95% of whom have ranked mental health as the biggest hidden problem in farming.

Genetic pick and mix

One of the reasons bluetongue is so tricky to manage is its ability to evolve. It has a segmented genome, meaning its genetic material, in this case RNA, is split into ten segments. This characteristic is exclusive to “reassortment viruses” and means that they can easily exchange segments of RNA. It’s like a genetic pick and mix with ten different types of sweets that come in an unlimited number of flavours.

This allows BTV to create new, genetically distinct “serotypes”, which may have a selective advantage or a disadvantage. Those with an advantage will emerge and spread successfully, while those with a disadvantage will not emerge at all. This process, known as “reassortment”, is partly responsible for the numerous influenza pandemics throughout history and has even allowed diseases to jump the species barrier.

Although bluetongue doesn’t affect humans directly, its spread poses a growing threat to the UK’s livestock sector and food supply. It’s important to learn from other countries that are further along in the BTV-3 outbreak so that the likely effects can be anticipated in the UK.

Cate Williams does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

– ref. Bluetongue outbreak endangers UK livestock – what you need to know about the virus – https://theconversation.com/bluetongue-outbreak-endangers-uk-livestock-what-you-need-to-know-about-the-virus-260229

MIL OSI –

July 19, 2025

MIL-OSI: F&M Bank Announces Board Leadership Transition: Andrew Briggs to Step Down as Chairman, Kevin J. Sauder Named Successor

Source: GlobeNewswire (MIL-OSI)

ARCHBOLD, Ohio, July 18, 2025 (GLOBE NEWSWIRE) — F&M Bank (“F&M”), an Archbold, Ohio-based bank owned by Farmers & Merchants Bancorp, Inc. (Nasdaq: FMAO), announced that Andrew Briggs, Chairman of the Board, will step down from his position as part of a plan he initiated. Briggs, who has served on the Board for seven years and as Chairman since 2024, will continue serving as a director through his retirement from the Board in 2026 and will work closely with newly appointed Chairman, Kevin J. Sauder, to ensure a seamless transition.

Sauder, who currently serves as Vice Chairman of the Board and is Retired President & CEO of Sauder Woodworking Co., has been named Chairman of the Board, effective today. A member of F&M’s Board since 2004, Sauder brings extensive leadership experience, deep community ties, and a strong commitment to the mission and values of F&M Bank. He and Briggs will work together over the coming year to support board continuity and strategic momentum.

“Andrew’s guidance has been instrumental in helping F&M expand our footprint and deepen our community relationships,” said Lars B. Eller, President and CEO of F&M Bank. “He has been a passionate advocate for our employees, customers, and shareholders. His dedication to ensuring a smooth and collaborative transition is a reflection of his deep commitment to F&M’s future.”

Eller added, “Kevin is a thoughtful, strategic leader who understands the importance of relationship banking in the communities we serve. His business acumen, integrity, and vision make him an ideal successor. I look forward to working with Kevin in his new role as Chairman as we continue building on the strong foundation Andrew helped establish.”

Throughout his tenure, Briggs has played a vital role in advancing F&M’s strategic vision, supporting its community banking mission, and strengthening its governance. His leadership has positioned the bank for continued growth and sustained value for all stakeholders.

About F&M Bank:
F&M Bank is a local independent community bank that has been serving its communities since 1897. F&M Bank provides commercial banking, retail banking and other financial services. Our locations are in Butler, Champaign, Fulton, Defiance, Hancock, Henry, Lucas, Shelby, Williams, and Wood counties in Ohio. In Northeast Indiana, we have offices located in Adams, Allen, DeKalb, Jay, Steuben and Wells counties. The Michigan footprint includes Oakland County, and we have Loan Production Offices in Troy, Michigan; Muncie, Indiana; and Perrysburg and Bryan, Ohio.

Safe harbor statement
Private Securities Litigation Reform Act of 1995. Statements by F&M, including management’s expectations and comments, may not be based on historical facts and are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21B of the Securities Exchange Act of 1934, as amended. Actual results could vary materially depending on risks and uncertainties inherent in general and local banking conditions, competitive factors specific to markets in which F&M and its subsidiaries operate, future interest rate levels, legislative and regulatory decisions, capital market conditions, or the effects of the COVID-19 pandemic, and its impacts on our credit quality and business operations, as well as its impact on general economic and financial market conditions. F&M assumes no responsibility to update this information. For more details, please refer to F&M’s SEC filing, including its most recent Annual Report on Form 10-K and quarterly reports on Form 10-Q. Such filings can be viewed at the SEC’s website, www.sec.gov or through F&M’s website www.fm.bank.

Company Contact:	Investor and Media Contact:
Lars B. Eller President and Chief Executive Officer Farmers & Merchants Bancorp, Inc. (419) 446-2501 leller@fm.bank	Andrew M. Berger Managing Director SM Berger & Company, Inc. (216) 464-6400 andrew@smberger.com

The MIL Network –

July 19, 2025

MIL-OSI Africa: Food and Agriculture Organization (FAO) strengthens the resilience of farming and pastoral communities through mechanical restoration of degraded land

Source: APO

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In Niger, farmers and herders lose nearly 100,000 hectares of land every year due to degradation. This situation reduces available space for productive activities and undermines their hopes of achieving food and nutrition sovereignty. Ongoing land degradation is a major contributor to the country’s recurring cereal and fodder shortages, exposing farming and pastoral households to repeated food crises.

The Food and Agriculture Organization of the United Nations (FAO) is supporting Niger in its efforts to build more efficient, inclusive, resilient and sustainable agrifood systems to improve production, nutrition, the environment, and livelihoods, leaving no one behind. Through the Action Against Desertification programme, FAO is working to restore degraded land for agricultural and pastoral use in support of the Great Green Wall (GGW) initiative. This support focuses on land restoration activities, reseeding, plant care, establishing community management committees, training members in association life, management and marketing, benefit-sharing from restored sites, and networking.

In total, FAO has helped restore and utilize over 20,000 hectares of land across 55 sites in the regions of Tillabéri, Dosso, and Tahoua. The mechanical land preparation is carried out using a Delfino plough, which can cover more than 15 hectares per day. The machine carves half-moon shapes that enhance rainwater infiltration and retention, up to 1,000 litres per basin, giving trees, shrubs, and forage the best chance of growing and surviving in the early months after planting.

The Delfino tractor-plough unit has become a central tool in the collaboration between FAO and the National Agency of the Great Green Wall (NAGGW), enabling large areas to be treated and significantly reducing the need for manual labour.

Half-moons are better than those we dig by hand

At the Awanchalla site in Bagaroua, Tahoua region, communities expressed their amazement at the Delfino plough, which restored 100 hectares in a very short time in an area where labour has become increasingly scarce. “Our dream has come true, to see this land recovered by the machine. We had abandoned it for decades because it was unfit for farming or livestock. The work of the Delfino is impressive, fast, and saves us time. The half-moons it creates are better than those we dig by hand,” said Bizo Abarchi, a community member and representative of the village chief.

For fellow community member Issa Matto, the restored site offers new opportunities: “Now that the land is recovered, I no longer need to migrate. I can stay in the village. With FAO’s support, we’ll grow forage for sale, a highly profitable activity in our pastoral zone. We’ll also receive plant seedlings based on our selections, tend to them, and eventually sell the fruits. These activities expand our farming space and give me hope that my life will improve,” he said.

To ensure the site is well-managed and sustainable, “we’re determined to give our best,” said Abdoul Moumouni Djimraou, another local. “We’ve already set up a management committee. We’ve thought through the mechanisms for successful land use, marketing, benefit-sharing, working with local authorities, and managing potential conflicts between users and surrounding communities.”

Partners with the European Union

By promoting the mechanical use of the Delfino plough to restore degraded land at scale, thanks to the European Union funded project “Knowledge for Action in Implementing the Great Green Wall” (K4GGWA), FAO, together with the EU, national authorities and local communities, is helping to create the conditions for advancing the Great Green Wall in Niger and strengthening the resilience of farming and pastoral communities.

Distributed by APO Group on behalf of Food and Agriculture Organization of the United Nations (FAO): Regional Office for Africa.

MIL OSI Africa –

July 19, 2025

MIL-OSI Africa: South Africa: Deputy President Mashatile concludes Working Visit to China

Source: APO

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Deputy President Shipokosa Paulus Mashatile has today, Friday, 18 July 2025, concluded a successful Working Visit to the People’s Republic of China, aimed at strengthening bilateral relations and economic cooperation between South Africa and China.

At the invitation of the Chairman of China Council for the Promotion of International Trade (CCPIT), Mr Ren Hongbin, the Deputy President participated in the third China International Supply Chain Expo (CISCE), taking place from 16 – 20 July 2025 in Beijing, China.

CISCE is the world’s first national-level expo dedicated to global supply chains, hosted under the auspices of the Chinese central government and organised by the CCPIT.

The Deputy President used South Africa’s participation at CISCE as a strategic opportunity to advance the South-Africa China All-Round Strategic Cooperative Partnership in the New Era. This also reinforced South Africa’s role as a key gateway to Sub-Saharan Africa for trade, investment and industrial cooperation.

During the Expo, the Deputy President officially launched the South African National Pavilion. The Pavilion showcased over 30 South African entities from a variety of sectors including Agro-Processing, Electronics, Chemicals, Leather, Footwear and Textiles, Cosmetics, Mining Services, and the creative industries.

The opening of the 2025 South African National Pavilion is a focused response to resolutions made at the FOCAC in Beijing in 2024. This is significant in that it demonstrates how South Africa is an important trade partner to China.

During the Working Visit, the Deputy President held a bilateral meeting with Vice President Han Zheng of the People’s Republic of China.

Vice President Zheng expressed confidence in the South African Government and emphasised the importance of strengthening existing cooperation. He further reiterated China’s support for South Africa’s Presidency of the G20.

The Deputy President expressed appreciation for China’s longstanding partnership and extended an invitation to Vice President Zheng to visit South Africa to co-chair the 9th South Africa-China Bi-National Commission at a mutually agreeable date early in 2026.

Deputy President Mashatile also met with Mr Ren Hongbin, Chairman of the China Council for the Promotion of International Trade (CCPIT), where he emphasised the significance of the Expo in South Africa’s efforts to advance the promotion of trade, investment cooperation, the growth of innovation, and the encouragement of learning and interchange.

In an effort to strengthen bilateral economic relations and explore strategic investment opportunities across key sectors, the Deputy President had the opportunity to experience some of the fascinating work being done by companies such as SINOMA international engineering company, the China State Construction Engineering Corporation (CSCEC) and the Beijing Automotive International Corporation (BAIC).

Furthermore, the Deputy President’s engagement with the ICBC & Standard Bank and the South-Africa China Business Forum demonstrated the commitment to strengthening Africa-China Relations.

Deputy President Mashatile was accompanied by the Deputy Minister of International Relations and Cooperation, Ms Thandi Moraka; the Minister of Small Business Development, Ms Stella Ndabeni-Abrahams; Minister of Tourism, Ms Patricia de Lille; Minister of Trade, Industry and Competition, Mr Parks Tau; Minister of Water and Sanitation, Ms Pemmy Majodina; and Minister of Agriculture, Mr John Steenhuisen.

Distributed by APO Group on behalf of The Presidency of the Republic of South Africa.

MIL OSI Africa –

July 19, 2025

MIL-OSI: Veritex Holdings, Inc. Reports Second Quarter 2025 Operating Results and Declares Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

DALLAS, July 18, 2025 (GLOBE NEWSWIRE) — Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the quarter ended June 30, 2025.

The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.22 per share of common stock. The dividend will be payable on August 21, 2025 to shareholders of record as of the close of business on August 7, 2025.

	Quarter to Date
*Financial Highlights*	Q2 2025			Q1 2025			Q2 2024
	(Dollars in thousands, except per share data) (unaudited)
GAAP
Net income	$	30,906		$	29,070		$	27,202
Diluted EPS		0.56			0.53			0.50
Book value per common share		30.39			30.08			28.49
Return on average assets¹		1.00	%		0.94	%		0.87	%
Return on average equity¹		7.56			7.27			7.10
Net interest margin		3.33			3.31			3.29
Efficiency ratio		61.15			60.91			59.11
Non-GAAP²
Operating earnings	$	30,906		$	29,707		$	28,310
Diluted operating EPS		0.56			0.54			0.52
Tangible book value per common share		22.68			22.33			20.62
Pre-tax, pre-provision operating earnings		42,672			43,413			44,420
Pre-tax, pre-provision operating return on average assets¹		1.38	%		1.41	%		1.42	%
Pre-tax, pre-provision operating return on average loans¹		1.82			1.89			1.83
Operating return on average assets¹		1.00			0.96			0.91
Return on average tangible common equity¹		10.79			10.49			10.54
Operating return on average tangible common equity¹		10.79			10.70			10.94
Operating efficiency ratio		61.15			60.62			58.41

^{1 Annualized ratio.}
^{2 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“GAAP”) financial measures to their most directly comparable GAAP measures.}

Other Second Quarter Credit, Capital and Company Highlights

Credit quality remained strong with a nonperforming assets (“NPAs”) to total assets ratio of 0.60% and annualized net charge-offs of 0.05% for the quarter and 0.11% year-to-date;
Allowance for Credit Losses (“ACL”) to total loans held-for-investment ratio (excluding mortgage warehouse (“MW”)) remained relatively unchanged at 1.28%;
Capital remains strong with common equity Tier 1 capital ratio of 11.05% as of June 30, 2025;
Book value per share increased $0.31 to $30.39 and tangible book value per share increased $0.35 to $22.68;
We repurchased 286,291 and 663,637 shares of Company stock for $7.1 million and $16.6 million during the second quarter and year-to-date, respectively; and
On July 14, 2025, we announced entry into a definitive agreement to merge with Huntington Bancshares Incorporated (“Huntington”), which is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions.

Results of Operations for the Three Months Ended June 30, 2025

Net Interest Income

For the three months ended June 30, 2025, net interest income before provision for credit losses was $96.3 million and net interest margin (“NIM”) was 3.33% compared to $95.4 million and 3.31%, respectively, for the three months ended March 31, 2025. The $894 thousand increase, or 0.9%, in net interest income before provision for credit losses was primarily due to a $2.8 million increase in interest income on loans, a $1.7 million decrease in interest expense on certificates and other time deposits and a $768 thousand decrease in subordinated debentures and subordinated notes, partially offset by a $2.9 million increase in interest expense on transaction and savings deposits and a $1.2 million decrease in interest income on deposits in financial institutions and fed funds sold for the three months ended June 30, 2025, compared to the three months ended March 31, 2025. The NIM increased two basis points (bps) compared to the three months ended March 31, 2025, primarily due to the decreased funding costs on certificates and other time deposits and subordinated debt due to the redemption of $75.0 million in subordinated debt during the three months ended March 31, 2025 as well as a mix shift from lower yielding to higher yielding assets for the three months ended June 30, 2025. The increase was largely offset by higher deposits funding costs primarily driven by the expiration of favorable hedges on money market deposit accounts at the end of the first quarter 2025.

Compared to the three months ended June 30, 2024, net interest income before provision for credit losses for the three months ended June 30, 2025 was relatively unchanged. Net interest income benefited from decreases in interest expense of $16.3 million on certificates and other time deposits, $1.4 million on advances from the Federal Home Loan Bank (“FHLB”) and $1.1 million on subordinated debentures and subordinated notes, as well as an increase of $1.5 million in interest income on debt securities. These changes were substantially offset by a decrease of $17.6 million in interest income on loans and a $2.5 million increase in interest expense on interest-bearing demand and savings deposits. The NIM increased four bps from 3.29% for the three months ended June 30, 2024 to 3.33% for the three months ended June 30, 2025. The increase was primarily due to decreased funding costs on deposits, advances and subordinated debt resulting from interest rate cuts for the year over year period, partially offset by the related declines in rates earned on interest-earnings assets, primarily loans.

Noninterest Income

Noninterest income for the three months ended June 30, 2025 was $13.5 million, a decrease of $790 thousand, or 5.5%, compared to the three months ended March 31, 2025. The change was primarily due to a $1.6 million decrease in government guaranteed loan income, partially offset by an $850 thousand increase in customer swap income during the period.

Compared to the three months ended June 30, 2024, noninterest income for the three months ended June 30, 2025 increased by $2.9 million, or 27.6%. The increase was primarily due to a $1.2 million increase in customer swap income, a $728 thousand increase in service charges and fees on deposit accounts, a $528 thousand increase in loan fees and a $368 thousand increase in government guaranteed loan income for the year over year period.

Noninterest Expense

Noninterest expense was $67.2 million for the three months ended June 30, 2025, compared to $66.8 million for the three months ended March 31, 2025, an increase of $328 thousand, or 0.5%. The increase was primarily due to a $920 thousand increase in other noninterest expense, a $627 thousand increase in professional and regulatory fees and a $580 thousand increase in marketing expenses compared to the three months ended March 31, 2025. The increase was largely offset by a $1.7 million decrease in salaries and employee benefits primarily due to $733 thousand in lower payroll taxes, which are historically higher in the first quarter, as well as decreases of $678 thousand in bonus expense, $370 thousand in employee insurance expense and $340 thousand in stock grant expenses, offset partially by a $1.0 million increase in salaries expense. In addition, deferred loan origination costs, which reduce salaries expense, were $399 thousand higher for the three months ended June 30, 2025.

Compared to the three months ended June 30, 2024, noninterest expense for the three months ended June 30, 2025 increased by $4.0 million, or 6.4%. The increase was primarily due to a $2.2 million increase in salaries and employee benefits driven by a $4.7 million increase in salaries expense and incentives accruals and a $521 thousand increase in payroll taxes, offset by decreases of $1.1 million in stock grant expense and $661 thousand in severance expense, as well as $1.6 million higher deferred loan origination costs, which reduces salaries and employee benefit expense. Additionally, there was a $1.1 million increase in other noninterest expense, driven primarily by higher OREO expenses, and a $636 thousand increase in marketing expenses during the three months ended June 30, 2025, compared to the same period in the prior year.

Income Tax

Income tax expense for the three months ended June 30, 2025 totaled $8.5 million, which is consistent with the amount recorded for the three months ended March 31, 2025. The Company’s effective tax rate was approximately 21.6% for the three months ended June 30, 2025 compared to 22.7% for the three months ended March 31, 2025.

Compared to the three months ended June 30, 2024, income tax expense increased by $295 thousand, or 3.6%, compared to the three months ended June 30, 2025. The Company’s effective tax rate was approximately 23.2% for the three months ended June 30, 2024.

Financial Condition

Total loans held for investment (“LHI”), excluding MW was $8.78 billion at June 30, 2025, a decrease of $44.7 million compared to March 31, 2025.

Total deposits were $10.42 billion at June 30, 2025, a decrease of $247.2 million compared to March 31, 2025. The decrease was primarily the result of decreases of $185.4 million in noninterest bearing deposits and $171.4 million in interest-bearing transaction and savings deposits, partially offset by an increase of $113.5 million in certificates and other time deposits.

Credit Quality

NPAs totaled $75.2 million, or 0.60% of total assets, of which $66.0 million represented LHI and $9.2 million represented OREO at June 30, 2025, compared to $96.9 million, or 0.77% of total assets, at March 31, 2025. The Company had net charge-offs of $1.3 million for the three months ended June 30, 2025. Annualized net charge-offs to average loans outstanding were five bps for the three months ended June 30, 2025, compared to 17 bps and 28 bps for the three months ended March 31, 2025 and June 30, 2024, respectively.

ACL as a percentage of LHI was 1.19% at both June 30, 2025 and March 31, 2025 and 1.16% at June 30, 2024. ACL as a percentage of LHI (excluding MW) was 1.28% at June 30, 2025, 1.27% at March 31, 2025 and 1.23% at June 30, 2024. The Company recorded a provision for credit losses on loans of $1.8 million, $4.0 million and $8.3 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. The provision for credit losses for the three months ended June 30, 2025 was primarily attributable to changes in economic factors for the period. The balance for unfunded commitments increased to $8.9 million as of June 30, 2025, compared to $7.4 million at March 31, 2025, and we recorded a $1.5 million provision for unfunded commitments for the three months ended June 30, 2025, compared to a $1.3 million provision for unfunded commitments for the three months ended March 31, 2025 and no provision recorded for unfunded commitments for the three months ended June 30, 2024. The increase in the allowance for unfunded commitments was attributable to increases in unfunded balances and changes in economic factors for the period.

Dividend Information

On July 18, 2025, Veritex’s Board of Directors declared a quarterly cash dividend of $0.22 per share on its outstanding shares of common stock. The dividend will be paid on or after August 21, 2025 to stockholders of record as of the close of business on August 7, 2025.

Non-GAAP Financial Measures

Veritex’s management uses certain non-GAAP (U.S. generally accepted accounting principles) financial measures to evaluate its operating performance and provide information that is important to investors. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Veritex’s reported results prepared in accordance with GAAP. Specifically, Veritex reviews and reports tangible book value per common share of the Company; operating earnings; tangible common equity to tangible assets; return on average tangible common equity; pre-tax, pre-provision operating earnings; pre-tax, pre-provision operating return on average assets; pre-tax, pre-provision operating return on average loans; diluted operating earnings per share; operating return on average assets; operating return on average tangible common equity; and operating efficiency ratio. Veritex has included in this earnings release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Reconciliation of Non-GAAP Financial Measures” after the financial highlights at the end of this earnings release for a reconciliation of these non-GAAP financial measures.

About Veritex Holdings, Inc.

Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. 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. For more information, visit www.veritexbank.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Veritex and Huntington, the expected timing of completion of the transaction, and other statements that are not historical facts and are subject to numerous assumptions, risks, and uncertainties that are beyond the control of Veritex and Huntington. Such statements are subject to numerous assumptions, risks, estimates, uncertainties and other important factors that change over time and could cause actual results to differ materially from any results, performance, or events expressed or implied by such forward-looking statements, including as a result of the factors referenced below. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, continue, believe, intend, estimate, plan, trend, objective, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

Veritex and Huntington caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Veritex’s and Huntington’s control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital, foreign exchange and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the SEC, OCC, Federal Reserve, FDIC, CFPB and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Veritex and Huntington; the outcome of any legal proceedings that may be instituted against Veritex and Huntington; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain Veritex shareholder approval or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Veritex and Huntington do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Veritex and Huntington successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Veritex and Huntington. Additional factors that could cause results to differ materially from those described above can be found in Veritex’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the SEC and available on Veritex’s investor relations website, ir.veritexbank.com, under the heading “Financials” and in other documents Veritex files with the SEC, and in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website, http://www.huntington.com, under the heading “Investor Relations” and in other documents Huntington files with the SEC.

All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Veritex nor Huntington assume any obligation to update forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. If Veritex or Huntington update one or more forward-looking statements, no inference should be drawn that Veritex or Huntington will make additional updates with respect to those or other forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars and shares in thousands, except per share data)
Per Share Data (Common Stock):
Basic EPS	$	0.57		$	0.53		$	0.46		$	0.57		$	0.50		$	1.10		$	0.94
Diluted EPS		0.56			0.53			0.45			0.56			0.50			1.09			0.94
Book value per common share		30.39			30.08			29.37			29.53			28.49			30.39			28.49
Tangible book value per common share¹		22.68			22.33			21.61			21.72			20.62			22.68			20.62
Dividends paid per common share outstanding²		0.22			0.22			0.20			0.20			0.20			0.44			0.40

Common Stock Data:
Shares outstanding at period end		54,265			54,297			54,517			54,446			54,350			54,265			54,350
Weighted average basic shares outstanding for the period		54,251			54,486			54,489			54,409			54,457			54,368			54,451
Weighted average diluted shares outstanding for the period		54,766			55,123			55,237			54,932			54,823			54,944			54,832

Summary of Credit Ratios:
ACL to total LHI		1.19	%		1.19	%		1.18	%		1.21	%		1.16	%		1.19	%		1.16	%
NPAs to total assets		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs, excluding nonaccrual purchase credit deteriorated (“PCD”) loans, to total assets³		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs to total loans and OREO		0.79			1.03			0.83			0.70			0.85			0.79			0.85
Net charge-offs to average loans outstanding³		0.05			0.17			0.32			0.01			0.28			0.11			0.25

Summary Performance Ratios:
Return on average assets³		1.00	%		0.94	%		0.78	%		0.96	%		0.87	%		0.97	%		0.83	%
Return on average equity³		7.56			7.27			6.17			7.79			7.10			7.42			6.72
Return on average tangible common equity^{1, 3}		10.79			10.49			9.04			11.33			10.54			10.64			10.03
Efficiency ratio		61.15			60.91			67.04			61.94			59.11			61.03			60.72
Net interest margin		3.33			3.31			3.20			3.30			3.29			3.32			3.27

Selected Performance Metrics – Operating:
Diluted operating EPS¹	$	0.56		$	0.54		$	0.54		$	0.59		$	0.52		$	1.10		$	1.05
Pre-tax, pre-provision operating return on average assets^{1, 3}		1.38	%		1.41	%		1.28	%		1.38	%		1.42	%		1.39	%		1.42	%
Pre-tax, pre-provision operating return on average loans^{1, 3}		1.82			1.89			1.72			1.83			1.83			1.86			1.83
Operating return on average assets^1,3		1.00			0.96			0.93			1.00			0.91			0.98			0.93
Operating return on average tangible common equity^1,3		10.79			10.70			10.69			11.74			10.94			10.75			11.14
Operating efficiency ratio¹		61.15			60.62			62.98			60.63			58.41			60.88			58.57

Veritex Holdings, Inc. Capital Ratios:
Average stockholders’ equity to average total assets		13.19	%		12.96	%		12.58	%		12.31	%		12.26	%		13.07	%		12.34	%
Tangible common equity to tangible assets¹		10.16			9.95			9.54			9.37			9.14			10.16			9.14
Tier 1 capital to average assets (leverage)⁴		10.73			10.55			10.32			10.06			10.06			10.73			10.06
Common equity tier 1 capital⁴		11.05			11.04			11.09			10.86			10.49			11.05			10.49
Tier 1 capital to risk-weighted assets⁴		11.32			11.31			11.36			11.13			10.75			11.32			10.75
Total capital to risk-weighted assets⁴		13.46			13.46			13.96			13.91			13.45			13.46			13.45
Risk-weighted assets⁴	$	11,435,978		$	11,318,220		$	11,247,813		$	11,290,800		$	11,450,997		$	11,435,978		$	11,450,997

^{1 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” after the financial highlights for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.}
^{2 Dividend amount represents dividend paid per common share subsequent to each respective quarter end.}
^{3 Annualized ratio for quarterly metrics.}
^{4 June 30, 2025 ratios and risk-weighted assets are estimated.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands)
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(unaudited)			(unaudited)						(unaudited)			(unaudited)
ASSETS
Cash and due from banks	$	66,696		$	81,088		$	52,486		$	54,165		$	53,462
Interest bearing deposits in other banks		703,869			768,702			802,714			1,046,625			598,375
Cash and cash equivalents		770,565			849,790			855,200			1,100,790			651,837
Debt securities, net		1,418,804			1,463,157			1,478,538			1,423,610			1,349,354
Other investments		73,986			69,452			69,638			71,257			75,885
Loans held for sale (“LHFS”)		69,480			69,236			89,309			48,496			57,046
LHI, MW		669,052			571,775			605,411			630,650			568,047
LHI, excluding MW		8,783,988			8,828,672			8,899,133			9,028,575			9,209,094
Total loans		9,522,520			9,469,683			9,593,853			9,707,721			9,834,187
ACL		(112,262	)		(111,773	)		(111,745	)		(117,162	)		(113,431	)
Bank-owned life insurance		86,048			85,424			85,324			84,776			84,233
Bank premises, furniture and equipment, net		116,642			112,801			113,480			114,202			105,222
Other real estate owned (“OREO”)		9,218			24,268			24,737			9,034			24,256
Intangible assets, net of accumulated amortization		25,006			27,974			28,664			32,825			35,817
Goodwill		404,452			404,452			404,452			404,452			404,452
Other assets		212,889			210,863			226,200			211,471			232,518
Total assets	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing deposits	$	2,133,294		$	2,318,645		$	2,191,457		$	2,643,894		$	2,416,727
Interest-bearing transaction and savings deposits		5,009,137			5,180,495			5,061,157			4,204,708			3,979,454
Certificates and other time deposits		2,792,750			2,679,221			2,958,861			3,625,920			3,744,596
Correspondent money market deposits		482,739			486,762			541,117			561,489			584,067
Total deposits		10,417,920			10,665,123			10,752,592			11,036,011			10,724,844
Accounts payable and other liabilities		135,647			151,579			183,944			168,415			180,585
Advances from FHLB		169,000			—			—			—			—
Subordinated debentures and subordinated notes		156,082			155,909			230,736			230,536			230,285
Total liabilities		10,878,649			10,972,611			11,167,272			11,434,962			11,135,714
Stockholders’ equity:
Common stock		617			615			613			613			612
Additional paid-in capital		1,329,803			1,329,626			1,328,748			1,324,929			1,321,995
Retained earnings		545,015			526,044			507,903			493,921			473,801
Accumulated other comprehensive loss		(38,528	)		(42,170	)		(65,076	)		(40,330	)		(76,713	)
Treasury stock		(187,688	)		(180,635	)		(171,119	)		(171,119	)		(171,079	)
Total stockholders’ equity		1,649,219			1,633,480			1,601,069			1,608,014			1,548,616
Total liabilities and stockholders’ equity	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except per share data)
	For the Quarter Ended											For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024			Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
	(unaudited)		(unaudited)		(unaudited)			(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income:
Loans, including fees	$	149,354	$	146,505	$	154,998		$	167,261	$	166,979	$	295,859	$	328,921
Debt securities		16,883		17,106		16,893			15,830		15,408		33,989		29,103
Deposits in financial institutions and Fed Funds sold		8,039		9,244		11,888			12,571		7,722		17,283		15,772
Equity securities and other investments		847		870		940			1,001		1,138		1,717		2,038
Total interest income		175,123		173,725		184,719			196,663		191,247		348,848		375,834
Interest expense:
Transaction and savings deposits		48,080		45,165		44,841			47,208		45,619		93,245		92,403
Certificates and other time deposits		28,539		30,268		40,279			46,230		44,811		58,807		85,303
Advances from FHLB		113		27		130			47		1,468		140		2,859
Subordinated debentures and subordinated notes		2,056		2,824		3,328			3,116		3,113		4,880		6,227
Total interest expense		78,788		78,284		88,578			96,601		95,011		157,072		186,792
Net interest income		96,335		95,441		96,141			100,062		96,236		191,776		189,042
Provision for credit losses		1,750		4,000		2,300			4,000		8,250		5,750		15,750
Provision (benefit) for unfunded commitments		1,500		1,300		(401	)		—		—		2,800		(1,541	)
Net interest income after provisions		93,085		90,141		94,242			96,062		87,986		183,226		174,833
Noninterest income:
Service charges and fees on deposit accounts		5,702		5,611		5,612			5,442		4,974		11,313		9,870
Loan fees		2,735		2,495		2,265			3,278		2,207		5,230		4,717
Loss on sales of debt securities		—		—		(4,397	)		—		—		—		(6,304	)
Government guaranteed loan income, net		1,688		3,301		5,368			780		1,320		4,989		3,934
Customer swap income		1,550		700		509			271		326		2,250		775
Other income		1,824		2,182		699			3,335		1,751		4,006		4,248
Total noninterest income		13,499		14,289		10,056			13,106		10,578		27,788		17,240
Noninterest expense:
Salaries and employee benefits		34,957		36,624		37,446			37,370		32,790		71,581		66,155
Occupancy and equipment		4,511		4,650		4,633			4,789		4,585		9,161		9,262
Professional and regulatory fees		5,558		4,931		5,564			4,903		5,617		10,489		11,670
Data processing and software expense		5,507		5,403		5,741			5,268		5,097		10,910		9,953
Marketing		2,612		2,032		2,896			2,781		1,976		4,644		3,522
Amortization of intangibles		2,438		2,438		2,437			2,438		2,438		4,876		4,876
Telephone and communications		233		330		323			335		365		563		626
Other		11,346		10,426		12,154			12,216		10,273		21,772		19,193
Total noninterest expense		67,162		66,834		71,194			70,100		63,141		133,996		125,257
Income before income tax expense		39,422		37,596		33,104			39,068		35,423		77,018		66,816
Income tax expense		8,516		8,526		8,222			8,067		8,221		17,042		15,458
Net income	$	30,906	$	29,070	$	24,882		$	31,001	$	27,202	$	59,976	$	51,358

Basic EPS	$	0.57	$	0.53	$	0.46		$	0.57	$	0.50	$	1.10	$	0.94
Diluted EPS	$	0.56	$	0.53	$	0.45		$	0.56	$	0.50	$	1.09	$	0.94
Weighted average basic shares outstanding		54,251		54,486		54,489			54,409		54,457		54,368		54,451
Weighted average diluted shares outstanding		54,766		55,123		55,237			54,932		54,823		54,944		54,832

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
	For the Quarter Ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴
	(Dollars in thousands)
Assets
Interest-earning assets:
Loans¹	$	8,875,970		$	141,688	6.40	%	$	8,886,905		$	140,329	6.40	%	$	9,344,482		$	160,323	6.90	%
LHI, MW		523,203			7,666	5.88			426,724			6,176	5.87			420,946			6,656	6.36
Debt securities		1,440,369			16,883	4.70			1,467,220			17,106	4.73			1,352,293			15,408	4.58
Interest-bearing deposits in other banks		707,933			8,039	4.55			827,751			9,244	4.53			560,586			7,722	5.54
Equity securities and other investments		70,779			847	4.80			70,696			870	4.99			78,964			1,138	5.80
Total interest-earning assets		11,618,254			175,123	6.05			11,679,296			173,725	6.03			11,757,271			191,247	6.54
ACL		(112,369	)						(111,563	)						(115,978	)
Noninterest-earning assets		933,328							938,401							937,413
Total assets	$	12,439,213						$	12,506,134						$	12,578,706

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,502,672		$	48,080	3.50	%	$	5,449,091		$	45,165	3.36	%	$	4,570,329		$	45,619	4.01	%
Certificates and other time deposits		2,742,655			28,539	4.17			2,726,309			30,268	4.50			3,591,035			44,811	5.02
Advances from FHLB and Other		9,813			113	4.62			2,333			27	4.69			106,648			1,468	5.54
Subordinated debentures and subordinated notes		155,985			2,056	5.29			191,638			2,824	5.98			230,141			3,113	5.44
Total interest-bearing liabilities		8,411,125			78,788	3.76			8,369,371			78,284	3.79			8,498,153			95,011	4.50

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,244,745							2,345,586							2,346,908
Other liabilities		142,925							170,389							192,036
Total liabilities		10,798,795							10,885,346							11,037,097
Stockholders’ equity		1,640,418							1,620,788							1,541,609
Total liabilities and stockholders’ equity	$	12,439,213						$	12,506,134						$	12,578,706

Net interest rate spread²						2.29	%						2.24	%						2.04	%
Net interest income and margin³				$	96,335	3.33	%				$	95,441	3.31	%				$	96,236	3.29	%

^{1 Includes average outstanding balances of LHFS of $62.2 million, $66.3 million and $58.5 million for the quarters ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively, and average balances of LHI, excluding MW.}
^{2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}
^{4 Yields and rates for the quarter are annualized}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except percentages)
	For the Six Months Ended
	June 30, 2025							June 30, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴
Assets
Interest-earning assets:
Loans¹	$	8,881,407		$	282,017	6.40	%	$	9,314,148		$	317,908	6.86	%
LHI, MW		475,230			13,842	5.87			350,252			11,013	6.32
Debt securities		1,453,721			33,989	4.71			1,323,644			29,103	4.42
Interest-bearing deposits in other banks		767,511			17,283	4.54			572,589			15,772	5.54
Equity securities and other investments		70,738			1,717	4.89			77,616			2,038	5.28
Total interest-earning assets		11,648,607			348,848	6.04			11,638,249			375,834	6.49
ACL		(111,969	)						(114,104	)
Noninterest-earning assets		935,850							933,229
Total assets	$	12,472,488						$	12,457,374

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,476,030		$	93,245	3.43	%	$	4,604,887		$	92,403	4.04	%
Certificates and other time deposits		2,734,527			58,807	4.34			3,437,385			85,303	4.99
Advances from FHLB and Other		6,094			140	4.63			103,819			2,859	5.54
Subordinated debentures and subordinated notes		173,713			4,880	5.67			230,011			6,227	5.44
Total interest-bearing liabilities		8,390,364			157,072	3.78			8,376,102			186,792	4.48

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,294,887							2,351,112
Other liabilities		156,580							192,422
Total liabilities		10,841,831							10,919,636
Stockholders’ equity		1,630,657							1,537,738
Total liabilities and stockholders’ equity	$	12,472,488						$	12,457,374

Net interest rate spread²						2.26	%						2.01	%
Net interest income and margin³				$	191,776	3.32	%				$	189,042	3.27	%

¹^{Includes average outstanding balances of LHFS of $64.2 million and $56.2 million for the six months ended June 30, 2025 and 2024, respectively, and average balances of LHI, excluding MW.}
^{2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}
^{4 Yields and rates for the six month periods are annualized}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
Yield Trend
	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Average yield on interest-earning assets:
Loans¹	6.40	%	6.40	%	6.56	%	6.89	%	6.90	%	6.40	%	6.86	%
LHI, MW	5.88		5.87		5.83		6.75		6.36		5.87		6.32
Total Loans	6.37		6.38		6.53		6.89		6.88		6.38		6.84
Debt securities	4.70		4.73		4.61		4.55		4.58		4.71		4.42
Interest-bearing deposits in other banks	4.55		4.53		4.87		5.41		5.54		4.54		5.54
Equity securities and other investments	4.80		4.99		5.18		5.25		5.80		4.89		5.28
Total interest-earning assets	6.05	%	6.03	%	6.15	%	6.49	%	6.54	%	6.04	%	6.49	%

Average rate on interest-bearing liabilities:
Interest-bearing demand and savings deposits	3.50	%	3.36	%	3.57	%	4.00	%	4.01	%	3.43	%	4.04	%
Certificates and other time deposits	4.17		4.50		4.83		5.00		5.02		4.34		4.99
Advances from FHLB and other	4.62		4.69		4.88		5.73		5.54		4.63		5.54
Subordinated debentures and subordinated notes	5.29		5.98		5.74		5.38		5.44		5.67		5.44
Total interest-bearing liabilities	3.76	%	3.79	%	4.12	%	4.46	%	4.50	%	3.78	%	4.48	%

Net interest rate spread²	2.29	%	2.24	%	2.03	%	2.03	%	2.04	%	2.26	%	2.01	%
Net interest margin³	3.33	%	3.31	%	3.20	%	3.30	%	3.29	%	3.32	%	3.27	%

^{1Includes average outstanding balances of LHFS of $62.2 million, $66.3 million, $46.4 million, $54.3 million and $58.5 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively and $64.2 million and $56.2 million for the six months ended June 30, 2025 and June 30, 2024 respectively, and average balances of LHI, excluding MW.
2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}

Supplemental Yield Trend
	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Average cost of interest-bearing deposits	3.73	%	3.74	%	4.07	%	4.44	%	4.46	%	3.73	%	3.33	%
Average costs of total deposits, including noninterest-bearing	2.93		2.91		3.16		3.42		3.46		2.92		2.48

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
LHI and Deposit Portfolio Composition
	Jun 30, 2025					Mar 31, 2025					Dec 31, 2024					Sep 30, 2024					Jun 30, 2024
	(Dollars in thousands)
LHI¹
Commercial and Industrial (“C&I”)	$	2,692,209		30.6	%	$	2,717,037		30.7	%	$	2,693,538		30.2	%	$	2,728,544		30.2	%	$	2,798,260		30.4	%
Real Estate:
Owner occupied commercial (“OOCRE”)		800,881		9.1			795,808		9.0			780,003		8.8			807,223		8.9			806,285		8.7
Non-owner occupied commercial (“NOOCRE”)		2,311,466		26.3			2,266,526		25.6			2,382,499		26.7			2,338,094		25.9			2,369,848		25.7
Construction and land		1,142,457		13.0			1,214,260		13.7			1,303,711		14.7			1,436,540		15.8			1,536,580		16.7
Farmland		31,589		0.4			31,339		0.4			31,690		0.4			32,254		0.4			30,512		0.3
1-4 family residential		1,086,342		12.3			1,021,293		11.6			957,341		10.7			944,755		10.5			917,402		10.0
Multi-family residential		718,946		8.2			782,412		8.9			750,218		8.4			738,090		8.2			748,740		8.1
Consumer		8,796		0.1			8,597		0.1			9,115		0.1			11,292		0.1			9,245		0.1
Total LHI¹	$	8,792,686		100	%	$	8,837,272		100	%	$	8,908,115		100	%	$	9,036,792		100	%	$	9,216,872		100	%

MW		669,052					571,775					605,411					630,650					568,047

Total LHI¹	$	9,461,738				$	9,409,047				$	9,513,526				$	9,667,442				$	9,784,919

Total LHFS		69,480					69,236					89,309					48,496					57,046

Total loans	$	9,531,218				$	9,478,283				$	9,602,835				$	9,715,938				$	9,841,965

Deposits
Noninterest-bearing	$	2,133,294		20.5	%	$	2,318,645		21.7	%	$	2,191,457		20.4	%	$	2,643,894		24.0	%	$	2,416,727		22.5	%
Interest-bearing transaction		603,861		5.8			863,462		8.1			839,005		7.8			421,059		3.8			523,272		4.9
Money market		3,856,812		37.0			3,730,446		35.0			3,772,964		35.1			3,462,709		31.4			3,268,286		30.5
Savings		548,464		5.3			586,587		5.5			449,188		4.2			320,940		2.9			187,896		1.8
Certificates and other time deposits		2,792,750		26.8			2,679,221		25.1			2,958,861		27.5			3,625,920		32.8			3,744,596		34.9
Correspondent money market accounts		482,739		4.6			486,762		4.6			541,117		5.0			561,489		5.1			584,067		5.4
Total deposits	$	10,417,920		100	%	$	10,665,123		100	%	$	10,752,592		100	%	$	11,036,011		100	%	$	10,724,844		100	%

Total loans to deposits ratio		91.5	%				88.9	%				89.3	%				88.0	%				91.8	%

Total loans to deposit ratio, excluding MW loans and LHFS		84.4	%				82.9	%				82.8	%				81.9	%				85.9	%

¹^{Total LHI does not include deferred fees of $8.7 million, $8.6 million, $9.0 million, $8.2 million and $7.8 million at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
Asset Quality
	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars in thousands)
NPAs:
Nonaccrual loans	$	61,142		$	69,188		$	52,521		$	55,335		$	58,537		$	61,142		$	58,537
Nonaccrual PCD loans¹		196			196			—			70			73			196			73
Accruing loans 90 or more days past due²		4,641			3,249			1,914			2,860			143			4,641			143
Total nonperforming loans held for investment (“NPLs”)		65,979			72,633			54,435			58,265			58,753			65,979			58,753
Other real estate owned (“OREO”)		9,218			24,268			24,737			9,034			24,256			9,218			24,256
Total NPAs	$	75,197		$	96,901		$	79,172		$	67,299		$	83,009		$	75,197		$	83,009

Charge-offs:
1-4 family residential	$	—		$	—		$	—		$	—		$	(31	)	$	—		$	(31	)
Multifamily		—			—			—			—			(198	)		—			(198	)
OOCRE		—			—			—			—			—			—			(120	)
NOOCRE		(215	)		(3,090	)		(5,113	)		—			(1,969	)		(3,305	)		(6,262	)
C&I		(1,571	)		(918	)		(4,586	)		(2,259	)		(5,601	)		(2,489	)		(6,547	)
Consumer		(55	)		(212	)		(420	)		(54	)		(30	)		(267	)		(101	)
Total charge-offs	$	(1,841	)	$	(4,220	)	$	(10,119	)	$	(2,313	)	$	(7,829	)	$	(6,061	)	$	(13,259	)

Recoveries:
1-4 family residential	$	1		$	21		$	2		$	3		$	—		$	22		$	1
OOCRE		186			—			—			—			120			186			120
NOOCRE		—			—			1,323			—			—			—			—
C&I		131			32			1,047			1,962			361			163			457
MW		—			—			—			46			—			—			—
Consumer		262			195			30			33			497			457			546
Total recoveries	$	580		$	248		$	2,402		$	2,044		$	978		$	828		$	1,124

Net charge-offs	$	(1,261	)	$	(3,972	)	$	(7,717	)	$	(269	)	$	(6,851	)	$	(5,233	)	$	(12,135	)

Provision for credit losses	$	1,750		$	4,000		$	2,300		$	4,000		$	8,250		$	5,750		$	15,750

ACL	$	112,262		$	111,773		$	111,745		$	117,162		$	113,431		$	112,262		$	113,431

Asset Quality Ratios:
NPAs to total assets		0.60	%		0.77	%		0.62	%		0.52	%		0.65	%		0.60	%		0.65	%
NPAs, excluding nonaccrual PCD loans, to total assets		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs to total LHI and OREO		0.79			1.03			0.83			0.70			0.85			0.79			0.85
NPLs to total LHI		0.70			0.77			0.57			0.60			0.60			0.70			0.60
NPLs, excluding nonaccrual PCD loans, to total LHI		0.70			0.77			0.57			0.60			0.60			0.70			0.60
ACL to total LHI		1.19			1.19			1.18			1.21			1.16			1.19			1.16
ACL to total LHI, excluding MW		1.28			1.27			1.25			1.30			1.23			1.28			1.23
Net charge-offs to average loans outstanding³		0.05			0.17			0.32			0.01			0.28			0.11			0.25

^{1 Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 Financial Instruments – Credit Losses and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.}
^{2 Accruing loans greater than 90 days past due exclude purchase credit deteriorated loans greater than 90 days past due that are accounted for on a pooled basis.}
^{3 Annualized ratio for quarterly metrics.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP, in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios calculated using exclusively either one or both of (i) financial measures calculated in accordance with GAAP and (ii) operating measures or other measures that are not non-GAAP financial measures.

The non-GAAP financial measures that we present in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we present in this earnings release may differ from that of other companies reporting measures with similar names. You should understand how such other financial institutions calculate their financial measures that appear to be similar or have similar names to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.

Tangible Book Value Per Common Share. Tangible book value is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by number of common shares outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is book value per common share.

We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:

	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(Dollars in thousands, except per share data)
Tangible Common Equity
Total stockholders’ equity	$	1,649,219		$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible common equity	$	1,230,899		$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545
Common shares outstanding		54,265			54,297			54,517			54,446			54,350

Book value per common share	$	30.39		$	30.08		$	29.37		$	29.53		$	28.49
Tangible book value per common share	$	22.68		$	22.33		$	21.61		$	21.72		$	20.62

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:

	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(Dollars in thousands)
Tangible Common Equity
Total stockholders’ equity	$	1,649,219		$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible common equity	$	1,230,899		$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545
Tangible Assets
Total assets	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible Assets	$	12,109,548		$	12,185,333		$	12,345,145		$	12,617,342		$	12,256,259
Tangible Common Equity to Tangible Assets		10.16	%		9.95	%		9.54	%		9.37	%		9.14	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.

The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:

	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars in thousands)
Net income available for common stockholders adjusted for amortization of core deposit intangibles
Net income	$	30,906		$	29,070		$	24,882		$	31,001		$	27,202		$	59,976		$	51,358
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,438			2,437			2,438			2,438			4,876			4,876
Less: Tax benefit at the statutory rate		512			512			512			512			512			1,024			1,024
Net income available for common stockholders adjusted for amortization of core deposit intangibles	$	32,832		$	30,996		$	26,807		$	32,927		$	29,128		$	63,828		$	55,210

Average Tangible Common Equity
Total average stockholders’ equity	$	1,640,418		$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,630,657		$	1,537,738
Adjustments:
Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Average core deposit intangibles		(15,467	)		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(16,679	)		(26,437	)
Average tangible common equity	$	1,220,499		$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,209,526		$	1,106,849
Return on Average Tangible Common Equity (Annualized)		10.79	%		10.49	%		9.04	%		11.33	%		10.54	%		10.64	%		10.03	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Loans, Operating Return on Average Tangible Common Equity and Operating Efficiency Ratio. Operating earnings, pre-tax, pre-provision operating earnings and the performance metrics calculated using these metrics, listed below, are non-GAAP measures used by management to evaluate the Company’s financial performance. We calculate (a) operating earnings as net income plus BOLI 1035 exchange charges, plus severance payments, plus loss on sales of debt securities available for sale (“AFS”), net, plus FDIC special assessment, less tax impact of adjustments, plus nonrecurring tax adjustments. We calculate (b) diluted operating earnings per share as operating earnings as described in clause (a) divided by weighted average diluted shares outstanding. We calculate (c) pre-tax, pre-provision operating earnings as operating earnings as described in clause (a) plus provision for income taxes, plus provision (benefit) for credit losses and unfunded commitments. We calculate (d) pre-tax, pre-provision operating return on average assets as pre-tax, pre-provision operating earnings as described in clause (a) divided by total average assets. We calculate (e) operating return on average assets as operating earnings as described in clause (a) divided by total average assets. We calculate (f) operating return on average tangible common equity as operating earnings as described in clause (a), adjusted for the amortization of intangibles and tax benefit at the statutory rate, divided by total average tangible common equity (average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization). We calculate (g) operating efficiency ratio as noninterest expense plus adjustments to operating noninterest expense divided by noninterest income plus adjustments to operating noninterest income, plus net interest income.

We believe that these measures and the operating metrics calculated utilizing these measures are important to management and many investors in the marketplace who are interested in understanding the ongoing operating performance of the Company and provide meaningful comparisons to its peers.

The following tables reconcile, as of the dates set forth below, operating net income and pre-tax, pre-provision operating earnings and related metrics:

	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
	(Dollars in thousands, except per share data)
Operating Earnings
Net income	$	30,906	$	29,070	$	24,882	$	31,001	$	27,202	$	59,976	$	51,358
Plus: BOLI 1035 exchange charges¹		—		517		—		—		—		517		—
Plus: Severance payments²		—		—		1,545		1,487		613		—		613
Plus: Loss on sales of AFS securities, net		—		—		4,397		—		—		—		6,304
Plus: FDIC special assessment		—		—		—		—		134		—		134
Operating pre-tax income		30,906		29,587		30,824		32,488		27,949		60,493		58,409
Less: Tax impact of adjustments		—		109		1,248		307		166		109		1,489
Plus: Nonrecurring tax adjustments		—		229		193		—		527		229		527
Operating earnings	$	30,906	$	29,707	$	29,769	$	32,181	$	28,310	$	60,613	$	57,447

Weighted average diluted shares outstanding		54,766		55,123		55,237		54,932		54,823		54,944		54,832
Diluted EPS	$	0.56	$	0.53	$	0.45	$	0.56	$	0.50	$	1.09	$	0.94
Diluted operating EPS	$	0.56	$	0.54	$	0.54	$	0.59	$	0.52	$	1.10	$	1.05

^{1Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.}
^{2Severance payments relate to certain restructurings made during the periods disclosed.}

	For the Quarter Ended															For the Six Months Ended
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
Pre-Tax, Pre-Provision Operating Earnings
Net income	$	30,906		$	29,070		$	24,882		$	31,001		$	27,202		$	59,976		$	51,358
Plus: Provision for income taxes		8,516			8,526			8,222			8,067			8,221			17,042			15,458
Plus: Provision for credit losses and unfunded commitments		3,250			5,300			1,899			4,000			8,250			8,550			14,209
Plus: Severance payments³		—			—			1,545			1,487			613			—			613
Plus: Loss on sale of AFS securities, net		—			—			4,397			—			—			—			6,304
Plus: BOLI 1035 exchange charges²		—			517			—			—			—			517			—
Plus: FDIC special assessment		—			—			—			—			134			—			134
Pre-tax, pre-provision operating earnings	$	42,672		$	43,413		$	40,945		$	44,555		$	44,420		$	86,085		$	88,076

Average total assets	$	12,439,213		$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,472,488		$	12,457,374
Pre-tax, pre-provision operating return on average assets¹		1.38	%		1.41	%		1.28	%		1.38	%		1.42	%		1.39	%		1.42	%

Average loans	$	9,399,173		$	9,313,629		$	9,449,565		$	9,661,774		$	9,765,428		$	9,356,637		$	9,664,400
Pre-tax, pre-provision operating return on average loans¹		1.82	%		1.89	%		1.72	%		1.83	%		1.83	%		1.86	%		1.83	%

Average total assets	$	12,439,213		$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,472,488		$	12,457,374
Return on average assets¹		1.00	%		0.94	%		0.78	%		0.96	%		0.87	%		0.97	%		0.83	%
Operating return on average assets¹		1.00			0.96			0.93			1.00			0.91			0.98			0.93

Operating earnings adjusted for amortization of core deposit intangibles
Operating earnings	$	30,906		$	29,707		$	29,769		$	32,181		$	28,310		$	60,613		$	57,447
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,438			2,437			2,438			2,438			4,876			4,876
Less: Tax benefit at the statutory rate		512			512			512			512			512			1,024			1,024
Operating earnings adjusted for amortization of core deposit intangibles	$	32,832		$	31,633		$	31,694		$	34,107		$	30,236		$	64,465		$	61,299

Average Tangible Common Equity
Total average stockholders’ equity	$	1,640,418		$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,630,657		$	1,537,738
Adjustments:
Less: Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Less: Average core deposit intangibles		(15,467	)		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(16,679	)		(26,437	)
Average tangible common equity	$	1,220,499		$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,209,526		$	1,106,849
Operating return on average tangible common equity¹		10.79	%		10.70	%		10.69	%		11.74	%		10.94	%		10.75	%		11.14	%

Efficiency ratio		61.15	%		60.91	%		67.04	%		61.94	%		59.11	%		61.03	%		60.72	%
Operating efficiency ratio
Net interest income	$	96,335		$	95,441		$	96,141		$	100,062		$	96,236		$	191,776		$	189,042
Noninterest income		13,499			14,289			10,056			13,106			10,578			27,788			17,240
Plus: BOLI 1035 exchange charges²		—			517			—			—			—			517			—
Plus: Loss on sale of AFS securities, net		—			—			4,397			—			—			—			6,304
Operating noninterest income		13,499			14,806			14,453			13,106			10,578			28,305			23,544
Noninterest expense		67,162			66,834			71,194			70,100			63,141			133,996			125,257
Less: FDIC special assessment		—			—			—			—			134			—			134
Less: Severance payments³		—			—			1,545			1,487			613			—			613
Operating noninterest expense	$	67,162		$	66,834		$	69,649		$	68,613		$	62,394		$	133,996		$	124,510
Operating efficiency ratio		61.15	%		60.62	%		62.98	%		60.63	%		58.41	%		60.88	%		58.57	%

^{1 Annualized ratio for quarterly metrics.}
^{2 Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.}
^{3 Severance payments relate to certain restructurings made during the periods disclosed.}

The MIL Network –

July 18, 2025

MIL-OSI: Veritex Holdings, Inc. Reports Second Quarter 2025 Operating Results and Declares Quarterly Dividend

Source: GlobeNewswire (MIL-OSI)

DALLAS, July 18, 2025 (GLOBE NEWSWIRE) — Veritex Holdings, Inc. (“Veritex”, the “Company”, “we” or “our”) (Nasdaq: VBTX), the holding company for Veritex Community Bank, today announced the results for the quarter ended June 30, 2025.

The Company also announced that the Board of Directors declared a quarterly cash dividend of $0.22 per share of common stock. The dividend will be payable on August 21, 2025 to shareholders of record as of the close of business on August 7, 2025.

	Quarter to Date
*Financial Highlights*	Q2 2025			Q1 2025			Q2 2024
	(Dollars in thousands, except per share data) (unaudited)
GAAP
Net income	$	30,906		$	29,070		$	27,202
Diluted EPS		0.56			0.53			0.50
Book value per common share		30.39			30.08			28.49
Return on average assets¹		1.00	%		0.94	%		0.87	%
Return on average equity¹		7.56			7.27			7.10
Net interest margin		3.33			3.31			3.29
Efficiency ratio		61.15			60.91			59.11
Non-GAAP²
Operating earnings	$	30,906		$	29,707		$	28,310
Diluted operating EPS		0.56			0.54			0.52
Tangible book value per common share		22.68			22.33			20.62
Pre-tax, pre-provision operating earnings		42,672			43,413			44,420
Pre-tax, pre-provision operating return on average assets¹		1.38	%		1.41	%		1.42	%
Pre-tax, pre-provision operating return on average loans¹		1.82			1.89			1.83
Operating return on average assets¹		1.00			0.96			0.91
Return on average tangible common equity¹		10.79			10.49			10.54
Operating return on average tangible common equity¹		10.79			10.70			10.94
Operating efficiency ratio		61.15			60.62			58.41

^{1 Annualized ratio.}
^{2 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” for a reconciliation of these non-generally accepted accounting principles (“GAAP”) financial measures to their most directly comparable GAAP measures.}

Other Second Quarter Credit, Capital and Company Highlights

Credit quality remained strong with a nonperforming assets (“NPAs”) to total assets ratio of 0.60% and annualized net charge-offs of 0.05% for the quarter and 0.11% year-to-date;
Allowance for Credit Losses (“ACL”) to total loans held-for-investment ratio (excluding mortgage warehouse (“MW”)) remained relatively unchanged at 1.28%;
Capital remains strong with common equity Tier 1 capital ratio of 11.05% as of June 30, 2025;
Book value per share increased $0.31 to $30.39 and tangible book value per share increased $0.35 to $22.68;
We repurchased 286,291 and 663,637 shares of Company stock for $7.1 million and $16.6 million during the second quarter and year-to-date, respectively; and
On July 14, 2025, we announced entry into a definitive agreement to merge with Huntington Bancshares Incorporated (“Huntington”), which is expected to close in the fourth quarter of 2025, subject to regulatory approvals and customary closing conditions.

Results of Operations for the Three Months Ended June 30, 2025

Net Interest Income

For the three months ended June 30, 2025, net interest income before provision for credit losses was $96.3 million and net interest margin (“NIM”) was 3.33% compared to $95.4 million and 3.31%, respectively, for the three months ended March 31, 2025. The $894 thousand increase, or 0.9%, in net interest income before provision for credit losses was primarily due to a $2.8 million increase in interest income on loans, a $1.7 million decrease in interest expense on certificates and other time deposits and a $768 thousand decrease in subordinated debentures and subordinated notes, partially offset by a $2.9 million increase in interest expense on transaction and savings deposits and a $1.2 million decrease in interest income on deposits in financial institutions and fed funds sold for the three months ended June 30, 2025, compared to the three months ended March 31, 2025. The NIM increased two basis points (bps) compared to the three months ended March 31, 2025, primarily due to the decreased funding costs on certificates and other time deposits and subordinated debt due to the redemption of $75.0 million in subordinated debt during the three months ended March 31, 2025 as well as a mix shift from lower yielding to higher yielding assets for the three months ended June 30, 2025. The increase was largely offset by higher deposits funding costs primarily driven by the expiration of favorable hedges on money market deposit accounts at the end of the first quarter 2025.

Compared to the three months ended June 30, 2024, net interest income before provision for credit losses for the three months ended June 30, 2025 was relatively unchanged. Net interest income benefited from decreases in interest expense of $16.3 million on certificates and other time deposits, $1.4 million on advances from the Federal Home Loan Bank (“FHLB”) and $1.1 million on subordinated debentures and subordinated notes, as well as an increase of $1.5 million in interest income on debt securities. These changes were substantially offset by a decrease of $17.6 million in interest income on loans and a $2.5 million increase in interest expense on interest-bearing demand and savings deposits. The NIM increased four bps from 3.29% for the three months ended June 30, 2024 to 3.33% for the three months ended June 30, 2025. The increase was primarily due to decreased funding costs on deposits, advances and subordinated debt resulting from interest rate cuts for the year over year period, partially offset by the related declines in rates earned on interest-earnings assets, primarily loans.

Noninterest Income

Noninterest income for the three months ended June 30, 2025 was $13.5 million, a decrease of $790 thousand, or 5.5%, compared to the three months ended March 31, 2025. The change was primarily due to a $1.6 million decrease in government guaranteed loan income, partially offset by an $850 thousand increase in customer swap income during the period.

Compared to the three months ended June 30, 2024, noninterest income for the three months ended June 30, 2025 increased by $2.9 million, or 27.6%. The increase was primarily due to a $1.2 million increase in customer swap income, a $728 thousand increase in service charges and fees on deposit accounts, a $528 thousand increase in loan fees and a $368 thousand increase in government guaranteed loan income for the year over year period.

Noninterest Expense

Noninterest expense was $67.2 million for the three months ended June 30, 2025, compared to $66.8 million for the three months ended March 31, 2025, an increase of $328 thousand, or 0.5%. The increase was primarily due to a $920 thousand increase in other noninterest expense, a $627 thousand increase in professional and regulatory fees and a $580 thousand increase in marketing expenses compared to the three months ended March 31, 2025. The increase was largely offset by a $1.7 million decrease in salaries and employee benefits primarily due to $733 thousand in lower payroll taxes, which are historically higher in the first quarter, as well as decreases of $678 thousand in bonus expense, $370 thousand in employee insurance expense and $340 thousand in stock grant expenses, offset partially by a $1.0 million increase in salaries expense. In addition, deferred loan origination costs, which reduce salaries expense, were $399 thousand higher for the three months ended June 30, 2025.

Compared to the three months ended June 30, 2024, noninterest expense for the three months ended June 30, 2025 increased by $4.0 million, or 6.4%. The increase was primarily due to a $2.2 million increase in salaries and employee benefits driven by a $4.7 million increase in salaries expense and incentives accruals and a $521 thousand increase in payroll taxes, offset by decreases of $1.1 million in stock grant expense and $661 thousand in severance expense, as well as $1.6 million higher deferred loan origination costs, which reduces salaries and employee benefit expense. Additionally, there was a $1.1 million increase in other noninterest expense, driven primarily by higher OREO expenses, and a $636 thousand increase in marketing expenses during the three months ended June 30, 2025, compared to the same period in the prior year.

Income Tax

Income tax expense for the three months ended June 30, 2025 totaled $8.5 million, which is consistent with the amount recorded for the three months ended March 31, 2025. The Company’s effective tax rate was approximately 21.6% for the three months ended June 30, 2025 compared to 22.7% for the three months ended March 31, 2025.

Compared to the three months ended June 30, 2024, income tax expense increased by $295 thousand, or 3.6%, compared to the three months ended June 30, 2025. The Company’s effective tax rate was approximately 23.2% for the three months ended June 30, 2024.

Financial Condition

Total loans held for investment (“LHI”), excluding MW was $8.78 billion at June 30, 2025, a decrease of $44.7 million compared to March 31, 2025.

Total deposits were $10.42 billion at June 30, 2025, a decrease of $247.2 million compared to March 31, 2025. The decrease was primarily the result of decreases of $185.4 million in noninterest bearing deposits and $171.4 million in interest-bearing transaction and savings deposits, partially offset by an increase of $113.5 million in certificates and other time deposits.

Credit Quality

NPAs totaled $75.2 million, or 0.60% of total assets, of which $66.0 million represented LHI and $9.2 million represented OREO at June 30, 2025, compared to $96.9 million, or 0.77% of total assets, at March 31, 2025. The Company had net charge-offs of $1.3 million for the three months ended June 30, 2025. Annualized net charge-offs to average loans outstanding were five bps for the three months ended June 30, 2025, compared to 17 bps and 28 bps for the three months ended March 31, 2025 and June 30, 2024, respectively.

ACL as a percentage of LHI was 1.19% at both June 30, 2025 and March 31, 2025 and 1.16% at June 30, 2024. ACL as a percentage of LHI (excluding MW) was 1.28% at June 30, 2025, 1.27% at March 31, 2025 and 1.23% at June 30, 2024. The Company recorded a provision for credit losses on loans of $1.8 million, $4.0 million and $8.3 million for the three months ended June 30, 2025, March 31, 2025 and June 30, 2024, respectively. The provision for credit losses for the three months ended June 30, 2025 was primarily attributable to changes in economic factors for the period. The balance for unfunded commitments increased to $8.9 million as of June 30, 2025, compared to $7.4 million at March 31, 2025, and we recorded a $1.5 million provision for unfunded commitments for the three months ended June 30, 2025, compared to a $1.3 million provision for unfunded commitments for the three months ended March 31, 2025 and no provision recorded for unfunded commitments for the three months ended June 30, 2024. The increase in the allowance for unfunded commitments was attributable to increases in unfunded balances and changes in economic factors for the period.

Dividend Information

On July 18, 2025, Veritex’s Board of Directors declared a quarterly cash dividend of $0.22 per share on its outstanding shares of common stock. The dividend will be paid on or after August 21, 2025 to stockholders of record as of the close of business on August 7, 2025.

Non-GAAP Financial Measures

Veritex’s management uses certain non-GAAP (U.S. generally accepted accounting principles) financial measures to evaluate its operating performance and provide information that is important to investors. However, non-GAAP financial measures are supplemental and should be viewed in addition to, and not as an alternative for, Veritex’s reported results prepared in accordance with GAAP. Specifically, Veritex reviews and reports tangible book value per common share of the Company; operating earnings; tangible common equity to tangible assets; return on average tangible common equity; pre-tax, pre-provision operating earnings; pre-tax, pre-provision operating return on average assets; pre-tax, pre-provision operating return on average loans; diluted operating earnings per share; operating return on average assets; operating return on average tangible common equity; and operating efficiency ratio. Veritex has included in this earnings release information related to these non-GAAP financial measures for the applicable periods presented. Please refer to “Reconciliation of Non-GAAP Financial Measures” after the financial highlights at the end of this earnings release for a reconciliation of these non-GAAP financial measures.

About Veritex Holdings, Inc.

Headquartered in Dallas, Texas, Veritex is a bank holding company that conducts banking activities through its wholly owned subsidiary, Veritex Community Bank, with locations throughout the Dallas-Fort Worth metroplex and in the Houston metropolitan area. 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. For more information, visit www.veritexbank.com.

CAUTION REGARDING FORWARD-LOOKING STATEMENTS

This communication may contain certain forward-looking statements, including, but not limited to, certain plans, expectations, goals, projections, and statements about the benefits of the proposed transaction, the plans, objectives, expectations and intentions of Veritex and Huntington, the expected timing of completion of the transaction, and other statements that are not historical facts and are subject to numerous assumptions, risks, and uncertainties that are beyond the control of Veritex and Huntington. Such statements are subject to numerous assumptions, risks, estimates, uncertainties and other important factors that change over time and could cause actual results to differ materially from any results, performance, or events expressed or implied by such forward-looking statements, including as a result of the factors referenced below. Statements that do not describe historical or current facts, including statements about beliefs and expectations, are forward-looking statements. Forward-looking statements may be identified by words such as expect, anticipate, continue, believe, intend, estimate, plan, trend, objective, target, goal, or similar expressions, or future or conditional verbs such as will, may, might, should, would, could, or similar variations. The forward-looking statements are intended to be subject to the safe harbor provided by Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and the Private Securities Litigation Reform Act of 1995.

Veritex and Huntington caution that the forward-looking statements in this communication are not guarantees of future performance and involve a number of known and unknown risks, uncertainties and assumptions that are difficult to assess and are subject to change based on factors which are, in many instances, beyond Veritex’s and Huntington’s control. While there is no assurance that any list of risks and uncertainties or risk factors is complete, below are certain factors which could cause actual results to differ materially from those contained or implied in the forward-looking statements or historical performance: changes in general economic, political, or industry conditions; deterioration in business and economic conditions, including persistent inflation, supply chain issues or labor shortages, instability in global economic conditions and geopolitical matters, as well as volatility in financial markets; changes in U.S. trade policies, including the imposition of tariffs and retaliatory tariffs; the impact of pandemics and other catastrophic events or disasters on the global economy and financial market conditions and our business, results of operations, and financial condition; the impacts related to or resulting from bank failures and other volatility, including potential increased regulatory requirements and costs, such as FDIC special assessments, long-term debt requirements and heightened capital requirements, and potential impacts to macroeconomic conditions, which could affect the ability of depository institutions, including us, to attract and retain depositors and to borrow or raise capital; unexpected outflows of uninsured deposits which may require us to sell investment securities at a loss; changing interest rates which could negatively impact the value of our portfolio of investment securities; the loss of value of our investment portfolio which could negatively impact market perceptions of us and could lead to deposit withdrawals; the effects of social media on market perceptions of us and banks generally; cybersecurity risks; uncertainty in U.S. fiscal and monetary policy, including the interest rate policies of the Federal Reserve; volatility and disruptions in global capital, foreign exchange and credit markets; movements in interest rates; competitive pressures on product pricing and services; success, impact, and timing of our business strategies, including market acceptance of any new products or services including those implementing our “Fair Play” banking philosophy; changes in policies and standards for regulatory review of bank mergers; the nature, extent, timing, and results of governmental actions, examinations, reviews, reforms, regulations, and interpretations, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act and the Basel III regulatory capital reforms, as well as those involving the SEC, OCC, Federal Reserve, FDIC, CFPB and state-level regulators; the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement between Veritex and Huntington; the outcome of any legal proceedings that may be instituted against Veritex and Huntington; delays in completing the transaction; the failure to obtain necessary regulatory approvals (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction); the failure to obtain Veritex shareholder approval or to satisfy any of the other conditions to the transaction on a timely basis or at all; the possibility that the anticipated benefits of the transaction are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies or as a result of the strength of the economy and competitive factors in the areas where Veritex and Huntington do business; the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; diversion of management’s attention from ongoing business operations and opportunities; potential adverse reactions or changes to business, customer or employee relationships, including those resulting from the announcement or completion of the transaction; the ability to complete the transaction and integration of Veritex and Huntington successfully; the dilution caused by Huntington’s issuance of additional shares of its capital stock in connection with the transaction; and other factors that may affect the future results of Veritex and Huntington. Additional factors that could cause results to differ materially from those described above can be found in Veritex’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the SEC and available on Veritex’s investor relations website, ir.veritexbank.com, under the heading “Financials” and in other documents Veritex files with the SEC, and in Huntington’s Annual Report on Form 10-K for the year ended December 31, 2024 and in its subsequent Quarterly Reports on Form 10-Q, including for the quarter ended March 31, 2025, each of which is on file with the Securities and Exchange Commission (the “SEC”) and available in the “Investor Relations” section of Huntington’s website, http://www.huntington.com, under the heading “Investor Relations” and in other documents Huntington files with the SEC.

All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. Forward-looking statements speak only as of the date they are made and are based on information available at that time. Neither Veritex nor Huntington assume any obligation to update forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in circumstances or other factors affecting forward-looking statements that occur after the date the forward-looking statements were made or to reflect the occurrence of unanticipated events except as required by federal securities laws. If Veritex or Huntington update one or more forward-looking statements, no inference should be drawn that Veritex or Huntington will make additional updates with respect to those or other forward-looking statements. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements.

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars and shares in thousands, except per share data)
Per Share Data (Common Stock):
Basic EPS	$	0.57		$	0.53		$	0.46		$	0.57		$	0.50		$	1.10		$	0.94
Diluted EPS		0.56			0.53			0.45			0.56			0.50			1.09			0.94
Book value per common share		30.39			30.08			29.37			29.53			28.49			30.39			28.49
Tangible book value per common share¹		22.68			22.33			21.61			21.72			20.62			22.68			20.62
Dividends paid per common share outstanding²		0.22			0.22			0.20			0.20			0.20			0.44			0.40

Common Stock Data:
Shares outstanding at period end		54,265			54,297			54,517			54,446			54,350			54,265			54,350
Weighted average basic shares outstanding for the period		54,251			54,486			54,489			54,409			54,457			54,368			54,451
Weighted average diluted shares outstanding for the period		54,766			55,123			55,237			54,932			54,823			54,944			54,832

Summary of Credit Ratios:
ACL to total LHI		1.19	%		1.19	%		1.18	%		1.21	%		1.16	%		1.19	%		1.16	%
NPAs to total assets		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs, excluding nonaccrual purchase credit deteriorated (“PCD”) loans, to total assets³		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs to total loans and OREO		0.79			1.03			0.83			0.70			0.85			0.79			0.85
Net charge-offs to average loans outstanding³		0.05			0.17			0.32			0.01			0.28			0.11			0.25

Summary Performance Ratios:
Return on average assets³		1.00	%		0.94	%		0.78	%		0.96	%		0.87	%		0.97	%		0.83	%
Return on average equity³		7.56			7.27			6.17			7.79			7.10			7.42			6.72
Return on average tangible common equity^{1, 3}		10.79			10.49			9.04			11.33			10.54			10.64			10.03
Efficiency ratio		61.15			60.91			67.04			61.94			59.11			61.03			60.72
Net interest margin		3.33			3.31			3.20			3.30			3.29			3.32			3.27

Selected Performance Metrics – Operating:
Diluted operating EPS¹	$	0.56		$	0.54		$	0.54		$	0.59		$	0.52		$	1.10		$	1.05
Pre-tax, pre-provision operating return on average assets^{1, 3}		1.38	%		1.41	%		1.28	%		1.38	%		1.42	%		1.39	%		1.42	%
Pre-tax, pre-provision operating return on average loans^{1, 3}		1.82			1.89			1.72			1.83			1.83			1.86			1.83
Operating return on average assets^1,3		1.00			0.96			0.93			1.00			0.91			0.98			0.93
Operating return on average tangible common equity^1,3		10.79			10.70			10.69			11.74			10.94			10.75			11.14
Operating efficiency ratio¹		61.15			60.62			62.98			60.63			58.41			60.88			58.57

Veritex Holdings, Inc. Capital Ratios:
Average stockholders’ equity to average total assets		13.19	%		12.96	%		12.58	%		12.31	%		12.26	%		13.07	%		12.34	%
Tangible common equity to tangible assets¹		10.16			9.95			9.54			9.37			9.14			10.16			9.14
Tier 1 capital to average assets (leverage)⁴		10.73			10.55			10.32			10.06			10.06			10.73			10.06
Common equity tier 1 capital⁴		11.05			11.04			11.09			10.86			10.49			11.05			10.49
Tier 1 capital to risk-weighted assets⁴		11.32			11.31			11.36			11.13			10.75			11.32			10.75
Total capital to risk-weighted assets⁴		13.46			13.46			13.96			13.91			13.45			13.46			13.45
Risk-weighted assets⁴	$	11,435,978		$	11,318,220		$	11,247,813		$	11,290,800		$	11,450,997		$	11,435,978		$	11,450,997

^{1 Refer to the section titled “Reconciliation of Non-GAAP Financial Measures” after the financial highlights for a reconciliation of these non-GAAP financial measures to their most directly comparable GAAP measures.}
^{2 Dividend amount represents dividend paid per common share subsequent to each respective quarter end.}
^{3 Annualized ratio for quarterly metrics.}
^{4 June 30, 2025 ratios and risk-weighted assets are estimated.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands)
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(unaudited)			(unaudited)						(unaudited)			(unaudited)
ASSETS
Cash and due from banks	$	66,696		$	81,088		$	52,486		$	54,165		$	53,462
Interest bearing deposits in other banks		703,869			768,702			802,714			1,046,625			598,375
Cash and cash equivalents		770,565			849,790			855,200			1,100,790			651,837
Debt securities, net		1,418,804			1,463,157			1,478,538			1,423,610			1,349,354
Other investments		73,986			69,452			69,638			71,257			75,885
Loans held for sale (“LHFS”)		69,480			69,236			89,309			48,496			57,046
LHI, MW		669,052			571,775			605,411			630,650			568,047
LHI, excluding MW		8,783,988			8,828,672			8,899,133			9,028,575			9,209,094
Total loans		9,522,520			9,469,683			9,593,853			9,707,721			9,834,187
ACL		(112,262	)		(111,773	)		(111,745	)		(117,162	)		(113,431	)
Bank-owned life insurance		86,048			85,424			85,324			84,776			84,233
Bank premises, furniture and equipment, net		116,642			112,801			113,480			114,202			105,222
Other real estate owned (“OREO”)		9,218			24,268			24,737			9,034			24,256
Intangible assets, net of accumulated amortization		25,006			27,974			28,664			32,825			35,817
Goodwill		404,452			404,452			404,452			404,452			404,452
Other assets		212,889			210,863			226,200			211,471			232,518
Total assets	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330
LIABILITIES AND STOCKHOLDERS’ EQUITY
Deposits:
Noninterest-bearing deposits	$	2,133,294		$	2,318,645		$	2,191,457		$	2,643,894		$	2,416,727
Interest-bearing transaction and savings deposits		5,009,137			5,180,495			5,061,157			4,204,708			3,979,454
Certificates and other time deposits		2,792,750			2,679,221			2,958,861			3,625,920			3,744,596
Correspondent money market deposits		482,739			486,762			541,117			561,489			584,067
Total deposits		10,417,920			10,665,123			10,752,592			11,036,011			10,724,844
Accounts payable and other liabilities		135,647			151,579			183,944			168,415			180,585
Advances from FHLB		169,000			—			—			—			—
Subordinated debentures and subordinated notes		156,082			155,909			230,736			230,536			230,285
Total liabilities		10,878,649			10,972,611			11,167,272			11,434,962			11,135,714
Stockholders’ equity:
Common stock		617			615			613			613			612
Additional paid-in capital		1,329,803			1,329,626			1,328,748			1,324,929			1,321,995
Retained earnings		545,015			526,044			507,903			493,921			473,801
Accumulated other comprehensive loss		(38,528	)		(42,170	)		(65,076	)		(40,330	)		(76,713	)
Treasury stock		(187,688	)		(180,635	)		(171,119	)		(171,119	)		(171,079	)
Total stockholders’ equity		1,649,219			1,633,480			1,601,069			1,608,014			1,548,616
Total liabilities and stockholders’ equity	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except per share data)
	For the Quarter Ended											For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024			Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
	(unaudited)		(unaudited)		(unaudited)			(unaudited)		(unaudited)		(unaudited)		(unaudited)
Interest income:
Loans, including fees	$	149,354	$	146,505	$	154,998		$	167,261	$	166,979	$	295,859	$	328,921
Debt securities		16,883		17,106		16,893			15,830		15,408		33,989		29,103
Deposits in financial institutions and Fed Funds sold		8,039		9,244		11,888			12,571		7,722		17,283		15,772
Equity securities and other investments		847		870		940			1,001		1,138		1,717		2,038
Total interest income		175,123		173,725		184,719			196,663		191,247		348,848		375,834
Interest expense:
Transaction and savings deposits		48,080		45,165		44,841			47,208		45,619		93,245		92,403
Certificates and other time deposits		28,539		30,268		40,279			46,230		44,811		58,807		85,303
Advances from FHLB		113		27		130			47		1,468		140		2,859
Subordinated debentures and subordinated notes		2,056		2,824		3,328			3,116		3,113		4,880		6,227
Total interest expense		78,788		78,284		88,578			96,601		95,011		157,072		186,792
Net interest income		96,335		95,441		96,141			100,062		96,236		191,776		189,042
Provision for credit losses		1,750		4,000		2,300			4,000		8,250		5,750		15,750
Provision (benefit) for unfunded commitments		1,500		1,300		(401	)		—		—		2,800		(1,541	)
Net interest income after provisions		93,085		90,141		94,242			96,062		87,986		183,226		174,833
Noninterest income:
Service charges and fees on deposit accounts		5,702		5,611		5,612			5,442		4,974		11,313		9,870
Loan fees		2,735		2,495		2,265			3,278		2,207		5,230		4,717
Loss on sales of debt securities		—		—		(4,397	)		—		—		—		(6,304	)
Government guaranteed loan income, net		1,688		3,301		5,368			780		1,320		4,989		3,934
Customer swap income		1,550		700		509			271		326		2,250		775
Other income		1,824		2,182		699			3,335		1,751		4,006		4,248
Total noninterest income		13,499		14,289		10,056			13,106		10,578		27,788		17,240
Noninterest expense:
Salaries and employee benefits		34,957		36,624		37,446			37,370		32,790		71,581		66,155
Occupancy and equipment		4,511		4,650		4,633			4,789		4,585		9,161		9,262
Professional and regulatory fees		5,558		4,931		5,564			4,903		5,617		10,489		11,670
Data processing and software expense		5,507		5,403		5,741			5,268		5,097		10,910		9,953
Marketing		2,612		2,032		2,896			2,781		1,976		4,644		3,522
Amortization of intangibles		2,438		2,438		2,437			2,438		2,438		4,876		4,876
Telephone and communications		233		330		323			335		365		563		626
Other		11,346		10,426		12,154			12,216		10,273		21,772		19,193
Total noninterest expense		67,162		66,834		71,194			70,100		63,141		133,996		125,257
Income before income tax expense		39,422		37,596		33,104			39,068		35,423		77,018		66,816
Income tax expense		8,516		8,526		8,222			8,067		8,221		17,042		15,458
Net income	$	30,906	$	29,070	$	24,882		$	31,001	$	27,202	$	59,976	$	51,358

Basic EPS	$	0.57	$	0.53	$	0.46		$	0.57	$	0.50	$	1.10	$	0.94
Diluted EPS	$	0.56	$	0.53	$	0.45		$	0.56	$	0.50	$	1.09	$	0.94
Weighted average basic shares outstanding		54,251		54,486		54,489			54,409		54,457		54,368		54,451
Weighted average diluted shares outstanding		54,766		55,123		55,237			54,932		54,823		54,944		54,832

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
	For the Quarter Ended
	June 30, 2025							March 31, 2025							June 30, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴
	(Dollars in thousands)
Assets
Interest-earning assets:
Loans¹	$	8,875,970		$	141,688	6.40	%	$	8,886,905		$	140,329	6.40	%	$	9,344,482		$	160,323	6.90	%
LHI, MW		523,203			7,666	5.88			426,724			6,176	5.87			420,946			6,656	6.36
Debt securities		1,440,369			16,883	4.70			1,467,220			17,106	4.73			1,352,293			15,408	4.58
Interest-bearing deposits in other banks		707,933			8,039	4.55			827,751			9,244	4.53			560,586			7,722	5.54
Equity securities and other investments		70,779			847	4.80			70,696			870	4.99			78,964			1,138	5.80
Total interest-earning assets		11,618,254			175,123	6.05			11,679,296			173,725	6.03			11,757,271			191,247	6.54
ACL		(112,369	)						(111,563	)						(115,978	)
Noninterest-earning assets		933,328							938,401							937,413
Total assets	$	12,439,213						$	12,506,134						$	12,578,706

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,502,672		$	48,080	3.50	%	$	5,449,091		$	45,165	3.36	%	$	4,570,329		$	45,619	4.01	%
Certificates and other time deposits		2,742,655			28,539	4.17			2,726,309			30,268	4.50			3,591,035			44,811	5.02
Advances from FHLB and Other		9,813			113	4.62			2,333			27	4.69			106,648			1,468	5.54
Subordinated debentures and subordinated notes		155,985			2,056	5.29			191,638			2,824	5.98			230,141			3,113	5.44
Total interest-bearing liabilities		8,411,125			78,788	3.76			8,369,371			78,284	3.79			8,498,153			95,011	4.50

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,244,745							2,345,586							2,346,908
Other liabilities		142,925							170,389							192,036
Total liabilities		10,798,795							10,885,346							11,037,097
Stockholders’ equity		1,640,418							1,620,788							1,541,609
Total liabilities and stockholders’ equity	$	12,439,213						$	12,506,134						$	12,578,706

Net interest rate spread²						2.29	%						2.24	%						2.04	%
Net interest income and margin³				$	96,335	3.33	%				$	95,441	3.31	%				$	96,236	3.29	%

^{1 Includes average outstanding balances of LHFS of $62.2 million, $66.3 million and $58.5 million for the quarters ended June 30, 2025, March 31, 2025, and June 30, 2024, respectively, and average balances of LHI, excluding MW.}
^{2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}
^{4 Yields and rates for the quarter are annualized}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (In thousands, except percentages)
	For the Six Months Ended
	June 30, 2025							June 30, 2024
	Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴		Average Outstanding Balance			Interest Earned/ Interest Paid		Average Yield/ Rate⁴
Assets
Interest-earning assets:
Loans¹	$	8,881,407		$	282,017	6.40	%	$	9,314,148		$	317,908	6.86	%
LHI, MW		475,230			13,842	5.87			350,252			11,013	6.32
Debt securities		1,453,721			33,989	4.71			1,323,644			29,103	4.42
Interest-bearing deposits in other banks		767,511			17,283	4.54			572,589			15,772	5.54
Equity securities and other investments		70,738			1,717	4.89			77,616			2,038	5.28
Total interest-earning assets		11,648,607			348,848	6.04			11,638,249			375,834	6.49
ACL		(111,969	)						(114,104	)
Noninterest-earning assets		935,850							933,229
Total assets	$	12,472,488						$	12,457,374

Liabilities and Stockholders’ Equity
Interest-bearing liabilities:
Interest-bearing demand and savings deposits	$	5,476,030		$	93,245	3.43	%	$	4,604,887		$	92,403	4.04	%
Certificates and other time deposits		2,734,527			58,807	4.34			3,437,385			85,303	4.99
Advances from FHLB and Other		6,094			140	4.63			103,819			2,859	5.54
Subordinated debentures and subordinated notes		173,713			4,880	5.67			230,011			6,227	5.44
Total interest-bearing liabilities		8,390,364			157,072	3.78			8,376,102			186,792	4.48

Noninterest-bearing liabilities:
Noninterest-bearing deposits		2,294,887							2,351,112
Other liabilities		156,580							192,422
Total liabilities		10,841,831							10,919,636
Stockholders’ equity		1,630,657							1,537,738
Total liabilities and stockholders’ equity	$	12,472,488						$	12,457,374

Net interest rate spread²						2.26	%						2.01	%
Net interest income and margin³				$	191,776	3.32	%				$	189,042	3.27	%

¹^{Includes average outstanding balances of LHFS of $64.2 million and $56.2 million for the six months ended June 30, 2025 and 2024, respectively, and average balances of LHI, excluding MW.}
^{2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}
^{4 Yields and rates for the six month periods are annualized}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
Yield Trend
	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Average yield on interest-earning assets:
Loans¹	6.40	%	6.40	%	6.56	%	6.89	%	6.90	%	6.40	%	6.86	%
LHI, MW	5.88		5.87		5.83		6.75		6.36		5.87		6.32
Total Loans	6.37		6.38		6.53		6.89		6.88		6.38		6.84
Debt securities	4.70		4.73		4.61		4.55		4.58		4.71		4.42
Interest-bearing deposits in other banks	4.55		4.53		4.87		5.41		5.54		4.54		5.54
Equity securities and other investments	4.80		4.99		5.18		5.25		5.80		4.89		5.28
Total interest-earning assets	6.05	%	6.03	%	6.15	%	6.49	%	6.54	%	6.04	%	6.49	%

Average rate on interest-bearing liabilities:
Interest-bearing demand and savings deposits	3.50	%	3.36	%	3.57	%	4.00	%	4.01	%	3.43	%	4.04	%
Certificates and other time deposits	4.17		4.50		4.83		5.00		5.02		4.34		4.99
Advances from FHLB and other	4.62		4.69		4.88		5.73		5.54		4.63		5.54
Subordinated debentures and subordinated notes	5.29		5.98		5.74		5.38		5.44		5.67		5.44
Total interest-bearing liabilities	3.76	%	3.79	%	4.12	%	4.46	%	4.50	%	3.78	%	4.48	%

Net interest rate spread²	2.29	%	2.24	%	2.03	%	2.03	%	2.04	%	2.26	%	2.01	%
Net interest margin³	3.33	%	3.31	%	3.20	%	3.30	%	3.29	%	3.32	%	3.27	%

^{1Includes average outstanding balances of LHFS of $62.2 million, $66.3 million, $46.4 million, $54.3 million and $58.5 million for the three months ended June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024, and June 30, 2024, respectively and $64.2 million and $56.2 million for the six months ended June 30, 2025 and June 30, 2024 respectively, and average balances of LHI, excluding MW.
2 Net interest rate spread is the average yield on interest-earning assets minus the average rate on interest-bearing liabilities.}
^{3 Net interest margin is equal to net interest income divided by average interest-earning assets.}

Supplemental Yield Trend
	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
Average cost of interest-bearing deposits	3.73	%	3.74	%	4.07	%	4.44	%	4.46	%	3.73	%	3.33	%
Average costs of total deposits, including noninterest-bearing	2.93		2.91		3.16		3.42		3.46		2.92		2.48

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
LHI and Deposit Portfolio Composition
	Jun 30, 2025					Mar 31, 2025					Dec 31, 2024					Sep 30, 2024					Jun 30, 2024
	(Dollars in thousands)
LHI¹
Commercial and Industrial (“C&I”)	$	2,692,209		30.6	%	$	2,717,037		30.7	%	$	2,693,538		30.2	%	$	2,728,544		30.2	%	$	2,798,260		30.4	%
Real Estate:
Owner occupied commercial (“OOCRE”)		800,881		9.1			795,808		9.0			780,003		8.8			807,223		8.9			806,285		8.7
Non-owner occupied commercial (“NOOCRE”)		2,311,466		26.3			2,266,526		25.6			2,382,499		26.7			2,338,094		25.9			2,369,848		25.7
Construction and land		1,142,457		13.0			1,214,260		13.7			1,303,711		14.7			1,436,540		15.8			1,536,580		16.7
Farmland		31,589		0.4			31,339		0.4			31,690		0.4			32,254		0.4			30,512		0.3
1-4 family residential		1,086,342		12.3			1,021,293		11.6			957,341		10.7			944,755		10.5			917,402		10.0
Multi-family residential		718,946		8.2			782,412		8.9			750,218		8.4			738,090		8.2			748,740		8.1
Consumer		8,796		0.1			8,597		0.1			9,115		0.1			11,292		0.1			9,245		0.1
Total LHI¹	$	8,792,686		100	%	$	8,837,272		100	%	$	8,908,115		100	%	$	9,036,792		100	%	$	9,216,872		100	%

MW		669,052					571,775					605,411					630,650					568,047

Total LHI¹	$	9,461,738				$	9,409,047				$	9,513,526				$	9,667,442				$	9,784,919

Total LHFS		69,480					69,236					89,309					48,496					57,046

Total loans	$	9,531,218				$	9,478,283				$	9,602,835				$	9,715,938				$	9,841,965

Deposits
Noninterest-bearing	$	2,133,294		20.5	%	$	2,318,645		21.7	%	$	2,191,457		20.4	%	$	2,643,894		24.0	%	$	2,416,727		22.5	%
Interest-bearing transaction		603,861		5.8			863,462		8.1			839,005		7.8			421,059		3.8			523,272		4.9
Money market		3,856,812		37.0			3,730,446		35.0			3,772,964		35.1			3,462,709		31.4			3,268,286		30.5
Savings		548,464		5.3			586,587		5.5			449,188		4.2			320,940		2.9			187,896		1.8
Certificates and other time deposits		2,792,750		26.8			2,679,221		25.1			2,958,861		27.5			3,625,920		32.8			3,744,596		34.9
Correspondent money market accounts		482,739		4.6			486,762		4.6			541,117		5.0			561,489		5.1			584,067		5.4
Total deposits	$	10,417,920		100	%	$	10,665,123		100	%	$	10,752,592		100	%	$	11,036,011		100	%	$	10,724,844		100	%

Total loans to deposits ratio		91.5	%				88.9	%				89.3	%				88.0	%				91.8	%

Total loans to deposit ratio, excluding MW loans and LHFS		84.4	%				82.9	%				82.8	%				81.9	%				85.9	%

¹^{Total LHI does not include deferred fees of $8.7 million, $8.6 million, $9.0 million, $8.2 million and $7.8 million at June 30, 2025, March 31, 2025, December 31, 2024, September 30, 2024 and June 30, 2024, respectively.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES Financial Highlights (Unaudited)
Asset Quality
	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars in thousands)
NPAs:
Nonaccrual loans	$	61,142		$	69,188		$	52,521		$	55,335		$	58,537		$	61,142		$	58,537
Nonaccrual PCD loans¹		196			196			—			70			73			196			73
Accruing loans 90 or more days past due²		4,641			3,249			1,914			2,860			143			4,641			143
Total nonperforming loans held for investment (“NPLs”)		65,979			72,633			54,435			58,265			58,753			65,979			58,753
Other real estate owned (“OREO”)		9,218			24,268			24,737			9,034			24,256			9,218			24,256
Total NPAs	$	75,197		$	96,901		$	79,172		$	67,299		$	83,009		$	75,197		$	83,009

Charge-offs:
1-4 family residential	$	—		$	—		$	—		$	—		$	(31	)	$	—		$	(31	)
Multifamily		—			—			—			—			(198	)		—			(198	)
OOCRE		—			—			—			—			—			—			(120	)
NOOCRE		(215	)		(3,090	)		(5,113	)		—			(1,969	)		(3,305	)		(6,262	)
C&I		(1,571	)		(918	)		(4,586	)		(2,259	)		(5,601	)		(2,489	)		(6,547	)
Consumer		(55	)		(212	)		(420	)		(54	)		(30	)		(267	)		(101	)
Total charge-offs	$	(1,841	)	$	(4,220	)	$	(10,119	)	$	(2,313	)	$	(7,829	)	$	(6,061	)	$	(13,259	)

Recoveries:
1-4 family residential	$	1		$	21		$	2		$	3		$	—		$	22		$	1
OOCRE		186			—			—			—			120			186			120
NOOCRE		—			—			1,323			—			—			—			—
C&I		131			32			1,047			1,962			361			163			457
MW		—			—			—			46			—			—			—
Consumer		262			195			30			33			497			457			546
Total recoveries	$	580		$	248		$	2,402		$	2,044		$	978		$	828		$	1,124

Net charge-offs	$	(1,261	)	$	(3,972	)	$	(7,717	)	$	(269	)	$	(6,851	)	$	(5,233	)	$	(12,135	)

Provision for credit losses	$	1,750		$	4,000		$	2,300		$	4,000		$	8,250		$	5,750		$	15,750

ACL	$	112,262		$	111,773		$	111,745		$	117,162		$	113,431		$	112,262		$	113,431

Asset Quality Ratios:
NPAs to total assets		0.60	%		0.77	%		0.62	%		0.52	%		0.65	%		0.60	%		0.65	%
NPAs, excluding nonaccrual PCD loans, to total assets		0.60			0.77			0.62			0.52			0.65			0.60			0.65
NPAs to total LHI and OREO		0.79			1.03			0.83			0.70			0.85			0.79			0.85
NPLs to total LHI		0.70			0.77			0.57			0.60			0.60			0.70			0.60
NPLs, excluding nonaccrual PCD loans, to total LHI		0.70			0.77			0.57			0.60			0.60			0.70			0.60
ACL to total LHI		1.19			1.19			1.18			1.21			1.16			1.19			1.16
ACL to total LHI, excluding MW		1.28			1.27			1.25			1.30			1.23			1.28			1.23
Net charge-offs to average loans outstanding³		0.05			0.17			0.32			0.01			0.28			0.11			0.25

^{1 Nonaccrual PCD loans consist of PCD loans that transitioned upon adoption of ASC 326 Financial Instruments – Credit Losses and were accounted for on a pooled basis that have subsequently been placed on nonaccrual status.}
^{2 Accruing loans greater than 90 days past due exclude purchase credit deteriorated loans greater than 90 days past due that are accounted for on a pooled basis.}
^{3 Annualized ratio for quarterly metrics.}

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

We identify certain financial measures discussed in this earnings release as being “non-GAAP financial measures.” In accordance with SEC rules, we classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP, in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios calculated using exclusively either one or both of (i) financial measures calculated in accordance with GAAP and (ii) operating measures or other measures that are not non-GAAP financial measures.

The non-GAAP financial measures that we present in this earnings release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we present in this earnings release may differ from that of other companies reporting measures with similar names. You should understand how such other financial institutions calculate their financial measures that appear to be similar or have similar names to the non-GAAP financial measures we have discussed in this earnings release when comparing such non-GAAP financial measures.

Tangible Book Value Per Common Share. Tangible book value is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity less goodwill and core deposit intangibles, net of accumulated amortization; and (b) tangible book value per common share as tangible common equity (as described in clause (a)) divided by number of common shares outstanding. For tangible book value per common share, the most directly comparable financial measure calculated in accordance with GAAP is book value per common share.

We believe that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per common share exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing total book value while not increasing our tangible book value.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and presents our tangible book value per common share compared with our book value per common share:

	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(Dollars in thousands, except per share data)
Tangible Common Equity
Total stockholders’ equity	$	1,649,219		$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible common equity	$	1,230,899		$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545
Common shares outstanding		54,265			54,297			54,517			54,446			54,350

Book value per common share	$	30.39		$	30.08		$	29.37		$	29.53		$	28.49
Tangible book value per common share	$	22.68		$	22.33		$	21.61		$	21.72		$	20.62

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Tangible Common Equity to Tangible Assets. Tangible common equity to tangible assets is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) tangible common equity as total stockholders’ equity, less goodwill and core deposit intangibles, net of accumulated amortization; (b) tangible assets as total assets less goodwill and core deposit intangibles, net of accumulated amortization; and (c) tangible common equity to tangible assets as tangible common equity (as described in clause (a)) divided by tangible assets (as described in clause (b)). For tangible common equity to tangible assets, the most directly comparable financial measure calculated in accordance with GAAP is total stockholders’ equity to total assets.

We believe that this measure is important to many investors in the marketplace who are interested in the relative changes from period to period in common equity and total assets, in each case, exclusive of changes in core deposit intangibles. Goodwill and other intangible assets have the effect of increasing both total stockholders’ equity and assets while not increasing our tangible common equity or tangible assets.

The following table reconciles, as of the dates set forth below, total stockholders’ equity to tangible common equity and total assets to tangible assets and presents our tangible common equity to tangible assets:

	As of
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024
	(Dollars in thousands)
Tangible Common Equity
Total stockholders’ equity	$	1,649,219		$	1,633,480		$	1,601,069		$	1,608,014		$	1,548,616
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible common equity	$	1,230,899		$	1,212,722		$	1,177,873		$	1,182,380		$	1,120,545
Tangible Assets
Total assets	$	12,527,868		$	12,606,091		$	12,768,341		$	13,042,976		$	12,684,330
Adjustments:
Goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Core deposit intangibles		(13,868	)		(16,306	)		(18,744	)		(21,182	)		(23,619	)
Tangible Assets	$	12,109,548		$	12,185,333		$	12,345,145		$	12,617,342		$	12,256,259
Tangible Common Equity to Tangible Assets		10.16	%		9.95	%		9.54	%		9.37	%		9.14	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Return on Average Tangible Common Equity. Return on average tangible common equity is a non-GAAP measure generally used by financial analysts and investment bankers to evaluate financial institutions. We calculate: (a) net income available for common stockholders adjusted for amortization of core deposit intangibles (which we refer to as “return”) as net income, plus amortization of core deposit intangibles, less tax benefit at the statutory rate; (b) average tangible common equity as total average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization; and (c) return (as described in clause (a)) divided by average tangible common equity (as described in clause (b)). For return on average tangible common equity, the most directly comparable financial measure calculated in accordance with GAAP is return on average equity.

We believe that this measure is important to many investors in the marketplace who are interested in the return on common equity, exclusive of the impact of core deposit intangibles. Goodwill and core deposit intangibles have the effect of increasing total stockholders’ equity while not increasing our tangible common equity. This measure is particularly relevant to acquisitive institutions that may have higher balances in goodwill and core deposit intangibles than non-acquisitive institutions.

The following table reconciles, as of the dates set forth below, average tangible common equity to average common equity and net income available for common stockholders adjusted for amortization of core deposit intangibles, net of taxes to net income and presents our return on average tangible common equity:

	For the Quarter Ended															For the Six Months Ended
	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
	(Dollars in thousands)
Net income available for common stockholders adjusted for amortization of core deposit intangibles
Net income	$	30,906		$	29,070		$	24,882		$	31,001		$	27,202		$	59,976		$	51,358
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,438			2,437			2,438			2,438			4,876			4,876
Less: Tax benefit at the statutory rate		512			512			512			512			512			1,024			1,024
Net income available for common stockholders adjusted for amortization of core deposit intangibles	$	32,832		$	30,996		$	26,807		$	32,927		$	29,128		$	63,828		$	55,210

Average Tangible Common Equity
Total average stockholders’ equity	$	1,640,418		$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,630,657		$	1,537,738
Adjustments:
Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Average core deposit intangibles		(15,467	)		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(16,679	)		(26,437	)
Average tangible common equity	$	1,220,499		$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,209,526		$	1,106,849
Return on Average Tangible Common Equity (Annualized)		10.79	%		10.49	%		9.04	%		11.33	%		10.54	%		10.64	%		10.03	%

VERITEX HOLDINGS, INC. AND SUBSIDIARIES
Reconciliation of Non-GAAP Financial Measures
(Unaudited)

Operating Earnings, Pre-tax, Pre-provision Operating Earnings and performance metrics calculated using Operating Earnings and Pre-tax, Pre-provision Operating Earnings, including Diluted Operating Earnings per Share, Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Assets, Pre-tax, Pre-Provision Operating Return on Average Loans, Operating Return on Average Tangible Common Equity and Operating Efficiency Ratio. Operating earnings, pre-tax, pre-provision operating earnings and the performance metrics calculated using these metrics, listed below, are non-GAAP measures used by management to evaluate the Company’s financial performance. We calculate (a) operating earnings as net income plus BOLI 1035 exchange charges, plus severance payments, plus loss on sales of debt securities available for sale (“AFS”), net, plus FDIC special assessment, less tax impact of adjustments, plus nonrecurring tax adjustments. We calculate (b) diluted operating earnings per share as operating earnings as described in clause (a) divided by weighted average diluted shares outstanding. We calculate (c) pre-tax, pre-provision operating earnings as operating earnings as described in clause (a) plus provision for income taxes, plus provision (benefit) for credit losses and unfunded commitments. We calculate (d) pre-tax, pre-provision operating return on average assets as pre-tax, pre-provision operating earnings as described in clause (a) divided by total average assets. We calculate (e) operating return on average assets as operating earnings as described in clause (a) divided by total average assets. We calculate (f) operating return on average tangible common equity as operating earnings as described in clause (a), adjusted for the amortization of intangibles and tax benefit at the statutory rate, divided by total average tangible common equity (average stockholders’ equity less average goodwill and average core deposit intangibles, net of accumulated amortization). We calculate (g) operating efficiency ratio as noninterest expense plus adjustments to operating noninterest expense divided by noninterest income plus adjustments to operating noninterest income, plus net interest income.

We believe that these measures and the operating metrics calculated utilizing these measures are important to management and many investors in the marketplace who are interested in understanding the ongoing operating performance of the Company and provide meaningful comparisons to its peers.

The following tables reconcile, as of the dates set forth below, operating net income and pre-tax, pre-provision operating earnings and related metrics:

	For the Quarter Ended										For the Six Months Ended
	Jun 30, 2025		Mar 31, 2025		Dec 31, 2024		Sep 30, 2024		Jun 30, 2024		Jun 30, 2025		Jun 30, 2024
	(Dollars in thousands, except per share data)
Operating Earnings
Net income	$	30,906	$	29,070	$	24,882	$	31,001	$	27,202	$	59,976	$	51,358
Plus: BOLI 1035 exchange charges¹		—		517		—		—		—		517		—
Plus: Severance payments²		—		—		1,545		1,487		613		—		613
Plus: Loss on sales of AFS securities, net		—		—		4,397		—		—		—		6,304
Plus: FDIC special assessment		—		—		—		—		134		—		134
Operating pre-tax income		30,906		29,587		30,824		32,488		27,949		60,493		58,409
Less: Tax impact of adjustments		—		109		1,248		307		166		109		1,489
Plus: Nonrecurring tax adjustments		—		229		193		—		527		229		527
Operating earnings	$	30,906	$	29,707	$	29,769	$	32,181	$	28,310	$	60,613	$	57,447

Weighted average diluted shares outstanding		54,766		55,123		55,237		54,932		54,823		54,944		54,832
Diluted EPS	$	0.56	$	0.53	$	0.45	$	0.56	$	0.50	$	1.09	$	0.94
Diluted operating EPS	$	0.56	$	0.54	$	0.54	$	0.59	$	0.52	$	1.10	$	1.05

^{1Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.}
^{2Severance payments relate to certain restructurings made during the periods disclosed.}

	For the Quarter Ended															For the Six Months Ended
(Dollars in thousands)	Jun 30, 2025			Mar 31, 2025			Dec 31, 2024			Sep 30, 2024			Jun 30, 2024			Jun 30, 2025			Jun 30, 2024
Pre-Tax, Pre-Provision Operating Earnings
Net income	$	30,906		$	29,070		$	24,882		$	31,001		$	27,202		$	59,976		$	51,358
Plus: Provision for income taxes		8,516			8,526			8,222			8,067			8,221			17,042			15,458
Plus: Provision for credit losses and unfunded commitments		3,250			5,300			1,899			4,000			8,250			8,550			14,209
Plus: Severance payments³		—			—			1,545			1,487			613			—			613
Plus: Loss on sale of AFS securities, net		—			—			4,397			—			—			—			6,304
Plus: BOLI 1035 exchange charges²		—			517			—			—			—			517			—
Plus: FDIC special assessment		—			—			—			—			134			—			134
Pre-tax, pre-provision operating earnings	$	42,672		$	43,413		$	40,945		$	44,555		$	44,420		$	86,085		$	88,076

Average total assets	$	12,439,213		$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,472,488		$	12,457,374
Pre-tax, pre-provision operating return on average assets¹		1.38	%		1.41	%		1.28	%		1.38	%		1.42	%		1.39	%		1.42	%

Average loans	$	9,399,173		$	9,313,629		$	9,449,565		$	9,661,774		$	9,765,428		$	9,356,637		$	9,664,400
Pre-tax, pre-provision operating return on average loans¹		1.82	%		1.89	%		1.72	%		1.83	%		1.83	%		1.86	%		1.83	%

Average total assets	$	12,439,213		$	12,506,134		$	12,750,972		$	12,861,918		$	12,578,706		$	12,472,488		$	12,457,374
Return on average assets¹		1.00	%		0.94	%		0.78	%		0.96	%		0.87	%		0.97	%		0.83	%
Operating return on average assets¹		1.00			0.96			0.93			1.00			0.91			0.98			0.93

Operating earnings adjusted for amortization of core deposit intangibles
Operating earnings	$	30,906		$	29,707		$	29,769		$	32,181		$	28,310		$	60,613		$	57,447
Adjustments:
Plus: Amortization of core deposit intangibles		2,438			2,438			2,437			2,438			2,438			4,876			4,876
Less: Tax benefit at the statutory rate		512			512			512			512			512			1,024			1,024
Operating earnings adjusted for amortization of core deposit intangibles	$	32,832		$	31,633		$	31,694		$	34,107		$	30,236		$	64,465		$	61,299

Average Tangible Common Equity
Total average stockholders’ equity	$	1,640,418		$	1,620,788		$	1,604,335		$	1,583,401		$	1,541,609		$	1,630,657		$	1,537,738
Adjustments:
Less: Average goodwill		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)		(404,452	)
Less: Average core deposit intangibles		(15,467	)		(17,904	)		(20,342	)		(22,789	)		(25,218	)		(16,679	)		(26,437	)
Average tangible common equity	$	1,220,499		$	1,198,432		$	1,179,541		$	1,156,160		$	1,111,939		$	1,209,526		$	1,106,849
Operating return on average tangible common equity¹		10.79	%		10.70	%		10.69	%		11.74	%		10.94	%		10.75	%		11.14	%

Efficiency ratio		61.15	%		60.91	%		67.04	%		61.94	%		59.11	%		61.03	%		60.72	%
Operating efficiency ratio
Net interest income	$	96,335		$	95,441		$	96,141		$	100,062		$	96,236		$	191,776		$	189,042
Noninterest income		13,499			14,289			10,056			13,106			10,578			27,788			17,240
Plus: BOLI 1035 exchange charges²		—			517			—			—			—			517			—
Plus: Loss on sale of AFS securities, net		—			—			4,397			—			—			—			6,304
Operating noninterest income		13,499			14,806			14,453			13,106			10,578			28,305			23,544
Noninterest expense		67,162			66,834			71,194			70,100			63,141			133,996			125,257
Less: FDIC special assessment		—			—			—			—			134			—			134
Less: Severance payments³		—			—			1,545			1,487			613			—			613
Operating noninterest expense	$	67,162		$	66,834		$	69,649		$	68,613		$	62,394		$	133,996		$	124,510
Operating efficiency ratio		61.15	%		60.62	%		62.98	%		60.63	%		58.41	%		60.88	%		58.57	%

^{1 Annualized ratio for quarterly metrics.}
^{2 Represents non-recurring charges for the completion of a 1035 exchange of BOLI contracts.}
^{3 Severance payments relate to certain restructurings made during the periods disclosed.}

The MIL Network –

July 18, 2025

MIL-OSI Europe: OLAF played key role in Ukraine’s uncovering of massive underground pesticide production

Source: European Anti-Fraud Offfice

Press release 20/2025
PDF version

A far-reaching investigation coordinated by the European Anti-Fraud Office (OLAF) has played a central part in uncovering a sophisticated criminal network in Ukraine which engaged in mass production and counterfeiting of agrochemical products. These were falsely labelled under some of the leading agrochemical brands in Europe and the USA. As a result, Ukrainian authorities conducted 89 searches across the country that led to the seizure of hundreds of tons of illicit products worth over 2.3 million EUR.

Ukrainian authorities recently dismantled a large-scale criminal network producing and selling illicit pesticides on an industrial scale. Police raids uncovered several underground workshops and resulted in the confiscation of more than 175 tons of counterfeit agrochemicals as well as raw materials for their production. These were ordered from China and contained potent and poisonous substances.

In addition, a separate production of packaging for these products was discovered, together with fake labels, plastic packaging, holographic security elements of various trademarks and seals of business entities. Part of the seized products are believed to have been intended for European market, posing a significant threat to food security, environmental safety and legitimate agrochemical companies. You can read more about the operation in the press release of the Ukrainian State Customs Service here and the National Police of Ukraine here.

OLAF’s role in the operation focused on strategic gathering, analysis and sharing of intelligence as well as cross-border coordination that led to the setting up of a Joint Investigation Team (JIT) between Romania, Ukraine and OLAF under the umbrella of EUROJUST. The investigation started in 2023 with a 2024 to the seizure of additional 1000 litres of counterfeit crop protection products in Romania and in the end helped to identify and later dismantle the source: an illegal large-scale manufacturing operation in Ukraine.

National Police of Ukraine, Department for Combating Smuggling and Violations of Customs Rules of the State Customs Service of Ukraine, Office of the Prosecutor General in Ukraine as well as Financial and economic Police Bihor county in Romania and Public Prosecution office Oradea in Romania provided critical support during the operation.

Ville Itälä, Director-General of OLAF, said: “This is a textbook example of how operational actions unfold across borders. What started like isolated seizures in Bulgaria and Romania turned out to be the surface of a much deeper operation in Ukraine. Thanks to the methodical investigation and strong cooperation with our partners, we were able to trace the supply chain all the way to the source. This way, we help to protect not only European markets but also legitimate businesses, farmers and the environment.”

OLAF remains committed to tackling cross-border crime and protecting the European Union from the dangers posed by counterfeit products.

OLAF mission, mandate and competences:
OLAF’s mission is to detect, investigate and stop fraud with EU funds.

OLAF fulfils its mission by:
•    carrying out independent investigations into fraud and corruption involving EU funds, so as to ensure that all EU taxpayers’ money reaches projects that can create jobs and growth in Europe;
•    contributing to strengthening citizens’ trust in the EU Institutions by investigating serious misconduct by EU staff and members of the EU Institutions;
•    developing a sound EU anti-fraud policy.

In its independent investigative function, OLAF can investigate matters relating to fraud, corruption and other offences affecting the EU financial interests concerning:
•    all EU expenditure: the main spending categories are Structural Funds, agricultural policy and rural development funds, direct expenditure and external aid;
•    some areas of EU revenue, mainly customs duties;
•    suspicions of serious misconduct by EU staff and members of the EU institutions.

Once OLAF has completed its investigation, it is for the competent EU and national authorities to examine and decide on the follow-up of OLAF’s recommendations. All persons concerned are presumed to be innocent until proven guilty in a competent national or EU court of law.

For further details:

Pierluigi CATERINO
Spokesperson
European Anti-Fraud Office (OLAF)
Phone: +32(0)2 29-52335
Email: olaf-media ec [dot] europa [dot] eu (olaf-media[at]ec[dot]europa[dot]eu)
https://anti-fraud.ec.europa.eu
LinkedIn: European Anti-Fraud Office (OLAF)
X: x.com/EUAntiFraud
Bluesky: euantifraud.bsky.social

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MIL OSI Europe News –

July 18, 2025

MIL-Evening Report: From ‘Stone Age’ treasury boss to National Party Senator: John Stone 1929-2025

Source: The Conversation (Au and NZ) – By John Hawkins, Head, Canberra School of Government, University of Canberra

AUSPIC

John Owen Stone AO was a legendary leader of the Commonwealth Treasury. He was secretary (departmental head) from January 1979 to September 1984 but was an intellectual driving force before then as deputy secretary from 1971 to 1978.

Over those years he dealt with eight treasurers: Billy Snedden, Gough Whitlam, Frank Crean, Jim Cairns, Bill Hayden, Phillip Lynch, John Howard and Paul Keating.

It is a sign of his influence that those years were dubbed the “Stone Age” by South Australian Premier Don Dunstan and others.

Former Defence Department heads Arthur Tange and Tony Ayers were at various times called the “last of the mandarins” but Stone is probably truly the last.

In 1978 journalist Paul Kelly called Stone “one of the two men who ran the nation”, the other being then prime minister Malcolm Fraser.

It is hard to think of any later public servant about whom that could be said.

Stone’s entry in the Senate’s biographical dictionary captures him well:

he could be charming, witty and flattering, but he is often decried as being obstinate and arrogant.

A Reserve Bank official is said to have said “I wish I was as certain about one thing as John Stone is about everything.”

This obduracy cemented the Treasury’s reputation for arrogance and weakened its influence.

Early years – from physics to economics

John was born in 1929, the elder of two sons of a farmer and a primary school teacher. His childhood was spent in the Western Australian wheat belt. But after his parents divorced when he was 12, he moved with his mother to Perth.

He attended Perth Modern School where contemporaries included Bob Hawke, Rolf Harris and Maxwell Newton.

He graduated with first-class honours from the University of Western Australia in 1950, majoring in mathematical physics, and served as president of the students’ association.

While there he met Billy Snedden, who two decades later would be Prime Minister William McMahon’s treasurer and with whom Stone would work as treasury deputy secretary.

In 1951 he won a Rhodes scholarship. He initially enrolled for a physics degree at Oxford, but switched to economics, graduating with a Bachelor of Arts in Politics, Philosophy and Economics.

He joined Australia’s Treasury, initially in its London office, in 1954. The same year he married Nancy Hardwick, a biochemical researcher, and they would have five children.

The mandarin who put Treasury first

Stone was an admirer of fellow Rhodes scholar Sir Roland Wilson, the longest-serving Treasury secretary with doctorates from Oxford and Chicago.

Along with Wilson, Stone was a strong critic of the 1965 report of the Committee of Economic Inquiry known as the Vernon Report which called for greater planning and an independent economic advisory committee whose advice would have rivalled Treasury’s and succeeded in having Prime Minister Menzies reject it.

In the late 1960s as treasury’s representative he was an executive director at the International Monetary Fund and defied his treasurer William McMahon by voting against the introduction of Special Drawing Rights that gave members rights over other members’ reserves.

Stone believed that was why he was passed over for the secretary’s position when Frederick Wheeler was appointed in 1971.

At treasury in the 1970s, Stone publicly clashed with members of a global environmental group called the Club of Rome about whether there were environmental limits to economic growth.

During a public meeting in Canberra in 1973, he argued the world would not run out of the resources it needed because price rises would create incentives to use them more efficiently and develop substitutes.

These ideas permeated the treasury’s second economic research paper called Economic Growth – is it Worth Having? which he heavily influenced.

Stone claimed to have personally drafted the words in Treasurer Bill Hayden’s 1975 budget statement that said Australia was

no longer operating in that simple Keynesian world in which some reduction in unemployment could, apparently, always be purchased at the cost of some more inflation.

Stone was the driving force behind the subsequent Fraser government’s mantra of “fight inflation first”.

As a senior Treasury officer, Stone was often openly contemptuous of politicians. He would share these views with journalists at the bar of the Hotel Canberra and in later years at the bar of the National Press Club.

He was particularly critical when politicians had the temerity to take advice from what he termed “meretricious players” from outside the treasury.

This attitude led Stone to oppose even the sort of free-market measures he might be expected to like when they were advocated by someone else.

He unsuccessfully opposed the Whitlam government’s cuts to tariffs in 1973 and some of the recommendations of the Campbell Committee of Inquiry into Australia’s financial system in 1981.

Fraser is said to have said Stone “believes in the deregulation of everything he does not regulate”.

Stone also opposed the Hawke government’s decision to float the dollar in 1983.

He argued the timing was wrong and that the dollar would appreciate, weakening the economy. After rising for a short time, the dollar actually depreciated and the economy performed strongly.

Ludicrously, Stone denied having ever opposed it.

Many in the Labor Party had wanted Stone sacked when it came to power in 1983, but Keating kept him on, partly to reassure financial markets. As Keating’s confidence in his own judgement grew, Stone’s influence waned.

Stone announced his resignation just before the August 1984 budget and made a scathing attack on many of the government’s policies in his 1984 Shann Memorial Lecture at the University of Western Australia.

Politics post-treasury

Stone isn’t the only treasury official to have gone into politics. Leslie Bury even became treasurer. Jim Short and Arthur Sinodinos became assistant treasurers.

But Stone was the only former head of the treasury to enter politics. He served as a National Party Senator for Queensland from 1987 to 1990, having been part of the Joh for Canberra campaign which had as its organising principle the anointing of Queensland Premier Joh Bjelke-Petersen as prime minister.

He was the Senate running mate to Sir Joh’s wife Flo Bjelke-Petersen.

Stone was twice the Coalition’s finance spokesman, but he was something of a loose cannon. John Howard dropped him from the front bench for a time after he said “Asian immigration has to be slowed”.

He apparently held ambitions to be treasurer. In 1990 he resigned from the Senate to contest a seat in the House of Representatives that would have made that easier given treasurers are traditionally members of the lower house.

Stone failed to win it. He then reneged on an earlier promise by nominating to return to his Senate seat. Faced with uproar in the party, he withdrew and his meteoric political career was over.

He co-founded the HR Nicholls Society, which pressed for the deregulation of industrial relations laws, and the Samuel Griffith Society which concerned itself with states’ rights.

Stone was active in the Institute of Public Affairs and wrote frequently in Quadrant. He opposed republicanism, centralism, trade unionism, multiculturalism and climate action.

He died aged 96 and is survived by five children.

John Hawkins was a senior economist at the Australian Treasury where he wrote a series of biographical essays on Australian treasurers.

Selwyn Cornish is the Reserve Bank of Australia historian and a former Australian Treasury official.

– ref. From ‘Stone Age’ treasury boss to National Party Senator: John Stone 1929-2025 – https://theconversation.com/from-stone-age-treasury-boss-to-national-party-senator-john-stone-1929-2025-216360

MIL OSI Analysis – EveningReport.nz –