UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_____________________

Form 8-K
_____________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): July 24, 2018  

Spirit of Texas Bancshares, Inc.
(Exact Name of Registrant as Specified in Charter)

Texas001-3848490-0499552
(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification Number)

 

1836 Spirit of Texas Way, Conroe, Texas 77301
(Address of Principal Executive Offices) (Zip Code)

(936) 521-1836
(Registrant's telephone number, including area code)


(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 [ X ]  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 [ ]  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 [ ]  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 [ ]  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company [ X ]

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [   ]

 
 

Item 2.02. Results of Operations and Financial Condition.

On July 24, 2018, Spirit of Texas Bancshares, Inc. (the “Company”) issued a press release announcing its financial results for the second quarter ended June 30, 2018. A copy of the Company’s press release covering such announcement and certain other matters is furnished as Exhibit 99.1 to this Current Report on Form 8-K.

Item 8.01. Other Events.

The only information contained in this Form 8-K being filed for purposes of Rule 425 of the Securities Act is the information relating solely to the proposed acquisition of Comanche National Corporation contained in the press release furnished herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits.

(d)   Exhibits.

Exhibit No. Description
   
99.1 Press Release dated July 24, 2018

 

THE INFORMATION FURNISHED UNDER ITEM 2.02 OF THIS CURRENT REPORT, INCLUDING EXHIBIT 99.1 ATTACHED HERETO, SHALL NOT BE DEEMED “FILED” FOR THE PURPOSES OF SECTION 18 OF THE SECURITIES AND EXCHANGE ACT OF 1934, NOR SHALL IT BE DEEMED INCORPORATED BY REFERENCE INTO ANY REGISTRATION STATEMENT OR OTHER FILING PURSUANT TO THE SECURITIES ACT OF 1933, EXCEPT AS OTHERWISE EXPRESSLY STATED IN SUCH FILING.


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 Spirit of Texas Bancshares, Inc.
   
  
Date: July 24, 2018By: /s/ Jeffrey A. Powell        
  Jeffrey A. Powell
  Chief Financial Officer and Executive Vice President
  


EXHIBIT INDEX

 

Exhibit No. Description
   
99.1 Press Release dated July 24, 2018

EdgarFiling

EXHIBIT 99.1

Spirit of Texas Bancshares, Inc. Reports  Second Quarter 2018 Financial Results

CONROE, Texas, July 24, 2018 (GLOBE NEWSWIRE) -- Spirit of Texas Bancshares, Inc. (NASDAQ:STXB) (the “Company”), the bank holding company for Spirit of Texas Bank, today reported its results for its second quarter ended June 30, 2018.

Dean Bass, Spirit of Texas Bancshares’ Chairman and Chief Executive Officer, stated, “We are pleased to report solid second quarter results that represented improved profitability and continued organic growth.  We are also pleased to have recently announced the acquisition of Comanche National Bank, our eighth acquisition in Texas since our founding and our first since becoming a public company in May 2018.  Comanche operates eight full-service banking locations in the North Central Texas area and has a proven history of strong earnings and sound asset quality. Comanche is expected to bolster our existing banking capabilities in North Central Texas and expand our footprint into the deposit-rich counties of Comanche, Jack, Palo Pinto and Parker, located west of the Dallas/Fort Worth metroplex.  The transaction is expected to close in the fourth quarter of 2018, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of Comanche’s and Spirit’s shareholders.”

Loan Portfolio and Composition

During the quarter, the loan portfolio, gross of the allowance for loan losses, grew to $917.5 million as of June 30, 2018, an increase of 4% from $882.1 million as of March 31, 2018 and 6% from $869.1 million as of December 31, 2017.  Loan growth during the second quarter of 2018 was distributed among our commercial and industrial and real estate portfolios. The Company believes it is well-positioned for diversified loan growth based on our strategic presence in the Houston and Dallas/Fort Worth metropolitan areas, including the recently-announced acquisition of Comanche National Bank in North Central, all of which are expected to continue to benefit from favorable economic conditions.

Asset Quality

The provision for loan losses recorded for the second quarter of 2018 was $635 thousand. The provision for loan losses served to increase the allowance to $6.0 million, or 0.66% of the $917.5 million in loans outstanding. The nonperforming loans to loans held for investment ratio as of June 30, 2018 was 0.44%.

Deposits and Borrowings

Deposits totaled $844.7 million as of June 30, 2018, an increase of 0.4% from $841.0 million as of March 31, 2018 and 1% from $835.4 million as of December 31, 2017.  Demand deposits increased by $5.2 million, or 3%, from March 31, 2018 and $6.9 million, or 4%, from December 31, 2017.  Demand deposits represent 22% of total deposits as of June 30, 2018, compared to 21% as of both March 31, 2018 and December 31, 2017. The average cost of deposits was 92 basis points for the second quarter of 2018, representing a 12 basis point increase from the second quarter of 2017 and a 7 basis point increase from the first quarter of 2018.    

Net Interest Margin and Net Interest Income

The net interest margin for the second quarter of 2018 was 4.52%, an increase of 41 basis points from the second quarter of 2017 and 11 basis points from the first quarter of 2018. The tax equivalent net interest margin for the second quarter of 2018 was 4.57%, an increase of 36 basis points from the second quarter of 2017 and 11 basis points from the first quarter of 2018.  The increase from the second quarter of 2017 and the first quarter of 2018 was due primarily to the impact of an increase in interest rates by the Federal Open Market Committee during 2017 and 2018 as well as an increase of average interest-earning assets.

Net interest income totaled $11.1 million in the second quarter of 2018, an increase of 15.5% from $9.6 million in the second quarter of 2017.  Interest income totaled $13.5 million in the second quarter of 2018, an increase of 16.1% from $11.6 million in the second quarter of 2017.  Interest and fees on loans increased by $1.9 million, or 16.5%, from the second quarter of 2017 due to growth in the loan portfolio and the impact of an increase in interest rates by the Federal Open Market Committee during 2017 and 2018. Interest expense was $2.4 million for the second quarter of 2018, an increase of 18.6% from $2.0 million in the second quarter of 2017. The increase from the second quarter of 2017 was primarily due to an increase in the rate paid on interest-bearing liabilities of 20 basis points.

Noninterest Income and Noninterest Expense

Noninterest income totaled $2.3 million in the second quarter of 2018 when compared to $3.6 million in the second quarter of 2017. The primary components of noninterest income in the quarter were gain on sales of loans, net and SBA loan servicing fees of $1.0 million and $548 thousand, respectively.

Noninterest expense totaled $9.4 million in the second quarter of 2018, a decrease of 1.2% from $9.5 million in the second quarter of 2017.

________________________________________________
(1) Tax Equivalent Net Interest Margin, Adjusted Efficiency Ratio, Tangible Book Value Per Share, and Tangible Equity to Tangible Assets Ratio are all non-GAAP measures. Please see a reconciliation to the nearest respective GAAP measures at the end of this news release.

(2) Presented on an annualized basis.

Conference Call

Spirit of Texas Bancshares has scheduled a conference call to discuss its second quarter 2018 results, which will be broadcast live over the Internet, on Wednesday, July 25, 2018 at 10:00 a.m. Eastern Time / 9:00 a.m. Central Time. To participate in the call, dial 201-389-0867 and ask for the Spirit of Texas call at least 10 minutes prior to the start time, or access it live over the Internet at http://ir.sotb.com/events-presentations.  For those who cannot listen to the live call, a replay will be available through August 1, 2018 and may be accessed by dialing 201-612-7415 and using pass code 13681321#. Also, an archive of the webcast will be available shortly after the call at http://ir.sotb.com/events-presentations for 90 days.

About Spirit of Texas Bancshares, Inc.

Spirit of Texas Bancshares, Inc., through its wholly owned subsidiary, Spirit of Texas Bank, SSB, provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals.  Spirit operates in the Houston, Dallas/Fort Worth and Bryan College Station metropolitan areas.  Please visit https://www.sotb.com for more information.

Forward-Looking Statements

This release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, strategies, predictions, forecasts, objectives or assumptions of future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “expects,” “can,” “could,” “may,” “predicts,” “potential,” “opportunity,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “seeks,” “intends” and similar words or phrases. Accordingly, these statements involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual strategies, actions or results to differ materially from those expressed in them, and are not guarantees of timing, future results or other events or performance. Because forward-looking statements are necessarily only estimates of future strategies, actions or results, based on management’s current expectations, assumptions and estimates on the date hereof, and there can be no assurance that actual strategies, actions or results will not differ materially from expectations, you are cautioned not to place undue reliance on such statements. Additional information regarding certain risks, uncertainties and other factors that could cause actual strategies, actions and results to differ materially from those contemplated in forward-looking statements is included from time to time in our filings with the SEC, including under the heading “Risk Factors” in our prospectus filed with the Securities and Exchange Commission (SEC) pursuant to Rule 424(b) of the Securities Act of 1933, as amended (Securities Act), on May 4, 2018. Any forward-looking statement speaks only as of the date on which it is made, and Spirit of Texas Bancshares, Inc. undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.

 

 
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
     
     
     
  Three Months Ended June 30,
   2018  2017
  (Dollars in thousands, except per share data)
Interest income:    
Interest and fees on loans $  13,078 $  11,228
Interest and dividends on investment securities    195    114
Other interest income    215    278
Total interest income    13,488    11,620
Interest expense:    
Interest on deposits    1,941    1,644
Interest on FHLB advances and other borrowings    465    384
Total interest expense    2,406    2,028
Net interest income    11,082    9,592
Provision for loan losses    635    650
Net interest income after provision for loan losses    10,447    8,942
Noninterest income:    
Service charges and fees    419    349
SBA loan servicing fees    548    625
Mortgage referral fees    208    243
Gain on sales of loans, net    1,041    2,288
Gain (loss) on sales of other assets    7    45
Other noninterest income    80    4
Total noninterest income    2,303    3,554
Noninterest expense:    
Salaries and employee benefits    6,043    5,899
Occupancy and equipment expenses    1,221    1,302
Loan and other real estate related expenses    14    101
Professional services    314    476
Data processing and network    321    313
Regulatory assessments and insurance    266    236
Amortization of intangibles    175    175
Advertising    102    157
Marketing    121    150
Telephone expense    114    81
Other operating expenses    690    604
Total noninterest expense    9,381    9,494
Income before income tax expense    3,369    3,002
Income tax expense    688    993
Net income $  2,681 $  2,009
     
Earnings per common share:    
Basic $  0.30 $  0.28
Diluted $  0.29 $  0.27
     
Weighted average common shares outstanding:     
Basic    8,851,446    7,273,351
Diluted    9,306,029    7,568,921
     


 
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Unaudited)
   As of
   June 30,
2018
 March 31,
2018
 December 31,
2017
   (Dollars in thousands)
Assets:       
Cash and due from banks $  17,181  $  18,786  $  19,054 
Interest-bearing deposits in other banks    35,805     33,509     38,895 
 Total cash and cash equivalents    52,986     52,295     57,949 
Time deposits in other banks    245     245     245 
Investment securities:      
 Available for sale securities, at fair value    34,519     35,802     37,243 
 Total investment securities    34,519     35,802     37,243 
Loans held for sale     7,715     4,530     3,814 
Loans:       
Loans held for investment    917,521     882,101     869,119 
Less: allowance for loan and lease losses    (6,015)    (5,727)    (5,652)
 Loans, net     911,506     876,374     863,467 
Premises and equipment, net    44,945     43,343     42,189 
Accrued interest receivable    3,195     3,115     3,466 
Other real estate owned and repossessed assets    289     268     21 
Goodwill     4,485     4,485     4,485 
Core deposit intangible    3,135     3,311     3,486 
SBA servicing asset    3,521     3,512     3,411 
Deferred tax asset, net    1,616     1,588     1,480 
Bank-owned life insurance    482     480     479 
Federal Home Loan Bank and other bank stock, at cost    4,830     4,802     4,812 
Other assets     3,207     5,328     3,751 
 Total assets
 $  1,076,676  $  1,039,478  $  1,030,298 
Liabilities and Stockholders' Equity      
Liabilities:       
Deposits:       
 Transaction accounts:      
 Noninterest-bearing $  183,618  $  178,457  $  176,726 
 Interest-bearing    220,087     235,831     250,491 
   Total transaction accounts    403,705     414,288     427,217 
  Time deposits    440,978     426,675     408,151 
   Total deposits    844,683     840,963     835,368 
Accrued interest payable    431     424     407 
Short-term borrowings    15,000     15,000     15,000 
Long-term borrowings    66,191     75,203     76,411 
Other liabilities     2,385     4,909     3,973 
   Total liabilities    928,690     936,499     931,159 
Stockholders' Equity:      
Preferred stock     -      -      -  
Common stock     127,344     84,952     82,615 
Retained earnings    21,719     19,038     17,025 
Accumulated other comprehensive income (loss)    (1,077)    (1,011)    (501)
   Total stockholders' equity    147,986     102,979     99,139 
   Total liabilities and stockholders' equity
 $  1,076,676  $  1,039,478  $  1,030,298 
        


 
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Loan Composition
(Unaudited)
       
       
  As of
  June 30,
2018
 March 31,
2018
 December 31,
2017
  (Dollars in thousands)
Loans:      
Commercial and industrial loans (1) $  149,988 $  137,400 $  135,040
Real estate:      
1-4 single family residential loans    238,606    238,382    232,510
Construction, land and development loans    152,558    143,646    139,470
Commercial real estate loans (including multifamily)    305,405    289,571    285,731
Consumer loans and leases    19,588    20,824    22,736
Municipal and other loans    51,376    52,278    53,632
Total loans held in portfolio $  917,521 $  882,101 $  869,119
       
(1) Balance includes $72.4 million, $70.1 million and $67.1 million of the unguaranteed portion of SBA loans as of June 30, 2018, March 31, 2018 and December 31, 2017, respectively.
      


 
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Deposit Composition
(Unaudited)
       
       
  As of
  June 30,
2018
 March 31,
2018
 December 31,
2017
  (Dollars in thousands)
Deposits:      
Noninterest-bearing demand deposits $  183,618 $  178,457 $  176,726
Interest-bearing NOW accounts    7,404    9,475    7,318
Savings and money market accounts    212,683    226,356    243,173
Time deposits    440,978    426,675    408,151
Total deposits $  844,683 $  840,963 $  835,368
       


 
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Average Balances and Yields
(Unaudited)
 
  Three Months Ended
June 30,
   2018   2017 
  Average
Balance (1)
 Interest/
Expense
 Annualized
Yield/Rate
 Average
Balance (1)
 Interest/
Expense
 Annualized
Yield/Rate
  (Dollars in thousands)
Interest-earning assets:            
Interest-earning deposits in other banks $  41,396 $  183 1.77% $  101,749 $  244 0.96%
Loans, including loans held for sale (2)    901,103    13,078 5.82%    809,774    11,228 5.56%
Investment securities and other    40,005    227 2.28%    24,467    148 2.43%
Total interest-earning assets    982,504    13,488 5.51%    935,990    11,620 4.98%
Noninterest-earning assets    75,278        63,330    
Total assets $  1,057,782     $  999,320    
Interest-bearing liabilities:            
Interest-bearing NOW accounts $  8,102 $  3 0.15% $  8,776 $  3 0.15%
Savings and money market accounts    221,792    337 0.61%    227,244    321 0.57%
Time deposits    431,666    1,601 1.49%    437,470    1,320 1.21%
FHLB advances and other borrowings    85,612    465 2.18%    71,519    384 2.16%
Total interest-bearing liabilities    747,172    2,406 1.29%    745,009    2,028 1.09%
Noninterest-bearing liabilities and
shareholders' equity:
            
Noninterest-bearing demand deposits    188,628        154,043    
Other liabilities    2,855        4,483    
Stockholders' equity    119,127        95,785    
Total liabilities and stockholders' equity $  1,057,782     $  999,320    
Net interest rate spread     4.22%     3.89%
Net interest income and margin   $  11,082 4.52%   $  9,592 4.11%
Net interest income and margin (tax equivalent)(3)  $  11,196 4.57%   $  9,833 4.21%
             
(1) Average balances presented are derived from daily average balances.          
(2) Includes loans on nonaccrual status.            
(3) In order to make pretax income and resultant yields on tax-exempt loans comparable to those on taxable loans, a tax-equivalent adjustment has been computed using a federal tax rate of 21% and 34% for the three months ended June 30, 2018 and 2017, respectively.
   


 
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Average Balances and Yields
(Unaudited)
             
  Three Months Ended
  June 30, 2018 March 31, 2018
  Average
Balance (1)
 Interest/
Expense
 Annualized
Yield/Rate
 Average
Balance (1)
 Interest/
Expense
 Annualized
Yield/Rate
  (Dollars in thousands)
Interest-earning assets:            
Interest-earning deposits in other banks $  41,396 $  183 1.77% $  27,843 $  124 1.80%
Loans, including loans held for sale (2)    901,103    13,078 5.82%    884,521    12,291 5.64%
Investment securities and other    40,005    227 2.28%    41,385    238 2.33%
Total interest-earning assets    982,504    13,488 5.51%    953,749    12,653 5.38%
Noninterest-earning assets    75,278        75,945    
Total assets $  1,057,782     $  1,029,694    
Interest-bearing liabilities:            
Interest-bearing NOW accounts $  8,102 $  3 0.15% $  7,749 $  3 0.15%
Savings and money market accounts    221,792    337 0.61%    235,424    342 0.59%
Time deposits    431,666    1,601 1.49%    417,016    1,386 1.35%
FHLB advances and other borrowings    85,612    465 2.18%    93,509    541 2.35%
Total interest-bearing liabilities    747,172    2,406 1.29%    753,698    2,272 1.22%
Noninterest-bearing liabilities and
shareholders' equity:
            
Noninterest-bearing demand deposits    188,628        169,688    
Other liabilities    2,855        5,392    
Stockholders' equity    119,127        100,916    
Total liabilities and stockholders' equity $  1,057,782     $  1,029,694    
Net interest rate spread     4.22%     4.16%
Net interest income and margin   $  11,082 4.52%   $  10,381 4.41%
Net interest income and margin (tax equivalent)(3)  $  11,196 4.57%   $  10,497 4.46%
             
(1) Average balances presented are derived from daily average balances.          
(2) Includes loans on nonaccrual status.            
(3) In order to make pretax income and resultant yields on tax-exempt loans comparable to those on taxable loans, a tax-equivalent adjustment has been computed using a federal tax rate of 21% for the three months ended June 30, 2018 and March 31, 2018, respectively.
 

 Non-GAAP Financial Measures

Our accounting and reporting policies conform to GAAP, and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional financial measures discussed in this release as being a non-GAAP financial measures. 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 as in effect from time to time in the United States 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 or statistical measures calculated using exclusively financial measures calculated in accordance with GAAP.

The non-GAAP financial measures that we discuss in this 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 discuss in this release may differ from that of other banking organizations reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures we have discussed in this release when comparing such non-GAAP financial measures.

 
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Net Interest Margin on a Fully Taxable Equivalent Basis
(Unaudited)
       
  As of or for the Three Months Ended
  June 30, 2018 March 31, 2018 December 31, 2017
  (Dollars in thousands, except per share data)
Net interest margin - GAAP basis:      
Net interest income $  11,082  $  10,381  $  9,592 
Average interest-earning assets    982,504     953,749     935,990 
Net interest margin  4.52%  4.41%  4.11%
Net interest margin - Non-GAAP basis:      
Net interest income $  11,082  $  10,381  $  9,592 
Plus:      
Impact of fully taxable equivalent adjustment    114     116     241 
Net interest income on a fully taxable equivalent basis $  11,196  $  10,497  $  9,833 
Average interest-earning assets    982,504     953,749     935,990 
Net interest margin on a fully taxable equivalent basis - Non-GAAP basis  4.57%  4.46%  4.21%
             


 
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Efficiency Ratio
(Unaudited)
     
  As of or for the Three Months Ended June 30,
   2018   2017 
         
  (Dollars in thousands)
Efficiency ratio - GAAP basis:    
Noninterest expense (numerator) $  9,381  $  9,494 
Net interest income plus noninterest income (denominator)    13,385     13,146 
Efficiency ratio - GAAP basis  70.09%  72.22%
Efficiency ratio - Non-GAAP basis:    
Noninterest expense $  9,381  $  9,494 
Less:    
Amortization of intangibles    175     175 
Adjusted noninterest expense (numerator) $  9,206  $  9,319 
Net interest income    11,082     9,592 
Noninterest income    2,303     3,554 
Less:    
Gain (loss) on sales of other assets  7   45 
Adjusted operating revenue (denominator) $  13,378  $  13,101 
     
Efficiency Ratio - Non-GAAP basis  68.81%  71.13%
     


 
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Tangible Book Value Per Share
(Unaudited)
       
  As of
  June 30, 2018 March 31, 2018 December 31, 2017
  (Dollars in thousands, except per share data)
Total stockholders' equity $  147,986 $  102,979 $  99,139
Less:      
Goodwill and other intangible assets    7,620    7,796    7,971
Tangible stockholders' equity $  140,366 $  95,183 $  91,168
Shares outstanding  9,786,611  7,486,611  7,280,183
Book value per share $  15.12 $  13.76 $  13.62
Less:      
Goodwill and other intangible assets per share    0.78    1.05    1.10
Tangible book value per share $  14.34 $  12.71 $  12.52
       


 
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Tangible Equity to Tangible Assets
(Unaudited)
       
  As of
  June 30, 2018 March 31, 2018 December 31, 2017
  (Dollars in thousands)
Total stockholders' equity to total assets - GAAP basis:      
Total stockholders' equity (numerator) $  147,986  $  102,979  $  99,139 
Total assets (denominator)    1,076,676     1,039,478     1,030,298 
Total stockholders' equity to total assets  13.74%  9.91%  9.62%
Tangible equity to tangible assets - Non-GAAP basis:      
Tangible equity:      
Total stockholders' equity $  147,986  $  102,979  $  99,139 
Less:      
Goodwill and other intangible assets    7,620     7,796     7,971 
Total tangible common equity (numerator) $  140,366  $  95,183  $  91,168 
Tangible assets:      
Total assets    1,076,676     1,039,478     1,030,298 
Less:      
Goodwill and other intangible assets  7,620   7,796   7,971 
Total tangible assets (denominator) $  1,069,056  $  1,031,682  $  1,022,327 
       
Tangible equity to tangible assets  13.13%  9.23%  8.92%
             


Contacts:
Dennard Lascar Investor Relations
Ken Dennard / Natalie Hairston
(713) 529-6600
STXB@dennardlascar.com