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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2019

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                 to                

Commission File Number: 001-38484

 

Spirit of Texas Bancshares, Inc.

(Exact name of registrant as specified in its charter)

 

 

Texas

90-0499552

( State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

 

 

1836 Spirit of Texas Way

Conroe, TX

77301

(Address of principal executive offices)

(Zip Code)

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

Former name, former address and former fiscal year, if changed since last report:

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, no par value

 

STXB

 

The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.     Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

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. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 2, 2019, the registrant had 15,794,282 shares of common stock, no par value, outstanding.

 

 

 

 


TABLE OF CONTENTS

 

 

 

Page

PART I.

FINANCIAL INFORMATION

3

Item 1.

Consolidated Financial Statements (Unaudited)

3

 

Consolidated Balance Sheets

3

 

Consolidated Statements of Income

4

 

Consolidated Statements of Comprehensive Income

5

 

Consolidated Statements of Changes in Stockholders’ Equity

6

 

Consolidated Statements of Cash Flows

7

 

Notes to Unaudited Consolidated Financial Statements

9

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

58

Item 4.

Controls and Procedures

58

PART II.

OTHER INFORMATION

59

Item 1.

Legal Proceedings

59

Item 1A.

Risk Factors

59

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

59

Item 3.

Defaults Upon Senior Securities

59

Item 4.

Mine Safety Disclosures

59

Item 5.

Other Information

59

Item 6.

Exhibits

60

Signatures

61

 

 

2


PART I.     FINANCIAL INFORMATION

Item 1.Consolidated Financial Statements (Unaudited)

 

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except per share data)

 

 

 

June 30,

2019

 

 

December 31,

2018

 

Assets:

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

26,150

 

 

$

22,664

 

Interest-bearing deposits in other banks

 

 

137,008

 

 

 

66,351

 

Total cash and cash equivalents

 

 

163,158

 

 

 

89,015

 

Time deposits in other banks

 

 

1,225

 

 

 

-

 

Investment securities:

 

 

 

 

 

 

 

 

Available for sale securities, at fair value

 

 

171,058

 

 

 

179,461

 

Total investment securities

 

 

171,058

 

 

 

179,461

 

Loans held for sale

 

 

2,583

 

 

 

3,945

 

Loans:

 

 

 

 

 

 

 

 

Loans held for investment

 

 

1,409,338

 

 

 

1,092,940

 

Less: allowance for loan and lease losses

 

 

(6,277

)

 

 

(6,286

)

Loans, net

 

 

1,403,061

 

 

 

1,086,654

 

Premises and equipment, net

 

 

62,815

 

 

 

53,877

 

Accrued interest receivable

 

 

7,039

 

 

 

4,934

 

Other real estate owned and repossessed assets

 

 

1,324

 

 

 

782

 

Goodwill

 

 

43,889

 

 

 

18,253

 

Core deposit intangible

 

 

12,583

 

 

 

8,558

 

SBA servicing asset

 

 

3,570

 

 

 

3,965

 

Deferred tax asset, net

 

 

48

 

 

 

328

 

Bank-owned life insurance

 

 

15,432

 

 

 

7,401

 

Federal Home Loan Bank and other bank stock, at cost

 

 

6,190

 

 

 

5,304

 

Other assets

 

 

4,485

 

 

 

4,276

 

Total assets

 

$

1,898,460

 

 

$

1,466,753

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Transaction accounts:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

367,892

 

 

$

256,784

 

Interest-bearing

 

 

569,839

 

 

 

378,822

 

Total transaction accounts

 

 

937,731

 

 

 

635,606

 

Time deposits

 

 

632,873

 

 

 

547,042

 

Total deposits

 

 

1,570,604

 

 

 

1,182,648

 

Accrued interest payable

 

 

1,134

 

 

 

702

 

Short-term borrowings

 

 

 

 

 

12,500

 

Long-term borrowings

 

 

80,525

 

 

 

67,916

 

Other liabilities

 

 

2,087

 

 

 

4,191

 

Total liabilities

 

 

1,654,350

 

 

 

1,267,957

 

Commitments and contingencies (Note 13)

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

Preferred stock, $1 par value; 5 million shares authorized; 0 shares

   issued and outstanding

 

 

 

 

 

 

Common stock, no par value; 50 million shares authorized; 13,790,332 and

   12,103,753 shares issued and outstanding

 

 

204,974

 

 

 

169,939

 

Retained earnings

 

 

36,640

 

 

 

27,003

 

Accumulated other comprehensive income (loss)

 

 

2,496

 

 

 

1,854

 

Total stockholders' equity

 

 

244,110

 

 

 

198,796

 

Total liabilities and stockholders' equity

 

$

1,898,460

 

 

$

1,466,753

 

 

The accompanying notes are an integral part of these unaudited, consolidated financial statements

3


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(Dollars in thousands, except per share data)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

22,204

 

 

$

13,078

 

 

$

39,322

 

 

$

25,369

 

Interest and dividends on investment securities

 

 

1,302

 

 

 

195

 

 

 

2,484

 

 

 

409

 

Other interest income

 

 

794

 

 

 

215

 

 

 

1,378

 

 

 

363

 

Total interest income

 

 

24,300

 

 

 

13,488

 

 

 

43,184

 

 

 

26,141

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

3,938

 

 

 

1,941

 

 

 

7,009

 

 

 

3,672

 

Interest on FHLB advances and other borrowings

 

 

611

 

 

 

465

 

 

 

989

 

 

 

1,006

 

Total interest expense

 

 

4,549

 

 

 

2,406

 

 

 

7,998

 

 

 

4,678

 

Net interest income

 

 

19,751

 

 

 

11,082

 

 

 

35,186

 

 

 

21,463

 

Provision for loan losses

 

 

332

 

 

 

635

 

 

 

1,181

 

 

 

974

 

Net interest income after provision for loan losses

 

 

19,419

 

 

 

10,447

 

 

 

34,005

 

 

 

20,489

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

969

 

 

 

419

 

 

 

1,698

 

 

 

776

 

SBA loan servicing fees

 

 

40

 

 

 

548

 

 

 

304

 

 

 

1,172

 

Mortgage referral fees

 

 

198

 

 

 

208

 

 

 

308

 

 

 

364

 

Gain on sales of loans, net

 

 

1,384

 

 

 

1,041

 

 

 

2,188

 

 

 

2,515

 

Gain on sales of investment securities

 

 

1,053

 

 

 

-

 

 

 

2,134

 

 

 

-

 

Other noninterest income

 

 

131

 

 

 

87

 

 

 

200

 

 

 

64

 

Total noninterest income

 

 

3,775

 

 

 

2,303

 

 

 

6,832

 

 

 

4,891

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

8,765

 

 

 

6,043

 

 

 

15,889

 

 

 

12,901

 

Occupancy and equipment expenses

 

 

1,690

 

 

 

1,221

 

 

 

2,952

 

 

 

2,457

 

Professional services

 

 

1,022

 

 

 

314

 

 

 

2,063

 

 

 

625

 

Data processing and network

 

 

731

 

 

 

321

 

 

 

1,216

 

 

 

634

 

Regulatory assessments and insurance

 

 

315

 

 

 

266

 

 

 

413

 

 

 

521

 

Amortization of intangibles

 

 

1,006

 

 

 

175

 

 

 

1,609

 

 

 

351

 

Advertising

 

 

167

 

 

 

102

 

 

 

264

 

 

 

217

 

Marketing

 

 

132

 

 

 

121

 

 

 

271

 

 

 

239

 

Telephone expense

 

 

338

 

 

 

114

 

 

 

478

 

 

 

212

 

Conversion expense

 

 

453

 

 

 

-

 

 

 

1,604

 

 

 

-

 

Other operating expenses

 

 

1,206

 

 

 

704

 

 

 

2,070

 

 

 

1,350

 

Total noninterest expense

 

 

15,825

 

 

 

9,381

 

 

 

28,829

 

 

 

19,507

 

Income before income tax expense

 

 

7,369

 

 

 

3,369

 

 

 

12,008

 

 

 

5,873

 

Income tax expense

 

 

1,542

 

 

 

688

 

 

 

2,371

 

 

 

1,179

 

Net income

 

$

5,827

 

 

$

2,681

 

 

$

9,637

 

 

$

4,694

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.42

 

 

$

0.30

 

 

$

0.74

 

 

$

0.58

 

Diluted

 

$

0.41

 

 

$

0.29

 

 

$

0.72

 

 

$

0.56

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

13,765,929

 

 

 

8,851,446

 

 

 

12,963,700

 

 

 

8,104,370

 

Diluted

 

 

14,236,244

 

 

 

9,306,029

 

 

 

13,432,760

 

 

 

8,445,960

 

 

The accompanying notes are an integral part of these unaudited, consolidated financial statements

4


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

5,827

 

 

$

2,681

 

 

$

9,637

 

 

$

4,694

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized net holding gains (losses) on investment securities available for sale, net of

   (tax) and benefit of $(390), $17, $(699) and $153, respectively

 

 

1,468

 

 

 

(66

)

 

 

2,630

 

 

 

(576

)

Reclassification adjustment for realized (gains) losses on investment securities available

   for sale included in net income, net of taxes of $260, $0, $529 and $0, respectively

 

 

(976

)

 

 

 

 

 

(1,988

)

 

 

 

Total other comprehensive income (loss)

 

 

492

 

 

 

(66

)

 

 

642

 

 

 

(576

)

Total comprehensive income

 

$

6,319

 

 

$

2,615

 

 

$

10,279

 

 

$

4,118

 

The accompanying notes are an integral part of these unaudited, consolidated financial statements

5


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY

(Unaudited)

(Dollars in thousands)

 

 

 

Shares of Common

 

 

Shares of Preferred

 

 

Common

 

 

Preferred

 

 

Retained

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Earnings

 

 

Income (Loss)

 

 

Equity

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of April 1, 2018

 

 

7,486,611

 

 

 

 

 

$

84,952

 

 

$

 

 

$

19,038

 

 

$

(1,011

)

 

$

102,979

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,681

 

 

 

 

 

 

2,681

 

Shares issued in offering, net

 

 

2,300,000

 

 

 

 

 

 

42,219

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

42,219

 

Stock-based compensation

 

 

 

 

 

 

 

 

173

 

 

 

 

 

 

 

 

 

 

 

 

173

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(66

)

 

 

(66

)

Balance as of June 30, 2018

 

 

9,786,611

 

 

 

 

 

$

127,344

 

 

$

 

 

$

21,719

 

 

$

(1,077

)

 

$

147,986

 

Balance as of April 1, 2019

 

 

12,195,891

 

 

 

 

 

$

171,159

 

 

$

 

 

$

30,813

 

 

$

2,004

 

 

$

203,976

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,827

 

 

 

 

 

 

5,827

 

Shares issued in business combination

 

 

1,579,191

 

 

 

 

 

 

33,479

 

 

 

 

 

 

 

 

 

 

 

 

33,479

 

Exercise of stock options and warrants

 

 

15,250

 

 

 

 

 

 

185

 

 

 

 

 

 

 

 

 

 

 

 

185