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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 September 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 November 4, 2019, the registrant had 16,140,422 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

32

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

61

Item 4.

Controls and Procedures

61

PART II.

OTHER INFORMATION

62

Item 1.

Legal Proceedings

62

Item 1A.

Risk Factors

62

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

62

Item 3.

Defaults Upon Senior Securities

62

Item 4.

Mine Safety Disclosures

62

Item 5.

Other Information

62

Item 6.

Exhibits

63

Signatures

64

 

 

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)

 

 

 

September 30,

2019

 

 

December 31,

2018

 

Assets:

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

28,822

 

 

$

22,664

 

Interest-bearing deposits in other banks

 

 

122,721

 

 

 

66,351

 

Total cash and cash equivalents

 

 

151,543

 

 

 

89,015

 

Time deposits in other banks

 

 

1,225

 

 

 

 

Investment securities:

 

 

 

 

 

 

 

 

Available for sale securities, at fair value

 

 

166,669

 

 

 

179,461

 

Total investment securities

 

 

166,669

 

 

 

179,461

 

Loans held for sale

 

 

2,784

 

 

 

3,945

 

Loans:

 

 

 

 

 

 

 

 

Loans held for investment

 

 

1,487,602

 

 

 

1,102,808

 

Less: allowance for loan and lease losses

 

 

(6,565

)

 

 

(6,286

)

Loans, net

 

 

1,481,037

 

 

 

1,096,522

 

Premises and equipment, net

 

 

65,144

 

 

 

53,877

 

Accrued interest receivable

 

 

6,319

 

 

 

4,934

 

Other real estate owned and repossessed assets

 

 

1,042

 

 

 

782

 

Goodwill

 

 

43,086

 

 

 

18,253

 

Core deposit intangible

 

 

11,628

 

 

 

8,558

 

SBA servicing asset

 

 

3,548

 

 

 

3,965

 

Deferred tax asset, net

 

 

 

 

 

328

 

Bank-owned life insurance

 

 

15,521

 

 

 

7,401

 

Federal Home Loan Bank and other bank stock, at cost

 

 

6,233

 

 

 

5,304

 

Other assets

 

 

4,005

 

 

 

4,276

 

Total assets

 

$

1,959,784

 

 

$

1,476,621

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Transaction accounts:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

366,209

 

 

$

256,784

 

Interest-bearing

 

 

593,064

 

 

 

378,822

 

Total transaction accounts

 

 

959,273

 

 

 

635,606

 

Time deposits

 

 

625,940

 

 

 

547,042

 

Total deposits

 

 

1,585,213

 

 

 

1,182,648

 

Accrued interest payable

 

 

1,002

 

 

 

702

 

Short-term borrowings

 

 

 

 

 

12,500

 

Long-term borrowings

 

 

74,165

 

 

 

77,784

 

Deferred tax liability, net

 

 

215

 

 

 

 

Other liabilities

 

 

2,451

 

 

 

4,191

 

Total liabilities

 

 

1,663,046

 

 

 

1,277,825

 

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; 16,121,479 and

   12,103,753 shares issued and outstanding

 

 

251,875

 

 

 

169,939

 

Retained earnings

 

 

41,970

 

 

 

27,003

 

Accumulated other comprehensive income (loss)

 

 

3,091

 

 

 

1,854

 

Treasury stock

 

 

(198

)

 

 

 

Total stockholders' equity

 

 

296,738

 

 

 

198,796

 

Total liabilities and stockholders' equity

 

$

1,959,784

 

 

$

1,476,621

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

23,064

 

 

$

13,901

 

 

$

62,386

 

 

$

39,270

 

Interest and dividends on investment securities

 

 

1,143

 

 

 

202

 

 

 

3,627

 

 

 

611

 

Other interest income

 

 

794

 

 

 

173

 

 

 

2,172

 

 

 

536

 

Total interest income

 

 

25,001

 

 

 

14,276

 

 

 

68,185

 

 

 

40,417

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

4,097

 

 

 

2,197

 

 

 

11,106

 

 

 

5,869

 

Interest on FHLB advances and other borrowings

 

 

425

 

 

 

389

 

 

 

1,414

 

 

 

1,395

 

Total interest expense

 

 

4,522

 

 

 

2,586

 

 

 

12,520

 

 

 

7,264

 

Net interest income

 

 

20,479

 

 

 

11,690

 

 

 

55,665

 

 

 

33,153

 

Provision for loan losses

 

 

900

 

 

 

486

 

 

 

2,081

 

 

 

1,460

 

Net interest income after provision for loan losses

 

 

19,579

 

 

 

11,204

 

 

 

53,584

 

 

 

31,693

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

866

 

 

 

462

 

 

 

2,564

 

 

 

1,238

 

SBA loan servicing fees

 

 

234

 

 

 

529

 

 

 

538

 

 

 

1,701

 

Mortgage referral fees

 

 

173

 

 

 

160

 

 

 

481

 

 

 

524

 

Gain on sales of loans, net

 

 

1,151

 

 

 

1,369

 

 

 

3,339

 

 

 

3,884

 

Gain on sales of investment securities

 

 

 

 

 

 

 

 

2,134

 

 

 

 

Other noninterest income

 

 

257

 

 

 

47

 

 

 

457

 

 

 

111

 

Total noninterest income

 

 

2,681

 

 

 

2,567

 

 

 

9,513

 

 

 

7,458

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,502

 

 

 

6,623

 

 

 

25,391

 

 

 

19,524

 

Occupancy and equipment expenses

 

 

1,710

 

 

 

1,279

 

 

 

4,662

 

 

 

3,736

 

Professional services

 

 

791

 

 

 

624

 

 

 

2,854

 

 

 

1,249

 

Data processing and network

 

 

884

 

 

 

302

 

 

 

2,100

 

 

 

936

 

Regulatory assessments and insurance

 

 

(256

)

 

 

266

 

 

 

157

 

 

 

787

 

Amortization of intangibles

 

 

1,015

 

 

 

176

 

 

 

2,624

 

 

 

527

 

Advertising

 

 

134

 

 

 

83

 

 

 

398

 

 

 

300

 

Marketing

 

 

136

 

 

 

115

 

 

 

407

 

 

 

354

 

Telephone expense

 

 

289

 

 

 

120

 

 

 

767

 

 

 

332

 

Conversion expense

 

 

314

 

 

 

 

 

 

1,918

 

 

 

 

Other operating expenses

 

 

1,037

 

 

 

693

 

 

 

3,107

 

 

 

2,043

 

Total noninterest expense

 

 

15,556

 

 

 

10,281

 

 

 

44,385

 

 

 

29,788

 

Income before income tax expense

 

 

6,704

 

 

 

3,490

 

 

 

18,712

 

 

 

9,363

 

Income tax expense

 

 

1,374

 

 

 

719

 

 

 

3,745

 

 

 

1,898

 

Net income

 

$

5,330

 

 

$

2,771

 

 

$

14,967

 

 

$

7,465

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.35

 

 

$

0.28

 

 

$

1.09

 

 

$

0.86

 

Diluted

 

$

0.34

 

 

$

0.27

 

 

$

1.05

 

 

$

0.82

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

15,370,480

 

 

 

9,792,032

 

 

 

13,774,776

 

 

 

8,673,106

 

Diluted

 

 

15,771,249

 

 

 

10,360,301

 

 

 

14,198,926

 

 

 

9,094,691

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Net income

 

$

5,330

 

 

$

2,771

 

 

$

14,967

 

 

$

7,465

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

   (tax) and benefit of $(158), $16, $(857) and $169, respectively

 

 

595

 

 

 

(61

)

 

 

3,225

 

 

 

(637

)

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

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

 

 

 

 

 

 

 

 

(1,988

)

 

 

 

Total other comprehensive income (loss)

 

 

595

 

 

 

(61

)

 

 

1,237

 

 

 

(637

)

Total comprehensive income

 

$

5,925

 

 

$

2,710

 

 

$

16,204

 

 

$

6,828

 

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

 

 

Treasury

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Stock

 

 

Earnings

 

 

Stock

 

 

Income (Loss)

 

 

Equity

 

Three Months Ended September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of July 1, 2018

 

 

9,786,611

 

 

 

 

 

$

127,344

 

 

$

 

 

$

21,719

 

 

$

 

 

$

(1,077

)

 

$

147,986

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,771

 

 

 

 

 

 

 

 

 

2,771

 

Shares issued in offering, net adjustment

 

 

 

 

 

 

 

 

(161

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(161

)

Exercise of stock options and warrants

 

 

25,870

 

 

 

 

 

 

177

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

177

 

Stock-based compensation

 

 

 

 

 

 

 

 

181

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

181

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(61

)

 

 

(61

)

Balance as of September 30, 2018

 

 

9,812,481

 

 

 

 

 

$

127,541

 

 

$

 

 

$

24,490

 

 

$

 

 

$

(1,138

)

 

$

150,893