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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
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|