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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 March 31, 2020

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 May 7, 2020, the registrant had 17,612,830 shares of common stock, no par value, outstanding.

 

 

 

 

 

 


EXPLANATORY NOTE

 

As previously disclosed in the Current Report on Form 8-K filed by Spirit of Texas Bancshares, Inc. (the “Company”) with the Securities and Exchange Commission (the “SEC”) on May 11, 2020, the filing of the Company’s Quarterly Report on Form 10-Q for the period ended March 31, 2020 (the “Form 10-Q”), was delayed due to circumstances related to novel coronavirus outbreak (the “COVID-19 pandemic”). Due to the COVID-19 pandemic and measures taken to limit the spread of the COVID-19 pandemic, the Company’s operations and business have experienced disruptions. The COVID-19 pandemic has resulted in the Company having to modify its business practices. In particular, many of our employees, including our finance staff, have been working remotely throughout the state and local shelter-in-place orders, which has resulted in more limited support from and access to key personnel, as well as delays in communication among such persons.  The Company was therefore unable to file the Form 10-Q on its customary schedule. The Company relied on the SEC’s Order Under Section 36 of the Securities Exchange Act of 1934 Modifying Exemptions from the Reporting and Proxy Delivery Requirements for Public Companies, SEC Release No. 34-88465, dated March 25, 2020, to delay the filing of this Form 10-Q.

 

 

 

 

 

 

 

 


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

8

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

60

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)

 

 

 

March 31,

2020

 

 

December 31,

2019

 

Assets:

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

33,946

 

 

$

32,490

 

Interest-bearing deposits in other banks

 

 

193,707

 

 

 

293,467

 

Total cash and cash equivalents

 

 

227,653

 

 

 

325,957

 

Time deposits in other banks

 

 

245

 

 

 

490

 

Investment securities:

 

 

 

 

 

 

 

 

Available for sale securities, at fair value

 

 

94,963

 

 

 

96,937

 

Total investment securities

 

 

94,963

 

 

 

96,937

 

Loans held for sale

 

 

7,765

 

 

 

3,989

 

Loans:

 

 

 

 

 

 

 

 

Loans held for investment

 

 

2,013,367

 

 

 

1,767,182

 

Less: allowance for loan and lease losses

 

 

(7,620

)

 

 

(6,737

)

Loans, net

 

 

2,005,747

 

 

 

1,760,445

 

Premises and equipment, net

 

 

78,594

 

 

 

75,150

 

Accrued interest receivable

 

 

7,314

 

 

 

6,507

 

Other real estate owned and repossessed assets

 

 

3,731

 

 

 

3,653

 

Goodwill

 

 

79,009

 

 

 

68,503

 

Core deposit intangible

 

 

10,536

 

 

 

11,472

 

SBA servicing asset

 

 

3,055

 

 

 

3,355

 

Bank-owned life insurance

 

 

15,699

 

 

 

15,610

 

Federal Home Loan Bank and other bank stock, at cost

 

 

5,660

 

 

 

8,310

 

Other assets

 

 

4,526

 

 

 

4,244

 

Total assets

 

$

2,544,497

 

 

$

2,384,622

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Transaction accounts:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

487,060

 

 

$

444,822

 

Interest-bearing

 

 

878,279

 

 

 

803,557

 

Total transaction accounts

 

 

1,365,339

 

 

 

1,248,379

 

Time deposits

 

 

711,968

 

 

 

679,747

 

Total deposits

 

 

2,077,307

 

 

 

1,928,126

 

Accrued interest payable

 

 

1,218

 

 

 

1,219

 

Short-term borrowings

 

 

10,000

 

 

 

 

Long-term borrowings

 

 

103,276

 

 

 

105,140

 

Deferred tax liability, net

 

 

1,706

 

 

 

672

 

Other liabilities

 

 

5,173

 

 

 

3,760

 

Total liabilities

 

 

2,198,680

 

 

 

2,038,917

 

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; 18,304,245 and

   18,272,245 shares issued; 17,969,012 and 18,258,222 shares outstanding

 

 

297,966

 

 

 

297,188

 

Retained earnings

 

 

52,213

 

 

 

48,139

 

Accumulated other comprehensive income (loss)

 

 

732

 

 

 

667

 

Treasury stock

 

 

(5,094

)

 

 

(289

)

Total stockholders' equity

 

 

345,817

 

 

 

345,705

 

Total liabilities and stockholders' equity

 

$

2,544,497

 

 

$

2,384,622

 

 

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 March 31,

 

 

 

2020

 

 

2019

 

Interest income:

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

27,409

 

 

$

17,118

 

Interest and dividends on investment securities

 

 

504

 

 

 

1,182

 

Other interest income

 

 

900

 

 

 

584

 

Total interest income

 

 

28,813

 

 

 

18,884

 

Interest expense:

 

 

 

 

 

 

 

 

Interest on deposits

 

 

4,507

 

 

 

3,071

 

Interest on FHLB advances and other borrowings

 

 

508

 

 

 

378

 

Total interest expense

 

 

5,015

 

 

 

3,449

 

Net interest income

 

 

23,798

 

 

 

15,435

 

Provision for loan losses

 

 

1,171

 

 

 

849

 

Net interest income after provision for loan losses

 

 

22,627

 

 

 

14,586

 

Noninterest income:

 

 

 

 

 

 

 

 

Service charges and fees

 

 

1,311

 

 

 

729

 

SBA loan servicing fees

 

 

10

 

 

 

264

 

Mortgage referral fees

 

 

202

 

 

 

110

 

Swap referral fees

 

 

580

 

 

 

 

 

Gain on sales of loans, net

 

 

464

 

 

 

804

 

Gain on sales of investment securities

 

 

 

 

 

1,081

 

Other noninterest income

 

 

145

 

 

 

69

 

Total noninterest income

 

 

2,712

 

 

 

3,057

 

Noninterest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

11,789

 

 

 

7,124

 

Occupancy and equipment expenses

 

 

2,315

 

 

 

1,262

 

Professional services

 

 

895

 

 

 

1,041

 

Data processing and network

 

 

743

 

 

 

485

 

Regulatory assessments and insurance

 

 

402

 

 

 

98

 

Amortization of intangibles

 

 

946

 

 

 

603

 

Advertising

 

 

153

 

 

 

97

 

Marketing

 

 

160

 

 

 

139

 

Telephone expense

 

 

407

 

 

 

140

 

Conversion expense

 

 

1,477

 

 

 

1,151

 

Other operating expenses

 

 

1,673

 

 

 

864

 

Total noninterest expense

 

 

20,960

 

 

 

13,004

 

Income before income tax expense

 

 

4,379

 

 

 

4,639

 

Income tax expense

 

 

305

 

 

 

829

 

Net income

 

$

4,074

 

 

$

3,810

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.22

 

 

$

0.31

 

Diluted

 

$

0.22

 

 

$

0.30

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

18,184,110

 

 

 

12,152,558

 

Diluted

 

 

18,441,977

 

 

 

12,607,445

 

 

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 March 31,

 

 

 

2020

 

 

2019

 

Net income

 

$

4,074

 

 

$

3,810

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

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

   (tax) and benefit of $(17), and $(308), respectively

 

 

65

 

 

 

1,162

 

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

   for sale included in net income, net of taxes of $0, and $269, respectively

 

 

 

 

 

(1,012

)

Total other comprehensive income (loss)

 

 

65

 

 

 

150

 

Total comprehensive income

 

$

4,139

 

 

$

3,960

 

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 March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of January 1, 2019

 

 

12,103,753

 

 

 

 

 

$

169,939

 

 

$

 

 

$

27,003

 

 

$

 

 

$

1,854

 

 

$

198,796

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,810

 

 

 

 

 

 

 

 

 

3,810

 

Shares issued in offering, net adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options and warrants

 

 

92,138

 

 

 

 

 

 

1,103

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,103

 

Stock-based compensation

 

 

 

 

 

 

 

 

117

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

117

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

150

 

 

 

150

 

Balance as of March 31, 2019

 

 

12,195,891

 

 

 

 

 

$

171,159

 

 

$

 

 

$

30,813

 

 

$

 

 

$

2,004

 

 

$

203,976

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of January 1, 2020

 

 

18,258,222

 

 

 

 

 

$

297,188

 

 

$

 

 

$

48,139

 

 

$

(289

)

 

$

667

 

 

$

345,705

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,074

 

 

 

 

 

 

 

 

 

4,074

 

Shares issued in offering, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of stock options and warrants

 

 

32,000

 

 

 

 

 

 

401

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

401

 

Stock-based compensation

 

 

 

 

 

 

 

 

377

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

377

 

Treasury stock purchases

 

 

(321,210

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,805

)

 

 

 

 

 

(4,805

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65

 

 

 

65

 

Balance as of March 31, 2020

 

 

17,969,012

 

 

 

 

 

$

297,966

 

 

$

 

 

$

52,213

 

 

$

(5,094

)

 

$

732

 

 

$

345,817

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

6


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)

 

 

 

Three Months Ended March 31,

 

 

 

2020

 

 

2019

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

4,074

 

 

$

3,810

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

1,171

 

 

 

849

 

Depreciation and amortization

 

 

1,104

 

 

 

582

 

Net amortization (accretion) of premium (discount) on investment securities

 

 

(86

)

 

 

45

 

Amortization of core deposit intangible

 

 

946

 

 

 

603

 

Accretion of discount on retained SBA loans

 

 

(333

)

 

 

(450

)

Deferred tax expense

 

 

1,017

 

 

 

740

 

Originations of loans held for sale

 

 

(9,380

)

 

 

(12,453

)

Proceeds from loans held for sale

 

 

6,109

 

 

 

10,933

 

Net gains on sale of loans held for sale

 

 

(464

)

 

 

(804

)

Gain on sale of investment securities

 

 

 

 

 

(1,081

)

Gain on sale of other real estate owned

 

 

 

 

 

(21

)

Fair value adjustment on SBA servicing asset

 

 

405

 

 

 

416

 

Stock-based compensation

 

 

377