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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, 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 August 3, 2020, the registrant had 17,344,661 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

8

Item 2.

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

32

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

63

Item 4.

Controls and Procedures

63

PART II.

OTHER INFORMATION

64

Item 1.

Legal Proceedings

64

Item 1A.

Risk Factors

65

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

67

Item 3.

Defaults Upon Senior Securities

67

Item 4.

Mine Safety Disclosures

67

Item 5.

Other Information

67

Item 6.

Exhibits

68

Signatures

69

 

 

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,

2020

 

 

December 31,

2019

 

Assets:

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

35,248

 

 

$

32,490

 

Interest-bearing deposits in other banks

 

 

200,096

 

 

 

293,467

 

Total cash and cash equivalents

 

 

235,344

 

 

 

325,957

 

Time deposits in other banks

 

 

 

 

 

490

 

Investment securities:

 

 

 

 

 

 

 

 

Available for sale securities, at fair value

 

 

90,878

 

 

 

96,937

 

Total investment securities

 

 

90,878

 

 

 

96,937

 

Loans held for sale

 

 

7,718

 

 

 

3,989

 

Loans:

 

 

 

 

 

 

 

 

Loans held for investment

 

 

2,427,292

 

 

 

1,767,182

 

Less: allowance for loan and lease losses

 

 

(9,905

)

 

 

(6,737

)

Loans, net

 

 

2,417,387

 

 

 

1,760,445

 

Premises and equipment, net

 

 

79,156

 

 

 

75,150

 

Accrued interest receivable

 

 

12,188

 

 

 

6,507

 

Other real estate owned and repossessed assets

 

 

3,743

 

 

 

3,653

 

Goodwill

 

 

77,966

 

 

 

68,503

 

Core deposit intangible

 

 

9,617

 

 

 

11,472

 

SBA servicing asset

 

 

3,115

 

 

 

3,355

 

Bank-owned life insurance

 

 

15,787

 

 

 

15,610

 

Federal Home Loan Bank and other bank stock, at cost

 

 

5,696

 

 

 

8,310

 

Other assets

 

 

4,423

 

 

 

4,244

 

Total assets

 

$

2,963,018

 

 

$

2,384,622

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Transaction accounts:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

745,646

 

 

$

444,822

 

Interest-bearing

 

 

946,969

 

 

 

803,557

 

Total transaction accounts

 

 

1,692,615

 

 

 

1,248,379

 

Time deposits

 

 

722,376

 

 

 

679,747

 

Total deposits

 

 

2,414,991

 

 

 

1,928,126

 

Accrued interest payable

 

 

1,025

 

 

 

1,219

 

Short-term borrowings

 

 

10,000

 

 

 

 

Long-term borrowings

 

 

183,076

 

 

 

105,140

 

Deferred tax liability, net

 

 

405

 

 

 

672

 

Other liabilities

 

 

5,944

 

 

 

3,760

 

Total liabilities

 

 

2,615,441

 

 

 

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

 

 

298,176

 

 

 

297,188

 

Retained earnings

 

 

59,907

 

 

 

48,139

 

Accumulated other comprehensive income

 

 

1,272

 

 

 

667

 

Treasury stock

 

 

(11,778

)

 

 

(289

)

Total stockholders' equity

 

 

347,577

 

 

 

345,705

 

Total liabilities and stockholders' equity

 

$

2,963,018

 

 

$

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

29,912

 

 

$

22,204

 

 

$

57,321

 

 

$

39,322

 

Interest and dividends on investment securities

 

 

457

 

 

 

1,302

 

 

 

961

 

 

 

2,484

 

Other interest income

 

 

185

 

 

 

794

 

 

 

1,085

 

 

 

1,378

 

Total interest income

 

 

30,554

 

 

 

24,300

 

 

 

59,367

 

 

 

43,184

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

3,945

 

 

 

3,938

 

 

 

8,452

 

 

 

7,009

 

Interest on FHLB advances and other borrowings

 

 

558

 

 

 

611

 

 

 

1,066

 

 

 

989

 

Total interest expense

 

 

4,503

 

 

 

4,549

 

 

 

9,518

 

 

 

7,998

 

Net interest income

 

 

26,051

 

 

 

19,751

 

 

 

49,849

 

 

 

35,186

 

Provision for loan losses

 

 

2,838

 

 

 

332

 

 

 

4,009

 

 

 

1,181

 

Net interest income after provision for loan losses

 

 

23,213

 

 

 

19,419

 

 

 

45,840

 

 

 

34,005

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

1,270

 

 

 

969

 

 

 

2,581

 

 

 

1,698

 

SBA loan servicing fees

 

 

256

 

 

 

40

 

 

 

266

 

 

 

304

 

Mortgage referral fees

 

 

357

 

 

 

198

 

 

 

559

 

 

 

308

 

Swap referral fees

 

 

262

 

 

 

 

 

 

842

 

 

 

 

Gain on sales of loans, net

 

 

326

 

 

 

1,384

 

 

 

790

 

 

 

2,188

 

Gain on sales of investment securities

 

 

 

 

 

1,053

 

 

 

 

 

 

2,134

 

Other noninterest income

 

 

94

 

 

 

131

 

 

 

239

 

 

 

200

 

Total noninterest income

 

 

2,565

 

 

 

3,775

 

 

 

5,277

 

 

 

6,832

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

7,946

 

 

 

8,765

 

 

 

19,735

 

 

 

15,889

 

Occupancy and equipment expenses

 

 

2,761

 

 

 

1,690

 

 

 

5,076

 

 

 

2,952

 

Professional services

 

 

716

 

 

 

1,022

 

 

 

1,611

 

 

 

2,063

 

Data processing and network

 

 

849

 

 

 

731

 

 

 

1,592

 

 

 

1,216

 

Regulatory assessments and insurance

 

 

379

 

 

 

315

 

 

 

781

 

 

 

413

 

Amortization of intangibles

 

 

919

 

 

 

1,006

 

 

 

1,865

 

 

 

1,609

 

Advertising

 

 

119

 

 

 

167

 

 

 

272

 

 

 

264

 

Marketing

 

 

38

 

 

 

132

 

 

 

198

 

 

 

271

 

Telephone expense

 

 

483

 

 

 

338

 

 

 

890

 

 

 

478

 

Conversion expense

 

 

69

 

 

 

453

 

 

 

1,546

 

 

 

1,604

 

Other operating expenses

 

 

1,825

 

 

 

1,206

 

 

 

3,498

 

 

 

2,070

 

Total noninterest expense

 

 

16,104

 

 

 

15,825

 

 

 

37,064

 

 

 

28,829

 

Income before income tax expense

 

 

9,674

 

 

 

7,369

 

 

 

14,053

 

 

 

12,008

 

Income tax expense

 

 

1,980

 

 

 

1,542

 

 

 

2,285

 

 

 

2,371

 

Net income

 

$

7,694

 

 

$

5,827

 

 

$

11,768

 

 

$

9,637

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.44

 

 

$

0.42

 

 

$

0.66

 

 

$

0.74

 

Diluted

 

$

0.44

 

 

$

0.41

 

 

$

0.65

 

 

$

0.72

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

17,581,959

 

 

 

13,765,929

 

 

 

17,883,034

 

 

 

12,963,700

 

Diluted

 

 

17,612,919

 

 

 

14,236,244

 

 

 

17,999,206

 

 

 

13,432,760

 

 

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,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

7,694

 

 

$

5,827

 

 

$

11,768

 

 

$

9,637

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

   taxes of $143, $390, $160, and $699, respectively

 

 

540

 

 

 

1,468

 

 

 

605

 

 

 

2,630

 

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

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

 

 

 

 

 

(976

)

 

 

 

 

 

(1,988

)

Total other comprehensive income

 

 

540

 

 

 

492

 

 

 

605

 

 

 

642

 

Total comprehensive income

 

$

8,234

 

 

$

6,319

 

 

$

12,373

 

 

$

10,279

 

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

 

 

Equity

 

Three Months Ended June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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 offering, net adjustment

 

 

1,579,191

 

 

 

 

 

 

33,479

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

33,479

 

Exercise of stock options and warrants

 

 

15,250

 

 

 

 

 

 

185

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

185

 

Stock-based compensation

 

 

 

 

 

 

 

 

151

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

151

 

Other comprehensive income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

492

 

 

 

492

 

Balance as of June 30, 2019