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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, 2021

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 April 26, 2021, the registrant had 17,145,575 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

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)

 

 

 

March 31,

2021

 

 

December 31,

2020

 

Assets:

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

28,879

 

 

$

31,396

 

Interest-bearing deposits in other banks

 

 

40,687

 

 

 

231,638

 

Total cash and cash equivalents

 

 

69,566

 

 

 

263,034

 

Investment securities:

 

 

 

 

 

 

 

 

Available for sale securities, at fair value

 

 

442,576

 

 

 

212,420

 

Equity investments, at fair value

 

 

23,741

 

 

 

24,000

 

Total investment securities

 

 

466,317

 

 

 

236,420

 

Loans held for sale

 

 

1,192

 

 

 

1,470

 

Loans:

 

 

 

 

 

 

 

 

Loans held for investment

 

 

2,430,594

 

 

 

2,388,532

 

Less: allowance for loan and lease losses

 

 

(16,314

)

 

 

(16,026

)

Loans, net

 

 

2,414,280

 

 

 

2,372,506

 

Premises and equipment, net

 

 

81,379

 

 

 

83,348

 

Accrued interest receivable

 

 

10,588

 

 

 

11,199

 

Other real estate owned and repossessed assets

 

 

-

 

 

 

133

 

Goodwill

 

 

77,681

 

 

 

77,681

 

Core deposit intangible

 

 

6,995

 

 

 

7,818

 

SBA servicing asset

 

 

2,821

 

 

 

2,953

 

Deferred tax asset, net

 

 

2,213

 

 

 

1,085

 

Bank-owned life insurance

 

 

16,057

 

 

 

15,969

 

Federal Home Loan Bank and other bank stock, at cost

 

 

5,727

 

 

 

5,718

 

Right of use asset

 

 

6,058

 

 

 

 

Other assets

 

 

9,338

 

 

 

5,425

 

Total assets

 

$

3,170,212

 

 

$

3,084,759

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Transaction accounts:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

800,233

 

 

$

727,543

 

Interest-bearing

 

 

1,149,781

 

 

 

1,092,934

 

Total transaction accounts

 

 

1,950,014

 

 

 

1,820,477

 

Time deposits

 

 

647,536

 

 

 

638,658

 

Total deposits

 

 

2,597,550

 

 

 

2,459,135

 

Accrued interest payable

 

 

1,160

 

 

 

1,303

 

Short-term borrowings

 

 

 

 

 

10,000

 

Long-term borrowings

 

 

191,686

 

 

 

242,020

 

Operating lease liability

 

 

6,231

 

 

 

 

Other liabilities

 

 

7,827

 

 

 

11,522

 

Total liabilities

 

 

2,804,454

 

 

 

2,723,980

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

Common stock, no par value; 50 million shares authorized; 18,442,821 and

   18,329,593 shares issued; 17,136,553 and 17,081,831 shares outstanding

 

 

300,591

 

 

 

298,850

 

Retained earnings

 

 

85,246

 

 

 

76,683

 

Accumulated other comprehensive income (loss)

 

 

(3,224

)

 

 

1,005

 

Treasury stock, 1,306,268 and 1,247,762 shares repurchased

 

 

(16,855

)

 

 

(15,759

)

Total stockholders' equity

 

 

365,758

 

 

 

360,779

 

Total liabilities and stockholders' equity

 

$

3,170,212

 

 

$

3,084,759

 

 

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,

 

 

 

2021

 

 

2020

 

Interest income:

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

29,829

 

 

$

27,409

 

Interest and dividends on investment securities

 

 

1,115

 

 

 

504

 

Other interest income

 

 

225

 

 

 

900

 

Total interest income

 

 

31,169

 

 

 

28,813

 

Interest expense:

 

 

 

 

 

 

 

 

Interest on deposits

 

 

2,327

 

 

 

4,507

 

Interest on FHLB advances and other borrowings

 

 

1,003

 

 

 

508

 

Total interest expense

 

 

3,330

 

 

 

5,015

 

Net interest income

 

 

27,839

 

 

 

23,798

 

Provision for loan losses

 

 

1,086

 

 

 

1,171

 

Net interest income after provision for loan losses

 

 

26,753

 

 

 

22,627

 

Noninterest income:

 

 

 

 

 

 

 

 

Service charges and fees

 

 

1,434

 

 

 

1,311

 

SBA loan servicing fees

 

 

324

 

 

 

10

 

Mortgage referral fees

 

 

274

 

 

 

202

 

Swap referral fees

 

 

430

 

 

 

580

 

Gain on sales of loans, net

 

 

254

 

 

 

464

 

Gain on sales of investment securities

 

 

5

 

 

 

 

Other noninterest (loss) income

 

 

(102

)

 

 

145

 

Total noninterest income

 

 

2,619

 

 

 

2,712

 

Noninterest expense:

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,220

 

 

 

11,789

 

Occupancy and equipment expenses

 

 

2,662

 

 

 

2,315

 

Professional services

 

 

524

 

 

 

895

 

Data processing and network

 

 

1,229

 

 

 

743

 

Regulatory assessments and insurance

 

 

535

 

 

 

402

 

Amortization of intangibles

 

 

823

 

 

 

946

 

Advertising

 

 

78

 

 

 

153

 

Marketing

 

 

93

 

 

 

160

 

Telephone expense

 

 

499

 

 

 

407

 

Conversion expense

 

 

-

 

 

 

1,477

 

Other operating expenses

 

 

971

 

 

 

1,673

 

Total noninterest expense

 

 

16,634

 

 

 

20,960

 

Income before income tax expense

 

 

12,738

 

 

 

4,379

 

Income tax expense

 

 

2,652

 

 

 

305

 

Net income

 

$

10,086

 

 

$

4,074

 

Earnings per common share:

 

 

 

 

 

 

 

 

Basic

 

$

0.59

 

 

$

0.22

 

Diluted

 

$

0.58

 

 

$

0.22

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

 

17,103,981

 

 

 

18,184,110

 

Diluted

 

 

17,518,029

 

 

 

18,441,977

 

 

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,

 

 

 

2021

 

 

2020

 

Net income

 

$

10,086

 

 

$

4,074

 

Other comprehensive (loss) income:

 

 

 

 

 

 

 

 

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

   (tax) and benefit of $1,460 and $(17), respectively

 

 

(5,490

)

 

 

65

 

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

   for sale included in net income, net of taxes of $1 and $0, respectively

 

 

(4

)

 

 

 

Change in accumulated gain on effective cash flow hedge derivatives, net of tax of $(336)

 

 

1,265

 

 

 

 

Total other comprehensive (loss) income

 

 

(4,229

)

 

 

65

 

Total comprehensive income

 

$

5,857

 

 

$

4,139

 

 

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

 

 

Common

 

 

Retained

 

 

Treasury

 

 

Accumulated

Other

Comprehensive

 

 

Total

Stockholders'

 

 

 

Stock

 

 

Stock

 

 

Earnings

 

 

Stock

 

 

Income

 

 

Equity

 

Three Months Ended March 31,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of January 1, 2020

 

 

18,258,222

 

 

$

297,188

 

 

$

48,139

 

 

$

(289

)

 

$

667

 

 

$

345,705

 

Net income

 

 

 

 

 

 

 

 

4,074

 

 

 

 

 

 

 

 

 

4,074

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65

 

 

 

65

 

Balance as of March 31, 2020

 

 

17,969,012

 

 

 

297,966

 

 

 

52,213

 

 

 

(5,094

)

 

 

732

 

 

$

345,817

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of January 1, 2021

 

 

17,081,831

 

 

$

298,850

 

 

$

76,683

 

 

$

(15,759

)

 

$

1,005

 

 

$

360,779

 

Net income

 

 

 

 

 

 

 

 

10,086

 

 

 

 

 

 

 

 

 

10,086

 

Common stock dividends declared

   ($0.09 per share)

 

 

 

 

 

 

 

 

(1,523

)

 

 

 

 

 

 

 

 

(1,523

)

Exercise of stock options and warrants

 

 

113,228

 

 

 

1,534

 

 

 

 

 

 

 

 

 

 

 

 

1,534

 

Stock-based compensation

 

 

 

 

 

207

 

 

 

 

 

 

 

 

 

 

 

 

207

 

Treasury stock purchases

 

 

(58,506

)

 

 

 

 

 

 

 

 

(1,096

)

 

 

 

 

 

(1,096

)

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,229

)

 

 

(4,229

)

Balance as of March 31, 2021

 

 

17,136,553

 

 

$

300,591

 

 

$

85,246

 

 

$

(16,855

)

 

$

(3,224

)

 

$

365,758

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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,

 

 

 

2021

 

 

2020

 

Cash Flows From Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

10,086

 

 

$

4,074

 

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

 

 

 

 

 

 

 

 

Provision for loan losses

 

 

1,086

 

 

 

1,171

 

Depreciation and amortization

 

 

1,108

 

 

 

1,104

 

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

 

 

532

 

 

 

(86

)

Amortization of core deposit intangible

 

 

823

 

 

 

946

 

Accretion of discount on retained SBA loans

 

 

(243

)

 

 

(333

)

Deferred tax expense

 

 

214

 

 

 

1,017

 

Originations of loans held for sale

 

 

(1,729

)

 

 

(9,380

)

Proceeds from loans held for sale

 

 

2,209

 

 

 

6,109

 

Net gains on sale of loans held for sale

 

 

(155

)

 

 

(464

)

Gain on sale of investment securities

 

 

(5

)

 

 

 

Loss on sale of other real estate owned

 

 

3

 

 

 

-

 

Fair value adjustment on SBA servicing asset

 

 

170

 

 

 

405

 

Stock-based compensation

 

 

207

 

 

 

377

 

Increase in cash surrender value of BOLI

 

 

(88

)

 

 

(89

)

Net change in operating assets and liabilities:

 

 

 

 

 

 

 

 

Net change in accrued interest receivable

 

 

595