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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, 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 August 2, 2021, the registrant had 17,169,153 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

60

Item 4.

Controls and Procedures

60

PART II.

OTHER INFORMATION

61

Item 1.

Legal Proceedings

61

Item 1A.

Risk Factors

61

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

61

Item 3.

Defaults Upon Senior Securities

61

Item 4.

Mine Safety Disclosures

61

Item 5.

Other Information

61

Item 6.

Exhibits

62

Signatures

 

 

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,

2021

 

 

December 31,

2020

 

Assets:

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

57,651

 

 

$

31,396

 

Interest-bearing deposits in other banks

 

 

82,448

 

 

 

231,638

 

Total cash and cash equivalents

 

 

140,099

 

 

 

263,034

 

Investment securities:

 

 

 

 

 

 

 

 

Available for sale securities, at fair value

 

 

434,223

 

 

 

212,420

 

Equity investments, at fair value

 

 

23,877

 

 

 

24,000

 

Total investment securities

 

 

458,100

 

 

 

236,420

 

Loans held for sale

 

 

3,220

 

 

 

1,470

 

Loans:

 

 

 

 

 

 

 

 

Loans held for investment

 

 

2,272,089

 

 

 

2,388,532

 

Less: allowance for loan and lease losses

 

 

(16,527

)

 

 

(16,026

)

Loans, net

 

 

2,255,562

 

 

 

2,372,506

 

Premises and equipment, net

 

 

79,408

 

 

 

83,348

 

Accrued interest receivable

 

 

9,071

 

 

 

11,199

 

Other real estate owned and repossessed assets

 

 

140

 

 

 

133

 

Goodwill

 

 

77,681

 

 

 

77,681

 

Core deposit intangible

 

 

6,240

 

 

 

7,818

 

SBA servicing asset

 

 

2,567

 

 

 

2,953

 

Deferred tax asset, net

 

 

1,962

 

 

 

1,085

 

Bank-owned life insurance

 

 

31,161

 

 

 

15,969

 

Federal Home Loan Bank and other bank stock, at cost

 

 

5,734

 

 

 

5,718

 

Right of use asset

 

 

5,569

 

 

 

 

Other assets

 

 

8,241

 

 

 

5,425

 

Total assets

 

$

3,084,755

 

 

$

3,084,759

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Transaction accounts:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

772,032

 

 

$

727,543

 

Interest-bearing

 

 

1,192,067

 

 

 

1,092,934

 

Total transaction accounts

 

 

1,964,099

 

 

 

1,820,477

 

Time deposits

 

 

608,073

 

 

 

638,658

 

Total deposits

 

 

2,572,172

 

 

 

2,459,135

 

Accrued interest payable

 

 

860

 

 

 

1,303

 

Short-term borrowings

 

 

 

 

 

10,000

 

Long-term borrowings

 

 

119,052

 

 

 

242,020

 

Operating lease liability

 

 

5,730

 

 

 

 

Other liabilities

 

 

9,173

 

 

 

11,522

 

Total liabilities

 

 

2,706,987

 

 

 

2,723,980

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

Common stock, no par value; 50 million shares authorized; 18,470,371 and

   18,329,593 shares issued; 17,164,103 and 17,081,831 shares outstanding

 

 

301,202

 

 

 

298,850

 

Retained earnings

 

 

96,111

 

 

 

76,683

 

Accumulated other comprehensive income (loss)

 

 

(2,690

)

 

 

1,005

 

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

 

 

(16,855

)

 

 

(15,759

)

Total stockholders' equity

 

 

377,768

 

 

 

360,779

 

Total liabilities and stockholders' equity

 

$

3,084,755

 

 

$

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 June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

30,995

 

 

$

29,912

 

 

$

60,824

 

 

$

57,321

 

Interest and dividends on investment securities

 

 

1,641

 

 

 

457

 

 

 

2,756

 

 

 

961

 

Other interest income

 

 

118

 

 

 

185

 

 

 

343

 

 

 

1,085

 

Total interest income

 

 

32,754

 

 

 

30,554

 

 

 

63,923

 

 

 

59,367

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

2,081

 

 

 

3,945

 

 

 

4,408

 

 

 

8,452

 

Interest on FHLB advances and other borrowings

 

 

972

 

 

 

558

 

 

 

1,975

 

 

 

1,066

 

Total interest expense

 

 

3,053

 

 

 

4,503

 

 

 

6,383

 

 

 

9,518

 

Net interest income

 

 

29,701

 

 

 

26,051

 

 

 

57,540

 

 

 

49,849

 

Provision for loan losses

 

 

1,349

 

 

 

2,838

 

 

 

2,435

 

 

 

4,009

 

Net interest income after provision for loan losses

 

 

28,352

 

 

 

23,213

 

 

 

55,105

 

 

 

45,840

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

1,539

 

 

 

1,270

 

 

 

2,973

 

 

 

2,581

 

SBA loan servicing fees

 

 

203

 

 

 

256

 

 

 

527

 

 

 

266

 

Mortgage referral fees

 

 

384

 

 

 

357

 

 

 

658

 

 

 

559

 

Swap referral fees

 

 

127

 

 

 

262

 

 

 

557

 

 

 

842

 

Gain on sales of loans, net

 

 

 

 

 

326

 

 

 

254

 

 

 

790

 

Gain on sales of investment securities

 

 

 

 

 

 

 

 

5

 

 

 

 

Swap fees

 

 

1,411

 

 

 

 

 

 

1,532

 

 

 

 

Other noninterest income

 

 

194

 

 

 

94

 

 

 

(29

)

 

 

239

 

Total noninterest income

 

 

3,858

 

 

 

2,565

 

 

 

6,477

 

 

 

5,277

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

9,603

 

 

 

7,946

 

 

 

18,823

 

 

 

19,735

 

Occupancy and equipment expenses

 

 

2,354

 

 

 

2,761

 

 

 

5,016

 

 

 

5,076

 

Professional services

 

 

457

 

 

 

716

 

 

 

981

 

 

 

1,611

 

Data processing and network

 

 

931

 

 

 

849

 

 

 

2,160

 

 

 

1,592

 

Regulatory assessments and insurance

 

 

483

 

 

 

379

 

 

 

1,018

 

 

 

781

 

Amortization of intangibles

 

 

755

 

 

 

919

 

 

 

1,578

 

 

 

1,865

 

Advertising

 

 

47

 

 

 

119

 

 

 

125

 

 

 

272

 

Marketing

 

 

70

 

 

 

38

 

 

 

163

 

 

 

198

 

Telephone expense

 

 

599

 

 

 

483

 

 

 

1,098

 

 

 

890

 

Conversion expense

 

 

-

 

 

 

69

 

 

 

-

 

 

 

1,546

 

Other operating expenses

 

 

1,486

 

 

 

1,825

 

 

 

2,457

 

 

 

3,498

 

Total noninterest expense

 

 

16,785

 

 

 

16,104

 

 

 

33,419

 

 

 

37,064

 

Income before income tax expense

 

 

15,425

 

 

 

9,674

 

 

 

28,163

 

 

 

14,053

 

Income tax expense

 

 

3,015

 

 

 

1,980

 

 

 

5,667

 

 

 

2,285

 

Net income

 

$

12,410

 

 

$

7,694

 

 

$

22,496

 

 

$

11,768

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.72

 

 

$

0.44

 

 

$

1.31

 

 

$

0.66

 

Diluted

 

$

0.70

 

 

$

0.44

 

 

$

1.28

 

 

$

0.65

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

17,152,217

 

 

 

17,581,959

 

 

 

17,128,233

 

 

 

17,883,034

 

Diluted

 

 

17,627,958

 

 

 

17,612,919

 

 

 

17,572,066

 

 

 

17,999,206

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

12,410

 

 

$

7,694

 

 

$

22,496

 

 

$

11,768

 

Other comprehensive income (loss) :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized net holding gain (loss) on investment securities available for sale, net of

   (tax) and benefit of $(253), $(143), $1,163 and $(160), respectively

 

 

976

 

 

 

540

 

 

 

(4,513

)

 

 

605

 

Reclassification adjustment for realized gains on investment securities available

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

 

 

 

 

 

 

 

 

(4

)

 

 

 

Change in accumulated gain (loss) on effective cash flow hedge derivatives, net of (tax) and benefit of $125 and $(212), respectively

 

 

(442

)

 

 

 

 

 

822

 

 

 

 

Total other comprehensive income (loss)

 

 

534

 

 

 

540

 

 

 

(3,695

)

 

 

605

 

Total comprehensive income

 

$

12,944

 

 

$

8,234

 

 

$

18,801

 

 

$

12,373

 

 

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 June 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of April 1, 2020

 

 

17,969,012

 

 

$

297,966

 

 

$

52,213

 

 

$

(5,094

)

 

$

732

 

 

$

345,817

 

Net income

 

 

 

 

 

 

 

 

7,694

 

 

 

 

 

 

 

 

 

7,694

 

Exercise of stock options and warrants

 

 

2,500

 

 

 

29