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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, 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 November 1, 2021, the registrant had 17,250,209 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

33

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

62

Item 4.

Controls and Procedures

62

PART II.

OTHER INFORMATION

63

Item 1.

Legal Proceedings

63

Item 1A.

Risk Factors

63

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

63

Item 3.

Defaults Upon Senior Securities

63

Item 4.

Mine Safety Disclosures

63

Item 5.

Other Information

63

Item 6.

Exhibits

64

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)

 

 

 

September 30,

2021

 

 

December 31,

2020

 

Assets:

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

74,258

 

 

$

31,396

 

Interest-bearing deposits in other banks

 

 

161,073

 

 

 

231,638

 

Total cash and cash equivalents

 

 

235,331

 

 

 

263,034

 

Investment securities:

 

 

 

 

 

 

 

 

Available for sale securities, at fair value

 

 

421,311

 

 

 

212,420

 

Equity investments, at fair value

 

 

23,830

 

 

 

24,000

 

Total investment securities

 

 

445,141

 

 

 

236,420

 

Loans held for sale

 

 

6,196

 

 

 

1,470

 

Loans:

 

 

 

 

 

 

 

 

Loans held for investment

 

 

2,252,734

 

 

 

2,388,532

 

Less: allowance for loan and lease losses

 

 

(16,268

)

 

 

(16,026

)

Loans, net

 

 

2,236,466

 

 

 

2,372,506

 

Premises and equipment, net

 

 

78,513

 

 

 

83,348

 

Accrued interest receivable

 

 

7,819

 

 

 

11,199

 

Other real estate owned and repossessed assets

 

 

-

 

 

 

133

 

Goodwill

 

 

77,681

 

 

 

77,681

 

Core deposit intangible

 

 

5,485

 

 

 

7,818

 

SBA servicing asset

 

 

2,311

 

 

 

2,953

 

Deferred tax asset, net

 

 

1,893

 

 

 

1,085

 

Bank-owned life insurance ("BOLI")

 

 

36,345

 

 

 

15,969

 

Federal Home Loan Bank ("FHLB") and other bank stock, at cost

 

 

5,740

 

 

 

5,718

 

Right of use asset

 

 

5,085

 

 

 

 

Other assets

 

 

10,246

 

 

 

5,425

 

Total assets

 

$

3,154,252

 

 

$

3,084,759

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Transaction accounts:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

767,445

 

 

$

727,543

 

Interest-bearing

 

 

1,318,432

 

 

 

1,092,934

 

Total transaction accounts

 

 

2,085,877

 

 

 

1,820,477

 

Time deposits

 

 

584,699

 

 

 

638,658

 

Total deposits

 

 

2,670,576

 

 

 

2,459,135

 

Accrued interest payable

 

 

776

 

 

 

1,303

 

Short-term borrowings

 

 

 

 

 

10,000

 

Long-term borrowings

 

 

79,260

 

 

 

242,020

 

Operating lease liability

 

 

5,228

 

 

 

 

Other liabilities

 

 

10,563

 

 

 

11,522

 

Total liabilities

 

 

2,766,403

 

 

 

2,723,980

 

Commitments and contingencies (Note 14)

 

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

 

 

Common stock, no par value; 50 million shares authorized; 18,548,755 and

   18,329,593 shares issued; 17,242,487 and 17,081,831 shares outstanding

 

 

302,392

 

 

 

298,850

 

Retained earnings

 

 

104,500

 

 

 

76,683

 

Accumulated other comprehensive income (loss)

 

 

(2,188

)

 

 

1,005

 

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

 

 

(16,855

)

 

 

(15,759

)

Total stockholders' equity

 

 

387,849

 

 

 

360,779

 

Total liabilities and stockholders' equity

 

$

3,154,252

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Interest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

$

28,940

 

 

$

29,901

 

 

$

89,764

 

 

$

87,222

 

Interest and dividends on investment securities

 

 

1,766

 

 

 

465

 

 

 

4,750

 

 

 

1,426

 

Other interest income

 

 

52

 

 

 

115

 

 

 

167

 

 

 

1,200

 

Total interest income

 

 

30,758

 

 

 

30,481

 

 

 

94,681

 

 

 

89,848

 

Interest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest on deposits

 

 

1,798

 

 

 

3,392

 

 

 

6,206

 

 

 

11,844

 

Interest on FHLB advances and other borrowings

 

 

858

 

 

 

875

 

 

 

2,833

 

 

 

1,941

 

Total interest expense

 

 

2,656

 

 

 

4,267

 

 

 

9,039

 

 

 

13,785

 

Net interest income

 

 

28,102

 

 

 

26,214

 

 

 

85,642

 

 

 

76,063

 

Provision for loan losses

 

 

306

 

 

 

2,831

 

 

 

2,741

 

 

 

6,840

 

Net interest income after provision for loan losses

 

 

27,796

 

 

 

23,383

 

 

 

82,901

 

 

 

69,223

 

Noninterest income:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and fees

 

 

1,612

 

 

 

1,525

 

 

 

4,585

 

 

 

4,106

 

SBA loan servicing fees

 

 

165

 

 

 

619

 

 

 

692

 

 

 

885

 

Mortgage referral fees

 

 

337

 

 

 

428

 

 

 

995

 

 

 

987

 

Swap referral fees

 

 

400

 

 

 

494

 

 

 

957

 

 

 

1,336

 

Gain on sales of loans, net

 

 

 

 

 

612

 

 

 

254

 

 

 

1,402

 

Gain on sales of investment securities

 

 

 

 

 

1,031

 

 

 

5

 

 

 

1,031

 

Swap fees

 

 

687

 

 

 

 

 

 

2,219

 

 

 

 

Other noninterest income

 

 

84

 

 

 

110

 

 

 

55

 

 

 

349

 

Total noninterest income

 

 

3,285

 

 

 

4,819

 

 

 

9,762

 

 

 

10,096

 

Noninterest expense:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

 

11,022

 

 

 

11,365

 

 

 

29,845

 

 

 

31,100

 

Occupancy and equipment expenses

 

 

2,360

 

 

 

2,222

 

 

 

7,376

 

 

 

7,298

 

Professional services

 

 

570

 

 

 

555

 

 

 

1,551

 

 

 

2,166

 

Data processing and network

 

 

910

 

 

 

1,002

 

 

 

3,070

 

 

 

2,594

 

Regulatory assessments and insurance

 

 

449

 

 

 

517

 

 

 

1,467

 

 

 

1,298

 

Amortization of intangibles

 

 

755

 

 

 

919

 

 

 

2,333

 

 

 

2,784

 

Advertising

 

 

103

 

 

 

333

 

 

 

228

 

 

 

605

 

Marketing

 

 

56

 

 

 

18

 

 

 

219

 

 

 

216

 

Telephone expense

 

 

600

 

 

 

563

 

 

 

1,698

 

 

 

1,453

 

Conversion expense

 

 

-

 

 

 

279

 

 

 

-

 

 

 

1,825

 

Other operating expenses

 

 

1,207

 

 

 

1,520

 

 

 

3,664

 

 

 

5,018

 

Total noninterest expense

 

 

18,032

 

 

 

19,293

 

 

 

51,451

 

 

 

56,357

 

Income before income tax expense

 

 

13,049

 

 

 

8,909

 

 

 

41,212

 

 

 

22,962

 

Income tax expense

 

 

2,593

 

 

 

1,821

 

 

 

8,260

 

 

 

4,106

 

Net income

 

$

10,456

 

 

$

7,088

 

 

$

32,952

 

 

$

18,856

 

Earnings per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.61

 

 

$

0.41

 

 

$

1.92

 

 

$

1.07

 

Diluted

 

$

0.59

 

 

$

0.41

 

 

$

1.87

 

 

$

1.06

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

17,200,611

 

 

 

17,340,898

 

 

 

17,152,491

 

 

 

17,701,003

 

Diluted

 

 

17,651,298

 

 

 

17,383,427

 

 

 

17,587,382

 

 

 

17,771,665

 

 

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,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net income

 

$

10,456

 

 

$

7,088

 

 

$

32,952

 

 

$

18,856

 

Other comprehensive income (loss) :

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

   (tax) and benefit of $(86), $182, $1,086 and $22, respectively

 

 

399

 

 

 

(690

)

 

 

(4,105

)

 

 

(85

)

Reclassification adjustment for realized gains on investment securities available

   for sale included in net income, net of taxes of $0, $212, $1 and $212, respectively

 

 

 

 

 

(819

)

 

 

(4

)

 

 

(819

)

Change in accumulated gain on effective cash flow hedge derivatives, net of tax of $(22),$0,  $(243), and $0, respectively

 

 

103

 

 

 

 

 

 

916

 

 

 

 

Total other comprehensive income (loss)

 

 

502

 

 

 

(1,509

)

 

 

(3,193

)

 

 

(904

)

Total comprehensive income

 

$

10,958

 

 

$

5,579

 

 

$

29,759

 

 

$

17,952

 

 

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 September 30,

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of July 1, 2020

 

 

17,368,573

 

 

$

298,176

 

 

$

59,907

 

 

$

(11,778

)

 

$

1,272

 

 

$

347,577

 

Net income

 

 

 

 

 

 

 

 

7,088

 

 

 

 

 

 

 

 

 

7,088

 

Common stock dividends declared ($0.07 per share)

 

 

 

 

 

 

 

 

(1,212

)