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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
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 |
|