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Spirit of Texas Bancshares, Inc. Reports First Quarter 2019 Financial Results

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CONROE, Texas, April 29, 2019 /PRNewswire/ -- Spirit of Texas Bancshares, Inc. (NASDAQ:STXB) ("Spirit" or the "Company"), the bank holding company for Spirit of Texas Bank, today reported its results as of and for the quarter ended March 31, 2019.

First Quarter 2019 Financial and Operational Highlights

  • Net income for the first quarter of 2019 increased to $3.8 million, compared to $2.0 million in the first quarter of 2018. Adjusted net income(1) for the first quarter of 2019 was $4.1 million, which excluded $1.4 million of after-tax, merger-related expenses and $1.1 million of gain on sale of investment securities.
  • Diluted earnings per share were $0.30 for the first quarter of 2019, compared to $0.27 for the first quarter of 2018. Adjusted diluted earnings per share(1) were $0.33 for the first quarter of 2019, which excluded $.1.4 million of after-tax, merger-related expenses and $1.1 million of gain on sale of investment securities.
  • Reported and tax equivalent net interest margin(1) were 4.65% and 4.69%, respectively.
  • Deposit growth of $20.6 million for the three months ended March 31, 2019, or 7.07% annualized.
  • Loan growth of $23.1 million for the three months ended March 31, 2019, or 8.55% annualized.
  • Return on average assets was 1.06% annualized including merger-related expenses and the gain on sale of investment securities.
  • At March 31, 2019, book value per share was $16.72 and tangible book value per share(1) was $14.58.
  • At March 31, 2019, total stockholders' equity to total assets was 13.81% and tangible equity to tangible assets(1) was 12.25%.
  • Announced the completion of the acquisition of First Beeville Financial Corporation and its wholly-owned subsidiary, The First National Bank of Beeville (together, "Beeville") on April 2, 2019. The combined organization has 29 branches and has total assets of $1.9 billion.

Dean Bass, Spirit's Chairman and Chief Executive Officer, stated, "The first quarter was a strong start to the year for Spirit of Texas Bank. We are pleased with our banking metrics, which were particularly favorable when compared to the first quarter of 2018. We are adding quality clients that are driving growth in both our loan and deposit portfolios, and the Texas markets we serve remain strong.  We expect to see margin expansion going forward as the investment securities portfolio continues to pay down and the funds are reinvested in the higher yielding loan portfolio.

"The completion of the acquisition of First Beeville Financial Corporation ("Beeville") and its bank subsidiary, The First National Bank of Beeville, gives us confidence that we will maintain our strong performance into 2019 and continue to build long-term shareholder value," concluded Mr. Bass.

Recent Development - First Beeville Financial Corporation Acquisition

On April 2, 2019, the Company closed its previously announced acquisition of Beeville in a cash and stock transaction.  The closing consideration consisted of approximately $32.4 million in cash and 1,579,268 shares of Spirit's common stock. Spirit and Beeville offices, systems and services are expected to be integrated during the third quarter of 2019.  The acquisition added approximately $435 million in total assets with three branches in attractive deposit markets.

Loan Portfolio and Composition

During the first quarter of 2019, gross loans grew to $1.12 billion as of March 31, 2019, an increase of 2.1% from $1.09 billion as of December 31, 2018, and an increase of 26.5% from $882.1 million as of March 31, 2018. 

Asset Quality

The provision for loan losses recorded for the first quarter of 2019 was $849 thousand. The provision for loan losses served to increase the allowance to $6.6 million, or 0.59% of the $1.12 billion in loans outstanding. The nonperforming loans to loans held for investment ratio as of March 31, 2019 increased to 0.52% from 0.46% as of December 31, 2018, and 0.44% at March 31, 2018. Annualized net charge-offs were 21 basis points for the first quarter of 2019.

Deposits and Borrowings

Deposits totaled $1.20 billion as of March 31, 2019, an annualized increase of 7.07% from $1.18 billion as of December 31, 2018, and an increase of 43.08% from $841.0 million as of March 31, 2018.  Demand deposits increased $1.7 million, or 2.6% annualized, from December 31, 2018, and increased $80.0 million, or 44.8% from March 31, 2018. Demand deposits represent 21.5% of total deposits as of March 31, 2019, compared to 21.7% of total deposits as of December 31, 2018, and 21.2% of total deposits as of March 31, 2018. The average cost of deposits were 105 basis points for the first quarter of 2019, representing a 4 basis point increase from the fourth quarter of 2018 and a 20 basis point increase from the first quarter of 2018.

Net Interest Margin and Net Interest Income

The net interest margin for the first quarter of 2019 was 4.65%, an increase of 6 basis points from the fourth quarter of 2018 and an increase of 24 basis points from the first quarter of 2018. The tax equivalent net interest margin for the first quarter of 2019 was 4.69%, an increase of 7 basis points from the fourth quarter of 2018 and an increase of 23 basis points from the first quarter of 2018.  The increases from the prior year period were due primarily to the impact of higher interest rates.  The Company expects to see margin expansion going forward as the investment securities portfolio continues to pay down and the funds are reinvested in the higher yielding loan portfolio.

Net interest income totaled $15.4 million for the first quarter of 2019, an increase of 48.7% from $10.4 million for the first quarter of 2018.  Interest income totaled $18.9 million for the first quarter of 2019, an increase of 49.2% from $12.7 million in the same period in 2018.  Interest and fees on loans increased by $4.8 million, or 39.3%, from the first quarter of 2018 due to organic and acquired growth in the loan portfolio and the impact of an increase in interest rates. Interest expense was $3.4 million for the first quarter of 2019, an increase of 51.8% from $2.3 million in the prior year period. The increase from the first quarter of 2018 was due to an increase in the rate paid on interest-bearing liabilities of 18 basis points and the growth in the deposit base from the acquisition of Comanche National Corporation.

Noninterest Income and Noninterest Expense

Noninterest income totaled $3.1 million for the first quarter of 2019, compared to $2.6 million for the first quarter of 2018. The primary components of noninterest income for the first quarter of 2019 were a gain on sales of investment securities, a gain on sales of loans, net, and service charges and fees of $1.1 million, $804 thousand and $729 thousand, respectively. Noninterest expense totaled $13.0 million in the first quarter of 2019, an increase of 28.4% from $10.1 million in the prior year period. This increase was primarily driven by expenses related to the Comanche acquisition, which closed on November 14, 2018, and the Beeville acquisition, which closed on April 2, 2019.

The efficiency ratio was 70.32% in the first quarter 2019, including $1.4 million of after-tax merger related expenses and $1.1 million of gain on sale of investment securities, compared to 78.08% in the first quarter of 2018.







(1)

Adjusted Net Income, Adjusted Basic and Diluted Earnings Per Share, Tax Equivalent Net Interest Margin, Tangible Book Value Per Share, and Tangible Equity to Tangible Assets Ratio are all non-GAAP measures. Spirit believes that for Adjusted Net Income and Adjusted Basic and Diluted Earnings Per Share, the adjustments made to net income allow investors and analysts to better assess its basic and diluted earnings per common share by removing the volatility that is associated with merger related expenses and gain on sale of investment securities that are unrelated to its core business.  In Spirit's judgment, regarding Tax Equivalent Net Interest Margin, the fully tax equivalent basis is the preferred industry measurement basis for net interest margin and that it enhances comparability of net interest income arising from taxable and tax-exempt sources.  Regarding Tangible Book Value Per Share and Tangible Equity To Tangible Assets, Spirit believes that that this measure is important to many investors in the marketplace who are interested in changes from period to period in book value per share exclusive of changes in intangible assets. Goodwill and other intangible assets have the effect of increasing total book value while not increasing its tangible book value.  The non-GAAP financial measures that we discuss in this news release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we discuss in this news release may differ from that of other banking organizations reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures we have discussed in this news release when comparing such non-GAAP financial measures. Please see a reconciliation to the nearest respective GAAP measures at the end of this news release.

Conference Call

Spirit of Texas Bancshares has scheduled a conference call to discuss its first quarter 2019 results, which will be broadcast live over the Internet, on Tuesday, April 30, 2019 at 10:00 a.m. Eastern Time / 9:00 a.m. Central Time. To participate in the call, dial 201-389-0867 and ask for the Spirit of Texas call at least 10 minutes prior to the start time, or access it live over the Internet at http://ir.sotb.com/events-presentations.  For those who cannot listen to the live call, a replay will be available through May 7, 2019 and may be accessed by dialing 201-612-7415 and using pass code 13689026#. Also, an archive of the webcast will be available shortly after the call at http://ir.sotb.com/events-presentations for 90 days.

About Spirit of Texas Bancshares, Inc.

Spirit of Texas Bancshares, Inc., through its wholly owned subsidiary, Spirit of Texas Bank, provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals.  Spirit of Texas Bank has 29 locations in the Houston, Dallas/Fort Worth, Bryan/College Station, San Antonio-New Braunfels and Corpus Christi metropolitan areas, along with offices in North Central Texas.  Please visit https://www.sotb.com for more information.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are subject to risks and uncertainties and are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended (the "Securities Act").  Words such as "expects," "believes," "estimates," "anticipates," "targets," "goals," "projects," "intends," "plans, "seeks," and variations of such words and similar expressions are intended to identify such forward-looking statements which are not statements of historical fact.  These statements are based on current expectations, estimates, forecasts and projections and management assumptions about the future performance of each of Spirit, Beeville and the combined company, as well as the businesses and markets in which they do and are expected to operate.  These forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to assess.  The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements:  (1) the businesses of Spirit and Beeville may not be combined successfully, or such combination may take longer to accomplish than expected; (2) the cost savings from the transaction may not be fully realized or may take longer to realize than expected; (3) operating costs, customer loss and business disruption following the transaction, including adverse effects on relationships with employees, may be greater than expected; (4) adverse governmental or regulatory policies may be enacted; (5) the interest rate environment may further compress margins and adversely affect net interest income; (6) continued diversification of assets and adverse changes to credit quality; (7) difficulties associated with achieving expected future financial results; (8) competition from other financial services companies in Spirit's and Beeville's respective markets; or (9) an economic slowdown that would adversely affect credit quality and loan originations.

Contacts:

Dennard Lascar Investor Relations


Ken Dennard / Natalie Hairston


(713) 529-6600


STXB@dennardlascar.com

 

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Consolidated Statements of Income

(Unaudited)














For the Three Months Ended



March 31, 2019


December 31, 2018


September 30, 2018


June 30, 2018


March 31, 2018



(Dollars in thousands, except per share data)

Interest income:











Interest and fees on loans


$               17,118


$                     15,817


$                      13,901


$           13,078


$               12,291

Interest and dividends on investment securities


1,182


897


202


195


214

Other interest income


584


208


173


215


148

Total interest income


18,884


16,922


14,276


13,488


12,653

Interest expense:











Interest on deposits


3,071


2,613


2,197


1,941


1,731

Interest on FHLB advances and other borrowings


378


447


389


465


541

Total interest expense


3,449


3,060


2,586


2,406


2,272

Net interest income


15,435


13,862


11,690


11,082


10,381

Provision for loan losses


849


700


486


635


339

Net interest income after provision for loan losses


14,586


13,162


11,204


10,447


10,042

Noninterest income:











Service charges and fees


729


649


462


419


357

SBA loan servicing fees


264


1,026


529


548


624

Mortgage referral fees


110


97


160


208


156

Gain on sales of loans, net


804


1,236


1,369


1,041


1,474

Gain on sales of investment securities


1,081


-


-


-


-

Other noninterest income


69


23


47


87


(23)

Total noninterest income


3,057


3,031


2,567


2,303


2,588

Noninterest expense:











Salaries and employee benefits


7,124


7,988


6,623


6,043


6,858

Occupancy and equipment expenses


1,262


1,479


1,279


1,221


1,236

Professional services


1,041


1,806


624


314


311

Data processing and network


485


340


302


321


313

Regulatory assessments and insurance


98


307


266


266


255

Amortization of intangibles


603


390


176


175


176

Advertising


97


81


83


102


115

Marketing


139


154


115


121


118

Telephone expense


140


82


120


114


98

Conversion expense


1,151


160


-


-


-

Other operating expenses


864


789


693


704


646

Total noninterest expense


13,004


13,576


10,281


9,381


10,126

Income before income tax expense


4,639


2,617


3,490


3,369


2,504

Income tax expense


829


104


719


688


491

Net income


$                 3,810


$                       2,513


$                        2,771


$             2,681


$                 2,013












Earnings per common share:











Basic


$                   0.31


$                         0.23


$                          0.28


$               0.30


$                   0.27

Diluted


$                   0.30


$                         0.22


$                          0.27


$               0.29


$                   0.27












Weighted average common shares outstanding: 











Basic


12,152,558


10,994,467


9,792,032


8,851,446


7,348,992

Diluted


12,607,445


11,450,552


10,360,301


9,306,029


7,543,606

 

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Consolidated Balance Sheets

(Unaudited)




















As of






March 31,
2019


December 31,
2018


September 30,
2018


June 30,
2018


March 31,
2018






(Dollars in thousands)

Assets:











Cash and due from banks


$      19,397


$          22,664


$           18,212


$      17,181


$      18,786

Interest-bearing deposits in other banks


103,265


66,351


25,926


35,805


33,509



Total cash and cash equivalents


122,662


89,015


44,138


52,986


52,295

Time deposits in other banks


-


-


245


245


245

Investment securities:












Available for sale securities, at fair value


131,068


179,461


33,449


34,519


35,802



Total investment securities


131,068


179,461


33,449


34,519


35,802

Loans held for sale


6,300


3,945


5,500


7,715


4,530

Loans:











Loans held for investment


1,115,995


1,092,940


954,074


917,521


882,101

Less: allowance for loan and lease losses


(6,569)


(6,286)


(6,156)


(6,015)


(5,727)


Loans, net


1,109,426


1,086,654


947,918


911,506


876,374

Premises and equipment, net


55,237


53,877


46,135


44,945


43,343

Accrued interest receivable


4,849


4,934


3,715


3,195


3,115

Other real estate owned and repossessed assets


518


782


289


289


268

Goodwill


18,253


18,253


4,485


4,485


4,485

Core deposit intangible


7,954


8,558


2,959


3,135


3,311

SBA servicing asset


3,747


3,965


3,561


3,521


3,512

Deferred tax asset, net


-


328


1,667


1,616


1,588

Bank-owned life insurance


7,442


7,401


483


482


480

Federal Home Loan Bank and other bank stock, at cost


5,264


5,304


4,861


4,830


4,802

Other assets


4,464


4,276


2,806


3,207


5,328



Total assets


$ 1,477,184


$     1,466,753


$      1,102,211


$ 1,076,676


$ 1,039,478

Liabilities and Stockholders' Equity











Liabilities:











Deposits:












Transaction accounts:












Noninterest-bearing


$    258,440


$        256,784


$         207,727


$    183,618


$    178,457


Interest-bearing


363,326


378,822


222,245


220,087


235,831



Total transaction accounts


621,766


635,606


429,972


403,705


414,288


Time deposits


581,486


547,042


442,638


440,978


426,675



Total deposits


1,203,252


1,182,648


872,610


844,683


840,963

Accrued interest payable


737


702


475


431


424

Short-term borrowings


-


12,500


10,000


15,000


15,000

Long-term borrowings


65,676


67,916


64,961


66,191


75,203

Deferred tax liability, net


449


-


-


-


-

Other liabilities


3,094


4,191


3,272


2,385


4,909



Total liabilities


1,273,208


1,267,957


951,318


928,690


936,499

Stockholders' Equity:











Preferred stock


-


-


-


-


-

Common stock


171,159


169,939


127,541


127,344


84,952

Retained earnings


30,813


27,003


24,490


21,719


19,038

Accumulated other comprehensive income (loss)


2,004


1,854


(1,138)


(1,077)


(1,011)



Total stockholders' equity


203,976


198,796


150,893


147,986


102,979



Total liabilities and stockholders' equity


$ 1,477,184


$     1,466,753


$      1,102,211


$ 1,076,676


$ 1,039,478

 

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Loan Composition

(Unaudited)














As of



March 31,
2019


December 31,
2018


September 30,
2018


June 30,
2018


March 31,
2018


(Dollars in thousands)

Loans:











Commercial and industrial loans (1)


$    162,934


$        173,892


$        159,776


$ 149,988


$  137,400

Real estate:











1-4 single family residential loans


280,788


275,644


244,633


238,606


238,382

Construction, land and development loans


169,919


159,734


155,778


152,558


143,646

Commercial real estate loans (including multifamily)


418,032


397,953


324,212


305,405


289,571

Consumer loans and leases


21,631


24,378


18,174


19,588


20,824

Municipal and other loans


62,691


61,339


51,501


51,376


52,278

Total loans held in portfolio


$ 1,115,995


$     1,092,940


$         954,074


$ 917,521


$  882,101


(1) Balance includes $73.8 million, $76.9 million, $75.9 million, $72.4 million and $70.1 million of the unguaranteed portion of SBA loans as of March 31, 2019, December 31, 2018, September 30, 2018, June 30, 2018 and March 31, 2018, respectively.

 

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Deposit Composition

(Unaudited)














As of



March 31,
2019


December 31,
2018


September 30,
2018


June 30,
2018


March 31,
2018



(Dollars in thousands)

Deposits:











Noninterest-bearing demand deposits


$    258,440


$        256,784


$         207,727


$ 183,618


$  178,457

Interest-bearing demand deposits


127,182


124,933


-


-


-

Interest-bearing NOW accounts


7,509


7,961


7,865


7,404


9,475

Savings and money market accounts


228,635


245,928


214,380


212,683


226,356

Time deposits


581,486


547,042


442,638


440,978


426,675

Total deposits


$ 1,203,252


$     1,182,648


$         872,610


$ 844,683


$  840,963

 

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Average Balances and Yields

(Unaudited)
















Three Months Ended
March 31,



2019


2018



Average
Balance (1)


Interest/
Expense


Annualized
Yield/Rate


Average
Balance (1)


Interest/
Expense


Annualized
Yield/Rate



(Dollars in thousands)

Interest-earning assets:













Interest-earning deposits in other banks


$      92,892


$      546


2.38%


$      27,843


$      124


1.80%

Loans, including loans held for sale (2)


1,105,177


17,118


6.28%


884,521


12,291


5.64%

Investment securities and other


148,035


1,220


3.34%


41,385


238


2.33%

Total interest-earning assets


1,346,104


18,884


5.69%


953,749


12,653


5.38%

Noninterest-earning assets


110,334






75,945





Total assets


$ 1,456,438






$ 1,029,694





Interest-bearing liabilities:













Interest-bearing demand deposits


$    128,059


$      167


0.53%


$                -


$           -


0.00%

Interest-bearing NOW accounts


7,354


3


0.15%


7,749


3


0.15%

Savings and money market accounts


235,148


442


0.76%


235,424


342


0.59%

Time deposits


561,435


2,459


1.78%


417,016


1,386


1.35%

FHLB advances and other borrowings


67,149


378


2.29%


93,509


541


2.35%

Total interest-bearing liabilities


999,145


3,449


1.40%


753,698


2,272


1.22%

Noninterest-bearing liabilities and
shareholders' equity:













Noninterest-bearing demand deposits


250,204






169,688





Other liabilities


5,232






5,392





Stockholders' equity


201,857






100,916





Total liabilities and stockholders' equity


$ 1,456,438






$ 1,029,694





Net interest rate spread






4.29%






4.16%

Net interest income and margin




$ 15,435


4.65%




$ 10,381


4.41%

Net interest income and margin (tax equivalent)(3)




$ 15,573


4.69%




$ 10,497


4.46%


(1) Average balances presented are derived from daily average balances.

(2) Includes loans on nonaccrual status.

(3) In order to make pretax income and resultant yields on tax-exempt loans comparable to those on taxable loans, a tax-equivalent adjustment has been computed using a federal tax rate of 21% for the three months ended March 31, 2019 and 2018, respectively.

 

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Average Balances and Yields

(Unaudited)
















Three Months Ended



March 31, 2019


December 31, 2018



Average
Balance (1)


Interest/
Expense


Annualized
Yield/Rate


Average
Balance (1)


Interest/
Expense


Annualized
Yield/Rate



(Dollars in thousands)

Interest-earning assets:













Interest-earning deposits in other banks


$      92,892


$      546


2.38%


$      19,828


$      120


2.40%

Loans, including loans held for sale (2)


1,105,177


17,118


6.28%


1,045,628


15,817


6.00%

Investment securities and other


148,035


1,220


3.34%


133,669


985


2.92%

Total interest-earning assets


1,346,104


18,884


5.69%


1,199,125


16,922


5.60%

Noninterest-earning assets


110,334






84,889





Total assets


$ 1,456,438






$ 1,284,014





Interest-bearing liabilities:













Interest-bearing demand deposits


$    128,059


$      167


0.53%


$      78,237


$      100


0.51%

Interest-bearing NOW accounts


7,354


3


0.15%


8,521


3


0.15%

Savings and money market accounts


235,148


442


0.76%


221,937


368


0.66%

Time deposits


561,435


2,459


1.78%


487,811


2,142


1.74%

FHLB advances and other borrowings


67,149


378


2.29%


82,716


447


2.14%

Total interest-bearing liabilities


999,145


3,449


1.40%


879,222


3,060


1.38%

Noninterest-bearing liabilities and
shareholders' equity:













Noninterest-bearing demand deposits


250,204






226,976





Other liabilities


5,232






3,281





Stockholders' equity


201,857






174,535





Total liabilities and stockholders' equity


$ 1,456,438






$ 1,284,014





Net interest rate spread






4.29%






4.22%

Net interest income and margin




$ 15,435


4.65%




$ 13,862


4.59%

Net interest income and margin (tax equivalent)(3)




$ 15,573


4.69%




$ 14,076


4.62%


(1) Average balances presented are derived from daily average balances.

(2) Includes loans on nonaccrual status.

(3) In order to make pretax income and resultant yields on tax-exempt loans comparable to those on taxable loans, a tax-equivalent adjustment has been computed using a federal tax rate of 21% for the three months ended March 31, 2019 and December 31, 2018, respectively.

 

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Reconciliation of Non-GAAP Financial Measures - Adjusted Net Income and Adjusted Basic and Diluted Earnings Per Share

(Unaudited)














As of or for the Three Months Ended



March 31, 2019


December 31, 2018


September 30, 2018


June 30, 2018


March 31, 2018



(Dollars in thousands, except per share data)

Basic and diluted earnings per share - GAAP basis:











Net income available to common stockholders


$                 3,810


$                       2,513


$                        2,771


$             2,681


$                 2,013

Weighted average number of common shares - basic


12,152,558


10,994,467


9,792,032


8,851,446


7,348,992

Weighted average number of common shares - diluted


12,607,445


11,450,552


10,360,301


9,306,029


7,543,606

Basic earnings per common share


$                   0.31


$                         0.23


$                          0.28


$               0.30


$                   0.27

Diluted earnings per common share


$                   0.30


$                         0.22


$                          0.27


$               0.29


$                   0.27

Basic and diluted earnings per share - Non-GAAP basis:











Net income


$                 3,810


$                       2,513


$                        2,771


$             2,681


$                 2,013

Pre-tax adjustments:











Noninterest income











Gain on sale of investment securities


(1,081)


-


-


-


-

Noninterest expense











Merger related expenses


1,778


1,447


270


-


-

Taxes:











Tax effect of adjustments


(373)


(149)


(55)


-


-

Adjusted net income


$                 4,134


$                       3,811


$                        2,986


$             2,681


$                 2,013

Weighted average number of common shares - basic


12,152,558


10,994,467


9,792,032


8,851,446


7,348,992

Weighted average number of common shares - diluted


12,607,445


11,450,552


10,360,301


9,306,029


7,543,606

Basic earnings per common share - Non-GAAP basis


$                   0.34


$                         0.35


$                          0.30


$               0.30


$                   0.27

Diluted earnings per common share - Non-GAAP basis


$                   0.33


$                         0.33


$                          0.29


$               0.29


$                   0.27

 

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Reconciliation of Non-GAAP Financial Measures - Net Interest Margin on a Fully Taxable Equivalent Basis

(Unaudited)














As of or for the Three Months Ended



March 31, 2019


December 31, 2018


September 30, 2018


June 30, 2018


March 31, 2018



(Dollars in thousands, except per share data)

Net interest margin - GAAP basis:











Net interest income


$               15,435


$                     13,862


$                      11,690


$           11,082


$               10,381

Average interest-earning assets


1,346,104


1,199,125


1,007,492


982,504


953,749

Net interest margin


4.65%


4.59%


4.60%


4.52%


4.41%

Net interest margin - Non-GAAP basis:











Net interest income


$               15,435


$                     13,862


$                      11,690


$           11,082


$               10,381

Plus:











Impact of fully taxable equivalent adjustment


138


114


113


114


116

Net interest income on a fully taxable equivalent basis


$               15,573


$                     13,976


$                      11,803


$           11,196


$               10,497

Average interest-earning assets


1,346,104


1,199,125


1,007,492


982,504


953,749

Net interest margin on a fully taxable equivalent basis - Non-GAAP basis


4.69%


4.62%


4.65%


4.57%


4.46%

 

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Reconciliation of Non-GAAP Financial Measures - Tangible Book Value Per Share

(Unaudited)














As of



March 31, 2019


December 31, 2018


September 30, 2018


June 30, 2018


March 31, 2018



(Dollars in thousands, except per share data)

Total stockholders' equity


$             203,976


$                   198,796


$                    150,893


$         147,986


$             102,979

Less:











Goodwill and other intangible assets


26,207


27,923


7,444


7,620


7,796

Tangible stockholders' equity


$             177,769


$                   170,873


$                    143,449


$         140,366


$               95,183

Shares outstanding


12,195,891


12,103,753


9,812,481


9,786,611


7,486,611

Book value per share


$                 16.72


$                       16.42


$                        15.38


$             15.12


$                 13.76

Less:











Goodwill and other intangible assets per share


2.14


2.30


0.76


0.78


1.05

Tangible book value per share


$                 14.58


$                       14.12


$                        14.62


$             14.34


$                 12.71

 

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Reconciliation of Non-GAAP Financial Measures - Tangible Equity to Tangible Assets

(Unaudited)














As of 



March 31, 2019


December 31, 2018


September 30, 2018


June 30, 2018


March 31, 2018



(Dollars in thousands)

Total stockholders' equity to total assets - GAAP basis:











Total stockholders' equity (numerator)


$             203,976


$                       198,796


$                    150,893


$         147,986


$             102,979

Total assets (denominator)


1,477,184


1,466,753


1,102,211


1,076,676


1,039,478

Total stockholders' equity to total assets


13.81%


13.55%


13.69%


13.74%


9.91%

Tangible equity to tangible assets - Non-GAAP basis:











Tangible equity:











Total stockholders' equity


$             203,976


$                       198,796


$                    150,893


$         147,986


$             102,979

Less:











Goodwill and other intangible assets


26,207


27,923


7,444


7,620


7,796

Total tangible common equity (numerator)


$             177,769


$                       170,873


$                    143,449


$         140,366


$               95,183

Tangible assets:











Total assets


1,477,184


1,466,753


1,102,211


1,076,676


1,039,478

Less:











Goodwill and other intangible assets


26,207


27,923


7,444


7,620


7,796

Total tangible assets (denominator)


$          1,450,977


$                    1,438,830


$                 1,094,767


$      1,069,056


$          1,031,682












Tangible equity to tangible assets


12.25%


11.88%


13.10%


13.13%


9.23%

 

Cision View original content:http://www.prnewswire.com/news-releases/spirit-of-texas-bancshares-inc-reports-first-quarter-2019-financial-results-300839938.html

SOURCE Spirit of Texas Bancshares, Inc.

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