Spirit of Texas Bancshares, Inc. Reports First Quarter 2021 Financial Results
04/21/2021 - 04:15 PM
CONROE, Texas , April 21, 2021 /PRNewswire/ -- Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) ("Spirit," the "Company," "we," "our," or "us"), reported net income of $10.1 million $0.58 , compared to net income of $4.1 million $0.22 . Strong financial results for the first quarter of 2021 were assisted by $1.8 million $2.2 million
First Quarter 2021 Financial and Operational Highlights
Originated 1,301 PPP loans during the first quarter of 2021 with a total funded amount of $148.9 million $4.8 million Net interest margin for the first quarter of 2021 as reported and on a tax equivalent basis(1) was 3.94% and 3.98% , respectively. At March 31, 2021 , return on average assets was 1.32% annualized. Book value per share increased to $21.34 at March 31, 2021 and tangible book value per share(1) increased to $16.40 at the same date. At March 31, 2021 , total stockholders' equity to total assets was 11.54% and tangible stockholders' equity to tangible assets(1) was 9.11% . Dean Bass , Spirit's Chairman and Chief Executive Officer, stated, "We continue to have success assisting our borrowers obtain funding through government stimulus programs. I am delighted that our customers have placed their faith in our talented group of bankers to help navigate these government programs and obtain critical funding to keep businesses and projects operating. Our strong results for the first quarter of 2021 were also due to cost cutting initiatives that were implemented towards the end of 2020 and have begun to positively impact our financial results. We will continuously look for new, exciting investments and expense saving directives to provide for earnings growth in the coming quarters.
"Asset quality has returned to pre-pandemic levels and we believe that quarters with significantly elevated provision expense are behind us. We will continue to work with the borrowers who need additional assistance due to the ongoing COVID-19 pandemic; however, ultimately we believe that the elevated risk factors appear to be behind us and we can now focus on new growth opportunities," Mr. Bass concluded.
Loan Portfolio and Composition
During the first quarter of 2021, gross loans increased to $2.43 billion March 31, 2021 , an increase of 1.7% from $2.39 billion December 31, 2020 , and an increase of 20.7% from $2.0 billion March 31, 2020 . During the first quarter of 2021, $60.3 million $148.9 million March 31, 2021 declined by $43.6 million 7.4% annualized from December 31, 2020 . During the first quarter of 2021, we sold $45.2 million
Asset Quality
Asset quality remained strong in the first quarter of 2021. Overall, our borrowers continue to recover from the effects of the ongoing COVID-19 pandemic as additional pandemic-related restrictions have been lifted, a meaningful percent of the population in Texas has now been vaccinated, and consumers have received an additional stimulus payment. The provision for loan losses recorded for the first quarter of 2021 was $1.1 million $16.3 million 0.67% of the $2.43 billion March 31, 2021 . Provision expense for the first quarter of 2021 related primarily to newly impaired loans.
Nonperforming loans to loans held for investment ratio continues to remain low as of March 31, 2021 at 0.41% , which increased from 0.36% at December 31, 2020 , and 0.38% as of March 31, 2020 . Annualized net charge-offs were 14 basis points for the first quarter of 2021 compared to 9 basis points for the fourth quarter of 2020.
Borrowers in active deferral periods has declined significantly, with 97% of loans previously on deferment exiting the deferral period and resuming regularly scheduled payments. At March 31, 2021 , only $11.6 million
Deposits and Borrowings
Deposits totaled $2.60 billion March 31, 2021 , an increase of 5.6% from $2.46 billion December 31, 2020 , and an increase of 25.0% from $2.08 billion March 31 , 2020. Noninterest-bearing demand deposits increased $72.7 million 10.0% , from December 31, 2020 , and increased $313.2 million 64.3% , from March 31, 2020. The increase in noninterest-bearing deposits is primarily deposit accounts related to PPP loan funding. Noninterest-bearing demand deposits represented 30.8% of total deposits as of March 31, 2021, up from 29.6% of total deposits as of December 31, 2020 , and up from 23.4% of total deposits as of March 31, 2020. Savings and Money Market deposits increased $43.4 million 7.1% , from December 31, 2020 primarily due to the seasonality of public funds. The average cost of deposits was 0.38% for the first quarter of 2021, representing an 8 basis point decrease from the fourth quarter of 2020 and a 54 basis point decrease from the first quarter of 2020. The decrease in average cost of deposits was due primarily to the repricing of certificates of deposit during the first quarter of 2021.
Borrowings decreased by $61.0 million $191.7 million 6.1% of total assets at March 31, 2021 , compared to 8.2% at December 31, 2020 and 4.5% at March 31, 2020 .
Net Interest Margin and Net Interest Income
The net interest margin for the first quarter of 2021 was 3.94% , a decrease of 42 basis points from the fourth quarter of 2020 and a decrease of 44 basis points from the first quarter of 2020. The tax equivalent net interest margin(1) for the first quarter of 2021 was 3.98% , a decrease of 46 basis points from the fourth quarter of 2020 and 42 basis points from the first quarter of 2020. Excluding the impact of PPP loans, the tax equivalent net interest margin for the first quarter of 2021 was 4.02% compared to 4.21% for the fourth quarter of 2020. The decrease in net interest margin and tax equivalent net interest margin compared to prior year and prior quarter is primarily due to the origination of additional PPP loans which yield 1% and lower levels of forgiveness than those experienced in the fourth quarter of 2020. Approximately $6.7 million March 31, 2021 . During the first quarter of 2021, we moved approximately $200 million 5.09% compared to 5.42% at December 31 , 2020. Excluding the impact of PPP loans, the yield on loans for the first quarter of 2021 was 5.29% compared to 5.30% at December 31, 2020 .
Net interest income totaled $27.8 million 17.0% from $23.8 million $31.2 million 8.2% from $28.8 million $2.9 million 8.8% , compared to the fourth quarter of 2020, and increased by $2.4 million 8.8% , from the first quarter of 2020. Interest expense was $3.3 million 12.9% from $3.8 million 33.6% from $5.0 million
Noninterest Income and Noninterest Expense
Noninterest income totaled $2.6 million $8.8 million $264 thousand $120 thousand $73 thousand $17 thousand $3.6 million $121 thousand $2.4 million
Noninterest expense totaled $16.6 million $18.4 million $2.2 million
The efficiency ratio was 54.6% in the first quarter of 2021, compared to 47.7% in the fourth quarter of 2020, and 79.1% in the first quarter of 2020. The first quarter of 2021 efficiency ratio was assisted by PPP origination fees immediately recognized at the time of forgiveness by the SBA, and the deferral of salary costs associated with newly originated PPP loans.
(1)
Tax Equivalent Net Interest Margin, Tangible Book Value Per Share, Tangible Stockholders' Equity to Tangible Assets Ratio and certain PPP-related figures are all non-GAAP measures. 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 Stockholders' Equity To Tangible Assets, Spirit believes that that these measures are 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. Furthermore, Spirit believes that the PPP-related figures are important to investors due to the anticipated short-term nature of the PPP loans and the expected forgiveness in the coming quarters. The non-GAAP financial measures that we discuss in this earnings 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 discussed in this earnings 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 Spirit has discussed in this earnings release when comparing such non-GAAP financial measures. Please see a reconciliation to the nearest respective GAAP measures at the end of this earnings release.
Conference Call
Spirit of Texas Bancshares, Inc. has scheduled a conference call to discuss its first quarter 2021 results, which will be broadcast live over the Internet, on Thursday, April 22, 2021 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 https://ir.sotb.com/news-events/ir-calendar . For those who cannot listen to the live call, a replay will be available through April 29, 2021, and may be accessed by dialing 201-612-7415 and using pass code 13718707#. Also, an archive of the webcast will be available shortly after the call at https://ir.sotb.com/news-events/ir-calendar for 90 days.
About Spirit of Texas Bancshares, Inc.
Spirit, through its wholly-owned subsidiary, Spirit of Texas Bank SSB (the "Bank"), provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals. The Bank has 38 locations in the Houston , Dallas/Fort Worth , Bryan/College Station , Austin , San Antonio -New Braunfels , Corpus Christi , Austin and Tyler metropolitan areas, along with offices in North Central and South 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. Any statements about our expectations, beliefs, plans, predictions, protections, forecasts, objectives, assumptions or future events or performance are not historical facts and may be forward-looking. Forward-looking statements are typically, but not exclusively, identified by the use of forward-looking terminology such as "believes," "expects," "could," "may," "will," "should," "seeks," "likely," "intends" "plans," "pro forma," "projects," "estimates" or "anticipates" or the negative of these words and phrases or similar words or phrases that are predictions of or indicate future events or trends and that do not relate solely to historical matters. Forward-looking statements involve numerous risks and uncertainties and you should not rely on them as predictions of future events. Factors that could cause our actual results to differ materially from those described in the forward-looking statements include, among others: (i) changes in general business, industry or economic conditions, or competition; (ii) the impact of the ongoing COVID-19 pandemic on the Bank's business, including the impact of actions taken by governmental and regulatory authorities in response to such pandemic, such as the Coronavirus Aid, Relief, and Economic Security Act and the programs established thereunder, and the Bank's participation in such programs, (iii) changes in any applicable law, rule, regulation, policy, guideline, or practice governing or affecting bank holding companies and their subsidiaries or with respect to tax or accounting principles or otherwise; (iv) adverse changes or conditions in capital and financial markets; (v) changes in interest rates; (vi) higher-than-expected costs or other difficulties related to integration of combined or merged businesses; (vii) the inability to realize expected cost savings or achieve other anticipated benefits in connection with business combinations and other acquisitions; (viii) changes in the quality or composition of our loan and investment portfolios; (ix) adequacy of loan loss reserves; (x) increased competition; (xi) loss of certain key officers; (xii) continued relationships with major customers; (xiii) deposit attrition; (xiv) rapidly changing technology; (xv) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xvi) changes in the cost of funds, demand for loan products, or demand for financial services; (xvii) other economic, competitive, governmental, or technological factors affecting our operations, markets, products, services, and prices; and (xviii) our success at managing the foregoing items. For a discussion of additional factors that could cause our actual results to differ materially from those described in the forward-looking statements, please see the risk factors discussed in our most recent Annual Report on Form 10-K for the year ended December 31, 2020 , filed with the U.S. Securities and Exchange Commission (the "SEC") on March 5, 2021 , and our other filings with the SEC.
While forward-looking statements reflect our good-faith beliefs, they are not guarantees of future performance. All forward-looking statements are necessarily only estimates of future results. Accordingly, actual results may differ materially from those expressed in or contemplated by the particular forward-looking statement, and, therefore, you are cautioned not to place undue reliance on such statements. Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events or circumstances, except as required by applicable law.
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, 2021
December 31, 2020
September 30, 2020
June 30, 2020
March 31, 2020
(Dollars in thousands, except per share data)
Interest income:
Interest and fees on loans
$ 29,829
$ 32,682
$ 29,901
$ 29,912
$ 27,409
Interest and dividends on investment securities
1,115
914
465
457
504
Other interest income
225
101
115
185
900
Total interest income
31,169
33,697
30,481
30,554
28,813
Interest expense:
Interest on deposits
2,327
2,726
3,392
3,945
4,507
Interest on FHLB advances and other borrowings
1,003
1,099
875
558
508
Total interest expense
3,330
3,825
4,267
4,503
5,015
Net interest income
27,839
29,872
26,214
26,051
23,798
Provision for loan losses
1,086
4,417
2,831
2,838
1,171
Net interest income after provision for loan losses
26,753
25,455
23,383
23,213
22,627
Noninterest income:
Service charges and fees
1,434
1,554
1,525
1,270
1,311
SBA loan servicing fees, net
324
307
619
256
10
Mortgage referral fees
274
347
428
357
202
Gain on sales of loans, net
155
419
612
326
464
Gain (loss) on sales of investment securities
5
-
1,031
-
-
Other noninterest income
427
6,153
604
356
725
Total noninterest income
2,619
8,780
4,819
2,565
2,712
Noninterest expense:
Salaries and employee benefits
9,220
10,656
11,365
7,946
11,789
Occupancy and equipment expenses
2,662
2,749
2,222
2,761
2,315
Professional services
524
521
555
716
895
Data processing and network
1,229
1,379
1,002
849
743
Regulatory assessments and insurance
535
549
517
379
402
Amortization of intangibles
823
879
919
919
946
Advertising
78
74
333
119
153
Marketing
93
60
18
38
160
Telephone expense
499
560
563
483
407
Conversion expense
-
16
279
69
1,477
Other operating expenses
971
984
1,520
1,825
1,673
Total noninterest expense
16,634
18,427
19,293
16,104
20,960
Income before income tax expense
12,738
15,808
8,909
9,674
4,379
Income tax expense
2,652
3,353
1,821
1,980
305
Net income
$ 10,086
$ 12,455
$ 7,088
$ 7,694
$ 4,074
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Unaudited)
As of
March 31,
December 31,
September 30,
June 30,
March 31,
(Dollars in thousands)
Assets:
Cash and due from banks
$ 28,879
$ 31,396
$ 29,345
$ 35,248
$ 33,946
Interest-bearing deposits in other banks
40,687
231,638
121,739
200,096
193,707
Total cash and cash equivalents
69,566
263,034
151,084
235,344
227,653
Time deposits in other banks
-
-
-
-
245
Investment securities:
Available for sale securities, at fair value
442,576
212,420
119,814
90,878
94,963
Equity investments, at fair value
23,741
24,000
-
-
-
Total investment securities
466,317
236,420
119,814
90,878
94,963
Loans held for sale
1,192
1,470
4,287
7,718
7,765
Loans:
Loans held for investment
2,430,594
2,388,532
2,452,353
2,427,292
2,013,367
Less: allowance for loan and lease losses
(16,314)
(16,026)
(12,207)
(9,905)
(7,620)
Loans, net
2,414,280
2,372,506
2,440,146
2,417,387
2,005,747
Premises and equipment, net
81,379
83,348
82,734
79,156
78,594
Accrued interest receivable
10,588
11,199
11,612
12,188
7,314
Other real estate owned and repossessed assets
-
133
302
3,743
3,731
Goodwill
77,681
77,681
77,681
77,966
79,009
Core deposit intangible
6,995
7,818
8,698
9,617
10,536
SBA servicing asset
2,821
2,953
3,051
3,115
3,055
Deferred tax asset, net
2,213
1,085
494
-
-
Bank-owned life insurance
16,057
15,969
15,878
15,787
15,699
Federal Home Loan Bank and other bank stock, at cost
5,727
5,718
5,709
5,696
5,660
Right of use assets
6,058
-
-
-
-
Other assets
9,338
5,425
3,580
4,423
4,526
Total assets
$ 3,170,212
$ 3,084,759
$ 2,925,070
$ 2,963,018
$ 2,544,497
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
Transaction accounts:
Noninterest-bearing
$ 800,233
$ 727,543
$ 667,199
$ 745,646
$ 487,060
Interest-bearing
1,149,781
1,092,934
940,930
946,969
878,279
Total transaction accounts
1,950,014
1,820,477
1,608,129
1,692,615
1,365,339
Time deposits
647,536
638,658
679,387
722,376
711,968
Total deposits
2,597,550
2,459,135
2,287,516
2,414,991
2,077,307
Accrued interest payable
1,160
1,303
1,321
1,025
1,218
Short-term borrowings
-
10,000
10,000
104,830
10,000
Long-term borrowings
191,687
242,020
267,746
88,246
103,276
Deferred tax liability, net
-
-
-
405
1,706
Operating lease liability
6,231
-
-
-
-
Other liabilities
7,827
11,522
6,966
5,943
5,173
Total liabilities
2,804,455
2,723,980
2,573,549
2,615,440
2,198,680
Stockholders' Equity:
Common stock
300,591
298,850
298,509
298,176
297,966
Retained earnings
85,246
76,683
65,783
59,907
52,213
Accumulated other comprehensive income (loss)
(3,225)
1,005
(237)
1,272
732
Treasury stock
(16,855)
(15,759)
(12,534)
(11,777)
(5,094)
Total stockholders' equity
365,757
360,779
351,521
347,578
345,817
Total liabilities and stockholders' equity
$ 3,170,212
$ 3,084,759
$ 2,925,070
$ 2,963,018
$ 2,544,497
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Loan Composition
(Unaudited)
As of
March 31,
December 31,
September 30, 2020
June 30,
March 31,
(Dollars in thousands)
Loans:
Commercial and industrial loans (1)(2)
$ 699,896
$ 574,986
$ 690,009
$ 717,280
$ 320,418
Real estate:
1-4 single family residential loans
348,908
364,139
373,220
372,445
382,900
Construction, land and development loans
344,557
415,488
402,476
390,068
405,661
Commercial real estate loans (including multifamily)
964,342
956,743
906,134
843,247
821,952
Consumer loans and leases
9,619
11,738
12,977
19,159
22,398
Municipal and other loans
63,272
65,438
67,537
85,092
60,038
Total loans held in portfolio
$ 2,430,594
$ 2,388,532
$ 2,452,353
$ 2,427,292
$ 2,013,367
(1) Balance includes $67.4 million , $70.8 million , $72.7 million , $75.1 million , and $75.3 million of the unguaranteed portion of SBA loans as of March 31, 2021 December 31, 2020, September 30, 2020,
June 30, 2020, and March 31, 2020, respectively.
(2) Balance includes $366.5 million , $276.1 million , $421.1 million , and $384.6 million of PPP loans as of March 31, 2021, December 31, 2020, September 30, 2020,
and June 30, 2020, respectively.
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Deposit Composition
(Unaudited)
As of
March 31,
December 31,
September 30, 2020
June 30,
March 31,
(Dollars in thousands)
Deposits:
Noninterest-bearing demand deposits
$ 800,233
$ 727,543
$ 667,199
$ 745,646
$ 487,060
Interest-bearing demand deposits
485,863
472,075
391,396
360,282
334,302
Interest-bearing NOW accounts
9,904
10,288
8,655
31,132
28,376
Savings and money market accounts
654,014
610,571
540,879
555,555
515,601
Time deposits
647,536
638,658
679,387
722,376
711,968
Total deposits
$ 2,597,550
$ 2,459,135
$ 2,287,516
$ 2,414,991
$ 2,077,307
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Average Balances and Yields
(Unaudited)
Three Months Ended
March 31, 2021
March 31, 2020
Average
Interest/
Annualized
Average
Interest/
Annualized
(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits in other banks
$ 150,583
$ 76
0.20%
$ 231,616
$ 852
1.48%
Loans, including loans held for sale (2)
2,376,657
29,829
5.09%
1,851,879
27,409
5.94%
Investment securities and other
339,859
1,264
1.51%
96,006
552
2.31%
Total interest-earning assets
2,867,099
31,169
4.41%
2,179,501
28,813
5.30%
Noninterest-earning assets
234,544
217,060
Total assets
$ 3,101,643
$ 2,396,561
Interest-bearing liabilities:
Interest-bearing demand deposits
$ 469,287
$ 155
0.13%
$ 335,669
$ 225
0.27%
Interest-bearing NOW accounts
10,232
1
0.04%
27,632
26
0.38%
Savings and money market accounts
634,828
657
0.42%
443,449
1,012
0.92%
Time deposits
643,906
1,514
0.95%
685,689
3,244
1.90%
FHLB advances and other borrowings
213,483
1,003
1.91%
86,809
508
2.35%
Total interest-bearing liabilities
1,971,736
3,330
0.68%
1,579,248
5,015
1.27%
Noninterest-bearing liabilities and
Noninterest-bearing demand deposits
748,785
459,156
Other liabilities
19,072
12,265
Stockholders' equity
362,050
345,892
Total liabilities and stockholders' equity
$ 3,101,643
$ 2,396,561
Net interest rate spread
3.72%
4.03%
Net interest income and margin
$ 27,839
3.94%
$ 23,798
4.38%
Net interest income and margin (tax equivalent)(3)
$ 28,168
3.98%
$ 23,890
4.40%
(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, 2021 and December 31, 2020, respectively.
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Average Balances and Yields
(Unaudited)
Three Months Ended
March 31, 2021
December 31, 2020
Average
Interest/
Annualized
Average
Interest/
Annualized
(Dollars in thousands)
(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits in other banks
150,583
$ 76
0.20%
$ 144,349
$ 101
0.28%
Loans, including loans held for sale (2)
2,376,657
29,829
5.09%
2,394,431
32,682
5.42%
Investment securities and other
339,859
1,264
1.51%
177,816
914
2.04%
Total interest-earning assets
2,867,099
31,169
4.41%
2,716,596
33,697
4.92%
Noninterest-earning assets
234,544
274,170
Total assets
$ 3,101,643
$ 2,990,766
Interest-bearing liabilities:
Interest-bearing demand deposits
$ 469,287
$ 155
0.13%
$ 413,956
$ 156
0.15%
Interest-bearing NOW accounts
10,232
1
0.04%
9,510
2
0.08%
Savings and money market accounts
634,828
657
0.42%
580,216
648
0.44%
Time deposits
643,906
1,514
0.95%
657,726
1,920
1.16%
FHLB advances and other borrowings
213,483
1,003
1.91%
263,486
1,099
1.65%
Total interest-bearing liabilities
1,971,736
3,330
0.68%
1,924,894
3,825
0.79%
Noninterest-bearing liabilities and
Noninterest-bearing demand deposits
748,785
702,250
Other liabilities
19,072
7,722
Stockholders' equity
362,050
355,900
Total liabilities and stockholders' equity
$ 3,101,643
$ 2,990,766
Net interest rate spread
3.72%
4.13%
Net interest income and margin
$ 27,839
3.94%
$ 29,872
4.36%
Net interest income and margin (tax equivalent)(3)
$ 28,168
3.98%
$ 30,384
4.44%
(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, 2021 and December 31, 2020, 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, 2021
December 31, 2020
September 30, 2020
June 30, 2020
March 31, 2020
(Dollars in thousands, except per share data)
Basic and diluted earnings per share - GAAP basis:
Net income available to common stockholders
$ 10,086
$ 12,455
$ 7,088
$ 7,694
$ 4,074
Weighted average number of common shares - basic
17,103,981
17,168,091
17,340,898
17,581,959
18,184,110
Weighted average number of common shares - diluted
17,518,029
17,336,484
17,383,427
17,612,919
18,441,977
Basic earnings per common share
$ 0.59
$ 0.73
$ 0.41
$ 0.44
$ 0.22
Diluted earnings per common share
$ 0.58
$ 0.72
$ 0.41
$ 0.44
$ 0.22
Basic and diluted earnings per share - Non-GAAP basis:
Net income
$ 10,086
$ 12,455
$ 7,088
$ 7,694
$ 4,074
Pre-tax adjustments:
Noninterest income
Gain on sale of investment securities
(5)
-
(1,031)
-
-
Noninterest expense
Merger related expenses
-
24
342
69
1,614
Taxes:
NOL Carryback
-
-
(575)
Tax effect of adjustments
1
(5)
145
(14)
(331)
Adjusted net income
$ 10,082
$ 12,474
$ 6,544
$ 7,749
$ 4,782
Weighted average number of common shares - basic
17,103,981
17,168,091
17,340,898
17,581,959
18,184,110
Weighted average number of common shares - diluted
17,518,029
17,336,484
17,383,427
17,612,919
18,441,977
Basic earnings per common share - Non-GAAP basis
$ 0.59
$ 0.73
$ 0.38
$ 0.44
$ 0.26
Diluted earnings per common share - Non-GAAP basis
$ 0.58
$ 0.72
$ 0.38
$ 0.44
$ 0.26
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, 2021
December 31, 2020
September 30, 2020
June 30, 2020
March 31, 2020
(Dollars in thousands, except per share data)
Net interest margin - GAAP basis:
Net interest income
$ 27,839
$ 29,872
$ 26,214
$ 26,051
$ 23,798
Average interest-earning assets
2,867,099
2,716,596
2,664,355
2,646,903
2,179,501
Net interest margin
3.94%
4.36%
3.90%
3.95%
4.38%
Net interest margin - Non-GAAP basis:
Net interest income
$ 27,839
$ 29,872
$ 26,214
$ 26,051
$ 23,798
Plus:
Impact of fully taxable equivalent adjustment
329
512
446
373
92
Net interest income on a fully taxable equivalent basis
$ 28,168
$ 30,384
$ 26,660
$ 26,424
$ 23,890
Average interest-earning assets
2,867,099
2,716,596
2,664,355
2,646,903
2,179,501
Net interest margin on a fully taxable equivalent basis - Non-GAAP basis
3.98%
4.44%
3.97%
4.00%
4.40%
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Tangible Book Value Per Share
(Unaudited)
As of
March 31, 2021
December 31, 2020
September 30, 2020
June 30, 2020
March 31, 2020
(Dollars in thousands, except per share data)
Total stockholders' equity
$ 365,757
$ 360,779
$ 351,521
$ 347,578
$ 345,817
Less:
Goodwill and other intangible assets
84,676
85,499
86,379
87,583
89,595
Tangible stockholders' equity
$ 281,081
$ 275,280
$ 265,142
$ 259,995
$ 256,272
Shares outstanding
17,136,553
17,081,831
17,316,313
17,368,573
17,969,012
Book value per share
$ 21.34
$ 21.12
$ 20.30
$ 20.01
$ 19.25
Less:
Goodwill and other intangible assets per share
$ 4.94
$ 5.01
$ 4.99
5.04
4.99
Tangible book value per share
$ 16.40
$ 16.11
$ 15.31
$ 14.97
$ 14.26
SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Tangible Equity to Tangible Assets
(Unaudited)
As of
March 31, 2021
December 31, 2020
September 30, 2020
June 30, 2020
March 31, 2020
(Dollars in thousands)
Total stockholders' equity to total assets - GAAP basis:
Total stockholders' equity (numerator)
$ 365,757
$ 360,779
$ 351,521
$ 347,578
$ 345,817
Total assets (denominator)
3,170,212
3,084,759
2,925,070
2,963,018
2,544,497
Total stockholders' equity to total assets
11.54%
11.70%
12.02%
11.73%
13.59%
Tangible equity to tangible assets - Non-GAAP basis:
Tangible equity:
Total stockholders' equity
$ 365,757
$ 360,779
$ 351,521
$ 347,578
$ 345,817
Less:
Goodwill and other intangible assets
84,676
85,499
86,379
87,583
89,545
Total tangible common equity (numerator)
$ 281,081
$ 275,280
$ 265,142
$ 259,995
$ 256,272
Tangible assets:
Total assets
3,170,212
3,084,759
2,925,070
2,963,018
2,544,497
Less:
Goodwill and other intangible assets
84,676
85,499
86,379
87,583
89,545
Total tangible assets (denominator)
$ 3,085,536
$ 2,999,260
$ 2,838,691
$ 2,875,435
$ 2,454,952
Tangible equity to tangible assets
9.11%
9.18%
9.34%
9.04%
10.44%
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SOURCE Spirit of Texas Bancshares, Inc.
