Spirit of Texas Bancshares, Inc. Reports Third Quarter 2018 Financial Results

The Company Experienced Increased Margin Expansion in Q3 by Obtaining Favorable Pricing on its Organic Loan Portfolio and Increased Noninterest-Bearing Deposits

CONROE, Texas, Oct. 23, 2018 (GLOBE NEWSWIRE) -- Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) (the “Company”), the bank holding company for Spirit of Texas Bank, today reported its results for its third quarter ended September 30, 2018.

  • Net income increased to $2.8 million in the third quarter 2018 compared to $2.0 million in the third quarter 2017. Adjusted net income(1)  for the third quarter 2018 was $3.0 million which excluded $215 thousand of after-tax merger related expenses.
  • Diluted earnings per share was $0.27 in the third quarter 2018 compared to $0.26 in the third quarter 2017.  Adjusted diluted earnings per share(1) was $0.29, respectively, for the third quarter of 2018 which excluded $215 thousand of after-tax merger related expenses.
  • Average diluted share count increased 11% from last quarter, or 1 million shares, to 10.4 million shares in the third quarter. This increase is primarily driven by recognizing the full impact of shares issued in May of this year as part of our IPO.
  • Reported and Tax Equivalent Net Interest Margin(1) both expanded by 8 basis points to 4.60% and 4.65%, respectively, for the third quarter 2018.
  • Noninterest-bearing deposit growth of $24.1 million or 52.1% annualized during the quarter.
  • Organic loan growth of $36.6 million or 15.8% annualized during the quarter.
  • Return on Average Assets was 1.01% annualized for the third quarter 2018 including the merger related expenses.
  • Book value per share was $15.38 at September 30, 2018. Tangible book value per share(1) was $14.62 at September 30, 2018.
  • Total Stockholders’ Equity to Total Assets was 13.69% at September 30, 2018. Tangible Equity to Tangible Assets(1) was 13.10% at September 30, 2018.

Dean Bass, Spirit of Texas Bancshares’ Chairman and Chief Executive Officer, stated, “We are pleased to report solid third quarter results that represented improved profitability, margins and continued organic growth.  We are also on track to close our acquisition of Comanche National Bank in the fourth quarter of 2018, subject to the satisfaction of customary closing conditions, including regulatory approvals and the approval of Comanche’s and Spirit’s shareholders.  Our acquisition pipeline continues to be robust in our target markets.”

Loan Portfolio and Composition

During the quarter, the loan portfolio, gross of the allowance for loan losses, grew to $954.1 million as of September 30, 2018, an increase of 4.0% (or 15.8% annualized) from $917.5 million as of June 30, 2018 and 9.8% (or 13.1% annualized) from $869.1 million as of December 31, 2017.  Loan growth during the third quarter of 2018 was distributed among our commercial and industrial and real estate portfolios. The Company believes it is well-positioned for continued diversified loan growth based on our strategic presence in the Houston and Dallas/Fort Worth metropolitan areas, including the recently-announced acquisition of Comanche National Bank in North Central Texas, all of which are expected to continue to benefit from favorable economic conditions.

Asset Quality

The provision for loan losses recorded for the third quarter of 2018 was $486 thousand. The provision for loan losses served to increase the allowance to $6.2 million, or 0.64% of the $954.1 million in loans outstanding. The nonperforming loans to loans held for investment ratio as of September 30, 2018 was 0.35% from 0.44% at June 30, 2018. Annualized net charge-offs were 14 basis points for the third quarter.

Deposits and Borrowings

Deposits totaled $872.6 million as of September 30, 2018, an increase of 3.3% (or 13.1% annualized) from $844.7 million as of June 30, 2018 and 4.5% (or 6.0% annualized) from $835.4 million as of December 31, 2017.  Demand deposits increased by $24.1 million, or 13.3%, from June 30, 2018 and $31.0 million, or 17.5%, from December 31, 2017. Contributing factors included continued implementation of the increase in Treasury Management products and services.  Demand deposits represent 23.8% of total deposits as of September 30, 2018, compared to 21.7% as of June 30, 2018 and 21.2% as of December 31, 2017. The average cost of deposits was 102 basis points for the third quarter of 2018, representing a 23 basis point increase from the third quarter of 2017 and a 10 basis point increase from the second quarter of 2018.    

Net Interest Margin and Net Interest Income

The net interest margin for the third quarter of 2018 was 4.60%, an increase of 41 basis points from the third quarter of 2017 and 8 basis points from the second quarter of 2018. The tax equivalent net interest margin for the third quarter of 2018 was 4.65%, an increase of 36 basis points from the third quarter of 2017 and 8 basis points from the second quarter of 2018.  The increase from the third quarter of 2017 and the second quarter of 2018 was due primarily to the impact of an increase in interest rates by the Federal Open Market Committee during 2017 and 2018 as well as the Company’s slightly asset sensitive balance sheet.

Net interest income totaled $11.7 million in the third quarter of 2018, an increase of 15.1% from $10.2 million in the third quarter of 2017.  Interest income totaled $14.3 million in the third quarter of 2018, an increase of 16.6% from $12.2 million in the third quarter of 2017.  Interest and fees on loans increased by $2.1 million, or 17.4%, from the third quarter of 2017 due to growth in the loan portfolio and the impact of an increase in interest rates by the Federal Open Market Committee during 2017 and 2018. Interest expense was $2.6 million for the third quarter of 2018, an increase of 23.8% from $2.1 million in the third quarter of 2017. The increase from the third quarter of 2017 was primarily due to an increase in the rate paid on interest-bearing liabilities of 28 basis points.

Noninterest Income and Noninterest Expense

Noninterest income totaled $2.6 million in the third quarter of 2018 when compared to $2.1 million in the third quarter of 2017. The primary components of noninterest income in the quarter were gain on sales of loans, net and SBA loan servicing fees and service charges and fees of $1.4 million, $529 thousand and $462 thousand, respectively.

Noninterest expense totaled $10.3 million in the third quarter of 2018, an increase of 20.4% from $8.5 million in the third quarter of 2017. The increase was primarily driven by the seasonality of annual bonuses and the $215 thousand of after-tax merger related expenses during the third quarter of 2018.

The Efficiency ratio was 72.11% for the third quarter 2018, including $215 thousand of after-tax merger related expenses, compared to 69.72%% for the third quarter of 2017.

_______________________________________________________
(1) Adjusted Net Income, Adjusted 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. 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 third quarter 2018 results, which will be broadcast live over the Internet, on Wednesday, October 24, 2018 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 October 31, 2018 and may be accessed by dialing 201-612-7415 and using pass code 13683633#. 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, SSB, provides a wide range of relationship-driven commercial banking products and services tailored to meet the needs of businesses, professionals and individuals.  Spirit operates in the Houston, Dallas/Fort Worth and Bryan College Station metropolitan areas.  Please visit https://www.sotb.com for more information.

Forward-Looking Statements

This release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, strategies, predictions, forecasts, objectives or assumptions of future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “expects,” “can,” “could,” “may,” “predicts,” “potential,” “opportunity,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “seeks,” “intends” and similar words or phrases. Accordingly, these statements involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual strategies, actions or results to differ materially from those expressed in them, and are not guarantees of timing, future results or other events or performance. Because forward-looking statements are necessarily only estimates of future strategies, actions or results, based on management’s current expectations, assumptions and estimates on the date hereof, and there can be no assurance that actual strategies, actions or results will not differ materially from expectations, you are cautioned not to place undue reliance on such statements. Additional information regarding certain risks, uncertainties and other factors that could cause actual strategies, actions and results to differ materially from those contemplated in forward-looking statements is included from time to time in our filings with the SEC, including under the heading “Risk Factors” in our prospectus filed with the Securities and Exchange Commission (SEC) pursuant to Rule 424(b) of the Securities Act of 1933, as amended (Securities Act), on May 4, 2018. Any forward-looking statement speaks only as of the date on which it is made, and Spirit of Texas Bancshares, Inc. undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)
         
         
    Three Months Ended September 30,
      2018     2017  
    (Dollars in thousands, except per share data)
Interest income:        
Interest and fees on loans   $   13,901   $   11,842  
Interest and dividends on investment securities       202       202  
Other interest income       173       200  
Total interest income       14,276       12,244  
Interest expense:        
Interest on deposits       2,197       1,684  
Interest on FHLB advances and other borrowings       389       405  
Total interest expense       2,586       2,089  
Net interest income       11,690       10,155  
Provision for loan losses       486       604  
Net interest income after provision for loan losses       11,204       9,551  
Noninterest income:        
Service charges and fees       462       362  
SBA loan servicing fees       529       207  
Mortgage referral fees       160       158  
Gain on sales of loans, net       1,369       1,392  
Gain (loss) on sales of other assets       -        (70 )
Other noninterest income       47       44  
Total noninterest income       2,567       2,093  
Noninterest expense:        
Salaries and employee benefits       6,623       5,271  
Occupancy and equipment expenses       1,279       1,239  
Loan and other real estate related expenses       94       20  
Professional services       624       410  
Data processing and network       302       317  
Regulatory assessments and insurance       266       221  
Amortization of intangibles       176       176  
Advertising       83       147  
Marketing       115       118  
Telephone expense       120       109  
Other operating expenses       599       511  
Total noninterest expense       10,281       8,539  
Income before income tax expense       3,490       3,105  
Income tax expense       719       1,103  
Net income   $   2,771   $   2,002  
    $   2,986    
Earnings per common share:        
Basic   $   0.28   $   0.28  
Diluted   $   0.27   $   0.26  
         
Weighted average common shares outstanding:        
Basic       9,792,032       7,279,178  
Diluted       10,360,301       7,565,239  
         


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Unaudited)
                       
          As of
          September 30,
2018
  June 30,
2018
  March 31,
2018
  December 31,
2017
              (Dollars in thousands)
Assets:                    
Cash and due from banks   $   18,212     $   17,181     $   18,786     $   19,054  
Interest-bearing deposits in other banks       25,926         35,805         33,509         38,895  
    Total cash and cash equivalents       44,138         52,986         52,295         57,949  
Time deposits in other banks       245         245         245         245  
Investment securities:                
  Available for sale securities, at fair value       33,449         34,519         35,802         37,243  
    Total investment securities       33,449         34,519         35,802         37,243  
Loans held for sale        5,500         7,715         4,530         3,814  
Loans:                    
Loans held for investment       954,074         917,521         882,101         869,119  
Less: allowance for loan and lease losses       (6,156 )       (6,015 )       (5,727 )       (5,652 )
  Loans, net        947,918         911,506         876,374         863,467  
Premises and equipment, net       46,135         44,945         43,343         42,189  
Accrued interest receivable       3,715         3,195         3,115         3,466  
Other real estate owned and repossessed assets       289         289         268         21  
Goodwill           4,485         4,485         4,485         4,485  
Core deposit intangible       2,959         3,135         3,311         3,486  
SBA servicing asset       3,561         3,521         3,512         3,411  
Deferred tax asset, net       1,667         1,616         1,588         1,480  
Bank-owned life insurance       483         482         480         479  
Federal Home Loan Bank and other bank stock, at cost       4,861         4,830         4,802         4,812  
Other assets         2,806         3,207         5,328         3,751  
    Total assets   $   1,102,211     $   1,076,676     $   1,039,478     $   1,030,298  
Liabilities and Stockholders' Equity                
Liabilities:                  
Deposits:                    
  Transaction accounts:                
  Noninterest-bearing   $   207,727     $   183,618     $   178,457     $   176,726  
  Interest-bearing       222,245         220,087         235,831         250,491  
    Total transaction accounts       429,972         403,705         414,288         427,217  
  Time deposits       442,638         440,978         426,675         408,151  
    Total deposits       872,610         844,683         840,963         835,368  
Accrued interest payable       475         431         424         407  
Short-term borrowings       10,000         15,000         15,000         15,000  
Long-term borrowings       64,961         66,191         75,203         76,411  
Other liabilities         3,272         2,385         4,909         3,973  
    Total liabilities       951,318         928,690         936,499         931,159  
Stockholders' Equity:                
Preferred stock         -          -          -          -   
Common stock         127,541         127,344         84,952         82,615  
Retained earnings       24,490         21,719         19,038         17,025  
Accumulated other comprehensive income (loss)       (1,138 )       (1,077 )       (1,011 )       (501 )
    Total stockholders' equity       150,893         147,986         102,979         99,139  
    Total liabilities and stockholders' equity   $   1,102,211     $   1,076,676     $   1,039,478     $   1,030,298  
                       


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Loan Composition
(Unaudited)
                 
    As of
    September 30,
2018
  June 30,
2018
  March 31,
2018
  December 31,
2017
        (Dollars in thousands)
Loans:                
Commercial and industrial loans (1)   $ 159,776   $ 149,988   $ 137,400   $ 135,040
Real estate:                
1-4 single family residential loans     244,633     238,606     238,382     232,510
Construction, land and development loans     155,778     152,558     143,646     139,470
Commercial real estate loans (including multifamily)     324,212     305,405     289,571     285,731
Consumer loans and leases     18,174     19,588     20,824     22,736
Municipal and other loans     51,501     51,376     52,278     53,632
Total loans held in portfolio   $ 954,074   $ 917,521   $ 882,101   $ 869,119
                 
(1) Balance includes $75.9 million, $72.4 million, $70.1 million and $67.1 million of the unguaranteed portion of SBA loans as of September 30, 2018, June 30, 2018, March 31, 2018 and December 31, 2017, respectively. 


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Deposit Composition
(Unaudited)
                 
    As of
    September 30,
2018
  June 30,
2018
  March 31,
2018
  December 31,
2017
        (Dollars in thousands)
Deposits:                
Noninterest-bearing demand deposits   $ 207,727   $ 183,618   $ 178,457   $ 176,726
Interest-bearing NOW accounts     7,865     7,404     9,475     7,318
Savings and money market accounts     214,380     212,683     226,356     243,173
Time deposits     442,638     440,978     426,675     408,151
Total deposits   $ 872,610   $ 844,683   $ 840,963   $ 835,368
                 


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Average Balances and Yields
(Unaudited)
                         
    Three Months Ended
September 30,
      2018       2017  
    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   $   24,007   $   140   2.32 %   $   50,443   $   157   1.23 %
Loans, including loans held for sale (2)       944,429       13,901   5.84 %       867,634       11,842   5.41 %
Investment securities and other       39,056       235   2.38 %       43,845       245   2.22 %
Total interest-earning assets       1,007,492       14,276   5.62 %       961,922       12,244   5.05 %
Noninterest-earning assets       77,988               61,635        
Total assets   $   1,085,480           $   1,023,557        
Interest-bearing liabilities:                        
Interest-bearing NOW accounts   $   7,932   $   3   0.15 %   $   8,634   $   3   0.14 %
Savings and money market accounts       212,511       338   0.63 %       242,289       340   0.56 %
Time deposits       442,149       1,856   1.67 %       423,390       1,341   1.26 %
FHLB advances and other borrowings       77,471       389   1.99 %       73,056       405   2.20 %
Total interest-bearing liabilities       740,063       2,586   1.39 %       747,369       2,089   1.11 %
Noninterest-bearing liabilities and
shareholders' equity:
                       
Noninterest-bearing demand deposits       192,408               170,083        
Other liabilities       3,182               3,963        
Stockholders' equity       149,827               102,142        
Total liabilities and stockholders' equity   $   1,085,480           $   1,023,557        
Net interest rate spread           4.23 %           3.94 %
Net interest income and margin       $   11,690   4.60 %       $   10,155   4.19 %
Net interest income and margin (tax equivalent)(3)     $   11,803   4.65 %       $   10,395   4.29 %
                         
(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% and 34% for the three months ended September 30, 2018 and 2017, respectively.
                         


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Average Balances and Yields
(Unaudited)
                         
    Three Months Ended
    September 30, 2018   June 30, 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   $   24,007   $   140   2.32 %   $   41,396   $   183   1.77 %
Loans, including loans held for sale (2)       944,429       13,901   5.84 %       901,103       13,078   5.82 %
Investment securities and other       39,056       235   2.38 %       40,005       227   2.28 %
Total interest-earning assets       1,007,492       14,276   5.62 %       982,504       13,488   5.51 %
Noninterest-earning assets       77,988               75,278        
Total assets   $   1,085,480           $   1,057,782        
Interest-bearing liabilities:                        
Interest-bearing NOW accounts   $   7,932   $   3   0.15 %   $   8,102   $   3   0.15 %
Savings and money market accounts       212,511       338   0.63 %       221,792       337   0.61 %
Time deposits       442,149       1,856   1.67 %       431,666       1,601   1.49 %
FHLB advances and other borrowings       77,471       389   1.99 %       85,612       465   2.18 %
Total interest-bearing liabilities       740,063       2,586   1.39 %       747,172       2,406   1.29 %
Noninterest-bearing liabilities and
shareholders' equity:
                       
Noninterest-bearing demand deposits       192,408               188,628        
Other liabilities       3,182               2,855        
Stockholders' equity       149,827               119,127        
Total liabilities and stockholders' equity   $   1,085,480           $   1,057,782        
Net interest rate spread           4.23 %           4.22 %
Net interest income and margin       $   11,690   4.60 %       $   11,082   4.52 %
Net interest income and margin (tax equivalent)(3)     $   11,803   4.65 %       $   11,196   4.57 %
                         
(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 September 30, 2018 and June 30, 2018, respectively.
                         

Non-GAAP Financial Measures

Our accounting and reporting policies conform to GAAP, and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional financial measures discussed in this release as being a non-GAAP financial measures. We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios or statistical measures calculated using exclusively financial measures calculated in accordance with GAAP.

The non-GAAP financial measures that we discuss in this 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 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 release when comparing such non-GAAP financial measures.

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Diluted Earnings Per Share
(Unaudited)
         
    As of or for the Three Months Ended September 30,
      2018     2017
    (Dollars in thousands, except per share data)
Basic and diluted earnings per share - GAAP basis:        
Net income   $ 2,771   $ 2,002
Less:        
Participated securities share of undistributed earnings     -     -
Net income available to common stockholders   $ 2,771   $ 2,002
Weighted average number of common shares - basic     9,792,032     7,279,178
Weighted average number of common shares - diluted     10,360,301     7,565,239
Basic earnings per common share   $ 0.28   $ 0.28
Diluted earnings per common share   $ 0.27   $ 0.26
Basic and diluted earnings per share - Non-GAAP basis:        
Net income   $ 2,771   $ 2,002
Pre-tax adjustments:        
Noninterest expense        
Merger related expenses     270     -
Taxes:        
Tax effect of adjustments     55     -
Adjusted net income   $ 2,986   $ 2,002
Weighted average number of common shares - basic     9,792,032     7,279,178
Weighted average number of common shares - diluted     10,360,301     7,565,239
Basic earnings per common share - Non-GAAP basis   $ 0.30   $ 0.28
Diluted earnings per common share - Non-GAAP basis   $ 0.29   $ 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
    September 30, 2018   June 30, 2018   March 31, 2018   December 31, 2017
        (Dollars in thousands, except per share data)
Net interest margin - GAAP basis:                
Net interest income   $   11,690     $   11,082     $   10,381     $   9,592  
Average interst-earning assets       1,007,492         982,504         953,749         935,990  
Net interest margin     4.60 %     4.52 %     4.41 %     4.11 %
Net interest margin - Non-GAAP basis:                
Net interest income   $   11,690     $   11,082     $   10,381     $   9,592  
Plus:                
Impact of fully taxable equivalent adjustment       113         114         116         241  
Net interest income on a fully taxable equivalent basis   $   11,803     $   11,196     $   10,497     $   9,833  
Average interst-earning assets       1,007,492         982,504         953,749         935,990  
Net interest margin on a fully taxable equivalent basis - Non-GAAP basis     4.65 %     4.57 %     4.46 %     4.21 %
                 


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Tangible Book Value Per Share
(Unaudited)
                 
    As of
    September 30, 2018   June 30, 2018   March 31, 2018   December 31, 2017
        (Dollars in thousands, except per share data)
Total stockholders' equity   $   150,893   $   147,986   $   102,979   $   99,139
Less:                
Goodwill and other intangible assets       7,444       7,620       7,796       7,971
Tangible stockholders' equity   $   143,449   $   140,366   $   95,183   $   91,168
Shares outstanding     9,812,481     9,786,611     7,486,611     7,280,183
Book value per share   $   15.38   $   15.12   $   13.76   $   13.62
Less:                
Goodwill and other intangible assets per share       0.76       0.78       1.05       1.10
Tangible book value per share   $   14.62   $   14.34   $   12.71   $   12.52
                 


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Tangible Equity to Tangible Assets
(Unaudited)
                 
    As of
    September 30, 2018   June 30, 2018   March 31, 2018   December 31, 2017
        (Dollars in thousands)
Total stockholders' equity to total assets - GAAP basis:                
Total stockholders' equity (numerator)   $   150,893     $   147,986     $   102,979     $   99,139  
Total assets (denominator)       1,102,211         1,076,676         1,039,478         1,030,298  
Total stockholders' equity to total assets     13.69 %     13.74 %     9.91 %     9.62 %
Tangible equity to tangible assets - Non-GAAP basis:                
Tangible equity:                
Total stockholders' equity   $   150,893     $   147,986     $   102,979     $   99,139  
Less:                
Goodwill and other intangible assets       7,444         7,620         7,796         7,971  
Total tangible common equity (numerator)   $   143,449     $   140,366     $   95,183     $   91,168  
Tangible assets:                
Total assets       1,102,211         1,076,676         1,039,478         1,030,298  
Less:                
Goodwill and other intangible assets     7,444       7,620       7,796       7,971  
Total tangible assets (denominator)   $   1,094,767     $   1,069,056     $   1,031,682     $   1,022,327  
                 
Tangible equity to tangible assets     13.10 %     13.13 %     9.23 %     8.92 %
                 

Contacts:
Dennard Lascar Investor Relations
Ken Dennard / Natalie Hairston
(713) 529-6600
STXB@dennardlascar.com

SOTBancshares logo.jpg

Source: Spirit of Texas Bancshares, Inc.

« Back to View All News