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SPIRIT OF TEXAS BANCSHARES, INC. REPORTS FOURTH QUARTER 2021 FINANCIAL RESULTS

·23 min read
Cision

CONROE, Texas, Jan. 26, 2022 /PRNewswire/ -- Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) ("Spirit," the "Company," "we," "our," or "us"), reported net income of $9.1 million in the fourth quarter of 2021, representing diluted earnings per share of $0.51, compared to net income of $12.5 million in the fourth quarter of 2020, representing diluted earnings per share of $0.72. During the fourth quarter of 2020, net income was impacted by $3.7 million in gain on sale of Main Street Lending loans and $4.5 million in net accretion of deferred origination fees on Paycheck Protection Program ("PPP") loans forgiven by the U.S. Small Business Administration ("SBA"), compared to the fourth quarter of 2021 which only had $1.5 million in net accretion of deferred origination fees on PPP loans. Additionally, the fourth quarter of 2021 contained $800 thousand of expenses related to the proposed merger with Simmons First Financial Corporation ("Simmons") and $412 thousand of expenses related to normal bonus payments that will be accelerated to the proposed acquisition close date.

Fourth Quarter 2021 Financial and Operational Highlights

  • On November 19, 2021, Spirit announced its intention to merge with Simmons with expectations to close the transaction during the second quarter of 2022, subject to the receipt of Spirit shareholder approval, regulatory approvals and waivers and other customary closing conditions.

  • Excluding the impact of PPP loan forgiveness by the SBA during the period, loans held for investment increased 24.3% annualized for the three months ended December 31, 2021.

  • Net interest margin for the fourth quarter of 2021 as reported and on a tax equivalent basis(1) was 3.87% and 3.89%, respectively.

  • At December 31, 2021, return on average assets was 1.13% on an annualized basis.

  • Book value per share increased to $22.79 and tangible book value per share(1) increased to $18.02 at December 31, 2021, compared to $22.49 and $17.67, respectively, at September 30, 2021.

  • Total stockholders' equity to total assets was 12.06% and tangible stockholders' equity to tangible assets(1) was 9.78% at December 31, 2021.

  • Capital ratios remained strong with Common Equity Tier 1 ratio at the Company and the Bank of 10.64% and 10.65%, respectively, at December 31, 2021.

"As we continue to work toward the upcoming completion of the proposed merger with Simmons, I am pleased to report another exceptional quarter of financial and operational success." Dean Bass, Spirit's Chairman and Chief Executive Officer, stated. "While we have enjoyed seeing the return of loan demand over the past few quarters in the form of a larger loan pipeline, the fourth quarter of 2021 saw an impressive move in volume from the pipeline to closed and funded loans. We are also excited to see SBA loan sales during the quarter which translated into $811 thousand in gain on sale of loans during the fourth quarter of 2021. Both robust loan demand and the return of higher non-interest revenue streams represent great opening acts to the start of our anticipated next chapter merging with Simmons.

"I am exceptionally proud of what our team has been able to accomplish over the past twelve years and I'm excited to see what heights we can reach partnering with a best-in-class regional bank," Mr. Bass concluded.

Loan Portfolio and Composition

During the fourth quarter of 2021, gross loans increased to $2.32 billion as of December 31, 2021, an increase of 3.08% from $2.25 billion as of September 30, 2021, and a decrease of 2.78% from $2.39 billion as of December 31, 2020. PPP loan forgiveness, which has been the primary cause of the overall decrease in loans year over year, will not significantly impact loan growth going forward as only 237 PPP loans remain outstanding with a total recorded investment of $43.9 million as of December 31, 2021. Excluding the effect of PPP loan forgiveness, the loan portfolio as of December 31, 2021 increased by $131.6 million, or 24.3% annualized from September 30, 2021. Despite a large volume of loans moving from the pipeline to closed loans, the remaining pipeline is well over $1.0 billion and represents an exciting opportunity to fund additional projects in the coming quarters.

Asset Quality

Asset quality is strong with loans continuing to migrate into lower risk ratings during the fourth quarter of 2021 and with non-performing loans declining $855 thousand or 13.9% from the third quarter of 2021. We perceive the sentiment in the Texas economy to be optimistic despite continued labor and supply shortages and higher inflation that may persist longer than previously expected. The provision for loan losses recorded for the fourth quarter of 2021 was $970 thousand, which served to increase the allowance to $16.4 million, or 0.71% of the $2.32 billion in gross loans outstanding as of December 31, 2021. Provision expense for the fourth quarter of 2021 related primarily to the provisioning of new loans.

As of December 31, 2021, the nonperforming loans to loans held for investment ratio remains low at 0.22%, a decrease from 0.28% at September 30, 2021, and a decrease from 0.36% as of December 31, 2020. Annualized net charge-offs were 15 basis points for the fourth quarter of 2021 compared to 10 basis points for the third quarter of 2021.

Deposits and Borrowings

Deposits totaled $2.78 billion as of December 31, 2021, an increase of 4.2% from $2.67 billion as of September 30, 2021, and an increase of 13.2% from $2.46 billion as of December 31, 2020. Noninterest-bearing demand deposits increased $36.1 million, or 4.70%, from September 30, 2021, and increased $76.0 million, or 10.5%, from December 31, 2020. Noninterest-bearing demand deposits represented 28.9% of total deposits as of December 31, 2021, up from 28.7% of total deposits as of September 30, 2021, and down from 29.6% of total deposits as of December 31, 2020. Interest-bearing deposits, including money market and savings as of December 31, 2021 increased $96.6 million, or 29.1% annualized from September 30, 2021, primarily due to success in retaining and growing client relationships from COVID-19 related assistance programs. Growth in interest-bearing deposits was slightly offset by a decrease in time deposits of $20.9 million, or 3.6%, from September 30, 2021. The average cost of deposits was 0.22% for the fourth quarter of 2021, representing a 3 basis point decrease from the third quarter of 2021 and a 21 basis point decrease from the fourth quarter of 2020.

Borrowings decreased by $4.3 million during the fourth quarter of 2021 to $74.9 million, due primarily to the repayment of maturing Federal Home Loan Bank ("FHLB") advances. At December 31, 2021, we did not have any remaining borrowings under the Paycheck Protection Program Liquidity Facility with the Board of Governors of the Federal Reserve System ("PPPLF"). Borrowings totaled 2.3% of total assets at December 31, 2021, compared to 2.5% at September 30, 2021 and 8.2% at December 31, 2020.

Net Interest Margin and Net Interest Income

The net interest margin for the fourth quarter of 2021 was 3.87%, a decrease of 5 basis points from the third quarter of 2021 and a decrease of 49 basis points from the fourth quarter of 2020. The tax equivalent net interest margin(1) for the fourth quarter of 2021 was 3.89%, a decrease of 11 basis points from the third quarter of 2021 and a decrease of 55 basis points from the fourth quarter of 2020. The decline in net interest margin is primarily due to the increase in average cash balances. Approximately $979 thousand of net deferred SBA fees related to PPP loans remain unamortized at December 31, 2021. The yield on loans for the fourth quarter of 2021 was 5.08% compared to 5.09% at September 30, 2021 and 5.42% at December 21, 2020.

Net interest income totaled $28.5 million for the fourth quarter of 2021, an increase of 1.3% from $28.1 million for the third quarter of 2021 and a decrease of 4.7% from $29.9 million for the fourth quarter of 2020. Interest income totaled $30.8 million for the fourth and third quarters of 2021, compared to $33.7 million for the fourth quarter of 2020. Interest and fees on loans increased $218 thousand, or 0.75%, compared to the third quarter of 2021, and decreased by $3.5 million, or 10.8%, from the fourth quarter of 2020. Interest expense was $2.4 million for the fourth quarter of 2021, a decrease of 10.8% from $2.7 million for the third quarter of 2021 and a decrease of 38.1% from $3.8 million for the fourth quarter of 2020.

Noninterest Income and Noninterest Expense

Noninterest income totaled $4.3 million for the fourth quarter of 2021, compared to $3.3 million for the third quarter of 2021 and $8.8 million for the fourth quarter of 2020. This increase from the third quarter of 2021 was primarily driven by higher SBA loan servicing fees and a gain on sale of loans.

Noninterest expense totaled $20.3 million in the fourth quarter of 2021, an increase of 12.6 % from $18.0 million in the third quarter of 2021, which was primarily due to increases in salaries and benefits expense and professional services. The increase in salaries and benefits expense for the quarter was due to $412 thousand of normal bonus payments that will be accelerated to the close date of the proposed merger with Simmons.

The efficiency ratio was 61.9% in the fourth quarter of 2021, compared to 57.5% in the third quarter of 2021, and 47.7% in the fourth quarter of 2020. The fourth quarter of 2021 efficiency ratio was negatively impacted during the quarter by the aforementioned additional salaries and benefits expense.

_______________________________________________________

(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 fourth quarter 2021 financial results, which will be broadcast live over the Internet, on Thursday, January 27, 2022 at 11:00 a.m., Eastern Time / 10:00 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 February 3, 2022, and may be accessed by dialing 201-612-7415 and using pass code 13725940#. 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 35 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

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) disruption from the proposed merger with Simmons; (ii) the risk that the proposed merger with Simmons may not be completed in a timely manner or at all; (iii) the occurrence of any event, change, or other circumstances that could give rise to the termination of the proposed merger with Simmons, including under circumstances that would require Spirit to pay a termination fee; (iv) the failure to obtain necessary shareholder or regulatory approvals for the proposed merger with Simmons; (v) the ability to successfully integrate the combined business; (vi) the possibility that the amount of the costs, fees, expenses, and charges related to the proposed merger with Simmons may be greater than anticipated, including as a result of unexpected or unknown factors, events, or liabilities; (vii) the failure of the conditions to the proposed merger with Simmons to be satisfied; (viii) reputational risk and the reaction of the parties' customers to the proposed merger with Simmons; (xi) the risk of potential litigation or regulatory action related to the proposed merger with Simmons; (x) changes in general business, industry or economic conditions, or competition; (xi) the impact of the ongoing COVID-19 pandemic (or any current or future variant thereof) on the Bank's business, including the impact of actions taken by governmental and regulatory authorities in response to such pandemic, such as the CARES Act and the programs established thereunder, and the Bank's participation in such programs, (xii) 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; (xiii) adverse changes or conditions in capital and financial markets; (xiv) changes in interest rates; (xv) higher-than-expected costs or other difficulties related to integration of combined or merged businesses; (xvi) the inability to realize expected cost savings or achieve other anticipated benefits in connection with business combinations and other acquisitions; (xvii) changes in the quality or composition of our loan and investment portfolios; (xviii) adequacy of loan loss reserves; (xix) increased competition; (xx) loss of certain key officers; (xxi) continued relationships with major customers; (xxii) deposit attrition; (xxiii) rapidly changing technology; (xxiv) unanticipated regulatory or judicial proceedings and liabilities and other costs; (xxv) changes in the cost of funds, demand for loan products, or demand for financial services; (xxvi) other economic, competitive, governmental, or technological factors affecting our operations, markets, products, services, and prices; and (xxvii) 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 contemplated, expressed in or implied by the particular forward-looking statement due to additional risks and uncertainties of which the Company is not currently aware or which it does not currently view as, but in the future may become, material to its business or operating results. Due to these and other possible uncertainties and risks, we can give no assurance that the results contemplated in the forward-looking statements will be realized 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. All forward-looking statements, express or implied, included in this press release are qualified in their entirety by this cautionary statement.

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Consolidated Statements of Income

(Unaudited)




































For the Three Months Ended



December 31, 2021


September 30, 2021


June 30, 2021


March 31, 2021


December 31, 2020



(Dollars in thousands, except per share data)

Interest income:











Interest and fees on loans


$ 29,158


$ 28,940


$ 30,995


$ 29,829


$ 32,682

Interest and dividends on investment securities


1,600


1,766


1,641


1,115


914

Other interest income


85


52


118


225


101

Total interest income


30,843


30,758


32,754


31,169


33,697

Interest expense:











Interest on deposits


1,520


1,798


2,081


2,327


2,726

Interest on FHLB advances and other borrowings


849


858


972


1,003


1,099

Total interest expense


2,369


2,656


3,053


3,330


3,825

Net interest income


28,474


28,102


29,701


27,839


29,872

Provision for loan losses


970


306


1,349


1,086


4,417

Net interest income after provision for loan losses


27,504


27,796


28,352


26,753


25,455

Noninterest income:











Service charges and fees


1,679


1,612


1,539


1,434


1,554

SBA loan servicing fees, net


543


165


203


324


307

Mortgage referral fees


358


337


384


274


347

Swap referral fees


344


400


127


430


614

Gain on sales of loans, net


812


-


-


254


4,026

Gain (loss) on sales of investment securities


-


-


-


5


-

Swap fees


482


687


1,411


121


1,746

Other noninterest income


91


84


194


(223)


186

Total noninterest income


4,309


3,285


3,858


2,619


8,780

Noninterest expense:











Salaries and employee benefits


11,843


11,022


9,603


9,220


10,656

Occupancy and equipment expenses


2,493


2,360


2,354


2,662


2,749

Professional services


1,442


570


457


524


521

Data processing and network


1,007


910


931


1,229


1,379

Regulatory assessments and insurance


434


449


483


535


549

Amortization of intangibles


734


755


755


823


879

Advertising


139


103


47


78


74

Marketing


90


56


70


93


60

Telephone expense


552


600


599


499


560

Conversion expense


-


-


-


-


16

Other operating expenses


1,566


1,207


1,486


971


984

Total noninterest expense


20,300


18,032


16,785


16,634


18,427

Income before income tax expense


11,513


13,049


15,425


12,738


15,808

Income tax expense


2,413


2,593


3,015


2,652


3,353

Net income


$ 9,100


$ 10,456


$ 12,410


$ 10,086


$ 12,455

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Consolidated Balance Sheets

(Unaudited)




















As of






December 31,
2021


September 30,
2021


June 30,
2021


March 31,
2021


December 31,
2020






(Dollars in thousands)

Assets:













Cash and due from banks


$ 87,176


$ 74,258


$ 57,651


$ 28,879


$ 31,396

Interest-bearing deposits in other banks


218,612


161,073


82,448


40,687


231,638



Total cash and cash equivalents


305,788


235,331


140,099


69,566


263,034

Time deposits in other banks


-


-


-


-


-

Investment securities:












Available for sale securities, at fair value


400,748


421,311


434,223


442,576


212,420


Equity investments, at fair value


23,665


23,830


23,877


23,741


24,000



Total investment securities


424,413


445,141


458,100


466,317


236,420

Loans held for sale


3,472


6,196


3,220


1,192


1,470

Loans:













Loans held for investment


2,322,101


2,252,734


2,272,089


2,430,594


2,388,532

Less: allowance for loan and lease losses


(16,395)


(16,268)


(16,527)


(16,314)


(16,026)


Loans, net



2,305,706


2,236,466


2,255,562


2,414,280


2,372,506

Premises and equipment, net


77,291


78,513


79,408


81,379


83,348

Accrued interest receivable


8,146


7,819


9,071


10,588


11,199

Other real estate owned and repossessed assets


188


-


140


-


133

Goodwill



77,681


77,681


77,681


77,681


77,681

Core deposit intangible


4,751


5,485


6,240


6,995


7,818

SBA servicing asset


2,244


2,311


2,567


2,821


2,953

Deferred tax asset, net


1,172


1,893


1,962


2,213


1,085

Bank-owned life insurance


36,644


36,345


31,161


16,057


15,969

Federal Home Loan Bank and other bank stock, at cost


3,741


5,740


5,734


5,727


5,718

Right of use assets



4,539


5,085


5,569


6,058


-

Other assets



10,262


10,246


8,241


9,338


5,425



Total assets


$ 3,266,038


$ 3,154,252


$ 3,084,755


$ 3,170,212


$ 3,084,759

Liabilities and Stockholders' Equity











Liabilities:












Deposits:














Transaction accounts:












Noninterest-bearing


$ 803,546


$ 767,445


$ 772,032


$ 800,233


$ 727,543


Interest-bearing


1,415,000


1,318,432


1,192,067


1,149,781


1,092,934



Total transaction accounts


2,218,546


2,085,877


1,964,099


1,950,014


1,820,477


Time deposits


563,845


584,699


608,073


647,536


638,658



Total deposits


2,782,391


2,670,576


2,572,172


2,597,550


2,459,135

Accrued interest payable


781


776


860


1,160


1,303

Short-term borrowings


-


-


-


-


10,000

Long-term borrowings


74,937


79,260


119,052


191,687


242,020

Operating lease liability


4,720


5,228


5,730


6,231


-

Other liabilities



9,393


10,563


9,173


7,827


11,522



Total liabilities


2,872,222


2,766,403


2,706,987


2,804,455


2,723,980

Stockholders' Equity:











Common stock


303,227


302,392


301,202


300,591


298,850

Retained earnings



111,525


104,500


96,111


85,246


76,683

Accumulated other comprehensive income (loss)


(4,081)


(2,188)


(2,690)


(3,225)


1,005

Treasury stock


(16,855)


(16,855)


(16,855)


(16,855)


(15,759)



Total stockholders' equity


393,816


387,849


377,768


365,757


360,779



Total liabilities and stockholders' equity


$ 3,266,038


$ 3,154,252


$ 3,084,755


$ 3,170,212


$ 3,084,759

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Loan Composition

(Unaudited)









As of



December 31,
2021


September 30,
2021


June 30,
2021


March 31,
2021


December 31,
2020



(Dollars in thousands)

Loans:











Commercial and industrial loans (1)(2)


$ 464,697


$ 458,873


$ 535,608


$ 699,896


$ 574,986

Real estate:











1-4 single family residential loans


362,155


364,896


356,503


348,908


364,139

Construction, land and development loans


400,952


364,513


345,420


344,557


415,488

Commercial real estate loans (including multifamily)


1,030,891


997,512


964,565


964,342


956,743

Consumer loans and leases


6,307


7,505


8,444


9,619


11,738

Municipal and other loans


57,099


59,435


61,549


63,272


65,438

Total loans held in portfolio


$ 2,322,101


$ 2,252,734


$ 2,272,089


$ 2,430,594


$ 2,388,532




(1) Balance includes $53.5 million, $58.0 million, $64.9 million, $67.4 million, and $70.8 million, of the unguaranteed portion of SBA loans as of December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December 31, 2020, respectively.

(2) Balance includes $43.9 million, $106.2 million, $188.3 million, $366.5 million, and $276.1 million, of PPP loans as of December 31, 2021, September 30, 2021, June 30, 2021, March 31, 2021, and December 31, 2020, respectively.

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Deposit Composition

(Unaudited)









As of



December 31,
2021


September 30,
2021


June 30,
2021


March 31,
2021


December 31,
2020




(Dollars in thousands)

Deposits:











Noninterest-bearing demand deposits


$ 803,546


$ 767,445


$ 772,032


$ 800,233


$ 727,543

Interest-bearing demand deposits


650,588


564,790


529,512


485,863


472,075

Interest-bearing NOW accounts


13,008


10,668


10,763


9,904


10,288

Savings and money market accounts


751,404


742,974


651,791


654,014


610,571

Time deposits


563,845


584,699


608,074


647,536


638,658

Total deposits


$ 2,782,391


$ 2,670,576


$ 2,572,172


$ 2,597,550


$ 2,459,135

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY

Average Balances and Yields

(Unaudited)
















Three Months Ended



December 31, 2021


December 31, 2020



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


$ 200,483


$ 85


0.17%


$ 144,349


$ 101


0.28%

Loans, including loans held for sale (2)


2,275,497


29,158


5.08%


2,394,431


32,682


5.42%

Investment securities and other


442,093


1,600


1.44%


177,816


914


2.04%

Total interest-earning assets


2,918,073


30,843


4.19%


2,716,596


33,697


4.92%

Noninterest-earning assets


289,984






274,170





Total assets


$ 3,208,057