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

2018-10-23 16:30 ET - News Release

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

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