Spirit of Texas Bancshares Inc. (STXB) Tops Q1 EPS by 3c

Spirit of Texas Bancshares Inc. (NASDAQ: STXB) reported Q1 EPS of $0.33, $0.03 better than the analyst estimate of $0.30.

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

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

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

For earnings history and earnings-related data on Spirit of Texas Bancshares Inc. (STXB) click here.

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