Spirit of Texas Bancshares Inc. (STXB) Tops Q3 EPS by 11c

Spirit of Texas Bancshares Inc. (NASDAQ: STXB) reported Q3 EPS of $0.41, $0.11 better than the analyst estimate of $0.30.

Third Quarter 2020 Financial and Operational Highlights

• Declared first quarterly cash dividend of $0.07 per share.
• Successfully completed the core system conversion associated with the acquisition of Citizens State Bank.
• Capital remained strong with a Tier 1 leverage ratio of 9.91% at Spirit of Texas Bank, SSB (the "Bank") and 9.62% at the Company on a consolidated basis at September 30, 2020.
• Net interest margin for the third quarter of 2020 as reported and on a tax equivalent basis(1) was 3.90% and 3.97%, respectively.
• At September 30, 2020, return on average assets was 0.96% annualized.
• Book value per share increased to $20.30 at September 30, 2020 and tangible book value per share(1) increased to $15.31 at the same date.
• At September 30, 2020, total stockholders' equity to total assets was 12.02% and tangible stockholders' equity to tangible assets(1) was 9.34%.

Dean Bass, Spirit's Chairman and Chief Executive Officer, stated, "We are extremely excited to have reached a historic milestone in the evolution of our Company. During the quarter we declared our first quarterly cash dividend of $0.07 per share. The decision was made given our strong and stable capital position and the strength and consistency of our core earnings. We believe we are providing a level of dividend that represents a solid dividend yield for our investors while still allowing us to pursue growth opportunities through strategic partnerships.

"Although there is a great deal of uncertainty surrounding the economic impact of the COVID-19 pandemic, our Company posted a strong third quarter. Our team's ability to perform at a high level, deliver outstanding service, and continue to execute on our strategic vision in a very difficult operating environment, is exceptional. I am confident that our company is well positioned to continue navigating this uncertain environment with our core earnings, solid capital position, and excellent liquidity. Our focus will continue to be on the needs of our clients and the safety and welfare of our employees," Mr. Bass concluded.

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

You May Also Be Interested In

• Tesla plans 'flying' Roadster stunt at SpaceX Texas site as early as August
• Z Squared outlines AI power strategy and Paradox Data acquisition
• Newton Golf Company (NWTG) Reports Q2 Loss of $0.49