|
Exhibit 99.1 |
CBTX, Inc. Reports Third Quarter Financial Results
Houston, Texas, October 25, 2018-- CBTX, Inc. (the “Company”) (NASDAQ: CBTX), the bank holding company for CommunityBank of Texas N.A., today announced net income of $13.0 million, or $0.52 per diluted share, for the quarter ended September 30, 2018, compared to $10.0 million, or $0.45 per diluted share, for the quarter ended September 30, 2017 and $11.0 million, or $0.44 per diluted share, for the quarter ended June 30, 2018.
For 2018, net income and earnings per share were positively impacted by the 14% reduction of the corporate U.S. statutory federal tax rate from 35% to 21% as a result of the enactment of the Tax Cuts and Jobs Act (the “Tax Act”), which became effective January 1, 2018.
Highlights
· |
Total loans, excluding loans held for sale, increased $59.1 million, or 9.8% annualized, to $2.5 billion compared to the quarter ended June 30, 2018. |
· |
Net interest income for the quarter ended September 30, 2018 totaled $31.5 million, an increase of 2.1% from the second quarter of 2018, primarily due to the impact of increased average loans and average federal funds sold, partially offset by the impact of increased interest-bearing deposits and increased rates on those deposits. |
· |
The efficiency ratio improved to 57.0% for the quarter ended September 30, 2018, compared to 58.2% for the quarter ended June 30, 2018. |
Operating Results:
Net Interest Income
Net interest income was $31.5 million for the third quarter of 2018, compared to $27.3 million for the third quarter of 2017 and $30.9 million for the second quarter of 2018. The increase in net interest income in the third quarter of 2018 from the third quarter of 2017, was primarily due to increased average loans and increased average yields on loans and federal funds sold. The increase in net interest income in the third quarter of 2018 from the second quarter of 2018 was due to increased average loans and average federal funds sold, partially offset by the impact of increased interest-bearing deposits and increased rates on those deposits.
The yield on interest-earning assets was 4.70% for the third quarter of 2018, compared to 4.32% for the third quarter of 2017 and 4.71% for the second quarter of 2018.
The cost of interest-bearing liabilities, including borrowings, was 0.80% for the third quarter of 2018, compared to 0.60% for the third quarter of 2017 and 0.60% for the second quarter of 2018.
The net interest margin was 4.28% for the third quarter of 2018 compared to 3.98% for the third quarter of 2017 and 4.39% for the second quarter of 2018.
Provision (Recapture) for Loan Losses
Provision for loan loss was a recapture of $1.1 million for the third quarter of 2018, compared to a recapture of $1.7 million for the third quarter of 2017 and a provision of $690,000 for the second quarter of 2018. The recapture in the third quarter of 2018 was driven by strong credit quality, improved national and local economic trends, continuing low nonperforming and impaired loans and minimal charge-off history. The recapture during
1
the third quarter of 2017 resulted from pay-offs of certain classified and problem loans, which resulted in the reversal of their related allowance for loan losses.
The allowance for loan losses was $24.5 million, or 0.99% of total loans, at September 30, 2018, compared to $23.8 million, or 1.08% of total loans, at September 30, 2017 and $25.7 million, or 1.07% of total loans, at June 30, 2018.
Noninterest Income
Noninterest income was $3.5 million for the third quarter of 2018, $4.1 million for the third quarter of 2017 and $3.5 million for the second quarter of 2018. Noninterest income for the third quarter of 2017 is higher compared to the third quarter of 2018 primarily due to gains on sales of two branches recorded in the third quarter of 2017.
Noninterest income was relatively flat from the second quarter of 2018 to the third quarter of 2018.
Noninterest Expense
Noninterest expense was $20.0 million for the third quarter of 2018, $19.0 million for the third quarter of 2017 and $20.0 million for the second quarter of 2018.
Noninterest expense increased $947,000 in the third quarter of 2018 compared to the third quarter of 2017 primarily due to increased salaries and employee benefits, partially offset by decreased repossessed and other asset expenses. Although we sold two branches in the third quarter of 2017, net occupancy expense increased $207,000 or 9.3% in the third quarter of 2018 compared to the third quarter of 2017. This increase is primarily due to increased costs for repairs and maintenance and other expenses.
Noninterest expense during the third quarter of 2018 compared to the second quarter of 2018 was relatively flat.
Income Taxes
Income tax expense was $3.2 million for the third quarter of 2018, $3.9 million for the third quarter of 2017 and $2.6 million for the second quarter of 2018.
The effective tax rates were 19.8% for the third quarter of 2018, 28.1% for the third quarter of 2017 and 19.3% for the second quarter of 2018. The effective tax rate for the second and third quarter of 2018 primarily reflects the reduction of the federal tax rate from 35% to 21% effective January 1, 2018 as a result of the Tax Act.
Balance Sheet Highlights:
Loans
Loans were $2.5 billion at September 30, 2018, $2.2 billion at September 30, 2017 and $2.4 billion at June 30, 2018. The increases from the prior year and second quarter are primarily due to organic growth.
Asset Quality
Nonperforming assets remain low relative to total assets at $5.8 million, or 0.18% of total assets, at September 30, 2018, $9.7 million, or 0.33% of total assets, at September 30, 2017 and $4.9 million, or 0.16% of total assets at June 30, 2018.
Annualized net charge-offs (recoveries) to average loans were 0.02% for the third quarter of 2018, (0.04%) for the third quarter of 2017 and 0.05% for the second quarter of 2018.
2
Deposits and Borrowings
Total deposits were $2.7 billion at September 30, 2018, compared to $2.6 billion at September 30, 2017 and $2.6 billion at June 30, 2018.
Our total borrowings are comprised of notes payable, repurchase agreements and Federal Home Loan Bank (FHLB) advances and were $1.4 million at September 30, 2018, $26.6 million at September 30, 2017 and $51.4 million at June 30, 2018. The decrease in borrowings from June 30, 2018 to September 30, 2018 is due to the payoff of FHLB short-term advances of $50 million outstanding at June 30, 2018. Borrowings at September 30, 2017 include $24.4 million for our note payable, which was repaid due to scheduled payments and repayment in full during the quarter ended December 31, 2017.
Capital
At September 30, 2018, the Company remained well capitalized under bank regulatory requirements. Our ratio of total shareholders’ equity to total assets was 14.8% at September 30, 2018, 12.8% at September 30, 2017 and 14.9% at June 30, 2018.
Our ratio of tangible equity to tangible assets was 12.4% at September 30, 2018, 10.1% at September 30, 2017 and 12.4% at June 30, 2018. Tangible equity to tangible assets is a non‑GAAP financial measure. See the table captioned “Non‑GAAP to GAAP Reconciliation” at the end of this earnings release. Our ratios of total shareholders’ equity to total assets and tangible equity to tangible assets both increased from September 30, 2017 to September 30, 2018 due to our November 2017 initial public offering of our common stock and earnings between those periods.
About CBTX, Inc.
CBTX, Inc. is the bank holding company for CommunityBank of Texas, N.A., a $3.2 billion asset bank, offering commercial banking solutions to local small and mid-sized businesses and professionals in Houston, Beaumont and surrounding communities in southeast Texas. Visit www.communitybankoftx.com for more information.
Forward-Looking Statements
This release may contain certain forward-looking statements within the meaning of the securities laws that are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about the Company and its subsidiary. Forward-looking statements include information regarding the Company’s future financial performance, business and growth strategy, projected plans and objectives, as well as projections of macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Further, certain factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to, whether the Company can: prudently manage and execute its growth strategy; manage risks associated with its acquisition and de novo branching strategy; maintain its asset quality; address the volatility and direction of market interest rates; continue to have access to debt and equity capital markets; and achieve its performance goals. The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission (“SEC”) and other reports and statements that the Company has filed with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, actual results may differ materially from what it anticipates. Accordingly, you should not place undue reliance on any such forward looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict which will arise. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Copies of the SEC filings for the Company are available for download free of charge from www.communitybankoftx.com under the Investor Relations tab.
3
CBTX, INC. AND SUBSIDIARY
Condensed Consolidated Balance Sheets (Unaudited)
(In thousands)
Balance Sheet Data (at period end): |
|
9/30/2018 |
|
6/30/2018 |
|
3/31/2018 |
|
12/31/2017 |
|
9/30/2017 |
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, excluding loans held for sale |
|
$ |
2,463,197 |
|
$ |
2,404,132 |
|
$ |
2,356,053 |
|
$ |
2,311,544 |
|
$ |
2,199,478 |
Allowance for loan losses |
|
|
(24,486) |
|
|
(25,746) |
|
|
(25,349) |
|
|
(24,778) |
|
|
(23,757) |
Loans, net |
|
|
2,438,711 |
|
|
2,378,386 |
|
|
2,330,704 |
|
|
2,286,766 |
|
|
2,175,721 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and equivalents |
|
|
281,640 |
|
|
245,265 |
|
|
279,915 |
|
|
326,199 |
|
|
348,578 |
Debt securities |
|
|
222,493 |
|
|
230,393 |
|
|
221,183 |
|
|
223,208 |
|
|
217,660 |
Premises and equipment, net |
|
|
52,032 |
|
|
52,607 |
|
|
53,135 |
|
|
53,607 |
|
|
54,129 |
Goodwill |
|
|
80,950 |
|
|
80,950 |
|
|
80,950 |
|
|
80,950 |
|
|
80,950 |
Other intangible assets, net |
|
|
6,038 |
|
|
6,276 |
|
|
6,521 |
|
|
6,770 |
|
|
7,031 |
Repossessed real estate and other assets |
|
|
175 |
|
|
137 |
|
|
295 |
|
|
705 |
|
|
1,136 |
Loans held for sale |
|
|
384 |
|
|
560 |
|
|
113 |
|
|
1,460 |
|
|
466 |
Other assets |
|
|
108,030 |
|
|
106,186 |
|
|
101,974 |
|
|
101,418 |
|
|
104,167 |
Total Assets |
|
$ |
3,190,453 |
|
$ |
3,100,760 |
|
$ |
3,074,790 |
|
$ |
3,081,083 |
|
$ |
2,989,838 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing deposits |
|
$ |
1,144,985 |
|
$ |
1,114,155 |
|
$ |
1,120,521 |
|
$ |
1,109,789 |
|
$ |
1,051,755 |
Interest-bearing deposits |
|
|
1,545,095 |
|
|
1,447,119 |
|
|
1,479,181 |
|
|
1,493,183 |
|
|
1,502,872 |
Total deposits |
|
|
2,690,080 |
|
|
2,561,274 |
|
|
2,599,702 |
|
|
2,602,972 |
|
|
2,554,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note payable |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
24,357 |
Repurchase agreements |
|
|
1,351 |
|
|
1,448 |
|
|
861 |
|
|
1,525 |
|
|
2,239 |
Federal Home Loan Bank advances |
|
|
- |
|
|
50,000 |
|
|
- |
|
|
- |
|
|
- |
Junior subordinated debt |
|
|
6,726 |
|
|
6,726 |
|
|
6,726 |
|
|
6,726 |
|
|
6,726 |
Other liabilities |
|
|
20,445 |
|
|
20,117 |
|
|
15,930 |
|
|
23,646 |
|
|
20,768 |
Total Liabilities |
|
|
2,718,602 |
|
|
2,639,565 |
|
|
2,623,219 |
|
|
2,634,869 |
|
|
2,608,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
471,851 |
|
|
461,195 |
|
|
451,571 |
|
|
446,214 |
|
|
381,121 |
Total Liabilities and Shareholders' Equity |
|
$ |
3,190,453 |
|
$ |
3,100,760 |
|
$ |
3,074,790 |
|
$ |
3,081,083 |
|
$ |
2,989,838 |
4
CBTX, INC. AND SUBSIDIARY
Condensed Consolidated Statements of Income (Unaudited)
(In thousands)
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|||||||||||||||||
|
|
9/30/2018 |
|
6/30/2018 |
|
3/31/2018 |
|
12/31/2017 |
|
9/30/2017 |
|
9/30/2018 |
|
9/30/2017 |
|||||||
Interest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
|
$ |
31,513 |
|
$ |
30,493 |
|
$ |
28,462 |
|
$ |
27,726 |
|
$ |
27,129 |
|
$ |
90,468 |
|
$ |
79,642 |
Securities |
|
|
1,535 |
|
|
1,507 |
|
|
1,436 |
|
|
1,357 |
|
|
1,334 |
|
|
4,478 |
|
|
3,990 |
Federal Funds and interest-bearing deposits |
|
|
1,617 |
|
|
1,127 |
|
|
1,187 |
|
|
1,283 |
|
|
1,106 |
|
|
3,931 |
|
|
2,661 |
Total Interest Income |
|
|
34,665 |
|
|
33,127 |
|
|
31,085 |
|
|
30,366 |
|
|
29,569 |
|
|
98,877 |
|
|
86,293 |
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
|
2,961 |
|
|
2,126 |
|
|
1,948 |
|
|
1,993 |
|
|
1,964 |
|
|
7,035 |
|
|
5,659 |
Repurchase agreements |
|
|
1 |
|
|
1 |
|
|
1 |
|
|
— |
|
|
2 |
|
|
3 |
|
|
5 |
Federal Home Loan Bank advances |
|
|
61 |
|
|
12 |
|
|
— |
|
|
— |
|
|
— |
|
|
73 |
|
|
— |
Note payable |
|
|
4 |
|
|
3 |
|
|
4 |
|
|
122 |
|
|
269 |
|
|
11 |
|
|
784 |
Junior subordinated debt |
|
|
112 |
|
|
109 |
|
|
93 |
|
|
86 |
|
|
83 |
|
|
314 |
|
|
236 |
Total Interest Expense |
|
|
3,139 |
|
|
2,251 |
|
|
2,046 |
|
|
2,201 |
|
|
2,318 |
|
|
7,436 |
|
|
6,684 |
Net Interest Income |
|
|
31,526 |
|
|
30,876 |
|
|
29,039 |
|
|
28,165 |
|
|
27,251 |
|
|
91,441 |
|
|
79,609 |
Provision (Recapture) for Loan Losses |
|
|
(1,142) |
|
|
690 |
|
|
865 |
|
|
1,050 |
|
|
(1,654) |
|
|
413 |
|
|
(1,388) |
Net Interest Income After Provision (Recapture) for Loan Losses |
|
|
32,668 |
|
|
30,186 |
|
|
28,174 |
|
|
27,115 |
|
|
28,905 |
|
|
91,028 |
|
|
80,997 |
Noninterest Income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account service charges |
|
|
1,597 |
|
|
1,497 |
|
|
1,478 |
|
|
1,388 |
|
|
1,395 |
|
|
4,572 |
|
|
4,412 |
Net gain (loss) on sale of assets |
|
|
152 |
|
|
210 |
|
|
130 |
|
|
(7) |
|
|
828 |
|
|
492 |
|
|
1,531 |
Card interchange fees |
|
|
922 |
|
|
971 |
|
|
927 |
|
|
941 |
|
|
803 |
|
|
2,820 |
|
|
2,512 |
Earnings on bank-owned life insurance |
|
|
443 |
|
|
465 |
|
|
451 |
|
|
460 |
|
|
459 |
|
|
1,359 |
|
|
1,120 |
Other |
|
|
412 |
|
|
363 |
|
|
375 |
|
|
362 |
|
|
601 |
|
|
1,150 |
|
|
1,485 |
Total Noninterest Income |
|
|
3,526 |
|
|
3,506 |
|
|
3,361 |
|
|
3,144 |
|
|
4,086 |
|
|
10,393 |
|
|
11,060 |
Noninterest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
12,499 |
|
|
12,496 |
|
|
12,695 |
|
|
14,021 |
|
|
11,829 |
|
|
37,690 |
|
|
34,552 |
Net occupancy expense |
|
|
2,428 |
|
|
2,433 |
|
|
2,265 |
|
|
2,346 |
|
|
2,221 |
|
|
7,126 |
|
|
6,805 |
Regulatory fees |
|
|
488 |
|
|
513 |
|
|
545 |
|
|
487 |
|
|
458 |
|
|
1,546 |
|
|
1,689 |
Data processing |
|
|
664 |
|
|
666 |
|
|
683 |
|
|
674 |
|
|
662 |
|
|
2,013 |
|
|
1,955 |
Printing, stationery and office |
|
|
503 |
|
|
480 |
|
|
411 |
|
|
415 |
|
|
348 |
|
|
1,394 |
|
|
1,065 |
Amortization of intangibles |
|
|
245 |
|
|
248 |
|
|
255 |
|
|
263 |
|
|
267 |
|
|
748 |
|
|
816 |
Professional and director fees |
|
|
809 |
|
|
686 |
|
|
919 |
|
|
1,168 |
|
|
606 |
|
|
2,414 |
|
|
1,937 |
Correspondent bank and customer related transaction expenses |
|
|
66 |
|
|
68 |
|
|
67 |
|
|
67 |
|
|
67 |
|
|
201 |
|
|
219 |
Loan processing costs |
|
|
102 |
|
|
75 |
|
|
118 |
|
|
141 |
|
|
115 |
|
|
295 |
|
|
320 |
Advertising, marketing and business development |
|
|
437 |
|
|
475 |
|
|
506 |
|
|
508 |
|
|
266 |
|
|
1,418 |
|
|
953 |
Repossessed real estate and other asset expense |
|
|
3 |
|
|
5 |
|
|
57 |
|
|
66 |
|
|
340 |
|
|
65 |
|
|
543 |
Security and protection expense |
|
|
346 |
|
|
311 |
|
|
302 |
|
|
300 |
|
|
331 |
|
|
959 |
|
|
1,055 |
Telephone and communications |
|
|
342 |
|
|
394 |
|
|
386 |
|
|
344 |
|
|
311 |
|
|
1,122 |
|
|
972 |
Other expenses |
|
|
1,032 |
|
|
1,162 |
|
|
1,075 |
|
|
1,189 |
|
|
1,196 |
|
|
3,269 |
|
|
3,422 |
Total Noninterest Expense |
|
|
19,964 |
|
|
20,012 |
|
|
20,284 |
|
|
21,989 |
|
|
19,017 |
|
|
60,260 |
|
|
56,303 |
Net Income Before Income Tax Expense |
|
|
16,230 |
|
|
13,680 |
|
|
11,251 |
|
|
8,270 |
|
|
13,974 |
|
|
41,161 |
|
|
35,754 |
Income Tax Expense |
|
|
3,207 |
|
|
2,638 |
|
|
2,139 |
|
|
6,313 |
|
|
3,927 |
|
|
7,984 |
|
|
10,140 |
Net Income |
|
$ |
13,023 |
|
$ |
11,042 |
|
$ |
9,112 |
|
$ |
1,957 |
|
$ |
10,047 |
|
$ |
33,177 |
|
$ |
25,614 |
5
CBTX, INC. AND SUBSIDIARY
Financial Highlights (Unaudited)
(In thousands, except per share data and percentages)
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
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9/30/2018 |
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6/30/2018 |
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3/31/2018 |
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12/31/2017 |
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9/30/2017 |
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9/30/2018 |
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9/30/2017 |
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Profitability: |
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Net income |
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$ |
13,023 |
|
$ |
11,042 |
|
$ |
9,112 |
|
$ |
1,957 |
|
$ |
10,047 |
|
$ |
33,177 |
|
$ |
25,614 |
|
Basic earnings per share |
|
$ |
0.52 |
|
$ |
0.44 |
|
$ |
0.37 |
|
$ |
0.08 |
|
$ |
0.46 |
|
$ |
1.34 |
|
$ |
1.16 |
|
Diluted earnings per share |
|
$ |
0.52 |
|
$ |
0.44 |
|
$ |
0.37 |
|
$ |
0.08 |
|
$ |
0.45 |
|
$ |
1.33 |
|
$ |
1.16 |
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Return on average assets (1) |
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1.6 |
% |
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1.4 |
% |
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1.2 |
% |
|
0.3 |
% |
|
1.3 |
% |
|
1.4 |
% |
|
1.2 |
% |
Return on average shareholders' equity (1) |
|
|
11.0 |
% |
|
9.7 |
% |
|
8.2 |
% |
|
1.8 |
% |
|
10.5 |
% |
|
9.7 |
% |
|
8.6 |
% |
Net interest margin- tax equivalent (1) |
|
|
4.3 |
% |
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4.4 |
% |
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4.2 |
% |
|
4.1 |
% |
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4.1 |
% |
|
4.3 |
% |
|
4.1 |
% |
Efficiency ratio (2) |
|
|
57.0 |
% |
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58.2 |
% |
|
62.6 |
% |
|
70.2 |
% |
|
60.7 |
% |
|
59.2 |
% |
|
62.1 |
% |
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Liquidity and Capital Ratios: |
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Total shareholders' equity to total assets |
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14.8 |
% |
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14.9 |
% |
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14.7 |
% |
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14.5 |
% |
|
12.8 |
% |
|
14.8 |
% |
|
12.8 |
% |
Tangible equity to tangible assets (3) |
|
|
12.4 |
% |
|
12.4 |
% |
|
12.2 |
% |
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12.0 |
% |
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10.1 |
% |
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12.4 |
% |
|
10.1 |
% |
Common equity tier 1 capital ratio |
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|
14.3 |
% |
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14.1 |
% |
|
14.1 |
% |
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14.2 |
% |
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12.2 |
% |
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14.3 |
% |
|
12.2 |
% |
Tier 1 leverage ratio |
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12.8 |
% |
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12.9 |
% |
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12.6 |
% |
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12.3 |
% |
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10.5 |
% |
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12.8 |
% |
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10.5 |
% |
Tier 1 risk-based capital ratio |
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14.5 |
% |
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14.3 |
% |
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14.4 |
% |
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14.4 |
% |
|
12.5 |
% |
|
14.5 |
% |
|
12.5 |
% |
Total risk-based capital ratio |
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15.4 |
% |
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15.3 |
% |
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15.4 |
% |
|
15.4 |
% |
|
13.5 |
% |
|
15.4 |
% |
|
13.5 |
% |
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Other Data: |
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Weighted average common shares outstanding- Basic |
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24,859 |
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24,858 |
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24,833 |
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23,629 |
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|
22,063 |
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|
24,850 |
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|
22,062 |
|
Weighted average common shares outstanding- Diluted |
|
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25,060 |
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|
24,997 |
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24,954 |
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23,742 |
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|
22,138 |
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|
25,007 |
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|
22,144 |
|
Common shares outstanding at period end |
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24,859 |
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|
24,859 |
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|
24,833 |
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24,833 |
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|
22,063 |
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|
24,859 |
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|
22,063 |
|
Dividends per share |
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$ |
0.05 |
|
$ |
0.05 |
|
$ |
0.05 |
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$ |
0.05 |
|
$ |
0.05 |
|
$ |
0.15 |
|
$ |
0.15 |
|
Book value per share |
|
$ |
19.0 |
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$ |
18.6 |
|
$ |
18.2 |
|
$ |
18.0 |
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$ |
17.3 |
|
$ |
19.0 |
|
$ |
17.3 |
|
Tangible book value per share (3) |
|
$ |
15.5 |
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$ |
15.0 |
|
$ |
14.7 |
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$ |
14.4 |
|
$ |
13.3 |
|
$ |
15.5 |
|
$ |
13.3 |
|
Employees - full-time equivalents |
|
|
489 |
|
|
488 |
|
|
477 |
|
|
462 |
|
|
464 |
|
|
489 |
|
|
464 |
|
(1)Quarterly ratios are annualized.
(2)Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.
(3)Non‑GAAP financial measure. See the table captioned “Non‑GAAP to GAAP Reconciliation” at the end of this earnings release.
6
CBTX, INC. AND SUBSIDIARY
Net Interest Margin (Unaudited)
(In thousands, except percentages)
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For the Three Months Ended |
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|
9/30/2018 |
|
6/30/2018 |
|
9/30/2017 |
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Interest |
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Interest |
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Interest |
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|||
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Average |
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Earned/ |
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Average |
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Average |
|
Earned/ |
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Average |
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Average |
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Earned/ |
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Average |
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Outstanding |
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Interest |
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Yield/ |
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Outstanding |
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Interest |
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Yield/ |
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Outstanding |
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Interest |
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Yield/ |
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Balance |
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Paid |
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Rate (1) |
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Balance |
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Paid |
|
Rate (1) |
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Balance |
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Paid |
|
Rate (1) |
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Assets |
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Interest-earnings assets: |
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Total loans (2) |
|
$ |
2,404,491 |
|
$ |
31,513 |
|
5.20 |
% |
|
$ |
2,375,253 |
|
$ |
30,493 |
|
5.15 |
% |
|
$ |
2,191,016 |
|
$ |
27,129 |
|
4.91 |
% |
Debt securities |
|
|
230,592 |
|
|
1,535 |
|
2.64 |
% |
|
|
228,262 |
|
|
1,507 |
|
2.65 |
% |
|
|
223,132 |
|
|
1,334 |
|
2.37 |
% |
Federal funds sold and other interest-earning assets |
|
|
272,739 |
|
|
1,404 |
|
2.04 |
% |
|
|
201,906 |
|
|
936 |
|
1.86 |
% |
|
|
284,334 |
|
|
927 |
|
1.29 |
% |
Nonmarketable equity securities |
|
|
16,799 |
|
|
213 |
|
5.01 |
% |
|
|
14,823 |
|
|
191 |
|
5.17 |
% |
|
|
14,695 |
|
|
179 |
|
4.83 |
% |
Total interest-earning assets |
|
|
2,924,621 |
|
$ |
34,665 |
|
4.70 |
% |
|
|
2,820,244 |
|
$ |
33,127 |
|
4.71 |
% |
|
|
2,713,177 |
|
$ |
29,569 |
|
4.32 |
% |
Allowance for loan losses |
|
|
(25,689) |
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|