Cbtx, Inc. (CBTX) 10-Q Quarterly Report July 2019

Houston, Texas, April 30, 2019-- CBTX, Inc. (the “Company”) (NASDAQ: CBTX), the bank holding company for CommunityBank of Texas N.A., today announced net income of $10.5 million, or $0.42 per diluted share, for the quarter ended March 31, 2019, compared to $14.1 million, or $0.56 per diluted share, for the quarter ended December 31, 2018 and $9.1 million, or $0.37 per diluted share, for the quarter ended March 31, 2018.

Highlights

Loans, excluding loans held for sale, increased to $2.5 billion at March 31, 2019, compared to $2.4 billion at December 31, 2018 and $2.3 billion at March 31, 2018.

Net interest margin on a tax equivalent basis improved to 4.56% for the quarter ended March 31, 2019, compared to 4.42% for the fourth quarter of 2018 and 4.23% for the first quarter of 2018, primarily due to increased yields on loans.

The cost of our interest-bearing deposits remains low at 0.94% for the three months ended March 31, 2019, compared to 0.89% for the three months ended December 31, 2018, and 0.53% for the three months ended March 31, 2018.

Nonperforming assets remain low relative to total assets at 0.09% at March 31, 2019 compared to 0.11% of total assets at December 31, 2018 and 0.20% of total assets at March 31, 2018.

Increased quarterly per share cash dividend to $0.10 in March 2019, payable to shareholders in April 2019, an increase of $0.05 per share.

Opened full-service branch in Dallas, Texas market in January 2019.

“We are pleased with the performance of our ongoing operations during the first quarter of 2019,” said Robert Franklin, Jr., Chairman and Chief Executive Officer of the Company. “Our strong balance sheet and strong relationship funding have given us the ability to increase our net interest margin at a time of continued competitive pressure on deposit rates. We continue to steadily grow loans and our deposits remain strong in what has historically been a quarter with a seasonal outflow of deposits.”

Mr. Franklin added, “The Houston and East Texas markets continue to be strong markets for loans and deposits. We have had success in hiring new lenders and are excited at the quick progress we have made entering the Dallas market with the excellent staff that we have assembled so far, and we are encouraged by the opportunities in the Dallas market. We are excited about the opportunities that we have for the future.”

Operating Results

Net Interest Income

Net interest income was $33.3 million for the first quarter of 2019, compared to $33.2 million for the fourth quarter of 2018 and $29.0 million for the first quarter of 2018. The increase in net interest income in the first quarter of 2019 from the fourth quarter of 2018 was primarily due to higher average loans, higher average yields on loans and federal funds sold and the redemption of junior subordinated debt, partially offset by lower average federal funds sold and other interest-earning assets, short-term advances, higher rates on interest-bearing deposits and the impact of two fewer days in the first quarter of 2019 compared the fourth quarter of 2018.

The following information was filed by Cbtx, Inc. (CBTX) on Tuesday, April 30, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Material Contracts, Statements, Certifications & more

Cbtx, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: CBTX
CIK: 1473844
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-19-006352
Submitted to the SEC: Thu Jul 25 2019 5:02:34 PM EST
Accepted by the SEC: Thu Jul 25 2019
Period: Sunday, June 30, 2019
Industry: National Commercial Banks