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Cbtx, Inc. (CBTX) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

SEC Filings

Cbtx, Inc.

CIK: 1473844 Ticker: CBTX

 

 

Picture 1 

Exhibit 99.1

 

 

CBTX, Inc. Reports First Quarter Financial Results

 

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.

 

 

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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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets (Unaudited)
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Cash Flows (Unaudited)
Condensed Consolidated Statements Of Changes In Shareholders Equity (Unaudited)
Condensed Consolidated Statements Of Changes In Shareholders Equity (Unaudited) (Parentheticals)
Condensed Consolidated Statements Of Comprehensive Income (Unaudited)
Condensed Consolidated Statements Of Income (Unaudited)
Allowance For Loan Losses
Allowance For Loan Losses (Tables)
Allowance For Loan Losses - Allowance For Loan Losses By Loan Category (Details)
Allowance For Loan Losses - Loan Impairment Assessment (Details)
Allowance For Loan Losses - Loan Losses On The Basis Of Company's Impairment Methodology (Details)
Allowance For Loan Losses - Risk Grading (Details)
Allowance For Loan Losses - Segregated By Loan Class (Details)
Bank Owned Life Insurance
Bank Owned Life Insurance (Details)
Bank Owned Life Insurance (Tables)
Commitments And Contingencies And Financial Instruments With Off-Balance-Sheet Risk
Commitments And Contingencies And Financial Instruments With Off-Balance-Sheet Risk (Details)
Commitments And Contingencies And Financial Instruments With Off-Balance-Sheet Risk (Tables)
Deposits
Deposits (Details)
Deposits (Tables)
Deposits - Schedule Of Maturities Of Time Deposits (Details)
Derivative Financial Instruments
Derivative Financial Instruments (Details)
Derivative Financial Instruments (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Employee Benefit Plans And Deferred Compensation Arrangements
Employee Benefit Plans And Deferred Compensation Arrangements (Details)
Equity Investments
Equity Investments (Tables)
Equity Investments - Equity Investments (Details)
Fair Value Disclosures
Fair Value Disclosures (Details)
Fair Value Disclosures (Tables)
Fair Value Disclosures - Certain Assets Measured On A Non Recurring Basis (Details)
Fair Value Disclosures - Fair Market Values Of All Financial Instruments (Details)
Fair Value Disclosures - Non Financial Assets And Non Financial Liabilities (Details)
Goodwill And Other Intangible Assets
Goodwill And Other Intangible Assets (Details)
Goodwill And Other Intangible Assets (Tables)
Goodwill And Other Intangible Assets - Servicing Assets (Details)
Income Taxes
Income Taxes (Details)
Income Taxes (Tables)
Junior Subordinated Debt
Junior Subordinated Debt (Details)
Lines Of Credit
Lines Of Credit (Details)
Loan Performance
Loan Performance (Tables)
Loan Performance - Aging Analysis Of Loan Past Due (Details)
Loan Performance - Nonaccrual Loans, Segregated By Loan Class (Details)
Loan Performance - Restructured Loans (Details)
Loans
Loans (Tables)
Loans - By Portfolio Segment (Details)
Loans - Loan Participation And Loan Guarantees (Details)
Operating Leases
Operating Leases (Details)
Operating Leases (Tables)
Operating Leases - Lease Costs (Details)
Operating Leases - Maturity Of Operating Lease Liabilities (Details)
Premises And Equipment
Premises And Equipment (Tables)
Premises And Equipment - Components Of Premises And Equipment (Details)
Regulatory Matters
Regulatory Matters (Tables)
Regulatory Matters - Regulatory Capital (Details)
Related Party Transactions
Related Party Transactions (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Revenue-Generating Activities Within Scope Of Asc 606 (Details)
Securities
Securities (Tables)
Securities - Amortized Cost And Estimated Fair Values Of Investments In Securities (Details)
Securities - Amortized Cost And Estimated Fair Values Of Securities By Contractual Maturities (Details)
Securities - Securities Carrying Amount (Details)
Securities - Securities With Gross Unrealized Losses (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Narrative (Details)
Stock-Based Compensation - Restricted Stock Activity (Details)
Stock-Based Compensation - Shares Of Stock Options Exercised And Restricted Stock Vested, Shares Withheld For Taxes And Shares Issued (Details)
Stock-Based Compensation - Stock Option Activity (Details)
Stock-Based Compensation - Summary Of Restricted Stock (Details)
Stock-Based Compensation - Summary Of Stock Options (Details)
Subsequent Event
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Accounting Standards Recently Adopted (Details)
Summary Of Significant Accounting Policies - Cash And Due From Banks (Details)
Summary Of Significant Accounting Policies - Cash Flow Reporting (Details)
Summary Of Significant Accounting Policies - Nature Of Operations (Details)
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

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