Cbtx, Inc. (CBTX) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

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CBTX, Inc. Reports Second Quarter Financial Results

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Houston, Texas, July 29, 2020 -- CBTX, Inc., or the Company (NASDAQ: CBTX), the bank holding company for CommunityBank of Texas, N.A., or the Bank, today announced net income of $2.2 million, or $0.09 per diluted share, for the quarter ended June 30, 2020, compared to $7.5 million, or $0.30 per diluted share, for the quarter ended March 31, 2020 and $14.3 million, or $0.57 per diluted share, for the quarter ended June 30, 2019.

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“I am proud to work every day beside the great CommunityBank of Texas family,” said Robert R. Franklin, Jr., Chairman, CEO and President of the Company. “Our focus remains on our customer base and the communities we serve. We continue to operate in an unprecedented time related to the COVID-19 pandemic and the fog it has created over our daily activities and economies.”

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“We believe in the resiliency of our customer base and the communities in which we operate,” Mr. Franklin continued. “We also know how to get through crises. Our team is experienced and many of the same tools we have used in the past are important to help with the outcomes from the pandemic. We persist in our efforts to work to keep our employees safe with internal controls around social distancing, sanitizing and making work from home solutions available when possible.”

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“Many of our customers are back to work and finding their own solutions to the problems created by the pandemic.   Our requests from customers for deferrals continues to decline, and the over 2,000 PPP loans we made last quarter have helped our customers through these unprecedented times.” said Mr. Franklin.

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“While our customers and team are resilient and moving forward, we believe that it will be several months before we can more clearly see the effects of the shut-down of our economy, both at a local and national level,” Mr. Franklin said.  “We are also monitoring the slowdown of the oil and gas industry and the new normal that the industry will operate under as we go forward.”

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“We continued to add to our provision for loan losses during the second quarter primarily because of the general uncertainty created in our markets. We believe that our reserve build and our continued strong capital position gives us the stability we need to continue to work with our customers in these tough times,” Mr. Franklin added. “We believe that CBTX, Inc. will emerge from this crisis strong and able to pursue any opportunities that may arise.”