- Spirit of Texas Bancshares (STXB +13.7%) moved higher in today's trading session as the bank reports Q2 EPS of $0.44 compared to $0.41 in year ago quarter, ahead of consensus by 15 cents.
- Provision of loan losses stood at $2.8M compared to $332K in year ago quarter led by expense for loan losses related to the COVID-19 pandemic.
- Q2 net interest income of $26.1M, a Y/Y growth of 31.9%; net interest margin narrowed 66 bps to 3.95%.
- Non-interest income of $2.6M vs $3.8M in year ago period.
- During the quarter, the bank assisted 3,200+ businesses in obtaining Paycheck Protection Program loans worth $428M thereby leading to $15.3M of origination fees, accreted into income over the life of the loans.
- Strong capital base as indicated by Tier 1 capital leverage ratio of 9.60% for Spirit of Texas Bank SSB and 9.49% on a consolidated basis.
- Q2 total deposits increased 53.8% Y/Y to $2.41B; total assets were higher by 55.3% to $2.96B
- During Q2, gross loans grew to $2.43B, an increase of 71.2% from $1.42B as of June 30, 2019.
- Excluding PPP loans, organic loans increased 14.4% annualized, including ~$13.3M of participations purchased.
- Previously: Spirit of Texas Bancshares EPS beats by $0.15, beats on revenue