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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM  10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2020

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ____   to   ____.

Commission File Number: 001-38280

CBTX, Inc.

(Exact name of registrant as specified in its charter)

Texas

 

20-8339782

(State or other jurisdiction of

 

(I.R.S. employer

incorporation or organization)

 

identification no.)

9 Greenway Plaza, Suite 110

Houston, Texas 77046

(Address of principal executive offices)

(713210-7600

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common stock, par value $0.01 per share

CBTX

The Nasdaq Global Select Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  No 

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

 

Accelerated filer

Non-accelerated filer

 

Smaller reporting company 

 

Emerging growth company 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No 

As of October 23, 2020, there were 24,844,548 shares of the registrant’s common stock outstanding, including 195,266 shares of unvested restricted stock.

Table of Contents

CBTX, INC.

Page

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements – (Unaudited)

1

Condensed Consolidated Balance Sheets as of September 30, 2020 and December 31, 2019

1

Condensed Consolidated Statements of Income for the Three and Nine Months ended September 30, 2020 and 2019

2

Condensed Consolidated Statements of Comprehensive Income for the Three and Nine Months ended September 30, 2020 and 2019

3

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three and Nine Months ended September 30, 2020 and 2019

4

Condensed Consolidated Statements of Cash Flows for the Nine Months ended September 30, 2020 and 2019

6

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

38

Cautionary Note Regarding Forward-Looking Statements

38

Overview

40

Information Regarding COVID-19 Impact and Uncertain Economic Outlook

41

Results of Operations

43

Financial Condition

50

Liquidity and Capital Resources

58

Interest Rate Sensitivity and Market Risk

60

Impact of Inflation

61

Non-GAAP Financial Measures

61

Critical Accounting Policies

63

Recently Issued Accounting Pronouncements

64

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

64

Item 4.

Controls and Procedures

64

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

64

Item 1A.

Risk Factors

65

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

69

Item 3.

Defaults Upon Senior Securities

70

Item 4.

Mine Safety Disclosures

70

Item 5.

Other Information

70

Item 6.

Exhibits

71

SIGNATURES

72

Table of Contents

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Balance Sheets (Unaudited)

(Dollars in thousands, except par value and share amounts)

    

September 30, 2020

    

December 31, 2019

ASSETS

 

  

 

  

Cash and due from banks

$

46,127

$

51,259

Interest-bearing deposits at other financial institutions

 

331,445

 

320,805

Total cash and cash equivalents

 

377,572

 

372,064

Securities

 

226,101

 

231,262

Equity investments

 

18,532

 

16,710

Loans held for sale

 

1,763

 

1,463

Loans, net of allowance for credit losses of $44,069 and $25,280 at September 30, 2020 and December 31, 2019, respectively

 

2,920,457

 

2,613,805

Premises and equipment, net of accumulated depreciation of $34,996 and $32,923 at September 30, 2020 and December 31, 2019, respectively

 

61,732

 

50,875

Goodwill

 

80,950

 

80,950

Other intangible assets, net of accumulated amortization of $16,411 and $15,809 at September 30, 2020 and December 31, 2019, respectively

 

4,303

 

4,938

Bank-owned life insurance

 

71,931

 

71,881

Operating lease right-to-use asset

12,893

12,926

Deferred tax asset, net

 

12,072

 

7,432

Other assets

 

26,366

 

14,238

Total assets

$

3,814,672

$

3,478,544

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

  

 

  

Liabilities

 

  

 

  

Noninterest-bearing deposits

$

1,460,983

$

1,184,861

Interest-bearing deposits

 

1,709,681

 

1,667,527

Total deposits

 

3,170,664

 

2,852,388

Federal Home Loan Bank advances

50,000

50,000

Repurchase agreements

 

2,153

 

485

Operating lease liabilities

15,759

15,704

Other liabilities

 

35,175

 

24,246

Total liabilities

 

3,273,751

 

2,942,823

Commitments and contingencies (Note 16)

 

  

 

  

Shareholders’ equity

 

  

 

  

Preferred stock, $0.01 par value, 10,000,000 shares authorized, no shares issued

 

 

Common stock, $0.01 par value, 90,000,000 shares authorized, 25,567,735 and 25,837,048 shares issued at September 30, 2020 and December 31, 2019, respectively, 24,712,913 and 24,979,702 shares outstanding at September 30, 2020 and December 31, 2019, respectively

 

256

 

258

Additional paid-in capital

 

342,153

 

346,559

Retained earnings

 

206,680

 

201,080

Treasury stock, at cost, 854,822 and 857,346 shares held at September 30, 2020 and December 31, 2019, respectively

 

(14,519)

 

(14,562)

Accumulated other comprehensive gain, net of tax of $1,688 and $634 at September 30, 2020 and December 31, 2019, respectively

 

6,351

 

2,386

Total shareholders’ equity

 

540,921

 

535,721

Total liabilities and shareholders’ equity

$

3,814,672

$

3,478,544

See accompanying notes to condensed consolidated financial statements.

1

Table of Contents

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Income (Unaudited)

(Dollars in thousands, except per share amounts)

Three Months Ended September 30,

Nine Months Ended September 30,

    

2020

    

2019

    

2020

    

2019

Interest income

 

  

 

  

 

  

  

Interest and fees on loans

$

32,318

$

36,353

$

98,792

$

105,754

Securities

 

1,107

 

1,436

 

3,698

 

4,512

Other interest-earning assets

 

176

 

1,212

 

1,400

 

4,054

Equity investments

162

192

509

507

Total interest income

 

33,763

 

39,193

 

104,399

 

114,827

Interest expense

 

  

 

  

 

  

 

  

Deposits

 

1,831

 

4,130

 

7,619

 

11,536

Federal Home Loan Bank advances

 

221

 

483

 

682

 

1,070

Repurchase agreements

1

1

3

Note payable and junior subordinated debt

 

3

 

4

 

11

 

16

Total interest expense

 

2,055

 

4,618

 

8,313

 

12,625

Net interest income

 

31,708

 

34,575

 

96,086

 

102,202

Provision for credit losses

 

 

 

 

Provision for credit losses for loans

4,569

579

17,845

2,533

Provision (recapture) for credit losses for unfunded commitments

(461)

1,182

Total provision for credit losses

4,108

579

19,027

2,533

Net interest income after provision for credit losses

 

27,600

 

33,996

 

77,059

 

99,669

Noninterest income

 

  

 

  

 

  

 

  

Deposit account service charges

 

1,176

 

1,681

 

3,756

 

4,967

Card interchange fees

 

995

 

908

 

2,832

 

2,713

Earnings on bank-owned life insurance

 

1,187

 

430

 

2,015

 

4,581

Net gain on sales of assets

 

114

 

190

 

376

 

347

Other

 

551

 

906

 

2,280

 

2,303

Total noninterest income

 

4,023

 

4,115

 

11,259

 

14,911

Noninterest expense

 

  

 

  

 

  

 

  

Salaries and employee benefits

 

14,332

 

13,951

 

42,567

 

41,958

Occupancy expense

 

2,496

 

2,484

 

7,478

 

7,089

Professional and director fees

 

2,446

 

1,455

 

5,139

 

5,828

Data processing and software

1,525

1,121

4,039

3,361

Regulatory fees

471

144

1,050

1,054

Advertising, marketing and business development

 

429

 

407

 

1,062

 

1,379

Telephone and communications

486

434

1,297

1,268

Security and protection expense

 

299

 

410

 

1,024

 

1,100

Amortization of intangibles

 

198

 

221

 

649

 

678

Other expenses

 

1,176

 

1,418

 

4,137

 

4,318

Total noninterest expense

 

23,858

 

22,045

 

68,442

 

68,033

Net income before income tax expense

 

7,765

 

16,066

 

19,876

 

46,547

Income tax expense

 

1,344

 

2,990

 

3,751

 

8,666

Net income

$

6,421

$

13,076

$

16,125

$

37,881

Earnings per common share

 

  

 

  

 

  

 

  

Basic

$

0.26

$

0.52

$

0.65

$

1.52

Diluted

$

0.26

$

0.52

$

0.65

$

1.51

See accompanying notes to condensed consolidated financial statements.

2

Table of Contents

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in thousands)

Three Months Ended September 30,

Nine Months Ended September 30,

    

2020

    

2019

    

2020

    

2019

Net income

$

6,421

    

$

13,076

$

16,125

    

$

37,881

Change in unrealized gains on securities available for sale arising during the period, net of tax

 

(327)

 

1,084

 

5,010

6,831

Reclassification adjustments for net realized gains included in net income

 

 

54

 

10

57

Change in related deferred income tax

 

69

 

(239)

 

(1,055)

(1,446)

Other comprehensive income, net of tax

 

(258)

 

899

 

3,965

5,442

Total comprehensive income

$

6,163

$

13,975

$

20,090

$

43,323

See accompanying notes to condensed consolidated financial statements.

3

Table of Contents

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Changes in Shareholders’ Equity (Unaudited)

(Dollars in thousands, except share amounts)

Accumulated

Additional

Other

Common Stock

Paid-In

Retained

Treasury Stock

Comprehensive

    

Shares

    

Amount

    

Capital

    

Earnings

    

Shares

    

Amount

    

Income (Loss)

    

Total

Nine Months Ended September 30, 2019:

Balance at December 31, 2018

25,777,693

$

258

$

344,497

$

160,626

 

(870,272)

$

(14,781)

$

(2,975)

$

487,625

Net income

 

 

 

 

37,881

 

 

 

 

37,881

Dividends on common stock, $0.30 per share

 

 

 

 

(7,547)

 

 

 

 

(7,547)

Stock-based compensation expense

 

 

 

1,720

 

 

 

 

 

1,720

Vesting of restricted stock, net of shares withheld for employee tax liabilities

2,442

(19)

(19)

Exercise of stock options, net of shares withheld for employee tax liabilities

(98)

12,926

219

121

Shares repurchased

(100)

(3)

(3)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

5,442

 

5,442

Balance at September 30, 2019

25,780,035

$

258

$

346,097

$

190,960

 

(857,346)

$

(14,562)

$

2,467

$

525,220

Nine Months Ended September 30, 2020:

Balance at December 31, 2019

25,837,048

$

258

$

346,559

$

201,080

(857,346)

$

(14,562)

$

2,386

$

535,721

Net income

 

 

 

 

16,125

 

 

 

 

16,125

Cumulative effect of accounting changes from adoption of CECL, net of deferred tax asset

(3,045)

(3,045)

Dividends on common stock, $0.30 per share

 

 

 

 

(7,480)

 

 

 

 

(7,480)

Stock-based compensation expense

 

 

 

1,691

 

 

 

 

 

1,691

Vesting of restricted stock, net of shares withheld for employee tax liabilities

13,050

 

 

(45)

(45)

Exercise of stock options, net of shares withheld for employee tax liabilities

(10)

2,524

43

33

Shares repurchased

(282,363)

(2)

(6,042)

(6,044)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

3,965

 

3,965

Balance at September 30, 2020

25,567,735

$

256

$

342,153

$

206,680

 

(854,822)

$

(14,519)

$

6,351

$

540,921

See accompanying notes to condensed consolidated financial statements.

4

Table of Contents

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Quarterly Changes in Shareholders’ Equity (Unaudited)

(Dollars in thousands, except share amounts)

Accumulated

Additional

Other

Common Stock

Paid-In

Retained

Treasury Stock

Comprehensive

    

Shares

    

Amount

    

Capital

    

Earnings

    

Shares

    

Amount

    

Income (Loss)

    

Total

Three Months Ended September 30, 2019:

Balance at June 30, 2019

25,780,135

$

258

$

345,495

$

180,401

 

(857,466)

$

(14,564)

$

1,568

$

513,158

Net income

 

 

 

 

13,076

 

 

 

 

13,076

Dividends on common stock, $0.10 per share

 

 

 

 

(2,517)

 

 

 

 

(2,517)

Stock-based compensation expense

 

 

 

608

 

 

 

 

 

608

Vesting of restricted stock, net of shares withheld for employee tax liabilities

Exercise of stock options, net of shares withheld for employee tax liabilities

(3)

120

2

(1)

Shares repurchased

(100)

(3)

(3)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

899

 

899

Balance at September 30, 2019

 

25,780,035

$

258

$

346,097

$

190,960

 

(