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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 March 31, 2021

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 April 26, 2021, there were 24,594,299 shares of the registrant’s common stock outstanding, including 151,833 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 March 31, 2021 and December 31, 2020

1

Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2021 and 2020

2

Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2021 and 2020

3

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2021 and 2020

4

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2021 and 2020

5

Notes to Condensed Consolidated Financial Statements

6

Item 2.

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

37

Cautionary Note Regarding Forward-Looking Statements

37

Overview

38

Information Regarding COVID-19 Impact and Uncertain Economic Outlook

39

Results of Operations

41

Financial Condition

45

Liquidity and Capital Resources

54

Interest Rate Sensitivity and Market Risk

56

Non-GAAP Financial Measures

58

Critical Accounting Policies

59

Recently Issued Accounting Pronouncements

59

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

59

Item 4.

Controls and Procedures

59

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

59

Item 1A.

Risk Factors

60

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

60

Item 3.

Defaults Upon Senior Securities

60

Item 4.

Mine Safety Disclosures

60

Item 5.

Other Information

60

Item 6.

Exhibits

61

SIGNATURES

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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)

    

March 31, 2021

    

December 31, 2020

Assets:

 

  

 

  

Cash and due from banks

$

52,472

$

46,814

Interest-bearing deposits at other financial institutions

 

552,199

 

491,193

Total cash and cash equivalents

 

604,671

 

538,007

Securities

 

289,091

 

237,281

Equity investments

 

18,786

 

18,652

Loans held for sale

 

1,005

 

2,673

Loans, net of allowance for credit losses of $40,874 and $40,637 at March 31, 2021 and December 31, 2020, respectively

 

2,850,758

 

2,883,480

Premises and equipment, net of accumulated depreciation of $36,666 and $35,826 at March 31, 2021 and December 31, 2020, respectively

 

60,551

 

61,152

Goodwill

 

80,950

 

80,950

Other intangible assets, net of accumulated amortization of $16,798 and $16,607 at March 31, 2021 and December 31, 2020, respectively

 

3,991

 

4,171

Bank-owned life insurance

 

72,728

 

72,338

Operating lease right-to-use assets

12,900

13,285

Deferred tax assets, net

 

11,000

 

10,700

Other assets

 

22,208

 

26,528

Total assets

$

4,028,639

$

3,949,217

Liabilities:

 

  

 

  

Noninterest-bearing deposits

$

1,621,408

$

1,476,425

Interest-bearing deposits

 

1,763,339

 

1,825,369

Total deposits

 

3,384,747

 

3,301,794

Federal Home Loan Bank advances

50,000

50,000

Operating lease liabilities

16,060

16,447

Other liabilities

 

32,483

 

34,525

Total liabilities

 

3,483,290

 

3,402,766

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, 25,288,454 and 25,458,816 shares issued at March 31, 2021 and December 31, 2020, respectively; 24,442,466 and 24,612,828 shares outstanding at March 31, 2021 and December 31, 2020, respectively

 

253

 

255

Additional paid-in capital

 

334,839

 

339,334

Retained earnings

 

221,279

 

214,456

Treasury stock, at cost, 845,988 shares held at both March 31, 2021 and December 31, 2020, respectively

 

(14,369)

 

(14,369)

Accumulated other comprehensive income, net of tax of $890 and $1,801 at March 31, 2021 and December 31, 2020, respectively

 

3,347

 

6,775

Total shareholders’ equity

 

545,349

 

546,451

Total liabilities and shareholders’ equity

$

4,028,639

$

3,949,217

See accompanying notes to condensed consolidated financial statements.

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CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Income (Unaudited)

(Dollars in thousands, except per share amounts)

Three Months Ended March 31,

    

2021

    

2020

Interest income:

 

  

 

  

Interest and fees on loans

$

33,165

$

33,617

Securities

 

1,173

 

1,363

Other interest-earning assets

 

177

 

1,055

Equity investments

146

176

Total interest income

 

34,661

 

36,211

Interest expense:

 

  

 

  

Deposits

 

1,350

 

3,766

Federal Home Loan Bank advances

 

221

 

221

Other interest-bearing liabilities

 

 

4

Total interest expense

 

1,571

 

3,991

Net interest income

 

33,090

 

32,220

Provision for credit losses:

 

 

Provision for credit losses for loans

286

4,739

Provision for credit losses for unfunded commitments

126

310

Total provision for credit losses

412

5,049

Net interest income after provision for credit losses

 

32,678

 

27,171

Noninterest income:

 

  

 

  

Deposit account service charges

 

1,193

 

1,485

Card interchange fees

 

976

 

922

Earnings on bank-owned life insurance

 

390

 

416

Net gain on sales of assets

 

192

 

123

Other

 

360

 

1,381

Total noninterest income

 

3,111

 

4,327

Noninterest expense:

 

  

 

  

Salaries and employee benefits

 

14,188

 

14,223

Occupancy expense

 

2,521

 

2,424

Professional and director fees

 

1,703

 

1,152

Data processing and software

1,576

1,222

Regulatory fees

556

103

Advertising, marketing and business development

 

285

 

364

Telephone and communications

463

419

Security and protection expense

 

390

 

374

Amortization of intangibles

 

191

 

221

Other expenses

 

1,412

 

1,587

Total noninterest expense

 

23,285

 

22,089

Net income before income tax expense

 

12,504

 

9,409

Income tax expense

 

2,485

 

1,868

Net income

$

10,019

$

7,541

Earnings per common share

 

  

 

  

Basic

$

0.41

$

0.30

Diluted

$

0.41

$

0.30

See accompanying notes to condensed consolidated financial statements.

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CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in thousands)

Three Months Ended March 31,

    

2021

    

2020

Net income

$

10,019

    

$

7,541

Change in unrealized gains (losses) on securities available for sale arising during the period

 

(4,339)

5,023

Reclassification adjustments for net realized gains included in net income

 

10

Change in related deferred income tax

 

911

(1,058)

Other comprehensive income (loss), net of tax

 

(3,428)

3,975

Total comprehensive income

$

6,591

$

11,516

See accompanying notes to condensed consolidated financial statements.

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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

Balance at December 31, 2019

25,837,048

$

258

$

346,559

$

201,080

 

(857,346)

$

(14,562)

$

2,386

$

535,721

Net income

 

 

 

 

7,541

 

 

 

 

7,541

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

(3,045)

(3,045)

Dividends on common stock, $0.10 per share

 

 

 

 

(2,496)

 

 

 

 

(2,496)

Stock-based compensation expense

 

 

 

557

 

 

 

 

 

557

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

5,232

 

 

(35)

(35)

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

(10)

1,524

26

16

Shares repurchased

(240,445)

(2)

(5,358)

(5,360)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

3,975

 

3,975

Balance at March 31, 2020

25,601,835

$

256

$

341,713

$

203,080

 

(855,822)

$

(14,536)

$

6,361

$

536,874

Balance at December 31, 2020

25,458,816

$

255

$

339,334

$

214,456

 

(845,988)

$

(14,369)

$

6,775

$

546,451

Net income

 

 

 

 

10,019

 

 

 

 

10,019

Dividends on common stock, $0.13 per share

 

 

 

 

(3,196)

 

 

 

 

(3,196)

Stock-based compensation expense

 

 

 

541

 

 

 

 

 

541

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

10,727

 

 

(70)

(70)

Shares repurchased

(181,089)

(2)

(4,966)

(4,968)

Other comprehensive income, net of tax

 

 

 

 

 

 

 

(3,428)

 

(3,428)

Balance at March 31, 2021

25,288,454

$

253

$

334,839

$

221,279

 

(845,988)

$

(14,369)

$

3,347

$

545,349

See accompanying notes to condensed consolidated financial statements.

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CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

Three Months Ended March 31,

    

2021

2020

Cash flows from operating activities:

 

  

Net income

$

10,019

$

7,541

Adjustments to reconcile consolidated net income to net cash provided by operating activities:

 

  

Provision for credit losses

 

412

5,049

Depreciation expense

 

863

775

Amortization of intangibles

 

191

221

Amortization of premiums on securities

 

400

368

Amortization of lease right-to-use assets

385

349

Accretion of lease liabilities

100

133

Earnings on bank-owned life insurance

(390)

(416)

Stock-based compensation expense

 

541

557

Deferred income tax provision

 

611

158

Net gain on sales of assets

 

(192)

(123)

Earnings on securities

 

16

(24)

Change in operating assets and liabilities:

 

Loans held for sale

 

1,900

670

Other assets

 

4,426

(6,625)

Other liabilities

 

(3,382)

1,759

Total adjustments

 

5,881

 

2,851

Net cash provided by operating activities

 

15,900

 

10,392

Cash flows from investing activities:

 

  

Purchases of securities

 

(227,793)

(160,580)

Proceeds from sales, calls and maturities of securities

 

152,530

153,005

Principal repayments of securities

 

18,698

9,522

Net (increase) decrease in loans

 

31,956

(30,168)

Purchases of loan participations

 

(2,500)

Proceeds from sales of Small Business Administration loans

 

374

508

Net contributions to equity investments

 

(134)

(97)

Net purchases of premises and equipment

 

(313)

(143)

Net cash used in investing activities

 

(24,682)

(30,453)

Cash flows from financing activities:

 

  

Net increase in noninterest-bearing deposits

 

144,983

10,680

Net decrease in interest-bearing deposits

 

(62,030)

(70,835)

Net increase in securities sold under agreements to repurchase

 

930

Dividends paid on common stock

 

(2,469)

(2,501)

Payments to tax authorities for stock-based compensation

(70)

(35)

Proceeds from exercise of stock options

16

Repurchase of common stock

(4,968)

(5,360)

Net cash provided by financing activities

 

75,446

(67,105)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

66,664

(87,166)

Cash, cash equivalents and restricted cash, beginning

 

538,007

372,064

Cash, cash equivalents and restricted cash, ending

$

604,671

$

284,898

See accompanying notes to condensed consolidated financial statements.

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CBTX, INC. AND SUBSIDIARY

Notes to Condensed Consolidated Financial Statements

(Unaudited)

NOTE 1: SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of OperationsCBTX, Inc., or the Company or CBTX, operates 35 branches, 19 in the Houston market area, 15 in the Beaumont/East Texas market area and one in Dallas, through its wholly-owned subsidiary, CommunityBank of Texas, N.A., or the Bank. The Bank provides relationship-driven commercial banking products and services primarily to small and mid-sized businesses and professionals with operations within the Bank’s markets.

Basis of PresentationThe accompanying unaudited condensed consolidated financial statements include the accounts of the Company and the Bank. All material intercompany balances and transactions have been eliminated in consolidation.

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States, or GAAP, but do not include all the information and footnotes required for complete consolidated financial statements. In management’s opinion, these interim unaudited condensed consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair statement of the Company’s consolidated financial position at March 31, 2021 and December 31, 2020, consolidated results of operations, consolidated cash flow and consolidated shareholders’ equity for the three months ended March 31, 2021 and 2020.

Accounting measurements at interim dates inherently involve greater reliance on estimates than at year end and the results for the interim periods shown in this report are not necessarily indicative of results to be expected for the full year due in part to global economic and financial market conditions, interest rates, access to sources of liquidity, market competition and interruptions of business processes. These interim unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2020 included within the Company’s Annual Report on Form 10-K.

Reclassification—Within interest expense for 2020, repurchase agreements and note payable and junior subordinated debt have been combined together under the caption “other interest-bearing liabilities”. These reclassifications were made to conform to the 2021 financial statement presentation in the condensed consolidated statements of income.

Share Repurchase Program—During the three months ended March 31, 2021, 181,089 shares were repurchased under the Company’s share repurchase program at an average price of $27.44 per share and during the three months ended March 31, 2020, 240,445 shares were repurchased at an average price of $22.29. Shares repurchased during 2021 and 2020 were retired and returned to the status of authorized but unissued shares.

Accounting Standards Recently Adopted—Accounting standards update, or ASU, 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate, or LIBOR, or another reference rate expected to be discontinued, if certain criteria are met. LIBOR is used as an index rate for a majority of the Company’s interest-rate swaps and 7.5% of the Company’s loans as of March 31, 2021.

If reference rates are discontinued, the existing contracts will be modified to replace the discontinued rate with a replacement rate. For accounting purposes, such contract modifications would have to be evaluated to determine whether the modified contract is a new contract or a continuation of an existing contract. If they are considered new contracts, the previous contract would be extinguished resulting in the acceleration of previously deferred fees and costs. Under one of the optional expedients of ASU 2020-04, modifications of contracts within the scope of Topic 310, Receivables, and 470, Debt, will be accounted for by prospectively adjusting the effective interest rates and no such evaluation is required. When elected, the optional expedient for contract modifications must be applied consistently for all eligible contracts or eligible

6

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transactions. The expedients and exceptions in this update are available to all entities starting March 12, 2020 through December 31, 2022. The Company began modifying LIBOR based loans during 2020 and applied the expedients and exceptions.

Cash Flow Reporting—Historically, the Bank has been required to maintain regulatory reserves with the Federal Reserve Bank of Dallas, or the Federal Reserve Bank. On March 15, 2020, the Board of Governors of the Federal Reserve System announced that it had reduced the required regulatory reserve balance to 0% effective on March 26, 2020 in reaction to the economic dislocation caused by the COVID-19 pandemic.

As of March 31, 2021 and December 31, 2020, the Company had $4.5 million and $8.4 million, respectively, in cash held as collateral on deposit with other financial institution counterparties related to interest rate swap transactions. Reserves maintained with the Federal Reserve Bank and cash held as collateral for interest rate swap transactions are considered restricted cash.

Supplemental disclosures of cash flow information were as follows for the periods indicated below:

March 31, 

(Dollars in thousands)

    

2021

2020

Supplemental disclosures of cash flow information:

 

  

Cash paid for taxes

$

$

Cash paid for interest

1,688

3,944

Supplemental disclosures of non-cash flow information:

Change in liability for dividends accrued

(727)

5

Repossessed real estate and other assets

106

NOTE 2: SECURITIES

The amortized cost, related gross unrealized gains and losses and fair values of investments in securities as of the dates shown below were as follows:

Gross

Gross

Amortized

Unrealized

Unrealized

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Fair Value

March 31, 2021

 

  

 

  

 

  

 

  

Debt securities available for sale:

 

  

 

  

 

  

 

  

State and municipal securities

$

103,358

$

3,391

$

(564)

$

106,185

U.S. Treasury securities

11,878

(57)

11,821

U.S. agency securities:

 

 

 

 

  

Callable debentures

3,000

(49)

2,951

Collateralized mortgage obligations

 

34,166

 

233

 

(405)

 

33,994

Mortgage-backed securities

 

131,275

 

2,725

 

(1,036)

 

132,964

Equity securities

 

1,180

 

 

(4)

 

1,176

Total

$

284,857

$

6,349

$

(2,115)

$

289,091

December 31, 2020

Debt securities available for sale:

 

  

 

  

 

  

 

  

State and municipal securities

$

88,741

$

4,296

$

$

93,037

U.S. agency securities:

 

 

 

 

  

Collateralized mortgage obligations

 

35,085

 

347

 

(30)

 

35,402

Mortgage-backed securities

 

103,686

 

3,963

 

 

107,649

Equity securities

 

1,176

 

17

 

 

1,193

Total

$

228,688

$

8,623

$

(30)

$

237,281

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The amortized cost and estimated fair value of securities, by contractual maturities, as of the dates shown below were as follows:

(Dollars in thousands)

    

1 Year or Less

    

After 1 Year to 5 Years

    

After 5 Years to 10 Years

    

After 10 Years

Total