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Spirit of Texas Bancshares (NASDAQ: STXB) reported a net income of $10.1 million for Q1 2021, a significant increase from $4.1 million in Q1 2020, with diluted EPS of $0.58 compared to $0.22. The company originated 1,301 PPP loans worth $148.9 million, contributing to its robust financial performance. The net interest margin declined to 3.94%, while net interest income rose by 17% to $27.8 million. Total deposits reached $2.60 billion, up 5.6% from the previous quarter. Asset quality remained strong, with low nonperforming loans at 0.41%.
Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) will release its 2021 first quarter financial results on April 21, 2021, after market close. A conference call is scheduled for April 22, 2021, at 10:00 a.m. Eastern Time to discuss these results. Participants can join via phone or online. A replay will be available until April 29, 2021. Spirit of Texas Bank operates in multiple Texas metropolitan areas, providing commercial banking services tailored for businesses and individuals.
Spirit of Texas Bancshares (NASDAQ: STXB) announced a quarterly cash dividend of $0.09 per share, to be distributed on March 29, 2021, for shareholders of record by March 25, 2021. The announcement reflects the company's commitment to returning value to its investors amidst various market conditions. This dividend payout follows the company's ongoing efforts to strengthen its financial position and supports investor confidence in the bank's operational stability.
Spirit of Texas Bancshares (NASDAQ: STXB) reported a net income of $12.5 million in Q4 2020, with EPS of $0.72, up from $6.2 million and $0.35 in Q4 2019. This growth was aided by $4.5 million from PPP loans and a $3.7 million gain from Main Street loans. The net interest margin was 4.36%, and deposits rose 7.5% to $2.46 billion. The company increased its cash dividend to $0.09, reflecting financial stability despite challenges from COVID-19.
Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) will release its 2020 fourth quarter and year-end financial results on January 25, 2021, after the market closes. A conference call to discuss these results is set for January 26, 2021, at 10:00 a.m. Eastern Time. Investors can join via phone or online. A replay will be available until February 2, 2021. For more information, visit www.sotb.com.
Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) announced the completion of the sale of its Jacksboro branch to First State Bank on January 8, 2021. The transaction involved the sale of approximately $3.5 million in loans and $5.7 million in deposits, along with the real estate of the branch. CEO Dean Bass expressed confidence in the partnership with First State Bank, highlighting shared community values. The sale aims to enhance client and community service, although it introduces potential risks including delays in operational conversion and realization of expected benefits.
Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) announced a quarterly cash dividend of $0.09 per share on December 17, 2020, representing a 29% increase from the previous quarter's dividend. The dividend is scheduled to be paid on January 19, 2021, to shareholders of record by January 5, 2021. This increase reflects the company's strong financial performance and commitment to returning value to shareholders.
Spirit of Texas Bancshares (NASDAQ: STXB) appointed Allison S. Johnson as Executive Vice President and Chief Financial Officer, effective November 19, 2020. Johnson, who has been the Interim CFO since January 2020, brings extensive experience in financial reporting from her previous roles at PricewaterhouseCoopers and Florida Community Bank. Chairman Dean O. Bass expressed confidence in her capabilities, highlighting her contributions to the bank's growth. Spirit of Texas Bank operates 38 locations across major Texas metropolitan areas.
Spirit of Texas Bancshares reported a net income of $7.1 million with diluted EPS of $0.41 for Q3 2020, up from $5.3 million and $0.34 in Q3 2019. Key highlights include the first cash dividend of $0.07 per share and a 9.91% Tier 1 leverage ratio. Gross loans increased 1.0% from Q2 2020 to $2.45 billion, with a 0.36% nonperforming loan ratio. Total deposits were $2.29 billion, down 5.3% from Q2, but up 44.3% year-over-year. Noninterest income rose to $4.8 million, while expenses increased by 19.8% to $19.3 million.
Spirit of Texas Bancshares (NASDAQ: STXB) will announce its third-quarter financial results for 2020 on October 20, 2020, after market close. Management will host a conference call on October 21, 2020, at 10:00 a.m. ET to discuss these results. Interested parties can join by phone or via the webcast. A replay of the call will be available until October 28, 2020. Spirit of Texas Bancshares, through its bank subsidiary, offers a range of commercial banking services across multiple Texas metropolitan areas.
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