Spirit of Texas Bancshares 8K Reports First Quarter 2018 Financial Results | STXB 31 May 18

EXHIBIT 99.1

Spirit of Texas Bancshares, Inc. Reports First Quarter 2018 Financial Results

CONROE, Texas, May 31, 2018 (GLOBE NEWSWIRE) -- Spirit of Texas Bancshares, Inc. (NASDAQ:STXB) (the “Bank”), the bank holding company for Spirit of Texas Bank, today reported its results for its first quarter ended March 31, 2018.

Completed successful Initial Public Offering on May 4, 2018.
Net income increased to $2.0 million in the first quarter 2018 compared to $219 thousand in the first quarter 2017. Adjusted net income⁽¹⁾ increased to $2.5 million in the first quarter 2018 compared to $1.2 million in the first quarter 2017.
Diluted earnings per share were $0.27 in the first quarter 2018 compared to $0.03 in the first quarter 2017. Adjusted diluted earnings per share⁽¹⁾ were $0.33 in the first quarter 2018 compared to $0.17 in the first quarter 2017.
Reported and Tax Equivalent Net Interest Margin⁽¹⁾ were 4.41% and 4.46%, respectively, for the first quarter 2018, compared to 3.83% and 3.92%, respectively, for the first quarter of 2017.
Reported and Adjusted Return on Average Assets⁽¹⁾⁽²⁾ were 0.79% and 0.99%, respectively, for the first quarter 2018, compared to 0.09% and 0.51%, respectively, for the first quarter of 2017.
Reported and Adjusted Return on Average Stockholders’ Equity⁽¹⁾⁽²⁾ were 8.09% and 10.10%, respectively, for the first quarter 2018, compared to 0.95% and 5.40%, respectively, for the first quarter of 2017.
Reported and Adjusted Efficiency ratio⁽¹⁾ were 78.08% and 72.88%, respectively, for the first quarter 2018, compared to 91.34% and 75.40%, respectively, for the first quarter of 2017.
Book value per share was $13.76 in the first quarter 2018 compared to $13.62 in the fourth quarter 2017. Tangible book value per share⁽¹⁾ was $12.71 in the first quarter 2018 compared to $12.52 in the fourth quarter 2017.

Dean Bass, Spirit of Texas Bancshares’ Chairman and Chief Executive Officer, stated, “We are pleased to report strong first quarter results that represented improved profitability and continued organic growth for the Bank. We have a proven, efficient and successful business model that provides for growth in securing new banking relationships while realizing further growth with our existing commercial and consumer customers as their operations expand. We will continue to leverage our suite of loan, deposit, and online banking products at competitive rates to complement commercial and consumer banking needs.

“Subsequent to the first quarter, we are extremely pleased that our Company’s common stock began trading on the NASDAQ Global Select Market under the ticker symbol STXB on May 4^th,” continued Bass. “Our initial public offering totaled 2,300,000 million shares, which was oversubscribed and upsized, generating net proceeds of approximately $42.6 million. We were delighted with the strong support we received from investors during the IPO process and with the quality of our new shareholders. We would like to thank our employees, customers and legacy shareholders for their trust and confidence and we look forward to their continued support as we begin our next chapter as a public company.

“For the past 10 years, Spirit of Texas Bank has proudly served the citizens of the great State of Texas in our full-service banking centers and we are excited to have reached this significant milestone in the Company’s history. We believe our public listing validates our business plan and allows us to capitalize on additional financial, operational and acquisition opportunities as we continue to serve our valued customers,” added Bass.

Loan Portfolio and Composition

During the quarter, the loan portfolio, gross of the allowance for loan losses, grew by $13.0 million to $882.1 million at March 31, 2018, an increase of 1.5% from $869.1 million as of December 31, 2017. Loan growth during the first quarter of 2018 was distributed among our commercial and industrial and real estate portfolios. The Company believes it is well-positioned for diversified loan growth based on our strategic presence in the Houston and Dallas/Fort Worth metropolitan areas, which are expected to continue to benefit from favorable economic conditions.

Asset Quality

The provision for loan losses recorded for the first quarter of 2018 was $339 thousand. The provision for loan losses served to increase the allowance to $5.7 million, or 0.65% of the $882.1 million in loans outstanding. The nonperforming loans to loans held for investment ratio as of March 31, 2018 was 0.44%.

Deposits and Borrowings

Deposits totaled $841.0 million as of March 31, 2018, an increase of 0.7% from $835.4 million as of December 31, 2017. During the first quarter of 2018, demand deposits increased by $1.7 million, or 1.0%, from December 31, 2017. Demand deposits represent 21.2% of total deposits as of March 31, 2018 and December 31, 2017. The average cost of deposits was 85 basis points for the first quarter of 2018, representing a 7-basis point increase from the first quarter of 2017.

Net Interest Margin and Net Interest Income

The net interest margin for the first quarter of 2018 was 4.41%, an increase of 58 basis points from the first quarter of 2017. The tax equivalent net interest margin for the first quarter of 2018 was 4.46%, an increase of 54 basis points from the first quarter of 2017. The increase from the first quarter of 2017 was due primarily to the impact of an increase in interest rates by the Federal Open Market Committee during 2017 as well as an increase of average interest-earning assets of $23.7 million.

Net interest income totaled $10.4 million in the first quarter of 2018, an increase of 18.3% from $8.8 million in the first quarter of 2017. Interest income totaled $12.7 million for the first quarter of 2018, an increase of 17.7% from $10.8 million in the first quarter of 2017. Interest and fees on loans increased by $1.8 million, or 17.7%, from the first quarter of 2017 due to growth in the loan portfolio and the impact of an increase in interest rates by the Federal Open Market Committee during 2017. Interest expense was $2.3 million for the first quarter of 2018, an increase of 15.0% from $2.0 million in the first quarter of 2017. The increase from the first quarter of 2017 was primarily due to an increase in the rate paid on interest-bearing liabilities of 13 basis points.

Noninterest Income and Noninterest Expense

Noninterest income totaled $2.6 million for the first quarter of 2018 as compared to $2.1 million for the first quarter of 2017. The primary components of noninterest income for the quarter were gain on sales of loans, net and SBA loan servicing fees of $1.5 million and $624 thousand, respectively.

Noninterest expense totaled $10.1 million for the first quarter of 2018, an increase of 2.2% from $9.9 million in the first quarter of 2017. For the quarter, the Company recorded nonrecurring expenses of $475 thousand related to bonuses paid to Executive Management for services rendered to the Company and the Bank since inception.

Financial Position

Capital ratios continue to be strong and in excess of regulatory requirements. Our tangible equity to tangible assets⁽¹⁾, Tier 1 leverage, and total risk-based capital ratios were 9.23%, 9.10% and 11.12% for the first quarter of 2018 respectively, compared to 8.92%, 8.71% and 10.72% for the fourth quarter of 2017, respectively. Stockholders’ equity totaled $103.0 million as of March 31, 2018, an increase of 3.9% from $99.1 million as of December 31, 2017 due to net income of $2.0 million and the exercise of stock options and warrants of $2.2 million. Tangible book value per common share⁽¹⁾ is $12.71 as of March 31, 2018.

_______________________________________________________

⁽¹⁾ Adjusted Net Income, Adjusted Diluted Earnings Per Share, Tax Equivalent Net Interest Margin, Adjusted Return on Average Assets, Adjusted Return on Average Stockholders’ Equity, Adjusted Efficiency Ratio, Tangible Book Value Per Share, and Tangible Equity to Tangible Assets Ratio are all non-GAAP measures. Please see a reconciliation to the nearest respective GAAP measures at the end of this news release.
⁽²⁾ Presented on an annualized basis.

Conference Call

Spirit of Texas Bancshares has scheduled a conference call to discuss its first quarter 2018 results, which will be broadcast live over the Internet, on Friday, June 1, 2018 at 10:00 a.m. Eastern Time / 9:00 a.m. Central Time. To participate in the call, dial 201-389-0867 and ask for the Spirit of Texas call at least 10 minutes prior to the start time, or access it live over the Internet at http://ir.sotb.com/events-presentations. For those who cannot listen to the live call, a replay will be available through June 8, 2018 and may be accessed by dialing 201-612-7415 and using pass code 13680341#. Also, an archive of the webcast will be available shortly after the call at http://ir.sotb.com/events-presentations for 90 days.

About Spirit of Texas Bancshares, Inc.

Spirit of Texas Bancshares is the bank holding company for Spirit of Texas Bank, a state savings bank with total assets of $1.04 billion, headquartered in Conroe, Texas that delivers relationship-driven financial services to small and medium-sized businesses and individuals through 15 full‑service branches located primarily in the Houston, Dallas/Fort Worth and Bryan/College Station metropolitan areas. Please visit https://www.sotb.com for more information.

Forward-Looking Statements

This release may contain “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Any statements about our expectations, beliefs, plans, strategies, predictions, forecasts, objectives or assumptions of future events or performance are not historical facts and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as “anticipates,” “believes,” “expects,” “can,” “could,” “may,” “predicts,” “potential,” “opportunity,” “should,” “will,” “estimate,” “plans,” “projects,” “continuing,” “ongoing,” “expects,” “seeks,” “intends” and similar words or phrases. Accordingly, these statements involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual strategies, actions or results to differ materially from those expressed in them, and are not guarantees of timing, future results or other events or performance. Because forward-looking statements are necessarily only estimates of future strategies, actions or results, based on management’s current expectations, assumptions and estimates on the date hereof, and there can be no assurance that actual strategies, actions or results will not differ materially from expectations, you are cautioned not to place undue reliance on such statements. Additional information regarding certain risks, uncertainties and other factors that could cause actual strategies, actions and results to differ materially from those contemplated in forward-looking statements is included from time to time in our filings with the SEC, including under the heading “Risk Factors” in our prospectus filed with the Securities and Exchange Commission (SEC) pursuant to Rule 424(b) of the Securities Act of 1933, as amended (Securities Act), on May 4, 2018. Any forward-looking statement speaks only as of the date on which it is made, and Spirit of Texas Bancshares, Inc. undertakes no obligation to update any forward-looking statement, whether to reflect events or circumstances after the date on which the statement is made, to reflect new information or the occurrence of unanticipated events, or otherwise.


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Consolidated Statements of Income
(Unaudited)



	Three Months Ended March 31,
	2018			2017
	(Dollars in thousands, except per share data)
Interest income:
Interest and fees on loans	$	12,291		$	10,445
Interest and dividends on investment securities		214			-
Other interest income		148			306
Total interest income		12,653			10,751
Interest expense:
Interest on deposits		1,731			1,585
Interest on FHLB advances and other borrowings		541			391
Total interest expense		2,272			1,976
Net interest income		10,381			8,775
Provision for loan losses		339			550
Net interest income after provision for loan losses		10,042			8,225
Noninterest income:
Service charges and fees		357			384
SBA loan servicing fees		624			546
Mortgage referral fees		156			130
Gain on sales of loans, net		1,474			1,030
Gain (loss) on sales of other assets		(32	)		(22	)
Other noninterest income		9			7
Total noninterest income		2,588			2,075
Noninterest expense:
Salaries and employee benefits		6,858			6,604
Occupancy and equipment expenses		1,236			1,201
Loan and other real estate related expenses		63			123
Professional services		311			273
Data processing and network		313			269
Regulatory assessments and insurance		255			232
Amortization of intangibles		176			176
Advertising		115			127
Marketing		118			131
Telephone expense		98			135
Other operating expenses		583			639
Total noninterest expense		10,126			9,910
Income before income tax expense		2,504			390
Income tax expense		491			171
Net income	$	2,013		$	219

Earnings per common share:
Basic	$	0.27		$	0.03
Diluted	$	0.27		$	0.03

Weighted average common shares outstanding:
Basic		7,348,992			7,099,941
Diluted		7,543,606			7,406,228


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Consolidated Balance Sheets
(Unaudited)

			As of
			March 31, 2018			December 31, 2017
			(Dollars in thousands)
Assets:
Cash and due from banks			$	18,786		$	19,054
Interest-bearing deposits in other banks				33,509			38,895
		Total cash and cash equivalents		52,295			57,949
Time deposits in other banks				245			245
Investment securities:
	Available for sale securities, at fair value			35,802			37,243
		Total investment securities		35,802			37,243
Loans held for sale				4,530			3,814
Loans:
Loans held for investment				882,101			869,119
Less: allowance for loan and lease losses				(5,727	)		(5,652	)
	Loans, net			876,374			863,467
Premises and equipment, net				43,343			42,189
Accrued interest receivable				3,115			3,466
Other real estate owned and repossessed assets				268			21
Goodwill				4,485			4,485
Core deposit intangible				3,311			3,486
SBA servicing asset				3,512			3,411
Deferred tax asset, net				1,588			1,480
Bank-owned life insurance				480			479
Federal Home Loan Bank and other bank stock, at cost				4,802			4,812
Other assets				5,328			3,751
		Total assets	$	1,039,478		$	1,030,298
Liabilities and Stockholders' Equity
Liabilities:
Deposits:
	Transaction accounts:
		Noninterest-bearing	$	178,457		$	176,726
		Interest-bearing		235,831			250,491
		Total transaction accounts		414,288			427,217
	Time deposits			426,675			408,151
		Total deposits		840,963			835,368
Accrued interest payable				424			407
Short-term borrowings				15,000			15,000
Long-term borrowings				75,203			76,411
Other liabilities				4,909			3,973
		Total liabilities		936,499			931,159
Stockholders' Equity:
Preferred stock				-			-
Common stock				84,952			82,615
Retained earnings				19,038			17,025
Accumulated other comprehensive income (loss)				(1,011	)		(501	)
		Total stockholders' equity		102,979			99,139
		Total liabilities and stockholders' equity	$	1,039,478		$	1,030,298


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Loan Composition
(Unaudited)


	As of
	March 31, 2018		December 31, 2017
	(Dollars in thousands)
Loans:
Commercial and industrial loans (1)	$	137,400	$	135,040
Real estate:
1-4 single family residential loans		238,382		232,510
Construction, land and development loans		143,646		139,470
Commercial real estate loans (including multifamily)		289,571		285,731
Consumer loans and leases		20,824		22,736
Municipal and other loans		52,278		53,632
Total loans held in portfolio	$	882,101	$	869,119

(1) Balance includes $70.1 million and $67.1 million of the unguaranteed portion of SBA loans as of March 31, 2018 and December 31, 2017, respectively.


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Deposit Composition
(Unaudited)


	As of
	March 31, 2018		December 31, 2017
	(Dollars in thousands)
Deposits:
Noninterest-bearing demand deposits	$	178,457	$	176,726
Interest-bearing NOW accounts		9,475		7,318
Savings and money market accounts		226,356		243,173
Time deposits		426,675		408,151
Total deposits	$	840,963	$	835,368


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Average Balances and Yields
(Unaudited)

	Three Months Ended March 31,
	2018						2017
	Average Balance (1)		Interest/ Expense		Annualized Yield/Rate		Average Balance (1)		Interest/ Expense		Annualized Yield/Rate
	(Dollars in thousands)
Interest-earning assets:
Interest-earning deposits in other banks	$	27,843	$	124	1.80	%	$	145,358	$	280	0.78	%
Loans, including loans held for sale (2)		884,521		12,291	5.64	%		779,993		10,445	5.43	%
Investment securities and other		41,385		238	2.33	%		4,747		26	2.25	%
Total interest-earning assets		953,749		12,653	5.38	%		930,098		10,751	4.69	%
Noninterest-earning assets		75,945						60,619
Total assets	$	1,029,694					$	990,717
Interest-bearing liabilities:
Interest-bearing NOW accounts	$	7,749	$	3	0.15	%	$	7,622	$	3	0.15	%
Savings and money market accounts		235,424		342	0.59	%		228,094		330	0.59	%
Time deposits		417,016		1,386	1.35	%		427,893		1,252	1.19	%
FHLB advances and other borrowings		93,509		541	2.35	%		71,158		391	2.23	%
Total interest-bearing liabilities		753,698		2,272	1.22	%		734,767		1,976	1.09	%
Noninterest-bearing liabilities and shareholders' equity:
Noninterest-bearing demand deposits		169,688						159,489
Other liabilities		5,392						2,754
Stockholders' equity		100,916						93,707
Total liabilities and stockholders' equity	$	1,029,694					$	990,717
Net interest rate spread					4.16	%					3.60	%
Net interest income and margin			$	10,381	4.41	%			$	8,775	3.83	%
Net interest income and margin (tax equivalent)(3)			$	10,497	4.46	%			$	8,996	3.92	%

(1) Average balances presented are derived from daily average balances.
(2) Includes loans on nonaccrual status.
(3) In order to make pretax income and resultant yields on tax-exempt loans comparable to those on taxable loans, a tax-equivalent adjustment has been computed using a federal tax rate of 21% and 34% for the three months ended March 31, 2018 and 2017, respectively.

Non-GAAP Financial Measures

Our accounting and reporting policies conform to GAAP, and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional financial measures discussed in this release as being a non-GAAP financial measures. We classify a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are included or excluded, as the case may be, in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. Non-GAAP financial measures do not include operating and other statistical measures or ratios or statistical measures calculated using exclusively financial measures calculated in accordance with GAAP.

The non-GAAP financial measures that we discuss in this release should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which we calculate the non-GAAP financial measures that we discuss in this release may differ from that of other banking organizations reporting measures with similar names. You should understand how such other banking organizations calculate their financial measures similar or with names similar to the non-GAAP financial measures we have discussed in this release when comparing such non-GAAP financial measures.


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Diluted Earnings Per Share
(Unaudited)

	As of or for the Three Months Ended March 31,
	2018			2017
	(Dollars in thousands, except per share data)
Basic and diluted earnings per share - GAAP basis:
Net income	$	2,013		$	219
Less:
Participated securities share of undistributed earnings		-			4
Net income available to common stockholders	$	2,013		$	215
Weighted average number of common shares - basic		7,348,992			7,099,941
Weighted average number of common shares - diluted		7,543,606			7,406,228
Basic earnings per common share	$	0.27		$	0.03
Diluted earnings per common share	$	0.27		$	0.03
Basic and diluted earnings per share - Non-GAAP basis:
Net income	$	2,013		$	219
Pre-tax adjustments:
Noninterest income
Gain (loss) on sales of other assets		(32	)		(22	)
Gain (loss) on sales of investment securities
Noninterest expense
Salaries and employee benefits		475			1,357
Professional services		-			180
Taxes:
Tax effect of adjustments		(6	)		(530	)
Adjusted net income	$	2,514		$	1,248
Weighted average number of common shares - basic		7,348,992			7,099,941
Weighted average number of common shares - diluted		7,543,606			7,406,228
Basic earnings per common share - Non-GAAP basis	$	0.34		$	0.18
Diluted earnings per common share - Non-GAAP basis	$	0.33		$	0.17


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Net Interest Margin on a Fully Taxable Equivalent Basis
(Unaudited)

	As of or for the Three Months Ended March 31,
	2018			2017
	(Dollars in thousands, except per share data)
Net interest margin - GAAP basis:
Net interest income	$	10,381		$	8,775
Average interest-earning assets		953,749			930,098
Net interest margin		4.41	%		3.83	%
Net interest margin - Non-GAAP basis:
Net interest income	$	10,381		$	8,775
Plus:
Impact of fully taxable equivalent adjustment		116			221
Net interest income on a fully taxable equivalent basis	$	10,497		$	8,996
Average interest-earning assets		953,749			930,098
Net interest margin on a fully taxable equivalent basis - Non-GAAP basis		4.46	%		3.92	%


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Return on Average Assets
(Unaudited)

	As of or for the Three Months Ended March 31,
	2018			2017
	(Dollars in thousands)
Return on average assets - GAAP basis:
Net income	$	2,013		$	219
Average assets		1,029,694			990,717
Return on average assets (annualized)		0.79	%		0.09	%
Return on average assets - Non-GAAP basis:
Net income	$	2,013		$	219
Pre-tax adjustments:
Noninterest income
Gain (loss) on sales of other assets		(32	)		(22	)
Noninterest expense
Salaries and employee benefits		475			1,357
Professional services		-			180
Taxes:
Tax effect of adjustments		(6	)		(530	)
Adjusted net income	$	2,514		$	1,248
Average assets		1,029,694			990,717
Return on average assets - Non-GAAP basis (annualized)		0.99	%		0.51	%


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Return on Average Stockholders' Equity
(Unaudited)

	As of or for the Three Months Ended March 31,
	2018			2017
	(Dollars in thousands)
Return on average stockholders' equity - GAAP basis:
Net income	$	2,013		$	219
Average stockholders' equity		100,916			93,707
Return on average stockholders' equity (annualized)		8.09	%		0.95	%
Return on average stockholders' equity - Non-GAAP basis:
Net income	$	2,013		$	219
Pre-tax adjustments:
Noninterest income
Gain (loss) on sales of other assets		(32	)		(22	)
Noninterest expense
Salaries and employee benefits		475			1,357
Professional services		-			180
Taxes:
Tax effect of adjustments		(6	)		(530	)
Adjusted net income	$	2,514		$	1,248
Average stockholders' equity		100,916			93,707
Return on average stockholders' equity - Non-GAAP basis (annualized)		10.10	%		5.40	%

SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Efficiency Ratio
(Unaudited)

	As of or for the Three Months Ended March 31,
		2018			2017
	(Dollars in thousands)
Efficiency ratio - GAAP basis:
Noninterest expense (numerator)	$	10,126		$	9,910
Net interest income plus noninterest income (denominator)		12,969			10,850
Efficiency ratio - GAAP basis		78.08	%		91.34	%
Efficiency ratio - Non-GAAP basis:
Noninterest expense	$	10,126		$	9,910
Less:
Amortization of intangibles		176			176
Salaries and employee benefits		475			1,357
Professional services		-			180
Adjusted noninterest expense (numerator)	$	9,475		$	8,197
Net interest income		10,381			8,775
Noninterest income		2,588			2,075
Less:
Gain (loss) on sales of other assets		(32	)		(22	)
Adjusted operating revenue (denominator)	$	13,001		$	10,872

Efficiency Ratio - Non-GAAP basis		72.88	%		75.40	%


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Tangible Book Value Per Share
(Unaudited)

	As of
	March 31, 2018		December 31, 2017
	(Dollars in thousands, except per share data)
Total stockholders' equity	$	102,979	$	99,139
Less:
Goodwill and other intangible assets		7,796		7,971
Tangible stockholders' equity	$	95,183	$	91,168
Shares outstanding		7,486,611		7,280,183
Book value per share	$	13.76	$	13.62
Less:
Goodwill and other intangible assets per share		1.05		1.10
Tangible book value per share	$	12.71	$	12.52


SPIRIT OF TEXAS BANCSHARES, INC. AND SUBSIDIARY
Reconciliation of Non-GAAP Financial Measures - Tangible Equity to Tangible Assets
(Unaudited)

	As of
	March 31, 2018			December 31, 2017
	(Dollars in thousands)
Total stockholders' equity to total assets - GAAP basis:
Total stockholders' equity (numerator)	$	102,979		$	99,139
Total assets (denominator)		1,039,478			1,030,298
Total stockholders' equity to total assets		9.91	%		9.62	%
Tangible equity to tangible assets - Non-GAAP basis:
Tangible equity:
Total stockholders' equity	$	102,979		$	99,139
Less:
Goodwill and other intangible assets		7,796			7,971
Total tangible common equity (numerator)	$	95,183		$	91,168
Tangible assets:
Total assets		1,039,478			1,030,298
Less:
Goodwill and other intangible assets		7,796			7,971
Total tangible assets (denominator)	$	1,031,682		$	1,022,327

Tangible equity to tangible assets		9.23	%		8.92	%

Contacts:
Dennard Lascar Investor Relations
Ken Dennard / Natalie Hairston
(713) 529-6600
STXB@dennardlascar.com

Spirit of Texas Bancshares (STXB) 8-KSpirit of Texas Bancshares, Inc. Reports First Quarter 2018 Financial Results