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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, 2022

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 25, 2022, there were 24,606,405 shares of the registrant’s common stock, par value $0.01 per share outstanding, including 104,225 shares of unvested restricted stock deemed to have beneficial ownership.

CBTX, INC.

Page

PART I — FINANCIAL INFORMATION

Item 1.

Financial Statements – (Unaudited)

1

Condensed Consolidated Balance Sheets as of March 31, 2022 and December 31, 2021

1

Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2022 and 2021

2

Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2022 and 2021

3

Condensed Consolidated Statements of Changes in Shareholders’ Equity for the Three Months Ended March 31, 2022 and 2021

4

Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2022 and 2021

5

Notes to Condensed Consolidated Financial Statements

6

Item 2.

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

35

Cautionary Note Regarding Forward-Looking Statements

35

Overview

38

Impact and Uncertain Economic Outlook

39

Results of Operations

40

Financial Condition

44

Liquidity and Capital Resources

52

Interest Rate Sensitivity and Market Risk

55

Non-GAAP Financial Measures

56

Critical Accounting Policies

57

Recently Issued Accounting Pronouncements

57

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

57

Item 4.

Controls and Procedures

58

PART II — OTHER INFORMATION

Item 1.

Legal Proceedings

58

Item 1A.

Risk Factors

58

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

58

Item 3.

Defaults Upon Senior Securities

59

Item 4.

Mine Safety Disclosures

59

Item 5.

Other Information

59

Item 6.

Exhibits

60

SIGNATURES

62

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, 2022

    

December 31, 2021

Assets:

 

  

 

  

Cash and due from banks

$

47,718

$

27,689

Interest-bearing deposits at other financial institutions

 

723,273

 

922,457

Total cash and cash equivalents

 

770,991

 

950,146

Securities

 

547,979

 

425,046

Equity investments

 

17,101

 

17,727

Loans held for sale

 

748

 

164

Loans, net of allowance for credit losses of $31,442 and $31,345 at March 31, 2022 and December 31, 2021, respectively

 

2,848,438

 

2,836,179

Premises and equipment, net of accumulated depreciation of $38,912 and $39,196 at March 31, 2022 and December 31, 2021, respectively

 

56,665

 

58,417

Goodwill

 

80,950

 

80,950

Other intangible assets, net of accumulated amortization of $17,526 and $17,345 at March 31, 2022 and December 31, 2021, respectively

 

3,540

 

3,658

Bank-owned life insurance

 

73,527

 

73,156

Operating lease right-to-use assets

10,850

11,191

Deferred tax assets, net

 

16,724

 

9,973

Other assets

 

18,464

 

19,394

Total assets

$

4,445,977

$

4,486,001

Liabilities:

 

  

 

  

Noninterest-bearing deposits

$

1,801,323

$

1,784,981

Interest-bearing deposits

 

2,019,902

 

2,046,303

Total deposits

 

3,821,225

 

3,831,284

Federal Home Loan Bank advances

50,000

50,000

Operating lease liabilities

13,752

14,142

Other liabilities

 

21,277

 

28,450

Total liabilities

 

3,906,254

 

3,923,876

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, 25,338,008 and 25,323,558 shares issued at March 31, 2022 and December 31, 2021, respectively; 24,502,180 and 24,487,730 shares outstanding at March 31, 2022 and December 31, 2021, respectively

 

253

 

253

Additional paid-in capital

 

336,214

 

335,846

Retained earnings

 

244,672

 

237,165

Treasury stock, at cost, 835,828 shares held at both March 31, 2022 and December 31, 2021

 

(14,196)

 

(14,196)

Accumulated other comprehensive income (loss), net of tax of $(7,236) and $813 at March 31, 2022 and December 31, 2021, respectively

 

(27,220)

 

3,057

Total shareholders’ equity

 

539,723

 

562,125

Total liabilities and shareholders’ equity

$

4,445,977

$

4,486,001

See accompanying notes to condensed consolidated financial statements.

1

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Income (Unaudited)

(Dollars in thousands, except per share amounts)

Three Months Ended March 31,

    

2022

    

2021

Interest income:

 

  

 

  

Interest and fees on loans

$

31,221

$

33,165

Securities

 

2,292

 

1,173

Interest-bearing deposits at other financial institutions

 

348

 

177

Equity investments

154

146

Total interest income

 

34,015

 

34,661

Interest expense:

 

  

 

  

Deposits

 

1,164

 

1,350

Federal Home Loan Bank advances

 

221

 

221

Total interest expense

 

1,385

 

1,571

Net interest income

 

32,630

 

33,090

Provision for credit losses:

 

 

Provision for credit losses for loans

20

286

Provision for credit losses for unfunded commitments

415

126

Total provision for credit losses

435

412

Net interest income after provision for credit losses

 

32,195

 

32,678

Noninterest income:

 

  

 

  

Deposit account service charges

 

1,370

 

1,193

Card interchange fees

 

1,037

 

976

Earnings on bank-owned life insurance

 

371

 

390

Net gain on sales of assets

 

530

 

192

Other

 

2,021

 

360

Total noninterest income

 

5,329

 

3,111

Noninterest expense:

 

  

 

  

Salaries and employee benefits

 

15,254

 

14,188

Occupancy expense

 

2,371

 

2,521

Professional and director fees

 

879

 

1,703

Data processing and software

1,763

1,576

Regulatory fees

614

556

Advertising, marketing and business development

 

249

 

285

Telephone and communications

454

463

Security and protection expense

 

324

 

390

Amortization of intangibles

 

181

 

191

Other expenses

 

2,563

 

1,412

Total noninterest expense

 

24,652

 

23,285

Net income before income tax expense

 

12,872

 

12,504

Income tax expense

 

2,277

 

2,485

Net income

$

10,595

$

10,019

Earnings per common share

 

  

 

  

Basic

$

0.43

$

0.41

Diluted

$

0.43

$

0.41

See accompanying notes to condensed consolidated financial statements.

2

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(Dollars in thousands)

Three Months Ended March 31,

    

2022

2021

Net income

$

10,595

$

10,019

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

(38,325)

(4,339)

Change in related deferred income tax

8,048

911

Other comprehensive income (loss), net of tax

(30,277)

(3,428)

Total comprehensive income (loss)

$

(19,682)

$

6,591

See accompanying notes to condensed consolidated financial statements.

3

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, 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 loss, 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

Balance at December 31, 2021

25,323,558

$

253

$

335,846

$

237,165

 

(835,828)

$

(14,196)

$

3,057

$

562,125

Net income

 

 

 

 

10,595

 

 

 

 

10,595

Dividends on common stock, $0.13 per share

 

 

 

 

(3,088)

 

 

 

 

(3,088)

Stock-based compensation expense

 

 

 

483

 

 

 

 

 

483

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

14,450

 

 

(115)

(115)

Other comprehensive loss, net of tax

 

 

 

 

 

 

 

(30,277)

 

(30,277)

Balance at March 31, 2022

25,338,008

$

253

$

336,214

$

244,672

 

(835,828)

$

(14,196)

$

(27,220)

$

539,723

See accompanying notes to condensed consolidated financial statements.

4

CBTX, INC. AND SUBSIDIARY

Condensed Consolidated Statements of Cash Flows (Unaudited)

(Dollars in thousands)

Three Months Ended March 31,

    

2022

2021

Cash flows from operating activities:

 

  

Net income

$

10,595

$

10,019

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

 

  

Provision for credit losses

 

435

412

Depreciation expense

 

840

863

Amortization of intangibles

 

181

191

Amortization of premiums on securities

 

298

400

Amortization of lease right-to-use assets

341

385

Accretion of lease liabilities

86

100

Earnings on bank-owned life insurance

(371)

(390)

Stock-based compensation expense

 

483

541

Deferred income tax provision

 

1,297

611

Net gain on sales of assets

 

(530)

(192)

Net loss on securities

 

52

16

Change in operating assets and liabilities:

 

Loans held for sale

 

(184)

1,900

Other assets

 

930

4,426

Other liabilities

 

(7,949)

(3,382)

Total adjustments

 

(4,091)

 

5,881

Net cash provided by operating activities

 

6,504

 

15,900

Cash flows from investing activities:

 

  

Purchases of securities

 

(324,328)

(227,793)

Proceeds from sales, calls and maturities of securities

 

151,385

152,530

Principal repayments of securities

 

11,335

18,698

Net decrease in loans

 

17,334

31,956

Net purchases of loan participations

 

(32,415)

Proceeds from sales of Small Business Administration loans

 

2,802

374

Net return of capital (contributions) to equity investments

 

1,843

(134)

Net purchases of premises and equipment

 

(238)

(313)

Net cash used in investing activities

 

(172,282)

(24,682)

Cash flows from financing activities:

 

  

Net increase in noninterest-bearing deposits

 

16,342

144,983

Net increase in interest-bearing deposits

 

(26,401)

(62,030)

Dividends paid on common stock

 

(3,203)

(2,469)

Payments to tax authorities for stock-based compensation

(115)

(70)

Repurchase of common stock

(4,968)

Net cash (used) provided by financing activities

 

(13,377)

75,446

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

 

(179,155)

66,664

Cash, cash equivalents and restricted cash, beginning

 

950,146

538,007

Cash, cash equivalents and restricted cash, ending

$

770,991

$

604,671

See accompanying notes to condensed consolidated financial statements.

5

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 34 branches, 18 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 medium-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, 2022 and December 31, 2021 and consolidated results of operations, consolidated shareholders’ equity and consolidated cash flows for the three months ended March 31, 2022 and 2021.

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, 2021 included within the Company’s Annual Report on Form 10-K.

Share Repurchase Program—There were no shares repurchased under the Company’s share repurchase program during the three months ended March 31, 2022. During the three months ended March 31, 2021, 181,089 shares were repurchased at an average price of $27.44. Shares repurchased were retired and returned to the status of authorized but unissued shares.

Accounting Standards Not Yet Adopted—Accounting Standards Update, or ASU, 2022-02, eliminates the accounting guidance for troubled debt restructurings, or TDRs, by creditors, while enhancing disclosure requirements for certain loan refinancing and restructurings by creditors when a borrower is experiencing financial difficulty. Under the new guidance, the creditor must determine whether a modification results in a new loan or a continuation of an existing loan. ASU 2022-02 also requires the disclosure of the current-period gross loan charge-offs by year of origination. This update is effective for the Company for fiscal years beginning after December 31, 2022, including interim periods within those fiscal years. Early adoption is permitted and the amendments about TDRs and related disclosure enhancements may be adopted separately from the amendments related to vintage disclosures. The Company is in the process of evaluating the impact of this ASU.

Cash Flow Reporting—As of March 31, 2022 and December 31, 2021, the Company had $220,000 and $1.8 million, respectively, in cash held as collateral on deposit with other financial institution counterparties related to interest rate swap transactions that are considered restricted cash.

6

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

Three Months Ended March 31,

(Dollars in thousands)

    

2022

2021

Supplemental disclosures of cash flow information:

 

  

Cash paid for interest

$

1,413

$

1,688

Supplemental disclosures of non-cash flow information:

Change in liability for dividends accrued

115

(727)

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 indicated below were as follows:

Gross

Gross

Amortized

Unrealized

Unrealized

(Dollars in thousands)

    

Cost

    

Gains

    

Losses

    

Fair Value

March 31, 2022

 

  

 

  

 

  

 

  

Debt securities available for sale:

 

  

 

  

 

  

 

  

State and municipal securities

$

171,658

$

488

$

(16,372)

$

155,774

U.S. Treasury securities

110,597

(1,553)

109,044

U.S. agency securities:

 

 

 

 

  

Callable debentures

3,000

(193)

2,807

Collateralized mortgage obligations

 

94,876

 

2

 

(4,954)

 

89,924

Mortgage-backed securities

 

201,184

 

258

 

(12,133)

 

189,309

Equity securities

 

1,193

 

 

(72)

 

1,121

Total

$

582,508

$

748

$

(35,277)

$

547,979

December 31, 2021

Debt securities available for sale:

 

  

 

  

 

  

 

  

State and municipal securities

$

168,541

$

4,451

$

(392)

$

172,600

U.S. Treasury securities

11,888

(91)

11,797

U.S. agency securities:

 

 

 

 

  

Callable debentures

3,000

(27)

2,973

Collateralized mortgage obligations

 

63,129

 

115

 

(862)

 

62,382

Mortgage-backed securities

 

173,446

 

1,805

 

(1,130)

 

174,121

Equity securities

 

1,189

 

 

(16)

 

1,173

Total

$

421,193

$

6,371

$

(2,518)

$

425,046

7

The amortized cost and estimated fair value of securities, by contractual maturities, as of the dates indicated 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

March 31, 2022

 

  

 

  

 

  

 

  

  

Amortized cost:

Debt securities available for sale:

 

  

 

  

 

  

 

  

  

State and municipal securities

$

$

507