Spirit of Texas Bancshares, Inc. | Stephens

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Financial Advisor and Fairness Opinion

Spirit of Texas Bancshares, Inc.

$64 Million 11/27/2018 Depository Complete
Public Companies
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Transaction Details

  • November 27, 2018 – Spirit of Texas Bancshares, Inc. (NASDAQ: STXB), the holding company for Spirit of Texas Bank, SSB, today announced that it has entered into a definitive agreement to acquire First Beeville Financial Corporation and its bank subsidiary, The First National Bank of Beeville
  • The transaction is valued at approximately $63.7 million, approximately 49% stock / 51% cash, based on STXB’s closing common stock price of $19.81 per share on November 26, 2018
  • Beeville brings a highly-profitable franchise with a strong core deposit base and entrance into new markets:
  • Beeville has a cost of deposits of approximately 53 bps as of September 30, 2018
  • Most recent quarter ROAA and efficiency ratio of 1.56% and 51.4%, respectively
  • STXB effectively utilizes proceeds from the May 3, 2018 IPO for a second financially attractive transaction:
  • ~20% EPS accretion estimated in the first full year of combined operations
  • Adds significant scale and opportunity for enhanced efficiencies and profitability
Sources: Company filings, SNL Financial and publicly available information
  1. Note: Reflects bank level financial data as of the most recent quarter available

    (1) Based on a STXB closing price of $19.81 on November 26, 2018

    (2) Reflects adjustment for one-time DTA associated with tax legislation of $384 thousand

    (3) Assumes transaction close of 3/31/19 and 50% noninterest expense cost savings realization

    (4) First full year

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