Spirit of Texas Bancshares, Inc. | Stephens

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Financial Advisor and Fairness Opinion

Spirit of Texas Bancshares, Inc.

$56 Million 07/19/2018 Depository Complete
Public Companies
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Transaction Details

  • July 19, 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 Comanche National Corporation and its subsidiary, Comanche National Bank.
  • The transaction is valued at approximately $55.9 million, approximately 78% stock / 22% cash, based on STXB’s closing common stock price of $20.36 per share on July 18, 2018
  • Comanche brings an attractive core deposit base and low loan to deposit ratio:
  • Comanche has a loan to deposit ratio of approximately 40% as of June 30, 2018, with over $180 million in excess deposits
  • Reduces pro forma STXB loan to deposit ratio from 105.4% to 88.1%
  • STXB effectively utilizes proceeds from May 3, 2018 IPO for a financially attractive transaction:
  • Immediate double digit earnings per share accretion
  • Adds significant scale and increases opportunity for enhanced efficiencies and profitability
  • Additional IPO proceeds available for future acquisitions
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 $20.36 on July 18, 2018, and estimated seller transaction costs of $2.8 million

    (2) LTM reflects adjustment for one-time DTA revaluation associated with tax legislation of $266 thousand

    (3) Assumes a transaction close of 12/31/18 and 75% noninterest expense cost savings realization for the full year

    (4) First full year

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