Spirit of Texas Bank, SSB (merged into Simmons Bank)
Spirit of Texas Bank, SSB reported total assets of $3.2 bn at Q1 2022, its last Call Report before it merged into Simmons Bank. The CET1 capital ratio at Spirit of Texas Bank, SSB was 11.49%, and the uninsured share of Spirit of Texas Bank, SSB was 45.47%. Source: FDIC Call Reports.
Key takeaways
- Since , Spirit of Texas Bank, SSB has taken over 3 institutions; the latest was Citizens State Bank on (FDIC Call Reports).
What sets Spirit of Texas Bank, SSB apart
How large is Spirit of Texas Bank, SSB?
The balance sheet of Spirit of Texas Bank, SSB at : assets $3.2 bn, deposits $2.8 bn, net loans $2.4 bn (loans equal to 84.16% of deposits). Securities make up 11.9% of total assets at Spirit of Texas Bank, SSB. Since , when Spirit of Texas Bank, SSB held $861.9 mn, its assets grew 273.8%. In the year to , deposits at Spirit of Texas Bank, SSB rose 7.1% while its total assets rose 1.7%. At , Spirit of Texas Bank, SSB employed 349 full-time equivalent staff across 37 offices, about $9.2 mn of assets per employee and $75.8 mn of deposits per office.
How much funding at Spirit of Texas Bank, SSB is uninsured?
At Spirit of Texas Bank, SSB, uninsured deposits (above the FDIC limit) made up 45.47% of domestic deposits at (+6.61 pp on a year earlier). In dollars, Spirit of Texas Bank, SSB estimated $1.3 bn of uninsured deposits.
Key facts, Q1 2022
| Metric | Value | A year earlier | US rank |
|---|---|---|---|
| Total deposits | $2.8 bn | $2.6 bn (Q1 2021) | |
| Net loans and leases | $2.4 bn | $2.4 bn (Q1 2021) | |
| Loan-to-deposit ratio | 84.16% | 92.24% (Q1 2021) | |
| Tier 1 leverage ratio | 9.53% | 10.01% (Q1 2021) | |
| Total risk-based capital ratio | 12.14% | 13.58% (Q1 2021) | |
| Net interest margin | 3.93% | 3.95% (Q1 2021) | |
| Return on assets (ROA) | 1.42% | 1.41% (Q1 2021) | |
| Efficiency ratio | 52.40% | 49.23% (Q1 2021) | |
| Unrealized gain/loss on available-for-sale securities | Loss of $33.8 mn | Widened by $28.1 mn | |
| Noncurrent loans to total loans | 0.18% | 0.41% (Q1 2021) | |
| Net charge-offs to average loans | 0.15% | 0.13% (Q1 2021) |
US rank of Spirit of Texas Bank, SSB: 1 = highest unless marked 1 = lowest.
Balance sheet
Spirit of Texas Bank, SSB: assets, deposits and loans
- Total assets $3.2bn
- Deposits $2.8bn
- Net loans $2.4bn
Capital and securities
The CET1 ratio of Spirit of Texas Bank, SSB stood at 11.49% in , -1.36 pp year on year. Low and high at Spirit of Texas Bank, SSB since : 10.53% () to 13.98% (). Equity capital of Spirit of Texas Bank, SSB at : $360.6 mn, or 11.2% of total assets. Spirit of Texas Bank, SSB also reported a total capital ratio of 12.14% for , and a tier 1 leverage ratio of 9.53%.
The available-for-sale portfolio of Spirit of Texas Bank, SSB showed an unrealized loss of $33.8 mn at ; the loss widened by $28.1 mn over the year.
Spirit of Texas Bank, SSB: capital ratios
- Total capital 12%
- CET1 11%
- Tier 1 leverage 9.5%
Spirit of Texas Bank, SSB: unrealized securities gains and losses
- Available for sale -$34mn
- Held to maturity $0
Profitability and loan quality
For the year to , Spirit of Texas Bank, SSB earned a return on equity of 11.93%; return on assets: 1.42%. Net interest margin at Spirit of Texas Bank, SSB: 3.93%, -0.01 pp in a year. Spirit of Texas Bank, SSB net income: $11.5 mn, up 4.7% year on year. The efficiency ratio of Spirit of Texas Bank, SSB was 52.40%: about 52 cents cost per revenue dollar, against 61 cents at the median peer.
At , noncurrent loans were 0.18% of total loans at Spirit of Texas Bank, SSB; net charge-offs: 0.15% of average loans. Gross loans and leases at Spirit of Texas Bank, SSB: $2.4 bn at , against $2.4 bn at .
Spirit of Texas Bank, SSB: profitability
- Return on equity 12%
- Net interest margin 3.9%
- Return on assets 1.4%
Peer group of Spirit of Texas Bank, SSB
The peer group of Spirit of Texas Bank, SSB is the 6 banks nearest to it by total assets at : 3 larger and 3 smaller. Of the peers, 0 share the charter type of Spirit of Texas Bank, SSB (state-chartered stock savings bank) and 0 have head offices in Texas. Against them, Spirit of Texas Bank, SSB shows CET1 ratio 11.49% against a peer median of 15.41%, return on equity 11.93% against a peer median of 9.75% and uninsured deposit share 45.47% against a peer median of 38.84%.
| Bank | Charter | State | Total assets | CET1 ratio | Return on equity | Uninsured share | |
|---|---|---|---|---|---|---|---|
| Southern Bank | State member bank | MO | $3.2 bn | 11.94% | 12.90% | 15.64% | |
| NATIONAL COOPERATIVE BANK | National bank | OH | $3.2 bn | 15.24% | 5.04% | 62.19% | |
| First Community Bank | State member bank | VA | $3.2 bn | 12.62% | 9.51% | 8.33% | |
| Spirit of Texas Bank, SSB | State-chartered stock savings bank | TX | $3.2 bn | 11.49% | 11.93% | 45.47% | |
| Primis Bank | State member bank | VA | $3.2 bn | 15.66% | 4.80% | 36.93% | |
| Red River Bank | State nonmember bank | LA | $3.2 bn | 15.57% | 11.19% | 40.75% | |
| Leader Bank | National bank | MA | $3.2 bn | 17.69% | 10.00% | 51.11% | |
. FDIC Call Reports.
Last eight quarters
Two years at Spirit of Texas Bank, SSB, to : assets $3.0 bn to $3.2 bn, deposits $2.4 bn to $2.8 bn, equity $350.5 mn to $360.6 mn. Staff 437 to 349; offices 39 to 37.
| Metric | Q2 2020 | Q3 2020 | Q4 2020 | Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 |
|---|---|---|---|---|---|---|---|---|
| Total assets | $3.0 bn | $2.9 bn | $3.1 bn | $3.2 bn | $3.1 bn | $3.2 bn | $3.3 bn | $3.2 bn |
| Total deposits | $2.4 bn | $2.3 bn | $2.5 bn | $2.6 bn | $2.6 bn | $2.7 bn | $2.8 bn | $2.8 bn |
| Bank equity capital | $350.5 mn | $355.7 mn | $368.9 mn | $374.1 mn | $396.5 mn | $406.3 mn | $413.3 mn | $360.6 mn |
| CET1 ratio | 12.61% | 12.59% | 12.29% | 12.85% | 13.41% | 13.44% | 12.83% | 11.49% |
| Return on equity (ROE) | 7.75% | 8.17% | 9.91% | 11.87% | 12.81% | 12.34% | 11.92% | 11.93% |
| Uninsured share of domestic deposits | 28.29% | 33.18% | 39.04% | 38.86% | 39.49% | 40.69% | 43.50% | 45.47% |
| Full-time equivalent employees | 437 | 432 | 386 | 377 | 380 | 382 | 380 | 349 |
| Number of offices | 39 | 39 | 40 | 39 | 39 | 39 | 37 | 37 |
FDIC Call Reports.
Mergers and acquisitions
The FDIC history of Spirit of Texas Bank, SSB, oldest first; figures before and after each event are not like for like.
- . Absorbed The Comanche National Bank (FDIC certificate 3145).
- . Absorbed The First National Bank of Beeville (FDIC certificate 3095).
- . Absorbed Citizens State Bank (FDIC certificate 19806).
- . Merged into Simmons Bank (FDIC certificate 3890).
Large one-quarter moves at Spirit of Texas Bank, SSB
- Total assets at Spirit of Texas Bank, SSB changed by +33.1% in the quarter to 2018-12-31: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from The Comanche National Bank.
- Total assets at Spirit of Texas Bank, SSB changed by +28.7% in the quarter to 2019-06-30: Merger -Without Assistance; Participated in Absorbtion/Consolidation/Merger: acquired from The First National Bank of Beeville.
Questions and identifiers
What were the total assets of Spirit of Texas Bank, SSB?
Spirit of Texas Bank, SSB reported $3.2 bn at in its Call Report.
Is Spirit of Texas Bank, SSB the same as its holding company?
No. This page covers Spirit of Texas Bank, SSB, FDIC certificate 22327; SPIRIT OF TEXAS BANCSHARES INC (as reported to the FDIC), its holding company, reports separately to the Federal Reserve.
Is Spirit of Texas Bank, SSB profitable?
Spirit of Texas Bank, SSB reported net income of $11.5 mn for the year to ; annualized return on equity: 11.93%. So yes: Spirit of Texas Bank, SSB made a profit over these months.
When is data for Spirit of Texas Bank, SSB next updated?
Spirit of Texas Bank, SSB no longer files Call Reports; its data ends at .
Where can I check the figures for Spirit of Texas Bank, SSB?
In the FDIC BankFind Suite record for certificate 22327, and in the Call Reports of Spirit of Texas Bank, SSB (RSSD ID 260868) at the FFIEC Central Data Repository.