SPIRIT OF TEXAS BANCSHARES, INC. REPORTS FOURTH QUARTER 2021 FINANCIAL RESULTS

CONROE, Texas, Jan. 26, 2022 /PRNewswire/ -- Spirit of Texas Bancshares, Inc. (NASDAQ: STXB) ("Spirit," the "Company," "we," "our," or "us"), reported net income of $9.1 million in the fourth quarter of 2021, representing diluted earnings per share of $0.51, compared to net income of $12.5 million in the fourth quarter of 2020, representing diluted earnings per share of $0.72. During the fourth quarter  of  2020, net income was impacted by $3.7 million in gain on sale of Main Street Lending loans and $4.5 million in net accretion of deferred origination fees on Paycheck Protection Program ("PPP") loans forgiven by the U.S. Small Business Administration ("SBA"), compared to the fourth quarter of 2021 which only had $1.5 million in net accretion of deferred origination fees on PPP loans.   Additionally, the fourth quarter of 2021 contained $800 thousand of expenses related to the proposed merger with Simmons First Financial Corporation ("Simmons") and $412 thousand of expenses related to normal bonus payments that will be accelerated to the proposed acquisition close date.

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