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Spirit of Texas Bancshare Q3 net income $7.1 million

Christian Fernsby ▼ | October 22, 2020
Spirit of Texas Bancshare reported net income of $7.1 million in the third quarter of 2020 compared to net income of $5.3 million in the third quarter of 2019.
Spirit of Texas Bancshare
Spirit of Texas Bancshare   Net income of $7.1 million in the third quarter wad 2020
Strong financial results for the third quarter of 2020 were assisted by $1.3 million net accretion of origination fees on Paycheck Protection Program ("PPP") loans offset by increased provision expense for potential loan losses related to the coronavirus pandemic.

Topics: Spirit of Texas Bancshare

During the third quarter of 2020, gross loans grew to $2.45 billion, an increase of 1.0% from $2.43 billion as of June 30, 2020, and an increase of 64.9% from $1.49 billion as of September 30, 2019.

The provision for loan losses recorded for the third quarter of 2020 was $2.8 million, which served to increase the allowance to $12.2 million, or 0.50% of the $2.45 billion in gross loans outstanding as of September 30, 2020.


 

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