GlobeNewswire
HOUSTON, Jan. 27, 2021 (GLOBE NEWSWIRE) -- CBTX, Inc., or the Company (NASDAQ: CBTX), the bank holding company for CommunityBank of Texas, N.A., or the Bank, today announced fourth quarter and annual results for 2020. The Company reported net income of $10.2 million, or $0.41 per diluted share, for the quarter ended December 31, 2020, compared to $6.4 million, or $0.26 per diluted share, for the quarter ended September 30, 2020 and $12.6 million, or $0.50 per diluted share, for the quarter ended December 31, 2019. The Company reported net income for the year ended December 31, 2020 of $26.4 million, or $1.06 per diluted share, compared to $50.5 million, or $2.02 per diluted share, for the year ended December 31, 2019. Robert R. Franklin, Jr., Chairman, CEO and President of the Company commented, “Our fourth quarter results serve as evidence of our team’s ongoing efforts to contain the damage the pandemic has caused to our markets. COVID-19 has continued to affect our families, our customers and our way of life.” Mr. Franklin added, “We enter the new year with optimism but also caution as vaccines are developed and disseminated. We will continue to work to keep our employees safe while working to help our customers through this challenging time.” Mr. Franklin concluded, “Our markets are resilient, and we see a brighter future ahead. My hope is that as we move through the year, we will begin to see steady improvement as more of our population is immunized and we get back to a more mobile society. We continue to maintain a strong balance sheet and capital position and are well positioned to take advantage of the opportunities that may present themselves this year.” Highlights Net income increased $3.8 million in the fourth quarter of 2020, compared to the third quarter of 2020 primarily due to a $135,000 credit reserve release, or recapture, in the fourth quarter, compared to a $4.1 million provision for credit losses in the third quarter. Net income decreased $2.4 million during the fourth quarter of 2020, compared to the fourth quarter of 2019, primarily due to a $1.3 million decrease in net interest income and a $1.5 million increase in noninterest expense. Net income decreased $24.1 million for the year ended December 31, 2020, compared to the year ended December 31, 2019, primarily due to an increase of $16.5 million in the provision for credit losses and a $7.4 million decrease in net interest income.The allowance for credit losses, or ACL, for loans decreased to $40.6 million at December 31, 2020, compared to $44.1 million at September 30, 2020, primarily due to a $3.5 million loan charged off. The ACL for loans increased from $25.3 million at December 31, 2019, primarily due to the impact of the COVID-19 pandemic.Maintained a solid net interest margin on a tax equivalent basis of 3.62% and 3.73% for the quarter and year ended December 31, 2020, respectively.Maintained strong capital ratios with the Company’s total risk-based capital ratio being 16.71% at December 31, 2020, compared to 16.67% at September 30, 2020 and 16.41% at December 31, 2019. Operating Results Net Interest Income Net interest income was $32.5 million for the fourth quarter of 2020, compared to $31.7 million for the third quarter of 2020 and $33.8 million for the fourth quarter of 2019. Net interest income increased $812,000 during the fourth quarter of 2020, compared to the third quarter of 2020, primarily due to higher average loans, the impact of one additional day in the fourth quarter of 2020 and lower rates on interest-bearing deposits. Net interest income decreased $1.3 million during the fourth quarter of 2020, compared to the fourth quarter of 2019, primarily due to lower rates on loans and other interest-earning assets, partially offset by the impact of increased average loans and lower rates on deposits. Net interest income decreased $7.4 million during the year ended December 31, 2020, compared to the year ended December 31, 2019, primarily due to higher average interest-bearing deposits, lower rates on loans, securities and other interest-earning assets, partially offset by the impact of lower rates on deposits and increased average loans and other interest-earning assets. The yield on interest-earning assets was 3.79% for the fourth quarter of 2020, compared to 3.75% for the third quarter of 2020 and 4.73% for the fourth quarter of 2019. The cost of interest-bearing liabilities was 0.39% for the fourth quarter of 2020, 0.46% for the third quarter of 2020 and 1.11% for the fourth quarter of 2019. The Company’s net interest margin on a tax equivalent basis was 3.62% for the fourth quarter of 2020, compared to 3.55% for the third quarter of 2020 and 4.18% for the fourth quarter of 2019. The increase in the net interest margin for the quarter ended December 31, 2020, was primarily due to a decrease in rates for interest-bearing deposits. The decrease in the net interest margin on a tax equivalent basis for the quarter and year ended December 31, 2020, compared to the quarter and year ended December 31, 2019, was primarily due to a decrease in rates on interest-earning assets, partially offset by an increase in the volume of loans and a decrease in rates on interest-bearing deposits. The yield on interest-earning assets was 3.98% for the year ended December 31, 2020, compared to 4.95% for the year ended December 31, 2019. The cost of interest-bearing liabilities was 0.57% for the year ended December 31, 2020 and 1.07% for the year ended December 31, 2019. The Company’s net interest margin on a tax equivalent basis was 3.73% for the year ended December 31, 2020, compared to 4.42% for the year ended December 31, 2019. Yields on interest-earning assets decreased and the costs of interest-bearing liabilities did not decrease to the same extent, which caused compression of the Company’s net interest margin on a tax equivalent basis during 2020. The average yield on loans increased to 4.42% for the quarter ended December 31, 2020, compared to 4.37% for the quarter ended September 30, 2020, while the cost of interest-bearing deposits decreased to 0.35% from 0.42% for the same periods. The cost of total deposits was 0.19% for the quarter ended December 31, 2020 and 0.23% for the quarter ended September 30, 2020. Provision/Recapture for Credit Losses The Company had a credit reserve recapture of $135,000 for the fourth quarter of 2020, compared to a provision of $4.1 million for the third quarter of 2020 and a recapture of $148,000 for the fourth quarter of 2019. The recapture in the fourth quarter of 2020 was primarily related to a $364,000 recapture for unfunded commitments, partially offset by a provision of $229,000 for loans. The recapture in the fourth quarter related to unfunded commitments was due to a decrease in the total unfunded commitments from the third to fourth quarter of 2020. The provision for credit losses was $18.9 million for the year ended December 31, 2020, an increase of $16.5 million compared to the year ended December 31, 2019, primarily due to the impact of the COVID-19 pandemic, the sustained instability of the oil and gas industry, an increase in adversely graded loans and an increase in charge-offs. The ACL for loans was $40.6 million, or 1.39% of loans excluding loans held for sale, at December 31, 2020, compared to $44.1 million, or 1.49% of loans excluding loans held for sale, at September 30, 2020 and $25.3 million, or 0.96% of loans excluding loans held for sale, at December 31, 2019. The decrease in the ACL from September 30, 2020 to December 31, 2020 was primarily due to a $3.5 million charge-off that was fully reserved for during prior quarters. The increase in the ACL from December 31, 2019 to December 31, 2020 was due to the impact of the COVID-19 pandemic, the sustained instability of the oil and gas industry, an increase in adversely graded loans and an increase in charge-offs. The increase in 2020 was also due to the adoption of Accounting Standards Update, or ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, or CECL, effective January 1, 2020. The liability associated with the ACL for unfunded commitments was $4.2 million at December 31, 2020, compared to $4.5 million at September 30, 2020 and $378,000 at December 31, 2019. The increase in 2020 was primarily due to the adoption of CECL, effective January 1, 2020, the impact of the COVID-19 pandemic and the sustained instability of the oil and gas industry, as noted above. Noninterest Income Noninterest income was $3.5 million for the fourth quarter of 2020, $4.0 million for the third quarter of 2020 and $3.7 million for the fourth quarter of 2019. During the third quarter of 2020, the Company received nontaxable death proceeds of $2.0 million under bank-owned life insurance policies and the Company recorded a gain of $769,000. Noninterest income was $14.8 million for the year ended December 31, 2020 and $18.6 million for 2019. During 2020, the Company received nontaxable death proceeds mentioned above and recorded a gain of $769,000. During 2019, the Company received nontaxable death proceeds of $4.7 million under bank-owned life insurance policies and the Company recorded a gain of $3.3 million. Noninterest Expense Noninterest expense was $23.7 million for the fourth quarter of 2020, compared to $23.9 million for the third quarter of 2020 and $22.1 million for the fourth quarter of 2019. The decrease in noninterest expense of $200,000 between the fourth and third quarter of 2020 was primarily due to a decrease in salaries and employee benefits of $1.5 million, partially offset by a $763,000 increase in professional and director fees, mainly consulting fees related to Bank Secrecy Act/Anti-Money Laundering, or BSA/AML, compliance matters. The increase in noninterest expense of $1.5 million for the fourth quarter of 2020, compared to the fourth quarter of 2019 was primarily due to a $2.0 million increase in professional and director fees and a $664,000 increase in regulatory fees, partially offset by a $1.4 million decrease in salaries and employee benefits. The increase in professional and director fees during the fourth quarter of 2020 was primarily due to $2.4 million in consulting related fees associated with BSA/AML compliance matters, compared to $1.3 million during the third quarter of 2020. Noninterest expense was $92.1 million for the year ended December 31, 2020, compared to $90.1 million for the year ended December 31, 2019. The increase in noninterest expense of $2.0 million between 2020 and 2019 was primarily due to a $1.3 million increase in professional and director fees and a $660,000 increase in regulatory fees, partially offset by an $807,000 decrease in salaries and employee benefits. The increase in professional and director fees during the year ended December 31, 2020 was primarily due to $3.9 million in consulting related fees associated with BSA/AML compliance matters, compared to $18,000 during the year ended December 31, 2019, partially offset by lower legal fees of $721,000 during the year ended December 31, 2020, compared to $3.7 million during the year ended December 31, 2019. Income Taxes Income tax expense was $2.3 million for the fourth quarter of 2020, $1.3 million for the third quarter of 2020 and $2.9 million for the fourth quarter of 2019. The effective tax rates were 18.24% for the fourth quarter of 2020, 17.31% for the third quarter of 2020 and 18.69% for the fourth quarter of 2019. The differences between the federal statutory rate of 21% and the effective tax rates were largely attributable to permanent differences primarily related to tax exempt interest and bank-owned life insurance earnings. Income tax expense was $6.0 million for 2020 and $11.6 million for 2019. The effective tax rates were 18.63% for 2020 and 18.64% for 2019. The decrease in the effective tax rate for 2020 was primarily due to the nontaxable gain related to the bank-owned life insurance policies noted above. Balance Sheet Highlights Loans Loans, excluding loans held for sale, were $2.9 billion at December 31, 2020, $3.0 billion at September 30, 2020 and $2.6 billion at December 31, 2019. The increase from December 31, 2019 to December 31, 2020 was impacted by the Company’s participation in the Paycheck Protection Program, or PPP, under the Coronavirus Aid, Relief and Economic Security Act, or CARES Act, which facilitates loans to small businesses. PPP loans were $275.4 million at December 31, 2020 and $330.5 million at September 30, 2020. On January 19, 2021, the Company began participating in the next round of PPP financing under the CARES Act, as amended by the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (Economic Aid Act). In support of customers impacted by the COVID-19 pandemic, the Company offered relief through payment deferrals during 2020. The deferral periods range from one to six-months, with the majority of the deferrals involving three-month deferral periods. As of December 31, 2020, the Company had 21 loans subject to such deferral arrangements with total outstanding principal of $38.4 million, down from 41 loans subject to deferral arrangements with total outstanding principal of $82.4 million as of September 30, 2020. Of the 21 loans with deferral arrangements at the end of the fourth quarter, 15 loans totaling $33.0 million were scheduled to return to their original payment schedule in January of 2021. Loans restructured during 2020 due to borrower financial difficulties, or TDRs, included 34 loans totaling $43.1 million that were subject to COVID-19 related deferral arrangements. At December 31, 2020, 10 of these COVID-19 TDRs with principal balances totaling $22.4 million were still subject to a deferral arrangement. Asset Quality Nonperforming assets remain low at $24.0 million, or 0.61% of total assets, at December 31, 2020, $15.6 million, or 0.41% of total assets, at September 30, 2020 and $1.0 million, or 0.03% of total assets, at December 31, 2019. Nonperforming assets increased $8.4 million during the fourth quarter of 2020, primarily due to eight commercial and industrial loans totaling $6.0 million and one commercial real estate loan of $5.9 million being placed on nonaccrual status, partially offset by one loan of $3.5 million charged-off during the fourth quarter. During the year ended December 31, 2020, the Company restructured 36 loans as TDRs with pre-modification outstanding recorded investments totaling $43.7 million, which remained outstanding at year end. As noted above, 34 of the 36 loans restructured as TDRs were loans subject to COVID-19 related deferral arrangements during 2020. Annualized net charge-offs to average loans was 0.49% for the fourth quarter of 2020, 0.02% for the third quarter of 2020 and 0.02% for the fourth quarter of 2019. Net charge-offs to average loans was 0.13% for the year ended December 31, 2020 and 0.03% for the year ended December 31, 2019. Deposits and Borrowings Total deposits were $3.3 billion at December 31, 2020, $3.2 billion at September 30, 2020 and $2.9 billion at December 31, 2019. The Company defines total borrowings as the total of repurchase agreements, Federal Home Loan Bank advances and notes payable. Total borrowings were $50.0 million, $52.2 million and $50.5 million at December 31, 2020, September 30, 2020 and December 31, 2019, respectively. Capital At December 31, 2020, the Company continued to be well capitalized and maintained strong capital ratios under bank regulatory requirements. The Company’s total risk-based capital ratio was 16.71% at December 31, 2020, compared to 16.67% at September 30, 2020 and 16.41% at December 31, 2019. The Company’s Tier 1 leverage ratio was 12.00% at December 31, 2020, compared to 11.90% at September 30, 2020 and 13.11% at December 31, 2019. The Company’s total shareholders’ equity to total assets ratio was 13.84% at December 31, 2020, 14.18% at September 30, 2020 and 15.40% at December 31, 2019. The ratio of tangible equity to tangible assets was 11.94% at December 31, 2020, 12.22% at September 30, 2020 and 13.26% at December 31, 2019. Tangible equity to tangible assets is a non-GAAP financial measure. The most directly comparable financial measure calculated in accordance with United States generally accepted accounting principles, or GAAP, to tangible equity to tangible assets is total shareholders’ equity to total assets. See the table captioned “NonGAAP to GAAP Reconciliation” at the end of this earnings release. Non-GAAP Financial Measures The Company’s accounting and reporting policies conform to GAAP and the prevailing practices in the banking industry. The Company’s management also evaluates performance based on certain non-GAAP financial measures. The Company classifies a financial measure as being a non-GAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are not included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. This earnings release contains certain non-GAAP financial measures including “tangible book value,” “tangible book value per common share,” and “tangible equity to tangible assets,” which are supplemental measures that are not required by, or are not presented in accordance with, GAAP. Non-GAAP financial measures do not include operating, other statistical measures or ratios calculated using exclusively financial measures calculated in accordance with GAAP. Non-GAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the way we calculate the non-GAAP financial measures may differ from that of other companies reporting measures with similar names. Please refer to the table titled “Non-GAAP to GAAP Reconciliation” at the end of this earnings release for a reconciliation of these non-GAAP financial measures. Conference Call Information The Company will hold a conference call to discuss results for the quarter ended December 31, 2020 on January 28, 2021 at 8:00 a.m. Central Standard Time. Investors and interested parties may listen to the teleconference via telephone by calling (877) 620-1733 if calling from the U.S. or Canada (or (470) 414-9785 if calling from outside the U.S.). The conference call ID number is 9087182. To access the live webcast of the conference call, individuals can visit the Investor Relations page of the Company’s website: https://ir.cbtxinc.com/events-and-presentations. An archived edition of the earnings webcast will also be posted on the Company’s website later that day and will remain available to interested parties via the same link for one year. The conference call will contain forward-looking statements in addition to statements of historical fact. The actual achievement of any forecasted results or the unfolding of future economic or business developments in a way anticipated or projected by the Company involves numerous risks and uncertainties that may cause the Company’s actual performance to be materially different from that stated or implied in the forward-looking statements. Such risks and uncertainties include, among other things, risks discussed within the “Risk Factors” section of the Company’s most recent Forms 10-Q and 10-K and subsequent 8-Ks. About CBTX, Inc. CBTX, Inc. is the bank holding company for CommunityBank of Texas, N.A., a $3.9 billion asset bank, offering commercial banking solutions to small and mid-sized businesses and professionals in Houston, Dallas, Beaumont and surrounding communities in Texas. Visit www.communitybankoftx.com for more information. Forward-Looking Statements This earnings release may contain certain forward-looking statements within the meaning of the securities laws that are based on various facts and derived utilizing important assumptions, current expectations, estimates and projections about the Company and its subsidiary. Forward-looking statements include information regarding the Company’s future financial performance, business and growth strategy, projected plans and objectives, as well as projections of macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “anticipates,” “intends,” “projects,” “estimates,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing. Further, certain factors that could affect our future results and cause actual results to differ materially from those expressed in the forward-looking statements include, but are not limited to: whether the Company can: manage the economic risks related to the impact of COVID-19 and the sustained instability of the oil and gas industry (including risks related to its customers’ credit quality, deferrals and modifications to loans, the Company’s ability to borrow, and the impact of a resultant recession generally), and other hazards such as natural disasters and adverse weather, acts of war or terrorism, other pandemics, an outbreak of hostilities or other international or domestic calamities and the governmental or military response thereto, and other matters beyond the Company’s control; the geographic concentration of our markets in Beaumont and Houston, Texas; whether the Company can manage changes and the continued health or availability of management personnel; the amount of nonperforming and classified assets that the Company holds and the efforts to resolve the nonperforming assets; deterioration of the Company’s asset quality; interest rate risks associated with the Company’s business; business and economic conditions generally and in the financial services industry, nationally and within the Company’s primary markets; volatility and direction of oil prices, including risks related to the instability of oil prices, and the strength of the energy industry, generally and within Texas; the composition of the Company’s loan portfolio, including the identity of its borrowers and the concentration of loans in specialized industries, especially the creditworthiness of energy company borrowers; changes in the value of collateral securing the loans; the Company’s ability to maintain important deposit customer relationships and the Company’s reputation; the Company’s ability to maintain effective internal control over financial reporting; the Company’s ability to pursue available remedies in the event of a loan default for loans under the PPP and the risk of holding the PPP loans at unfavorable interest rates as compared to the loans to customers that we would have otherwise lent to; the volatility and direction of market interest rates; liquidity risks associated with the Company’s business; systems failures, interruptions or breaches involving the Company’s information technology and telecommunications systems or thirdparty servicers; the failure of certain third-party vendors to perform; the initiation and outcome of litigation and other legal proceedings against the Company or to which it may become subject; operational risks associated with the Company’s business; the costs, effects and results of regulatory examinations, investigations, including the ongoing investigation by the Financial Crimes Enforcement Network, or FinCEN, of the U.S. Department of Treasury, or reviews or the ability to obtain the required regulatory approvals; the Company’s ability to meet the requirements of its Formal Agreement with the Office of the Comptroller of the Currency, and the risk that such Formal Agreement may have a negative impact on the Company’s financial performance and results of operations; changes in the laws, rules, regulations, interpretations or policies relating to financial institution, accounting, tax, trade, monetary and fiscal matters; governmental or regulatory responses to the COVID-19 pandemic and newly enacted fiscal stimulus that impact the Company’s loan portfolio and forbearance practice; and other governmental interventions in the U.S. financial system that may impact how the Company achieves its performance goals. Additionally, many of these risks and uncertainties are currently elevated by and may or will continue to be elevated by the COVID-19 pandemic. The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission, or SEC, and other reports and statements that the Company has filed with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if the Company’s underlying assumptions prove to be incorrect, actual results may differ materially from what it anticipates. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and the Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. New factors emerge from time to time, and it is not possible for the Company to predict which will arise. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Copies of the SEC filings for the Company are available for download free of charge from www.communitybankoftx.com under the Investor Relations tab. CBTX, INC. AND SUBSIDIARYFinancial Highlights (In thousands, except per share data and percentages) Three Months Ended Twelve Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 12/31/2020 12/31/2019Profitability: Net income$10,236 $6,421 $2,163 $7,541 $12,636 $26,361 $50,517 Basic earnings per share$0.42 $0.26 $0.09 $0.30 $0.51 $1.06 $2.03 Diluted earnings per share$0.41 $0.26 $0.09 $0.30 $0.50 $1.06 $2.02 Return on average assets(1) 1.05% 0.66% 0.23% 0.87% 1.43% 0.70% 1.50%Return on average shareholders' equity(1) 7.47% 4.70% 1.60% 5.64% 9.40% 4.85% 9.81%Net interest margin - tax equivalent(1) 3.62% 3.55% 3.68% 4.06% 4.18% 3.73% 4.42%Efficiency ratio(2) 65.64% 66.77% 64.15% 60.44% 58.96% 64.23% 58.30% Liquidity and Capital Ratios: Total shareholders' equity to total assets 13.84% 14.18% 13.77% 15.67% 15.40% 13.84% 15.40%Tangible equity to tangible assets(3) 11.94% 12.22% 11.84% 13.51% 13.26% 11.94% 13.26%Common equity tier 1 capital ratio 15.45% 15.41% 15.30% 15.23% 15.52% 15.45% 15.52%Tier 1 risk-based capital ratio 15.45% 15.41% 15.30% 15.23% 15.52% 15.45% 15.52%Total risk-based capital ratio 16.71% 16.67% 16.56% 16.42% 16.41% 16.71% 16.41%Tier 1 leverage ratio 12.00% 11.90% 11.96% 13.18% 13.11% 12.00% 13.11% Credit Quality: Allowance for credit losses for loans to loans excluding loans held for sale 1.39% 1.49% 1.35% 1.17% 0.96% 1.39% 0.96%Nonperforming assets to total assets 0.61% 0.41% 0.29% 0.04% 0.03% 0.61% 0.03%Nonperforming loans to loans excluding loans held for sale 0.82% 0.53% 0.38% 0.05% 0.04% 0.82% 0.04%Net charge-offs (recoveries) to average loans(1) 0.49% 0.02% 0.01% (0.05)% 0.02% 0.13% 0.03% Other Data: Weighted average common shares outstanding - basic 24,621 24,748 24,752 24,926 24,951 24,761 24,926 Weighted average common shares outstanding - diluted 24,678 24,770 24,780 25,000 25,071 24,803 25,053 Common shares outstanding at period end 24,613 24,713 24,755 24,746 24,980 24,613 24,980 Dividends per share$0.10 $0.10 $0.10 $0.10 $0.10 $0.40 $0.40 Book value per share$22.20 $21.89 $21.71 $21.70 $21.45 $22.20 $21.45 Tangible book value per share(3)$18.74 $18.44 $18.26 $18.23 $18.01 $18.74 $18.01 Employees - full-time equivalents 511 515 523 512 500 511 500 (1) Annualized.(2) Efficiency ratio represents noninterest expense divided by the sum of net interest income and noninterest income.(3) NonGAAP financial measure. See the table captioned “NonGAAP to GAAP Reconciliation” at the end of this earnings release. CBTX, INC. AND SUBSIDIARYCondensed Consolidated Balance Sheets (In thousands) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Loans, excluding loans held for sale$2,924,117 $2,964,526 $2,934,888 $2,671,587 $2,639,085 Allowance for credit losses for loans (40,637) (44,069) (39,678) (31,194) (25,280)Loans, net 2,883,480 2,920,457 2,895,210 2,640,393 2,613,805 Cash and equivalents 538,007 377,572 492,400 284,898 372,064 Securities 237,281 226,101 235,438 234,014 231,262 Premises and equipment 61,152 61,732 50,729 50,243 50,875 Goodwill 80,950 80,950 80,950 80,950 80,950 Other intangible assets 4,171 4,303 4,496 4,700 4,938 Loans held for sale 2,673 1,763 - 882 1,463 Operating lease right-to-use asset 13,285 12,893 14,081 12,577 12,926 Other assets 128,218 128,901 128,421 116,993 110,261 Total assets$3,949,217 $3,814,672 $3,901,725 $3,425,650 $3,478,544 Noninterest-bearing deposits$1,476,425 $1,460,983 $1,513,748 $1,195,541 $1,184,861 Interest-bearing deposits 1,825,369 1,709,681 1,740,455 1,596,692 1,667,527 Total deposits 3,301,794 3,170,664 3,254,203 2,792,233 2,852,388 Federal Home Loan Bank advances 50,000 50,000 50,000 50,000 50,000 Repurchase agreements - 2,153 2,500 1,415 485 Operating lease liabilities 16,447 15,759 16,983 15,356 15,704 Other liabilities 34,525 35,175 40,683 29,772 24,246 Total liabilities 3,402,766 3,273,751 3,364,369 2,888,776 2,942,823 Total shareholders’ equity 546,451 540,921 537,356 536,874 535,721 Total liabilities and shareholders’ equity$3,949,217 $3,814,672 $3,901,725 $3,425,650 $3,478,544 CBTX, INC. AND SUBSIDIARYCondensed Consolidated Statements of Income (In thousands) Three Months Ended Twelve Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 12/31/2020 12/31/2019Interest income Interest and fees on loans$32,886 $32,318 $32,857 $33,617 $35,634 $131,678 $141,388Securities 1,070 1,107 1,228 1,363 1,442 4,768 5,954Other interest-earning assets 168 176 169 1,055 1,279 1,568 5,333Equity investments 170 162 171 176 213 679 720Total interest income 34,294 33,763 34,425 36,211 38,568 138,693 153,395Interest expense Deposits 1,549 1,831 2,022 3,766 4,463 9,168 15,999Federal Home Loan Bank advances 221 221 240 221 316 903 1,386Repurchase agreements — — 1 — — 1 3Note payable and junior subordinated debt 4 3 4 4 3 15 19Total interest expense 1,774 2,055 2,267 3,991 4,782 10,087 17,407Net interest income 32,520 31,708 32,158 32,220 33,786 128,606 135,988Provision (recapture) for credit losses Provision (recapture) for credit losses for loans 229 4,569 8,537 4,739 (148) 18,074 2,385Provision (recapture) for credit losses for unfunded commitments (364) (461) 1,333 310 — 818 —Total provision (recapture) for credit losses (135) 4,108 9,870 5,049 (148) 18,892 2,385Net interest income after provision (recapture) for credit losses 32,655 27,600 22,288 27,171 33,934 109,714 133,603Noninterest income Deposit account service charges 1,270 1,176 1,095 1,485 1,587 5,026 6,554Card interchange fees 999 995 915 922 1,007 3,831 3,720Earnings on bank-owned life insurance 407 1,187 412 416 430 2,422 5,011Net gain on sales of assets 379 114 139 123 305 755 652Other 467 551 348 1,381 388 2,747 2,691Total noninterest income 3,522 4,023 2,909 4,327 3,717 14,781 18,628Noninterest expense Salaries and employee benefits 12,848 14,332 14,012 14,223 14,264 55,415 56,222Occupancy expense 2,628 2,496 2,558 2,424 2,417 10,106 9,506Professional and director fees 3,209 2,446 1,541 1,152 1,220 8,348 7,048Data processing and software 1,330 1,525 1,292 1,222 1,074 5,369 4,435Regulatory fees 748 471 476 103 84 1,798 1,138Advertising, marketing and business development 438 429 269 364 452 1,500 1,831Telephone and communications 455 486 392 419 506 1,752 1,774Security and protection expense 423 299 351 374 364 1,447 1,464Amortization of intangibles 197 198 230 221 216 846 894Other expenses 1,382 1,176 1,374 1,587 1,513 5,519 5,831Total noninterest expense 23,658 23,858 22,495 22,089 22,110 92,100 90,143Net income before income tax expense 12,519 7,765 2,702 9,409 15,541 32,395 62,088Income tax expense 2,283 1,344 539 1,868 2,905 6,034 11,571Net income $10,236 $6,421 $2,163 $7,541 $12,636 $26,361 $50,517 CBTX, INC. AND SUBSIDIARYNet Interest Margin (In thousands, except percentages) Three Months Ended 12/31/2020 9/30/2020 12/31/2019 Average Interest Average Average Interest Average Average Interest Average Outstanding Earned/ Yield/ Outstanding Earned/ Yield/ Outstanding Earned/ Yield/ Balance Interest Paid Rate(1) Balance Interest Paid Rate(1) Balance Interest Paid Rate(1)Assets Interest-earning assets: Total loans(2)$2,961,622 $32,886 4.42% $2,945,320 $32,318 4.37% $2,682,842 $35,634 5.27%Securities 236,233 1,070 1.80% 236,015 1,107 1.87% 232,441 1,442 2.46%Other interest-earning assets 388,936 168 0.17% 383,626 176 0.18% 300,395 1,279 1.69%Equity investments 15,346 170 4.41% 15,334 162 4.20% 16,140 213 5.24%Total interest-earning assets 3,602,137 $34,294 3.79% 3,580,295 $33,763 3.75% 3,231,818 $38,568 4.73%Allowance for credit losses for loans (44,233) (40,135) (25,591) Noninterest-earning assets 321,303 326,590 298,615 Total assets$3,879,207 $3,866,750 $3,504,842 Liabilities and Shareholders’ Equity Interest-bearing liabilities: Interest-bearing deposits$1,744,557 $1,549 0.35% $1,730,812 $1,831 0.42% $1,646,883 $4,463 1.08%Federal Home Loan Bank advances 50,163 221 1.76% 50,000 221 1.76% 68,913 316 1.82%Repurchase agreements 1,426 — — 2,230 — — 423 — — Note payable and junior subordinated debt — 4 — — 3 — — 3 — Total interest-bearing liabilities 1,796,146 $1,774 0.39% 1,783,042 $2,055 0.46% 1,716,219 $4,782 1.11%Noninterest-bearing liabilities: Noninterest-bearing deposits 1,482,753 1,484,557 1,212,939 Other liabilities 55,174 55,386 42,406 Total noninterest-bearing liabilities 1,537,927 1,539,943 1,255,345 Shareholders’ equity 545,134 543,765 533,278 Total liabilities and shareholders’ equity$3,879,207 $3,866,750 $3,504,842 Net interest income $32,520 $31,708 $33,786 Net interest spread(3) 3.40% 3.29% 3.62%Net interest margin(4) 3.59% 3.52% 4.15%Net interest margin - tax equivalent(5) 3.62% 3.55% 4.18% (1) Annualized. (2) Includes average outstanding balances related to loans held for sale. (3) Net interest spread is the average yield on interestearning assets minus the average rate on interestbearing liabilities.(4) Net interest margin is equal to net interest income divided by average interestearning assets.(5) Tax equivalent adjustments of $287,000, $258,000 and $251,000 for the quarters ended December 31, 2020, September 30, 2020 and December 31, 2019, respectively, were computed using a federal income tax rate of 21%. CBTX, INC. AND SUBSIDIARYYear to Date Net Interest Margin (In thousands, except percentages) Years Ended December 31, 2020 2019 Average Interest Average Average Interest Average Outstanding Earned/ Yield/ Outstanding Earned/ Yield/(Dollars in thousands) Balance Interest Paid Rate Balance Interest Paid RateAssets Interest-earning assets: Total loans(1) $2,862,911 $131,678 4.60% $2,608,505 $141,388 5.42%Securities 236,625 4,768 2.02% 233,543 5,954 2.55%Other interest-earning assets 366,628 1,568 0.43% 243,349 5,333 2.19%Equity investments 14,874 679 4.57% 14,852 720 4.85%Total interest-earning assets 3,481,038 $138,693 3.98% 3,100,249 $153,395 4.95%Allowance for credit losses for loans (35,448) (24,971) Noninterest-earning assets 312,672 299,387 Total assets $3,758,262 $3,374,665 Liabilities and Shareholders’ Equity Interest-bearing liabilities: Interest-bearing deposits $1,703,543 $9,168 0.54% $1,566,038 $15,999 1.02%Federal Home Loan Bank advances 55,205 903 1.64% 61,589 1,386 2.25%Repurchase agreements 1,631 1 0.06% 1,046 3 0.29%Note payable and junior subordinated debt — 15 — — 19 — Total interest-bearing liabilities 1,760,379 $10,087 0.57% 1,628,673 $17,407 1.07%Noninterest-bearing liabilities: Noninterest-bearing deposits 1,404,027 1,193,527 Other liabilities 50,464 37,458 Total noninterest-bearing liabilities 1,454,491 1,230,985 Shareholders’ equity 543,392 515,007 Total liabilities and shareholders’ equity $3,758,262 $3,374,665 Net interest income $128,606 $135,988 Net interest spread(2) 3.41% 3.88%Net interest margin(3) 3.69% 4.39%Net interest margin - tax equivalent(4) 3.73% 4.42% (1) Annualized. (2) Includes average outstanding balances related to loans held for sale. (3) Net interest spread is the average yield on interestearning assets minus the average rate on interestbearing liabilities.(4) Net interest margin is equal to net interest income divided by average interestearning assets.(5) Tax equivalent adjustments of $1.1 million and $1.0 million for the years ended December 31, 2020 and 2019, respectively, were computed using a federal income tax rate of 21%. CBTX, INC. AND SUBSIDIARYRate/Volume Analysis (In thousands) Three Months Ended December 31, 2020, Compared to Three Months Ended September 30, 2020 Increase (Decrease) due to (Dollars in thousands) Rate Volume Days TotalInterest-earning assets: Total loans $38 $177 $353 $568 Securities (50) 1 12 (37)Other interest-earning assets (12) 2 2 (8)Equity investments 6 — 2 8 Total increase (decrease) in interest income (18) 180 369 531 Interest-bearing liabilities: Interest-bearing deposits (316) 14 20 (282)Federal Home Loan Bank advances (3) 1 2 — Repurchase agreements — — — — Note payable and junior subordinated debt 1 — — 1 Total increase (decrease) in interest expense (318) 15 22 (281)Increase (decrease) in net interest income $300 $165 $347 $812 Three Months Ended December 31, 2020, Compared to Three Months Ended December 31, 2019 Increase (Decrease) due to (Dollars in thousands) Rate Volume Days Total Interest-earning assets: Total loans $(6,451) $3,703 $— $(2,748)Securities (396) 24 — (372)Other interest-earning assets (1,488) 377 — (1,111)Equity investments (33) (10) — (43)Total increase (decrease) in interest income (8,368) 4,094 — (4,274)Interest-bearing liabilities: Interest-bearing deposits (3,180) 266 — (2,914)Federal Home Loan Bank advances (9) (86) — (95)Repurchase agreements — (1) — (1)Note payable and junior subordinated debt 1 — — 1 Total increase (decrease) in interest expense (3,188) 179 — (3,009)Increase (decrease) in net interest income $(5,180) $3,915 $— $(1,265) Year Ended December 31, 2020, Compared to Year Ended December 31, 2019 Increase (Decrease) due to (Dollars in thousands) Rate Volume Days Total Interest-earning assets: Total loans $(23,886) $13,789 $387 $(9,710)Securities (1,281) 79 16 (1,186)Other interest-earning assets (6,480) 2,700 15 (3,765)Equity investments (44) 1 2 (41)Total increase (decrease) in interest income (31,691) 16,569 420 (14,702)Interest-bearing liabilities: Interest-bearing deposits (8,278) 1,403 44 (6,831)Federal Home Loan Bank advances (343) (144) 4 (483)Repurchase agreements (4) 2 — (2)Note payable and junior subordinated debt (4) — — (4)Total increase (decrease) in interest expense (8,629) 1,261 48 (7,320)Increase (decrease) in net interest income $(23,062) $15,308 $372 $(7,382) CBTX, INC. AND SUBSIDIARYYield Trend(1) Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Interest-earning assets: Total loans4.42% 4.37% 4.54% 5.13% 5.27%Securities1.80% 1.87% 2.05% 2.34% 2.46%Other interest-earning assets0.17% 0.18% 0.18% 1.35% 1.69%Equity investments4.41% 4.20% 4.54% 5.18% 5.24%Total interest-earning assets3.79% 3.75% 3.91% 4.56% 4.73% Interest-bearing liabilities: Interest-bearing deposits0.35% 0.42% 0.48% 0.92% 1.08%Federal Home Loan Bank advances1.76% 1.76% 1.36% 1.78% 1.82%Repurchase agreements— — 0.19% — — Note payable and junior subordinated debt— — — — — Total interest-bearing liabilities0.39% 0.46% 0.52% 0.94% 1.11% Net interest spread(2)3.40% 3.29% 3.39% 3.62% 3.62%Net interest margin(3)3.59% 3.52% 3.65% 4.05% 4.15%Net interest margin - tax equivalent(4)3.62% 3.55% 3.68% 4.06% 4.18% (1) Annualized. (2) Net interest spread is the average yield on interestearning assets minus the average rate on interestbearing liabilities.(3) Net interest margin is equal to net interest income divided by average interestearning assets.(4) Tax equivalent adjustments were computed using a federal income tax rate of 21%. CBTX, INC. AND SUBSIDIARYAverage Outstanding Balances (In thousands) Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Assets Interest-earning assets: Total loans(1)$2,961,622 $2,945,320 $2,908,204 $2,634,507 $2,682,842 Securities 236,233 236,015 240,343 233,917 232,441 Other interest-earning assets 388,936 383,626 378,405 315,099 300,395 Equity investments 15,346 15,334 15,147 13,661 16,140 Total interest-earning assets 3,602,137 3,580,295 3,542,099 3,197,184 3,231,818 Allowance for credit losses for loans (44,233) (40,135) (31,443) (25,831) (25,591)Noninterest-earning assets 321,303 326,590 305,821 296,698 298,615 Total assets$3,879,207 $3,866,750 $3,816,477 $3,468,051 $3,504,842 Liabilities and Shareholders’ Equity Interest-bearing liabilities: Interest-bearing deposits$1,744,557 $1,730,812 $1,687,991 $1,650,064 $1,646,883 Federal Home Loan Bank advances 50,163 50,000 70,769 50,000 68,913 Repurchase agreements 1,426 2,230 2,101 763 423 Note payable and junior subordinated debt — — — — — Total interest-bearing liabilities 1,796,146 1,783,042 1,760,861 1,700,827 1,716,219 Noninterest-bearing liabilities: Noninterest-bearing deposits 1,482,753 1,484,557 1,462,271 1,184,776 1,212,939 Other liabilities 55,174 55,386 49,958 44,620 42,406 Total noninterest-bearing liabilities 1,537,927 1,539,943 1,512,229 1,229,396 1,255,345 Shareholders’ equity 545,134 543,765 543,387 537,828 533,278 Total liabilities and shareholders’ equity$3,879,207 $3,866,750 $3,816,477 $3,468,051 $3,504,842 (1) Includes average outstanding balances of loans held for sale. CBTX, INC. AND SUBSIDIARYLoans and Deposits Period End Balances (In thousands, except percentages) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Amount % Amount % Amount % Amount % Amount % Loan Portfolio: Commercial and industrial$742,957 25.3% $832,686 28.0% $837,667 28.4% $542,650 20.3% $527,607 19.9%Real estate: Commercial real estate 1,041,998 35.5% 949,933 31.9% 908,027 30.8% 904,395 33.8% 900,746 34.0%Construction and development 522,705 17.8% 506,216 17.0% 552,879 18.8% 558,343 20.8% 527,812 19.9%1-4 family residential 239,872 8.2% 253,868 8.5% 272,253 9.2% 276,142 10.3% 280,192 10.6%Multi-family residential 258,346 8.8% 298,733 10.0% 255,273 8.7% 267,152 10.0% 277,209 10.5%Consumer 33,884 1.1% 35,637 1.2% 36,338 1.2% 38,133 1.4% 36,782 1.4%Agriculture 8,670 0.3% 9,753 0.3% 7,795 0.3% 7,520 0.3% 9,812 0.4%Other 88,238 3.0% 91,501 3.1% 77,535 2.6% 84,076 3.1% 86,513 3.3%Gross loans 2,936,670 100.0% 2,978,327 100.0% 2,947,767 100.0% 2,678,411 100.0% 2,646,673 100.0%Less allowance for credit losses (40,637) (44,069) (39,678) (31,194) (25,280) Less deferred fees and unearned discount (9,880) (12,038) (12,879) (5,942) (6,125) Less loans held for sale (2,673) (1,763) — (882) (1,463) Loans, net$2,883,480 $2,920,457 $2,895,210 $2,640,393 $2,613,805 Deposits: Interest-bearing demand accounts$380,175 11.5% $346,406 10.9% $366,281 11.2% $359,943 12.9% $369,744 13.0%Money market accounts 1,039,617 31.5% 916,668 28.9% 878,006 27.0% 760,036 27.2% 805,942 28.3%Savings accounts 108,167 3.3% 103,062 3.3% 98,485 3.0% 90,227 3.2% 92,183 3.2%Certificates and other time deposits, $100,000 or greater 152,592 4.6% 171,854 5.4% 200,505 6.2% 212,341 7.6% 208,018 7.3%Certificates and other time deposits, less than $100,000 144,818 4.4% 171,691 5.4% 197,178 6.1% 174,145 6.3% 191,640 6.7%Total interest-bearing deposits 1,825,369 55.3% 1,709,681 53.9% 1,740,455 53.5% 1,596,692 57.2% 1,667,527 58.5%Noninterest-bearing deposits 1,476,425 44.7% 1,460,983 46.1% 1,513,748 46.5% 1,195,541 42.8% 1,184,861 41.5%Total deposits$3,301,794 100.0% $3,170,664 100.0% $3,254,203 100.0% $2,792,233 100.0% $2,852,388 100.0% CBTX, INC. AND SUBSIDIARYCredit Quality(In thousands, except percentages) 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019Nonperforming Assets (at period end): Nonaccrual loans: Commercial and industrial$12,588 $6,699 $5,519 $449 $596 Real estate: Commercial real estate 10,665 4,811 4,811 67 67 Construction and development 238 241 506 519 — 1-4 family residential 526 325 332 413 314 Multi-family residential — — — — — Consumer — — — — — Agriculture — — — — — Other — 3,500 — — — Nonaccrual loans 24,017 15,576 11,168 1,448 977 Accruing loans 90 or more days past due — — — — — Total nonperforming loans 24,017 15,576 11,168 1,448 977 Foreclosed assets — — — — — Total nonperforming assets$24,017 $15,576 $11,168 $1,448 $977 Allowance for Credit Losses for Loans (at period end): Commercial and industrial$13,035 $13,347 $12,108 $9,535 $7,671 Real estate: Commercial real estate 13,798 12,745 12,424 9,576 7,975 Construction and development 6,089 6,334 7,050 5,795 4,446 1-4 family residential 2,578 2,871 3,173 2,430 2,257 Multi-family residential 2,513 3,117 2,880 2,413 1,699 Consumer 440 507 529 477 388 Agriculture 137 164 134 129 74 Other 2,047 4,984 1,380 839 770 Total allowance for credit losses for loans$40,637 $44,069 $39,678 $31,194 $25,280 Credit Quality Ratios (at period end): Nonperforming assets to total assets 0.61% 0.41% 0.29% 0.04% 0.03%Nonperforming loans to loans excluding loans held for sale 0.82% 0.53% 0.38% 0.05% 0.04%Allowance for credit losses for loans to nonperforming loans 169.20% 282.93% 355.28% 2,154.28% 2,587.51%Allowance for credit losses for loans to loans excluding loans held for sale 1.39% 1.49% 1.35% 1.17% 0.96% CBTX, INC. AND SUBSIDIARYAllowance for Credit Losses for Loans(In thousands, except percentages) Three Months Ended Twelve Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 12/31/2020 12/31/2019 Beginning balance$44,069 $39,678 $31,194 $25,280 $25,576 $25,280 $23,693 Adoption of CECL — — — 874 — 874 — Provision (recapture) 229 4,569 8,537 4,739 (148) 18,074 2,385 Net (charge-offs) recoveries: Commercial and industrial (305) (31) 18 398 (205) 80 (763)Real estate: Commercial real estate 143 (135) (24) — (1) (16) 36 Construction and development — — — — — — — 1-4 family residential — (5) (66) 1 — (70) (9)Multi-family residential — — — — — — — Consumer 1 (7) 7 (99) 47 (98) (26)Agriculture — — 12 — 10 12 10 Other (3,500) — — 1 1 (3,499) (46)Total net (charge-offs) recoveries (3,661) (178) (53) 301 (148) (3,591) (798)Ending balance$40,637 $44,069 $39,678 $31,194 $25,280 $40,637 $25,280 Net charge-offs (recoveries) to average loans(1) 0.49% 0.02% 0.01% (0.05)% 0.02% 0.13% 0.03% (1) Annualized. CBTX, INC. AND SUBSIDIARYNonGAAP to GAAP Reconciliation (In thousands, except per share data and percentages) Our accounting and reporting policies conform to GAAP and the prevailing practices in the banking industry. However, we also evaluate our performance based on certain additional nonGAAP financial measures. We classify a financial measure as being a nonGAAP financial measure if that financial measure excludes or includes amounts, or is subject to adjustments that have the effect of excluding or including amounts, that are not included or excluded in the most directly comparable measure calculated and presented in accordance with GAAP as in effect from time to time in the United States in our statements of income, balance sheets or statements of cash flows. NonGAAP financial measures do not include operating, other statistical measures or ratios calculated using exclusively financial measures calculated in accordance with GAAP. NonGAAP financial measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the way we calculate the nonGAAP financial measures may differ from that of other companies reporting measures with similar names. We calculate tangible equity as total shareholders’ equity, less goodwill and other intangible assets, net of accumulated amortization, and tangible book value per share as tangible equity divided by shares of common stock outstanding at the end of the relevant period. The most directly comparable GAAP financial measure for tangible book value per share is book value per share. We calculate tangible assets as total assets less goodwill and other intangible assets, net of accumulated amortization. The most directly comparable GAAP financial measure for tangible equity to tangible assets is total shareholders’ equity to total assets. We believe that tangible book value per share and tangible equity to tangible assets are measures that are important to many investors in the marketplace who are interested in book value per share and total shareholders’ equity to total assets, exclusive of change in intangible assets. The following table reconciles, as of the dates set forth below, total shareholders’ equity to tangible equity, total assets to tangible assets and presents book value per share, tangible book value per share, tangible equity to tangible assets and total shareholders’ equity to total assets: 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019Tangible Equity Total shareholders’ equity$546,451 $540,921 $537,356 $536,874 $535,721 Adjustments: Goodwill 80,950 80,950 80,950 80,950 80,950 Other intangibles 4,171 4,303 4,496 4,700 4,938 Tangible equity$461,330 $455,668 $451,910 $451,224 $449,833 Tangible Assets Total assets$3,949,217 $3,814,672 $3,901,725 $3,425,650 $3,478,544 Adjustments: Goodwill 80,950 80,950 80,950 80,950 80,950 Other intangibles 4,171 4,303 4,496 4,700 4,938 Tangible assets$3,864,096 $3,729,419 $3,816,279 $3,340,000 $3,392,656 Common shares outstanding 24,613 24,713 24,755 24,746 24,980 Book value per share$22.20 $21.89 $21.71 $21.70 $21.45 Tangible book value per share$18.74 $18.44 $18.26 $18.23 $18.01 Total shareholders’ equity to total assets 13.84% 14.18% 13.77% 15.67% 15.40%Tangible equity to tangible assets 11.94% 12.22% 11.84% 13.51% 13.26%CONTACT: Investor Relations: Justin M. Long 281.325.5013 investors@CBoTX.com Media Contact: Ashley Warren 713.210.7622 awarren@CBoTX.com
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