Allegiance Bancshares, Inc. (NASDAQ: ABTX) ("Allegiance"), the
holding company of Allegiance Bank (the "Bank"), today reported net
income of $14.0 million and diluted earnings per share of $0.67 for
the fourth quarter 2019 compared to net income of $13.2 million and
diluted earnings per share of $0.59 for the fourth quarter
2018. Net income for the year ended December 31, 2019
was $53.0 million, or $2.47 per diluted share, compared to net
income of $37.3 million, or $2.37 per diluted share, for the year
ended December 31, 2018. The year ended December 31,
2019 results included $1.4 million of pre-tax severance expense and
$1.3 million of pre-tax acquisition and merger-related expenses.
The year ended December 31, 2018 results included $1.7 million of
pre-tax acquisition and merger-related expenses.
“2019 was another successful year for Allegiance,” said Steve
Retzloff, Allegiance’s Chief Executive Officer. “We reported
record quarterly and annual diluted earnings per share driven by
core loan growth, deposit growth and continued excellent asset
quality. The results are indicative of the dedication, hard
work and commitment of our bankers to enhance our business
capabilities and technology to best serve our customers and
communities in which we operate,” commented Retzloff.
“We are excited to announce Allegiance’s first quarterly cash
dividend of $0.10 per share to our shareholders. This dividend
represents a significant milestone for Allegiance and along with
the continuation of our share repurchase program highlights the
profitability and solid capital position that we have achieved
since our founding and reflects our commitment to long-term
shareholder value,” continued Retzloff.
“As Houston’s largest locally-headquartered community bank, we
feel very well positioned for 2020. We entered the year with
strong fundamentals, momentum and a clear focus on our
priorities. We are confident that our experienced team of
bankers are the best in the business who will continue to execute
our strategy and generate great customer relationships while
driving solid returns for Allegiance and our shareholders,"
concluded Retzloff.
Fourth Quarter 2019 Results
Net interest income before the provision for loan losses in the
fourth quarter 2019 decreased $1.3 million, or 2.9%, to $44.5
million from $45.8 million for the fourth quarter 2018. Net
interest income before provision for loan losses for the fourth
quarter 2019 decreased from $44.8 million in the third quarter
2019. These decreases were primarily due to changes in market
interest rates, acquisition accounting accretion as well as changes
in the volume and relative mix of the underlying assets and
liabilities. The net interest margin on a tax equivalent
basis decreased 34 basis points to 4.11% for the fourth quarter
2019 from 4.45% for the fourth quarter 2018 and decreased 5 basis
points from 4.16% for the third quarter 2019. Core net interest
margin on a tax equivalent basis excludes the impact of acquisition
accounting adjustments and was 3.94% for the fourth quarter 2019
compared to 4.16% for the fourth quarter 2018 and 3.97% for the
third quarter 2019. Please refer to the non-GAAP reconciliation at
the end of the release.
Noninterest income for the fourth quarter 2019 was $3.4 million,
an increase of $1.1 million, or 45.7%, compared to $2.3 million for
the fourth quarter 2018 and increased $511 thousand, or 17.7%,
compared to $2.9 million for the third quarter 2019.
Noninterest income for the fourth quarter 2019 included $613
thousand of gain on the sale of securities.
Noninterest expense for the fourth quarter 2019 increased $385
thousand, or 1.3%, to $29.4 million from $29.0 million for the
fourth quarter 2018 and decreased $578 thousand compared to the
third quarter 2019.
In the fourth quarter 2019, Allegiance’s efficiency ratio was
62.20% compared to 62.88% for the third quarter 2019 and 60.30% for
the fourth quarter 2018. Fourth quarter 2019 annualized
returns on average assets, average equity and average tangible
equity were 1.13%, 7.81% and 11.96%, respectively, compared to
0.98%, 6.73% and 10.33%, respectively, for the third quarter
2019. Annualized returns on average assets, average equity
and average tangible equity for the fourth quarter 2018 were 1.12%,
7.49% and 11.66%, respectively. Return on average tangible equity
is a non-GAAP measure. Please refer to the non-GAAP reconciliation
at the end of the release.
Year Ended December 31, 2019 Results
Net interest income before provision for loan losses for the
year ended December 31, 2019 increased $51.0 million, or
39.6%, to $179.5 million from $128.6 million for the year ended
December 31, 2018 primarily due to a $1.22 billion, or 40.2%,
increase in average interest-earning assets over the prior year
associated with the Post Oak acquisition. The net interest
margin on a tax equivalent basis decreased 5 basis points to 4.22%
for the year ended December 31, 2019 from 4.27% for the year
ended December 31, 2018. Core net interest margin on a tax
equivalent basis for the year ended December 31, 2019 would
have been 4.00%, compared to 4.17% for the year ended
December 31, 2018. Please refer to the non-GAAP reconciliation
at the end of the release.
Noninterest income for the year ended December 31, 2019 was
$13.4 million, an increase of $5.7 million, or 74.0%, compared to
$7.7 million for the year ended December 31, 2018 due
primarily to additional noninterest income resulting from the Post
Oak acquisition along with the gain of $1.5 million on the sale of
securities.
Noninterest expense for the year ended December 31, 2019
increased $33.8 million, or 39.0%, to $120.6 million from $86.8
million for the year ended December 31, 2018. The increase in
noninterest expense over the year ended December 31, 2018 was
primarily due to additional expenses associated with increased
headcount and bank offices from the Post Oak acquisition.
Allegiance’s efficiency ratio decreased from 63.68% for the year
ended December 31, 2018 to 62.99% for the year ended
December 31, 2019. For the year ended December 31, 2019,
returns on average assets, average equity and average tangible
equity were 1.10%, 7.48% and 11.50%, respectively, compared to
1.11%, 9.02% and 11.20%, respectively, for the year ended
December 31, 2018. Return on average tangible equity is a
non-GAAP measure. Please refer to the non-GAAP reconciliation at
the end of the release.
Financial Condition
Total assets at December 31, 2019 increased $86.8 million
to $4.99 billion compared to $4.91 billion at September 30,
2019 and increased $337.4 million compared to $4.66 billion at
December 31, 2018, primarily due to organic loan growth.
Total loans at December 31, 2019 increased $29.3 million,
or 3.0% (annualized), to $3.92 billion compared to $3.89 billion at
September 30, 2019 and increased $207.0 million, or 5.6%,
compared to $3.71 billion at December 31, 2018, primarily
due to organic loan growth. Core loans, which exclude the mortgage
warehouse portfolio, increased $57.6 million, or 5.9% (annualized),
to $3.91 billion at December 31, 2019 from $3.85 billion at
September 30, 2019 and increased $247.0 million, or 6.7%, from
$3.66 billion at December 31, 2018.
Deposits at December 31, 2019 increased $170.6 million, or
17.4% (annualized), to $4.07 billion compared to $3.90 billion at
September 30, 2019 and increased $405.6 million, or 11.1%,
compared to $3.66 billion at December 31, 2018.
Asset Quality
Nonperforming assets totaled $36.7 million, or 0.74% of total
assets, at December 31, 2019, compared to $42.9 million, or
0.88%, of total assets, at September 30, 2019, and $33.6
million, or 0.72% of total assets, at December 31, 2018. The
allowance for loan losses was 0.75% of total loans at
December 31, 2019, 0.77% of total loans at September 30,
2019 and 0.71% of total loans at December 31, 2018.
The provision for loan losses for the fourth
quarter 2019 was $933 thousand, or 0.10% (annualized) of average
loans, compared to $2.6 million, or 0.27% (annualized) of average
loans, for the third quarter 2019. The provision for loan losses
for the year ended 2019 was $5.9 million, or 0.15% of average
loans, compared to $4.2 million, or 0.16% of average loans, for the
year ended 2018.
Fourth quarter 2019 net charge-offs were $1.3 million, or 0.13%
(annualized) of average loans, compared to net charge-offs of $729
thousand, or 0.07% (annualized) of average loans, for the third
quarter 2019 and $219 thousand, or 0.02% (annualized) of average
loans, for the fourth quarter 2018. Net charge-offs for the year
ended December 31, 2019 were $2.8 million, or 0.07% of average
loans, compared to net charge-offs for the year ended
December 31, 2018 of $1.6 million, or 0.06% of average
loans.
Dividend
The Board of Directors of Allegiance declared its first cash
dividend of $0.10 per share to be paid on March 16, 2020 to all
shareholders of record as of February 28, 2020. The amount and
timing of any future dividend payments to shareholders will be
subject to the discretion of Allegiance’s Board of Directors.
GAAP Reconciliation of Non-GAAP Financial
Measures
Allegiance’s management uses certain non-GAAP financial measures
to evaluate its performance. Please refer to the GAAP
Reconciliation and Management’s Explanation of Non-GAAP Financial
Measures at the end of this earnings release for a
reconciliation of these non-GAAP financial measures.
Conference Call
As previously announced, Allegiance’s management team will host
a conference call on Wednesday, January 29, 2020 at 9:00 a.m.
Central Time (10:00 a.m. Eastern Time) to discuss its fourth
quarter 2019 results. Individuals and investment professionals may
participate in the call by dialing (877) 279-2520. The conference
ID number is 4427269. Alternatively, a simultaneous
audio-only webcast may be accessed via the Investor Relations
section of Allegiance’s website at www.allegiancebank.com, under
Upcoming Events. If you are unable to participate during the live
webcast, the webcast will be archived on the Investor Relations
section of Allegiance’s website at www.allegiancebank.com, under
News and Events, Event Calendar, Past Events.
Allegiance Bancshares, Inc.
As of December 31, 2019, Allegiance was a $4.99 billion
asset Houston, Texas-based bank holding company. Through its wholly
owned subsidiary, Allegiance Bank, Allegiance provides a
diversified range of commercial banking services primarily to small
to medium-sized businesses and individual customers in the Houston
region. Allegiance’s super-community banking strategy was designed
to foster strong customer relationships while benefiting from a
platform and scale that is competitive with larger local and
regional banks. As of December 31, 2019, Allegiance Bank
operated 27 full-service banking locations in the Houston region,
which we define as the Houston-The Woodlands-Sugar Land and
Beaumont-Port Arthur metropolitan statistical areas, with 26 bank
offices and one loan production office in the Houston metropolitan
area and one bank office location in Beaumont, just outside of the
Houston metropolitan area. Visit www.allegiancebank.com for
more information.
“Safe Harbor” Statement under the Private Securities
Litigation Reform Act of 1995
This release may contain forward-looking statements within the
meaning of the securities laws that are based on various facts and
derived utilizing important assumptions, present expectations,
estimates and projections about Allegiance and its subsidiaries.
Statements preceded by, followed by or that otherwise include the
words “believes,” “expects,” “continues,” “anticipates,” “intends,”
“projects,” “estimates,” “potential,” “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 words.
Forward-looking statements include information concerning
Allegiance’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. Such forward-looking statements
are not guarantees of future performance and are subject to risks
and uncertainties, many of which are outside of Allegiance’s
control, which may cause actual results to differ materially from
those expressed or implied by the forward-looking statements. These
risks and uncertainties include but are not limited to whether
Allegiance can: continue to develop and maintain new and existing
customer and community relationships; successfully implement its
growth strategy, including identifying suitable acquisition targets
and integrating the businesses of acquired companies and banks;
sustain its current internal growth rate; provide quality and
competitive products and services that appeal to its customers;
continue to have access to debt and equity capital markets; and
achieve its performance objectives. These and various other risk
factors are discussed in Allegiance’s Annual Report on Form 10-K
for the fiscal year ended December 31, 2018 and in other reports
and statements Allegiance has filed with the Securities and
Exchange Commission. Copies of such filings are available for
download free of charge from the Investor Relations section of
Allegiance’s website at www.allegiancebank.com, under Financial
Information, SEC Filings. Any forward-looking statement made
by Allegiance in this release speaks only as of the date on which
it is made. Factors or events that could cause Allegiance’s actual
results to differ may emerge from time to time, and it is not
possible for Allegiance to predict all of them. Allegiance
undertakes no obligation to publicly update any forward-looking
statement, whether as a result of new information, future
developments or otherwise, except as may be required by law.
Allegiance Bancshares, Inc.8847 West Sam
Houston Parkway N., Suite 200Houston, Texas
77040ir@allegiancebank.com
Allegiance Bancshares,
Inc.Financial
Highlights(Unaudited)
|
2019 |
|
|
2018 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Cash and cash equivalents |
$ |
346,248 |
|
|
$ |
300,619 |
|
|
$ |
232,607 |
|
|
$ |
258,843 |
|
|
$ |
268,947 |
|
Available for sale
securities |
|
372,545 |
|
|
|
353,000 |
|
|
|
348,173 |
|
|
|
345,716 |
|
|
|
337,293 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans |
|
3,915,310 |
|
|
|
3,886,004 |
|
|
|
3,857,963 |
|
|
|
3,806,161 |
|
|
|
3,708,306 |
|
Allowance for loan losses |
|
(29,438 |
) |
|
|
(29,808 |
) |
|
|
(27,940 |
) |
|
|
(27,123 |
) |
|
|
(26,331 |
) |
Loans, net |
|
3,885,872 |
|
|
|
3,856,196 |
|
|
|
3,830,023 |
|
|
|
3,779,038 |
|
|
|
3,681,975 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill |
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
|
|
223,125 |
|
Core deposit intangibles,
net |
|
21,876 |
|
|
|
23,053 |
|
|
|
24,231 |
|
|
|
25,409 |
|
|
|
26,587 |
|
Premises and equipment,
net |
|
66,790 |
|
|
|
67,175 |
|
|
|
59,690 |
|
|
|
60,327 |
|
|
|
41,717 |
|
Other real estate owned |
|
8,337 |
|
|
|
8,333 |
|
|
|
6,294 |
|
|
|
1,152 |
|
|
|
630 |
|
Bank owned life insurance |
|
27,104 |
|
|
|
26,947 |
|
|
|
26,794 |
|
|
|
26,639 |
|
|
|
26,480 |
|
Other assets |
|
40,240 |
|
|
|
46,875 |
|
|
|
42,757 |
|
|
|
48,036 |
|
|
|
48,495 |
|
Total assets |
$ |
4,992,654 |
|
|
$ |
4,905,840 |
|
|
$ |
4,794,211 |
|
|
$ |
4,768,802 |
|
|
$ |
4,655,249 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing
deposits |
$ |
1,252,232 |
|
|
$ |
1,227,839 |
|
|
$ |
1,173,423 |
|
|
$ |
1,181,920 |
|
|
$ |
1,209,300 |
|
Interest-bearing deposits |
|
2,815,869 |
|
|
|
2,669,646 |
|
|
|
2,687,217 |
|
|
|
2,598,141 |
|
|
|
2,453,236 |
|
Total deposits |
|
4,068,101 |
|
|
|
3,897,485 |
|
|
|
3,860,640 |
|
|
|
3,780,061 |
|
|
|
3,662,536 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Borrowed funds |
|
75,503 |
|
|
|
159,501 |
|
|
|
146,998 |
|
|
|
201,995 |
|
|
|
225,493 |
|
Subordinated debt |
|
107,799 |
|
|
|
107,771 |
|
|
|
49,019 |
|
|
|
48,959 |
|
|
|
48,899 |
|
Other liabilities |
|
31,386 |
|
|
|
34,775 |
|
|
|
32,853 |
|
|
|
34,010 |
|
|
|
15,337 |
|
Total liabilities |
|
4,282,789 |
|
|
|
4,199,532 |
|
|
|
4,089,510 |
|
|
|
4,065,025 |
|
|
|
3,952,265 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
20,524 |
|
|
|
20,737 |
|
|
|
21,147 |
|
|
|
21,484 |
|
|
|
21,938 |
|
Capital surplus |
|
521,066 |
|
|
|
529,688 |
|
|
|
541,979 |
|
|
|
556,184 |
|
|
|
571,803 |
|
Retained earnings |
|
163,375 |
|
|
|
149,389 |
|
|
|
137,342 |
|
|
|
123,094 |
|
|
|
112,131 |
|
Accumulated other
comprehensive income (loss) |
|
4,900 |
|
|
|
6,494 |
|
|
|
4,233 |
|
|
|
3,015 |
|
|
|
(2,888 |
) |
Total shareholders’
equity |
|
709,865 |
|
|
|
706,308 |
|
|
|
704,701 |
|
|
|
703,777 |
|
|
|
702,984 |
|
Total liabilities and
equity |
$ |
4,992,654 |
|
|
$ |
4,905,840 |
|
|
$ |
4,794,211 |
|
|
$ |
4,768,802 |
|
|
$ |
4,655,249 |
|
Allegiance Bancshares,
Inc.Financial
Highlights(Unaudited)
|
Three Months Ended |
|
|
Years Ended |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|
December 31 |
|
|
December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
|
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
55,368 |
|
|
$ |
55,790 |
|
|
$ |
56,016 |
|
|
$ |
54,189 |
|
|
$ |
53,272 |
|
|
$ |
221,363 |
|
|
$ |
148,223 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
2,066 |
|
|
|
2,090 |
|
|
|
1,837 |
|
|
|
982 |
|
|
|
844 |
|
|
|
6,975 |
|
|
|
2,725 |
|
Tax-exempt |
|
469 |
|
|
|
483 |
|
|
|
692 |
|
|
|
1,290 |
|
|
|
1,445 |
|
|
|
2,934 |
|
|
|
5,802 |
|
Deposits in other financial institutions |
|
244 |
|
|
|
302 |
|
|
|
401 |
|
|
|
688 |
|
|
|
742 |
|
|
|
1,635 |
|
|
|
1,473 |
|
Total interest income |
|
58,147 |
|
|
|
58,665 |
|
|
|
58,946 |
|
|
|
57,149 |
|
|
|
56,303 |
|
|
|
232,907 |
|
|
|
158,223 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, money market and savings deposits |
|
5,091 |
|
|
|
4,975 |
|
|
|
4,513 |
|
|
|
3,728 |
|
|
|
3,367 |
|
|
|
18,307 |
|
|
|
6,478 |
|
Certificates and other time deposits |
|
6,483 |
|
|
|
6,909 |
|
|
|
7,008 |
|
|
|
6,256 |
|
|
|
5,358 |
|
|
|
26,656 |
|
|
|
15,478 |
|
Borrowed funds |
|
547 |
|
|
|
1,183 |
|
|
|
1,118 |
|
|
|
1,827 |
|
|
|
1,008 |
|
|
|
4,675 |
|
|
|
4,788 |
|
Subordinated debt |
|
1,500 |
|
|
|
761 |
|
|
|
736 |
|
|
|
735 |
|
|
|
732 |
|
|
|
3,732 |
|
|
|
2,900 |
|
Total interest expense |
|
13,621 |
|
|
|
13,828 |
|
|
|
13,375 |
|
|
|
12,546 |
|
|
|
10,465 |
|
|
|
53,370 |
|
|
|
29,644 |
|
NET INTEREST INCOME |
|
44,526 |
|
|
|
44,837 |
|
|
|
45,571 |
|
|
|
44,603 |
|
|
|
45,838 |
|
|
|
179,537 |
|
|
|
128,579 |
|
Provision for loan losses |
|
933 |
|
|
|
2,597 |
|
|
|
1,407 |
|
|
|
1,002 |
|
|
|
2,964 |
|
|
|
5,939 |
|
|
|
4,248 |
|
Net interest income after
provision for loan losses |
|
43,593 |
|
|
|
42,240 |
|
|
|
44,164 |
|
|
|
43,601 |
|
|
|
42,874 |
|
|
|
173,598 |
|
|
|
124,331 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonsufficient funds fees |
|
189 |
|
|
|
168 |
|
|
|
139 |
|
|
|
162 |
|
|
|
190 |
|
|
|
658 |
|
|
|
755 |
|
Service charges on deposit accounts |
|
403 |
|
|
|
379 |
|
|
|
365 |
|
|
|
325 |
|
|
|
363 |
|
|
|
1,472 |
|
|
|
869 |
|
Gain on sale of securities |
|
613 |
|
|
|
— |
|
|
|
846 |
|
|
|
— |
|
|
|
— |
|
|
|
1,459 |
|
|
|
— |
|
(Loss) gain on sales of other real estate and repossessed
assets |
|
(45 |
) |
|
|
— |
|
|
|
70 |
|
|
|
1 |
|
|
|
(429 |
) |
|
|
26 |
|
|
|
(428 |
) |
Bank owned life insurance |
|
157 |
|
|
|
153 |
|
|
|
155 |
|
|
|
159 |
|
|
|
163 |
|
|
|
624 |
|
|
|
579 |
|
Rebate from correspondent bank |
|
900 |
|
|
|
900 |
|
|
|
884 |
|
|
|
896 |
|
|
|
988 |
|
|
|
3,580 |
|
|
|
2,609 |
|
Other |
|
1,183 |
|
|
|
1,289 |
|
|
|
1,386 |
|
|
|
1,746 |
|
|
|
1,059 |
|
|
|
5,604 |
|
|
|
3,329 |
|
Total noninterest income |
|
3,400 |
|
|
|
2,889 |
|
|
|
3,845 |
|
|
|
3,289 |
|
|
|
2,334 |
|
|
|
13,423 |
|
|
|
7,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
18,273 |
|
|
|
20,221 |
|
|
|
19,415 |
|
|
|
19,684 |
|
|
|
18,167 |
|
|
|
77,593 |
|
|
|
56,704 |
|
Net occupancy and equipment |
|
1,994 |
|
|
|
1,973 |
|
|
|
2,114 |
|
|
|
2,098 |
|
|
|
1,959 |
|
|
|
8,179 |
|
|
|
5,845 |
|
Depreciation |
|
861 |
|
|
|
822 |
|
|
|
756 |
|
|
|
753 |
|
|
|
802 |
|
|
|
3,192 |
|
|
|
2,132 |
|
Data processing and software amortization |
|
2,120 |
|
|
|
2,058 |
|
|
|
1,709 |
|
|
|
1,577 |
|
|
|
1,485 |
|
|
|
7,464 |
|
|
|
5,120 |
|
Professional fees |
|
540 |
|
|
|
667 |
|
|
|
527 |
|
|
|
599 |
|
|
|
670 |
|
|
|
2,333 |
|
|
|
2,009 |
|
Regulatory assessments and FDIC insurance |
|
216 |
|
|
|
(41 |
) |
|
|
802 |
|
|
|
728 |
|
|
|
776 |
|
|
|
1,705 |
|
|
|
2,309 |
|
Core deposit intangibles amortization |
|
1,177 |
|
|
|
1,178 |
|
|
|
1,178 |
|
|
|
1,178 |
|
|
|
1,229 |
|
|
|
4,711 |
|
|
|
1,815 |
|
Communications |
|
486 |
|
|
|
455 |
|
|
|
468 |
|
|
|
430 |
|
|
|
416 |
|
|
|
1,839 |
|
|
|
1,185 |
|
Advertising |
|
597 |
|
|
|
449 |
|
|
|
617 |
|
|
|
704 |
|
|
|
704 |
|
|
|
2,367 |
|
|
|
1,725 |
|
Acquisition and merger-related expenses |
|
— |
|
|
|
— |
|
|
|
153 |
|
|
|
1,173 |
|
|
|
840 |
|
|
|
1,326 |
|
|
|
1,661 |
|
Other |
|
3,167 |
|
|
|
2,227 |
|
|
|
2,341 |
|
|
|
2,191 |
|
|
|
1,998 |
|
|
|
9,926 |
|
|
|
6,282 |
|
Total noninterest expense |
|
29,431 |
|
|
|
30,009 |
|
|
|
30,080 |
|
|
|
31,115 |
|
|
|
29,046 |
|
|
|
120,635 |
|
|
|
86,787 |
|
INCOME BEFORE
INCOME TAXES |
|
17,562 |
|
|
|
15,120 |
|
|
|
17,929 |
|
|
|
15,775 |
|
|
|
16,162 |
|
|
|
66,386 |
|
|
|
45,257 |
|
Provision for income taxes |
|
3,576 |
|
|
|
3,073 |
|
|
|
3,681 |
|
|
|
3,097 |
|
|
|
2,999 |
|
|
|
13,427 |
|
|
|
7,948 |
|
NET INCOME |
$ |
13,986 |
|
|
$ |
12,047 |
|
|
$ |
14,248 |
|
|
$ |
12,678 |
|
|
$ |
13,163 |
|
|
$ |
52,959 |
|
|
$ |
37,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.68 |
|
|
$ |
0.57 |
|
|
$ |
0.67 |
|
|
$ |
0.58 |
|
|
$ |
0.60 |
|
|
$ |
2.50 |
|
|
$ |
2.41 |
|
Diluted |
$ |
0.67 |
|
|
$ |
0.57 |
|
|
$ |
0.66 |
|
|
$ |
0.58 |
|
|
$ |
0.59 |
|
|
$ |
2.47 |
|
|
$ |
2.37 |
|
Allegiance Bancshares,
Inc.Financial
Highlights(Unaudited)
|
Three Months Ended |
|
|
Years Ended |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|
December 31 |
|
|
December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars and share amounts in thousands, except per share
data) |
|
Net income |
$ |
13,986 |
|
|
$ |
12,047 |
|
|
$ |
14,248 |
|
|
$ |
12,678 |
|
|
$ |
13,163 |
|
|
$ |
52,959 |
|
|
$ |
37,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic |
$ |
0.68 |
|
|
$ |
0.57 |
|
|
$ |
0.67 |
|
|
$ |
0.58 |
|
|
$ |
0.60 |
|
|
$ |
2.50 |
|
|
$ |
2.41 |
|
Earnings per share,
diluted |
$ |
0.67 |
|
|
$ |
0.57 |
|
|
$ |
0.66 |
|
|
$ |
0.58 |
|
|
$ |
0.59 |
|
|
$ |
2.47 |
|
|
$ |
2.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets(A) |
|
1.13 |
% |
|
|
0.98 |
% |
|
|
1.19 |
% |
|
|
1.08 |
% |
|
|
1.12 |
% |
|
|
1.10 |
% |
|
|
1.11 |
% |
Return on average
equity(A) |
|
7.81 |
% |
|
|
6.73 |
% |
|
|
8.10 |
% |
|
|
7.27 |
% |
|
|
7.49 |
% |
|
|
7.48 |
% |
|
|
9.02 |
% |
Return on average
tangible equity(A)(B) |
|
11.96 |
% |
|
|
10.33 |
% |
|
|
12.52 |
% |
|
|
11.22 |
% |
|
|
11.66 |
% |
|
|
11.50 |
% |
|
|
11.20 |
% |
Net interest margin (tax
equivalent)(C) |
|
4.11 |
% |
|
|
4.16 |
% |
|
|
4.33 |
% |
|
|
4.31 |
% |
|
|
4.45 |
% |
|
|
4.22 |
% |
|
|
4.27 |
% |
Core net interest
margin (tax equivalent)(B) |
|
3.94 |
% |
|
|
3.97 |
% |
|
|
4.07 |
% |
|
|
4.03 |
% |
|
|
4.16 |
% |
|
|
4.00 |
% |
|
|
4.17 |
% |
Efficiency ratio(D) |
|
62.20 |
% |
|
|
62.88 |
% |
|
|
61.93 |
% |
|
|
64.97 |
% |
|
|
60.30 |
% |
|
|
62.99 |
% |
|
|
63.68 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegiance Bancshares,
Inc. (Consolidated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets |
|
14.22 |
% |
|
|
14.40 |
% |
|
|
14.70 |
% |
|
|
14.76 |
% |
|
|
15.10 |
% |
|
|
14.22 |
% |
|
|
15.10 |
% |
Tangible equity to
tangible assets(B) |
|
9.78 |
% |
|
|
9.86 |
% |
|
|
10.05 |
% |
|
|
10.06 |
% |
|
|
10.29 |
% |
|
|
9.78 |
% |
|
|
10.29 |
% |
Estimated common
equity tier 1 capital |
|
11.43 |
% |
|
|
11.28 |
% |
|
|
11.34 |
% |
|
|
11.37 |
% |
|
|
11.76 |
% |
|
|
11.43 |
% |
|
|
11.76 |
% |
Estimated tier 1
risk-based capital |
|
11.67 |
% |
|
|
11.51 |
% |
|
|
11.58 |
% |
|
|
11.61 |
% |
|
|
12.01 |
% |
|
|
11.67 |
% |
|
|
12.01 |
% |
Estimated total
risk-based capital |
|
14.85 |
% |
|
|
14.70 |
% |
|
|
13.27 |
% |
|
|
13.28 |
% |
|
|
13.70 |
% |
|
|
14.85 |
% |
|
|
13.70 |
% |
Estimated tier 1
leverage capital |
|
10.02 |
% |
|
|
10.06 |
% |
|
|
10.17 |
% |
|
|
10.25 |
% |
|
|
10.61 |
% |
|
|
10.02 |
% |
|
|
10.61 |
% |
Allegiance Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated common
equity tier 1 capital |
|
12.68 |
% |
|
|
12.28 |
% |
|
|
12.02 |
% |
|
|
11.67 |
% |
|
|
11.83 |
% |
|
|
12.68 |
% |
|
|
11.83 |
% |
Estimated tier 1
risk-based capital |
|
12.68 |
% |
|
|
12.28 |
% |
|
|
12.02 |
% |
|
|
11.67 |
% |
|
|
11.83 |
% |
|
|
12.68 |
% |
|
|
11.83 |
% |
Estimated total
risk-based capital |
|
14.40 |
% |
|
|
14.01 |
% |
|
|
13.71 |
% |
|
|
13.34 |
% |
|
|
13.53 |
% |
|
|
14.40 |
% |
|
|
13.53 |
% |
Estimated tier 1
leverage capital |
|
10.90 |
% |
|
|
10.73 |
% |
|
|
10.57 |
% |
|
|
10.31 |
% |
|
|
10.45 |
% |
|
|
10.90 |
% |
|
|
10.45 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
20,652 |
|
|
|
20,981 |
|
|
|
21,257 |
|
|
|
21,733 |
|
|
|
21,908 |
|
|
|
21,152 |
|
|
|
15,485 |
|
Diluted |
|
20,930 |
|
|
|
21,256 |
|
|
|
21,546 |
|
|
|
22,040 |
|
|
|
22,210 |
|
|
|
21,424 |
|
|
|
15,773 |
|
Period end
shares outstanding |
|
20,524 |
|
|
|
20,737 |
|
|
|
21,147 |
|
|
|
21,484 |
|
|
|
21,938 |
|
|
|
20,524 |
|
|
|
21,938 |
|
Book value per share |
$ |
34.59 |
|
|
$ |
34.06 |
|
|
$ |
33.32 |
|
|
$ |
32.76 |
|
|
$ |
32.04 |
|
|
$ |
34.59 |
|
|
$ |
32.04 |
|
Tangible book value
per share(B) |
$ |
22.62 |
|
|
$ |
22.16 |
|
|
$ |
21.60 |
|
|
$ |
21.17 |
|
|
$ |
20.66 |
|
|
$ |
22.62 |
|
|
$ |
20.66 |
|
(A) |
Interim periods annualized. |
(B) |
Refer to the calculation of these
non-GAAP financial measures and a reconciliation to their most
directly comparable GAAP financial measures at the end of this
Earnings Release. |
(C) |
Net interest margin represents
net interest income divided by average interest-earning
assets. |
(D) |
Represents total noninterest
expense divided by the sum of net interest income plus noninterest
income, excluding net gains and losses on the sale of loans,
securities and assets. Additionally, taxes and provision for loan
losses are not part of this calculation. |
Allegiance Bancshares,
Inc.Financial
Highlights(Unaudited)
|
Three Months Ended |
|
|
December 31, 2019 |
|
|
September 30, 2019 |
|
|
December 31, 2018 |
|
|
Average Balance |
|
|
Interest Earned/ Interest Paid |
|
|
Average Yield/ Rate |
|
|
Average Balance |
|
|
Interest Earned/ Interest Paid |
|
|
Average Yield/ Rate |
|
|
Average Balance |
|
|
Interest Earned/ Interest Paid |
|
|
Average Yield/ Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
3,888,476 |
|
|
$ |
55,368 |
|
|
|
5.65 |
% |
|
$ |
3,870,205 |
|
|
$ |
55,790 |
|
|
|
5.72 |
% |
|
$ |
3,639,390 |
|
|
$ |
53,272 |
|
|
|
5.81 |
% |
Securities |
|
364,605 |
|
|
|
2,535 |
|
|
|
2.76 |
% |
|
|
359,392 |
|
|
|
2,573 |
|
|
|
2.84 |
% |
|
|
336,974 |
|
|
|
2,289 |
|
|
|
2.70 |
% |
Deposits in other financial
institutions and other |
|
54,947 |
|
|
|
244 |
|
|
|
1.76 |
% |
|
|
55,070 |
|
|
|
302 |
|
|
|
2.17 |
% |
|
|
132,281 |
|
|
|
742 |
|
|
|
2.23 |
% |
Total interest-earning assets |
|
4,308,028 |
|
|
$ |
58,147 |
|
|
|
5.35 |
% |
|
|
4,284,667 |
|
|
$ |
58,665 |
|
|
|
5.43 |
% |
|
|
4,108,645 |
|
|
$ |
56,303 |
|
|
|
5.44 |
% |
Allowance for loan losses |
|
(29,997 |
) |
|
|
|
|
|
|
|
|
|
|
(28,593 |
) |
|
|
|
|
|
|
|
|
|
|
(23,554 |
) |
|
|
|
|
|
|
|
|
Noninterest-earning assets |
|
639,601 |
|
|
|
|
|
|
|
|
|
|
|
600,004 |
|
|
|
|
|
|
|
|
|
|
|
564,934 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
4,917,632 |
|
|
|
|
|
|
|
|
|
|
$ |
4,856,078 |
|
|
|
|
|
|
|
|
|
|
$ |
4,650,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
$ |
361,666 |
|
|
$ |
952 |
|
|
|
1.04 |
% |
|
$ |
332,652 |
|
|
$ |
943 |
|
|
|
1.13 |
% |
|
$ |
325,046 |
|
|
$ |
920 |
|
|
|
1.12 |
% |
Money market and savings
deposits |
|
1,169,996 |
|
|
|
4,139 |
|
|
|
1.40 |
% |
|
|
1,099,937 |
|
|
|
4,032 |
|
|
|
1.45 |
% |
|
|
942,764 |
|
|
|
2,447 |
|
|
|
1.03 |
% |
Certificates and other time
deposits |
|
1,203,110 |
|
|
|
6,483 |
|
|
|
2.14 |
% |
|
|
1,269,886 |
|
|
|
6,909 |
|
|
|
2.16 |
% |
|
|
1,232,666 |
|
|
|
5,358 |
|
|
|
1.72 |
% |
Borrowed funds |
|
86,372 |
|
|
|
547 |
|
|
|
2.51 |
% |
|
|
158,358 |
|
|
|
1,183 |
|
|
|
2.96 |
% |
|
|
168,403 |
|
|
|
1,008 |
|
|
|
2.37 |
% |
Subordinated debt |
|
107,782 |
|
|
|
1,500 |
|
|
|
5.52 |
% |
|
|
51,607 |
|
|
|
761 |
|
|
|
5.85 |
% |
|
|
48,865 |
|
|
|
732 |
|
|
|
5.94 |
% |
Total interest-bearing
liabilities |
|
2,928,926 |
|
|
$ |
13,621 |
|
|
|
1.85 |
% |
|
|
2,912,440 |
|
|
$ |
13,828 |
|
|
|
1.88 |
% |
|
|
2,717,744 |
|
|
$ |
10,465 |
|
|
|
1.53 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
|
1,237,770 |
|
|
|
|
|
|
|
|
|
|
|
1,198,564 |
|
|
|
|
|
|
|
|
|
|
|
1,215,589 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
40,781 |
|
|
|
|
|
|
|
|
|
|
|
35,030 |
|
|
|
|
|
|
|
|
|
|
|
19,389 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
4,207,477 |
|
|
|
|
|
|
|
|
|
|
|
4,146,034 |
|
|
|
|
|
|
|
|
|
|
|
3,952,722 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
710,155 |
|
|
|
|
|
|
|
|
|
|
|
710,044 |
|
|
|
|
|
|
|
|
|
|
|
697,303 |
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity |
$ |
4,917,632 |
|
|
|
|
|
|
|
|
|
|
$ |
4,856,078 |
|
|
|
|
|
|
|
|
|
|
$ |
4,650,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread |
|
|
|
|
|
|
|
|
|
3.50 |
% |
|
|
|
|
|
|
|
|
|
|
3.55 |
% |
|
|
|
|
|
|
|
|
|
|
3.91 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin |
|
|
|
|
$ |
44,526 |
|
|
|
4.10 |
% |
|
|
|
|
|
$ |
44,837 |
|
|
|
4.15 |
% |
|
|
|
|
|
$ |
45,838 |
|
|
|
4.43 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and net
interest margin (tax equivalent) |
|
|
|
|
$ |
44,623 |
|
|
|
4.11 |
% |
|
|
|
|
|
$ |
44,924 |
|
|
|
4.16 |
% |
|
|
|
|
|
$ |
46,100 |
|
|
|
4.45 |
% |
Allegiance Bancshares,
Inc.Financial
Highlights(Unaudited)
|
Years Ended December 31, |
|
|
2019 |
|
|
2018 |
|
|
Average Balance |
|
|
Interest Earned/ Interest Paid |
|
|
Average Yield/ Rate |
|
|
Average Balance |
|
|
Interest Earned/ Interest Paid |
|
|
Average Yield/ Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
$ |
3,831,894 |
|
|
$ |
221,363 |
|
|
|
5.78 |
% |
|
$ |
2,652,355 |
|
|
$ |
148,223 |
|
|
|
5.59 |
% |
Securities |
|
355,233 |
|
|
|
9,909 |
|
|
|
2.79 |
% |
|
|
317,329 |
|
|
|
8,527 |
|
|
|
2.69 |
% |
Deposits in other financial
institutions |
|
74,655 |
|
|
|
1,635 |
|
|
|
2.19 |
% |
|
|
70,145 |
|
|
|
1,473 |
|
|
|
2.10 |
% |
Total interest-earning assets |
|
4,261,782 |
|
|
$ |
232,907 |
|
|
|
5.47 |
% |
|
|
3,039,829 |
|
|
$ |
158,223 |
|
|
|
5.21 |
% |
Allowance for loan losses |
|
(28,129 |
) |
|
|
|
|
|
|
|
|
|
|
(24,077 |
) |
|
|
|
|
|
|
|
|
Noninterest-earning assets |
|
594,981 |
|
|
|
|
|
|
|
|
|
|
|
349,408 |
|
|
|
|
|
|
|
|
|
Total assets |
$ |
4,828,634 |
|
|
|
|
|
|
|
|
|
|
$ |
3,365,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
$ |
345,693 |
|
|
$ |
4,010 |
|
|
|
1.16 |
% |
|
$ |
224,210 |
|
|
$ |
1,834 |
|
|
|
0.82 |
% |
Money market and savings
deposits |
|
1,037,126 |
|
|
|
14,297 |
|
|
|
1.38 |
% |
|
|
637,722 |
|
|
|
4,644 |
|
|
|
0.73 |
% |
Certificates and other time
deposits |
|
1,276,684 |
|
|
|
26,656 |
|
|
|
2.09 |
% |
|
|
940,356 |
|
|
|
15,478 |
|
|
|
1.65 |
% |
Borrowed funds |
|
127,138 |
|
|
|
4,675 |
|
|
|
3.68 |
% |
|
|
240,952 |
|
|
|
4,788 |
|
|
|
1.99 |
% |
Subordinated debt |
|
64,451 |
|
|
|
3,732 |
|
|
|
5.79 |
% |
|
|
48,776 |
|
|
|
2,900 |
|
|
|
5.95 |
% |
Total interest-bearing liabilities |
|
2,851,092 |
|
|
$ |
53,370 |
|
|
|
1.87 |
% |
|
|
2,092,016 |
|
|
$ |
29,644 |
|
|
|
1.42 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
|
1,194,496 |
|
|
|
|
|
|
|
|
|
|
|
848,276 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
74,777 |
|
|
|
|
|
|
|
|
|
|
|
11,427 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
4,120,365 |
|
|
|
|
|
|
|
|
|
|
|
2,951,719 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
708,269 |
|
|
|
|
|
|
|
|
|
|
|
413,441 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
4,828,634 |
|
|
|
|
|
|
|
|
|
|
$ |
3,365,160 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread |
|
|
|
|
|
|
|
|
|
3.60 |
% |
|
|
|
|
|
|
|
|
|
|
3.79 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin |
|
|
|
|
$ |
179,537 |
|
|
|
4.21 |
% |
|
|
|
|
|
$ |
128,579 |
|
|
|
4.23 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and net
interest margin (tax equivalent) |
|
|
|
|
$ |
180,036 |
|
|
|
4.22 |
% |
|
|
|
|
|
$ |
129,652 |
|
|
|
4.27 |
% |
Allegiance Bancshares,
Inc.Financial
Highlights(Unaudited)
|
Three Months Ended |
|
|
2019 |
|
|
2018 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Period-end Loan Portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
689,360 |
|
|
$ |
675,055 |
|
|
$ |
694,516 |
|
|
$ |
699,471 |
|
|
$ |
702,037 |
|
Mortgage warehouse |
|
8,304 |
|
|
|
36,594 |
|
|
|
46,171 |
|
|
|
36,742 |
|
|
|
48,274 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate (including multi-family
residential) |
|
1,873,782 |
|
|
|
1,859,721 |
|
|
|
1,830,764 |
|
|
|
1,771,890 |
|
|
|
1,650,912 |
|
Commercial real estate construction and land development |
|
410,471 |
|
|
|
386,723 |
|
|
|
368,108 |
|
|
|
396,162 |
|
|
|
430,128 |
|
1-4 family residential (including home equity) |
|
698,957 |
|
|
|
695,520 |
|
|
|
690,961 |
|
|
|
658,261 |
|
|
|
649,311 |
|
Residential construction |
|
192,515 |
|
|
|
189,608 |
|
|
|
183,991 |
|
|
|
201,314 |
|
|
|
186,411 |
|
Consumer and other |
|
41,921 |
|
|
|
42,783 |
|
|
|
43,452 |
|
|
|
42,321 |
|
|
|
41,233 |
|
Total loans |
$ |
3,915,310 |
|
|
$ |
3,886,004 |
|
|
$ |
3,857,963 |
|
|
$ |
3,806,161 |
|
|
$ |
3,708,306 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
28,371 |
|
|
$ |
34,615 |
|
|
$ |
31,382 |
|
|
$ |
32,670 |
|
|
$ |
32,953 |
|
Accruing loans 90 or more days
past due |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming loans |
|
28,371 |
|
|
|
34,615 |
|
|
|
31,382 |
|
|
|
32,670 |
|
|
|
32,953 |
|
Other real estate |
|
8,337 |
|
|
|
8,333 |
|
|
|
6,294 |
|
|
|
1,152 |
|
|
|
630 |
|
Other repossessed assets |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming assets |
$ |
36,708 |
|
|
$ |
42,948 |
|
|
$ |
37,676 |
|
|
$ |
33,822 |
|
|
$ |
33,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs |
$ |
1,303 |
|
|
$ |
729 |
|
|
$ |
590 |
|
|
$ |
210 |
|
|
$ |
219 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
8,388 |
|
|
$ |
8,033 |
|
|
$ |
9,386 |
|
|
$ |
11,221 |
|
|
$ |
10,861 |
|
Mortgage warehouse |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate (including multi-family
residential) |
|
6,741 |
|
|
|
15,356 |
|
|
|
18,218 |
|
|
|
17,531 |
|
|
|
17,776 |
|
Commercial real estate construction and land development |
|
9,050 |
|
|
|
9,050 |
|
|
|
1,541 |
|
|
|
818 |
|
|
|
974 |
|
1-4 family residential (including home equity) |
|
3,294 |
|
|
|
1,992 |
|
|
|
2,074 |
|
|
|
2,928 |
|
|
|
3,201 |
|
Residential construction |
|
746 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consumer and other |
|
152 |
|
|
|
184 |
|
|
|
163 |
|
|
|
172 |
|
|
|
141 |
|
Total nonaccrual loans |
$ |
28,371 |
|
|
$ |
34,615 |
|
|
$ |
31,382 |
|
|
$ |
32,670 |
|
|
$ |
32,953 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets |
|
0.74 |
% |
|
|
0.88 |
% |
|
|
0.79 |
% |
|
|
0.71 |
% |
|
|
0.72 |
% |
Nonperforming loans to total
loans |
|
0.72 |
% |
|
|
0.89 |
% |
|
|
0.81 |
% |
|
|
0.86 |
% |
|
|
0.89 |
% |
Allowance for loan losses to
nonperforming loans |
|
103.76 |
% |
|
|
86.11 |
% |
|
|
89.03 |
% |
|
|
83.02 |
% |
|
|
79.90 |
% |
Allowance for loan losses to
total loans |
|
0.75 |
% |
|
|
0.77 |
% |
|
|
0.72 |
% |
|
|
0.71 |
% |
|
|
0.71 |
% |
Net charge-offs to average
loans (annualized) |
|
0.13 |
% |
|
|
0.07 |
% |
|
|
0.06 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
Allegiance Bancshares,
Inc.GAAP Reconciliation and Management’s
Explanation of Non-GAAP Financial
Measures(Unaudited)
Allegiance’s management uses certain non-GAAP
(generally accepted accounting principles) financial measures to
evaluate its performance. Allegiance believes that these non-GAAP
financial measures provide meaningful supplemental information
regarding its performance and that management and investors
benefit from referring to these non-GAAP financial measures in
assessing Allegiance’s performance and when planning, forecasting,
analyzing and comparing past, present and future periods.
Specifically, Allegiance reviews tangible book value per share,
return on average tangible equity, the ratio of tangible equity to
tangible assets and core net interest margin on a tax equivalent
basis for internal planning and forecasting purposes. Allegiance
has included in this Earnings Release information relating to these
non-GAAP financial measures for the applicable periods
presented. These non-GAAP 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 manner in which Allegiance calculates the non-GAAP
financial measures may differ from that of other companies
reporting measures with similar names.
|
Three Months Ended |
|
|
Years Ended |
|
|
2019 |
|
|
2018 |
|
|
2019 |
|
|
2018 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
December 31 |
|
|
December 31 |
|
|
December 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars and share amounts in thousands, except per share
data) |
|
Total shareholders' equity |
$ |
709,865 |
|
|
$ |
706,308 |
|
|
$ |
704,701 |
|
|
$ |
703,777 |
|
|
$ |
702,984 |
|
|
$ |
709,865 |
|
|
$ |
702,984 |
|
Less: Goodwill and
core deposit intangibles, net |
|
245,518 |
|
|
|
246,695 |
|
|
|
247,873 |
|
|
|
249,051 |
|
|
|
249,712 |
|
|
|
245,518 |
|
|
|
249,712 |
|
Tangible
shareholders’ equity |
$ |
464,347 |
|
|
$ |
459,613 |
|
|
$ |
456,828 |
|
|
$ |
454,726 |
|
|
$ |
453,272 |
|
|
$ |
464,347 |
|
|
$ |
453,272 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at end
of period |
|
20,524 |
|
|
|
20,737 |
|
|
|
21,147 |
|
|
|
21,484 |
|
|
|
21,938 |
|
|
|
20,524 |
|
|
|
21,938 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per share |
$ |
22.62 |
|
|
$ |
22.16 |
|
|
$ |
21.60 |
|
|
$ |
21.17 |
|
|
$ |
20.66 |
|
|
$ |
22.62 |
|
|
$ |
20.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
13,986 |
|
|
$ |
12,047 |
|
|
$ |
14,248 |
|
|
$ |
12,678 |
|
|
$ |
13,163 |
|
|
$ |
52,959 |
|
|
$ |
37,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity |
$ |
710,155 |
|
|
$ |
710,044 |
|
|
$ |
705,162 |
|
|
$ |
707,666 |
|
|
$ |
697,303 |
|
|
$ |
708,269 |
|
|
$ |
413,441 |
|
Less: Average goodwill
and core deposit intangibles, net |
|
246,154 |
|
|
|
247,404 |
|
|
|
248,621 |
|
|
|
249,277 |
|
|
|
249,252 |
|
|
|
247,854 |
|
|
|
80,384 |
|
Average
tangible shareholders’ equity |
$ |
464,001 |
|
|
$ |
462,640 |
|
|
$ |
456,541 |
|
|
$ |
458,389 |
|
|
$ |
448,051 |
|
|
$ |
460,415 |
|
|
$ |
333,057 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average tangible equity |
|
11.96 |
% |
|
|
10.33 |
% |
|
|
12.52 |
% |
|
|
11.22 |
% |
|
|
11.66 |
% |
|
|
11.50 |
% |
|
|
11.20 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
4,992,654 |
|
|
$ |
4,905,840 |
|
|
$ |
4,794,211 |
|
|
$ |
4,768,802 |
|
|
$ |
4,655,249 |
|
|
$ |
4,992,654 |
|
|
$ |
4,655,249 |
|
Less: Goodwill and
core deposit intangibles, net |
|
245,518 |
|
|
|
246,695 |
|
|
|
247,873 |
|
|
|
249,051 |
|
|
|
249,712 |
|
|
|
245,518 |
|
|
|
249,712 |
|
Tangible
assets |
$ |
4,747,136 |
|
|
$ |
4,659,145 |
|
|
$ |
4,546,338 |
|
|
$ |
4,519,751 |
|
|
$ |
4,405,537 |
|
|
$ |
4,747,136 |
|
|
$ |
4,405,537 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to
tangible assets |
|
9.78 |
% |
|
|
9.86 |
% |
|
|
10.05 |
% |
|
|
10.06 |
% |
|
|
10.29 |
% |
|
|
9.78 |
% |
|
|
10.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income (tax equivalent) |
$ |
44,623 |
|
|
$ |
44,924 |
|
|
$ |
45,684 |
|
|
$ |
44,805 |
|
|
$ |
46,100 |
|
|
$ |
180,036 |
|
|
$ |
129,652 |
|
Less: Acquisition
accounting adjustments |
|
(1,860 |
) |
|
|
(2,045 |
) |
|
|
(2,755 |
) |
|
|
(2,965 |
) |
|
|
(3,069 |
) |
|
|
(9,625 |
) |
|
|
(3,069 |
) |
Core net
interest income (tax
equivalent) |
$ |
42,763 |
|
|
$ |
42,879 |
|
|
$ |
42,929 |
|
|
$ |
41,840 |
|
|
$ |
43,031 |
|
|
$ |
170,411 |
|
|
$ |
126,583 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average earning assets |
$ |
4,308,028 |
|
|
$ |
4,284,667 |
|
|
$ |
4,233,653 |
|
|
$ |
4,212,669 |
|
|
$ |
4,108,645 |
|
|
$ |
4,261,782 |
|
|
$ |
3,039,829 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin (tax equivalent) |
|
4.11 |
% |
|
|
4.16 |
% |
|
|
4.33 |
% |
|
|
4.31 |
% |
|
|
4.45 |
% |
|
|
4.22 |
% |
|
|
4.27 |
% |
Core net interest
margin (tax equivalent) |
|
3.94 |
% |
|
|
3.97 |
% |
|
|
4.07 |
% |
|
|
4.03 |
% |
|
|
4.16 |
% |
|
|
4.00 |
% |
|
|
4.17 |
% |
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