Allegiance Bancshares, Inc. (NASDAQ: ABTX) (Allegiance), the
holding company of Allegiance Bank (the “Bank”), today reported net
income of $3.5 million and diluted earnings per share of $0.17 for
the first quarter 2020 compared to net income of $12.7 million and
diluted earnings per share of $0.58 for the first quarter
2019. The first quarter 2020 results were primarily driven by
the increased provision expense in response to COVID-19-related
uncertainties in the current economic environment and write-downs
in other real estate owned.
“While first quarter earnings were negatively impacted by the
broader economic risks and uncertainties relating to the COVID-19
pandemic, the true story for the quarter was the phenomenal effort
and execution of our entire team at Allegiance Bank under
unprecedented conditions” said Steve Retzloff, Allegiance’s Chief
Executive Officer. “We enter the second quarter very
well-positioned to navigate potential challenges related to the
evolving COVID-19 and economic situation. Our capital is very
strong, our loan portfolio is granular and well-collateralized, and
our people remain dedicated to providing extraordinary service to
our customers, albeit remotely when appropriate,” commented
Retzloff.
“Our pre-existing pandemic response plan enabled us to quickly
respond to the situation and fulfill our commitment to providing a
safe environment for our customers and employees.
Implementation strategies have included social distancing,
acquisition of a pre-arranged supply of laptops that allow for an
extensive work-from-home program, drive-thru only service,
evaluating and responding to customer needs and a more recent show
of strength as we processed thousands of Paycheck Protection
Program applications for both existing and new customers. The
extraordinary dedication of our employees has been remarkable,”
continued Retzloff.
First Quarter 2020 Results
Net interest income before the provision for loan losses in the
first quarter 2020 increased $422 thousand, or 0.9%, to $45.0
million from $44.6 million for the first quarter 2019 and from
$44.5 million in the fourth quarter 2019. These increases
were primarily due to changes in the volume and relative mix of the
underlying assets and liabilities as well as lower costs related to
interest-bearing liabilities. The net interest margin on a
tax equivalent basis decreased 16 basis points to 4.15% for the
first quarter 2020 from 4.31% for the first quarter 2019 and
increased 4 basis points from 4.11% for the fourth quarter
2019. Core net interest margin on a tax equivalent basis
excludes the impact of acquisition accounting adjustments and was
4.04% for the first quarter 2020 compared to 4.03% for the first
quarter 2019 and 3.94% for the fourth quarter 2019. Please
refer to the non-GAAP reconciliation on page 9.
Noninterest income for the first quarter 2020 was $2.7 million,
a decrease of $564 thousand, or 17.1%, compared to $3.3 million for
the first quarter 2019 and a decrease of $675 thousand, or 19.9%,
compared to $3.4 million for the fourth quarter 2019.
Noninterest income for the first quarter 2020 and the fourth
quarter 2019 included $194 thousand and $613 thousand,
respectively, of gains on the sale of securities.
Noninterest expense for the first quarter 2020 increased $1.3
million, or 4.1%, to $32.4 million from $31.1 million for the first
quarter 2019 and increased $3.0 million, or 10.1%, compared to the
fourth quarter 2019. Noninterest expense for the first
quarter 2020 included $2.2 million of other real estate
write-downs.
In the first quarter 2020, Allegiance’s efficiency ratio was
68.13% compared to 62.20% for the fourth quarter 2019 and 64.97%
for the first quarter 2019. First quarter 2020 annualized
returns on average assets, average equity and average tangible
equity were 0.29%, 1.98% and 3.02%, respectively, compared to
1.13%, 7.81% and 11.96%, respectively, for the fourth quarter
2019. Annualized returns on average assets, average equity
and average tangible equity for the first quarter 2019 were 1.08%,
7.27% and 11.22%, respectively. Return on average tangible equity
is a non-GAAP measure. Please refer to the non-GAAP
reconciliation on page 9.
Financial Condition
Total assets at March 31, 2020 increased $9.8 million to
$5.00 billion compared to $4.99 billion at December 31, 2019
and increased $233.6 million compared to $4.77 billion at
March 31, 2019, primarily due to organic loan growth.
Total loans at March 31, 2020 increased $40.2 million, or
4.1% (annualized), to $3.96 billion compared to $3.92 billion at
December 31, 2019 and increased $149.4 million, or 3.9%,
compared to $3.81 billion at March 31, 2019, primarily
due to organic loan growth. Core loans, which exclude the
mortgage warehouse portfolio, increased $47.4 million, or 4.9%
(annualized), to $3.95 billion at March 31, 2020 from $3.91
billion at December 31, 2019 and increased $185.1 million, or
4.9%, from $3.77 billion at March 31, 2019.
Loans with oil and gas industry exposure totaled $80.7 million,
or 2.0%, of total loans at March 31, 2020, of which $826 thousand
were on nonaccrual. At March 31, 2020, the Company’s
allowance for loan losses allocated to its total oil and gas loan
portfolio was 1.5% of total oil and gas loans.
In addition, at March 31, 2020, loan balances in the hotel
and restaurant and bar industries was $133.0 million, or 3.4%,
of total loans, and $101.3 million, or 2.6%, of total loans,
respectively. At March 31, 2020, there were no hotel loans on
nonaccrual and there were $794 thousand restaurant and bar loans on
nonaccrual. At March 31, 2020, the Company’s allowance
for loan losses allocated to its hotel portfolio was 1.0% of total
hotel loans and its restaurant and bar portfolio was 1.2% of total
restaurant and bar loans.
The Company had executed 1,563 principal and interest deferrals
on outstanding loan balances of $838.1 million, as of April 26,
2020, in connection with the COVID-19 relief provided by the CARES
Act. These deferrals were generally no more than 90 days in
duration.
Deposits at March 31, 2020 decreased $114.5 million, or
11.3% (annualized), to $3.95 billion compared to $4.07 billion at
December 31, 2019 and increased $173.5 million, or 4.6%,
compared to $3.78 billion at March 31, 2019.
Asset Quality
Nonperforming assets totaled $34.2 million, or 0.68% of total
assets, at March 31, 2020, compared to $36.7 million, or 0.74%
of total assets, at December 31, 2019, and $33.8 million, or
0.71% of total assets, at March 31, 2019. The allowance
for loan losses was 0.95% of total loans at March 31, 2020,
0.75% of total loans at December 31, 2019 and 0.71% of total
loans at March 31, 2019. Accounting Standards Update
(ASU) 2016-13, “Financial Instruments – Credit Losses (Topic 326):
Measurement of Credit Losses on Financial Instruments” (CECL),
became effective for the Company on January 1, 2020. On
March 27, 2020, the CARES Act included an option for entities
to delay the implementation of CECL until the earlier of the
termination date of the national emergency declaration by the
President or December 31, 2020. Due to the uncertainty
on the economy from COVID-19, the Company chose to delay its
implementation of CECL and recorded its provision for loan losses
under the incurred loss model that existed prior to CECL.
The provision for loan losses for the first quarter 2020 was
$11.0 million, or 1.12% (annualized) of average loans, compared to
$933 thousand, or 0.10% (annualized) of average loans, for the
fourth quarter 2019 and $1.0 million, or 0.11% (annualized) of
average loans for the first quarter 2019 primarily due to economic
risks and uncertainties related to the COVID-19 pandemic. The
increase in the Company’s provision for loan losses in the first
quarter of 2020 compared to prior quarters reflects overall growth
in the loan portfolio; increased level of charge-offs; and
increasing uncertainty surrounding unemployment, the economic
impact caused by COVID-19 and the economic effects related to the
recent sharp decline in crude oil prices.
First quarter 2020 net charge-offs were $2.9 million, or 0.30%
(annualized) of average loans, compared to net charge-offs of $1.3
million, or 0.13% (annualized) of average loans, for the fourth
quarter 2019 and $210 thousand, or 0.02% (annualized) of average
loans, for the first quarter 2019.
Dividend
On April 23, 2020, the Board of Directors of Allegiance declared
a cash dividend of $0.10 per share to be paid on June 15, 2020 to
all shareholders of record as of May 29, 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 on page 9 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 Thursday, April 30, 2020 at 9:00 a.m.
Central Time (10:00 a.m. Eastern Time) to discuss its first quarter
2020 results. Individuals and investment professionals may
participate in the call by dialing (877) 279-2520. The
conference ID number is 9575797. 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 March 31, 2020, Allegiance was a $5.00 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 March 31, 2020, 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 contains forward-looking statements within the
meaning of the securities laws that are derived utilizing
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 expected 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. Additionally, the impact of the
COVID-19 pandemic is rapidly evolving and its future effects on
Allegiance are difficult to predict. These and various other
risk factors are discussed in Allegiance’s Annual Report on Form
10-K for the fiscal year ended December 31, 2019 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. Because of
these uncertainties, readers should not place undue reliance on any
forward-looking statement. Allegiance disclaims any
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)
|
|
2020 |
|
|
2019 |
|
|
|
March 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
|
$ |
156,700 |
|
|
$ |
213,347 |
|
|
$ |
246,312 |
|
|
$ |
170,850 |
|
|
$ |
169,975 |
|
Interest-bearing deposits at
other financial institutions |
|
|
18,189 |
|
|
|
132,901 |
|
|
|
54,307 |
|
|
|
61,757 |
|
|
|
88,868 |
|
Total cash and cash equivalents |
|
|
174,889 |
|
|
|
346,248 |
|
|
|
300,619 |
|
|
|
232,607 |
|
|
|
258,843 |
|
Available for sale securities, at
fair value |
|
|
508,250 |
|
|
|
372,545 |
|
|
|
353,000 |
|
|
|
348,173 |
|
|
|
345,716 |
|
Loans held for investment |
|
|
3,955,546 |
|
|
|
3,915,310 |
|
|
|
3,886,004 |
|
|
|
3,857,963 |
|
|
|
3,806,161 |
|
Less: allowance for loan
losses |
|
|
(37,511 |
) |
|
|
(29,438 |
) |
|
|
(29,808 |
) |
|
|
(27,940 |
) |
|
|
(27,123 |
) |
Loans, net |
|
|
3,918,035 |
|
|
|
3,885,872 |
|
|
|
3,856,196 |
|
|
|
3,830,023 |
|
|
|
3,779,038 |
|
Accrued interest
receivable |
|
|
17,203 |
|
|
|
15,468 |
|
|
|
15,201 |
|
|
|
16,508 |
|
|
|
16,194 |
|
Premises and equipment,
net |
|
|
66,798 |
|
|
|
66,790 |
|
|
|
67,175 |
|
|
|
59,690 |
|
|
|
60,327 |
|
Other real estate owned |
|
|
12,617 |
|
|
|
8,337 |
|
|
|
8,333 |
|
|
|
6,294 |
|
|
|
1,152 |
|
Federal Home Loan Bank
stock |
|
|
12,798 |
|
|
|
6,242 |
|
|
|
14,138 |
|
|
|
8,866 |
|
|
|
14,365 |
|
Bank owned life insurance |
|
|
27,255 |
|
|
|
27,104 |
|
|
|
26,947 |
|
|
|
26,794 |
|
|
|
26,639 |
|
Goodwill |
|
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
Core deposit intangibles,
net |
|
|
20,886 |
|
|
|
21,876 |
|
|
|
23,053 |
|
|
|
24,231 |
|
|
|
25,409 |
|
Other assets |
|
|
20,056 |
|
|
|
18,530 |
|
|
|
17,536 |
|
|
|
17,383 |
|
|
|
17,477 |
|
Total assets |
|
$ |
5,002,429 |
|
|
$ |
4,992,654 |
|
|
$ |
4,905,840 |
|
|
$ |
4,794,211 |
|
|
$ |
4,768,802 |
|
LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
|
$ |
1,217,532 |
|
|
$ |
1,252,232 |
|
|
$ |
1,227,839 |
|
|
$ |
1,173,423 |
|
|
$ |
1,181,920 |
|
Interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
|
341,524 |
|
|
|
367,278 |
|
|
|
340,754 |
|
|
|
390,067 |
|
|
|
328,961 |
|
Money market and savings |
|
|
1,110,631 |
|
|
|
1,258,008 |
|
|
|
1,114,233 |
|
|
|
995,467 |
|
|
|
901,773 |
|
Certificates and other time |
|
|
1,283,887 |
|
|
|
1,190,583 |
|
|
|
1,214,659 |
|
|
|
1,301,683 |
|
|
|
1,367,407 |
|
Total interest-bearing deposits |
|
|
2,736,042 |
|
|
|
2,815,869 |
|
|
|
2,669,646 |
|
|
|
2,687,217 |
|
|
|
2,598,141 |
|
Total deposits |
|
|
3,953,574 |
|
|
|
4,068,101 |
|
|
|
3,897,485 |
|
|
|
3,860,640 |
|
|
|
3,780,061 |
|
Accrued interest payable |
|
|
3,821 |
|
|
|
4,326 |
|
|
|
4,915 |
|
|
|
3,531 |
|
|
|
4,511 |
|
Borrowed funds |
|
|
190,506 |
|
|
|
75,503 |
|
|
|
159,501 |
|
|
|
146,998 |
|
|
|
201,995 |
|
Subordinated debt |
|
|
107,930 |
|
|
|
107,799 |
|
|
|
107,771 |
|
|
|
49,019 |
|
|
|
48,959 |
|
Other liabilities |
|
|
40,005 |
|
|
|
27,060 |
|
|
|
29,860 |
|
|
|
29,322 |
|
|
|
29,499 |
|
Total liabilities |
|
|
4,295,836 |
|
|
|
4,282,789 |
|
|
|
4,199,532 |
|
|
|
4,089,510 |
|
|
|
4,065,025 |
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common stock |
|
|
20,355 |
|
|
|
20,524 |
|
|
|
20,737 |
|
|
|
21,147 |
|
|
|
21,484 |
|
Capital surplus |
|
|
513,894 |
|
|
|
521,066 |
|
|
|
529,688 |
|
|
|
541,979 |
|
|
|
556,184 |
|
Retained earnings |
|
|
164,858 |
|
|
|
163,375 |
|
|
|
149,389 |
|
|
|
137,342 |
|
|
|
123,094 |
|
Accumulated other
comprehensive income |
|
|
7,486 |
|
|
|
4,900 |
|
|
|
6,494 |
|
|
|
4,233 |
|
|
|
3,015 |
|
Total shareholders’ equity |
|
|
706,593 |
|
|
|
709,865 |
|
|
|
706,308 |
|
|
|
704,701 |
|
|
|
703,777 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY |
|
$ |
5,002,429 |
|
|
$ |
4,992,654 |
|
|
$ |
4,905,840 |
|
|
$ |
4,794,211 |
|
|
$ |
4,768,802 |
|
Allegiance Bancshares,
Inc.Financial
Highlights(Unaudited)
|
|
Three Months Ended |
|
|
|
2020 |
|
|
2019 |
|
|
|
March 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands, except per share data) |
|
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
|
$ |
54,624 |
|
|
$ |
55,368 |
|
|
$ |
55,790 |
|
|
$ |
56,016 |
|
|
$ |
54,189 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
|
2,087 |
|
|
|
2,066 |
|
|
|
2,090 |
|
|
|
1,837 |
|
|
|
982 |
|
Tax-exempt |
|
|
546 |
|
|
|
469 |
|
|
|
483 |
|
|
|
692 |
|
|
|
1,290 |
|
Deposits in other financial institutions |
|
|
195 |
|
|
|
244 |
|
|
|
302 |
|
|
|
401 |
|
|
|
688 |
|
Total interest income |
|
|
57,452 |
|
|
|
58,147 |
|
|
|
58,665 |
|
|
|
58,946 |
|
|
|
57,149 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, money market and savings deposits |
|
|
4,364 |
|
|
|
5,091 |
|
|
|
4,975 |
|
|
|
4,513 |
|
|
|
3,728 |
|
Certificates and other time deposits |
|
|
6,084 |
|
|
|
6,483 |
|
|
|
6,909 |
|
|
|
7,008 |
|
|
|
6,256 |
|
Borrowed funds |
|
|
506 |
|
|
|
547 |
|
|
|
1,183 |
|
|
|
1,118 |
|
|
|
1,827 |
|
Subordinated debt |
|
|
1,473 |
|
|
|
1,500 |
|
|
|
761 |
|
|
|
736 |
|
|
|
735 |
|
Total interest expense |
|
|
12,427 |
|
|
|
13,621 |
|
|
|
13,828 |
|
|
|
13,375 |
|
|
|
12,546 |
|
NET INTEREST INCOME |
|
|
45,025 |
|
|
|
44,526 |
|
|
|
44,837 |
|
|
|
45,571 |
|
|
|
44,603 |
|
Provision for loan losses |
|
|
10,990 |
|
|
|
933 |
|
|
|
2,597 |
|
|
|
1,407 |
|
|
|
1,002 |
|
Net interest income after
provision for loan losses |
|
|
34,035 |
|
|
|
43,593 |
|
|
|
42,240 |
|
|
|
44,164 |
|
|
|
43,601 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonsufficient funds fees |
|
|
169 |
|
|
|
189 |
|
|
|
168 |
|
|
|
139 |
|
|
|
162 |
|
Service charges on deposit accounts |
|
|
457 |
|
|
|
403 |
|
|
|
379 |
|
|
|
365 |
|
|
|
325 |
|
Gain on sale of securities |
|
|
194 |
|
|
|
613 |
|
|
|
— |
|
|
|
846 |
|
|
|
— |
|
(Loss) gain on sales of other real estate and repossessed
assets |
|
|
(69 |
) |
|
|
(45 |
) |
|
|
— |
|
|
|
70 |
|
|
|
1 |
|
Bank owned life insurance |
|
|
151 |
|
|
|
157 |
|
|
|
153 |
|
|
|
155 |
|
|
|
159 |
|
Rebate from correspondent bank |
|
|
493 |
|
|
|
900 |
|
|
|
900 |
|
|
|
884 |
|
|
|
896 |
|
Other |
|
|
1,330 |
|
|
|
1,183 |
|
|
|
1,289 |
|
|
|
1,386 |
|
|
|
1,746 |
|
Total noninterest income |
|
|
2,725 |
|
|
|
3,400 |
|
|
|
2,889 |
|
|
|
3,845 |
|
|
|
3,289 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
|
19,781 |
|
|
|
18,273 |
|
|
|
20,221 |
|
|
|
19,415 |
|
|
|
19,684 |
|
Net occupancy and equipment |
|
|
1,907 |
|
|
|
1,994 |
|
|
|
1,973 |
|
|
|
2,114 |
|
|
|
2,098 |
|
Depreciation |
|
|
866 |
|
|
|
861 |
|
|
|
822 |
|
|
|
756 |
|
|
|
753 |
|
Data processing and software amortization |
|
|
1,826 |
|
|
|
2,120 |
|
|
|
2,058 |
|
|
|
1,709 |
|
|
|
1,577 |
|
Professional fees |
|
|
573 |
|
|
|
540 |
|
|
|
667 |
|
|
|
527 |
|
|
|
599 |
|
Regulatory assessments and FDIC insurance |
|
|
632 |
|
|
|
216 |
|
|
|
(41 |
) |
|
|
802 |
|
|
|
728 |
|
Core deposit intangibles amortization |
|
|
990 |
|
|
|
1,177 |
|
|
|
1,178 |
|
|
|
1,178 |
|
|
|
1,178 |
|
Communications |
|
|
417 |
|
|
|
486 |
|
|
|
455 |
|
|
|
468 |
|
|
|
430 |
|
Advertising |
|
|
521 |
|
|
|
597 |
|
|
|
449 |
|
|
|
617 |
|
|
|
704 |
|
Acquisition and merger-related expenses |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
153 |
|
|
|
1,173 |
|
Other |
|
|
4,888 |
|
|
|
3,167 |
|
|
|
2,227 |
|
|
|
2,341 |
|
|
|
2,191 |
|
Total noninterest expense |
|
|
32,401 |
|
|
|
29,431 |
|
|
|
30,009 |
|
|
|
30,080 |
|
|
|
31,115 |
|
INCOME BEFORE INCOME
TAXES |
|
|
4,359 |
|
|
|
17,562 |
|
|
|
15,120 |
|
|
|
17,929 |
|
|
|
15,775 |
|
Provision for income taxes |
|
|
843 |
|
|
|
3,576 |
|
|
|
3,073 |
|
|
|
3,681 |
|
|
|
3,097 |
|
NET INCOME |
|
$ |
3,516 |
|
|
$ |
13,986 |
|
|
$ |
12,047 |
|
|
$ |
14,248 |
|
|
$ |
12,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.17 |
|
|
$ |
0.68 |
|
|
$ |
0.57 |
|
|
$ |
0.67 |
|
|
$ |
0.58 |
|
Diluted |
|
$ |
0.17 |
|
|
$ |
0.67 |
|
|
$ |
0.57 |
|
|
$ |
0.66 |
|
|
$ |
0.58 |
|
Allegiance Bancshares,
Inc.Financial
Highlights(Unaudited)
|
|
Three Months Ended |
|
|
|
2020 |
|
|
2019 |
|
|
|
March 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars and share amounts in thousands, except per share
data) |
|
Net income |
|
$ |
3,516 |
|
|
$ |
13,986 |
|
|
$ |
12,047 |
|
|
$ |
14,248 |
|
|
$ |
12,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic |
|
$ |
0.17 |
|
|
$ |
0.68 |
|
|
$ |
0.57 |
|
|
$ |
0.67 |
|
|
$ |
0.58 |
|
Earnings per share,
diluted |
|
$ |
0.17 |
|
|
$ |
0.67 |
|
|
$ |
0.57 |
|
|
$ |
0.66 |
|
|
$ |
0.58 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets(A) |
|
|
0.29 |
% |
|
|
1.13 |
% |
|
|
0.98 |
% |
|
|
1.19 |
% |
|
|
1.08 |
% |
Return on average
equity(A) |
|
|
1.98 |
% |
|
|
7.81 |
% |
|
|
6.73 |
% |
|
|
8.10 |
% |
|
|
7.27 |
% |
Return on average
tangible equity(A)(B) |
|
|
3.02 |
% |
|
|
11.96 |
% |
|
|
10.33 |
% |
|
|
12.52 |
% |
|
|
11.22 |
% |
Net interest margin
(tax equivalent)(C) |
|
|
4.15 |
% |
|
|
4.11 |
% |
|
|
4.16 |
% |
|
|
4.33 |
% |
|
|
4.31 |
% |
Core net interest margin
(tax equivalent)(B) |
|
|
4.04 |
% |
|
|
3.94 |
% |
|
|
3.97 |
% |
|
|
4.07 |
% |
|
|
4.03 |
% |
Efficiency ratio(D) |
|
|
68.13 |
% |
|
|
62.20 |
% |
|
|
62.88 |
% |
|
|
61.93 |
% |
|
|
64.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegiance Bancshares,
Inc. (Consolidated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets |
|
|
14.12 |
% |
|
|
14.22 |
% |
|
|
14.40 |
% |
|
|
14.70 |
% |
|
|
14.76 |
% |
Tangible equity to tangible assets(B) |
|
|
9.71 |
% |
|
|
9.78 |
% |
|
|
9.86 |
% |
|
|
10.05 |
% |
|
|
10.06 |
% |
Estimated common equity tier 1 capital |
|
|
11.16 |
% |
|
|
11.42 |
% |
|
|
11.28 |
% |
|
|
11.34 |
% |
|
|
11.37 |
% |
Estimated tier 1 risk-based capital |
|
|
11.40 |
% |
|
|
11.66 |
% |
|
|
11.51 |
% |
|
|
11.58 |
% |
|
|
11.61 |
% |
Estimated total risk-based capital |
|
|
14.73 |
% |
|
|
14.83 |
% |
|
|
14.70 |
% |
|
|
13.27 |
% |
|
|
13.28 |
% |
Estimated tier 1 leverage capital |
|
|
9.89 |
% |
|
|
10.02 |
% |
|
|
10.06 |
% |
|
|
10.17 |
% |
|
|
10.25 |
% |
Allegiance Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated common equity tier 1 capital |
|
|
12.60 |
% |
|
|
12.67 |
% |
|
|
12.28 |
% |
|
|
12.02 |
% |
|
|
11.67 |
% |
Estimated tier 1 risk-based capital |
|
|
12.60 |
% |
|
|
12.67 |
% |
|
|
12.28 |
% |
|
|
12.02 |
% |
|
|
11.67 |
% |
Estimated total risk-based capital |
|
|
14.50 |
% |
|
|
14.39 |
% |
|
|
14.01 |
% |
|
|
13.71 |
% |
|
|
13.34 |
% |
Estimated tier 1 leverage capital |
|
|
10.94 |
% |
|
|
10.89 |
% |
|
|
10.73 |
% |
|
|
10.57 |
% |
|
|
10.31 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
20,411 |
|
|
|
20,652 |
|
|
|
20,981 |
|
|
|
21,257 |
|
|
|
21,733 |
|
Diluted |
|
|
20,690 |
|
|
|
20,930 |
|
|
|
21,256 |
|
|
|
21,546 |
|
|
|
22,040 |
|
Period end shares
outstanding |
|
|
20,355 |
|
|
|
20,524 |
|
|
|
20,737 |
|
|
|
21,147 |
|
|
|
21,484 |
|
Book value per share |
|
$ |
34.71 |
|
|
$ |
34.59 |
|
|
$ |
34.06 |
|
|
$ |
33.32 |
|
|
$ |
32.76 |
|
Tangible book value per
share(B) |
|
$ |
22.70 |
|
|
$ |
22.62 |
|
|
$ |
22.16 |
|
|
$ |
21.60 |
|
|
$ |
21.17 |
|
- Interim periods annualized.
- Refer to the calculation of these non-GAAP financial measures
and a reconciliation to their most directly comparable GAAP
financial measures on page 9 of this Earnings Release.
- Net interest margin represents net interest income divided by
average interest-earning assets.
- 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 |
|
|
|
March 31,
2020 |
|
|
December 31,
2019 |
|
|
March 31, 2019 |
|
|
|
Average Balance |
|
|
Interest Earned/ Interest Paid |
|
|
AverageYield/ Rate |
|
|
Average Balance |
|
|
Interest Earned/ Interest Paid |
|
|
AverageYield/ Rate |
|
|
Average Balance |
|
|
Interest Earned/ Interest Paid |
|
|
AverageYield/ Rate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans |
|
$ |
3,933,291 |
|
|
$ |
54,624 |
|
|
|
5.59 |
% |
|
$ |
3,888,476 |
|
|
$ |
55,368 |
|
|
|
5.65 |
% |
|
$ |
3,747,234 |
|
|
$ |
54,189 |
|
|
|
5.86 |
% |
Securities |
|
|
388,721 |
|
|
|
2,633 |
|
|
|
2.72 |
% |
|
|
364,605 |
|
|
|
2,535 |
|
|
|
2.76 |
% |
|
|
346,686 |
|
|
|
2,272 |
|
|
|
2.66 |
% |
Deposits in other financial
institutions and other |
|
|
50,711 |
|
|
|
195 |
|
|
|
1.55 |
% |
|
|
54,947 |
|
|
|
244 |
|
|
|
1.76 |
% |
|
|
118,749 |
|
|
|
688 |
|
|
|
2.35 |
% |
Total interest-earning assets |
|
|
4,372,723 |
|
|
$ |
57,452 |
|
|
|
5.28 |
% |
|
|
4,308,028 |
|
|
$ |
58,147 |
|
|
|
5.35 |
% |
|
|
4,212,669 |
|
|
$ |
57,149 |
|
|
|
5.50 |
% |
Allowance for loan losses |
|
|
(28,718 |
) |
|
|
|
|
|
|
|
|
|
|
(29,997 |
) |
|
|
|
|
|
|
|
|
|
|
(26,760 |
) |
|
|
|
|
|
|
|
|
Noninterest-earning assets |
|
|
602,778 |
|
|
|
|
|
|
|
|
|
|
|
639,601 |
|
|
|
|
|
|
|
|
|
|
|
559,763 |
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
4,946,783 |
|
|
|
|
|
|
|
|
|
|
$ |
4,917,632 |
|
|
|
|
|
|
|
|
|
|
$ |
4,745,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
|
$ |
363,326 |
|
|
$ |
846 |
|
|
|
0.94 |
% |
|
$ |
361,666 |
|
|
$ |
952 |
|
|
|
1.04 |
% |
|
$ |
338,193 |
|
|
$ |
963 |
|
|
|
1.16 |
% |
Money market and savings
deposits |
|
|
1,168,541 |
|
|
|
3,518 |
|
|
|
1.21 |
% |
|
|
1,169,996 |
|
|
|
4,139 |
|
|
|
1.40 |
% |
|
|
880,138 |
|
|
|
2,765 |
|
|
|
1.27 |
% |
Certificates and other time
deposits |
|
|
1,193,427 |
|
|
|
6,084 |
|
|
|
2.05 |
% |
|
|
1,203,110 |
|
|
|
6,483 |
|
|
|
2.14 |
% |
|
|
1,302,958 |
|
|
|
6,256 |
|
|
|
1.95 |
% |
Borrowed funds |
|
|
140,999 |
|
|
|
506 |
|
|
|
1.44 |
% |
|
|
86,372 |
|
|
|
547 |
|
|
|
2.51 |
% |
|
|
283,566 |
|
|
|
1,827 |
|
|
|
2.61 |
% |
Subordinated debt |
|
|
107,865 |
|
|
|
1,473 |
|
|
|
5.49 |
% |
|
|
107,782 |
|
|
|
1,500 |
|
|
|
5.52 |
% |
|
|
48,925 |
|
|
|
735 |
|
|
|
6.09 |
% |
Total interest-bearing liabilities |
|
|
2,974,158 |
|
|
$ |
12,427 |
|
|
|
1.68 |
% |
|
|
2,928,926 |
|
|
$ |
13,621 |
|
|
|
1.85 |
% |
|
|
2,853,780 |
|
|
$ |
12,546 |
|
|
|
1.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
|
|
1,225,888 |
|
|
|
|
|
|
|
|
|
|
|
1,237,770 |
|
|
|
|
|
|
|
|
|
|
|
1,167,172 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
33,202 |
|
|
|
|
|
|
|
|
|
|
|
40,781 |
|
|
|
|
|
|
|
|
|
|
|
17,054 |
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
4,233,248 |
|
|
|
|
|
|
|
|
|
|
|
4,207,477 |
|
|
|
|
|
|
|
|
|
|
|
4,038,006 |
|
|
|
|
|
|
|
|
|
Shareholders' equity |
|
|
713,535 |
|
|
|
|
|
|
|
|
|
|
|
710,155 |
|
|
|
|
|
|
|
|
|
|
|
707,666 |
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
4,946,783 |
|
|
|
|
|
|
|
|
|
|
$ |
4,917,632 |
|
|
|
|
|
|
|
|
|
|
$ |
4,745,672 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread |
|
|
|
|
|
|
|
|
|
|
3.60 |
% |
|
|
|
|
|
|
|
|
|
|
3.50 |
% |
|
|
|
|
|
|
|
|
|
|
3.72 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin |
|
|
|
|
|
$ |
45,025 |
|
|
|
4.14 |
% |
|
|
|
|
|
$ |
44,526 |
|
|
|
4.10 |
% |
|
|
|
|
|
$ |
44,603 |
|
|
|
4.29 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and net
interest margin (tax equivalent) |
|
|
|
|
|
$ |
45,152 |
|
|
|
4.15 |
% |
|
|
|
|
|
$ |
44,623 |
|
|
|
4.11 |
% |
|
|
|
|
|
$ |
44,805 |
|
|
|
4.31 |
% |
Allegiance Bancshares,
Inc.Financial
Highlights(Unaudited)
|
|
Three Months Ended |
|
|
|
2020 |
|
|
2019 |
|
|
|
March 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars in thousands) |
|
Period-end Loan Portfolio: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
702,267 |
|
|
$ |
689,360 |
|
|
$ |
675,055 |
|
|
$ |
694,516 |
|
|
$ |
699,471 |
|
Mortgage warehouse |
|
|
1,051 |
|
|
|
8,304 |
|
|
|
36,594 |
|
|
|
46,171 |
|
|
|
36,742 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate (including multi-family
residential) |
|
|
1,951,080 |
|
|
|
1,873,782 |
|
|
|
1,859,721 |
|
|
|
1,830,764 |
|
|
|
1,771,890 |
|
Commercial real estate construction and land development |
|
|
378,987 |
|
|
|
410,471 |
|
|
|
386,723 |
|
|
|
368,108 |
|
|
|
396,162 |
|
1-4 family residential (including home equity) |
|
|
704,212 |
|
|
|
698,957 |
|
|
|
695,520 |
|
|
|
690,961 |
|
|
|
658,261 |
|
Residential construction |
|
|
177,025 |
|
|
|
192,515 |
|
|
|
189,608 |
|
|
|
183,991 |
|
|
|
201,314 |
|
Consumer and other |
|
|
40,924 |
|
|
|
41,921 |
|
|
|
42,783 |
|
|
|
43,452 |
|
|
|
42,321 |
|
Total loans |
|
$ |
3,955,546 |
|
|
$ |
3,915,310 |
|
|
$ |
3,886,004 |
|
|
$ |
3,857,963 |
|
|
$ |
3,806,161 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
|
$ |
21,621 |
|
|
$ |
28,371 |
|
|
$ |
34,615 |
|
|
$ |
31,382 |
|
|
$ |
32,670 |
|
Accruing loans 90 or more days
past due |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming loans |
|
|
21,621 |
|
|
|
28,371 |
|
|
|
34,615 |
|
|
|
31,382 |
|
|
|
32,670 |
|
Other real estate |
|
|
12,617 |
|
|
|
8,337 |
|
|
|
8,333 |
|
|
|
6,294 |
|
|
|
1,152 |
|
Other repossessed assets |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming assets |
|
$ |
34,238 |
|
|
$ |
36,708 |
|
|
$ |
42,948 |
|
|
$ |
37,676 |
|
|
$ |
33,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs |
|
$ |
2,917 |
|
|
$ |
1,303 |
|
|
$ |
729 |
|
|
$ |
590 |
|
|
$ |
210 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
|
$ |
8,669 |
|
|
$ |
8,388 |
|
|
$ |
8,033 |
|
|
$ |
9,386 |
|
|
$ |
11,221 |
|
Mortgage warehouse |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real estate (including multi-family
residential) |
|
|
7,024 |
|
|
|
6,741 |
|
|
|
15,356 |
|
|
|
18,218 |
|
|
|
17,531 |
|
Commercial real estate construction and land development |
|
|
1,958 |
|
|
|
9,050 |
|
|
|
9,050 |
|
|
|
1,541 |
|
|
|
818 |
|
1-4 family residential (including home equity) |
|
|
2,845 |
|
|
|
3,294 |
|
|
|
1,992 |
|
|
|
2,074 |
|
|
|
2,928 |
|
Residential construction |
|
|
982 |
|
|
|
746 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consumer and other |
|
|
143 |
|
|
|
152 |
|
|
|
184 |
|
|
|
163 |
|
|
|
172 |
|
Total nonaccrual loans |
|
$ |
21,621 |
|
|
$ |
28,371 |
|
|
$ |
34,615 |
|
|
$ |
31,382 |
|
|
$ |
32,670 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets |
|
|
0.68 |
% |
|
|
0.74 |
% |
|
|
0.88 |
% |
|
|
0.79 |
% |
|
|
0.71 |
% |
Nonperforming loans to total
loans |
|
|
0.55 |
% |
|
|
0.72 |
% |
|
|
0.89 |
% |
|
|
0.81 |
% |
|
|
0.86 |
% |
Allowance for loan losses to
nonperforming loans |
|
|
173.49 |
% |
|
|
103.76 |
% |
|
|
86.11 |
% |
|
|
89.03 |
% |
|
|
83.02 |
% |
Allowance for loan losses to
total loans |
|
|
0.95 |
% |
|
|
0.75 |
% |
|
|
0.77 |
% |
|
|
0.72 |
% |
|
|
0.71 |
% |
Net charge-offs to average
loans (annualized) |
|
|
0.30 |
% |
|
|
0.13 |
% |
|
|
0.07 |
% |
|
|
0.06 |
% |
|
|
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 |
|
|
|
2020 |
|
|
2019 |
|
|
|
March 31 |
|
|
December 31 |
|
|
September 30 |
|
|
June 30 |
|
|
March 31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Dollars and share amounts in thousands, except per share
data) |
|
Total shareholders' equity |
|
$ |
706,593 |
|
|
$ |
709,865 |
|
|
$ |
706,308 |
|
|
$ |
704,701 |
|
|
$ |
703,777 |
|
Less: Goodwill and
core deposit intangibles, net |
|
|
244,528 |
|
|
|
245,518 |
|
|
|
246,695 |
|
|
|
247,873 |
|
|
|
249,051 |
|
Tangible
shareholders’
equity |
|
$ |
462,065 |
|
|
$ |
464,347 |
|
|
$ |
459,613 |
|
|
$ |
456,828 |
|
|
$ |
454,726 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at end
of period |
|
|
20,355 |
|
|
|
20,524 |
|
|
|
20,737 |
|
|
|
21,147 |
|
|
|
21,484 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per share |
|
$ |
22.70 |
|
|
$ |
22.62 |
|
|
$ |
22.16 |
|
|
$ |
21.60 |
|
|
$ |
21.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
3,516 |
|
|
$ |
13,986 |
|
|
$ |
12,047 |
|
|
$ |
14,248 |
|
|
$ |
12,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity |
|
$ |
713,535 |
|
|
$ |
710,155 |
|
|
$ |
710,044 |
|
|
$ |
705,162 |
|
|
$ |
707,666 |
|
Less: Average goodwill
and core deposit intangibles, net |
|
|
245,007 |
|
|
|
246,154 |
|
|
|
247,404 |
|
|
|
248,621 |
|
|
|
249,277 |
|
Average tangible
shareholders’ equity |
|
$ |
468,528 |
|
|
$ |
464,001 |
|
|
$ |
462,640 |
|
|
$ |
456,541 |
|
|
$ |
458,389 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average tangible equity |
|
|
3.02 |
% |
|
|
11.96 |
% |
|
|
10.33 |
% |
|
|
12.52 |
% |
|
|
11.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
$ |
5,002,429 |
|
|
$ |
4,992,654 |
|
|
$ |
4,905,840 |
|
|
$ |
4,794,211 |
|
|
$ |
4,768,802 |
|
Less: Goodwill and core
deposit intangibles, net |
|
|
244,528 |
|
|
|
245,518 |
|
|
|
246,695 |
|
|
|
247,873 |
|
|
|
249,051 |
|
Tangible
assets |
|
$ |
4,757,901 |
|
|
$ |
4,747,136 |
|
|
$ |
4,659,145 |
|
|
$ |
4,546,338 |
|
|
$ |
4,519,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to
tangible assets |
|
|
9.71 |
% |
|
|
9.78 |
% |
|
|
9.86 |
% |
|
|
10.05 |
% |
|
|
10.06 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
income (tax equivalent) |
|
$ |
45,152 |
|
|
$ |
44,623 |
|
|
$ |
44,924 |
|
|
$ |
45,684 |
|
|
$ |
44,805 |
|
Less: Acquisition
accounting adjustments |
|
|
(1,259 |
) |
|
|
(1,860 |
) |
|
|
(2,045 |
) |
|
|
(2,755 |
) |
|
|
(2,965 |
) |
Core net
interest income (tax
equivalent) |
|
$ |
43,893 |
|
|
$ |
42,763 |
|
|
$ |
42,879 |
|
|
$ |
42,929 |
|
|
$ |
41,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average earning assets |
|
$ |
4,372,723 |
|
|
$ |
4,308,028 |
|
|
$ |
4,284,667 |
|
|
$ |
4,233,653 |
|
|
$ |
4,212,669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest
margin (tax equivalent) |
|
|
4.15 |
% |
|
|
4.11 |
% |
|
|
4.16 |
% |
|
|
4.33 |
% |
|
|
4.31 |
% |
Core net interest
margin (tax equivalent) |
|
|
4.04 |
% |
|
|
3.94 |
% |
|
|
3.97 |
% |
|
|
4.07 |
% |
|
|
4.03 |
% |
Allegiance Bancshares (NASDAQ:ABTX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Allegiance Bancshares (NASDAQ:ABTX)
Historical Stock Chart
From Sep 2023 to Sep 2024