Allegiance Bancshares, Inc. (NASDAQ: ABTX) (Allegiance), the
holding company of Allegiance Bank (the "Bank"), today reported net
income of $16.4 million and diluted earnings per share of
$0.80 for the second quarter 2022 compared to net income of
$22.9 million and diluted earnings per share of $1.12 for the
second quarter 2021. Net income for the six months ended June 30,
2022 was $35.1 million, or $1.71 per diluted share, compared to
$40.9 million, or $2.01 per diluted share, for the six months ended
June 30, 2021. The second quarter and six months ended June 30,
2022 results reflect the decreased impact of PPP loan revenue and
included a normalized provision for credit losses compared to the
recapture of provision for credit losses during the comparable
periods in 2021. Additionally, noninterest expenses were elevated
due to acquisition and merger-related expenses related to the
pending merger of equals with CBTX, Inc. (“CBTX”) and increased
operational losses recorded during the three and six months ended
June 30, 2022.
“We are pleased with the overall results for the second quarter
as we reported another record quarter of loan originations as core
loans grew 10.7% (annualized),” said Steve Retzloff, Allegiance’s
Chief Executive Officer. “Our team remains focused on delivering
excellent customer service and our commitment to the communities we
serve,” continued Retzloff.
“We continue to make significant progress developing the
foundation for our pending merger of equals with CBTX. We are
excited to have received approval from the Federal Deposit
Insurance Corporation and the Texas Department of Banking along
with the shareholders of both companies who supported the merger at
their respective meetings during the quarter and look forward to
continuing to drive and deliver strong performance results for them
as a combined institution,” concluded Retzloff.
Second Quarter 2022 Results
Net interest income before the provision for credit losses in
the second quarter 2022 increased $886 thousand, or 1.6%, to
$57.5 million from $56.6 million for the second quarter
2021 and increased $2.3 million, or 4.2%, from
$55.2 million for the first quarter 2022. These increases were
primarily due to increased interest income on securities partially
offset by decreased interest income on loans due to decreased
impact of loans within the Small Business Administration Paycheck
Protection Program (PPP) and changes in market interest rates. The
net interest margin on a tax equivalent basis decreased 49 basis
points to 3.53% for the second quarter 2022 from 4.02% for the
second quarter 2021 and increased 23 basis points from 3.30% for
the first quarter 2022. The decrease in the margin over the prior
year was primarily due to the decrease in the average yield on
interest-earning assets, driven by decreased PPP revenue
recognition and changes in the composition of earnings assets,
partially offset by the decrease in funding costs. PPP revenue of
$1.4 million was recognized during the three months ended June 30,
2022 compared to the $6.4 million recognized for the three months
ended June 30, 2021. The increase in the margin over the prior
quarter was primarily due to changes in market interest rates and
the composition of earnings assets.
Noninterest income for the second quarter 2022 was
$2.7 million, an increase of $431 thousand, or 19.0%,
compared to $2.3 million for the second quarter 2021 and a
decrease of $1.3 million, or 32.7%, compared to
$4.0 million for the first quarter 2022. First quarter 2022
other noninterest income included $1.3 million in income from Small
Business Investment Company investments.
Noninterest expense for the second quarter 2022 increased
$4.3 million, or 12.8%, to $37.9 million from
$33.6 million for the second quarter 2021 and increased
$3.4 million, or 9.8%, compared to the first quarter of 2022.
These increases in noninterest expense over the prior periods were
primarily due to acquisition and merger-related expenses associated
with the pending merger with CBTX along with increased operational
losses recorded during the second quarter 2022.
In the second quarter 2022, Allegiance’s efficiency ratio
increased to 62.96% compared to 57.07% for the second quarter 2021
and 58.32% for the first quarter 2022. Second quarter 2022
annualized returns on average assets, average equity and average
tangible equity were 0.94%, 8.86% and 13.00%, respectively,
compared to 1.42%, 11.87% and 17.20% for the second quarter 2021.
Annualized returns on average assets, average equity and average
tangible equity for the first quarter 2022 were 1.04%, 9.40% and
13.35%, respectively. Return on average tangible equity is a
non-GAAP measure. Please refer to the non-GAAP reconciliation on
page 11.
Six Months Ended June 30, 2022 Results
Net interest income before provision for credit losses for the
six months ended June 30, 2022 increased $360 thousand, or
0.3%, to $112.7 million from $112.3 million for the six
months ended June 30, 2021 primarily due to lower costs related to
interest-bearing liabilities and higher interest income from
securities and deposits in other financial institutions, partially
offset by the decreased impact of PPP loan revenue. The net
interest margin on a tax equivalent basis decreased 69 basis points
to 3.41% for the six months ended June 30, 2022 from 4.10% for the
six months ended June 30, 2021. The decrease in the margin over the
prior year was primarily due to the decrease in the average yield
on interest-earning assets, driven by decreased PPP revenue
recognition and changes in the composition of earnings assets,
partially offset by decreased funding costs. PPP revenue of $4.0
million was recognized during the six months ended June 30, 2022
compared to the $13.3 million recognized for the same period in
2021.
Noninterest income for the six months ended June 30, 2022 was
$6.7 million, an increase of $2.7 million, or 67.7%,
compared to $4.0 million for the six months ended June 30,
2021 due primarily to $1.3 million in income from Small Business
Investment Company investments along with increased transactional
fee income.
Noninterest expense for the six months ended June 30, 2022
increased $3.9 million, or 5.7%, to $72.4 million from
$68.5 million for the six months ended June 30, 2021. The
increase in noninterest expense over the six months ended June 30,
2021 was primarily due to acquisition and merger-related expenses
associated with the pending merger with CBTX and increased
operational losses recorded during 2022.
Allegiance’s efficiency ratio increased to 60.66% for the six
months ended June 30, 2022 from 58.93% for the six months ended
June 30, 2021. For the six months ended June 30, 2022, returns on
average assets, average equity and average tangible equity were
0.99%, 9.14% and 13.19%, respectively, compared to 1.30%, 10.75%
and 15.65%, respectively, for the six months ended June 30, 2021.
Return on average tangible equity is a non-GAAP measure. Please
refer to the non-GAAP reconciliation on page 11.
Financial Condition
Total assets at June 30, 2022 increased
$223.1 million, or 3.4%, to $6.73 billion compared to
$6.51 billion at June 30, 2021 and decreased
$417.6 million, or 23.4% (annualized), compared to
$7.15 billion at March 31, 2022.
Total loans at June 30, 2022 decreased $111.9 million,
or 2.5%, to $4.35 billion compared to $4.46 billion at
June 30, 2021, primarily due to paydowns on PPP loans
partially offset by organic loan growth, and increased
$65.3 million, or 6.1% (annualized) compared to
$4.28 billion at March 31, 2022 due to the increase in
organic core loans. Core loans, which exclude PPP loans, increased
$355.4 million, or 9.0%, to $4.32 billion at
June 30, 2022 from $3.96 billion at June 30, 2021
and increased $112.1 million, or 10.7% (annualized), from
$4.20 billion at March 31, 2022.
Deposits at June 30, 2022 increased $447.3 million, or
8.2%, to $5.88 billion compared to $5.43 billion at
June 30, 2021 and decreased $281.7 million, or 18.3%
(annualized), compared to $6.16 billion at March 31,
2022.
Asset Quality
Nonperforming assets totaled $28.2 million, or 0.42% of
total assets, at June 30, 2022 compared to $38.0 million,
or 0.58% of total assets, at June 30, 2021 and
$26.3 million, or 0.37% of total assets at March 31,
2022. The allowance for credit losses on loans as a percentage of
total loans was 1.16% at June 30, 2022, 1.11% at June 30,
2021 and 1.15% at March 31, 2022.
The provision for credit losses for the second quarter 2022 was
$2.1 million compared to the recapture of provision for credit
losses of $2.7 million for the second quarter 2021 and the
provision for credit losses of $1.8 million for the first
quarter 2022.
Second quarter 2022 net charge-offs were $571 thousand, or
0.05% (annualized) of average loans, an increase of $409 thousand
from net charge-offs of $162 thousand, or 0.01% (annualized)
of average loans, for the second quarter 2021 and an increase of
$254 thousand from $317 thousand, or 0.03% (annualized)
of average loans, for the first quarter 2022.
Dividend
The Board of Directors of Allegiance declared a cash dividend on
July 28, 2022 of $0.14 per share to be paid on September 15, 2022
to all shareholders of record as of August 31, 2022. The amount and
timing of any future dividend payments to shareholders will be
subject to the discretion of Allegiance’s Board of Directors.
Pending Merger
On November 8, 2021, Allegiance and CBTX jointly announced that
they entered into a definitive merger agreement pursuant to which
the companies will combine in an all-stock merger of equals. Under
the terms of the definitive merger agreement, Allegiance
shareholders will receive 1.4184 shares of CBTX, Inc. common stock
for each share of Allegiance common stock they own. Following the
completion of the merger, we estimate that former Allegiance
shareholders will own approximately 54% and former CBTX
shareholders will own approximately 46% of the combined company.
The companies have received the requisite approvals from the
Federal Deposit Insurance Corporation, Texas Department of Banking
and both companies’ shareholders and, subject to receipt of the
approval of the Board of Governors of the Federal Reserve System
and the satisfaction or in some cases waiver of the closing
conditions, the parties anticipate closing in the third quarter of
the year.
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 11 of this earnings release for a reconciliation
of these non-GAAP financial measures.
Conference CallAs previously announced,
Allegiance’s management team will host a conference call and
webcast on Friday, July 29, 2022 at 9:00 a.m. Central Time
(10:00 a.m. Eastern Time) to discuss its second quarter 2022
results. Individuals and investment professionals may participate
in the call by registering here. Once registered, a dial in number
will be provided along with a unique PIN number. If you need
assistance in obtaining a dial-in number, please contact
ir@allegiancebank.com or 281-894-3200. 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 June 30, 2022, Allegiance was a $6.73 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 June 30, 2022, Allegiance Bank operated
26 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 25 bank offices in the
Houston metropolitan area and one bank office in Beaumont, just
outside of the Houston metropolitan area. Visit
www.allegiancebank.com for more information.
Forward-Looking Statements
Certain statements in this press release which are not
historical in nature are intended to be, and are hereby identified
as, "forward-looking statements" for purposes of the safe harbor
provided by Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as
amended.
These statements include, but are not limited to, statements
about the benefits of the proposed merger of Allegiance and CBTX,
including future financial and operating results, statements
related to the expected timing of the completion of the merger, the
combined company's plans, business and growth strategies,
objectives, expectations and intentions, and other statements that
are not historical facts, including 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. Forward-looking statements may be
identified by terminology such as “may,” “will,” “should,” “could,”
“scheduled,” “plans,” “intends,” “projects,” “anticipates,”
“expects,” “believes,” “estimates,” “potential,” “would,” or
“continue” or negatives of such terms or other comparable
terminology.
All forward-looking statements are subject to risks,
uncertainties and other factors that may cause the actual results,
performance or achievements of Allegiance or CBTX to differ
materially from any results expressed or implied by such
forward-looking statements. Such factors include, among others: (1)
the risk that the cost savings and any revenue synergies from the
merger may not be fully realized or may take longer than
anticipated to be realized; (2) disruption to the parties'
businesses as a result of the pendency of the merger; (3) the
occurrence of any event, change or other circumstances that could
give rise to the termination of the merger agreement; (4) the risk
that the integration of each party's operations will be materially
delayed or will be more costly or difficult than expected or that
the parties are otherwise unable to successfully integrate each
party's businesses into the other's businesses; (5) the amount of
the costs, fees, expenses and charges related to the merger; (6)
the ability by each party to obtain required regulatory approvals
of the merger (and the risk that such approvals may result in the
imposition of conditions that could adversely affect the combined
company or the expected benefits of the transaction); (7)
reputational risk and the reaction of each company's customers,
suppliers, employees or other business partners to the merger; (8)
the failure of the closing conditions in the merger agreement to be
satisfied, or any unexpected delay in closing the merger; (9) the
possibility that the merger may be more expensive to complete than
anticipated, including as a result of unexpected factors or events;
(10) the dilution caused by CBTX's issuance of additional shares of
its common stock in the merger; (11) general competitive, economic,
political and market conditions; and (12) other factors that may
affect future results of Allegiance and CBTX including changes in
asset quality and credit risk; the inability to sustain revenue and
earnings growth; changes in interest rates and capital markets;
inflation; customer borrowing, repayment, investment and deposit
practices; the impact, extent and timing of technological changes;
capital management activities; and other actions of the Board of
Governors of the Federal Reserve System, Federal Deposit Insurance
Corporation, the Texas Department of Banking and Office of the
Comptroller of the Currency and legislative and regulatory actions
and reforms.
Additional factors which could affect future results of
Allegiance and CBTX can be found in Allegiance's Annual Report on
Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on
Form 8-K, and CBTX's Annual Report on Form 10-K, Quarterly Reports
on Form 10-Q, and Current Reports on Form 8-K, in each case filed
with the SEC and available on the SEC's website at
https://www.sec.gov. Each of Allegiance and CBTX disclaims any
obligation and does not intend to update or revise any
forward-looking statements contained in this communication, which
speak only as of the date hereof, whether as a result of new
information, future events or otherwise, except as required by
federal securities laws. As forward-looking statements involve
significant risks and uncertainties, caution should be exercised
against placing undue reliance on such statements.
Allegiance Bancshares,
Inc.Financial
Highlights(Unaudited)
|
|
2022 |
|
|
|
2021 |
|
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
(Dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
17,547 |
|
|
$ |
26,629 |
|
|
$ |
23,961 |
|
|
$ |
23,903 |
|
|
$ |
146,397 |
|
Interest-bearing deposits at
other financial institutions |
|
275,290 |
|
|
|
672,755 |
|
|
|
733,548 |
|
|
|
879,858 |
|
|
|
564,888 |
|
Total cash and cash equivalents |
|
292,837 |
|
|
|
699,384 |
|
|
|
757,509 |
|
|
|
903,761 |
|
|
|
711,285 |
|
Available for sale securities, at fair value |
|
1,709,321 |
|
|
|
1,790,707 |
|
|
|
1,773,765 |
|
|
|
1,211,476 |
|
|
|
977,282 |
|
Loans
held for investment |
|
4,348,833 |
|
|
|
4,283,514 |
|
|
|
4,220,486 |
|
|
|
4,289,469 |
|
|
|
4,460,743 |
|
Less:
allowance for credit losses on loans |
|
(50,242 |
) |
|
|
(49,215 |
) |
|
|
(47,940 |
) |
|
|
(50,491 |
) |
|
|
(49,586 |
) |
Loans, net |
|
4,298,591 |
|
|
|
4,234,299 |
|
|
|
4,172,546 |
|
|
|
4,238,978 |
|
|
|
4,411,157 |
|
Accrued interest
receivable |
|
29,882 |
|
|
|
31,505 |
|
|
|
33,392 |
|
|
|
33,523 |
|
|
|
37,075 |
|
Premises and equipment,
net |
|
58,482 |
|
|
|
62,168 |
|
|
|
63,708 |
|
|
|
65,140 |
|
|
|
65,442 |
|
Other real estate owned |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,397 |
|
|
|
1,397 |
|
Federal Home Loan Bank
stock |
|
4,078 |
|
|
|
9,376 |
|
|
|
9,358 |
|
|
|
8,326 |
|
|
|
8,234 |
|
Bank owned life insurance |
|
28,170 |
|
|
|
28,374 |
|
|
|
28,240 |
|
|
|
28,101 |
|
|
|
27,976 |
|
Goodwill |
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
Core deposit intangibles,
net |
|
13,156 |
|
|
|
13,907 |
|
|
|
14,658 |
|
|
|
15,482 |
|
|
|
16,306 |
|
Other assets |
|
73,605 |
|
|
|
56,001 |
|
|
|
28,136 |
|
|
|
29,935 |
|
|
|
28,871 |
|
Total assets |
$ |
6,731,764 |
|
|
$ |
7,149,363 |
|
|
$ |
7,104,954 |
|
|
$ |
6,759,761 |
|
|
$ |
6,508,667 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
2,394,719 |
|
|
$ |
2,353,604 |
|
|
$ |
2,243,085 |
|
|
$ |
2,086,683 |
|
|
$ |
1,973,042 |
|
Interest-bearing |
|
|
|
|
|
|
|
|
|
Demand |
|
1,016,381 |
|
|
|
1,070,855 |
|
|
|
869,984 |
|
|
|
594,959 |
|
|
|
553,874 |
|
Money market and savings |
|
1,510,008 |
|
|
|
1,552,853 |
|
|
|
1,643,745 |
|
|
|
1,604,222 |
|
|
|
1,556,920 |
|
Certificates and other time |
|
959,524 |
|
|
|
1,185,015 |
|
|
|
1,290,825 |
|
|
|
1,381,014 |
|
|
|
1,349,522 |
|
Total interest-bearing deposits |
|
3,485,913 |
|
|
|
3,808,723 |
|
|
|
3,804,554 |
|
|
|
3,580,195 |
|
|
|
3,460,316 |
|
Total deposits |
|
5,880,632 |
|
|
|
6,162,327 |
|
|
|
6,047,639 |
|
|
|
5,666,878 |
|
|
|
5,433,358 |
|
Accrued
interest payable |
|
1,500 |
|
|
|
3,086 |
|
|
|
1,753 |
|
|
|
3,296 |
|
|
|
1,940 |
|
Borrowed funds |
|
— |
|
|
|
89,959 |
|
|
|
89,956 |
|
|
|
139,954 |
|
|
|
139,951 |
|
Subordinated debt |
|
109,109 |
|
|
|
108,978 |
|
|
|
108,847 |
|
|
|
108,715 |
|
|
|
108,584 |
|
Other liabilities |
|
35,194 |
|
|
|
33,073 |
|
|
|
40,291 |
|
|
|
42,326 |
|
|
|
35,684 |
|
Total liabilities |
|
6,026,435 |
|
|
|
6,397,423 |
|
|
|
6,288,486 |
|
|
|
5,961,169 |
|
|
|
5,719,517 |
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Common stock |
|
20,154 |
|
|
|
20,378 |
|
|
|
20,337 |
|
|
|
20,218 |
|
|
|
20,213 |
|
Capital surplus |
|
504,165 |
|
|
|
512,284 |
|
|
|
510,797 |
|
|
|
507,948 |
|
|
|
506,810 |
|
Retained earnings |
|
296,477 |
|
|
|
282,896 |
|
|
|
267,092 |
|
|
|
247,966 |
|
|
|
231,333 |
|
Accumulated other
comprehensive (loss) income |
|
(115,467 |
) |
|
|
(63,618 |
) |
|
|
18,242 |
|
|
|
22,460 |
|
|
|
30,794 |
|
Total shareholders’ equity |
|
705,329 |
|
|
|
751,940 |
|
|
|
816,468 |
|
|
|
798,592 |
|
|
|
789,150 |
|
TOTAL
LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
6,731,764 |
|
|
$ |
7,149,363 |
|
|
$ |
7,104,954 |
|
|
$ |
6,759,761 |
|
|
$ |
6,508,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
June 30 |
|
June 30 |
|
(Dollars in thousands, except per share data) |
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
53,835 |
|
|
$ |
52,370 |
|
$ |
56,855 |
|
|
$ |
58,176 |
|
$ |
57,691 |
|
|
$ |
106,205 |
|
|
$ |
115,682 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
5,571 |
|
|
|
5,068 |
|
|
3,933 |
|
|
|
2,998 |
|
|
2,556 |
|
|
|
10,639 |
|
|
|
4,958 |
|
Tax-exempt |
|
2,557 |
|
|
|
2,525 |
|
|
2,526 |
|
|
|
2,498 |
|
|
2,491 |
|
|
|
5,082 |
|
|
|
4,885 |
|
Deposits in other financial institutions |
|
877 |
|
|
|
340 |
|
|
317 |
|
|
|
221 |
|
|
94 |
|
|
|
1,217 |
|
|
|
135 |
|
Total interest income |
|
62,840 |
|
|
|
60,303 |
|
|
63,631 |
|
|
|
63,893 |
|
|
62,832 |
|
|
|
123,143 |
|
|
|
125,660 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, money market and savings deposits |
|
1,859 |
|
|
|
1,347 |
|
|
1,277 |
|
|
|
1,267 |
|
|
1,337 |
|
|
|
3,206 |
|
|
|
2,821 |
|
Certificates and other time deposits |
|
1,922 |
|
|
|
2,156 |
|
|
2,391 |
|
|
|
2,583 |
|
|
2,989 |
|
|
|
4,078 |
|
|
|
6,654 |
|
Borrowed funds |
|
114 |
|
|
|
186 |
|
|
434 |
|
|
|
436 |
|
|
469 |
|
|
|
300 |
|
|
|
1,008 |
|
Subordinated debt |
|
1,463 |
|
|
|
1,442 |
|
|
1,425 |
|
|
|
1,441 |
|
|
1,441 |
|
|
|
2,905 |
|
|
|
2,883 |
|
Total interest expense |
|
5,358 |
|
|
|
5,131 |
|
|
5,527 |
|
|
|
5,727 |
|
|
6,236 |
|
|
|
10,489 |
|
|
|
13,366 |
|
NET INTEREST INCOME |
|
57,482 |
|
|
|
55,172 |
|
|
58,104 |
|
|
|
58,166 |
|
|
56,596 |
|
|
|
112,654 |
|
|
|
112,294 |
|
Provision for credit
losses |
|
2,143 |
|
|
|
1,814 |
|
|
(2,577 |
) |
|
|
2,295 |
|
|
(2,679 |
) |
|
|
3,957 |
|
|
|
(2,040 |
) |
Net interest income after
provision for credit losses |
|
55,339 |
|
|
|
53,358 |
|
|
60,681 |
|
|
|
55,871 |
|
|
59,275 |
|
|
|
108,697 |
|
|
|
114,334 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonsufficient funds fees |
|
126 |
|
|
|
116 |
|
|
156 |
|
|
|
131 |
|
|
94 |
|
|
|
242 |
|
|
|
177 |
|
Service charges on deposit accounts |
|
560 |
|
|
|
527 |
|
|
476 |
|
|
|
425 |
|
|
382 |
|
|
|
1,087 |
|
|
|
770 |
|
(Loss) gain on sale of securities |
|
(17 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
— |
|
|
|
(17 |
) |
|
|
49 |
|
Loss on sale of other real estate and repossessed assets |
|
— |
|
|
|
— |
|
|
(89 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(176 |
) |
Bank owned life insurance |
|
342 |
|
|
|
133 |
|
|
139 |
|
|
|
125 |
|
|
151 |
|
|
|
475 |
|
|
|
290 |
|
Debit card and ATM card income |
|
880 |
|
|
|
819 |
|
|
834 |
|
|
|
771 |
|
|
761 |
|
|
|
1,699 |
|
|
|
1,391 |
|
Other |
|
813 |
|
|
|
2,423 |
|
|
938 |
|
|
|
647 |
|
|
885 |
|
|
|
3,236 |
|
|
|
1,508 |
|
Total noninterest income |
|
2,704 |
|
|
|
4,018 |
|
|
2,454 |
|
|
|
2,099 |
|
|
2,273 |
|
|
|
6,722 |
|
|
|
4,009 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
21,864 |
|
|
|
22,728 |
|
|
22,918 |
|
|
|
22,335 |
|
|
22,472 |
|
|
|
44,592 |
|
|
|
44,924 |
|
Net occupancy and equipment |
|
2,220 |
|
|
|
2,205 |
|
|
2,194 |
|
|
|
2,335 |
|
|
2,225 |
|
|
|
4,425 |
|
|
|
4,615 |
|
Depreciation |
|
1,012 |
|
|
|
1,033 |
|
|
1,103 |
|
|
|
1,060 |
|
|
1,057 |
|
|
|
2,045 |
|
|
|
2,091 |
|
Data processing and software amortization |
|
2,522 |
|
|
|
2,498 |
|
|
2,264 |
|
|
|
2,222 |
|
|
2,176 |
|
|
|
5,020 |
|
|
|
4,376 |
|
Professional fees |
|
662 |
|
|
|
138 |
|
|
1,008 |
|
|
|
620 |
|
|
608 |
|
|
|
800 |
|
|
|
1,397 |
|
Regulatory assessments and FDIC insurance |
|
1,256 |
|
|
|
1,261 |
|
|
949 |
|
|
|
883 |
|
|
768 |
|
|
|
2,517 |
|
|
|
1,575 |
|
Core deposit intangibles amortization |
|
751 |
|
|
|
751 |
|
|
824 |
|
|
|
824 |
|
|
824 |
|
|
|
1,502 |
|
|
|
1,648 |
|
Communications |
|
363 |
|
|
|
341 |
|
|
395 |
|
|
|
358 |
|
|
332 |
|
|
|
704 |
|
|
|
653 |
|
Advertising |
|
483 |
|
|
|
462 |
|
|
481 |
|
|
|
481 |
|
|
432 |
|
|
|
945 |
|
|
|
730 |
|
Other real estate expense |
|
65 |
|
|
|
59 |
|
|
69 |
|
|
|
137 |
|
|
229 |
|
|
|
124 |
|
|
|
342 |
|
Acquisition and merger-related expenses |
|
1,667 |
|
|
|
451 |
|
|
1,408 |
|
|
|
603 |
|
|
— |
|
|
|
2,118 |
|
|
|
— |
|
Other |
|
5,039 |
|
|
|
2,590 |
|
|
3,131 |
|
|
|
2,438 |
|
|
2,472 |
|
|
|
7,629 |
|
|
|
6,163 |
|
Total noninterest expense |
|
37,904 |
|
|
|
34,517 |
|
|
36,744 |
|
|
|
34,296 |
|
|
33,595 |
|
|
|
72,421 |
|
|
|
68,514 |
|
INCOME BEFORE
INCOME TAXES |
|
20,139 |
|
|
|
22,859 |
|
|
26,391 |
|
|
|
23,674 |
|
|
27,953 |
|
|
|
42,998 |
|
|
|
49,829 |
|
Provision for income taxes |
|
3,702 |
|
|
|
4,202 |
|
|
4,833 |
|
|
|
4,614 |
|
|
5,028 |
|
|
|
7,904 |
|
|
|
8,894 |
|
NET INCOME |
$ |
16,437 |
|
|
$ |
18,657 |
|
$ |
21,558 |
|
|
$ |
19,060 |
|
$ |
22,925 |
|
|
$ |
35,094 |
|
|
$ |
40,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.81 |
|
|
$ |
0.92 |
|
$ |
1.06 |
|
|
$ |
0.94 |
|
$ |
1.13 |
|
|
$ |
1.72 |
|
|
$ |
2.03 |
|
Diluted |
$ |
0.80 |
|
|
$ |
0.91 |
|
$ |
1.06 |
|
|
$ |
0.93 |
|
$ |
1.12 |
|
|
$ |
1.71 |
|
|
$ |
2.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
June 30 |
|
June 30 |
|
(Dollars and share amounts in thousands, except per share
data) |
Net income |
$ |
16,437 |
|
|
$ |
18,657 |
|
|
$ |
21,558 |
|
|
$ |
19,060 |
|
|
$ |
22,925 |
|
|
$ |
35,094 |
|
|
$ |
40,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic |
$ |
0.81 |
|
|
$ |
0.92 |
|
|
$ |
1.06 |
|
|
$ |
0.94 |
|
|
$ |
1.13 |
|
|
$ |
1.72 |
|
|
$ |
2.03 |
|
Earnings per share,
diluted |
$ |
0.80 |
|
|
$ |
0.91 |
|
|
$ |
1.06 |
|
|
$ |
0.93 |
|
|
$ |
1.12 |
|
|
$ |
1.71 |
|
|
$ |
2.01 |
|
Dividends per share |
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.28 |
|
|
$ |
0.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets(A) |
|
0.94 |
% |
|
|
1.04 |
% |
|
|
1.23 |
% |
|
|
1.14 |
% |
|
|
1.42 |
% |
|
|
0.99 |
% |
|
|
1.30 |
% |
Return on average
equity(A) |
|
8.86 |
% |
|
|
9.40 |
% |
|
|
10.60 |
% |
|
|
9.45 |
% |
|
|
11.87 |
% |
|
|
9.14 |
% |
|
|
10.75 |
% |
Return on average
tangible equity(A)(B) |
|
13.00 |
% |
|
|
13.35 |
% |
|
|
15.05 |
% |
|
|
13.49 |
% |
|
|
17.20 |
% |
|
|
13.19 |
% |
|
|
15.65 |
% |
Net interest margin (tax
equivalent)(A)(C) |
|
3.53 |
% |
|
|
3.30 |
% |
|
|
3.57 |
% |
|
|
3.90 |
% |
|
|
4.02 |
% |
|
|
3.41 |
% |
|
|
4.10 |
% |
Efficiency ratio(D) |
|
62.96 |
% |
|
|
58.32 |
% |
|
|
60.68 |
% |
|
|
56.91 |
% |
|
|
57.07 |
% |
|
|
60.66 |
% |
|
|
58.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegiance Bancshares,
Inc.(Consolidated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets |
|
10.48 |
% |
|
|
10.52 |
% |
|
|
11.49 |
% |
|
|
11.81 |
% |
|
|
12.12 |
% |
|
|
10.48 |
% |
|
|
12.12 |
% |
Tangible equity to tangible assets(B) |
|
7.21 |
% |
|
|
7.44 |
% |
|
|
8.42 |
% |
|
|
8.58 |
% |
|
|
8.76 |
% |
|
|
7.21 |
% |
|
|
8.76 |
% |
Estimated common equity tier 1 capital |
|
12.06 |
% |
|
|
12.28 |
% |
|
|
12.47 |
% |
|
|
12.37 |
% |
|
|
12.18 |
% |
|
|
12.06 |
% |
|
|
12.18 |
% |
Estimated tier 1 risk-based capital |
|
12.26 |
% |
|
|
12.49 |
% |
|
|
12.69 |
% |
|
|
12.60 |
% |
|
|
12.41 |
% |
|
|
12.26 |
% |
|
|
12.41 |
% |
Estimated total risk-based capital |
|
15.47 |
% |
|
|
15.76 |
% |
|
|
16.08 |
% |
|
|
16.13 |
% |
|
|
15.98 |
% |
|
|
15.47 |
% |
|
|
15.98 |
% |
Estimated tier 1 leverage capital |
|
8.65 |
% |
|
|
8.37 |
% |
|
|
8.53 |
% |
|
|
8.76 |
% |
|
|
8.56 |
% |
|
|
8.65 |
% |
|
|
8.56 |
% |
Allegiance Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated common equity tier 1 capital |
|
12.51 |
% |
|
|
12.48 |
% |
|
|
12.63 |
% |
|
|
12.81 |
% |
|
|
13.03 |
% |
|
|
12.51 |
% |
|
|
13.03 |
% |
Estimated tier 1 risk-based capital |
|
12.51 |
% |
|
|
12.48 |
% |
|
|
12.63 |
% |
|
|
12.81 |
% |
|
|
13.03 |
% |
|
|
12.51 |
% |
|
|
13.03 |
% |
Estimated total risk-based capital |
|
14.50 |
% |
|
|
14.50 |
% |
|
|
14.71 |
% |
|
|
14.98 |
% |
|
|
15.22 |
% |
|
|
14.50 |
% |
|
|
15.22 |
% |
Estimated tier 1 leverage capital |
|
8.83 |
% |
|
|
8.37 |
% |
|
|
8.49 |
% |
|
|
8.91 |
% |
|
|
8.99 |
% |
|
|
8.83 |
% |
|
|
8.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
20,357 |
|
|
|
20,363 |
|
|
|
20,260 |
|
|
|
20,221 |
|
|
|
20,203 |
|
|
|
20,360 |
|
|
|
20,171 |
|
Diluted |
|
20,530 |
|
|
|
20,526 |
|
|
|
20,423 |
|
|
|
20,411 |
|
|
|
20,386 |
|
|
|
20,522 |
|
|
|
20,359 |
|
Period end
shares outstanding |
|
20,154 |
|
|
|
20,378 |
|
|
|
20,337 |
|
|
|
20,218 |
|
|
|
20,213 |
|
|
|
20,154 |
|
|
|
20,213 |
|
Book value per share |
$ |
35.00 |
|
|
$ |
36.90 |
|
|
$ |
40.15 |
|
|
$ |
39.50 |
|
|
$ |
39.04 |
|
|
$ |
35.00 |
|
|
$ |
39.04 |
|
Tangible book value
per share(B) |
$ |
23.25 |
|
|
$ |
25.24 |
|
|
$ |
28.43 |
|
|
$ |
27.67 |
|
|
$ |
27.17 |
|
|
$ |
23.25 |
|
|
$ |
27.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 on page 11 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 credit losses are not part of this calculation.
|
Three Months Ended |
|
June 30, 2022 |
|
March 31, 2022 |
|
June 30, 2021 |
|
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 |
$ |
4,303,714 |
|
|
$ |
53,835 |
|
5.02 |
% |
|
$ |
4,231,507 |
|
|
$ |
52,370 |
|
5.02 |
% |
|
$ |
4,543,142 |
|
|
$ |
57,691 |
|
5.09 |
% |
Securities |
|
1,778,745 |
|
|
|
8,128 |
|
1.83 |
% |
|
|
1,835,618 |
|
|
|
7,593 |
|
1.68 |
% |
|
|
876,099 |
|
|
|
5,047 |
|
2.31 |
% |
Deposits
in other financial institutions and other |
|
535,546 |
|
|
|
877 |
|
0.66 |
% |
|
|
806,583 |
|
|
|
340 |
|
0.17 |
% |
|
|
294,188 |
|
|
|
94 |
|
0.13 |
% |
Total interest-earning assets |
|
6,618,005 |
|
|
$ |
62,840 |
|
3.81 |
% |
|
|
6,873,708 |
|
|
$ |
60,303 |
|
3.56 |
% |
|
|
5,713,429 |
|
|
$ |
62,832 |
|
4.41 |
% |
Allowance for credit losses on loans |
|
(49,290 |
) |
|
|
|
|
|
|
(48,343 |
) |
|
|
|
|
|
|
(52,699 |
) |
|
|
|
|
Noninterest-earning assets |
|
450,584 |
|
|
|
|
|
|
|
432,133 |
|
|
|
|
|
|
|
835,801 |
|
|
|
|
|
Total
assets |
$ |
7,019,299 |
|
|
|
|
|
|
$ |
7,257,498 |
|
|
|
|
|
|
$ |
6,496,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
$ |
1,044,493 |
|
|
$ |
927 |
|
0.36 |
% |
|
$ |
1,071,010 |
|
|
$ |
549 |
|
0.21 |
% |
|
$ |
534,314 |
|
|
$ |
326 |
|
0.24 |
% |
Money
market and savings deposits |
|
1,566,376 |
|
|
|
932 |
|
0.24 |
% |
|
|
1,584,373 |
|
|
|
798 |
|
0.20 |
% |
|
|
1,561,987 |
|
|
|
1,011 |
|
0.26 |
% |
Certificates and other time deposits |
|
1,088,664 |
|
|
|
1,922 |
|
0.71 |
% |
|
|
1,245,180 |
|
|
|
2,156 |
|
0.70 |
% |
|
|
1,365,881 |
|
|
|
2,989 |
|
0.88 |
% |
Borrowed
funds |
|
50,116 |
|
|
|
114 |
|
0.91 |
% |
|
|
89,880 |
|
|
|
186 |
|
0.84 |
% |
|
|
144,126 |
|
|
|
469 |
|
1.31 |
% |
Subordinated debt |
|
109,045 |
|
|
|
1,463 |
|
5.38 |
% |
|
|
108,913 |
|
|
|
1,442 |
|
5.37 |
% |
|
|
108,523 |
|
|
|
1,441 |
|
5.33 |
% |
Total interest-bearing liabilities |
|
3,858,694 |
|
|
$ |
5,358 |
|
0.56 |
% |
|
|
4,099,356 |
|
|
$ |
5,131 |
|
0.51 |
% |
|
|
3,714,831 |
|
|
$ |
6,236 |
|
0.67 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
2,382,230 |
|
|
|
|
|
|
|
2,312,114 |
|
|
|
|
|
|
|
1,968,714 |
|
|
|
|
|
Other
liabilities |
|
34,249 |
|
|
|
|
|
|
|
41,324 |
|
|
|
|
|
|
|
38,183 |
|
|
|
|
|
Total
liabilities |
|
6,275,173 |
|
|
|
|
|
|
|
6,452,794 |
|
|
|
|
|
|
|
5,721,728 |
|
|
|
|
|
Shareholders' equity |
|
744,126 |
|
|
|
|
|
|
|
804,704 |
|
|
|
|
|
|
|
774,803 |
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
7,019,299 |
|
|
|
|
|
|
$ |
7,257,498 |
|
|
|
|
|
|
$ |
6,496,531 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest rate spread |
|
|
|
|
3.25 |
% |
|
|
|
|
|
3.05 |
% |
|
|
|
|
|
3.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income and margin |
|
|
$ |
57,482 |
|
3.48 |
% |
|
|
|
$ |
55,172 |
|
3.26 |
% |
|
|
|
$ |
56,596 |
|
3.97 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
interest income and net interest margin (tax equivalent) |
|
|
$ |
58,238 |
|
3.53 |
% |
|
|
|
$ |
55,922 |
|
3.30 |
% |
|
|
|
$ |
57,287 |
|
4.02 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
2022 |
|
|
|
2021 |
|
|
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 |
$ |
4,267,810 |
|
|
$ |
106,205 |
|
5.02 |
% |
|
$ |
4,557,016 |
|
|
$ |
115,682 |
|
5.12 |
% |
Securities |
|
1,807,024 |
|
|
|
15,721 |
|
1.75 |
% |
|
|
832,884 |
|
|
|
9,843 |
|
2.38 |
% |
Deposits in other financial
institutions |
|
670,316 |
|
|
|
1,217 |
|
0.37 |
% |
|
|
195,768 |
|
|
|
135 |
|
0.14 |
% |
Total interest-earning assets |
|
6,745,150 |
|
|
$ |
123,143 |
|
3.68 |
% |
|
|
5,585,668 |
|
|
$ |
125,660 |
|
4.54 |
% |
Allowance for credit
losses on loans |
|
(48,819 |
) |
|
|
|
|
|
|
(53,033 |
) |
|
|
|
|
Noninterest-earning assets |
|
441,390 |
|
|
|
|
|
|
|
798,468 |
|
|
|
|
|
Total assets |
$ |
7,137,721 |
|
|
|
|
|
|
$ |
6,331,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
$ |
1,057,678 |
|
|
$ |
1,476 |
|
0.28 |
% |
|
$ |
496,399 |
|
|
$ |
697 |
|
0.28 |
% |
Money market and savings
deposits |
|
1,575,325 |
|
|
|
1,730 |
|
0.22 |
% |
|
|
1,550,620 |
|
|
|
2,124 |
|
0.28 |
% |
Certificates and other time
deposits |
|
1,166,490 |
|
|
|
4,078 |
|
0.70 |
% |
|
|
1,349,364 |
|
|
|
6,654 |
|
0.99 |
% |
Borrowed funds |
|
69,868 |
|
|
|
300 |
|
0.87 |
% |
|
|
149,496 |
|
|
|
1,008 |
|
1.36 |
% |
Subordinated debt |
|
108,979 |
|
|
|
2,905 |
|
5.38 |
% |
|
|
108,455 |
|
|
|
2,883 |
|
5.36 |
% |
Total interest-bearing liabilities |
|
3,978,340 |
|
|
$ |
10,489 |
|
0.53 |
% |
|
|
3,654,334 |
|
|
|
13,366 |
|
0.74 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
|
2,347,366 |
|
|
|
|
|
|
|
1,868,783 |
|
|
|
|
|
Other liabilities |
|
37,767 |
|
|
|
|
|
|
|
39,748 |
|
|
|
|
|
Total liabilities |
|
6,363,473 |
|
|
|
|
|
|
|
5,562,865 |
|
|
|
|
|
Shareholders' equity |
|
774,248 |
|
|
|
|
|
|
|
768,238 |
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
7,137,721 |
|
|
|
|
|
|
$ |
6,331,103 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread |
|
|
|
|
3.15 |
% |
|
|
|
|
|
3.80 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin |
|
|
$ |
112,654 |
|
3.37 |
% |
|
|
|
$ |
112,294 |
|
4.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and net
interest margin (tax equivalent) |
|
|
$ |
114,160 |
|
3.41 |
% |
|
|
|
$ |
113,604 |
|
4.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
2022 |
|
|
|
2021 |
|
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
(Dollars in thousands) |
Period-end Loan
Portfolio: |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
727,068 |
|
|
$ |
714,450 |
|
|
$ |
693,559 |
|
|
$ |
728,897 |
|
|
$ |
690,867 |
|
Paycheck Protection Program
(PPP) |
|
31,855 |
|
|
|
78,624 |
|
|
|
145,942 |
|
|
|
290,028 |
|
|
|
499,207 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
Commercial real estate (including multi-family
residential) |
|
2,265,155 |
|
|
|
2,197,502 |
|
|
|
2,104,621 |
|
|
|
2,073,521 |
|
|
|
2,051,516 |
|
Commercial real estate construction and land development |
|
450,694 |
|
|
|
453,473 |
|
|
|
439,125 |
|
|
|
382,610 |
|
|
|
371,732 |
|
1-4 family residential (including home equity) |
|
682,066 |
|
|
|
669,306 |
|
|
|
685,071 |
|
|
|
683,919 |
|
|
|
715,119 |
|
Residential construction |
|
155,017 |
|
|
|
136,760 |
|
|
|
117,901 |
|
|
|
104,638 |
|
|
|
111,956 |
|
Consumer and other |
|
36,978 |
|
|
|
33,399 |
|
|
|
34,267 |
|
|
|
25,856 |
|
|
|
20,346 |
|
Total loans |
$ |
4,348,833 |
|
|
$ |
4,283,514 |
|
|
$ |
4,220,486 |
|
|
$ |
4,289,469 |
|
|
$ |
4,460,743 |
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality: |
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
28,225 |
|
|
$ |
26,275 |
|
|
$ |
24,127 |
|
|
$ |
28,369 |
|
|
$ |
36,643 |
|
Accruing loans 90 or more days
past due |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming loans |
|
28,225 |
|
|
|
26,275 |
|
|
|
24,127 |
|
|
|
28,369 |
|
|
|
36,643 |
|
Other real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,397 |
|
|
|
1,397 |
|
Total nonperforming assets |
$ |
28,225 |
|
|
$ |
26,275 |
|
|
$ |
24,127 |
|
|
$ |
29,766 |
|
|
$ |
38,040 |
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs |
$ |
571 |
|
|
$ |
317 |
|
|
$ |
1,353 |
|
|
$ |
450 |
|
|
$ |
162 |
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans: |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
9,145 |
|
|
$ |
7,809 |
|
|
$ |
8,358 |
|
|
$ |
10,247 |
|
|
$ |
12,949 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
Commercial real estate (including multi-family
residential) |
|
14,409 |
|
|
|
15,259 |
|
|
|
12,639 |
|
|
|
14,629 |
|
|
|
18,123 |
|
Commercial real estate construction and land development |
|
1,511 |
|
|
|
— |
|
|
|
63 |
|
|
|
53 |
|
|
|
53 |
|
1-4 family residential (including home equity) |
|
3,040 |
|
|
|
3,065 |
|
|
|
2,875 |
|
|
|
3,224 |
|
|
|
4,839 |
|
Residential construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consumer and other |
|
120 |
|
|
|
142 |
|
|
|
192 |
|
|
|
216 |
|
|
|
679 |
|
Total nonaccrual loans |
$ |
28,225 |
|
|
$ |
26,275 |
|
|
$ |
24,127 |
|
|
$ |
28,369 |
|
|
$ |
36,643 |
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets |
|
0.42 |
% |
|
|
0.37 |
% |
|
|
0.34 |
% |
|
|
0.44 |
% |
|
|
0.58 |
% |
Nonperforming loans to total
loans |
|
0.65 |
% |
|
|
0.61 |
% |
|
|
0.57 |
% |
|
|
0.66 |
% |
|
|
0.82 |
% |
Allowance for credit losses on
loans to nonperforming loans |
|
178.01 |
% |
|
|
187.31 |
% |
|
|
198.70 |
% |
|
|
177.98 |
% |
|
|
135.32 |
% |
Allowance for credit losses on
loans to total loans |
|
1.16 |
% |
|
|
1.15 |
% |
|
|
1.14 |
% |
|
|
1.18 |
% |
|
|
1.11 |
% |
Net charge-offs to average
loans (annualized) |
|
0.05 |
% |
|
|
0.03 |
% |
|
|
0.13 |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and the ratio of tangible equity to tangible assets
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 |
|
Six Months Ended |
|
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
June 30 |
|
June 30 |
|
June 30 |
|
(Dollars and share amounts in thousands, except per share
data) |
Total shareholders' equity |
$ |
705,329 |
|
|
$ |
751,940 |
|
|
$ |
816,468 |
|
|
$ |
798,592 |
|
|
$ |
789,150 |
|
|
$ |
705,329 |
|
|
$ |
789,150 |
|
Less: Goodwill and core
deposit intangibles, net |
|
236,798 |
|
|
|
237,549 |
|
|
|
238,300 |
|
|
|
239,124 |
|
|
|
239,948 |
|
|
|
236,798 |
|
|
|
239,948 |
|
Tangible shareholders’
equity |
$ |
468,531 |
|
|
$ |
514,391 |
|
|
$ |
578,168 |
|
|
$ |
559,468 |
|
|
$ |
549,202 |
|
|
$ |
468,531 |
|
|
$ |
549,202 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at end of
period |
|
20,154 |
|
|
|
20,378 |
|
|
|
20,337 |
|
|
|
20,218 |
|
|
|
20,213 |
|
|
|
20,154 |
|
|
|
20,213 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per share |
$ |
23.25 |
|
|
$ |
25.24 |
|
|
$ |
28.43 |
|
|
$ |
27.67 |
|
|
$ |
27.17 |
|
|
$ |
23.25 |
|
|
$ |
27.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
16,437 |
|
|
$ |
18,657 |
|
|
$ |
21,558 |
|
|
$ |
19,060 |
|
|
$ |
22,925 |
|
|
$ |
35,094 |
|
|
$ |
40,935 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity |
$ |
744,126 |
|
|
$ |
804,704 |
|
|
$ |
806,941 |
|
|
$ |
800,146 |
|
|
$ |
774,803 |
|
|
$ |
774,248 |
|
|
$ |
768,238 |
|
Less: Average goodwill
and core deposit intangibles, net |
|
237,153 |
|
|
|
237,925 |
|
|
|
238,700 |
|
|
|
239,497 |
|
|
|
240,331 |
|
|
|
237,537 |
|
|
|
240,746 |
|
Average tangible shareholders’
equity |
$ |
506,973 |
|
|
$ |
566,779 |
|
|
$ |
568,241 |
|
|
$ |
560,649 |
|
|
$ |
534,472 |
|
|
$ |
536,711 |
|
|
$ |
527,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
tangible equity(A) |
|
13.00 |
% |
|
|
13.35 |
% |
|
|
15.05 |
% |
|
|
13.49 |
% |
|
|
17.20 |
% |
|
|
13.19 |
% |
|
|
15.65 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
6,731,764 |
|
|
$ |
7,149,363 |
|
|
$ |
7,104,954 |
|
|
$ |
6,759,761 |
|
|
$ |
6,508,667 |
|
|
$ |
6,731,764 |
|
|
$ |
6,508,667 |
|
Less: Goodwill and core
deposit intangibles, net |
|
236,798 |
|
|
|
237,549 |
|
|
|
238,300 |
|
|
|
239,124 |
|
|
|
239,948 |
|
|
|
236,798 |
|
|
|
239,948 |
|
Tangible
assets |
$ |
6,494,966 |
|
|
$ |
6,911,814 |
|
|
$ |
6,866,654 |
|
|
$ |
6,520,637 |
|
|
$ |
6,268,719 |
|
|
$ |
6,494,966 |
|
|
$ |
6,268,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to
tangible assets |
|
7.21 |
% |
|
|
7.44 |
% |
|
|
8.42 |
% |
|
|
8.58 |
% |
|
|
8.76 |
% |
|
|
7.21 |
% |
|
|
8.76 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Interim periods annualized.
Allegiance Bancshares, Inc.8847 West Sam
Houston Parkway N., Suite 200Houston, Texas
77040ir@allegiancebank.com
Allegiance Bancshares (NASDAQ:ABTX)
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