Allegiance Bancshares, Inc. (NASDAQ: ABTX) (Allegiance), the
holding company of Allegiance Bank (the "Bank"), today reported
record net income of $21.6 million and diluted earnings per
share of $1.06 for the fourth quarter 2021 compared to net income
of $15.9 million and diluted earnings per share of $0.77 for
the fourth quarter 2020. Net income for the year ended December 31,
2021 was $81.6 million, or $4.01 per diluted share, compared
to $45.5 million, or $2.22 per diluted share, for the year
ended December 31, 2020. The fourth quarter results were primarily
driven by the recapture of provision for credit losses and
increased net interest income due to lower funding costs compared
to the fourth quarter 2020. The year ended December 31, 2021
results were primarily driven by the recapture of provision for
credit losses, increased net interest income due to the impact of
PPP fee income and lower funding costs partially offset by elevated
expenses as a result of increased performance-based accruals
compared to the year ended December 31, 2020.
“2021 was a remarkable year for Allegiance,” said Steve
Retzloff, Allegiance’s Chief Executive Officer. “We are very proud
of our entire team whose dedication led to record earnings results.
Our outstanding success in the Paycheck Protection Program over its
extended timeframe was not only a significant revenue contributor
but these loans also provided much appreciated assistance in our
community and further bolstered valuable customer relationships.
Our continued success is directly attributable to the many ways our
outstanding employees deliver a differentiated level of
extraordinary service,” commented Retzloff.
“Consistent with the last several quarters, we reported
meaningful deposit growth along with steady improvement in our
credit quality. We are once again encouraged by positive core loan
growth generated during the year and more recently the strong
growth of 7.5% (annualized) during the fourth quarter as we set new
highs for new core loan originations in 2021. Additionally, fourth
quarter 2021 average noninterest bearing deposit balances increased
22.4% from last year’s fourth quarter average balances, indicating
that our deposit franchise continues to grow and gain momentum in
our very attractive markets,” continued Retzloff.
“This is an exciting time at Allegiance. Given our strong
operating results, the resilience we have demonstrated over the
past two years and the recent announcement of the transformational
merger with CBTX, Inc., we look forward to the expanded
opportunities for growth and performance that lie ahead. Our
integration teams are ready to create a premier Texas franchise
with the commitment to continue to deliver unmatched personal
service to our customers and our growing communities. It is a clear
sense of purpose that has energized our growth to date and will
continue to inspire our performance as we strive to exceed the
expectations of our customers, employees, and shareholders,”
concluded Retzloff.
Fourth Quarter 2021 Results
Net interest income before the provision for credit losses in
the fourth quarter 2021 increased $3.2 million, or 5.8%, to
$58.1 million from $54.9 million for the fourth quarter
2020 and decreased $62 thousand, or 0.1%, from $58.2 million
for the third quarter 2021.The increase and decrease were primarily
due to changes in the volume and relative mix of the underlying
assets and liabilities, the impact of loans within the Small
Business Administration Paycheck Protection Program (PPP) under the
Coronavirus Aid, Relief and Economic Security Act (CARES Act) as
well as lower costs on interest-bearing liabilities. The net
interest margin on a tax equivalent basis decreased 57 basis points
to 3.57% for the fourth quarter 2021 from 4.14% for the fourth
quarter 2020 and decreased 33 basis points from 3.90% for the third
quarter 2021. The decreases in the margin were primarily due to the
decrease in the average yield on interest-earning assets, driven by
the increase in cash and securities, partially offset by the
decrease in funding costs.
Noninterest income for the fourth quarter 2021 was
$2.5 million, an increase of $435 thousand, or 21.5%,
compared to $2.0 million for the fourth quarter 2020 and
increased $355 thousand, or 16.9%, compared to
$2.1 million for the third quarter 2021. Fourth quarter 2021
noninterest income reflected higher transactional fee income when
compared to the fourth quarter 2020 and the third quarter 2021.
Additionally, the fourth quarter 2021 included a recovery on an
acquired loan with an associated credit mark.
Noninterest expense for the fourth quarter 2021 increased
$4.0 million, or 12.2%, to $36.7 million from
$32.7 million for the fourth quarter 2020 and increased $2.4
million, or 7.1%, compared to the third quarter of 2021. The
increase over the prior year and prior quarter was primarily due to
increases in salaries and benefits, as a result of increased
performance-based bonus and profit sharing accruals, along with
increased professional fees, other expenses and acquisition and
merger-related expenses associated with the pending merger with
CBTX, Inc.
In the fourth quarter 2021, Allegiance’s efficiency ratio
increased to 60.68% compared to 57.53% for the fourth quarter 2020
and increased from 56.91% for the third quarter 2021. Fourth
quarter 2021 annualized returns on average assets, average equity
and average tangible equity were 1.23%, 10.60% and 15.05%,
respectively, compared to 1.05%, 8.38% and 12.32% for the fourth
quarter 2020. Annualized returns on average assets, average equity
and average tangible equity for the third quarter 2021 were 1.14%,
9.45% and 13.49%, respectively. Return on average tangible equity
is a non-GAAP measure. Please refer to the non-GAAP reconciliation
on page 12.
Year Ended December 31, 2021 Results
Net interest income before provision for credit losses for the
year ended December 31, 2021 increased $25.9 million, or
12.8%, to $228.6 million from $202.7 million for the year
ended December 31, 2020 primarily due to lower costs related to
interest-bearing liabilities, the impact of PPP loan revenue, and a
$922.4 million, or 18.4%, increase in average interest-earning
assets over the prior year. The net interest margin on a tax
equivalent basis decreased 18 basis points to 3.90% for the year
ended December 31, 2021 from 4.08% for the year ended December 31,
2020. 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 the increase in lower-yielding assets, partially
offset by decreased funding costs.
Noninterest income for the year ended December 31, 2021 was
$8.6 million, an increase of $406 thousand, or 5.0%,
compared to $8.2 million for the year ended December 31, 2020
due primarily to increased transactional fee income.
Noninterest expense for the year ended December 31, 2021
increased $12.1 million, or 9.5%, to $139.6 million from
$127.5 million for the year ended December 31, 2020. The
increase in noninterest expense over the year ended December 31,
2020 was primarily due to increased performance-based bonus and
profit sharing accruals along with the reduced amount of deferred
PPP loan origination costs, increased other expenses, acquisition
and merger-related expenses associated with the pending merger with
CBTX, Inc. and the write-down of assets related to the closure of a
bank office partially offset by lower other real estate expenses as
$4.1 million of other real estate write-downs were recorded during
the prior year 2020.
Allegiance’s efficiency ratio decreased to 58.86% for the year
ended December 31, 2021 from 60.55% for the year ended December 31,
2020. For the year ended December 31, 2021, returns on average
assets, average equity and average tangible equity were 1.24%,
10.38% and 14.93%, respectively, compared to 0.81%, 6.22% and
9.33%, respectively, for the year ended December 31, 2020. Return
on average tangible equity is a non-GAAP measure. Please refer to
the non-GAAP reconciliation on page 12.
Financial Condition
Total assets at December 31, 2021 increased
$1.05 billion, or 17.4%, to $7.10 billion compared to
$6.05 billion at December 31, 2020 and increased
$345.2 million, or 20.4% (annualized), compared to
$6.76 billion at September 30, 2021, primarily due to
increased liquidity, growth in the securities portfolio and the
origination of core loans partially offset by paydowns of PPP
loans.
Total loans at December 31, 2021 decreased
$271.3 million, or 6.0%, to $4.22 billion compared to
$4.49 billion at December 31, 2020 and decreased
$69.0 million, or 6.4% (annualized), compared to
$4.29 billion at September 30, 2021, primarily due to
paydowns on PPP loans. Core loans, which exclude PPP loans,
increased $152.7 million, or 3.9%, to $4.07 billion at
December 31, 2021 from $3.92 billion at December 31,
2020 and increased $75.1 million, or 7.5% (annualized), from
$4.00 billion at September 30, 2021.
Deposits at December 31, 2021 increased $1.06 billion, or
21.2%, to $6.05 billion compared to $4.99 billion at
December 31, 2020 and increased $380.8 million, or 26.9%
(annualized), compared to $5.67 billion at September 30,
2021.
Asset Quality
Nonperforming assets totaled $24.1 million, or 0.34%, of
total assets, at December 31, 2021 compared to
$38.1 million, or 0.63%, of total assets, at December 31,
2020 and $29.8 million, or 0.44%, of total assets at
September 30, 2021. The allowance for credit losses on loans
as a percentage of total loans was 1.14% at December 31, 2021
and 1.18% at December 31, 2020 and September 30,
2021.
The recapture of provision for credit losses for the fourth
quarter 2021 was $2.6 million compared to the provision for
credit losses of $4.4 million for the fourth quarter 2020 and
$2.3 million for the third quarter 2021. The recapture of the
provision for credit losses for the year ended December 31, 2021
was $2.3 million compared to the provision for credit losses
of $27.4 million for the same period in 2020. The recapture of
provision for credit losses for the quarter and year ended December
31, 2021 is reflective of recent improvements in certain economic
factors compared to the same periods in 2020 where there was more
uncertainty surrounding unemployment and COVID-19.
Fourth quarter 2021 net charge-offs were $1.4 million, or
0.13% (annualized) of average loans, a decrease from net
charge-offs of $4.3 million, or 0.37% (annualized) of average
loans, for the fourth quarter 2020 and an increase of
$903 thousand from $450 thousand, or 0.04% (annualized)
of average loans, for the third quarter 2021. Net charge-offs for
the year ended December 31, 2021 were $2.3 million, or 0.05%
of average loans, compared to net charge-offs for the year ended
December 31, 2020 of $8.0 million, or 0.18% of average
loans.
Dividend
The Board of Directors of Allegiance declared a cash dividend on
January 27, 2022 of $0.14 per share to be paid on March 15, 2022 to
all shareholders of record as of February 28, 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, Inc., jointly
announced that they entered into a definitive merger agreement
pursuant to which the companies will combine in an all-stock merger
of equals to create a combined company with an equity market
capitalization of approximately $1.5 billion and the 17th largest
deposit market share in the State of Texas. 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. Based on the number of
outstanding shares of Allegiance and CBTX, Inc. as of November 5,
2021, Allegiance shareholders will own approximately 54% and CBTX,
Inc. shareholders will own approximately 46% of the combined
company. The companies have submitted the required regulatory
filings and, subject to satisfaction or in some cases waiver of the
closing conditions, including approval of the merger agreement by
both companies’ shareholders, the parties anticipate closing in the
second 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 12 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 Friday, January 28, 2022 at 9:00 a.m.
Central Time (10:00 a.m. Eastern Time) to discuss its fourth
quarter and year-end 2021 results. Individuals and investment
professionals may participate in the call by dialing (877)
279-2520. The conference ID number is 1535099. 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, 2021, Allegiance was a
$7.10 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, 2021, 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 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 (including the
anticipated impact of the transaction on Allegiance's and CBTX's
respective earnings and book value), statements related to the
expected timing of the completion of the merger, the combined
company's plans, objectives, expectations and intentions, and other
statements that are not historical facts. Forward-looking
statements may be identified by terminology such as "may," "will,"
"should," "scheduled," "plans," "intends," "anticipates,"
"expects," "believes," "estimates," "potential," 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 announcement and 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 failure to obtain the necessary approvals by
the shareholders of Allegiance or CBTX; (6) the amount of the
costs, fees, expenses and charges related to the merger; (7) the
ability by each of Allegiance and CBTX to obtain required
governmental 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); (8) reputational risk and the reaction of each
company's customers, suppliers, employees or other business
partners to the merger; (9) the failure of the closing conditions
in the merger agreement to be satisfied, or any unexpected delay in
closing the merger; (10) the possibility that the merger may be
more expensive to complete than anticipated, including as a result
of unexpected factors or events; (11) the dilution caused by CBTX's
issuance of additional shares of its common stock in the merger;
(12) general competitive, economic, political and market
conditions; (13) the costs, effects and results of regulatory
examinations, investigations, including the ongoing investigation
by the Financial Crimes Enforcement Network of the U.S. Department
of Treasury, or FinCEN, of CBTX or the ability of CBTX to obtain
required regulatory approvals; (14) the possible results and amount
of civil money penalties related to such FinCEN investigation and
CBTX's BSA/AML program; and (15) other factors that may affect
future results of CBTX and Allegiance 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 and Office of the
Comptroller of the Currency and legislative and regulatory actions
and reforms. Additionally, the impact of the COVID-19 pandemic
continues to evolve and its future effects on Allegiance are
difficult to predict.
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 the 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. Allegiance and CBTX disclaim any obligation
and do 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.
Information about the Merger and Where to Find
It
This release does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval.
In connection with the proposed merger, CBTX has filed a
registration statement on Form S-4 with the SEC to register the
shares of CBTX common stock that will be issued to Allegiance
shareholders in connection with the merger. The registration
statement includes a joint proxy statement/prospectus. The Form S-4
has not yet become effective. After the Form S-4 is effective, a
definitive joint proxy statement/prospectus will be sent to the
shareholders of CBTX and Allegiance seeking their approval of the
proposed merger.
WE URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION
STATEMENT ON FORM S-4, THE JOINT PROXY STATEMENT/PROSPECTUS
INCLUDED WITHIN THE REGISTRATION STATEMENT ON FORM S-4 AND ANY
OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SECURITIES
AND EXCHANGE COMMISSION IN CONNECTION WITH THE PROPOSED MERGER
BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT ALLEGIANCE, CBTX
AND THE PROPOSED MERGER.
Investors and security holders may obtain free copies of these
documents, once they are filed, and other documents filed with the
SEC by Allegiance or CBTX through the website maintained by the SEC
at https://www.sec.gov. Documents filed with the SEC by CBTX will
be available free of charge by accessing the CBTX's website at
www.communitybankoftx.com under the heading “Investor Relations”
or, alternatively, by directing a request by mail or telephone to
CBTX, Inc., 9 Greenway Plaza, Suite 110, Houston, Texas 77046,
Attn: Investor Relations, (713) 210-7600, and documents filed with
the SEC by Allegiance will be available free of charge by accessing
Allegiance’s website at www.allegiancebank.com under the heading
"Investor Relations" or, alternatively, by directing a request by
mail or telephone to Allegiance Bancshares, Inc., 8847 West Sam
Houston Parkway, N., Suite 200, Houston, Texas 77040, (281)
894-3200.
Participants in the Solicitation
CBTX, Allegiance and certain of their respective directors and
executive officers may be deemed to be participants in the
solicitation of proxies from the shareholders of CBTX and
Allegiance in connection with the proposed merger. Certain
information regarding the interests of these participants and a
description of their direct or indirect interests, by security
holdings or otherwise, are included in the joint proxy
statement/prospectus regarding the proposed merger. Additional
information about the directors and executive officers of CBTX and
their ownership of CBTX's common stock is set forth in CBTX's proxy
statement for its annual meeting of shareholders, filed with the
SEC on April 14, 2021. Additional information about the directors
and executive officers of Allegiance and their ownership of
Allegiance's common stock is set forth in Allegiance's proxy
statement for its annual meeting of shareholders, filed with the
SEC on March 10, 2021. These documents can be obtained free of
charge from the sources described above.
|
2021 |
|
2020 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
(Dollars in thousands) |
ASSETS |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
23,961 |
|
|
$ |
23,903 |
|
|
$ |
146,397 |
|
|
$ |
141,947 |
|
|
$ |
122,897 |
|
Interest-bearing deposits at
other financial institutions |
|
733,548 |
|
|
|
879,858 |
|
|
|
564,888 |
|
|
|
482,383 |
|
|
|
299,869 |
|
Total cash and cash equivalents |
|
757,509 |
|
|
|
903,761 |
|
|
|
711,285 |
|
|
|
624,330 |
|
|
|
422,766 |
|
Available for sale securities,
at fair value |
|
1,773,765 |
|
|
|
1,211,476 |
|
|
|
977,282 |
|
|
|
787,516 |
|
|
|
772,890 |
|
Loans held for investment |
|
4,220,486 |
|
|
|
4,289,469 |
|
|
|
4,460,743 |
|
|
|
4,659,169 |
|
|
|
4,491,764 |
|
Less: allowance for credit
losses on loans |
|
(47,940 |
) |
|
|
(50,491 |
) |
|
|
(49,586 |
) |
|
|
(52,758 |
) |
|
|
(53,173 |
) |
Loans, net |
|
4,172,546 |
|
|
|
4,238,978 |
|
|
|
4,411,157 |
|
|
|
4,606,411 |
|
|
|
4,438,591 |
|
Accrued interest
receivable |
|
33,392 |
|
|
|
33,523 |
|
|
|
37,075 |
|
|
|
38,632 |
|
|
|
40,053 |
|
Premises and equipment,
net |
|
63,708 |
|
|
|
65,140 |
|
|
|
65,442 |
|
|
|
66,115 |
|
|
|
70,685 |
|
Other real estate owned |
|
— |
|
|
|
1,397 |
|
|
|
1,397 |
|
|
|
576 |
|
|
|
9,196 |
|
Federal Home Loan Bank
stock |
|
9,358 |
|
|
|
8,326 |
|
|
|
8,234 |
|
|
|
7,775 |
|
|
|
7,756 |
|
Bank owned life insurance |
|
28,240 |
|
|
|
28,101 |
|
|
|
27,976 |
|
|
|
27,825 |
|
|
|
27,686 |
|
Goodwill |
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
Core deposit intangibles,
net |
|
14,658 |
|
|
|
15,482 |
|
|
|
16,306 |
|
|
|
17,130 |
|
|
|
17,954 |
|
Other assets |
|
28,136 |
|
|
|
29,935 |
|
|
|
28,871 |
|
|
|
31,038 |
|
|
|
18,909 |
|
Total assets |
$ |
7,104,954 |
|
|
$ |
6,759,761 |
|
|
$ |
6,508,667 |
|
|
$ |
6,430,990 |
|
|
$ |
6,050,128 |
|
LIABILITIES AND SHAREHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
2,243,085 |
|
|
$ |
2,086,683 |
|
|
$ |
1,973,042 |
|
|
$ |
1,914,121 |
|
|
$ |
1,704,567 |
|
Interest-bearing |
|
|
|
|
|
|
|
|
|
Demand |
|
869,984 |
|
|
|
594,959 |
|
|
|
553,874 |
|
|
|
480,710 |
|
|
|
437,328 |
|
Money market and savings |
|
1,643,745 |
|
|
|
1,604,222 |
|
|
|
1,556,920 |
|
|
|
1,617,823 |
|
|
|
1,499,938 |
|
Certificates and other time |
|
1,290,825 |
|
|
|
1,381,014 |
|
|
|
1,349,522 |
|
|
|
1,361,535 |
|
|
|
1,346,649 |
|
Total interest-bearing deposits |
|
3,804,554 |
|
|
|
3,580,195 |
|
|
|
3,460,316 |
|
|
|
3,460,068 |
|
|
|
3,283,915 |
|
Total deposits |
|
6,047,639 |
|
|
|
5,666,878 |
|
|
|
5,433,358 |
|
|
|
5,374,189 |
|
|
|
4,988,482 |
|
Accrued interest payable |
|
1,753 |
|
|
|
3,296 |
|
|
|
1,940 |
|
|
|
3,862 |
|
|
|
2,701 |
|
Borrowed funds |
|
89,956 |
|
|
|
139,954 |
|
|
|
139,951 |
|
|
|
147,517 |
|
|
|
155,515 |
|
Subordinated debt |
|
108,847 |
|
|
|
108,715 |
|
|
|
108,584 |
|
|
|
108,453 |
|
|
|
108,322 |
|
Other liabilities |
|
40,291 |
|
|
|
42,326 |
|
|
|
35,684 |
|
|
|
36,432 |
|
|
|
36,439 |
|
Total liabilities |
|
6,288,486 |
|
|
|
5,961,169 |
|
|
|
5,719,517 |
|
|
|
5,670,453 |
|
|
|
5,291,459 |
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
Common stock |
|
20,337 |
|
|
|
20,218 |
|
|
|
20,213 |
|
|
|
20,183 |
|
|
|
20,208 |
|
Capital surplus |
|
510,797 |
|
|
|
507,948 |
|
|
|
506,810 |
|
|
|
505,307 |
|
|
|
508,794 |
|
Retained earnings |
|
267,092 |
|
|
|
247,966 |
|
|
|
231,333 |
|
|
|
210,834 |
|
|
|
195,236 |
|
Accumulated other
comprehensive income |
|
18,242 |
|
|
|
22,460 |
|
|
|
30,794 |
|
|
|
24,213 |
|
|
|
34,431 |
|
Total shareholders’ equity |
|
816,468 |
|
|
|
798,592 |
|
|
|
789,150 |
|
|
|
760,537 |
|
|
|
758,669 |
|
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
$ |
7,104,954 |
|
|
$ |
6,759,761 |
|
|
$ |
6,508,667 |
|
|
$ |
6,430,990 |
|
|
$ |
6,050,128 |
|
|
Three Months Ended |
|
Years Ended |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
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 |
$ |
56,855 |
|
|
$ |
58,176 |
|
$ |
57,691 |
|
|
$ |
57,991 |
|
|
$ |
58,496 |
|
$ |
230,713 |
|
|
$ |
225,959 |
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
3,933 |
|
|
|
2,998 |
|
|
2,556 |
|
|
|
2,402 |
|
|
|
2,203 |
|
|
11,889 |
|
|
|
8,227 |
|
Tax-exempt |
|
2,526 |
|
|
|
2,498 |
|
|
2,491 |
|
|
|
2,394 |
|
|
|
2,316 |
|
|
9,909 |
|
|
|
7,311 |
|
Deposits in other financial institutions |
|
317 |
|
|
|
221 |
|
|
94 |
|
|
|
41 |
|
|
|
32 |
|
|
673 |
|
|
|
265 |
|
Total interest income |
|
63,631 |
|
|
|
63,893 |
|
|
62,832 |
|
|
|
62,828 |
|
|
|
63,047 |
|
|
253,184 |
|
|
|
241,762 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, money market and savings deposits |
|
1,277 |
|
|
|
1,267 |
|
|
1,337 |
|
|
|
1,484 |
|
|
|
1,621 |
|
|
5,365 |
|
|
|
9,371 |
|
Certificates and other time deposits |
|
2,391 |
|
|
|
2,583 |
|
|
2,989 |
|
|
|
3,665 |
|
|
|
4,507 |
|
|
11,628 |
|
|
|
21,675 |
|
Borrowed funds |
|
434 |
|
|
|
436 |
|
|
469 |
|
|
|
539 |
|
|
|
557 |
|
|
1,878 |
|
|
|
2,183 |
|
Subordinated debt |
|
1,425 |
|
|
|
1,441 |
|
|
1,441 |
|
|
|
1,442 |
|
|
|
1,460 |
|
|
5,749 |
|
|
|
5,850 |
|
Total interest expense |
|
5,527 |
|
|
|
5,727 |
|
|
6,236 |
|
|
|
7,130 |
|
|
|
8,145 |
|
|
24,620 |
|
|
|
39,079 |
|
NET INTEREST INCOME |
|
58,104 |
|
|
|
58,166 |
|
|
56,596 |
|
|
|
55,698 |
|
|
|
54,902 |
|
|
228,564 |
|
|
|
202,683 |
|
(Recapture of) provision for
credit losses |
|
(2,577 |
) |
|
|
2,295 |
|
|
(2,679 |
) |
|
|
639 |
|
|
|
4,368 |
|
|
(2,322 |
) |
|
|
27,374 |
|
Net interest income after
provision for credit losses |
|
60,681 |
|
|
|
55,871 |
|
|
59,275 |
|
|
|
55,059 |
|
|
|
50,534 |
|
|
230,886 |
|
|
|
175,309 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonsufficient funds fees |
|
156 |
|
|
|
131 |
|
|
94 |
|
|
|
83 |
|
|
|
100 |
|
|
464 |
|
|
|
404 |
|
Service charges on deposit accounts |
|
476 |
|
|
|
425 |
|
|
382 |
|
|
|
388 |
|
|
|
405 |
|
|
1,671 |
|
|
|
1,530 |
|
Gain on sale of securities |
|
— |
|
|
|
— |
|
|
— |
|
|
|
49 |
|
|
|
— |
|
|
49 |
|
|
|
287 |
|
Loss on sales of other real estate and repossessed assets |
|
(89 |
) |
|
|
— |
|
|
— |
|
|
|
(176 |
) |
|
|
— |
|
|
(265 |
) |
|
|
(258 |
) |
Bank owned life insurance |
|
139 |
|
|
|
125 |
|
|
151 |
|
|
|
139 |
|
|
|
144 |
|
|
554 |
|
|
|
582 |
|
Debit card and ATM card income |
|
834 |
|
|
|
771 |
|
|
761 |
|
|
|
630 |
|
|
|
637 |
|
|
2,996 |
|
|
|
2,205 |
|
Other |
|
938 |
|
|
|
647 |
|
|
885 |
|
|
|
623 |
|
|
|
733 |
|
|
3,093 |
|
|
|
3,406 |
|
Total noninterest income |
|
2,454 |
|
|
|
2,099 |
|
|
2,273 |
|
|
|
1,736 |
|
|
|
2,019 |
|
|
8,562 |
|
|
|
8,156 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
22,918 |
|
|
|
22,335 |
|
|
22,472 |
|
|
|
22,452 |
|
|
|
21,003 |
|
|
90,177 |
|
|
|
80,152 |
|
Net occupancy and equipment |
|
2,194 |
|
|
|
2,335 |
|
|
2,225 |
|
|
|
2,390 |
|
|
|
2,079 |
|
|
9,144 |
|
|
|
7,969 |
|
Depreciation |
|
1,103 |
|
|
|
1,060 |
|
|
1,057 |
|
|
|
1,034 |
|
|
|
1,019 |
|
|
4,254 |
|
|
|
3,716 |
|
Data processing and software amortization |
|
2,264 |
|
|
|
2,222 |
|
|
2,176 |
|
|
|
2,200 |
|
|
|
2,107 |
|
|
8,862 |
|
|
|
7,992 |
|
Professional fees |
|
1,008 |
|
|
|
620 |
|
|
608 |
|
|
|
789 |
|
|
|
999 |
|
|
3,025 |
|
|
|
3,128 |
|
Regulatory assessments and FDIC insurance |
|
949 |
|
|
|
883 |
|
|
768 |
|
|
|
807 |
|
|
|
810 |
|
|
3,407 |
|
|
|
2,926 |
|
Core deposit intangibles amortization |
|
824 |
|
|
|
824 |
|
|
824 |
|
|
|
824 |
|
|
|
953 |
|
|
3,296 |
|
|
|
3,922 |
|
Communications |
|
395 |
|
|
|
358 |
|
|
332 |
|
|
|
321 |
|
|
|
225 |
|
|
1,406 |
|
|
|
1,387 |
|
Advertising |
|
481 |
|
|
|
481 |
|
|
432 |
|
|
|
298 |
|
|
|
347 |
|
|
1,692 |
|
|
|
1,565 |
|
Other real estate expense |
|
69 |
|
|
|
137 |
|
|
229 |
|
|
|
113 |
|
|
|
382 |
|
|
548 |
|
|
|
5,162 |
|
Acquisition and merger-related expenses |
|
1,408 |
|
|
|
603 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
2,011 |
|
|
|
— |
|
Other |
|
3,131 |
|
|
|
2,438 |
|
|
2,472 |
|
|
|
3,691 |
|
|
|
2,825 |
|
|
11,732 |
|
|
|
9,575 |
|
Total noninterest expense |
|
36,744 |
|
|
|
34,296 |
|
|
33,595 |
|
|
|
34,919 |
|
|
|
32,749 |
|
|
139,554 |
|
|
|
127,494 |
|
INCOME BEFORE INCOME TAXES |
|
26,391 |
|
|
|
23,674 |
|
|
27,953 |
|
|
|
21,876 |
|
|
|
19,804 |
|
|
99,894 |
|
|
|
55,971 |
|
Provision for income taxes |
|
4,833 |
|
|
|
4,614 |
|
|
5,028 |
|
|
|
3,866 |
|
|
|
3,863 |
|
|
18,341 |
|
|
|
10,437 |
|
NET INCOME |
$ |
21,558 |
|
|
$ |
19,060 |
|
$ |
22,925 |
|
|
$ |
18,010 |
|
|
$ |
15,941 |
|
$ |
81,553 |
|
|
$ |
45,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
1.06 |
|
|
$ |
0.94 |
|
$ |
1.13 |
|
|
$ |
0.89 |
|
|
$ |
0.78 |
|
$ |
4.04 |
|
|
$ |
2.23 |
|
Diluted |
$ |
1.06 |
|
|
$ |
0.93 |
|
$ |
1.12 |
|
|
$ |
0.89 |
|
|
$ |
0.77 |
|
$ |
4.01 |
|
|
$ |
2.22 |
|
|
Three Months Ended |
|
Years Ended |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
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 |
$ |
21,558 |
|
|
$ |
19,060 |
|
|
$ |
22,925 |
|
|
$ |
18,010 |
|
|
$ |
15,941 |
|
|
$ |
81,553 |
|
|
$ |
45,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic |
$ |
1.06 |
|
|
$ |
0.94 |
|
|
$ |
1.13 |
|
|
$ |
0.89 |
|
|
$ |
0.78 |
|
|
$ |
4.04 |
|
|
$ |
2.23 |
|
Earnings per share,
diluted |
$ |
1.06 |
|
|
$ |
0.93 |
|
|
$ |
1.12 |
|
|
$ |
0.89 |
|
|
$ |
0.77 |
|
|
$ |
4.01 |
|
|
$ |
2.22 |
|
Dividends per share |
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.10 |
|
|
$ |
0.48 |
|
|
$ |
0.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average
assets(A) |
|
1.23 |
% |
|
|
1.14 |
% |
|
|
1.42 |
% |
|
|
1.18 |
% |
|
|
1.05 |
% |
|
|
1.24 |
% |
|
|
0.81 |
% |
Return on average
equity(A) |
|
10.60 |
% |
|
|
9.45 |
% |
|
|
11.87 |
% |
|
|
9.59 |
% |
|
|
8.38 |
% |
|
|
10.38 |
% |
|
|
6.22 |
% |
Return on average tangible
equity(A)(B) |
|
15.05 |
% |
|
|
13.49 |
% |
|
|
17.20 |
% |
|
|
14.03 |
% |
|
|
12.32 |
% |
|
|
14.93 |
% |
|
|
9.33 |
% |
Net interest margin (tax
equivalent)(A)(C) |
|
3.57 |
% |
|
|
3.90 |
% |
|
|
4.02 |
% |
|
|
4.19 |
% |
|
|
4.14 |
% |
|
|
3.90 |
% |
|
|
4.08 |
% |
Efficiency ratio(D) |
|
60.68 |
% |
|
|
56.91 |
% |
|
|
57.07 |
% |
|
|
60.85 |
% |
|
|
57.53 |
% |
|
|
58.86 |
% |
|
|
60.55 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegiance Bancshares,
Inc.(Consolidated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets |
|
11.49 |
% |
|
|
11.81 |
% |
|
|
12.12 |
% |
|
|
11.83 |
% |
|
|
12.54 |
% |
|
|
11.49 |
% |
|
|
12.54 |
% |
Tangible equity to tangible assets(B) |
|
8.42 |
% |
|
|
8.58 |
% |
|
|
8.76 |
% |
|
|
8.40 |
% |
|
|
8.90 |
% |
|
|
8.42 |
% |
|
|
8.90 |
% |
Estimated common equity tier 1 capital |
|
12.47 |
% |
|
|
12.37 |
% |
|
|
12.18 |
% |
|
|
11.87 |
% |
|
|
11.80 |
% |
|
|
12.47 |
% |
|
|
11.80 |
% |
Estimated tier 1 risk-based capital |
|
12.69 |
% |
|
|
12.60 |
% |
|
|
12.41 |
% |
|
|
12.10 |
% |
|
|
12.04 |
% |
|
|
12.69 |
% |
|
|
12.04 |
% |
Estimated total risk-based capital |
|
16.08 |
% |
|
|
16.13 |
% |
|
|
15.98 |
% |
|
|
15.72 |
% |
|
|
15.71 |
% |
|
|
16.08 |
% |
|
|
15.71 |
% |
Estimated tier 1 leverage capital |
|
8.53 |
% |
|
|
8.76 |
% |
|
|
8.56 |
% |
|
|
8.57 |
% |
|
|
8.51 |
% |
|
|
8.53 |
% |
|
|
8.51 |
% |
Allegiance Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated common equity tier 1 capital |
|
12.63 |
% |
|
|
12.81 |
% |
|
|
13.03 |
% |
|
|
13.17 |
% |
|
|
13.32 |
% |
|
|
12.63 |
% |
|
|
13.32 |
% |
Estimated tier 1 risk-based capital |
|
12.63 |
% |
|
|
12.81 |
% |
|
|
13.03 |
% |
|
|
13.17 |
% |
|
|
13.32 |
% |
|
|
12.63 |
% |
|
|
13.32 |
% |
Estimated total risk-based capital |
|
14.71 |
% |
|
|
14.98 |
% |
|
|
15.22 |
% |
|
|
15.37 |
% |
|
|
15.55 |
% |
|
|
14.71 |
% |
|
|
15.55 |
% |
Estimated tier 1 leverage capital |
|
8.49 |
% |
|
|
8.91 |
% |
|
|
8.99 |
% |
|
|
9.33 |
% |
|
|
9.41 |
% |
|
|
8.49 |
% |
|
|
9.41 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other
Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
20,260 |
|
|
|
20,221 |
|
|
|
20,203 |
|
|
|
20,140 |
|
|
|
20,396 |
|
|
|
20,206 |
|
|
|
20,415 |
|
Diluted |
|
20,423 |
|
|
|
20,411 |
|
|
|
20,386 |
|
|
|
20,342 |
|
|
|
20,575 |
|
|
|
20,355 |
|
|
|
20,546 |
|
Period end shares
outstanding |
|
20,337 |
|
|
|
20,218 |
|
|
|
20,213 |
|
|
|
20,183 |
|
|
|
20,208 |
|
|
|
20,337 |
|
|
|
20,208 |
|
Book value per share |
$ |
40.15 |
|
|
$ |
39.50 |
|
|
$ |
39.04 |
|
|
$ |
37.68 |
|
|
$ |
37.54 |
|
|
$ |
40.15 |
|
|
$ |
37.54 |
|
Tangible book value per
share(B) |
$ |
28.43 |
|
|
$ |
27.67 |
|
|
$ |
27.17 |
|
|
$ |
25.75 |
|
|
$ |
25.59 |
|
|
$ |
28.43 |
|
|
$ |
25.59 |
|
(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 12 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
(recapture of) loan losses are not part of this calculation.
|
Three Months Ended |
|
December 31, 2021 |
|
September 30, 2021 |
|
December 31, 2020 |
|
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 |
$ |
4,243,778 |
|
|
$ |
56,855 |
|
5.32 |
% |
|
$ |
4,336,443 |
|
|
$ |
58,176 |
|
5.32 |
% |
|
$ |
4,569,210 |
|
|
$ |
58,496 |
|
5.09 |
% |
Securities |
|
1,457,793 |
|
|
|
6,459 |
|
1.76 |
% |
|
|
1,070,851 |
|
|
|
5,496 |
|
2.04 |
% |
|
|
701,233 |
|
|
|
4,519 |
|
2.56 |
% |
Deposits in other financial
institutions and other |
|
843,808 |
|
|
|
317 |
|
0.15 |
% |
|
|
588,859 |
|
|
|
221 |
|
0.15 |
% |
|
|
58,664 |
|
|
|
32 |
|
0.22 |
% |
Total interest-earning assets |
|
6,545,379 |
|
|
$ |
63,631 |
|
3.86 |
% |
|
|
5,996,153 |
|
|
$ |
63,893 |
|
4.23 |
% |
|
|
5,329,107 |
|
|
$ |
63,047 |
|
4.71 |
% |
Allowance for credit losses on
loans |
|
(50,654 |
) |
|
|
|
|
|
|
(49,381 |
) |
|
|
|
|
|
|
(53,260 |
) |
|
|
|
|
Noninterest-earning
assets |
|
447,005 |
|
|
|
|
|
|
|
680,682 |
|
|
|
|
|
|
|
783,200 |
|
|
|
|
|
Total assets |
$ |
6,941,730 |
|
|
|
|
|
|
$ |
6,627,454 |
|
|
|
|
|
|
$ |
6,059,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
$ |
724,841 |
|
|
$ |
388 |
|
0.21 |
% |
|
$ |
576,144 |
|
|
$ |
324 |
|
0.22 |
% |
|
$ |
430,145 |
|
|
$ |
386 |
|
0.36 |
% |
Money market and savings
deposits |
|
1,618,240 |
|
|
|
889 |
|
0.22 |
% |
|
|
1,565,965 |
|
|
|
943 |
|
0.24 |
% |
|
|
1,513,816 |
|
|
|
1,235 |
|
0.32 |
% |
Certificates and other time
deposits |
|
1,335,020 |
|
|
|
2,391 |
|
0.71 |
% |
|
|
1,363,121 |
|
|
|
2,583 |
|
0.75 |
% |
|
|
1,284,181 |
|
|
|
4,507 |
|
1.40 |
% |
Borrowed funds |
|
138,747 |
|
|
|
434 |
|
1.24 |
% |
|
|
139,844 |
|
|
|
436 |
|
1.24 |
% |
|
|
157,687 |
|
|
|
557 |
|
1.41 |
% |
Subordinated debt |
|
108,784 |
|
|
|
1,425 |
|
5.20 |
% |
|
|
108,652 |
|
|
|
1,441 |
|
5.26 |
% |
|
|
108,259 |
|
|
|
1,460 |
|
5.37 |
% |
Total interest-bearing liabilities |
|
3,925,632 |
|
|
$ |
5,527 |
|
0.56 |
% |
|
|
3,753,726 |
|
|
$ |
5,727 |
|
0.61 |
% |
|
|
3,494,088 |
|
|
$ |
8,145 |
|
0.93 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
|
2,163,016 |
|
|
|
|
|
|
|
2,031,399 |
|
|
|
|
|
|
|
1,766,826 |
|
|
|
|
|
Other liabilities |
|
46,141 |
|
|
|
|
|
|
|
42,183 |
|
|
|
|
|
|
|
41,434 |
|
|
|
|
|
Total liabilities |
|
6,134,789 |
|
|
|
|
|
|
|
5,827,308 |
|
|
|
|
|
|
|
5,302,348 |
|
|
|
|
|
Shareholders' equity |
|
806,941 |
|
|
|
|
|
|
|
800,146 |
|
|
|
|
|
|
|
756,699 |
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
6,941,730 |
|
|
|
|
|
|
$ |
6,627,454 |
|
|
|
|
|
|
$ |
6,059,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread |
|
|
|
|
3.30 |
% |
|
|
|
|
|
3.62 |
% |
|
|
|
|
|
3.78 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin |
|
|
$ |
58,104 |
|
3.52 |
% |
|
|
|
$ |
58,166 |
|
3.85 |
% |
|
|
|
$ |
54,902 |
|
4.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and net
interest margin (tax equivalent) |
|
|
$ |
58,838 |
|
3.57 |
% |
|
|
|
$ |
58,873 |
|
3.90 |
% |
|
|
|
$ |
55,477 |
|
4.14 |
% |
|
Years Ended December 31, |
|
2021 |
|
2020 |
|
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 |
$ |
4,422,467 |
|
|
$ |
230,713 |
|
5.22 |
% |
|
$ |
4,383,375 |
|
|
$ |
225,959 |
|
5.15 |
% |
Securities |
|
1,050,376 |
|
|
|
21,798 |
|
2.08 |
% |
|
|
588,318 |
|
|
|
15,538 |
|
2.64 |
% |
Deposits in other financial
institutions |
|
458,190 |
|
|
|
673 |
|
0.15 |
% |
|
|
36,945 |
|
|
|
265 |
|
0.72 |
% |
Total interest-earning assets |
|
5,931,033 |
|
|
$ |
253,184 |
|
4.27 |
% |
|
|
5,008,638 |
|
|
$ |
241,762 |
|
4.83 |
% |
Allowance for credit losses on
loans |
|
(51,513 |
) |
|
|
|
|
|
|
(46,680 |
) |
|
|
|
|
Noninterest-earning
assets |
|
680,191 |
|
|
|
|
|
|
|
675,701 |
|
|
|
|
|
Total assets |
$ |
6,559,711 |
|
|
|
|
|
|
$ |
5,637,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
$ |
574,079 |
|
|
$ |
1,409 |
|
0.25 |
% |
|
$ |
385,482 |
|
|
$ |
2,045 |
|
0.53 |
% |
Money market and savings
deposits |
|
1,571,532 |
|
|
|
3,956 |
|
0.25 |
% |
|
|
1,316,188 |
|
|
|
7,326 |
|
0.56 |
% |
Certificates and other time
deposits |
|
1,349,216 |
|
|
|
11,628 |
|
0.86 |
% |
|
|
1,268,080 |
|
|
|
21,675 |
|
1.71 |
% |
Borrowed funds |
|
144,354 |
|
|
|
1,878 |
|
1.30 |
% |
|
|
197,525 |
|
|
|
2,183 |
|
1.11 |
% |
Subordinated debt |
|
108,588 |
|
|
|
5,749 |
|
5.29 |
% |
|
|
108,064 |
|
|
|
5,850 |
|
5.41 |
% |
Total interest-bearing liabilities |
|
3,747,769 |
|
|
$ |
24,620 |
|
0.66 |
% |
|
|
3,275,339 |
|
|
|
39,079 |
|
1.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand
deposits |
|
1,983,934 |
|
|
|
|
|
|
|
1,593,354 |
|
|
|
|
|
Other liabilities |
|
41,972 |
|
|
|
|
|
|
|
37,278 |
|
|
|
|
|
Total liabilities |
|
5,773,675 |
|
|
|
|
|
|
|
4,905,971 |
|
|
|
|
|
Shareholders' equity |
|
786,036 |
|
|
|
|
|
|
|
731,688 |
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
6,559,711 |
|
|
|
|
|
|
$ |
5,637,659 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread |
|
|
|
|
3.61 |
% |
|
|
|
|
|
3.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
margin |
|
|
$ |
228,564 |
|
3.85 |
% |
|
|
|
$ |
202,683 |
|
4.05 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income and net
interest margin (tax equivalent) |
|
|
$ |
231,315 |
|
3.90 |
% |
|
|
|
$ |
204,416 |
|
4.08 |
% |
|
Three Months Ended |
|
2021 |
|
2020 |
|
December 31 |
|
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
(Dollars in thousands) |
Period-end Loan
Portfolio: |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
693,559 |
|
|
$ |
728,897 |
|
|
$ |
690,867 |
|
|
$ |
664,792 |
|
|
$ |
667,079 |
|
Paycheck Protection Program
(PPP) |
|
145,942 |
|
|
|
290,028 |
|
|
|
499,207 |
|
|
|
728,424 |
|
|
|
569,901 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
Commercial real estate (including multi-family residential) |
|
2,104,621 |
|
|
|
2,073,521 |
|
|
|
2,051,516 |
|
|
|
2,018,853 |
|
|
|
1,999,877 |
|
Commercial real estate construction and land development |
|
439,125 |
|
|
|
382,610 |
|
|
|
371,732 |
|
|
|
386,637 |
|
|
|
367,213 |
|
1-4 family residential (including home equity) |
|
685,071 |
|
|
|
683,919 |
|
|
|
715,119 |
|
|
|
726,228 |
|
|
|
737,605 |
|
Residential construction |
|
117,901 |
|
|
|
104,638 |
|
|
|
111,956 |
|
|
|
119,528 |
|
|
|
127,522 |
|
Consumer and other |
|
34,267 |
|
|
|
25,856 |
|
|
|
20,346 |
|
|
|
14,707 |
|
|
|
22,567 |
|
Total loans |
$ |
4,220,486 |
|
|
$ |
4,289,469 |
|
|
$ |
4,460,743 |
|
|
$ |
4,659,169 |
|
|
$ |
4,491,764 |
|
|
|
|
|
|
|
|
|
|
|
Asset
Quality: |
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
24,127 |
|
|
$ |
28,369 |
|
|
$ |
36,643 |
|
|
$ |
35,051 |
|
|
$ |
28,893 |
|
Accruing loans 90 or more days
past due |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Total nonperforming loans |
|
24,127 |
|
|
|
28,369 |
|
|
|
36,643 |
|
|
|
35,051 |
|
|
|
28,893 |
|
Other real estate |
|
— |
|
|
|
1,397 |
|
|
|
1,397 |
|
|
|
576 |
|
|
|
9,196 |
|
Total nonperforming assets |
$ |
24,127 |
|
|
$ |
29,766 |
|
|
$ |
38,040 |
|
|
$ |
35,627 |
|
|
$ |
38,089 |
|
|
|
|
|
|
|
|
|
|
|
Net charge-offs |
$ |
1,353 |
|
|
$ |
450 |
|
|
$ |
162 |
|
|
$ |
345 |
|
|
$ |
4,287 |
|
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans: |
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
8,358 |
|
|
$ |
10,247 |
|
|
$ |
12,949 |
|
|
$ |
14,059 |
|
|
$ |
10,747 |
|
Real estate: |
|
|
|
|
|
|
|
|
|
Commercial real estate (including multi-family residential) |
|
12,639 |
|
|
|
14,629 |
|
|
|
18,123 |
|
|
|
13,455 |
|
|
|
10,081 |
|
Commercial real estate construction and land development |
|
63 |
|
|
|
53 |
|
|
|
53 |
|
|
|
1,000 |
|
|
|
3,011 |
|
1-4 family residential (including home equity) |
|
2,875 |
|
|
|
3,224 |
|
|
|
4,839 |
|
|
|
5,736 |
|
|
|
4,525 |
|
Residential construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Consumer and other |
|
192 |
|
|
|
216 |
|
|
|
679 |
|
|
|
801 |
|
|
|
529 |
|
Total nonaccrual loans |
$ |
24,127 |
|
|
$ |
28,369 |
|
|
$ |
36,643 |
|
|
$ |
35,051 |
|
|
$ |
28,893 |
|
|
|
|
|
|
|
|
|
|
|
Asset Quality
Ratios: |
|
|
|
|
|
|
|
|
|
Nonperforming assets to total
assets |
|
0.34 |
% |
|
|
0.44 |
% |
|
|
0.58 |
% |
|
|
0.55 |
% |
|
|
0.63 |
% |
Nonperforming loans to total
loans |
|
0.57 |
% |
|
|
0.66 |
% |
|
|
0.82 |
% |
|
|
0.75 |
% |
|
|
0.64 |
% |
Allowance for credit losses on loans to nonperforming loans |
|
198.70 |
% |
|
|
177.98 |
% |
|
|
135.32 |
% |
|
|
150.52 |
% |
|
|
184.03 |
% |
Allowance for credit losses on loans to total loans |
|
1.14 |
% |
|
|
1.18 |
% |
|
|
1.11 |
% |
|
|
1.13 |
% |
|
|
1.18 |
% |
Net charge-offs to average loans (annualized) |
|
0.13 |
% |
|
|
0.04 |
% |
|
|
0.01 |
% |
|
|
0.03 |
% |
|
|
0.37 |
% |
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 |
|
Years Ended |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|
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 |
$ |
816,468 |
|
|
$ |
798,592 |
|
|
$ |
789,150 |
|
|
$ |
760,537 |
|
|
$ |
758,669 |
|
|
$ |
816,468 |
|
|
$ |
758,669 |
|
Less: Goodwill and
core deposit intangibles, net |
|
238,300 |
|
|
|
239,124 |
|
|
|
239,948 |
|
|
|
240,772 |
|
|
|
241,596 |
|
|
|
238,300 |
|
|
|
241,596 |
|
Tangible
shareholders’ equity |
$ |
578,168 |
|
|
$ |
559,468 |
|
|
$ |
549,202 |
|
|
$ |
519,765 |
|
|
$ |
517,073 |
|
|
$ |
578,168 |
|
|
$ |
517,073 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at end of
period |
|
20,337 |
|
|
|
20,218 |
|
|
|
20,213 |
|
|
|
20,183 |
|
|
|
20,208 |
|
|
|
20,337 |
|
|
|
20,208 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value
per share |
$ |
28.43 |
|
|
$ |
27.67 |
|
|
$ |
27.17 |
|
|
$ |
25.75 |
|
|
$ |
25.59 |
|
|
$ |
28.43 |
|
|
$ |
25.59 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
21,558 |
|
|
$ |
19,060 |
|
|
$ |
22,925 |
|
|
$ |
18,010 |
|
|
$ |
15,941 |
|
|
$ |
81,553 |
|
|
$ |
45,534 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders'
equity |
$ |
806,941 |
|
|
$ |
800,146 |
|
|
$ |
774,803 |
|
|
$ |
761,600 |
|
|
$ |
756,699 |
|
|
$ |
786,036 |
|
|
$ |
731,688 |
|
Less: Average
goodwill and core deposit intangibles, net |
|
238,700 |
|
|
|
239,497 |
|
|
|
240,331 |
|
|
|
241,166 |
|
|
|
242,043 |
|
|
|
239,916 |
|
|
|
243,513 |
|
Average tangible shareholders’
equity |
$ |
568,241 |
|
|
$ |
560,649 |
|
|
$ |
534,472 |
|
|
$ |
520,434 |
|
|
$ |
514,656 |
|
|
$ |
546,120 |
|
|
$ |
488,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on
average tangible
equity(A) |
|
15.05 |
% |
|
|
13.49 |
% |
|
|
17.20 |
% |
|
|
14.03 |
% |
|
|
12.32 |
% |
|
|
14.93 |
% |
|
|
9.33 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
7,104,954 |
|
|
$ |
6,759,761 |
|
|
$ |
6,508,667 |
|
|
$ |
6,430,990 |
|
|
$ |
6,050,128 |
|
|
$ |
7,104,954 |
|
|
$ |
6,050,128 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Goodwill and core
deposit intangibles, net |
|
238,300 |
|
|
|
239,124 |
|
|
|
239,948 |
|
|
|
240,772 |
|
|
|
241,596 |
|
|
|
238,300 |
|
|
|
241,596 |
|
Tangible
assets |
$ |
6,866,654 |
|
|
$ |
6,520,637 |
|
|
$ |
6,268,719 |
|
|
$ |
6,190,218 |
|
|
$ |
5,808,532 |
|
|
$ |
6,866,654 |
|
|
$ |
5,808,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible equity to
tangible assets |
|
8.42 |
% |
|
|
8.58 |
% |
|
|
8.76 |
% |
|
|
8.40 |
% |
|
|
8.90 |
% |
|
|
8.42 |
% |
|
|
8.90 |
% |
(A) Interim periods annualized.
Allegiance Bancshares, Inc.8847 West Sam
Houston Parkway N., Suite 200Houston, Texas
77040ir@allegiancebank.com
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