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Section 1: 8-K (8-K)

abtx-8k_20200129.htm

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event Reported): January 29, 2020

Allegiance Bancshares, Inc.

(Exact Name of Registrant as Specified in Charter)

TEXAS

001-37585

26-3564100

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(I.R.S. Employer Identification Number)

8847 West Sam Houston Parkway N., Suite 200, Houston, Texas 77040

(Address of Principal Executive Offices) (Zip Code)

(281) 894-3200

(Registrant's telephone number, including area code)

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[   ]

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[   ]

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[   ]

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[   ]

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $1.00 per share

 

ABTX

 

NASDAQ Global Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities

Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition

period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the

Exchange Act.  ☒

 

 


 

Item 2.02. Results of Operations and Financial Condition.

On January 29, 2020, Allegiance Bancshares, Inc., the holding company of Allegiance Bank, issued a press release announcing its financial results for the fourth quarter and year-end 2019.  A copy of the press release, as well as a copy of the accompanying earnings presentation, are furnished as Exhibit 99.1 and Exhibit 99.2 hereto, respectively, and incorporated herein by reference.

As provided in General Instruction B.2 to Form 8-K, the information furnished in Item 2.02, Exhibit 99.1 and Exhibit 99.2 of this Current Report on Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, and such information shall not be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01. Financial Statements and Exhibits.

(d)           Exhibits. The following are furnished as exhibits to this Current Report on Form 8-K:

 

Exhibit Number

Description of Exhibit

99.1

Press Release issued by Allegiance Bancshares, Inc. dated January 29, 2020

99.2

Year-End 2019 Earnings Presentation dated January 29, 2020

 

 


 

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

Allegiance Bancshares, Inc.

 

 

 

Date: January 29, 2020

By:

/s/ Steve Retzloff

 

 

Steve Retzloff

 

 

Chief Executive Officer

 

 

(Back To Top)

Section 2: EX-99.1 (EX-99.1)

abtx-ex991_39.htm

Exhibit 99.1

PRESS RELEASE

Allegiance Bancshares, Inc.

8847 West Sam Houston Parkway N., Suite 200

Houston, Texas 77040

[email protected]                            

ALLEGIANCE BANCSHARES, INC. REPORTS RECORD

FOURTH QUARTER AND FULL YEAR 2019 RESULTS

 

 

Record diluted earnings per share of $0.67 for the fourth quarter 2019 and $2.47 for the year 2019

 

 

Deposit growth of $405.6 million, or 11.1%, for the year 2019

 

 

Declared first quarterly dividend of $0.10 per share

 

HOUSTON, January 29, 2020 - Allegiance Bancshares, Inc. (NASDAQ: ABTX) ("Allegiance"), the holding company of Allegiance Bank (the "Bank"), today reported net income of $14.0 million and diluted earnings per share of $0.67 for the fourth quarter 2019 compared to net income of $13.2 million and diluted earnings per share of $0.59 for the fourth quarter 2018.  Net income for the year ended December 31, 2019 was $53.0 million, or $2.47 per diluted share, compared to net income of $37.3 million, or $2.37 per diluted share, for the year ended December 31, 2018.  The year ended December 31, 2019 results included $1.4 million of pre-tax severance expense and $1.3 million of pre-tax acquisition and merger-related expenses. The year ended December 31, 2018 results included $1.7 million of pre-tax acquisition and merger-related expenses.

 

“2019 was another successful year for Allegiance,” said Steve Retzloff, Allegiance’s Chief Executive Officer.  “We reported record quarterly and annual diluted earnings per share driven by core loan growth, deposit growth and continued excellent asset quality.  The results are indicative of the dedication, hard work and commitment of our bankers to enhance our business capabilities and technology to best serve our customers and communities in which we operate,” commented Retzloff.

 

“We are excited to announce Allegiance’s first quarterly cash dividend of $0.10 per share to our shareholders. This dividend represents a significant milestone for Allegiance and along with the continuation of our share repurchase program highlights the profitability and solid capital position that we have achieved since our founding and reflects our commitment to long-term shareholder value,” continued Retzloff.

 

“As Houston’s largest locally-headquartered community bank, we feel very well positioned for 2020.  We entered the year with strong fundamentals, momentum and a clear focus on our priorities.  We are confident that our experienced team of bankers are the best in the business who will continue to execute our strategy and generate great customer relationships while driving solid returns for Allegiance and our shareholders," concluded Retzloff.

 

Fourth Quarter 2019 Results

 

Net interest income before the provision for loan losses in the fourth quarter 2019 decreased $1.3 million, or 2.9%, to $44.5 million from $45.8 million for the fourth quarter 2018. Net interest income before provision for loan losses for the fourth quarter 2019 decreased from $44.8 million in the third quarter 2019.  These decreases were primarily due to changes in market interest rates, acquisition accounting accretion as well as changes in the volume and relative mix of the underlying assets and liabilities.  The net interest margin on a tax equivalent basis decreased 34 basis points to 4.11% for the fourth quarter 2019 from 4.45% for the fourth quarter 2018 and decreased 5 basis points from 4.16% for the third quarter 2019. Core net interest margin on a tax equivalent basis excludes the impact of acquisition accounting adjustments and was 3.94% for the fourth quarter 2019 compared to 4.16% for the fourth quarter 2018 and 3.97% for the third quarter 2019. Please refer to the non-GAAP reconciliation on page 10.  

 

Noninterest income for the fourth quarter 2019 was $3.4 million, an increase of $1.1 million, or 45.7%, compared to $2.3 million for the fourth quarter 2018 and increased $511 thousand, or 17.7%, compared to $2.9 million for the third quarter 2019.  Noninterest income for the fourth quarter 2019 included $613 thousand of gain on the sale of securities.  

 

1


Noninterest expense for the fourth quarter 2019 increased $385 thousand, or 1.3%, to $29.4 million from $29.0 million for the fourth quarter 2018 and decreased $578 thousand compared to the third quarter 2019.

 

In the fourth quarter 2019, Allegiance’s efficiency ratio was 62.20% compared to 62.88% for the third quarter 2019 and 60.30% for the fourth quarter 2018.  Fourth quarter 2019 annualized returns on average assets, average equity and average tangible equity were 1.13%, 7.81% and 11.96%, respectively, compared to 0.98%, 6.73% and 10.33%, respectively, for the third quarter 2019.  Annualized returns on average assets, average equity and average tangible equity for the fourth quarter 2018 were 1.12%, 7.49% and 11.66%, respectively. Return on average tangible equity is a non-GAAP measure. Please refer to the non-GAAP reconciliation on page 10.  

 

Year Ended December 31, 2019 Results

 

Net interest income before provision for loan losses for the year ended December 31, 2019 increased $51.0 million, or 39.6%, to $179.5 million from $128.6 million for the year ended December 31, 2018 primarily due to a $1.22 billion, or 40.2%, increase in average interest-earning assets over the prior year associated with the Post Oak acquisition.  The net interest margin on a tax equivalent basis decreased 5 basis points to 4.22% for the year ended December 31, 2019 from 4.27% for the year ended December 31, 2018. Core net interest margin on a tax equivalent basis for the year ended December 31, 2019 would have been 4.00%, compared to 4.17% for the year ended December 31, 2018. Please refer to the non-GAAP reconciliation on page 10.  

 

Noninterest income for the year ended December 31, 2019 was $13.4 million, an increase of $5.7 million, or 74.0%, compared to $7.7 million for the year ended December 31, 2018 due primarily to additional noninterest income resulting from the Post Oak acquisition along with the gain of $1.5 million on the sale of securities.

 

Noninterest expense for the year ended December 31, 2019 increased $33.8 million, or 39.0%, to $120.6 million from $86.8 million for the year ended December 31, 2018. The increase in noninterest expense over the year ended December 31, 2018 was primarily due to additional expenses associated with increased headcount and bank offices from the Post Oak acquisition.

 

Allegiance’s efficiency ratio decreased from 63.68% for the year ended December 31, 2018 to 62.99% for the year ended December 31, 2019. For the year ended December 31, 2019, returns on average assets, average equity and average tangible equity were 1.10%, 7.48% and 11.50%, respectively, compared to 1.11%, 9.02% and 11.20%, respectively, for the year ended December 31, 2018. Return on average tangible equity is a non-GAAP measure. Please refer to the non-GAAP reconciliation on page 10.

 

Financial Condition

 

Total assets at December 31, 2019 increased $86.8 million to $4.99 billion compared to $4.91 billion at September 30, 2019 and increased $337.4 million compared to $4.66 billion at December 31, 2018, primarily due to organic loan growth.

 

Total loans at December 31, 2019 increased $29.3 million, or 3.0% (annualized), to $3.92 billion compared to $3.89 billion at September 30, 2019 and increased $207.0 million, or 5.6%, compared to $3.71 billion at December 31, 2018, primarily due to organic loan growth. Core loans, which exclude the mortgage warehouse portfolio, increased $57.6 million, or 5.9% (annualized), to $3.91 billion at December 31, 2019 from $3.85 billion at September 30, 2019 and increased $247.0 million, or 6.7%, from $3.66 billion at December 31, 2018.

 

Deposits at December 31, 2019 increased $170.6 million, or 17.4% (annualized), to $4.07 billion compared to $3.90 billion at September 30, 2019 and increased $405.6 million, or 11.1%, compared to $3.66 billion at December 31, 2018.

 

Asset Quality

 

Nonperforming assets totaled $36.7 million, or 0.74% of total assets, at December 31, 2019, compared to $42.9 million, or 0.88%, of total assets, at September 30, 2019, and $33.6 million, or 0.72% of total assets, at December 31, 2018. The allowance for loan losses was 0.75% of total loans at December 31, 2019, 0.77% of total loans at September 30, 2019 and 0.71% of total loans at December 31, 2018.

The provision for loan losses for the fourth quarter 2019 was $933 thousand, or 0.10% (annualized) of average loans, compared to $2.6 million, or 0.27% (annualized) of average loans, for the third quarter 2019. The provision for loan losses for the year ended 2019 was $5.9 million, or 0.15% of average loans, compared to $4.2 million, or 0.16% of average loans, for the year ended 2018.

 

 

2


Fourth quarter 2019 net charge-offs were $1.3 million, or 0.13% (annualized) of average loans, compared to net charge-offs of $729 thousand, or 0.07% (annualized) of average loans, for the third quarter 2019 and $219 thousand, or 0.02% (annualized) of average loans, for the fourth quarter 2018. Net charge-offs for the year ended December 31, 2019 were $2.8 million, or 0.07% of average loans, compared to net charge-offs for the year ended December 31, 2018 of $1.6 million, or 0.06% of average loans.

 

Dividend

 

The Board of Directors of Allegiance declared its first cash dividend of $0.10 per share to be paid on March 16, 2020 to all shareholders of record as of February 28, 2020. The amount and timing of any future dividend payments to shareholders will be subject to the discretion of Allegiance’s Board of Directors.

 

GAAP Reconciliation of Non-GAAP Financial Measures

 

Allegiance’s management uses certain non-GAAP financial measures to evaluate its performance. Please refer to the GAAP Reconciliation and Management’s Explanation of Non-GAAP Financial Measures on page 10 of this earnings release for a reconciliation of these non-GAAP financial measures.

 

Conference Call

 

As previously announced, Allegiance’s management team will host a conference call on Wednesday, January 29, 2020 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss its fourth quarter 2019 results. Individuals and investment professionals may participate in the call by dialing (877) 279-2520. The conference ID number is 4427269.  Alternatively, a simultaneous audio-only webcast may be accessed via the Investor Relations section of Allegiance’s website at www.allegiancebank.com, under Upcoming Events. If you are unable to participate during the live webcast, the webcast will be archived on the Investor Relations section of Allegiance’s website at www.allegiancebank.com, under News and Events, Event Calendar, Past Events.

 

Allegiance Bancshares, Inc.

 

As of December 31, 2019, Allegiance was a $4.99 billion asset Houston, Texas-based bank holding company. Through its wholly owned subsidiary, Allegiance Bank, Allegiance provides a diversified range of commercial banking services primarily to small to medium-sized businesses and individual customers in the Houston region. Allegiance’s super-community banking strategy was designed to foster strong customer relationships while benefiting from a platform and scale that is competitive with larger local and regional banks.  As of December 31, 2019, Allegiance Bank operated 27 full-service banking locations in the Houston region, which we define as the Houston-The Woodlands-Sugar Land and Beaumont-Port Arthur metropolitan statistical areas, with 26 bank offices and one loan production office in the Houston metropolitan area and one bank office location in Beaumont, just outside of the Houston metropolitan area. Visit www.allegiancebank.com for more information.

 

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

 

This release may contain forward-looking statements within the meaning of the securities laws that are based on various facts and derived utilizing important assumptions, present expectations, estimates and projections about Allegiance and its subsidiaries. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “continues,” “anticipates,” “intends,” “projects,” “estimates,” “potential,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Forward-looking statements include information concerning Allegiance’s future financial performance, business and growth strategy, projected plans and objectives, as well as projections of macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of Allegiance’s control, which may cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include but are not limited to whether Allegiance can: continue to develop and maintain new and existing customer and community relationships; successfully implement its growth strategy, including identifying suitable acquisition targets and integrating the businesses of acquired companies and banks; sustain its current internal growth rate; provide quality and competitive products and services that appeal to its customers; continue to have access to debt and equity capital markets; and achieve its performance objectives. These and various other risk factors are discussed in Allegiance’s Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and in other reports and statements Allegiance has filed with the Securities and Exchange Commission. Copies of such filings are available for download free of charge from the Investor Relations section of Allegiance’s website at www.allegiancebank.com, under Financial Information, SEC Filings.  Any forward-looking statement made by Allegiance in this release speaks only as of the date on which it is made. Factors or events that could cause Allegiance’s actual results to differ may emerge from time to time, and it is not possible for Allegiance to predict all of them. Allegiance undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

3


Allegiance Bancshares, Inc.

Financial Highlights

(Unaudited)

 

 

 

2019

 

 

2018

 

 

 

December 31

 

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

 

(Dollars in thousands)

 

Cash and cash equivalents

 

$

346,248

 

 

$

300,619

 

 

$

232,607

 

 

$

258,843

 

 

$

268,947

 

Available for sale securities

 

 

372,545

 

 

 

353,000

 

 

 

348,173

 

 

 

345,716

 

 

 

337,293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total loans

 

 

3,915,310

 

 

 

3,886,004

 

 

 

3,857,963

 

 

 

3,806,161

 

 

 

3,708,306

 

Allowance for loan losses

 

 

(29,438

)

 

 

(29,808

)

 

 

(27,940

)

 

 

(27,123

)

 

 

(26,331

)

Loans, net

 

 

3,885,872

 

 

 

3,856,196

 

 

 

3,830,023

 

 

 

3,779,038

 

 

 

3,681,975

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Goodwill

 

 

223,642

 

 

 

223,642

 

 

 

223,642

 

 

 

223,642

 

 

 

223,125

 

Core deposit intangibles, net

 

 

21,876

 

 

 

23,053

 

 

 

24,231

 

 

 

25,409

 

 

 

26,587

 

Premises and equipment, net

 

 

66,790

 

 

 

67,175

 

 

 

59,690

 

 

 

60,327

 

 

 

41,717

 

Other real estate owned

 

 

8,337

 

 

 

8,333

 

 

 

6,294

 

 

 

1,152

 

 

 

630

 

Bank owned life insurance

 

 

27,104

 

 

 

26,947

 

 

 

26,794

 

 

 

26,639

 

 

 

26,480

 

Other assets

 

 

40,240

 

 

 

46,875

 

 

 

42,757

 

 

 

48,036

 

 

 

48,495

 

Total assets

 

$

4,992,654

 

 

$

4,905,840

 

 

$

4,794,211

 

 

$

4,768,802

 

 

$

4,655,249

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing deposits

 

$

1,252,232

 

 

$

1,227,839

 

 

$

1,173,423

 

 

$

1,181,920

 

 

$

1,209,300

 

Interest-bearing deposits

 

 

2,815,869

 

 

 

2,669,646

 

 

 

2,687,217

 

 

 

2,598,141

 

 

 

2,453,236

 

Total deposits

 

 

4,068,101

 

 

 

3,897,485

 

 

 

3,860,640

 

 

 

3,780,061

 

 

 

3,662,536

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Borrowed funds

 

 

75,503

 

 

 

159,501

 

 

 

146,998

 

 

 

201,995

 

 

 

225,493

 

Subordinated debt

 

 

107,799

 

 

 

107,771

 

 

 

49,019

 

 

 

48,959

 

 

 

48,899

 

Other liabilities

 

 

31,386

 

 

 

34,775

 

 

 

32,853

 

 

 

34,010

 

 

 

15,337

 

Total liabilities

 

 

4,282,789

 

 

 

4,199,532

 

 

 

4,089,510

 

 

 

4,065,025

 

 

 

3,952,265

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

20,524

 

 

 

20,737

 

 

 

21,147

 

 

 

21,484

 

 

 

21,938

 

Capital surplus

 

 

521,066

 

 

 

529,688

 

 

 

541,979

 

 

 

556,184

 

 

 

571,803

 

Retained earnings

 

 

163,375

 

 

 

149,389

 

 

 

137,342

 

 

 

123,094

 

 

 

112,131

 

Accumulated other comprehensive

   income (loss)

 

 

4,900

 

 

 

6,494

 

 

 

4,233

 

 

 

3,015

 

 

 

(2,888

)

Total shareholders’ equity

 

 

709,865

 

 

 

706,308

 

 

 

704,701

 

 

 

703,777

 

 

 

702,984

 

Total liabilities and equity

 

$

4,992,654

 

 

$

4,905,840

 

 

$

4,794,211

 

 

$

4,768,802

 

 

$

4,655,249

 

 

4


Allegiance Bancshares, Inc.

Financial Highlights

(Unaudited)

 

 

 

Three Months Ended

 

 

Years Ended

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

December 31

 

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

December 31

 

 

December 31

 

 

 

(Dollars in thousands, except per share data)

 

INTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Loans, including fees

 

$

55,368

 

 

$

55,790

 

 

$

56,016

 

 

$

54,189

 

 

$

53,272

 

 

$

221,363

 

 

$

148,223

 

   Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

      Taxable

 

 

2,066

 

 

 

2,090

 

 

 

1,837

 

 

 

982

 

 

 

844

 

 

 

6,975

 

 

 

2,725

 

      Tax-exempt

 

 

469

 

 

 

483

 

 

 

692

 

 

 

1,290

 

 

 

1,445

 

 

 

2,934

 

 

 

5,802

 

   Deposits in other financial

      institutions

 

 

244

 

 

 

302

 

 

 

401

 

 

 

688

 

 

 

742

 

 

 

1,635

 

 

 

1,473

 

         Total interest income

 

 

58,147

 

 

 

58,665

 

 

 

58,946

 

 

 

57,149

 

 

 

56,303

 

 

 

232,907

 

 

 

158,223

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Demand, money market and

      savings deposits

 

 

5,091

 

 

 

4,975

 

 

 

4,513

 

 

 

3,728

 

 

 

3,367

 

 

 

18,307

 

 

 

6,478

 

   Certificates and other time

      deposits

 

 

6,483

 

 

 

6,909

 

 

 

7,008

 

 

 

6,256

 

 

 

5,358

 

 

 

26,656

 

 

 

15,478

 

   Borrowed funds

 

 

547

 

 

 

1,183

 

 

 

1,118

 

 

 

1,827

 

 

 

1,008

 

 

 

4,675

 

 

 

4,788

 

   Subordinated debt

 

 

1,500

 

 

 

761

 

 

 

736

 

 

 

735

 

 

 

732

 

 

 

3,732

 

 

 

2,900

 

         Total interest expense

 

 

13,621

 

 

 

13,828

 

 

 

13,375

 

 

 

12,546

 

 

 

10,465

 

 

 

53,370

 

 

 

29,644

 

NET INTEREST INCOME

 

 

44,526

 

 

 

44,837

 

 

 

45,571

 

 

 

44,603

 

 

 

45,838

 

 

 

179,537

 

 

 

128,579

 

Provision for loan losses

 

 

933

 

 

 

2,597

 

 

 

1,407

 

 

 

1,002

 

 

 

2,964

 

 

 

5,939

 

 

 

4,248

 

Net interest income after provision

   for loan losses

 

 

43,593

 

 

 

42,240

 

 

 

44,164

 

 

 

43,601

 

 

 

42,874

 

 

 

173,598

 

 

 

124,331

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Nonsufficient funds fees

 

 

189

 

 

 

168

 

 

 

139

 

 

 

162

 

 

 

190

 

 

 

658

 

 

 

755

 

   Service charges on deposit

      accounts

 

 

403

 

 

 

379

 

 

 

365

 

 

 

325

 

 

 

363

 

 

 

1,472

 

 

 

869

 

   Gain on sale of securities

 

 

613

 

 

 

 

 

 

846

 

 

 

 

 

 

 

 

 

1,459

 

 

 

 

   (Loss) gain on sales of other real

      estate and repossessed assets

 

 

(45

)

 

 

 

 

 

70

 

 

 

1

 

 

 

(429

)

 

 

26

 

 

 

(428

)

   Bank owned life insurance

 

 

157

 

 

 

153

 

 

 

155

 

 

 

159

 

 

 

163

 

 

 

624

 

 

 

579

 

   Rebate from correspondent bank

 

 

900

 

 

 

900

 

 

 

884

 

 

 

896

 

 

 

988

 

 

 

3,580

 

 

 

2,609

 

   Other

 

 

1,183

 

 

 

1,289

 

 

 

1,386

 

 

 

1,746

 

 

 

1,059

 

 

 

5,604

 

 

 

3,329

 

      Total noninterest income

 

 

3,400

 

 

 

2,889

 

 

 

3,845

 

 

 

3,289

 

 

 

2,334

 

 

 

13,423

 

 

 

7,713

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Salaries and employee benefits

 

 

18,273

 

 

 

20,221

 

 

 

19,415

 

 

 

19,684

 

 

 

18,167

 

 

 

77,593

 

 

 

56,704

 

   Net occupancy and equipment

 

 

1,994

 

 

 

1,973

 

 

 

2,114

 

 

 

2,098

 

 

 

1,959

 

 

 

8,179

 

 

 

5,845

 

   Depreciation

 

 

861

 

 

 

822

 

 

 

756

 

 

 

753

 

 

 

802

 

 

 

3,192

 

 

 

2,132

 

   Data processing and software

      amortization

 

 

2,120

 

 

 

2,058

 

 

 

1,709

 

 

 

1,577

 

 

 

1,485

 

 

 

7,464

 

 

 

5,120

 

   Professional fees

 

 

540

 

 

 

667

 

 

 

527

 

 

 

599

 

 

 

670

 

 

 

2,333

 

 

 

2,009

 

   Regulatory assessments and

      FDIC insurance

 

 

216

 

 

 

(41

)

 

 

802

 

 

 

728

 

 

 

776

 

 

 

1,705

 

 

 

2,309

 

   Core deposit intangibles

      amortization

 

 

1,177

 

 

 

1,178

 

 

 

1,178

 

 

 

1,178

 

 

 

1,229

 

 

 

4,711

 

 

 

1,815

 

   Communications

 

 

486

 

 

 

455

 

 

 

468

 

 

 

430

 

 

 

416

 

 

 

1,839

 

 

 

1,185

 

   Advertising

 

 

597

 

 

 

449

 

 

 

617

 

 

 

704

 

 

 

704

 

 

 

2,367

 

 

 

1,725

 

   Acquisition and merger-related

      expenses

 

 

 

 

 

 

 

 

153

 

 

 

1,173

 

 

 

840

 

 

 

1,326

 

 

 

1,661

 

   Other

 

 

3,167

 

 

 

2,227

 

 

 

2,341

 

 

 

2,191

 

 

 

1,998

 

 

 

9,926

 

 

 

6,282

 

      Total noninterest expense

 

 

29,431

 

 

 

30,009

 

 

 

30,080

 

 

 

31,115

 

 

 

29,046

 

 

 

120,635

 

 

 

86,787

 

INCOME BEFORE INCOME

   TAXES

 

 

17,562

 

 

 

15,120

 

 

 

17,929

 

 

 

15,775

 

 

 

16,162

 

 

 

66,386

 

 

 

45,257

 

   Provision for income taxes

 

 

3,576

 

 

 

3,073

 

 

 

3,681

 

 

 

3,097

 

 

 

2,999

 

 

 

13,427

 

 

 

7,948

 

NET INCOME

 

$

13,986

 

 

$

12,047

 

 

$

14,248

 

 

$

12,678

 

 

$

13,163

 

 

$

52,959

 

 

$

37,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

   Basic

 

$

0.68

 

 

$

0.57

 

 

$

0.67

 

 

$

0.58

 

 

$

0.60

 

 

$

2.50

 

 

$

2.41

 

   Diluted

 

$

0.67

 

 

$

0.57

 

 

$

0.66

 

 

$

0.58

 

 

$

0.59

 

 

$

2.47

 

 

$

2.37

 

5


Allegiance Bancshares, Inc.

Financial Highlights

(Unaudited)

 

 

 

Three Months Ended

 

 

Years Ended

 

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

 

 

December 31

 

 

September 30

 

 

June 30

 

 

March 31

 

 

December 31

 

 

December 31

 

 

December 31

 

 

 

(Dollars and share amounts in thousands, except per share data)

 

Net income

 

$

13,986

 

 

$

12,047

 

 

$

14,248

 

 

$

12,678

 

 

$

13,163

 

 

$

52,959

 

 

$

37,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share, basic

 

$

0.68

 

 

$

0.57

 

 

$

0.67

 

 

$

0.58

 

 

$

0.60

 

 

$

2.50

 

 

$

2.41

 

Earnings per share, diluted

 

$

0.67

 

 

$

0.57

 

 

$

0.66

 

 

$

0.58

 

 

$

0.59

 

 

$

2.47

 

 

$

2.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets(A)

 

 

1.13

%

 

 

0.98

%

 

 

1.19

%

 

 

1.08

%

 

 

1.12

%

 

 

1.10

%

 

 

1.11

%

Return on average equity(A)

 

 

7.81

%

 

 

6.73

%

 

 

8.10

%

 

 

7.27

%

 

 

7.49

%

 

 

7.48

%

 

 

9.02

%

Return on average tangible

   equity(A)(B)

 

 

11.96

%

 

 

10.33

%

 

 

12.52

%

 

 

11.22

%

 

 

11.66

%

 

 

11.50

%

 

 

11.20

%

Net interest margin

   (tax equivalent)(C)

 

 

4.11

%

 

 

4.16

%

 

 

4.33

%

 

 

4.31

%

 

 

4.45

%

 

 

4.22

%

 

 

4.27

%

Core net interest margin

   (tax equivalent)(B)

 

 

3.94

%

 

 

3.97

%

 

 

4.07

%

 

 

4.03

%

 

 

4.16

%

 

 

4.00

%

 

 

4.17

%

Efficiency ratio(D)

 

 

62.20

%

 

 

62.88

%

 

 

61.93

%