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Allegiance Bancshares, Inc. Reports Second Quarter 2020 Results

Allegiance Bancshares, Inc.
·25 min read
  • Record net interest income of $50.8 million, representing 12.9% growth from the first quarter of 2020

  • Funded over 5,800 loans totaling in excess of $695 million within the Small Business Administration Paycheck Protection Program under the Coronavirus Aid, Relief and Economic Security Act (CARES Act) through June 30, 2020
     

  • Net interest margin remained strong at 4.10% for the second quarter 2020
     

  • Declared quarterly dividend of $0.10 per share of common stock
     

  • Opened de novo branch in the historic East End of Houston on July 27, 2020

HOUSTON, July 30, 2020 (GLOBE NEWSWIRE) -- Allegiance Bancshares, Inc. (NASDAQ: ABTX) (Allegiance), the holding company of Allegiance Bank (the "Bank"), today reported net income of $9.9 million and diluted earnings per share of $0.48 for the second quarter 2020 compared to net income of $14.2 million and diluted earnings per share of $0.66 for the second quarter 2019.  Net income for the six months ended June 30, 2020 was $13.4 million, or $0.65 per diluted share, compared to $26.9 million, or $1.24 per diluted share, for the six months ended June 30, 2019.  The second quarter and six months ended June 30, 2020 results were primarily driven by the increased provision for loan losses in response to COVID-19-related uncertainties in the current economic environment partially offset by increased net interest income. 

"We are pleased with our second quarter 2020 earnings performance, especially in light of the impact of the coronavirus on our economy," said Steve Retzloff, Allegiances Chief Executive Officer. Allegiance finished the quarter on a solid foundation of record pre-tax, pre-provision earnings, strong capital ratios, and a great liquidity position. We believe that we are well-positioned in light of todays economic uncertainties and remain a strong resource for those we serve, commented Retzloff.

Our team of extraordinary bankers and small business lenders worked tirelessly around the clock to deploy the SBAs Paycheck Protection Program ('PPP') to support our small business community. I am incredibly proud of the Banks ability to deliver on our commitment to help our customers - all while making many changes to how and where we all work. Allegiance reinforces the unique and valuable role a community bank offers to the businesses it serves as our bankers helped our customers and new borrowers secure funding for over 5,800 loans totaling over $695 million and will continue to do more until the PPP program expires. In turn, Allegiance collected a weighted average fee of 3.75% on the PPP loans to be recognized over the life of the loans.  Allegiance was committed to supporting its customers from the start of the process and will continue to be committed throughout the entire forgiveness journey, continued Retzloff.

As community bankers, we have a responsibility to support the health and welfare of our customers, communities and employees throughout this unprecedented time. Allegiance donated $150,000 and issued a $100,000 matching grant as well as committed volunteers to support the Houston Food Bank that will help provide one million meals across its Houston footprint. Small businesses are the mainstay of our business in the Houston region and we have been honored to serve their needs during this challenging economic environment. We continue to work diligently to build shareholder value by utilizing our strong capital position to support our customers and the communities we serve with outstanding customer service to keep Houston strong, concluded Retzloff.

Second Quarter 2020 Results

Net interest income before the provision for loan losses in the second quarter 2020 increased $5.3 million, or 11.6%, to $50.8 million from $45.6 million for the second quarter 2019 and increased $5.8 million, or 12.9%, from $45.0 million in the first quarter 2020.  These increases were primarily due to changes in the volume and relative mix of the underlying assets and liabilities, the impact of PPP loans as well as lower costs on interest-bearing liabilities.  The net interest margin on a tax equivalent basis decreased 23 basis points to 4.10% for the second quarter 2020 from 4.33% for the second quarter 2019 and decreased 5 basis points from 4.15% for the first quarter 2020. Excluding the impact of acquisition accounting adjustments, adjusted net interest margin on a tax equivalent basis was 4.05% for the second quarter 2020 compared to 4.07% for the second quarter 2019 and 4.04% for the first quarter 2020. Adjusted net interest margin is a non-GAAP measure. Please refer to the non-GAAP reconciliation on page 11.

Noninterest income for the second quarter 2020 was $1.6 million, a decrease of $2.3 million, or 59.4%, compared to $3.8 million for the second quarter 2019 and a decrease of $1.2 million, or 42.7%, compared to $2.7 million for the first quarter 2020.  Noninterest income for the second quarter 2020, first quarter 2020 and second quarter 2019 included $93 thousand, $194 thousand and $846 thousand, respectively, of gains on the sale of securities. Second quarter 2020 noninterest income reflected lower transactional fee income, significantly lower correspondent bank rebates and included a loss on the sale of other real estate owned of $306 thousand.

Noninterest expense for the second quarter 2020 decreased $301 thousand, or 1.0%, to $29.8 million from $30.1 million for the second quarter 2019 and decreased $2.6 million, or 8.1%, compared to the first quarter 2020. Noninterest expense for the first quarter 2020 included $2.2 million of other real estate write-downs.

In the second quarter 2020, Allegiances efficiency ratio was 56.92% compared to 68.13% for the first quarter 2020 and 61.93% for the second quarter 2019.  Second quarter 2020 annualized returns on average assets, average equity and average tangible equity were 0.71%, 5.51% and 8.32%, respectively, compared to 0.29%, 1.98% and 3.02%, respectively, for the first quarter 2020.  Annualized returns on average assets, average equity and average tangible equity for the second quarter 2019 were 1.19%, 8.10% and 12.52%, 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, 2020 Results

Net interest income before provision for loan losses for the six months ended June 30, 2020 increased $5.7 million, or 6.3%, to $95.9 million from $90.2 million for the six months ended June 30, 2019 primarily due to a $481.4 million, or 11.4%, increase in average interest-earning assets over the prior year, the impact of PPP loans as well as lower costs related to interest-bearing liabilities. The net interest margin on a tax equivalent basis decreased 20 basis points to 4.12% for the six months ended June 30, 2020 from 4.32% for the six months ended June 30, 2019. Excluding the impact of acquisition accounting adjustments, the adjusted net interest margin for the six months ended June 30, 2020 was 4.04%, compared to 4.05% for the six months ended June 30, 2019. Adjusted net interest margin is a non-GAAP measure. Please refer to the non-GAAP reconciliation on page 11.

Noninterest income for the six months ended June 30, 2020 was $4.3 million, a decrease of $2.8 million, or 39.9%, compared to $7.1 million for the six months ended June 30, 2019 due primarily to significantly lower correspondent bank rebates and losses on the sales of other real estate owned of $375 thousand. Additionally, noninterest income for the first six months of 2020 and 2019 included $287 thousand and $846 thousand, respectively, of gains on the sale of securities. 

Noninterest expense for the six months ended June 30, 2020 increased $985 thousand, or 1.6%, to $62.2 million from $61.2 million for the six months ended June 30, 2019.  The increase in noninterest expense over the six months ended June 30, 2019 was primarily due to $2.2 million of other real estate write-downs during the first quarter of 2020 partially offset by the decrease in merger-related expenses incurred during the first six months of 2019.

Allegiances efficiency ratio decreased from 63.44% for the six months ended June 30, 2019 to 62.26% for the six months ended June 30, 2020. For the six months ended June 30, 2020, returns on average assets, average equity and average tangible equity were 0.51%, 3.76% and 5.70%, respectively, compared to 1.14%, 7.69% and 11.87%, respectively, for the six months ended June 30, 2019. 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, 2020 increased $834.5 million, or 66.7% (annualized), to $5.84 billion compared to $5.00 billion at March 31, 2020 and increased $1.04 billion, or 21.7%, compared to $4.79 billion at June 30, 2019, primarily due to the origination of PPP loans and growth in the securities portfolio.

Total loans at June 30, 2020 increased $628.1 million, or 63.5% (annualized), to $4.58 billion compared to $3.96 billion at March 31, 2020 and increased $725.7 million, or 18.8%, compared to $3.86 billion at June 30, 2019, primarily due to the origination of $695.8 million of PPP loans and organic loan growth. Core loans, which exclude the mortgage warehouse portfolio and PPP loans, decreased $66.6 million, or 6.7% (annualized), to $3.89 billion at June 30, 2020 from $3.95 billion at March 31, 2020 and increased $76.1 million, or 2.0%, from $3.81 billion at June 30, 2019.

Deposits at June 30, 2020 increased $747.1 million, or 75.6% (annualized), to $4.70 billion compared to $3.95 billion at March 31, 2020 and increased $840.1 million, or 21.8%, compared to $3.86 billion at June 30, 2019.

Asset Quality

Nonperforming assets totaled $45.1 million, or 0.77% of total assets, at June 30, 2020, compared to $34.2 million, or 0.68% of total assets, at March 31, 2020, and $37.7 million, or 0.79% of total assets, at June 30, 2019. The allowance for loan losses was 1.04% of total loans at June 30, 2020, 0.95% of total loans at March 31, 2020 and 0.72% of total loans at June 30, 2019. Accounting Standards Update (ASU) 2016-13, Financial Instruments Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (CECL), became effective for the Company on January 1, 2020. On March 27, 2020, the CARES Act included an option for entities to delay the implementation of CECL until the earlier of the termination date of the national emergency declaration by the President or December 31, 2020. Due to the uncertainty on the economy from COVID-19, the Company chose to delay its implementation of CECL and recorded its provision for loan losses under the incurred loss model that existed prior to CECL.

The provision for loan losses for the second quarter 2020 was $10.7 million, or 0.97% (annualized) of average loans, compared to $11.0 million, or 1.12% (annualized) of average loans, for the first quarter 2020 and $1.4 million, or 0.15% (annualized) of average loans for the second quarter 2019 primarily due to economic risks and uncertainties related to the COVID-19 pandemic. The increase in the Companys provision for loan losses in the second quarter of 2020 compared to prior quarters reflects the uncertainty surrounding unemployment, the economic impact caused by COVID-19 and the economic effects related to the sustained lower crude oil prices.

Second quarter 2020 net charge-offs were $538 thousand, or 0.05% (annualized) of average loans, a decrease from net charge-offs of $2.9 million, or 0.30% (annualized) of average loans, for the first quarter 2020 and $590 thousand, or 0.06% (annualized) of average loans, for the second quarter 2019.  Net charge-offs for the six months ended June 30, 2020 were $3.5 million, or 0.17% (annualized) of average loans, compared to net charge-offs for the six months ended June 30, 2019 of $799 thousand, or 0.04% (annualized) of average loans.

The Company believes the largest risks within its loan portfolio are in the hotel, restaurant and bar and oil and gas portfolios. Loan balances in the hotel industry, excluding PPP loans, totaled $134.0 million, or 2.9% of total loans, at June 30, 2020, of which $7.1 million were on nonaccrual. At June 30, 2020, restaurant and bar industry loans, excluding PPP loans, totaled $111.3 million, or 2.4%, of total loans, of which $695 thousand were on nonaccrual. At June 30, 2020, the Companys allowance for loan losses allocated to its hotel portfolio was 1.3% of total hotel loans and its restaurant and bar portfolio was 1.3% of total restaurant and bar loans. The oil and gas portfolio, excluding PPP loans, totaled $74.7 million, or 1.6%, of total loans at June 30, 2020, of which $788 thousand were on nonaccrual. At June 30, 2020, the allowance for loan losses allocated to the oil and gas loan portfolio was 2.1% of total oil and gas loans.

As of June 30, 2020, the Company executed 2,111 principal and interest deferrals on outstanding loan balances of $1.19 billion with associated accrued interest of $16.4 million to borrowers in connection with the COVID-19 relief provided by the CARES Act. Additionally, upon request and after meeting certain conditions, borrowers could be granted a second payment deferral subsequent to the first deferral. The Company processed second payment deferrals for 129 loans with outstanding loan balances of $100.1 million and associated accrued interest of $1.4 million through July 24, 2020. These deferrals were generally no more than 90 days in duration.

Dividend

On July 23, 2020, the Board of Directors of Allegiance declared a cash dividend of $0.10 per share to be paid on September 15, 2020 to all shareholders of record as of August 31, 2020. The amount and timing of any future dividend payments to shareholders will be subject to the discretion of Allegiances Board of Directors.

GAAP Reconciliation of Non-GAAP Financial Measures

Allegiances management uses certain non-GAAP financial measures to evaluate its performance. Please refer to the GAAP Reconciliation and Managements Explanation of Non-GAAP Financial Measures on page 11 of this earnings release for a reconciliation of these non-GAAP financial measures.

Conference Call

As previously announced, Allegiances management team will host a conference call on Thursday, July 30, 2020 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss its second quarter 2020 results. Individuals and investment professionals may participate in the call by dialing (877) 279-2520. The conference ID number is 1791298.  Alternatively, a simultaneous audio-only webcast may be accessed via the Investor Relations section of Allegiances 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 Allegiances website at www.allegiancebank.com , under News and Events, Event Calendar, Past Events.

Allegiance Bancshares, Inc.

As of June 30, 2020, Allegiance was a $5.84 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. Allegiances 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, 2020, Allegiance Bank operated 27 full-service banking locations in the Houston region, which we define as the Houston-The Woodlands-Sugar Land and Beaumont-Port Arthur metropolitan statistical areas, with 26 bank offices and one loan production office in the Houston metropolitan area and one bank office location in Beaumont, just outside of the Houston metropolitan area. Visit www.allegiancebank.com  for more information.

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

This release contains forward-looking statements within the meaning of the securities laws that are derived utilizing assumptions, present expectations, estimates and projections about Allegiance and its subsidiaries. Statements preceded by, followed by or that otherwise include the words believes, expects, continues, anticipates, intends, projects, estimates, potential, plans and similar expressions or future or conditional verbs such as will, should, would, may and could are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Forward-looking statements include information concerning Allegiances expected future financial performance, business and growth strategy, projected plans and objectives, as well as projections of macroeconomic and industry trends, which are inherently unreliable due to the multiple factors that impact economic trends, and any such variations may be material. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of Allegiances control, which may cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include but are not limited to whether Allegiance can: continue to develop and maintain new and existing customer and community relationships; successfully implement its growth strategy, including identifying suitable acquisition targets and integrating the businesses of acquired companies and banks; sustain its current internal growth rate; provide quality and competitive products and services that appeal to its customers; continue to have access to debt and equity capital markets; and achieve its performance objectives. Additionally, the impact of the COVID-19 pandemic is rapidly evolving and its future effects on Allegiance are difficult to predict. These and various other risk factors are discussed in Allegiances Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 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 Allegiances 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 Allegiances actual results to differ may emerge from time to time, and it is not possible for Allegiance to predict all of them. Because of these uncertainties, readers should not place undue reliance on any forward-looking statement. Allegiance disclaims any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)

 

 

2020

 

 

2019

 

 

 

June   30

 

 

March   31

 

 

December   31

 

 

September 30

 

 

June 30

 

 

 

 

 

 

 

(Dollars in thousands)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

237,585

 

 

$

156,700

 

 

$

213,347

 

 

$

246,312

 

 

$

170,850

 

Interest-bearing deposits at other financial
  institutions

 

 

28,815

 

 

 

18,189

 

 

 

132,901

 

 

 

54,307

 

 

 

61,757

 

Total cash and cash equivalents

 

 

266,400

 

 

 

174,889

 

 

 

346,248

 

 

 

300,619

 

 

 

232,607

 

Available for sale securities, at fair value

 

 

618,751

 

 

 

508,250

 

 

 

372,545

 

 

 

353,000

 

 

 

348,173

 

Loans held for investment

 

 

4,583,656

 

 

 

3,955,546

 

 

 

3,915,310

 

 

 

3,886,004

 

 

 

3,857,963

 

Less: allowance for loan losses

 

 

(47,642

)

 

 

(37,511

)

 

 

(29,438

)

 

 

(29,808

)

 

 

(27,940

)

Loans, net

 

 

4,536,014

 

 

 

3,918,035

 

 

 

3,885,872

 

 

 

3,856,196

 

 

 

3,830,023

 

Accrued interest receivable

 

 

32,795

 

 

 

17,203

 

 

 

15,468

 

 

 

15,201

 

 

 

16,508

 

Premises and equipment, net

 

 

67,229

 

 

 

66,798

 

 

 

66,790

 

 

 

67,175

 

 

 

59,690

 

Other real estate owned

 

 

11,847

 

 

 

12,617

 

 

 

8,337

 

 

 

8,333

 

 

 

6,294

 

Federal Home Loan Bank stock

 

 

14,844

 

 

 

12,798

 

 

 

6,242

 

 

 

14,138

 

 

 

8,866

 

Bank owned life insurance

 

 

27,398

 

 

 

27,255

 

 

 

27,104

 

 

 

26,947

 

 

 

26,794

 

Goodwill

 

 

223,642

 

 

 

223,642

 

 

 

223,642

 

 

 

223,642

 

 

 

223,642

 

Core deposit intangibles, net

 

 

19,896

 

 

 

20,886

 

 

 

21,876

 

 

 

23,053

 

 

 

24,231

 

Other assets

 

 

18,065

 

 

 

20,056

 

 

 

18,530

 

 

 

17,536

 

 

 

17,383

 

Total assets

 

$

5,836,881

 

 

$

5,002,429

 

 

$

4,992,654

 

 

$

4,905,840

 

 

$

4,794,211

 

LIABILITIES AND SHAREHOLDERS
  EQUITY

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

1,754,128

 

 

$

1,217,532

 

 

$

1,252,232

 

 

$

1,227,839

 

 

$

1,173,423

 

Interest-bearing

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand

 

 

375,353

 

 

 

341,524

 

 

 

367,278

 

 

 

340,754

 

 

 

390,067

 

Money market and savings

 

 

1,270,437

 

 

 

1,110,631

 

 

 

1,258,008

 

 

 

1,114,233

 

 

 

995,467

 

Certificates and other time

 

 

1,300,793

 

 

 

1,283,887

 

 

 

1,190,583

 

 

 

1,214,659

 

 

 

1,301,683

 

Total interest-bearing deposits

 

 

2,946,583

 

 

 

2,736,042

 

 

 

2,815,869

 

 

 

2,669,646

 

 

 

2,687,217

 

Total deposits

 

 

4,700,711

 

 

 

3,953,574

 

 

 

4,068,101

 

 

 

3,897,485

 

 

 

3,860,640

 

Accrued interest payable

 

 

3,293

 

 

 

3,821

 

 

 

4,326

 

 

 

4,915

 

 

 

3,531

 

Borrowed funds

 

 

255,509

 

 

 

190,506

 

 

 

75,503

 

 

 

159,501

 

 

 

146,998

 

Subordinated debt

 

 

108,061

 

 

 

107,930

 

 

 

107,799

 

 

 

107,771

 

 

 

49,019

 

Other liabilities

 

 

33,164

 

 

 

40,005

 

 

 

27,060

 

 

 

29,860

 

 

 

29,322

 

Total liabilities

 

 

5,100,738

 

 

 

4,295,836

 

 

 

4,282,789

 

 

 

4,199,532

 

 

 

4,089,510

 

SHAREHOLDERS EQUITY:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common stock

 

 

20,431

 

 

 

20,355

 

 

 

20,524

 

 

 

20,737

 

 

 

21,147

 

Capital surplus

 

 

515,045

 

 

 

513,894

 

 

 

521,066

 

 

 

529,688

 

 

 

541,979

 

Retained earnings

 

 

172,723

 

 

 

164,858

 

 

 

163,375

 

 

 

149,389

 

 

 

137,342

 

Accumulated other comprehensive
  income

 

 

27,944

 

 

 

7,486

 

 

 

4,900

 

 

 

6,494

 

 

 

4,233

 

Total shareholders equity

 

 

736,143

 

 

 

706,593

 

 

 

709,865

 

 

 

706,308

 

 

 

704,701

 

TOTAL LIABILITIES AND
  SHAREHOLDERS EQUITY

 

$

5,836,881

 

 

$

5,002,429

 

 

$

4,992,654

 

 

$

4,905,840

 

 

$

4,794,211

 


Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)

 

 

Three Months Ended

 

 

Year-to-Date

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

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

 

$

56,421

 

 

$

54,624

 

 

$

55,368

 

 

$

55,790

 

 

$

56,016

 

 

$

111,045

 

 

$

110,205

 

  Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Taxable

 

 

1,842

 

 

 

2,087

 

 

 

2,066

 

 

 

2,090

 

 

 

1,837

 

 

 

3,929

 

 

 

2,819

 

  Tax-exempt

 

 

2,169

 

 

 

546

 

 

 

469

 

 

 

483

 

 

 

692

 

 

 

2,715

 

 

 

1,982

 

  Deposits in other financial
   institutions

 

 

20

 

 

 

195

 

 

 

244

 

 

 

302

 

 

 

401

 

 

 

215

 

 

 

1,089

 

  Total interest income

 

 

60,452

 

 

 

57,452

 

 

 

58,147

 

 

 

58,665

 

 

 

58,946

 

 

 

117,904

 

 

 

116,095

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Demand, money market and
    savings deposits

 

 

1,729

 

 

 

4,364

 

 

 

5,091

 

 

 

4,975

 

 

 

4,513

 

 

 

6,093

 

 

 

8,241

 

  Certificates and other time
    deposits

 

 

5,845

 

 

 

6,084

 

 

 

6,483

 

 

 

6,909

 

 

 

7,008

 

 

 

11,929

 

 

 

13,264

 

  Borrowed funds

 

 

562

 

 

 

506

 

 

 

547

 

 

 

1,183

 

 

 

1,118

 

 

 

1,068

 

 

 

2,945

 

  Subordinated debt

 

 

1,469

 

 

 

1,473

 

 

 

1,500

 

 

 

761

 

 

 

736

 

 

 

2,942

 

 

 

1,471

 

  Total interest expense

 

 

9,605

 

 

 

12,427

 

 

 

13,621

 

 

 

13,828

 

 

 

13,375

 

 

 

22,032

 

 

 

25,921

 

NET INTEREST INCOME

 

 

50,847

 

 

 

45,025

 

 

 

44,526

 

 

 

44,837

 

 

 

45,571

 

 

 

95,872

 

 

 

90,174

 

Provision for loan losses

 

 

10,669

 

 

 

10,990

 

 

 

933

 

 

 

2,597

 

 

 

1,407

 

 

 

21,659

 

 

 

2,409

 

Net interest income after provision
  for loan losses

 

 

40,178

 

 

 

34,035

 

 

 

43,593

 

 

 

42,240

 

 

 

44,164

 

 

 

74,213

 

 

 

87,765

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Nonsufficient funds fees

 

 

60

 

 

 

169

 

 

 

189

 

 

 

168

 

 

 

139

 

 

 

229

 

 

 

301

 

  Service charges on deposit
    accounts

 

 

343

 

 

 

457

 

 

 

403

 

 

 

379

 

 

 

365

 

 

 

800

 

 

 

690

 

  Gain on sale of securities

 

 

93

 

 

 

194

 

 

 

613

 

 

 

 

 

 

846

 

 

 

287

 

 

 

846

 

  (Loss) gain on sales of other real
    estate and repossessed assets

 

 

(306

)

 

 

(69

)

 

 

(45

)

 

 

 

 

 

70

 

 

 

(375

)

 

 

71

 

  Bank owned life insurance

 

 

143

 

 

 

151

 

 

 

157

 

 

 

153

 

 

 

155

 

 

 

294

 

 

 

314

 

  Rebate from correspondent bank

 

 

89

 

 

 

493

 

 

 

900

 

 

 

900

 

 

 

884

 

 

 

582

 

 

 

1,780

 

  Other

 

 

1,140

 

 

 

1,330

 

 

 

1,183

 

 

 

1,289

 

 

 

1,386

 

 

 

2,470

 

 

 

3,132

 

  Total noninterest income

 

 

1,562

 

 

 

2,725

 

 

 

3,400

 

 

 

2,889

 

 

 

3,845

 

 

 

4,287

 

 

 

7,134

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

NONINTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Salaries and employee benefits

 

 

19,334

 

 

 

19,781

 

 

 

18,273

 

 

 

20,221

 

 

 

19,415

 

 

 

39,115

 

 

 

39,099

 

  Net occupancy and equipment

 

 

1,926

 

 

 

1,907

 

 

 

1,994

 

 

 

1,973

 

 

 

2,114

 

 

 

3,833

 

 

 

4,166

 

  Depreciation

 

 

885

 

 

 

866

 

 

 

861

 

 

 

822

 

 

 

756

 

 

 

1,751

 

 

 

1,509

 

  Data processing and software
    amortization

 

 

1,934

 

 

 

1,826

 

 

 

2,120

 

 

 

2,058

 

 

 

1,709

 

 

 

3,760

 

 

 

3,332

 

  Professional fees

 

 

800

 

 

 

573

 

 

 

540

 

 

 

667

 

 

 

527

 

 

 

1,373

 

 

 

1,126

 

  Regulatory assessments and
    FDIC insurance

 

 

609

 

 

 

632

 

 

 

216

 

 

 

(41

)

 

 

802

 

 

 

1,241

 

 

 

1,530

 

  Core deposit intangibles
    amortization

 

 

990

 

 

 

990

 

 

 

1,177

 

 

 

1,178

 

 

 

1,178

 

 

 

1,980

 

 

 

2,356

 

  Communications

 

 

390

 

 

 

417

 

 

 

486

 

 

 

455

 

 

 

468

 

 

 

807

 

 

 

898

 

  Advertising

 

 

370

 

 

 

521

 

 

 

597

 

 

 

449

 

 

 

617

 

 

 

891

 

 

 

1,321

 

  Acquisition and merger-related
    expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

153

 

 

 

 

 

 

1,326

 

  Other

 

 

2,541

 

 

 

4,888

 

 

 

3,167

 

 

 

2,227

 

 

 

2,341

 

 

 

7,429

 

 

 

4,532

 

  Total noninterest expense

 

 

29,779

 

 

 

32,401

 

 

 

29,431

 

 

 

30,009

 

 

 

30,080

 

 

 

62,180

 

 

 

61,195

 

INCOME BEFORE INCOME
  TAXES

 

 

11,961

 

 

 

4,359

 

 

 

17,562

 

 

 

15,120

 

 

 

17,929

 

 

 

16,320

 

 

 

33,704

 

  Provision for income taxes

 

 

2,054

 

 

 

843

 

 

 

3,576

 

 

 

3,073

 

 

 

3,681

 

 

 

2,897

 

 

 

6,778

 

NET INCOME

 

$

9,907

 

 

$

3,516

 

 

$

13,986

 

 

$

12,047

 

 

$

14,248

 

 

$

13,423

 

 

$

26,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

EARNINGS PER SHARE

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Basic

 

$

0.49

 

 

$

0.17

 

 

$

0.68

 

 

$

0.57

 

 

$

0.67

 

 

$

0.66

 

 

$

1.25

 

  Diluted

 

$

0.48

 

 

$

0.17

 

 

$

0.67

 

 

$

0.57

 

 

$

0.66

 

 

$

0.65

 

 

$

1.24

 


Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)

 

 

Three Months Ended

 

 

Year-to-Date

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

 

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

 

$

9,907

 

 

$

3,516

 

 

$

13,986

 

 

$

12,047

 

 

$

14,248

 

 

$

13,423

 

 

$

26,926

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per share, basic

 

$

0.49

 

 

$

0.17

 

 

$

0.68

 

 

$

0.57

 

 

$

0.67

 

 

$

0.66

 

 

$

1.25

 

Earnings per share, diluted

 

$

0.48

 

 

$

0.17

 

 

$

0.67

 

 

$

0.57

 

 

$

0.66

 

 

$

0.65

 

 

$

1.24

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Return on average assets (A)

 

 

0.71

%

 

 

0.29

%

 

 

1.13

%

 

 

0.98

%

 

 

1.19

%

 

 

0.51

%

 

 

1.14

%

Return on average equity (A)

 

 

5.51

%

 

 

1.98

%

 

 

7.81

%

 

 

6.73

%

 

 

8.10

%

 

 

3.76

%

 

 

7.69

%

Return on average tangible
  equity (A)(B)

 

 

8.32

%

 

 

3.02

%

 

 

11.96

%

 

 

10.33

%

 

 

12.52

%

 

 

5.70

%

 

 

11.87

%

Net interest margin
  (tax equivalent) (C)

 

 

4.10

%

 

 

4.15

%

 

 

4.11

%

 

 

4.16

%

 

 

4.33

%

 

 

4.12

%

 

 

4.32

%

Adjusted net interest margin
  (tax equivalent) (B)

 

 

4.05

%

 

 

4.04

%

 

 

3.94

%

 

 

3.97

%

 

 

4.07

%

 

 

4.04

%

 

 

4.05

%

Efficiency ratio (D)

 

 

56.92

%

 

 

68.13

%

 

 

62.20

%

 

 

62.88

%

 

 

61.93

%

 

 

62.26

%

 

 

63.44

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allegiance Bancshares, Inc.
   (Consolidated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Equity to assets

 

 

12.61

%

 

 

14.12

%

 

 

14.22

%

 

 

14.40

%

 

 

14.70

%

 

 

12.61

%

 

 

14.70

%

  Tangible equity to tangible
   assets (B)

 

 

8.81

%

 

 

9.71

%

 

 

9.78

%

 

 

9.86

%

 

 

10.05

%

 

 

8.81

%

 

 

10.05

%

  Estimated common equity
   tier 1 capital

 

 

11.36

%

 

 

11.15

%

 

 

11.42

%

 

 

11.28

%

 

 

11.34

%

 

 

11.36

%

 

 

11.34

%

  Estimated tier 1 risk-based
   capital

 

 

11.60

%

 

 

11.38

%

 

 

11.66

%

 

 

11.51

%

 

 

11.58

%

 

 

11.60

%

 

 

11.58

%

  Estimated total risk-based
   capital

 

 

15.17

%

 

 

14.72

%

 

 

14.83

%

 

 

14.70

%

 

 

13.27

%

 

 

15.17

%

 

 

13.27

%

  Estimated tier 1 leverage
   capital

 

 

8.83

%

 

 

9.89

%

 

 

10.02

%

 

 

10.06

%

 

 

10.17

%

 

 

8.83

%

 

 

10.17

%

Allegiance Bank

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Estimated common equity
   tier 1 capital

 

 

12.84

%

 

 

12.58

%

 

 

12.67

%

 

 

12.28

%

 

 

12.02

%

 

 

12.84

%

 

 

12.02

%

  Estimated tier 1 risk-based
   capital

 

 

12.84

%

 

 

12.58

%

 

 

12.67

%

 

 

12.28

%

 

 

12.02

%

 

 

12.84

%

 

 

12.02

%

  Estimated total risk-based
   capital

 

 

14.97

%

 

 

14.48

%

 

 

14.39

%

 

 

14.01

%

 

 

13.71

%

 

 

14.97

%

 

 

13.71

%

  Estimated tier 1 leverage
   capital

 

 

9.77

%

 

 

10.94

%

 

 

10.89

%

 

 

10.73

%

 

 

10.57

%

 

 

9.77

%

 

 

10.57

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other Data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Basic

 

 

20,414

 

 

 

20,411

 

 

 

20,652

 

 

 

20,981

 

 

 

21,257

 

 

 

20,413

 

 

 

21,494

 

  Diluted

 

 

20,514

 

 

 

20,690

 

 

 

20,930

 

 

 

21,256

 

 

 

21,546

 

 

 

20,572

 

 

 

21,780

 

Period end shares
  outstanding

 

 

20,431

 

 

 

20,355

 

 

 

20,524

 

 

 

20,737

 

 

 

21,147

 

 

 

20,431

 

 

 

21,147

 

Book value per share

 

$

36.03

 

 

$

34.71

 

 

$

34.59

 

 

$

34.06

 

 

$

33.32

 

 

$

36.03

 

 

$

33.32

 

Tangible book value per
  share (B)

 

$

24.11

 

 

$

22.70

 

 

$

22.62

 

 

$

22.16

 

 

$

21.60

 

 

$

24.11

 

 

$

21.60

 

(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 loan losses are not part of this calculation.


Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)

 

 

Three Months Ended

 

 

 

June   30, 2020

 

 

March   31, 2020

 

 

June 30, 2019

 

 

 

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 $4,425,036 $56,421 5.13% $3,933,291 $54,624 5.59% $3,819,687 $56,016 5.88%Securities 594,205 4,011 2.71% 388,721 2,633 2.72% 350,004 2,529 2.90%Deposits in other financial
institutions and other 18,173 20 0.44% 50,711 195 1.55% 63,962 401 2.52%Total interest-earning assets 5,037,414 $60,452 4.83% 4,372,723 $57,452 5.28% 4,233,653 $58,946 5.58%Allowance for loan losses (41,334) (28,718) (27,125) Noninterest-earning assets 637,608 602,778 586,435 Total assets $5,633,688 $4,946,783 $4,792,963 Liabilities and
Shareholders' Equity Interest-Bearing Liabilities: Interest-bearing demand
deposits $353,252 $421 0.48% $363,326 $846 0.94% $350,147 $1,152 1.32%Money market and savings
deposits 1,169,225 1,308 0.45% 1,168,541 3,518 1.21% 994,557 3,361 1.36%Certificates and other time
deposits 1,302,743 5,845 1.80% 1,193,427 6,084 2.05% 1,331,955 7,008 2.11%Borrowed funds 320,332 562 0.71% 140,999 506 1.44% 155,969 1,118 2.87%Subordinated debt 107,998 1,469 5.47% 107,865 1,473 5.49% 48,986 736 6.03% Total interest-bearing
liabilities 3,253,550 $9,605 1.19% 2,974,158 $12,427 1.68% 2,881,614 $13,375 1.86% Noninterest-Bearing
Liabilities: Noninterest-bearing demand
deposits 1,624,641 1,225,888 1,173,662 Other liabilities 32,393 33,202 32,525 Total liabilities 4,910,584 4,233,248 4,087,801 Shareholders' equity 723,104 713,535 705,162 Total liabilities and
shareholders' equity $5,633,688 $4,946,783 $4,792,963 Net interest rate spread 3.64% 3.60% 3.72% Net interest income and margin $50,847 4.06% $45,025 4.14% $45,571 4.32% Net interest income and net
interest margin (tax equivalent) $51,342 4.10% $45,152 4.15% $45,684 4.33%



Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)

Six Months Ended June 30,

2020

2019

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

$

4,179,164

$

111,045

5.34

%

$

3,783,662

$

110,205

5.87

%

Securities

491,463

6,644

2.72

%

348,354

4,801

2.78

%

Deposits in other financial institutions

34,442

215

1.26

%

91,628

1,089

2.40

%

Total interest-earning assets

4,705,069

$

117,904

5.04

%

4,223,644

$

116,095

5.54

%

Allowance for loan losses

(35,026

)

(26,944

)

Noninterest-earning assets

619,315

572,748

Total assets

$

5,289,358

$

4,769,448

Liabilities and Shareholders' Equity

Interest-Bearing Liabilities:

Interest-bearing demand deposits

$

358,289

$

1,267

0.71

%

$

344,203

$

2,115

1.24

%

Money market and savings deposits

1,168,883

4,826

0.83

%

937,664

6,126

1.32

%

Certificates and other time deposits

1,248,085

11,929

1.92

%

1,317,536

13,264

2.03

%

Borrowed funds

230,666

1,068

0.93

%

219,415

2,945

2.71

%

Subordinated debt

107,931

2,942

5.48

%

48,956

1,471

6.06

%

Total interest-bearing liabilities

3,113,854

$

22,032

1.42

%

2,867,774

$

25,921

1.82

%

Noninterest-Bearing Liabilities:

Noninterest-bearing demand deposits

1,425,265

1,170,435

Other liabilities

31,919

24,832

Total liabilities

4,571,038

4,063,041

Shareholders' equity

718,320

706,407

Total liabilities and shareholders' equity

$

5,289,358

$

4,769,448

Net interest rate spread

3.62

%

3.72

%

Net interest income and margin

$

95,872

4.10

%

$

90,174

4.31

%

Net interest income and net interest
margin (tax equivalent)

$

96,493

4.12

%

$

90,489

4.32

%


Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)

Three Months Ended

2020

2019

June 30

March 31

December 31

September 30

June 30

(Dollars in thousands)

Period-end Loan Portfolio:

Commercial and industrial

$

651,430

$

702,267

$

689,360

$

675,055

$

694,516

Mortgage warehouse

1,051

8,304

36,594

46,171

Paycheck Protection Program (PPP)

695,772

Real estate:

Commercial real estate (including
multi-family residential)

1,956,116

1,951,080

1,873,782

1,859,721

1,830,764

Commercial real estate construction and
land development

386,865

378,987

410,471

386,723

368,108

1-4 family residential (including home equity)

703,513

704,212

698,957

695,520

690,961

Residential construction

171,656

177,025

192,515

189,608

183,991

Consumer and other

18,304

40,924

41,921

42,783

43,452

Total loans

$

4,583,656

$

3,955,546

$

3,915,310

$

3,886,004

$

3,857,963

Asset Quality:

Nonaccrual loans

$

33,223

$

21,621

$

28,371

$

34,615

$

31,382

Accruing loans 90 or more days past due

Total nonperforming loans

33,223

21,621

28,371

34,615

31,382

Other real estate

11,847

12,617

8,337

8,333

6,294

Other repossessed assets

Total nonperforming assets

$

45,070

$

34,238

$

36,708

$

42,948

$

37,676

Net charge-offs

$

538

$

2,917

$

1,303

$

729

$

590

Nonaccrual loans:

Commercial and industrial

$

12,578

$

8,669

$

8,388

$

8,033

$

9,386

Mortgage warehouse

Real estate:

Commercial real estate (including
multi-family residential)

16,127

7,024

6,741

15,356

18,218

Commercial real estate construction and
land development

53

1,958

9,050

9,050

1,541

1-4 family residential (including home equity)

3,434

2,845

3,294

1,992

2,074

Residential construction

898

982

746

Consumer and other

133

143

152

184

163

Total nonaccrual loans

$

33,223

$

21,621

$

28,371

$

34,615

$

31,382

Asset Quality Ratios:

Nonperforming assets to total assets

0.77

%

0.68

%

0.74

%

0.88

%

0.79

%

Nonperforming loans to total loans

0.72

%

0.55

%

0.72

%

0.89

%

0.81

%

Allowance for loan losses to nonperforming loans

143.40

%

173.49

%

103.76

%

86.11

%

89.03

%

Allowance for loan losses to total loans

1.04

%

0.95

%

0.75

%

0.77

%

0.72

%

Net charge-offs to average loans (annualized)

0.05

%

0.30

%

0.13

%

0.07

%

0.06

%


Allegiance Bancshares, Inc.
GAAP Reconciliation and Management’s Explanation of Non-GAAP Financial Measures
(Unaudited)

Allegiance’s management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate its performance. Allegiance believes that these non-GAAP financial measures provide meaningful supplemental information regarding its performance and that management and investors benefit from referring to these non-GAAP financial measures in assessing Allegiance’s performance and when planning, forecasting, analyzing and comparing past, present and future periods. Specifically, Allegiance reviews tangible book value per share, return on average tangible equity, the ratio of tangible equity to tangible assets and adjusted net interest margin on a tax equivalent basis for internal planning and forecasting purposes. Allegiance has included in this Earnings Release information relating to these non-GAAP financial measures for the applicable periods presented. These non-GAAP measures should not be considered in isolation or as a substitute for the most directly comparable or other financial measures calculated in accordance with GAAP. Moreover, the manner in which Allegiance calculates the non-GAAP financial measures may differ from that of other companies reporting measures with similar names.

Three Months Ended

Year-to-Date

2020

2019

2020

2019

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

$

736,143

$

706,593

$

709,865

$

706,308

$

704,701

$

736,143

$

704,701

Less: Goodwill and core
deposit intangibles, net

243,538

244,528

245,518

246,695

247,873

243,538

247,873

Tangible shareholders
equity

$

492,605

$

462,065

$

464,347

$

459,613

$

456,828

$

492,605

$

456,828

Shares outstanding at end of
period

20,431

20,355

20,524

20,737

21,147

20,431

21,147

Tangible book value per share

$

24.11

$

22.70

$

22.62

$

22.16

$

21.60

$

24.11

$

21.60

Net income

$

9,907

$

3,516

$

13,986

$

12,047

$

14,248

$

13,423

$

26,926

Average shareholders' equity

$

723,104

$

713,535

$

710,155

$

710,044

$

705,162

$

718,320

$

706,407

Less: Average goodwill and
core deposit intangibles, net

244,010

245,007

246,154

247,404

248,621

244,508

248,947

Average tangible
shareholders’ equity

$

479,094

$

468,528

$

464,001

$

462,640

$

456,541

$

473,812

$

457,460

Return on average
tangible equity

8.32

%

3.02

%

11.96

%

10.33

%

12.52

%

5.70

%

11.87

%

Total assets

$

5,836,881

$

5,002,429

$

4,992,654

$

4,905,840

$

4,794,211

$

5,836,881

$

4,794,211

Less: Goodwill and core
deposit intangibles, net

243,538

244,528

245,518

246,695

247,873

243,538

247,873

Tangible assets

$

5,593,343

$

4,757,901

$

4,747,136

$

4,659,145

$

4,546,338

$

5,593,343

$

4,546,338

Tangible equity to tangible
assets

8.81

%

9.71

%

9.78

%

9.86

%

10.05

%

8.81

%

10.05

%

Net interest income
(tax equivalent)

$

51,342

$

45,152

$

44,623

$

44,924

$

45,684

$

96,493

$

90,489

Less: Acquisition accounting
adjustments

(669

)

(1,259

)

(1,860

)

(2,045

)

(2,755

)

(1,928

)

(5,720

)

Adjusted net interest
income (tax equivalent)

$

50,673

$

43,893

$

42,763

$

42,879

$

42,929

$

94,565

$

84,768

Average earning assets

$

5,037,414

$

4,372,723

$

4,308,028

$

4,284,667

$

4,233,653

$

4,705,069

$

4,223,644

Net interest margin
(tax equivalent)

4.10

%

4.15

%

4.11

%

4.16

%

4.33

%

4.12

%

4.32

%

Adjusted net interest margin
(tax equivalent)

4.05

%

4.04

%

3.94

%

3.97

%

4.07

%

4.04

%

4.05

%


Allegiance Bancshares, Inc.
8847 West Sam Houston Parkway N., Suite 200
Houston, Texas 77040
ir@allegiancebank.com