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- Net income increased 64.4% to $12.7 million for the first quarter 2019 compared to $7.7 million for the first quarter 2018
- Completed the LoweryBank branch acquisition in Sugar Land, Texas with approximately $45.0 million in loans and $16.0 million in customer deposits
- Core loan growth of $1.52 billion year over year, or 67.6%, and $109.4 million for the first quarter 2019 compared to the fourth quarter 2018, or 12.0% (annualized)
- Net charge-offs to average loans of 0.02% (annualized) for each of the first quarter 2019 and fourth quarter 2018
HOUSTON, April 26, 2019 (GLOBE NEWSWIRE) -- Allegiance Bancshares, Inc. (NASDAQ: ABTX) ("Allegiance"), the holding company of Allegiance Bank (the "Bank"), today reported net income of $12.7 million and diluted earnings per share of $0.58 for the first quarter 2019 compared to $7.7 million and diluted earnings per share of $0.57 for the first quarter 2018. The first quarter 2019 results included $1.2 million of pre-tax acquisition and merger-related expenses.
'2019 has already proven to be a productive year for Allegiance,' said George Martinez, Allegiance's Chairman and Chief Executive Officer. 'We successfully completed the integration of Post Oak Bank, including the full rebrand and systems conversion along with the continued cultural integration process; completed the branch acquisition of LoweryBank in Sugar Land; and rebalanced our footprint by consolidating two bank offices. We could not be more proud of our employees for their tireless efforts and commitment to Allegiance Bank. We believe we are well-positioned to support new and existing customers, who now have direct access to all of our comprehensive products and services, with 27 bank offices across the Houston region,' continued Martinez.
'We are pleased with our first quarter results as they reflect our continued focus on relationship banking and our ability to generate loans in a highly competitive environment. We continue to execute on our growth plans and generate solid returns for our shareholders. Our focus remains on attracting the best bankers in our markets to support organic growth. We hired 6 loan and deposit producers thus far in 2019 and anticipate that our bankers will continue to earn the trust of great customers and our shareholders will continue to reap the rewards. We are off to a strong start and look forward to another successful year,' concluded Martinez.
First Quarter 2019 Results
Net interest income before the provision for loan losses in the first quarter 2019 increased $17.7 million, or 65.9%, to $44.6 million from $26.9 million for the first quarter 2018 primarily due to a $1.59 billion, or 60.6%, increase in average interest-earning assets for the same period primarily due to the Post Oak Bancshares, Inc. acquisition during the fourth quarter of 2018 as well as organic growth for the year over year period. Net interest income before provision for loan losses of $44.6 million for the first quarter 2019 decreased slightly from $45.8 million in the fourth quarter 2018 primarily due to the increase in interest expense as a result of higher funding costs on interest-bearing liabilities. The net interest margin on a tax equivalent basis increased 11 basis points to 4.31% for the first quarter 2019 from 4.20% for the first quarter 2018 and decreased 14 basis points from 4.45% for the fourth quarter 2018. Excluding the impact of acquisition accounting adjustments, the net interest margin on a tax equivalent basis for the first quarter 2019 would have been 4.03% compared to 4.20% and 4.16% for the first quarter 2018 and fourth quarter 2018, respectively.
Noninterest income for the first quarter 2019 was $3.3 million, an increase of $1.6 million, or 99.8%, compared to $1.6 million for the first quarter 2018 and increased $955 thousand, or 40.9%, compared to $2.3 million for the fourth quarter 2018. Noninterest income for the fourth quarter 2018 included $429 thousand of loss on the sales of other real estate and repossessed assets.
Noninterest expense for the first quarter 2019 increased $12.4 million, or 66.2%, to $31.1 million from $18.7 million for the first quarter 2018, and increased $2.1 million, or 7.1%, from $29.0 million for the fourth quarter 2018. These increases were primarily due to additional noninterest expenses associated with the Post Oak acquisition, of which $1.2 million was attributable to acquisition and merger-related expenses.
In the first quarter 2019, Allegiance's efficiency ratio was 64.97% compared to 65.59% for the first quarter 2018 and 60.30% for the fourth quarter 2018. First quarter 2019 annualized returns on average assets, average equity and average tangible equity were 1.08%, 7.27% and 11.22%, respectively, compared to 1.09%, 10.10% and 11.71%, respectively, for the first quarter 2018. 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.
Financial Condition
Total assets at March 31, 2019 increased $113.6 million, or 2.4%, to $4.77 billion compared to $4.66 billion at December 31, 2018 and increased $1.88 billion, or 65.2%, compared to $2.89 billion at March 31, 2018, primarily due to the Post Oak acquisition and organic loan growth.
Total loans at March 31, 2019 increased $97.9 million, or 10.6% (annualized), to $3.81 billion compared to $3.71 billion at December 31, 2018 and increased $1.52 billion, or 66.2%, compared to $2.29 billion at March 31, 2018, primarily due to loans acquired in the Post Oak acquisition. Core loans, which exclude the mortgage warehouse portfolio, increased $109.4 million, or 3.0%, to $3.77 billion at March 31, 2019 from $3.66 billion at December 31, 2018 and increased $1.52 billion, or 67.6%, from $2.25 billion at March 31, 2018. Excluding loans acquired from Post Oak of $1.16 billion, core loans at March 31, 2019 increased $360.5 million, from March 31, 2018.
Deposits at March 31, 2019 increased $117.5 million, or 3.2%, to $3.78 billion compared to $3.66 billion at December 31, 2018 and increased $1.50 billion, or 65.4%, compared to $2.28 billion at March 31, 2018, primarily related to the Post Oak acquisition.
Asset Quality
Nonperforming assets totaled $33.8 million, or 0.71% of total assets, at March 31, 2019, compared to $33.6 million, or 0.72%, of total assets, at December 31, 2018, and $14.2 million, or 0.49% of total assets, at March 31, 2018. The allowance for loan losses was 0.71% of total loans at March 31, 2019, 0.71% of total loans at December 31, 2018 and 1.08 % of total loans at March 31, 2018. The decrease in the allowance for loan losses as a percentage of loans from prior periods reflects the loans acquired in the Post Oak acquisition that were recorded at fair value without an allowance for loan losses at acquisition date.
The provision for loan losses for the first quarter 2019 was $1.0 million, or 0.11% (annualized) of average loans, compared to $3.0 million, 0.32% (annualized), of average loans, for the fourth quarter 2018 and $653 thousand, or 0.12% (annualized) of average loans, for the first quarter 2018.
First quarter 2019 net charge-offs were $210 thousand compared to net charge-offs of $219 thousand for the fourth quarter 2018 and net recoveries of $326 thousand for the first quarter 2018.
GAAP Reconciliation of Non-GAAP Financial Measures
Allegiance's management uses certain non-GAAP financial measures to evaluate its performance. Please refer to the GAAP Reconciliation and Management's Explanation of Non-GAAP Financial Measures on page 9 of this earnings release for a reconciliation of these non-GAAP financial measures.
Conference Call
As previously announced, Allegiance's management team will host a conference call on Friday, April 26, 2019 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss its first quarter 2019 results. Individuals and investment professionals may participate in the call by dialing (877) 279-2520. The conference ID number is 8668328. Alternatively, a simultaneous audio-only webcast may be accessed via the Investor Relations section of Allegiance's website at www.allegiancebank.com , under Upcoming Events. If you are unable to participate during the live webcast, the webcast will be archived on the Investor Relations section of Allegiance's website at www.allegiancebank.com , under News and Events, Event Calendar, Past Events.
Allegiance Bancshares, Inc.
As of March 31, 2019, Allegiance was a $4.77 billion asset Houston, Texas-based bank holding company. Through its wholly owned subsidiary, Allegiance Bank, Allegiance provides a diversified range of commercial banking services primarily to small to medium-sized businesses and individual customers in the Houston region. Allegiance's super-community banking strategy was designed to foster strong customer relationships while benefiting from a platform and scale that is competitive with larger local and regional banks. As of March 31, 2019, Allegiance Bank operated 27 full-service banking locations, 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.
Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)
2019 2018
March 31 December 31 September 30 June 30 March 31
(Dollars in thousands)
Cash and cash equivalents $ 258,843 $ 268,947 $ 191,468 $ 200,645 $ 190,088
Available for sale securities 345,716 337,293 300,115 300,897 307,411
Total loans 3,806,161 3,708,306 2,440,926 2,358,675 2,290,494
Allowance for loan losses (27,123 ) (26,331 ) (23,586 ) (23,831 ) (24,628 )
Loans, net 3,779,038 3,681,975 2,417,340 2,334,844 2,265,866
Goodwill 223,642 223,125 39,389 39,389 39,389
Core deposit intangibles, net 25,409 26,587 2,688 2,883 3,079
Premises and equipment, net 60,327 41,717 18,970 19,049 18,605
Other real estate owned 1,152 630 1,801 1,710 365
Bank owned life insurance 26,639 26,480 22,838 22,701 22,563
Other assets 48,036 48,495 40,930 44,308 39,118
Total assets $ 4,768,802 $ 4,655,249 $ 3,035,539 $ 2,966,426 $ 2,886,484
Noninterest-bearing deposits $ 1,181,920 $ 1,209,300 $ 789,705 $ 749,787 $ 694,880
Interest-bearing deposits 2,598,141 2,453,236 1,644,086 1,563,999 1,589,922
Total deposits 3,780,061 3,662,536 2,433,791 2,313,786 2,284,802
Borrowed funds 201,995 225,493 211,569 275,569 232,569
Subordinated debt 48,959 48,899 48,839 48,779 48,719
Other liabilities 34,010 15,337 13,209 8,404 8,406
Total liabilities 4,065,025 3,952,265 2,707,408 2,646,538 2,574,496
Common stock 21,484 21,938 13,397 13,341 13,302
Capital surplus 556,184 571,803 221,762 220,665 219,760
Retained earnings 123,094 112,131 98,968 90,089 82,533
Accumulated other comprehensive income (loss) 3,015 (2,888 ) (5,996 ) (4,207 ) (3,607 )
Total shareholders' equity 703,777 702,984 328,131 319,888 311,988
Total liabilities and equity $ 4,768,802 $ 4,655,249 $ 3,035,539 $ 2,966,426 $ 2,886,484
Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)
Three Months Ended
2019 2018
March 31 December 31 September 30 June 30 March 31
(Dollars in thousands, except per share data)
INTEREST INCOME:
Loans, including fees $ 54,189 $ 53,272 $ 32,988 $ 31,846 $ 30,117
Securities:
Taxable 982 844 636 646 599
Tax-exempt 1,290 1,445 1,447 1,451 1,459
Deposits in other financial institutions 688 742 265 250 216
Total interest income 57,149 56,303 35,336 34,193 32,391
INTEREST EXPENSE:
Demand, money market and savings deposits 3,728 3,367 1,248 887 976
Certificates and other time deposits 6,256 5,358 4,051 3,284 2,785
Borrowed funds 1,827 1,008 1,272 1,472 1,036
Subordinated debt 735 732 729 734 705
Total interest expense 12,546 10,465 7,300 6,377 5,502
NET INTEREST INCOME 44,603 45,838 28,036 27,816 26,889
Provision for loan losses 1,002 2,964 — 631 653
Net interest income after provision for loan losses 43,601 42,874 28,036 27,185 26,236
NONINTEREST INCOME:
Nonsufficient funds fees 162 190 175 214 176
Service charges on deposit accounts 325 363 177 106 223
Gain (loss) on sales of other real estate and repossessed assets 1 (429 ) — 1 —
Bank owned life insurance 159 163 137 138 141
Rebate from correspondent bank 896 988 613 564 444
Other 1,746 1,059 826 782 662
Total noninterest income 3,289 2,334 1,928 1,805 1,646
NONINTEREST EXPENSE:
Salaries and employee benefits 19,684 18,167 12,965 12,778 12,794
Net occupancy and equipment 2,078 1,959 1,281 1,333 1,272
Depreciation 753 802 490 433 407
Data processing and software amortization 1,597 1,485 1,226 1,356 1,053
Professional fees 599 670 303 567 469
Regulatory assessments and FDIC insurance 728 776 505 494 534
Core deposit intangibles amortization 1,178 1,229 195 196 195
Communications 430 416 262 259 248
Advertising 704 704 351 340 330
Acquisition and merger-related expenses 1,173 840 196 625 —
Other 2,191 1,998 1,390 1,479 1,415
Total noninterest expense 31,115 29,046 19,164 19,860 18,717
INCOME BEFORE INCOME TAXES 15,775 16,162 10,800 9,130 9,165
Provision for income taxes 3,097 2,999 1,921 1,574 1,454
NET INCOME $ 12,678 $ 13,163 $ 8,879 $ 7,556 $ 7,711
EARNINGS PER SHARE
Basic $ 0.58 $ 0.60 $ 0.66 $ 0.57 $ 0.58
Diluted $ 0.58 $ 0.59 $ 0.65 $ 0.55 $ 0.57
Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)
Three Months Ended
2019 2018
March 31 December 31 September 30 June 30 March 31
(Dollars and share amounts in thousands, except per share data)
Net income $ 12,678 $ 13,163 $ 8,879 $ 7,556 $ 7,711
Earnings per share, basic $ 0.58 $ 0.60 $ 0.66 $ 0.57 $ 0.58
Earnings per share, diluted $ 0.58 $ 0.59 $ 0.65 $ 0.55 $ 0.57
Return on average assets(A) 1.08 % 1.12 % 1.18 % 1.03 % 1.09 %
Return on average equity(A) 7.27 % 7.49 % 10.80 % 9.55 % 10.10 %
Return on average tangible equity(A)(B) 11.22 % 11.66 % 12.40 % 11.02 % 11.71 %
Tax equivalent net interest margin(C) 4.31 % 4.45 % 4.10 % 4.21 % 4.20 %
Tax equivalent net interest margin-adjusted for acquisition accounting adjustments(D) 4.03 % 4.16 % 4.10 % 4.21 % 4.20 %
Efficiency ratio(E) 64.97 % 60.30 % 63.95 % 67.05 % 65.59 %
Capital Ratios
Allegiance Bancshares, Inc. (Consolidated)
Equity to assets 14.76 % 15.10 % 10.81 % 10.78 % 10.81 %
Tangible equity to tangible assets(B) 10.06 % 10.29 % 9.56 % 9.49 % 9.48 %
Estimated common equity tier 1 capital 11.37 % 11.76 % 11.17 % 10.60 % 10.82 %
Estimated tier 1 risk-based capital 11.61 % 12.01 % 11.53 % 10.97 % 11.19 %
Estimated total risk-based capital 13.28 % 13.70 % 13.94 % 13.42 % 13.72 %
Estimated tier 1 leverage capital 10.25 % 10.61 % 10.23 % 9.78 % 9.98 %
Allegiance Bank
Estimated common equity tier 1 capital 11.67 % 11.83 % 11.24 % 11.04 % 10.95 %
Estimated tier 1 risk-based capital 11.67 % 11.83 % 11.24 % 11.04 % 10.95 %
Estimated total risk-based capital 13.34 % 13.53 % 13.65 % 13.49 % 13.49 %
Estimated tier 1 leverage capital 10.31 % 10.45 % 9.98 % 9.84 % 9.77 %
Other Data
Weighted average shares:
Basic 21,733 21,908 13,371 13,327 13,262
Diluted 22,040 22,210 13,637 13,634 13,542
Period end shares outstanding 21,484 21,938 13,397 13,341 13,302
Book value per share $ 32.76 $ 32.04 $ 24.49 $ 23.98 $ 23.46
Tangible book value per share(B) $ 21.17 $ 20.66 $ 21.35 $ 20.81 $ 20.26
(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 9 of this Earnings Release.
(C) Net interest margin represents net interest income divided by average interest-earning assets.
(D) Non-GAAP financial measure. Excludes income recognized on acquisition accounting adjustments of $3.0 million, $3.1 million, $0 thousand, $33 thousand and $68 thousand, respectively.
(E) Represents noninterest expense divided by the sum of net interest income plus noninterest income, excluding net gains and losses on the sale of securities. Additionally, taxes and provision for loan losses are not part of this calculation.
Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)
Three Months Ended
March 31, 2019 December 31, 2018 March 31, 2018
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 $ 3,747,234 $ 54,189 5.86 % $ 3,639,390 $ 53,272 5.81 % $ 2,260,119 $ 30,117 5.40 %
Securities 346,686 2,272 2.66 % 336,974 2,289 2.70 % 312,769 2,058 2.67 %
Deposits in other financial institutions and other 118,749 688 2.35 % 132,281 742 2.23 % 49,897 216 1.75 %
Total interest-earning assets 4,212,669 $ 57,149 5.50 % 4,108,645 $ 56,303 5.44 % 2,622,785 $ 32,391 5.01 %
Allowance for loan losses (26,760 ) (23,554 ) (23,949 )
Noninterest-earning assets 559,763 564,934 272,430
Total assets $ 4,745,672 $ 4,650,025 $ 2,871,266
Liabilities and Shareholders' Equity
Interest-Bearing Liabilities:
Interest-bearing demand deposits $ 338,193 $ 963 1.16 % $ 325,046 $ 920 1.12 % $ 232,375 $ 317 0.55 %
Money market and savings deposits 880,138 2,765 1.27 % 942,764 2,447 1.03 % 552,396 659 0.48 %
Certificates and other time deposits 1,302,958 6,256 1.95 % 1,232,666 5,358 1.72 % 800,343 2,785 1.41 %
Borrowed funds 283,566 1,827 2.61 % 168,403 1,008 2.37 % 250,414 1,036 1.68 %
Subordinated debt 48,925 735 6.09 % 48,865 732 5.94 % 48,684 705 5.87 %
Total interest-bearing liabilities 2,853,780 $ 12,546 1.78 % 2,717,744 $ 10,465 1.53 % 1,884,212 $ 5,502 1.18 %
Noninterest-Bearing Liabilities:
Noninterest-bearing demand deposits 1,167,172 1,215,589 669,258
Other liabilities 17,054 19,389 8,251
Total liabilities 4,038,006 3,952,722 2,561,721
Shareholders' equity 707,666 697,303 309,545
Total liabilities and shareholders' equity $ 4,745,672 $ 4,650,025 $ 2,871,266
Net interest rate spread 3.72 % 3.91 % 3.83 %
Net interest income and margin $ 44,603 4.29 % $ 45,838 4.43 % $ 26,889 4.16 %
Net interest income and tax equivalent net interest margin $ 44,805 4.31 % $ 46,100 4.45 % $ 27,174 4.20 %
Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)
Three Months Ended
2019 2018
March 31 December 31 September 30 June 30 March 31
(Dollars in thousands)
Period-end Loan Portfolio:
Commercial and industrial $ 699,471 $ 702,037 $ 458,434 $ 452,307 $ 447,168
Mortgage warehouse 36,742 48,274 48,876 51,552 41,572
Real estate:
Commercial real estate (including multi-family residential) 1,771,890 1,650,912 1,161,992 1,134,903 1,108,537
Commercial real estate construction and land development 396,162 430,128 298,916 270,965 257,566
1-4 family residential (including home equity) 658,261 649,311 344,342 330,053 317,842
Residential construction 201,314 186,411 117,740 109,962 108,882
Consumer and other 42,321 41,233 10,626 8,933 8,927
Total loans $ 3,806,161 $ 3,708,306 $ 2,440,926 $ 2,358,675 $ 2,290,494
Asset Quality:
Nonaccrual loans $ 32,670 $ 32,953 $ 14,943 $ 12,137 $ 13,373
Accruing loans 90 or more days past due — — — — —
Total nonperforming loans 32,670 32,953 14,943 12,137 13,373
Other real estate 1,152 630 1,801 1,710 365
Other repossessed assets — — 205 740 443
Total nonperforming assets $ 33,822 $ 33,583 $ 16,949 $ 14,587 $ 14,181
Net charge-offs (recoveries) $ 210 $ 219 $ 245 $ 1,428 $ (326 )
Nonaccrual loans:
Commercial and industrial $ 11,221 $ 10,861 $ 6,258 $ 5,983 $ 6,153
Mortgage warehouse — — — — —
Real estate:
Commercial real estate (including multi-family residential) 17,531 17,776 5,006 4,917 6,466
Commercial real estate construction and land development 818 974 694 — —
1-4 family residential (including home equity) 2,928 3,201 2,985 1,237 754
Residential construction — — — — —
Consumer and other 172 141 — — —
Total nonaccrual loans $ 32,670 $ 32,953 $ 14,943 $ 12,137 $ 13,373
Asset Quality Ratios:
Nonperforming assets to total assets 0.71 % 0.72 % 0.56 % 0.49 % 0.49 %
Nonperforming loans to total loans 0.86 % 0.89 % 0.61 % 0.51 % 0.58 %
Allowance for loan losses to nonperforming loans 83.02 % 79.90 % 157.84 % 196.35 % 184.16 %
Allowance for loan losses to total loans 0.71 % 0.71 % 0.97 % 1.01 % 1.08 %
Net charge-offs (recoveries) to average loans (annualized) 0.02 % 0.02 % 0.04 % 0.25 % (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. Allegiance believes 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
2019 2018
March 31 December 31 September 30 June 30 March 31
(Dollars and share amounts in thousands, except per share data)
Total Shareholders' equity $ 703,777 $ 702,984 $ 328,131 $ 319,888 $ 311,988
Less: Goodwill and core deposit intangibles, net 249,051 249,712 42,077 42,272 42,468
Tangible shareholders' equity $ 454,726 $ 453,272 $ 286,054 $ 277,616 $ 269,520
Shares outstanding at end of period 21,484 21,938 13,397 13,341 13,302
Tangible book value per share $ 21.17 $ 20.66 $ 21.35 $ 20.81 $ 20.26
Net income $ 12,678 $ 13,163 $ 8,879 $ 7,556 $ 7,711
Average shareholders' equity $ 707,666 $ 697,303 $ 326,204 $ 317,408 $ 309,545
Less: Average goodwill and core deposit intangibles, net 249,277 249,252 42,203 42,393 42,589
Average tangible shareholders' equity $ 458,389 $ 448,051 $ 284,001 $ 275,015 $ 266,956
Return on average tangible equity 11.22 % 11.66 % 12.40 % 11.02 % 11.71 %
Total assets $ 4,768,802 $ 4,655,249 $ 3,035,539 $ 2,966,426 $ 2,886,484
Less: Goodwill and core deposit intangibles, net 249,051 249,712 42,077 42,272 42,468
Tangible assets $ 4,519,751 $ 4,405,537 $ 2,993,462 $ 2,924,154 $ 2,844,016
Tangible equity to tangible assets 10.06 % 10.29 % 9.56 % 9.49 % 9.48 %
Allegiance Bancshares, Inc.
8847 West Sam Houston Parkway N., Suite 200
Houston, Texas 77040
MENAFN2604201900703653ID1098442255