Investor Relations

Investor Relations

Press Release

Allegiance Bancshares, Inc. Reports First Quarter 2019 Results

Company Release - 4/26/2019 7:00 AM ET
  • 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
ir@allegiancebank.com

Allegiance Bank - BancsharesOneLineHorizontalWithRegMark.jpg

Source: Allegiance Bancshares, Inc.

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