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Allegiance Bancshares

allegiancebank.com

Founded Year

2007

Stage

IPO | IPO

Date of IPO

10/8/2015

Market Cap

0.83B

Revenue

$0000 

About Allegiance Bancshares

Allegiance Bancshares is a Texas corporation and a registered bank holding company. Through its wholly-owned subsidiary, Allegiance Bank, the company provides a range of commercial banking services primarily to Houston metropolitan area-based small to medium-sized businesses and individual customers. The company was founded in 2007 and is based in Houston, Texas.

Headquarters Location

8727 West Sam Houston Pkwy N

Houston, Texas, 77040,

United States

281-894-3200

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Latest Allegiance Bancshares News

Stellar Bancorp, Inc. Reports Third Quarter 2022 Results

Oct 28, 2022

GlobeNewswire HOUSTON, Oct. 28, 2022 (GLOBE NEWSWIRE) -- (NASDAQ: STEL) The merger of equals between CBTX, Inc. (CBTX) and Allegiance Bancshares, Inc. (Allegiance) became effective as of October 1, 2022, with the combined company renamed Stellar Bancorp, Inc. This press release includes the pre-merger financial results of stand-alone CBTX and stand-alone Allegiance for the periods presented. As such, these financial results do not include the impact of purchase accounting adjustments related to the merger. Stellar Bancorp, Inc. (Stellar), formerly known as CBTX, reported net income of $12.7million and diluted earnings per share of $0.52 for the third quarter 2022 compared to net income of $14.4million and diluted earnings per share of $0.59 for the third quarter 2021. Net income for the nine months ended September 30, 2022 was $35.0million, or $1.43 per diluted share, compared to $36.1million, or $1.47 per diluted share, for the nine months ended September 30, 2021. AD AD Allegiance reported net income of $14.3 million and diluted earnings per share of $0.71 for the third quarter 2022 compared to net income of $19.1 million and diluted earnings per share of $0.93 for the third quarter 2021. Net income for the nine months ended September 30, 2022 was $49.4 million, or $2.42 per diluted share, compared to $60.0 million, or $2.95 per diluted share, for the nine months ended September 30, 2021. Third Quarter 2022 Financial Highlights CBTX highlights Loans held for investment grew 12.3% (annualized), or $93.5 million, during the third quarter 2022 to $3.13 billion Net interest income increased 23.3%, or $8.1 million, compared to the second quarter of 2022 Tax equivalent net interest margin increased 76 basis points to 4.25% compared to the second quarter of 2022 Allegiance highlights Loans held for investment grew 22.4% (annualized), or $243.1 million, during the third quarter 2022 to $4.59 billion Net interest income increased 5.6%, or $3.2 million, compared to the second quarter of 2022 Tax equivalent net interest margin increased 32 basis points to 3.85% compared to the second quarter of 2022 CBTX, Inc. % (A)Refer to the calculation of these non-GAAP financial measures and a reconciliation to their most directly comparable GAAP financial measures on pages 11 and 18 of this Earnings Release. (B)Refer to the calculation of the efficiency ratio on pages 5 and 12 for CBTX and Allegiance, respectively. (C)Adjusted results exclude the impact of acquisition and merger-related expenses. AD We are proud to have closed the merger between CBTX and Allegiance to become Stellar, said Stellars Chief Executive Officer Robert R. Franklin, Jr. Both of our organizations entered this merger from tremendous positions of strength and with great momentum, providing Stellar a solid foundation upon which to build. AD Our teams have worked diligently to ensure a successful integration of these two organizations. Together we are stronger and committed to providing value for our shareholders as we drive purposeful growth, deliver continued personalized service and invest in the communities that we serve, concluded Franklin. CBTX, Inc. Third Quarter 2022 Results CBTXs net interest income in the third quarter 2022 increased $11.8million, or 37.6%, to $43.0million from $31.2million for the third quarter 2021 and increased $8.1million, or 23.3%, from $34.9million for the second quarter 2022. These increases were primarily due to increased interest income on loans and interest-bearing deposits at other financial institutions as a result of changes in market interest rates and increases in average loans and securities. The net interest margin on a tax equivalent basis increased 103 basis points to 4.25% for the third quarter 2022 from 3.22% for the third quarter 2021 and increased 76 basis points from 3.49% for the second quarter 2022. Noninterest income for the third quarter 2022 was $3.4million, a decrease of $2.1million, or 38.0%, compared to $5.6million for the third quarter 2021 and a decrease of $97thousand, or 2.7%, compared to $3.5million for the second quarter 2022. The decrease in noninterest income of $2.1 million during the three months ended September 30, 2022 compared to the three months ended September 30, 2021, was primarily due to the impact of earnings on bank-owned life insurance and related gains of $1.9 million during the third quarter of 2021. Noninterest expense for the third quarter 2022 increased $4.9million, or 20.3%, to $29.3million from $24.4million for the third quarter 2021 and increased $5.6million, or 23.4%, compared to the second quarter of 2022. The increase in noninterest expense for the third quarter of 2022 compared to the third quarter of 2021, was primarily due to acquisition and merger-related expenses associated with the merger with Allegiance, partially offset by a decrease in professional and director fees, primarily related to BSA/AML compliance matters and legal fees incurred during the third quarter of 2021. The increase in noninterest expense for the third quarter of 2022 compared to the second quarter of 2022 was primarily due to greater acquisition and merger-related expenses. AD AD CBTXs efficiency ratio decreased to 63.11% for the third quarter 2022 compared to 66.21% for the third quarter 2021 and increased from 61.84% for the second quarter 2022. Third quarter 2022 annualized returns on average assets, average equity and average tangible equity were 1.16%, 9.40% and 11.15%, respectively, compared to 1.37%, 10.15% and 11.95% for the third quarter 2021. Annualized returns on average assets, average equity and average tangible equity for the second quarter 2022 were 1.08%, 8.75% and 10.38%, respectively. Return on average tangible equity is a non-GAAP measure. Please refer to the non-GAAP reconciliation on page 11. Financial Condition CBTXs total assets at September 30, 2022 increased $62.7million, or 1.5%, to $4.27billion compared to $4.21billion at September 30, 2021 and decreased $50.5million, or 4.6% (annualized), compared to $4.32billion at June 30, 2022. Total gross loans at September 30, 2022 increased $517.7million, or 19.8%, to $3.13billion compared to $2.61billion at September 30, 2021, primarily due to organic loan growth, and increased $93.5million, or 12.3% (annualized) compared to $3.03billion at June 30, 2022 due to the increase in organic loans. Deposits at September 30, 2022 increased $192.1million, or 5.4%, to $3.72billion compared to $3.53billion at September 30, 2021 and decreased $32.9million, or 3.5% (annualized), compared to $3.76billion at June 30, 2022. Asset Quality CBTXs nonperforming assets totaled $22.4million, or 0.52% of total assets, at September 30, 2022 compared to $20.6million, or 0.49% of total assets, at September 30, 2021 and $28.3 million, or 0.65% of total assets at June 30, 2022. The allowance for credit losses on loans as a percentage of total loans, excluding loans held for sale, was 1.04% at September 30, 2022, 1.23% at September 30, 2021 and 1.06% at June 30, 2022. The provision for credit losses for the third quarter 2022 was $1.0million compared to the recapture of provision for credit losses of $4.9million for the third quarter 2021 and the provision for credit losses of $126thousand for the second quarter 2022. AD AD Third quarter 2022 net charge-offs were $33 thousand, or 0.00% (annualized) of average loans, compared to net recoveries of $82thousand, or 0.01% (annualized) of average loans, for the third quarter 2021 and net recoveries of $166thousand, or 0.02% (annualized) of average loans, for the second quarter 2022. Allegiance Bancshares, Inc. Third Quarter 2022 Results Allegiances net interest income in the third quarter 2022 increased $2.5million, or 4.3%, to $60.7million from $58.2million for the third quarter 2021 and increased $3.2million, or 5.6%, from $57.5million for the second quarter 2022. These increases were primarily due to increased interest income on securities and loans as a result of changes in market interest rates. The net interest margin on a tax equivalent basis decreased 5 basis points to 3.85% for the third quarter 2022 from 3.90% for the third quarter 2021 and increased 32 basis points from 3.53% for the second quarter 2022. The decrease in the margin over the prior year was primarily due to the increase in funding costs. The increase in the margin over the prior quarter was primarily due to changes in market interest rates and the composition of earning assets. Noninterest income for the third quarter 2022 was $3.0million, an increase of $896thousand, or 42.7%, compared to $2.1million for the third quarter 2021 and an increase of $291thousand, or 10.8%, compared to $2.7million for the second quarter 2022. Third quarter 2022 other noninterest income included increased income from Small Business Investment Company investments. Noninterest expense for the third quarter 2022 increased $9.7million, or 28.4%, to $44.0million from $34.3million for the third quarter 2021 and increased $6.1million, or 16.2%, compared to the second quarter of 2022. These increases in noninterest expense over the prior periods were primarily due to greater acquisition and merger-related expenses associated with the merger with CBTX. Allegiances efficiency ratio increased to 69.18% for the third quarter 2022 compared to 56.91% for the third quarter 2021 and 62.96% for the second quarter 2022. Third quarter 2022 annualized returns on average assets, average equity and average tangible equity were 0.84%, 7.90% and 11.78%, respectively, compared to 1.14%, 9.45% and 13.49% for the third quarter 2021. Annualized returns on average assets, average equity and average tangible equity for the second quarter 2022 were 0.94%, 8.86% and 13.00%, respectively. Return on average tangible equity is a non-GAAP measure. Please refer to the non-GAAP reconciliation on page 18. AD Financial Condition Allegiances total assets at September30, 2022 decreased $29.4million, or 0.4%, to $6.73billion compared to $6.76billion at September30, 2021 and decreased $1.4million, or 0.1% (annualized), compared to $6.73billion at June30, 2022. Total gross loans at September30, 2022 increased $302.4million, or 7.1%, to $4.59billion compared to $4.29billion at September30, 2021, primarily due to organic loan growth, and increased $243.1million, or 22.4% (annualized) compared to $4.35billion at June30, 2022, primarily due to the increase in organic loans. Core loans, which exclude Paycheck Protection Program (PPP) loans, increased $574.6million, or 14.4%, to $4.57billion at September30, 2022 from $4.00billion at September30, 2021 and increased $257.1million, or 23.8% (annualized), from $4.32billion at June30, 2022. Deposits at September30, 2022 decreased $6.2million, or 0.1%, to $5.66billion compared to $5.67billion at September30, 2021 and decreased $219.9million, or 15.0% (annualized), compared to $5.88billion at June30, 2022. Asset Quality Allegiances nonperforming assets totaled $21.6million, or 0.32% of total assets, at September30, 2022 compared to $29.8million, or 0.44% of total assets, at September30, 2021 and $28.2million, or 0.42% of total assets at June30, 2022. The allowance for credit losses on loans as a percentage of total loans was 1.14% at September30, 2022, 1.18% at September30, 2021 and 1.16% at June30, 2022. The provision for credit losses for the third quarter 2022 was $2.0million compared to the provision for credit losses of $2.3million for the third quarter 2021 and the provision for credit losses of $2.1million for the second quarter 2022. Third quarter 2022 net recoveries were $245thousand, or 0.02% (annualized) of average loans, compared to net charge-offs of $450thousand, or 0.04% (annualized) of average loans, for the third quarter 2021 and net charge-offs of $571thousand, or 0.05% (annualized) of average loans, for the second quarter 2022. AD Share Repurchase Authorization On September 22, 2022, the Board of Directors of CBTX authorized the repurchase of up to $40 million of outstanding CBTX (now Stellar) common stock through September 30, 2023. Repurchases under this program may be made from time to time through open market purchases, privately negotiated transactions or such other manners as will comply with applicable laws and regulations. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions and other corporate liquidity requirements and priorities. The repurchase program does not obligate Stellar to purchase any particular number of shares and there is no guarantee as to the exact dollar amount or number of shares that will be repurchased by Stellar. Stellar may suspend, modify or terminate the program at any time and for any reason, without prior notice. GAAP Reconciliation of Non-GAAP Financial Measures Stellars 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 pages 11 and 18 of this earnings release for a reconciliation of these non-GAAP financial measures. Conference Call As previously announced, Stellars management team will host a conference call and webcast on Friday, October 28, 2022 at 8:00 a.m. Central Time (9:00 a.m. Eastern Time) to discuss third quarter 2022 results of stand-alone CBTX and stand-alone Allegiance. Individuals and investment professionals may register for the conference call at https://register.vevent.com/register/BId5b581acd6f143fdb46c9666597c0d84 to receive the dial-in numbers and unique PIN to access the call. If you need assistance in obtaining a dial-in number, please contact IR@stellarbancorpinc.com. A simultaneous audio-only webcast may be accessed via the Investor Relations section of Stellars website at https://IR.stellarbancorpinc.com/events-and-presentations. If you are unable to participate during the live webcast, the webcast will be accessible via the Investor Relations section of Stellars website at IR.stellarbancorpinc.com. AD About Stellar Bancorp, Inc. Stellar Bancorp, Inc. is a bank holding company headquartered in Houston, Texas. Stellars principal banking subsidiary, created by the merger of Allegiance Bank and CommunityBank of Texas, N.A. and to be renamed Stellar Bank upon system conversion, provides a diversified range of commercial banking services primarily to small- to medium-sized businesses and individual customers across the Houston, Dallas, Beaumont and surrounding communities in Texas. Investor relations: Forward-Looking Statements Certain statements in this press release which are not historical in nature are intended to be, and are hereby identified as, forward-looking statements for purposes of the safe harbor provided by Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, but are not limited to, statements about the benefits of the merger of CBTX, Inc. (now Stellar Bancorp, Inc.)(the "Company") and Allegiance Bancshares, Inc. ("Allegiance"), including future financial performance and operating results, the combined companys plans, business and growth strategies, objectives, expectations and intentions, and other statements that are not historical facts, including 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. Forward-looking statements may be identified by terminology such as may, will, should, could, scheduled, plans, intends, projects, anticipates, expects, believes, estimates, potential, would, or continue or negatives of such terms or other comparable terminology. All forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and other factors that may cause the actual results, performance or achievements of Stellar to differ materially from any results expressed or implied by such forward-looking statements. Such factors include, among others: (1) the risk that the cost savings and any revenue synergies from the merger may not be fully realized or may take longer than anticipated to be realized; (2) disruption to our business as a result of the merger; (3) the risk that the integration of our operations will be materially delayed or will be more costly or difficult than we expected or that we are otherwise unable to successfully integrate our legacy businesses; (4) the amount of the costs, fees, expenses and charges related to the merger; (5) reputational risk and the reaction of our customers, suppliers, employees or other business partners to the merger; (6) the possibility that the merger may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (7) the dilution caused by Stellars issuance of additional shares of its common stock in the merger; (8) general competitive, economic, political and market conditions; and (9) other factors that may affect future results of Stellar including changes in asset quality and credit risk; the inability to sustain revenue and earnings growth; changes in interest rates and capital markets; inflation; customer borrowing, repayment, investment and deposit practices; the impact, extent and timing of technological changes; capital management activities; and other actions of the Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation and Texas Department of Banking and legislative and regulatory actions and reforms. AD AD Additional factors which could affect the Companys future results can be found in the Companys Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K and the Joint Proxy Statement/Prospectus regarding the merger that CBTX filed with the SEC on April 7, 2022 pursuant to Rule 424(b)(3) and Allegiances Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, and Current Reports on Form 8-K, in each case filed with the SEC and available on the SECs website at https:// www.sec.gov. We disclaim any obligation and do not intend to update or revise any forward-looking statements contained in this communication, which speak only as of the date hereof, whether as a result of new information, future events or otherwise, except as required by federal securities laws. As forward-looking statements involve significant risks and uncertainties, caution should be exercised against placing undue reliance on such statements. CBTX, Inc. (Unaudited) CBTXs management uses certain non-GAAP (generally accepted accounting principles) financial measures to evaluate its performance. CBTX 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 CBTXs performance and when planning, forecasting, analyzing and comparing past, present and future periods. Specifically, CBTX reviews pre-tax, pre-provision income, adjusted pre-tax, pre-provision income, adjusted efficiency ratio, 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. CBTX 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 CBTX calculates the non-GAAP financial measures may differ from that of other companies reporting measures with similar names. Three Months Ended (Unaudited) Allegiances 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 Allegiances performance and when planning, forecasting, analyzing and comparing past, present and future periods. Specifically, Allegiance reviews pre-tax, pre-provision income, adjusted pre-tax, pre-provision income, adjusted efficiency ratio, 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

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Allegiance Bancshares Frequently Asked Questions (FAQ)

  • When was Allegiance Bancshares founded?

    Allegiance Bancshares was founded in 2007.

  • Where is Allegiance Bancshares's headquarters?

    Allegiance Bancshares's headquarters is located at 8727 West Sam Houston Pkwy N, Houston.

  • What is Allegiance Bancshares's latest funding round?

    Allegiance Bancshares's latest funding round is IPO.

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