Company Quick10K Filing
Allegiance Bancshares
Price33.59 EPS2
Shares22 P/E19
MCap725 P/FCF13
Net Debt-301 EBIT89
TEV425 TEV/EBIT5
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-06-30 Filed 2020-07-31
10-Q 2020-03-31 Filed 2020-05-01
10-K 2019-12-31 Filed 2020-03-09
10-Q 2019-09-30 Filed 2019-11-01
10-Q 2019-06-30 Filed 2019-08-01
10-Q 2019-03-31 Filed 2019-05-06
10-K 2018-12-31 Filed 2019-03-11
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-08-03
10-Q 2018-03-31 Filed 2018-05-08
10-K 2017-12-31 Filed 2018-03-09
10-Q 2017-09-30 Filed 2017-11-02
10-Q 2017-06-30 Filed 2017-08-03
10-Q 2017-03-31 Filed 2017-05-05
10-K 2016-12-31 Filed 2017-03-10
10-Q 2016-09-30 Filed 2016-11-10
10-Q 2016-06-30 Filed 2016-08-12
10-Q 2016-03-31 Filed 2016-05-10
10-K 2015-12-31 Filed 2016-03-22
10-Q 2015-09-30 Filed 2015-11-20
8-K 2020-09-08 Regulation FD, Exhibits
8-K 2020-07-30 Earnings, Exhibits
8-K 2020-04-30
8-K 2020-04-23
8-K 2020-04-08
8-K 2020-02-27
8-K 2020-02-07
8-K 2020-01-30
8-K 2020-01-29
8-K 2019-10-25
8-K 2019-10-24
8-K 2019-09-27
8-K 2019-09-20
8-K 2019-09-20
8-K 2019-09-11
8-K 2019-07-26
8-K 2019-07-26
8-K 2019-04-26
8-K 2019-04-25
8-K 2019-02-04
8-K 2019-01-25
8-K 2019-01-24
8-K 2018-12-28
8-K 2018-11-21
8-K 2018-10-25
8-K 2018-09-28
8-K 2018-09-14
8-K 2018-07-26
8-K 2018-04-30
8-K 2018-04-27
8-K 2018-04-26
8-K 2018-01-25

ABTX 10Q Quarterly Report

Part I - Financial Information
Item 1. Interim Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-31.1 abtx-ex311_8.htm
EX-31.2 abtx-ex312_9.htm
EX-32.1 abtx-ex321_6.htm
EX-32.2 abtx-ex322_7.htm

Allegiance Bancshares Earnings 2020-06-30

Balance SheetIncome StatementCash Flow

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM              TO

COMMISSION FILE NUMBER: 001-37585

 

Allegiance Bancshares, Inc.

(Exact name of registrant as specified in its charter)

 

 

Texas

26-3564100

(State or other jurisdiction

of incorporation or organization)

(I.R.S. Employer

Identification No.)

8847 West Sam Houston Parkway, N., Suite 200

Houston, Texas 77040

(Address of principal executive offices, including zip code)

(281) 894-3200

(Registrant’s telephone number, including area code)

 

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

 

 

 

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value, $1.00 per share

 

ABTX

 

NASDAQ Global Market

 

Securities registered pursuant to Section 12(g) of the Act:  None

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

 

Accelerated filer

 

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

Emerging growth company

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).      Yes      No  

As of July 28, 2020, the registrant had 20,431,612 shares common stock, $1.00 par value per share, outstanding.

 

 

 


 

ALLEGIANCE BANCSHARES, INC.

INDEX TO FORM 10-Q

June 30, 2020

PART I—FINANCIAL INFORMATION

 

 

 

 

Item 1.

Interim Consolidated Financial Statements

3

 

Consolidated Balance Sheets (unaudited)

3

 

Consolidated Statements of Income (unaudited)

4

 

Consolidated Statements of Comprehensive Income (unaudited)

5

 

Consolidated Statements of Changes in Shareholders' Equity (unaudited)

6

 

Consolidated Statements of Cash Flows (unaudited)

7

 

Condensed Notes to Interim Consolidated Financial Statements (unaudited)

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

36

Item 3.

Quantitative and Qualitative Disclosures about Market Risk

62

Item 4.

Controls and Procedures

63

 

 

PART II—OTHER INFORMATION

 

 

 

 

Item 1.

Legal Proceedings

64

Item 1A.

Risk Factors

64

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

66

Item 3.

Defaults upon Senior Securities

66

Item 4.

Mine Safety Disclosures

66

Item 5.

Other Information

66

Item 6.

Exhibits

67

Signatures

68

 

 

 

2


Table of Contents

PART I—FINANCIAL INFORMATION

ITEM 1. INTERIM CONSOLIDATED FINANCIAL STATEMENTS

ALLEGIANCE BANCSHARES, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

 

 

 

June 30,

 

 

December 31,

 

 

 

2020

 

 

2019

 

 

 

(Dollars in thousands, except share data)

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from banks

 

$

237,585

 

 

$

213,347

 

Interest-bearing deposits at other financial institutions

 

 

28,815

 

 

 

132,901

 

Total cash and cash equivalents

 

 

266,400

 

 

 

346,248

 

Available for sale securities, at fair value

 

 

618,751

 

 

 

372,545

 

Loans held for investment

 

 

4,583,656

 

 

 

3,915,310

 

Less: allowance for loan losses

 

 

(47,642

)

 

 

(29,438

)

Loans, net

 

 

4,536,014

 

 

 

3,885,872

 

Accrued interest receivable

 

 

32,795

 

 

 

15,468

 

Premises and equipment, net

 

 

67,229

 

 

 

66,790

 

Other real estate owned

 

 

11,847

 

 

 

8,337

 

Federal Home Loan Bank stock

 

 

14,844

 

 

 

6,242

 

Bank owned life insurance

 

 

27,398

 

 

 

27,104

 

Goodwill

 

 

223,642

 

 

 

223,642

 

Core deposit intangibles, net

 

 

19,896

 

 

 

21,876

 

Other assets

 

 

18,065

 

 

 

18,530

 

TOTAL ASSETS

 

$

5,836,881

 

 

$

4,992,654

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

 

 

 

Deposits:

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

1,754,128

 

 

$

1,252,232

 

Interest-bearing

 

 

 

 

 

 

 

 

Demand

 

 

375,353

 

 

 

367,278

 

Money market and savings

 

 

1,270,437

 

 

 

1,258,008

 

Certificates and other time

 

 

1,300,793

 

 

 

1,190,583

 

Total interest-bearing deposits

 

 

2,946,583

 

 

 

2,815,869

 

Total deposits

 

 

4,700,711

 

 

 

4,068,101

 

Accrued interest payable

 

 

3,293

 

 

 

4,326

 

Borrowed funds

 

 

255,509

 

 

 

75,503

 

Subordinated debt

 

 

108,061

 

 

 

107,799

 

Other liabilities

 

 

33,164

 

 

 

27,060

 

Total liabilities

 

 

5,100,738

 

 

 

4,282,789

 

COMMITMENTS AND CONTINGENCIES (See Note 14)

 

 

 

 

 

 

 

 

SHAREHOLDERS’ EQUITY:

 

 

 

 

 

 

 

 

Preferred stock, $1 par value; 1,000,000 shares authorized; no

   shares issued or outstanding

 

 

 

 

 

 

Common stock, $1 par value; 80,000,000 shares authorized; 20,430,836 shares

   issued and outstanding at June 30, 2020 and 20,523,816 shares issued

   and outstanding at December 31, 2019

 

 

20,431

 

 

 

20,524

 

Capital surplus

 

 

515,045

 

 

 

521,066

 

Retained earnings

 

 

172,723

 

 

 

163,375

 

Accumulated other comprehensive income

 

 

27,944

 

 

 

4,900

 

Total shareholders’ equity

 

 

736,143

 

 

 

709,865

 

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

 

$

5,836,881

 

 

$

4,992,654

 

 

See condensed notes to interim consolidated financial statements.

 

3


Table of Contents

 

ALLEGIANCE BANCSHARES, INC.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

 

(Dollars in thousands, except per share data)

 

INTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

$

56,421

 

 

$

56,016

 

 

$

111,045

 

 

$

110,205

 

Securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Taxable

 

1,842

 

 

 

1,837

 

 

 

3,929

 

 

 

2,819

 

Tax-exempt

 

2,169

 

 

 

692

 

 

 

2,715

 

 

 

1,982

 

Deposits in other financial institutions

 

20

 

 

 

401

 

 

 

215

 

 

 

1,089

 

Total interest income

 

60,452

 

 

 

58,946

 

 

 

117,904

 

 

 

116,095

 

INTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand, money market and savings deposits

 

1,729

 

 

 

4,513

 

 

 

6,093

 

 

 

8,241

 

Certificates and other time deposits

 

5,845

 

 

 

7,008

 

 

 

11,929

 

 

 

13,264

 

Borrowed funds

 

562

 

 

 

1,118

 

 

 

1,068

 

 

 

2,945

 

Subordinated debt

 

1,469

 

 

 

736

 

 

 

2,942

 

 

 

1,471

 

Total interest expense

 

9,605

 

 

 

13,375

 

 

 

22,032

 

 

 

25,921

 

NET INTEREST INCOME

 

50,847

 

 

 

45,571

 

 

 

95,872

 

 

 

90,174

 

Provision for loan losses

 

10,669

 

 

 

1,407

 

 

 

21,659

 

 

 

2,409

 

Net interest income after provision for loan losses

 

40,178

 

 

 

44,164

 

 

 

74,213

 

 

 

87,765

 

NONINTEREST INCOME:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonsufficient funds fees

 

60

 

 

 

139

 

 

 

229

 

 

 

301

 

Service charges on deposit accounts

 

343

 

 

 

365

 

 

 

800

 

 

 

690

 

Gain on sale of securities

 

93

 

 

 

846

 

 

 

287

 

 

 

846

 

(Loss) gain on sale of other real estate and

   other repossessed assets

 

(306

)

 

 

70

 

 

 

(375

)

 

 

71

 

Bank owned life insurance income

 

143

 

 

 

155

 

 

 

294

 

 

 

314

 

Rebate from correspondent bank

 

89

 

 

 

884

 

 

 

582

 

 

 

1,780

 

Other

 

1,140

 

 

 

1,386

 

 

 

2,470

 

 

 

3,132

 

Total noninterest income

 

1,562

 

 

 

3,845

 

 

 

4,287

 

 

 

7,134

 

NONINTEREST EXPENSE:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

19,334

 

 

 

19,415

 

 

 

39,115

 

 

 

39,099

 

Net occupancy and equipment

 

1,926

 

 

 

2,114

 

 

 

3,833

 

 

 

4,166

 

Depreciation

 

885

 

 

 

756

 

 

 

1,751

 

 

 

1,509

 

Data processing and software amortization

 

1,934

 

 

 

1,709

 

 

 

3,760

 

 

 

3,332

 

Professional fees

 

800

 

 

 

527

 

 

 

1,373

 

 

 

1,126

 

Regulatory assessments and FDIC insurance

 

609

 

 

 

802

 

 

 

1,241

 

 

 

1,530

 

Core deposit intangibles amortization

 

990

 

 

 

1,178

 

 

 

1,980

 

 

 

2,356

 

Communications

 

390

 

 

 

468

 

 

 

807

 

 

 

898

 

Advertising

 

370

 

 

 

617

 

 

 

891

 

 

 

1,321

 

Acquisition and merger-related expenses

 

 

 

 

153

 

 

 

 

 

 

1,326

 

Other

 

2,541

 

 

 

2,341

 

 

 

7,429

 

 

 

4,532

 

Total noninterest expense

 

29,779

 

 

 

30,080

 

 

 

62,180

 

 

 

61,195

 

INCOME BEFORE INCOME TAXES

 

11,961

 

 

 

17,929

 

 

 

16,320

 

 

 

33,704

 

Provision for income taxes

 

2,054

 

 

 

3,681

 

 

 

2,897

 

 

 

6,778