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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________________
FORM 10-Q
_______________________________________________
| | | | | |
S | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
FOR THE QUARTERLY PERIOD ENDED MARCH 31, 2022
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 S 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 S 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 | S | | 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 S
As of April 26, 2022, the registrant had 20,378,054 shares common stock, $1.00 par value per share, outstanding.
ALLEGIANCE BANCSHARES, INC.
INDEX TO FORM 10-Q
March 31, 2022
PART I—FINANCIAL INFORMATION
ITEM 1. INTERIM CONSOLIDATED FINANCIAL STATEMENTS
ALLEGIANCE BANCSHARES, INC.
CONSOLIDATED BALANCE SHEETS
(Unaudited)
| | | | | | | | | | | |
| March 31, 2022 | | December 31, 2021 |
| (Dollars in thousands, except par value) |
ASSETS | | | |
Cash and due from banks | $ | 26,629 | | | $ | 23,961 | |
Interest-bearing deposits at other financial institutions | 672,755 | | | 733,548 | |
Total cash and cash equivalents | 699,384 | | | 757,509 | |
Available for sale securities, at fair value | 1,790,707 | | | 1,773,765 | |
Loans held for investment | 4,283,514 | | | 4,220,486 | |
Less: allowance for credit losses on loans | (49,215) | | | (47,940) | |
Loans, net | 4,234,299 | | | 4,172,546 | |
Accrued interest receivable | 31,505 | | | 33,392 | |
Premises and equipment, net | 62,168 | | | 63,708 | |
| | | |
Federal Home Loan Bank stock | 9,376 | | | 9,358 | |
Bank owned life insurance | 28,374 | | | 28,240 | |
Goodwill | 223,642 | | | 223,642 | |
Core deposit intangibles, net | 13,907 | | | 14,658 | |
Other assets | 56,001 | | | 28,136 | |
TOTAL ASSETS | $ | 7,149,363 | | | $ | 7,104,954 | |
LIABILITIES AND SHAREHOLDERS’ EQUITY | | | |
LIABILITIES: | | | |
Deposits: | | | |
Noninterest-bearing | $ | 2,353,604 | | | $ | 2,243,085 | |
Interest-bearing | | | |
Demand | 1,070,855 | | | 869,984 | |
Money market and savings | 1,552,853 | | | 1,643,745 | |
Certificates and other time | 1,185,015 | | | 1,290,825 | |
Total interest-bearing deposits | 3,808,723 | | | 3,804,554 | |
Total deposits | 6,162,327 | | | 6,047,639 | |
Accrued interest payable | 3,086 | | | 1,753 | |
Borrowed funds | 89,959 | | | 89,956 | |
Subordinated debt | 108,978 | | | 108,847 | |
Other liabilities | 33,073 | | | 40,291 | |
Total liabilities | 6,397,423 | | | 6,288,486 | |
COMMITMENTS AND CONTINGENCIES (See Note 13) | | | |
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; 20,378,116 shares issued and outstanding at March 31, 2022 and 20,337,220 shares issued and outstanding at December 31, 2021 | 20,378 | | | 20,337 | |
Capital surplus | 512,284 | | | 510,797 | |
Retained earnings | 282,896 | | | 267,092 | |
Accumulated other comprehensive (loss) income | (63,618) | | | 18,242 | |
Total shareholders’ equity | 751,940 | | | 816,468 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | 7,149,363 | | | $ | 7,104,954 | |
See condensed notes to interim consolidated financial statements.
ALLEGIANCE BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
| (Dollars in thousands, except per share data) |
INTEREST INCOME: | | | | | | | |
Loans, including fees | $ | 52,370 | | | $ | 57,991 | | | | | |
Securities: | | | | | | | |
Taxable | 5,068 | | | 2,402 | | | | | |
Tax-exempt | 2,525 | | | 2,394 | | | | | |
Deposits in other financial institutions | 340 | | | 41 | | | | | |
Total interest income | 60,303 | | | 62,828 | | | | | |
INTEREST EXPENSE: | | | | | | | |
Demand, money market and savings deposits | 1,347 | | | 1,484 | | | | | |
Certificates and other time deposits | 2,156 | | | 3,665 | | | | | |
Borrowed funds | 186 | | | 539 | | | | | |
Subordinated debt | 1,442 | | | 1,442 | | | | | |
Total interest expense | 5,131 | | | 7,130 | | | | | |
NET INTEREST INCOME | 55,172 | | | 55,698 | | | | | |
Provision for credit losses | 1,814 | | | 639 | | | | | |
Net interest income after provision for credit losses | 53,358 | | | 55,059 | | | | | |
NONINTEREST INCOME: | | | | | | | |
Nonsufficient funds fees | 116 | | | 83 | | | | | |
Service charges on deposit accounts | 527 | | | 388 | | | | | |
Gain on sale of securities | — | | | 49 | | | | | |
Loss on sale of other real estate and other repossessed assets | — | | | (176) | | | | | |
Bank owned life insurance income | 133 | | | 139 | | | | | |
Debit card and ATM card income | 819 | | | 630 | | | | | |
Other | 2,423 | | | 623 | | | | | |
Total noninterest income | 4,018 | | | 1,736 | | | | | |
NONINTEREST EXPENSE: | | | | | | | |
Salaries and employee benefits | 22,728 | | | 22,452 | | | | | |
Net occupancy and equipment | 2,205 | | | 2,390 | | | | | |
Depreciation | 1,033 | | | 1,034 | | | | | |
Data processing and software amortization | 2,498 | | | 2,200 | | | | | |
Professional fees | 138 | | | 789 | | | | | |
Regulatory assessments and FDIC insurance | 1,261 | | | 807 | | | | | |
Core deposit intangibles amortization | 751 | | | 824 | | | | | |
Communications | 341 | | | 321 | | | | | |
Advertising | 462 | | | 298 | | | | | |
Other real estate expense | 59 | | | 113 | | | | | |
Acquisition and merger-related expenses | 451 | | | — | | | | | |
Other | 2,590 | | | 3,691 | | | | | |
Total noninterest expense | 34,517 | | | 34,919 | | | | | |
INCOME BEFORE INCOME TAXES | 22,859 | | | 21,876 | | | | | |
Provision for income taxes | 4,202 | | | 3,866 | | | | | |
NET INCOME | $ | 18,657 | | | $ | 18,010 | | | | | |
EARNINGS PER SHARE: | | | | | | | |
Basic | $ | 0.92 | | | $ | 0.89 | | | | | |
Diluted | $ | 0.91 | | | $ | 0.89 | | | | | |
DIVIDENDS PER SHARE | $ | 0.14 | | | $ | 0.12 | | | | | |
See condensed notes to interim consolidated financial statements.
ALLEGIANCE BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
| | | | | | | | | | | | | | | |
| Three Months Ended March 31, | | |
| 2022 | | 2021 | | | | |
| (Dollars in thousands) |
Net income | $ | 18,657 | | | $ | 18,010 | | | | | |
Other comprehensive loss: | | | | | | | |
Unrealized loss on securities: | | | | | | | |
Change in unrealized holding (loss) gain on available for sale securities during the period | (103,621) | | | (14,710) | | | | | |
Reclassification of gain realized through the sale of securities | — | | | (49) | | | | | |
Unrealized gain on cash flow hedge: | | | | | | | |
Change in fair value of cash flow hedge | — | | | 1,824 | | | | | |
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Total other comprehensive loss | (103,621) | | | (12,935) | | | | | |
Deferred tax benefit related to other comprehensive loss | 21,761 | | | 2,717 | | | | | |
Other comprehensive loss, net of tax | (81,860) | | | (10,218) | | | | | |
Comprehensive (loss) income | $ | (63,203) | | | $ | 7,792 | | | | | |
See condensed notes to interim consolidated financial statements.
ALLEGIANCE BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY
(Unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Common Stock | | Capital Surplus | | Retained Earnings | | Accumulated Other Comprehensive Income (Loss) | | Total Shareholders’ Equity |
| Shares | | Amount | | | | |
| (Dollars in thousands, except per share data) |
BALANCE AT DECEMBER 31, 2020 | 20,208,323 | | | $ | 20,208 | | | $ | 508,794 | | | $ | 195,236 | | | $ | 34,431 | | | $ | 758,669 | |
Net income | | | | | | | 18,010 | | | | | 18,010 | |
Other comprehensive loss | | | | | | | | | (10,218) | | | (10,218) | |
Cash dividends declared, $0.12 per share | | | | | | | (2,412) | | | | | (2,412) | |
Common stock issued in connection with the exercise of stock options and restricted stock awards | 135,854 | | | 136 | | | 1,191 | | | | | | | 1,327 | |
Repurchase of common stock | (161,206) | | | (161) | | | (5,498) | | | | | | | (5,659) | |
Stock based compensation expense | | | | | 820 | | | | | | | 820 | |
BALANCE AT MARCH 31, 2021 | 20,182,971 | | | $ | 20,183 | | | $ | 505,307 | | | $ | 210,834 | | | $ | 24,213 | | | $ | 760,537 | |
| | | | | | | | | | | |
BALANCE AT DECEMBER 31, 2021 | 20,337,220 | | | $ | 20,337 | | | $ | 510,797 | | | $ | 267,092 | | | $ | 18,242 | | | $ | 816,468 | |
Net income | | | | | | | 18,657 | | | | | 18,657 | |
Other comprehensive loss | | | | | | | | | (81,860) | | | (81,860) | |
Cash dividends declared, $0.14 per share | | | | | | | (2,853) | | | | | (2,853) | |
Common stock issued in connection with the exercise of stock options and restricted stock awards | 40,896 | | | 41 | | | 528 | | | | | | | 569 | |
Stock based compensation expense | | | | | 959 | | | | | | | 959 | |
BALANCE AT MARCH 31, 2022 | 20,378,116 | | | $ | 20,378 | | | $ | 512,284 | | | $ | 282,896 | | | $ | (63,618) | | | $ | 751,940 | |
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See condensed notes to interim consolidated financial statements.
ALLEGIANCE BANCSHARES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| | | | | | | | | | | |
| Three Months Ended March 31, |
| 2022 | | 2021 |
| (Dollars in thousands) |
CASH FLOWS FROM OPERATING ACTIVITIES: | | | |
Net income | $ | 18,657 | | | $ | 18,010 | |
Adjustments to reconcile net income to net cash provided by operating activities: | | | |
Depreciation and core deposit intangibles amortization | 1,784 | | | 1,858 | |
Provision for credit losses | 1,814 | | | 639 | |
Deferred income tax expense (benefit) | 47 | | | (1,899) | |
Net amortization of premium on investments | 2,797 | | | 1,471 | |
Excess tax benefit from stock based compensation | (149) | | | (251) | |
Bank owned life insurance income | (133) | | | (139) | |
Net accretion of discount on loans | (77) | | | (97) | |
Net amortization of discount on subordinated debt | 29 | | | 28 | |
Net accretion of discount on certificates of deposit | (16) | | | (58) | |
Loss on sale of other real estate and other repossessed assets | — | | | 176 | |
Loss on write-downs of premises, equipment and other real estate | — | | | 1,317 | |
Net gain on sale of securities | — | | | (49) | |
Federal Home Loan Bank stock dividends | (18) | | | (19) | |
Stock based compensation expense | 959 | | | 820 | |
Net change in operating leases | 767 | | | 712 | |
Increase in accrued interest receivable and other assets | (26,190) | | | (8,012) | |
Increase in accrued interest payable and other liabilities | 15,785 | | | 6,739 | |
Net cash provided by operating activities | 16,056 | | | 21,246 | |
CASH FLOWS FROM INVESTING ACTIVITIES: | | | |
Proceeds from maturities and principal paydowns of available for sale securities | 640,437 | | | 1,012,785 | |
Proceeds from sales and calls of available for sale securities | — | | | 4,898 | |
Purchase of available for sale securities | (763,586) | | | (1,048,261) | |
Net change in total loans | (63,268) | | | (167,253) | |
Purchase of bank premises and equipment | (184) | | | (916) | |
Proceeds from sale of bank premises, equipment and other real estate | — | | | 8,044 | |
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Net cash used in investing activities | (186,601) | | | (190,703) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | | | |
Net increase in noninterest-bearing deposits | 110,519 | | | 209,554 | |
Net increase in interest-bearing deposits | 4,185 | | | 176,211 | |
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Net paydown in borrowings under credit agreement | — | | | (8,000) | |
Dividends paid to common shareholders | (2,853) | | | (2,412) | |
Proceeds from the issuance of common stock and stock option exercises | 569 | | | 1,327 | |
Repurchase of common stock | — | | | (5,659) | |
Net cash provided by financing activities | 112,420 | | | 371,021 | |
NET CHANGE IN CASH AND CASH EQUIVALENTS | (58,125) | | | 201,564 | |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 757,509 | | | 422,766 | |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ | 699,384 | | | $ | 624,330 | |
SUPPLEMENTAL CASH FLOW INFORMATION: | | | |
| | | |
Interest paid | $ | 3,798 | | | $ | 5,969 | |
Cash paid for operating lease liabilities | 892 | | | 870 | |
SUPPLEMENTAL NONCASH DISCLOSURE: | | | |
Lease right-of-use asset obtained in exchange for lessee operating lease liabilities | $ | 76 | | | $ | 502 | |
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Bank-financed sales of other real estate | — | | | 8,125 | |
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See condensed notes to interim consolidated financial statements.
ALLEGIANCE BANCSHARES, INC.
CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
March 31, 2022
(Unaudited)
1. NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING AND REPORTING POLICIES
Nature of Operations-Allegiance Bancshares, Inc. (“Allegiance”) and its wholly-owned subsidiary, Allegiance Bank, (the “Bank”, and together with Allegiance, collectively referred to as the “Company”) provide commercial and retail loans and commercial banking services. The Company derives substantially all of its revenues and income from the operation of the Bank. The Company is focused on delivering a wide variety of relationship-driven commercial banking products and community-oriented services tailored to meet the needs of small to medium-sized businesses, professionals and individual customers. The Company operated 27 full-service banking locations in the Houston region, which it defines as the Houston-The Woodlands-Sugar Land and Beaumont-Port Arthur metropolitan statistical areas, with 26 bank offices in the Houston metropolitan area and one bank office location in Beaumont, just outside of the Houston metropolitan area as of March 31, 2022. The Bank provides its customers with a variety of banking services including checking accounts, savings accounts and certificates of deposit, and its primary lending products are commercial, personal, automobile, mortgage and home improvement loans. The Bank also offers safe deposit boxes, automated teller machines, drive-through services and 24-hour depository facilities.
Basis of Presentation-The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and in accordance with guidance provided by the Securities and Exchange Commission. Accordingly, the condensed consolidated financial statements do not include all of the information and footnotes required by GAAP for complete financial statements. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments considered necessary for a fair presentation of the financial position, results of operations and cash flows of the Company on a consolidated basis, and all such adjustments are of a normal recurring nature. Transactions between the Company and the Bank have been eliminated. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Operating results for the three months ended March 31, 2022 are not necessarily indicative of the results that may be expected for the year ending December 31, 2022.
Pending Merger of Equals
On November 8, 2021, Allegiance and CBTX, Inc., jointly announced that they entered into a definitive merger agreement pursuant to which the companies will combine in an all-stock merger of equals. CBTX reported total assets of $4.49 billion as of December 31, 2021. Under the terms of the definitive merger agreement, Allegiance shareholders will receive 1.4184 shares of CBTX, Inc. common stock for each share of Allegiance common stock they own. Following the completion of the merger, we estimate that former Allegiance shareholders will own approximately 54% and former CBTX, Inc. shareholders will own approximately 46% of the combined company. The companies have submitted the required regulatory filings and, subject to satisfaction or in some cases waiver of the closing conditions, including approval of the merger agreement by both companies’ shareholders, the parties anticipate closing in the second quarter of the year. Each company has scheduled a special meeting for May 24, 2022 at which its respective shareholders will consider and vote on the merger agreement and other related matters.
Significant Accounting and Reporting Policies
The Company’s significant accounting and reporting policies can be found in Note 1 of the Company’s annual financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021.
New Accounting Standards
Newly Issued But Not Yet Effective Accounting Standards
ASU 2022-02, "Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures." ASU 2022-02 eliminates the TDR accounting model for creditors that have already adopted Topic 326, which is commonly referred to as the current expected credit loss ("CECL") model. The FASB’s decision to eliminate the TDR accounting model is in response to
feedback that the allowance under CECL already incorporates credit losses from loans modified as TDRs and, consequently, the related accounting and disclosures – which preparers often find onerous to apply – no longer provide the same level of benefit to users. In lieu of the TDR accounting model, creditors now will apply the general loan modification guidance in Subtopic 310-20 to all loan modifications, including modifications made for borrowers experiencing financial difficulty. Under the general loan modification guidance, a modification is treated as a new loan only if the following two conditions are met: (1) the terms of the new loan are at least as favorable to the lender as the terms for comparable loans to other customers with similar collection risks; and (2) modifications to the terms of the original loan are more than minor. If either condition is not met, the modification is accounted for as the continuation of the old loan with any effect of the modification treated as a prospective adjustment to the loan’s effective interest rate. ASU 2022-02 will become effective for the Company on December 15, 2022 and is not expected to have a significant impact on the Company’s financial statements.
2. GOODWILL AND CORE DEPOSIT INTANGIBLE ASSETS
Changes in the carrying amount of the Company’s goodwill and core deposit intangible assets were as follows:
| | | | | | | | | | | |
| Goodwill | | Core Deposit Intangibles |
| (Dollars in thousands) |
Balance as of December 31, 2020 | $ | 223,642 | | | $ | 17,954 | |
Amortization | — | | | (3,296) | |
Balance as of December 31, 2021 | 223,642 | | | 14,658 | |
Amortization | — | | | (751) | |
Balance as of March 31, 2022 | $ | 223,642 | | | $ | 13,907 | |
Goodwill is recorded on the acquisition date of an entity. During the measurement period, the Company may record subsequent adjustments to goodwill for provisional amounts recorded at the acquisition date.
Management performs an evaluation annually, and more frequently if a triggering event occurs, of whether any impairment of the goodwill and other intangible assets has occurred. If any such impairment is determined, a write-down is recorded. As of March 31, 2022, there were no impairments recorded on goodwill and other intangible assets.
The estimated aggregate future amortization expense for core deposit intangible assets remaining as of March 31, 2022 is as follows (dollars in thousands):
| | | | | |
Remaining 2022 | $ | 2,252 | |
2023 | 2,323 | |
2024 | 2,188 | |
2025 | 2,061 | |
2026 | 1,941 | |
Thereafter | 3,142 | |
Total | $ | 13,907 | |
3. SECURITIES
The amortized cost and fair value of investment securities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | |
| March 31, 2022 |
Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value |
(Dollars in thousands) |
Available for Sale | | | | | | | |
U.S. government and agency securities | $ | 424,171 | | | $ | 300 | | | $ | (11,376) | | | $ | 413,095 | |
Municipal securities | 470,404 | | | 7,449 | | | (18,150) | | | 459,703 | |
Agency mortgage-backed pass-through securities | 322,883 | | | 102 | | | (22,119) | | | 300,866 | |
Agency collateralized mortgage obligations | 518,067 | | | 81 | | | (34,030) | | | 484,118 | |
Corporate bonds and other | 135,701 | | | 1,157 | | | (3,933) | | | 132,925 | |
Total | $ | 1,871,226 | | | $ | 9,089 | | | $ | (89,608) | | | $ | 1,790,707 | |
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| December 31, 2021 |
Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Fair Value |
(Dollars in thousands) |
Available for Sale | | | | | | | |
U.S. government and agency securities | $ | 401,811 | | | $ | 414 | | | $ | (1,674) | | | $ | 400,551 | |
Municipal securities | 468,164 | | | 30,483 | | | (1,547) | | | 497,100 | |
Agency mortgage-backed pass-through securities | 307,097 | | | 2,075 | | | (6,576) | | | 302,596 | |
Agency collateralized mortgage obligations | 443,277 | | | 2,026 | | | (4,247) | | | 441,056 | |
Corporate bonds and other | 130,314 | | | 2,922 | | | (774) | | | 132,462 | |
Total | $ | 1,750,663 | | | $ | 37,920 | | | $ | (14,818) | | | $ | 1,773,765 | |
As of March 31, 2022, no allowance for credit losses has been recognized on available for sale securities in an unrealized loss position as management does not believe any of the securities are impaired due to reasons of credit quality. This is based upon the Company’s analysis of the underlying risk characteristics, including credit ratings, and other qualitative factors related to its available for sale securities and in consideration of our historical credit loss experience and internal forecasts. The issuers of these securities continue to make timely principal and interest payments under the contractual terms of the securities. Furthermore, management does not have the intent to sell any of the securities classified as available for sale in the table above and believes that it is more likely than not that we will not have to sell any such securities before a recovery of cost. The unrealized losses are due to increases in market interest rates over the yields available at the time the underlying securities were purchased. The fair value is expected to recover as the securities approach their maturity date or repricing date or if market yields for such investments decline.
The amortized cost and fair value of investment securities at March 31, 2022, by contractual maturity, are shown below. Expected maturities may differ from contractual maturities if borrowers have the right to call or prepay obligations at any time with or without call or prepayment penalties.
| | | | | | | | | | | |
| Amortized Cost | | Fair Value |
(Dollars in thousands) |
Due in one year or less | $ | 5,817 | | | $ | 5,867 | |
Due after one year through five years | 261,665 | | | 251,280 | |
Due after five years through ten years | 158,863 | | | 157,109 | |
Due after ten years | 603,931 | | | 591,467 | |
Subtotal | 1,030,276 | | | 1,005,723 | |
Agency mortgage-backed pass-through securities and collateralized mortgage obligations | 840,950 | | | 784,984 | |
Total | $ | 1,871,226 | | | $ | 1,790,707 | |
Securities with unrealized losses segregated by length of time such securities have been in a continuous loss position are as follows:
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| March 31, 2022 |
Less than 12 Months | | More than 12 Months | | Total |
Estimated Fair Value | | Unrealized Losses | | Estimated Fair Value | | Unrealized Losses | | Estimated Fair Value | | Unrealized Losses |
(Dollars in thousands) |
Available for Sale | | | | | | | | | | | |
U.S. government and agency securities | $ | 360,995 | | | $ | (11,376) | | | $ | — | | | $ | — | | | $ | 360,995 | | | $ | (11,376) | |
Municipal securities | 223,001 | | | (15,908) | | | 14,746 | | | (2,242) | | | 237,747 | | | (18,150) | |
Agency mortgage-backed pass-through securities | 248,653 | | | (17,462) | | | 38,031 | | | (4,657) | | | 286,684 | | | (22,119) | |
Agency collateralized mortgage obligations | 462,888 | | | (33,458) | | | 12,725 | | | (572) | | | 475,613 | | | (34,030) | |
Corporate bonds and other | 71,447 | | | (3,933) | | | — | | | — | | | 71,447 | | | (3,933) | |
Total | $ | 1,366,984 | | | $ | (82,137) | | | $ | 65,502 | | | $ | (7,471) | | | $ | 1,432,486 | | | $ | (89,608) | |
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| December 31, 2021 |
Less than 12 Months | | More than 12 Months | | Total |
Estimated Fair Value | | Unrealized Losses | | Estimated Fair Value | | Unrealized Losses | | Estimated Fair Value | | Unrealized Losses |
(Dollars in thousands) |
Available for Sale | | | | | | | | | | | |
U.S. government and agency securities | $ | 340,161 | | | $ | (1,674) | | | $ | — | | | $ | — | | | $ | 340,161 | | | $ | (1,674) | |
Municipal securities | 70,019 | | | (1,185) | | | 10,435 | | | (362) | | | 80,454 | | | (1,547) | |
Agency mortgage-backed pass-through securities | 219,610 | | | (5,675) | | | 21,627 | | | (901) | | | 241,237 | | | (6,576) | |
Agency collateralized mortgage obligations | 328,300 | | | (3,994) | | | 13,820 | | | (253) | | | 342,120 | | | (4,247) | |
Corporate bonds and other | 38,210 | | | (774) | | | — | | | — | | | 38,210 | | | (774) | |
Total | $ | 996,300 | | | $ | (13,302) | | | $ | 45,882 | | | $ | (1,516) | | | $ | 1,042,182 | | | $ | (14,818) | |
There were no sales of securities for the three months ended March 31, 2022. The Company sold $4.9 million of securities recording gross gains of $49 thousand for the three months ended March 31, 2021. At March 31, 2022 and December 31, 2021, the Company did not own securities of any one issuer, other than the U.S. government and its agencies, in an amount greater than 10% of consolidated shareholders’ equity at such respective dates.
The carrying value of pledged securities was $460.7 million at March 31, 2022 and $258.8 million at December 31, 2021, respectively. The majority of the securities were pledged to collateralize public fund deposits.
4. LOANS AND ALLOWANCE FOR CREDIT LOSSES
The loan portfolio balances, net of unearned income and fees, consist of various types of loans primarily made to borrowers located within Texas and are segregated by class of loan as follows:
| | | | | | | | | | | |
| March 31, 2022 | | December 31, 2021 |
| (Dollars in thousands) |
Commercial and industrial | $ | 714,450 | | | $ | 693,559 | |
Paycheck Protection Program (PPP) | 78,624 | | | 145,942 | |
Real estate: | | | |
Commercial real estate (including multi-family residential) | 2,197,502 | | | 2,104,621 | |
Commercial real estate construction and land development | 453,473 | | | 439,125 | |
1-4 family residential (including home equity) | 669,306 | | | 685,071 | |
Residential construction | 136,760 | | | 117,901 | |
Consumer and other | 33,399 | | | 34,267 | |
Total loans | 4,283,514 | | | 4,220,486 | |
Allowance for credit losses on loans | (49,215) | | | (47,940) | |
Loans, net | $ | 4,234,299 | | | $ | 4,172,546 | |
Nonaccrual and Past Due Loans
An aging analysis of the recorded investment in past due loans, segregated by class of loans, is included below. The Company defines recorded investment as the outstanding loan balances including net deferred loan fees, and excluding accrued interest receivable of $24.1 million and $26.0 million as of March 31, 2022 and December 31, 2021, respectively, due to immateriality.
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| March 31, 2022 |
Loans Past Due and Still Accruing | | Nonaccrual Loans | | Current Loans | | Total Loans |
30-89 Days | | 90 or More Days | | Total Past Due Loans | | | |
(Dollars in thousands) |
Commercial and industrial | $ | 3,149 | | | $ | — | | | $ | 3,149 | | | $ | 7,809 | | | $ | 703,492 | | | $ | 714,450 | |
Paycheck Protection Program (PPP) | — | | | — | | | — | | | — | | | 78,624 | | | 78,624 | |
Real estate: | | | | | | | | | | | |
Commercial real estate (including multi-family residential) | 8,391 | | | — | | | 8,391 | | | 15,259 | | | 2,173,852 | | | 2,197,502 | |
Commercial real estate construction and land development | 2,611 | | | — | | | 2,611 | | | — | | | 450,862 | | | 453,473 | |
1-4 family residential (including home equity) | 1,539 | | | — | | | 1,539 | | | 3,065 | | | 664,702 | | | 669,306 | |
Residential construction | 2,431 | | | — | | | 2,431 | | | — | |