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 $12.7 million and diluted
earnings per share of $0.52 for the third quarter 2022 compared to
net income of $14.4 million and diluted earnings per share of
$0.59 for the third quarter 2021. Net income for the nine months
ended September 30, 2022 was $35.0 million, or $1.43 per
diluted share, compared to $36.1 million, or $1.47 per diluted
share, for the nine months ended September 30, 2021.
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. |
|
Allegiance Bancshares, Inc. |
|
3Q 2022 |
|
2Q 2022 |
|
3Q 2022 |
|
2Q 2022 |
| |
(Dollars in thousands, except per share data) |
|
Net income |
$ |
12,747 |
|
|
$ |
11,707 |
|
|
$ |
14,286 |
|
|
$ |
16,437 |
|
|
Pre-tax, pre-provision income(A) |
$ |
17,140 |
|
|
$ |
14,660 |
|
|
$ |
19,654 |
|
|
$ |
22,282 |
|
|
Earnings per share, diluted |
$ |
0.52 |
|
|
$ |
0.48 |
|
|
$ |
0.71 |
|
|
$ |
0.80 |
|
|
Efficiency ratio(B) |
|
63.11 |
% |
|
|
61.84 |
% |
|
|
69.18 |
% |
|
|
62.96 |
% |
|
Acquisition and merger-related expenses |
$ |
5,897 |
|
|
$ |
1,100 |
|
|
$ |
10,551 |
|
|
$ |
1,667 |
|
|
Adjusted pre-tax, pre-provision
income(A)(C) |
$ |
23,037 |
|
|
$ |
15,760 |
|
|
$ |
30,205 |
|
|
$ |
23,949 |
|
|
Adjusted efficiency
ratio(A)(C) |
|
50.42 |
% |
|
|
58.98 |
% |
|
|
52.61 |
% |
|
|
60.19 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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.
“We are proud to have closed the merger between
CBTX and Allegiance to become Stellar,” said Stellar’s 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.”
“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
CBTX’s net interest income in the third quarter
2022 increased $11.8 million, or 37.6%, to $43.0 million
from $31.2 million for the third quarter 2021 and increased
$8.1 million, or 23.3%, from $34.9 million 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
$3.4 million, a decrease of $2.1 million, or 38.0%,
compared to $5.6 million for the third quarter 2021 and a
decrease of $97 thousand, or 2.7%, compared to
$3.5 million 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 $4.9 million, or 20.3%, to $29.3 million from
$24.4 million for the third quarter 2021 and increased
$5.6 million, 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.
CBTX’s 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
CBTX’s total assets at September 30, 2022 increased
$62.7 million, or 1.5%, to $4.27 billion compared to
$4.21 billion at September 30, 2021 and decreased
$50.5 million, or 4.6% (annualized), compared to
$4.32 billion at June 30, 2022.
Total gross loans at September 30, 2022 increased
$517.7 million, or 19.8%, to $3.13 billion compared to
$2.61 billion at September 30, 2021, primarily due to organic
loan growth, and increased $93.5 million, or 12.3%
(annualized) compared to $3.03 billion at June 30, 2022 due to
the increase in organic loans.
Deposits at September 30, 2022 increased
$192.1 million, or 5.4%, to $3.72 billion compared to
$3.53 billion at September 30, 2021 and decreased
$32.9 million, or 3.5% (annualized), compared to
$3.76 billion at June 30, 2022.
Asset
Quality
CBTX’s nonperforming assets totaled
$22.4 million, or 0.52% of total assets, at September 30, 2022
compared to $20.6 million, 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 $1.0 million compared to the recapture of
provision for credit losses of $4.9 million for the third
quarter 2021 and the provision for credit losses of
$126 thousand for the second quarter 2022.
Third quarter 2022 net charge-offs were $33
thousand, or 0.00% (annualized) of average loans, compared to net
recoveries of $82 thousand, or 0.01% (annualized) of average
loans, for the third quarter 2021 and net recoveries of
$166 thousand, or 0.02% (annualized) of average loans, for the
second quarter 2022.
Allegiance Bancshares, Inc.
Third Quarter
2022 Results
Allegiance’s net interest income in the third
quarter 2022 increased $2.5 million, or 4.3%, to
$60.7 million from $58.2 million for the third quarter
2021 and increased $3.2 million, or 5.6%, from
$57.5 million 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
$3.0 million, an increase of $896 thousand, or 42.7%,
compared to $2.1 million for the third quarter 2021 and an
increase of $291 thousand, or 10.8%, compared to
$2.7 million 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 $9.7 million, or 28.4%, to $44.0 million from
$34.3 million for the third quarter 2021 and increased
$6.1 million, 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.
Allegiance’s 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.
Financial
Condition
Allegiance’s total assets at September 30,
2022 decreased $29.4 million, or 0.4%, to $6.73 billion
compared to $6.76 billion at September 30, 2021 and
decreased $1.4 million, or 0.1% (annualized), compared to
$6.73 billion at June 30, 2022.
Total gross loans at September 30, 2022
increased $302.4 million, or 7.1%, to $4.59 billion
compared to $4.29 billion at September 30, 2021,
primarily due to organic loan growth, and increased
$243.1 million, or 22.4% (annualized) compared to
$4.35 billion at June 30, 2022, primarily due to the
increase in organic loans. Core loans, which exclude Paycheck
Protection Program (PPP) loans, increased $574.6 million, or
14.4%, to $4.57 billion at September 30, 2022 from
$4.00 billion at September 30, 2021 and increased
$257.1 million, or 23.8% (annualized), from $4.32 billion
at June 30, 2022.
Deposits at September 30, 2022 decreased
$6.2 million, or 0.1%, to $5.66 billion compared to
$5.67 billion at September 30, 2021 and decreased
$219.9 million, or 15.0% (annualized), compared to
$5.88 billion at June 30, 2022.
Asset
Quality
Allegiance’s nonperforming assets totaled
$21.6 million, or 0.32% of total assets, at September 30,
2022 compared to $29.8 million, or 0.44% of total assets, at
September 30, 2021 and $28.2 million, or 0.42% of total
assets at June 30, 2022. The allowance for credit losses on
loans as a percentage of total loans was 1.14% at
September 30, 2022, 1.18% at September 30, 2021 and 1.16%
at June 30, 2022.
The provision for credit losses for the third
quarter 2022 was $2.0 million compared to the provision for
credit losses of $2.3 million for the third quarter 2021 and
the provision for credit losses of $2.1 million for the second
quarter 2022.
Third quarter 2022 net recoveries were
$245 thousand, or 0.02% (annualized) of average loans,
compared to net charge-offs of $450 thousand, or 0.04%
(annualized) of average loans, for the third quarter 2021 and net
charge-offs of $571 thousand, or 0.05% (annualized) of average
loans, for the second quarter 2022.
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
Stellar’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 pages 11 and 18 of this earnings release for
a reconciliation of these non-GAAP financial measures.
Conference Call
As previously announced, Stellar’s 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 Stellar’s
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 Stellar’s
website at IR.stellarbancorpinc.com.
About Stellar Bancorp, Inc.
Stellar Bancorp, Inc. is a bank holding company
headquartered in Houston, Texas. Stellar’s 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:
IR@stellarbancorpinc.com
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 company’s 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 Stellar’s 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.
Additional factors which could affect the Company’s
future results can be found in the Company’s 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 Allegiance’s 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 SEC’s 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.
Financial Highlights
(Unaudited)
| |
Three Months Ended |
|
Nine Months Ended |
| |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| |
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
September 30 |
|
September 30 |
| |
(Dollars and share amounts in thousands, except per share
data) |
|
Net income (loss) |
$ |
12,747 |
|
|
$ |
11,707 |
|
|
$ |
10,595 |
|
|
$ |
(545 |
) |
|
$ |
14,421 |
|
|
$ |
35,049 |
|
|
$ |
36,143 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per share, basic |
$ |
0.52 |
|
|
$ |
0.48 |
|
|
$ |
0.43 |
|
|
$ |
(0.02 |
) |
|
$ |
0.59 |
|
|
$ |
1.43 |
|
|
$ |
1.48 |
|
|
Earnings (loss) per share, diluted |
$ |
0.52 |
|
|
$ |
0.48 |
|
|
$ |
0.43 |
|
|
$ |
(0.02 |
) |
|
$ |
0.59 |
|
|
$ |
1.43 |
|
|
$ |
1.47 |
|
|
Dividends per share |
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.13 |
|
|
$ |
0.39 |
|
|
$ |
0.39 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets(A) |
|
1.16 |
% |
|
|
1.08 |
% |
|
|
0.97 |
% |
|
|
(0.05 |
%) |
|
|
1.37 |
% |
|
|
1.07 |
% |
|
|
1.19 |
% |
|
Return on average equity(A) |
|
9.40 |
% |
|
|
8.75 |
% |
|
|
7.67 |
% |
|
|
(0.38 |
%) |
|
|
10.15 |
% |
|
|
8.60 |
% |
|
|
8.70 |
% |
Return on average tangible
equity(A)(B) |
|
11.15 |
% |
|
|
10.38 |
% |
|
|
9.03 |
% |
|
|
(0.45 |
%) |
|
|
11.95 |
% |
|
|
10.18 |
% |
|
|
10.27 |
% |
Net interest margin
(tax equivalent)(A)(C) |
|
4.25 |
% |
|
|
3.49 |
% |
|
|
3.22 |
% |
|
|
3.07 |
% |
|
|
3.22 |
% |
|
|
3.65 |
% |
|
|
3.40 |
% |
|
Efficiency ratio(D) |
|
63.11 |
% |
|
|
61.84 |
% |
|
|
64.94 |
% |
|
|
99.78 |
% |
|
|
66.21 |
% |
|
|
63.28 |
% |
|
|
67.76 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
| CBTX, Inc.(Consolidated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets |
|
11.74 |
% |
|
|
12.19 |
% |
|
|
12.14 |
% |
|
|
12.53 |
% |
|
|
13.41 |
% |
|
|
11.74 |
% |
|
|
13.41 |
% |
Tangible equity to tangible
assets(B) |
|
9.96 |
% |
|
|
10.44 |
% |
|
|
10.44 |
% |
|
|
10.85 |
% |
|
|
11.64 |
% |
|
|
9.96 |
% |
|
|
11.64 |
% |
Estimated common equity
tier 1 capital |
|
14.05 |
% |
|
|
14.49 |
% |
|
|
14.97 |
% |
|
|
15.31 |
% |
|
|
16.87 |
% |
|
|
14.05 |
% |
|
|
16.87 |
% |
Estimated tier 1 risk-based
capital |
|
14.05 |
% |
|
|
14.49 |
% |
|
|
14.97 |
% |
|
|
15.31 |
% |
|
|
16.87 |
% |
|
|
14.05 |
% |
|
|
16.87 |
% |
Estimated total risk-based
capital |
|
15.09 |
% |
|
|
15.53 |
% |
|
|
16.06 |
% |
|
|
16.42 |
% |
|
|
18.12 |
% |
|
|
15.09 |
% |
|
|
18.12 |
% |
Estimated tier 1 leverage
capital |
|
11.42 |
% |
|
|
11.48 |
% |
|
|
11.08 |
% |
|
|
11.22 |
% |
|
|
11.69 |
% |
|
|
11.42 |
% |
|
|
11.69 |
% |
|
CommunityBank of Texas |
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated common equity
tier 1 capital |
|
13.81 |
% |
|
|
13.77 |
% |
|
|
14.13 |
% |
|
|
14.43 |
% |
|
|
15.88 |
% |
|
|
13.81 |
% |
|
|
15.88 |
% |
Estimated tier 1 risk-based
capital |
|
13.81 |
% |
|
|
13.77 |
% |
|
|
14.13 |
% |
|
|
14.43 |
% |
|
|
15.88 |
% |
|
|
13.81 |
% |
|
|
15.88 |
% |
Estimated total risk-based
capital |
|
14.85 |
% |
|
|
14.82 |
% |
|
|
15.22 |
% |
|
|
15.54 |
% |
|
|
17.13 |
% |
|
|
14.85 |
% |
|
|
17.13 |
% |
Estimated tier 1 leverage
capital |
|
11.22 |
% |
|
|
10.91 |
% |
|
|
10.47 |
% |
|
|
10.58 |
% |
|
|
11.01 |
% |
|
|
11.22 |
% |
|
|
11.01 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
24,345 |
|
|
|
24,493 |
|
|
|
24,497 |
|
|
|
24,437 |
|
|
|
24,432 |
|
|
|
24,445 |
|
|
|
24,462 |
|
|
Diluted |
|
24,464 |
|
|
|
24,593 |
|
|
|
24,605 |
|
|
|
24,575 |
|
|
|
24,544 |
|
|
|
24,552 |
|
|
|
24,572 |
|
Period end shares
outstanding |
|
24,015 |
|
|
|
24,425 |
|
|
|
24,502 |
|
|
|
24,488 |
|
|
|
24,420 |
|
|
|
24,015 |
|
|
|
24,420 |
|
|
Book value per share |
$ |
20.88 |
|
|
$ |
21.56 |
|
|
$ |
22.03 |
|
|
$ |
22.96 |
|
|
$ |
23.12 |
|
|
$ |
20.88 |
|
|
$ |
23.12 |
|
|
Tangible book value per share(B) |
$ |
17.38 |
|
|
$ |
18.11 |
|
|
$ |
18.58 |
|
|
$ |
19.50 |
|
|
$ |
19.65 |
|
|
$ |
17.38 |
|
|
$ |
19.65 |
|
|
Employees - full-time equivalents |
|
487 |
|
|
|
491 |
|
|
|
503 |
|
|
|
506 |
|
|
|
520 |
|
|
|
487 |
|
|
|
520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 11 of this
Earnings Release.
(C) Net interest margin represents net
interest income divided by average interest-earning assets.
(D) Represents total noninterest
expense divided by the sum of net interest income plus noninterest
income.
CBTX, Inc.
Financial Highlights
(Unaudited)
| |
|
2022 |
|
|
|
2021 |
|
| |
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
| |
(Dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
41,219 |
|
|
$ |
41,951 |
|
|
$ |
47,718 |
|
|
$ |
27,689 |
|
|
$ |
50,642 |
|
Interest-bearing
deposits at other financial
institutions |
|
329,229 |
|
|
|
442,015 |
|
|
|
723,273 |
|
|
|
922,457 |
|
|
|
948,143 |
|
|
Total cash and cash equivalents |
|
370,448 |
|
|
|
483,966 |
|
|
|
770,991 |
|
|
|
950,146 |
|
|
|
998,785 |
|
|
Available for sale securities, at fair value |
|
511,282 |
|
|
|
550,083 |
|
|
|
547,979 |
|
|
|
425,046 |
|
|
|
359,539 |
|
|
Equity investments |
|
17,835 |
|
|
|
18,073 |
|
|
|
17,101 |
|
|
|
17,727 |
|
|
|
17,349 |
|
|
Loans held for sale |
|
— |
|
|
|
— |
|
|
|
748 |
|
|
|
164 |
|
|
|
327 |
|
|
Loans held for investment |
|
3,126,421 |
|
|
|
3,032,914 |
|
|
|
2,879,880 |
|
|
|
2,867,524 |
|
|
|
2,608,402 |
|
|
Less: allowance for credit losses on loans |
|
(32,577 |
) |
|
|
(32,087 |
) |
|
|
(31,442 |
) |
|
|
(31,345 |
) |
|
|
(32,208 |
) |
|
Loans, net |
|
3,093,844 |
|
|
|
3,000,827 |
|
|
|
2,848,438 |
|
|
|
2,836,179 |
|
|
|
2,576,194 |
|
|
Premises and equipment, net |
|
55,594 |
|
|
|
56,010 |
|
|
|
56,665 |
|
|
|
58,417 |
|
|
|
59,235 |
|
|
Goodwill |
|
80,950 |
|
|
|
80,950 |
|
|
|
80,950 |
|
|
|
80,950 |
|
|
|
80,950 |
|
|
Other intangible assets, net |
|
3,188 |
|
|
|
3,353 |
|
|
|
3,540 |
|
|
|
3,658 |
|
|
|
3,702 |
|
|
Bank owned life insurance |
|
74,274 |
|
|
|
73,898 |
|
|
|
73,527 |
|
|
|
73,156 |
|
|
|
72,771 |
|
|
Operating lease right-to-use assets |
|
10,992 |
|
|
|
11,324 |
|
|
|
10,850 |
|
|
|
11,191 |
|
|
|
11,527 |
|
|
Deferred tax assets, net |
|
29,581 |
|
|
|
22,699 |
|
|
|
16,724 |
|
|
|
9,973 |
|
|
|
9,760 |
|
|
Other assets |
|
23,843 |
|
|
|
21,120 |
|
|
|
18,464 |
|
|
|
19,394 |
|
|
|
18,980 |
|
|
Total assets |
$ |
4,271,831 |
|
|
$ |
4,322,303 |
|
|
$ |
4,445,977 |
|
|
$ |
4,486,001 |
|
|
$ |
4,209,119 |
|
LIABILITIES AND
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
1,780,473 |
|
|
$ |
1,810,275 |
|
|
$ |
1,801,323 |
|
|
$ |
1,784,981 |
|
|
$ |
1,628,144 |
|
|
Interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
415,970 |
|
|
|
445,149 |
|
|
|
444,571 |
|
|
|
468,361 |
|
|
|
386,196 |
|
|
|
Money market and savings |
|
1,273,855 |
|
|
|
1,239,978 |
|
|
|
1,348,300 |
|
|
|
1,336,690 |
|
|
|
1,257,961 |
|
|
|
Certificates and other time |
|
253,476 |
|
|
|
261,232 |
|
|
|
227,031 |
|
|
|
241,252 |
|
|
|
259,334 |
|
|
|
Total interest-bearing deposits |
|
1,943,301 |
|
|
|
1,946,359 |
|
|
|
2,019,902 |
|
|
|
2,046,303 |
|
|
|
1,903,491 |
|
|
|
Total deposits |
|
3,723,774 |
|
|
|
3,756,634 |
|
|
|
3,821,225 |
|
|
|
3,831,284 |
|
|
|
3,531,635 |
|
|
Operating lease liabilities |
|
13,748 |
|
|
|
14,169 |
|
|
|
13,752 |
|
|
|
14,142 |
|
|
|
14,556 |
|
|
Federal Home Loan Bank advances |
|
— |
|
|
|
— |
|
|
|
50,000 |
|
|
|
50,000 |
|
|
|
50,000 |
|
|
Other liabilities |
|
32,884 |
|
|
|
24,821 |
|
|
|
21,277 |
|
|
|
28,450 |
|
|
|
48,335 |
|
|
|
Total liabilities |
|
3,770,406 |
|
|
|
3,795,624 |
|
|
|
3,906,254 |
|
|
|
3,923,876 |
|
|
|
3,644,526 |
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
240 |
|
|
|
253 |
|
|
|
253 |
|
|
|
253 |
|
|
|
253 |
|
|
Capital surplus |
|
308,197 |
|
|
|
334,104 |
|
|
|
336,214 |
|
|
|
335,846 |
|
|
|
335,226 |
|
|
Retained earnings |
|
262,804 |
|
|
|
253,180 |
|
|
|
244,672 |
|
|
|
237,165 |
|
|
|
241,012 |
|
|
Treasury stock |
|
— |
|
|
|
(14,046 |
) |
|
|
(14,196 |
) |
|
|
(14,196 |
) |
|
|
(14,334 |
) |
| Accumulated other
comprehensive (loss) income |
|
(69,816 |
) |
|
|
(46,812 |
) |
|
|
(27,220 |
) |
|
|
3,057 |
|
|
|
2,436 |
|
|
|
Total shareholders’
equity |
|
501,425 |
|
|
|
526,679 |
|
|
|
539,723 |
|
|
|
562,125 |
|
|
|
564,593 |
|
TOTAL LIABILITIES
AND
SHAREHOLDERS’ EQUITY |
$ |
4,271,831 |
|
|
$ |
4,322,303 |
|
|
$ |
4,445,977 |
|
|
$ |
4,486,001 |
|
|
$ |
4,209,119 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CBTX, Inc.
Financial Highlights
(Unaudited)
| |
Three Months Ended |
|
Nine Months Ended |
| |
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
| |
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
September 30 |
|
September 30 |
| |
(Dollars in thousands, except per share data) |
|
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest and fees on loans |
$ |
39,058 |
|
$ |
31,768 |
|
|
$ |
31,221 |
|
$ |
29,882 |
|
|
$ |
30,765 |
|
|
$ |
102,047 |
|
$ |
94,723 |
|
|
Securities |
|
3,046 |
|
|
2,937 |
|
|
|
2,292 |
|
|
1,796 |
|
|
|
1,435 |
|
|
|
8,275 |
|
|
3,940 |
|
|
Interest-bearing deposits at other financial institutions |
|
2,408 |
|
|
1,238 |
|
|
|
348 |
|
|
383 |
|
|
|
340 |
|
|
|
3,994 |
|
|
740 |
|
|
Equity investments |
|
161 |
|
|
158 |
|
|
|
154 |
|
|
168 |
|
|
|
157 |
|
|
|
473 |
|
|
461 |
|
|
Total interest income |
|
44,673 |
|
|
36,101 |
|
|
|
34,015 |
|
|
32,229 |
|
|
|
32,697 |
|
|
|
114,789 |
|
|
99,864 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits |
|
1,661 |
|
|
1,178 |
|
|
|
1,164 |
|
|
1,180 |
|
|
|
1,227 |
|
|
|
4,003 |
|
|
3,844 |
|
|
Federal Home Loan Bank advances |
|
— |
|
|
51 |
|
|
|
221 |
|
|
222 |
|
|
|
221 |
|
|
|
272 |
|
|
663 |
|
|
Other interest-bearing liabilities |
|
— |
|
|
— |
|
|
|
— |
|
|
17 |
|
|
|
— |
|
|
|
— |
|
|
— |
|
|
Total interest expense |
|
1,661 |
|
|
1,229 |
|
|
|
1,385 |
|
|
1,419 |
|
|
|
1,448 |
|
|
|
4,275 |
|
|
4,507 |
|
|
NET INTEREST INCOME |
|
43,012 |
|
|
34,872 |
|
|
|
32,630 |
|
|
30,810 |
|
|
|
31,249 |
|
|
|
110,514 |
|
|
95,357 |
|
|
Provision (recapture) for credit losses for loans |
|
523 |
|
|
479 |
|
|
|
20 |
|
|
(901 |
) |
|
|
(5,057 |
) |
|
|
1,022 |
|
|
(8,961 |
) |
|
Provision (recapture) for credit losses for unfunded
commitments |
|
489 |
|
|
(353 |
) |
|
|
415 |
|
|
(306 |
) |
|
|
162 |
|
|
|
551 |
|
|
(605 |
) |
|
Total provision (recapture) for credit losses |
|
1,012 |
|
|
126 |
|
|
|
435 |
|
|
(1,207 |
) |
|
|
(4,895 |
) |
|
|
1,573 |
|
|
(9,566 |
) |
| Net interest income after
provision (recapture) for credit losses |
|
42,000 |
|
|
34,746 |
|
|
|
32,195 |
|
|
32,017 |
|
|
|
36,144 |
|
|
|
108,941 |
|
|
104,923 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposit account service charges |
|
1,320 |
|
|
1,386 |
|
|
|
1,370 |
|
|
1,370 |
|
|
|
1,352 |
|
|
|
4,076 |
|
|
3,712 |
|
|
Card interchange fees |
|
1,056 |
|
|
1,135 |
|
|
|
1,037 |
|
|
1,081 |
|
|
|
1,048 |
|
|
|
3,228 |
|
|
3,119 |
|
|
Earnings on bank-owned life insurance |
|
376 |
|
|
371 |
|
|
|
371 |
|
|
385 |
|
|
|
2,323 |
|
|
|
1,118 |
|
|
3,103 |
|
|
Net gain on sales of assets |
|
85 |
|
|
58 |
|
|
|
530 |
|
|
910 |
|
|
|
360 |
|
|
|
673 |
|
|
918 |
|
|
Other |
|
612 |
|
|
596 |
|
|
|
2,021 |
|
|
354 |
|
|
|
479 |
|
|
|
3,229 |
|
|
1,312 |
|
|
Total noninterest income |
|
3,449 |
|
|
3,546 |
|
|
|
5,329 |
|
|
4,100 |
|
|
|
5,562 |
|
|
|
12,324 |
|
|
12,164 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
14,706 |
|
|
14,698 |
|
|
|
15,254 |
|
|
16,609 |
|
|
|
15,000 |
|
|
|
44,658 |
|
|
43,922 |
|
|
Occupancy expense |
|
2,595 |
|
|
2,386 |
|
|
|
2,371 |
|
|
2,606 |
|
|
|
2,660 |
|
|
|
7,352 |
|
|
7,778 |
|
|
Professional and director fees |
|
836 |
|
|
1,140 |
|
|
|
879 |
|
|
756 |
|
|
|
1,167 |
|
|
|
2,855 |
|
|
5,271 |
|
|
Data processing and software |
|
1,502 |
|
|
1,210 |
|
|
|
1,763 |
|
|
1,716 |
|
|
|
1,629 |
|
|
|
4,475 |
|
|
4,866 |
|
|
Regulatory fees |
|
599 |
|
|
803 |
|
|
|
614 |
|
|
8,366 |
|
|
|
478 |
|
|
|
2,016 |
|
|
1,535 |
|
|
Advertising, marketing and business development |
|
350 |
|
|
366 |
|
|
|
249 |
|
|
263 |
|
|
|
493 |
|
|
|
965 |
|
|
1,288 |
|
|
Telephone and communications |
|
348 |
|
|
349 |
|
|
|
454 |
|
|
471 |
|
|
|
516 |
|
|
|
1,151 |
|
|
1,529 |
|
|
Security and protection expense |
|
386 |
|
|
170 |
|
|
|
324 |
|
|
439 |
|
|
|
425 |
|
|
|
880 |
|
|
1,352 |
|
|
Amortization of intangibles |
|
165 |
|
|
172 |
|
|
|
181 |
|
|
179 |
|
|
|
182 |
|
|
|
518 |
|
|
559 |
|
Acquisition and merger-related
expenses |
|
5,897 |
|
|
1,100 |
|
|
|
784 |
|
|
1,293 |
|
|
|
400 |
|
|
|
7,781 |
|
|
1,689 |
|
|
Other expenses |
|
1,937 |
|
|
1,364 |
|
|
|
1,779 |
|
|
2,134 |
|
|
|
1,422 |
|
|
|
5,080 |
|
|
3,065 |
|
|
Total noninterest expense |
|
29,321 |
|
|
23,758 |
|
|
|
24,652 |
|
|
34,832 |
|
|
|
24,372 |
|
|
|
77,731 |
|
|
72,854 |
|
| INCOME BEFORE INCOME
TAXES |
|
16,128 |
|
|
14,534 |
|
|
|
12,872 |
|
|
1,285 |
|
|
|
17,334 |
|
|
|
43,534 |
|
|
44,233 |
|
|
Provision for income taxes |
|
3,381 |
|
|
2,827 |
|
|
|
2,277 |
|
|
1,830 |
|
|
|
2,913 |
|
|
|
8,485 |
|
|
8,090 |
|
|
NET INCOME (LOSS) |
$ |
12,747 |
|
$ |
11,707 |
|
|
$ |
10,595 |
|
$ |
(545 |
) |
|
$ |
14,421 |
|
|
$ |
35,049 |
|
$ |
36,143 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.52 |
|
$ |
0.48 |
|
|
$ |
0.43 |
|
$ |
(0.02 |
) |
|
$ |
0.59 |
|
|
$ |
1.43 |
|
$ |
1.48 |
|
|
Diluted |
$ |
0.52 |
|
$ |
0.48 |
|
|
$ |
0.43 |
|
$ |
(0.02 |
) |
|
$ |
0.59 |
|
|
$ |
1.43 |
|
$ |
1.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CBTX, Inc.
Financial Highlights
(Unaudited)
| |
Three Months Ended |
| |
September 30, 2022 |
|
June 30, 2022 |
|
September 30, 2021 |
| |
Average Outstanding Balance |
|
Interest Earned/
Interest
Paid |
|
Average
Yield/
Rate(A) |
|
Average Outstanding Balance |
|
Interest Earned/
Interest
Paid |
|
Average
Yield/
Rate(A) |
|
Average Outstanding Balance |
|
Interest Earned/
Interest
Paid |
|
Average
Yield/
Rate(A) |
| |
(Dollars in thousands) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total loans(B) |
$ |
3,074,655 |
|
|
$ |
39,058 |
|
5.04 |
% |
|
$ |
2,897,335 |
|
|
$ |
31,768 |
|
4.40 |
% |
|
$ |
2,702,248 |
|
|
$ |
30,765 |
|
4.52 |
% |
|
Securities |
|
552,901 |
|
|
|
3,046 |
|
2.19 |
% |
|
|
562,518 |
|
|
|
2,937 |
|
2.09 |
% |
|
|
327,968 |
|
|
|
1,435 |
|
1.74 |
% |
| Interest-bearing deposits at
other financial institutions |
|
428,196 |
|
|
|
2,408 |
|
2.23 |
% |
|
|
593,255 |
|
|
|
1,238 |
|
0.84 |
% |
|
|
854,406 |
|
|
|
340 |
|
0.16 |
% |
|
Equity investments |
|
13,393 |
|
|
|
161 |
|
4.77 |
% |
|
|
13,386 |
|
|
|
158 |
|
4.73 |
% |
|
|
13,367 |
|
|
|
157 |
|
4.66 |
% |
|
Total interest-earning assets |
|
4,069,145 |
|
|
$ |
44,673 |
|
4.36 |
% |
|
|
4,066,494 |
|
|
$ |
36,101 |
|
3.56 |
% |
|
|
3,897,989 |
|
|
$ |
32,697 |
|
3.33 |
% |
| Allowance for credit losses on
loans |
|
(32,106 |
) |
|
|
|
|
|
|
(31,081 |
) |
|
|
|
|
|
|
(36,945 |
) |
|
|
|
|
| Noninterest-earning
assets |
|
318,761 |
|
|
|
|
|
|
|
315,133 |
|
|
|
|
|
|
|
313,901 |
|
|
|
|
|
|
Total assets |
$ |
4,355,800 |
|
|
|
|
|
|
$ |
4,350,546 |
|
|
|
|
|
|
$ |
4,174,945 |
|
|
|
|
|
Liabilities
and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing deposits |
$ |
1,954,854 |
|
|
$ |
1,661 |
|
0.34 |
% |
|
$ |
1,939,990 |
|
|
$ |
1,178 |
|
0.24 |
% |
|
$ |
1,895,617 |
|
|
$ |
1,227 |
|
0.26 |
% |
|
Federal Home Loan Bank advances |
|
— |
|
|
|
— |
|
0.00 |
% |
|
|
5,495 |
|
|
|
51 |
|
3.72 |
% |
|
|
50,000 |
|
|
|
221 |
|
1.75 |
% |
Total interest-bearing
liabilities |
|
1,954,854 |
|
|
$ |
1,661 |
|
0.34 |
% |
|
|
1,945,485 |
|
|
$ |
1,229 |
|
0.25 |
% |
|
|
1,945,617 |
|
|
$ |
1,448 |
|
0.30 |
% |
| Noninterest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-bearing demand
deposits |
|
1,822,323 |
|
|
|
|
|
|
|
1,825,400 |
|
|
|
|
|
|
|
1,612,985 |
|
|
|
|
|
|
Other liabilities |
|
40,684 |
|
|
|
|
|
|
|
42,861 |
|
|
|
|
|
|
|
52,712 |
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
1,863,007 |
|
|
|
|
|
|
|
1,868,261 |
|
|
|
|
|
|
|
1,665,697 |
|
|
|
|
|
|
Shareholders' equity |
|
537,939 |
|
|
|
|
|
|
|
536,800 |
|
|
|
|
|
|
|
563,631 |
|
|
|
|
|
Total liabilities and
shareholders' equity |
$ |
4,355,800 |
|
|
|
|
|
|
$ |
4,350,546 |
|
|
|
|
|
|
$ |
4,174,945 |
|
|
|
|
|
| Net interest income |
|
|
$ |
43,012 |
|
|
|
|
|
$ |
34,872 |
|
|
|
|
|
$ |
31,249 |
|
|
|
Net interest spread(C) |
|
|
|
|
4.02 |
% |
|
|
|
|
|
3.31 |
% |
|
|
|
|
|
3.03 |
% |
| Net interest
margin(D) |
|
|
|
|
4.19 |
% |
|
|
|
|
|
3.44 |
% |
|
|
|
|
|
3.18 |
% |
| Net interest margin - tax
equivalent(E) |
|
|
|
|
4.25 |
% |
|
|
|
|
|
3.49 |
% |
|
|
|
|
|
3.22 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Annualized.
(B) Includes average outstanding
balances related to loans held for sale.
(C) Net interest spread is the average
yield on interest-earning assets minus the average rate on
interest-bearing liabilities.
(D) Net interest margin is equal to
net interest income divided by average interest-earning assets.
(E) Tax equivalent adjustments of $578
thousand, $478 thousand and $369 thousand for the three months
ended September 30, 2022, June 30, 2022 and September 30, 2021,
respectively, were computed using a federal income tax rate of
21%.
CBTX, Inc.
Financial Highlights
(Unaudited)
| |
Nine Months Ended September 30, |
| |
|
2022 |
|
|
|
2021 |
|
| |
Average Outstanding Balance |
|
Interest Earned/
Interest Paid |
|
Average Yield/
Rate(A) |
|
Average Outstanding Balance |
|
Interest Earned/
Interest Paid |
|
Average Yield/
Rate(A) |
| |
(Dollars in thousands) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Earning Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Total loans(B) |
$ |
2,953,607 |
|
|
$ |
102,047 |
|
4.62 |
% |
|
$ |
2,812,449 |
|
|
$ |
94,723 |
|
4.50 |
% |
|
Securities |
|
537,889 |
|
|
|
8,275 |
|
2.06 |
% |
|
|
296,958 |
|
|
|
3,940 |
|
1.77 |
% |
| Interest-bearing deposits at
other financial institutions |
|
595,458 |
|
|
|
3,994 |
|
0.90 |
% |
|
|
668,119 |
|
|
|
740 |
|
0.15 |
% |
|
Equity investments |
|
13,386 |
|
|
|
473 |
|
4.72 |
% |
|
|
14,679 |
|
|
|
461 |
|
4.20 |
% |
|
Total interest-earning assets |
|
4,100,340 |
|
|
$ |
114,789 |
|
3.74 |
% |
|
|
3,792,205 |
|
|
$ |
99,864 |
|
3.52 |
% |
| Allowance for credit losses on
loans |
|
(31,599 |
) |
|
|
|
|
|
|
(39,594 |
) |
|
|
|
|
| Noninterest-earning
assets |
|
313,938 |
|
|
|
|
|
|
|
318,009 |
|
|
|
|
|
|
Total assets |
$ |
4,382,679 |
|
|
|
|
|
|
$ |
4,070,620 |
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
| Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Interest-bearing deposits |
$ |
1,971,247 |
|
|
$ |
4,003 |
|
0.27 |
% |
|
$ |
1,846,211 |
|
|
$ |
3,844 |
|
0.28 |
% |
|
Federal Home Loan Bank advances |
|
18,315 |
|
|
|
272 |
|
1.99 |
% |
|
|
50,000 |
|
|
|
663 |
|
1.77 |
% |
Total interest-bearing
liabilities |
|
1,989,562 |
|
|
$ |
4,275 |
|
0.29 |
% |
|
|
1,896,211 |
|
|
|
4,507 |
|
0.32 |
% |
| Noninterest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-bearing demand
deposits |
|
1,803,702 |
|
|
|
|
|
|
|
1,568,071 |
|
|
|
|
|
|
Other liabilities |
|
44,479 |
|
|
|
|
|
|
|
50,966 |
|
|
|
|
|
|
Total noninterest-bearing liabilities |
|
1,848,181 |
|
|
|
|
|
|
|
1,619,037 |
|
|
|
|
|
|
Shareholders' equity |
|
544,936 |
|
|
|
|
|
|
|
555,372 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
4,382,679 |
|
|
|
|
|
|
$ |
4,070,620 |
|
|
|
|
|
| Net interest income |
|
|
$ |
110,514 |
|
|
|
|
|
$ |
95,357 |
|
|
|
Net interest spread(C) |
|
|
|
|
3.45 |
% |
|
|
|
|
|
3.20 |
% |
| Net interest
margin(D) |
|
|
|
|
3.60 |
% |
|
|
|
|
|
3.36 |
% |
| Net interest margin - tax
equivalent(E) |
|
|
|
|
3.65 |
% |
|
|
|
|
|
3.40 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Annualized.
(B) Includes average outstanding
balances related to loans held for sale.
(C) Net interest spread is the average
yield on interest-earning assets minus the average rate on
interest-bearing liabilities.
(D) Net interest margin is equal to
net interest income divided by average interest-earning assets.
(E) Tax equivalent adjustments of $1.5
million and $989 thousand for the nine months ended September 30,
2022 and 2021, respectively, were computed using a federal income
tax rate of 21%.
CBTX, Inc.
Financial Highlights
(Unaudited)
| |
Three Months Ended |
| |
|
2022 |
|
|
|
2021 |
|
| |
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
| |
(Dollars in thousands) |
|
Loan Portfolio: |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
568,071 |
|
|
$ |
581,443 |
|
|
$ |
600,990 |
|
|
$ |
634,384 |
|
|
$ |
596,251 |
|
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
1,242,118 |
|
|
|
1,181,620 |
|
|
|
1,142,646 |
|
|
|
1,091,969 |
|
|
|
1,029,137 |
|
|
Construction and development |
|
507,570 |
|
|
|
560,903 |
|
|
|
473,326 |
|
|
|
460,719 |
|
|
|
393,541 |
|
|
1-4 family residential |
|
288,456 |
|
|
|
264,428 |
|
|
|
263,213 |
|
|
|
277,273 |
|
|
|
204,151 |
|
|
Multi-family residential |
|
370,391 |
|
|
|
300,582 |
|
|
|
279,099 |
|
|
|
286,396 |
|
|
|
285,852 |
|
|
Consumer |
|
24,509 |
|
|
|
26,810 |
|
|
|
28,230 |
|
|
|
28,090 |
|
|
|
27,930 |
|
|
Agriculture |
|
11,185 |
|
|
|
8,036 |
|
|
|
6,287 |
|
|
|
7,941 |
|
|
|
8,780 |
|
|
Other |
|
123,591 |
|
|
|
118,153 |
|
|
|
95,187 |
|
|
|
89,655 |
|
|
|
71,915 |
|
|
Gross loans |
|
3,135,891 |
|
|
|
3,041,975 |
|
|
|
2,888,978 |
|
|
|
2,876,427 |
|
|
|
2,617,557 |
|
|
Less allowance for credit losses |
|
(32,577 |
) |
|
|
(32,087 |
) |
|
|
(31,442 |
) |
|
|
(31,345 |
) |
|
|
(32,208 |
) |
|
Less deferred fees and unearned discount |
|
(9,470 |
) |
|
|
(9,061 |
) |
|
|
(8,350 |
) |
|
|
(8,739 |
) |
|
|
(8,828 |
) |
|
Less loans held for sale |
|
— |
|
|
|
— |
|
|
|
(748 |
) |
|
|
(164 |
) |
|
|
(327 |
) |
|
Loans, net |
$ |
3,093,844 |
|
|
$ |
3,000,827 |
|
|
$ |
2,848,438 |
|
|
$ |
2,836,179 |
|
|
$ |
2,576,194 |
|
| |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand accounts |
$ |
415,970 |
|
|
$ |
445,149 |
|
|
$ |
444,571 |
|
|
$ |
468,361 |
|
|
$ |
386,196 |
|
|
Money market accounts |
|
1,144,969 |
|
|
|
1,109,265 |
|
|
|
1,218,082 |
|
|
|
1,209,659 |
|
|
|
1,139,167 |
|
|
Savings accounts |
|
128,886 |
|
|
|
130,713 |
|
|
|
130,218 |
|
|
|
127,031 |
|
|
|
118,794 |
|
| Certificates and other time
deposits, $100,000 or greater |
|
161,975 |
|
|
|
169,616 |
|
|
|
127,798 |
|
|
|
134,775 |
|
|
|
140,740 |
|
| Certificates and other time
deposits, less than $100,000 |
|
91,501 |
|
|
|
91,616 |
|
|
|
99,233 |
|
|
|
106,477 |
|
|
|
118,594 |
|
|
Total interest-bearing deposits |
|
1,943,301 |
|
|
|
1,946,359 |
|
|
|
2,019,902 |
|
|
|
2,046,303 |
|
|
|
1,903,491 |
|
|
Noninterest-bearing deposits |
|
1,780,473 |
|
|
|
1,810,275 |
|
|
|
1,801,323 |
|
|
|
1,784,981 |
|
|
|
1,628,144 |
|
|
Total deposits |
$ |
3,723,774 |
|
|
$ |
3,756,634 |
|
|
$ |
3,821,225 |
|
|
$ |
3,831,284 |
|
|
$ |
3,531,635 |
|
| |
|
|
|
|
|
|
|
|
|
|
Asset Quality: |
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
22,410 |
|
|
$ |
28,273 |
|
|
$ |
22,083 |
|
|
$ |
22,568 |
|
|
$ |
20,585 |
|
|
Accruing loans 90 or more days past due |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total nonperforming loans |
|
22,410 |
|
|
|
28,273 |
|
|
|
22,083 |
|
|
|
22,568 |
|
|
|
20,585 |
|
|
Other real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total nonperforming assets |
$ |
22,410 |
|
|
$ |
28,273 |
|
|
$ |
22,083 |
|
|
$ |
22,568 |
|
|
$ |
20,585 |
|
| |
|
|
|
|
|
|
|
|
|
|
Net charge-offs (recoveries) |
$ |
33 |
|
|
$ |
(166 |
) |
|
$ |
(77 |
) |
|
$ |
(38 |
) |
|
$ |
(82 |
) |
| |
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans: |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
7,985 |
|
|
$ |
8,312 |
|
|
$ |
8,765 |
|
|
$ |
9,090 |
|
|
$ |
9,773 |
|
|
Real estate: |
|
|
|
|
|
|
|
|
|
|
Commercial real estate |
|
11,076 |
|
|
|
16,481 |
|
|
|
11,363 |
|
|
|
11,512 |
|
|
|
10,419 |
|
|
Construction and development |
|
139 |
|
|
|
143 |
|
|
|
140 |
|
|
|
142 |
|
|
|
— |
|
|
1-4 family residential |
|
3,176 |
|
|
|
3,302 |
|
|
|
1,777 |
|
|
|
1,784 |
|
|
|
351 |
|
|
Multi-family residential |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Consumer |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Agriculture |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Other |
|
34 |
|
|
|
35 |
|
|
|
38 |
|
|
|
40 |
|
|
|
42 |
|
|
Total nonaccrual loans |
$ |
22,410 |
|
|
$ |
28,273 |
|
|
$ |
22,083 |
|
|
$ |
22,568 |
|
|
$ |
20,585 |
|
| |
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
0.52 |
% |
|
|
0.65 |
% |
|
|
0.50 |
% |
|
|
0.50 |
% |
|
|
0.49 |
% |
| Nonperforming loans to loans
excluding loans held for sale |
|
0.72 |
% |
|
|
0.93 |
% |
|
|
0.77 |
% |
|
|
0.79 |
% |
|
|
0.79 |
% |
Allowance for credit losses on
loans to
nonperforming loans |
|
145.37 |
% |
|
|
113.49 |
% |
|
|
142.38 |
% |
|
|
138.89 |
% |
|
|
156.46 |
% |
| Allowance for credit losses on
loans to loans excluding loans held for sale |
|
1.04 |
% |
|
|
1.06 |
% |
|
|
1.09 |
% |
|
|
1.09 |
% |
|
|
1.23 |
% |
| Net charge-offs (recoveries)
to average loans (annualized) |
|
0.00 |
% |
|
|
(0.02 |
%) |
|
|
(0.01 |
%) |
|
|
(0.01 |
%) |
|
|
(0.01 |
%) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CBTX, Inc.
GAAP Reconciliation and Management’s Explanation of
Non-GAAP Financial Measures
(Unaudited)
CBTX’s 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
CBTX’s 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 |
|
Nine Months Ended |
| |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| |
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
September 30 |
|
September 30 |
| |
(Dollars and share amounts in thousands, except per share
data) |
|
Net income |
$ |
12,747 |
|
|
$ |
11,707 |
|
|
$ |
10,595 |
|
|
$ |
(545 |
) |
|
$ |
14,421 |
|
|
$ |
35,049 |
|
|
$ |
36,143 |
|
| Add: Provision for credit
losses |
|
1,012 |
|
|
|
126 |
|
|
|
435 |
|
|
|
(1,207 |
) |
|
|
(4,895 |
) |
|
|
1,573 |
|
|
|
(9,566 |
) |
|
Add: Provision for income taxes |
|
3,381 |
|
|
|
2,827 |
|
|
|
2,277 |
|
|
|
1,830 |
|
|
|
2,913 |
|
|
|
8,485 |
|
|
|
8,090 |
|
|
Pre-tax, pre-provision income |
$ |
17,140 |
|
|
$ |
14,660 |
|
|
$ |
13,307 |
|
|
$ |
78 |
|
|
$ |
12,439 |
|
|
$ |
45,107 |
|
|
$ |
34,667 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income |
$ |
17,140 |
|
|
$ |
14,660 |
|
|
$ |
13,307 |
|
|
$ |
78 |
|
|
$ |
12,439 |
|
|
$ |
45,107 |
|
|
$ |
34,667 |
|
| Add: Acquisition and
merger-related expenses |
|
5,897 |
|
|
|
1,100 |
|
|
|
784 |
|
|
|
1,293 |
|
|
|
400 |
|
|
|
7,781 |
|
|
|
1,689 |
|
| Adjusted pre-tax,
pre-provision income |
$ |
23,037 |
|
|
$ |
15,760 |
|
|
$ |
14,091 |
|
|
$ |
1,371 |
|
|
$ |
12,839 |
|
|
$ |
52,888 |
|
|
$ |
36,356 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
$ |
29,321 |
|
|
$ |
23,758 |
|
|
$ |
24,652 |
|
|
$ |
34,832 |
|
|
$ |
24,372 |
|
|
$ |
77,731 |
|
|
$ |
72,854 |
|
|
Acquisition and merger-related expenses |
|
5,897 |
|
|
|
1,100 |
|
|
|
784 |
|
|
|
1,293 |
|
|
|
400 |
|
|
|
7,781 |
|
|
|
1,689 |
|
|
Net interest income |
|
43,012 |
|
|
|
34,872 |
|
|
|
32,630 |
|
|
|
30,810 |
|
|
|
31,249 |
|
|
|
110,514 |
|
|
|
95,357 |
|
|
Total noninterest income |
|
3,449 |
|
|
|
3,546 |
|
|
|
5,329 |
|
|
|
4,100 |
|
|
|
5,562 |
|
|
|
12,324 |
|
|
|
12,164 |
|
|
Adjusted efficiency
ratio(A) |
|
50.42 |
% |
|
|
58.98 |
% |
|
|
62.88 |
% |
|
|
96.07 |
% |
|
|
65.12 |
% |
|
|
56.94 |
% |
|
|
66.19 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
$ |
501,425 |
|
|
$ |
526,679 |
|
|
$ |
539,723 |
|
|
$ |
562,125 |
|
|
$ |
564,593 |
|
|
$ |
501,425 |
|
|
$ |
564,593 |
|
| Less: Goodwill and
other intangible assets, net |
|
84,138 |
|
|
|
84,303 |
|
|
|
84,490 |
|
|
|
84,608 |
|
|
|
84,652 |
|
|
|
84,138 |
|
|
|
84,652 |
|
|
Tangible shareholders’ equity |
$ |
417,287 |
|
|
$ |
442,376 |
|
|
$ |
455,233 |
|
|
$ |
477,517 |
|
|
$ |
479,941 |
|
|
$ |
417,287 |
|
|
$ |
479,941 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares outstanding at end of
period |
|
24,015 |
|
|
|
24,425 |
|
|
|
24,502 |
|
|
|
24,488 |
|
|
|
24,420 |
|
|
|
24,015 |
|
|
|
24,420 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share |
$ |
17.38 |
|
|
$ |
18.11 |
|
|
$ |
18.58 |
|
|
$ |
19.50 |
|
|
$ |
19.65 |
|
|
$ |
17.38 |
|
|
$ |
19.65 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
12,747 |
|
|
$ |
11,707 |
|
|
$ |
10,595 |
|
|
$ |
(545 |
) |
|
$ |
14,421 |
|
|
$ |
35,049 |
|
|
$ |
36,143 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
$ |
537,939 |
|
|
$ |
536,800 |
|
|
$ |
560,315 |
|
|
$ |
568,167 |
|
|
$ |
563,631 |
|
|
$ |
544,936 |
|
|
$ |
555,372 |
|
| Less: Average
goodwill and other intangible assets, net |
|
84,242 |
|
|
|
84,413 |
|
|
|
84,584 |
|
|
|
84,643 |
|
|
|
84,753 |
|
|
|
84,413 |
|
|
|
84,901 |
|
| Average tangible shareholders’
equity |
$ |
453,697 |
|
|
$ |
452,387 |
|
|
$ |
475,731 |
|
|
$ |
483,524 |
|
|
$ |
478,878 |
|
|
$ |
460,523 |
|
|
$ |
470,471 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average
tangible
equity(B) |
|
11.15 |
% |
|
|
10.38 |
% |
|
|
9.03 |
% |
|
|
(0.45 |
%) |
|
|
11.95 |
% |
|
|
10.18 |
% |
|
|
10.27 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
4,271,831 |
|
|
$ |
4,322,303 |
|
|
$ |
4,445,977 |
|
|
$ |
4,486,001 |
|
|
$ |
4,209,119 |
|
|
$ |
4,271,831 |
|
|
$ |
4,209,119 |
|
| Less: Goodwill and
other intangible assets, net |
|
84,138 |
|
|
|
84,303 |
|
|
|
84,490 |
|
|
|
84,608 |
|
|
|
84,652 |
|
|
|
84,138 |
|
|
|
84,652 |
|
|
Tangible assets |
$ |
4,187,693 |
|
|
$ |
4,238,000 |
|
|
$ |
4,361,487 |
|
|
$ |
4,401,393 |
|
|
$ |
4,124,467 |
|
|
$ |
4,187,693 |
|
|
$ |
4,124,467 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible equity to
tangible assets |
|
9.96 |
% |
|
|
10.44 |
% |
|
|
10.44 |
% |
|
|
10.85 |
% |
|
|
11.64 |
% |
|
|
9.96 |
% |
|
|
11.64 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(A) Represents total
noninterest expense, excluding acquisition and merger-related
expenses, divided by the sum of net interest income plus
noninterest income. Additionally, taxes and provision for credit
losses are not part of this calculation.
(B) Interim periods annualized.
Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)
| |
Three Months Ended |
|
Nine Months Ended |
| |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| |
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
September 30 |
|
September 30 |
| |
(Dollars and share amounts in thousands, except per share
data) |
|
Net income |
$ |
14,286 |
|
|
$ |
16,437 |
|
|
$ |
18,657 |
|
|
$ |
21,558 |
|
|
$ |
19,060 |
|
|
$ |
49,380 |
|
|
$ |
59,995 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic |
$ |
0.72 |
|
|
$ |
0.81 |
|
|
$ |
0.92 |
|
|
$ |
1.06 |
|
|
$ |
0.94 |
|
|
$ |
2.44 |
|
|
$ |
2.97 |
|
|
Earnings per share, diluted |
$ |
0.71 |
|
|
$ |
0.80 |
|
|
$ |
0.91 |
|
|
$ |
1.06 |
|
|
$ |
0.93 |
|
|
$ |
2.42 |
|
|
$ |
2.95 |
|
|
Dividends per share |
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.14 |
|
|
$ |
0.12 |
|
|
$ |
0.12 |
|
|
$ |
0.42 |
|
|
$ |
0.36 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Return on average assets(A) |
|
0.84 |
% |
|
|
0.94 |
% |
|
|
1.04 |
% |
|
|
1.23 |
% |
|
|
1.14 |
% |
|
|
0.94 |
% |
|
|
1.25 |
% |
|
Return on average equity(A) |
|
7.90 |
% |
|
|
8.86 |
% |
|
|
9.40 |
% |
|
|
10.60 |
% |
|
|
9.45 |
% |
|
|
8.74 |
% |
|
|
10.30 |
% |
Return on average tangible
equity(A)(B) |
|
11.78 |
% |
|
|
13.00 |
% |
|
|
13.35 |
% |
|
|
15.05 |
% |
|
|
13.49 |
% |
|
|
12.75 |
% |
|
|
14.89 |
% |
Net interest margin
(tax equivalent)(A)(C) |
|
3.85 |
% |
|
|
3.53 |
% |
|
|
3.30 |
% |
|
|
3.57 |
% |
|
|
3.90 |
% |
|
|
3.55 |
% |
|
|
4.03 |
% |
|
Efficiency ratio(D) |
|
69.18 |
% |
|
|
62.96 |
% |
|
|
58.32 |
% |
|
|
60.68 |
% |
|
|
56.91 |
% |
|
|
63.62 |
% |
|
|
58.24 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Allegiance Bancshares,
Inc.(Consolidated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets |
|
9.75 |
% |
|
|
10.48 |
% |
|
|
10.52 |
% |
|
|
11.49 |
% |
|
|
11.81 |
% |
|
|
9.75 |
% |
|
|
11.81 |
% |
Tangible equity to tangible
assets(B) |
|
6.47 |
% |
|
|
7.21 |
% |
|
|
7.44 |
% |
|
|
8.42 |
% |
|
|
8.58 |
% |
|
|
6.47 |
% |
|
|
8.58 |
% |
Estimated common equity
tier 1 capital |
|
11.39 |
% |
|
|
12.06 |
% |
|
|
12.28 |
% |
|
|
12.47 |
% |
|
|
12.37 |
% |
|
|
11.39 |
% |
|
|
12.37 |
% |
Estimated tier 1 risk-based
capital |
|
11.58 |
% |
|
|
12.26 |
% |
|
|
12.49 |
% |
|
|
12.69 |
% |
|
|
12.60 |
% |
|
|
11.58 |
% |
|
|
12.60 |
% |
Estimated total risk-based
capital |
|
14.66 |
% |
|
|
15.47 |
% |
|
|
15.76 |
% |
|
|
16.08 |
% |
|
|
16.13 |
% |
|
|
14.66 |
% |
|
|
16.13 |
% |
Estimated tier 1 leverage
capital |
|
9.00 |
% |
|
|
8.65 |
% |
|
|
8.37 |
% |
|
|
8.53 |
% |
|
|
8.76 |
% |
|
|
9.00 |
% |
|
|
8.76 |
% |
|
Allegiance Bank |
|
|
|
|
|
|
|
|
|
|
|
|
|
Estimated common equity
tier 1 capital |
|
12.20 |
% |
|
|
12.51 |
% |
|
|
12.48 |
% |
|
|
12.63 |
% |
|
|
12.81 |
% |
|
|
12.20 |
% |
|
|
12.81 |
% |
Estimated tier 1 risk-based
capital |
|
12.20 |
% |
|
|
12.51 |
% |
|
|
12.48 |
% |
|
|
12.63 |
% |
|
|
12.81 |
% |
|
|
12.20 |
% |
|
|
12.81 |
% |
Estimated total risk-based
capital |
|
14.12 |
% |
|
|
14.50 |
% |
|
|
14.50 |
% |
|
|
14.71 |
% |
|
|
14.98 |
% |
|
|
14.12 |
% |
|
|
14.98 |
% |
Estimated tier 1 leverage
capital |
|
9.49 |
% |
|
|
8.83 |
% |
|
|
8.37 |
% |
|
|
8.49 |
% |
|
|
8.91 |
% |
|
|
9.49 |
% |
|
|
8.91 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
19,942 |
|
|
|
20,357 |
|
|
|
20,363 |
|
|
|
20,260 |
|
|
|
20,221 |
|
|
|
20,219 |
|
|
|
20,188 |
|
|
Diluted |
|
20,114 |
|
|
|
20,530 |
|
|
|
20,526 |
|
|
|
20,423 |
|
|
|
20,411 |
|
|
|
20,376 |
|
|
|
20,369 |
|
|
Period end shares outstanding |
|
19,837 |
|
|
|
20,154 |
|
|
|
20,378 |
|
|
|
20,337 |
|
|
|
20,218 |
|
|
|
19,837 |
|
|
|
20,218 |
|
|
Book value per share |
$ |
33.08 |
|
|
$ |
35.00 |
|
|
$ |
36.90 |
|
|
$ |
40.15 |
|
|
$ |
39.50 |
|
|
$ |
33.08 |
|
|
$ |
39.50 |
|
|
Tangible book value per share(B) |
$ |
21.19 |
|
|
$ |
23.25 |
|
|
$ |
25.24 |
|
|
$ |
28.43 |
|
|
$ |
27.67 |
|
|
$ |
21.19 |
|
|
$ |
27.67 |
|
|
Employees - full-time equivalents |
|
562 |
|
|
|
578 |
|
|
|
586 |
|
|
|
594 |
|
|
|
603 |
|
|
|
562 |
|
|
|
603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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 18 of this
Earnings Release.
(C) Net interest margin represents net
interest income divided by average interest-earning assets.
(D) Represents total noninterest
expense divided by the sum of net interest income plus noninterest
income, excluding net gains and losses on the sale of loans,
securities and assets. Additionally, taxes and provision for credit
losses are not part of this calculation.
Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)
| |
|
|
2022 |
|
|
|
2021 |
|
| |
|
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
| |
|
(Dollars in thousands) |
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ |
16,449 |
|
|
$ |
17,547 |
|
|
$ |
26,629 |
|
|
$ |
23,961 |
|
|
$ |
23,903 |
|
Interest-bearing
deposits at other financial
institutions |
|
102,118 |
|
|
|
275,290 |
|
|
|
672,755 |
|
|
|
733,548 |
|
|
|
879,858 |
|
|
Total cash and cash equivalents |
|
118,567 |
|
|
|
292,837 |
|
|
|
699,384 |
|
|
|
757,509 |
|
|
|
903,761 |
|
|
Available for sale securities, at fair value |
|
1,618,995 |
|
|
|
1,709,321 |
|
|
|
1,790,707 |
|
|
|
1,773,765 |
|
|
|
1,211,476 |
|
|
Loans held for investment |
|
4,591,912 |
|
|
|
4,348,833 |
|
|
|
4,283,514 |
|
|
|
4,220,486 |
|
|
|
4,289,469 |
|
|
Less: allowance for credit losses on loans |
|
(52,147 |
) |
|
|
(50,242 |
) |
|
|
(49,215 |
) |
|
|
(47,940 |
) |
|
|
(50,491 |
) |
|
Loans, net |
|
4,539,765 |
|
|
|
4,298,591 |
|
|
|
4,234,299 |
|
|
|
4,172,546 |
|
|
|
4,238,978 |
|
|
Accrued interest receivable |
|
29,697 |
|
|
|
29,882 |
|
|
|
31,505 |
|
|
|
33,392 |
|
|
|
33,523 |
|
|
Premises and equipment, net |
|
57,837 |
|
|
|
58,482 |
|
|
|
62,168 |
|
|
|
63,708 |
|
|
|
65,140 |
|
|
Other real estate owned |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,397 |
|
|
Federal Home Loan Bank stock |
|
16,843 |
|
|
|
4,078 |
|
|
|
9,376 |
|
|
|
9,358 |
|
|
|
8,326 |
|
|
Bank owned life insurance |
|
28,305 |
|
|
|
28,170 |
|
|
|
28,374 |
|
|
|
28,240 |
|
|
|
28,101 |
|
|
Goodwill |
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
|
|
223,642 |
|
|
Core deposit intangibles, net |
|
12,406 |
|
|
|
13,156 |
|
|
|
13,907 |
|
|
|
14,658 |
|
|
|
15,482 |
|
|
Other assets |
|
84,285 |
|
|
|
73,605 |
|
|
|
56,001 |
|
|
|
28,136 |
|
|
|
29,935 |
|
|
Total assets |
$ |
6,730,342 |
|
|
$ |
6,731,764 |
|
|
$ |
7,149,363 |
|
|
$ |
7,104,954 |
|
|
$ |
6,759,761 |
|
LIABILITIES AND
SHAREHOLDERS’
EQUITY |
|
|
|
|
|
|
|
|
|
|
LIABILITIES: |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing |
$ |
2,465,839 |
|
|
$ |
2,394,719 |
|
|
$ |
2,353,604 |
|
|
$ |
2,243,085 |
|
|
$ |
2,086,683 |
|
|
Interest-bearing |
|
|
|
|
|
|
|
|
|
|
|
Demand |
|
956,920 |
|
|
|
1,016,381 |
|
|
|
1,070,855 |
|
|
|
869,984 |
|
|
|
594,959 |
|
|
|
Money market and savings |
|
1,471,690 |
|
|
|
1,510,008 |
|
|
|
1,552,853 |
|
|
|
1,643,745 |
|
|
|
1,604,222 |
|
|
|
Certificates and other
time |
|
766,270 |
|
|
|
959,524 |
|
|
|
1,185,015 |
|
|
|
1,290,825 |
|
|
|
1,381,014 |
|
|
|
Total interest-bearing deposits |
|
3,194,880 |
|
|
|
3,485,913 |
|
|
|
3,808,723 |
|
|
|
3,804,554 |
|
|
|
3,580,195 |
|
|
|
Total deposits |
|
5,660,719 |
|
|
|
5,880,632 |
|
|
|
6,162,327 |
|
|
|
6,047,639 |
|
|
|
5,666,878 |
|
|
Accrued interest payable |
|
2,673 |
|
|
|
1,500 |
|
|
|
3,086 |
|
|
|
1,753 |
|
|
|
3,296 |
|
|
Borrowed funds |
|
257,000 |
|
|
|
— |
|
|
|
89,959 |
|
|
|
89,956 |
|
|
|
139,954 |
|
|
Subordinated debt |
|
109,241 |
|
|
|
109,109 |
|
|
|
108,978 |
|
|
|
108,847 |
|
|
|
108,715 |
|
|
Other liabilities |
|
44,407 |
|
|
|
35,194 |
|
|
|
33,073 |
|
|
|
40,291 |
|
|
|
42,326 |
|
|
Total liabilities |
|
6,074,040 |
|
|
|
6,026,435 |
|
|
|
6,397,423 |
|
|
|
6,288,486 |
|
|
|
5,961,169 |
|
|
SHAREHOLDERS’ EQUITY: |
|
|
|
|
|
|
|
|
|
|
Common stock |
|
19,837 |
|
|
|
20,154 |
|
|
|
20,378 |
|
|
|
20,337 |
|
|
|
20,218 |
|
|
Capital surplus |
|
491,878 |
|
|
|
504,165 |
|
|
|
512,284 |
|
|
|
510,797 |
|
|
|
507,948 |
|
|
Retained earnings |
|
307,975 |
|
|
|
296,477 |
|
|
|
282,896 |
|
|
|
267,092 |
|
|
|
247,966 |
|
| Accumulated other
comprehensive (loss) income |
|
(163,388 |
) |
|
|
(115,467 |
) |
|
|
(63,618 |
) |
|
|
18,242 |
|
|
|
22,460 |
|
|
Total shareholders’ equity |
|
656,302 |
|
|
|
705,329 |
|
|
|
751,940 |
|
|
|
816,468 |
|
|
|
798,592 |
|
TOTAL LIABILITIES
AND
SHAREHOLDERS’ EQUITY |
$ |
6,730,342 |
|
|
$ |
6,731,764 |
|
|
$ |
7,149,363 |
|
|
$ |
7,104,954 |
|
|
$ |
6,759,761 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)
| |
|
Three Months Ended |
|
Nine Months Ended |
| |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|
| |
|
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
September 30 |
|
September 30 |
| |
|
(Dollars in thousands, except per share data) |
|
INTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans, including fees |
$ |
58,025 |
|
$ |
53,835 |
|
|
$ |
52,370 |
|
$ |
56,855 |
|
|
$ |
58,176 |
|
$ |
164,230 |
|
$ |
173,858 |
|
|
Securities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Taxable |
|
6,655 |
|
|
5,571 |
|
|
|
5,068 |
|
|
3,933 |
|
|
|
2,998 |
|
|
17,294 |
|
|
7,956 |
|
|
|
Tax-exempt |
|
2,594 |
|
|
2,557 |
|
|
|
2,525 |
|
|
2,526 |
|
|
|
2,498 |
|
|
7,676 |
|
|
7,383 |
|
Deposits in other financial
institutions |
|
608 |
|
|
877 |
|
|
|
340 |
|
|
317 |
|
|
|
221 |
|
|
1,825 |
|
|
356 |
|
|
|
Total interest income |
|
67,882 |
|
|
62,840 |
|
|
|
60,303 |
|
|
63,631 |
|
|
|
63,893 |
|
|
191,025 |
|
|
189,553 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Demand, money market and
savings deposits |
|
3,527 |
|
|
1,859 |
|
|
|
1,347 |
|
|
1,277 |
|
|
|
1,267 |
|
|
6,733 |
|
|
4,088 |
|
Certificates and other time
deposits |
|
1,664 |
|
|
1,922 |
|
|
|
2,156 |
|
|
2,391 |
|
|
|
2,583 |
|
|
5,742 |
|
|
9,237 |
|
|
Borrowed funds |
|
499 |
|
|
114 |
|
|
|
186 |
|
|
434 |
|
|
|
436 |
|
|
799 |
|
|
1,444 |
|
|
Subordinated debt |
|
1,502 |
|
|
1,463 |
|
|
|
1,442 |
|
|
1,425 |
|
|
|
1,441 |
|
|
4,407 |
|
|
4,324 |
|
|
|
Total interest expense |
|
7,192 |
|
|
5,358 |
|
|
|
5,131 |
|
|
5,527 |
|
|
|
5,727 |
|
|
17,681 |
|
|
19,093 |
|
|
NET INTEREST INCOME |
|
60,690 |
|
|
57,482 |
|
|
|
55,172 |
|
|
58,104 |
|
|
|
58,166 |
|
|
173,344 |
|
|
170,460 |
|
| Provision for
credit losses |
|
1,962 |
|
|
2,143 |
|
|
|
1,814 |
|
|
(2,577 |
) |
|
|
2,295 |
|
|
5,919 |
|
|
255 |
|
Net interest
income after provision
for credit losses |
|
58,728 |
|
|
55,339 |
|
|
|
53,358 |
|
|
60,681 |
|
|
|
55,871 |
|
|
167,425 |
|
|
170,205 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST INCOME: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nonsufficient funds fees |
|
145 |
|
|
126 |
|
|
|
116 |
|
|
156 |
|
|
|
131 |
|
|
387 |
|
|
308 |
|
Service charges on deposit
accounts |
|
527 |
|
|
560 |
|
|
|
527 |
|
|
476 |
|
|
|
425 |
|
|
1,614 |
|
|
1,195 |
|
|
Gain (loss) on sale of securities |
|
42 |
|
|
(17 |
) |
|
|
— |
|
|
— |
|
|
|
— |
|
|
25 |
|
|
49 |
|
Loss on sale of other real
estate and repossessed assets |
|
— |
|
|
— |
|
|
|
— |
|
|
(89 |
) |
|
|
— |
|
|
— |
|
|
(176 |
) |
|
Bank owned life insurance |
|
135 |
|
|
342 |
|
|
|
133 |
|
|
139 |
|
|
|
125 |
|
|
610 |
|
|
415 |
|
|
Debit card and ATM card income |
|
869 |
|
|
880 |
|
|
|
819 |
|
|
834 |
|
|
|
771 |
|
|
2,568 |
|
|
2,162 |
|
|
Other |
|
1,277 |
|
|
813 |
|
|
|
2,423 |
|
|
938 |
|
|
|
647 |
|
|
4,513 |
|
|
2,155 |
|
|
|
Total noninterest income |
|
2,995 |
|
|
2,704 |
|
|
|
4,018 |
|
|
2,454 |
|
|
|
2,099 |
|
|
9,717 |
|
|
6,108 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NONINTEREST EXPENSE: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits |
|
22,013 |
|
|
21,864 |
|
|
|
22,728 |
|
|
22,918 |
|
|
|
22,335 |
|
|
66,605 |
|
|
67,259 |
|
|
Net occupancy and equipment |
|
2,129 |
|
|
2,220 |
|
|
|
2,205 |
|
|
2,194 |
|
|
|
2,335 |
|
|
6,554 |
|
|
6,950 |
|
|
Depreciation |
|
1,003 |
|
|
1,012 |
|
|
|
1,033 |
|
|
1,103 |
|
|
|
1,060 |
|
|
3,048 |
|
|
3,151 |
|
Data processing and software
amortization |
|
2,541 |
|
|
2,522 |
|
|
|
2,498 |
|
|
2,264 |
|
|
|
2,222 |
|
|
7,561 |
|
|
6,598 |
|
|
Professional fees |
|
485 |
|
|
662 |
|
|
|
138 |
|
|
1,008 |
|
|
|
620 |
|
|
1,285 |
|
|
2,017 |
|
Regulatory assessments and
FDIC insurance |
|
1,134 |
|
|
1,256 |
|
|
|
1,261 |
|
|
949 |
|
|
|
883 |
|
|
3,651 |
|
|
2,458 |
|
Core deposit intangibles
amortization |
|
750 |
|
|
751 |
|
|
|
751 |
|
|
824 |
|
|
|
824 |
|
|
2,252 |
|
|
2,472 |
|
|
Communications |
|
359 |
|
|
363 |
|
|
|
341 |
|
|
395 |
|
|
|
358 |
|
|
1,063 |
|
|
1,011 |
|
|
Advertising |
|
385 |
|
|
483 |
|
|
|
462 |
|
|
481 |
|
|
|
481 |
|
|
1,330 |
|
|
1,211 |
|
|
Other real estate expense |
|
93 |
|
|
65 |
|
|
|
59 |
|
|
69 |
|
|
|
137 |
|
|
217 |
|
|
479 |
|
Acquisition and merger-related
expenses |
|
10,551 |
|
|
1,667 |
|
|
|
451 |
|
|
1,408 |
|
|
|
603 |
|
|
12,669 |
|
|
603 |
|
|
Other |
|
2,588 |
|
|
5,039 |
|
|
|
2,590 |
|
|
3,131 |
|
|
|
2,438 |
|
|
10,217 |
|
|
8,601 |
|
| |
Total noninterest expense |
|
44,031 |
|
|
37,904 |
|
|
|
34,517 |
|
|
36,744 |
|
|
|
34,296 |
|
|
116,452 |
|
|
102,810 |
|
INCOME BEFORE
INCOME
TAXES |
|
17,692 |
|
|
20,139 |
|
|
|
22,859 |
|
|
26,391 |
|
|
|
23,674 |
|
|
60,690 |
|
|
73,503 |
|
|
Provision for income taxes |
|
3,406 |
|
|
3,702 |
|
|
|
4,202 |
|
|
4,833 |
|
|
|
4,614 |
|
|
11,310 |
|
|
13,508 |
|
|
NET INCOME |
$ |
14,286 |
|
$ |
16,437 |
|
|
$ |
18,657 |
|
$ |
21,558 |
|
|
$ |
19,060 |
|
$ |
49,380 |
|
$ |
59,995 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EARNINGS PER SHARE |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
$ |
0.72 |
|
$ |
0.81 |
|
|
$ |
0.92 |
|
$ |
1.06 |
|
|
$ |
0.94 |
|
$ |
2.44 |
|
$ |
2.97 |
|
|
Diluted |
$ |
0.71 |
|
$ |
0.80 |
|
|
$ |
0.91 |
|
$ |
1.06 |
|
|
$ |
0.93 |
|
$ |
2.42 |
|
$ |
2.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)
| |
Three Months Ended |
| |
September 30, 2022 |
|
June 30, 2022 |
|
September 30, 2021 |
| |
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 |
$ |
4,456,174 |
|
|
$ |
58,025 |
|
5.17 |
% |
|
$ |
4,303,714 |
|
|
$ |
53,835 |
|
5.02 |
% |
|
$ |
4,336,443 |
|
|
$ |
58,176 |
|
5.32 |
% |
|
Securities |
|
1,709,470 |
|
|
|
9,249 |
|
2.15 |
% |
|
|
1,778,745 |
|
|
|
8,128 |
|
1.83 |
% |
|
|
1,070,851 |
|
|
|
5,496 |
|
2.04 |
% |
| Deposits in other financial
institutions |
|
160,340 |
|
|
|
608 |
|
1.50 |
% |
|
|
535,546 |
|
|
|
877 |
|
0.66 |
% |
|
|
588,859 |
|
|
|
221 |
|
0.15 |
% |
|
Total interest-earning assets |
|
6,325,984 |
|
|
$ |
67,882 |
|
4.26 |
% |
|
|
6,618,005 |
|
|
$ |
62,840 |
|
3.81 |
% |
|
|
5,996,153 |
|
|
$ |
63,893 |
|
4.23 |
% |
| Allowance for credit losses on
loans |
|
(50,609 |
) |
|
|
|
|
|
|
(49,290 |
) |
|
|
|
|
|
|
(49,381 |
) |
|
|
|
|
| Noninterest-earning
assets |
|
442,511 |
|
|
|
|
|
|
|
450,584 |
|
|
|
|
|
|
|
680,682 |
|
|
|
|
|
|
Total assets |
$ |
6,717,886 |
|
|
|
|
|
|
$ |
7,019,299 |
|
|
|
|
|
|
$ |
6,627,454 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
and
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Interest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
deposits |
$ |
978,531 |
|
|
$ |
2,380 |
|
0.96 |
% |
|
$ |
1,044,493 |
|
|
$ |
927 |
|
0.36 |
% |
|
$ |
576,144 |
|
|
$ |
324 |
|
0.22 |
% |
Money market and savings
deposits |
|
1,500,083 |
|
|
|
1,147 |
|
0.30 |
% |
|
|
1,566,376 |
|
|
|
932 |
|
0.24 |
% |
|
|
1,565,965 |
|
|
|
943 |
|
0.24 |
% |
Certificates and other
time
deposits |
|
877,231 |
|
|
|
1,664 |
|
0.75 |
% |
|
|
1,088,664 |
|
|
|
1,922 |
|
0.71 |
% |
|
|
1,363,121 |
|
|
|
2,583 |
|
0.75 |
% |
|
Borrowed funds |
|
68,752 |
|
|
|
499 |
|
2.88 |
% |
|
|
50,116 |
|
|
|
114 |
|
0.91 |
% |
|
|
139,844 |
|
|
|
436 |
|
1.24 |
% |
|
Subordinated debt |
|
109,177 |
|
|
|
1,502 |
|
5.46 |
% |
|
|
109,045 |
|
|
|
1,463 |
|
5.38 |
% |
|
|
108,652 |
|
|
|
1,441 |
|
5.26 |
% |
Total interest-bearing
liabilities |
|
3,533,774 |
|
|
$ |
7,192 |
|
0.81 |
% |
|
|
3,858,694 |
|
|
$ |
5,358 |
|
0.56 |
% |
|
|
3,753,726 |
|
|
$ |
5,727 |
|
0.61 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-Bearing
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Noninterest-bearing demand
deposits |
|
2,424,884 |
|
|
|
|
|
|
|
2,382,230 |
|
|
|
|
|
|
|
2,031,399 |
|
|
|
|
|
|
Other liabilities |
|
41,792 |
|
|
|
|
|
|
|
34,249 |
|
|
|
|
|
|
|
42,183 |
|
|
|
|
|
|
Total liabilities |
|
6,000,450 |
|
|
|
|
|
|
|
6,275,173 |
|
|
|
|
|
|
|
5,827,308 |
|
|
|
|
|
|
Shareholders' equity |
|
717,436 |
|
|
|
|
|
|
|
744,126 |
|
|
|
|
|
|
|
800,146 |
|
|
|
|
|
Total liabilities and
shareholders' equity |
$ |
6,717,886 |
|
|
|
|
|
|
$ |
7,019,299 |
|
|
|
|
|
|
$ |
6,627,454 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread |
|
|
|
|
3.45 |
% |
|
|
|
|
|
3.25 |
% |
|
|
|
|
|
3.62 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income and
margin |
|
|
$ |
60,690 |
|
3.81 |
% |
|
|
|
$ |
57,482 |
|
3.48 |
% |
|
|
|
$ |
58,166 |
|
3.85 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net interest income and net
interest margin (tax equivalent) |
|
|
$ |
61,418 |
|
3.85 |
% |
|
|
|
$ |
58,238 |
|
3.53 |
% |
|
|
|
$ |
58,873 |
|
3.90 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)
| |
Nine Months Ended September 30, |
| |
|
2022 |
|
|
|
2021 |
|
| |
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 |
$ |
4,331,288 |
|
|
$ |
164,230 |
|
5.07 |
% |
|
$ |
4,482,684 |
|
|
$ |
173,858 |
|
5.19 |
% |
|
Securities |
|
1,774,149 |
|
|
|
24,970 |
|
1.88 |
% |
|
|
913,078 |
|
|
|
15,339 |
|
2.25 |
% |
| Deposits in other financial
institutions |
|
498,456 |
|
|
|
1,825 |
|
0.49 |
% |
|
|
328,238 |
|
|
|
356 |
|
0.15 |
% |
|
Total interest-earning assets |
|
6,603,893 |
|
|
$ |
191,025 |
|
3.87 |
% |
|
|
5,724,000 |
|
|
$ |
189,553 |
|
4.43 |
% |
Allowance for credit losses
on loans |
|
(49,422 |
) |
|
|
|
|
|
|
(51,802 |
) |
|
|
|
|
|
Noninterest-earning assets |
|
441,767 |
|
|
|
|
|
|
|
758,774 |
|
|
|
|
|
|
Total assets |
$ |
6,996,238 |
|
|
|
|
|
|
$ |
6,430,972 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand deposits |
$ |
1,031,006 |
|
|
$ |
3,856 |
|
0.50 |
% |
|
$ |
523,272 |
|
|
$ |
1,021 |
|
0.26 |
% |
|
Money market and savings deposits |
|
1,549,969 |
|
|
|
2,877 |
|
0.25 |
% |
|
|
1,555,791 |
|
|
|
3,067 |
|
0.26 |
% |
|
Certificates and other time deposits |
|
1,069,011 |
|
|
|
5,742 |
|
0.72 |
% |
|
|
1,354,000 |
|
|
|
9,237 |
|
0.91 |
% |
|
Borrowed funds |
|
69,492 |
|
|
|
799 |
|
1.54 |
% |
|
|
146,244 |
|
|
|
1,444 |
|
1.32 |
% |
|
Subordinated debt |
|
109,046 |
|
|
|
4,407 |
|
5.40 |
% |
|
|
108,522 |
|
|
|
4,324 |
|
5.33 |
% |
|
Total interest-bearing liabilities |
|
3,828,524 |
|
|
$ |
17,681 |
|
0.62 |
% |
|
|
3,687,829 |
|
|
|
19,093 |
|
0.69 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-Bearing Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Noninterest-bearing demand deposits |
|
2,373,489 |
|
|
|
|
|
|
|
1,923,584 |
|
|
|
|
|
|
Other liabilities |
|
39,123 |
|
|
|
|
|
|
|
40,568 |
|
|
|
|
|
|
Total liabilities |
|
6,241,136 |
|
|
|
|
|
|
|
5,651,981 |
|
|
|
|
|
|
Shareholders' equity |
|
755,102 |
|
|
|
|
|
|
|
778,991 |
|
|
|
|
|
|
Total liabilities and shareholders' equity |
$ |
6,996,238 |
|
|
|
|
|
|
$ |
6,430,972 |
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Net interest rate spread |
|
|
|
|
3.25 |
% |
|
|
|
|
|
3.74 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net interest income and
margin |
|
|
$ |
173,344 |
|
3.51 |
% |
|
|
|
$ |
170,460 |
|
3.98 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
Net interest income and net
interest
margin (tax equivalent) |
|
|
$ |
175,578 |
|
3.55 |
% |
|
|
|
$ |
172,477 |
|
4.03 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)
| |
Three Months Ended |
| |
|
2022 |
|
|
|
2021 |
|
| |
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
| |
(Dollars in thousands) |
|
Period-end Loan Portfolio: |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
732,636 |
|
|
$ |
727,068 |
|
|
$ |
714,450 |
|
|
$ |
693,559 |
|
|
$ |
728,897 |
|
|
Paycheck Protection Program (PPP) |
|
17,827 |
|
|
|
31,855 |
|
|
|
78,624 |
|
|
|
145,942 |
|
|
|
290,028 |
|
|
Real estate: |
|
|
|
|
|
|
|
|
|
Commercial real estate (including
multi-family residential) |
|
2,407,039 |
|
|
|
2,265,155 |
|
|
|
2,197,502 |
|
|
|
2,104,621 |
|
|
|
2,073,521 |
|
Commercial real estate construction and
land development |
|
513,248 |
|
|
|
450,694 |
|
|
|
453,473 |
|
|
|
439,125 |
|
|
|
382,610 |
|
|
1-4 family residential (including home equity) |
|
699,636 |
|
|
|
682,066 |
|
|
|
669,306 |
|
|
|
685,071 |
|
|
|
683,919 |
|
|
Residential construction |
|
183,563 |
|
|
|
155,017 |
|
|
|
136,760 |
|
|
|
117,901 |
|
|
|
104,638 |
|
|
Consumer and other |
|
37,963 |
|
|
|
36,978 |
|
|
|
33,399 |
|
|
|
34,267 |
|
|
|
25,856 |
|
|
Total loans |
$ |
4,591,912 |
|
|
$ |
4,348,833 |
|
|
$ |
4,283,514 |
|
|
$ |
4,220,486 |
|
|
$ |
4,289,469 |
|
| |
|
|
|
|
|
|
|
|
|
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand accounts |
$ |
956,920 |
|
|
$ |
1,016,381 |
|
|
$ |
1,070,855 |
|
|
$ |
869,984 |
|
|
$ |
594,959 |
|
|
Money market and savings |
|
1,471,690 |
|
|
|
1,510,008 |
|
|
|
1,552,853 |
|
|
|
1,643,745 |
|
|
|
1,604,222 |
|
|
Certificates and other time |
|
766,270 |
|
|
|
959,524 |
|
|
|
1,185,015 |
|
|
|
1,290,825 |
|
|
|
1,381,014 |
|
|
Total interest-bearing deposits |
|
3,194,880 |
|
|
|
3,485,913 |
|
|
|
3,808,723 |
|
|
|
3,804,554 |
|
|
|
3,580,195 |
|
|
Noninterest-bearing deposits |
|
2,465,839 |
|
|
|
2,394,719 |
|
|
|
2,353,604 |
|
|
|
2,243,085 |
|
|
|
2,086,683 |
|
|
Total deposits |
$ |
5,660,719 |
|
|
$ |
5,880,632 |
|
|
$ |
6,162,327 |
|
|
$ |
6,047,639 |
|
|
$ |
5,666,878 |
|
| |
|
|
|
|
|
|
|
|
|
|
Asset Quality: |
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans |
$ |
21,551 |
|
|
$ |
28,225 |
|
|
$ |
26,275 |
|
|
$ |
24,127 |
|
|
$ |
28,369 |
|
|
Accruing loans 90 or more days past due |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Total nonperforming loans |
|
21,551 |
|
|
|
28,225 |
|
|
|
26,275 |
|
|
|
24,127 |
|
|
|
28,369 |
|
|
Other real estate |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,397 |
|
|
Total nonperforming assets |
$ |
21,551 |
|
|
$ |
28,225 |
|
|
$ |
26,275 |
|
|
$ |
24,127 |
|
|
$ |
29,766 |
|
| |
|
|
|
|
|
|
|
|
|
|
Net (recoveries) charge-offs |
$ |
(245 |
) |
|
$ |
571 |
|
|
$ |
317 |
|
|
$ |
1,353 |
|
|
$ |
450 |
|
| |
|
|
|
|
|
|
|
|
|
|
Nonaccrual loans: |
|
|
|
|
|
|
|
|
|
|
Commercial and industrial |
$ |
6,916 |
|
|
$ |
9,145 |
|
|
$ |
7,809 |
|
|
$ |
8,358 |
|
|
$ |
10,247 |
|
|
Real estate: |
|
|
|
|
|
|
|
|
|
Commercial real estate (including
multi-family residential) |
|
10,392 |
|
|
|
14,409 |
|
|
|
15,259 |
|
|
|
12,639 |
|
|
|
14,629 |
|
Commercial real estate construction and
land development |
|
241 |
|
|
|
1,511 |
|
|
|
— |
|
|
|
63 |
|
|
|
53 |
|
|
1-4 family residential (including home equity) |
|
3,854 |
|
|
|
3,040 |
|
|
|
3,065 |
|
|
|
2,875 |
|
|
|
3,224 |
|
|
Residential construction |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
Consumer and other |
|
148 |
|
|
|
120 |
|
|
|
142 |
|
|
|
192 |
|
|
|
216 |
|
|
Total nonaccrual loans |
$ |
21,551 |
|
|
$ |
28,225 |
|
|
$ |
26,275 |
|
|
$ |
24,127 |
|
|
$ |
28,369 |
|
| |
|
|
|
|
|
|
|
|
|
|
Asset Quality Ratios: |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets to total assets |
|
0.32 |
% |
|
|
0.42 |
% |
|
|
0.37 |
% |
|
|
0.34 |
% |
|
|
0.44 |
% |
|
Nonperforming loans to total loans |
|
0.47 |
% |
|
|
0.65 |
% |
|
|
0.61 |
% |
|
|
0.57 |
% |
|
|
0.66 |
% |
Allowance for credit losses on
loans to
nonperforming loans |
|
241.97 |
% |
|
|
178.01 |
% |
|
|
187.31 |
% |
|
|
198.70 |
% |
|
|
177.98 |
% |
| Allowance for credit losses on
loans to total loans |
|
1.14 |
% |
|
|
1.16 |
% |
|
|
1.15 |
% |
|
|
1.14 |
% |
|
|
1.18 |
% |
| Net (recoveries) charge-offs
to average loans (annualized) |
|
(0.02 |
%) |
|
|
0.05 |
% |
|
|
0.03 |
% |
|
|
0.13 |
% |
|
|
0.04 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 and 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 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 |
|
Nine Months Ended |
| |
|
2022 |
|
|
|
2021 |
|
|
|
2022 |
|
|
|
2021 |
|
| |
September 30 |
|
June 30 |
|
March 31 |
|
December 31 |
|
September 30 |
|
September 30 |
|
September 30 |
| |
(Dollars and share amounts in thousands, except per share
data) |
|
Net income |
$ |
14,286 |
|
|
$ |
16,437 |
|
|
$ |
18,657 |
|
|
$ |
21,558 |
|
|
$ |
19,060 |
|
|
$ |
49,380 |
|
|
$ |
59,995 |
|
| Add: Provision for credit
losses |
|
1,962 |
|
|
|
2,143 |
|
|
|
1,814 |
|
|
|
(2,577 |
) |
|
|
2,295 |
|
|
|
5,919 |
|
|
|
255 |
|
|
Add: Provision for income taxes |
|
3,406 |
|
|
|
3,702 |
|
|
|
4,202 |
|
|
|
4,833 |
|
|
|
4,614 |
|
|
|
11,310 |
|
|
|
13,508 |
|
|
Pre-tax, pre-provision income |
$ |
19,654 |
|
|
$ |
22,282 |
|
|
$ |
24,673 |
|
|
$ |
23,814 |
|
|
$ |
25,969 |
|
|
$ |
66,609 |
|
|
$ |
73,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pre-tax, pre-provision income |
$ |
19,654 |
|
|
$ |
22,282 |
|
|
$ |
24,673 |
|
|
$ |
23,814 |
|
|
$ |
25,969 |
|
|
$ |
66,609 |
|
|
$ |
73,758 |
|
| Add: Acquisition and
merger-related expenses |
|
10,551 |
|
|
|
1,667 |
|
|
|
451 |
|
|
|
1,408 |
|
|
|
603 |
|
|
|
12,669 |
|
|
|
603 |
|
| Adjusted pre-tax,
pre-provision income |
$ |
30,205 |
|
|
$ |
23,949 |
|
|
$ |
25,124 |
|
|
$ |
25,222 |
|
|
$ |
26,572 |
|
|
$ |
79,278 |
|
|
$ |
74,361 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total noninterest expense |
$ |
44,031 |
|
|
$ |
37,904 |
|
|
$ |
34,517 |
|
|
$ |
36,744 |
|
|
$ |
34,296 |
|
|
$ |
116,452 |
|
|
$ |
102,810 |
|
| Acquisition and merger-related
expenses |
|
10,551 |
|
|
|
1,667 |
|
|
|
451 |
|
|
|
1,408 |
|
|
|
603 |
|
|
|
12,669 |
|
|
|
603 |
|
|
Net interest income |
|
60,690 |
|
|
|
57,482 |
|
|
|
55,172 |
|
|
|
58,104 |
|
|
|
58,166 |
|
|
|
173,344 |
|
|
|
170,460 |
|
|
Total noninterest income |
|
2,995 |
|
|
|
2,704 |
|
|
|
4,018 |
|
|
|
2,454 |
|
|
|
2,099 |
|
|
|
9,717 |
|
|
|
6,108 |
|
| Gain on sale of
securities |
|
42 |
|
|
|
(17 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
25 |
|
|
|
49 |
|
|
Adjusted efficiency
ratio(A) |
|
52.61 |
% |
|
|
60.19 |
% |
|
|
57.55 |
% |
|
|
58.35 |
% |
|
|
55.91 |
% |
|
|
56.69 |
% |
|
|
57.87 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total shareholders' equity |
$ |
656,302 |
|
|
$ |
705,329 |
|
|
$ |
751,940 |
|
|
$ |
816,468 |
|
|
$ |
798,592 |
|
|
$ |
656,302 |
|
|
$ |
798,592 |
|
| Less: Goodwill and
core deposit intangibles, net |
|
236,048 |
|
|
|
236,798 |
|
|
|
237,549 |
|
|
|
238,300 |
|
|
|
239,124 |
|
|
|
236,048 |
|
|
|
239,124 |
|
|
Tangible shareholders’ equity |
$ |
420,254 |
|
|
$ |
468,531 |
|
|
$ |
514,391 |
|
|
$ |
578,168 |
|
|
$ |
559,468 |
|
|
$ |
420,254 |
|
|
$ |
559,468 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Shares outstanding at end of
period |
|
19,837 |
|
|
|
20,154 |
|
|
|
20,378 |
|
|
|
20,337 |
|
|
|
20,218 |
|
|
|
19,837 |
|
|
|
20,218 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per share |
$ |
21.19 |
|
|
$ |
23.25 |
|
|
$ |
25.24 |
|
|
$ |
28.43 |
|
|
$ |
27.67 |
|
|
$ |
21.19 |
|
|
$ |
27.67 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
14,286 |
|
|
$ |
16,437 |
|
|
$ |
18,657 |
|
|
$ |
21,558 |
|
|
$ |
19,060 |
|
|
$ |
49,380 |
|
|
$ |
59,995 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average shareholders' equity |
$ |
717,436 |
|
|
$ |
744,126 |
|
|
$ |
804,704 |
|
|
$ |
806,941 |
|
|
$ |
800,146 |
|
|
$ |
755,102 |
|
|
$ |
778,991 |
|
| Less: Average
goodwill and core deposit intangibles, net |
|
236,399 |
|
|
|
237,153 |
|
|
|
237,925 |
|
|
|
238,700 |
|
|
|
239,497 |
|
|
|
237,153 |
|
|
|
240,325 |
|
| Average tangible shareholders’
equity |
$ |
481,037 |
|
|
$ |
506,973 |
|
|
$ |
566,779 |
|
|
$ |
568,241 |
|
|
$ |
560,649 |
|
|
$ |
517,949 |
|
|
$ |
538,666 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Return on average
tangible
equity(B) |
|
11.78 |
% |
|
|
13.00 |
% |
|
|
13.35 |
% |
|
|
15.05 |
% |
|
|
13.49 |
% |
|
|
12.75 |
% |
|
|
14.89 |
% |
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
$ |
6,730,342 |
|
|
$ |
6,731,764 |
|
|
$ |
7,149,363 |
|
|
$ |
7,104,954 |
|
|
$ |
6,759,761 |
|
|
$ |
6,730,342 |
|
|
$ |
6,759,761 |
|
| Less: Goodwill and core
deposit intangibles, net |
|
236,048 |
|
|
|
236,798 |
|
|
|
237,549 |
|
|
|
238,300 |
|
|
|
239,124 |
|
|
|
236,048 |
|
|
|
239,124 |
|
|
Tangible assets |
$ |
6,494,294 |
|
|
$ |
6,494,966 |
|
|
$ |
6,911,814 |
|
|
$ |
6,866,654 |
|
|
$ |
6,520,637 |
|
|
$ |
6,494,294 |
|
|
$ |
6,520,637 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Tangible equity to
tangible assets |
|
6.47 |
% |
|
|
7.21 |
% |
|
|
7.44 |
% |
|
|
8.42 |
% |
|
|
8.58 |
% |
|
|
6.47 |
% |
|
|
8.58 |
% |
(A) Represents total
noninterest expense, excluding acquisition and merger-related
expenses, divided by the sum of net interest income plus
noninterest income, excluding net gains and losses on the sale of
loans, securities and assets. Additionally, taxes and provision for
credit losses are not part of this calculation.
(B) Interim periods annualized.
Stellar Bancorp (NASDAQ:STEL)
過去 株価チャート
から 12 2024 まで 1 2025
Stellar Bancorp (NASDAQ:STEL)
過去 株価チャート
から 1 2024 まで 1 2025
