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Allegiance Bancshares (NASDAQ: ABTX) and CBTX, Inc. (NASDAQ: CBTX) announced the completion of their merger, resulting in the formation of Stellar Bancorp, Inc. The merger, effective October 1, 2022, creates the 9th largest bank headquartered in Texas with a significant deposit market share. The transaction will allow Allegiance shareholders to convert their shares into Stellar common stock, while CBTX shareholders retain their shares under the new name. Full integration of the banks is expected by Q1 2023.
Allegiance Bancshares (NASDAQ: ABTX) and CBTX (NASDAQ: CBTX) have received regulatory approval for their merger of equals, expected to close around October 1, 2022. This merger will create a significant Texas banking franchise, enhancing service capabilities for customers. The combined entity will adopt the name Stellar Bancorp, Inc. and trade under the symbol 'STEL'. Both companies emphasize the merger's potential to drive long-term value for stakeholders and assure customers that operations will remain unchanged until full integration in the first quarter of 2023.
Allegiance Bancshares reported a net income of $16.4 million and diluted earnings per share of $0.80 for Q2 2022, down from $22.9 million and $1.12 respectively in Q2 2021. Core loan growth increased by 10.7% to $4.32 billion. Total assets rose by 3.4% to $6.73 billion year-over-year.
However, net interest margin decreased to 3.53%, and noninterest expenses rose 12.8% due to merger-related costs. The board declared a dividend of $0.14 per share to be paid on September 15, 2022.
Allegiance Bancshares (NASDAQ: ABTX) has announced a conference call scheduled for July 29, 2022, at 9:00 a.m. Central to discuss its second quarter 2022 results. The call will be hosted by CEO Steve Retzloff, President Ray Vitulli, and CFO Paul Egge. An earnings release will precede the call, available on the Allegiance website. The company, based in Houston, provides commercial banking services to small- and medium-sized businesses and operates 26 banking locations in the Houston area.
Allegiance Bancshares (NASDAQ: ABTX) and CBTX (NASDAQ: CBTX) have received regulatory approval from the FDIC for their merger. Following shareholder consent, the merger now awaits additional approvals from the Federal Reserve and Texas Department of Banking. Allegiance, valued at $7.15 billion, serves small-to-medium businesses through 27 locations primarily in Houston. CBTX, with $4.45 billion in assets, operates 34 banking locations across Texas. The merger's closure is expected in Q3 2022, contingent on customary conditions.
On May 24, 2022, Allegiance Bancshares (NASDAQ: ABTX) and CBTX, Inc. (NASDAQ: CBTX) announced that their shareholders overwhelmingly approved the merger agreement to create Stellar Bank. Approximately 99.68% of Allegiance shareholders and 99.58% of CBTX shareholders voted in favor. The merger aims to enhance competitive capabilities and service quality for small to medium-sized businesses and individual customers across Houston and beyond. The companies plan to finalize the merger upon receiving regulatory approvals and meeting customary closing conditions.
CBTX and Allegiance Bancshares have announced their merger, creating Stellar Bancorp, Inc. and Stellar Bank, which will hold over $11 billion in assets, becoming the 6th largest bank by deposit market share in Houston. CBTX's CEO, Robert R. Franklin, will lead the new entity, emphasizing a commitment to local banking. The merger, aimed at enhancing efficiency and service through combined resources, is expected to close in Q2 2022, pending regulatory and shareholder approvals. The transition to the new branding will occur post-merger completion.
Allegiance Bancshares (NASDAQ: ABTX) reported a strong start to 2022, achieving a record core loan growth of $130.3 million, or 12.8%, totaling $4.20 billion as of March 31, 2022. Net income rose to $18.7 million, with diluted earnings per share (EPS) of $0.91. Deposits also saw a significant increase, up $114.7 million or 7.6%, reaching $6.16 billion. The board declared a quarterly dividend of $0.14 per share and authorized a buyback of one million shares. The company anticipates completing its merger with CBTX, Inc. soon, enhancing its competitive position.
Allegiance Bancshares, Inc. (NASDAQ: ABTX) will hold a conference call on April 29, 2022, at 9:00 a.m. Central to discuss its first quarter 2022 results. The call will feature CEO Steve Retzloff, President Ray Vitulli, and CFO Paul Egge. An earnings release will precede the call, available on Allegiance's Investor Relations website. Interested participants can join by dialing (877) 279-2520, or internationally at (531) 289-2888, using conference ID 3473855. An audio-only webcast will also be accessible online.
Allegiance Bancshares, Inc. (ABTX) reported a record net income of $21.6 million and diluted earnings per share of $1.06 for the fourth quarter of 2021, marking significant growth compared to $15.9 million and $0.77 in Q4 2020. Total annual net income reached $81.6 million, or $4.01 per diluted share, driven by deposit growth of 21.2%, reaching $6.05 billion. The company announced a merger with CBTX, Inc., aiming to create a bank with over $11 billion in assets. A quarterly dividend of $0.14 per share was declared, increasing from $0.12.
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