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Allegiance Bancshares, Inc. Reports Third Quarter 2020 Results

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Allegiance Bancshares, Inc. (NASDAQ: ABTX) reported a record net income of $16.2 million and diluted earnings per share of $0.79 for Q3 2020, reflecting a 34.2% increase in net income and 38.6% growth in EPS from Q3 2019. Deposits rose 4.6% over Q2 2020, with total loans up 0.8% from the previous quarter. Noninterest income decreased by 36.0% year-over-year due to lower fees and bank rebates. The efficiency ratio improved to 60.58%. A quarterly dividend of $0.10 per share was declared, demonstrating the company's commitment to shareholder returns.

Positive
  • Record net income of $16.2 million, up 34.2% YoY.
  • Diluted EPS increased to $0.79, a 38.6% growth from Q3 2019.
  • Deposits rose 4.6% QOQ.
  • Noninterest expense growth was controlled at 8.5% YoY.
Negative
  • Noninterest income saw a significant decline of 36.0% YoY.
  • Annualized return on average tangible equity decreased from 10.33% (Q3 2019) to 12.72% (Q3 2020).
  • Core loans decreased 0.6% QOQ, indicating potential loan portfolio weakness.
  • Record net income of $16.2 million and diluted earnings per share of $0.79, representing 34.2% net income growth and 38.6% diluted earnings per share growth from the third quarter of 2019
  • Net charge-offs to average loans of 0.03% (annualized) for the third quarter 2020

  • Deposits increased 4.6%, or 18.4% annualized, over the second quarter 2020

  • Declared quarterly dividend of $0.10 per share of common stock

HOUSTON, Oct. 29, 2020 (GLOBE NEWSWIRE) --  Allegiance Bancshares, Inc. (NASDAQ: ABTX) (Allegiance), the holding company of Allegiance Bank (the "Bank"), today reported net income of $16.2 million and diluted earnings per share of $0.79 for the third quarter 2020 compared to net income of $12.0 million and diluted earnings per share of $0.57 for the third quarter 2019. Net income for the nine months ended September 30, 2020 was $29.6 million, or $1.44 per diluted share, compared to $39.0 million, or $1.81 per diluted share, for the nine months ended September 30, 2019.   The three months ended September 30, 2020 results were primarily due to increased net interest income partially offset by write-downs of other real estate of $1.9 million. The nine months ended September 30, 2020 results were primarily impacted by the increased provision for loan losses in response to COVID-19-related uncertainties in the current economic environment partially offset by increased net interest income.

“Given the continuing economic slowdown and uncertainties due to the pandemic, we are very pleased with our level of loan and deposit production and core earnings that contributed to a record level of net income for the third quarter. Our team continues to work diligently to support our customers and the communities we serve. The experience we have with our long established customer relationships and disciplined underwriting are key strengths that guide and serve us well during this extended period of recovery,” said Steve Retzloff, Allegiance’s Chief Executive Officer. “We further extended our customer outreach during the third quarter as we assessed current conditions and related risks and as we determined appropriate grading of our portfolio and related assessments. These one-on-one discussions and status updates, as well as working with those who requested payment deferrals, give us confidence in the overall quality of our loan portfolio,” commented Retzloff.

“We believe our strong liquidity, solid capital and focus on expense management, as well as the tradition of community banking, experience and continued commitment of the entire Allegiance team, will help ensure that our core business is solid and resilient. We remain focused on achieving our goals as we strategically position Allegiance to provide long-term value to our shareholders, and continue to be a source of strength for our customers, employees and community as we all navigate toward a more normalized economic environment,” concluded Retzloff.

Third Quarter 2020 Results

Net interest income before the provision for loan losses in the third quarter 2020 increased $7.1 million, or 15.8%, to $51.9 million from $44.8 million for the third quarter 2019 and increased $1.1 million, or 2.1%, from $50.8 million in the second quarter 2020. These increases were primarily due to changes in the volume and relative mix of the underlying assets and liabilities, the impact of PPP loans as well as lower costs on interest-bearing liabilities. The net interest margin on a tax equivalent basis decreased 21 basis points to 3.95% for the third quarter 2020 from 4.16% for the third quarter 2019 and decreased 15 basis points from 4.10% for the second quarter 2020. Excluding the impact of acquisition accounting adjustments, adjusted net interest margin on a tax equivalent basis was 3.91% for the third quarter 2020 compared to 3.97% for the third quarter 2019 and 4.05% for the second quarter 2020. Adjusted net interest margin is a non-GAAP measure. Please refer to the non-GAAP reconciliation on page 11.

Noninterest income for the third quarter 2020 was $1.9 million, a decrease of $1.0 million, or 36.0%, compared to $2.9 million for the third quarter 2019 and an increase of $288 thousand, or 18.4%, compared to $1.6 million for the second quarter 2020. Third quarter 2020 noninterest income reflected lower transactional fee income and significantly lower correspondent bank rebates.  

Noninterest expense for the third quarter 2020 increased $2.6 million, or 8.5%, to $32.6 million from $30.0 million for the third quarter 2019 and increased $2.8 million, or 9.4%, compared to the second quarter 2020. Noninterest expense for the third quarter 2020 included $1.9 million of other real estate write-downs.

In the third quarter 2020, Allegiance’s efficiency ratio was 60.58% compared to 56.92% for the second quarter 2020 and 62.88% for the third quarter 2019. Third quarter 2020 annualized returns on average assets, average equity and average tangible equity were 1.09%, 8.59% and 12.72%, respectively, compared to 0.71%, 5.51% and 8.32%, respectively, for the second quarter 2020. Annualized returns on average assets, average equity and average tangible equity for the third quarter 2019 were 0.98%, 6.73% and 10.33%, respectively. Return on average tangible equity is a non-GAAP measure. Please refer to the non-GAAP reconciliation on page 11.

Nine Months Ended September 30, 2020 Results

Net interest income before provision for loan losses for the nine months ended September 30, 2020 increased $12.8 million, or 9.5%, to $147.8 million from $135.0 million for the nine months ended September 30, 2019 primarily due to a $654.4 million, or 15.4%, increase in average interest-earning assets over the prior year, the impact of PPP loans as well as lower costs related to interest-bearing liabilities. The net interest margin on a tax equivalent basis decreased 21 basis points to 4.06% for the nine months ended September 30, 2020 from 4.27% for the nine months ended September 30, 2019. Excluding the impact of acquisition accounting adjustments, the adjusted net interest margin for the nine months ended September 30, 2020 was 3.99%, compared to 4.02% for the nine months ended September 30, 2019. Adjusted net interest margin is a non-GAAP measure. Please refer to the non-GAAP reconciliation on page 11.

Noninterest income for the nine months ended September 30, 2020 was $6.1 million, a decrease of $3.9 million, or 38.8%, compared to $10.0 million for the nine months ended September 30, 2019 due primarily to significantly lower correspondent bank rebates and losses on the sales of other real estate owned of $258 thousand. Additionally, noninterest income for the first nine months of 2020 included $287 thousand of gains on the sale of securities compared to $846 thousand for the first nine months of 2019.

Noninterest expense for the nine months ended September 30, 2020 increased $3.5 million, or 3.9%, to $94.7 million from $91.2 million for the nine months ended September 30, 2019. The increase in noninterest expense during the nine months ended September 30, 2020 was primarily due to $4.1 million of other real estate write-downs partially offset by having no merger-related expenses incurred compared to $1.3 million during the first nine months of 2019.

Allegiance’s efficiency ratio decreased from 63.25% for the nine months ended September 30, 2019 to 61.67% for the nine months ended September 30, 2020. For the nine months ended September 30, 2020, returns on average assets, average equity and average tangible equity were 0.72%, 5.43% and 8.16%, respectively, compared to 1.09%, 7.36% and 11.35%, respectively, for the nine months ended September 30, 2019. Return on average tangible equity is a non-GAAP measure. Please refer to the non-GAAP reconciliation on page 11.

Financial Condition

Total assets at September 30, 2020 increased $130.9 million, or 9.0% (annualized), to $5.97 billion compared to $5.84 billion at June 30, 2020 and increased $1.06 billion, or 21.6%, compared to $4.91 billion at September 30, 2019, primarily due to the origination of PPP loans and growth in the securities portfolio.

Total loans at September 30, 2020 increased $8.7 million, or 0.8% (annualized), to $4.59 billion compared to $4.58 billion at June 30, 2020 and increased $706.4 million, or 18.2%, compared to $3.89 billion at September 30, 2019, primarily due to the origination of $710.2 million of PPP loans. Core loans, which exclude the mortgage warehouse portfolio and PPP loans, decreased $5.8 million, or 0.6% (annualized), to $3.88 billion at September 30, 2020 from $3.89 billion at June 30, 2020 and increased $32.7 million, or 0.8%, from $3.85 billion at September 30, 2019.

Deposits at September 30, 2020 increased $216.7 million, or 18.4% (annualized), to $4.92 billion compared to $4.70 billion at June 30, 2020 and increased $1.02 billion, or 26.2%, compared to $3.90 billion at September 30, 2019.

Asset Quality

Nonperforming assets totaled $46.8 million, or 0.78% of total assets, at September 30, 2020, compared to $45.1 million, or 0.77% of total assets, at June 30, 2020, and $42.9 million, or 0.88% of total assets, at September 30, 2019. The allowance for loan losses was 1.06% of total loans at September 30, 2020, 1.04% of total loans at June 30, 2020 and 0.77% of total loans at September 30, 2019. Accounting Standards Update (ASU) 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (CECL), became effective for the Company on January 1, 2020. On March 27, 2020, the CARES Act included an option for entities to delay the implementation of CECL until the earlier of the termination date of the national emergency declaration by the President or December 31, 2020. Due to the uncertainty on the economy from COVID-19, the Company chose to delay its implementation of CECL and recorded its provision for loan losses under the incurred loss model that existed prior to CECL.

The provision for loan losses for the third quarter 2020 was $1.3 million, or 0.12% (annualized) of average loans, compared to $10.7 million, or 0.97% (annualized) of average loans, for the second quarter 2020 and $2.6 million, or 0.27% (annualized) of average loans for the third quarter 2019 primarily due to economic risks and uncertainties related to the COVID-19 pandemic. The Company’s increased provision for loan losses of $18.0 million during the nine months ended 2020 compared to the same period in 2019 reflects the uncertainty surrounding unemployment, the economic impact caused by COVID-19 and the economic effects related to the sustained lower crude oil prices.

Third quarter 2020 net charge-offs were $291 thousand, or 0.03% (annualized) of average loans, a decrease from net charge-offs of $538 thousand, or 0.05% (annualized) of average loans, for the second quarter 2020 and $729 thousand, or 0.07% (annualized) of average loans, for the third quarter 2019. Net charge-offs for the nine months ended September 30, 2020 were $3.7 million, or 0.12% (annualized) of average loans, compared to net charge-offs for the nine months ended September 30, 2019 of $1.5 million, or 0.05% (annualized) of average loans.

The Company believes the largest risks within its loan portfolio are in the hotel, restaurant and bar, and oil and gas portfolios. Loan balances in the hotel industry, excluding PPP loans, totaled $133.8 million, or 2.9% of total loans, at September 30, 2020, of which $7.1 million were on nonaccrual. At September 30, 2020, restaurant and bar industry loans, excluding PPP loans, totaled $117.1 million, or 2.6%, of total loans, of which $683 thousand were on nonaccrual. At September 30, 2020, the Company’s allowance for loan losses allocated to its hotel portfolio was 4.0% of total hotel loans and its restaurant and bar portfolio was 1.2% of total restaurant and bar loans. The oil and gas portfolio, excluding PPP loans, totaled $74.0 million, or 1.6%, of total loans at September 30, 2020, of which $592 thousand were on nonaccrual. At September 30, 2020, the allowance for loan losses allocated to the oil and gas loan portfolio was 2.0% of total oil and gas loans.

During the nine months ended September 30, 2020, the Company granted 2,007 initial principal and interest deferrals on outstanding loan balances of $1.15 billion at September 30, 2020 with associated accrued interest of $16.1 million to borrowers in connection with the COVID-19 relief provided by the CARES Act. Of the initial deferrals, 242 loans with outstanding loan balances of $219.6 million had been granted additional deferrals upon request and after meeting certain conditions with associated accrued interest of $3.4 million as of September 30, 2020. These deferrals were generally no more than 90 days in duration. As of September 30, 2020, 286 loans with outstanding loan balances of $237.0 million remained on deferral.

Dividend

On October 22, 2020, the Board of Directors of Allegiance declared a cash dividend of $0.10 per share to be paid on December 15, 2020 to all shareholders of record as of November 30, 2020. The amount and timing of any future dividend payments to shareholders will be subject to the discretion of Allegiance’s Board of Directors.

GAAP Reconciliation of Non-GAAP Financial Measures

Allegiance’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 page 11 of this earnings release for a reconciliation of these non-GAAP financial measures.

Conference Call

As previously announced, Allegiance’s management team will host a conference call on Thursday, October 29, 2020 at 9:00 a.m. Central Time (10:00 a.m. Eastern Time) to discuss its third quarter 2020 results. Individuals and investment professionals may participate in the call by dialing (877) 279-2520. The conference ID number is 1188487. Alternatively, a simultaneous audio-only webcast may be accessed via the Investor Relations section of Allegiance’s website at www.allegiancebank.com, under Upcoming Events. If you are unable to participate during the live webcast, the webcast will be archived on the Investor Relations section of Allegiance’s website at www.allegiancebank.com, under News and Events, Event Calendar, Past Events.

Allegiance Bancshares, Inc.

As of September 30, 2020, Allegiance was a $5.97 billion asset Houston, Texas-based bank holding company. Through its wholly owned subsidiary, Allegiance Bank, Allegiance provides a diversified range of commercial banking services primarily to small- to medium-sized businesses and individual customers in the Houston region. Allegiance’s super-community banking strategy was designed to foster strong customer relationships while benefiting from a platform and scale that is competitive with larger local and regional banks. As of September 30, 2020, Allegiance Bank operated 28 full-service banking locations in the Houston region, which we define as the Houston-The Woodlands-Sugar Land and Beaumont-Port Arthur metropolitan statistical areas, with 27 bank offices in the Houston metropolitan area and one bank office location in Beaumont, just outside of the Houston metropolitan area. Visit www.allegiancebank.com for more information.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995

This release contains forward-looking statements within the meaning of the securities laws that are derived utilizing assumptions, present expectations, estimates and projections about Allegiance and its subsidiaries. Statements preceded by, followed by or that otherwise include the words “believes,” “expects,” “continues,” “anticipates,” “intends,” “projects,” “estimates,” “potential,” “plans” and similar expressions or future or conditional verbs such as “will,” “should,” “would,” “may” and “could” are generally forward-looking in nature and not historical facts, although not all forward-looking statements include the foregoing words. Forward-looking statements include information concerning Allegiance’s expected future financial performance, business and growth strategy, projected plans and objectives, as well as 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. Such forward-looking statements are not guarantees of future performance and are subject to risks and uncertainties, many of which are outside of Allegiance’s control, which may cause actual results to differ materially from those expressed or implied by the forward-looking statements. These risks and uncertainties include but are not limited to whether Allegiance can: continue to develop and maintain new and existing customer and community relationships; successfully implement its growth strategy, including identifying suitable acquisition targets and integrating the businesses of acquired companies and banks; sustain its current internal growth rate; provide quality and competitive products and services that appeal to its customers; continue to have access to debt and equity capital markets; and achieve its performance objectives. Additionally, the impact of the COVID-19 pandemic is rapidly evolving and its future effects on Allegiance are difficult to predict. These and various other risk factors are discussed in Allegiance’s Annual Report on Form 10-K for the fiscal year ended December 31, 2019 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2020 and June 30, 2020 and in other reports and statements Allegiance has filed with the Securities and Exchange Commission. Copies of such filings are available for download free of charge from the Investor Relations section of Allegiance’s website at www.allegiancebank.com, under Financial Information, SEC Filings. Any forward-looking statement made by Allegiance in this release speaks only as of the date on which it is made. Factors or events that could cause Allegiance’s actual results to differ may emerge from time to time, and it is not possible for Allegiance to predict all of them. Because of these uncertainties, readers should not place undue reliance on any forward-looking statement. Allegiance disclaims any obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by law.

Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)

  2020  2019 
  September 30  June 30  March 31  December 31  September 30 
  (Dollars in thousands) 
ASSETS                    
Cash and due from banks $327,416  $237,585  $156,700  $213,347  $246,312 
Interest-bearing deposits at other financial
institutions		  19,732   28,815   18,189   132,901   54,307 
Total cash and cash equivalents  347,148   266,400   174,889   346,248   300,619 
Available for sale securities, at fair value  663,301   618,751   508,250   372,545   353,000 
Loans held for investment  4,592,362   4,583,656   3,955,546   3,915,310   3,886,004 
Less: allowance for loan losses  (48,698)  (47,642)  (37,511)  (29,438)  (29,808)
Loans, net  4,543,664   4,536,014   3,918,035   3,885,872   3,856,196 
Accrued interest receivable  36,996   32,795   17,203   15,468   15,201 
Premises and equipment, net  69,887   67,229   66,798   66,790   67,175 
Other real estate owned  8,876   11,847   12,617   8,337   8,333 
Federal Home Loan Bank stock  9,716   14,844   12,798   6,242   14,138 
Bank owned life insurance  27,542   27,398   27,255   27,104   26,947 
Goodwill  223,642   223,642   223,642   223,642   223,642 
Core deposit intangibles, net  18,907   19,896   20,886   21,876   23,053 
Other assets  18,072   18,065   20,056   18,530   17,536 
Total assets $5,967,751  $5,836,881  $5,002,429  $4,992,654  $4,905,840 
LIABILITIES AND SHAREHOLDERS’
EQUITY		                    
LIABILITIES:                    
Deposits:                    
Noninterest-bearing $1,772,700  $1,754,128  $1,217,532  $1,252,232  $1,227,839 
Interest-bearing                    
Demand  409,137   375,353   341,524   367,278   340,754 
Money market and savings  1,483,370   1,270,437   1,110,631   1,258,008   1,114,233 
Certificates and other time  1,252,159   1,300,793   1,283,887   1,190,583   1,214,659 
Total interest-bearing deposits  3,144,666   2,946,583   2,736,042   2,815,869   2,669,646 
Total deposits  4,917,366   4,700,711   3,953,574   4,068,101   3,897,485 
Accrued interest payable  3,082   3,293   3,821   4,326   4,915 
Borrowed funds  155,512   255,509   190,506   75,503   159,501 
Subordinated debt  108,191   108,061   107,930   107,799   107,771 
Other liabilities  30,547   33,164   40,005   27,060   29,860 
Total liabilities  5,214,698   5,100,738   4,295,836   4,282,789   4,199,532 
SHAREHOLDERS’ EQUITY:                    
Common stock  20,445   20,431   20,355   20,524   20,737 
Capital surplus  516,151   515,045   513,894   521,066   529,688 
Retained earnings  186,866   172,723   164,858   163,375   149,389 
Accumulated other comprehensive
income		  29,591   27,944   7,486   4,900   6,494 
Total shareholders’ equity  753,053   736,143   706,593   709,865   706,308 
TOTAL LIABILITIES AND
SHAREHOLDERS’ EQUITY		 $5,967,751  $5,836,881  $5,002,429  $4,992,654  $4,905,840 


Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)

  Three Months Ended  Year-to-Date 
  2020  2019  2020  2019 
  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 $56,418  $56,421  $54,624  $55,368  $55,790  $167,463  $165,995 
Securities:                            
Taxable  2,095   1,842   2,087   2,066   2,090   6,024   4,909 
Tax-exempt  2,280   2,169   546   469   483   4,995   2,465 
Deposits in other financial
institutions		  18   20   195   244   302   233   1,391 
Total interest income  60,811   60,452   57,452   58,147   58,665   178,715   174,760 
                             
INTEREST EXPENSE:                            
Demand, money market and
savings deposits		  1,657   1,729   4,364   5,091   4,975   7,750   13,216 
Certificates and other time
deposits		  5,239   5,845   6,084   6,483   6,909   17,168   20,173 
Borrowed funds  558   562   506   547   1,183   1,626   4,128 
Subordinated debt  1,448   1,469   1,473   1,500   761   4,390   2,232 
Total interest expense  8,902   9,605   12,427   13,621   13,828   30,934   39,749 
NET INTEREST INCOME  51,909   50,847   45,025   44,526   44,837   147,781   135,011 
Provision for loan losses  1,347   10,669   10,990   933   2,597   23,006   5,006 
Net interest income after provision
for loan losses		  50,562   40,178   34,035   43,593   42,240   124,775   130,005 
                             
NONINTEREST INCOME:                            
Nonsufficient funds fees  75   60   169   189   168   304   469 
Service charges on deposit
accounts		  325   343   457   403   379   1,125   1,069 
Gain on sale of securities  —   93   194   613   —   287   846 
Gain (loss) on sales of other real
estate and repossessed assets		  117   (306)  (69)  (45)  —   (258)  71 
Bank owned life insurance  144   143   151   157   153   438   467 
Rebate from correspondent bank  98   89   493   900   900   680   2,680 
Other  1,091   1,140   1,330   1,183   1,289   3,561   4,421 
Total noninterest income  1,850   1,562   2,725   3,400   2,889   6,137   10,023 
                             
NONINTEREST EXPENSE:                            
Salaries and employee benefits  20,034   19,334   19,781   18,273   20,221   59,149   59,320 
Net occupancy and equipment  2,057   1,926   1,907   1,994   1,973   5,890   6,139 
Depreciation  946   885   866   861   822   2,697   2,331 
Data processing and software
amortization		  2,125   1,934   1,826   2,120   2,058   5,885   5,390 
Professional fees  756   800   573   540   667   2,129   1,793 
Regulatory assessments and
FDIC insurance		  875   609   632   216   (41)  2,116   1,489 
Core deposit intangibles
amortization		  989   990   990   1,177   1,178   2,969   3,534 
Communications  355   390   417   486   455   1,162   1,353 
Advertising  327   370   521   597   449   1,218   1,770 
Other real estate expense  2,017   114   2,649   164   137   4,780   450 
Acquisition and merger-related
expenses		  —   —   —   —   —   —   1,326 
Other  2,084   2,427   2,239   3,003   2,090   6,750   6,309 
Total noninterest expense  32,565   29,779   32,401   29,431   30,009   94,745   91,204 
INCOME BEFORE INCOME
TAXES		  19,847   11,961   4,359   17,562   15,120   36,167   48,824 
Provision for income taxes  3,677   2,054   843   3,576   3,073   6,574   9,851 
NET INCOME $16,170  $9,907  $3,516  $13,986  $12,047  $29,593  $38,973 
                             
EARNINGS PER SHARE                            
Basic $0.79  $0.49  $0.17  $0.68  $0.57  $1.45  $1.83 
Diluted $0.79  $0.48  $0.17  $0.67  $0.57  $1.44  $1.81 


Allegiance Bancshares, Inc.
Financial Highlights
(Unaudited)

  Three Months Ended  Year-to-Date 
  2020  2019  2020  2019 
  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 $16,170  $9,907  $3,516  $13,986  $12,047  $29,593  $38,973 
                             
Earnings per share, basic $0.79  $0.49  $0.17  $0.68  $0.57  $1.45  { "@context": "https://schema.org", "@type": "FAQPage", "name": "Allegiance Bancshares, Inc. Reports Third Quarter 2020 Results FAQs", "mainEntity": [ { "@type": "Question", "name": "What are Allegiance Bancshares' Q3 2020 earnings?", "acceptedAnswer": { "@type": "Answer", "text": "Allegiance Bancshares reported net income of $16.2 million and diluted earnings per share of $0.79 for Q3 2020." } }, { "@type": "Question", "name": "How much did Allegiance Bancshares' deposits increase in Q3 2020?", "acceptedAnswer": { "@type": "Answer", "text": "Deposits increased by 4.6% over Q2 2020." } }, { "@type": "Question", "name": "What was the year-over-year change in noninterest income for Allegiance Bancshares?", "acceptedAnswer": { "@type": "Answer", "text": "Noninterest income decreased by 36.0% compared to Q3 2019." } }, { "@type": "Question", "name": "Did Allegiance Bancshares declare a dividend in Q3 2020?", "acceptedAnswer": { "@type": "Answer", "text": "Yes, Allegiance declared a quarterly dividend of $0.10 per share." } }, { "@type": "Question", "name": "What was the efficiency ratio for Allegiance Bancshares in Q3 2020?", "acceptedAnswer": { "@type": "Answer", "text": "The efficiency ratio improved to 60.58% for Q3 2020." } } ] }

FAQ

What are Allegiance Bancshares' Q3 2020 earnings?

Allegiance Bancshares reported net income of $16.2 million and diluted earnings per share of $0.79 for Q3 2020.

How much did Allegiance Bancshares' deposits increase in Q3 2020?

Deposits increased by 4.6% over Q2 2020.

What was the year-over-year change in noninterest income for Allegiance Bancshares?

Noninterest income decreased by 36.0% compared to Q3 2019.

Did Allegiance Bancshares declare a dividend in Q3 2020?

Yes, Allegiance declared a quarterly dividend of $0.10 per share.

What was the efficiency ratio for Allegiance Bancshares in Q3 2020?

The efficiency ratio improved to 60.58% for Q3 2020.

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