Allegiance Bancshares, Inc.
8847 West Sam Houston Parkway N.,
Suite 200 Houston, Texas 77040
ALLEGIANCE BANCSHARES REPORTS
FOURTH QUARTER AND YEAR-END 2016 RESULTS
Fourth quarter 2016 diluted earnings per common share of $0.44 compared to $0.33 for the fourth quarter 2015 and $0.42 for the third quarter 2016
Full year 2016 diluted earnings per common share of $1.75 compared to $1.43 for the year ended 2015
Core loans for the fourth quarter 2016 increased 14.5% year over year and 4.0% compared to the third quarter 2016
Continued shareholder value creation: tangible book value per common share grew 9.3% for the year ended 2016
Strong asset quality as evidenced by annualized net charge-offs of 0.04% for the fourth quarter and year ended 2016
HOUSTON, January 24, 2017. Allegiance Bancshares, Inc. (NASDAQ: ABTX) ("Allegiance"), the holding company of Allegiance Bank (the "Bank"), reported net income attributable to common stockholders of $5.8 million in the fourth quarter 2016, a 37.0% increase over the same period in 2015, and a 5.5% increase compared to the third quarter 2016. Net income per diluted common share increased 33.3% to $0.44 in the fourth quarter 2016 compared to $0.33 for the same period in 2015 and increased 4.8% compared to $0.42 for the third quarter 2016. Net income attributable to common shareholders for the year ended December 31, 2016 increased $7.6 million to $22.9 million, or $1.75 per diluted common share, compared to net income attributable to common shareholders of $15.2 million, or $1.43 per diluted common share, for the year ended December 31, 2015. Excluding the gain on the sale of two Central Texas branch locations during the first quarter 2016, net income attributable to common shareholders would have been $21.5 million and net income per diluted common share would have been $1.65 for the year ended December 31, 2016.
"We are pleased with our overall financial performance in 2016, and the fourth quarter represented another great quarter for Allegiance," said George Martinez, Allegiance's Chairman and Chief Executive Officer. "In our first full year of being a public company, we achieved a number of successes as we continued to deliver strong organic loan growth and record earnings. We owe our achievements to the exceptional efforts of our hard working and dedicated bankers along with the support we received from our loyal shareholders and customers. Allegiance enters the year 2017 with a strong balance sheet, a stable and diversified portfolio and a continued focus on superior asset quality," continued Martinez.
"We are focused on the execution of our business plan and positioning ourselves for significant growth in the future. Over the past year, we built upon our talented lending team by hiring 12 new lenders and further enhanced our infrastructure. We are strengthening our internal processes and systems which will provide our platform the requisite technology and capacity we will need to support our ambitious growth plans. We believe these efforts position us well for continued growth and shareholder value creation in 2017 and beyond," concluded Martinez.
Fourth Quarter 2016 Results
Fourth quarter 2016 annualized returns on average assets, average common equity and average tangible common equity were 0.93%, 8.25% and 9.79%, respectively, compared to 0.81%, 6.71% and 8.19%, respectively, for the fourth quarter 2015. The initial public offering of 2.9 million shares during the fourth quarter of 2015 generated net proceeds of $57.2 million. Annualized returns on average assets, average common equity and average tangible common equity for the third quarter 2016 were 0.90%, 7.77% and 9.21%, respectively.
The following information was filed by Allegiance Bancshares, Inc. (ABTX) on Tuesday, January 24, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.