allegiancebanc02.jpg
PRESS RELEASE    

Allegiance Bancshares, Inc.
8847 West Sam Houston Parkway N., Suite 200
Houston, Texas 77040
ir@allegiancebank.com                                        
ALLEGIANCE BANCSHARES, INC. REPORTS
FIRST QUARTER 2018 RESULTS

Net income increased 27.5% to $7.7 million and diluted earnings per share of $0.57 for the first quarter 2018 compared to $6.0 million and $0.45 for the first quarter 2017

Core loan growth of $326.6 million, or 17.0%, year over year and $47.5 million, or 8.6% (annualized), for the first quarter 2018 compared to the linked quarter and deposit growth of $272.2 million, or 13.5%, year over year and $70.8 million, or 12.8% (annualized), for the first quarter 2018 compared to the linked quarter

HOUSTON, April 26, 2018. Allegiance Bancshares, Inc. (NASDAQ: ABTX) ("Allegiance"), the holding company of Allegiance Bank (the "Bank"), today reported net income of $7.7 million and diluted earnings per share of $0.57 in the first quarter 2018 compared to $6.0 million and diluted earnings per share of $0.45 for the first quarter 2017.

"Our results for the first quarter reflect the fact that our customers respond favorably to their unique experience of doing business with Allegiance," said George Martinez, Allegiance's Chairman and Chief Executive Officer. "We continue to generate organic growth in both loans and deposits. Earnings were solid, noting the benefit of the reduction in the statutory tax rate as a result of the recent tax reform legislation. Our team is laser-focused on the execution of our key strategies and the delivery of high quality growth, while managing costs and risk. Asset quality remains strong with nonperforming assets to total assets at 0.49%," commented Martinez.

"This quarter is a good beginning, and we look forward to another successful year. We are grateful for our dedicated employees, who add value to customer relationships and provide superior service. They embody our culture and ensure a consistent customer experience at Allegiance, and we appreciate their hard work and loyalty," concluded Martinez.

First Quarter 2018 Results

Net interest income before provision for loan losses in the first quarter 2018 increased $2.8 million, or 11.4%, to $26.9 million from $24.1 million for the first quarter 2017 primarily due to organic loan growth partially offset by interest expense on the subordinated debt that was issued in December 2017. Net interest income before provision for loan losses in the first quarter 2018 decreased slightly from $27.4 million in the fourth quarter 2017 primarily due to interest expense on the subordinated debt that was issued in December 2017 partially offset by organic loan growth. The net interest margin on a tax equivalent basis decreased 18 basis points to 4.20% for the first quarter 2018 from 4.38% for the first quarter 2017 and decreased 13 basis points from 4.33% for the fourth quarter 2017. The decreases from the prior year and the linked quarter are primarily due to interest expense on the subordinated debt issuance.

Noninterest income for the first quarter 2018 was $1.6 million, an increase of $305 thousand, or 22.7%, compared to $1.3 million for the first quarter 2017 and increased $63 thousand compared to $1.6 million for the fourth quarter 2017.

Noninterest expense for the first quarter 2018 increased $2.2 million, or 13.1%, to $18.7 million from $16.5 million for the first quarter 2017, and decreased $559 thousand, or 2.9%, from $19.3 million for the fourth quarter 2017. The increase in noninterest expense over the first quarter 2017 was primarily due to salaries and benefits expense to support strategic growth initiatives. In the first quarter 2018, Allegiance’s efficiency ratio increased to 65.59% from 64.98% for the first quarter 2017 and decreased from 66.50% for the fourth quarter 2017. First quarter 2018 annualized returns on average assets, average equity and average tangible equity were 1.09%, 10.10% and 11.71%, respectively, compared to 0.96%, 8.61% and 10.15%, respectively, for the first quarter 2017. Annualized returns on average assets, average equity and average tangible equity for the fourth quarter 2017 were 0.45%, 4.15% and 4.82%, respectively.

1

The following information was filed by Allegiance Bancshares, Inc. (ABTX) on Thursday, April 26, 2018 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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