Allegiance Bancshares, Inc. Reports Record Annual Results for 2021

HOUSTON, Jan. 28, 2022 (GLOBE NEWSWIRE) -- Allegiance Bancshares, Inc. (NASDAQ: ABTX) (Allegiance), the holding company of Allegiance Bank (the "Bank"), today reported record net income of $21.6 million and diluted earnings per share of $1.06 for the fourth quarter 2021 compared to net income of $15.9 million and diluted earnings per share of $0.77 for the fourth quarter 2020. Net income for the year ended December 31, 2021 was $81.6 million, or $4.01 per diluted share, compared to $45.5 million, or $2.22 per diluted share, for the year ended December 31, 2020. The fourth quarter results were primarily driven by the recapture of provision for credit losses and increased net interest income due to lower funding costs compared to the fourth quarter 2020. The year ended December 31, 2021 results were primarily driven by the recapture of provision for credit losses, increased net interest income due to the impact of PPP fee income and lower funding costs partially offset by elevated expenses as a result of increased performance-based accruals compared to the year ended December 31, 2020.