Allegiance Bancshares, Inc. (ABTX) Misses Q3 EPS by 26c

Allegiance Bancshares, Inc. (NASDAQ: ABTX) reported Q3 EPS of $0.22, $0.26 worse than the analyst estimate of $0.48.

"Houston experienced an unprecedented natural disaster when Hurricane Harvey struck during the quarter. As Houstonians, we were proud to see an overwhelming outpouring of support within the community to help each other in our clean up and recovery efforts," commented George Martinez, Allegiance's Chairman and Chief Executive Officer. "Thanks to previously established processes and the extraordinary efforts of our employees to ensure that we took care of our customers and fellow employees, our banking operations were uninterrupted during the storm and most of our banking locations were fully functional within days of the Hurricane," continued Martinez.

"We are extremely proud of our consistently strong loan growth, even in the wake of the Hurricane. Our provision expense was elevated this quarter in part due to immediate uncertainty in the Houston economy and estimated losses related to Hurricane Harvey. Additionally, during the quarter, we charged off one energy-related loan relationship we had been monitoring for some time. We performed a thorough assessment of the impact of the Hurricane on our customers as well as the adequacy of the allowance for loan losses for our current portfolio," added George Martinez.

"Notwithstanding the Hurricane, we delivered solid growth in pre-provision profitability during the quarter as we continue to execute our growth plans. As Houston’s largest community bank, we are dedicated to serving the dynamic Houston market through the Hurricane recovery and beyond," concluded George Martinez.

For earnings history and earnings-related data on Allegiance Bancshares, Inc. (ABTX) click here.

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