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18.07.2017 22:20
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LegacyTexas Financial Group, Inc. Reports Record Second Quarter 2017 Earnings of $27.9 million
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PR Newswire
PLANO, Texas, July 18, 2017
PLANO, Texas, July 18, 2017 /PRNewswire/ -- LegacyTexas Financial Group, Inc. (Nasdaq: LTXB) (the "Company"), the holding company for LegacyTexas Bank (the "Bank"), today announced record net income of $27.9 million for the second quarter of 2017, an increase of $9.7 million from the first quarter of 2017 and $4.7 million from the second quarter of 2016.
"We are pleased to report record net income of $27.9 million for the quarter," said President and CEO Kevin Hanigan. "We continue to grow our customer base and market share in the Dallas/Fort Worth Metroplex. Our team grew loans and deposits and controlled expenses, resulting in a very strong return on average assets of 1.32%."
Second Quarter 2017 Performance Highlights
- Company assets of $8.97 billion generated basic earnings per share for the second quarter of 2017 of $0.60 on both a GAAP and core (non-GAAP) basis.
- Gross loans held for investment at June 30, 2017, excluding Warehouse Purchase Program loans, grew $144.0 million from March 31, 2017, while total deposits grew $182.9 million for the same period.
- Warehouse Purchase Program loans of $1.26 billion at June 30, 2017, an increase of $409.8 million from March 31, 2017, generated a $2.2 million increase in interest income on a linked-quarter basis.
- Efficiency ratio remained low at 44.96% for the quarter ended June 30, 2017, compared to 44.83% for the quarter ended March 31, 2017.
- Return on average assets for the quarter ended June 30, 2017 was 1.32%, compared to 0.89% for the quarter ended March 31, 2017, and 1.20% for the quarter ended June 30, 2016.
- Interest income on loans increased $814,000 on a linked-quarter basis to $83.9 million for the second quarter of 2017. Excluding the amortization of a $4.7 million discount on a purchased energy loan in the first quarter, interest income on loans increased $5.5 million on a linked-quarter basis.
| Financial Highlights | |||||||||||
| | |||||||||||
| | At or For the Quarters Ended | ||||||||||
| (unaudited) | Jun 30, 2017 | | Mar 31, 2017 | | Jun 30, 2016 | ||||||
| | (Dollars in thousands, except per share amounts) | ||||||||||
| Net interest income | $ | 75,720 | | | $ | 76,548 | | | $ | 69,354 | |
| Provision for credit losses | 6,255 | | | 22,301 | | | 6,800 | | |||
| Non-interest income | 12,325 | | | 12,130 | | | 13,722 | | |||
| Non-interest expense | 39,589 | | | 39,752 | | | 39,613 | | |||
| Income tax expense | 14,266 | | | 8,435 | | | 13,446 | | |||
| Net income | $ | 27,935 | | | $ | 18,190 | | | $ | 23,217 | |
| | | | | | | ||||||
| Basic earnings per common share | $ | 0.60 | | | $ | 0.39 | | | $ | 0.50 | |
| Basic core (non-GAAP) earnings per common share1 | $ | 0.60 | | | $ | 0.37 | | | $ | 0.50 | |
| Weighted average common shares outstanding - basic | 46,596,467 | | | 46,453,658 | | | 46,135,999 | | |||
| Estimated Tier 1 common equity risk-based capital ratio2 | 8.92 | % | | 9.29 | % | | 9.28 | % | |||
| Total equity to total assets | 10.31 | % | | 10.67 | % | | 10.47 | % | |||
| Tangible common equity to tangible assets - Non-GAAP1 | 8.49 | % | | 8.73 | % | | 8.43 | % | |||
| | |
| 1 | See the section labeled "Supplemental Information- Non-GAAP Financial Measures" at the end of this document. |
| 2 | Calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve. |
Core (non-GAAP) net income (which is net income adjusted for the impact of infrequent or non-recurring items) totaled $27.9 million for the quarter ended June 30, 2017, up $10.6 million from the first quarter of 2017 and $4.8 million from the second quarter of 2016. Basic earnings per share for the quarter ended June 30, 2017 was $0.60, an increase of $0.21 from the first quarter of 2017 and $0.10 from the second quarter of 2016. Basic core earnings per share for the second quarter of 2017 was $0.60, up $0.23 from the first quarter of 2017 and $0.10 from the second quarter of 2016.
| Net Interest Income and Net Interest Margin | |||||||||||
| | |||||||||||
| | For the Quarters Ended | ||||||||||
| (unaudited) | Jun 30, 2017 | | Mar 31, 2017 | | Jun 30, 2016 | ||||||
| | (Dollars in thousands) | ||||||||||
| Interest income: | | | | | | ||||||
| Loans held for investment, excluding Warehouse Purchase Program loans | $ | 75,432 | | | $ Werbung Mehr Nachrichten zur LegacyTexas Financial Group Aktie kostenlos abonnieren
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