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17.04.2018 22:20
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PR Newswire
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LegacyTexas Financial Group, Inc. Reports First Quarter 2018 Earnings
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PR Newswire
PLANO, Texas, April 17, 2018
PLANO, Texas, April 17, 2018 /PRNewswire/ -- LegacyTexas Financial Group, Inc. (Nasdaq: LTXB) (the "Company"), the holding company for LegacyTexas Bank (the "Bank"), today announced net income of $25.8 million for the first quarter of 2018, an increase of $11.1 million from the fourth quarter of 2017 and $7.6 million from the first quarter of 2017. Net income for the fourth quarter of 2017 included a $13.5 million income tax adjustment to the Company's deferred tax asset related to the December 22, 2017 enactment of the Tax Cuts and Jobs Act, with no comparable charge in the 2018 period.
"The LegacyTexas team of bankers continues to execute on our strategies and grow our customer relationships on both the loan and deposit sides of our business," said President and CEO Kevin Hanigan. "I am particularly pleased with our improved asset quality and the continued growth in non-interest-bearing deposits. These improvements are paramount to accelerating our already strong earnings power."
First Quarter 2018 Performance Highlights
- Company assets of $8.87 billion generated basic earnings per share for the first quarter of 2018 of $0.55 on a GAAP basis and $0.52 on a core (non-GAAP) basis.
- Gross loans held for investment at March 31, 2018, excluding Warehouse Purchase Program loans, grew $85.9 million from December 31, 2017, which includes linked-quarter increases in commercial real estate, commercial and industrial and consumer real estate loans.
- Non-performing loans declined by $44.6 million, or 47.2%, from December 31, 2017, totaling $49.8 million at March 31, 2018.
- The Company's efforts to grow non-interest-bearing demand deposits resulted in a linked-quarter increase in these deposits of $45.4 million to $1.68 billion at March 31, 2018. Non-interest-bearing deposits totaled 24.2% of total deposits at March 31, 2018.
- Return on average assets for the quarter ended March 31, 2018 was 1.19%, compared to 0.66% for the quarter ended December 31, 2017, while core (non-GAAP) return on average assets for the quarter ended March 31, 2018 was 1.13%, compared to 1.27% for the quarter ended December 31, 2017.
| Financial Highlights | |||||||||||
| | |||||||||||
| | At or For the Quarters Ended | ||||||||||
| (unaudited) | Mar 31, 2018 | | Dec 31, 2017 | | Mar 31, 2017 | ||||||
| | (Dollars in thousands, except per share amounts) | ||||||||||
| Net interest income | $ | 78,613 | | | $ | 80,199 | | | $ | 76,548 | |
| Provision for credit losses | 15,663 | | | 3,743 | | | 22,301 | | |||
| Non-interest income | 12,898 | | | 6,901 | | | 12,130 | | |||
| Non-interest expense | 43,879 | | | 40,708 | | | 39,752 | | |||
| Income tax expense | 6,207 | | | 27,989 | | | 8,435 | | |||
| Net income | $ | 25,762 | | | $ | 14,660 | | | $ | 18,190 | |
| | | | | | | ||||||
| Basic earnings per common share | $ | 0.55 | | | $ | 0.31 | | | $ | 0.39 | |
| Basic core (non-GAAP) earnings per common share1 | $ | 0.52 | | | $ | 0.60 | | | $ | 0.37 | |
| Weighted average common shares outstanding - basic | 46,872,333 | | | 46,729,160 | | | 46,453,658 | | |||
| Estimated Tier 1 common equity risk-based capital ratio2 | 9.91 | % | | 9.40 | % | | 9.29 | % | |||
| Total equity to total assets | 11.05 | % | | 10.56 | % | | 10.67 | % | |||
| Tangible common equity to tangible assets - Non-GAAP1 | 9.22 | % | | 8.77 | % | | 8.73 | % | |||
| | |
| 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 $24.5 million for the quarter ended March 31, 2018, down $3.6 million from the fourth quarter of 2017 and up $7.2 million from the first quarter of 2017. Basic earnings per share for the quarter ended March 31, 2018 was $0.55, an increase of $0.24 from the fourth quarter of 2017 and $0.16 from the first quarter of 2017. Basic core (non-GAAP) earnings per share for the first quarter of 2018 was $0.52, down $0.08 from the fourth quarter of 2017 and up $0.15 from the first quarter of 2017. The reconciliation of non-GAAP measures, which the Company believes facilitates the assessment of its banking operations and peer comparability, is included in tabular form at the end of this release.
| Net Interest Income and Net Interest Margin | |||||||||||
| | |||||||||||
| | For the Quarters Ended | ||||||||||
| (unaudited) | Mar 31, 2018 | | Dec 31, 2017 | | Mar 31, 2017 | ||||||
| | (Dollars in thousands) | ||||||||||
| Interest income: | | | | | | ||||||
| Loans held for investment, excluding Warehouse Purchase Program loans 1 | $ | 80,348 | | | $ Werbung Mehr Nachrichten zur LegacyTexas Financial Group Aktie kostenlos abonnieren
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