LegacyTexas Financial Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016
January 24, 2017 at 09:15 pm
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LegacyTexas Financial Group Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2016. For the quarter, the company reported net interest income was $74.084 million compared to $63.742 million a year ago. This was $600,000 higher than linked quarter and $10.4 million higher than fourth quarter 2015. That's a 16.2% year-over-year growth in net interest income. Income before income tax was $38.98 million compared to $25.092 million a year ago. Net income was $25.305 million or $0.54 per diluted share compared to $16.446 million or $0.35 per diluted share a year ago. Core (non-GAAP) return on average common shareholders' equity was 11.50% against 8.17% a year ago. Core (non-GAAP) return on average assets was 1.20% against 0.95% a year ago. Return on average common shareholders' equity was 11.50% against 8.22% a year ago. Return on average assets was 1.20% against 0.95% a year ago. Core (non-GAAP) net income was $25.305 million or $0.54 per diluted share compared to $16.356 million or $0.35 per diluted share a year ago. Book value per share- GAAP was $18.49 compared to $16.88 a year ago. Tangible book value per share- Non-GAAP was $14.75 compared to $13.06 a year ago.
For the year, the company reported net interest income was $282.269 million compared to $241.077 million a year ago. This combination of growing revenues, while diligently controlling expenses, led to GAAP net income being up 38% and core net income being up 34% over last year. Net income was $97.821 million or $2.09 per diluted share compared to $70.916 million or $1.53 per diluted share a year ago. Core (non-GAAP) net income was $96.222 million or $2.07 diluted per share against $71.856 million or $1.56 diluted per share a year ago. GAAP net income available to common shareholders was $97.324 million compared to $70.382 million a year ago.
For the fourth quarter of 2016, the company's net charge-offs was $0.242 million compared to $0.489 million a year ago.
LegacyTexas Financial Group, Inc. is a bank holding company. LegacyTexas Bank (the Bank) is the Company's principal operating subsidiary, which is a commercial bank that is focused on meeting the needs of businesses and consumers in the North Texas area. Its principal business consists of attracting retail deposits from general public and business community and investing those funds, along with borrowed funds, in commercial real estate loans, secured and unsecured commercial and industrial loans, as well as permanent loans secured by first and second mortgages on one- to four-family residences and consumer loans. Its Warehouse Purchase Program allows mortgage banking company customers to close one- to four-family real estate loans in their own name and manage its cash flow needs until the loans are sold to investors. It offers title services, as well as brokerage services for purchase and sale of non-deposit investment and insurance products through a third-party brokerage arrangement.
LegacyTexas Financial Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2016; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2016