Legacytexas Financial Group, Inc. (LTXB) 10K Annual Reports & 10Q SEC Filings

PLANO, Texas, January 22, 2019 -- LegacyTexas Financial Group, Inc. (Nasdaq: LTXB) (the “Company”), the holding company for LegacyTexas Bank (the “Bank”), today announced net income of $57.8 million for the fourth quarter of 2018, an increase of $14.9 million from the third quarter of 2018 and an increase of $43.1 million from the fourth quarter of 2017. Core (non-GAAP) net income totaled $42.7 million for the fourth quarter of 2018, down $511,000 from the third quarter of 2018 and up $14.5 million from the fourth quarter of 2017.

Net income for the fourth quarters of 2018 and 2017 was impacted by one-time tax adjustments related to the December 22, 2017 enactment of the Tax Cuts and Jobs Act. The 2018 period was positively impacted by a $15.3 million tax benefit related to tax rate changes and the favorable outcome of the Company's change in its tax method of accounting for its loan portfolio, while the 2017 period was negatively impacted by $13.5 million in tax expense related to an adjustment to the Company's deferred tax asset. See “Supplemental Information- Non-GAAP Financial Measures” at the end of this document.

“We are pleased to have closed out 2018 by reporting record earnings of $57.8 million for the fourth quarter,” said President and CEO Kevin Hanigan. “We also had record annual earnings of $154.2 million. Our outstanding financial results reflect the commitment our employees have to the execution of our strategy and to serving the needs of our customers and communities.”

Fourth Quarter 2018 Performance Highlights


•	Assets of $9.05 billion generated basic earnings per share for the fourth quarter of 2018 of $1.22 on a GAAP basis and $0.91 on a core (non-GAAP) basis.*


•	GAAP return on average assets improved to an all-time high of 2.61% for the quarter ended December 31, 2018, compared to 1.87% for the quarter ended September 30, 2018, while core (non-GAAP) return on average assets for the quarter ended December 31, 2018 was 1.93%, compared to 1.88% for the quarter ended September 30, 2018.*


•	GAAP efficiency ratio was 44.39% for the quarter ended December 31, 2018, compared to 42.66% for the quarter ended September 30, 2018, while core (non-GAAP) efficiency ratio was 44.13% for the quarter ended December 31, 2018, compared to 42.46% for the quarter ended September 30, 2018.*


•	Gross loans held for investment at December 31, 2018, excluding Warehouse Purchase Program loans, grew $26.7 million from September 30, 2018, which includes linked-quarter increases in commercial real estate, consumer real estate and other consumer loans.


•	Total deposits at December 31, 2018 grew $62.0 million from September 30, 2018, which includes linked-quarter increases in interest-bearing demand and time deposits.

Full Year 2018 Performance Highlights


•	Net income for the year ended December 31, 2018 totaled $154.2 million, an increase of $64.7 million from the year ended December 31, 2017, while core (non-GAAP) net income totaled $138.4 million for the year ended December 31, 2018, up $36.5 million from the year ended December 31, 2017.*

The following information was filed by Legacytexas Financial Group, Inc. (LTXB) on Tuesday, January 22, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

Please wait while we load the requested 10-K report or click the link below:

https://last10k.com/sec-filings/report/1487052/000148705219000013/ltxb-20181231x10k.htm

View differences made from one year to another to evaluate Legacytexas Financial Group, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Legacytexas Financial Group, Inc..

Continue

Assess how Legacytexas Financial Group, Inc.'s management team is paid from their Annual Proxy

Legacytexas Financial Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2019 10-K Annual Report includes:

Voting Procedures
Board Members
Executive Team
Salaries, Bonuses, Perks
Peers / Competitors

Continue

Rating
Learn More

Filter by Sentiment:

All

Positive

Negative

Filter by Category:

All

Financial

Revenue

Legal

Other

Filter by Subcategory:

All

Expense

Product

Income

Earnings

Cash Flow

Other

Inside Legacytexas Financial Group, Inc.'s 10-K Annual Report:

Financial - Shares Highlight
The increase in shareholders equity at December 31, 2018, compared to December 31, 2017, was primarily due to net income of $154.2 million recognized during the year ended December 31, 2018, which was partially offset by the payment of quarterly dividends totaling $0.70 per common share, or $33.8 million, during the year ended December 31, 2018.

Financial - Expense Highlight
Outside professional services expense increased by $1.0 million during the year ended December 31, 2017 compared to the prior year due to increased legal and compliance costs in the 2017 period, while advertising expense increased by $517,000 due to a higher number of events and sponsorships.
Other - Other Highlight
The factors listed above could materially affect our financial performance and could cause our actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
Revenue - Product Highlight
Service charges and other fees decreased by $948,000 for the year ended December 31, 2017 compared to December 31, 2016 due to a $591,000 decrease in title premiums, a $522,000 decrease in commercial loan fee income (consisting of syndication, arrangement, non-usage and pre-payment fees), a $363,000 decrease in insufficient funds fees, and a $328,000 decrease in brokerage income after the Company discontinued its brokerage services in 2017.
Financial - Expense Highlight
The increase in non-interest expense for the year ended December 31, 2017 compared to the year ended December 31, 2016 included a $2.6 million increase in salaries and employee benefits expense due to increases in base salaries and share-based compensation expense during the 2017 period, which were partially offset by decreased expense related to the payoff of one of the Companys ESOP loans at the end of the third quarter of 2016, as well as lower performance-based incentives, health care costs, and an increase in deferred salary costs related to loan originations that will be accounted for over the lives of the related loans during the 2017 period.
Financial - Income
The $48.1 million increase in...Read more
Financial - Expense
In addition, high inflation may...Read more
Other - Other
We believe that the level...Read more
Financial - Earnings
Our Board of Directors adopted...Read more
Financial - Income
N/M - not meaningful The...Read more
Financial - Income
The average balance of commercial...Read more
Other - Other
The average yield earned on...Read more
Revenue - Product
Additionally, volume in all deposit...Read more
Financial - Income
Interest income on Warehouse Purchase...Read more
Other - Other
The average yield earned on...Read more
Revenue - Product
Service charges and other fees...Read more
Revenue - Product
Management believes that because active...Read more
Other - Other
Impairment losses are reflected in...Read more
Other - Other
Management believes that the allowance...Read more
Financial - Expense
Outside professional services expense increased...Read more
Other - Other
Business Strategy Our principal objective...Read more
Financial - Cash Flow
We encourage, and in some...Read more
Legal - Other
The decrease in the effective...Read more
Other - Other
Impact of Inflation The effects...Read more
Other - Other
Recent Accounting Pronouncements For discussion...Read more
Other - Other
While management uses available information...Read more
Other - Other
The decrease in the provision...Read more
Revenue - Product
Primary sources of cash for...Read more
Financial - Income
Other non-interest income declined by...Read more
Other - Other
Our principal objective is to...Read more
Financial - Income
For the year ended December...Read more
Financial - Income
For the year ended December...Read more
Other - Other
For more information about the...Read more
Financial - Expense
The increase in non-interest expense...Read more
Other - Other
The 2018 adjustment to our...Read more
Financial - Shares
Also impacting the Company's effective...Read more
Financial - Income
The $49.5 million increase in...Read more
Financial - Expense
Regulatory assessments expense also decreased...Read more
Financial - Earnings
The net interest margin increased...Read more
Financial - Earnings
The net interest margin increased...Read more
Financial - Expense
Interest expense increased $27.0 million,...Read more
Financial - Expense
Interest expense increased $20.3 million,...Read more
Financial - Expense
Data processing expense increased by...Read more
Other - Other
The capital conservation buffer requirement...Read more
Other - Other
At December 31, 2018, "Midstream...Read more
Other - Other
In addition to the reserve-based...Read more
Financial - Cash Flow
If an impaired loan is...Read more
Other - Other
The increase in the provision...Read more
Other - Other
In 2018, the Company recorded...Read more
Other - Other
Gross loans held for investment...Read more
Revenue - Product
At December 31, 2018, we...Read more
Financial - Income
These increases in interest income...Read more
Financial - Income
Non-interest income decreased $8.3 million,...Read more
Financial - Income
The decrease in non-interest income...Read more
Other - Other
Net charge-offs for the year...Read more
Financial - Shares
Total shareholders? equity increased by...Read more
Financial - Expense
Non-interest expense increased $10.8 million,...Read more
Financial - Expense
Non-interest expense increased $4.0 million,...Read more
Other - Other
You should refer to our...Read more
Revenue - Product
Gain (loss) on sale and...Read more
Financial - Expense
Data processing expense increased by...Read more
Financial - Earnings
Net income for the year...Read more
Financial - Cash Flow
The primary sources are increases...Read more
Other - Other
The allowance for loan losses...Read more
Other - Other
Because the capital ratios below...Read more
Financial - Income
The increase in the effective...Read more
Revenue - Product
Comparatively, gain (loss) on sale...Read more
Financial - Earnings
Consistent with our goal to...Read more
Other - Other
The below table shows FHLB...Read more
Other - Other
Our primary sources of funds...Read more
Other - Other
Critical Accounting Estimates Certain of...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Legacytexas Financial Group, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 21: Subsidaries Of The Registrant

Exhibit 23: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: LTXB
CIK: 1487052
Form Type: 10-K Annual Report
Accession Number: 0001487052-19-000013
Submitted to the SEC: Thu Feb 07 2019 11:16:23 AM EST
Accepted by the SEC: Thu Feb 07 2019
Period: Monday, December 31, 2018
Industry: Savings Institution Federally Chartered

External Resources:
Stock Quote
Social Media

Bookmark the Permalink:
https://last10k.com/sec-filings/ltxb/0001487052-19-000013.htm

Legacytexas Financial Group, Inc. (LTXB) SEC Filing 10-K Annual report for the fiscal year ending Monday, December 31, 2018

SEC Filings

LTXB Valuations

LTXB Annual Reports

LTXB Quarterly Reports

LTXB Corporate News