Legacytexas Financial Group, Inc. (LTXB) 10-Q Quarterly Report April 2019

PLANO, Texas, April 23, 2019 -- LegacyTexas Financial Group, Inc. (Nasdaq: LTXB) (the “Company”), the holding company for LegacyTexas Bank (the “Bank”), today announced net income of $29.1 million for the first quarter of 2019, a decrease of $28.7 million from the fourth quarter of 2018 and an increase of $3.3 million from the first quarter of 2018. Core (non-GAAP) net income totaled $29.1 million for the first quarter of 2019, down $13.6 million from the fourth quarter of 2018 and up $4.6 million from the first quarter of 2018.*

Net income for the fourth quarter of 2018 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. See “Supplemental Information- Non-GAAP Financial Measures” at the end of this document.

“We have reported another solid quarter and continue to serve our customers and expand our market share,” said President and CEO Kevin Hanigan. “We look forward to the remainder of the year and are confident we will continue to execute and perform for our customers and shareholders.”

First Quarter 2019 Performance Highlights


•	Assets of $9.35 billion generated basic earnings per share for the first quarter of 2019 of $0.61 on a GAAP basis and $0.62 on a core (non-GAAP) basis.*


•	Gross loans held for investment at March 31, 2019, excluding Warehouse Purchase Program loans, grew $154.0 million, or 2.3%, from December 31, 2018, which includes linked-quarter increases in all loan portfolios.


•	Total deposits at March 31, 2019 grew $235.7 million, or 3.4%, from December 31, 2018, which includes linked-quarter increases in interest-bearing demand, time and savings and money market deposits.


•	GAAP and core (non-GAAP) return on average assets for the quarter ended March 31, 2019 was 1.31%, compared to GAAP return on average assets of 1.19% and core (non-GAAP) return on average assets of 1.13% for the quarter ended March 31, 2018.*


•	GAAP and core (non-GAAP) efficiency ratio was 48.66% for the quarter ended March 31, 2019, compared to GAAP efficiency ratio of 47.95% and core (non-GAAP) efficiency ratio of 48.40% for the quarter ended March 31, 2018.*

*See the section labeled “Supplemental Information- Non-GAAP Financial Measures” at the end of this document.

The following information was filed by Legacytexas Financial Group, Inc. (LTXB) on Tuesday, April 23, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Legacytexas Financial Group, Inc.'s 10-Q Quarterly Report:

Revenue - Product Highlight
Primary sources of cash for the three months ended March 31, 2019 included proceeds from pay-offs of Warehouse Purchase Program loans totaling $3.74 billion, proceeds from maturities, prepayments and calls on available-for-sale securities totaling $320.6 million, proceeds from FHLB advances totaling $815.0 million, proceeds from the sale of loans 46 46 held for sale totaling $45.5 million, and a $235.7 million increase in deposits.

Financial - Shares Highlight
The increase in shareholders equity at March 31, 2019, compared to December 31, 2018, was primarily due to net income of $29.1 million recognized during the three months ended March 31, 2019, which was partially offset by the payment of quarterly dividends totaling $0.25 per common share, or $12.1 million, during the three months ended March 31, 2019.
Financial - Expense Highlight
Additionally, salaries and employee benefits expense decreased by $205,000 from the first quarter of 2018, as the 2018 period included a $1,000 bonus paid to all full-time employees whose salary was under $100,000 (awarded in connection with the enactment of the Tax Cuts and Jobs Act), which resulted in $679,000 of additional salary expense recorded in the first quarter of 2018.
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.
Financial - Expense Highlight
The decrease in provision expense from the three months ended March 31, 2018 was primarily due to decreased net charge-offs during the quarter ended March 31, 2019.
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The $10.4 million increase in...Read more
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Interest expense increased by $7.9...Read more
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Total assets increased by $294.9...Read more
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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

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

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-Q Quarterly Report
Accession Number: 0001487052-19-000077
Submitted to the SEC: Tue Apr 23 2019 12:50:28 PM EST
Accepted by the SEC: Tue Apr 23 2019
Period: Sunday, March 31, 2019
Industry: Savings Institution Federally Chartered

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