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Legacytexas Financial Group, Inc. (LTXB) SEC Filing 10-Q Quarterly report for the period ending Sunday, June 30, 2019

Legacytexas Financial Group, Inc.

CIK: 1487052 Ticker: LTXB
EXHIBIT 99.1

pressreleaselogo.jpg
FOR IMMEDIATE RELEASE
July 24, 2019
Contact: Investor Inquiries:
Kimberly Whitaker
972-801-5871/ShareholderRelations@LegacyTexasFinancialGroup.com
Media Inquiries:
Jennifer Dexter
972-461-7157/Jennifer.Dexter@LegacyTexas.com

LegacyTexas Financial Group, Inc. Reports Second Quarter 2019 Earnings

PLANO, Texas, July 24, 2019 -- LegacyTexas Financial Group, Inc. (Nasdaq: LTXB) (the “Company”), the holding company for LegacyTexas Bank (the “Bank”), today announced net income of $27.0 million for the second quarter of 2019, a decrease of $2.1 million from the first quarter of 2019 and a decrease of $854,000 from the second quarter of 2018. Core (non-GAAP) net income totaled $28.8 million for the second quarter of 2019, down $231,000 from the first quarter of 2019 and up $886,000 from the second quarter of 2018. See “Supplemental Information- Non-GAAP Financial Measures” at the end of this document.

On June 17, 2019, the Company and Prosperity Bancshares, Inc.® (“Prosperity”) jointly announced the signing of a definitive merger agreement pursuant to which the Company will merge with Prosperity. Under the terms of the merger agreement, shareholders of the Company will receive 0.5280 shares of Prosperity common stock and $6.28 cash for each share of Company common stock. The completion of the transaction is subject to certain conditions, including the approval by the Company shareholders and Prosperity shareholders and customary regulatory approvals. For additional information regarding the Company’s proposed merger with Prosperity, see the Company’s Current Report filed on Form 8-K with the SEC on June 17, 2019.

“We continue to grow our franchise and serve our customers and communities,” said President and CEO Kevin Hanigan. “We grew loans by $581.9 million (including Warehouse Purchase Program) in the second quarter, while our non-interest-bearing deposits grew by $94.5 million. Additionally, the talented bankers at both LegacyTexas and Prosperity Bank have begun the process of preparing for the merger of the two banks, which we hope to consummate in the fourth quarter of 2019.”

Second Quarter 2019 Performance Highlights

Assets of $9.94 billion generated basic earnings per share for the second quarter of 2019 of $0.57 on a GAAP basis and $0.61 on a core (non-GAAP) basis.*

Gross loans held for investment at June 30, 2019, excluding Warehouse Purchase Program loans, grew $135.3 million, or 1.9%, from March 31, 2019, which includes linked-quarter increases in all loan portfolios.

Warehouse Purchase Program loans at June 30, 2019 grew $446.5 million, or 40.7%, from March 31, 2019.

The balance of non-interest-bearing demand deposits at June 30, 2019 increased by $94.5 million, or 5.4%, from March 31, 2019, while the average balance of these deposits for the second quarter of 2019 grew by $123.1 million, or 7.3%, compared to the linked quarter.

Net interest income totaled $85.6 million for the second quarter of 2019, an increase of $4.4 million, or 5.4%, from the quarter ended March 31, 2019.

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

1

The following information was filed by Legacytexas Financial Group, Inc. (LTXB) on Wednesday, July 24, 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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Shareholders' Equity
Consolidated Statements Of Changes In Shareholders' Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Income
Basis Of Financial Statement Presentation
Basis Of Financial Statement Presentation (Details)
Basis Of Financial Statement Presentation (Policies)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (Tables)
Commitments And Contingent Liabilities - Contractual Amounts Of Financial Instruments With Off-Balance Sheet Risk (Details)
Commitments And Contingent Liabilities - Narrative (Details)
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Derivative Financial Instruments (Tables)
Derivative Financial Instruments - Income (Loss) From Derivatives Not Designated As Hedging Instruments (Details)
Derivative Financial Instruments - Narrative (Details)
Derivative Financial Instruments - Notional Balances And Fair Values Of Outstanding Positions (Details)
Derivative Financial Instruments - Weighted Average Received Received And Paid Interest Rates For Interest Rate Swaps Outstanding (Details)
Earnings Per Common Share
Earnings Per Common Share (Details)
Earnings Per Common Share (Tables)
Fair Value
Fair Value (Tables)
Fair Value - Assets And Liabilities Measured At Fair Value On A Non-Recurring Basis (Details)
Fair Value - Assets And Liabilities Measured At Fair Value On A Recurring Basis (Details)
Fair Value - Carrying Amount And Fair Value Of Financial Instruments Not Recorded At Fair Value (Details)
Fair Value - Narrative (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - Summary Of Net Deferred Tax Assets (Details)
Leases
Leases (Tables)
Leases - Maturity Analysis Of Lease Liabilities (Details)
Leases - Narrative (Details)
Leases - Supplemental Lease Information (Details)
Loans
Loans (Tables)
Loans - Allowance For Loan Losses (Details)
Loans - Allowance For Off-Balance Sheet Credit Losses (Details)
Loans - Analysis Of Age Of Recorded Investment In Loans (Details)
Loans - Carrying Amount Of Acquired Pci Loans Included In The Consolidated Balance Sheet (Details)
Loans - Changes In The Accretable Yield For Acquired Pci Loans (Details)
Loans - Consumer Credit Exposure Credit Risk Profile Based On Payment Activity (Details)
Loans - Impaired Loans (Details)
Loans - Income On Impaired Loans (Details)
Loans - Loans (Details)
Loans - Narrative (Details)
Loans - Non-Performing (Nonaccrual) Loans (Details)
Loans - Outstanding Balances Of Tdrs (Details)
Loans - Real Estate And Commercial And Industrial Credit Risk Profile By Internally Assigned Grade (Details)
Loans - Recorded Balances Of Loans Modified As Tdrs (Details)
Recent Accounting Developments
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Revenue Recognition (Details)
Revenue Recognition (Tables)
Securities
Securities (Tables)
Securities - Amortized Cost And Fair Value Of Held To Maturity Debt Securities And Fair Value Of Available-For-Sale Debt Securities By Contractual Maturity (Details)
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Securities - Amortized Cost, Related Gross Unrealized Gains And Losses, And Fair Value Of Securities Held-To-Maturity (Details)
Securities - Available-For-Sale Securities With Unrealized Losses (Details)
Securities - Held-To-Maturity Securities With Unrealized Losses (Details)
Securities - Narrative (Details)
Securities - Securities Sales Activity (Details)
Share-Based Compensation
Share-Based Compensation (Tables)
Share-Based Compensation - Compensation Cost Charged To Income For Share-Based Compensation (Details)
Share-Based Compensation - Summary Of Nonvested Share Activity In Active Stock Plans (Details)
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Legacytexas Financial Group, Inc. provided additional information to their SEC Filing as exhibits

Ticker: LTXB
CIK: 1487052
Form Type: 10-Q Quarterly Report
Accession Number: 0001487052-19-000090
Submitted to the SEC: Wed Jul 24 2019 2:49:14 AM EST
Accepted by the SEC: Wed Jul 24 2019
Period: Sunday, June 30, 2019
Industry: Savings Institution Federally Chartered

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