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LegacyTexas Financial Group, Inc. Reports First Quarter 2018 Earnings

Company Release - 4/17/2018 4:15 PM ET

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.

LegacyTexas Financial Group, Inc. is the holding company for LegacyTexas Bank, a commercially oriented community bank based in Plano, Texas. LegacyTexas Bank operates 43 banking offices in the Dallas/Fort Worth Metroplex and surrounding counties. For more information, visit  www.LegacyTexasFinancialGroup.com . (PRNewsFoto/) (PRNewsFoto/LegacyTexas Financial Group, Inc)

"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



$

79,564



$

75,917


Warehouse Purchase Program loans 1

10,071



11,568



7,064


Loans held for sale

212



202



122


Securities

4,066



3,979



3,701


Interest-earning deposit accounts

969



798



732


Total interest income

$

95,666



$

96,111



$

87,536


Net interest income

$

78,613



$

80,199



$

76,548


Net interest margin

3.85

%


3.78

%


4.00

%

Selected average balances:






Total earning assets

$

8,252,997



$

8,426,339



$

7,734,253


Total loans held for investment

7,343,539



7,533,172



6,759,556


Total securities

648,534



648,917



629,366


Total deposits

6,726,289



6,759,364



6,163,863


Total borrowings

877,502



1,007,747



1,040,835


Total non-interest-bearing demand deposits

1,576,792



1,568,665



1,341,315


Total interest-bearing liabilities

6,026,999



6,198,446



5,863,383



1 All periods include a reclassification of three Warehouse relationships from the commercial and industrial category to the Warehouse Purchase Program category, which totaled $1.4 million, $1.6 million and $1.0 million in interest income during the quarters ended March 31, 2018, December 31, 2017 and March 31, 2017, respectively.

Net interest income for the quarter ended March 31, 2018 was $78.6 million, a $1.6 million decrease from the fourth quarter of 2017 and a $2.1 million increase from the first quarter of 2017.  The commercial real estate, Warehouse Purchase Program, commercial and industrial and construction and land loan portfolios were negatively impacted by the first quarter of 2018 having 90 days in the period compared to 92 days in the fourth quarter of 2017.  A $39.8 million increase in the average balance of the commercial and industrial loan portfolio to $1.90 billion from the fourth quarter of 2017 partially offset linked-quarter average balance declines in the commercial real estate and construction and land portfolios of $37.8 million and $17.1 million, respectively.  The average yield earned on the commercial and industrial portfolio for the quarter ended March 31, 2018 was positively impacted by a 25 basis point increase in the Fed Funds rate in December 2017, as well as the resolution of three non-performing energy relationships, which converted non-performing loans to earning assets.  Interest income earned on commercial and industrial loans increased by $1.8 million for the quarter ended March 31, 2018 compared to the fourth quarter of 2017, while interest income earned on the commercial real estate portfolio declined by $1.0 million for the same period.  The average balance of consumer real estate loans increased by $21.2 million to $1.23 billion from the fourth quarter of 2017, resulting in a $290,000 increase in interest income, while interest income earned on construction and land loans declined by $201,000 for the same period. 

Interest income earned on Warehouse Purchase Program loans decreased by $1.5 million from the fourth quarter of 2017, as a 28 basis point increase in the average yield partially offset a $197.6 million decrease in the average balance compared to the linked quarter.  Interest income on loans for the first quarter of 2018 included $513,000 in accretion of purchase accounting fair value adjustments on acquired loans, which included $237,000 on acquired commercial real estate loans, $67,000 on acquired commercial and industrial loans, $8,000 on acquired construction and land loans and $201,000 on acquired consumer loans.

The $2.1 million increase in net interest income compared to the first quarter of 2017 was primarily due to a $7.5 million increase in interest income on loans, which was driven by increased volume in all loan portfolios with the exception of construction and land and other consumer loans, as well as higher yields earned on the commercial real estate, Warehouse Purchase Program, consumer real estate and other consumer loan portfolios.  The average balance of commercial real estate loans increased by $268.9 million from the first quarter of 2017, resulting in a $3.6 million increase in interest income, while the average balance of consumer real estate loans increased by $136.9 million for the same period, which led to a $1.6 million increase in interest income.  Although the average balance of commercial and industrial loans increased by $55.7 million from the first quarter of 2017, the average yield earned on this portfolio decreased by 25 basis points for the same period, resulting in a $429,000 decrease in interest income.  The average yield earned on commercial and industrial loans for the first quarter of 2017 included the amortization of a $4.7 million discount on a purchased energy loan, which positively impacted the average yield on commercial and industrial loans for the first quarter of 2017 by 96 basis points, an impact that was not repeated in the first quarter of 2018.  The average balance of Warehouse Purchase Program loans increased by $147.1 million from the first quarter of 2017, while the average yield earned on this portfolio increased by 73 basis points, resulting in a $3.0 million increase in interest income.

Interest expense for the quarter ended March 31, 2018 increased by $1.1 million compared to the linked quarter, which was primarily due to higher average deposit and borrowing rates, as well as increases of $79.8 million and $45.5 million in the average balances of time and interest-bearing demand deposits, respectively, compared to the fourth quarter of 2017.  A $130.2 million decrease in the average balance of borrowings was offset by a 37 basis point increase in the average rate paid for borrowings, resulting in a $63,000 linked-quarter increase in interest expense on borrowed funds.

Compared to the first quarter of 2017, interest expense for the quarter ended March 31, 2018 increased by $6.1 million, primarily due to higher average deposit and borrowing rates, as well as increases of $118.7 million, $115.9 million and $92.3 million in the average balances of time, interest-bearing demand and savings and money market deposits, respectively, compared to the first quarter of 2017.  A $163.3 million decrease in the average balance of borrowings from the first quarter of 2017 was offset by an 81 basis point increase in the average rate, resulting in a $1.1 million year-over-year increase in interest expense on borrowed funds.

The net interest margin for the first quarter of 2018 was 3.85%, a seven basis point increase from the fourth quarter of 2017 and a 15 basis point decrease from the first quarter of 2017.  Approximately 24 basis points of the net interest margin for the quarter ended March 31, 2017 was related to the amortization of the purchased loan discount discussed above.  The average yield on earning assets for the first quarter of 2018 was 4.69%, a 16 basis point increase from the fourth quarter of 2017 and an 11 basis point increase from the first quarter of 2017.  The cost of deposits for the first quarter of 2018 was 0.73%, up nine basis points from the linked quarter and up 26 basis points from the first quarter of 2017.

Non-interest Income

Non-interest income for the first quarter of 2018 was $12.9 million, a $6.0 million increase from the fourth quarter of 2017 and a $768,000 increase from the first quarter of 2017.  Gain (loss) on sale and disposition of assets for the first quarter of 2018 included $2.3 million in proceeds resulting from an insurance settlement related to a misappropriation of approximately $2.5 million in vault cash from one of the former LegacyTexas Bank branches it acquired in 2015, while gain (loss) on sale and disposition of assets for the fourth quarter of 2017 included a $3.9 million write-down on a foreclosed property.  The $359,000 increase in other non-interest income from the fourth quarter of 2017 was primarily caused by a $402,000 yield maintenance fee on a bond pre-payment received in the first quarter of 2018.  Service charges and other fees decreased by $197,000 from the fourth quarter of 2017, which was primarily due to a $294,000 decrease in Warehouse Purchase Program fee income, a $167,000 decrease in insufficient funds fees, and a $149,000 decrease in commercial loan fee income (consisting of syndication, arrangement, non-usage and pre-payment fees).  These declines in service charges and other fees compared to the linked quarter were partially offset by a $329,000 increase in title premiums compared to the fourth quarter of 2017.  The Company recognized $1.8 million in net gains on the sale of mortgage loans held for sale during the first quarter of 2018, which included gains recognized on $49.1 million of one-to four-family mortgage loans that were sold or committed for sale during the first quarter of 2018 and fair value changes on mortgage derivatives and mortgage fees collected, compared to $1.6 million in comparable net gains recorded during the fourth quarter of 2017 on $46.7 million of one-to four-family mortgage loans sold or committed for sale.

The $768,000 increase in non-interest income from the first quarter of 2017 was primarily due to an $814,000 increase in gain (loss) on sale and disposition of assets due to the above-mentioned insurance settlement proceeds received in the first quarter of 2018, while gain (loss) on sale and disposition of assets for the first quarter of 2017 included a $1.3 million gain on the sale of a parcel of land.  Service charges and other fees decreased by $504,000, which was driven by a $397,000 decrease in title premiums and a $263,000 decrease in brokerage income after the Company discontinued its brokerage services in the third quarter of 2017.  These declines in service charges and other fees compared to the 2017 period were partially offset by a $217,000 increase in debit card interchange income.  Other non-interest income for the first quarter of 2018 included the above-mentioned yield maintenance fee on a bond prepayment, which drove the $361,000 increase from the first quarter of 2017. Net gains on the sale of mortgage loans held for sale during the first quarter of 2018 increased by $181,000 compared to the first quarter of 2017, which included gains recognized on $39.6 million of one-to four-family mortgage loans that were sold or committed for sale and fair value changes on mortgage derivatives and mortgage fees collected during the 2017 period, compared to $49.1 million for the first quarter of 2018.

Non-interest Expenses

Non-interest expense for the quarter ended March 31, 2018 was $43.9 million, a $3.2 million increase from the fourth quarter of 2017 and a $4.1 million increase from the first quarter of 2017.  Salaries and employee benefits expense increased by $4.0 million from the fourth quarter of 2017, driven by a $1.1 million increase in payroll taxes related to Social Security wage base limits starting over at the beginning of the year, as well as higher salary costs attributable to merit increases granted in the first quarter of 2018.  Performance incentive accruals were also higher during the 2018 period, as these accruals were reduced in the fourth quarter of 2017 related to higher levels of non-performing loans.  In connection with the enactment of the Tax Cuts and Jobs Act, in the first quarter of 2018, the Company awarded all full-time employees whose salary was under $100,000 a $1,000 bonus, which resulted in $679,000 of additional salary expense, and increased the Company's minimum wage to $15 from $11 per hour for all non-commission-based employees.  The linked-quarter increase in salaries and employee benefits expense was partially offset by lower advertising expense of $514,000 due to a lower number of events and sponsorships compared to the linked quarter, as well as lower other non-interest expense of $327,000 primarily due to lower lending expenses.

The $4.1 million increase in non-interest expense from the first quarter of 2017 was primarily due to a $2.6 million increase in salaries and employee benefits expense, which was driven by higher performance incentive accruals, payroll taxes, share-based compensation expense and merit increases in the 2018 period, as well as the above-mentioned bonus and minimum wage increase related to tax reform.   A reduction in full-time equivalent employees in the technology area partially offset the $808,000 increase in data processing expense compared to the first quarter of 2017, as the Company has outsourced certain segments of its data processing operations.

Financial Condition - Loans

Gross loans held for investment at March 31, 2018, excluding Warehouse Purchase Program loans, grew $85.9 million from December 31, 2017, which included growth in commercial real estate, commercial and industrial and consumer real estate loans.  Commercial real estate, commercial and industrial and consumer real estate loans at March 31, 2018 increased by $34.4 million, $40.4 million and $39.0 million, respectively, from December 31, 2017.  These increases were partially offset by a $25.7 million decline in construction and land loans and a $2.2 million decline in other consumer loans.  Included at all dates presented is a reclassification of three Warehouse relationships from the commercial and industrial category to the Warehouse Purchase Program category.  At March 31, 2018, December 31, 2017 and March 31, 2017, these reclassified relationships totaled $144.3 million, $166.3 million and $197.7 million, respectively. 

Compared to March 31, 2017, gross loans held for investment, excluding Warehouse Purchase Program loans, grew $501.5 million, which included growth in commercial real estate, commercial and industrial and consumer real estate loans.  On a year-over-year basis, commercial real estate, commercial and industrial and consumer real estate loans increased by $267.3 million, $136.8 million and $143.0 million, respectively.  These year-over-year increases were partially offset by declines of $38.0 million and $7.4 million in construction and land and other consumer loans, respectively. 

At March 31, 2018, Warehouse Purchase Program loans decreased by $301.0 million compared to December 31, 2017 and by $24.8 million compared to March 31, 2017.  These amounts include the above-mentioned balance reclassification from the commercial and industrial loan category.

Reserve-based energy loans, which are secured by deeds of trust on properties containing proven oil and natural gas reserves and included in the Company's commercial and industrial loan portfolio, totaled $524.1 million at March 31, 2018, down $7.6 million from $531.7 million at December 31, 2017 and up $20.1 million from $504.0 million at March 31, 2017.  In addition to reserve-based energy loans, the Company has loans categorized as "Midstream and Other," which are typically related to the transmission of oil and natural gas and would only be indirectly impacted by declining commodity prices.  At March 31, 2018, "Midstream and Other" loans had a total outstanding balance of $23.2 million, up $7.8 million from $15.4 million at December 31, 2017 and down $19.9 million from $43.1 million at March 31, 2017.

Financial Condition - Deposits

Total deposits at March 31, 2018 increased by $186.7 million from December 31, 2017, which included growth of $202.2 million in time deposits and $45.4 million in non-interest-bearing demand deposits.  These increases were partially offset by declines from December 31, 2017 of $32.6 million and $28.3 million in interest-bearing demand and savings and money market balances, respectively.

Compared to March 31, 2017, total deposits increased by $574.8 million, which included growth in all deposit categories. Non-interest-bearing demand and interest-bearing demand deposits increased by $231.4 million and $123.7 million, respectively, while time and savings and money market deposits increased by $192.2 million and $27.5 million, respectively, from March 31, 2017.

Credit Quality



At or For the Quarters Ended

(unaudited)

Mar 31, 2018


Dec 31, 2017


Mar 31, 2017


(Dollars in thousands)

Net charge-offs

$

12,428



$

2,643



$

16,620


Net charge-offs/Average loans held for investment, excluding Warehouse Purchase Program loans1

0.78

%


0.17

%


1.12

%

Net charge-offs/Average loans held for investment

0.68



0.14



0.98


Provision for credit losses

$

15,663



$

3,743



$

22,301


Non-performing loans ("NPLs")

49,836



94,403



107,404


NPLs/Total loans held for investment, excluding Warehouse Purchase Program loans1

0.76

%


1.46

%


1.77

%

NPLs/Total loans held for investment

0.66



1.21



1.51


Non-performing assets ("NPAs")

$

57,996



$

102,835



$

121,058


NPAs to total assets

0.65

%


1.13

%


1.43

%

NPAs/Loans held for investment and foreclosed assets, excluding Warehouse Purchase Program loans1

0.88



1.58



1.99


NPAs/Loans held for investment and foreclosed assets

0.76



1.32



1.70


Allowance for loan losses

$

74,508



$

71,301



$

70,656


Allowance for loan losses/Total loans held for investment, excluding Warehouse Purchase Program loans1

1.13

%


1.10

%


1.16

%

Allowance for loan losses/Total loans held for investment

0.98



0.91



0.99


Allowance for loan losses/Total loans held for investment, excluding acquired loans & Warehouse Purchase Program loans1,2

1.20



1.17



1.27


Allowance for loan losses/NPLs

149.51



75.53



65.79




1

All dates and periods include a reclassification of three Warehouse relationships from the commercial and industrial category to the Warehouse Purchase Program category.

2

Excludes loans acquired in the Highlands and LegacyTexas transactions, which were initially recorded at fair value.

The Company recorded a provision for credit losses of $15.7 million for the quarter ended March 31, 2018, an increase of $11.9 million from the quarter ended December 31, 2017 and a decrease of $6.6 million from the quarter ended March 31, 2017.  The increase in provision expense on a linked-quarter basis was primarily related to a $10.5 million charge-off recorded during the first quarter of 2018 in connection with the resolution of a $36.7 million reserve-based energy relationship, classified as non-performing and impaired in the prior period, through a new loan to a new borrower, which was a classified performing loan at March 31, 2018.  Additionally, the allowance for loan losses allocated to the Company's $38.8 million corporate healthcare finance portfolio increased to $10.9 million at March 31, 2018, up $7.5 million from December 31, 2017.  The decrease in provision expense on a year-over-year basis was primarily due to a $16.4 million charge-off recorded during the first quarter of 2017 related to a corporate healthcare finance relationship.  At March 31, 2018, the allowance for loan losses allocated to the Company's $547.3 million energy loan portfolio totaled $17.0 million.

The below table shows criticized (rated "special mention") and classified (rated "substandard" or "doubtful") loans at March 31, 2018, December 31, 2017 and March 31, 2017. 


Mar 31, 2018


Dec 31, 2017


Mar 31, 2017


Linked-Quarter
Change


Year-over-Year
Change


(Dollars in thousands)

Commercial real estate

$

19,929



$

30,656



$

7,906



$

(10,727)



$

12,023


Commercial and industrial, excluding energy

11,037



15,496



21,190



(4,459)



(10,153)


Energy

27,255



27,665



72,026



(410)



(44,771)


Consumer

1,377



1,409



1,541



(32)



(164)


Total criticized (all performing)

$

59,598



$

75,226



$

102,663



$

(15,628)



$

(43,065)












Commercial real estate

$

3,865



$

3,893



$

8,382



$

(28)



$

(4,517)


Commercial and industrial, excluding energy

1,325



1,295



7,517



30



(6,192)


Energy

38,456



11,352





27,104



38,456


Construction and land





84





(84)


Consumer

2,627



2,823



2,458



(196)



169


Total classified performing

46,273



19,363



18,441



26,910



27,832












Commercial real estate

3,748



4,134



4,337



(386)



(589)


Commercial and industrial, excluding energy

25,037



25,579



19,219



(542)



5,818


Energy

15,418



58,424



75,284



(43,006)



(59,866)


Construction and land





310





(310)


Consumer

5,633



6,266



8,254



(633)



(2,621)


Total classified non-performing

49,836



94,403



107,404



(44,567)



(57,568)












Total classified loans

$

96,109



$

113,766



$

125,845



$

(17,657)



$

(29,736)


Conference Call

The Company will host an investor conference call to review the results on Wednesday, April 18, 2018 at 8 a.m. Central Time. Participants may pre-register for the call by visiting http://dpregister.com/10118915 and will receive a unique PIN, which can be used when dialing in for the call.  This will allow attendees to enter the call immediately.  Alternatively, participants may call (toll-free) 877-513-4119 at least five minutes prior to the call to be placed into the call by an operator.  International participants are asked to call 1-412-902-4148 and participants in Canada are asked to call (toll-free) 855-669-9657.

The call and corresponding presentation slides will be webcast live on the home page of the Company's website, www.LegacyTexasFinancialGroup.com.  An audio replay will be available one hour after the conclusion of the call at 877-344-7529, Conference #10118915.  This replay will be available until May 18, 2018.

About LegacyTexas Financial Group, Inc.

LegacyTexas Financial Group, Inc. is the holding company for LegacyTexas Bank, a commercially oriented community bank based in Plano, Texas. LegacyTexas Bank operates 43 banking offices in the Dallas/Fort Worth Metroplex and surrounding counties. For more information, please visit www.LegacyTexasFinancialGroup.com or www.LegacyTexas.com.

This document and other filings by LegacyTexas Financial Group, Inc. (the "Company") with the Securities and Exchange Commission (the "SEC"), as well as press releases or other public or stockholder communications released by the Company, may contain forward-looking statements, including, but not limited to, (i) statements regarding the financial condition, results of operations and business of the Company, (ii) statements about the Company's plans, objectives, expectations and intentions and other statements that are not historical facts and (iii) other statements identified by the words or phrases "will likely result," "are expected to," "will continue," "is anticipated," "estimate," "project," "intends" or similar expressions that are intended to identify "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995.  These forward-looking statements are based on current beliefs and expectations of the Company's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's control.  In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: the expected cost savings, synergies and other financial benefits from acquisition or disposition transactions might not be realized within the expected time frames or at all and costs or difficulties relating to integration matters might be greater than expected; changes in economic conditions; legislative changes; changes in policies by regulatory agencies; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; the Company's ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company's market area; fluctuations in the price of oil, natural gas and other commodities; competition; changes in management's business strategies; changes in the regulatory and tax environments in which the Company operates, including the impact of the "Tax Cuts and Jobs Act" (the "TCJA") on the Company's deferred tax asset, and the anticipated impact of the TCJA on the Company's future earnings; and other factors set forth in the Company's filings with the SEC.

The factors listed above could materially affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.  When considering forward-looking statements, you should keep in mind these risks and uncertainties. You should not place undue reliance on any forward-looking statement, which speaks only as of the date made. You should refer to our periodic and current reports filed with the SEC for specific risks that could cause actual results to be significantly different from those expressed or implied by any forward-looking statements.

LegacyTexas Financial Group, Inc. Consolidated Balance Sheets (unaudited)


(Dollars in thousands)

March 31,


December 31,


September 30,


June 30,


March 31,

ASSETS

2018


2017


2017


2017


2017

Cash and due from financial institutions

$

51,824



$

61,713



$

58,776



$

61,989



$

60,073


Short-term interest-bearing deposits in other financial institutions

243,080



231,743



268,567



256,251



294,955


Total cash and cash equivalents

294,904



293,456



327,343



318,240



355,028


Securities available for sale, at fair value

431,413



419,717



410,450



397,957



381,831


Securities held to maturity

156,898



173,509



180,968



191,578



200,541


Total securities

588,311



593,226



591,418



589,535



582,372


Loans held for sale

31,123



16,707



25,955



19,374



19,315


Loans held for investment:










Loans held for investment - Warehouse Purchase Program 1

1,019,840



1,320,846



1,360,219



1,497,211



1,044,649


Loans held for investment 1

6,569,123



6,483,192



6,385,602



6,168,790



6,067,587


Gross loans

7,620,086



7,820,745



7,771,776



7,685,375



7,131,551


Less: allowance for loan losses and deferred fees on loans held for investment

(66,878)



(64,921)



(64,632)



(70,642)



(67,834)


Net loans

7,553,208



7,755,824



7,707,144



7,614,733



7,063,717


FHLB stock and other restricted securities, at cost

46,842



64,790



50,333



56,618



43,156


Bank-owned life insurance

57,999



57,684



57,383



57,078



56,768


Premises and equipment, net

70,427



69,693



70,052



71,068



72,312


Goodwill

178,559



178,559



178,559



178,559



178,559


Other assets

75,374



72,964



86,380



84,544



84,630


Total assets

$

8,865,624



$

9,086,196



$

9,068,612



$

8,970,375



$

8,436,542












LIABILITIES AND SHAREHOLDERS' EQUITY







Non-interest-bearing demand

$

1,681,067



$

1,635,622



$

1,529,052



$

1,522,856



$

1,449,656


Interest-bearing demand

996,737



1,029,375



889,627



893,544



873,085


Savings and money market

2,707,046



2,735,296



2,967,672



2,685,627



2,679,538


Time

1,569,557



1,367,390



1,374,017



1,460,479



1,377,367


Total deposits

6,954,407



6,767,683



6,760,368



6,562,506



6,379,646


FHLB advances

604,562



1,043,163



998,146



1,151,682



830,195


Repurchase agreements

76,610



84,676



81,073



73,433



76,880


Subordinated debt

134,645



134,522



134,400



134,277



134,155


Accrued expenses and other liabilities

115,906



96,278



144,533



123,194



115,749


Total liabilities

7,886,130



8,126,322



8,118,520



8,045,092



7,536,625


Common stock

483



481



480



480



479


Additional paid-in capital

609,046



603,884



598,820



595,730



592,159


Retained earnings

389,653



370,858



363,890



342,384



321,648


Accumulated other comprehensive income (loss), net

(7,899)



(3,429)



(1,045)



(1,125)



(2,051)


Unearned Employee Stock Ownership Plan (ESOP) shares

(11,789)



(11,920)



(12,053)



(12,186)



(12,318)


Total shareholders' equity

979,494



959,874



950,092



925,283



899,917


Total liabilities and shareholders' equity

$

8,865,624



$

9,086,196



$

9,068,612



$

8,970,375



$

8,436,542



1 All periods include a reclassification of three Warehouse relationships from the commercial and industrial category to the Warehouse Purchase Program category.

 

LegacyTexas Financial Group, Inc.

Consolidated Quarterly Statements of Income (unaudited)



For the Quarters Ended


First Quarter 2018 Compared to:


Mar 31,
2018


Dec 31,
2017


Sep 30,
2017


Jun 30,

2017


Mar 31,
2017


Fourth Quarter
2017


First Quarter
2017

Interest and dividend income


(Dollars in thousands)


Loans, including fees

$

90,631



$

91,334



$

89,084



$

83,917



$

83,103



$(703)

(0.8)%


$7,528

9.1%

Taxable securities

2,911



2,819



2,694



2,725



2,562



92

3.3


349

13.6

Nontaxable securities

675



700



713



739



755



(25)

(3.6)


(80)

(10.6)

Interest-bearing deposits in other financial institutions

969



798



1,524



955



732



171

21.4


237

32.4

FHLB and Federal Reserve Bank stock and other

480



460



448



411



384



20

4.3


96

25.0


95,666



96,111



94,463



88,747



87,536



(445)

(0.5)


8,130

9.3

Interest expense
















Deposits

12,032



10,954



10,271



8,359



7,110



1,078

9.8


4,922

69.2

FHLB advances

2,680



2,647



2,944



2,427



1,632



33

1.2


1,048

64.2

Repurchase agreements and other borrowings

2,341



2,311



2,284



2,241



2,246



30

1.3


95

4.2


17,053



15,912



15,499



13,027



10,988



1,141

7.2


6,065

55.2

Net interest income

78,613



80,199



78,964



75,720



76,548



(1,586)

(2.0)


2,065

2.7

Provision for credit losses

15,663



3,743



7,157



6,255



22,301



11,920

318.5


(6,638)

(29.8)

Net interest income after provision for credit losses

62,950



76,456



71,807



69,465



54,247



(13,506)

(17.7)


8,703

16.0

Non-interest income
















Service charges and other fees

7,927



8,124



9,291



9,896



8,431



(197)

(2.4)


(504)

(6.0)

Net gain on sale of mortgage loans held for sale

1,809



1,556



1,982



2,156



1,628



253

16.3


181

11.1

Bank-owned life insurance income

447



430



435



440



422



17

4.0


25

5.9

Net gain (loss) on securities transactions

(128)





(20)





(19)



(128)

N/M


(109)

N/M

Gain (loss) on sale and disposition of assets

2,213



(3,480)



352



157



1,399



5,693

N/M


814

58.2

Other

630



271



186



(324)



269



359

132.5


361

134.2


12,898



6,901



12,226



12,325



12,130



5,997

86.9


768

6.3

















Non-interest expense

(Dollars in thousands)

Salaries and employee benefits

27,076



23,126



24,175



23,391



24,444



3,950

17.1


2,632

10.8

Advertising

888



1,402



980



1,179



817



(514)

(36.7)


71

8.7

Occupancy and equipment

3,860



3,776



3,299



3,656



3,654



84

2.2


206

5.6

Outside professional services

1,250



1,300



1,230



1,203



1,156



(50)

(3.8)


94

8.1

Regulatory assessments

1,154



1,212



1,011



1,271



985



(58)

(4.8)


169

17.2

Data processing

4,703



4,737



4,287



3,877



3,895



(34)

(0.7)


808

20.7

Office operations

2,300



2,180



2,378



2,404



2,276



120

5.5


24

1.1

Other

2,648



2,975



2,935



2,608



2,525



(327)

(11.0)


123

4.9


43,879



40,708



40,295



39,589



39,752



3,171

7.8


4,127

10.4

Income before income tax expense

31,969



42,649



43,738



42,201



26,625



(10,680)

(25.0)


5,344

20.1

Income tax expense

6,207



27,989



15,029



14,266



8,435



(21,782)

(77.8)


(2,228)

(26.4)

Net income

$

25,762



$

14,660



$

28,709



$

27,935



$

18,190



$11,102

75.7%


$7,572

41.6%


N/M - Not meaningful

 

LegacyTexas Financial Group, Inc.

Selected Quarterly Financial Highlights (unaudited)



At or For the Quarters Ended


March 31,
2018


December 31,
2017


March 31,
2017

SHARE DATA:

(Dollars in thousands, except per share amounts)

Weighted average common shares outstanding- basic

46,872,333



46,729,160



46,453,658


Weighted average common shares outstanding- diluted

47,564,587



47,290,308



47,060,306


Shares outstanding at end of period

48,264,966



48,117,390



47,940,133


Income available to common shareholders1

$

25,687



$

14,613



$

18,111


Basic earnings per common share

0.55



0.31



0.39


Basic core (non-GAAP) earnings per common share2

0.52



0.60



0.37


Diluted earnings per common share

0.54



0.31



0.38


Dividends declared per share

0.16



0.16



0.15


Total shareholders' equity

979,494



959,874



899,917


Common shareholders' equity per share (book value per share)

20.29



19.95



18.77


Tangible book value per share - Non-GAAP2

16.59



16.23



15.03


Market value per share for the quarter:






High

45.82



43.03



44.19


Low

41.68



36.73



38.41


Close

42.82



42.21



39.90


KEY RATIOS:






Return on average common shareholders' equity

10.59

%


6.09

%


8.08

%

Core (non-GAAP) return on average common shareholders' equity2

10.08



11.69



7.71


Return on average assets

1.19



0.66



0.89


Core (non-GAAP) return on average assets2

1.13



1.27



0.85


Efficiency ratio (GAAP basis)

47.95



46.74



44.83


Core (non-GAAP) efficiency ratio2

48.40



46.74



45.50


Estimated Tier 1 common equity risk-based capital ratio3

9.91



9.40



9.29


Estimated total risk-based capital ratio3

12.49



11.87



11.93


Estimated Tier 1 risk-based capital ratio3

10.06



9.54



9.44


Estimated Tier 1 leverage ratio3

9.64



9.17



9.19


Total equity to total assets

11.05



10.56



10.67


Tangible equity to tangible assets - Non-GAAP2

9.22



8.77



8.73


Number of employees- full-time equivalent

851



853



865




1

Net of distributed and undistributed earnings to participating securities.

2

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

3

Calculated at the Company level, which is subject to the capital adequacy requirements of the Federal Reserve.

 

LegacyTexas Financial Group, Inc.

Selected Loan Data (unaudited)



At or for the Quarter Ended


March 31,
2018


December 31,
2017


September 30,
2017


June 30,
2017


March 31,
2017

Loans held for investment:

(Dollars in thousands)

Commercial real estate

$

3,053,750



$

3,019,339



$

3,016,533



$

2,817,443



$

2,786,477


Warehouse Purchase Program 1

1,019,840



1,320,846



1,360,219



1,497,211



1,044,649


Commercial and industrial 1

1,967,443



1,927,049



1,842,345



1,879,209



1,830,671


Construction and land

252,213



277,864



282,536



270,050



290,258


Consumer real estate

1,252,433



1,213,434



1,197,911



1,154,353



1,109,459


Other consumer

43,284



45,506



46,277



47,735



50,722


Gross loans held for investment

$

7,588,963



$

7,804,038



$

7,745,821



$

7,666,001



$

7,112,236


Non-performing assets:










Commercial real estate

$

3,748



$

4,134



$

4,064



$

4,201



$

4,337


Commercial and industrial

40,455



84,003



65,560



87,599



94,503


Construction and land









310


Consumer real estate

5,548



6,190



7,175



7,265



7,193


Other consumer

85



76



116



131



1,061


Total non-performing loans

49,836



94,403



76,915



99,196



107,404


Foreclosed assets

8,160



8,432



13,585



13,283



13,654


Total non-performing assets

$

57,996



$

102,835



$

90,500



$

112,479



$

121,058


Total non-performing assets to total assets

0.65

%


1.13

%


1.00

%


1.25

%


1.43

%

Total non-performing loans to total loans held for investment, excluding Warehouse Purchase Program loans 1

0.76

%


1.46

%


1.20

%


1.61

%


1.77

%

Total non-performing loans to total loans held for investment

0.66

%


1.21

%


0.99

%


1.29

%


1.51

%

Allowance for loan losses to non-performing loans

149.51

%


75.53

%


91.07

%


75.70

%


65.79

%

Allowance for loan losses to total loans held for investment, excluding Warehouse Purchase Program loans 1

1.13

%


1.10

%


1.10

%


1.22

%


1.16

%

Allowance for loan losses to total loans held for investment

0.98

%


0.91

%


0.90

%


0.98

%


0.99

%

Allowance for loan losses to total loans held for investment, excluding acquired loans and Warehouse Purchase Program loans 1, 2

1.20

%


1.17

%


1.17

%


1.32

%


1.27

%


Troubled debt restructured loans ("TDRs"):

(Dollars in thousands)

Performing TDRs:










Commercial real estate

$

143



$

145



$

147



$

150



$

152


Commercial and industrial

1



2








Consumer real estate

574



600



263



265



267


Other consumer

14



21



20



23



27


Total performing TDRs

$

732



$

768



$

430



$

438



$

446


Non-performing TDRs:3










Commercial real estate

$

35



$

36



$

37



$

39



$

40


Commercial and industrial

16,183



16,328



7,984



22,946



23,338


Consumer real estate

890



916



1,343



1,401



1,618


Other consumer

9



14



25



31



38


Total non-performing TDRs

$

17,117



$

17,294



$

9,389



$

24,417



$

25,034


Allowance for loan losses:










Balance at beginning of period

$

71,301



$

70,044



$

75,091



$

70,656



$

64,576


Provision expense for loans

15,635



3,900



7,300



6,200



22,700


Charge-offs

(12,527)



(2,840)



(12,496)



(2,160)



(17,246)


Recoveries

99



197



149



395



626


Balance at end of period

$

74,508



$

71,301



$

70,044



$

75,091



$

70,656


Net charge-offs (recoveries):










Commercial real estate

$

3



$



$



$



$

(189)


Commercial and industrial

12,214



2,386



12,215



1,350



16,490


Construction and land







(75)



418


Consumer real estate

(11)



36



(10)



5



23


Other consumer

222



221



142



485



(122)


Total net charge-offs

$

12,428



$

2,643



$

12,347



$

1,765



$

16,620


Allowance for off-balance sheet lending-related commitments



Provision expense (benefit) for credit losses

$

28



$

(157)



$

(143)



$

55



$

(399)




1

All periods include a reclassification of three Warehouse relationships from the commercial and industrial category to the Warehouse Purchase Program category.

2

Excludes loans acquired in the Highlands and LegacyTexas acquisitions, which were initially recorded at fair value.

3

Non-performing TDRs are included in the non-performing assets reported above.

 

LegacyTexas Financial Group, Inc.

Average Balances and Yields/Rates (unaudited)



For the Quarters Ended


March 31,
2018


December 31,
2017


September 30,
2017


June 30,
2017


March 31,
2017

Loans:

(Dollars in thousands)

Commercial real estate

$

2,993,024



$

3,030,778



$

2,854,343



$

2,781,472



$

2,724,167


Warehouse Purchase Program 1

965,320



1,162,890



1,192,920



1,067,512



818,262


Commercial and industrial 1

1,904,515



1,864,686



1,850,645



1,824,388



1,848,820


Construction and land

270,899



287,965



279,189



278,986



290,856


Consumer real estate

1,227,556



1,206,371



1,176,955



1,126,744



1,090,700


Other consumer

44,891



46,094



47,169



49,721



52,655


Less: deferred fees and allowance for loan loss

(62,666)



(65,612)



(70,048)



(68,779)



(65,904)


Total loans held for investment

7,343,539



7,533,172



7,331,173



7,060,044



6,759,556


Loans held for sale

20,988



20,642



23,154



22,581



12,667


Securities

648,534



648,917



652,841



645,605



629,366


Overnight deposits

239,936



223,608



444,310



324,406



332,664


Total interest-earning assets

$

8,252,997



$

8,426,339



$

8,451,478



$

8,052,636



$

7,734,253


Deposits:










Interest-bearing demand

$

970,998



$

925,506



$

875,097



$

849,633



$

855,075


Savings and money market

2,745,192



2,911,726



2,857,790



2,703,291



2,652,866


Time

1,433,307



1,353,467



1,418,108



1,355,681



1,314,607


FHLB advances and other borrowings

877,502



1,007,747



1,178,031



1,142,998



1,040,835


Total interest-bearing liabilities

$

6,026,999



$

6,198,446



$

6,329,026



$

6,051,603



$

5,863,383












Total assets

$

8,682,461



$

8,865,517



$

8,889,914



$

8,491,696



$

8,172,072


Non-interest-bearing demand deposits

$

1,576,792



$

1,568,665



$

1,481,654



$

1,410,566



$

1,341,315


Total deposits

$

6,726,289



$

6,759,364



$

6,632,649



$

6,319,171



$

6,163,863


Total shareholders' equity

$

973,187



$

963,512



$

940,606



$

914,564



$

900,118












Yields/Rates:










Loans:










Commercial real estate

5.09

%


5.05

%


5.06

%


5.08

%


5.05

%

Warehouse Purchase Program 1

4.23

%


3.95

%


3.82

%


3.70

%


3.50

%

Commercial and industrial 1

5.27

%


4.89

%


5.00

%


4.71

%


5.52

%

Construction and land

5.17

%


5.04

%


5.16

%


5.12

%


5.18

%

Consumer real estate

4.56

%


4.54

%


4.54

%


4.59

%


4.54

%

Other consumer

5.62

%


5.67

%


5.64

%


5.57

%


5.51

%

Total loans held for investment

4.98

%


4.81

%


4.81

%


4.75

%


4.97

%

Loans held for sale

4.04

%


3.92

%


3.89

%


3.99

%


3.85

%

Securities

2.51

%


2.45

%


2.36

%


2.40

%


2.35

%

Overnight deposits

1.64

%


1.42

%


1.36

%


1.18

%


0.89

%

Total interest-earning assets

4.69

%


4.53

%


4.44

%


4.42

%


4.58

%

Deposits:










Interest-bearing demand

0.81

%


0.71

%


0.67

%


0.58

%


0.53

%

Savings and money market

0.75

%


0.70

%


0.68

%


0.56

%


0.46

%

Time

1.43

%


1.21

%


1.10

%


0.99

%


0.91

%

FHLB advances and other borrowings

2.32

%


1.95

%


1.76

%


1.64

%


1.51

%

Total interest-bearing liabilities

1.15

%


1.02

%


0.97

%


0.86

%


0.76

%

Net interest spread

3.54

%


3.51

%


3.47

%


3.56

%


3.82

%

Net interest margin

3.85

%


3.78

%


3.71

%


3.77

%


4.00

%

Cost of deposits (including non-interest-bearing demand)

0.73

%


0.64

%


0.61

%


0.53

%


0.47

%



1

All periods include a reclassification of three Warehouse relationships from the commercial and industrial category to the Warehouse Purchase Program category.

 

LegacyTexas Financial Group, Inc.

Supplemental Information- Non-GAAP Financial Measures

(unaudited)



At or For the Quarters Ended


March 31,
2018


December 31,
2017


September 30,
2017


June 30,
2017


March 31,
2017

Reconciliation of Core (non-GAAP) to GAAP Net Income and Earnings per Share (net of estimated tax, except as otherwise noted)

(Dollars in thousands, except per share amounts)

GAAP net income available to common shareholders1

$

25,687



$

14,613



$

28,617



$

27,837



$

18,111


Distributed and undistributed earnings to participating securities1

75



47



92



98



79


GAAP net income

25,762



14,660



28,709



27,935



18,190


Insurance settlement proceeds from pre-acquisition fraud2

(1,778)










One-time employee bonus related to tax law change2

537










(Gain) loss on one-time tax adjustments3



13,493








(Gain) on sale of branch locations and land4





(237)





(847)


Core (non-GAAP) net income

$

24,521



$

28,153



$

28,472



$

27,935



$

17,343


Average shares for basic earnings per share

46,872,333


46,729,160


46,664,233


46,596,467



46,453,658


Basic GAAP earnings per share

$

0.55



$

0.31



$

0.61



$

0.60



$

0.39


Basic core (non-GAAP) earnings per share

$

0.52



$

0.60



$

0.61



$

0.60



$

0.37


Average shares for diluted earnings per share

47,564,587


47,290,308


47,158,729


47,005,554



47,060,306


Diluted GAAP earnings per share

$

0.54



$

0.31



$

0.61



$

0.59



$

0.38


Diluted core (non-GAAP) earnings per share

$

0.52



$

0.60



$

0.60



$

0.59



$

0.37


Reconciliation of Core (non-GAAP) to GAAP Non-Interest Income and Non-interest Expense

(gross of tax)









GAAP non-interest income

$

12,898



$

6,901



$

12,226



$

12,325



$

12,130


Insurance settlement proceeds from pre-acquisition fraud

(2,250)










(Gain) on sale of branch locations and land





(365)





(1,304)


Core (non-GAAP) non-interest income

$

10,648



$

6,901



$

11,861



$

12,325



$

10,826


GAAP non-interest expense

$

43,879



$

40,708



$

40,295



$

39,589



$

39,752


One-time employee bonus related to tax law change

(679)










Core (non-GAAP) non-interest expense

$

43,200



$

40,708



$

40,295



$

39,589



$

39,752




1

Unvested share-based awards that contain nonforfeitable rights to dividends (whether paid or unpaid) are participating securities and are included in the computation of GAAP earnings per share pursuant to the two-class method described in ASC 260-10-45-60B.

2

Calculated net of estimated tax using a tax rate of 21%

3

This one-time income tax expense adjustment consists of an adjustment to the Company's deferred tax asset related to the December 22, 2017 enactment of the Tax Cuts and Jobs Act.

4

Calculated net of estimated tax using a tax rate of 35%

 


At or For the Quarters Ended


March 31,
2018


December 31,
2017


September 30,
2017


June 30,
2017


March 31,
2017

Reconciliation of Core (non-GAAP) to GAAP Efficiency Ratio (gross of tax)

(Dollars in thousands)

GAAP efficiency ratio:










Non-interest expense

$

43,879



$

40,708



$

40,295



$

39,589



$

39,752


Net interest income plus non-interest income

91,511



87,100



91,190



88,045



88,678


Efficiency ratio- GAAP basis

47.95

%


46.74

%


44.19

%


44.96

%


44.83

%

Core (non-GAAP) efficiency ratio:










Core (non-GAAP) non-interest expense

$

43,200



$

40,708



$

40,295



$

39,589



$

39,752


Net interest income plus core (non-GAAP) non-interest income

89,261



87,100



90,825



88,045



87,374


Efficiency ratio- core (non-GAAP) basis

48.40

%


46.74

%


44.37

%


44.96

%


45.50

%











Calculation of Tangible Book Value per Share:









Total shareholders' equity

$

979,494



$

959,874



$

950,092



$

925,283



$

899,917


Less: Goodwill

(178,559)



(178,559)



(178,559)



(178,559)



(178,559)


Identifiable intangible assets, net

(347)



(402)



(463)



(524)



(585)


Total tangible shareholders' equity

$

800,588



$

780,913



$

771,070



$

746,200



$

720,773


Shares outstanding at end of period

48,264,966


48,117,390


48,040,059


48,009,379



47,940,133












Book value per share- GAAP

$

20.29



$

19.95



$

19.78



$

19.27



$

18.77


Tangible book value per share- Non-GAAP

16.59



16.23



16.05



15.54



15.03












Calculation of Tangible Equity to Tangible Assets:









Total assets

$

8,865,624



$

9,086,196



$

9,068,612



$

8,970,375



$

8,436,542


Less: Goodwill

(178,559)



(178,559)



(178,559)



(178,559)



(178,559)


Identifiable intangible assets, net

(347)



(402)



(463)



(524)



(585)


Total tangible assets

$

8,686,718



$

8,907,235



$

8,889,590



$

8,791,292



$

8,257,398












Equity to assets- GAAP

11.05

%


10.56

%


10.48

%


10.31

%


10.67

%

Tangible equity to tangible assets- Non-GAAP

9.22



8.77



8.67



8.49



8.73



Calculation of Return on Average Assets and Return on Average Equity Ratios (GAAP and Core) (unaudited)

Net income

$

25,762



$

14,660



$

28,709



$

27,935



$

18,190


Core (non-GAAP) net income

24,521



28,153



28,472



27,935



17,343


Average total equity

973,187



963,512



940,606



914,564



900,118


Average total assets

8,682,461



8,865,517



8,889,914



8,491,696



8,172,072


Return on average common shareholders' equity

10.59

%


6.09

%


12.21

%


12.22

%


8.08

%

Core (non-GAAP) return on average common shareholders' equity

10.08



11.69



12.11



12.22



7.71


Return on average assets

1.19



0.66



1.29



1.32



0.89


Core (non-GAAP) return on average assets

1.13



1.27



1.28



1.32



0.85


 

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SOURCE LegacyTexas Financial Group, Inc.