LegacyTexas Financial Group, Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2014
January 28, 2015 at 02:45 am IST
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LegacyTexas Financial Group Inc. reported unaudited consolidated earnings results for the fourth quarter and full year ended December 31, 2014. For the quarter, the company reported net interest income of $35.83 million compared to $30.07 million a year ago. Income before income tax expense was $8.69 million compared to $10.33 million a year ago. Net income was $5.47 million or $0.14 per basic share compared to net income of $7.24 million or $0.19 per basic share a year ago. Non-GAAP diluted earnings per share were $0.29 compared to $0.21 a year ago. Non-GAAP tangible book value per share was $13.44 compared to $12.86 a year ago. Return on average common shareholders' equity was 3.83% compared to 5.34% a year ago. Core return on average common shareholders' equity was 7.85% compared to 5.73% a year ago.
For the full year, the company reported net interest income of $133.01 million compared to $118.22 million a year ago. Income before income tax expense was $48.94 million compared to $47.98 million a year ago. Net income was $31.28 million or $0.81 per basic share compared to net income of $31.69 million or $0.83 per basic share a year ago. Return on average assets was 0.56% compared to 0.87% a year ago. Core return on average assets was 1.14% compared to 0.94% a year ago. Non-GAAP net income was $38.90 million or $1.02 per basic share compared to net income of $32.10 million or $0.85 per basic share 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.