LegacyTexas Financial Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015
January 27, 2016 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, 2015. For the quarter, the company reported interest and dividend income of $69.582 million compared to $39.979 million a year ago. Net interest income was $63.742 million compared to $35.830 million a year ago. Income before income tax was $25.092 million compared to $8.691 million a year ago. Net income was $16.446 million or $0.35 per diluted share compared to $5.466 million or $0.14 per diluted share a year ago. Return on average common shareholders' equity was 8.22% compared to 3.83% a year ago. Return on average assets was 0.95% compared to 0.56% a year ago. Book value per share was $16.88 compared to $14.20 a year ago. Revenues were $75.3 million, up from $41.1 million reported for the same period last year. Core net income was $16.3 million or $0.35 basic and diluted per share against $11.186 million or $0.29 basic and diluted per share a year ago. Tangible book value per share- Non-GAAP was $13.06 against $13.44 a year ago. Core (non-GAAP) return on average common shareholders' equity was 8.15% against 7.85% a year ago. Core (non-GAAP) return on average assets was 0.95% against 1.14% a year ago.
For the year, the company reported interest and dividend income of $262.692 million compared to $149.647 million a year ago. Net interest income was $241.077 million compared to $133.007 million a year ago. Income before income tax was $108.872 million compared to $48.937 million a year ago. Net income was $70.916 million or $1.53 per diluted share compared to $31.278 million or $0.81 per diluted share a year ago. Core (non-GAAP) net income was $71.942 million or $1.53 diluted per share against $38.902 million or $0.81 diluted per share a year ago.
For the fourth quarter of 2015, the company's net charge-offs for the fourth quarter of 2015 totaled $489,000, a decrease of $1.5 million from the third quarter of 2015 and an increase of $816,000 from the fourth quarter of 2014. The $24.7 million decrease in non-performing commercial and industrial loans from the third quarter of 2015 was primarily due to the $24.3 million energy relationship.
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.
LegacyTexas Financial Group Inc. Reports Unaudited Consolidated Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2015; Reports Net Charge-Offs for the Fourth Quarter Ended December 31, 2015