LegacyTexas Financial Group, Inc. (LTXB) has reported 53.87 percent jump in profit for the quarter ended Dec. 31, 2016. The company has earned $25.30 million, or $0.54 a share in the quarter, compared with $16.45 million, or $0.35 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $25.30 million, or $0.54 a share compared with $16.36 million or $0.35 a share, a year ago.
Revenue during the quarter grew 22.44 percent to $78.53 million from $64.14 million in the previous year period. Net interest income for the quarter rose 16.22 percent over the prior year period to $74.08 million. Non-interest income for the quarter rose 5.90 percent over the last year period to $12.28 million.
LegacyTexas Financial Group has made provision of $7.83 million for loan losses during the quarter, down 30.06 percent from $11.20 million in the same period last year.
Efficiency ratio for the quarter improved to 45.79 percent from 51.83 percent in the previous year period. A decline in efficiency ratio indicates a rise in profitability.
"We are pleased to report another strong quarter with earnings of $25.3 million and loan growth of $308 million," said president and chief executive officer Kevin Hanigan. "For the year we produced record earnings of $97.8 million and loan growth of $999 million, or 20%. We continue to execute our strategy and look forward to growing our customer base and revenues in 2017, while controlling credit costs and operating revenues."
Assets outpace liabilities growthTotal assets stood at $8,362.26 million as on Dec. 31, 2016, up 8.71 percent compared with $7,691.94 million on Dec. 31, 2015. On the other hand, total liabilities stood at $7,476.89 million as on Dec. 31, 2016, up 8.55 percent from $6,887.86 million on Dec. 31, 2015. Deposits stood at $6,365.48 million as on Dec. 31, 2016, up 21.79 percent compared with $5,226.71 million on Dec. 31, 2015.
Noninterest-bearing deposit liabilities were $1,383.95 million or 21.74 percent of total deposits on Dec. 31, 2016, compared with $1,170.27 million or 22.39 percent of total deposits on Dec. 31, 2015.
Investments stood at $564.90 million as on Dec. 31, 2016, up 2.31 percent or $12.76 million from year-ago. Shareholders equity stood at $885.36 million as on Dec. 31, 2016, up 10.11 percent or $81.29 million from year-ago.
Return on average assets moved up 25 basis points to 1.20 percent in the quarter from 0.95 percent in the last year period. At the same time, return on average equity increased 328 basis points to 11.50 percent in the quarter from 8.22 percent in the last year period.
Nonperforming assets moved up 172.17 percent or $77.32 million to $122.23 million on Dec. 31, 2016 from $44.91 million on Dec. 31, 2015. Meanwhile, nonperforming assets to total assets was 1.46 percent in the quarter, up from 0.58 percent in the last year period.
Equity to assets ratio was 8.63 percent for the quarter, up from 8.29 percent for the previous year quarter. Book value per share was $18.49 for the quarter, up 9.54 percent or $1.61 compared to $16.88 for the same period last year.
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