Entegra Financial reports Q1 EPS 55c, consensus 52c
Roger D. Plemens, President and Chief Executive Officer of the Company, reported, "We are pleased with our increase in tangible book value per share which increased from $19.57 at December 31, 2018 to $20.76 at March 31, 2019, an increase of 6%. While our earnings this quarter were heavily impacted by weather delays in our SBA construction portfolio, we expect many of these projects to close in the second and third quarters of 2019. We also were pleased to announce that on March 31, 2019 we entered into a definitive settlement agreement with one of our former advisors pursuant to which the advisor agreed to pay Entegra $1.75 million. We are looking forward to the proposed merger announced on April 24, 2019, and will work diligently with the First Citizens team over the next several months to ensure a successful integration." Cash and cash equivalents increased $29.2 million, or 42.2%, to $98.3 million at March 31, 2019 from $69.1 million at December 31, 2018, primarily as a result of merger-related restrictions which limited the use of excess cash.