- Company assets exceeded
$2.2 billion : Assets totaled$2.24 billion , an increase of$23.2 million , or 1.0%, fromDecember 31, 2008 . - Strong loan growth: Net loans (including loans held for sale) totaled
$1.45 billion , an increase of$52.7 million , or 3.8%, fromDecember 31, 2008 . - Total deposits surpassed
$1.6 billion : Deposits totaled$1.64 billion , an increase of$87.1 million , or 5.6%, fromDecember 31, 2008 . - Continued capital strength: At
March 31, 2009 , the Company's equity to total assets was 8.76% and the Bank's tier one capital ratio was 7.17%, exceeding the regulatory minimum of 5% for a well-capitalized institution.
'ViewPoint Financial Group is off to a great start in 2009,' said
Financial Condition as of
Total assets increased by
Our gross loan portfolio, including loans held for sale, has increased from
March 31, December 31,
2009 2008
Mortgage loans:
One-to four-family $495,422 33.87% $498,961 35.39%
Commercial 425,971 29.12 436,483 30.96
One-to four-family
construction 2,187 0.15 503 0.03
Mortgage loans held
for sale 220,793 15.09 159,884 11.34
Home Equity 100,769 6.89 101,021 7.17
Total mortgage loans 1,245,142 85.12 1,196,852 84.89
Automobile loans 98,203 6.71 111,870 7.93
Other consumer loans 28,821 1.97 29,299 2.08
Commercial
non-mortgage loans 19,584 1.34 18,574 1.32
Warehouse lines of
credit 71,167 4.86 53,271 3.78
Total non-mortgage
loans 217,775 14.88 213,014 15.11
Gross loans $1,462,917 100.00% $1,409,866 100.00%
This increase was primarily due to a
These increases were partially offset by a
Over the past year, we significantly expanded our one-to four-family and commercial real estate loan portfolios: since
Our securities portfolio decreased by
Total deposits increased by
Federal Home Loan Bank advances decreased by
Total shareholders' equity increased by
Results of Operations for the Three Months Ended
Non-GAAP net income for the three months ended
Interest income increased by
Interest expense increased by
Based on management's evaluation, provisions for loan losses of
Noninterest income decreased by
Noninterest expense increased by
About ViewPoint Financial Group
ViewPoint Financial Group is the holding company for ViewPoint Bank, the largest bank based in fast-growing
When used in filings by the Company with the Securities and Exchange Commission (the 'SEC'), in the Company's press releases or other public or shareholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases 'will likely result,' 'are expected to,' 'will continue,' 'is anticipated,' 'estimate,' 'project,' 'intends' or similar expressions are intended to identify 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, including, among other things, 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, competition, changes in management's business strategies and other factors set forth under Risk Factors in our Form 10-K, that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The Company wishes to advise readers that 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.
VIEWPOINT FINANCIAL GROUP AND SUBSIDIARY
Condensed Consolidated Statements of Condition
(In thousands)
March 31, December 31,
2009 2008
ASSETS (unaudited)
Cash and cash equivalents $45,425 $32,513
Securities available for sale, at fair
value 449,392 483,016
Securities held to maturity 164,474 172,343
Mortgage loans held for sale 220,793 159,884
Loans, net of allowance of $9,498 - March
31, 2009, $9,068 - December 31, 2008 1,231,525 1,239,708
Federal Home Loan Bank stock 15,322 18,069
Bank-owned life insurance 27,742 27,578
Premises and equipment, net 49,036 45,937
Accrued interest receivable and other
assets 32,911 34,367
Total Assets $2,236,620 $2,213,415
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits
Non-interest-bearing demand $178,274 $172,395
Interest-bearing demand 119,316 98,884
Savings and money market 671,508 635,243
Time 666,105 641,568
Total deposits 1,635,203 1,548,090
Federal Home Loan Bank advances 348,901 410,841
Repurchase agreement 25,000 25,000
Accrued interest payable and other
liabilities 31,577 35,345
Total liabilities 2,040,681 2,019,276
Total shareholders' equity 195,939 194,139
Total Liabilities and Shareholders'
Equity $2,236,620 $2,213,415
VIEWPOINT FINANCIAL GROUP AND SUBSIDIARY
Condensed Consolidated Statements of Income
(In thousands except per share data)
Three Months Ended
March 31,
2009 2008
(unaudited)
Interest and dividend income
Loans, including fees $20,738 $14,325
Securities 6,723 7,365
Interest-bearing deposits in other
financial institutions 59 378
Federal Home Loan Bank stock - 64
27,520 22,132
Interest expense
Deposits 9,145 9,102
Federal Home Loan Bank advances and other
borrowings 3,906 1,645
13,051 10,747
Net interest income 14,469 11,385
Provision for loan losses 1,442 1,132
Net interest income after provision for
loan losses 13,027 10,253
Noninterest income 7,442 8,039
Noninterest expense 18,641 15,928
Income before income tax expense 1,828 2,364
Income tax expense 584 865
Net income $1,244 $1,499
Basic and diluted earnings per share $0.05 $0.06
VIEWPOINT FINANCIAL GROUP AND SUBSIDIARY
Reconciliation of Non-GAAP to GAAP Net Income
(In thousands except per share data)
Three Months Ended
March 31,
2009 2008
(unaudited)
GAAP net income $1,244 $1,499
Share-based compensation expense, net of tax 286 290
Impairment of collateralized debt obligation (all
credit), net of tax 307 -
Valuation adjustment on mortgage servicing rights, net
of tax 139 -
Loss relating to closure of in-store banking centers,
net of tax 264 -
Reversal of Visa litigation liability, net of tax - (231)
Gain on redemption of Class B Visa, Inc. shares,
net of tax - (504)
Non-GAAP net income $2,240 $1,054
Basic and diluted non-GAAP earnings per share $0.09 $0.04
VIEWPOINT FINANCIAL GROUP AND SUBSIDIARY
Selected Financial Data (unaudited)
(Dollar amounts in thousands except share data)
Three Months Ended
Mar Dec Sept June Mar
2009 2008 2008 2008 2008
Share Data for
Earnings per
Share
Calculation:
Weighted
average
common
shares
outstanding 24,929,157 24,929,157 24,958,368 25,211,327 25,218,503
Less:
average
unallocated
ESOP shares (696,319) (722,090) (749,177) (776,064) (803,053)
Less:
average
unvested
restricted
shares (344,161) (346,161) (346,161) (393,264) (430,208)
Average
shares 23,888,677 23,860,906 23,863,030 24,041,999 23,985,242
Diluted
average
shares 23,888,677 23,860,906 23,863,030 24,041,999 23,985,242
Net income
(loss) $1,244 $(7,403) $1,189 $1,400 $1,499
EPS $0.05 $( 0.31) $0.05 $0.06 $0.06
Non-GAAP EPS $0.09 $(0.30) $0.06 $0.07 $0.04
Share data at
period-end:
Total shares
issued 26,208,958 26,208,958 26,208,958 26,208,958 26,208,958
Less:
Treasury
stock (1,279,801)(1,279,801) (1,279,801) (1,080,257) (990,455)
Total shares
outstanding 24,929,157 24,929,157 24,929,157 25,128,701 25,218,503
Location Data:
Number of
community
bank
offices 22 30 29 28 28
Number of
loan
production
offices 14 15 20 11 9
Performance
Ratios(1):
Return on
assets 0.22% (1.41)% 0.24% 0.30% 0.35%
Return on
equity 2.55% (15.34)% 2.41% 2.74% 2.92%
Noninterest
income to
operating
revenues 21.29% (26.12)% 23.89% 26.11% 26.64%
Operating
expenses to
average
total
assets 3.33% 3.49% 3.74% 3.65% 3.73%
Efficiency
ratio 85.08% 225.17% 83.70% 81.98% 82.00%
Capital
Ratios:
Equity to
total
assets 8.76% 8.77% 10.03% 10.82% 11.56%
Risk-based
capital to
risk-weighted
assets(2) 10.97% 11.17% 13.68% 15.16% 15.98%
Tier 1
capital to
risk-weighted
assets(2) 10.40% 10.58% 13.05% 14.55% 15.40%
(1) With the exception of end of period ratios, all ratios are based on
average monthly balances and are annualized where appropriate.
(2) Calculated at the ViewPoint Bank level, which is subject to capital
adequacy requirements by the Office of Thrift Supervision.
Three Months Ended
Mar Dec Sept June Mar
2009 2008 2008 2008 2008
Unaudited
Asset Quality
Data and
Ratios:
Non-performing
loans $6,029 $4,745 $4,706 $3,457 $3,827
Non-performing
assets to
total
assets 0.34% 0.29% 0.27% 0.25% 0.28%
Non-performing
loans to
total
loans(1) 0.49% 0.38% 0.39% 0.33% 0.40%
Allowance
for loan
losses to
non-performing
loans 157.54% 191.11% 180.92% 210.53% 171.13%
Allowance
for loan
losses to
total
loans(1) 0.76% 0.73% 0.70% 0.70% 0.69%
Yields:
Loans 5.68% 5.93% 5.98% 5.92% 6.00%
Securities 4.08% 4.59% 4.74% 4.70% 5.01%
Overnight
deposits 0.84% 1.67% 2.00% 2.24% 3.25%
Total
interest-
earning
assets 5.13% 5.39% 5.47% 5.32% 5.55%
Deposits:
Interest-
bearing
demand 1.56% 1.37% 1.23% 0.69% 0.74%
Savings and
money
market 2.10% 2.43% 2.44% 2.31% 2.43%
Time 3.24% 3.38% 3.68% 3.95% 4.49%
FHLB advances
and other
borrowings 3.74% 4.04% 3.79% 3.90% 4.72%
Total
interest-
bearing
liabilities 2.85% 3.08% 3.06% 3.04% 3.39%
Net interest
spread 2.28% 2.31% 2.41% 2.28% 2.16%
Net interest
margin 2.70% 2.76% 2.97% 2.85% 2.85%
(1) Total loans does not include loans held for sale.
SOURCE ViewPoint Financial Group
