PLANO, Texas, Oct. 22, 2013 /PRNewswire/
-- ViewPoint Financial Group, Inc. (NASDAQ: VPFG) (the
"Company"), the holding company for ViewPoint Bank, N.A. (the
"Bank"), today announced net income of $8.2
million for the quarter ended September 30, 2013, a decrease of $3.1 million, or 27.4%, from the quarter ended
September 30, 2012. Compared to
the second quarter of 2013, net income increased by $38,000, or 0.5%. Basic earnings per share
for the quarter ended September 30,
2013, increased $.01 on a
linked quarter basis to $0.22.
Compared to the quarter ended September 30,
2012, basic earnings per share declined by $0.08. Diluted earnings per share for the quarter
ended September 30, 2013, was
$0.21.
Third Quarter 2013 Results
- Continued shift in earning asset revenue as commercial loan
portfolio grows: Our commercial loan portfolio, consisting of
commercial real estate and commercial and industrial ("C&I")
loans, totaled $1.4 billion at
September 30, 2013, up $392.2 million, or 37.5%, from September 30, 2012, and up $121.4 million, or 9.2%, from June 30, 2013. Interest income on the commercial
loan portfolio increased $2.3
million, or 15.1%, from the quarter ended September 30, 2012, with commercial loans
generating 51.8% of the Company's interest income during the third
quarter of 2013, compared to 41.2% of interest income earned during
the same quarter in 2012.
- Strong growth in energy lending portfolio: In
May 2013, the Company formed its
Energy Finance group, which provides loans to oil and gas companies
throughout the United States. Oil
and gas loans, which are included in our commercial and industrial
loan portfolio, totaled $114.2
million at September 30, 2013,
up from $57.5 million at June 30, 2013.
- Non-performing loans hit lowest level in eight quarters:
Non-performing loans totaled $22.3
million at September 30, 2013,
which is the lowest level in eight quarters. Net charge-offs for
the quarter ended September 30, 2013
totaled $250,000, down from
$1.2 million for the quarter ended
June 30, 2013, and up $42,000 from the quarter ended September 30, 2012.
- Announced quarterly cash dividend of $0.12 per share, up 20% from prior quarter:
The Company today announced a quarterly cash dividend of
$0.12 per share, up $0.02, or 20%, from $0.10 per share in the prior quarter.
"I continue to be pleased with the results of our commercial
banking strategy," said President and CEO Kevin Hanigan. "Once again, our commercial
lending team produced solid loan growth, as well as increased
valuable non-interest-bearing deposits. I'm also encouraged by the
strong performance of our new Energy Finance group. We're in the
right place, we've got the right team, and I'm excited about our
future."
Financial Highlights
|
At or For the
Quarters Ended
|
|
September
|
|
June
|
|
September
|
(unaudited)
|
2013
|
|
2013
|
|
2012
|
|
(Dollars in
thousands, except per share amounts)
|
Net interest
income
|
$
|
29,188
|
|
|
$
|
30,438
|
|
|
$
|
31,619
|
|
Provision (benefit)
for loan losses
|
(158)
|
|
|
1,858
|
|
|
814
|
|
Non-interest
income
|
5,226
|
|
|
5,743
|
|
|
7,819
|
|
Non-interest
expense
|
22,173
|
|
|
21,703
|
|
|
21,210
|
|
Income tax
expense
|
4,187
|
|
|
4,446
|
|
|
6,098
|
|
Net income
|
$
|
8,212
|
|
|
$
|
8,174
|
|
|
$
|
11,316
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
|
0.22
|
|
|
$
|
0.21
|
|
|
$
|
0.30
|
|
Weighted average
common shares outstanding - basic
|
37,594,701
|
|
|
37,545,050
|
|
|
37,362,535
|
|
Estimated Tier 1
risk-based capital ratio1
|
19.17
|
%
|
|
17.97
|
%
|
|
22.16
|
%
|
Tangible common
equity to tangible assets - Non-GAAP 2
|
15.18
|
%
|
|
14.10
|
%
|
|
13.45
|
%
|
1
|
Calculated at
the ViewPoint Financial Group, Inc. level, which is subject to the
capital adequacy requirements of the Federal Reserve. The
decline in our September 2013 and June 2013 ratio is primarily the
result of a risk weighting change from 50% to 100% on our Warehouse
Purchase Program loans.
|
2
|
See the section
labeled "Supplemental Information- Non-GAAP Financial Measures" at
the end of this document.
|
Net Interest Income and Net Interest Margin
|
For the Quarters
Ended
|
|
September
|
|
June
|
|
September
|
(unaudited)
|
2013
|
|
2013
|
|
2012
|
|
(Dollars in
thousands)
|
Interest
income:
|
|
|
|
|
|
Loans held for
investment
|
$
|
24,188
|
|
|
$
|
24,844
|
|
|
$
|
23,635
|
|
Loans held for
sale
|
6,617
|
|
|
7,307
|
|
|
9,104
|
|
Securities
|
3,038
|
|
|
3,120
|
|
|
4,240
|
|
Interest-earning
deposit accounts
|
32
|
|
|
25
|
|
|
29
|
|
Total interest
income
|
$
|
33,875
|
|
|
$
|
35,296
|
|
|
$
|
37,008
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
29,188
|
|
|
$
|
30,438
|
|
|
$
|
31,619
|
|
Net interest
margin
|
3.63
|
%
|
|
3.72
|
%
|
|
3.70
|
%
|
Selected average
balances:
|
|
|
|
|
|
Total earning
assets
|
$
|
3,212,156
|
|
|
$
|
3,271,436
|
|
|
$
|
3,414,701
|
|
Total
loans
|
$
|
2,517,255
|
|
|
$
|
2,544,695
|
|
|
$
|
2,450,143
|
|
Total
securities
|
$
|
640,041
|
|
|
$
|
680,931
|
|
|
$
|
914,818
|
|
Total
deposits
|
$
|
2,204,371
|
|
|
$
|
2,187,865
|
|
|
$
|
2,183,998
|
|
Total
borrowings
|
$
|
587,651
|
|
|
$
|
679,693
|
|
|
$
|
863,949
|
|
Total
non-interest-bearing demand deposits
|
$
|
405,344
|
|
|
$
|
393,815
|
|
|
$
|
338,074
|
|
Total
interest-bearing liabilities
|
$
|
2,386,678
|
|
|
$
|
2,473,743
|
|
|
$
|
2,709,873
|
|
Net interest income for the quarter ended September 30, 2013, was $29.2 million, a $2.4
million decrease from the third quarter of 2012 and a
$1.3 million decrease from the second
quarter of 2013. The year-over-year decrease was primarily due to a
$1.9 million decrease in interest
income on loans and a $1.2 million
decrease in interest income on securities, partially offset by a
$702,000 decrease in interest
expense.
The decrease in interest income on loans from the quarter ended
September 30, 2012, was primarily due
to a $2.5 million decrease in
interest income from loans held for sale, as well as a decline in
yields earned on most loan portfolios. The average balance of
loans held for sale decreased by $200.9
million, or 22.7%, compared to the third quarter of 2012.
(The 2012 period included $11.1
million in loans held for sale at our former mortgage
subsidiary, ViewPoint Mortgage.) This decline was more than offset
by a $376.0 million, or 38.8%,
increase in the average balance of commercial loans. Growth in
commercial loan volume was partially offset by lower yields, as the
average yield on commercial real estate and commercial and
industrial loans declined by 94 and 135 basis points, respectively,
from the third quarter of 2012. The average yield on loans
decreased 44 basis points to 4.90% for the third quarter of 2013,
compared to 5.34% for the third quarter of 2012.
The average balance of securities declined $274.8 million, or 30.0%, during the third
quarter of 2013 compared to the same period in 2012, while the
average yield on securities increased by five basis points for the
comparable periods. The decline in average balances in our
securities portfolio over the past year was primarily due to normal
paydowns and the sale of securities that were not consistent with
our portfolio strategy. The proceeds from the securities paydowns
and sales were re-deployed to support commercial loan growth.
Third quarter 2013 interest expense decreased $702,000 from the 2012 third quarter, primarily
due to a $449,000, or 17.9%, decrease
in the interest paid on FHLB advances, and a $245,000, or 9.2%, decrease in interest paid on
deposits. The average balances of FHLB advances and other
borrowings declined by $276.3
million, or 32.0%, from the comparable prior year period,
primarily due to lower Warehouse Purchase Program balances during
the 2013 period, of which a portion was strategically funded with
short-term advances. Additionally, the average rate paid on
interest-bearing demand deposits declined by 22 basis points to
0.39% for the quarter ended September 30,
2013, from 0.61% for the quarter ended September 30, 2012. Average
interest-bearing liabilities decreased by $323.2 million to $2.4
billion for the quarter ended September 30, 2013, compared to $2.7 billion for the same period in 2012, while
the average cost of interest-bearing liabilities declined by one
basis point to 0.79% for the quarter ended September 30, 2013.
The decrease in net interest income for the current period
compared to the second quarter of 2013 was primarily due to a
$1.3 million decrease in interest
income from loans, driven primarily by lower yields earned on most
loan portfolios. A $67.3 million
increase in the average balance of commercial loans compared to the
second quarter of 2013 partially offset a $69.7 million decline in the average balance of
loans held for sale.
The average yield on the loan portfolio decreased by 15 basis
points from 5.05% for the second quarter of 2013. The yield on
loans was negatively impacted in the third quarter of 2013 by
$377,000 of interest income reversed
in September 2013 on three
non-performing commercial real estate loans that were sold at par
in the same month. Conversely, the yield on loans was positively
impacted in the second quarter of 2013 by a $480,000 interest recovery on two commercial real
estate loans that were paid in full, $154,000 in deferred fees immediately amortized
due to the early payoff of two C&I loans, and $109,000 in accretion related to a purchased
credit impaired C&I loan that was paid in full.
The net interest margin for the third quarter of 2013 was 3.63%,
a seven basis point decrease from the third quarter of 2012 and a
nine basis point decrease from the second quarter of 2013.
Accretion of interest related to the Highlands acquisition
contributed seven basis points to the net interest margin for the
quarter ended September 30, 2013,
compared to nine basis points for the quarter ended June 30, 2013. The average yield on earning
assets for the 2013 third quarter was 4.22%, a 12 basis point
decrease from the third quarter of 2012 and a ten basis point
decrease from the second quarter of 2013.
Non-interest Income
Non-interest income for the quarter ended September 30, 2013, was $5.2 million, a $2.6
million decrease from the third quarter of 2012 and a
$517,000 decrease from the second
quarter of 2013. The decrease from the third quarter of 2012 was
primarily attributable to a $1.0
million gain on the sale of mortgage loans and an
$898,000 gain on the sale of
available-for-sale securities recorded in 2012, with no comparable
gains in the 2013 period. The Company no longer sells one- to
four- family real estate loans due to the sale of ViewPoint
Mortgage in the third quarter of 2012. Additionally, service
charges and fees decreased $425,000
from the third quarter of 2012, primarily due to a decline in
Warehouse Purchase Program collateral and wire fees, as well as
$122,000 in ATM surcharge refunds,
with no corresponding refunds in the 2012 period. In the
fourth quarter of 2012, the Company began offering ATM refunds on
certain checking products.
The decrease in non-interest income from second quarter 2013 was
primarily due to a $403,000 decrease
in gain on sale and disposition of assets and a $308,000 decrease in service charges and fees.
The decrease in gain on sale and disposition of assets was
primarily due to gains on the disposition of purchased credit
impaired loans (acquired from Highlands) during the second quarter
of 2013, with no corresponding gains during the third quarter. The
decrease in service charges and fees was primarily due to a
$230,000 decline in commercial loan
pre-payment penalty fee income, as well as a decline in Warehouse
Purchase Program collateral and wire fees.
Non-interest Expenses
Non-interest expense for the quarter ended September 30, 2013, was $22.2 million, a $963,000 increase from the third quarter of 2012
and a $470,000 increase from the
second quarter of 2013. The year-over-year increase in non-interest
expense was primarily due to an $861,000 increase in salaries and employee
benefits expense. This was partially offset by acquisition costs of
$242,000 recognized in the 2012
period, with no corresponding costs in the 2013 period. The
increase in salaries and employee benefits expenses primarily
reflected increased health benefit costs as well as an increase in
share-based compensation expense for the comparable periods due to
additional share-based grants in 2013 and a rise in the price of
the Company's stock, which impacts expense amounts.
The $470,000 increase in
non-interest expense from the second quarter of 2013 was primarily
due to a $1.0 million increase in
salaries and employee benefits expense, which was partially offset
by a $302,000 decrease in other
non-interest expense. The increase in salaries and employee
benefits expense primarily reflected a $577,000 increase in health benefit costs and an
approximate $244,000 increase due to
new hires and an additional pay day in the third quarter of 2013.
Also, salary and employee benefit costs increased by $122,000 due to higher share-based compensation
expenses resulting from new grants and a rise in the Company's
average stock price. Other non-interest expense decreased for the
comparable quarters primarily due to $400,000 in director retirement payments made
during the second quarter of 2013.
Financial Condition
Gross loans held for investment at September 30, 2013, increased by $98.5 million, or 5.4%, from June 30, 2013, and 17.1% from September 30, 2012. Loans held for sale at
September 30, 2013, decreased by
$264.2 million, or 29.2%, from
June 30, 2013, and 36.9% from
September 30, 2012. Commercial
real estate loan balances at September 30,
2013, increased by $43.7
million, or 4.4%, from June 30,
2013, and 31.9% from September 30,
2012, while commercial and industrial loans at September 30, 2013, increased by $77.7 million, or 24.8%, from June 30, 2013, and 54.9% from September 30, 2012.
Oil and gas loans, which are included in our commercial and
industrial loans, totaled $114.2
million at September 30, 2013,
up from $57.5 million at June 30, 2013. To further develop this line
of business, the Company formed a new energy lending group in
May 2013. The Energy Finance group
focuses on providing loans to private and public oil and gas
companies throughout the United
States, with an emphasis on reserve-based transactions for
development drilling, capital expenditures against oil and gas
reserves, and acquisitions of oil and gas reserves. The group's
offerings also include the Bank's full array of commercial
services, including Treasury Management and Letters of
Credit.
Total deposits increased by $58.8
million, or 2.7%, to $2.2
billion from June 30, 2013.
The total reflects increases in all deposit categories except for
interest-bearing demand deposits. Compared to September 30, 2012, deposits increased by
$55.0 million, or 2.5%, which
included a $51.3 million increase in
non-interest-bearing demand deposits. Non-interest-bearing demand
deposits totaled $401.1 million, or
17.8%, of total deposits at September 30,
2013, reaching a new high for the category.
In line with our commercial banking strategy, commercial
non-interest-bearing demand deposits totaled $270.4 million at September 30, 2013, compared to $221.9 million at September 30, 2012, and helped to generate
$315,000 in billed analysis treasury
management fee income during the nine months ended September 30, 2013.
Total shareholders' equity increased by $6.7 million to $540.1
million at September 30, 2013,
from $533.4 million at June 30, 2013. The Company's tangible
common equity ratio was 15.18% at September
30, 2013, an increase of 108 basis points from June 30, 2013, and 173 basis points from
September 30, 2012.
Credit Quality
|
At or For the
Quarters Ended
|
|
September
|
|
June
|
|
September
|
(unaudited)
|
2013
|
|
2013
|
|
2012
|
|
(Dollars in
thousands)
|
Net
charge-offs
|
$
|
250
|
|
|
$
|
1,223
|
|
|
$
|
208
|
|
Net
charge-offs/Average loans held for investment
|
0.05
|
%
|
|
0.27
|
%
|
|
0.05
|
%
|
Provision (benefit)
for loan losses
|
$
|
(158)
|
|
|
$
|
1,858
|
|
|
$
|
814
|
|
Non-performing loans
("NPLs")
|
$
|
22,307
|
|
|
$
|
23,799
|
|
|
$
|
28,081
|
|
NPLs/Total loans held
for investment
|
1.15
|
%
|
|
1.30
|
%
|
|
1.70
|
%
|
Non-performing assets
("NPAs")
|
$
|
22,735
|
|
|
$
|
24,356
|
|
|
$
|
31,931
|
|
NPAs/Total
assets
|
0.67
|
%
|
|
0.68
|
%
|
|
0.88
|
%
|
NPAs/Loans held for
investment and foreclosed assets
|
1.18
|
|
|
1.33
|
|
|
1.93
|
|
Allowance for loan
losses
|
$
|
18,869
|
|
|
$
|
19,277
|
|
|
$
|
19,835
|
|
Allowance for loan
losses/Total loans held for investment
|
0.98
|
%
|
|
1.05
|
%
|
|
1.20
|
%
|
Allowance for loan
losses/Total loans held for investment excluding acquired loans
1
|
1.05
|
|
|
1.15
|
|
|
1.41
|
|
Allowance for loan
losses/NPLs
|
84.59
|
|
|
81.00
|
|
|
70.63
|
|
1
|
Excludes loans
acquired from Highlands, which were initially recorded at fair
value.
|
The Company recorded a provision benefit of $158,000 for the quarter ended September 30, 2013, compared to a provision
expense of $1.9 million for the 2013
second quarter and $814,000 for the
quarter ended September 30, 2012.
Non-performing loans to total loans at September 30, 2013, was 1.15%, compared to 1.30%
at June 30, 2013, and 1.70% at
September 30, 2012. Non-performing
loans decreased by $1.5 million to
$22.3 million at September 30, 2013, from $23.8 million at June 30,
2013, and decreased $5.8
million from $28.1 million at
September 30, 2012. At September 30, 2013, non-performing loans were at
their lowest level in eight quarters. In the third quarter of
2013, three commercial real estate loans that were placed in
nonaccrual status in September were sold at par in the same month,
which avoided an increase in non-performing loans, as well as any
potential losses on these three loans.
Net charge-offs totaled $250,000
for the third quarter of 2013, compared to $1.2 million for the second quarter and
$208,000 for the third quarter of
2012. Second quarter charge-offs included $716,000 to settle the remaining balances of two
commercial real estate loans. We believe that our credit
quality has continued to improve due to sound underwriting of new
transactions, enhancements in loan oversight and improved economic
conditions in our market area.
Subsequent Events
The Company is required under generally accepted accounting
principles to evaluate subsequent events through the filing of its
consolidated financial statements for the quarter ended
September 30, 2013 on Form
10-Q. As a result, the Company will continue to evaluate the
impact of any subsequent events on critical accounting assumptions
and estimates made as of September 30,
2013, and will adjust amounts preliminarily reported, if
necessary.
On October 7, 2013, the Federal
Financial Institutions Examination Council ("FFIEC") issued
Supplemental Instructions for the September
30, 2013, Call Report, stating that certain residential
mortgage loan purchase programs (like the Company's Warehouse
Purchase Program) should be reported as loans held for investment.
The Company has historically reported these loans as loans held for
sale in our Call Reports and US GAAP basis financial statements. We
are currently evaluating the impact of the FFIEC Supplemental
Instructions on our financial reporting. If we were to change
our consolidated balance sheet classification from loans held for
sale to loans held for investment, the change would have no
material impact in net income or the balance sheet. In addition,
the activity from the program would be reclassified out of
operating activities to investing activities within our
consolidated statement of cash flows.
Conference Call
The Company will also host an investor conference call to review
these results on Wednesday, October 23,
2013, at 8 a.m. Central Time.
Participants are asked to call (toll-free) 1-888-317-6016 at least
five minutes prior to the call. International participants
are asked to call 1-412-317-6016 and participants in Canada are asked to call (toll-free)
1-855-669-9657. The call and corresponding presentation
slides will be webcast live on the home page of the Company's
website, www.viewpointfinancialgroup.com. An audio replay will be
available one hour after the conclusion of the call at
1-877-344-7529, Conference #10030674. This replay, as well as the
webcast, will be available until the Company's next quarterly
webcast/conference call.
About ViewPoint Financial Group, Inc.
ViewPoint Financial Group, Inc. is the holding company for
ViewPoint Bank, N.A. ViewPoint Bank, N.A. operates 31 banking
offices in the Dallas/Fort Worth
metropolitan area, including two First National Bank of
Jacksboro locations in Jack and
Wise Counties. For more information, please visit
www.viewpointbank.com or www.viewpointfinancialgroup.com.
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; the industry-wide decline in mortgage production;
competition; changes in management's business strategies; our
ability to successfully integrate any assets, liabilities,
customers, systems and management personnel we have acquired or may
acquire into our operations and our ability to realize related
revenue synergies and cost savings within expected time frames and
any goodwill charges related thereto; and other factors set forth
under Risk Factors in the Company's Form 10-K that could cause
actual results to differ materially from historical earnings and
those presently anticipated or projected. 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
that may be made to any forward-looking statements to reflect
events or circumstances occurring after the date of such
statements.
VIEWPOINT
FINANCIAL GROUP, INC.
|
Consolidated
Balance Sheets
|
|
|
September 30,
2013
|
|
June 30,
2013
|
|
March 31,
2013
|
|
December 31,
2012
|
|
September 30,
2012
|
|
(Dollars in
thousands)
|
ASSETS
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
(unaudited)
|
Cash and due from
financial institutions
|
$
|
33,803
|
|
|
$
|
30,504
|
|
|
$
|
25,724
|
|
|
$
|
34,227
|
|
|
$
|
24,429
|
|
Short-term
interest-bearing deposits in other financial
institutions
|
40,223
|
|
|
27,280
|
|
|
26,783
|
|
|
34,469
|
|
|
36,301
|
|
Total cash and cash
equivalents
|
74,026
|
|
|
57,784
|
|
|
52,507
|
|
|
68,696
|
|
|
60,730
|
|
Securities available
for sale, at fair value
|
264,657
|
|
|
287,834
|
|
|
315,438
|
|
|
287,034
|
|
|
316,780
|
|
Securities held to
maturity
|
307,822
|
|
|
330,969
|
|
|
329,993
|
|
|
360,554
|
|
|
396,437
|
|
Total
securities
|
572,479
|
|
|
618,803
|
|
|
645,431
|
|
|
647,588
|
|
|
713,217
|
|
Loans held for
sale
|
640,028
|
|
|
904,228
|
|
|
757,472
|
|
|
1,060,720
|
|
|
1,014,445
|
|
Loans held for
investment
|
1,933,669
|
|
|
1,835,187
|
|
|
1,745,737
|
|
|
1,690,769
|
|
|
1,651,639
|
|
Gross
loans
|
2,573,697
|
|
|
2,739,415
|
|
|
2,503,209
|
|
|
2,751,489
|
|
|
2,666,084
|
|
Less: allowance for
loan losses and deferred fees on loans held for
investment
|
(19,513)
|
|
|
(19,162)
|
|
|
(18,282)
|
|
|
(17,565)
|
|
|
(19,719)
|
|
Net loans
|
2,554,184
|
|
|
2,720,253
|
|
|
2,484,927
|
|
|
2,733,924
|
|
|
2,646,365
|
|
FHLB and Federal
Reserve Bank stock, at cost
|
29,632
|
|
|
41,475
|
|
|
31,607
|
|
|
45,025
|
|
|
43,383
|
|
Bank-owned life
insurance
|
35,379
|
|
|
35,231
|
|
|
35,078
|
|
|
34,916
|
|
|
34,701
|
|
Premises and
equipment, net
|
52,729
|
|
|
52,865
|
|
|
53,050
|
|
|
53,160
|
|
|
53,348
|
|
Goodwill
|
29,650
|
|
|
29,650
|
|
|
29,650
|
|
|
29,650
|
|
|
29,650
|
|
Other
assets
|
35,528
|
|
|
38,423
|
|
|
41,386
|
|
|
50,099
|
|
|
54,639
|
|
Total
assets
|
$
|
3,383,607
|
|
|
$
|
3,594,484
|
|
|
$
|
3,373,636
|
|
|
$
|
3,663,058
|
|
|
$
|
3,636,033
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
demand
|
$
|
401,136
|
|
|
$
|
384,836
|
|
|
$
|
392,759
|
|
|
$
|
357,800
|
|
|
$
|
349,880
|
|
Interest-bearing
demand
|
451,248
|
|
|
464,262
|
|
|
481,966
|
|
|
488,748
|
|
|
471,672
|
|
Savings and money
market
|
896,330
|
|
|
887,082
|
|
|
888,874
|
|
|
880,924
|
|
|
897,515
|
|
Time
|
499,228
|
|
|
453,000
|
|
|
449,491
|
|
|
450,334
|
|
|
473,834
|
|
Total
deposits
|
2,247,942
|
|
|
2,189,180
|
|
|
2,213,090
|
|
|
2,177,806
|
|
|
2,192,901
|
|
FHLB
advances
|
511,166
|
|
|
800,208
|
|
|
564,221
|
|
|
892,208
|
|
|
852,168
|
|
Repurchase agreement
and other borrowings
|
25,000
|
|
|
25,000
|
|
|
25,000
|
|
|
25,000
|
|
|
25,000
|
|
Accrued expenses and
other liabilities
|
59,410
|
|
|
46,662
|
|
|
40,358
|
|
|
47,173
|
|
|
49,611
|
|
Total
liabilities
|
2,843,518
|
|
|
3,061,050
|
|
|
2,842,669
|
|
|
3,142,187
|
|
|
3,119,680
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
Common
stock
|
400
|
|
|
399
|
|
|
399
|
|
|
396
|
|
|
396
|
|
Additional paid-in
capital
|
375,563
|
|
|
373,378
|
|
|
373,492
|
|
|
372,168
|
|
|
369,904
|
|
Retained
earnings
|
180,787
|
|
|
176,569
|
|
|
172,386
|
|
|
164,328
|
|
|
161,887
|
|
Accumulated other
comprehensive income, net
|
155
|
|
|
271
|
|
|
2,239
|
|
|
1,895
|
|
|
2,449
|
|
Unearned Employee
Stock Ownership Plan (ESOP) shares
|
(16,816)
|
|
|
(17,183)
|
|
|
(17,549)
|
|
|
(17,916)
|
|
|
(18,283)
|
|
Total shareholders'
equity
|
540,089
|
|
|
533,434
|
|
|
530,967
|
|
|
520,871
|
|
|
516,353
|
|
Total liabilities and
shareholders' equity
|
$
|
3,383,607
|
|
|
$
|
3,594,484
|
|
|
$
|
3,373,636
|
|
|
$
|
3,663,058
|
|
|
$
|
3,636,033
|
|
VIEWPOINT
FINANCIAL GROUP, INC.
|
Consolidated
Quarterly Statements of Income (unaudited)
|
|
|
For the Quarters
Ended
|
|
Third Quarter 2013
Compared to:
|
|
Sep 30,
2013
|
|
Jun 30,
2013
|
|
Mar 31,
2013
|
|
Dec 31,
2012
|
|
Sep 30,
2012
|
|
Second Quarter
2013
|
|
Third Quarter
2012
|
Interest and dividend
income
|
(Dollars in
thousands)
|
Loans, including
fees
|
$
|
30,805
|
|
|
$
|
32,151
|
|
|
$
|
30,378
|
|
|
$
|
33,247
|
|
|
$
|
32,739
|
|
|
$
|
(1,346)
|
|
(4.2)%
|
|
$
|
(1,934)
|
|
(5.9)%
|
Taxable
securities
|
2,337
|
|
|
2,457
|
|
|
2,403
|
|
|
2,591
|
|
|
3,616
|
|
|
(120)
|
|
(4.9)
|
|
(1,279)
|
|
(35.4)
|
Nontaxable
securities
|
568
|
|
|
529
|
|
|
474
|
|
|
472
|
|
|
473
|
|
|
39
|
|
7.4
|
|
95
|
|
20.1
|
Interest-bearing
deposits in other financial institutions
|
32
|
|
|
25
|
|
|
31
|
|
|
31
|
|
|
29
|
|
|
7
|
|
28.0
|
|
3
|
|
10.3
|
FHLB and Federal
Reserve Bank stock
|
133
|
|
|
134
|
|
|
133
|
|
|
140
|
|
|
151
|
|
|
(1)
|
|
(0.7)
|
|
(18)
|
|
(11.9)
|
|
33,875
|
|
|
35,296
|
|
|
33,419
|
|
|
36,481
|
|
|
37,008
|
|
|
(1,421)
|
|
(4.0)
|
|
(3,133)
|
|
(8.5)
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
2,411
|
|
|
2,450
|
|
|
2,432
|
|
|
2,321
|
|
|
2,656
|
|
|
(39)
|
|
(1.6)
|
|
(245)
|
|
(9.2)
|
FHLB
advances
|
2,066
|
|
|
2,205
|
|
|
2,261
|
|
|
2,423
|
|
|
2,515
|
|
|
(139)
|
|
(6.3)
|
|
(449)
|
|
(17.9)
|
Repurchase
agreement
|
206
|
|
|
203
|
|
|
201
|
|
|
205
|
|
|
217
|
|
|
3
|
|
1.5
|
|
(11)
|
|
(5.1)
|
Other
borrowings
|
4
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
1
|
|
|
4
|
|
N/M
|
3
|
|
300.0
|
|
4,687
|
|
|
4,858
|
|
|
4,894
|
|
|
4,953
|
|
|
5,389
|
|
|
(171)
|
|
(3.5)
|
|
(702)
|
|
(13.0)
|
Net interest
income
|
29,188
|
|
|
30,438
|
|
|
28,525
|
|
|
31,528
|
|
|
31,619
|
|
|
(1,250)
|
|
(4.1)
|
|
(2,431)
|
|
(7.7)
|
Provision (benefit)
for loan losses
|
(158)
|
|
|
1,858
|
|
|
883
|
|
|
(17)
|
|
|
814
|
|
|
(2,016)
|
|
(108.5)
|
|
(972)
|
|
(119.4)
|
Net interest income
after provision (benefit) for loan losses
|
29,346
|
|
|
28,580
|
|
|
27,642
|
|
|
31,545
|
|
|
30,805
|
|
|
766
|
|
2.7
|
|
(1,459)
|
|
(4.7)
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service charges and
fees
|
4,460
|
|
|
4,768
|
|
|
4,291
|
|
|
5,562
|
|
|
4,885
|
|
|
(308)
|
|
(6.5)
|
|
(425)
|
|
(8.7)
|
Other charges and
fees
|
300
|
|
|
179
|
|
|
212
|
|
|
142
|
|
|
144
|
|
|
121
|
|
67.6
|
|
156
|
|
108.3
|
Net gain on sale of
mortgage loans
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,030
|
|
|
—
|
|
N/M
|
(1,030)
|
|
(100.0)
|
Bank-owned life
insurance income
|
148
|
|
|
153
|
|
|
162
|
|
|
216
|
|
|
210
|
|
|
(5)
|
|
(3.3)
|
|
(62)
|
|
(29.5)
|
Gain (loss) on sale
of available for sale securities
|
—
|
|
|
—
|
|
|
(177)
|
|
|
—
|
|
|
898
|
|
|
—
|
|
N/M
|
(898)
|
|
(100.0)
|
Gain (loss) on sale
and disposition of assets
|
41
|
|
|
444
|
|
|
230
|
|
|
(241)
|
|
|
187
|
|
|
(403)
|
|
(90.8)
|
|
(146)
|
|
(78.1)
|
Other
|
277
|
|
|
199
|
|
|
1,141
|
|
|
815
|
|
|
465
|
|
|
78
|
|
39.2
|
|
(188)
|
|
(40.4)
|
|
5,226
|
|
|
5,743
|
|
|
5,859
|
|
|
6,494
|
|
|
7,819
|
|
|
(517)
|
|
(9.0)
|
|
(2,593)
|
|
(33.2)
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
13,546
|
|
|
12,528
|
|
|
12,915
|
|
|
13,200
|
|
|
12,685
|
|
|
1,018
|
|
8.1
|
|
861
|
|
6.8
|
Acquisition
costs
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
242
|
|
|
—
|
|
N/M
|
(242)
|
|
(100.0)
|
Advertising
|
666
|
|
|
751
|
|
|
513
|
|
|
599
|
|
|
379
|
|
|
(85)
|
|
(11.3)
|
|
287
|
|
75.7
|
Occupancy and
equipment
|
1,830
|
|
|
1,938
|
|
|
1,790
|
|
|
1,934
|
|
|
2,009
|
|
|
(108)
|
|
(5.6)
|
|
(179)
|
|
(8.9)
|
Outside professional
services
|
682
|
|
|
570
|
|
|
684
|
|
|
568
|
|
|
578
|
|
|
112
|
|
19.6
|
|
104
|
|
18.0
|
Regulatory
assessments
|
629
|
|
|
650
|
|
|
579
|
|
|
661
|
|
|
668
|
|
|
(21)
|
|
(3.2)
|
|
(39)
|
|
(5.8)
|
Data
processing
|
1,733
|
|
|
1,729
|
|
|
1,518
|
|
|
1,717
|
|
|
1,530
|
|
|
4
|
|
0.2
|
|
203
|
|
13.3
|
Office
operations
|
1,603
|
|
|
1,751
|
|
|
1,648
|
|
|
1,831
|
|
|
1,834
|
|
|
(148)
|
|
(8.5)
|
|
(231)
|
|
(12.6)
|
Other
|
1,484
|
|
|
1,786
|
|
|
1,226
|
|
|
1,195
|
|
|
1,285
|
|
|
(302)
|
|
(16.9)
|
|
199
|
|
15.5
|
|
22,173
|
|
|
21,703
|
|
|
20,873
|
|
|
21,705
|
|
|
21,210
|
|
|
470
|
|
2.2
|
|
963
|
|
4.5
|
Income before income
tax expense
|
12,399
|
|
|
12,620
|
|
|
12,628
|
|
|
16,334
|
|
|
17,414
|
|
|
(221)
|
|
(1.8)
|
|
(5,015)
|
|
(28.8)
|
Income tax
expense
|
4,187
|
|
|
4,446
|
|
|
4,570
|
|
|
5,973
|
|
|
6,098
|
|
|
(259)
|
|
(5.8)
|
|
(1,911)
|
|
(31.3)
|
Net income
|
$
|
8,212
|
|
|
$
|
8,174
|
|
|
$
|
8,058
|
|
|
$
|
10,361
|
|
|
$
|
11,316
|
|
|
$
|
38
|
|
0.5%
|
|
$
|
(3,104)
|
|
(27.4)%
|
VIEWPOINT
FINANCIAL GROUP, INC.
|
Selected Financial
Highlights (unaudited)
|
|
|
At or For the
Quarters Ended
|
|
September
|
|
June
|
|
September
|
|
2013
|
|
2013
|
|
2012
|
|
(Dollars in
thousands, except share and per share amounts)
|
SHARE
DATA:
|
|
|
|
|
|
Weighted average
common shares outstanding- basic
|
37,594,701
|
|
|
37,545,050
|
|
|
37,362,535
|
|
Weighted average
common shares outstanding- diluted
|
37,774,400
|
|
|
37,692,513
|
|
|
37,466,031
|
|
Shares outstanding at
end of period
|
39,951,884
|
|
|
39,926,716
|
|
|
39,579,667
|
|
Income available to
common shareholders1
|
$
|
8,096
|
|
|
$
|
8,058
|
|
|
$
|
11,280
|
|
Basic earnings per
common share
|
0.22
|
|
|
0.21
|
|
|
0.30
|
|
Diluted earnings per
common share
|
0.21
|
|
|
0.21
|
|
|
0.30
|
|
Dividends declared
per share
|
0.10
|
|
|
0.10
|
|
|
0.08
|
|
Total shareholders'
equity
|
540,089
|
|
|
533,434
|
|
|
516,353
|
|
Common shareholders'
equity per share (book value per share)
|
13.52
|
|
|
13.36
|
|
|
13.05
|
|
Tangible book value
per share- Non-GAAP2
|
12.74
|
|
|
12.58
|
|
|
12.25
|
|
Market value per
share for the quarter:
|
|
|
|
|
|
High
|
22.34
|
|
|
20.81
|
|
|
19.50
|
|
Low
|
19.62
|
|
|
17.97
|
|
|
15.88
|
|
Close
|
$
|
20.67
|
|
|
$
|
20.81
|
|
|
$
|
19.17
|
|
KEY
RATIOS:
|
|
|
|
|
|
Return on average
common shareholders' equity
|
6.11
|
%
|
|
6.14
|
%
|
|
8.82
|
%
|
Return on average
assets
|
0.97
|
|
|
0.95
|
|
|
1.25
|
|
Efficiency
ratio3
|
64.28
|
|
|
60.45
|
|
|
54.47
|
|
Estimated Tier 1
risk-based capital ratio4
|
19.17
|
|
|
17.97
|
|
|
22.16
|
|
Estimated total
risk-based capital ratio4
|
19.88
|
|
|
18.66
|
|
|
23.08
|
|
Estimated Tier 1
leverage ratio4
|
15.17
|
|
|
14.71
|
|
|
13.54
|
|
Tangible equity to
tangible assets- Non-GAAP2
|
15.18
|
%
|
|
14.10
|
%
|
|
13.45
|
%
|
Number of employees-
full-time equivalent
|
561
|
|
|
561
|
|
|
555
|
|
1
|
Net of distributed
and undistributed earnings to participating securities.
|
2
|
See the section
labeled "Supplemental Information- Non-GAAP Financial Measures" at
the end of this document.
|
3
|
Calculated by
dividing total non-interest expense by net interest income plus
non-interest income, excluding gain (loss) on assets, impairment of
goodwill, amortization of intangible assets, gains (losses) from
securities transactions and other non-recurring items.
|
4
|
Calculated at the
ViewPoint Financial Group, Inc. level, which is subject to the
capital adequacy requirements of the Federal Reserve.
Beginning March 2013, capital ratios reflect a risk weighting
change from 50% to 100% on our Warehouse Purchase Program
loans.
|
VIEWPOINT
FINANCIAL GROUP, INC.
|
Selected Loan Data
(unaudited)
|
|
|
Ending Balances
at
|
|
September 30,
2013
|
|
June 30,
2013
|
|
March 31,
2013
|
|
December 31,
2012
|
|
September 30,
2012
|
Loans:
|
(Dollars in
thousands)
|
Loans held for
sale
|
$
|
640,028
|
|
|
$
|
904,228
|
|
|
$
|
757,472
|
|
|
$
|
1,060,720
|
|
|
$
|
1,014,445
|
|
Commercial real
estate
|
1,048,428
|
|
|
1,004,719
|
|
|
897,534
|
|
|
839,908
|
|
|
794,619
|
|
Commercial and
industrial loans:
|
|
|
|
|
|
|
|
|
|
Commercial
|
373,390
|
|
|
288,054
|
|
|
271,605
|
|
|
245,799
|
|
|
226,391
|
|
Warehouse lines of
credit
|
17,356
|
|
|
24,977
|
|
|
30,861
|
|
|
32,726
|
|
|
25,936
|
|
Total commercial and
industrial loans
|
390,746
|
|
|
313,031
|
|
|
302,466
|
|
|
278,525
|
|
|
252,327
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
Consumer real
estate
|
444,380
|
|
|
465,055
|
|
|
490,599
|
|
|
513,256
|
|
|
542,103
|
|
Other consumer
loans
|
50,115
|
|
|
52,382
|
|
|
55,138
|
|
|
59,080
|
|
|
62,590
|
|
Total
consumer
|
494,495
|
|
|
517,437
|
|
|
545,737
|
|
|
572,336
|
|
|
604,693
|
|
Gross loans held for
investment
|
1,933,669
|
|
|
1,835,187
|
|
|
1,745,737
|
|
|
1,690,769
|
|
|
1,651,639
|
|
Gross
loans
|
$
|
2,573,697
|
|
|
$
|
2,739,415
|
|
|
$
|
2,503,209
|
|
|
$
|
2,751,489
|
|
|
$
|
2,666,084
|
|
Non-performing
assets:
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
$
|
7,770
|
|
|
$
|
8,625
|
|
|
$
|
12,696
|
|
|
$
|
13,609
|
|
|
$
|
16,572
|
|
Commercial and
industrial
|
5,788
|
|
|
6,849
|
|
|
6,807
|
|
|
5,401
|
|
|
4,597
|
|
Consumer real
estate
|
8,237
|
|
|
7,913
|
|
|
7,840
|
|
|
7,931
|
|
|
6,661
|
|
Other consumer
loans
|
512
|
|
|
412
|
|
|
378
|
|
|
262
|
|
|
251
|
|
Total non-performing
loans
|
22,307
|
|
|
23,799
|
|
|
27,721
|
|
|
27,203
|
|
|
28,081
|
|
Foreclosed
assets
|
428
|
|
|
557
|
|
|
1,505
|
|
|
1,901
|
|
|
3,850
|
|
Total non-performing
assets
|
$
|
22,735
|
|
|
$
|
24,356
|
|
|
$
|
29,226
|
|
|
$
|
29,104
|
|
|
$
|
31,931
|
|
Total non-performing
assets to total assets
|
0.67
|
%
|
|
0.68
|
%
|
|
0.87
|
%
|
|
0.79
|
%
|
|
0.88
|
%
|
Total non-performing
loans to total loans held for investment
|
1.15
|
|
|
1.30
|
|
|
1.59
|
|
|
1.61
|
|
|
1.70
|
|
Allowance for loan
losses to non-performing loans
|
84.59
|
|
|
81.00
|
|
|
67.25
|
|
|
66.36
|
|
|
70.63
|
|
Allowance for loan
losses to total loans held for investment
|
0.98
|
|
|
1.05
|
|
|
1.07
|
|
|
1.07
|
|
|
1.20
|
|
Allowance for loan
losses to total loans held for investment excluding acquired loans
1
|
1.05
|
%
|
|
1.15
|
%
|
|
1.19
|
%
|
|
1.23
|
%
|
|
1.41
|
%
|
Troubled debt
restructured loans ("TDRs"):
|
|
|
|
|
|
|
|
|
|
Performing
TDRs:
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,372
|
|
|
$
|
3,384
|
|
|
$
|
3,087
|
|
Commercial and
industrial
|
190
|
|
|
196
|
|
|
202
|
|
|
207
|
|
|
213
|
|
Consumer real
estate
|
744
|
|
|
748
|
|
|
963
|
|
|
558
|
|
|
788
|
|
Other consumer
loans
|
51
|
|
|
54
|
|
|
62
|
|
|
67
|
|
|
88
|
|
Total performing
TDRs
|
$
|
985
|
|
|
$
|
998
|
|
|
$
|
4,599
|
|
|
$
|
4,216
|
|
|
$
|
4,176
|
|
Non-performing
TDRs:2
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
$
|
7,559
|
|
|
$
|
8,344
|
|
|
$
|
11,786
|
|
|
$
|
11,218
|
|
|
$
|
8,849
|
|
Commercial and
industrial
|
277
|
|
|
75
|
|
|
71
|
|
|
102
|
|
|
105
|
|
Consumer real
estate
|
2,690
|
|
|
2,215
|
|
|
2,018
|
|
|
2,235
|
|
|
1,943
|
|
Other consumer
loans
|
470
|
|
|
317
|
|
|
261
|
|
|
205
|
|
|
88
|
|
Total non-performing
TDRs
|
$
|
10,996
|
|
|
$
|
10,951
|
|
|
$
|
14,136
|
|
|
$
|
13,760
|
|
|
$
|
10,985
|
|
Allowance for loan
losses:
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
19,277
|
|
|
$
|
18,642
|
|
|
$
|
18,051
|
|
|
$
|
19,835
|
|
|
$
|
19,229
|
|
Provision expense
(benefit)
|
(158)
|
|
|
1,858
|
|
|
883
|
|
|
(17)
|
|
|
814
|
|
Charge-offs
|
(356)
|
|
|
(1,394)
|
|
|
(476)
|
|
|
(1,936)
|
|
|
(412)
|
|
Recoveries
|
106
|
|
|
171
|
|
|
184
|
|
|
169
|
|
|
204
|
|
Balance at end of
period
|
$
|
18,869
|
|
|
$
|
19,277
|
|
|
$
|
18,642
|
|
|
$
|
18,051
|
|
|
$
|
19,835
|
|
Net charge-offs
(recoveries)
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
$
|
34
|
|
|
$
|
716
|
|
|
$
|
87
|
|
|
$
|
185
|
|
|
$
|
2
|
|
Commercial and
industrial
|
204
|
|
|
64
|
|
|
172
|
|
|
893
|
|
|
(31)
|
|
Consumer real
estate
|
(18)
|
|
|
320
|
|
|
23
|
|
|
437
|
|
|
94
|
|
Other consumer
loans
|
30
|
|
|
123
|
|
|
10
|
|
|
252
|
|
|
143
|
|
Total net
charge-offs
|
$
|
250
|
|
|
$
|
1,223
|
|
|
$
|
292
|
|
|
$
|
1,767
|
|
|
$
|
208
|
|
|
|
|
|
|
|
|
|
|
|
1
Excludes loans acquired from Highlands, which were initially
recorded at fair value.
|
2
Non-performing TDRs are included in the non-performing assets
above.
|
VIEWPOINT
FINANCIAL GROUP, INC.
|
Average Balances
and Yields/Rates (unaudited)
|
|
|
For the Quarters
Ended
|
|
September 30,
2013
|
|
June 30,
2013
|
|
March 31,
2013
|
|
December 31,
2012
|
|
September 30,
2012
|
Loans:
|
(Dollars in
thousands)
|
Commercial real
estate
|
$
|
1,007,449
|
|
|
$
|
961,631
|
|
|
$
|
839,155
|
|
|
$
|
805,362
|
|
|
$
|
762,521
|
|
Commercial and
industrial loans:
|
|
|
|
|
|
|
|
|
|
Commercial
|
316,506
|
|
|
288,481
|
|
|
257,510
|
|
|
251,447
|
|
|
183,870
|
|
Warehouse lines of
credit
|
21,077
|
|
|
27,670
|
|
|
26,037
|
|
|
26,072
|
|
|
22,639
|
|
Consumer real
estate
|
453,939
|
|
|
476,226
|
|
|
504,965
|
|
|
524,213
|
|
|
550,341
|
|
Other consumer
loans
|
51,414
|
|
|
53,759
|
|
|
57,164
|
|
|
60,435
|
|
|
63,142
|
|
Loans held for
sale
|
685,852
|
|
|
755,577
|
|
|
738,234
|
|
|
908,603
|
|
|
886,743
|
|
Less: deferred fees
and allowance for loan loss
|
(18,982)
|
|
|
(18,649)
|
|
|
(17,240)
|
|
|
(19,326)
|
|
|
(19,113)
|
|
Loans
receivable
|
2,517,255
|
|
|
2,544,695
|
|
|
2,405,825
|
|
|
2,556,806
|
|
|
2,450,143
|
|
Securities
|
640,041
|
|
|
680,931
|
|
|
674,109
|
|
|
734,598
|
|
|
914,818
|
|
Overnight
deposits
|
54,860
|
|
|
45,810
|
|
|
54,096
|
|
|
50,556
|
|
|
49,740
|
|
Total
interest-earning assets
|
$
|
3,212,156
|
|
|
$
|
3,271,436
|
|
|
$
|
3,134,030
|
|
|
$
|
3,341,960
|
|
|
$
|
3,414,701
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
$
|
448,241
|
|
|
$
|
459,433
|
|
|
$
|
465,385
|
|
|
$
|
463,465
|
|
|
$
|
474,342
|
|
Savings and money
market
|
892,355
|
|
|
883,507
|
|
|
877,690
|
|
|
888,410
|
|
|
894,916
|
|
Time
|
458,431
|
|
|
451,110
|
|
|
450,071
|
|
|
469,772
|
|
|
476,666
|
|
FHLB advances and
other borrowings
|
587,651
|
|
|
679,693
|
|
|
590,238
|
|
|
770,627
|
|
|
863,949
|
|
Total
interest-bearing liabilities
|
$
|
2,386,678
|
|
|
$
|
2,473,743
|
|
|
$
|
2,383,384
|
|
|
$
|
2,592,274
|
|
|
$
|
2,709,873
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
3,390,837
|
|
|
$
|
3,453,699
|
|
|
$
|
3,322,899
|
|
|
$
|
3,529,665
|
|
|
$
|
3,607,101
|
|
Non-interest-bearing
demand deposits
|
$
|
405,344
|
|
|
$
|
393,815
|
|
|
$
|
367,217
|
|
|
$
|
358,707
|
|
|
$
|
338,074
|
|
Total
deposits
|
$
|
2,204,371
|
|
|
$
|
2,187,865
|
|
|
$
|
2,160,363
|
|
|
$
|
2,180,354
|
|
|
$
|
2,183,998
|
|
Total shareholders'
equity
|
$
|
537,901
|
|
|
$
|
532,897
|
|
|
$
|
527,958
|
|
|
$
|
520,684
|
|
|
$
|
513,431
|
|
|
|
|
|
|
|
|
|
|
|
Yields/Rates:
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
5.50
|
%
|
|
5.85
|
%
|
|
5.88
|
%
|
|
6.17
|
%
|
|
6.44
|
%
|
Commercial and
industrial loans:
|
|
|
|
|
|
|
|
|
|
Commercial
|
4.45
|
%
|
|
4.97
|
%
|
|
4.72
|
%
|
|
5.24
|
%
|
|
5.98
|
%
|
Warehouse lines of
credit
|
3.56
|
%
|
|
3.57
|
%
|
|
3.63
|
%
|
|
3.71
|
%
|
|
3.82
|
%
|
Consumer real
estate
|
5.15
|
%
|
|
5.16
|
%
|
|
5.30
|
%
|
|
5.48
|
%
|
|
5.40
|
%
|
Other consumer
loans
|
6.19
|
%
|
|
5.94
|
%
|
|
5.84
|
%
|
|
6.00
|
%
|
|
6.03
|
%
|
Loans held for
sale
|
3.86
|
%
|
|
3.87
|
%
|
|
3.92
|
%
|
|
4.05
|
%
|
|
4.11
|
%
|
Loans
receivable
|
4.90
|
%
|
|
5.05
|
%
|
|
5.05
|
%
|
|
5.20
|
%
|
|
5.34
|
%
|
Securities
|
1.90
|
%
|
|
1.83
|
%
|
|
1.79
|
%
|
|
1.74
|
%
|
|
1.85
|
%
|
Overnight
deposits
|
0.23
|
%
|
|
0.22
|
%
|
|
0.23
|
%
|
|
0.25
|
%
|
|
0.23
|
%
|
Total
interest-earning assets
|
4.22
|
%
|
|
4.32
|
%
|
|
4.27
|
%
|
|
4.37
|
%
|
|
4.34
|
%
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Interest-bearing
demand
|
0.39
|
%
|
|
0.41
|
%
|
|
0.40
|
%
|
|
0.43
|
%
|
|
0.61
|
%
|
Savings and money
market
|
0.28
|
%
|
|
0.27
|
%
|
|
0.27
|
%
|
|
0.27
|
%
|
|
0.27
|
%
|
Time
|
1.18
|
%
|
|
1.23
|
%
|
|
1.22
|
%
|
|
1.03
|
%
|
|
1.11
|
%
|
FHLB advances and
other borrowings
|
1.55
|
%
|
|
1.42
|
%
|
|
1.67
|
%
|
|
1.37
|
%
|
|
1.27
|
%
|
Total
interest-bearing liabilities
|
0.79
|
%
|
|
0.79
|
%
|
|
0.82
|
%
|
|
0.76
|
%
|
|
0.80
|
%
|
Net interest
spread
|
3.43
|
%
|
|
3.53
|
%
|
|
3.45
|
%
|
|
3.61
|
%
|
|
3.54
|
%
|
Net interest
margin
|
3.63
|
%
|
|
3.72
|
%
|
|
3.64
|
%
|
|
3.77
|
%
|
|
3.70
|
%
|
Cost of deposits
(including non-interest-bearing demand)
|
0.44
|
%
|
|
0.45
|
%
|
|
0.45
|
%
|
|
0.43
|
%
|
|
0.49
|
%
|
VIEWPOINT
FINANCIAL GROUP, INC.
|
Supplemental
Information- Non-GAAP Financial Measures (unaudited)
|
|
|
Ending Balances
At
|
|
September 30,
2013
|
|
June 30,
2013
|
|
March 31,
2013
|
|
December 31,
2012
|
|
September 30,
2012
|
Calculation of
Tangible Book Value per Share:
|
(Dollars in
thousands, except share and per share amounts)
|
Total shareholders'
equity
|
$
|
540,089
|
|
|
$
|
533,434
|
|
|
$
|
530,967
|
|
|
$
|
520,871
|
|
|
$
|
516,353
|
|
Less:
Goodwill
|
(29,650)
|
|
|
(29,650)
|
|
|
(29,650)
|
|
|
(29,650)
|
|
|
(29,650)
|
|
Identifiable
intangible assets, net
|
(1,365)
|
|
|
(1,446)
|
|
|
(1,541)
|
|
|
(1,653)
|
|
|
(1,793)
|
|
Total tangible
shareholders' equity
|
$
|
509,074
|
|
|
$
|
502,338
|
|
|
$
|
499,776
|
|
|
$
|
489,568
|
|
|
$
|
484,910
|
|
|
|
|
|
|
|
|
|
|
|
Shares outstanding at
end of period
|
39,951,884
|
|
|
39,926,716
|
|
|
39,948,031
|
|
|
39,612,911
|
|
|
39,579,667
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share-
GAAP
|
$
|
13.52
|
|
|
$
|
13.36
|
|
|
$
|
13.29
|
|
|
$
|
13.15
|
|
|
$
|
13.05
|
|
Tangible book value
per share- Non-GAAP
|
12.74
|
|
|
12.58
|
|
|
12.51
|
|
|
12.36
|
|
|
12.25
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Tangible Equity to Tangible Assets:
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
3,383,607
|
|
|
$
|
3,594,484
|
|
|
$
|
3,373,636
|
|
|
$
|
3,663,058
|
|
|
$
|
3,636,033
|
|
Less:
Goodwill
|
(29,650)
|
|
|
(29,650)
|
|
|
(29,650)
|
|
|
(29,650)
|
|
|
(29,650)
|
|
Identifiable
intangible assets, net
|
(1,365)
|
|
|
(1,446)
|
|
|
(1,541)
|
|
|
(1,653)
|
|
|
(1,793)
|
|
Total tangible
assets
|
$
|
3,352,592
|
|
|
$
|
3,563,388
|
|
|
$
|
3,342,445
|
|
|
$
|
3,631,755
|
|
|
$
|
3,604,590
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets-
GAAP
|
15.96
|
%
|
|
14.84
|
%
|
|
15.74
|
%
|
|
14.22
|
%
|
|
14.20
|
%
|
Tangible common
equity to tangible assets- Non-GAAP
|
15.18
|
|
|
14.10
|
|
|
14.95
|
|
|
13.48
|
|
|
13.45
|
|
SOURCE ViewPoint Financial Group, Inc.