PLANO, Texas, Oct. 21, 2014 /PRNewswire/ -- ViewPoint Financial
Group, Inc. (NASDAQ: VPFG) (the "Company"), the holding company for
ViewPoint Bank, N.A. (the "Bank"), today announced net income of
$9.3 million for the quarter ended
September 30, 2014, an increase of $494,000, or 5.6%, from the quarter ended
June 30, 2014. Compared to the
third quarter of 2013, net income increased by $1.1 million, or 13.4%. Basic earnings per
share for the quarter ended September 30, 2014, was
$0.24, up $0.01 from the linked quarter and up $0.02 from the quarter ended September 30, 2013. Core basic earnings per
share for the quarter ended September 30, 2014, was
$0.26, unchanged from the linked
quarter and up $0.04 from the quarter
ended September 30, 2013.
Please see the table labeled "Supplemental Information- Non-GAAP
Financial Measures" at the end of this document to find a
reconciliation of earnings per share calculated per generally
accepted accounting principles ("GAAP") to core (non-GAAP) earnings
per share.
Previously, the Company announced that it had entered into a
definitive agreement under which LegacyTexas Group, Inc.
("LegacyTexas") will merge into the Company. The merger was
approved by LegacyTexas' shareholders and will result in one of the
largest independent banks in the state of Texas, with 51 branches and pro forma assets
of over $5 billion. On
August 29, 2014, the Company and
LegacyTexas announced that additional time was needed to obtain
regulatory approvals and have extended the merger agreement to
December 31, 2014.
Third Quarter 2014 Performance Highlights
- Loans held for investment, excluding Warehouse Purchase
Program loans, grew $139.6 million,
or 5.9%, from June 30, 2014, with
commercial loans increasing by $126.7
million, or 7.0%, to $1.93
billion at September 30,
2014.
- The Warehouse Purchase Program ending balance decreased by
$32.9 million, or 4.3%, from
June 30, 2014, while the average
balance of Warehouse Purchase Program loans increased by
$73.2 million, or 12.8%, compared to
the linked quarter.
- The $494,000, or 5.6%,
increase in net income for the quarter ended September 30, 2014, compared to the linked
quarter, was driven by a $2.0
million, or 5.9%, increase in interest income on loans and a
$559,000, or 2.4%, decrease in
non-interest expense.
- Deposits increased by $60.7
million, or 2.5%, from June 30,
2014, with growth being driven by non-interest-bearing
demand deposits.
- Net interest margin for the quarter ended September 30, 2014 was 3.80%, a four basis point
increase from the linked quarter and a 17 basis point increase
compared to the third quarter of 2013.
"The bank had another great quarter, with continued commercial
loan and deposit growth and a nice improvement in our net interest
margin," said ViewPoint President and CEO Kevin Hanigan. "I'm very pleased with our
performance, especially since employees are also busy with merger
preparations. While we still await regulatory approval of our
upcoming merger with LegacyTexas, our commitment to and excitement
about our partnership doesn't waver."
Financial Highlights
|
At or For the
Quarters Ended
|
|
September
|
|
June
|
|
September
|
(unaudited)
|
2014
|
|
2014
|
|
2013
|
|
(Dollars in
thousands, except per share amounts)
|
Net interest
income
|
$
|
34,670
|
|
|
$
|
32,922
|
|
|
$
|
29,188
|
|
Provision (benefit)
for loan losses
|
2,511
|
|
|
1,197
|
|
|
(158)
|
|
Non-interest
income
|
5,058
|
|
|
5,429
|
|
|
5,226
|
|
Non-interest
expense
|
22,791
|
|
|
23,350
|
|
|
22,173
|
|
Income tax
expense
|
5,114
|
|
|
4,986
|
|
|
4,187
|
|
Net income
|
$
|
9,312
|
|
|
$
|
8,818
|
|
|
$
|
8,212
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
|
0.24
|
|
|
$
|
0.23
|
|
|
$
|
0.22
|
|
Weighted average
common shares outstanding - basic
|
37,971,790
|
|
|
37,873,671
|
|
|
37,594,701
|
|
Estimated Tier 1
risk-based capital ratio1
|
16.04
|
%
|
|
16.42
|
%
|
|
19.17
|
%
|
Tangible common
equity to tangible assets - Non-GAAP 2
|
13.61
|
%
|
|
13.44
|
%
|
|
15.18
|
%
|
1
|
Calculated at the
ViewPoint Financial Group, Inc. level, which is subject to the
capital adequacy requirements of the Federal Reserve.
|
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)
|
2014
|
|
2014
|
|
2013
|
|
(Dollars in
thousands)
|
Interest
income:
|
|
|
|
|
|
|
|
|
Loans held for
investment, excluding Warehouse Purchase Program loans
|
$
|
30,134
|
|
|
$
|
28,794
|
|
|
$
|
24,188
|
|
Warehouse
Purchase Program loans
|
5,738
|
|
|
5,094
|
|
|
6,617
|
|
Securities
|
2,926
|
|
|
3,150
|
|
|
3,038
|
|
Interest-earning deposit accounts
|
57
|
|
|
71
|
|
|
32
|
|
Total interest
income
|
$
|
38,855
|
|
|
$
|
37,109
|
|
|
$
|
33,875
|
|
|
|
|
|
|
|
|
|
|
Net interest
income
|
$
|
34,670
|
|
|
32,922
|
|
|
$
|
29,188
|
|
Net interest
margin
|
3.80
|
%
|
|
3.76
|
%
|
|
3.63
|
%
|
Selected average
balances:
|
|
|
|
|
|
|
|
|
Total earning assets
|
$
|
3,652,243
|
|
|
$
|
3,499,223
|
|
|
$
|
3,212,156
|
|
Total loans
|
$
|
3,029,047
|
|
|
$
|
2,834,750
|
|
|
$
|
2,517,255
|
|
Total securities
|
$
|
532,950
|
|
|
$
|
545,944
|
|
|
$
|
640,041
|
|
Total deposits
|
$
|
2,469,482
|
|
|
$
|
2,386,307
|
|
|
$
|
2,204,371
|
|
Total borrowings
|
$
|
733,615
|
|
|
$
|
678,817
|
|
|
$
|
587,651
|
|
Total non-interest-bearing demand deposits
|
$
|
456,115
|
|
|
$
|
414,746
|
|
|
$
|
405,344
|
|
Total interest-bearing liabilities
|
$
|
2,746,982
|
|
|
$
|
2,650,378
|
|
|
$
|
2,386,678
|
|
Net interest income for the quarter ended September 30, 2014 was $34.7 million, a $1.7
million increase from the second quarter of 2014 and a
$5.5 million increase from the third
quarter of 2013. The $1.7
million increase from the linked quarter was primarily due
to a $2.0 million, or 5.9%, increase
in interest income on loans, which was driven by increased volume
in commercial and Warehouse Purchase Program loans. The
average balance of commercial and industrial loans increased by
$72.2 million, or 12.2%, to
$662.5 million from the second
quarter of 2014, resulting in a $755,000 increase in interest income.
Additionally, the average balance of Warehouse Purchase Program
loans increased by $73.2 million, or
12.8%, from the linked quarter, contributing $644,000 of the increase in loan interest
income. Increases of $33.3
million and $18.5 million in
the average balances of consumer real estate and commercial real
estate, respectively, also contributed to the increase in interest
income on a linked-quarter basis.
For the second quarter in a row, interest expense for the
quarter ended September 30, 2014
remained relatively flat compared to the linked quarter, decreasing
by $2,000, or 0.05%. A
$74,000 linked quarter increase in
interest expense related to savings and money market accounts
(primarily caused by new deposits from other financial
institutions) was partially offset by a $67,000 decrease in interest expense related to
time deposits, primarily due to a four basis point decrease in the
average rate paid on time deposits.
The $5.5 million increase in net
interest income compared to the third quarter of 2013 was primarily
due to a $5.1 million, or 16.4%,
increase in interest income on loans, which was driven by higher
commercial loan volume. For the quarter ended September 30, 2014, the average balance of
commercial and industrial loans increased by $324.9 million, or 96.2%, compared to the quarter
ended September 30, 2013, which
resulted in a $3.2 million increase
in interest income. Additionally, the average balance of
commercial real estate loans increased by $180.5 million, or 17.9%, for the quarter ended
September 30, 2014, compared to the
same period in 2013, contributing $2.4
million of the increase in loan interest income. The
increases in loan interest income related to commercial loan volume
were partially offset by a $40.7
million, or 5.9%, decrease in the average balance of
Warehouse Purchase Program loans for the quarter ended September 30, 2014, compared to the same period
in 2013, as well as reductions in yields on all loan
portfolios.
Compared to the 2013 third quarter, interest expense for the
quarter ended September 30, 2014,
decreased by $502,000, or 10.7%,
which was primarily due to a 53 basis point reduction in the
average rate paid on time deposits, as well as a 37 basis point
decrease in the average rate paid on borrowings. Average
balances of all deposit categories and borrowings increased
compared to the third quarter of 2013, which partially offset the
decline in interest expense related to lower
rates.
The net interest margin for the third quarter of 2014 was 3.80%,
a four basis point increase from the second quarter of 2014 and a
17 basis point increase from the third quarter of 2013. Accretion
of interest related to the 2012 Highlands acquisition contributed
three basis points to the net interest margin for the quarter ended
September 30, 2014, compared to four
basis points for the quarter ended June 30,
2014, and seven basis points for the quarter ended
September 30, 2013. The 17
basis point increase in the net interest margin compared to the
third quarter of 2013 included $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. The average yield on earning assets for
the third quarter of 2014 was 4.26%, a two basis point increase
from the second quarter of 2014 and a four basis point increase
from the third quarter of 2013. The cost of deposits for the
third quarter of 2014 was 0.33%, a one basis point decrease from
the second quarter of 2014 and an 11 basis point decrease from the
third quarter of 2013.
Non-interest Income
Non-interest income for the 2014 third quarter was $5.1 million, a $371,000, or 6.8%, decrease from the second
quarter of 2014 and a $168,000, or
3.2%, decrease from the 2013 third quarter. The decrease from
the linked quarter was primarily due to an $812,000 change in the gain (loss) on sale and
disposition of assets, attributable to $777,000 in gains recognized on two purchased
credit impaired loans from the Highlands acquisition that were paid
in full during the 2014 second quarter, with no comparable gains
recognized in the third quarter. Additionally, service
charges and fees decreased by $303,000, or 6.2%, compared to the second quarter
of 2014, primarily due to a $240,000
decrease in commercial loan syndication and pre-prepayment
fees. These decreases in the third quarter of 2014 were
partially offset by a net decrease of $610,000 in a community development-oriented
private equity fund used for Community Reinvestment Act purposes
recognized in the second quarter of 2014 that was not repeated in
the third quarter of 2014.
The $168,000 decrease in
non-interest income from the third quarter of 2013 was primarily
due to a $126,000 change in the gain
(loss) on sale and disposition of assets, which was primarily
attributable to $85,000 in
write-downs on other real estate owned during the third quarter of
2014, compared to a $38,000 gain on
other real estate owned during the third quarter of 2013.
Non-interest Expenses
Non-interest expense for the quarter ended September 30, 2014 was $22.8 million, a $559,000, or 2.4%, decrease from the second
quarter of 2014, and a $618,000, or
2.8%, increase from the third quarter of 2013. The
linked-quarter decrease was driven by a $466,000, or 3.3%, decrease in salaries and
employee benefits expense. In the second quarter of 2014, the
Company adjusted its performance-based incentive accrual for the
first six months of 2014 based on increased loan production.
For the third quarter of 2014, the year-to-date performance-based
incentive accrual remained unchanged from the higher second quarter
level, as loan production remained high. Additionally, a
reduction in health care costs and lower share-based compensation
expense resulting from a decline in the Company's stock price also
led to the decrease in salaries and employee benefits expense from
the linked quarter. Other non-interest expense decreased by
$360,000, or 21.7%, from the second
quarter of 2014 due to a one-time payment in the second quarter to
two directors who retired in May 2014. These declines, as
well as a $231,000 reduction in
advertising expense and a $151,000
decline in office operations expense, were partially offset by a
$536,000 increase in merger and
acquisition costs related to the pending merger with
LegacyTexas.
The $618,000 increase from the
third quarter of 2013 was primarily attributable to $1.2 million in merger and acquisition costs
related to the pending merger with LegacyTexas, with no comparable
costs recognized during the 2013 third quarter. Additionally,
salaries and employee benefits expense increased by $115,000 compared to the third quarter of 2013,
primarily due to increased performance-based incentive accruals due
to higher loan production, as well as increased ESOP expense due to
a rise in the Company's stock price over the past year.
Reductions in advertising, other non-interest expense and outside
professional services expense partially offset these increases.
Financial Condition
Gross loans held for investment at September 30, 2014, excluding Warehouse Purchase
Program loans, increased by $139.6
million, or 5.9%, from June 30,
2014, and by $555.4 million,
or 28.7%, from September 30, 2013,
with increased commercial lending driving the loan
growth. Commercial real estate loan balances at
September 30, 2014 increased by
$57.4 million, or 4.9%, from
June 30, 2014, and by $184.1 million, or 17.8%, from September 30, 2013. Commercial and industrial
loans at September 30, 2014 increased
by $84.6 million, or 13.8%, from
June 30, 2014, and by $304.8 million, or 78.0%, from September 30, 2013. Warehouse Purchase
Program loans at September 30, 2014
decreased by $32.9 million, or 4.3%,
from June 30, 2014, but increased by
$96.6 million, or 15.1%, from
September 30, 2013. Consumer
loans at September 30, 2014 increased
by $12.6 million, or 2.3%, from
June 30, 2014, and by $65.0 million, or 13.2%, from September 30, 2013.
Energy loans, which are reported as commercial and industrial
loans, totaled $283.6 million at
September 30, 2014, up $61.4 million from $222.2
million at June 30, 2014, and
up $169.4 million from September 30, 2013. In May
2013, the Company formed its Energy Finance group, which
focuses on providing loans to private and public oil and gas
companies throughout the United
States. The group also offers the Bank's full array of
commercial services, including Treasury Management and letters of
credit, to its customers.
Total deposits at September 30,
2014 increased by $60.7
million, or 2.5%, from June 30,
2014, and by $248.5 million,
or 11.1%, from September 30,
2013. Over the past year, non-interest-bearing demand
deposits have grown by $82.6 million,
or 20.6%, and totaled $483.8 million
at September 30, 2014, or 19.4% of
total deposits. This increase was driven by higher balances
in commercial checking products. Savings and money market
deposits increased by $25.4 million,
or 2.5%, from June 30, 2014, and by
$161.6 million, or 18.0%, from
September 30, 2013. This growth in
savings and money market deposits over the past year included
$75.9 million in savings deposits
from other financial institutions (a program initiated in the
second quarter of 2014), as well as increases in both consumer and
commercial savings and money market deposit balances.
Total shareholders' equity increased by $6.7 million to $564.1
million at September 30, 2014,
from $557.4 million at June 30, 2014. The Company's tangible
common equity ratio was 13.61% at September
30, 2014, an increase of 17 basis points from June 30, 2014, and a decrease of 157 basis points
from September 30, 2013.
Credit Quality
|
At or For the
Quarters Ended
|
|
September
|
|
June
|
|
September
|
(unaudited)
|
2014
|
|
2014
|
|
2013
|
|
(Dollars in
thousands)
|
Net
charge-offs
|
$
|
366
|
|
|
$
|
159
|
|
|
$
|
250
|
|
Net
charge-offs/Average loans held for investment, excluding Warehouse
Purchase Program loans
|
0.06
|
%
|
|
0.03
|
%
|
|
0.05
|
%
|
Net
charge-offs/Average loans held for investment
|
0.05
|
|
|
0.02
|
|
|
0.04
|
|
Provision (benefit)
for loan losses
|
$
|
2,511
|
|
|
$
|
1,197
|
|
|
$
|
(158)
|
|
Non-performing loans
("NPLs")
|
24,382
|
|
|
23,605
|
|
|
22,307
|
|
NPLs/Total loans held
for investment, excluding Warehouse Purchase Program
loans
|
0.98
|
%
|
|
1.00
|
%
|
|
1.15
|
%
|
NPLs/Total loans held
for investment
|
0.76
|
|
|
0.76
|
|
|
0.87
|
|
Non-performing assets
("NPAs")
|
$
|
24,488
|
|
|
$
|
23,845
|
|
|
$
|
22,735
|
|
NPAs to total
assets
|
0.62
|
%
|
|
0.60
|
%
|
|
0.67
|
%
|
NPAs/Loans held for
investment and foreclosed assets, excluding Warehouse Purchase
Program loans
|
0.98
|
|
|
1.01
|
|
|
1.18
|
|
NPAs/Loans held for
investment and foreclosed assets
|
0.76
|
|
|
0.76
|
|
|
0.88
|
|
Allowance for loan
losses
|
$
|
22,585
|
|
|
$
|
20,440
|
|
|
18,869
|
|
Allowance for loan
losses/Total loans held for investment, excluding Warehouse
Purchase Program loans
|
0.91
|
%
|
|
0.87
|
%
|
|
0.98
|
%
|
Allowance for loan
losses/Total loans held for investment
|
0.70
|
|
|
0.66
|
|
|
0.73
|
|
Allowance for loan
losses/Total Loans held for investment, excluding acquired loans
& Warehouse Purchase Program loans 1
|
0.94
|
|
|
0.90
|
|
|
1.05
|
|
Allowance for loan
losses/NPLs
|
92.63
|
|
|
86.59
|
|
|
84.59
|
|
1
|
Excludes loans
acquired in 2012 from Highlands, which were initially recorded at
fair value.
|
The Company recorded a provision for loan losses of $2.5 million for the quarter ended September 30, 2014, compared to provision expense
of $1.2 million for the quarter ended
June 30, 2014, and a benefit of
$158,000 for the quarter ended
September 30, 2013. The
increase in the provision for loan losses on a linked quarter
basis, as well as compared to the quarter ended September 30, 2013, was primarily related to
increased commercial loan production, as commercial balances
increased by $126.7 million compared
to June 30, 2014, and by $489.0 million from September 30, 2013.
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, 2014, 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,
2014, and will adjust amounts preliminarily reported, if
necessary.
Conference Call
The Company will host an investor conference call to review the
results on Wednesday, October 22,
2014, at 8 a.m. Central
Time. Participants may pre-register for the call by
visiting http://dpregister.com/10052080 and will receive a
unique pin number, which can be used when dialing in for the
call. This will allow attendees to enter the call
immediately. Alternatively, participants may call
(toll-free) 1-877-513-4119 at least five minutes prior to the call
to be placed into the call by an operator. International
participants are asked to call 1-412-902-4148 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 #10052080. This replay, as
well as the webcast, will be available until November 12, 2014.
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 ViewPoint Financial Group, Inc.
("ViewPoint") with the Securities and Exchange Commission (the
"SEC"), in ViewPoint'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 that could cause actual results to differ materially
from historical earnings and those presently anticipated or
projected, including, among other things: the expected cost
savings, synergies and other financial benefits from the
ViewPoint-LegacyTexas merger (the "Merger") might not be realized
within the expected time frames or at all and costs or difficulties
relating to integration matters might be greater than expected; the
requisite regulatory approvals might not be obtained or other
conditions to completion of the merger set forth in the merger
agreement might not be satisfied or waived; 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; ViewPoint'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 ViewPoint's market
area; the industry-wide decline in mortgage production;
competition; changes in management's business strategies and other
factors set forth in ViewPoint's filings with the SEC.
ViewPoint 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.
This communication does not constitute an offer to sell or
the solicitation of an offer to buy any securities or a
solicitation of any vote or approval. ViewPoint has filed
with the SEC a registration statement on Form S-4, which was
declared effective by the SEC on April
9, 2014. The registration statement includes a proxy
statement/prospectus, which was mailed in definitive form to the
shareholders of LegacyTexas on April
15, 2014. INVESTORS ARE URGED TO READ THE PROXY
STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS FILED WITH THE SEC IN
CONNECTION WITH THE MERGER BECAUSE THEY CONTAIN, OR WILL CONTAIN,
IMPORTANT INFORMATION ABOUT LEGACYTEXAS, VIEWPOINT AND THE
MERGER. Investors may obtain these documents free of charge
at the SEC's website (www.sec.gov). In addition, documents
filed with the SEC by ViewPoint are available free of charge by
accessing ViewPoint's website (www.viewpointfinancialgroup.com,
under "SEC Filings") or by contacting Casey
Farrell at (972) 801-5871.
|
VIEWPOINT
FINANCIAL GROUP, INC.
Consolidated
Balance Sheets
|
|
|
September
30,
2014
|
|
June 30,
2014
|
|
March 31,
2014
|
|
December
31,
2013
|
|
September
30,
2013
|
|
(Dollars in
thousands)
|
ASSETS
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
(unaudited)
|
Cash and due from
financial institutions
|
$
|
27,669
|
|
|
$
|
35,276
|
|
|
$
|
33,627
|
|
|
$
|
30,012
|
|
|
$
|
33,803
|
|
Short-term
interest-bearing deposits in other financial
institutions
|
62,616
|
|
|
130,632
|
|
|
88,238
|
|
|
57,962
|
|
|
40,223
|
|
Total cash and
cash equivalents
|
90,285
|
|
|
165,908
|
|
|
121,865
|
|
|
87,974
|
|
|
74,026
|
|
Securities available
for sale, at fair value
|
211,364
|
|
|
224,184
|
|
|
236,062
|
|
|
248,012
|
|
|
264,657
|
|
Securities held to
maturity
|
254,665
|
|
|
267,614
|
|
|
280,490
|
|
|
294,583
|
|
|
307,822
|
|
Total
securities
|
466,029
|
|
|
491,798
|
|
|
516,552
|
|
|
542,595
|
|
|
572,479
|
|
Loans held for
investment:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans held for
investment - Warehouse Purchase Program
|
736,624
|
|
|
769,566
|
|
|
590,904
|
|
|
673,470
|
|
|
640,028
|
|
Loans held for
investment
|
2,489,063
|
|
|
2,349,509
|
|
|
2,207,580
|
|
|
2,049,902
|
|
|
1,933,669
|
|
Gross
loans
|
3,225,687
|
|
|
3,119,075
|
|
|
2,798,484
|
|
|
2,723,372
|
|
|
2,573,697
|
|
Less: allowance for
loan losses and deferred fees on loans held for
investment
|
(24,773)
|
|
|
(22,139)
|
|
|
(21,291)
|
|
|
(20,625)
|
|
|
(19,513)
|
|
Net
loans
|
3,200,914
|
|
|
3,096,936
|
|
|
2,777,193
|
|
|
2,702,747
|
|
|
2,554,184
|
|
FHLB and Federal
Reserve Bank stock, at cost
|
41,473
|
|
|
44,532
|
|
|
33,632
|
|
|
34,883
|
|
|
29,632
|
|
Bank-owned life
insurance
|
36,010
|
|
|
35,863
|
|
|
35,718
|
|
|
35,565
|
|
|
35,379
|
|
Premises and
equipment, net
|
51,118
|
|
|
51,955
|
|
|
52,736
|
|
|
53,272
|
|
|
52,729
|
|
Goodwill
|
29,650
|
|
|
29,650
|
|
|
29,650
|
|
|
29,650
|
|
|
29,650
|
|
Other
assets
|
35,045
|
|
|
34,602
|
|
|
36,242
|
|
|
38,546
|
|
|
35,528
|
|
Total
assets
|
$
|
3,950,524
|
|
|
$
|
3,951,244
|
|
|
$
|
3,603,588
|
|
|
$
|
3,525,232
|
|
|
$
|
3,383,607
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
Non-interest-bearing
demand
|
$
|
483,784
|
|
|
$
|
433,194
|
|
|
$
|
434,463
|
|
|
$
|
410,933
|
|
|
$
|
401,136
|
|
Interest-bearing
demand
|
454,416
|
|
|
476,203
|
|
|
479,432
|
|
|
474,515
|
|
|
451,248
|
|
Savings and money
market
|
1,057,912
|
|
|
1,032,496
|
|
|
945,046
|
|
|
904,576
|
|
|
896,330
|
|
Time
|
500,356
|
|
|
493,833
|
|
|
510,305
|
|
|
474,615
|
|
|
499,228
|
|
Total
deposits
|
2,496,468
|
|
|
2,435,726
|
|
|
2,369,246
|
|
|
2,264,639
|
|
|
2,247,942
|
|
FHLB
advances
|
799,704
|
|
|
874,866
|
|
|
607,996
|
|
|
639,096
|
|
|
511,166
|
|
Repurchase agreement
and other borrowings
|
25,000
|
|
|
25,000
|
|
|
25,000
|
|
|
25,000
|
|
|
25,000
|
|
Accrued expenses and
other liabilities
|
65,225
|
|
|
58,240
|
|
|
51,247
|
|
|
52,037
|
|
|
59,410
|
|
Total
liabilities
|
3,386,397
|
|
|
3,393,832
|
|
|
3,053,489
|
|
|
2,980,772
|
|
|
2,843,518
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
equity
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common
stock
|
400
|
|
|
400
|
|
|
399
|
|
|
399
|
|
|
400
|
|
Additional paid-in
capital
|
383,779
|
|
|
381,808
|
|
|
379,578
|
|
|
377,657
|
|
|
375,563
|
|
Retained
earnings
|
194,663
|
|
|
190,150
|
|
|
186,126
|
|
|
183,236
|
|
|
180,787
|
|
Accumulated other
comprehensive income (loss), net
|
635
|
|
|
770
|
|
|
78
|
|
|
(383)
|
|
|
155
|
|
Unearned Employee
Stock Ownership Plan (ESOP) shares
|
(15,350)
|
|
|
(15,716)
|
|
|
(16,082)
|
|
|
(16,449)
|
|
|
(16,816)
|
|
Total
shareholders' equity
|
564,127
|
|
|
557,412
|
|
|
550,099
|
|
|
544,460
|
|
|
540,089
|
|
Total
liabilities and shareholders' equity
|
$
|
3,950,524
|
|
|
$
|
3,951,244
|
|
|
$
|
3,603,588
|
|
|
$
|
3,525,232
|
|
|
$
|
3,383,607
|
|
|
VIEWPOINT
FINANCIAL GROUP, INC.
Consolidated
Quarterly Statements of Income (unaudited)
|
|
|
For the Quarters
Ended
|
|
Third Quarter 2014
Compared to:
|
|
Sep 30,
2014
|
|
Jun 30,
2014
|
|
Mar 31,
2014
|
|
Dec 31,
2013
|
|
Sep 30,
2013
|
|
Second
Quarter
2014
|
|
Third
Quarter
2013
|
Interest and
dividend income
|
(Dollars in
thousands)
|
Loans,
including fees
|
$
|
35,872
|
|
|
$
|
33,888
|
|
|
$
|
30,388
|
|
|
$
|
31,188
|
|
|
$
|
30,805
|
|
|
$
|
1,984
|
|
5.9
|
%
|
|
$
|
5,067
|
|
16.4
|
%
|
Taxable
securities
|
2,225
|
|
|
2,453
|
|
|
2,565
|
|
|
2,583
|
|
|
2,337
|
|
|
(228)
|
|
(9.3)
|
|
|
(112)
|
|
(4.8)
|
|
Nontaxable
securities
|
562
|
|
|
561
|
|
|
564
|
|
|
562
|
|
|
568
|
|
|
1
|
|
0.2
|
|
|
(6)
|
|
(1.1)
|
|
Interest-bearing deposits in other financial
institutions
|
57
|
|
|
71
|
|
|
57
|
|
|
38
|
|
|
32
|
|
|
(14)
|
|
(19.7)
|
|
|
25
|
|
78.1
|
|
FHLB and
Federal Reserve Bank stock
|
139
|
|
|
136
|
|
|
130
|
|
|
128
|
|
|
133
|
|
|
3
|
|
2.2
|
|
|
6
|
|
4.5
|
|
|
38,855
|
|
|
37,109
|
|
|
33,704
|
|
|
34,499
|
|
|
33,875
|
|
|
1,746
|
|
4.7
|
|
|
4,980
|
|
14.7
|
|
Interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deposits
|
2,021
|
|
|
2,035
|
|
|
1,991
|
|
|
2,252
|
|
|
2,411
|
|
|
(14)
|
|
(0.7)
|
|
|
(390)
|
|
(16.2)
|
|
FHLB
advances
|
1,957
|
|
|
1,948
|
|
|
1,927
|
|
|
1,971
|
|
|
2,066
|
|
|
9
|
|
0.5
|
|
|
(109)
|
|
(5.3)
|
|
Repurchase
agreement
|
205
|
|
|
204
|
|
|
201
|
|
|
206
|
|
|
206
|
|
|
1
|
|
0.5
|
|
|
(1)
|
|
(0.5)
|
|
Other
borrowings
|
2
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
4
|
|
|
2
|
|
N/M
1
|
|
(2)
|
|
(50.0)
|
|
|
4,185
|
|
|
4,187
|
|
|
4,119
|
|
|
4,430
|
|
|
4,687
|
|
|
(2)
|
|
—
|
|
|
(502)
|
|
(10.7)
|
|
Net interest
income
|
34,670
|
|
|
32,922
|
|
|
29,585
|
|
|
30,069
|
|
|
29,188
|
|
|
1,748
|
|
5.3
|
|
|
5,482
|
|
18.8
|
|
Provision (benefit)
for loan losses
|
2,511
|
|
|
1,197
|
|
|
376
|
|
|
616
|
|
|
(158)
|
|
|
1,314
|
|
109.8
|
|
|
2,669
|
|
N/M
1
|
Net interest income
after provision (benefit) for loan losses
|
32,159
|
|
|
31,725
|
|
|
29,209
|
|
|
29,453
|
|
|
29,346
|
|
|
434
|
|
1.4
|
|
|
2,813
|
|
9.6
|
|
Non-interest
income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Service
charges and fees
|
4,571
|
|
|
4,874
|
|
|
4,298
|
|
|
4,259
|
|
|
4,460
|
|
|
(303)
|
|
(6.2)
|
|
|
111
|
|
2.5
|
|
Other charges
and fees
|
227
|
|
|
239
|
|
|
210
|
|
|
246
|
|
|
300
|
|
|
(12)
|
|
(5.0)
|
|
|
(73)
|
|
(24.3)
|
|
Bank-owned
life insurance income
|
147
|
|
|
145
|
|
|
153
|
|
|
186
|
|
|
148
|
|
|
2
|
|
1.4
|
|
|
(1)
|
|
(0.7)
|
|
Gain (loss) on
sale and disposition of assets
|
(85)
|
|
|
727
|
|
|
1
|
|
|
120
|
|
|
41
|
|
|
(812)
|
|
N/M
1
|
|
(126)
|
|
N/M
1
|
Other
|
198
|
|
|
(556)
|
|
|
300
|
|
|
194
|
|
|
277
|
|
|
754
|
|
N/M
1
|
|
(79)
|
|
(28.5)
|
|
|
5,058
|
|
|
5,429
|
|
|
4,962
|
|
|
5,005
|
|
|
5,226
|
|
|
(371)
|
|
(6.8)
|
|
|
(168)
|
|
(3.2)
|
|
Non-interest
expense
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and
employee benefits
|
13,661
|
|
|
14,127
|
|
|
14,132
|
|
|
14,339
|
|
|
13,546
|
|
|
(466)
|
|
(3.3)
|
|
|
115
|
|
0.8
|
|
Merger and
acquisition costs
|
1,188
|
|
|
652
|
|
|
169
|
|
|
663
|
|
|
—
|
|
|
536
|
|
82.2
|
|
|
1,188
|
|
N/M
1
|
Advertising
|
262
|
|
|
493
|
|
|
355
|
|
|
760
|
|
|
666
|
|
|
(231)
|
|
(46.9)
|
|
|
(404)
|
|
(60.7)
|
|
Occupancy and
equipment
|
1,807
|
|
|
1,819
|
|
|
1,892
|
|
|
2,117
|
|
|
1,830
|
|
|
(12)
|
|
(0.7)
|
|
|
(23)
|
|
(1.3)
|
|
Outside
professional services
|
569
|
|
|
486
|
|
|
525
|
|
|
824
|
|
|
682
|
|
|
83
|
|
17.1
|
|
|
(113)
|
|
(16.6)
|
|
Regulatory
assessments
|
698
|
|
|
687
|
|
|
628
|
|
|
619
|
|
|
629
|
|
|
11
|
|
1.6
|
|
|
69
|
|
11.0
|
|
Data
processing
|
1,739
|
|
|
1,708
|
|
|
1,662
|
|
|
1,747
|
|
|
1,733
|
|
|
31
|
|
1.8
|
|
|
6
|
|
0.3
|
|
Office
operations
|
1,566
|
|
|
1,717
|
|
|
1,680
|
|
|
1,781
|
|
|
1,603
|
|
|
(151)
|
|
(8.8)
|
|
|
(37)
|
|
(2.3)
|
|
Other
|
1,301
|
|
|
1,661
|
|
|
1,112
|
|
|
1,278
|
|
|
1,484
|
|
|
(360)
|
|
(21.7)
|
|
|
(183)
|
|
(12.3)
|
|
|
22,791
|
|
|
23,350
|
|
|
22,155
|
|
|
24,128
|
|
|
22,173
|
|
|
(559)
|
|
(2.4)
|
|
|
618
|
|
2.8
|
|
Income before income
tax expense
|
14,426
|
|
|
13,804
|
|
|
12,016
|
|
|
10,330
|
|
|
12,399
|
|
|
622
|
|
4.5
|
|
|
2,027
|
|
16.3
|
|
Income tax
expense
|
5,114
|
|
|
4,986
|
|
|
4,334
|
|
|
3,086
|
|
|
4,187
|
|
|
128
|
|
2.6
|
|
|
927
|
|
22.1
|
|
Net income
|
$
|
9,312
|
|
|
$
|
8,818
|
|
|
$
|
7,682
|
|
|
$
|
7,244
|
|
|
$
|
8,212
|
|
|
$
|
494
|
|
5.6
|
%
|
|
$
|
1,100
|
|
13.4
|
%
|
|
VIEWPOINT
FINANCIAL GROUP, INC.
Selected Financial
Highlights (unaudited)
|
|
|
At or For the
Quarters Ended
|
|
September
30,
|
|
June 30,
|
|
September
30,
|
|
2014
|
|
|
2014
|
|
|
2013
|
|
|
(Dollars in
thousands, except per share amounts)
|
SHARE
DATA:
|
|
|
|
|
|
|
|
|
Weighted average
common shares outstanding- basic
|
37,971,790
|
|
|
37,873,671
|
|
|
37,594,701
|
|
Weighted average
common shares outstanding- diluted
|
38,203,508
|
|
|
38,121,374
|
|
|
37,774,400
|
|
Shares outstanding at
end of period
|
40,006,941
|
|
|
39,995,720
|
|
|
39,951,884
|
|
Income available to
common shareholders1
|
$
|
9,215
|
|
|
$
|
8,721
|
|
|
$
|
8,096
|
|
Basic earnings per
common share
|
0.24
|
|
|
0.23
|
|
|
0.22
|
|
Basic core (non-GAAP)
earnings per common share2
|
0.26
|
|
|
0.26
|
|
|
0.22
|
|
Diluted earnings per
common share
|
0.24
|
|
|
0.23
|
|
|
0.21
|
|
Dividends declared
per share
|
0.12
|
|
|
0.12
|
|
|
0.10
|
|
Total shareholders'
equity
|
564,127
|
|
|
557,412
|
|
|
540,089
|
|
Common shareholders'
equity per share (book value per share)
|
14.10
|
|
|
13.94
|
|
|
13.52
|
|
Tangible book value
per share- Non-GAAP2
|
13.34
|
|
|
13.17
|
|
|
12.74
|
|
Market value per
share for the quarter:
|
|
|
|
|
|
|
|
|
High
|
27.52
|
|
|
29.34
|
|
|
22.34
|
|
Low
|
23.94
|
|
|
23.95
|
|
|
19.62
|
|
Close
|
23.94
|
|
|
26.91
|
|
|
20.67
|
|
KEY
RATIOS:
|
|
|
|
|
|
|
|
|
Return on average
common shareholders' equity
|
6.63
|
%
|
|
6.36
|
%
|
|
6.11
|
%
|
Return on average
assets
|
0.97
|
|
|
0.96
|
|
|
0.97
|
|
Efficiency
ratio3
|
54.17
|
|
|
59.11
|
|
|
64.28
|
|
Estimated Tier 1
risk-based capital ratio4
|
16.04
|
|
|
16.42
|
|
|
19.17
|
|
Estimated total
risk-based capital ratio4
|
16.72
|
|
|
17.06
|
|
|
19.88
|
|
Estimated Tier 1
leverage ratio4
|
14.03
|
|
|
14.43
|
|
|
15.17
|
|
Tangible equity to
tangible assets- Non-GAAP2
|
13.61
|
|
|
13.44
|
|
|
15.18
|
|
Number of employees-
full-time equivalent
|
512
|
|
|
523
|
|
|
561
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 foreclosed assets,
amortization of intangible assets, gains (losses) from securities
transactions, merger and acquisition costs 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.
|
|
VIEWPOINT
FINANCIAL GROUP, INC.
Selected Loan Data
(unaudited)
|
|
|
At the Quarter
Ended
|
|
September
30,
2014
|
|
June 30,
2014
|
|
March 31,
2014
|
|
December
31,
2013
|
|
September
30,
2013
|
Loans:
|
(Dollars in
thousands)
|
Commercial real
estate
|
$
|
1,219,436
|
|
|
$
|
1,162,035
|
|
|
$
|
1,118,059
|
|
|
$
|
1,091,200
|
|
|
$
|
1,035,383
|
|
Warehouse Purchase
Program loans
|
736,624
|
|
|
769,566
|
|
|
590,904
|
|
|
673,470
|
|
|
640,028
|
|
Commercial and
industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
668,421
|
|
|
579,561
|
|
|
517,247
|
|
|
425,030
|
|
|
373,390
|
|
Warehouse
lines of credit
|
27,122
|
|
|
31,426
|
|
|
26,333
|
|
|
14,400
|
|
|
17,356
|
|
Total commercial and
industrial loans
|
695,543
|
|
|
610,987
|
|
|
543,580
|
|
|
439,430
|
|
|
390,746
|
|
Construction and land
loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
construction and land
|
13,206
|
|
|
28,496
|
|
|
34,465
|
|
|
27,619
|
|
|
13,045
|
|
Consumer
construction and land
|
3,694
|
|
|
3,445
|
|
|
2,604
|
|
|
2,628
|
|
|
2,307
|
|
Total construction
and land loans
|
16,900
|
|
|
31,941
|
|
|
37,069
|
|
|
30,247
|
|
|
15,352
|
|
Consumer:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer real
estate
|
515,706
|
|
|
501,328
|
|
|
463,857
|
|
|
441,226
|
|
|
442,073
|
|
Other consumer
loans
|
41,478
|
|
|
43,218
|
|
|
45,015
|
|
|
47,799
|
|
|
50,115
|
|
Total
consumer
|
557,184
|
|
|
544,546
|
|
|
508,872
|
|
|
489,025
|
|
|
492,188
|
|
Gross loans held for investment
|
$
|
3,225,687
|
|
|
$
|
3,119,075
|
|
|
$
|
2,798,484
|
|
|
$
|
2,723,372
|
|
|
$
|
2,573,697
|
|
Non-performing
assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial real
estate
|
$
|
7,452
|
|
|
$
|
7,386
|
|
|
$
|
8,110
|
|
|
$
|
7,604
|
|
|
$
|
7,770
|
|
Commercial and
industrial
|
6,328
|
|
|
6,245
|
|
|
5,990
|
|
|
5,141
|
|
|
5,788
|
|
Construction and
land
|
150
|
|
|
213
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer real
estate
|
10,106
|
|
|
9,304
|
|
|
8,203
|
|
|
8,812
|
|
|
8,237
|
|
Other consumer
loans
|
346
|
|
|
457
|
|
|
526
|
|
|
567
|
|
|
512
|
|
Total non-performing loans
|
24,382
|
|
|
23,605
|
|
|
22,829
|
|
|
22,124
|
|
|
22,307
|
|
Foreclosed
assets
|
106
|
|
|
240
|
|
|
387
|
|
|
480
|
|
|
428
|
|
Total non-performing assets
|
$
|
24,488
|
|
|
$
|
23,845
|
|
|
$
|
23,216
|
|
|
$
|
22,604
|
|
|
$
|
22,735
|
|
Total non-performing
assets to total assets
|
0.62
|
%
|
|
0.60
|
%
|
|
0.64
|
%
|
|
0.64
|
%
|
|
0.67
|
%
|
Total non-performing
loans to total loans held for investment, excluding Warehouse
Purchase Program loans
|
0.98
|
%
|
|
1.00
|
%
|
|
1.03
|
%
|
|
1.08
|
%
|
|
1.15
|
%
|
Total non-performing
loans to total loans held for investment
|
0.76
|
%
|
|
0.76
|
%
|
|
0.82
|
%
|
|
0.81
|
%
|
|
0.87
|
%
|
Allowance for loan
losses to non-performing loans
|
92.63
|
%
|
|
86.59
|
%
|
|
84.99
|
%
|
|
87.50
|
%
|
|
84.59
|
%
|
Allowance for loan
losses to total loans held for investment, excluding Warehouse
Purchase Program loans
|
0.91
|
%
|
|
0.87
|
%
|
|
0.88
|
%
|
|
0.94
|
%
|
|
0.98
|
%
|
Allowance for loan
losses to total loans held for investment
|
0.70
|
%
|
|
0.66
|
%
|
|
0.69
|
%
|
|
0.71
|
%
|
|
0.73
|
%
|
Allowance for loan
losses to total loans held for investment, excluding acquired loans
and Warehouse Purchase Program loans 1
|
0.94
|
%
|
|
0.90
|
%
|
|
0.92
|
%
|
|
1.00
|
%
|
|
1.05
|
%
|
Troubled debt
restructured loans ("TDRs"):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performing
TDRs:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
|
706
|
|
|
$
|
666
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Commercial and
industrial
|
158
|
|
|
162
|
|
|
167
|
|
|
185
|
|
|
190
|
|
Construction
and land
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
3
|
|
Consumer real
estate
|
407
|
|
|
729
|
|
|
732
|
|
|
737
|
|
|
741
|
|
Other consumer
loans
|
41
|
|
|
43
|
|
|
44
|
|
|
47
|
|
|
51
|
|
Total performing TDRs
|
$
|
1,312
|
|
|
$
|
1,600
|
|
|
$
|
945
|
|
|
$
|
971
|
|
|
$
|
985
|
|
Non-performing
TDRs:2
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
|
6,646
|
|
|
$
|
6,694
|
|
|
$
|
7,401
|
|
|
$
|
7,446
|
|
|
$
|
7,559
|
|
Commercial and
industrial
|
2,125
|
|
|
2,194
|
|
|
2,333
|
|
|
349
|
|
|
277
|
|
Construction
and land
|
104
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer real
estate
|
3,606
|
|
|
3,199
|
|
|
3,024
|
|
|
3,070
|
|
|
2,690
|
|
Other consumer
loans
|
300
|
|
|
411
|
|
|
471
|
|
|
503
|
|
|
470
|
|
Total non-performing TDRs
|
$
|
12,781
|
|
|
$
|
12,498
|
|
|
$
|
13,229
|
|
|
$
|
11,368
|
|
|
$
|
10,996
|
|
Allowance for loan
losses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at beginning
of period
|
$
|
20,440
|
|
|
$
|
19,402
|
|
|
$
|
19,358
|
|
|
$
|
18,869
|
|
|
$
|
19,277
|
|
Provision
expense (benefit)
|
2,511
|
|
|
1,197
|
|
|
376
|
|
|
616
|
|
|
(158)
|
|
Charge-offs
|
(493)
|
|
|
(294)
|
|
|
(471)
|
|
|
(255)
|
|
|
(356)
|
|
Recoveries
|
127
|
|
|
135
|
|
|
139
|
|
|
128
|
|
|
106
|
|
Balance at end of period
|
$
|
22,585
|
|
|
$
|
20,440
|
|
|
$
|
19,402
|
|
|
$
|
19,358
|
|
|
$
|
18,869
|
|
Net charge-offs
(recoveries):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
34
|
|
Commercial and
industrial
|
152
|
|
|
53
|
|
|
192
|
|
|
43
|
|
|
204
|
|
Construction
and land
|
50
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Consumer real
estate
|
69
|
|
|
54
|
|
|
77
|
|
|
14
|
|
|
(18)
|
|
Other consumer
loans
|
95
|
|
|
52
|
|
|
63
|
|
|
70
|
|
|
30
|
|
Total net charge-offs
|
$
|
366
|
|
|
$
|
159
|
|
|
$
|
332
|
|
|
$
|
127
|
|
|
$
|
250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1
|
Excludes loans
acquired from Highlands, which were initially recorded at fair
value.
|
2
|
Non-performing TDRs
are included in the non-performing assets reported
above.
|
|
VIEWPOINT
FINANCIAL GROUP, INC.
Average Balances
and Yields/Rates (unaudited)
|
|
|
For the Quarters
Ended
|
|
September 30,
2014
|
|
June 30,
2014
|
|
March 31,
2014
|
|
December 31,
2013
|
|
September 30,
2013
|
Loans:
|
(Dollars in
thousands)
|
Commercial
real estate
|
$
|
1,187,982
|
|
|
$
|
1,169,484
|
|
|
$
|
1,130,304
|
|
|
$
|
1,077,112
|
|
|
$
|
1,007,449
|
|
Warehouse
Purchase Program loans
|
645,148
|
|
|
571,922
|
|
|
446,935
|
|
|
542,367
|
|
|
685,852
|
|
Commercial and
industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
633,208
|
|
|
561,026
|
|
|
449,867
|
|
|
376,557
|
|
|
316,506
|
|
Warehouse lines of credit
|
29,296
|
|
|
29,327
|
|
|
17,988
|
|
|
15,316
|
|
|
21,077
|
|
Consumer real
estate
|
513,768
|
|
|
480,512
|
|
|
440,662
|
|
|
441,722
|
|
|
453,939
|
|
Other consumer
loans
|
42,308
|
|
|
44,162
|
|
|
46,453
|
|
|
49,202
|
|
|
51,414
|
|
Less: deferred
fees and allowance for loan loss
|
(22,663)
|
|
|
(21,683)
|
|
|
(20,767)
|
|
|
(20,002)
|
|
|
(18,982)
|
|
Loans
receivable
|
3,029,047
|
|
|
2,834,750
|
|
|
2,511,442
|
|
|
2,482,274
|
|
|
2,517,255
|
|
Securities
|
532,950
|
|
|
545,944
|
|
|
562,607
|
|
|
592,769
|
|
|
640,041
|
|
Overnight
deposits
|
90,246
|
|
|
118,529
|
|
|
96,292
|
|
|
64,210
|
|
|
54,860
|
|
Total interest-earning assets
|
$
|
3,652,243
|
|
|
$
|
3,499,223
|
|
|
$
|
3,170,341
|
|
|
$
|
3,139,253
|
|
|
$
|
3,212,156
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
|
$
|
460,192
|
|
|
$
|
468,283
|
|
|
$
|
460,745
|
|
|
$
|
455,983
|
|
|
$
|
448,241
|
|
Savings and
money market
|
1,060,311
|
|
|
1,000,243
|
|
|
918,636
|
|
|
902,019
|
|
|
892,355
|
|
Time
|
492,864
|
|
|
503,035
|
|
|
493,196
|
|
|
478,244
|
|
|
458,431
|
|
FHLB advances and
other borrowings
|
733,615
|
|
|
678,817
|
|
|
464,723
|
|
|
468,855
|
|
|
587,651
|
|
Total interest-bearing liabilities
|
$
|
2,746,982
|
|
|
$
|
2,650,378
|
|
|
$
|
2,337,300
|
|
|
$
|
2,305,101
|
|
|
$
|
2,386,678
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
3,837,424
|
|
|
$
|
3,683,042
|
|
|
$
|
3,354,668
|
|
|
$
|
3,318,500
|
|
|
$
|
3,390,837
|
|
Non-interest-bearing
demand deposits
|
$
|
456,115
|
|
|
$
|
414,746
|
|
|
$
|
414,919
|
|
|
$
|
404,087
|
|
|
$
|
405,344
|
|
Total
deposits
|
$
|
2,469,482
|
|
|
$
|
2,386,307
|
|
|
$
|
2,287,496
|
|
|
$
|
2,240,333
|
|
|
$
|
2,204,371
|
|
Total shareholders'
equity
|
$
|
562,022
|
|
|
$
|
554,501
|
|
|
$
|
547,201
|
|
|
$
|
542,360
|
|
|
$
|
537,901
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yields/Rates:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
real estate
|
5.47
|
%
|
|
5.47
|
%
|
|
5.38
|
%
|
|
5.56
|
%
|
|
5.50
|
%
|
Warehouse
Purchase Program loans
|
3.56
|
%
|
|
3.56
|
%
|
|
3.64
|
%
|
|
3.79
|
%
|
|
3.86
|
%
|
Commercial and
industrial loans:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial
|
4.21
|
%
|
|
4.21
|
%
|
|
4.24
|
%
|
|
4.92
|
%
|
|
4.45
|
%
|
Warehouse lines of credit
|
3.55
|
%
|
|
3.64
|
%
|
|
3.60
|
%
|
|
3.51
|
%
|
|
3.56
|
%
|
Consumer real
estate
|
4.92
|
%
|
|
4.97
|
%
|
|
4.98
|
%
|
|
5.05
|
%
|
|
5.15
|
%
|
Other consumer
loans
|
6.03
|
%
|
|
6.07
|
%
|
|
5.95
|
%
|
|
6.07
|
%
|
|
6.19
|
%
|
Loans
receivable
|
4.74
|
%
|
|
4.78
|
%
|
|
4.84
|
%
|
|
5.03
|
%
|
|
4.90
|
%
|
Securities
|
2.20
|
%
|
|
2.31
|
%
|
|
2.32
|
%
|
|
2.21
|
%
|
|
1.90
|
%
|
Overnight
deposits
|
0.25
|
%
|
|
0.24
|
%
|
|
0.24
|
%
|
|
0.24
|
%
|
|
0.23
|
%
|
Total interest-earning assets
|
4.26
|
%
|
|
4.24
|
%
|
|
4.25
|
%
|
|
4.40
|
%
|
|
4.22
|
%
|
Deposits:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing demand
|
0.35
|
%
|
|
0.37
|
%
|
|
0.37
|
%
|
|
0.38
|
%
|
|
0.39
|
%
|
Savings and
money market
|
0.31
|
%
|
|
0.30
|
%
|
|
0.28
|
%
|
|
0.28
|
%
|
|
0.28
|
%
|
Time
|
0.65
|
%
|
|
0.69
|
%
|
|
0.75
|
%
|
|
0.99
|
%
|
|
1.18
|
%
|
FHLB advances and
other borrowings
|
1.18
|
%
|
|
1.27
|
%
|
|
1.83
|
%
|
|
1.86
|
%
|
|
1.55
|
%
|
Total interest-bearing liabilities
|
0.61
|
%
|
|
0.63
|
%
|
|
0.70
|
%
|
|
0.77
|
%
|
|
0.79
|
%
|
Net interest
spread
|
3.65
|
%
|
|
3.61
|
%
|
|
3.55
|
%
|
|
3.63
|
%
|
|
3.43
|
%
|
Net interest
margin
|
3.80
|
%
|
|
3.76
|
%
|
|
3.73
|
%
|
|
3.83
|
%
|
|
3.63
|
%
|
Cost of deposits
(including non-interest-bearing demand)
|
0.33
|
%
|
|
0.34
|
%
|
|
0.35
|
%
|
|
0.40
|
%
|
|
0.44
|
%
|
|
VIEWPOINT
FINANCIAL GROUP, INC.
Supplemental
Information- Non-GAAP Financial Measures (unaudited)
|
|
|
At or For the
Quarters Ended
|
|
September
30,
2014
|
|
June 30,
2014
|
|
March 31,
2014
|
|
December
31,
2013
|
|
September
30,
2013
|
Reconciliation of
Core (non-GAAP) to GAAP Net Income and Earnings per
Share:
|
(Dollars in
thousands, except per share amounts)
|
GAAP net income
available to common shareholders 1
|
$
|
9,215
|
|
|
$
|
8,721
|
|
|
$
|
7,592
|
|
|
$
|
7,147
|
|
|
$
|
8,096
|
|
Distributed and
undistributed earnings to participating securities
1
|
97
|
|
|
97
|
|
|
90
|
|
|
97
|
|
|
116
|
|
Merger and
acquisition costs
|
772
|
|
|
424
|
|
|
110
|
|
|
431
|
|
|
—
|
|
One-time payroll and
severance costs
|
—
|
|
|
234
|
|
|
—
|
|
|
137
|
|
|
39
|
|
One-time (gain) loss
on assets
|
(58)
|
|
|
415
|
|
|
7
|
|
|
(36)
|
|
|
(27)
|
|
Core (non-GAAP) net
income
|
$
|
10,026
|
|
|
$
|
9,891
|
|
|
$
|
7,799
|
|
|
$
|
7,776
|
|
|
$
|
8,224
|
|
Average shares for
basic earnings per share
|
37,971,790
|
|
|
37,873,671
|
|
|
37,775,677
|
|
|
37,686,866
|
|
|
37,594,701
|
|
GAAP basic earnings
per share
|
$
|
0.24
|
|
|
$
|
0.23
|
|
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
$
|
0.22
|
|
Core (non-GAAP) basic
earnings per share
|
$
|
0.26
|
|
|
$
|
0.26
|
|
|
$
|
0.21
|
|
|
$
|
0.21
|
|
|
$
|
0.22
|
|
Average shares for
diluted earnings per share
|
38,203,508
|
|
|
38,121,374
|
|
|
38,019,519
|
|
|
37,911,775
|
|
|
37,774,400
|
|
GAAP diluted earnings
per share
|
$
|
0.24
|
|
|
$
|
0.23
|
|
|
$
|
0.20
|
|
|
$
|
0.19
|
|
|
$
|
0.21
|
|
Core (non-GAAP)
diluted earnings per share
|
$
|
0.26
|
|
|
$
|
0.26
|
|
|
$
|
0.21
|
|
|
$
|
0.21
|
|
|
$
|
0.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Tangible Book Value per Share:
|
|
Total shareholders'
equity
|
$
|
564,127
|
|
|
$
|
557,412
|
|
|
$
|
550,099
|
|
|
$
|
544,460
|
|
|
$
|
540,089
|
|
Less:
Goodwill
|
(29,650)
|
|
|
(29,650)
|
|
|
(29,650)
|
|
|
(29,650)
|
|
|
(29,650)
|
|
Identifiable intangible assets, net
|
(910)
|
|
|
(1,005)
|
|
|
(1,127)
|
|
|
(1,239)
|
|
|
(1,365)
|
|
Total tangible
shareholders' equity
|
$
|
533,567
|
|
|
$
|
526,757
|
|
|
$
|
519,322
|
|
|
$
|
513,571
|
|
|
$
|
509,074
|
|
Shares outstanding at
end of period
|
40,006,941
|
|
|
39,995,720
|
|
|
39,946,560
|
|
|
39,938,816
|
|
|
39,951,884
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Book value per share-
GAAP
|
$
|
14.10
|
|
|
$
|
13.94
|
|
|
$
|
13.77
|
|
|
$
|
13.63
|
|
|
$
|
13.52
|
|
Tangible book value
per share- Non-GAAP
|
$
|
13.34
|
|
|
$
|
13.17
|
|
|
$
|
13.00
|
|
|
$
|
12.86
|
|
|
$
|
12.74
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculation of
Tangible Equity to Tangible Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total
assets
|
$
|
3,950,524
|
|
|
$
|
3,951,244
|
|
|
$
|
3,603,588
|
|
|
$
|
3,525,232
|
|
|
$
|
3,383,607
|
|
Less:
Goodwill
|
(29,650)
|
|
|
(29,650)
|
|
|
(29,650)
|
|
|
(29,650)
|
|
|
(29,650)
|
|
Identifiable intangible assets, net
|
(910)
|
|
|
(1,005)
|
|
|
(1,127)
|
|
|
(1,239)
|
|
|
(1,365)
|
|
Total tangible
assets
|
$
|
3,919,964
|
|
|
$
|
3,920,589
|
|
|
$
|
3,572,811
|
|
|
$
|
3,494,343
|
|
|
$
|
3,352,592
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity to assets-
GAAP
|
14.28
|
%
|
|
14.11
|
%
|
|
15.27
|
%
|
|
15.44
|
%
|
|
15.96
|
%
|
Tangible equity to
tangible assets- Non-GAAP
|
13.61
|
%
|
|
13.44
|
%
|
|
14.54
|
%
|
|
14.70
|
%
|
|
15.18
|
%
|
1
|
Unvested share-based
awards that contain nonforfeitable rights to dividends (whether
paid or unpaid) are participating securities and are included in
the computation of GAAP earnings per share pursuant to the
two-class method described in ASC 260-10-45-60B.
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/viewpoint-financial-group-inc-reports-third-quarter-2014-earnings-895161063.html
|
SOURCE ViewPoint Financial Group, Inc.