EXHIBIT 99.1

Contact:		Mark Hord		FOR IMMEDIATE RELEASE
		ViewPoint Financial Group, Inc.		March 3, 2011
		972-578-5000, Ext. 7440

ViewPoint Financial Group, Inc. Reports Record Earnings for Fourth Quarter and Full Year 2010

PLANO, Texas, March 3, 2011— ViewPoint Financial Group, Inc. (NASDAQ: VPFG) (the “Company”), the holding company for ViewPoint Bank, announced financial results today for the quarter and year ended December 31, 2010. Detailed results of the year will be available in the Company’s Annual Report on Form 10-K, which will be filed today and posted on our websites, http://www.viewpointbank.com and http://www.viewpointfinancialgroup.com.

Performance Highlights

•

Record Earnings: The Company recorded net income of $6.5 million during the fourth quarter of 2010 and $17.8 million for the year ended December 31, 2010, both of which are the highest in the Company’s 58- year history.

•

Improved margin: Due to improvements in our cost of funds, the Company’s net interest margin improved to 2.98% for the quarter ended December 31, 2010, an increase of 17 basis points from the quarter ended September 30, 2010, and an increase of 21 basis points from the quarter ended December 31, 2009.

•

Continued organic growth: In 2010, deposits increased by $220.9 million, or 12.3%, to $2.02 billion at December 31, 2010, while gross loans (including $492.0 million in mortgage loans held for sale) increased by $136.0 million, or 9.3%, to $1.60 billion at December 31, 2010.

•

Strong capitalization: The Company raised gross proceeds of $198.6 million through its “second-step” conversion and stock offering, which concluded in July 2010.

•

Asset quality outperforms peers: Non-performing assets to total assets remained low at 0.69% at December 31, 2010, compared to the SNL U.S. Bank and Thrift industry index of 2.48%. Net charge-offs declined by $513,000, or 32.3%, for the quarter ended December 31, 2010, compared to the same time last year, while net charge-offs for the year ended December 31, 2010, declined by $1.8 million, or 41.5%, compared to the year ended December 31, 2009.

“2010 was the best year in the Bank’s history, with record earnings and a second step capital raise of $198.6 million,” said President and Chief Executive Officer Gary Base. “Strong organic growth also occurred in both deposits and loans.”

Results of Operations for the Quarter and Year Ended December 31, 2010

Net income for the quarter ended December 31, 2010, was $6.5 million, an increase of $4.1 million, or 174.5%, from net income of $2.4 million for the quarter ended December 31, 2009. The increase in net income was primarily driven by higher interest income, lower interest expense and a lower provision for loan losses. Our basic and diluted earnings per share for the quarter ended December 31, 2010, was $0.20 compared to $0.08 for the quarter ended December 31, 2009.

Net income for the year ended December 31, 2010, was $17.8 million, an increase of $15.1 million from net income of $2.7 million for the year ended December 31, 2009. The $15.1 million increase was partially due to an $8.1 million (net of tax, using a tax rate of 34%) impairment charge for the year ended December 31, 2009. The remaining $7.0 million increase in net income during 2010 compared to 2009 results, excluding the 2009 impairment charge, was driven by higher net interest and noninterest income, a lower provision for loan losses and lower non-interest expense. Our basic and diluted earnings per share for the year ended December 31, 2010, was $0.59 compared to $0.10 for the year ended December 31, 2009.

Net Interest Margin and Spread

The net interest margin was 2.98% for the quarter ended December 31, 2010, a 17 basis point increase from 2.81% for the quarter ended September 30, 2010, and a 21 basis point increase from 2.77% for the quarter ended December 31, 2009. The net interest spread was 2.67% for the quarter ended December 31, 2010, a 25 basis point increase from 2.42% for the quarter ended September 30, 2010, and a 22 basis point increase from 2.45% for the quarter ended December 31, 2009. During the fourth quarter of 2010, we improved our cost of deposits by adjusting the terms of certain deposit products. Effective November 1, 2010, the maximum balance that could qualify for the 4.0% annual percentage yield (APY) paid on our Absolute Checking product was reduced from $50,000 to $25,000, and the rate paid on certain money market accounts was decreased from APYs ranging from 4.50% to 5.50% to APYs ranging from 1.05% to 1.25%.

Additionally, in November 2010, we modified $91.6 million in fixed-rate FHLB advances, which reduced our cost of borrowings. These advances had a weighted average rate of 4.15% and an average term to maturity of approximately 2.6 years. They were prepaid and restructured with $91.6 million of new, lower-cost FHLB advances with a weighted average rate of 1.79% and an average term to maturity of approximately 5.0 years. The early repayment of the debt resulted in a prepayment penalty of $5.4 million, which will be amortized to interest expense in future periods as an adjustment to the cost of the new FHLB advances. The effective rate of the new advances, after accounting for the prepayment penalty, is 2.98%.

The net interest margin increased eight basis points to 2.80% for the year ended December 31, 2010, from 2.72% for the year ended December 31, 2009. The net interest rate spread increased 12 basis points to 2.49% for the year ended December 31, 2010, from 2.37% for last year. The increase in the net interest margin from the year ended December 31, 2009, to 2010 was primarily attributable to lower deposit and borrowing rates.

Financial Condition as of December 31, 2010

Total assets increased by $562.5 million, or 23.6%, to $2.94 billion at December 31, 2010, from $2.38 billion at December 31, 2009. The increase in total assets was primarily due to a $411.2 million increase in investment securities and a $150.6 million increase in mortgage loans held for sale. Asset growth was funded by a $220.9 million increase in deposits, a $174.9 million increase in shareholders’ equity as a result of our stock offering and a $148.7 million increase in FHLB advances.

Loan Portfolio and Asset Quality

Gross loans (including $492.0 million in mortgage loans held for sale) increased by $136.0 million, or 9.3%, from $1.46 billion at December 31, 2009, to $1.60 billion at December 31, 2010. Mortgage loans held for sale increased by $150.6 million, or 44.1%, from December 31, 2009, and consisted of $460.9 million of Warehouse Purchase Program loans purchased for sale under our standard loan participation agreement and $31.1 million of loans originated for sale by our mortgage banking subsidiary, ViewPoint Bankers Mortgage, Inc. (doing business as ViewPoint Mortgage) (“VPM”). VPM originated $487.7 million in one-to four-family mortgage loans during the year ended December 31, 2010, and sold $402.0 million to investors, generating a net gain on sale of loans of $13.0 million. Also, $74.3 million in VPM-originated loans were retained in our portfolio. One- to four- family mortgage loans held in our portfolio declined by $28.0 million, or 6.6%, from December 31, 2009, since paydowns and maturities exceeded new loans added to the portfolio.

Commercial real estate loans increased by $25.5 million, or 5.6%, in 2010 from December 31, 2009. For the year ended December 31, 2010, commercial real estate loans generated $32.0 million in interest income. Our commercial real estate portfolio consists almost exclusively of loans secured by existing, multi-tenanted commercial buildings. 89% of our commercial real estate loan balances are secured by properties located in Texas, a market that we do not believe has experienced the same level of economic pressure experienced in certain other geographic areas in the United States.

Our commercial non-mortgage portfolio at December 31, 2010, increased by $11.3 million, or 40.4%, compared to December 31, 2009, while consumer loans, including direct and indirect automobile loans, other secured installment loans, and unsecured lines of credit, decreased by $27.5 million, or 29.0%, in 2010 from December 31, 2009.

Our non-performing loans to total loans ratio at December 31, 2010, was 1.59%, compared to 1.04% at December 31, 2009. Non-performing loans increased by $5.9 million, from $11.7 million at December 31, 2009, to $17.6 million at December 31, 2010. The increase in non-performing loans from December 2009 to December 2010 was primarily due to the addition of four commercial real estate loans totaling $8.2 million that were placed on nonaccrual status during the year ended December 31, 2010. These four loans, two of which are troubled debt restructurings, were current at December 31, 2010.

The provision for loan losses was $5.1 million for the year ended December 31, 2010, a decrease of $2.6 million, or 33.1%, from $7.7 million for last year. This decrease was primarily due to an improvement in net charge-offs, which declined by $1.8 million during the year ended December 31, 2010, compared to last year. The average balance of our portfolio loans for the year ended December 31, 2010, (not including loans held for sale, which are not included in the allowance for loan loss calculation) decreased by $68.5 million from the year ended December 31, 2009, which may be a factor contributing to our lower charge-offs.

Our allowance for loan losses at December 31, 2010, was $14.8 million, or 1.34% of gross loans, compared to $12.3 million, or 1.10% of gross loans, at December 31, 2009. The $2.5 million, or 20.6%, increase in our allowance for loan losses was primarily due to a higher level of non-performing loans. Our allowance for loan losses to non-performing loans was 84.22% at December 31, 2010, compared to 105.44% as of December 31, 2009.

Conversion, Reorganization and Related Stock Offering

The Company was organized by ViewPoint MHC, ViewPoint Financial Group and ViewPoint Bank to facilitate the “second-step” conversion of ViewPoint Bank from the mutual holding company structure to the stock holding company structure (the “Conversion”). Upon consummation of the Conversion, which occurred on July 6, 2010, the Company became the holding company for ViewPoint Bank and now owns all of the issued and outstanding shares of ViewPoint Bank’s common stock. As part of the Conversion, shares of the Company’s common stock were issued and sold in an offering to certain depositors of ViewPoint Bank and others. Concurrent with the offering, each share of ViewPoint Financial Group’s common stock owned by public shareholders was exchanged for 1.4 shares of the Company’s common stock, with cash paid in lieu of issuing fractional shares.

The Company sold a total of 19,857,337 shares of common stock at $10.00 per share in the offering. Proceeds from the offering, net of $7.8 million in expenses, totaled $190.8 million. All share and per share information in this news release for periods prior to the Conversion has been revised to reflect the 1.4:1 conversion ratio on publicly traded shares, which resulted in a 4,287,752 increase in outstanding shares.

Conference Call

The Company will host an investor conference call to review these results on Friday, March 4, 2011, at 10 a.m. Central Time. Participants are asked to call (toll-free) 1-877-317-6789 at least five minutes prior to the call. International participants are asked to call 1-412-317-6789 and participants in Canada are asked to call (toll-free) 1-866-605-3852.

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 #447523. This replay will be available until March 21, 2011, at 8 a.m., Central Time. The webcast will be archived on the Company’s website until September 4, 2011.

About ViewPoint Financial Group, Inc.

ViewPoint Financial Group, Inc. is the holding company for ViewPoint Bank. ViewPoint Bank operates 23 community bank offices and 14 loan production offices. 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, competition, changes in management’s business strategies 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 Company wishes to advise readers that the factors listed above could materially affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

The Company does not undertake — and specifically declines any obligation — to publicly release the result of any revisions which may be made to any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Condensed Consolidated Statements of Condition
(In thousands)

		December 31,				December 31,
		2010				2009
ASSETS
Total cash and cash equivalents		$	68,650			$	55,470
Securities available for sale, at fair value			717,497				484,058
Securities held to maturity			432,519				254,724
Mortgage loans held for sale			491,985				341,431
Loans, includes allowance for loan losses of $14,847 at December 31, 2010 and $12,310 at December 31, 2009			1,092,114				1,108,159
Federal Home Loan Bank stock			20,569				14,147
Bank-owned life insurance			28,501				28,117
Premises and equipment, net			48,731				50,440
Accrued interest receivable and other assets			41,429				42,958
Total assets		$	2,941,995			$	2,379,504
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Non-interest-bearing demand			201,998				193,581
Interest-bearing demand			438,719				268,063
Savings and money market			711,911				701,835
Time			664,922				633,186
Total deposits			2,017,550				1,796,665
Net Federal Home Loan Bank advances			461,219				312,504
Repurchase agreement and other borrowings			35,000				35,000
Accrued interest payable and other liabilities			31,637				29,653
Total liabilities			2,545,406				2,173,822
Total shareholders’ equity			396,589				205,682
Total liabilities and shareholders’ equity		$	2,941,995			$	2,379,504

VIEWPOINT FINANCIAL GROUP, INC.

(In thousands except per share data)

		Three Months Ended								Year Ended
		December 31,								December 31,
		2010				2009				2010				2009
		(unaudited)
Interest and dividend income
Loans, including fees		$	23,629			$	21,138			$	88,550			$	83,802
Securities			7,649				5,773				26,365				23,436
Interest-bearing deposits in other financial institutions			58				109				402				652
Federal Home Loan Bank stock			21				6				68				16
			31,357				27,026				115,385				107,906
Interest expense
Deposits			7,181				7,962				31,015				34,366
Federal Home Loan Bank advances			2,651				3,274				11,723				14,056
Other borrowings			357				333				1,415				864
			10,189				11,569				44,153				49,286
Net interest income			21,168				15,457				71,232				58,620
Provision for loan losses			1,329				2,941				5,119				7,652
Net interest income after provision for loan losses			19,839				12,516				66,113				50,968
Net gain on sales of loans			3,524				3,757				13,041				16,591
Other non-interest income			5,162				5,071				20,423				10,608
Non-interest expense			18,927				18,226				73,146				74,537
Income before income tax expense			9,598				3,118				26,431				3,630
Income tax expense			3,108				754				8,632				960
Net income		$	6,490			$	2,364			$	17,799			$	2,670
Basic and diluted earnings per share 1		$	0.20			$	0.08			$	0.59			$	0.10

VIEWPOINT FINANCIAL GROUP, INC.
Selected Financial Data

		(unaudited)
		Three Months Ended																				Year Ended
		Dec				Sept				June				Mar				Dec				Dec				Dec
		2010				2010				2010				2010				2009				2010				2009
Share Data for Earnings per Share Calculation:1
Weighted average common shares outstanding			34,839,491				34,555,356				29,206,205				29,216,909				29,216,909				31,977,020				29,216,909
Less: average unallocated ESOP shares			(2,316,413	)			(2,275,964	)			(810,799	)			(843,605	)			(876,423	)			(1,567,687	)			(925,351	)
Less: average unvested restricted shares			(218,393	)			(234,074	)			(309,643	)			(361,362	)			(364,165	)			(280,348	)			(409,617	)
Average shares			32,304,685				32,045,318				28,085,763				28,011,942				27,976,321				30,128,985				27,881,941
Diluted average shares			32,312,993				32,045,318				28,116,397				28,033,713				27,976,833				30,131,960				27,881,941
Net income (in thousands)		$	6,490			$	5,408			$	3,196			$	2,705			$	2,364			$	17,799			$	2,670
Earnings per share		$	0.20			$	0.17			$	0.11			$	0.10			$	0.08			$	0.59			$	0.10
Location Data:
Number of full-service community bank offices			21				21				21				21				21				21				21
Number of in-store banking centers			2				2				2				2				2				2				2
Total community bank offices			23				23				23				23				23				23				23
Number of loan production offices			14				15				16				15				15				14				15
Performance Ratios: 2
Return on assets			0.87	%			0.76	%			0.50	%			0.45	%			0.40	%			0.66	%			0.12	%
Return on equity			6.37	%			5.22	%			5.89	%			5.26	%			4.64	%			5.69	%			1.34	%
Non-interest income to operating revenues			21.69	%			23.12	%			22.77	%			22.38	%			24.62	%			22.48	%			20.13	%
Operating expenses to average total assets			2.53	%			2.63	%			2.82	%			2.92	%			3.08	%			2.71	%			3.26	%
Efficiency ratio 3			63.40	%			67.82	%			73.14	%			77.32	%			75.05	%			69.87	%			76.01	%
Capital Ratios:
Equity to total assets			13.48	%			13.19	%			7.70	%			8.42	%			8.64	%			13.48	%			8.64	%
Risk-based capital to risk-weighted assets 4			18.42	%			19.79	%			14.55	%			15.28	%			15.27	%			18.42	%			15.27	%
Tier 1 capital to risk-weighted assets 4			17.61	%			18.92	%			13.64	%			14.37	%			14.39	%			17.61	%			14.39	%

VIEWPOINT FINANCIAL GROUP, INC.
Selected Financial Data, continued

		(unaudited)
		As of or For the Three Months Ended																				Year Ended
		Dec				Sept				June				Mar				Dec				Dec				Dec
		2010				2010				2010				2010				2009				2010				2009
Asset Quality Data and Ratios:
Non-performing loans		$	17,628			$	17,549			$	15,817			$	8,186			$	11,675			$	17,628			$	11,675
Non-performing assets to total assets			0.69	%			0.68	%			0.73	%			0.45	%			0.66	%			0.69	%			0.66	%
Non-performing loans to total loans 1			1.59	%			1.57	%			1.41	%			0.73	%			1.04	%			1.59	%			1.04	%
Allowance for loan losses to non-performing loans			84.22	%			83.14	%			90.50	%			157.94	%			105.44	%			84.22	%			105.44	%
Allowance for loan losses to total loans 1			1.34	%			1.31	%			1.28	%			1.15	%			1.10	%			1.34	%			1.10	%
Average Balances:
Loans 2		$	1,614,910			$	1,571,432			$	1,461,993			$	1,365,166			$	1,416,429			$	1,504,246			$	1,418,331
Securities			1,148,875				981,498				865,680				782,756				758,052				945,807				660,178
Overnight deposits			79,934				87,549				81,941				113,434				57,728				90,614				74,356
Total interest-earning assets			2,843,719				2,640,479				2,409,614				2,261,356				2,232,209				2,540,667				2,152,865
Deposits:
Interest-bearing demand		$	434,147			$	419,770			$	356,062			$	284,202			$	231,829			$	374,083			$	163,996
Savings and money market			724,075				724,333				723,955				700,207				695,101				718,224				670,518
Time			675,830				641,021				662,117				656,973				650,009				658,988				661,231
FHLB advances and other borrowings			509,597				379,422				366,509				342,378				359,390				399,880				374,029
Total interest-bearing liabilities		$	2,343,649			$	2,164,546			$	2,108,643			$	1,983,760			$	1,936,329			$	2,151,175			$	1,869,774
Yields:
Loans			5.85	%			5.84	%			5.92	%			5.96	%			5.97	%			5.89	%			5.91	%
Securities			2.67	%			2.89	%			2.75	%			2.93	%			3.05	%			2.79	%			3.55	%
Overnight deposits			0.29	%			0.31	%			0.63	%			0.52	%			0.76	%			0.44	%			0.88	%
Total interest-earning assets			4.41	%			4.56	%			4.60	%			4.64	%			4.84	%			4.54	%			5.01	%
Deposits:
Interest-bearing demand			2.20	%			2.65	%			2.47	%			2.27	%			2.28	%			2.40	%			2.04	%
Savings and money market			0.90	%			1.33	%			1.36	%			1.48	%			1.56	%			1.27	%			1.79	%
Time			1.87	%			1.95	%			1.95	%			2.08	%			2.42	%			1.96	%			2.87	%
FHLB advances and other borrowings			2.36	%			3.44	%			3.68	%			4.08	%			4.01	%			3.29	%			3.99	%
Total interest-bearing liabilities			1.74	%			2.14	%			2.14	%			2.24	%			2.39	%			2.05	%			2.64	%
Net interest spread			2.67	%			2.42	%			2.46	%			2.39	%			2.45	%			2.49	%			2.37	%
Net interest margin			2.98	%			2.81	%			2.73	%			2.67	%			2.77	%			2.80	%			2.72	%