Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - LegacyTexas Financial Group, Inc. | d307960d8k.htm |
| EX-99.2 - EX-99.2 - LegacyTexas Financial Group, Inc. | d307960dex992.htm |
Exhibit 99.1
| Contact: | Mark Hord | FOR IMMEDIATE RELEASE | ||
| ViewPoint Financial Group, Inc. | February 28, 2012 | |||
| 972-578-5000, Ext. 7440 |
Filed by ViewPoint Financial Group, Inc.
Commission File No: 001-34737
Pursuant to Rule 425 under the Securities Act of 1933
Subject Company: Highlands Bancshares, Inc.
Commission File No: 001-34737
ViewPoint Financial Group, Inc. Reports Record Fourth Quarter and Full Year 2011 Earnings
$205.6 Million Linked Quarter Increase in Gross Loans
PLANO, Texas, February 28, 2012 — ViewPoint Financial Group, Inc. (NASDAQ: VPFG) (the “Company”), the holding company for ViewPoint Bank, N.A., announced financial results today for the quarter and year ended December 31, 2011. 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
| • | All-time high quarterly net income of $9.8 million, an increase of $4.6 million, or 90.0%, from last quarter: The $4.6 million linked quarter increase in net income, excluding the $1.9 million net of tax gain on sale of securities, was driven by an increase in net interest income of $3.7 million. Full year 2011 net income was $26.3 million, an increase of $8.5 million, or 47.9%, from 2010. |
| • | Linked quarter growth in Warehouse Purchase Program, commercial real estate and C&I loans drives $205.6 million increase in gross loans: Warehouse Purchase Program loan balances at December 31, 2011, increased by $137.1 million from September 30, 2011, while commercial real estate loan balances increased by $51.8 million and commercial and industrial loan balances increased by $26.6 million. |
| • | 26 basis point linked quarter increase in net interest margin: Net interest margin increased 26 basis points to 3.13% for the quarter ended December 31, 2011, compared to 2.87% for the quarter ended September 30, 2011. |
| • | Full-year 2011 loan growth of 29.0%: During the year ended December 31, 2011, loans increased by $463.4 million, or 29.0%. This increase was driven by a $340.0 million increase in Warehouse Purchase Program loans held for sale and a $104.4 million increase in commercial real estate loan balances. |
| • | Basic and diluted EPS increased by $0.15 linked quarter to $0.31: Basic and diluted earnings per share for the quarter ended December 31, 2011, were $0.31, up $0.15 from the quarter ended September 30, 2011. Basic and diluted earnings per share for the year ended December 31, 2011, was $0.81, a $0.22 increase from $0.59 for the year ended December 31, 2010. |
“We are very pleased with our results for the quarter,” said Interim President and Chief Executive Officer Mark Hord. “Record quarterly and full-year earnings cap a year in which we also achieved substantial and broad-based loan growth, successfully converted to a national bank charter, and announced a strategic in-market bank acquisition.”
James McCarley, Chairman of the Board of the Company, said, “After a strong 2011, and with long-time Texas commercial banker Kevin Hanigan joining ViewPoint as our new President and Chief Executive Officer upon the closing of the Highlands Bancshares, Inc. acquisition, we believe we are well positioned to achieve our goal of becoming the Metroplex’s premier community bank.”
Net Interest Margin
The net interest margin for the fourth quarter of 2011 was 3.13%, a 26 basis point increase from the third quarter of 2011 and a 15 basis point increase from the fourth quarter of 2010. The linked quarter increase was primarily due to increased volume in our Warehouse Purchase Program, as the average balance of these loans increased by $309.6 million, and lower deposit costs due to gradual rate reductions in Absolute Checking and other interest-bearing deposit accounts. The year over year increase was primarily due to increased volume in the Warehouse Purchase Program and commercial real estate loans, as well as reduced deposit and borrowing costs. The decrease in the average rate paid on borrowings was caused by the strategic decision to fund a portion of the increase in Warehouse Purchase Program balances with short-term advances and the November 2010 restructuring of $91.6 million in fixed-rate FHLB advances.
Results of Operations for the Quarter Ended December 31, 2011
Net income for the quarter ended December 31, 2011, was $9.8 million, an increase of $4.6 million, or 90.0%, from the quarter ended September 30, 2011. The increase was driven by a $3.7 million increase in net interest income and a $1.9 million net of tax gain on the sale of available for sale securities. The proceeds from the fourth quarter securities sale funded growth in the Warehouse Purchase Program and commercial real estate and commercial and industrial lending, improving the yield on earnings assets.
Net income for the quarter ended December 31, 2011, increased $3.3 million, or 50.6%, from the quarter ended December 31, 2010. The increase in net income was primarily due to a $3.0 million reduction in interest expense and a $1.9 million net of tax gain on the sale of available for sale securities. Our basic and diluted earnings per share for the three months ended December 31, 2011, was $0.31, an $0.11 increase from $0.20 for the three months ended December 31, 2010.
The provision for loan losses was $1.2 million for the three months ended December 31, 2011, a decrease of $100,000, or 7.5%, from the three months ended December 31, 2010. The balance of the allowance for loan losses increased by $2.7 million from December 31, 2010, to December 31, 2011, as management increased qualitative factors considered in determining the appropriateness of the allowance, due to the continued weak economic conditions and an increase in non-performing loans. Despite these trends, the Company has not seen an increase in charge-offs, as net charge-offs declined by $796,000 during the fourth quarter of 2011 compared to the same period last year.
Results of Operations for the Year Ended December 31, 2011
Net income for the year ended December 31, 2011, was $26.3 million, an increase of $8.5 million, or 47.9%, from net income of $17.8 million for the year ended December 31, 2010. Net income for the year ended December 31, 2011, included a $4.1 million net of tax gain on the sale of available for sale securities. The increase in net income was driven by higher net interest income, the gain on sale of securities and a lower provision for loan losses, and was partially offset by a $5.4 million decline in the net gain on sales of loans and a $2.1 million increase in noninterest expense. Our basic and diluted earnings per share for the year ended December 31, 2011, was $0.81, a $0.22 increase from $0.59 for the year ended December 31, 2010.
Financial Condition as of December 31, 2011
Total assets increased by $238.6 million, or 8.1%, to $3.18 billion at December 31, 2011, from $2.94 billion at December 31, 2010. The increase in total assets was primarily due to a $463.4 million increase in gross loans, primarily funded by a $285.2 million increase in net FHLB advances and a $215.8 million decline in investment securities.
Loan Portfolio
During the year ended December 31, 2011, loans increased in all categories except for the consumer portfolio and one- to four-family construction loans. This increase included a $340.0 million increase in Warehouse Purchase Program balances, a $104.4 million increase in commercial real estate loans and $31.3 million of growth in commercial and industrial loans. Gross loans (including $834.3 million in mortgage loans held for sale) increased by $463.4 million, or 29.0%, to $2.06 billion at December 31, 2011, from $1.60 billion at December 31, 2010.
Our allowance for loan losses at December 31, 2011, was $17.5 million, or 1.42% of total loans, compared to $14.8 million, or 1.34% of total loans, at December 31, 2010. Our allowance for loan losses to non-performing loans ratio was 75.71% at December 31, 2011, compared to 84.22% as of December 31, 2010. Our non-performing loans to total loans ratio at December 31, 2011, was 1.88%, compared to 1.59% at December 31, 2010. Non-performing loans increased by $5.5 million, from $17.6 million at December 31, 2010, to $23.1 million at December 31, 2011. Compared to September 30, 2011, non-performing loans increased by $5.7 million, primarily due to a $5.3 million increase in commercial real estate non-performing loans. This increase was due to one commercial real estate loan with a principal balance of $6.1 million that was placed on nonaccrual status in December 2011.
2
Merger with Highlands Bancshares, Inc.
On December 8, 2011, the Company and Highlands Bancshares, Inc. (“Highlands”) announced that they had entered into a definitive merger agreement whereby the Company will acquire Highlands and its subsidiary bank, the First National Bank of Jacksboro (which operates in the Dallas marketplace as Highlands Bank), in a stock-for-stock transaction. Under the terms of the agreement, each outstanding share of Highlands common stock will be exchanged for 0.6636 shares of Company stock upon closing. In addition, the Company announced that Kevin Hanigan, the President, Chief Executive Officer and Chairman of the Board of Directors of Highlands, will assume the role of President and Chief Executive Officer of the Company and the Bank upon the closing of the acquisition. The Company and Highlands expect to complete the transaction in the second quarter of 2012, after receipt of regulatory approvals, the approval of the shareholders of Highlands and the satisfaction of other customary closing conditions.
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of the Company or the solicitation of any vote or approval. In connection with the proposed merger, the Company filed with the Securities and Exchange Commission (“SEC”), and the SEC has declared effective, a Registration Statement on Form S-4 that includes a proxy statement of Highlands and that also constitutes a prospectus of the Company (the “Proxy Statement/Prospectus”). Investors are strongly urged to read the definitive Proxy Statement/Prospectus regarding the proposed merger and other documents filed with the SEC by the Company, because they contain important information about the proposed merger.
Investors and security holders of the Company and Highlands may obtain free copies of the definitive Proxy Statement/Prospectus for the proposed merger and other documents filed with the SEC by the Company through the SEC’s website at www.sec.gov. These documents are also available free of charge by accessing the Company’s website (www.viewpointfinancialgroup.com, under “SEC Filings”) or by contacting Mark Hord at (972) 578-5000, Ext. 7440.
The Company and Highlands and their respective directors and certain of their executive officers, may be deemed to be participants in the solicitation of proxies in respect of the transactions contemplated by the agreement between the Company and Highlands. Information regarding the Company’s directors and executive officers is contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2010, which was filed with the SEC on March 3, 2011, and in its proxy statement prepared in connection with its 2011 Annual Meeting of Shareholders, which was filed with the SEC on April 18, 2011. Information regarding Highland’s directors and officers and a more complete description of the interests of Highlands’s directors and officers in the proposed transaction is available in the definitive Proxy Statement/Prospectus.
Conference Call
The Company will host an investor conference call to review these results on Wednesday, February 29, 2012, 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 #10001726. 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 25 community bank offices and eight 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, completion of our merger with Highlands Bancshares, Inc., 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
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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.
4
VIEWPOINT FINANCIAL GROUP, INC.
Consolidated Balance Sheets
December 31,
(Dollar amounts in thousands, except share data)
| 2011 | 2010 | |||||||
| ASSETS |
||||||||
| Cash and due from financial institutions |
$ | 16,661 | $ | 16,465 | ||||
| Short-term interest-bearing deposits in other financial institutions |
29,687 | 52,185 | ||||||
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|||||
| Total cash and cash equivalents |
46,348 | 68,650 | ||||||
| Securities available for sale, at fair value |
433,745 | 717,497 | ||||||
| Securities held to maturity (fair value: December 31, 2011 – $518,142 December 31, 2010 – $434,296) |
500,488 | 432,519 | ||||||
| Loans held for sale (includes $16,607 and $16,877 carried at fair value at December 31, 2011 and 2010) |
834,352 | 491,985 | ||||||
| Loans held for investment (net of allowance for loan losses of $17,487 at December 31, 2011 and $14,847 at December 31, 2010) |
1,211,057 | 1,092,114 | ||||||
| FHLB and Federal Reserve Bank stock, at cost |
37,590 | 20,569 | ||||||
| Bank-owned life insurance |
29,007 | 28,501 | ||||||
| Foreclosed assets, net |
2,293 | 2,679 | ||||||
| Premises and equipment, net |
50,261 | 48,731 | ||||||
| Goodwill |
818 | 1,089 | ||||||
| Accrued interest receivable |
8,982 | 9,248 | ||||||
| Prepaid FDIC assessment |
4,967 | 6,606 | ||||||
| Other assets |
20,670 | 21,807 | ||||||
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| Total assets |
$ | 3,180,578 | $ | 2,941,995 | ||||
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| LIABILITIES AND SHAREHOLDERS’ EQUITY |
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| Deposits |
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| Non-interest-bearing demand |
$ | 211,670 | $ | 201,998 | ||||
| Interest-bearing demand |
498,253 | 438,719 | ||||||
| Savings and money market |
759,576 | 711,911 | ||||||
| Time |
493,992 | 664,922 | ||||||
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| Total deposits |
1,963,491 | 2,017,550 | ||||||
| FHLB advances (net of prepayment penalty of $4,222 at December 31, 2011 and $5,259 at December 31, 2010) |
746,398 | 461,219 | ||||||
| Repurchase agreement |
25,000 | 25,000 | ||||||
| Other borrowings |
— | 10,000 | ||||||
| Accrued interest payable |
1,220 | 1,541 | ||||||
| Other liabilities |
38,160 | 30,096 | ||||||
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| Total liabilities |
2,774,269 | 2,545,406 | ||||||
| Commitments and contingent liabilities |
— | — | ||||||
| Shareholders’ equity |
||||||||
| Preferred stock, $.01 par value; 10,000,000 shares authorized; 0 shares issued – December 31, 2011 and December 31, 2010 |
— | — | ||||||
| Common stock, $.01 par value; 90,000,000 shares authorized; 33,700,399 shares issued – December 31, 2011 and 34,839,491 shares issued – December 31, 2010 |
337 | 349 | ||||||
| Additional paid-in capital |
279,473 | 289,591 | ||||||
| Retained earnings |
144,535 | 125,125 | ||||||
| Accumulated other comprehensive income, net |
1,347 | 2,373 | ||||||
| Unearned Employee Stock Ownership Plan (ESOP) shares; 2,102,234 shares at December 31, 2011 and 2,286,428 shares at December 31, 2010 |
(19,383 | ) | (20,849 | ) | ||||
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| Total shareholders’ equity |
406,309 | 396,589 | ||||||
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| Total liabilities and shareholders’ equity |
$ | 3,180,578 | $ | 2,941,995 | ||||
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VIEWPOINT FINANCIAL GROUP, INC.
Consolidated Statements of Income
December 31,
(Dollar amounts in thousands, except share data)
| 2011 | 2010 | 2009 | ||||||||||
| Interest and dividend income |
||||||||||||
| Loans, including fees |
$ | 88,238 | $ | 88,550 | $ | 83,802 | ||||||
| Taxable securities |
25,830 | 24,837 | 22,919 | |||||||||
| Nontaxable securities |
1,892 | 1,528 | 517 | |||||||||
| Interest-bearing deposits in other financial institutions |
170 | 402 | 652 | |||||||||
| FHLB and Federal Reserve Bank stock |
94 | 68 | 16 | |||||||||
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| 116,224 | 115,385 | 107,906 | ||||||||||
| Interest expense |
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| Deposits |
22,474 | 31,015 | 34,366 | |||||||||
| FHLB advances |
9,882 | 11,723 | 14,056 | |||||||||
| Repurchase agreement |
816 | 816 | 707 | |||||||||
| Other borrowings |
474 | 599 | 157 | |||||||||
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| 33,646 | 44,153 | 49,286 | ||||||||||
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| Net interest income |
82,578 | 71,232 | 58,620 | |||||||||
| Provision for loan losses |
3,970 | 5,119 | 7,652 | |||||||||
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| Net interest income after provision for loan losses |
78,608 | 66,113 | 50,968 | |||||||||
| Non-interest income |
||||||||||||
| Service charges and fees |
18,556 | 18,505 | 18,954 | |||||||||
| Other charges and fees |
723 | 711 | 586 | |||||||||
| Net gain on sale of mortgage loans |
7,639 | 13,041 | 16,591 | |||||||||
| Bank-owned life insurance income |
506 | 384 | 539 | |||||||||
| Impairment of collateralized debt obligations (all credit) |
— | — | (12,246 | ) | ||||||||
| Gain on sale of available for sale securities |
6,268 | — | 2,377 | |||||||||
| Loss on sale and disposition of assets |
(798 | ) | (365 | ) | (1,041 | ) | ||||||
| Impairment of goodwill |
(271 | ) | — | — | ||||||||
| Other |
1,925 | 1,188 | 1,439 | |||||||||
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| 34,548 | 33,464 | 27,199 | ||||||||||
| Non-interest expense |
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| Salaries and employee benefits |
47,360 | 46,203 | 46,777 | |||||||||
| Advertising |
1,519 | 1,285 | 1,284 | |||||||||
| Occupancy and equipment |
5,966 | 5,907 | 5,999 | |||||||||
| Outside professional services |
2,644 | 2,369 | 1,882 | |||||||||
| Regulatory assessments |
2,401 | 3,235 | 4,018 | |||||||||
| Data processing |
4,648 | 4,232 | 4,209 | |||||||||
| Office operations |
5,972 | 5,790 | 5,984 | |||||||||
| Other |
4,730 | 4,125 | 4,384 | |||||||||
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| 75,240 | 73,146 | 74,537 | ||||||||||
| Income before income tax expense |
37,916 | 26,431 | 3,630 | |||||||||
| Income tax expense |
11,588 | 8,632 | 960 | |||||||||
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| Net income |
$ | 26,328 | $ | 17,799 | $ | 2,670 | ||||||
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| Weighted average common shares outstanding—basic |
32,219,841 | 30,128,985 | 27,881,941 | |||||||||
| Weighted average common shares outstanding—diluted |
32,283,107 | 30,131,960 | 27,882,874 | |||||||||
| Per share information |
||||||||||||
| Basic |
$ | 0.81 | $ | 0.59 | $ | 0.09 | ||||||
| Diluted |
$ | 0.81 | $ | 0.59 | $ | 0.09 | ||||||
| Cash dividends declared per share |
$ | 0.20 | $ | 0.16 | $ | 0.18 | ||||||
6
VIEWPOINT FINANCIAL GROUP, INC.
Selected Financial Highlights (unaudited)
| At or for the Quarters Ended | ||||||||||||||||||||
| December | September | June | March | December | ||||||||||||||||
| 2011 | 2011 | 2011 | 2011 | 2010 | ||||||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||||||
| Financial Data: |
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| Total assets |
3,180,578 | 3,235,278 | 2,963,882 | 2,796,016 | 2,941,995 | |||||||||||||||
| Total loans |
2,045,409 | 1,840,830 | 1,550,894 | 1,405,151 | 1,584,099 | |||||||||||||||
| Total securities |
934,233 | 1,195,182 | 1,228,825 | 1,223,713 | 1,150,016 | |||||||||||||||
| Total deposits |
1,963,491 | 2,073,627 | 2,070,894 | 2,033,019 | 2,017,550 | |||||||||||||||
| Total shareholders’ equity |
406,309 | 406,686 | 407,006 | 399,785 | 396,589 | |||||||||||||||
| Net interest income |
24,157 | 20,479 | 18,965 | 18,977 | 21,168 | |||||||||||||||
| Provision for loan losses |
1,229 | 581 | 1,065 | 1,095 | 1,329 | |||||||||||||||
| Noninterest income |
10,238 | 6,207 | 7,636 | 10,467 | 8,686 | |||||||||||||||
| Noninterest expense |
19,544 | 18,567 | 18,268 | 18,861 | 18,927 | |||||||||||||||
| Income tax expense |
3,848 | 2,395 | 2,411 | 2,934 | 3,108 | |||||||||||||||
| Net income |
9,774 | 5,143 | 4,857 | 6,554 | 6,490 | |||||||||||||||
| Share Data: |
||||||||||||||||||||
| Basic earnings per common share |
0.31 | 0.16 | 0.15 | 0.20 | 0.20 | |||||||||||||||
| Diluted earnings per common share |
0.31 | 0.16 | 0.15 | 0.20 | 0.20 | |||||||||||||||
| Dividends declared per share |
0.05 | 0.05 | 0.05 | 0.05 | 0.04 | |||||||||||||||
| Book value per share |
12.06 | 11.87 | 11.68 | 11.48 | 11.38 | |||||||||||||||
| Tangible book value per share—Non-GAAP 1 |
12.02 | 11.83 | 11.64 | 11.43 | 11.33 | |||||||||||||||
| Shares outstanding at end of period |
33,700,399 | 34,262,491 | 34,839,491 | 34,839,491 | 34,839,491 | |||||||||||||||
| Weighted average common shares outstanding—basic |
31,617,219 | 32,468,640 | 32,445,527 | 32,353,331 | 32,304,685 | |||||||||||||||
| Weighted average common shares outstanding—diluted |
31,553,113 | 32,497,283 | 32,510,134 | 32,432,793 | 32,312,993 | |||||||||||||||
| Key Ratios: |
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| Tier 1 risk-based capital ratio 2 |
24.40 | % | 21.20 | % | 24.93 | % | 27.17 | % | 24.00 | % | ||||||||||
| Total risk-based capital ratio 2 |
25.46 | % | 21.93 | % | 25.79 | % | 28.09 | % | 24.82 | % | ||||||||||
| Tier 1 leverage ratio 2 |
12.58 | % | 12.31 | % | 13.50 | % | 14.15 | % | 13.27 | % | ||||||||||
| Equity to total assets |
12.77 | % | 12.57 | % | 13.73 | % | 14.30 | % | 13.48 | % | ||||||||||
| Tangible equity to tangible assets—Non-GAAP 1 |
12.74 | % | 12.54 | % | 13.69 | % | 14.25 | % | 13.43 | % | ||||||||||
| 1 | See the section labeled “Supplemental Information—Non-GAAP Financial Measures” at the end of this document. |
| 2 | Calculated at the ViewPoint Financial Group level, which is subject to the capital adequacy requirements of the Federal Reserve. On December 19, 2011, the Bank converted its charter from a federal thrift charter to a national banking charter, with regulatory oversight by the OCC. |
| Ending Balances At | ||||||||||||||||||||
| December | September | June | March | December | ||||||||||||||||
| 2011 | 2011 | 2011 | 2011 | 2010 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Deposits: |
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| Non-interest bearing demand |
$ | 211,670 | $ | 207,940 | $ | 194,704 | $ | 189,632 | $ | 201,998 | ||||||||||
| Interest-bearing demand |
498,253 | 496,269 | 482,552 | 461,272 | 438,719 | |||||||||||||||
| Savings |
155,276 | 155,476 | 156,659 | 158,399 | 148,399 | |||||||||||||||
| Money market |
592,979 | 596,561 | 575,041 | 550,503 | 554,261 | |||||||||||||||
| IRA |
11,321 | 10,201 | 10,023 | 9,555 | 9,251 | |||||||||||||||
| Certificates |
493,992 | 607,180 | 651,915 | 663,658 | 664,922 | |||||||||||||||
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| Total Deposits |
$ | 1,963,491 | $ | 2,073,627 | $ | 2,070,894 | $ | 2,033,019 | $ | 2,017,550 | ||||||||||
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7
| Ending Balances At | ||||||||||||||||||||
| December | September | June | March | December | ||||||||||||||||
| 2011 | 2011 | 2011 | 2011 | 2010 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Loans: |
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| Commercial: |
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| Real estate |
583,487 | 531,729 | 512,636 | 483,140 | 479,071 | |||||||||||||||
| Construction |
1,841 | 15,185 | 9,212 | 1,659 | 569 | |||||||||||||||
| Commercial and industrial |
70,620 | 44,014 | 44,441 | 38,539 | 39,279 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total commercial |
655,948 | 590,928 | 566,289 | 523,338 | 518,919 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Residential real estate: |
||||||||||||||||||||
| One- to four- family |
371,655 | 372,949 | 376,618 | 370,852 | 370,149 | |||||||||||||||
| Construction |
8,289 | 9,870 | 8,840 | 10,662 | 11,435 | |||||||||||||||
| Home equity/home improvement |
140,966 | 140,945 | 142,328 | 140,518 | 139,165 | |||||||||||||||
| Loans held for sale |
834,352 | 691,204 | 420,617 | 318,998 | 491,985 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total residential real estate |
1,355,262 | 1,214,968 | 948,403 | 841,030 | 1,012,734 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Consumer loans: |
||||||||||||||||||||
| Automobile |
33,027 | 32,525 | 33,800 | 37,387 | 42,550 | |||||||||||||||
| Unsecured loans |
11,747 | 11,918 | 12,255 | 12,999 | 14,197 | |||||||||||||||
| Secured consumer loans |
6,396 | 6,476 | 6,060 | 5,758 | 10,619 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total consumer loans |
51,170 | 50,919 | 52,115 | 56,144 | 67,366 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total loans |
2,062,380 | 1,856,815 | 1,566,807 | 1,420,512 | 1,599,019 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Nonaccruing loans: |
||||||||||||||||||||
| One- to four- family real estate |
$ | 5,340 | $ | 4,896 | $ | 5,337 | $ | 4,081 | $ | 5,938 | ||||||||||
| Commercial real estate |
16,076 | 10,768 | 10,785 | 10,074 | 9,812 | |||||||||||||||
| Home equity/home improvement |
1,226 | 1,330 | 1,292 | 1,153 | 1,306 | |||||||||||||||
| Consumer |
26 | — | 186 | 267 | 300 | |||||||||||||||
| Commercial and industrial |
430 | 445 | 266 | 455 | 272 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total non-performing loans |
23,098 | 17,439 | 17,866 | 16,030 | 17,628 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Foreclosed assets |
2,293 | 2,098 | 2,377 | 2,465 | 2,679 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total non-performing assets |
$ | 25,391 | $ | 19,537 | $ | 20,243 | $ | 18,495 | $ | 20,307 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total past due loans to total loans1 |
2.19 | % | 0.71 | % | 0.87 | % | 1.31 | % | 1.62 | % | ||||||||||
| Total non-performing assets to total assets |
0.80 | % | 0.60 | % | 0.68 | % | 0.66 | % | 0.69 | % | ||||||||||
| Total non-performing loans to total loans1 |
1.88 | % | 1.50 | % | 1.56 | % | 1.46 | % | 1.59 | % | ||||||||||
| Allowance for loan losses to non-performing loans |
75.71 | % | 94.82 | % | 90.45 | % | 96.66 | % | 84.22 | % | ||||||||||
| Allowance for loan losses to total loans 1 |
1.42 | % | 1.42 | % | 1.41 | % | 1.41 | % | 1.34 | % | ||||||||||
| Troubled Debt Restructured Loans: |
||||||||||||||||||||
| Performing troubled debt restructurings: |
||||||||||||||||||||
| One- to four- family real estate |
$ | 136 | $ | 280 | $ | 226 | $ | 131 | $ | 143 | ||||||||||
| Commercial real estate |
2,860 | 2,860 | — | — | 1,119 | |||||||||||||||
| Home equity/home improvement |
107 | — | — | — | — | |||||||||||||||
| Consumer |
142 | 48 | 39 | 52 | 26 | |||||||||||||||
| Commercial and industrial |
26 | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | 3,271 | $ | 3,188 | $ | 265 | $ | 183 | $ | 1,288 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Nonaccruing troubled debt restructurings: |
||||||||||||||||||||
| One- to four- family real estate |
$ | 843 | $ | 855 | $ | 346 | $ | 574 | $ | 2,012 | ||||||||||
| Commercial real estate |
9,266 | 9,264 | 9,270 | 9,274 | 6,252 | |||||||||||||||
| Home equity/home improvement |
81 | — | — | — | 92 | |||||||||||||||
| Consumer |
18 | — | 41 | 44 | 93 | |||||||||||||||
| Commercial and industrial |
212 | 214 | 217 | 218 | 220 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | 10,420 | $ | 10,333 | $ | 9,874 | $ | 10,110 | $ | 8,669 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Allowance for loan losses: |
||||||||||||||||||||
| Balance at beginning of period |
$ | 16,535 | $ | 16,159 | $ | 15,494 | $ | 14,847 | $ | 14,591 | ||||||||||
| Provision expense |
1,229 | 581 | 1,065 | 1,095 | 1,329 | |||||||||||||||
| Charge-offs |
(408 | ) | (314 | ) | (527 | ) | (573 | ) | (1,185 | ) | ||||||||||
| Recoveries |
131 | 109 | 127 | 125 | 112 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Balance at end of period |
$ | 17,487 | $ | 16,535 | $ | 16,159 | $ | 15,494 | $ | 14,847 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Net Charge-Offs (Recoveries) |
||||||||||||||||||||
| One- to four- family real estate |
$ | 161 | $ | (4 | ) | $ | 55 | $ | (4 | ) | 101 | |||||||||
| Commercial real estate |
— | (2 | ) | — | (12 | ) | 624 | |||||||||||||
| Home equity/home improvement |
72 | 9 | 61 | 77 | 1 | |||||||||||||||
| Consumer |
62 | 77 | 143 | 203 | 205 | |||||||||||||||
| Commercial and industrial |
(18 | ) | 125 | 141 | 184 | 142 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total |
$ | 277 | $ | 205 | $ | 400 | $ | 448 | $ | 1,073 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| 1 | Total loans does not include loans held for sale. |
8
| Average Balances and Yields/Rates for Quarter Ended | ||||||||||||||||||||
| December | September | June | March | December | ||||||||||||||||
| 2011 | 2011 | 2011 | 2011 | 2010 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||
| Loans: |
||||||||||||||||||||
| One- to four- family real estate |
$ | 377,106 | 381,322 | 380,152 | 375,686 | $ | 378,534 | |||||||||||||
| Loans held for sale: |
||||||||||||||||||||
| Warehouse Purchase Program |
705,261 | 395,711 | 282,266 | 273,572 | 481,530 | |||||||||||||||
| ViewPoint Mortgage loans |
31,484 | 21,213 | 20,894 | 23,145 | 38,662 | |||||||||||||||
| Commercial real estate |
556,909 | 524,516 | 505,290 | 482,763 | 487,200 | |||||||||||||||
| Home equity/home improvement |
140,000 | 141,483 | 141,349 | 140,011 | 138,725 | |||||||||||||||
| Consumer |
51,225 | 51,246 | 53,903 | 62,815 | 70,048 | |||||||||||||||
| Commercial and industrial |
51,926 | 43,806 | 38,523 | 39,654 | 35,442 | |||||||||||||||
| Less: deferred fees and allowance for loan loss |
(16,155 | ) | (16,135 | ) | (15,264 | ) | (15,218 | ) | (15,231 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Loans receivable |
1,897,756 | 1,543,162 | 1,407,113 | 1,382,428 | 1,614,910 | |||||||||||||||
| Securities |
1,147,794 | 1,237,853 | 1,228,066 | 1,211,806 | 1,148,875 | |||||||||||||||
| Overnight deposits |
43,787 | 73,236 | 41,969 | 113,748 | 79,934 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total interest-earning assets |
3,089,337 | $ | 2,854,251 | $ | 2,677,148 | $ | 2,707,982 | $ | 2,843,719 | |||||||||||
| Deposits: |
||||||||||||||||||||
| Interest-bearing demand |
$ | 485,897 | $ | 484,926 | $ | 468,964 | $ | 438,383 | $ | 434,147 | ||||||||||
| Savings and money market |
758,191 | 753,252 | 733,517 | 708,342 | 724,075 | |||||||||||||||
| Time |
559,169 | 634,754 | 654,852 | 663,235 | 675,830 | |||||||||||||||
| FHLB advances and other borrowings |
750,202 | 458,620 | 316,518 | 417,383 | 509,597 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total interest-bearing liabilities |
$ | 2,553,459 | $ | 2,331,552 | $ | 2,173,851 | $ | 2,227,343 | $ | 2,343,649 | ||||||||||
| Loans: |
||||||||||||||||||||
| One- to four- family real estate |
5.16 | % | 5.29 | % | 5.38 | % | 5.37 | % | 5.41 | % | ||||||||||
| Loans held for sale: |
||||||||||||||||||||
| Warehouse Purchase Program |
4.22 | % | 4.36 | % | 4.61 | % | 4.74 | % | 4.87 | % | ||||||||||
| ViewPoint Mortgage loans |
4.17 | % | 4.34 | % | 5.44 | % | 5.53 | % | 4.52 | % | ||||||||||
| Commercial real estate |
6.39 | % | 6.60 | % | 6.83 | % | 6.74 | % | 6.97 | % | ||||||||||
| Home equity/home improvement |
5.67 | % | 5.71 | % | 5.79 | % | 5.78 | % | 5.84 | % | ||||||||||
| Consumer |
6.47 | % | 6.83 | % | 6.56 | % | 6.59 | % | 6.31 | % | ||||||||||
| Commercial and industrial |
5.92 | % | 6.36 | % | 6.46 | % | 6.78 | % | 6.74 | % | ||||||||||
| Less: deferred fees and allowance for loan loss |
— | — | — | — | — | |||||||||||||||
| Loans receivable |
5.29 | % | 5.66 | % | 5.92 | % | 5.92 | % | 5.85 | % | ||||||||||
| Securities |
2.16 | % | 2.30 | % | 2.32 | % | 2.43 | % | 2.67 | % | ||||||||||
| Overnight deposits |
0.24 | % | 0.24 | % | 0.27 | % | 0.25 | % | 0.29 | % | ||||||||||
| Total interest-earning assets |
4.06 | % | 4.06 | % | 4.18 | % | 4.12 | % | 4.41 | % | ||||||||||
| Deposits: |
||||||||||||||||||||
| Interest-bearing demand |
1.39 | % | 1.78 | % | 2.02 | % | 1.92 | % | 2.20 | % | ||||||||||
| Savings and money market |
0.30 | % | 0.46 | % | 0.57 | % | 0.56 | % | 0.90 | % | ||||||||||
| Time |
1.56 | % | 1.69 | % | 1.75 | % | 1.80 | % | 1.87 | % | ||||||||||
| FHLB advances and other borrowings |
1.47 | % | 2.46 | % | 3.49 | % | 2.72 | % | 2.36 | % | ||||||||||
| Total interest-bearing liabilities |
1.12 | % | 1.46 | % | 1.66 | % | 1.60 | % | 1.74 | % | ||||||||||
| Net interest spread |
2.94 | % | 2.60 | % | 2.52 | % | 2.52 | % | 2.67 | % | ||||||||||
| Net interest margin |
3.13 | % | 2.87 | % | 2.83 | % | 2.80 | % | 2.98 | % | ||||||||||
9
| Average Balance and Interest Rate Information for the Year Ended December 31, | ||||||||||||||||||||||||
| 2011 | 2010 | |||||||||||||||||||||||
| Average Outstanding Balance |
Interest Earned/ Paid |
Yield/ Rate |
Average Outstanding Balance |
Interest Earned/ Paid |
Yield/ Rate |
|||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
| Interest-earning assets: |
||||||||||||||||||||||||
| One- to four- family real estate |
$ | 378,578 | $ | 20,058 | 5.30 | % | $ | 389,002 | $ | 21,422 | 5.51 | % | ||||||||||||
| Warehouse Purchase Program loans held for sale |
415,334 | 18,243 | 4.39 | 368,341 | 17,973 | 4.88 | ||||||||||||||||||
| ViewPoint Mortgage loans held for sale |
24,199 | 1,163 | 4.81 | 38,946 | 1,808 | 4.64 | ||||||||||||||||||
| Commercial real estate |
517,592 | 34,320 | 6.63 | 473,400 | 32,006 | 6.76 | ||||||||||||||||||
| Home equity/home improvement |
140,713 | 8,072 | 5.74 | 133,328 | 8,025 | 6.02 | ||||||||||||||||||
| Consumer |
54,756 | 3,622 | 6.61 | 80,298 | 5,038 | 6.27 | ||||||||||||||||||
| Commercial and industrial |
43,512 | 2,760 | 6.34 | 35,283 | 2,278 | 6.46 | ||||||||||||||||||
| Less: deferred fees and allowance for loan loss |
(15,697 | ) | — | — | (14,352 | ) | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Loans receivable 1 |
1,558,987 | 88,238 | 5.66 | 1,504,246 | 88,550 | 5.89 | ||||||||||||||||||
| Agency mortgage-backed securities |
455,552 | 12,583 | 2.76 | 466,536 | 13,959 | 2.99 | ||||||||||||||||||
| Agency collateralized mortgage obligations |
666,861 | 12,940 | 1.94 | 361,453 | 9,025 | 2.50 | ||||||||||||||||||
| Investment securities |
62,410 | 2,199 | 3.52 | 100,879 | 3,381 | 3.35 | ||||||||||||||||||
| FHLB and FRB stock |
21,468 | 94 | 0.44 | 16,939 | 68 | 0.40 | ||||||||||||||||||
| Interest earning deposit accounts |
68,007 | 170 | 0.25 | 90,614 | 402 | 0.44 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total interest-earning assets |
2,833,285 | 116,224 | 4.10 | % | 2,540,667 | 115,385 | 4.54 | % | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Non-interest-earning assets |
134,562 | 157,703 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total assets |
$ | 2,967,847 | $ | 2,698,370 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Interest-bearing liabilities: |
||||||||||||||||||||||||
| Interest-bearing demand |
469,715 | 8,309 | 1.77 | 374,083 | 8,976 | 2.40 | ||||||||||||||||||
| Savings and money market |
738,503 | 3,466 | 0.47 | 718,224 | 9,102 | 1.27 | ||||||||||||||||||
| Time |
627,736 | 10,699 | 1.70 | 658,988 | 12,937 | 1.96 | ||||||||||||||||||
| Borrowings |
486,519 | 11,172 | 2.30 | 399,880 | 13,138 | 3.29 | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Total interest-bearing liabilities |
2,322,473 | 33,646 | 1.45 | % | 2,151,175 | 44,153 | 2.05 | % | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Non-interest-bearing checking |
195,278 | 183,720 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Non-interest-bearing liabilities |
41,832 | 50,853 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total liabilities |
2,559,583 | 2,385,748 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total shareholders’ equity |
408,264 | 312,622 | ||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Total liabilities and shareholders’equity |
$ | 2,967,847 | $ | 2,698,370 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Net interest income and margin |
$ | 82,578 | 2.91 | % | $ | 71,232 | 2.80 | % | ||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Net interest income and margin (tax-equivalent basis) 2 |
|
$ | 83,273 | 2.94 | % | $ | 72,096 | 2.84 | % | |||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Net interest rate spread |
2.65 | % | 2.49 | % | ||||||||||||||||||||
| Net earning assets |
$ | 510,812 | $ | 389,492 | ||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||
| Average interest-earning assets to average interest-bearing liabilities |
121.99 | % | 118.11 | % | ||||||||||||||||||||
| 1 | Calculated net of deferred fees, loan discounts, loans in process and allowance for loan losses. Includes loans held for sale. Construction loans have been included in the one- to four- family and commercial real estate line items, as appropriate. |
| 2 | In order to make pretax income and resultant yields on tax-exempt investments and loans comparable to those on taxable investments and loans, a tax-equivalent adjustment has been computed using a federal income tax rate of 35%. Tax-exempt investments and loans had an average balance of $52.6 million and $41.7 million for the years ended December 31, 2011 and 2010. |
10
| At December 31, 2011 |
Amortized Cost |
Unrealized Gains |
Unrealized Losses |
Fair Value | ||||||||||||
| (Dollars in thousands) | ||||||||||||||||
| Securities Available for Sale: |
||||||||||||||||
| Agency mortgage-backed securities |
$ | 133,907 | $ | 1,125 | $ | (179 | ) | $ | 134,853 | |||||||
| Agency collateralized mortgage obligations |
293,584 | 1,676 | (590 | ) | 294,670 | |||||||||||
| SBA pools |
4,161 | 61 | — | 4,222 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total securities |
$ | 431,652 | $ | 2,862 | $ | (769 | ) | $ | 433,745 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Securities Held to Maturity: |
||||||||||||||||
| Agency mortgage-backed securities |
$ | 180,499 | $ | 8,243 | $ | (23 | ) | $ | 188,719 | |||||||
| Agency collateralized mortgage obligations |
269,516 | 4,712 | (218 | ) | 274,010 | |||||||||||
| Municipal bonds |
50,473 | 4,940 | — | 55,413 | ||||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Total securities |
$ | 500,488 | $ | 17,895 | $ | (241 | ) | $ | 518,142 | |||||||
|
|
|
|
|
|
|
|
|
|||||||||
VIEWPOINT FINANCIAL GROUP, INC.
SUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited)
| Ending Balances At | ||||||||||||||||||||
| December | September | June | March | December | ||||||||||||||||
| 2011 | 2011 | 2011 | 2011 | 2010 | ||||||||||||||||
| (Dollars in thousands, except per share amounts) | ||||||||||||||||||||
| Calculation of Tangible Book Value per Share: |
||||||||||||||||||||
| Total shareholders’ equity at end of period |
$ | 406,309 | $ | 406,686 | $ | 407,006 | $ | 399,785 | $ | 396,589 | ||||||||||
| Less: Goodwill |
(818 | ) | (818 | ) | (818 | ) | (1,089 | ) | (1,089 | ) | ||||||||||
| Identifiable intangible assets, net |
(420 | ) | (466 | ) | (578 | ) | (638 | ) | (636 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total tangible shareholders’ equity at end of period |
$ | 405,071 | $ | 405,402 | $ | 405,610 | $ | 398,058 | $ | 394,864 | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Shares outstanding at end of period |
33,700,399 | 34,262,491 | 34,839,491 | 34,839,491 | 34,839,491 | |||||||||||||||
| Book value per share—GAAP |
12.06 | 11.87 | 11.68 | 11.48 | 11.38 | |||||||||||||||
| Tangible book value per share—Non-GAAP |
12.02 | 11.83 | 11.64 | 11.43 | 11.33 | |||||||||||||||
| Calculating of Tangible Equity to Tangible Assets: |
||||||||||||||||||||
| Total assets at end of period |
$ | 3,180,578 | $ | 3,235,278 | $ | 2,963,882 | $ | 2,796,016 | $ | 2,941,995 | ||||||||||
| Less: Goodwill |
(818 | ) | (818 | ) | (818 | ) | (1,089 | ) | (1,089 | ) | ||||||||||
| Identifiable intangible assets, net |
(420 | ) | (466 | ) | (578 | ) | (638 | ) | (636 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Total tangible assets at end of period |
$ | 3,179,340 | $ | 3,233,994 | $ | 2,962,486 | $ | 2,794,289 | $ | 2,940,270 | ||||||||||
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| Equity to assets—GAAP |
12.77 | % | 12.57 | % | 13.73 | % | 14.30 | % | 13.48 | % | ||||||||||
| Tangible equity to tangible assets—Non-GAAP |
12.74 | % | 12.54 | % | 13.69 | % | 14.25 | % | 13.43 | % | ||||||||||
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