LegacyTexas Financial 8-K Viewpoint Financial Group, Inc. Reports First Quarter Earnings

Exhibit 99.1

Contact: Mark Hord ViewPoint Financial Group, Inc. 972-578-5000, Ext. 7440 FOR IMMEDIATE RELEASE April 26, 2012

VIEWPOINT FINANCIAL GROUP, INC. REPORTS FIRST QUARTER EARNINGS

50 Basis Point Increase in Net Interest Margin

PLANO, Texas, April 26, 2012— ViewPoint Financial Group, Inc. (NASDAQ: VPFG) (the “Company”), the holding company for ViewPoint Bank, N.A., announced financial results today for the quarter ended March 31, 2012. Detailed results of the quarter will be available in the Company’s Quarterly Report on Form 10-Q, which will be filed tomorrow and posted on our websites,http://www.viewpointbank.com andhttp://www.viewpointfinancialgroup.com.

Performance Highlights

• Net interest margin increased 50 basis points year over year and 17 basis points linked quarter.A reduction in interest expense from the fourth quarter of 2011, as well as changes in the mix of earnings assets, led the net interest margin to increase to 3.30% for the quarter, compared to 3.13% last quarter.

• Higher year-over-year balances in Warehouse Purchase Program, commercial real estate and commercial and industrial loans led to increased interest income this quarter compared to the same quarter last year. Interest income increased by $1.5 million for the three months ended March 31, 2012, compared to the same period in 2011, driven by increased volume in Warehouse Purchase Program, commercial real estate and commercial and industrial loans.

• Net income increased by $518,000, or 7.9%, year over year.The increase in net income was driven by higher net interest income, a lower provision for loan losses, higher net gain on sale of mortgage loans and lower noninterest expense. Net income for the three months ended March 31, 2011, included a $2.2 million net of tax gain on the sale of available for sale securities, which equated to $0.07 per share.

• Basic and diluted EPS increased by $0.02. Basic and diluted earnings per share for the three months ended March 31, 2012, was $0.22, up $0.02 from the three months ended March 31, 2011.

• Lower net charge-offs contributed to a decrease in provision expense.The provision for loan losses decreased by $200,000, or 18.3%, during the three months ended March 31, 2012, compared to the same period last year.

“I am pleased with the continued strong quarterly performance of our company,” said new President and CEO Kevin Hanigan, who joined ViewPoint April 2 as part of the Company’s merger with Highlands Bancshares. “ViewPoint is off to a great start this year, with an improved net interest margin, reduced expenses and lower provisions for loan losses—all of which positions us for further success. I am very happy to be here, and I look forward to the continued execution of our strategy.”

Net Interest Margin

The net interest margin for the first quarter of 2012 was 3.30%, a 50 basis point increase from the first quarter of 2011 and a 17 basis point increase from the fourth quarter of 2011. The year over year increase was primarily due to reduced deposit and borrowing costs and a change in the mix of earning assets to a higher balance in loans in relationship to securities. The linked-quarter increase was primarily attributable to lower deposit costs due to gradual rate reductions in Absolute Checking and other interest-bearing deposit accounts.

Results of Operations for the Quarter Ended March 31, 2012

Net income for the three months ended March 31, 2012, was $7.1 million, an increase of $518,000, or 7.9%, from net income of $6.6 million for the three months ended March 31, 2011. Net income for the three months ended March 31, 2011, included a $2.2 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, a lower provision for loan losses, higher net gain on sale of mortgage loans and lower noninterest expense.

Our basic and diluted earnings per share for the three months ended March 31, 2012, was $0.22, a $0.02 increase from $0.20 for the three months ended March 31, 2011.

Net income for the quarter ended March 31, 2012, decreased by $2.7 million, or 27.6%, from net income of $9.8 million for the quarter ended December 31, 2011. Net income for the three months ended December 31, 2011, included a $1.9 million net of tax gain on sale of securities. The decline in interest income primarily resulted from lower Warehouse Purchase Program production, which was partially offset by lower interest expense and a reduction in noninterest expense. The decrease in noninterest expense was primarily due to lower salary expense, resulting from decreased salary expenses related to an employee retirement and reduced bonus expense. Additionally, noninterest expense for the fourth quarter of 2011 included $471,000 of one-time acquisition costs, compared to $143,000 of these costs recognized during the first quarter of 2012.

The provision for loan losses was $895,000 for the three months ended March 31, 2012, a decrease of $334,000, or 27.2%, from the three months ended December 31, 2011, and a decrease of $200,000, or 18.3%, from the three months ended March 31, 2011. The balance of the allowance for loan losses increased by $536,000 from December 31, 2011, to March 31, 2012, as management increased qualitative factors considered in determining the appropriateness of the allowance due to the subdued economic conditions. Despite the economic conditions, the Company has not experienced an increase in charge-offs, as net charge-offs declined from $448,000 for the first quarter of 2011 to $359,000 for the first quarter of 2012.

Financial Condition as of March 31, 2012

Total assets decreased by $139.5 million, or 4.4%, to $3.04 billion at March 31, 2012, from $3.18 billion at December 31, 2011. The decrease in total assets was primarily due to a $99.9 million decrease in loans held for sale and a $56.8 million decrease in investment securities, which led to a $113.9 million decrease in FHLB advances. These declines were partially offset by a $27.4 million increase in net loans held for investment. The decline in securities balances and the increase in loans held for investment improved our mix of earning assets, which positively impacted our net interest margin.

Loan Portfolio

During the three months ended March 31, 2012, loans held for investment increased by $28.1 million, or 2.3%, from $1.23 billion at December 31, 2011, to $1.26 billion at March 31, 2012. This increase was primarily due to a $38.7 million, or 6.6%, increase in commercial real estate loans. Our commercial and industrial portfolio remained relatively flat, decreasing by $304,000, or 0.4%, from December 31, 2011. Loans held for sale declined by $99.9 million, or 12.0%, primarily due to an $87.7 million decrease in Warehouse Purchase Program ending balances at March 31, 2012, compared to December 31, 2011. Despite the decline from the fourth quarter of 2011, the average balance of Warehouse Purchase Program loans increased this quarter by $364.0 million, or 133.0%, compared to the same quarter last year.

Our allowance for loan losses at March 31, 2012, was $18.0 million, or 1.43% of total loans, compared to $17.5 million, or 1.42% of total loans, at December 31, 2011. Our allowance for loan losses to non-performing loans ratio was 80.36% at March 31, 2012, compared to 75.71% as of December 31, 2011. Our non-performing loans to total loans ratio at March 31, 2012, was 1.79%, compared to 1.88% at December 31, 2011. Non-performing loans decreased by $671,000, from $23.1 million at December 31, 2011, to $22.4 million at March 31, 2012. This decrease was primarily caused by a $353,000 decline in non-performing one- to four-family mortgage loans and a $302,000 decrease in non-performing commercial real estate loans. The same commercial real estate loans were considered non-performing at March 31, 2012, compared to December 31, 2011; the decrease was due to principal payments.

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Merger with Highlands Bancshares, Inc.

On April 2, 2012, the Company announced the completion of its acquisition of Highlands Bancshares, Inc., parent company of The First National Bank of Jacksboro, which operated in Dallas under the name Highlands Bank. Under the terms of the all-stock transaction, each outstanding share of Highlands common stock, which totaled 8,307,911 at the time of the transaction, was exchanged for 0.6636 shares of Company stock, resulting in an increase of 5,513,130 shares of Company common stock. In addition, Highlands President and CEO Kevin Hanigan joined the Company and Bank as president and chief executive officer as part of the agreement. He also was appointed to the Company’s and Bank’s Boards of Directors, along with former Highlands’ board member Bruce Hunt.

Conference Call

The Company will host an investor conference call to review these results on Friday, April 27, 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 #10012526. 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, National Association. ViewPoint Bank, N.A. operates 31 community bank offices, including four Highlands Bank locations in Dallas and two First National Bank of Jacksboro locations in Jack and Wise Counties, as well as 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: changes in economic conditions; legislative changes; changes in policies by regulatory agencies; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; the Company’s ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company’s market area; the industry-wide decline in mortgage production; competition; changes in management’s business strategies; our ability to successfully integrate any assets, liabilities, customers, systems and management personnel we have acquired or may acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; and other factors set forth under Risk Factors in the Company’s Form 10-K that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The factors listed above could materially affect the Company’s financial performance and could cause the Company’s actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.

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

Page 3 of 10

VIEWPOINT FINANCIAL GROUP, INC.

Consolidated Balance Sheets

(Dollar amounts in thousands, except share data)

	March 31,			December 31,
	2012			2011
	(unaudited)
ASSETS
Cash and due from financial institutions	$	16,507		$	16,661
Short-term interest-bearing deposits in other financial institutions		28,000			29,687
Total cash and cash equivalents		44,507			46,348
Securities available for sale, at fair value		411,515			433,745
Securities held to maturity (fair value: March 31, 2012 – $483,876, December 31, 2011 – $518,142)		465,957			500,488
Loans held for sale (includes $9,168 and $16,607 carried at fair value at March 31, 2012, and December 31, 2011)		734,408			834,352
Loans held for investment (net of allowance for loan losses of $18,023 at March 31, 2012 and $17,487 at December 31, 2011)		1,238,486			1,211,057
FHLB and Federal Reserve Bank stock, at cost		32,924			37,590
Bank-owned life insurance		29,116			29,007
Foreclosed assets, net		2,021			2,293
Premises and equipment, net		49,721			50,261
Goodwill		818			818
Accrued interest receivable		8,045			8,982
Prepaid FDIC assessment		4,574			4,967
Other assets		19,020			20,670
Total assets	$	3,041,112		$	3,180,578
LIABILITIES AND SHAREHOLDERS’ EQUITY
Deposits
Non-interest-bearing demand	$	231,768		$	211,670
Interest-bearing demand		488,807			498,253
Savings and money market		762,089			759,576
Time		450,955			493,992
Total deposits		1,933,619			1,963,491
FHLB advances (net of prepayment penalty of $3,964 at March 31, 2012 and $4,222 at December 31, 2011)		632,512			746,398
Repurchase agreement		25,000			25,000
Accrued interest payable		1,171			1,220
Other liabilities		36,205			38,160
Total liabilities		2,628,507			2,774,269
Commitments and contingent liabilities		—			—
Shareholders’ equity
Preferred stock, $.01 par value; 10,000,000 shares authorized; 0 shares issued – March 31, 2012 and December 31, 2011		—			—
Common stock, $.01 par value; 90,000,000 shares authorized; 33,703,080 shares issued – March 31, 2012 and 33,700,399 shares issued – December 31, 2011		337			337
Additional paid-in capital		280,139			279,473
Retained earnings		149,585			144,535
Accumulated other comprehensive income, net		1,560			1,347
Unearned Employee Stock Ownership Plan (ESOP) shares; 2,056,185 shares at March 31, 2012 and 2,102,234 shares at December 31, 2011		(19,016	)		(19,383	)
Total shareholders’ equity		412,605			406,309
Total liabilities and shareholders equity’	$	3,041,112		$	3,180,578

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VIEWPOINT FINANCIAL GROUP, INC.

Consolidated Statements of Income

(Dollar amounts in thousands, except per share data)

	Three Months Ended
	March 31,
	2012			2011
	(unaudited)
Interest and dividend income
Loans, including fees	$	24,320		$	20,461
Taxable securities		4,458			6,868
Nontaxable securities		473			473
Interest-bearing deposits in other financial institutions		19			72
FHLB and Federal Reserve Bank stock		106			21
		29,376			27,895
Interest expense
Deposits		3,229			6,083
FHLB advances		2,454			2,486
Repurchase agreement		203			201
Other borrowings		—			148
		5,886			8,918
Net interest income		23,490			18,977
Provision for loan losses		895			1,095
Net interest income after provision for loan losses		22,595			17,882
Non-interest income
Service charges and fees		4,238			4,647
Other charges and fees		128			175
Net gain on sale of mortgage loans		2,232			1,949
Bank-owned life insurance income		109			118
Gain on sale of available for sale securities		—			3,415
Loss on sale and disposition of assets		(81	)		(210	)
Other		104			373
		6,730			10,467
Non-interest expense
Salaries and employee benefits		11,724			11,854
Advertising		285			356
Occupancy and equipment		1,470			1,423
Outside professional services		483			653
Regulatory assessments		581			959
Data processing		1,245			1,069
Office operations		1,545			1,454
Other		1,119			1,093
		18,452			18,861
Income before income tax expense		10,873			9,488
Income tax expense		3,801			2,934
Net income	$	7,072		$	6,554
Weighted average common shares outstanding—basic		31,545,748			32,353,331
Weighted average common shares outstanding—diluted		31,666,355			32,432,793
Per share information
Basic	$	0.22		$	0.20
Diluted	$	0.22		$	0.20
Cash dividends declared per share	$	0.06		$	0.05

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VIEWPOINT FINANCIAL GROUP, INC.

Selected Financial Highlights (unaudited)

	At or for the Quarters Ended
	March 2012			December 2011			September 2011			June 2011			March 2011
	(Dollars in thousands, except share and per share amounts)
Financial Data:
Total assets	$	3,041,112		$	3,180,578		$	3,235,278		$	2,963,882		$	2,796,016
Total loans		1,972,894			2,045,409			1,840,830			1,550,894			1,405,151
Total securities		877,472			934,233			1,195,182			1,228,825			1,223,713
Total deposits		1,933,619			1,963,491			2,073,627			2,070,894			2,033,019
Total shareholders’ equity		412,605			406,309			406,686			407,006			399,785
Net interest income		23,490			24,157			20,479			18,965			18,977
Provision for loan losses		895			1,229			581			1,065			1,095
Operating non-interest income		6,730			7,385			6,207			7,636			7,052
Gain on sale of available for sale securities		—			2,853			—			—			3,415
Non-interest expense		18,452			19,544			18,567			18,268			18,861
Income tax expense		3,801			3,848			2,395			2,411			2,934
Net income		7,072			9,774			5,143			4,857			6,554
Share Data:
Basic earnings per common share	$	0.22		$	0.31		$	0.16		$	0.15		$	0.20
Diluted earnings per common share		0.22			0.31			0.16			0.15			0.20
Dividends declared per share		0.06			0.05			0.05			0.05			0.05
Book value per share		12.24			12.06			11.87			11.68			11.48
Tangible book value per share—Non-GAAP1		12.21			12.02			11.83			11.64			11.43
Shares outstanding at end of period		33,703,080			33,700,399			34,262,491			34,839,491			34,839,491
Weighted average common shares outstanding—basic		31,545,748			31,617,219			32,468,640			32,445,527			32,353,331
Weighted average common shares outstanding—diluted		31,666,355			31,681,326			32,497,283			32,510,134			32,432,793
Key Ratios:
Tier 1 risk-based capital ratio2		25.22	%		24.40	%		21.20	%		24.93	%		27.17	%
Total risk-based capital ratio2		26.33	%		25.46	%		21.93	%		25.79	%		28.09	%
Tier 1 leverage ratio2		13.79	%		12.58	%		12.31	%		13.50	%		14.15	%
Equity to total assets		13.57	%		12.77	%		12.57	%		13.73	%		14.30	%
Tangible equity to tangible assets—Non-GAAP1		13.53	%		12.74	%		12.54	%		13.69	%		14.25	%

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
	March 2012		December 2011		September 2011		June 2011		March 2011
	(Dollars in thousands)
Deposits:
Non-interest bearing demand	$	231,768	$	211,670	$	207,940	$	194,704	$	189,632
Interest-bearing demand		488,807		498,253		496,269		482,552		461,272
Savings		168,706		155,276		155,476		156,659		158,399
Money market		581,504		592,979		596,561		575,041		550,503
IRA		11,879		11,321		10,201		10,023		9,555
Certificates		450,955		493,992		607,180		651,915		663,658
Total Deposits	$	1,933,619	$	1,963,491	$	2,073,627	$	2,070,894	$	2,033,019

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	Ending Balances At
	March 2012			December 2011			September 2011			June 2011			March 2011
	(Dollars in thousands)
One- to four- family	$	361,174		$	371,655		$	372,949		$	376,618		$	370,852
Commercial		621,499			583,487			531,729			512,636			483,140
One- to four- family construction		10,896			8,289			9,870			8,840			10,662
Commercial construction		2,558			1,841			15,185			9,212			1,659
Home equity/home improvement		139,339			140,966			140,945			142,328			140,518
Total real estate loans		1,135,466			1,106,238			1,070,678			1,049,634			1,006,831
Automobile		32,867			33,027			32,525			33,800			37,387
Unsecured loans		11,152			11,747			11,918			12,255			12,999
Secured consumer loans		6,312			6,396			6,476			6,060			5,758
Total consumer loans		50,331			51,170			50,919			52,115			56,144
Commercial and industrial		70,316			70,620			44,014			44,441			38,539
Gross loans held for investment		1,256,113			1,228,028			1,165,611			1,146,190			1,101,514
Mortgage loans held for sale		734,408			834,352			691,204			420,617			318,998
Gross loans	$	1,990,521		$	2,062,380		$	1,856,815		$	1,566,807		$	1,420,512
Nonaccruing loans:1
One- to four- family real estate	$	4,987		$	5,340		$	4,896		$	5,337		$	4,081
Commercial real estate		15,774			16,076			10,768			10,785			10,074
Home equity/home improvement		1,170			1,226			1,330			1,292			1,153
Consumer		29			26			—			186			267
Commercial and industrial		467			430			445			266			455
Total non-performing loans		22,427			23,098			17,439			17,866			16,030
Foreclosed assets		2,021			2,293			2,098			2,377			2,465
Total non-performing assets	$	24,448		$	25,391		$	19,537		$	20,243		$	18,495
Total past due loans to total loans2		1.52	%		2.19	%		0.71	%		0.87	%		1.31	%
Total non-performing assets to total assets		0.80	%		0.80	%		0.60	%		0.68	%		0.66	%
Total non-performing loans to total loans2		1.79	%		1.88	%		1.50	%		1.56	%		1.46	%
Allowance for loan losses to non-performing loans		80.36	%		75.71	%		94.82	%		90.45	%		96.66	%
Allowance for loan losses to total loans2		1.43	%		1.42	%		1.42	%		1.41	%		1.41	%
Troubled Debt Restructured Loans:
Performing troubled debt restructurings:
One- to four- family real estate	$	374		$	136		$	280		$	226		$	131
Commercial real estate		3,087			2,860			2,860			—			—
Home equity/home improvement		106			107			—			—			—
Consumer		121			142			48			39			52
Commercial and industrial		21			26			—			—			—
Total	$	3,709		$	3,271		$	3,188		$	265		$	183
Nonaccruing troubled debt restructurings:
One- to four- family real estate	$	1,093		$	843		$	855		$	346		$	574
Commercial real estate		9,063			9,266			9,264			9,270			9,274
Home equity/home improvement		77			81			—			—			—
Consumer		13			18			—			41			44
Commercial and industrial		287			212			214			217			218
Total	$	10,533		$	10,420		$	10,333		$	9,874		$	10,110
Allowance for loan losses:
Balance at beginning of period	$	17,487		$	16,535		$	16,159		$	15,494		$	14,847
Provision expense		895			1,229			581			1,065			1,095
Charge-offs		(496	)		(408	)		(314	)		(527	)		(573	)
Recoveries		137			131			109			127			125
Balance at end of period	$	18,023		$	17,487		$	16,535		$	16,159		$	15,494
Net Charge-Offs (Recoveries)
One- to four- family real estate	$	77		$	161		$	(4	)	$	55		$	(4	)
Commercial real estate		—			—			(2	)		—			(12	)
Home equity/home improvement		—			72			9			61			77
Consumer		90			62			77			143			203
Commercial and industrial		192			(18	)		125			141			184
Total	$	359		$	277		$	205		$	400		$	448

¹  Includes nonaccruing troubled debt restructurings.

²  Total loans does not include loans held for sale.

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	Average Balances and Yields/Rates for Quarter Ended
	March 2012			December 2011			September 2011			June 2011			March 2011
				(Dollars in thousands)
Loans:
One- to four- family real estate	$	371,257		$	377,106		$	381,322		$	380,152		$	375,686
Loans held for sale:
Warehouse Purchase Program		637,525			705,261			395,711			282,266			273,572
ViewPoint Mortgage loans		24,163			31,484			21,213			20,894			23,145
Commercial real estate		582,710			556,909			524,516			505,290			482,763
Home equity/home improvement		140,754			140,000			141,483			141,349			140,011
Consumer		50,635			51,225			51,246			53,903			62,815
Commercial and industrial		69,519			51,926			43,806			38,523			39,654
Less: deferred fees and allowance for loan loss		(16,812	)		(16,155	)		(16,135	)		(15,264	)		(15,218	)
Loans receivable		1,859,751			1,897,756			1,543,162			1,407,113			1,382,428
Securities		950,906			1,147,794			1,237,853			1,228,066			1,211,806
Overnight deposits		33,809			43,787			73,236			41,969			113,748
Total interest-earning assets	$	2,844,466		$	3,089,337		$	2,854,251		$	2,677,148		$	2,707,982
Deposits:
Interest-bearing demand	$	473,687		$	485,897		$	484,926		$	468,964		$	438,383
Savings and money market		759,590			758,191			753,252			733,517			708,342
Time		472,097			559,169			634,754			654,852			663,235
FHLB advances and other borrowings		610,255			750,202			458,620			316,518			417,383
Total interest-bearing liabilities	$	2,315,629		$	2,553,459		$	2,331,552		$	2,173,851		$	2,227,343
Total deposits	$	1,918,594		$	2,007,715		$	2,066,657		$	2,053,098		$	1,996,949
Loans:
One- to four- family real estate		5.08	%		5.16	%		5.29	%		5.38	%		5.37	%
Loans held for sale:
Warehouse Purchase Program		4.16	%		4.22	%		4.36	%		4.61	%		4.74	%
ViewPoint Mortgage loans		4.70	%		4.17	%		4.34	%		5.44	%		5.53	%
Commercial real estate		6.22	%		6.39	%		6.60	%		6.83	%		6.74	%
Home equity/home improvement		5.56	%		5.67	%		5.71	%		5.79	%		5.78	%
Consumer		6.13	%		6.47	%		6.83	%		6.56	%		6.59	%
Commercial and industrial		5.22	%		5.92	%		6.36	%		6.46	%		6.78	%
Loans receivable		5.23	%		5.29	%		5.66	%		5.92	%		5.92	%
Securities		2.12	%		2.16	%		2.30	%		2.32	%		2.43	%
Overnight deposits		0.22	%		0.24	%		0.24	%		0.27	%		0.25	%
Total interest-earning assets		4.13	%		4.06	%		4.06	%		4.18	%		4.12	%
Deposits:
Interest-bearing demand		0.94	%		1.39	%		1.78	%		2.02	%		1.92	%
Savings and money market		0.26	%		0.30	%		0.46	%		0.57	%		0.56	%
Time		1.39	%		1.56	%		1.69	%		1.75	%		1.80	%
FHLB advances and other borrowings		1.74	%		1.47	%		2.46	%		3.49	%		2.72	%
Total interest-bearing liabilities		1.02	%		1.12	%		1.46	%		1.66	%		1.60	%
Net interest spread		3.11	%		2.94	%		2.60	%		2.52	%		2.52	%
Net interest margin		3.30	%		3.13	%		2.87	%		2.83	%		2.80	%

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	Three Months Ended March 31,
	2012								2011
	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	$	371,257		$	4,711		5.08	%	$	375,686		$	5,041		5.37	%
Loans held for sale:
Warehouse Purchase Program		637,525			6,632		4.16			273,572			3,240		4.74
ViewPoint Mortgage loans		24,163			284		4.70			23,145			320		5.53
Commercial real estate		582,710			9,054		6.22			482,763			8,130		6.74
Home equity/home improvement		140,754			1,955		5.56			140,011			2,023		5.78
Consumer		50,635			776		6.13			62,815			1,035		6.59
Commercial and industrial		69,519			908		5.22			39,654			672		6.78
Less: deferred fees and allowance for loan loss		(16,812	)		—		—			(15,218	)		—		—
Loans receivable1		1,859,751			24,320		5.23			1,382,428			20,461		5.92
Agency mortgage-backed securities		308,324			2,125		2.76			485,630			3,382		2.79
Agency collateralized mortgage obligations		552,215			2,308		1.67			643,115			3,378		2.10
Investment securities		56,813			498		3.51			65,518			581		3.55
FHLB and FRB stock		33,554			106		1.26			17,543			21		0.48
Interest earning deposit accounts		33,809			19		0.22			113,748			72		0.25
Total interest-earning assets		2,844,466			29,376		4.13			2,707,982			27,895		4.12
Non-interest-earning assets		131,352								137,864
Total assets	$	2,975,818							$	2,845,846
Interest-bearing liabilities:
Interest-bearing demand	$	473,687			1,108		0.94		$	438,383			2,102		1.92
Savings and money market		759,590			486		0.26			708,342			993		0.56
Time		472,097			1,635		1.39			663,235			2,988		1.80
Borrowings		610,255			2,657		1.74			417,383			2,835		2.72
Total interest-bearing liabilities		2,315,629			5,886		1.02			2,227,343			8,918		1.60
Non-interest-bearing checking		213,220								186,989
Non-interest-bearing liabilities		35,920								28,909
Total liabilities		2,564,769								2,443,241
Total shareholders’ equity		411,049								402,605
Total liabilities and shareholders’ equity	$	2,975,818							$	2,845,846
Net interest income and margin				$	23,490		3.30	%				$	18,977		2.80	%
Net interest income and margin (tax-equivalent basis)2				$	23,663		3.33	%				$	19,152		2.83	%
Net interest rate spread							3.11	%							2.52	%
Net earning assets	$	528,837							$	480,639
Average interest-earning assets to average interest-bearing liabilities		122.84	%							121.58	%

¹  Calculated net of deferred fees, loan discounts, loans in process and allowance for loan losses. 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% for 2012 and 2011. Tax-exempt investments and loans had an average balance of $52.6 million for each of the three months ended March 31, 2012 and 2011.

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At March 31, 2012	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
	(Dollars in thousands)
Securities Available for Sale:
Agency residential mortgage-backed securities	$	128,034	$	1,596	$	(15	)	$	129,615
Agency residential collateralized mortgage obligations		277,121		1,453		(722	)		277,852
SBA pools		3,936		112		—			4,048
Total securities	$	409,091	$	3,161	$	(737	)	$	411,515
Securities Held to Maturity:
Agency residential mortgage-backed securities	$	155,649	$	7,731	$	(8	)	$	163,372
Agency commercial mortgage-backed securities		9,357		790		—			10,147
Agency residential collateralized mortgage obligations		250,482		4,808		(186	)		255,104
Municipal bonds		50,469		4,784		—			55,253
Total securities	$	465,957	$	18,113	$	(194	)	$	483,876

VIEWPOINT FINANCIAL GROUP, INC.

SUPPLEMENTAL INFORMATION – Non-GAAP Financial Measures (unaudited)

	Ending Balances At
	March 2012			December 2011			September 2011			June 2011			March 2011
	(Dollars in thousands, except share and per share amounts)
Calculation of Tangible Book Value per Share:
Total shareholders' equity at end of period	$	412,605		$	406,309		$	406,686		$	407,006		$	399,785
Less: Goodwill		(818	)		(818	)		(818	)		(818	)		(1,089	)
Identifiable intangible assets, net		(371	)		(420	)		(466	)		(578	)		(638	)
Total tangible shareholders’ equity at end of period	$	411,416		$	405,071		$	405,402		$	405,610		$	398,058
Shares outstanding at end of period		33,703,080			33,700,399			34,262,491			34,839,491			34,839,491
Book value per share—GAAP	$	12.24		$	12.06		$	11.87		$	11.68		$	11.48
Tangible book value per share—Non-GAAP	$	12.21		$	12.02		$	11.83		$	11.64		$	11.43
Calculating of Tangible Equity to Tangible Assets:
Total assets at end of period	$	3,041,112		$	3,180,578		$	3,235,278		$	2,963,882		$	2,796,016
Less: Goodwill		(818	)		(818	)		(818	)		(818	)		(1,089	)
Identifiable intangible assets, net		(371	)		(420	)		(466	)		(578	)		(638	)
Total tangible assets at end of period	$	3,039,923		$	3,179,340		$	3,233,994		$	2,962,486		$	2,794,289
Equity to assets—GAAP		13.57	%		12.77	%		12.57	%		13.73	%		14.30	%
Tangible equity to tangible assets—Non-GAAP		13.53	%		12.74	%		12.54	%		13.69	%		14.25	%

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