FOR IMMEDIATE RELEASE
February 7, 2013
Contact: Patti McKee
ViewPoint Financial Group, Inc.
972-578-5000, Ext. 7223
ViewPoint Financial Group, Inc. Reports Fourth Quarter and Full Year 2012 Earnings
Loan Growth and Lower Deposit Cost Drives 64 Basis Point Increase in Net Interest Margin to 3.77%
PLANO, Texas, February 7, 2013 -- ViewPoint Financial Group, Inc. (NASDAQ: VPFG) (the “Company”), the holding company for ViewPoint Bank, N.A. (the “Bank”), today announced fourth quarter net income of $10.4 million, an increase of $587,000, or 6%, from $9.8 million for the fourth quarter of 2011. Net income for the year ended December 31, 2012, was a record $35.2 million, an increase of $8.9 million, or 34%, from net income of $26.3 million for the year ended December 31, 2011. Basic and diluted earnings per share of $0.98 for the year ended December 31, 2012, was an increase of $0.17 from $0.81 for the year ended December 31, 2011.
2012 Performance Highlights
| |
| • | Net interest margin expanded to 3.77% for the fourth quarter of 2012 and to 3.61% for the year |
| |
| • | Loans held for investment increased 38% and loans held for sale increased 27% from 2011, reflecting linked quarter increases of 2% and 5%, respectively |
| |
| • | Basic EPS of $0.28 for the fourth quarter of 2012 and annual EPS for 2012 of $0.98
|
| |
| • | Strong capitalization with tangible common equity of $490 million, or 13% of tangible assets |
“2012 was an exciting year in the company’s 60-year history,” said President and CEO Kevin Hanigan. “We posted record earnings once again, dramatically increased commercial lending and improved on all our profitability metrics, most notably the net interest margin—all while in the midst of a merger. In addition, most of our loan growth was organic—it came from originations, rather than through the merger. And finally, in the fourth quarter, we made investments in our infrastructure and our employees in order to position ourselves for long-term growth."
Financial Highlights
|
| | | | | | | | | | | |
| | At or For the Quarters Ended |
| | December | | September | | December |
| (unaudited) | 2012 | | 2012 | | 2011 |
| | (Dollars in thousands, except share or per share amounts) |
| Net interest income | $ | 31,528 |
| | $ | 31,619 |
| | $ | 24,157 |
|
| Provision (credit) for loan losses | (17 | ) | | 814 |
| | 1,229 |
|
| Non-interest income | 6,494 |
| | 7,819 |
| | 10,238 |
|
| Non-interest expense | 21,705 |
| | 21,210 |
| | 19,544 |
|
| Income tax expense | 5,973 |
| | 6,098 |
| | 3,848 |
|
| Net income | $ | 10,361 |
| | $ | 11,316 |
| | $ | 9,774 |
|
| | | | | | |
| Basic earnings per common share | $ | 0.28 |
| | $ | 0.30 |
| | $ | 0.31 |
|
| Weighted average common shares outstanding - basic | 37,460,539 |
| | 37,362,535 |
| | 31,617,219 |
|
Estimated Tier 1 risk-based capital ratio1 | 21.67 | % | | 22.16 | % | | 24.40 | % |
Tangible common equity to tangible assets - Non-GAAP 2 | 13.48 |
| | 13.45 |
| | 12.74 |
|
| Net interest margin | 3.77 |
| | 3.70 |
| | 3.13 |
|
1 Calculated at the ViewPoint Financial Group, Inc. level, which is subject to the capital adequacy requirements of the Federal Reserve.
2 See the section labeled "Supplemental Information- Non-GAAP Financial Measures" at the end of this document.
Net Interest Income and Net Interest Margin
|
| | | | | | | | | | | |
| | At or For the Quarters Ended |
| | December | | September | | December |
| (unaudited) | 2012 | | 2012 | | 2011 |
| | (Dollars in thousands) |
| Net interest income | $ | 31,528 |
| | $ | 31,619 |
| | $ | 24,157 |
|
| Net interest margin | 3.77 | % | | 3.70 | % | | 3.13 | % |
| Selected average balances: | | | | | |
| Total earning assets | $ | 3,341,960 |
| | $ | 3,414,701 |
| | $ | 3,089,337 |
|
| Total loans | 2,556,806 |
| | 2,450,143 |
| | 1,897,756 |
|
| Total securities | 734,598 |
| | 914,818 |
| | 1,147,794 |
|
| Total deposits | 2,180,354 |
| | 2,183,998 |
| | 2,007,715 |
|
| Total borrowings | 770,627 |
| | 863,949 |
| | 750,202 |
|
| Total non-interest-bearing deposits | 358,707 |
| | 338,074 |
| | 204,458 |
|
Fourth quarter net interest income was $31.5 million, a $7.4 million increase from the fourth quarter of 2011 and a $91,000 decrease from the third quarter of 2012. The increase from the fourth quarter of 2011 was primarily due to an $8.1 million increase in interest income on loans, as the average balance of loans increased by $659.1 million, or 35%. The increase in average loan balances was driven by a $248.5 million increase in commercial real estate, a $225.6 million increase in commercial and industrial and a $171.9 million increase in loans held for sale. Accretion associated with the Highlands acquisition contributed $1.1 million to the increase in the comparable periods. The increase in interest income on loans was partially offset by a $3.1 million decline in interest income earned on securities, as the average balance of the securities portfolio declined by $413.2 million, or 36%, during the fourth quarter of 2012 compared to the same period in 2011.
Interest expense for the fourth quarter of 2012 decreased by $2.2 million, or 31%, primarily due to lower interest expense paid on deposits. The average rate of interest-bearing demand deposits declined 96 basis points, from 1.39% for the quarter ended
December 31, 2011, to 0.43% for the quarter ended December 31, 2012, resulting in a $1.2 million decrease in interest expense. Additionally, interest expense on time accounts decreased by $963,000, as a result of an $89.4 million decline in the average balance during the quarter ended December 31, 2012, compared to the same period in 2011, and a 52 basis point decline in the average rate for the same periods. Deposit costs have continued to decline due to rate reductions in Absolute Checking and other interest-bearing accounts.
The $91,000 decline in net interest income for the fourth quarter of 2012 compared to the third quarter of 2012 was primarily due to a $72.7 million decrease in average earning assets for the comparable periods. The average balance of the securities portfolio declined by $180.2 million during the fourth quarter of 2012, resulting in a $1.0 million decline in interest income. This decline was offset by solid growth in the average balances of the commercial and industrial and commercial real estate loan portfolios, which increased by $71.0 million and $42.8 million, respectively, leading to a $708,000, or 5%, increase in the interest income earned on these two portfolios.
The net interest margin for the fourth quarter of 2012 was 3.77%, a 64 basis point increase from the fourth quarter of 2011 and a seven basis point increase from the third quarter of 2012. The increase in the net interest margin was primarily attributable to changes in the earning asset mix, lower deposit and borrowing rates paid, and 12 basis points of accretion related to the Highlands acquisition.
Non-interest Income
Fourth quarter non-interest income was $6.5 million, a $3.7 million decrease from the fourth quarter of 2011 and a $1.3 million decrease from the third quarter of 2012. The decrease from the fourth quarter of 2011 was primarily attributable to a gain on the sale of available for sale securities in the 2011 period, with no comparable gain in the 2012 period. Additionally, net gain on the sale of mortgage loans decreased due to the sale of ViewPoint Mortgage ("VPM").
Non-interest Expenses
Fourth quarter non-interest expense was $21.7 million, a $2.2 million increase from the fourth quarter of 2011 and a $495,000 increase from the third quarter of 2012. During 2012, we added experienced staff through the Highlands acquisition, as well as new hires, which increased salary and benefits expense. This increase was partially offset by salary and benefits savings resulting from the sale of VPM. During the fourth quarter of 2012, the Company continued its growth strategy by adding high level revenue producers in lending and treasury management, increasing its performance-based compensation resulting from improvements in all performance metrics, and improving our franchise by investing in marketing, branding awareness and technology.
Financial Condition
Total loans held for investment increased by $462.7 million, or 38%, from December 31, 2011, reflecting a 2% increase from the linked quarter. Loans held for sale increased by $226.4 million, or 27%, from December 31, 2011, reflecting a 5% increase from the linked quarter. $239.8 million of the increase in loans held for investment was due to organic growth, while $222.9 million was due to the Highlands acquisition. Compared to December 31, 2011, commercial real estate loans increased by $254.6 million, or 44%, reflecting a 6% increase from the linked quarter, while commercial and industrial loans increased by $207.9 million, or 294%, reflecting a 10% increase from the linked quarter. Commercial real estate and commercial and industrial loans increased a combined 7% from the linked quarter.
Total deposits increased by $214.3 million, or 11%, to $2.18 billion at December 31, 2012, from $1.96 billion at December 31, 2011, including $378.4 million in deposits acquired from Highlands. On a linked quarter basis, deposits declined by $15.1 million, or 1%. The decline in time deposits resulted from a pricing strategy designed to reduce our time deposit rates and improve our net interest margin and was partially offset by growth in non-interest-bearing demand accounts.
Total shareholders' equity increased by $114.6 million, or 28%, to $520.9 million at December 31, 2012, from $406.3 million at December 31, 2011, primarily due to the Highlands acquisition. The Company's tangible common equity ratio was 13.48% at December 31, 2012, an increase of 74 basis points from December 31, 2011, and an increase of three basis points from September 30, 2012.
Credit Quality
|
| | | | | | | | | | | |
| | At or For the Quarters Ended |
| | December | | September | | December |
| (unaudited) | 2012 | | 2012 | | 2011 |
| | (Dollars in thousands) |
| Net charge-offs | $ | 1,767 |
| | $ | 208 |
| | $ | 277 |
|
| Net charge-offs/Average loans held for investment | 0.43 | % | | 0.05 | % | | 0.10 | % |
| Provision (credit) for loan losses | $ | (17 | ) | | $ | 814 |
| | $ | 1,229 |
|
| Non-performing loans ("NPLs") | 27,203 |
| | 28,081 |
| | 23,098 |
|
NPLs/Total loans held for investment 1 | 1.61 | % | | 1.70 | % | | 1.88 | % |
| Non-performing assets ("NPAs") | $ | 29,104 |
| | $ | 31,931 |
| | $ | 25,391 |
|
| NPAs/Total assets | 0.79 | % | | 0.88 | % | | 0.80 | % |
| NPAs/Loans held for investment and foreclosed assets | 1.72 |
| | 1.93 |
| | 2.06 |
|
| Allowance for loan losses | $ | 18,051 |
| | $ | 19,835 |
| | $ | 17,487 |
|
Allowance for loan losses/Total loans held for investment 1 | 1.07 | % | | 1.20 | % | | 1.42 | % |
Allowance for loan losses/Total loans held for investment excluding acquired loans 2 | 1.23 |
| | 1.41 |
| | 1.42 |
|
Allowance for loan losses/NPLs 1 | 66.36 |
| | 70.63 |
| | 75.71 |
|
1 The December and September 2012 periods reflect the impact of loans acquired in the Highlands acquisition, which were initially recorded at fair value, with no allocated allowance for loan losses.
2 Total loans held for investment for the December and September 2012 periods exclude loans acquired from Highlands, which were initially recorded at fair value.
Our non-performing loans to total loans ratio at December 31, 2012, was 1.61%, compared to 1.88% at December 31, 2011, and 1.70% at September 30, 2012. Non-performing loans increased by $4.1 million to $27.2 million at December 31, 2012, from $23.1 million at December 31, 2011. Of the $27.2 million, $5.4 million consisted of loans acquired from Highlands, including three commercial lines of credit totaling $2.8 million. Non-performing loans decreased by $878,000 from September 30, 2012, primarily due to a $3.0 million improvement in commercial real estate non-performing loans.
Net charge-offs totaled $1.8 million for the fourth quarter of 2012, compared to $277,000 for the fourth quarter of 2011 and $208,000 for the third quarter of 2012. Of the $1.8 million, $1.1 million was related to loans acquired from Highlands (initially recorded at fair value), which had additional credit deterioration after acquisition. We feel our credit quality has improved due to continued improvement in economic conditions in our market areas, enhancements in loan underwriting and oversight, as well as the addition of highly experienced lending staff over the past year, both through the Highlands acquisition and new hires.
Subsequent Events
The Company is required under generally accepted accounting principles to evaluate subsequent events through the filing of its consolidated financial statements for the year ended December 31, 2012, on Form 10-K. As a result, the Company will continue to evaluate the impact of any subsequent events on critical accounting assumptions and estimates made as of December 31, 2012, and will adjust amounts preliminarily reported, if necessary.
Conference Call
The Company will also host an investor conference call to review these results on Friday, February 8, 2013, at 10 a.m. Central Time. Participants are asked to call (toll-free) 1-888-317-6016 at least five minutes prior to the call. International participants are asked to call 1-412-317-6016 and participants in Canada are asked to call (toll-free) 1-855-669-9657. The call and corresponding presentation slides will be webcast live on the home page of the Company's website, www.viewpointfinancialgroup.com. An audio replay will be available one hour after the conclusion of the call at
1-877-344-7529, Conference #10023601. This replay, as well as the webcast, will be available until the Company's next quarterly webcast/conference call.
About ViewPoint Financial Group, Inc.
ViewPoint Financial Group, Inc. is the holding company for ViewPoint Bank, N.A. ViewPoint Bank, N.A. operates 31 community bank offices, including two First National Bank of Jacksboro locations in Jack and Wise Counties. For more information, please visit www.viewpointbank.com or www.viewpointfinancialgroup.com.
When used in filings by the Company with the Securities and Exchange Commission (the “SEC”) in the Company's press releases or other public or shareholder communications, and in oral statements made with the approval of an authorized executive officer, the words or phrases “will likely result,” “are expected to,” “will continue,” “is anticipated,” “estimate,” “project,” “intends” or similar expressions are intended to identify “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, including, among other things: changes in economic conditions; legislative changes; changes in policies by regulatory agencies; fluctuations in interest rates; the risks of lending and investing activities, including changes in the level and direction of loan delinquencies and write-offs and changes in estimates of the adequacy of the allowance for loan losses; the Company's ability to access cost-effective funding; fluctuations in real estate values and both residential and commercial real estate market conditions; demand for loans and deposits in the Company's market area; the industry-wide decline in mortgage production; competition; changes in management's business strategies; our ability to successfully integrate any assets, liabilities, customers, systems and management personnel we have acquired or may acquire into our operations and our ability to realize related revenue synergies and cost savings within expected time frames and any goodwill charges related thereto; and other factors set forth under Risk Factors in the Company's Form 10-K that could cause actual results to differ materially from historical earnings and those presently anticipated or projected. The factors listed above could materially affect the Company's financial performance and could cause the Company's actual results for future periods to differ materially from any opinions or statements expressed with respect to future periods in any current statements.
The Company does not undertake - and specifically declines any obligation - to publicly release the result of any revisions that may be made to any forward-looking statements to reflect events or circumstances occurring after the date of such statements.
Consolidated Balance Sheets |
| | | | | | | | | | | | | | | | | | | |
| | December 31, 2012 | | September 30, 2012 | | June 30, 2012 | | March 31, 2012 | | December 31, 2011 |
| | (Dollars in thousands) |
| ASSETS | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) | | |
| Cash and due from financial institutions | $ | 34,227 |
| | $ | 24,429 |
| | $ | 30,407 |
| | $ | 16,507 |
| | $ | 16,661 |
|
| Short-term interest-bearing deposits in other financial institutions | 34,469 |
| | 36,301 |
| | 39,571 |
| | 28,000 |
| | 29,687 |
|
| Total cash and cash equivalents | 68,696 |
| | 60,730 |
| | 69,978 |
| | 44,507 |
| | 46,348 |
|
| Securities available for sale, at fair value | 287,034 |
| | 316,780 |
| | 467,515 |
| | 411,515 |
| | 433,745 |
|
| Securities held to maturity | 360,554 |
| | 396,437 |
| | 430,368 |
| | 465,957 |
| | 500,488 |
|
| Total securities | 647,588 |
| | 713,217 |
| | 897,883 |
| | 877,472 |
| | 934,233 |
|
| Loans held for sale | 1,060,720 |
| | 1,014,445 |
| | 925,637 |
| | 734,408 |
| | 834,352 |
|
| Loans held for investment | 1,690,769 |
| | 1,651,639 |
| | 1,600,556 |
| | 1,256,113 |
| | 1,228,028 |
|
| Gross loans | 2,751,489 |
| | 2,666,084 |
| | 2,526,193 |
| | 1,990,521 |
| | 2,062,380 |
|
| Less: allowance for loan losses and deferred fees on loans held for investment | (17,565 | ) | | (19,719 | ) | | (18,822 | ) | | (17,627 | ) | | (16,971 | ) |
| Net loans | 2,733,924 |
| | 2,646,365 |
| | 2,507,371 |
| | 1,972,894 |
| | 2,045,409 |
|
| FHLB and Federal Reserve Bank stock, at cost | 45,025 |
| | 43,383 |
| | 45,241 |
| | 32,924 |
| | 37,590 |
|
| Bank-owned life insurance | 34,916 |
| | 34,701 |
| | 34,491 |
| | 29,116 |
| | 29,007 |
|
| Premises and equipment, net | 53,160 |
| | 53,348 |
| | 53,725 |
| | 49,721 |
| | 50,261 |
|
| Goodwill | 29,650 |
| | 29,650 |
| | 29,203 |
| | 818 |
| | 818 |
|
| Other assets | 50,099 |
| | 54,639 |
| | 54,964 |
| | 33,660 |
| | 36,912 |
|
| Total assets | $ | 3,663,058 |
| | $ | 3,636,033 |
| | $ | 3,692,856 |
| | $ | 3,041,112 |
| | $ | 3,180,578 |
|
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | | | | | | |
|
| Non-interest-bearing demand | $ | 357,800 |
| | $ | 349,880 |
| | $ | 342,228 |
| | $ | 231,768 |
| | $ | 211,670 |
|
| Interest-bearing demand | 488,748 |
| | 471,672 |
| | 509,650 |
| | 488,807 |
| | 498,253 |
|
| Savings and money market | 880,924 |
| | 897,515 |
| | 885,550 |
| | 762,089 |
| | 759,576 |
|
| Time | 450,334 |
| | 473,834 |
| | 491,978 |
| | 450,955 |
| | 493,992 |
|
| Total deposits | 2,177,806 |
| | 2,192,901 |
| | 2,229,406 |
| | 1,933,619 |
| | 1,963,491 |
|
| FHLB advances | 892,208 |
| | 852,168 |
| | 875,102 |
| | 632,512 |
| | 746,398 |
|
| Repurchase agreement and other borrowings | 25,000 |
| | 25,000 |
| | 38,682 |
| | 25,000 |
| | 25,000 |
|
| Accrued expenses and other liabilities | 47,173 |
| | 49,611 |
| | 44,091 |
| | 37,376 |
| | 39,380 |
|
| Total liabilities | 3,142,187 |
| | 3,119,680 |
| | 3,187,281 |
| | 2,628,507 |
| | 2,774,269 |
|
| | | | | | | | | | |
| Shareholders’ equity | |
| | | | | | | | |
| Common stock | 396 |
| | 396 |
| | 393 |
| | 337 |
| | 337 |
|
| Additional paid-in capital | 372,168 |
| | 369,904 |
| | 367,938 |
| | 280,139 |
| | 279,473 |
|
| Retained earnings | 164,328 |
| | 161,887 |
| | 153,722 |
| | 149,585 |
| | 144,535 |
|
| Accumulated other comprehensive income, net | 1,895 |
| | 2,449 |
| | 2,171 |
| | 1,560 |
| | 1,347 |
|
| Unearned Employee Stock Ownership Plan (ESOP) shares | (17,916 | ) | | (18,283 | ) | | (18,649 | ) | | (19,016 | ) | | (19,383 | ) |
| Total shareholders’ equity | 520,871 |
| | 516,353 |
| | 505,575 |
| | 412,605 |
| | 406,309 |
|
| Total liabilities and shareholders’ equity | $ | 3,663,058 |
| | $ | 3,636,033 |
| | $ | 3,692,856 |
| | $ | 3,041,112 |
| | $ | 3,180,578 |
|
Consolidated Statements of Income
|
| | | | | | | | | | | |
| | Year Ended |
| | December 31, |
| | 2012 | | 2011 | | 2010 |
| | (Dollars in thousands, except share and per share data) |
| Interest and dividend income | (unaudited) | | | | |
| Loans, including fees | $ | 120,596 |
| | $ | 88,238 |
| | $ | 88,550 |
|
| Taxable securities | 14,850 |
| | 25,830 |
| | 24,837 |
|
| Nontaxable securities | 1,891 |
| | 1,892 |
| | 1,528 |
|
| Interest-bearing deposits in other financial institutions | 117 |
| | 170 |
| | 402 |
|
| FHLB and Federal Reserve Bank stock | 538 |
| | 94 |
| | 68 |
|
| | 137,992 |
| | 116,224 |
| | 115,385 |
|
| Interest expense | | | | | |
| Deposits | 11,453 |
| | 22,474 |
| | 31,015 |
|
| FHLB advances | 9,807 |
| | 9,882 |
| | 11,723 |
|
| Repurchase agreement | 876 |
| | 816 |
| | 816 |
|
| Other borrowings | 33 |
| | 474 |
| | 599 |
|
| | 22,169 |
| | 33,646 |
| | 44,153 |
|
| Net interest income | 115,823 |
| | 82,578 |
| | 71,232 |
|
| Provision for loan losses | 3,139 |
| | 3,970 |
| | 5,119 |
|
| Net interest income after provision for loan losses | 112,684 |
| | 78,608 |
| | 66,113 |
|
| Non-interest income | | | | | |
| Service charges and fees | 19,512 |
| | 18,556 |
| | 18,505 |
|
| Other charges and fees | 579 |
| | 723 |
| | 711 |
|
| Net gain on sale of mortgage loans | 5,436 |
| | 7,639 |
| | 13,041 |
|
| Bank-owned life insurance income | 699 |
| | 506 |
| | 384 |
|
| Gain on sale of available for sale securities | 1,014 |
| | 6,268 |
| | — |
|
| Loss on sale and disposition of assets | (191 | ) | | (798 | ) | | (365 | ) |
| Impairment of goodwill | (818 | ) | | (271 | ) | | — |
|
| Other | 3,325 |
| | 1,925 |
| | 1,188 |
|
| | 29,556 |
| | 34,548 |
| | 33,464 |
|
| Non-interest expense | | | | | |
| Salaries and employee benefits | 51,719 |
| | 47,360 |
| | 46,203 |
|
| Acquisition costs | 4,127 |
| | — |
| | — |
|
| Advertising | 1,753 |
| | 1,519 |
| | 1,285 |
|
| Occupancy and equipment | 7,365 |
| | 5,966 |
| | 5,907 |
|
| Outside professional services | 2,320 |
| | 2,644 |
| | 2,369 |
|
| Regulatory assessments | 2,534 |
| | 2,401 |
| | 3,235 |
|
| Data processing | 6,109 |
| | 4,648 |
| | 4,232 |
|
| Office operations | 7,144 |
| | 5,972 |
| | 5,790 |
|
| Other | 4,619 |
| | 4,730 |
| | 4,125 |
|
| | 87,690 |
| | 75,240 |
| | 73,146 |
|
| Income before income tax expense | 54,550 |
| | 37,916 |
| | 26,431 |
|
| Income tax expense | 19,309 |
| | 11,588 |
| | 8,632 |
|
| Net income | $ | 35,241 |
| | $ | 26,328 |
| | $ | 17,799 |
|
| Weighted average common shares outstanding- basic | 35,879,704 |
| | 32,219,841 |
| | 30,128,985 |
|
|
| | | | | | | | | | | |
| Weighted average common shares outstanding- diluted | 35,998,345 |
| | 32,283,107 |
| | 30,131,960 |
|
| Per share information: | | | | | |
| Basic | $ | 0.98 |
| | $ | 0.81 |
| | $ | 0.59 |
|
| Diluted | 0.98 |
| | 0.81 |
| | 0.59 |
|
| Cash dividends declared per share | 0.40 |
| 1 | 0.20 |
| | 0.16 |
|
1 Five dividends were paid in 2012, including the $0.10 per share prepayment of the dividend for the first quarter of 2013
Consolidated Quarterly Statements of Income (unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | For the Quarters Ended | | Fourth Quarter 2012 Compared to: |
| | Dec 31, 2012 | | Sep 30, 2012 | | Jun 30, 2012 | | Mar 31, 2012 | | Dec 31, 2011 | | Third Quarter 2012 | Fourth Quarter 2011 |
| Interest and dividend income | (Dollars in thousands) |
| Loans, including fees | $ | 33,247 |
| | $ | 32,739 |
| | $ | 30,290 |
| | $ | 24,320 |
| | $ | 25,106 |
| | $ | 508 |
| 1.6 | % | $ | 8,141 |
| 32.4 | % |
| Taxable securities | 2,591 |
| | 3,616 |
| | 4,185 |
| | 4,458 |
| | 5,690 |
| | (1,025 | ) | (28.3 | ) | (3,099 | ) | (54.5 | ) |
| Nontaxable securities | 472 |
| | 473 |
| | 473 |
| | 473 |
| | 473 |
| | (1 | ) | (0.2 | ) | (1 | ) | (0.2 | ) |
| Interest-bearing deposits in other financial institutions | 31 |
| | 29 |
| | 38 |
| | 19 |
| | 26 |
| | 2 |
| 6.9 |
| 5 |
| 19.2 |
|
| FHLB and Federal Reserve Bank stock | 140 |
| | 151 |
| | 141 |
| | 106 |
| | 42 |
| | (11 | ) | (7.3 | ) | 98 |
| 233.3 |
|
| | 36,481 |
| | 37,008 |
| | 35,127 |
| | 29,376 |
| | 31,337 |
| | (527 | ) | (1.4 | ) | 5,144 |
| 16.4 |
|
| Interest expense | | | | | | | | | | | | |
|
|
| Deposits | 2,321 |
| | 2,656 |
| | 3,247 |
| | 3,229 |
| | 4,429 |
| | (335 | ) | (12.6 | ) | (2,108 | ) | (47.6 | ) |
| FHLB advances | 2,423 |
| | 2,515 |
| | 2,415 |
| | 2,454 |
| | 2,522 |
| | (92 | ) | (3.7 | ) | (99 | ) | (3.9 | ) |
| Repurchase agreement | 205 |
| | 217 |
| | 251 |
| | 203 |
| | 205 |
| | (12 | ) | (5.5 | ) | — |
| — |
|
| Other borrowings | 4 |
| | 1 |
| | 28 |
| | — |
| | 24 |
| | 3 |
| 300.0 |
| (20 | ) | (83.3 | ) |
| | 4,953 |
| | 5,389 |
| | 5,941 |
| | 5,886 |
| | 7,180 |
| | (436 | ) | (8.1 | ) | (2,227 | ) | (31.0 | ) |
| Net interest income | 31,528 |
| | 31,619 |
| | 29,186 |
| | 23,490 |
| | 24,157 |
| | (91 | ) | (0.3 | ) | 7,371 |
| 30.5 |
|
| Provision (credit) for loan losses | (17 | ) | | 814 |
| | 1,447 |
| | 895 |
| | 1,229 |
| | (831 | ) | (102.1 | ) | (1,246 | ) | (101.4 | ) |
| Net interest income after provision for loan losses | 31,545 |
| | 30,805 |
| | 27,739 |
| | 22,595 |
| | 22,928 |
| | 740 |
| 2.4 |
| 8,617 |
| 37.6 |
|
| Non-interest income | | | | | | | | | | | | | | |
| Service charges and fees | 5,562 |
| | 4,885 |
| | 4,827 |
| | 4,238 |
| | 4,529 |
| | 677 |
| 13.9 |
| 1,033 |
| 22.8 |
|
| Other charges and fees | 142 |
| | 144 |
| | 165 |
| | 128 |
| | 179 |
| | (2 | ) | (1.4 | ) | (37 | ) | (20.7 | ) |
| Net gain on sale of mortgage loans | — |
| | 1,030 |
| | 2,174 |
| | 2,232 |
| | 2,101 |
| | (1,030 | ) | (100.0 | ) | (2,101 | ) | (100.0 | ) |
| Bank-owned life insurance income | 216 |
| | 210 |
| | 165 |
| | 109 |
| | 103 |
| | 6 |
| 2.9 |
| 113 |
| 109.7 |
|
| Gain on sale of available for sale securities | — |
| | 898 |
| | 116 |
| | — |
| | 2,853 |
| | (898 | ) | (100.0 | ) | (2,853 | ) | (100.0 | ) |
| Gain (loss) on sale and disposition of assets | (241 | ) | | 187 |
| | (56 | ) | | (81 | ) | | (49 | ) | | (428 | ) | (228.9 | ) | (192 | ) | 391.8 |
|
| Impairment of goodwill | — |
| | — |
| | (818 | ) | | — |
| | — |
| | — |
| — |
| — |
| — |
|
| Other | 815 |
| | 465 |
| | 1,940 |
| | 104 |
| | 522 |
| | 350 |
| 75.3 |
| 293 |
| 56.1 |
|
| | 6,494 |
| | 7,819 |
| | 8,513 |
| | 6,730 |
| | 10,238 |
| | (1,325 | ) | (16.9 | ) | (3,744 | ) | (36.6 | ) |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Non-interest expense | | | | | | | | | | | | | | |
| Salaries and employee benefits | 13,200 |
| | 12,685 |
| | 14,110 |
| | 11,724 |
| | 12,213 |
| | 515 |
| 4.1 |
| 987 |
| 8.1 |
|
| Acquisition costs | — |
| | 242 |
| | 3,741 |
| | 144 |
| | — |
| | (242 | ) | (100.0 | ) | — |
| — |
|
| Advertising | 599 |
| | 379 |
| | 490 |
| | 285 |
| | 302 |
| | 220 |
| 58.0 |
| 297 |
| 98.3 |
|
| Occupancy and equipment | 1,934 |
| | 2,009 |
| | 1,952 |
| | 1,470 |
| | 1,633 |
| | (75 | ) | (3.7 | ) | 301 |
| 18.4 |
|
| Outside professional services | 568 |
| | 578 |
| | 691 |
| | 483 |
| | 518 |
| | (10 | ) | (1.7 | ) | 50 |
| 9.7 |
|
| Regulatory assessments | 661 |
| | 668 |
| | 624 |
| | 581 |
| | 535 |
| | (7 | ) | (1.0 | ) | 126 |
| 23.6 |
|
| Data processing | 1,717 |
| | 1,530 |
| | 1,617 |
| | 1,245 |
| | 1,282 |
| | 187 |
| 12.2 |
| 435 |
| 33.9 |
|
| Office operations | 1,831 |
| | 1,834 |
| | 1,934 |
| | 1,545 |
| | 1,520 |
| | (3 | ) | (0.2 | ) | 311 |
| 20.5 |
|
| Other | 1,195 |
| | 1,285 |
| | 1,164 |
| | 975 |
| | 1,541 |
| | (90 | ) | (7.0 | ) | (346 | ) | (22.5 | ) |
| | 21,705 |
| | 21,210 |
| | 26,323 |
| | 18,452 |
| | 19,544 |
| | 495 |
| 2.3 |
| 2,161 |
| 11.1 |
|
| Income before income tax expense | 16,334 |
| | 17,414 |
| | 9,929 |
| | 10,873 |
| | 13,622 |
| | (1,080 | ) | (6.2 | ) | 2,712 |
| 19.9 |
|
| Income tax expense | 5,973 |
| | 6,098 |
| | 3,437 |
| | 3,801 |
| | 3,848 |
| | (125 | ) | (2.0 | ) | 2,125 |
| 55.2 |
|
| Net income | $ | 10,361 |
| | $ | 11,316 |
| | $ | 6,492 |
| | $ | 7,072 |
| | $ | 9,774 |
| | $ | (955 | ) | (8.4 | )% | 587 |
| 6.0 | % |
Selected Financial Highlights (unaudited) |
| | | | | | | | | | | | | | | | | | | |
| | At Or For The Quarters Ended | | At or For the Years Ended |
| | December | | September | | December | | December | | December |
| | 2012 | | 2012 | | 2011 | | 2012 | | 2011 |
| | (Dollars in thousands, except share and per share amounts) |
| SHARE DATA: | | | | | | | | | |
| Basic earnings per common share | $ | 0.28 |
| | $ | 0.30 |
| | $ | 0.31 |
| | $ | 0.98 |
| | $ | 0.81 |
|
| Diluted earnings per common share | $ | 0.27 |
| | $ | 0.30 |
| | $ | 0.31 |
| | $ | 0.98 |
| | $ | 0.81 |
|
| Dividends declared per share | $ | 0.20 |
| 1 | $ | 0.08 |
| | $ | 0.05 |
| | $ | 0.40 |
| | $ | 0.20 |
|
| Total shareholders' equity | $ | 520,871 |
| | $ | 516,353 |
| | $ | 406,309 |
| | $ | 520,871 |
| | $ | 406,309 |
|
| Common shareholders' equity per share (book value per share) | $ | 13.15 |
| | $ | 13.05 |
| | $ | 12.06 |
| | $ | 13.15 |
| | $ | 12.06 |
|
Tangible book value per share- Non-GAAP2 | $ | 12.36 |
| | $ | 12.25 |
| | $ | 12.02 |
| | $ | 12.36 |
| | $ | 12.02 |
|
| Market value per share for the quarter: | | | | | | | | | |
| High | $ | 21.80 |
| | $ | 19.50 |
| | $ | 13.29 |
| | $ | 21.80 |
| | $ | 13.29 |
|
| Low | $ | 19.30 |
| | $ | 15.88 |
| | $ | 11.16 |
| | $ | 19.30 |
| | $ | 11.16 |
|
| Close | $ | 20.94 |
| | $ | 19.17 |
| | $ | 13.01 |
| | $ | 20.94 |
| | $ | 13.01 |
|
| Shares outstanding at end of period | 39,612,911 |
| | 39,579,667 |
| | 33,700,399 |
| | 39,612,911 |
| | 33,700,399 |
|
| Weighted average common shares outstanding- basic | 37,460,539 |
| | 37,362,535 |
| | 31,617,219 |
| | 35,879,704 |
| | 32,219,841 |
|
| Weighted average common shares outstanding- diluted | 37,592,618 |
| | 37,466,031 |
| | 31,681,326 |
| | 35,998,345 |
| | 32,283,107 |
|
| KEY RATIOS: | | | | | | | | | |
| Return on average common shareholders' equity | 7.96 | % | | 8.82 | % | | 9.63 | % | | 7.23 | % | | 6.45 | % |
| Return on average assets | 1.17 |
| | 1.25 |
| | 1.22 |
| | 1.04 |
| | 0.89 |
|
Efficiency ratio3 | 57.31 |
| | 55.37 |
| | 62.27 |
| | 61.32 |
| | 67.81 |
|
Estimated Tier 1 risk-based capital ratio4 | 21.67 |
| | 22.16 |
| | 24.40 |
| | 21.67 |
| | 24.40 |
|
Estimated total risk-based capital ratio4 | 22.47 |
| | 23.08 |
| | 25.46 |
| | 22.47 |
| | 25.46 |
|
Estimated Tier 1 leverage ratio4 | 13.97 |
| | 13.54 |
| | 12.58 |
| | 13.97 |
| | 12.58 |
|
Tangible equity to tangible assets- Non-GAAP2 | 13.48 |
| | 13.45 |
| | 12.74 |
| | 13.48 |
| | 12.74 |
|
| Number of employees- full-time equivalent | 557 |
| | 555 |
| | 584 |
| | 557 |
| | 584 |
|
1 Two dividend payments of $0.10 each
2 See the section labeled "Supplemental Information- Non-GAAP Financial Measures" at the end of this document.
3 Calculated by dividing total non-interest expense by net interest income plus non-interest income, excluding gain (loss) on foreclosed assets, impairment of goodwill, gains from securities transactions and other non-recurring items.
4 Calculated at the ViewPoint Financial Group, Inc. level, which is subject to the capital adequacy requirements of the Federal Reserve.
|
| | | | | | | | | | | | | | | | | | | |
| | Ending Balances at |
| | December 31, 2012 | | September 30, 2012 | | June 30, 2012 | | March 31, 2012 | | December 31, 2011 |
|
| Loans: | (Dollars in thousands) |
| Loans held for sale | $ | 1,060,720 |
| | $ | 1,014,445 |
| | $ | 925,637 |
| | $ | 734,408 |
| | $ | 834,352 |
|
| Commercial real estate | 839,908 |
| | 794,619 |
| | 760,609 |
| | 624,057 |
| | 585,328 |
|
| Commercial and industrial loans: | | | | | | | | | |
| Commercial | 245,799 |
| | 226,391 |
| | 180,706 |
| | 51,244 |
| | 54,479 |
|
| Warehouse lines of credit | 32,726 |
| | 25,936 |
| | 16,965 |
| | 19,072 |
| | 16,141 |
|
|
| | | | | | | | | | | | | | | | | | | |
| Total commercial and industrial loans | 278,525 |
| | 252,327 |
| | 197,671 |
| | 70,316 |
| | 70,620 |
|
| Consumer: | | | | | | | | | |
| One- to four-family real estate | 378,255 |
| | 400,951 |
| | 435,486 |
| | 372,070 |
| | 379,944 |
|
| Home equity/home improvement | 135,001 |
| | 141,152 |
| | 144,147 |
| | 139,339 |
| | 140,966 |
|
| Other consumer loans | 59,080 |
| | 62,590 |
| | 62,643 |
| | 50,331 |
| | 51,170 |
|
| Total consumer | 572,336 |
| | 604,693 |
| | 642,276 |
| | 561,740 |
| | 572,080 |
|
| Gross loans held for investment | 1,690,769 |
| | 1,651,639 |
| | 1,600,556 |
| | 1,256,113 |
| | 1,228,028 |
|
| Gross loans | $ | 2,751,489 |
| | $ | 2,666,084 |
| | $ | 2,526,193 |
| | $ | 1,990,521 |
| | $ | 2,062,380 |
|
| Non-performing assets: | | | | | | | | | |
| Commercial real estate | $ | 13,609 |
| | $ | 16,572 |
| | $ | 16,378 |
| | $ | 15,774 |
| | $ | 16,076 |
|
| Commercial and industrial | 5,401 |
| | 4,597 |
| | 873 |
| | 467 |
| | 430 |
|
| One- to four-family real estate | 6,854 |
| | 5,142 |
| | 4,158 |
| | 4,987 |
| | 5,340 |
|
| Home equity/home improvement | 1,077 |
| | 1,519 |
| | 1,112 |
| | 1,170 |
| | 1,226 |
|
| Other consumer loans | 262 |
| | 251 |
| | 36 |
| | 29 |
| | 26 |
|
| Total non-performing loans | 27,203 |
| | 28,081 |
| | 22,557 |
| | 22,427 |
| | 23,098 |
|
| Foreclosed assets | 1,901 |
| | 3,850 |
| | 3,323 |
| | 2,021 |
| | 2,293 |
|
| Total non-performing assets | $ | 29,104 |
| | $ | 31,931 |
| | $ | 25,880 |
| | $ | 24,448 |
| | $ | 25,391 |
|
| Total non-performing assets to total assets | 0.79 | % | | 0.88 | % | | 0.70 | % | | 0.80 | % | | 0.80 | % |
| Total non-performing loans to total loans held for investment | 1.61 | % | | 1.70 | % | | 1.41 | % | | 1.79 | % | | 1.88 | % |
| Allowance for loan losses to non-performing loans | 66.36 | % | | 70.63 | % | | 85.25 | % | | 80.36 | % | | 75.71 | % |
| Allowance for loan losses to total loans held for investment | 1.07 | % | | 1.20 | % | | 1.20 | % | | 1.43 | % | | 1.42 | % |
| Allowance for loan losses to total loans held for investment excluding acquired loans | 1.23 | % | | 1.41 | % | | 1.47 | % | | 1.43 | % | | 1.42 | % |
| Troubled debt restructured loans ("TDRs"): | | | | | | | | | |
| Performing TDRs: | | | | | | | | | |
| Commercial real estate | $ | 3,384 |
| | $ | 3,087 |
| | $ | 3,087 |
| | $ | 3,087 |
| | $ | 2,860 |
|
| Commercial and industrial | 207 |
| | 213 |
| | 20 |
| | 21 |
| | 26 |
|
| One- to four-family real estate | 509 |
| | 682 |
| | 498 |
| | 374 |
| | 136 |
|
| Home equity/home improvement | 49 |
| | 106 |
| | 45 |
| | 106 |
| | 107 |
|
| Other consumer loans | 67 |
| | 88 |
| | 107 |
| | 121 |
| | 142 |
|
| Total performing TDRs | $ | 4,216 |
| | $ | 4,176 |
| | $ | 3,757 |
| | $ | 3,709 |
| | $ | 3,271 |
|
| Non-performing TDRs: | | | | | | | | | |
| Commercial real estate | $ | 11,218 |
| | $ | 8,849 |
| | $ | 8,952 |
| | $ | 9,063 |
| | $ | 9,266 |
|
| Commercial and industrial | 102 |
| | 105 |
| | 281 |
| | 287 |
| | 212 |
|
| One- to four-family real estate | 1,951 |
| | 1,709 |
| | 1,103 |
| | 1,093 |
| | 843 |
|
| Home equity/home improvement | 284 |
| | 234 |
| | 75 |
| | 77 |
| | 81 |
|
| Other consumer loans | 205 |
| | 88 |
| | — |
| | 13 |
| | 18 |
|
| Total non-performing TDRs | $ | 13,760 |
| | $ | 10,985 |
| | $ | 10,411 |
| | $ | 10,533 |
| | $ | 10,420 |
|
| Allowance for loan losses: | | | | | | | | | |
| Balance at beginning of period | $ | 19,835 |
| | $ | 19,229 |
| | $ | 18,023 |
| | $ | 17,487 |
| | $ | 16,535 |
|
| Provision expense (credit) | (17 | ) | | 814 |
| | 1,447 |
| | 895 |
| | 1,229 |
|
| Charge-offs | (1,936 | ) | | (412 | ) | | (358 | ) | | (496 | ) | | (408 | ) |
| Recoveries | 169 |
| | 204 |
| | 117 |
| | 137 |
| | 131 |
|
| Balance at end of period | $ | 18,051 |
| | $ | 19,835 |
| | $ | 19,229 |
| | $ | 18,023 |
| | $ | 17,487 |
|
|
| | | | | | | | | | | | | | | | | | | |
| Net charge-offs (recoveries) | | | | | | | | | |
| Commercial real estate | $ | 185 |
| | $ | 2 |
| | $ | — |
| | $ | — |
| | $ | — |
|
| Commercial and industrial | 893 |
| | (31 | ) | | 10 |
| | 192 |
| | (18 | ) |
| One- to four-family real estate | 324 |
| | 15 |
| | 57 |
| | 77 |
| | 161 |
|
| Home equity/home improvement | 113 |
| | 79 |
| | 63 |
| | — |
| | 72 |
|
| Other consumer loans | 252 |
| | 143 |
| | 111 |
| | 90 |
| | 62 |
|
| Total net charge-offs | $ | 1,767 |
| | $ | 208 |
| | $ | 241 |
| | $ | 359 |
| | $ | 277 |
|
| | | | | | | | | | |
Average Balances and Yields/Rates (unaudited)
|
| | | | | | | | | | | | | | | | | | | |
| | For the Quarters Ended |
| | December 31, 2012 | | September 30, 2012 | | June 30, 2012 | | March 31, 2012 | | December 31, 2011 |
| Loans: | (Dollars in thousands) |
| Commercial real estate | $ | 805,362 |
| | $ | 762,521 |
| | $ | 724,775 |
| | $ | 582,710 |
| | $ | 556,909 |
|
| Commercial and industrial loans: | | | | | | | | | |
| Commercial | 251,447 |
| | 183,870 |
| | 169,567 |
| | 53,654 |
| | 46,130 |
|
| Warehouse lines of credit | 26,072 |
| | 22,639 |
| | 16,013 |
| | 15,865 |
| | 5,796 |
|
| One- to four-family real estate | 386,424 |
| | 407,216 |
| | 430,696 |
| | 371,257 |
| | 377,106 |
|
| Home equity/home improvement | 137,789 |
| | 143,125 |
| | 145,095 |
| | 140,754 |
| | 140,000 |
|
| Other consumer loans | 60,435 |
| | 63,142 |
| | 62,192 |
| | 50,635 |
| | 51,225 |
|
| Loans held for sale | 908,603 |
| | 886,743 |
| | 681,095 |
| | 661,688 |
| | 736,745 |
|
| Less: deferred fees and allowance for loan loss | (19,326 | ) | | (19,113 | ) | | (17,803 | ) | | (16,812 | ) | | (16,155 | ) |
| Loans receivable | 2,556,806 |
| | 2,450,143 |
| | 2,211,630 |
| | 1,859,751 |
| | 1,897,756 |
|
| Securities | 734,598 |
| | 914,818 |
| | 976,611 |
| | 950,906 |
| | 1,147,794 |
|
| Overnight deposits | 50,556 |
| | 49,740 |
| | 33,241 |
| | 33,809 |
| | 43,787 |
|
| Total interest-earning assets | $ | 3,341,960 |
| | $ | 3,414,701 |
| | $ | 3,221,482 |
| | $ | 2,844,466 |
| | $ | 3,089,337 |
|
| Deposits: | | | | | | | | | |
| Interest-bearing demand | $ | 463,465 |
| | $ | 474,342 |
| | $ | 505,569 |
| | $ | 473,687 |
| | $ | 485,897 |
|
| Savings and money market | 888,410 |
| | 894,916 |
| | 892,844 |
| | 759,590 |
| | 758,191 |
|
| Time | 469,772 |
| | 476,666 |
| | 529,928 |
| | 472,097 |
| | 559,169 |
|
| FHLB advances and other borrowings | 770,627 |
| | 863,949 |
| | 626,055 |
| | 610,255 |
| | 750,202 |
|
| Total interest-bearing liabilities | $ | 2,592,274 |
| | $ | 2,709,873 |
| | $ | 2,554,396 |
| | $ | 2,315,629 |
| | $ | 2,553,459 |
|
| | | | | | | | | | |
| Total assets | $ | 3,529,665 |
| | $ | 3,607,101 |
| | $ | 3,427,807 |
| | $ | 2,975,818 |
| | $ | 3,216,502 |
|
| Non-interest-bearing demand deposits | 358,707 |
| | 338,074 |
| | 316,237 |
| | 213,220 |
| | 204,458 |
|
| Total deposits | 2,180,354 |
| | 2,183,998 |
| | 2,244,578 |
| | 1,918,594 |
| | 2,007,715 |
|
| Total shareholders' equity | 520,684 |
| | 513,431 |
| | 504,596 |
| | 411,049 |
| | 406,139 |
|
| | | | | | | | | | |
| Yields/Rates: | | | | | | | | | |
| Commercial real estate | 6.17 | % | | 6.44 | % | | 6.41 | % | | 6.22 | % | | 6.39 | % |
| Commercial and industrial loans: | | | | | | | | | |
| Commercial | 5.24 | % | | 5.98 | % | | 6.08 | % | | 5.80 | % | | 6.24 | % |
| Warehouse lines of credit | 3.71 | % | | 3.82 | % | | 3.31 | % | | 3.29 | % | | 3.43 | % |
| One- to four-family real estate | 5.42 | % | | 5.40 | % | | 5.53 | % | | 5.08 | % | | 5.16 | % |
| Home equity/home improvement | 5.63 | % | | 5.41 | % | | 5.58 | % | | 5.56 | % | | 5.67 | % |
|
| | | | | | | | | | | | | | | | | | | |
| Other consumer loans | 6.00 | % | | 6.03 | % | | 6.43 | % | | 6.13 | % | | 6.47 | % |
| Loans held for sale | 4.05 | % | | 4.11 | % | | 4.10 | % | | 4.18 | % | | 4.22 | % |
| Loans receivable | 5.20 | % | | 5.34 | % | | 5.48 | % | | 5.23 | % | | 5.29 | % |
| Securities | 1.74 | % | | 1.85 | % | | 1.97 | % | | 2.12 | % | | 2.16 | % |
| Overnight deposits | 0.25 | % | | 0.23 | % | | 0.46 | % | | 0.22 | % | | 0.24 | % |
| Total interest-earning assets | 4.37 | % | | 4.34 | % | | 4.36 | % | | 4.13 | % | | 4.06 | % |
| Deposits: | | | | | | | | | |
| Interest-bearing demand | 0.43 | % | | 0.61 | % | | 0.84 | % | | 0.94 | % | | 1.39 | % |
| Savings and money market | 0.27 | % | | 0.27 | % | | 0.29 | % | | 0.26 | % | | 0.30 | % |
| Time | 1.03 | % | | 1.11 | % | | 1.17 | % | | 1.39 | % | | 1.56 | % |
| FHLB advances and other borrowings | 1.37 | % | | 1.27 | % | | 1.72 | % | | 1.74 | % | | 1.47 | % |
| Total interest-bearing liabilities | 0.76 | % | | 0.80 | % | | 0.93 | % | | 1.02 | % | | 1.12 | % |
| Net interest spread | 3.61 | % | | 3.54 | % | | 3.43 | % | | 3.11 | % | | 2.94 | % |
| Net interest margin | 3.77 | % | | 3.70 | % | | 3.62 | % | | 3.30 | % | | 3.13 | % |
| Cost of deposits (including non-interest-bearing demand) | 0.43 | % | | 0.49 | % | | 0.58 | % | | 0.67 | % | | 0.88 | % |
Supplemental Information- Non-GAAP Financial Measures (unaudited)
|
| | | | | | | | | | | | | | | | | | | |
| | Ending Balances At |
| | December 31, 2012 | | September 30, 2012 | | June 30, 2012 | | March 31, 2012 | | December 31, 2011 |
| Calculation of Tangible Book Value per Share: | (Dollars in thousands, except share and per share amounts) |
| Total shareholders' equity | $ | 520,871 |
| | $ | 516,353 |
| | $ | 505,575 |
| | $ | 412,605 |
| | $ | 406,309 |
|
| Less: Goodwill | (29,650 | ) | | (29,650 | ) | | (29,203 | ) | | (818 | ) | | (818 | ) |
| Identifiable intangible assets, net | (1,653 | ) | | (1,793 | ) | | (1,949 | ) | | (371 | ) | | (420 | ) |
| Total tangible shareholders' equity | $ | 489,568 |
| | $ | 484,910 |
| | $ | 474,423 |
| | $ | 411,416 |
| | $ | 405,071 |
|
| | | | | | | | | | |
| Shares outstanding at end of period | 39,612,911 |
| | 39,579,667 |
| | 39,344,167 |
| | 33,703,080 |
| | 33,700,399 |
|
| | | | | | | | | | |
| Book value per share- GAAP | $ | 13.15 |
| | $ | 13.05 |
| | $ | 12.85 |
| | $ | 12.24 |
| | $ | 12.06 |
|
| Tangible book value per share- Non-GAAP | $ | 12.36 |
| | $ | 12.25 |
| | $ | 12.06 |
| | $ | 12.21 |
| | $ | 12.02 |
|
| | | | | | | | | | |
| Calculation of Tangible Equity to Tangible Assets: | | | | | | | | | |
| Total assets | $ | 3,663,058 |
| | $ | 3,636,033 |
| | $ | 3,692,856 |
| | $ | 3,041,112 |
| | $ | 3,180,578 |
|
| Less: Goodwill | (29,650 | ) | | (29,650 | ) | | (29,203 | ) | | (818 | ) | | (818 | ) |
| Identifiable intangible assets, net | (1,653 | ) | | (1,793 | ) | | (1,949 | ) | | (371 | ) | | (420 | ) |
| Total tangible assets | $ | 3,631,755 |
| | $ | 3,604,590 |
| | $ | 3,661,704 |
| | $ | 3,039,923 |
| | $ | 3,179,340 |
|
| | | | | | | | | | |
| Equity to assets- GAAP | 14.22 | % | | 14.20 | % | | 13.69 | % | | 13.57 | % | | 12.77 | % |
| Tangible common equity to tangible assets- Non-GAAP | 13.48 | % | | 13.45 | % | | 12.96 | % | | 13.53 | % | | 12.74 | % |
