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|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 Companys 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.
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 Metroplexs 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.
The following information was filed by Legacytexas Financial Group, Inc. (LTXB) on Tuesday, February 28, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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