Maryland | 001-34737 | 27-2176993 | ||
(State or other Jurisdiction of Incorporation) | (Commission File No.) | (I.R.S. Employer Identification No.) | ||
1309 W. 15th Street, Plano, Texas | 75075 | |||
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02. | Results of Operations and Financial Condition. |
ITEM 8.01. | Other Events. |
ITEM 9.01. | Financial Statements and Exhibits |
(d) | Exhibits |
Exhibit 99.1 | Press release announcing fourth quarter and full year 2012 earnings dated February 7, 2013 | |
Exhibit 99.2 | Presentation materials |
VIEWPOINT FINANCIAL GROUP, INC. | |||
Date: | February 7, 2013 | By: | /s/ Pathie E. McKee |
Pathie E. McKee, Executive Vice President and Chief Financial Officer |
Exhibit 99.1 | Press release announcing fourth quarter and full year 2012 earnings dated February 7, 2013 | |
Exhibit 99.2 | Presentation materials |
• | 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 |
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 |
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 |
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 |
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 |
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 |
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 | % |
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 |
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 | |||||||||
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 | % |
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 | % |
YHG_`.U-;_YIKO[+5,^4R_[%OQ1H:+M<_`Z_` 87JJ:>R]YQ+3BVF>JI:$`0&7^B+^Z.T/_`,*D_0R*
M"US_`,?5]Q*Z9]:B;Q],O]S3K+^2@_3,7EVD_7Z?^H[:]^KS-(.B-::&^=(/
M3-% 4TN"UC3IK'$\?<9M%AVM=N;Y(RS[HCJFMM.V%BL=+*^*GO5Q+*O@..
M..-G&&'T%V"1Z%R_D_;PN+M0F=4K2IV[QU9S^:`UN, 7M GZ-=
M4ZMK%<2V1Q6H491N)+!M]T$-H+KH+2-YU'?*.6WUE]=$RFIIV%LC::/)#W-/
M-O$YV0#SPT'O7&^4NH0KU%2IO/!O\SH]'MIT8.I+9O\``L?W2+Y7;_UUOYHU
MF\E7FM4]Q@UM8IQ1']S>^2U]_P`Q_P#%6SY6?X7Q_!&'0^50O7IU;-7;2%
MHU#8:.2XW"POD%120-+I9*:0`N\Z2-U1U"BZ-5XET
M\376Z6NKL=SJ[?70FGK*61T4L3OP7#M]8[P>\$+OZ%>%Q!5(
E3C-IOH7>!PM"P8,C.5?NIVY1U)O-8='4\I=2Z
MZHT0X'3NIKQ8<<\6VNEA;_`%6NQ]2T:VGV
M]Q[44;E.\JTO9D7J>E3O,8^#X4M4<.,??YS[<94;]!6'2)M_2EQWECZHUMJ;
M7$A?J/4MXOY)SBY5\L[?ZKCCZENT=,MJ*V@C6G>UI\V41C0QH#0&@=@`4DHI
M+"1I.3?,^LJXM)FCNE=;0\4=?5T0DQQ^2U#XN+'9GA(SVGM6"K;TZZ2J13QR
MR9J=6=+V7@F/LFO?^[MV_*$WZRUOHZV_D1G\[K?S$I5UU7<9&25E955KV`M:
MZJG?*6@]P+B<+/2MJ5O_``U@PU*]2K[;R>4M;4T$O6TE5/238+>MIY71OP>T
M<32#A9*E*%:/!46460J2IOBB\,G/LFO?^[MV_*$WZZU'I]LWG@1L^=UOYB7K
M;K<+DQK*RY5U9&UW$&5-5)*T'QPYQ&?2LM*TH49<4(I,QSN*M1<,GL2RVS6(
MM+65%#*):6HFI9@"!+!(Z-XSR.'-(*QSIPJ1<)K*9?"
(VT#X&04@DXW.,TP:`'X!`#3RSV
MYY!