ViewPoint Financial Group said its interest income increased by $1.5 million to $29.4 million in the first quarter on a year-over-year basis due to higher balances for its warehouse purchase program and commercial real estate loans, among other products.
Net income for the quarter rose 8% to $7.1 million from $6.6 million one year prior. ViewPoint of Plano, Texas, said the increase was due to higher net interest income, a lower loan loss provision, higher net gain on mortgage sales and lower noninterest expense.
The average balance for the warehouse purchase program in 1Q12 was $638 million, compared with $705 million in 4Q11, and $274 million in 1Q11.
ViewPoint booked a $895,000 loan loss provision for the quarter, down 18% from the same period last year. Net charge-offs declined to $359,000 from $448,000 in 1Q11.
