Warehouse Credit Balance Falls at ViewPoint

ViewPoint Financial Group said the average balance of mortgage loans in its Warehouse Participation Program fell 19% in 1Q13 compared with 4Q12. However, when compared with 1Q12, there was a 16% increase.

The decline in related fee income as a result of volume declining in that loan portfolio affected ViewPoint’s non-interest income in the period.

Another item that affected non-interest income was the 3Q12 sale of its residential mortgage origination platform, ViewPoint Mortgage.

In 1Q12, the company had a $2.2 million gain on sale which was not duplicated in the recent period because the platform was sold.

Net income at ViewPoint for 1Q13 was $8.1 million, down 22% from 4Q12, but up 14% over 1Q12.