Viewpoint Financial Group reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2009. The company reported Basic and diluted earnings per share of $0.12, up $0.07 from the same period last year. Quarterly net income increased by 143.3%: Net income for the quarter ended September 30, 2009, was $2.9 million, an increase of $1.7 million, or 143.3%, from the quarter ended September 30, 2008. This increase in net income was driven by higher gain on sale of loans and net interest income, as well as operating expense reductions in advertising and outside professional services expense. Interest income increased by $969,000, or 3.8%, from $25.4 million for the three months ended September 30, 2008, to $26.4 million for the three months ended September 30, 2009. The company reported income before income tax expense of $4.1 million and income before income tax expense of $13.7 million a year ago. For the quarter, the company reported return on assets of 0.51% and return on equity of 5.78% compared to return on assets of 0.24% and return on equity of 41% a year ago. Non-GAAP net income for the nine months ended September 30, 2009, was $8.5 million, an increase of $4.3 million, or 100.0%, from $4.2 million for the nine months ended September 30, 2008. This increase was driven by higher gain on sale of loans and net interest income. Non-GAAP basic and diluted earnings per share for the nine months ended September 30, 2009, increased by $0.17 to $0.35. Net income for the nine months ended September 30, 2009, was $306,000, a decrease of $3.8 million, or 92.5%, from net income of $4.1 million for the nine months ended September 30, 2008. This decline in net income was primarily due to an $8.1 million (net of tax, using a tax rate of 34%) impairment charge on the company's collateralized debt obligations. Net income before this impairment charge was $8.4 million, an increase of $4.3 million, or 105.2%, from the nine months ended September 30, 2008. Interest income increased by $10.8 million, or 15.3%, from $70.8 million for the nine months ended September 30, 2008, to $81.6 million for the nine months ended September 30, 2009. The company reported income before income tax expense of $0.5 million and income before income tax expense of $6.2 million a year ago. For the quarter, the company reported return on assets of 0.02% and return on equity of 0.21% compared to return on assets of 0.30% and return on equity of 2.69% a year ago.

Viewpoint Financial Group announced a quarterly cash dividend of 5 cents per share. The cash dividend is payable on November 17, 2009, to shareholders of record as of the close of business on November 3, 2009.

Viewpoint Financial Group - Conference Presentation Calls