DALLAS -- Viewpoint Bank, the former Community Credit Union, posted its earning for the third quarter of 2006. The former CU posted net income of $1.5 million for the quarter ended Sept. 30, 2006, an increase of roughly 173% from the same period last year. The bank issued stock under a mutual holding company structure at the end of September.
The bank's total assets were $1.56 billion, an increase of 9% from the end of 2005.
Viewpoint said its net income for the quarter was $1.5 million, compared to $560,000 for the same period last year. The increase in income primarily resulted from a lower provision for loan losses and lower non-interest expenses, coupled with a modest increase in net interest income and non-interest income, the bank said.
Interest income increased by $2.4 million to $19.0 million for the quarter compared to $16.6 million for the same period last year. The increase in interest income was primarily related to increases in the interest earned on investments and interest-earning deposits at other financial institutions, the bank said.
Interest expense increased by $2.3 million to $8.3 million for the quarter compared to $6.0 million for the same period last year. The increase in interest expense was primarily due to the rising interest rate environment and the repricing of deposit accounts to those higher interest rates, Viewpoint reported.
Non-interest expense decreased by $1.0 million to $13.3 million for the quarter compared to $14.3 million for the same period last year. The decrease in non-interest expense was primarily due to decreases in salary expense, office operations, and advertising.