DALLAS — Viewpoint Bank, the former Community Credit Union, has shown strong performance despite a difficult economy, according to financial reports the bank's mutual holding company has filed with the Securities and Exchange Commission.
The company reported that the bank saw assets increase 12.1% since the end of 2007, from $1.66 billion to just over $201 billion as of end of June of this year. During the same period the bank saw total deposits rise 8.4% to $1.41 billion and an increase in net income for the six months of 2008 of 23.3% over the same period last year to three million dollars.
Former credit union and now bank CEO Gary Base attributed the strong performance to the bank's essentially conservative loan underwriting which saw the bank avoid offering any subprime origination and sticking to “full documentation, standard 'A' type products.”
Viewpoint's asset quality remains solid, Base explained, net charge-offs for the six months ended June 30, 2008, totaled $1.5 million, down $399,000 from net charge-offs of $1.9 million for the six months ended June 30, 2007.
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