WYOMISSING, Pa., Oct. 20 /PRNewswire-FirstCall/ -- VIST Financial
Corp. ("Company") (NASDAQ:VIST) reported net income for the nine
months ended September 30, 2009 of $552,000, a 134.9% increase over
a net loss of $1,581,000 for the same period in 2008. The Company
also reported net income for the three months ended September 30,
2009 of $528,000, a 111.5% increase over a net loss of $4,608,000
for the same period in 2008. Total revenue for the nine months
ended September 30, 2009 was $60,246,000 as compared to $57,214,000
for the same period in 2008, a 5.3% increase. Total revenue for the
three months ended September 30, 2009 was $19,220,000 as compared
to $14,714,000 for the same period in 2008, a 30.6% increase. The
Company also reported that the board of directors declared a third
quarter cash dividend of $0.05 per share on the Company's common
stock to shareholders of record on November 2, 2009 payable
November 13, 2009. Commenting on the third quarter 2009, Robert D.
Davis, President and Chief Executive Officer of VIST Financial
Corp. said, "We are pleased with the progress we are making in our
core operating results, however, those positive results continue to
be significantly offset by additional credit provisioning of
approximately $800,000 and non-cash other-than-temporarily-impaired
"OTTI" charges of $2 million, offset by fair value gains of
$500,000. During the third quarter, we have experienced an
improvement over the second quarter in our net interest margin,
increased loan demand, growth in core deposits and a reduction in
our net operating expenses resulting from actions taken earlier
this year. We see those positive trends continuing into the fourth
quarter, however we also anticipate higher than normal loan loss
provision cost." Davis concluded, "We are pleased that our board of
directors has declared a cash dividend. By this action, our Board
respects both the need to preserve capital while demonstrating
confidence in our future operating results which will continue our
well-capitalized status." Net Interest Income For the nine months
ended September 30, 2009, net interest income before the provision
for loan losses decreased 3.6% to $25,795,000 compared to
$26,746,000 for the same period in 2008. The decrease in net
interest income for the nine months resulted from a 6.4% decrease
in total interest income to $46,678,000 from $49,887,000 and a 9.8%
reduction in total interest expense to $20,883,000 from
$23,141,000. For the three months ended September 30, 2009, net
interest income before the provision for loan losses decreased 0.4%
to $9,041,000 compared to $9,081,000 for the same period in 2008.
The decrease in net interest income for the three months resulted
from a 5.5% decrease in total interest income to $15,824,000 from
$16,752,000 and an 11.6% reduction in total interest expense to
$6,783,000 from $7,671,000. The decrease in total interest income
for the three and nine months ended September 30, 2009 resulted
primarily from lower interest rates compared to the same periods in
2008. Average earning assets for the three and nine month periods
ended September 30, 2009 increased $68,114,000 and $86,850,000,
respectively, compared to the same periods in 2008 due primarily to
growth in commercial and consumer loans and available for sale
investment securities. The reduction in total interest expense for
the three and nine months ended September 30, 2009 resulted
primarily from lower interest rates compared to the same periods in
2008. Average interest-bearing liabilities for the three and nine
months ended September 30, 2009 increased $48,132,000 and
$72,316,000, respectively, compared to the same periods in 2008.
The increases in interest-bearing liabilities are due primarily to
an increase in average interest-bearing deposits for the three and
nine months ended September 30, 2009 of $172,712,000 and
$166,524,000, respectively, offset by a net decrease in average
short term borrowings and average long term borrowings for the
three and nine months ended September 30, 2009 of $124,580,000 and
$94,208,000, respectively. The provision for loan losses for the
nine months ended September 30, 2009 was $6,525,000 compared to
$2,585,000 for the same period in 2008. The provision for loan
losses for the three months ended September 30, 2009 was $1,400,000
compared to $525,000 for the same period in 2008. As of September
30, 2009, the allowance for loan losses was $11,995,000 compared to
$8,124,000 as of December 31, 2008, an annualized increase of
63.5%. The increase in the provision is due primarily to economic
conditions, an increase in outstanding loans, and the result of
management's evaluation and classification of the credit quality of
the loan portfolio utilizing a qualitative and quantitative
internal loan review process. At September 30, 2009, total
non-performing loans were $25,347,000 or 2.8% of total loans
compared to $10,844,000 or 1.2% of total loans at December 31,
2008. The $14,503,000 increase in non-performing loans was due
primarily to two commercial construction and development credits
totaling approximately $10,887,000. Management considers the
current allowance for loan losses adequate as of September 30,
2009. Net interest income after the provision for loan losses for
the three and nine months ended September 30, 2009 was $7,641,000
and $19,270,000, respectively, as compared to $8,556,000 and
$24,161,000, respectively, for the same periods in 2008. For the
three months ended September 30, 2009, the net interest margin on a
fully taxable equivalent basis was 3.24% as compared to 3.44% for
the same period in 2008. For the nine months ended September 30,
2009, the net interest margin on a fully taxable equivalent basis
was 3.15% as compared to 3.51% for the same period in 2008. The
decrease in net interest margin for the comparative three and nine
month periods ended September 30, 2009 was due mainly to lower
yields on commercial and consumer loans and available for sale
investment securities as a result of decreases in short-term
interest rates over the same periods in 2008. Non-Interest Income
Total non-interest income for the nine months ended September 30,
2009 increased 85.2% to $13,568,000 compared to $7,327,000 for the
same period in 2008. Total non-interest income for the three months
ended September 30, 2009 increased 266.6% to $3,396,000 compared to
$(2,038,000) for the same period in 2008. For the nine months ended
September 30, 2009, customer service fees decreased to $1,854,000
from $2,189,000, or 15.3%, for the same period in 2008. For the
three months ended September 30, 2009, customer service fees
decreased to $600,000 from $893,000, or 32.8%, for the same period
in 2008. The decrease for the comparative nine and three month
periods is due primarily to a decrease in retail and commercial
uncollected funds fees and non-sufficient funds charges. For the
nine months ended September 30, 2009, revenue from mortgage banking
activity increased to $963,000 from $810,000, or 18.9%, for the
same period in 2008. For the three months ended September 30, 2009,
revenue from mortgage banking activity increased to $288,000 from
$145,000, or 98.6%, for the same period in 2008. The increase for
the comparative nine and three month periods is primarily due to an
increase in the volume of loans sold into the secondary mortgage
market. The Company operates its mortgage banking activities
through VIST Mortgage, a division of VIST Bank. For the nine months
ended September 30, 2009, revenue from commissions and fees from
insurance sales increased 8.6% to $9,254,000 compared to $8,523,000
for the same period in 2008. For the three months ended September
30, 2009, revenue from commissions and fees from insurance sales
increased 6.8% to $3,260,000 compared to $3,052,000 for the same
period in 2008. The increase for the comparative nine and three
month periods is mainly attributed to an increase in commission
income on group insurance products due to the acquisition of Fisher
Benefits Consulting in September 2008. VIST Insurance, LLC is a
wholly owned subsidiary of the Company. For the nine months ended
September 30, 2009, revenue from brokerage and investment advisory
commissions and fees activity decreased to $594,000 from $650,000,
or 8.6%, for the same period in 2008. For the three months ended
September 30, 2009, revenue from brokerage and investment advisory
commissions and fees activity decreased to $112,000 from $186,000,
or 39.8%, for the same period in 2008. The decrease for the
comparative nine and three month periods is due primarily to the
volume of investment advisory services offered through VIST Capital
Management, LLC, a wholly owned subsidiary of the Company. For the
nine months ended September 30, 2009, earnings on investment in
life insurance decreased to $279,000 from $503,000, or 44.5%, for
the same period in 2008. For the three months ended September 30,
2009, earnings on investment in life insurance decreased to $95,000
from $171,000, or 44.4%, for the same period in 2008. The decrease
for the comparative nine and three month periods is due primarily
to decreased earnings credited on the Company's bank owned life
insurance ("BOLI"). For the nine months ended September 30, 2009,
other income including gain on sale of loans increased to
$2,591,000 from $1,446,000, or 79.2%, for the same period in 2008.
For the three months ended September 30, 2009, other income
including gain on sale of loans increased to $971,000 from
$511,000, or 90.0%, for the same period in 2008. The increase for
the comparative nine and three month periods is due primarily to an
increase of approximately $500,000 in the fair value of the
Company's junior subordinated debt. Net realized gains on sales of
available for sale securities were $351,000 for the nine months
ended September 30, 2009 compared to net realized losses on sales
of available for sale securities of $291,000 for the same period in
2008. Net realized gains on sales of available for sale securities
were $66,000 for the three months ended September 30, 2009 compared
to net realized losses on sales of available for sale securities of
$89,000 for the same period in 2008. Net realized gains on sales of
available for sale securities for the nine and three month periods
in 2009 and 2008 were primarily due to sales of securities related
to the management of the Company's liquidity and ALCO strategies.
For the nine and three month periods ended September 30, 2009, net
credit impairment losses recognized in earnings resulting from OTTI
losses on available for sale investment securities were $2,318,000
and $1,996,000, respectively. The net credit impairment losses
include OTTI charges for estimated credit losses on four pooled
trust preferred securities (one of the four securities was
originally deemed to be impaired in the second quarter of 2009).
For the nine and three month periods ended September 30, 2008, net
credit impairment losses recognized in earnings resulting from OTTI
losses on available for sale investment securities were $7,085,000
and $7,085,000, respectively. Net credit impairment losses on
available for sale securities for the nine and three month periods
in 2008 were primarily due to OTTI charges of approximately
$6,800,000 in perpetual preferred stock associated with the federal
takeover of two government sponsored enterprises ("GSE's"), placed
into conservatorship in the third quarter of 2008 by the Federal
Housing Finance Agency and the U.S. Treasury. Non-Interest Expense
Total non-interest expense for the nine months ended September 30,
2009 increased 4.7% to $33,669,000 compared to $32,169,000 for the
same period in 2008. Total non-interest expense for the three
months ended September 30, 2009 increased 2.4% to $10,823,000
compared to $10,569,000 for the same period in 2008. Salaries and
benefits were $16,816,000 for the nine months ended September 30,
2009, an increase of 1.9% compared to $16,509,000 for the same
period in 2008. Salaries and benefits were $5,374,000 for the three
months ended September 30, 2009, a decrease of 0.1% compared to
$5,381,000 for the same period in 2008. Included in salaries and
benefits for the nine months ended September 30, 2009 and 2008 were
stock-based compensation costs of $138,000 and $257,000,
respectively. Included in salaries and benefits for the three
months ended September 30, 2009 and 2008 were stock-based
compensation costs of $61,000 and $85,000, respectively. Included
in salaries and benefits for the nine months ended September 30,
2009 were severance costs of $133,000 relating to corporate-wide
cost reduction initiatives. Total commissions paid for the nine
months ended September 30, 2009 and 2008 were $1,081,000 and
$1,299,000, respectively. Total commissions paid for the three
months ended September 30, 2009 and 2008 were $345,000 and
$399,000, respectively. For the nine months ended September 30,
2009, occupancy expense and furniture and equipment expense
decreased to $4,919,000 from $5,289,000, or 7.0%, for the same
period in 2008. For the three months ended September 30, 2009,
occupancy expense and furniture and equipment expense decreased to
$1,729,000 from $1,746,000, or 1.0%, for the same period in 2008.
The decrease for the comparative nine and three month periods is
due primarily to a decrease in building lease expense and equipment
maintenance and depreciation expense. For the nine months ended
September 30, 2009, marketing and advertising expense decreased to
$813,000 from $1,402,000, or 42.0%, for the same period in 2008.
For the three months ended September 30, 2009, advertising and
marketing expense decreased to $208,000 from $266,000, or 21.8%,
for the same period in 2008. The decrease for the comparative nine
and three month periods is due primarily to a reduction in
marketing costs associated with market research, media space, media
production and special events. For the nine months ended September
30, 2009, professional services expense increased to $1,919,000
from $1,797,000, or 6.8%, for the same period in 2008. For the
three months ended September 30, 2009, professional services
expense decreased to $545,000 from $719,000, or 24.2%, for the same
period in 2008. The increase for the comparative nine month periods
is due primarily to the outsourcing of the Company's internal audit
function and other general Company projects. For the nine months
ended September 30, 2009, outside processing expense increased to
$3,051,000 from $2,459,000, or 24.1%, for the same period in 2008.
For the three months ended September 30, 2009, outside processing
expense increased to $1,014,000 from $827,000, or 22.6%, for the
same period in 2008. The increase for the comparative nine and
three month periods is due primarily to costs incurred for computer
services. For the nine months ended September 30, 2009, insurance
expense increased to $1,914,000 from $822,000, or 132.8%, for the
same period in 2008. For the three months ended September 30, 2009,
insurance expense increased to $486,000 from $277,000, or 75.5%,
for the same period in 2008. The increase in insurance expense for
the comparative nine and three month periods is due primarily to
higher FDIC deposit insurance premiums including a special
industry-wide FDIC deposit insurance premium assessment of $580,000
levied in the second quarter of 2009. Income Tax Expense Income tax
benefit for the nine months ended September 30, 2009 was
$1,383,000, a 253.7% decrease as compared to income tax expense of
$900,000 for the nine months ended September 30, 2008. Income tax
benefit for the three months ended September 30, 2009 was $314,000,
a 156.4% decrease as compared to income tax expense of $557,000 for
the three months ended September 30, 2008. Included in income tax
expense for the nine and three months ended September 30, 2009 and
2008 is a federal tax benefit from a $5,000,000 investment in an
affordable housing, corporate tax credit limited partnership.
Earnings Per Share Diluted (loss) per common share for the nine
months ended September 30, 2009 were $0.12 on average shares
outstanding of 5,774,006, a 57.1% increase as compared to diluted
(loss) per common share of $0.28 on average shares outstanding of
5,696,646 for the nine months ended September 30, 2008. Diluted
earnings per common share for the three months ended September 30,
2009 were $0.02 on average shares outstanding of 5,794,883, a
102.5% increase as compared to diluted (loss) per common share of
$0.81 on average shares outstanding of 5,697,484 for the three
months ended September 30, 2008. Assets, Liabilities and Equity
Total assets as of September 30, 2009 increased $51,531,000, or
5.6% annualized, to $1,276,395,000 compared to $1,224,864,000 at
December 31, 2008. Total loans as of September 30, 2009 increased
$16,074,000, or 2.4% annualized, to $902,379,000 compared to
$886,305,000 at December 31, 2008. Total deposits as of September
30, 2009 increased $116,944,000, or 18.3% annualized, to
$967,544,000 compared to $850,600,000 at December 31, 2008. Total
borrowings as of September 30, 2009 decreased $67,783,000, or 37.2%
annualized, to $175,438,000 compared to $243,221,000 at December
31, 2008. Shareholders' equity as of September 30, 2009 increased
$2,567,000, or 2.8% annualized, to $125,056,000 compared to
$122,489,000 at December 31, 2008. Included in shareholders' equity
is an unrealized loss position on available for sale securities,
net of taxes, as of September 30, 2009 of $4,981,000 compared to an
unrealized loss position on available for sale securities, net of
taxes, of $8,600,000 at December 31, 2008. Quarterly Shareholder
and Investor Conference Call VIST Financial will host a quarterly
shareholder and investor conference call on Wednesday, October 21,
2009 at 8:30 a.m. EDT. Interested parties can join the conference
call and ask questions by dialing 888.503.8163 or listening through
the computer by clicking on the following link:
http://tinyurl.com/yh8n7l3 The conference call can also be accessed
through a link located under the Investor Relations page within
VIST Financial Corp's website: http://www.vistfc.com/ . The
conference call will be archived for 90 days and will be available
at the link above and on the Company's Investor Relations webpage.
In an effort to provide our management, the Board of Directors, and
both our internal and external auditors sufficient time to review
our financial results prior to releasing this information to the
public, please be advised that VIST will announce all future
operating results seven to ten business days later than in the
past. VIST will begin this schedule with the release of our 4th
quarter 2009 operating results. VIST Financial is a diversified
financial services company with its corporate office in Wyomissing
PA and a regional headquarters in Blue Bell, PA, offering banking,
insurance, and investments with offices in Berks, Montgomery,
Delaware, Chester and Philadelphia counties. VIST FINANCIAL CORP.
AND SUBSIDIARIES CONSOLIDATED SELECTED FINANCIAL DATA (Dollar
amounts in thousands, except share data) September 30, December 31,
2009 2008 (unaudited) ------------- ------------ Assets Federal
funds sold $9,485 $- Investment securities and interest bearing
cash 257,910 235,760 Mortgage loans held for sale 2,538 2,283
Loans: Commercial loans 720,317 701,964 Consumer loans 136,213
136,713 Mortgage loans 45,849 47,628 ------ ------ Total loans
$902,379 $886,305 ======== ======== Earning assets $1,172,312
$1,124,348 Total assets 1,276,395 1,224,864 Liabilities and
shareholders' equity Deposits: Non-interest bearing deposits
109,070 108,645 NOW, money market and savings 423,664 307,210 Time
deposits 434,810 434,745 ------- ------- Total deposits $967,544
$850,600 ======== ======== Federal funds purchased $- $53,424
Securities sold under agreements to repurchase 120,918 120,086
Long-term debt 35,000 50,000 Junior subordinated debt 19,520 19,711
Shareholders' equity $125,056 $122,489 Actual common shares
outstanding 5,798,127 5,700,075 Book value per common share $17.21
$17.10 VIST FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED SELECTED
FINANCIAL DATA (Dollar amounts in thousands, except share data)
Asset Quality Data As Of and For The Period Ended
------------------------------ Nine Six Three Twelve Months Months
Months Months September 30, June 30, March 31, December 31, 2009
2009 2009 2008 (unaudited) ------------- -------- ---------
------------ Non-accrual loans $25,241 $22,428 $8,040 $10,704 Loans
past due 90 days or more still accruing 106 108 567 140 --- --- ---
--- Total non-performing loans 25,347 22,536 8,607 10,844 Other
real estate owned 2,686 2,238 6,661 263 ----- ----- ----- --- Total
non-performing assets $28,033 $24,774 $15,268 $11,107 =======
======= ======= ======= Renegotiated troubled debt 5,814 2,592 285
285 Loans outstanding at end of period $902,379 $887,236 $886,590
$886,305 Allowance for loan losses 11,995 12,029 8,165 8,124 Net
charge-offs to average loans (annualized) 0.39% 0.27% 0.36% 0.46%
Allowance for loan losses as a percent of total loans 1.33% 1.36%
0.92% 0.92% Allowance for loan losses as a percent of total
non-performing loans 47.33% 53.39% 94.87% 74.92% VIST FINANCIAL
CORP. AND SUBSIDIARIES CONSOLIDATED SELECTED FINANCIAL DATA (Dollar
amounts in thousands) Average Balances Average Balances For the
Three For the Nine Months Ended Months Ended (unaudited)
(unaudited) ----------- ----------- September 30, September 30,
September 30, September 30, 2009 2008 2009 2008 ---- ---- ---- ----
Assets Federal funds sold $8,426 $- $9,457 $- Investment securities
and interest bearing cash 255,218 211,717 245,293 207,121 Mortgage
loans held for sale 2,604 751 3,828 1,517 Loans: Commercial loans
711,597 704,869 703,738 678,831 Consumer loans 138,760 130,445
139,844 128,200 Mortgage loans 45,008 45,695 45,474 45,107 ------
------ ------ ------ Total loans $895,365 $881,009 $889,056
$852,138 ======== ======== ======== ======== Interest-earning
assets $1,161,613 $1,093,477 $1,147,634 $1,060,776 Goodwill and
Intangible assets 44,161 43,063 44,329 43,131 Total assets
1,264,308 1,198,794 1,252,164 1,164,427 Liabilities and
shareholders' equity Deposits: Non-interest Bearing deposits
111,489 110,903 107,787 106,994 Interest bearing deposits: NOW,
money market and savings 401,897 333,736 358,062 325,675 Time
deposits 443,914 339,363 464,035 329,898 ------- ------- -------
------- Total Interest- Bearing Deposits 845,811 673,099 822,097
655,573 ------- ------- ------- ------- -------- -------- --------
-------- Total deposits $957,300 $784,002 $929,884 $762,567
======== ======== ======== ======== Short term borrowings $662
$95,337 $3,576 $84,510 Securities sold under agreements to
repurchase 120,948 125,678 121,823 120,266 Long-term debt 35,000
60,000 45,275 59,799 Junior Subordinated debt 19,984 20,159 19,835
20,142 Interest-bearing liabilities 1,022,405 974,273 1,012,606
940,290 Shareholders' equity $121,985 $102,444 $123,293 $106,236
VIST FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED SELECTED
FINANCIAL DATA (Dollar amounts in thousands, except per share data)
For the Three Months For the Nine Months Ended Ended (unaudited)
(unaudited) ----------- ----------- September September September
September 30, 30, 30, 30, 2009 2008 2009 2008 ---- ---- ---- ----
Interest income $15,824 $16,752 $46,678 $49,887 Interest expense
6,783 7,671 20,883 23,141 ----- ----- ------ ------ Net interest
income 9,041 9,081 25,795 26,746 Provision for loan losses 1,400
525 6,525 2,585 ----- --- ----- ----- Net Interest Income after
provision for loan losses 7,641 8,556 19,270 24,161 ----- -----
------ ------ Customer service fees 600 893 1,854 2,189 Mortgage
banking activities 288 145 963 810 Commissions and fees from
insurance sales 3,260 3,052 9,254 8,523 Brokerage and investment
advisory commissions and fees 112 186 594 650 Earnings on
investment in life insurance 95 171 279 503 Other income 971 511
2,591 1,446 Net realized gains on sales of securities 66 89 351 291
Total other-than-temporary impairment losses on investments (4,026)
(7,085) (4,999) (7,085) Portion of non-credit impairment loss
recognized in other comprehensive loss 2,030 - 2,681 - ----- -----
----- ----- Net credit impairment loss recognized in earnings
(1,996) (7,085) (2,318) (7,085) ----- ------ ------ ----- Total
non-interest income (loss) 3,396 (2,038) 13,568 7,327 ----- ------
------ ----- Salaries and employee benefits 5,374 5,381 16,816
16,509 Occupancy expense 1,124 1,087 3,074 3,285 Furniture and
equipment expense 605 659 1,845 2,004 Other operating expense 3,720
3,442 11,934 10,371 ----- ----- ------ ------ Total non-interest
expense 10,823 10,569 33,669 32,169 ------ ------ ------ ------
(Loss) Income before income taxes 214 (4,051) (831) (681) Income
taxes (benefit) (314) 557 (1,383) 900 ---- --- ------ --- Net
income (loss) 528 (4,608) 552 (1,581) Preferred stock dividends and
discount accretion (412) - (1,237) - ---- ----- ------ ----- Net
(loss) income available to common shareholders $116 $(4,608) $(685)
$(1,581) ==== ======= ===== ======= Per Common Share Data: Basic
average shares outstanding 5,794,883 5,694,482 5,774,006 5,686,782
Diluted average shares outstanding 5,794,883 5,697,484 5,774,006
5,696,646 Basic (loss) earnings per common share $0.02 $(0.81)
$(0.12) $(0.28) Diluted (loss) earnings per common share 0.02
(0.81) (0.12) (0.28) Cash dividends per common share 0.05 0.00 0.25
0.40 Profitability Ratios: Return on average assets 0.17% -1.53%
0.06% -0.18% Return on average shareholders' equity 1.72% -17.89%
0.60% -1.99% Return on average tangible equity (equity less
goodwill and intangible assets) 2.69% -30.87% 0.94% -3.35% Net
interest margin (fully taxable equivalent) 3.24% 3.44% 3.15% 3.51%
Effective tax rate -146.73% -13.75% 166.43% -132.16% VIST FINANCIAL
CORP. AND SUBSIDIARIES UNAUDITED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share data) September 30,
September 30, 2009 2008 ------ ------ Assets Cash and due from
banks $21,825 $19,645 Fed funds sold 9,485 - Interest-bearing
deposits in banks 343 293 ------ ------ Total cash and cash
equivalents 31,653 19,938 Mortgage loans held for sale 2,538 1,710
Securities available for sale 254,526 204,201 Securities held to
maturity 3,041 3,064 Loans, net of allowance for loan losses 9/2009
- $11,995; 9/2008 - $8,009 890,384 861,434 Premises and equipment,
net 6,177 6,610 Identifiable intangible assets 4,319 5,005 Goodwill
39,982 39,710 Bank owned life insurance 18,832 18,360 Other assets
24,943 21,576 --------- --------- Total assets $1,276,395
$1,181,608 ========== ========== Liabilities and Shareholders'
Equity Liabilities Deposits: Non-interest bearing $109,070 $110,802
Interest bearing 858,474 672,752 ------- ------- Total deposits
967,544 783,554 Securities sold under agreements to repurchase
120,918 125,756 Federal funds purchased - 83,640 Long-term debt
35,000 60,000 Junior subordinated debt, at fair value 19,520 20,112
Other liabilities 8,357 11,000 --------- --------- Total
liabilities 1,151,339 1,084,062 --------- --------- Shareholders'
Equity Preferred stock: $0.01 par value; authorized 1,000,000
shares; $1,000 liquidation preference per share; 25,000 shares
issued at September 30, 2009 and no shares issued at September 30,
2008 22,992 - Common stock, $5.00 par value ; Authorized 20,000,000
shares; 5,808,611 shares issued at September 30, 2009 and 5,765,000
shares issued at September 30, 2008 29,043 28,825 Stock Warrants
2,307 - Surplus 63,719 64,276 Retained earnings 12,167 13,181
Accumulated other comprehensive loss (4,981) (7,251) Treasury
stock; 10,484 shares at September 30, 2009 and 68,354 shares at
September 30, 2008, at cost (191) (1,485) ---- ------ Total
shareholders' equity 125,056 97,546 ------- ------ Total
liabilities and shareholders' equity $1,276,395 $1,181,608
========== ========== SELECTED HIGHLIGHTS Common Stock (VIST) Cash
Dividends Declared March 2008 $0.20 June 2008 $0.20 October 2008
$0.10 January 2009 $0.10 April 2009 $0.10 July 2009 $0.05 Common
Stock (VIST) Quarterly Closing Price 12/31/2007 $17.85 03/31/2008
$17.77 06/30/2008 $14.23 09/30/2008 $12.00 12/31/2008 $7.73
03/31/2009 $7.00 06/30/2009 $6.61 09/30/2009 $5.85 VIST FINANCIAL
CORP. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Dollar amounts in thousands, except share data) Three Months Ended
Nine Months Ended September 30, September 30, 2009 2008 2009 2008
---- ---- ---- ---- Interest Income Interest and fees on loans
$12,523 $13,858 $37,126 $41,483 Interest on securities: Taxable
2,935 2,523 8,514 7,209 Tax-exempt 336 248 927 679 Dividend income
26 123 98 507 Interest on federal funds sold 5 - 13 - Other
interest income (1) - - 9 ------ ------ ------ ------ Total
interest income 15,824 16,752 46,678 49,887 Interest Expense
Interest on deposits 4,952 5,006 15,278 15,523 Interest on
short-term borrowings 1 559 18 1,709 Interest on securities sold
under agreements to repurchase 1,134 1,168 3,297 3,017 Interest on
long-term debt 339 607 1,256 1,810 Interest on junior subordinated
debt 357 331 1,034 1,082 ----- ----- ------ ------ Total interest
expense 6,783 7,671 20,883 23,141 Net interest income 9,041 9,081
25,795 26,746 Provision for loan losses 1,400 525 6,525 2,585 -----
--- ----- ----- Net interest income after provision for loan losses
7,641 8,556 19,270 24,161 Other income: Customer service fees 600
893 1,854 2,189 Mortgage banking activities, net 288 145 963 810
Commissions and fees from insurance sales 3,260 3,052 9,254 8,523
Broker and investment advisory commissions and fees 112 186 594 650
Earnings on investment in life insurance 95 171 279 503 Gain on
sale of loans - - - 47 Other income 971 511 2,591 1,399 Net
realized gains on sales of securities 66 89 351 291 Total
other-than-temporary impairment losses on investments (4,026)
(7,085) (4,999) (7,085) Portion of non-credit impairment loss
recognized in other comprehensive loss 2,030 - 2,681 - ----- -----
----- ----- Net credit impairment loss recognized in earnings
(1,996) (7,085) (2,318) (7,085) ----- ----- ----- ----- Total
non-interest income (loss) 3,396 (2,038) 13,568 7,327 Other
expense: Salaries and employee benefits 5,374 5,381 16,816 16,509
Occupancy expense 1,124 1,087 3,074 3,285 Furniture and equipment
expense 605 659 1,845 2,004 Marketing and advertising expense 208
266 813 1,402 Identifiable intangible amortization 172 158 514 458
Professional services 545 719 1,919 1,797 Outside processing
expense 1,014 827 3,051 2,459 Insurance expense 486 277 1,914 822
Other expense 1,295 1,195 3,723 3,433 ----- ----- ----- ----- Total
non-interest expense 10,823 10,569 33,669 32,169 (Loss) Income
before income taxes 214 (4,051) (831) (681) Income taxes (benefit)
(314) 557 (1,383) 900 --- --- ------ --- Net income (loss) 528
(4,608) 552 (1,581) Preferred stock dividends and discount
accretion (412) - (1,237) - --- ----- ------ ----- Net(loss)income
available to common shareholders $116 $(4,608) $(685) $(1,581) ====
======= ===== ======= Per Common Share Data Average shares
outstanding 5,794,883 5,694,482 5,774,006 5,686,782 Basic (loss)
earnings per common share $0.02 $(0.81) $(0.12) $(0.28) Average
shares outstanding for diluted earnings per share 5,794,883
5,697,484 5,774,006 5,696,646 Diluted (loss) earnings per common
share $0.02 $(0.81) $(0.12) $(0.28) Cash dividends declared per
common share $0.05 $- $0.25 $0.40 DATASOURCE: VIST Financial Corp.
CONTACT: Edward C. Barrett, Chief Financial Officer of VIST
Financial Corp., +1-610-603-7251 Web Site: http://www.vistfc.com/
Copyright