WYOMISSING, Pa., April 27 /PRNewswire-FirstCall/ -- VIST Financial
Corp. ("Company") (Nasdaq: VIST), reported net income for the three
months ended March 31, 2010 of
$713,000, a 53.4% decrease over net
income of $1,531,000 for the same
period in 2009.
The Company also reported that the board of directors declared a
cash dividend of $0.05 per share on
the Company's common stock to shareholders of record on
May 7, 2010 payable May 14, 2010.
Commenting on the first quarter 2010 results, Robert D. Davis, President and Chief Executive
Officer of VIST Financial Corp. said, "While the regional business
climate continues to slowly improve, the lagging effects of the
national and regional recession will continue to influence our
operating results. Recognizing the remaining challenges,
which include elevated asset quality costs and potential OTTI
charges we continue to be cautiously optimistic about the
opportunities for VIST Financial over the near term." Davis
continued, "On April 19, we announced the sale of our 25%
interest in First HSA, LLC which has produced a pre-tax gain of
$1,875,000 which will be reflected in
the second quarter of 2010 results. While we were pleased to
contribute to the rise in popularity of consumer-directed health
care solutions, the opportunity to monetize our investment, reduce
our cost of funds and improve our operating efficiency was clearly
in the best interest of our shareholders."
Davis stated, "We experienced an improvement in our net interest
margin for the quarter, however loan outstandings decreased from
year end as a result of a conscious decision to exit a number of
commercial loan relationships which did not meet our credit
standards. Additionally, our commercial borrowers and
prospects remain understandably cautious at this point given the
regional economy. Our overall asset quality metrics continue
to be stable with non-performing assets declining from year end.
Our net charge-offs for the quarter totaled $1.3 million with provision expense totaling
$2.6 million thereby improving our
overall allowance for loan loss coverage of both total loans and
non-performing loans."
Davis concluded, "On April 23, we
were pleased to announce that VIST Financial entered into purchase
agreements to raise $5.2 million in
new capital through the issuance of 644,000 shares of common stock
to two institutional investors who specialize in the banking
sector, at a price of $8.00 a share.
The modest capital raise allows us to take advantage of
market opportunities, anticipates new regulatory capital guidelines
and provides us with a capital cushion if the economy does not
improve as believed."
Net Interest Income
For the three months ended March 31,
2010, net interest income before the provision for loan
losses increased 14.1% to $9,677,000
compared to $8,482,000 for the same
period in 2009. The increase in net interest income for the
three months resulted from a 1.7% increase in total interest income
to $15,804,000 from $15,536,000 and a 13.1% decrease in total
interest expense to $6,127,000 from
$7,054,000.
The increase in total interest income for the three months ended
March 31, 2010, resulted primarily
from an increase in commercial loan volume as compared to the same
period in 2009. Average earning assets for the three month
period ended March 31, 2010,
increased $85,426,000 compared to the
same period in 2009 due primarily to strong growth in commercial
loans and available for sale investment securities.
The decrease in total interest expense for the three months
ended March 31, 2010, resulted
primarily from lower interest rates compared to the same period in
2009. Average interest-bearing liabilities for the three
months ended March 31, 2010,
increased $96,309,000 compared to the
same period in 2009. The increases in interest-bearing
liabilities are due primarily to an increase in average NOW, money
market and savings deposits for the three months ended March 31, 2010 of $176,667,000 offset by decreases in average time
deposits of $20,197,000 and long-term
borrowings of $48,056,000.
The provision for loan losses for the three months ended
March 31, 2010 was $2,600,000 compared to $825,000 for the same period in 2009. As of
March 31, 2010, the allowance for
loan losses was $12,770,000 compared
to $11,449,000 as of December 31, 2009. The increase in the
provision is due primarily to current challenging and uncertain
economic conditions 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. As of March 31, 2010,
total non-performing loans were $23,839,000 or 2.6% of total loans compared to
$26,951,000 or 3.0% of total loans at
December 31, 2009. The
$3,112,000 decrease in non-performing
loans from December 31, 2009 to
March 31, 2010, was due primarily to
commercial real estate loans totaling approximately $2,889,000 transferred to other real estate
owned. As of March 31, 2010,
$800,000 in commercial properties
included in other real estate owned were under contract to sell.
Management has determined that the current allowance for loan
losses is adequate as of March 31,
2010.
Net interest income after the provision for loan losses for the
three months ended March 31, 2010 was
$7,077,000 compared to $7,657,000 for the same period in 2009.
For the three months ended March 31,
2010, the net interest margin on a fully taxable equivalent
basis was 3.40% compared to 3.20% for the same period in 2009.
The increase in net interest margin for the comparative three
month period ended March 31, 2010,
was due mainly to strong organic commercial loan growth and lower
rates paid on core and time deposits compared to the same period in
2009.
Non-Interest Income
Total non-interest income for the three months ended
March 31, 2010, decreased 15.8% to
$4,549,000 compared to $5,405,000 for the same period in 2009.
For the three months ended March 31,
2010, customer service fees decreased to $583,000 from $658,000, or 11.4%, for the same period in 2009.
The decrease for the comparative three month periods is due
primarily to a decrease in commercial account analysis fees,
uncollected funds charges and non-sufficient funds charges.
For the three months ended March 31,
2010, revenue from mortgage banking activity decreased to
$134,000 from $267,000, or 49.8%, for the same period in 2009.
The decrease for the comparative three month periods is
primarily due to a decline 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 three months ended March 31,
2010, revenue from commissions and fees from insurance sales
increased 4.0% to $3,076,000 compared
to $2,958,000 for the same period in
2009. The increase for the comparative three month periods is
mainly attributed to an increase in commission income on an
increase in the volume of group insurance products offered through
VIST Insurance, LLC, a wholly owned subsidiary of the Company.
For the three months ended March 31,
2010, revenue from brokerage and investment advisory
commissions and fee activity decreased to $135,000 from $330,000, or 59.1%, for the same period in 2009.
The decrease for the comparative three month periods is due
primarily to a decrease in investment advisory service activity
offered through VIST Capital Management, LLC, a wholly owned
subsidiary of the Company.
For the three months ended March 31,
2010, earnings on investment in life insurance increased to
$78,000 from $76,000, or 2.6%, for the same period in 2009.
The increase for the comparative three month periods is due
primarily to increased earnings credited on the Company's separate
account, bank owned life insurance ("BOLI").
For the three months ended March 31,
2010, revenue from other commissions and fees increased to
$504,000 from $473,000, or 6.6%, for the same period in 2009.
The increase for the comparative three month periods is due
primarily to an increase in customer debit card activity through
the debit card network interchange.
For the three months ended March 31,
2010, other income decreased to $43,000 from $484,000, or 91.1%, for the same period in 2009.
The decrease for the comparative three month periods is due
primarily to a settlement of a previously accrued contingent
payment in 2009.
Net realized gains on sales of available for sale securities
were $92,000 for the three months
ended March 31, 2010, compared to net
realized gains on sales of available for sale securities of
$159,000 for the same period in 2009.
The net securities gains are primarily from the planned sale
of existing available for sale investment securities.
For the three month period ended March
31, 2010, net credit impairment losses recognized in
earnings resulting from other-than-temporary impairment ("OTTI")
losses on investment securities were $96,000. The net credit impairment losses
include OTTI charges for estimated credit losses on two pooled
trust preferred securities. For the three month period ended
March 31, 2009, there were no net
credit impairment losses recognized in earnings resulting from OTTI
losses on investment securities.
Non-Interest Expense
Total non-interest expense for the three months ended
March 31, 2010, decreased 1.7% to
$11,091,000 compared to $11,279,000 for the same period in 2009.
Salaries and benefits were $5,419,000 for the three months ended
March 31, 2010, a decrease of 4.7%
compared to $5,688,000 for the same
period in 2009. The decrease for the comparative three month
periods is due primarily to a decrease in the number of full-time
equivalent employees and a decrease in employer 401(k) contribution
expense. Included in salaries and benefits for the three
months ended March 31, 2010 and
March 31, 2009 were stock-based
compensation costs of $37,000 and
$20,000, respectively. Also
included in salaries and benefits for the three months ended
March 31, 2010 and 2009 were
commissions paid of $228,000 and
$384,000, respectively.
For the three months ended March 31,
2010, occupancy expense and furniture and equipment expense
increased to $1,772,000 from
$1,675,000, or 5.8%, for the same
period in 2009. The increase for the comparative three month
periods is due primarily to an increase in building lease expense,
equipment repairs expense and software maintenance expense.
For the three months ended March 31,
2010, marketing and advertising expense decreased to
$246,000 from $270,000, or 8.9%, for the same period in 2009.
The decrease for the comparative three month periods is due
primarily to a reduction in marketing costs associated with direct
mailings and special events.
For the three months ended March 31,
2010, professional services expense decreased to
$609,000 from $892,000, or 31.7%, for the same period in 2009.
The decrease for the comparative three month periods is due
primarily to legal fees associated with a 2009 litigation
settlement related to a previously accrued contingent payment.
For the three months ended March 31,
2010, outside processing expense increased to $1,031,000 from $951,000, or 8.4%, for the same period in 2009.
The increase for the comparative three month periods is due
primarily to costs incurred for computer related services.
For the three months ended March 31,
2010, FDIC deposit and other insurance expense increased to
$532,000 from $444,000, or 19.8%, for the same period in 2009.
The increase in insurance expense for the comparative three
month periods is due primarily to higher FDIC deposit insurance
premiums.
For the three months ended March 31,
2010, other real estate owned expense increased to
$497,000 from $326,000, or 52.5%, for the same period in 2009.
The increase in other real estate owned expense for the
comparative three month periods is due primarily to an increase in
the amount of other real estate owned in 2010.
Income Tax Expense
Income tax benefit for the three months ended March 31, 2010, was $178,000, a 170.6% increase compared to income
tax expense of $252,000 for the three
months ended March 31, 2009.
The effective income tax rate for the three months ended
March 31, 2010 and 2009 was (33.3%)
and 14.1%, respectively. Included in income tax expense for
the three months ended March 31, 2010
and 2009 is a federal tax benefit from a $5,000,000 investment in an affordable housing,
corporate tax credit limited partnership.
Earnings Per Share
Diluted earnings per share for the three months ended
March 31, 2010, were $0.05 on average shares outstanding of 5,844,949,
a 75.0% decrease as compared to diluted earnings per share of
$0.20 on average shares outstanding
of 5,735,968 for the three months ended March 31, 2009. The decrease in diluted
earnings per share for the comparative three month periods is due
primarily to a decrease in net income available to common
shareholders.
Assets, Liabilities and Shareholders' Equity
Total assets as of March 31, 2010
increased $30,061,000, or 9.2%
annualized, to $1,338,780,000
compared to $1,308,719,000 at
December 31, 2009. Total gross
loans as of March 31, 2010 decreased
$6,202,000, or 2.7% annualized, to
$904,762,000 compared to $910,964,000 at December
31, 2009. Total deposits increased $40,726,000, or 16.0% annualized, to $1,061,624,000 compared to $1,020,898,000 at December
31, 2009. Total borrowings as of March 31, 2010, decreased $11,154,000, or 28.8% annualized, to $143,700,000 compared to $154,854,000 at December
31, 2009.
Shareholders' equity as of March 31,
2010 increased $300,000, or
1.0% annualized, to $125,728,000
compared to $125,428,000 at
December 31, 2009. Included in
shareholders' equity is an unrealized loss position on available
for sale and held to maturity securities, net of taxes, as of
March 31, 2010, of $4,613,000 compared to an unrealized loss
position on available for sale securities, net of taxes, of
$4,512,000 at December 31, 2009.
Quarterly Shareholder and Investor Conference
VIST Financial Corp. will be hosting the Annual Shareholder
Meeting and a quarterly shareholder and investor conference call on
Tuesday, April 27, 2010, at
10:00 a.m. ET. Interested
parties can join the conference and have the ability to ask
questions by calling (877) 303-1593. The conference call is
titled VIST Financial Corp. Annual Shareholder Meeting and
Quarterly Earnings Call. The conference call will be
available through our webcast at:
http://tinyurl.com/VISTQ12010
The conference call webcast and a copy of the Annual Shareholder
Meeting presentation 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.
VIST Financial Corp. is diversified financial services
company headquartered in Wyomissing,
PA, offering banking, insurance, investments, wealth
management, and title insurance services throughout Berks, Southern
Schuylkill, Montgomery,
Delaware, Philadelphia and Lancaster Counties.
This release may contain forward-looking statements with respect
to the Company's beliefs, plans, objectives, goals, expectations,
anticipations, estimates, and intentions that are subject to
significant risks and uncertainties, and are subject to change
based on various factors, some of which are beyond the Company's
control. The Company does not undertake to update any
forward-looking statement, whether written or oral, that may be
made from time to time by or on behalf of the Company.
VIST FINANCIAL
CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED
SELECTED FINANCIAL DATA
|
|
(Dollar amounts in
thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
Federal funds sold
|
|
$
35,575
|
|
$
8,475
|
|
Investment securities and interest
bearing cash
|
|
276,711
|
|
271,475
|
|
Federal Home Loan Bank
stock
|
|
5,715
|
|
5,715
|
|
Mortgage loans held for
sale
|
|
2,229
|
|
1,962
|
|
Loans:
|
|
|
|
|
|
|
Commercial loans
|
|
727,813
|
|
731,256
|
|
|
Consumer loans
|
|
128,935
|
|
132,054
|
|
|
Mortgage loans
|
|
48,014
|
|
47,654
|
|
Total loans
|
|
$
904,762
|
|
$
910,964
|
|
|
|
|
|
|
|
|
Earning assets
|
|
$
1,224,992
|
|
$
1,198,591
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
1,338,780
|
|
$
1,308,719
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$
106,800
|
|
$
102,302
|
|
|
NOW, money market and
savings
|
|
512,855
|
|
458,987
|
|
|
Time deposits
|
|
441,969
|
|
459,609
|
|
Total deposits
|
|
$
1,061,624
|
|
$
1,020,898
|
|
|
|
|
|
|
|
|
Borrowings:
|
|
|
|
|
|
|
Securities sold under agreements to
repurchase
|
|
$
113,985
|
|
$
115,196
|
|
|
Long-term debt
|
|
10,000
|
|
20,000
|
|
|
Junior subordinated debt
|
|
19,715
|
|
19,658
|
|
Total borrowings
|
|
$
143,700
|
|
$
154,854
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
$
1,213,052
|
|
$
1,183,291
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
$
125,728
|
|
$
125,428
|
|
|
|
|
|
|
|
|
Total liabilities and shareholders'
equity
|
|
$
1,338,780
|
|
$
1,308,719
|
|
|
|
|
|
|
|
|
Actual common shares
outstanding
|
|
5,855,976
|
|
5,808,690
|
|
Book value per common share
|
|
$17.11
|
|
$17.22
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
|
|
Three
Months
|
|
Twelve
Months
|
|
|
|
|
March
31,
|
|
December
31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
(unaudited)
|
|
|
|
Non-accrual loans
|
|
$
23,635
|
|
$
25,140
|
|
Loans past due 90 days or more still
accruing
|
|
204
|
|
1,811
|
|
|
Total non-performing loans
|
|
23,839
|
|
26,951
|
|
Other real estate owned
|
|
7,441
|
|
5,221
|
|
|
Total non-performing assets
|
|
$
31,280
|
|
$
32,172
|
|
|
|
|
|
|
|
|
Renegotiated troubled debt
|
|
6,150
|
|
6,245
|
|
|
|
|
|
|
|
|
Loans outstanding at end of
period
|
|
$
904,762
|
|
$
910,964
|
|
Allowance for loan losses
|
|
12,770
|
|
11,449
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans
(annualized)
|
|
0.55%
|
|
0.58%
|
|
Allowance for loan losses as a percent
of total loans
|
|
1.41%
|
|
1.26%
|
|
Allowance for loan losses as a percent
of total non-performing loans
|
53.58%
|
|
42.49%
|
|
|
|
|
|
|
|
VIST FINANCIAL
CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED
SELECTED FINANCIAL DATA
|
|
(Dollar amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
Average
Balances
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
|
(unaudited)
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
|
2010
|
|
2009
|
|
Assets
|
|
|
|
|
|
Federal funds sold
|
$
29,001
|
|
$
6,626
|
|
Investment securities and interest
bearing cash
|
269,042
|
|
228,763
|
|
Federal Home Loan Bank
stock
|
5,715
|
|
5,715
|
|
Mortgage loans held for
sale
|
968
|
|
3,235
|
|
Loans:
|
|
|
|
|
|
|
Commercial loans
|
733,065
|
|
699,514
|
|
|
Consumer loans
|
130,650
|
|
139,792
|
|
|
Mortgage loans
|
47,806
|
|
47,176
|
|
Total loans
|
$
911,521
|
|
$
886,482
|
|
|
|
|
|
|
|
|
Interest-earning assets
|
$
1,210,532
|
|
$
1,125,106
|
|
|
|
|
|
|
|
|
Goodwill and intangible
assets
|
44,115
|
|
44,500
|
|
Total assets
|
$
1,328,709
|
|
$
1,236,560
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
102,355
|
|
$
105,444
|
|
|
|
|
|
|
|
|
|
Interest bearing deposits:
|
|
|
|
|
|
|
NOW, money market and
savings
|
496,785
|
|
320,118
|
|
|
|
Time deposits
|
448,819
|
|
469,016
|
|
|
Total Interest-Bearing
Deposits
|
945,604
|
|
789,134
|
|
|
|
|
|
|
|
|
Total deposits
|
$
1,047,959
|
|
$
894,578
|
|
|
|
|
|
|
|
|
Short term borrowings
|
$
-
|
|
$
9,914
|
|
Securities sold under agreements to
repurchase
|
115,827
|
|
119,503
|
|
|
|
|
|
|
|
|
Long-term debt
|
11,111
|
|
59,167
|
|
Junior subordinated debt
|
19,658
|
|
18,173
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
1,092,200
|
|
995,891
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
$
125,852
|
|
$
124,395
|
|
|
|
|
|
|
|
VIST FINANCIAL
CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED
SELECTED FINANCIAL DATA
|
|
(Dollar amounts in
thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three
Months Ended
|
|
|
|
(unaudited)
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2010
|
|
2009
|
|
Interest income
|
$
15,804
|
|
$
15,536
|
|
Interest expense
|
6,127
|
|
7,054
|
|
|
Net interest income
|
9,677
|
|
8,482
|
|
Provision for loan losses
|
2,600
|
|
825
|
|
|
Net Interest Income after provision
for loan losses
|
7,077
|
|
7,657
|
|
|
|
|
|
|
|
Customer service fees
|
583
|
|
658
|
|
Mortgage banking activities
|
134
|
|
267
|
|
Commissions and fees from insurance
sales
|
3,076
|
|
2,958
|
|
Brokerage and investment advisory
commissions and fees
|
135
|
|
330
|
|
Earnings on investment in life
insurance
|
78
|
|
76
|
|
Other commissions and fees
|
504
|
|
473
|
|
Other income
|
43
|
|
484
|
|
Net realized gains on sales of
securities
|
92
|
|
159
|
|
Total other-than-temporary
impairment losses on investments
|
(940)
|
|
-
|
|
Portion of non-credit impairment
loss recognized in other comprehensive loss
|
844
|
|
-
|
|
Net credit impairment loss recognized
in earnings
|
(96)
|
|
-
|
|
|
|
|
|
|
|
|
Total non-interest income
|
4,549
|
|
5,405
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
5,419
|
|
5,688
|
|
Occupancy expense
|
1,148
|
|
1,069
|
|
Furniture and equipment
expense
|
624
|
|
606
|
|
Other operating expense
|
3,900
|
|
3,916
|
|
|
Total non-interest expense
|
11,091
|
|
11,279
|
|
Income before income taxes
|
535
|
|
1,783
|
|
Income taxes (benefit)
|
(178)
|
|
252
|
|
|
Net income
|
713
|
|
1,531
|
|
|
Preferred stock dividends and discount
accretion
|
(420)
|
|
(412)
|
|
|
Net income available to common
shareholders
|
$
293
|
|
$
1,119
|
|
|
|
|
|
|
|
Per Common Share Data:
|
|
|
|
|
Basic average shares
outstanding
|
5,844,949
|
|
5,735,968
|
|
Diluted average shares
outstanding
|
5,844,949
|
|
5,735,968
|
|
Basic earnings per common
share
|
$
0.05
|
|
$
0.20
|
|
Diluted earnings per common
share
|
0.05
|
|
0.20
|
|
Cash dividends per common
share
|
0.05
|
|
0.10
|
|
|
|
|
|
|
|
Profitability Ratios:
|
|
|
|
|
Return on average assets
|
0.22%
|
|
0.50%
|
|
Return on average shareholders'
equity
|
2.30%
|
|
4.99%
|
|
Return on average tangible equity
(equity less goodwill and intangible assets)
|
3.54%
|
|
7.77%
|
|
Average Equity to Average
Assets
|
9.47%
|
|
10.06%
|
|
Net interest margin (fully taxable
equivalent)
|
3.40%
|
|
3.20%
|
|
Effective tax rate
|
-33.27%
|
|
14.13%
|
|
|
|
|
|
|
VIST FINANCIAL
CORP. AND SUBSIDIARIES
|
|
UNAUDITED
CONSOLIDATED BALANCE SHEETS
|
|
(Dollar amounts in
thousands, except share data)
|
|
|
|
|
|
|
|
|
|
March
31,
|
|
March
31,
|
|
|
|
2010
|
|
2009
|
|
Assets
|
|
|
|
|
Cash and due from banks
|
$
20,293
|
|
$
20,114
|
|
Fed funds sold
|
35,575
|
|
13,550
|
|
Interest-bearing deposits in
banks
|
432
|
|
353
|
|
Total cash and cash
equivalents
|
56,300
|
|
34,017
|
|
|
|
|
|
|
|
Mortgage loans held for sale
|
2,229
|
|
2,841
|
|
Securities available for sale
|
274,190
|
|
238,420
|
|
Securities held to maturity
|
2,089
|
|
3,054
|
|
Federal Home Loan Bank
stock
|
5,715
|
|
5,715
|
|
Loans, net of allowance for loan
losses
|
|
|
|
|
|
3/2010 - $12,770; 3/2009 -
$8,165
|
891,992
|
|
878,425
|
|
Premises and equipment, net
|
6,225
|
|
6,685
|
|
Identifiable intangible
assets
|
4,052
|
|
4,662
|
|
Goodwill
|
39,982
|
|
39,732
|
|
Bank owned life insurance
|
19,028
|
|
18,628
|
|
FDIC prepaid insurance
|
5,294
|
|
-
|
|
Other assets
|
31,684
|
|
27,986
|
|
Total assets
|
$
1,338,780
|
|
$
1,260,165
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits:
|
|
|
|
|
Non-interest bearing
|
$
106,800
|
|
$
106,510
|
|
Interest bearing
|
954,824
|
|
824,152
|
|
Total deposits
|
1,061,624
|
|
930,662
|
|
Securities sold under
agreements
|
|
|
|
|
|
to repurchase
|
113,985
|
|
127,242
|
|
Long-term debt
|
10,000
|
|
50,000
|
|
Junior subordinated debt, at fair
value
|
19,715
|
|
19,050
|
|
Other liabilities
|
7,728
|
|
8,390
|
|
Total liabilities
|
1,213,052
|
|
1,135,344
|
|
|
|
|
|
|
|
Shareholders' Equity
|
|
|
|
|
Preferred stock: $0.01 par value;
authorized 1,000,000 shares; $1,000 liquidation
|
|
|
|
|
|
preference per share; 25,000 shares of
Series A 5% cumulative preferred stock
|
|
|
|
|
|
issued and outstanding; Less: discount
of $1,801 at March 31, 2010 and a
|
|
|
|
|
|
discount of $2,208 at March 31,
2009
|
23,199
|
|
22,792
|
|
Common stock, $5.00 par value
;
|
|
|
|
|
|
Authorized 20,000,000
shares;
|
|
|
|
|
|
5,866,460 shares issued at March
31, 2010 and
|
|
|
|
|
|
5,800,929 shares issued at March
31, 2009
|
29,333
|
|
29,005
|
|
Stock Warrants
|
2,307
|
|
2,307
|
|
Surplus
|
63,800
|
|
63,588
|
|
Retained earnings
|
11,893
|
|
15,209
|
|
Accumulated other comprehensive
loss
|
(4,613)
|
|
(7,889)
|
|
Treasury stock; 10,484 shares at March
31, 2010 and
|
|
|
|
|
|
10,484 shares at March 31, 2009, at
cost
|
(191)
|
|
(191)
|
|
Total shareholders' equity
|
125,728
|
|
124,821
|
|
Total liabilities and shareholders'
equity
|
$
1,338,780
|
|
$
1,260,165
|
|
|
|
|
|
|
SELECTED HIGHLIGHTS
|
|
|
|
|
Common Stock (VIST)
|
|
Cash Dividends Declared
|
|
January 2009
|
$ 0.10
|
|
April 2009
|
$ 0.10
|
|
July 2009
|
$ 0.05
|
|
October 2009
|
$ 0.05
|
|
January 2010
|
$
0.05
|
|
|
|
|
|
|
|
|
|
|
Common Stock (VIST)
|
|
Quarterly Closing Price
|
|
03/31/2009
|
$ 7.00
|
|
06/30/2009
|
$ 6.61
|
|
09/30/2009
|
$ 5.85
|
|
12/31/2009
|
$ 5.25
|
|
03/31/2010
|
$
8.97
|
|
|
|
VIST FINANCIAL
CORP. AND SUBSIDIARIES
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME
|
|
(Dollar amounts in
thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
|
|
March
31,
|
|
|
|
|
2010
|
|
2009
|
|
Interest Income
|
|
|
|
|
|
Interest and fees on loans
|
|
$
12,443
|
|
$
12,342
|
|
Interest on securities:
|
|
|
|
|
|
Taxable
|
|
2,947
|
|
2,870
|
|
Tax-exempt
|
|
396
|
|
286
|
|
Dividend income
|
|
10
|
|
34
|
|
Other interest income
|
|
8
|
|
4
|
|
Total interest income
|
|
15,804
|
|
15,536
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
Interest on deposits
|
|
4,502
|
|
5,154
|
|
Interest on short-term
borrowings
|
|
-
|
|
17
|
|
Interest on securities sold under
agreements to repurchase
|
|
1,182
|
|
1,063
|
|
Interest on long-term debt
|
|
98
|
|
505
|
|
Interest on junior subordinated
debt
|
|
345
|
|
315
|
|
Total interest expense
|
|
6,127
|
|
7,054
|
|
|
|
|
|
|
|
|
Net interest income
|
|
9,677
|
|
8,482
|
|
Provision for loan losses
|
|
2,600
|
|
825
|
|
Net interest income after provision
for loan losses
|
|
7,077
|
|
7,657
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
Customer service fees
|
|
583
|
|
658
|
|
Mortgage banking activities,
net
|
|
134
|
|
267
|
|
Commissions and fees from insurance
sales
|
|
3,076
|
|
2,958
|
|
Broker and investment advisory
commissions and fees
|
|
135
|
|
330
|
|
Earnings on investment in life
insurance
|
|
78
|
|
76
|
|
Other commissions and fees
|
|
504
|
|
473
|
|
Other income
|
|
43
|
|
484
|
|
Net realized gains on sales of
securities
|
|
92
|
|
159
|
|
Total other-than-temporary
impairment losses on investments
|
|
(940)
|
|
-
|
|
Portion of non-credit impairment
loss recognized in other comprehensive loss
|
|
844
|
|
-
|
|
Net credit impairment loss recognized
in earnings
|
|
(96)
|
|
-
|
|
|
|
|
|
|
|
|
Total non-interest
income
|
|
4,549
|
|
5,405
|
|
|
|
|
|
|
|
|
Other expense:
|
|
|
|
|
|
Salaries and employee benefits
|
|
5,419
|
|
5,688
|
|
Occupancy expense
|
|
1,148
|
|
1,069
|
|
Furniture and equipment expense
|
|
624
|
|
606
|
|
Marketing and advertising
expense
|
|
246
|
|
270
|
|
Identifiable intangible
amortization
|
|
133
|
|
171
|
|
Professional services
|
|
609
|
|
892
|
|
Outside processing expense
|
|
1,031
|
|
951
|
|
Insurance expense
|
|
532
|
|
444
|
|
Other Real Estate Expense
|
|
497
|
|
326
|
|
Other expense
|
|
852
|
|
862
|
|
Total non-interest
expense
|
|
11,091
|
|
11,279
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
|
535
|
|
1,783
|
|
Income taxes (benefit)
|
|
(178)
|
|
252
|
|
Net income
|
|
713
|
|
1,531
|
|
Preferred stock dividends and discount
accretion
|
|
(420)
|
|
(412)
|
|
Net income available to common
shareholders
|
|
$
293
|
|
$
1,119
|
|
|
|
|
|
|
|
|
Per Common Share Data
|
|
|
|
|
|
Average shares outstanding
|
|
5,844,949
|
|
5,735,968
|
|
Basic earnings per common share
|
|
$
0.05
|
|
$
0.20
|
|
Average shares outstanding for diluted
earnings per share
|
|
5,844,949
|
|
5,735,968
|
|
Diluted earnings per common share
|
|
$
0.05
|
|
$
0.20
|
|
Cash dividends declared per common
share
|
|
$
0.05
|
|
$
0.10
|
|
|
|
|
|
|
|
SOURCE VIST Financial Corp.