WYOMISSING, Pa., July 27 /PRNewswire-FirstCall/ -- VIST Financial
Corp. ("Company") (Nasdaq: VIST) reported net income for the six
months ended June 30, 2010 of
$3,239,000, a $3,216,000 increase over net income of
$23,000 for the same period in 2009.
The Company also reported net income for the three months
ended June 30, 2010 of $2,526,000, a $4,034,000 increase over a net loss of
$1,508,000 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
August 6, 2010 payable August 13,
2010.
Commenting on the second quarter 2010, Robert D. Davis, President and Chief Executive
Officer of VIST Financial Corp. said, "Consistent with the slow
improvement in the regional economy served by VIST Financial, our
linked quarter profitability continues to improve. Our strong
second quarter results include the sale of our 25% interest in
First HSA, LLC which produced a pre-tax gain of $1,875,000. Of equal importance was our
ability to raise $5.2 million in new
capital through the issuance of 644,000 of common stock to two
institutional investors who specialize in the banking sector at a
price of $8 a share.
Accordingly, VIST Financial capital ratios continue to exceed
all regulatory capital guidelines. This modest capital raise
will also allow us to take advantage of market opportunities,
anticipate new regulatory capital guidelines and provide us with a
capital cushion if the economy does not continue to improve."
Davis continued, "During the second quarter of 2010, we
experienced an improvement in our net interest margin; however
loans outstanding decreased from both the first quarter and year
end as a result of a conscious decision to exit a number of
commercial loan relationships which did not meet our credit
standards. We do see the opportunity to continue our
historical growth levels in commercial loans in the second half of
this year. Our overall asset quality metrics have continued
to stabilize and measurably improve through a reduction of
non-performing loans and reduced delinquencies."
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 six months ended June 30,
2010, net interest income before the provision for loan
losses increased 18.4% to $19,823,000
compared to $16,749,000 for the same
period in 2009. The increase in net interest income for the
six months resulted from a 3.2% increase in total interest income
to $31,837,000 from $30,849,000 and a 14.8% reduction in total
interest expense to $12,014,000 from
$14,100,000. For the three
months ended June 30, 2010, net
interest income before the provision for loan losses increased
22.7% to $10,146,000 compared to
$8,267,000 for the same period in
2009. The increase in net interest income for the three
months resulted from a 4.7% increase in total interest income to
$16,033,000 from $15,313,000 and a 16.4% reduction in total
interest expense to $5,887,000 from
$7,046,000.
The increase in total interest income for the three and six
months ended June 30, 2010 resulted
primarily from an increase in average earning assets compared to
the same periods in 2009. Average earning assets for the
three and six month periods ended June 30,
2010 increased $100,114,000
and $92,811,000, respectively,
compared to the same periods in 2009 due primarily to growth in
commercial loans and available for sale investment securities.
The reduction in total interest expense for the three and six
months ended June 30, 2010 resulted
primarily from lower interest rates compared to the same periods in
2009. Average interest-bearing liabilities for the three and
six months ended June 30, 2010
increased $98,110,000 and
$97,214,000, respectively, compared
to the same periods in 2009. The increases in
interest-bearing liabilities are due primarily from an increase in
average interest-bearing deposits for the three and six months
ended June 30, 2010 of $129,777,000 and $143,049,000, respectively, offset by a net
decrease in average securities sold under agreements to repurchase
and average long term borrowings for the three and six months ended
June 30, 2010 of $46,791,000 and $49,248,000, respectively.
The provision for loan losses for the six months ended
June 30, 2010 was $4,610,000 compared to $5,125,000 for the same period in 2009. The
provision for loan losses for the three months ended June 30, 2010 was $2,010,000 compared to $4,300,000 for the same period in 2009. As
of June 30, 2010, the allowance for
loan losses was $12,825,000 compared
to $11,449,000 as of December 31, 2009, an annualized increase of
24.0%. The increase in the provision is due primarily to
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. At June 30, 2010,
total non-performing loans were $22,498,000 or 2.5% of total loans compared to
$26,951,000 or 3.0% of total loans at
December 31, 2009. The
$4,453,000 decrease in non-performing
loans from December 31, 2009 to
June 30, 2010, was due primarily to
pay-downs and charge-offs of non-performing commercial real estate
loans. Management considers the current allowance for loan
losses adequate as of June 30,
2010.
Net interest income after the provision for loan losses for the
three and six months ended June 30,
2010 was $8,136,000 and
$15,213,000, respectively, as
compared to $3,967,000 and
$11,624,000, respectively, for the
same periods in 2009.
For the six months ended June 30,
2010, the net interest margin on a fully taxable equivalent
basis was 3.42% as compared to 3.12% for the same period in 2009.
For the three months ended June 30,
2010, the net interest margin on a fully taxable equivalent
basis was 3.43% as compared to 3.05% for the same period in 2009
and 3.40% for the first quarter of 2010. The increase in net
interest margin for the comparative six and three month periods
ended June 30, 2010 was due mainly to
lower cost of funds compared to the same periods in 2009.
Non-Interest Income
Total non-interest income for the six months ended June 30, 2010 increased 12.6% to $11,457,000 compared to $10,176,000 for the same period in 2009.
Total non-interest income for the three months ended
June 30, 2010 increased 44.8% to
$6,908,000 compared to $4,771,000 for the same period in 2009.
For the six months ended June 30,
2010, customer service fees decreased to $1,132,000 from $1,254,000, or 9.7%, for the same period in 2009.
For the three months ended June 30,
2010, service charges on deposits decreased to $549,000 from $596,000, or 7.9%, for the same period in 2009.
The decrease for the comparative six and three month periods
is due primarily to a decrease in commercial account analysis fees,
uncollected funds charges and non-sufficient funds charges.
For the six months ended June 30,
2010, revenue from mortgage banking activities decreased to
$365,000 from $675,000, or 45.9%, for the same period in 2009.
For the three months ended June 30,
2010, revenue from mortgage banking activities decreased to
$231,000 from $408,000, or 43.4%, for the same period in 2009.
The decrease for the comparative six and three month periods
is primarily due to a decrease 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 six months ended June 30,
2010, revenue from commissions and fees from insurance sales
increased 2.9% to $6,168,000 compared
to $5,994,000 for the same period in
2009. For the three months ended June
30, 2010, revenue from commissions and fees from insurance
sales increased 1.8% to $3,092,000
compared to $3,036,000 for the same
period in 2009. The increase for the comparative six and
three month periods is mainly attributed to an increase in
commission income on group insurance products sold through VIST
Insurance, LLC, a wholly owned subsidiary of the Company.
For the six months ended June 30,
2010, revenue from brokerage and investment advisory
commissions and fee activity decreased to $286,000 from $482,000, or 40.7%, for the same period in 2009.
For the three months ended June 30,
2010, revenue from brokerage and investment advisory
commissions and fee activity decreased to $151,000 from $152,000, or 0.7%, for the same period in 2009.
Fluctuations for the comparative six 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 six months ended June 30,
2010, earnings on investment in life insurance increased to
$191,000 from $184,000, or 3.8%, for the same period in 2009.
For the three months ended June 30,
2010, earnings on investment in life insurance increased to
$113,000 from $108,000, or 4.6%, for the same period in 2009.
The increase for the comparative six and three month periods
is due primarily to increased earnings credited on the Company's
bank owned life insurance ("BOLI").
For the six months ended June 30,
2010, revenue from other commissions and fees increased to
$1,062,000 from $971,000, or 9.4%, for the same period in 2009.
For the three months ended June 30,
2010, revenue from other commissions and fees increased to
$558,000 from $498,000, or 12.0%, for the same period in 2009.
The increase for the comparative six and three month periods
is due primarily to an increase in customer debit card activity
through the debit card network interchange.
For the six months ended June 30,
2010, other income including gain on sale of equity interest
increased to $2,116,000 from
$653,000 for the same period in 2009.
For the three months ended June 30,
2010, other income including gain on sale of equity interest
increased to $2,073,000 from
$169,000 for the same period in 2009.
The increase for the comparative six and three month periods
is due primarily to a $1,875,000 gain
recognized on the sale of a 25% equity interest in First HSA, LLC
related to the transfer of approximately $89,000,000 of Health Savings Account ("HSA")
deposits in the second quarter of 2010.
For the six months ended June 30,
2010, net realized gains on sales of available for sale
securities were $286,000 compared to
net realized gains on sales of available for sale securities of
$285,000 for the same period in 2009.
For the three months ended June 30,
2010, net realized gains on sales of available for sale
securities were $194,000 compared to
net realized gains on sales of available for sale securities of
$126,000 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 six months ended June 30,
2010, net credit impairment losses recognized in earnings
resulting from other-than-temporary impairment ("OTTI") losses on
investment securities were $149,000
compared to net credit impairment losses recognized in earnings
resulting from OTTI losses on investment securities of $322,000 for the same period in 2009. For
the three month period ended June 30,
2010, net credit impairment losses recognized in earnings
resulting from OTTI losses on investment securities were
$53,000 compared to net credit
impairment losses recognized in earnings resulting from OTTI losses
on investment securities of $322,000
for the same period in 2009. The net credit impairment losses
relate to OTTI charges for estimated credit losses on available for
sale and held to maturity pooled trust preferred securities.
Non-Interest Expense
Total non-interest expense for the six months ended June 30, 2010 increased 0.5% to $22,955,000 compared to $22,846,000 for the same period in 2009.
Total non-interest expense for the three months ended
June 30, 2010 increased 2.6% to
$11,864,000 compared to $11,567,000 for the same period in 2009.
Salaries and benefits were $10,838,000 for the six months ended June 30, 2010, a decrease of 5.3% compared to
$11,442,000 for the same period in
2009. Salaries and benefits were $5,419,000 for the three months ended
June 30, 2010, a decrease of 5.8%
compared to $5,754,000 for the same
period in 2009. The decrease in salaries and benefits for the
comparative six and three month periods is due primarily to a
decrease in employer 401(k) matching contributions and commissions
paid. Included in salaries and benefits for the six months
ended June 30, 2010 and 2009 were
stock-based compensation costs of $76,000 and $77,000, respectively. Included in salaries
and benefits for the three months ended June
30, 2010 and 2009 were stock-based compensation costs of
$39,000 and $56,000, respectively. Total commissions
paid for the six months ended June 30,
2010 and 2009 were $496,000
and $736,000, respectively.
Total commissions paid for the three months ended
June 30, 2010 and 2009 were
$268,000 and $353,000, respectively.
For the six months ended June 30,
2010, occupancy expense and furniture and equipment expense
increased to $3,503,000 from
$3,190,000, or 9.8%, for the same
period in 2009. For the three months ended June 30, 2010, occupancy expense and furniture
and equipment expense increased to $1,731,000 from $1,
515,000, or 14.3%, for the same period in 2009. The increase
for the comparative six and three month periods is due primarily to
an increase in building lease expense, equipment maintenance and
software maintenance expense.
For the six months ended June 30,
2010, marketing and advertising expense decreased to
$507,000 from $605,000, or 16.2%, for the same period in 2009.
For the three months ended June 30,
2010, advertising and marketing expense decreased to
$261,000 from $335,000, or 22.1%, for the same period in 2009.
The decrease for the comparative six 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 six months ended June 30,
2010, professional services expense decreased to
$1,354,000 from $1,374,000, or 1.5%, for the same period in 2009.
For the three months ended June 30,
2010, professional services expense increased to
$745,000 from $482,000, or 54.6%, for the same period in 2009.
The increase for the comparative three month periods is due
primarily to an increase in accounting fees for accounting and
accounting related services and consulting fees associated with
various corporate projects.
For the six months ended June 30,
2010, outside processing expense decreased to $1,885,000 from $2,037,000, or 7.5%, for the same period in 2009.
For the three months ended June 30,
2010, outside processing expense decreased to $854,000 from $1,086,000, or 21.4%, for the same period in
2009. The decrease for the comparative six and three month
periods is due primarily to a decrease in costs incurred for
computer services and network fees.
For the six months ended June 30,
2010, FDIC deposit and other insurance expense decreased to
$1,056,000 from $1,428,000, or 26.1%, for the same period in
2009. For the three months ended June
30, 2010, insurance expense decreased to $524,000 from $984,000, or 46.7%, for the same period in 2009.
The decrease in FDIC deposit and other insurance expense for
the comparative six and three month periods is due primarily to a
$580,000 special industry-wide FDIC
deposit insurance premium assessed in 2009.
For the six months ended June 30,
2010, other real estate owned ("OREO") expense increased to
$1,692,000 from $618,000, or 173.8%, for the same period in 2009.
For the three months ended June 30,
2010, other real estate owned expense increased to
$1,195,000 from $292,000, or 309.2%, for the same period in 2009.
The increase in other real estate owned expense for the
comparative six and three month periods is due primarily to an
increase in costs associated with adjusting foreclosed properties
to fair value after these assets have been classified as OREO, as
well as other costs to operate and maintain OREO property during
the holding period.
Income Tax Expense
Income tax expense for the six months ended June 30, 2010 was $476,000, a 144.5% increase as compared to an
income tax benefit of $1,069,000 for
the six months ended June 30, 2009.
Income tax expense for the three months ended June 30, 2010 was $654,000, a 149.5% increase as compared to an
income tax benefit of $1,321,000 for
the three months ended June 30, 2009.
The increase for the comparative six and three month periods
is due primarily to an increase in net income before income taxes.
Included in income tax expense for the six and three months
ended June 30, 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 common share for the six months ended
June 30, 2010 were $0.40 on average shares outstanding of 6,076,656,
a 385.7% increase as compared to diluted (loss) per common share of
($0.14) on average shares outstanding
of 5,763,648 for the six months ended June
30, 2009. Diluted earnings per common share for the
three months ended June 30, 2010 were
$0.34 on average shares outstanding
of 6,268,026, a 203.0% increase as compared to diluted (loss) per
common share of ($0.33) on average
shares outstanding of 5,791,023 for the three months ended
June 30, 2009. The increase in
diluted earnings per share for the comparative six and three month
periods is due primarily to an increase in net income available to
common shareholders.
Assets, Liabilities and Equity
Total assets as of June 30, 2010
decreased $20,115,000, or 3.1%
annualized, to $1,288,604,000
compared to $1,308,719,000 at
December 31, 2009. Total gross
loans as of June 30, 2010 decreased
$15,380,000, or 3.4% annualized, to
$895,584,000 compared to $910,964,000 at December
31, 2009. Total deposits decreased $15,326,000, or 3.0% annualized, to $1,005,572,000 compared to $1,020,898,000 at December
31, 2009 due primarily to the sale of a 25% equity interest
in First HSA, LLC and the related transfer of approximately
$89,000,000 of HSA deposits in the
second quarter of 2010. Total borrowings as of June 30, 2010, decreased $15,162,000, or 19.6% annualized, to $139,692,000 compared to $154,854,000 at December
31, 2009.
Shareholders' equity as of June 30,
2010 increased $9,262,000, or
14.8% annualized, to $134,690,000
compared to $125,428,000 at
December 31, 2009. In the
second quarter of 2010, the Company completed the issuance of
approximately $4.8 million in common
stock, net of offering costs. Also Included in shareholders'
equity is an unrealized loss position on available for sale and
held to maturity securities, net of taxes, as of June 30, 2010, of $2,490,000 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 Call
VIST Financial will host a quarterly shareholder and investor
conference call on Wednesday, July 28,
2010 at 8:30 a.m. EDT.
Interested parties can join the conference call and ask
questions by dialing 877.303.1593 or listening through the computer
by clicking on the following link:
http://tinyurl.com/2a8jbcu
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.
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)
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2010
|
|
2009
|
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
Federal funds sold
|
$
7,385
|
|
$
8,475
|
|
Investment securities and
interest bearing cash
|
263,664
|
|
271,475
|
|
Federal Home Loan Bank
stock
|
5,715
|
|
5,715
|
|
Mortgage loans held for
sale
|
3,109
|
|
1,962
|
|
Loans:
|
|
|
|
|
|
Commercial loans
|
719,295
|
|
731,256
|
|
|
Consumer loans
|
124,027
|
|
132,054
|
|
|
Mortgage loans
|
52,262
|
|
47,654
|
|
Total loans
|
$
895,584
|
|
$
910,964
|
|
|
|
|
|
|
|
Earning assets
|
$ 1,175,457
|
|
$
1,198,591
|
|
|
|
|
|
|
|
Total assets
|
$ 1,288,604
|
|
$
1,308,719
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
|
Deposits:
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
114,362
|
|
$
102,302
|
|
|
NOW, money market and
savings
|
463,236
|
|
458,987
|
|
|
Time deposits
|
427,974
|
|
459,609
|
|
Total deposits
|
$ 1,005,572
|
|
$
1,020,898
|
|
|
|
|
|
|
|
Borrowings:
|
|
|
|
|
|
Securities sold under agreements
to repurchase
|
$
110,384
|
|
$
115,196
|
|
|
Long-term debt
|
10,000
|
|
20,000
|
|
|
Junior subordinated
debt
|
19,308
|
|
19,658
|
|
Total borrowings
|
$
139,692
|
|
$
154,854
|
|
|
|
|
|
|
|
Total Liabilities
|
$ 1,153,914
|
|
$
1,183,291
|
|
|
|
|
|
|
|
Shareholders' equity
|
$
134,690
|
|
$
125,428
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
$ 1,288,604
|
|
$
1,308,719
|
|
|
|
|
|
|
|
Actual common shares
outstanding
|
6,506,640
|
|
5,808,690
|
|
Book value per common
share
|
$16.76
|
|
$17.22
|
|
Tangible book value per common
share
|
$9.94
|
|
$9.62
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
Six Months
|
|
Twelve Months
|
|
|
|
June 30,
|
|
December 31,
|
|
|
|
2010
|
|
2009
|
|
|
|
(unaudited)
|
|
|
|
Non-accrual loans
|
$
22,204
|
|
$
25,140
|
|
Loans past due 90 days or more
still accruing
|
294
|
|
1,811
|
|
|
Total non-performing
loans
|
22,498
|
|
26,951
|
|
Other real estate
owned
|
5,148
|
|
5,221
|
|
|
Total non-performing
assets
|
$
27,646
|
|
$
32,172
|
|
|
|
|
|
|
|
Renegotiated troubled
debt
|
$
6,333
|
|
$
6,245
|
|
|
|
|
|
|
|
Loans outstanding at end of
period
|
$
895,584
|
|
$
910,964
|
|
Allowance for loan
losses
|
12,825
|
|
11,449
|
|
|
|
|
|
|
|
Net charge-offs to average loans
(annualized)
|
0.72%
|
|
0.58%
|
|
Allowance for loan losses as a
percent of total loans
|
1.43%
|
|
1.26%
|
|
Allowance for loan losses as a
percent of total non-performing loans
|
57.01%
|
|
42.49%
|
|
|
|
|
|
|
VIST FINANCIAL CORP. AND
SUBSIDIARIES
|
|
CONSOLIDATED SELECTED FINANCIAL
DATA
|
|
(Dollar amounts in
thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Balances
|
Average Balances
|
|
|
|
|
For the Three Months
Ended
|
For the Six Months
Ended
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Federal funds sold
|
$
6,772
|
|
$
13,298
|
|
$
17,825
|
|
$
9,981
|
|
Investment securities
and
interest bearing cash
|
343,947
|
|
240,239
|
|
306,701
|
|
234,533
|
|
Federal Home Loan Bank
stock
|
5,715
|
|
5,715
|
|
5,715
|
|
5,715
|
|
Mortgage loans held for
sale
|
2,064
|
|
5,643
|
|
1,515
|
|
4,446
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
Commercial loans
|
716,289
|
|
699,919
|
|
724,631
|
|
699,717
|
|
|
Consumer loans
|
126,218
|
|
141,335
|
|
128,422
|
|
140,421
|
|
|
Mortgage loans
|
49,237
|
|
43,979
|
|
48,529
|
|
45,714
|
|
Total loans
|
$
891,744
|
|
$
885,233
|
|
$
901,582
|
|
$
885,852
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets
|
$ 1,244,527
|
|
$ 1,144,413
|
|
$ 1,227,623
|
|
$ 1,134,812
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible
assets
|
43,997
|
|
44,329
|
|
44,056
|
|
44,414
|
|
Total assets
|
$ 1,364,309
|
|
$ 1,256,512
|
|
$ 1,346,607
|
|
$ 1,245,992
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
110,944
|
|
$
106,362
|
|
$
106,673
|
|
$
105,905
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
NOW, money market and
savings
|
535,200
|
|
351,272
|
|
516,099
|
|
335,782
|
|
|
|
Time deposits
|
425,298
|
|
479,449
|
|
436,993
|
|
474,261
|
|
|
Total Interest-Bearing
Deposits
|
960,498
|
|
830,721
|
|
953,092
|
|
810,043
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
$ 1,071,442
|
|
$
937,083
|
|
$ 1,059,765
|
|
$
915,948
|
|
|
|
|
|
|
|
|
|
|
|
|
Short term borrowings
|
$
14,620
|
|
$
253
|
|
$
7,351
|
|
$
5,057
|
|
Securities sold under
agreements to
repurchase
|
110,137
|
|
125,003
|
|
112,966
|
|
122,268
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
10,000
|
|
41,925
|
|
10,552
|
|
50,498
|
|
Junior subordinated
debt
|
19,710
|
|
18,953
|
|
19,684
|
|
18,565
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
1,114,965
|
|
1,016,855
|
|
1,103,645
|
|
1,006,431
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
$
130,431
|
|
$
125,700
|
|
$
128,154
|
|
$
125,051
|
|
|
|
|
|
|
|
|
|
|
|
VIST FINANCIAL CORP. AND
SUBSIDIARIES
|
|
CONSOLIDATED SELECTED FINANCIAL
DATA
|
|
(Dollar amounts in thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months
Ended
|
|
For the Six Months
Ended
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
June 30,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Interest income
|
$
16,033
|
|
$
15,313
|
|
$
31,837
|
|
$
30,849
|
|
Interest expense
|
5,887
|
|
7,046
|
|
12,014
|
|
14,100
|
|
|
Net interest income
|
10,146
|
|
8,267
|
|
19,823
|
|
16,749
|
|
Provision for loan
losses
|
2,010
|
|
4,300
|
|
4,610
|
|
5,125
|
|
|
Net Interest Income after
provision for loan losses
|
8,136
|
|
3,967
|
|
15,213
|
|
11,624
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees
|
549
|
|
596
|
|
1,132
|
|
1,254
|
|
Mortgage banking
activities
|
231
|
|
408
|
|
365
|
|
675
|
|
Commissions and fees from
insurance sales
|
3,092
|
|
3,036
|
|
6,168
|
|
5,994
|
|
Brokerage and investment
advisory commissions and fees
|
151
|
|
152
|
|
286
|
|
482
|
|
Earnings on investment in life
insurance
|
113
|
|
108
|
|
191
|
|
184
|
|
Other commissions and
fees
|
558
|
|
498
|
|
1,062
|
|
971
|
|
Other income
|
2,073
|
|
169
|
|
2,116
|
|
653
|
|
Net realized gains on sales of
securities
|
194
|
|
126
|
|
286
|
|
285
|
|
Total other-than-temporary
impairment losses on investments
|
(6)
|
|
(973)
|
|
(946)
|
|
(973)
|
|
Portion of non-credit
impairment loss recognized in other comprehensive
loss
|
(47)
|
|
651
|
|
797
|
|
651
|
|
Net credit impairment loss
recognized in earnings
|
(53)
|
|
(322)
|
|
(149)
|
|
(322)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
income
|
6,908
|
|
4,771
|
|
11,457
|
|
10,176
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
5,419
|
|
5,754
|
|
10,838
|
|
11,442
|
|
Occupancy expense
|
1,069
|
|
881
|
|
2,217
|
|
1,950
|
|
Furniture and equipment
expense
|
662
|
|
634
|
|
1,286
|
|
1,240
|
|
Other operating
expense
|
4,714
|
|
4,298
|
|
8,614
|
|
8,214
|
|
|
Total non-interest
expense
|
11,864
|
|
11,567
|
|
22,955
|
|
22,846
|
|
Income (loss) before income
taxes
|
3,180
|
|
(2,829)
|
|
3,715
|
|
(1,046)
|
|
Income taxes
(benefit)
|
654
|
|
(1,321)
|
|
476
|
|
(1,069)
|
|
|
Net income (loss)
|
2,526
|
|
(1,508)
|
|
3,239
|
|
23
|
|
|
Preferred stock dividends and
discount accretion
|
(419)
|
|
(413)
|
|
(839)
|
|
(825)
|
|
|
Net income (loss) available to
common shareholders
|
$
2,107
|
|
$
(1,921)
|
|
$
2,400
|
|
$
(802)
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share
Data:
|
|
|
|
|
|
|
|
|
Basic average shares
outstanding
|
6,213,284
|
|
5,791,023
|
|
6,030,134
|
|
5,763,648
|
|
Diluted average shares
outstanding
|
6,268,026
|
|
5,791,023
|
|
6,076,656
|
|
5,763,648
|
|
Basic earnings (loss) per common
share
|
$
0.34
|
|
$
(0.33)
|
|
$
0.40
|
|
$
(0.14)
|
|
Diluted earnings (loss) per
common share
|
0.34
|
|
(0.33)
|
|
0.40
|
|
(0.14)
|
|
Cash dividends per common
share
|
0.05
|
|
0.10
|
|
0.10
|
|
0.20
|
|
|
|
|
|
|
|
|
|
|
|
Profitability Ratios:
|
|
|
|
|
|
|
|
|
Return on average
assets
|
0.74%
|
|
-0.48%
|
|
0.49%
|
|
0.00%
|
|
Return on average shareholders'
equity
|
7.77%
|
|
-4.81%
|
|
5.10%
|
|
0.04%
|
|
Return on average tangible
equity (equity less goodwill and intangible assets)
|
11.72%
|
|
-7.43%
|
|
7.77%
|
|
0.06%
|
|
Average Equity to Average
Assets
|
9.56%
|
|
10.00%
|
|
9.52%
|
|
10.04%
|
|
Net interest margin (fully
taxable equivalent)
|
3.43%
|
|
3.05%
|
|
3.42%
|
|
3.12%
|
|
Effective tax rate
|
20.57%
|
|
46.69%
|
|
12.81%
|
|
102.20%
|
|
|
|
|
|
|
|
|
|
|
VIST FINANCIAL CORP. AND
SUBSIDIARIES
|
|
UNAUDITED CONSOLIDATED BALANCE
SHEETS
|
|
(Dollar amounts in thousands,
except share data)
|
|
|
|
|
|
|
|
|
|
June 30,
|
|
June 30,
|
|
|
|
2010
|
|
2009
|
|
Assets
|
|
|
|
|
Cash and due from banks
|
$
25,357
|
|
$
20,685
|
|
Fed funds sold
|
7,385
|
|
19,950
|
|
Interest-bearing deposits in
banks
|
286
|
|
342
|
|
Total cash and cash
equivalents
|
33,028
|
|
40,977
|
|
|
|
|
|
|
|
Mortgage loans held for sale
|
3,109
|
|
5,888
|
|
Securities available for sale
|
261,292
|
|
229,107
|
|
Securities held to maturity
|
2,086
|
|
3,048
|
|
Federal Home Loan Bank
stock
|
5,715
|
|
5,715
|
|
Loans, net of allowance for loan
losses
|
|
|
|
|
|
6/2010 - $12,825; 6/2009 -
$12,029
|
882,759
|
|
875,207
|
|
Premises and equipment, net
|
5,976
|
|
6,408
|
|
Identifiable intangible
assets
|
4,411
|
|
4,491
|
|
Goodwill
|
39,999
|
|
39,732
|
|
Bank owned life
insurance
|
19,141
|
|
18,736
|
|
FDIC prepaid
insurance
|
4,902
|
|
-
|
|
Other assets
|
26,186
|
|
28,084
|
|
Total assets
|
$ 1,288,604
|
|
$ 1,257,393
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits:
|
|
|
|
|
Non-interest bearing
|
$
114,362
|
|
$
111,231
|
|
Interest bearing
|
891,210
|
|
836,683
|
|
Total deposits
|
1,005,572
|
|
947,914
|
|
Securities sold under
agreements
|
|
|
|
|
|
to repurchase
|
110,384
|
|
124,875
|
|
Long-term debt
|
10,000
|
|
35,000
|
|
Junior subordinated debt, at
fair value
|
19,308
|
|
18,856
|
|
Other liabilities
|
8,650
|
|
9,093
|
|
Total liabilities
|
1,153,914
|
|
1,135,738
|
|
|
|
|
|
|
|
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 $1,694 at June 30, 2010 and a
|
|
|
|
|
|
discount of $2,108 at June 30,
2009
|
23,306
|
|
22,892
|
|
Common stock, $5.00 par value
;
|
|
|
|
|
|
Authorized 20,000,000
shares;
|
|
|
|
|
|
6,517,124 shares issued at
June 30, 2010 and
|
|
|
|
|
|
5,804,684 shares issued at
June 30, 2009
|
32,586
|
|
29,024
|
|
Stock Warrants
|
2,307
|
|
2,307
|
|
Surplus
|
65,466
|
|
63,654
|
|
Retained earnings
|
13,706
|
|
12,714
|
|
Accumulated other comprehensive
loss
|
(2,490)
|
|
(8,745)
|
|
Treasury stock; 10,484 shares at
June 30, 2010 and
|
|
|
|
|
|
10,484 shares at June 30, 2009,
at cost
|
(191)
|
|
(191)
|
|
Total shareholders' equity
|
134,690
|
|
121,655
|
|
Total liabilities and
shareholders' equity
|
$ 1,288,604
|
|
$ 1,257,393
|
|
|
|
|
|
|
|
|
|
SELECTED
HIGHLIGHTS
|
|
|
|
|
|
Common Stock
(VIST)
|
|
|
Cash Dividends
Declared
|
|
|
July 2009
|
$ 0.05
|
|
October 2009
|
$ 0.05
|
|
January 2010
|
$ 0.05
|
|
April 2010
|
$ 0.05
|
|
July 2010
|
$ 0.05
|
|
|
|
|
|
|
|
|
|
|
Common Stock
(VIST)
|
|
|
Quarterly Closing
Price
|
|
|
06/30/2009
|
$ 6.61
|
|
09/30/2009
|
$ 5.85
|
|
12/31/2009
|
$ 5.25
|
|
03/31/2010
|
$ 8.97
|
|
06/30/2010
|
$ 7.66
|
|
|
|
|
|
|
VIST FINANCIAL CORP. AND
SUBSIDIARIES
|
|
UNAUDITED CONSOLIDATED
STATEMENTS OF INCOME
|
|
(Dollar amounts in thousands,
except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Six Months Ended
|
|
|
|
June 30,
|
|
|
June 30,
|
|
|
|
2010
|
|
2009
|
|
|
2010
|
|
2009
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$ 12,415
|
|
$ 12,261
|
|
|
$ 24,858
|
|
$ 24,603
|
|
Interest on
securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
2,894
|
|
2,709
|
|
|
5,841
|
|
5,579
|
|
Tax-exempt
|
450
|
|
305
|
|
|
846
|
|
591
|
|
Dividend income
|
8
|
|
33
|
|
|
18
|
|
67
|
|
Other interest income
|
266
|
|
5
|
|
|
274
|
|
9
|
|
Total interest
income
|
16,033
|
|
15,313
|
|
|
31,837
|
|
30,849
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
Interest on deposits
|
4,238
|
|
5,172
|
|
|
8,740
|
|
10,326
|
|
Interest on short-term
borrowings
|
18
|
|
-
|
|
|
18
|
|
17
|
|
Interest on securities sold
under agreements to repurchase
|
1,198
|
|
1,100
|
|
|
2,380
|
|
2,163
|
|
Interest on long-term debt
|
89
|
|
412
|
|
|
187
|
|
917
|
|
Interest on junior subordinated
debt
|
344
|
|
362
|
|
|
689
|
|
677
|
|
Total interest expense
|
5,887
|
|
7,046
|
|
|
12,014
|
|
14,100
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
10,146
|
|
8,267
|
|
|
19,823
|
|
16,749
|
|
Provision for loan
losses
|
2,010
|
|
4,300
|
|
|
4,610
|
|
5,125
|
|
Net interest income after
provision for loan losses
|
8,136
|
|
3,967
|
|
|
15,213
|
|
11,624
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
Customer service fees
|
549
|
|
596
|
|
|
1,132
|
|
1,254
|
|
Mortgage banking activities,
net
|
231
|
|
408
|
|
|
365
|
|
675
|
|
Commissions and fees from
insurance sales
|
3,092
|
|
3,036
|
|
|
6,168
|
|
5,994
|
|
Broker and investment advisory
commissions and fees
|
151
|
|
152
|
|
|
286
|
|
482
|
|
Earnings on investment in life
insurance
|
113
|
|
108
|
|
|
191
|
|
184
|
|
Other commissions and
fees
|
558
|
|
498
|
|
|
1,062
|
|
971
|
|
Gain on sale of equity
interest
|
1,875
|
|
-
|
|
|
1,875
|
|
-
|
|
Other income
|
198
|
|
169
|
|
|
241
|
|
653
|
|
Net realized gains on sales of
securities
|
194
|
|
126
|
|
|
286
|
|
285
|
|
Total other-than-temporary
impairment losses on investments
|
(6)
|
|
(973)
|
|
|
(946)
|
|
(973)
|
|
Portion of non-credit
impairment loss recognized
|
|
|
|
|
|
|
|
|
|
|
in other comprehensive
loss
|
(47)
|
|
651
|
|
|
797
|
|
651
|
|
Net credit impairment loss
recognized in earnings
|
(53)
|
|
(322)
|
|
|
(149)
|
|
(322)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
income
|
6,908
|
|
4,771
|
|
|
11,457
|
|
10,176
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense:
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
5,419
|
|
5,754
|
|
|
10,838
|
|
11,442
|
|
Occupancy expense
|
1,069
|
|
881
|
|
|
2,217
|
|
1,950
|
|
Furniture and equipment expense
|
662
|
|
634
|
|
|
1,286
|
|
1,240
|
|
Marketing and advertising
expense
|
261
|
|
335
|
|
|
507
|
|
605
|
|
Identifiable intangible
amortization
|
138
|
|
171
|
|
|
271
|
|
342
|
|
Professional services
|
745
|
|
482
|
|
|
1,354
|
|
1,374
|
|
Outside processing
expense
|
854
|
|
1,086
|
|
|
1,885
|
|
2,037
|
|
FDIC deposit and other insurance
expense
|
524
|
|
984
|
|
|
1,056
|
|
1,428
|
|
Other real estate owned
expense
|
1,195
|
|
292
|
|
|
1,692
|
|
618
|
|
Other expense
|
997
|
|
948
|
|
|
1,849
|
|
1,810
|
|
Total non-interest
expense
|
11,864
|
|
11,567
|
|
|
22,955
|
|
22,846
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes
|
3,180
|
|
(2,829)
|
|
|
3,715
|
|
(1,046)
|
|
Income taxes
(benefit)
|
654
|
|
(1,321)
|
|
|
476
|
|
(1,069)
|
|
Net income (loss)
|
2,526
|
|
(1,508)
|
|
|
3,239
|
|
23
|
|
Preferred stock dividends and
discount accretion
|
(419)
|
|
(413)
|
|
|
(839)
|
|
(825)
|
|
Net income (loss) available to
common shareholders
|
$
2,107
|
|
$
(1,921)
|
|
|
$
2,400
|
|
$
(802)
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share
Data
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding
|
6,213,284
|
|
5,791,023
|
|
|
6,030,134
|
|
5,763,648
|
|
Basic earnings (loss) per common
share
|
$
0.34
|
|
$
(0.33)
|
|
|
$
0.40
|
|
$
(0.14)
|
|
Average shares outstanding for
diluted earnings per share
|
6,268,026
|
|
5,791,023
|
|
|
6,076,656
|
|
5,763,648
|
|
Diluted earnings (loss) per
common share
|
$
0.34
|
|
$
(0.33)
|
|
|
$
0.40
|
|
$
(0.14)
|
|
Cash dividends declared per
common share
|
$
0.05
|
|
$
0.10
|
|
|
$
0.10
|
|
$
0.20
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE VIST Financial Corp.