WYOMISSING, Pa., Oct. 26 /PRNewswire-FirstCall/ -- VIST Financial
Corp. ("Company") (Nasdaq: VIST) reported net income for the nine
months ended September 30, 2010 of
$2,637,000, a $2,459,000 increase over net income of
$178,000 for the same period in 2009.
The Company also reported net loss for the three months ended
September 30, 2010 of $602,000, a $757,000 decrease over a net income of
$155,000 for the same period in
2009.
The Company further 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
November 5, 2010 payable November 15,
2010.
Commenting on the third quarter 2010, 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 provisions, elevated other real estate owned
('OREO') expense and non-cash, other than temporary impairment
('OTTI') charges. Consistent with our prior public
commentary, the lagging effects of the recession on our national
and regional business climate will continue to influence our
financial performance for some time to come."
"During the quarter, we experienced strong loan growth of
$32 million or 3.6% over the second
quarter of this year. We expect this growth to continue
through the fourth quarter. Our sales force also generated
equally strong core deposit growth."
Davis continued, "We experienced an improvement in our net
interest margin which we expect to remain stable through the
balance of this year. Importantly, our non-interest,
fee-based revenue from retail banking, insurance, residential
mortgage, and wealth management businesses represents 32% of our
total net revenue."
Commenting on capital strength, Davis continued, "As reported
during the second quarter of this year, we raised $5.2 million in new capital through the issuance
of 644,000 shares of common stock at $8 per share to two institutional investors who
specialize in the banking sector. The Company's capital
ratios continue to exceed all regulatory guidelines for a
well-capitalized institution."
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."
Net Interest Income
For the nine months ended September 30,
2010, net interest income before the provision for loan
losses increased 16.3% to $29,999,000
compared to $25,795,000 for the same
period in 2009. The increase in net interest income for the
nine months resulted from a 2.0% increase in total interest income
to $47,625,000 from $46,678,000 and a 15.6% reduction in total
interest expense to $17,626,000 from
$20,883,000. For the three
months ended September 30, 2010, net
interest income before the provision for loan losses increased
12.6% to $10,176,000 compared to
$9,041,000 for the same period in
2009. The increase in net interest income for the three
months resulted from a 0.2% decrease in total interest income to
$15,788,000 from $15,824,000 and a 17.3% decrease in total
interest expense to $5,612,000 from
$6,783,000.
The increase in total interest income for the nine months ended
September 30, 2010 resulted primarily
from an increase in average earning assets compared to the same
periods in 2009. The decrease in total interest income for
the three months ended September 30,
2010 resulted primarily from a decrease in interest rates on
mortgage and consumer loans and available for sale investment
securities. Average earning assets for the nine and three
month periods ended September 30,
2010 increased $76,481,000 and
$55,595,000, respectively, compared
to the same periods in 2009 due primarily to growth in federal
funds sold, available for sale investment securities and commercial
loans.
The reduction in total interest expense for the nine and three
months ended September 30, 2010
resulted primarily from lower interest rates compared to the same
periods in 2009. Average interest-bearing liabilities for the
nine and three months ended September 30,
2010 increased $79,180,000 and
$46,049,000, respectively, compared
to the same periods in 2009. The increases in
interest-bearing liabilities are due primarily to an increase in
average interest-bearing deposits for the nine and three months
ended September 30, 2010 of
$122,755,000 and $82,830,000, respectively, offset by a net
decrease in average securities sold under agreements to repurchase
and average long term borrowings for the nine and three months
ended September 30, 2010 of
$44,597,000 and $35,449,000, respectively, compared to the same
periods in 2009.
The provision for loan losses for the nine months ended
September 30, 2010 was $8,160,000 compared to $6,525,000 for the same period in 2009. The
provision for loan losses for the three months ended September 30, 2010 was $3,550,000 compared to $1,400,000 for the same period in 2009. As
of September 30, 2010, the allowance
for loan losses was $14,418,000
compared to $11,449,000 as of
December 31, 2009, an annualized
increase of 34.6%. 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 September 30,
2010, total non-performing loans were $26,134,000 or 2.8% of total loans compared to
$26,951,000 or 3.0% of total loans at
December 31, 2009. The
$817,000 decrease in non-performing
loans from December 31, 2009 to
September 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 September 30,
2010.
Net interest income after the provision for loan losses for the
nine months ended September 30, 2010
and 2009 was $21,839,000 and
$19,270,000, respectively. Net
interest income after the provision for loan losses for the three
months ended September 30, 2010 and
2009 was $6,626,000 and $7,641,000, respectively.
For the nine months ended September 30,
2010, the net interest margin on a fully taxable equivalent
basis was 3.44% as compared to 3.15% for the same period in 2009.
For the three months ended September
30, 2010, the net interest margin on a fully taxable
equivalent basis was 3.48% as compared to 3.24% for the same period
in 2009 and 3.05% for the second quarter of 2009. The
increase in net interest margin for the comparative nine and three
month periods ended September 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 nine months ended September 30, 2010 increased 21.9% to
$15,843,000 compared to $13,002,000 for the same period in 2009.
Total non-interest income for the three months ended
September 30, 2010 increased 54.9% to
$4,386,000 compared to $2,831,000 for the same period in 2009.
For the nine months ended September 30,
2010, customer service fees decreased to $1,610,000 from $1,854,000, or 13.2%, for the same period in
2009. For the three months ended September 30, 2010, customer service fees
decreased to $478,000 from
$600,000, or 20.3%, for the same
period in 2009. The decrease for the comparative nine 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 nine months ended September 30,
2010, revenue from mortgage banking activities decreased to
$631,000 from $963,000, or 34.5%, for the same period in 2009.
For the three months ended September
30, 2010, revenue from mortgage banking activities decreased
to $266,000 from $288,000, or 7.6%, for the same period in 2009.
The decrease for the comparative nine 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 nine months ended September 30,
2010, revenue from commissions and fees from insurance sales
decreased 0.7% to $9,192,000 compared
to $9,254,000 for the same period in
2009. For the three months ended September 30, 2010, revenue from commissions and
fees from insurance sales decreased 7.2% to $3,024,000 compared to $3,260,000 for the same period in 2009. The
decrease for the comparative nine and three month periods is mainly
attributed to a decrease in contingency income on insurance
products sold through VIST Insurance, LLC, a wholly owned
subsidiary of the Company.
For the nine months ended September 30,
2010, revenue from brokerage and investment advisory
commissions and fee activity decreased to $565,000 from $594,000, or 4.9%, for the same period in 2009.
For the three months ended September
30, 2010, revenue from brokerage and investment advisory
commissions and fee activity increased to $279,000 from $112,000, or 149.1%, for the same period in 2009.
Fluctuations 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,
2010, earnings on investment in life insurance increased to
$302,000 from $280,000, or 7.9%, for the same period in 2009.
For the three months ended September
30, 2010, earnings on investment in life insurance increased
to $111,000 from $96,000, or 15.6%, for the same period in 2009.
The increase for the comparative nine and three month periods
is due primarily to increased earnings credited on the Company's
bank owned life insurance.
For the nine months ended September 30,
2010, revenue from other commissions and fees increased to
$1,464,000 from $1,451,000, or 0.9%, for the same period in 2009.
For the three months ended September
30, 2010, revenue from other commissions and fees decreased
to $402,000 from $480,000, or 16.3%, for the same period in 2009.
The increase for the comparative nine month periods and the
decrease for the comparative three month periods is due primarily
to the volume of customer debit card transactions processed through
the debit card network interchange.
For the nine months ended September 30,
2010, other income including gain on sale of equity interest
increased to $2,385,000 from
$573,000 for the same period in 2009.
For the three months ended September
30, 2010, other income increased to $269,000 from ($75,000) for the same period in 2009.
Other income including gain on sale of equity interest
increase for the comparative nine 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. The increase in other income including gain on sale of
equity interest for the comparative three month periods is due
primarily to a $272,000 premium paid
to the Company resulting from a counterparty exercising a call
option to terminate an interest rate swap.
For the nine months ended September 30,
2010, net realized gains on sales of available for sale
securities were $465,000 compared to
net realized gains on sales of available for sale securities of
$351,000 for the same period in 2009.
For the three months ended September
30, 2010, net realized gains on sales of available for sale
securities were $179,000 compared to
net realized gains on sales of available for sale securities of
$66,000 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 nine months ended September 30,
2010, net credit impairment losses recognized in earnings
resulting from other-than-temporary impairment ("OTTI") losses on
investment securities were $771,000
compared to net credit impairment losses recognized in earnings
resulting from OTTI losses on investment securities of $2,318,000 for the same period in 2009. For
the three month period ended September 30,
2010, net credit impairment losses recognized in earnings
resulting from OTTI losses on investment securities were
$622,000 compared to net credit
impairment losses recognized in earnings resulting from OTTI losses
on investment securities of $1,996,000 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. For the nine and three months
ended September 30, 2010, the OTTI
losses recognized on available for sale and held to maturity pooled
trust preferred securities resulted primarily from changes in the
underlying cash flow assumptions used in determining credit losses
due to the enactment of the Dodd-Frank Wall Street Reform and
Consumer Protection Act.
Non-Interest Expense
Total non-interest expense for the nine months ended
September 30, 2010 increased 5.8% to
$35,618,000 compared to $33,669,000 for the same period in 2009.
Total non-interest expense for the three months ended
September 30, 2010 increased 17.0% to
$12,663,000 compared to $10,823,000 for the same period in 2009.
Salaries and benefits were $16,422,000 for the nine months ended
September 30, 2010, a decrease of
2.3% compared to $16,816,000 for the
same period in 2009. Salaries and benefits were $5,584,000 for the three months ended
September 30, 2010, an increase of
3.9% compared to $5,374,000 for the
same period in 2009. The decrease in salaries and benefits
for the comparative nine month periods is due primarily to a
decrease in employer 401(k) matching contributions and commissions
paid. The increase in salaries and benefits for the
comparative three month periods is due primarily to an increase in
employee medical insurance costs and the addition of a Chief
Information Officer. Included in salaries and benefits for
the nine months ended September 30,
2010 and 2009 were stock-based compensation costs of
$112,000 and $138,000, respectively. Included in
salaries and benefits for the three months ended September 30, 2010 and 2009 were stock-based
compensation costs of $36,000 and
$61,000, respectively. Total
commissions paid for the nine months ended September 30, 2010 and 2009 were $806,000 and $1,081,000, respectively. Total commissions
paid for the three months ended September
30, 2010 and 2009 were $310,000 and $345,000, respectively.
For the nine months ended September 30,
2010, occupancy expense and furniture and equipment expense
increased to $5,215,000 from
$4,919,000, or 6.0%, for the same
period in 2009. For the three months ended September 30, 2010, occupancy expense and
furniture and equipment expense decreased to $1,712,000 from $1,729,000, or 1.0%, for the same period in 2009.
The increase for the comparative nine month periods is due
primarily to an increase in building lease expense, equipment
maintenance and software maintenance expense.
For the nine months ended September 30,
2010, marketing and advertising expense decreased to
$792,000 from $813,000, or 2.6%, for the same period in 2009.
For the three months ended September
30, 2010, advertising and marketing expense increased to
$285,000 from $208,000, or 37.0%, for the same period in 2009.
The decrease for the comparative nine month periods is due
primarily to a reduction in marketing costs associated with market
research, media space, media production and special events.
The increase for the comparative three month periods is due
primarily to an increase in marketing costs associated with
business development and direct mail initiatives.
For the nine months ended September 30,
2010, professional services expense increased to
$2,104,000 from $1,919,000, or 9.6%, for the same period in 2009.
For the three months ended September
30, 2010, professional services expense increased to
$750,000 from $545,000, or 37.6%, for the same period in 2009.
The increase for the comparative nine and 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 nine months ended September 30,
2010, outside processing expense decreased to $2,921,000 from $3,051,000, or 4.3%, for the same period in 2009.
For the three months ended September
30, 2010, outside processing expense increased to
$1,036,000 from $1,014,000, or 2.2%, for the same period in 2009.
The decrease for the comparative nine month periods is due
primarily to a decrease in costs incurred for computer services,
network fees and data line charges. The increase for the
comparative three month periods is due primarily to an increase in
costs incurred for computer services, internet banking development
and training expenses.
For the nine months ended September 30,
2010, FDIC deposit and other insurance expense decreased to
$1,668,000 from $1,914,000, or 12.9%, for the same period in
2009. For the three months ended September 30, 2010, FDIC deposit and other
insurance expense increased to $612,000 from $486,000, or 25.9%, for the same period in 2009.
The decrease in FDIC deposit and other insurance expense for
the comparative nine month periods is due primarily to a
$580,000 special industry-wide FDIC
deposit insurance premium assessed in 2009. The increase in
FDIC deposit and other insurance expense for the comparative three
month periods is due primarily to an increase in interest-bearing
deposits and time deposits.
For the nine months ended September 30,
2010, OREO expense increased to $3,263,000 from $975,000, or 234.7%, for the same period in 2009.
For the three months ended September
30, 2010, OREO expense increased to $1,571,000 from $357,000, or 340.1%, for the same period in 2009.
The increase in OREO expense for the comparative nine 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 benefit for the nine months ended September 30, 2010 was $573,000, a 63.6% decrease as compared to an
income tax benefit of $1,575,000 for
the nine months ended September 30,
2009. Income tax benefit for the three months ended
September 30, 2010 was $1,049,000, a 107.3% increase as compared to an
income tax benefit of $506,000 for
the three months ended September 30,
2009. The income tax benefit decrease for the
comparative nine month periods is due primarily to an increase in
net income before income taxes. The income tax benefit
increase for the comparative three month periods is due primarily
to a decrease in net income before income taxes. Included in
income tax expense for the nine and three months ended September 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 nine months ended
September 30, 2010 were $0.22 on average shares outstanding of 6,236,889
compared to diluted (loss) per common share of ($0.18) on average shares outstanding of
5,774,006 for the nine months ended September 30, 2009. Diluted (loss) per
common share for the three months ended September 30, 2010 were ($0.16) on average shares outstanding of
6,511,195 compared to diluted (loss) per common share of
($0.04) on average shares outstanding
of 5,794,883 for the three months ended September 30, 2009. The increase in diluted
earnings per share for the comparative nine month periods is due
primarily to an increase in net income available to common
shareholders. 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 Equity
Total assets as of September 30,
2010 increased $51,981,000, or
5.3% annualized, to $1,360,700,000
compared to $1,308,719,000 at
December 31, 2009. Total gross
loans as of September 30, 2010
increased $16,615,000, or 2.4%
annualized, to $927,579,000 compared
to $910,964,000 at December 31, 2009. Total federal funds sold
as of September 30, 2010 increased
$45,575,000, or 717.0% annualized, to
$54,050,000 compared to $8,475,000 at December 31,
2009. Total deposits increased $57,504,000, or 7.5% annualized, to $1,078,402,000 compared to $1,020,898,000 at December
31, 2009 due primarily to an increase in NOW, MMDA and
Savings deposits. Total borrowings as of September 30, 2010, decreased $17,957,000, or 15.5% annualized, to $136,897,000 compared to $154,854,000 at December
31, 2009.
Shareholders' equity as of September 30,
2010 increased $10,362,000, or
11.0% annualized, to $135,790,000
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 September 30, 2010, of $244,000 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, October 27,
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/2d2glfp
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)
|
|
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
(unaudited)
|
|
|
|
Assets
|
|
|
|
|
|
Federal funds sold
|
|
$
54,050
|
|
$
8,475
|
|
Investment securities and
interest bearing cash
|
|
272,170
|
|
271,475
|
|
Federal Home Loan Bank
stock
|
|
5,715
|
|
5,715
|
|
Mortgage loans held for
sale
|
|
3,390
|
|
1,962
|
|
Loans:
|
|
|
|
|
|
|
Commercial loans
|
|
753,825
|
|
731,256
|
|
|
Consumer loans
|
|
120,219
|
|
132,054
|
|
|
Mortgage loans
|
|
53,535
|
|
47,654
|
|
Total loans
|
|
$
927,579
|
|
$
910,964
|
|
|
|
|
|
|
|
|
Earning assets
|
|
$
1,262,904
|
|
$
1,198,591
|
|
|
|
|
|
|
|
|
Total assets
|
|
$
1,360,700
|
|
$
1,308,719
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
|
$
110,378
|
|
$
102,302
|
|
|
NOW, money market and
savings
|
|
507,340
|
|
458,987
|
|
|
Time deposits
|
|
460,684
|
|
459,609
|
|
Total deposits
|
|
$
1,078,402
|
|
$
1,020,898
|
|
|
|
|
|
|
|
|
Borrowings:
|
|
|
|
|
|
|
Securities sold under agreements
to repurchase
|
|
$
108,885
|
|
$
115,196
|
|
|
Long-term debt
|
|
10,000
|
|
20,000
|
|
|
Junior subordinated debt, at
fair value
|
|
18,012
|
|
19,658
|
|
Total borrowings
|
|
$
136,897
|
|
$
154,854
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
$
1,224,910
|
|
$
1,183,291
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
|
$
135,790
|
|
$
125,428
|
|
|
|
|
|
|
|
|
Total liabilities and
shareholders' equity
|
|
$
1,360,700
|
|
$
1,308,719
|
|
|
|
|
|
|
|
|
Actual common shares
outstanding
|
|
6,514,526
|
|
5,808,690
|
|
Book value per common
share
|
|
$16.90
|
|
$17.22
|
|
Tangible book value per common
share
|
|
$10.06
|
|
$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
|
|
|
|
|
|
|
|
|
|
Nine
Months
|
|
Twelve
Months
|
|
|
|
|
September
30,
|
|
December
31,
|
|
|
|
|
2010
|
|
2009
|
|
|
|
|
(unaudited)
|
|
|
|
Non-accrual loans
|
|
$
25,938
|
|
$
25,140
|
|
Loans past due 90 days or more
still accruing
|
|
196
|
|
1,811
|
|
|
Total non-performing
loans
|
|
26,134
|
|
26,951
|
|
Other real estate
owned
|
|
3,531
|
|
5,221
|
|
|
Total non-performing
assets
|
|
$
29,665
|
|
$
32,172
|
|
|
|
|
|
|
|
|
Renegotiated troubled
debt
|
|
$
12,975
|
|
$
6,245
|
|
|
|
|
|
|
|
|
Loans outstanding at end of
period
|
|
$
927,579
|
|
$
910,964
|
|
Allowance for loan
losses
|
|
14,418
|
|
11,449
|
|
|
|
|
|
|
|
|
Net charge-offs to average loans
(annualized)
|
|
0.77%
|
|
0.58%
|
|
Allowance for loan losses as a
percent of total loans
|
|
1.55%
|
|
1.26%
|
|
Allowance for loan losses as a
percent of total non-performing loans
|
55.17%
|
|
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 Nine
Months Ended
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Federal funds sold
|
$
43,386
|
|
$
8,426
|
|
$
26,439
|
|
$
9,457
|
|
Investment securities and
interest bearing cash
|
263,770
|
|
249,503
|
|
292,235
|
|
239,578
|
|
Federal Home Loan Bank
stock
|
5,715
|
|
5,715
|
|
5,715
|
|
5,715
|
|
Mortgage loans held for
sale
|
2,645
|
|
2,604
|
|
1,901
|
|
3,828
|
|
Loans:
|
|
|
|
|
|
|
|
|
|
|
Commercial loans
|
732,027
|
|
711,597
|
|
727,124
|
|
703,738
|
|
|
Consumer loans
|
122,260
|
|
138,760
|
|
126,345
|
|
139,844
|
|
|
Mortgage loans
|
53,120
|
|
45,008
|
|
50,071
|
|
45,474
|
|
Total loans
|
$
907,407
|
|
$
895,365
|
|
$
903,540
|
|
$
889,056
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-earning
assets
|
$
1,217,208
|
|
$
1,161,613
|
|
$
1,224,115
|
|
$
1,147,634
|
|
|
|
|
|
|
|
|
|
|
|
|
Goodwill and intangible
assets
|
44,357
|
|
44,161
|
|
44,157
|
|
44,329
|
|
Total assets
|
$
1,326,961
|
|
$
1,264,308
|
|
$
1,339,987
|
|
$
1,252,164
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and shareholders'
equity
|
|
|
|
|
|
|
|
|
Deposits:
|
|
|
|
|
|
|
|
|
|
Non-interest bearing
deposits
|
$
114,340
|
|
$
111,489
|
|
$
109,257
|
|
$
107,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest bearing
deposits:
|
|
|
|
|
|
|
|
|
|
|
NOW, money market and
savings
|
475,332
|
|
401,897
|
|
502,361
|
|
358,062
|
|
|
|
Time deposits
|
453,309
|
|
443,914
|
|
442,491
|
|
464,035
|
|
|
Total Interest-Bearing
Deposits
|
928,641
|
|
845,811
|
|
944,852
|
|
822,097
|
|
|
|
|
|
|
|
|
|
|
|
|
Total deposits
|
$
1,042,981
|
|
$
957,300
|
|
$
1,054,109
|
|
$
929,884
|
|
|
|
|
|
|
|
|
|
|
|
|
Short term borrowings
|
$
20
|
|
$
662
|
|
$
4,880
|
|
$
3,576
|
|
Securities sold under agreements
to repurchase
|
110,499
|
|
120,948
|
|
112,135
|
|
121,823
|
|
|
|
|
|
|
|
|
|
|
|
|
Long-term debt
|
10,000
|
|
35,000
|
|
10,366
|
|
45,275
|
|
Junior subordinated debt, at
fair value
|
19,294
|
|
19,984
|
|
19,553
|
|
19,835
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest-bearing
liabilities
|
1,068,454
|
|
1,022,405
|
|
1,091,786
|
|
1,012,606
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders' equity
|
$
135,902
|
|
$
121,985
|
|
$
130,766
|
|
$
123,293
|
|
|
|
|
|
|
|
|
|
|
|
VIST
FINANCIAL CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED
SELECTED FINANCIAL DATA
|
|
(Dollar
amounts in thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
For the
Three Months Ended
|
|
For the Nine
Months Ended
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
September
30,
|
|
|
|
2010
|
|
2009
|
|
2010
|
|
2009
|
|
Interest income
|
$
15,788
|
|
$
15,824
|
|
$
47,625
|
|
$
46,678
|
|
Interest expense
|
5,612
|
|
6,783
|
|
17,626
|
|
20,883
|
|
|
Net interest income
|
10,176
|
|
9,041
|
|
29,999
|
|
25,795
|
|
Provision for loan
losses
|
3,550
|
|
1,400
|
|
8,160
|
|
6,525
|
|
|
Net Interest Income after
provision for loan losses
|
6,626
|
|
7,641
|
|
21,839
|
|
19,270
|
|
|
|
|
|
|
|
|
|
|
|
Customer service fees
|
478
|
|
600
|
|
1,610
|
|
1,854
|
|
Mortgage banking
activities
|
266
|
|
288
|
|
631
|
|
963
|
|
Commissions and fees from
insurance sales
|
3,024
|
|
3,260
|
|
9,192
|
|
9,254
|
|
Brokerage and investment
advisory commissions and fees
|
279
|
|
112
|
|
565
|
|
594
|
|
Earnings on investment in life
insurance
|
111
|
|
96
|
|
302
|
|
280
|
|
Other commissions and
fees
|
402
|
|
480
|
|
1,464
|
|
1,451
|
|
Other income
|
269
|
|
(75)
|
|
2,385
|
|
573
|
|
Net realized gains on sales of
securities
|
179
|
|
66
|
|
465
|
|
351
|
|
Total other-than-temporary
impairment losses on investments
|
163
|
|
(4,026)
|
|
(783)
|
|
(4,999)
|
|
Portion of non-credit
impairment loss recognized in other comprehensive loss
|
(785)
|
|
2,030
|
|
12
|
|
2,681
|
|
Net credit impairment loss
recognized in earnings
|
(622)
|
|
(1,996)
|
|
(771)
|
|
(2,318)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
income
|
4,386
|
|
2,831
|
|
15,843
|
|
13,002
|
|
|
|
|
|
|
|
|
|
|
|
Salaries and employee
benefits
|
5,584
|
|
5,374
|
|
16,422
|
|
16,816
|
|
Occupancy expense
|
1,057
|
|
1,124
|
|
3,274
|
|
3,074
|
|
Furniture and equipment
expense
|
655
|
|
605
|
|
1,941
|
|
1,845
|
|
Other operating
expense
|
5,367
|
|
3,720
|
|
13,981
|
|
11,934
|
|
|
Total non-interest
expense
|
12,663
|
|
10,823
|
|
35,618
|
|
33,669
|
|
Income (loss) before income
taxes
|
(1,651)
|
|
(351)
|
|
2,064
|
|
(1,397)
|
|
Income tax benefit
|
(1,049)
|
|
(506)
|
|
(573)
|
|
(1,575)
|
|
|
Net income (loss)
|
(602)
|
|
155
|
|
2,637
|
|
178
|
|
|
Preferred stock dividends and
discount accretion
|
(420)
|
|
(412)
|
|
(1,259)
|
|
(1,237)
|
|
|
Net income (loss) available to
common shareholders
|
$
(1,022)
|
|
$
(257)
|
|
$
1,378
|
|
$
(1,059)
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share
Data:
|
|
|
|
|
|
|
|
|
Basic average shares
outstanding
|
6,511,195
|
|
5,794,883
|
|
6,192,250
|
|
5,774,006
|
|
Diluted average shares
outstanding
|
6,511,195
|
|
5,794,883
|
|
6,236,889
|
|
5,774,006
|
|
Basic earnings (loss) per common
share
|
$
(0.16)
|
|
$
(0.04)
|
|
$
0.22
|
|
$
(0.18)
|
|
Diluted earnings (loss) per
common share
|
(0.16)
|
|
(0.04)
|
|
0.22
|
|
(0.18)
|
|
Cash dividends per common
share
|
0.05
|
|
0.05
|
|
0.15
|
|
0.25
|
|
|
|
|
|
|
|
|
|
|
|
Profitability Ratios:
|
|
|
|
|
|
|
|
|
Return on average
assets
|
-0.18%
|
|
0.05%
|
|
0.26%
|
|
0.02%
|
|
Return on average shareholders'
equity
|
-1.76%
|
|
0.50%
|
|
2.70%
|
|
0.19%
|
|
Return on average tangible
equity (equity less goodwill and intangible assets)
|
-2.61%
|
|
0.79%
|
|
4.07%
|
|
0.30%
|
|
Average Equity to Average
Assets
|
10.24%
|
|
9.65%
|
|
9.76%
|
|
9.85%
|
|
Net interest margin (fully
taxable equivalent)
|
3.48%
|
|
3.24%
|
|
3.44%
|
|
3.15%
|
|
Effective tax rate
|
63.54%
|
|
144.16%
|
|
-27.76%
|
|
112.74%
|
|
|
|
|
|
|
|
|
|
|
VIST
FINANCIAL CORP. AND SUBSIDIARIES
|
|
UNAUDITED
CONSOLIDATED BALANCE SHEETS
|
|
(Dollar
amounts in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
September
30,
|
|
September
30,
|
|
|
|
2010
|
|
2009
|
|
Assets
|
|
|
|
|
Cash and due from banks
|
$
15,163
|
|
$
21,825
|
|
Federal funds sold
|
54,050
|
|
9,485
|
|
Interest-bearing deposits in
banks
|
31
|
|
343
|
|
Total cash and cash
equivalents
|
69,244
|
|
31,653
|
|
|
|
|
|
|
|
Mortgage loans held for sale
|
3,390
|
|
2,538
|
|
Securities available for sale
|
270,049
|
|
248,811
|
|
Securities held to maturity
|
2,090
|
|
3,041
|
|
Federal Home Loan Bank
stock
|
5,715
|
|
5,715
|
|
Loans, net of allowance for loan
losses
|
|
|
|
|
|
9/2010 - $14,418; 9/2009 -
$12,029
|
913,161
|
|
890,384
|
|
Premises and equipment, net
|
5,781
|
|
6,177
|
|
Identifiable intangible
assets
|
4,265
|
|
4,319
|
|
Goodwill
|
40,249
|
|
39,982
|
|
Bank owned life
insurance
|
19,252
|
|
18,832
|
|
FDIC prepaid deposit
insurance
|
4,429
|
|
-
|
|
Other assets
|
23,075
|
|
24,943
|
|
Total assets
|
$
1,360,700
|
|
$
1,276,395
|
|
|
|
|
|
|
|
Liabilities and Shareholders'
Equity
|
|
|
|
|
Liabilities
|
|
|
|
|
Deposits:
|
|
|
|
|
Non-interest bearing
|
$
110,378
|
|
$
109,070
|
|
Interest bearing
|
968,024
|
|
858,474
|
|
Total deposits
|
1,078,402
|
|
967,544
|
|
Securities sold under
agreements
|
|
|
|
|
|
to repurchase
|
108,885
|
|
120,918
|
|
Long-term debt
|
10,000
|
|
35,000
|
|
Junior subordinated debt, at
fair value
|
18,012
|
|
19,520
|
|
Other liabilities
|
9,611
|
|
8,357
|
|
Total liabilities
|
1,224,910
|
|
1,151,339
|
|
|
|
|
|
|
|
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% (increasing to 9% in 2014)
cumulative
|
|
|
|
|
preferred stock issued and
outstanding; Less: discount of $1,587 at September 30,
2010
|
|
|
|
|
and $1,908 at December 31,
2009
|
23,413
|
|
22,992
|
|
Common stock, $5.00 par value;
authorized 20,000,000 shares; issued:
|
|
|
|
|
6,525,010 shares at
September 30, 2010 and 5,819,174 shares at December 31,
2009
|
32,625
|
|
29,043
|
|
Stock Warrants
|
2,307
|
|
2,307
|
|
Surplus
|
65,521
|
|
63,719
|
|
Retained earnings
|
12,359
|
|
12,167
|
|
Accumulated other comprehensive
loss
|
(244)
|
|
(4,981)
|
|
Treasury stock: 10,484 shares at
cost
|
(191)
|
|
(191)
|
|
Total shareholders' equity
|
135,790
|
|
125,056
|
|
Total liabilities and
shareholders' equity
|
$
1,360,700
|
|
$
1,276,395
|
|
|
|
|
|
|
SELECTED
HIGHLIGHTS
|
|
|
|
|
Common Stock
(VIST)
|
|
Cash Dividends
Declared
|
|
October 2009
|
$
0.05
|
|
January 2010
|
$
0.05
|
|
April 2010
|
$
0.05
|
|
July 2010
|
$
0.05
|
|
October 2010
|
$
0.05
|
|
|
|
|
|
|
|
|
|
|
Common Stock
(VIST)
|
|
Quarterly Closing
Price
|
|
09/30/2009
|
$
5.85
|
|
12/31/2009
|
$
5.25
|
|
03/31/2010
|
$
8.97
|
|
06/30/2010
|
$
7.66
|
|
09/30/2010
|
$
7.08
|
|
|
|
VIST
FINANCIAL CORP. AND SUBSIDIARIES
|
|
UNAUDITED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
|
(Dollar
amounts in thousands, except share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
Nine Months
Ended
|
|
|
|
September
30,
|
|
|
September
30,
|
|
|
|
2010
|
|
2009
|
|
|
2010
|
|
2009
|
|
Interest Income
|
|
|
|
|
|
|
|
|
|
Interest and fees on
loans
|
$
12,638
|
|
$
12,523
|
|
|
$
37,496
|
|
$
37,126
|
|
Interest on
securities:
|
|
|
|
|
|
|
|
|
|
Taxable
|
2,691
|
|
2,935
|
|
|
8,532
|
|
8,514
|
|
Tax-exempt
|
423
|
|
336
|
|
|
1,269
|
|
927
|
|
Dividend income
|
21
|
|
26
|
|
|
39
|
|
98
|
|
Other interest income
|
15
|
|
4
|
|
|
289
|
|
13
|
|
Total interest
income
|
15,788
|
|
15,824
|
|
|
47,625
|
|
46,678
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense
|
|
|
|
|
|
|
|
|
|
Interest on deposits
|
3,954
|
|
4,952
|
|
|
12,694
|
|
15,278
|
|
Interest on short-term
borrowings
|
-
|
|
1
|
|
|
18
|
|
18
|
|
Interest on securities sold
under agreements to repurchase
|
1,205
|
|
1,134
|
|
|
3,585
|
|
3,297
|
|
Interest on long-term debt
|
90
|
|
339
|
|
|
277
|
|
1,256
|
|
Interest on junior subordinated
debt
|
363
|
|
357
|
|
|
1,052
|
|
1,034
|
|
Total interest expense
|
5,612
|
|
6,783
|
|
|
17,626
|
|
20,883
|
|
|
|
|
|
|
|
|
|
|
|
|
Net interest income
|
10,176
|
|
9,041
|
|
|
29,999
|
|
25,795
|
|
Provision for loan
losses
|
3,550
|
|
1,400
|
|
|
8,160
|
|
6,525
|
|
Net interest income after
provision for loan losses
|
6,626
|
|
7,641
|
|
|
21,839
|
|
19,270
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income:
|
|
|
|
|
|
|
|
|
|
Customer service fees
|
478
|
|
600
|
|
|
1,610
|
|
1,854
|
|
Mortgage banking activities,
net
|
266
|
|
288
|
|
|
631
|
|
963
|
|
Commissions and fees from
insurance sales
|
3,024
|
|
3,260
|
|
|
9,192
|
|
9,254
|
|
Broker and investment advisory
commissions and fees
|
279
|
|
112
|
|
|
565
|
|
594
|
|
Earnings on investment in life
insurance
|
111
|
|
96
|
|
|
302
|
|
280
|
|
Other commissions and
fees
|
402
|
|
480
|
|
|
1,464
|
|
1,451
|
|
Gain on sale of equity
interest
|
-
|
|
-
|
|
|
1,875
|
|
-
|
|
Other income
|
269
|
|
(75)
|
|
|
510
|
|
573
|
|
Net realized gains on sales of
securities
|
179
|
|
66
|
|
|
465
|
|
351
|
|
Total other-than-temporary
impairment losses on investments
|
163
|
|
(4,026)
|
|
|
(783)
|
|
(4,999)
|
|
Portion of non-credit
impairment loss recognized
|
|
|
|
|
|
|
|
|
|
|
in other comprehensive
loss
|
(785)
|
|
2,030
|
|
|
12
|
|
2,681
|
|
Net credit impairment loss
recognized in earnings
|
(622)
|
|
(1,996)
|
|
|
(771)
|
|
(2,318)
|
|
|
|
|
|
|
|
|
|
|
|
|
Total non-interest
income
|
4,386
|
|
2,831
|
|
|
15,843
|
|
13,002
|
|
|
|
|
|
|
|
|
|
|
|
|
Other expense:
|
|
|
|
|
|
|
|
|
|
Salaries and employee benefits
|
5,584
|
|
5,374
|
|
|
16,422
|
|
16,816
|
|
Occupancy expense
|
1,057
|
|
1,124
|
|
|
3,274
|
|
3,074
|
|
Furniture and equipment expense
|
655
|
|
605
|
|
|
1,941
|
|
1,845
|
|
Marketing and advertising
expense
|
285
|
|
208
|
|
|
792
|
|
813
|
|
Identifiable intangible
amortization
|
146
|
|
172
|
|
|
417
|
|
514
|
|
Professional services
|
750
|
|
545
|
|
|
2,104
|
|
1,919
|
|
Outside processing
expense
|
1,036
|
|
1,014
|
|
|
2,921
|
|
3,051
|
|
FDIC deposit and other insurance
expense
|
612
|
|
486
|
|
|
1,668
|
|
1,914
|
|
Other real estate owned
expense
|
1,571
|
|
357
|
|
|
3,263
|
|
975
|
|
Other expense
|
967
|
|
938
|
|
|
2,816
|
|
2,748
|
|
Total non-interest
expense
|
12,663
|
|
10,823
|
|
|
35,618
|
|
33,669
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income
taxes
|
(1,651)
|
|
(351)
|
|
|
2,064
|
|
(1,397)
|
|
Income tax benefit
|
(1,049)
|
|
(506)
|
|
|
(573)
|
|
(1,575)
|
|
Net income (loss)
|
(602)
|
|
155
|
|
|
2,637
|
|
178
|
|
Preferred stock dividends and
discount accretion
|
(420)
|
|
(412)
|
|
|
(1,259)
|
|
(1,237)
|
|
Net income (loss) available to
common shareholders
|
$
(1,022)
|
|
$
(257)
|
|
|
$
1,378
|
|
$
(1,059)
|
|
|
|
|
|
|
|
|
|
|
|
|
Per Common Share
Data
|
|
|
|
|
|
|
|
|
|
Average shares
outstanding
|
6,511,195
|
|
5,794,883
|
|
|
6,192,250
|
|
5,774,006
|
|
Basic earnings (loss) per common
share
|
$
(0.16)
|
|
$
(0.04)
|
|
|
$
0.22
|
|
$
(0.18)
|
|
Average shares outstanding for
diluted earnings per share
|
6,511,195
|
|
5,794,883
|
|
|
6,236,889
|
|
5,774,006
|
|
Diluted earnings (loss) per
common share
|
$
(0.16)
|
|
$
(0.04)
|
|
|
$
0.22
|
|
$
(0.18)
|
|
Cash dividends declared per
common share
|
$
0.05
|
|
$
0.05
|
|
|
$
0.15
|
|
$
0.25
|
|
|
|
|
|
|
|
|
|
|
|
SOURCE VIST Financial Corp.
Copyright . 26 PR Newswire