WYOMISSING, Pa., July 21 /PRNewswire-FirstCall/ -- VIST Financial
Corp. ("Company") (NASDAQ:VIST) reported net income for the six
months ended June 30, 2009 of $24,000, a 99.2% decrease over net
income of $3,027,000 for the same period in 2008. The Company also
reported a net loss for the three months ended June 30, 2009 of
$1,585,000, a 208.0% decrease over net income of $1,468,000 for the
same period in 2008. Total revenue for the six months ended June
30, 2009 was $41,026,000 as compared to $42,500,000 for the same
period in 2008, a 3.5% decrease. Total revenue for the three months
ended June 30, 2009 was $19,967,000 as compared to $21,083,000 for
the same period in 2008, a 5.3% decrease. The Company also reported
that, based on the net loss for the second quarter and the
advisability of preserving capital under the present economic
circumstances, the board of directors decided to reduce the third
quarter cash dividend on the Company's common stock to $0.05 per
share to shareholders of record August 3, 2009 payable August 14,
2009. Commenting on the second quarter 2009, Robert D. Davis,
President and Chief Executive Officer of VIST Financial Corp. said,
"Our second quarter and year to date performance through the first
six months of 2009 continue to reflect the economic headwinds faced
by VIST Financial and all financial services firms. Despite these
economic challenges, our company continues to be well capitalized
at both the holding company and bank level which will allow our
company to successfully navigate through the balance of 2009 and
beyond." On the cash dividend action, Mr. Davis said, "We are very
respectful of our history at VIST Financial of paying dividends and
we will look to increase the dividend as soon as prudent. In
addition to the strength of our capital, we continue to maintain
stable core earnings net of extraordinary charges." Davis
continued, "The entire financial services industry and VIST
continue to focus on asset quality. During the second quarter, we
were able to reduce other real estate owned by $4.4 million from
March 31, 2009, as anticipated, however two large commercial
construction and development credits totaling $10.9 million moved
into the non-accrual loan category. Current appraisals have been
completed on these properties and the results of these appraisals
place the overall current loan-to-value ratio at approximately 77%.
As a result of these two loans and an overall increase in our
non-performing assets coupled with a weak economy, it was necessary
for us to add to our allowance for loan losses by $4.3 million in
the second quarter." Davis continued, "In addition to the large
provision for loan losses, we incurred other specific charges in
the second quarter. Included in the operating results for the
quarter were significant costs of $580,000 related to a special
industry-wide FDIC deposit insurance assessment, severance costs of
$133,000 related to the Company's cost reduction initiatives and an
other than temporary impairment charge ("OTTI") of $322,000 related
to an available for sale trust preferred security." Davis
concluded, "Recognizing the challenges that remain in our regional
economy and its clear impact on segments on our commercial and
consumer customers we are committed to delivering on our ultimate
responsibility to maximize shareholder return." Net Interest Income
For the six months ended June 30, 2009, net interest income before
the provision for loan losses decreased 5.2% to $16,754,000
compared to $17,665,000 for the same period in 2008. The decrease
in net interest income for the six months resulted from a 6.9%
decrease in total interest income to $30,854,000 from $33,135,000
and an 8.9% reduction in total interest expense to $14,100,000 from
$15,470,000. For the three months ended June 30, 2009, net interest
income before the provision for loan losses decreased 8.8% to
$8,267,000 compared to $9,060,000 for the same period in 2008. The
decrease in net interest income for the three months resulted from
a 6.3% decrease in total interest income to $15,313,000 from
$16,348,000 and a 3.3% reduction in total interest expense to
$7,046,000 from $7,288,000. The decrease in total interest income
for the three and six months ended June 30, 2009 resulted primarily
from lower interest rates compared to the same periods in 2008.
Average earning assets for the three and six month periods ended
June 30, 2009 increased $89,445,000 and $96,280,000, respectively,
compared to the same periods in 2008 due primarily to growth in
commercial and consumer loans and available for sale investment
securities. The reduction in total interest expense for the three
and six months ended June 30, 2009 resulted primarily from lower
interest rates compared to the same periods in 2008. Average
interest-bearing liabilities for the three and six months ended
June 30, 2009 increased $79,493,000 and $84,512,000, respectively,
compared to the same periods in 2008. 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, 2009 of $170,210,000 and $163,327,000, respectively,
offset by a net decrease in average short term borrowings and
average long term borrowings for the three and six months ended
June 30, 2009 of $90,487,000 and $78,442,000, respectively,
partially offset by an increase in average securities sold under
agreements to repurchase. The provision for loan losses for the six
months ended June 30, 2009 was $5,125,000 compared to $2,060,000
for the same period in 2008. The provision for loan losses for the
three months ended June 30, 2009 was $4,300,000 compared to
$1,650,000 for the same period in 2008. As of June 30, 2009, the
allowance for loan losses was $12,029,000 compared to $8,124,000 as
of December 31, 2008, an annualized increase of 96.1%. The increase
in the provision is due primarily to economic conditions, an
increase in outstanding loans, and the result of management's
evaluation and classification of the credit quality of the loan
portfolio utilizing a qualitative and quantitative internal loan
review process. At June 30, 2009, total non-performing loans were
$22,536,000 or 2.5% of total loans compared to $10,844,000 or 1.2%
of total loans at December 31, 2008. As discussed earlier, the
$11,692,000 increase in non-performing loans was due primarily to
two commercial construction and development credits totaling
approximately $10,887,000. Management considers the current
allowance for loan losses adequate as of June 30, 2009. Net
interest income after the provision for loan losses for the three
and six months ended June 30, 2009 was $3,967,000 and $11,629,000,
respectively, as compared to $7,410,000 and $15,605,000,
respectively, for the same periods in 2008. For the six months
ended June 30, 2009, the net interest margin on a fully taxable
equivalent basis was 3.11% as compared to 3.55% for the same period
in 2008. For the three months ended June 30, 2009, the net interest
margin on a fully taxable equivalent basis was 3.03% as compared to
3.58% for the same period in 2008. The decrease in net interest
margin for the comparative six and three month periods ended June
30, 2009 was due mainly to lower yields on commercial and consumer
loans as a result of decreases in short-term interest rates over
the same periods in 2008. Non-Interest Income Total non-interest
income for the six months ended June 30, 2009 increased 8.6% to
$10,172,000 compared to $9,365,000 for the same period in 2008.
Total non-interest income for the three months ended June 30, 2009
decreased 1.7% to $4,654,000 compared to $4,735,000 for the same
period in 2008. For the six months ended June 30, 2009, customer
service fees decreased to $1,254,000 from $1,296,000, or 3.2%, for
the same period in 2008. For the three months ended June 30, 2009,
service charges on deposits decreased to $596,000 from $676,000, or
11.8%, for the same period in 2008. The decrease for the
comparative six and three month periods is due primarily to a
decrease in commercial account analysis fees and non-sufficient
funds charges. For the six months ended June 30, 2009, revenue from
mortgage banking activity increased to $675,000 from $665,000, or
1.5%, for the same period in 2008. For the three months ended June
30, 2009, revenue from mortgage banking activity increased to
$408,000 from $342,000, or 19.3%, for the same period in 2008. The
increase for the comparative six and three month periods is
primarily due to an increase in the volume of loans sold into the
secondary mortgage market. The Company operates its mortgage
banking activities through VIST Mortgage, a division of VIST Bank.
For the six months ended June 30, 2009, revenue from commissions
and fees from insurance sales increased 9.6% to $5,994,000 compared
to $5,471,000 for the same period in 2008. For the three months
ended June 30, 2009, revenue from commissions and fees from
insurance sales increased 8.9% to $3,036,000 compared to $2,787,000
for the same period in 2008. The increase for the comparative six
and three month periods is mainly attributed to an increase in
commission income on group insurance products due to the
acquisition of Fisher Benefits Consulting in September 2008. VIST
Insurance, LLC is a wholly owned subsidiary of the Company. For the
six months ended June 30, 2009, revenue from brokerage and
investment advisory commissions and fee activity increased to
$482,000 from $464,000, or 3.9%, for the same period in 2008. For
the three months ended June 30, 2009, revenue from brokerage and
investment advisory commissions and fee activity decreased to
$152,000 from $227,000, or 33.0%, for the same period in 2008.
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, 2009, earnings on
investment in life insurance decreased to $184,000 from $332,000,
or 44.6%, for the same period in 2008. For the three months ended
June 30, 2009, earnings on investment in life insurance decreased
to $108,000 from $164,000, or 34.1%, for the same period in 2008.
The decrease for the comparative six and three month periods is due
primarily to decreased earnings credited on the Company's bank
owned life insurance ("BOLI"). For the six months ended June 30,
2009, other income including gain on sale of loans increased to
$1,620,000 from $935,000, or 73.3%, for the same period in 2008.
For the three months ended June 30, 2009, other income including
gain on sale of loans increased to $550,000 from $478,000, or
15.1%, for the same period in 2008. The increase for the
comparative six and three month periods is due primarily to a
settlement of a previously accrued contingent payment occurring in
the first quarter and an increase in network interchange income.
Net securities losses were $37,000 for the six months ended June
30, 2009 compared to net securities gains of $202,000 for the same
period in 2008. Net securities losses were $196,000 for the three
months ended June 30, 2009 compared to net securities gains of
$61,000 for the same period in 2008. Net securities losses for the
comparative six and three month periods were due primarily to a
$322,000 OTTI charge on one of the Company's available for sale
trust preferred investment securities. Non-Interest Expense Total
non-interest expense for the six months ended June 30, 2009
increased 5.8% to $22,846,000 compared to $21,600,000 for the same
period in 2008. Total non-interest expense for the three months
ended June 30, 2009 increased 10.0% to $11,567,000 compared to
$10,513,000 for the same period in 2008. Salaries and benefits were
$11,442,000 for the six months ended June 30, 2009, an increase of
2.8% compared to $11,128,000 for the same period in 2008. Salaries
and benefits were $5,754,000 for the three months ended June 30,
2009, an increase of 6.6% compared to $5,398,000 for the same
period in 2008. Included in salaries and benefits for the six
months ended June 30, 2009 and 2008 were stock-based compensation
costs of $77,000 and $172,000, respectively. Included in salaries
and benefits for the three months ended June 30, 2009 and 2008 were
stock-based compensation costs of $56,000 and $95,000,
respectively. Included in salaries and benefits for the six and
three months ended June 30, 2009 were severance costs of $133,000
relating to corporate-wide cost reduction initiatives. Total
commissions paid for the six months ended June 30, 2009 and 2008
were $736,000 and $900,000, respectively. Total commissions paid
for the three months ended June 30, 2009 and 2008 were $353,000 and
$511,000, respectively. For the six months ended June 30, 2009,
occupancy expense and furniture and equipment expense decreased to
$3,190,000 from $3,543,000, or 10.0%, for the same period in 2008.
For the three months ended June 30, 2009, occupancy expense and
furniture and equipment expense decreased to $1,515,000 from
$1,742,000, or 13.0%, for the same period in 2008. The decrease for
the comparative six and three month periods is due primarily to a
decrease in building lease expense and equipment depreciation
expense. For the six months ended June 30, 2009, marketing and
advertising expense decreased to $605,000 from $1,136,000, or
46.7%, for the same period in 2008. For the three months ended June
30, 2009, advertising and marketing expense decreased to $335,000
from $479,000, or 30.1%, for the same period in 2008. 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, 2009, professional services expense increased
to $1,374,000 from $1,078,000, or 27.5%, for the same period in
2008. For the three months ended June 30, 2009, professional
services expense decreased to $482,000 from $543,000, or 11.2%, for
the same period in 2008. The increase for the comparative six month
periods is due primarily to an increase in legal fees associated
with a litigation settlement related to a previously accrued
contingent payment, outsourcing of the Company's internal audit
function and other general Company business. For the six months
ended June 30, 2009, outside processing expense increased to
$2,037,000 from $1,632,000, or 24.8%, for the same period in 2008.
For the three months ended June 30, 2009, outside processing
expense increased to $1,086,000 from $812,000, or 33.7%, for the
same period in 2008. The increase for the comparative six and three
month periods is due primarily to costs incurred for computer
services and network fees. For the six months ended June 30, 2009,
insurance expense increased to $1,428,000 from $545,000, or 162.0%,
for the same period in 2008. For the three months ended June 30,
2009, insurance expense increased to $984,000 from $274,000, or
259.1%, for the same period in 2008. The increase in insurance
expense for the comparative six and three month periods is due
primarily to higher FDIC deposit insurance premiums resulting from
the implementation of a new FDIC risk-related premium assessment.
Additionally, the increase in insurance expense for the comparative
three month periods is impacted by a special industry-wide FDIC
deposit insurance premium assessment of $580,000. Income Tax
Expense Income tax benefit for the six months ended June 30, 2009
was $1,069,000, a 411.7% decrease as compared to income tax expense
of $343,000 for the six months ended June 30, 2008. Income tax
benefit for the three months ended June 30, 2009 was $1,361,000, a
930.0% decrease as compared to income tax expense of $164,000 for
the three months ended June 30, 2008. Included in income tax
expense for the six and three months ended June 30, 2009 and 2008
is a federal tax benefit from a $5,000,000 investment in an
affordable housing, corporate tax credit limited partnership.
Earnings Per Share Diluted (loss) per common share for the six
months ended June 30, 2009 were ($0.14) on average shares
outstanding of 5,763,648, a 126.4% decrease as compared to diluted
earnings per common share of $0.53 on average shares outstanding of
5,696,650 for the six months ended June 30, 2008. Diluted (loss)
per common share for the three months ended June 30, 2009 were
($0.35) on average shares outstanding of 5,791,023, a 234.6%
decrease as compared to diluted earnings per common share of $0.26
on average shares outstanding of 5,705,042 for the three months
ended June 30, 2008. Assets, Liabilities and Equity Total assets as
of June 30, 2009 increased $31,879,000, or 5.2% annualized, to
$1,256,743,000 compared to $1,224,864,000 at December 31, 2008.
Total loans as of June 30, 2009 increased $931,000, or 0.2%
annualized, to $887,236,000 compared to $886,305,000 at December
31, 2008. Total deposits as of June 30, 2009 increased $97,314,000,
or 22.9% annualized, to $947,914,000 compared to $850,600,000 at
December 31, 2008. Total borrowings as of June 30, 2009 decreased
$63,357,000, or 52.1% annualized, to $179,864,000 compared to
$243,221,000 at December 31, 2008. Shareholders' equity as of June
30, 2009 decreased $1,695,000, or 2.8% annualized, to $120,794,000
compared to $122,489,000 at December 31, 2008. Included in
shareholders' equity is an unrealized loss position on available
for sale securities, net of taxes, as of June 30, 2009 of
$9,233,000 compared to an unrealized loss position on available for
sale securities, net of taxes, of $8,600,000 at December 31, 2008.
Quarterly Shareholder and Investor Conference Call VIST Financial
will host a quarterly shareholder and investor conference call on
Wednesday, July 22, 2009 at 8:30 a.m. EDT. Interested parties can
join the conference call and ask questions by dialing 888.857.6930
or listening through the computer by clicking on the following
link: http://tinyurl.com/ldax8l 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 a diversified financial services company
headquartered in Wyomissing, PA, offering banking, insurance,
investments and wealth management services throughout Berks,
Southern Schuylkill, Montgomery, Delaware and Philadelphia
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, 2009 2008 (unaudited) ----------- Assets Federal funds
sold $19,950 $- Investment securities and interest bearing cash
238,212 235,760 Mortgage loans held for sale 5,888 2,283 Loans:
Commercial loans 702,044 701,964 Consumer loans 140,602 136,713
Mortgage loans 44,590 47,628 ------ ------ Total loans $887,236
$886,305 ======== ======== Earning assets $1,151,286 $1,124,348
Total assets 1,256,743 1,224,864 Liabilities and shareholders'
equity Deposits: Non-interest bearing deposits 111,231 108,645 NOW,
money market and savings 375,118 307,210 Time deposits 461,565
434,745 ------- ------- Total deposits $947,914 $850,600 ========
======== Federal funds purchased $- $53,424 Securities sold under
agreements to repurchase 124,875 120,086 Long-term debt 35,000
50,000 Junior subordinated debt 19,989 19,711 Shareholders' equity
$120,794 $122,489 Actual common shares outstanding 5,794,200
5,700,075 Book value per common share $16.50 $17.10 Asset Quality
Data As Of and For The Period Ended Six Months Twelve Months June
30, December 31, 2009 2008 (unaudited) ----------- Non-accrual
loans $22,428 $10,704 Loans past due 90 days or more still accruing
108 140 --- --- Total non-performing loans 22,536 10,844 Other real
estate owned 2,238 263 ----- --- Total non-performing assets
$24,774 $11,107 ======= ======= Renegotiated troubled debt 2,592
285 Loans outstanding at end of period $887,236 $886,305 Allowance
for loan losses 12,029 8,124 Net charge-offs to average loans
(annualized) 0.27% 0.46% Allowance for loan losses as a percent of
total loans 1.36% 0.92% Allowance for loan losses as a percent of
total non-performing loans 53.39% 74.92% VIST FINANCIAL CORP. AND
SUBSIDIARIES CONSOLIDATED SELECTED FINANCIAL DATA (Dollar amounts
in thousands) Average Balances Average Balances For the Three For
the Six Months Ended Months Ended (unaudited) (unaudited)
----------- ----------- June 30, June 30, June 30, June 30, 2009
2008 2009 2008 ---- ---- ---- ---- Assets Federal funds sold
$13,298 $- $9,981 $- Investment securities and interest bearing
cash 245,954 211,574 240,248 204,798 Mortgage loans held for sale
5,643 1,752 4,446 1,905 Loans: Commercial loans 699,919 674,994
699,717 665,669 Consumer loans 141,335 127,208 140,421 127,065
Mortgage loans 43,979 45,155 45,714 44,810 ------ ------ ------
------ Total loans $885,233 $847,357 $885,852 $837,544 ========
======== ======== ======== Interest-earning assets $1,150,128
$1,060,683 $1,140,527 $1,044,247 Goodwill and intangible assets
44,329 43,194 44,414 43,165 Total assets 1,256,512 1,163,502
1,245,992 1,147,054 Liabilities and shareholders' equity Deposits:
Non-interest bearing deposits 106,362 106,735 105,905 105,017
Interest bearing deposits: NOW, money market and savings 351,272
327,056 335,782 321,601 Time deposits 479,449 333,455 474,261
325,115 ------- ------- ------- ------- Total Interest-Bearing
Deposits 830,721 660,511 810,043 646,716 ------- ------- -------
------- -------- -------- -------- -------- Total deposits $937,083
$767,246 $915,948 $751,733 ======== ======== ======== ========
Short term borrowings $253 $73,757 $5,057 $79,037 Securities sold
under agreements to repurchase 125,003 123,911 122,268 117,530
Long-term debt 41,925 60,000 50,498 59,698 Junior subordinated debt
19,807 20,037 19,760 20,133 Interest-bearing liabilities 1,017,709
938,216 1,007,626 923,114 Shareholders' equity $124,636 $108,088
$123,958 $108,153 VIST FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED SELECTED FINANCIAL DATA (Dollar amounts in thousands,
except per share data) For the Three For the Six Months Ended
Months Ended (unaudited) (unaudited) ----------- ----------- June
30, June 30, June 30, June 30, 2009 2008 2009 2008 ---- ---- ----
---- Interest income $15,313 $16,348 $30,854 $33,135 Interest
expense 7,046 7,288 14,100 15,470 ----- ----- ------ ------ Net
interest income 8,267 9,060 16,754 17,665 Provision for loan losses
4,300 1,650 5,125 2,060 ----- ----- ----- ----- Net Interest Income
after provision for loan losses 3,967 7,410 11,629 15,605 -----
----- ------ ------ Customer service fees 596 676 1,254 1,296
Mortgage banking activities 408 342 675 665 Commissions and fees
from insurance sales 3,036 2,787 5,994 5,471 Brokerage and
investment advisory commissions and fees 152 227 482 464 Earnings
on investment in life insurance 108 164 184 332 Other income 550
478 1,620 935 Securities gains, net (196) 61 (37) 202 ---- -- ---
--- Total non-interest income 4,654 4,735 10,172 9,365 ----- -----
------ ----- Salaries and employee benefits 5,754 5,398 11,442
11,128 Occupancy expense 881 1,069 1,950 2,198 Furniture and
equipment expense 634 673 1,240 1,345 Other operating expense 4,298
3,373 8,214 6,929 ----- ----- ----- ----- Total non-interest
expense 11,567 10,513 22,846 21,600 ------ ------ ------ ------
(Loss) Income before income taxes (2,946) 1,632 (1,045) 3,370
Income taxes (1,361) 164 (1,069) 343 ------ --- ------ --- Net
(loss) income $(1,585) $1,468 $24 $3,027 ======= ====== === ======
Per Common Share Data: Basic average shares outstanding 5,791,023
5,692,377 5,763,548 5,682,890 Diluted average shares outstanding
5,791,023 5,705,042 5,763,648 5,696,650 Basic (loss) earnings per
common share $(0.35) $0.26 $(0.14) $0.53 Diluted (loss) earnings
per common share (0.35) 0.26 (0.14) 0.53 Cash dividends per common
share 0.10 0.20 0.20 0.40 Profitability Ratios: Return on average
assets -0.51% 0.51% 0.00% 0.53% Return on average shareholders'
equity -5.10% 5.46% 0.04% 5.63% Return on average tangible equity
(equity less goodwill and intangible assets) -7.92% 9.10% 0.06%
9.37% Net interest margin (fully taxable equivalent) 3.03% 3.58%
3.11% 3.55% Effective tax rate 46.20% 10.05% 102.30% 10.18% VIST
FINANCIAL CORP. AND SUBSIDIARIES UNAUDITED CONSOLIDATED BALANCE
SHEETS (Dollar amounts in thousands, except share data) June 30,
June 30, 2009 2008 ---- ---- Assets Cash and due from banks $20,685
$27,768 Fed funds sold 19,950 - Interest-bearing deposits in banks
342 341 --- --- Total cash and cash equivalents 40,977 28,109
Mortgage loans held for sale 5,888 827 Securities available for
sale 234,822 208,262 Securities held to maturity 3,048 3,068 Loans,
net of allowance for loan losses 6/2009 - $12,029; 6/2008 - $7,862
875,207 859,797 Premises and equipment, net 6,408 6,768
Identifiable intangible assets 4,491 3,592 Goodwill 39,731 39,509
Bank owned life insurance 18,737 18,189 Other assets 27,434 20,977
SELECTED HIGHLIGHTS ------ ------ Total assets $1,256,743
$1,189,098 Common Stock (VIST) ========== ========== Cash Dividends
Declared March 2008 $0.20 Liabilities and June 2008 $0.20
Shareholders' Equity October 2008 $0.10 Liabilities January 2009
$0.10 Deposits: April 2009 $0.10 Non-interest bearing $111,231
$111,140 Common Stock (VIST) Interest Quarterly Closing Price
bearing 836,683 668,300 12/31/2007 $17.85 ------- -------
03/31/2008 $17.77 Total 06/30/2008 $14.23 deposits 947,914 779,440
09/30/2008 $12.00 Securities sold 12/31/2008 $7.73 under agreements
03/31/2009 $7.00 to repurchase 124,875 130,615 06/30/2009 $6.61
Federal funds purchased - 82,746 Long-term debt 35,000 60,000
Junior subordinated debt, at fair value 19,989 20,159 Other
liabilities 8,171 12,474 ----- ------ Total liabilities 1,135,949
1,085,434 --------- --------- Shareholders' Equity Preferred stock:
$0.01 par value; authorized 1,000,000 shares; $1,000 liquidation
preference per share; 25,000 shares issued at June 30, 2009 and no
shares issued at June 30, 2008 22,892 - Common stock, $5.00 par
value; Authorized 20,000,000 shares; 5,804,684 shares issued at
June 30, 2009 and 5,762,380 shares issued at June 30, 2008 29,024
28,812 Stock Warrants 2,307 - Surplus 63,654 64,167 Retained
earnings 12,341 17,789 Accumulated other comprehensive loss (9,233)
(5,619) Treasury stock; 10,484 shares at June 30, 2009 and 68,354
shares at June 30, 2008, at cost (191) (1,485) ---- ------ Total
shareholders' equity 120,794 103,664 ------- ------- Total
liabilities and shareholders' equity $1,256,743 $1,189,098
========== ========== 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, 2009 2008 2009 2008 ---- ---- ---- ---- Interest
Income Interest and fees on loans $12,261 $13,515 $24,603 $27,625
Interest on securities: Taxable 2,709 2,432 5,579 4,686 Tax-exempt
305 218 591 431 Dividend income 33 178 72 384 Interest on federal
funds sold 5 - 8 - Other interest income - 5 1 9 --- --- --- ---
Total interest income 15,313 16,348 30,854 33,135 Interest Expense
Interest on deposits 5,172 5,014 10,326 10,517 Interest on
short-term borrowings - 429 17 1,150 Interest on securities sold
under agreements to repurchase 1,100 895 2,163 1,849 Interest on
long-term debt 412 604 917 1,203 Interest on junior subordinated
debt 362 346 677 751 --- --- --- --- Total interest expense 7,046
7,288 14,100 15,470 Net interest income 8,267 9,060 16,754 17,665
Provision for loan losses 4,300 1,650 5,125 2,060 ----- ----- -----
----- Net interest income after provision for loan losses 3,967
7,410 11,629 15,605 Other income: Customer service fees 596 676
1,254 1,296 Mortgage banking activities, net 408 342 675 665
Commissions and fees from insurance sales 3,036 2,787 5,994 5,471
Broker and investment advisory commissions and fees 152 227 482 464
Earnings on investment in life insurance 108 164 184 332 Gain on
sale of loans - 24 - 47 Gain on sales of securities (196) 61 (37)
202 Other income 550 454 1,620 888 --- --- ----- --- Total other
income 4,654 4,735 10,172 9,365 Other expense: Salaries and
employee benefits 5,754 5,398 11,442 11,128 Occupancy expense 881
1,069 1,950 2,198 Furniture and equipment expense 634 673 1,240
1,345 Marketing and advertising expense 335 479 605 1,136
Identifiable intangible amortization 171 150 342 300 Professional
services 482 543 1,374 1,078 Outside processing expense 1,086 812
2,037 1,632 Insurance expense 984 274 1,428 545 Other expense 1,240
1,115 2,428 2,238 ----- ----- ----- ----- Total other expense
11,567 10,513 22,846 21,600 (Loss) Income before income taxes
(2,946) 1,632 (1,045) 3,370 Income taxes (1,361) 164 (1,069) 343
------ --- ------ --- Net (loss) income $(1,585) $1,468 $24 $3,027
======= ====== === ====== Per Common Share Data Average shares
outstanding 5,791,023 5,692,377 5,763,548 5,682,890 Basic (loss)
earnings per common share $(0.35) $0.26 $(0.14) $0.53 Average
shares outstanding for diluted earnings per share 5,791,023
5,705,042 5,763,648 5,696,650 Diluted (loss) earnings per common
share $(0.35) $0.26 $(0.14) $0.53 Cash dividends declared per
common share $0.10 $0.20 $0.20 $0.40 DATASOURCE: VIST Financial
Corp. CONTACT: Edward C. Barrett, Chief Financial Officer of VIST
Financial Corp., +1-610-603-7251 Web Site: http://www.vistfc.com/
Copyright