WYOMISSING, Pa., Feb. 2 /PRNewswire-FirstCall/ -- VIST Financial
Corp. ("Company") (NASDAQ:VIST) reported net income for the twelve
months ended December 31, 2009 of $566,000, a 0.2% increase over a
net income of $565,000 for the same period in 2008. The Company
also reported net income for the three months ended December 31,
2009 of $388,000, an 81.9% decrease over a net income of $2,146,000
for the same period in 2008. Total revenue for the twelve months
ended December 31, 2009 was $80,171,000 as compared to $77,817,000
for the same period in 2008, a 3.0% increase. Total revenue for the
three months ended December 31, 2009 was $20,491,000 as compared to
$20,603,000 for the same period in 2008, a 0.5% decrease. 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 February 11, 2010 payable February 22,
2010. Commenting on the fourth quarter 2009, Robert D. Davis,
President and Chief Executive Officer of VIST Financial Corp. said,
"Our performance in 2009 and the fourth quarter of the year
continues to be heavily influenced by the national and regional
recession. In spite of the economic headwinds, we are pleased with
our linked quarter improvement in core operating earnings,
significant deposit growth, good non-interest income growth and
relative stabilization of our credit quality metrics, particularly
in the second half of the year. Our net interest margin increased
significantly during the year driven by disciplined commercial and
consumer loan growth and pricing funded by strong core deposit
growth and the attendant reduction in the overall cost of our
deposits. Exclusive of FDIC insurance charges and other real estate
expense, our overall expenses were flat." Davis concluded, "Given
the underlying collateral coverage of our non-performing loans,
reserve levels and capital position, we believe we are poised for
growth across our banking, insurance and wealth management
businesses as our regional and national economies improve. Our net
charge-offs are manageable. Our non-performing loans are
concentrated in a few credits and are well secured based on current
appraisals and the rate of their growth stabilized somewhat during
the most recent quarter." Net Interest Income For the twelve months
ended December 31, 2009, net interest income before the provision
for loan losses decreased 0.2% to $35,260,000 compared to
$35,341,000 for the same period in 2008. The decrease in net
interest income for the twelve months resulted from a 4.9% decrease
in total interest income to $62,740,000 from $65,978,000 and a
10.3% decrease in total interest expense to $27,480,000 from
$30,637,000. For the three months ended December 31, 2009, net
interest income before the provision for loan losses increased
10.1% to $9,465,000 compared to $8,595,000 for the same period in
2008. The increase in net interest income for the three months
resulted from a 0.2% decrease in total interest income to
$16,062,000 from $16,091,000 and a 12.0% reduction in total
interest expense to $6,597,000 from $7,496,000. The decrease in
total interest income for the three and twelve months ended
December 31, 2009 resulted primarily from lower interest rates
compared to the same periods in 2008. Average earning assets for
the three and twelve month periods ended December 31, 2009
increased $95,326,000 and $84,739,000, 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 twelve months
ended December 31, 2009 resulted primarily from lower interest
rates compared to the same periods in 2008. Average
interest-bearing liabilities for the three and twelve months ended
December 31, 2009 increased $80,064,000 and $74,294,000,
respectively, compared to the same periods in 2008. The increases
in interest-bearing liabilities are due primarily to an increase in
average interest-bearing deposits for the three and twelve months
ended December 31, 2009 of $164,220,000 and $165,992,000,
respectively, offset by a net decrease in average short term
borrowings and average long term debt for the three and twelve
months ended December 31, 2009 of $83,570,000 and $91,321,000,
respectively. The provision for loan losses for the twelve months
ended December 31, 2009 was $8,572,000 compared to $4,835,000 for
the same period in 2008. The provision for loan losses for the
three months ended December 31, 2009 was $2,047,000 compared to
$2,250,000 for the same period in 2008. As of December 31, 2009,
the allowance for loan losses was $11,449,000 compared to
$8,124,000 as of December 31, 2008, an increase of 40.9%. The
increase in the provision is due primarily to current challenging
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 December 31, 2009,
total non-performing loans were $26,951,000 or 3.0% of total loans
compared to $10,844,000 or 1.2% of total loans at December 31,
2008. The $16,107,000 increase in non-performing loans was due
primarily to two commercial construction and development credit
relationships totaling approximately $9,370,000. Management
considers the current allowance for loan losses adequate as of
December 31, 2009. Net interest income after the provision for loan
losses for the three and twelve months ended December 31, 2009 was
$7,418,000 and $26,688,000, respectively, as compared to $6,345,000
and $30,506,000, respectively, for the same periods in 2008. For
the three months ended December 31, 2009, the net interest margin
on a fully taxable equivalent basis was 3.31% as compared to 3.27%
for the same period in 2008. For the twelve months ended December
31, 2009, the net interest margin on a fully taxable equivalent
basis was 3.21% as compared to 3.45% for the same period in 2008.
The increase in net interest margin for the comparative three month
periods ended December 31, 2009 was due mainly to lower cost of
funds on interest-bearing deposits and short term borrowings
compared to the same period in 2008. The decrease in net interest
margin for the comparative twelve month period ended December 31,
2009 was due mainly to lower yields on commercial and consumer
loans and available for sale investment securities as a result of
decreases in short-term interest rates over the same period in
2008. Non-Interest Income Total non-interest income for the twelve
months ended December 31, 2009 increased 47.2% to $17,431,000
compared to $11,839,000 for the same period in 2008. Total
non-interest income for the three months ended December 31, 2009
decreased 1.8% to $4,429,000 compared to $4,512,000 for the same
period in 2008. For the twelve months ended December 31, 2009,
customer service fees decreased to $2,443,000 from $2,964,000, or
17.6%, for the same period in 2008. For the three months ended
December 31, 2009, customer service fees decreased to $589,000 from
$775,000, or 24.0%, for the same period in 2008. The decrease for
the comparative twelve and three month periods is due primarily to
a decrease in retail and commercial uncollected funds fees and
non-sufficient funds charges. For the twelve months ended December
31, 2009, revenue from mortgage banking activity increased to
$1,255,000 from $897,000, or 39.9%, for the same period in 2008.
For the three months ended December 31, 2009, revenue from mortgage
banking activity increased to $292,000 from $87,000, or 235.6%, for
the same period in 2008. The increase for the comparative twelve
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 twelve months ended
December 31, 2009, revenue from commissions and fees from insurance
sales increased 8.6% to $12,254,000 compared to $11,284,000 for the
same period in 2008. For the three months ended December 31, 2009,
revenue from commissions and fees from insurance sales increased
8.7% to $3,000,000 compared to $2,761,000 for the same period in
2008. The increase for the comparative twelve 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 twelve months ended December 31,
2009, revenue from brokerage and investment advisory commissions
and fees activity decreased to $714,000 from $813,000, or 12.2%,
for the same period in 2008. For the three months ended December
31, 2009, revenue from brokerage and investment advisory
commissions and fees activity decreased to $120,000 from $163,000,
or 26.4%, for the same period in 2008. The decrease for the
comparative twelve and three month periods is due primarily to
decreases in volume of investment advisory services offered through
VIST Capital Management, LLC, a wholly owned subsidiary of the
Company. For the twelve months ended December 31, 2009, earnings on
investment in life insurance decreased to $391,000 from $690,000,
or 43.3%, for the same period in 2008. For the three months ended
December 31, 2009, earnings on investment in life insurance
decreased to $111,000 from $187,000, or 40.6%, for the same period
in 2008. The decrease for the comparative twelve and three month
periods is due primarily to decreased earnings credited on the
Company's bank owned life insurance ("BOLI"). For the twelve months
ended December 31, 2009, other income including gain on sale of
loans increased to $2,498,000 from $2,421,000, or 3.2%, for the
same period in 2008 due primarily to an increase in interchange fee
income. For the three months ended December 31, 2009, other income
including gain on sale of loans decreased to $474,000 from
$975,000, or 51.3%, for the same period in 2008. The decrease for
the comparative three month periods is due primarily to a decrease
in the fair value of the Company's junior subordinated debt and
interest rate swaps. Net realized gains on sales of available for
sale securities were $344,000 for the twelve months ended December
31, 2009 compared to net realized losses on sales of available for
sale securities of $7,230,000 for the same period in 2008. Net
realized losses on sales of available for sale securities were
$7,000 for the three months ended December 31, 2009 compared to net
realized losses on sales of available for sale securities of
$436,000 for the same period in 2008. Sales of available for sale
securities during 2009 were primarily related to the management of
the Company's liquidity and asset/liability management strategies.
Net realized losses on sales of available for sale securities for
the twelve and three month periods in 2008 were primarily due to
the loss on the sale of approximately $7.3 million in perpetual
preferred stock associated with the federal takeover of government
sponsored enterprises ("GSE's") Fannie Mae and Freddie Mac, placed
into conservatorship by the Federal Housing Finance Agency and the
U.S. Treasury and two equity holdings. For the twelve and three
month periods ended December 31, 2009, net credit impairment losses
recognized in earnings resulting from other-than-temporary
impairment ("OTTI") losses on available for sale investment
securities were $2,468,000 and $150,000, respectively. The net
credit impairment losses include OTTI charges for estimated credit
losses on five pooled trust preferred securities and one equity
holding. Non-Interest Expense Total non-interest expense for the
twelve months ended December 31, 2009 increased 4.5% to $45,603,000
compared to $43,638,000 for the same period in 2008. Total
non-interest expense for the three months ended December 31, 2009
increased 4.1% to $11,934,000 compared to $11,469,000 for the same
period in 2008. Salaries and benefits were $22,034,000 for the
twelve months ended December 31, 2009, a decrease of 0.2% compared
to $22,078,000 for the same period in 2008. Salaries and benefits
were $5,218,000 for the three months ended December 31, 2009, a
decrease of 6.3% compared to $5,569,000 for the same period in
2008. Included in salaries and benefits for the twelve months ended
December 31, 2009 and 2008 were stock-based compensation costs of
$197,000 and $319,000, respectively. Included in salaries and
benefits for the three months ended December 31, 2009 and 2008 were
stock-based compensation costs of $59,000 and $61,000,
respectively. Included in salaries and benefits for the twelve
months ended December 31, 2009 were severance costs of $133,000
relating to corporate-wide cost reduction initiatives. Total
commissions paid for the twelve months ended December 31, 2009 and
2008 were $1,409,000 and $1,557,000, respectively. Total
commissions paid for the three months ended December 31, 2009 and
2008 were $328,000 and $258,000, respectively. For the twelve
months ended December 31, 2009, occupancy expense and furniture and
equipment expense decreased to $6,655,000 from $7,397,000, or
10.0%, for the same period in 2008. For the three months ended
December 31, 2009, occupancy expense and furniture and equipment
expense decreased to $1,736,000 from $2,108,000, or 17.6%, for the
same period in 2008. The decrease for the comparative twelve and
three month periods is due primarily to decreases in building lease
expense, equipment maintenance and equipment depreciation expenses.
For the twelve months ended December 31, 2009, marketing and
advertising expense decreased to $1,011,000 from $1,635,000, or
38.2%, for the same period in 2008. For the three months ended
December 31, 2009, advertising and marketing expense decreased to
$198,000 from $233,000, or 15.0%, for the same period in 2008. The
decrease for the comparative twelve 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
twelve months ended December 31, 2009, professional services
expense decreased to $2,480,000 from $2,594,000, or 4.4%, for the
same period in 2008. For the three months ended December 31, 2009,
professional services expense decreased to $561,000 from $797,000,
or 29.6%, for the same period in 2008. The decrease for the
comparative twelve and three month periods is due primarily to the
outsourcing of the Company's internal audit function and fewer
general Company projects. For the twelve months ended December 31,
2009, outside processing expense increased to $3,983,000 from
$3,334,000, or 19.5%, for the same period in 2008. For the three
months ended December 31, 2009, outside processing expense
increased to $932,000 from $875,000, or 6.5%, for the same period
in 2008. The increase for the comparative twelve and three month
periods is due primarily to services rendered for core operating
system and computer network and systems upgrades and enhancements.
For the twelve months ended December 31, 2009, insurance expense
increased to $2,479,000 from $1,262,000, or 96.4%, for the same
period in 2008. For the three months ended December 31, 2009,
insurance expense increased to $565,000 from $440,000, or 28.4%,
for the same period in 2008. The increase in insurance expense for
the comparative twelve and three month periods is due primarily to
higher FDIC deposit insurance premiums including a special
industry-wide FDIC deposit insurance premium assessment of $580,000
levied in the second quarter of 2009. For the twelve months ended
December 31, 2009, other real estate expense increased to
$2,562,000 from $834,000, or 207.2%, for the same period in 2008.
For the three months ended December 31, 2009, other real estate
expense increased to $1,587,000 from $332,000, or 378.0%, for the
same period in 2008. The increase in other real estate expense for
the comparative twelve and three month periods is due primarily to
an increase in the amount of other real estate owned in 2009.
Income Tax Expense Income tax benefit for the twelve months ended
December 31, 2009 was $2,050,000, a 10.3% increase as compared to
income tax benefit of $1,858,000 for the twelve months ended
December 31, 2008. Income tax benefit for the three months ended
December 31, 2009 was $475,000, an 82.8% decrease as compared to
income tax benefit of $2,758,000 for the three months ended
December 31, 2008. Included in income tax benefit for the twelve
and three months ended December 31, 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 twelve months ended
December 31, 2009 were $0.19 on average shares outstanding of
5,780,541, a 290.0% decrease as compared to diluted income per
common share of $0.10 on average shares outstanding of 5,694,803
for the twelve months ended December 31, 2008. Diluted (loss) per
common share for the three months ended December 31, 2009 were
$0.01 on average shares outstanding of 5,800,003, a 102.6% decrease
as compared to diluted income per common share of $0.38 on average
shares outstanding of 5,697,280 for the three months ended December
31, 2008. Assets, Liabilities and Equity Total assets as of
December 31, 2009 increased $82,615,000, or 6.7%, to $1,308,685,000
compared to $1,226,070,000 at December 31, 2008. Total loans as of
December 31, 2009 increased $24,659,000, or 2.8%, to $910,964,000
compared to $886,305,000 at December 31, 2008. Total deposits as of
December 31, 2009 increased $170,460,000, or 20.0%, to
$1,021,060,000 compared to $850,600,000 at December 31, 2008. Total
borrowings as of December 31, 2009 decreased $86,916,000, or 35.9%,
to $154,854,000 compared to $241,770,000 at December 31, 2008.
Shareholders' equity as of December 31, 2009 increased $1,758,000,
or 1.4%, to $125,387,000 compared to $123,629,000 at December 31,
2008. Included in shareholders' equity is an unrealized loss
position on available for sale securities, net of taxes, as of
December 31, 2009 of $4,512,000 compared to an unrealized loss
position on available for sale securities, net of taxes, of
$7,834,000 at December 31, 2008. NOTE: During the fourth quarter of
2009, the Company filed a Current Report on Form 8-K indicating
that the Company would amend its Form 10-K for the year ended
December 31, 2008 [and its Forms 10-Q for the first three quarters
of 2009] to correct certain accounting errors and the related
effects of those errors. Information included in this press release
as of December 31, 2008 and for the three-month and twelve-month
periods ended December 31, 2008 includes the corrected amounts as
they will appear in the amended Form 10-K when filed. For
additional information, see the Company's Current Report on Form
8-K filed on November 10, 2009, as amended on December 23, 2009.
These filings are available on the Internet site maintained by the
SEC (http://www.sec.gov/). Quarterly Shareholder and Investor
Conference Call VIST Financial will host a quarterly shareholder
and investor conference call on Wednesday, February 3, 2010 at 8:30
a.m. EDT. Interested parties can join the conference call and ask
questions by dialing 888.812.8522 or listening through the computer
by clicking on the following link: http://tinyurl.com/ylrxj67 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 is a diversified
financial services company with its corporate office in Wyomissing
PA and a regional headquarters in Blue Bell, PA, offering banking,
insurance, and investments with offices in Berks, Montgomery,
Delaware, Chester and Philadelphia counties. 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) December 31, December 31, 2009 2008 (unaudited) Assets
Federal funds sold $8,475 $- Investment securities and interest
bearing cash 271,475 230,045 Restricted stock, at cost 5,715 5,715
Mortgage loans held for sale 1,962 2,283 Loans: Commercial loans
731,256 701,964 Consumer loans 132,054 136,713 Mortgage loans
47,654 47,628 ------ ------ Total loans $910,964 $886,305 ========
======== Earning assets $1,198,591 $1,124,348 Total assets
1,308,685 1,226,070 Liabilities and shareholders' equity Deposits:
Non-interest bearing deposits 102,302 108,645 NOW, money market and
savings 459,149 307,210 Time deposits 459,609 434,745 -------
------- Total deposits $1,021,060 $850,600 ========== ========
Federal funds purchased $- $53,424 Securities sold under agreements
to repurchase 115,196 120,086 Long-term debt 20,000 50,000 Junior
subordinated debt 19,658 18,260 Shareholders' equity $125,387
$123,629 Actual common shares outstanding 5,808,690 5,700,075 Book
value per common share $17.21 $17.30 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 ------------------------------ Twelve Nine Six
Three Twelve Months Months Months Months Months December 31,
September 30, June 30, March 31, December 31, 2009 2009 2009 2009
2008 (unaudited) (unaudited) (unaudited) (unaudited) (unaudited)
----------- ---------- ---------- ----------- -----------
Non-accrual loans $25,140 $25,241 $22,428 $8,040 $10,704 Loans past
due 90 days or more still accruing 1,811 106 108 567 140 ----- ---
--- --- --- Total non- performing loans 26,951 25,347 22,536 8,607
10,844 Other real estate owned 5,221 2,686 2,238 6,661 263 -----
----- ----- ----- --- Total non- performing assets $32,172 $28,033
$24,774 $15,268 $11,107 ======= ======= ======= ======= =======
Renegotiated troubled debt 6,245 5,814 2,592 285 285 Loans
outstanding at end of period $910,964 $902,379 $887,236 $886,590
$886,305 Allowance for loan losses 11,449 11,995 12,029 8,165 8,124
Net charge-offs to average loans (annualized) 0.58% 0.39% 0.27%
0.36% 0.46% Allowance for loan losses as a percent of total loans
1.26% 1.33% 1.36% 0.92% 0.92% Allowance for loan losses as a
percent of total non-performing loans 42.49% 47.33% 53.39% 94.87%
74.92% VIST FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED SELECTED
FINANCIAL DATA (Dollar amounts in thousands) Average Balances
Average Balances For the Three Months For the Twelve Months Ended
Ended (unaudited) (unaudited) ----------- ----------- December
December December December 31, 31, 31, 31, 2009 2008 2009 2008 ----
---- ---- ---- Assets Federal funds sold $18,363 $- $11,701 $-
Investment securities and interest bearing cash 246,782 211,398
237,119 203,918 Restricted stock, at cost 5,715 5,715 5,715 5,715
Mortgage loans held for sale 2,553 1,182 3,507 1,433 Loans:
Commercial loans 733,606 692,920 711,267 682,373 Consumer loans
134,039 134,744 138,381 129,845 Mortgage loans 47,364 47,137 45,950
45,617 ------ ------ ------ ------ Total loans $915,009 $874,801
$895,598 $857,835 -------- -------- -------- --------
Interest-earning assets $1,188,422 $1,093,096 $1,153,640 $1,068,901
Goodwill and intangible assets 44,249 44,663 44,309 43,516 ------
------ ------ ------ Total assets 1,292,334 1,198,907 1,258,015
1,173,094 ========= ========= ========= ========= Liabilities and
shareholders' equity Deposits: Non-interest bearing deposits
107,159 109,572 107,629 107,642 Interest bearing deposits: NOW,
money market and savings 442,027 313,430 379,226 322,597 Time
deposits 449,513 413,890 460,374 351,011 ------- ------- -------
------- Total Interest-Bearing Deposits 891,540 727,320 839,600
673,608 ------- ------- ------- ------- -------- -------- --------
-------- Total deposits $998,699 $836,892 $947,229 $781,250
======== ======== ======== ======== Short term borrowings $79
$51,877 $2,694 $76,307 Securities sold under agreements to
repurchase 118,740 121,653 121,046 120,615 Long-term debt 27,011
55,870 40,672 58,811 Junior subordinated debt 19,522 20,108 19,756
20,133 Interest-bearing liabilities 1,056,892 976,828 1,023,768
949,474 -------- -------- -------- -------- Shareholders' equity
$119,470 $101,347 $118,055 $105,007 ======== ======== ========
======== VIST FINANCIAL CORP. AND SUBSIDIARIES CONSOLIDATED
SELECTED FINANCIAL DATA (Dollar amounts in thousands, except per
share data) For the Three For the Twelve Months Ended Months Ended
(unaudited) (unaudited) ----------- ----------- December December
December December 31, 31, 31, 31, 2009 2008 2009 2008 ---- ----
---- ---- Interest income $16,062 $16,091 $62,740 $65,978 Interest
expense 6,597 7,496 27,480 30,637 ----- ----- ------ ------ Net
interest income 9,465 8,595 35,260 35,341 Provision for loan losses
2,047 2,250 8,572 4,835 ----- ----- ----- ----- Net Interest Income
after provision for loan losses 7,418 6,345 26,688 30,506 -----
----- ------ ------ Customer service fees 589 775 2,443 2,964
Mortgage banking activities 292 87 1,255 897 Commissions and fees
from insurance sales 3,000 2,761 12,254 11,284 Brokerage and
investment advisory commissions and fees 120 163 714 813 Earnings
on investment in life insurance 111 187 391 690 Other income 474
975 2,498 2,421 Net realized gains on sales of securities (7) (436)
344 (7,230) Total other-than-temporary impairment losses on
investments (570) - (5,569) - Portion of non-credit impairment loss
recognized in other comprehensive loss 420 - 3,101 - --- -- -----
-- Net credit impairment loss recognized in earnings (150) -
(2,468) - ----- ----- ------ ------ Total non-interest income 4,429
4,512 17,431 11,839 ----- ----- ------ ------ Salaries and employee
benefits 5,218 5,569 22,034 22,078 Occupancy expense 1,086 1,422
4,160 4,707 Furniture and equipment expense 650 686 2,495 2,690
Other operating expense 4,980 3,792 16,914 14,163 ----- -----
------ ------ Total non-interest expense 11,934 11,469 45,603
43,638 ------ ------ ------ ------ Loss before income taxes (87)
(612) (1,484) (1,293) Income taxes (benefit) (475) (2,758) (2,050)
(1,858) ---- ------ ------ ------ Net income 388 2,146 566 565
Preferred stock dividends and discount accretion (412) - (1,649) -
---- -- ------ -- Net (loss) income available to common
shareholders $(24) $2,146 $(1,083) $565 ==== ====== ======= ====
Per Common Share Data: Basic average shares outstanding 5,800,003
5,697,280 5,780,541 5,689,421 Diluted average shares outstanding
5,800,003 5,697,280 5,780,541 5,694,803 Basic (loss) earnings per
common share $(0.01) $0.38 $(0.19) $0.10 Diluted (loss) earnings
per common share (0.01) 0.38 (0.19) 0.10 Cash dividends per common
share 0.05 0.10 0.30 0.50 Profitability Ratios: Return on average
assets 0.12% 0.71% 0.04% 0.05% Return on average shareholders'
equity 1.29% 8.40% 0.48% 0.54% Return on average tangible equity
(equity less goodwill and intangible assets) 2.05% 15.02% 0.77%
0.92% Average Equity to Average Assets 9.24% 8.45% 9.38% 8.95% Net
interest margin (fully taxable equivalent) 3.31% 3.27% 3.21% 3.45%
Effective tax rate 545.98% 250.42% 138.14% 110.27% VIST FINANCIAL
CORP. AND SUBSIDIARIES UNAUDITED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share data) December 31,
December 31, 2009 2008 (unaudited) (unaudited) -----------
----------- Assets Cash and due from banks $18,487 $18,964 Fed
funds sold 8,475 - Interest-bearing deposits in banks 410 320 ---
--- Total cash and cash equivalents 27,372 19,284 Mortgage loans
held for sale 1,962 2,283 Securities available for sale 268,030
226,665 Securities held to maturity 3,035 3,060 Restricted stock,
at cost 5,715 5,715 Loans, net of allowance for loan losses 12/2009
- $11,449; 12/2008 - $8,124 899,515 878,181 Premises and equipment,
net 6,114 6,591 Identifiable intangible assets 4,186 4,833 Goodwill
39,982 39,732 Bank owned life insurance 18,950 18,552 FDIC prepaid
insurance 5,712 - Other assets 28,112 21,174 ------ ------ Total
assets $1,308,685 $1,226,070 ========== ========== Liabilities and
Shareholders' Equity Liabilities Deposits: Non-interest bearing
$102,302 $108,645 Interest bearing 918,758 741,955 ------- -------
Total deposits 1,021,060 850,600 Securities sold under agreements
to repurchase 115,196 120,086 Federal funds purchased - 53,424
Long-term debt 20,000 50,000 Junior subordinated debt, at fair
value 19,658 18,260 Other liabilities 7,384 10,071 ----- ------
Total liabilities 1,183,298 1,102,441 --------- ---------
Shareholders' Equity Preferred stock: $0.01 par value; authorized
1,000,000 shares; $1,000 liquidation preference per share; 25,000
shares issued at December 31, 2009 and 25,000 shares issued at
December 31, 2008 23,092 22,693 Common stock, $5.00 par value ;
Authorized 20,000,000 shares; 5,819,174 shares issued at December
31, 2009 and 5,768,429 shares issued at December 31, 2008 29,096
28,842 Stock Warrants 2,307 2,307 Surplus 63,744 64,349 Retained
earnings 11,851 14,757 Accumulated other comprehensive loss (4,512)
(7,834) Treasury stock; 10,484 shares at December 31, 2009 and
68,354 shares at December 31, 2008, at cost (191) (1,485) ----
------ Total shareholders' equity 125,387 123,629 ------- -------
Total liabilities and shareholders' equity $1,308,685 $1,226,070
========== ========== SELECTED HIGHLIGHTS Common Stock (VIST) Cash
Dividends Declared March 2008 $0.20 June 2008 $0.20 October 2008
$0.10 January 2009 $0.10 April 2009 $0.10 July 2009 $0.05 October
2009 $0.05 Common Stock (VIST) Quarterly Closing Price 12/31/2007
$17.85 03/31/2008 $17.77 06/30/2008 $14.23 09/30/2008 $12.00
12/31/2008 $7.73 03/31/2009 $7.00 06/30/2009 $6.61 09/30/2009 $5.85
12/31/2009 $5.25 VIST FINANCIAL CORP. AND SUBSIDIARIES UNAUDITED
CONSOLIDATED STATEMENTS OF INCOME (Dollar amounts in thousands,
except share data) Three Months Ended Year Ended December 31,
December 31, 2009 2008 2009 2008 (unaudited) (unaudited)
(unaudited) (unaudited) ----------- ----------- -----------
----------- Interest Income Interest and fees on loans $12,774
$13,049 $49,900 $54,532 Interest on securities: Taxable 2,939 2,733
11,453 9,942 Tax-exempt 326 280 1,253 959 Dividend income 17 26 115
533 Other interest income 6 3 19 12 -- -- -- -- Total interest
income 16,062 16,091 62,740 65,978 Interest Expense Interest on
deposits 4,873 5,351 20,151 20,874 Interest on short- term
borrowings - 117 18 1,826 Interest on securities sold under
agreements to repurchase 1,124 1,111 4,421 4,128 Interest on long-
term debt 253 562 1,509 2,372 Interest on junior subordinated debt
347 355 1,381 1,437 --- --- ----- ----- Total interest expense
6,597 7,496 27,480 30,637 Net interest income 9,465 8,595 35,260
35,341 Provision for loan losses 2,047 2,250 8,572 4,835 -----
----- ----- ----- Net interest income after provision for loan
losses 7,418 6,345 26,688 30,506 Other income: Customer service
fees 589 775 2,443 2,964 Mortgage banking activities, net 292 87
1,255 897 Commissions and fees from insurance sales 3,000 2,761
12,254 11,284 Broker and investment advisory commissions and fees
120 163 714 813 Earnings on investment in life insurance 111 187
391 690 Gain on sale of loans - - - 47 Other income 474 975 2,498
2,374 Net realized gains on sales of securities (7) (436) 344
(7,230) Total other-than- temporary impairment losses on
investments (570) - (5,569) - Portion of non- credit impairment
loss recognized in other comprehensive loss 420 - 3,101 - --- --
----- -- Net credit impairment loss recognized in earnings (150) -
(2,468) - ---- -- ------ -- Total non-interest income 4,429 4,512
17,431 11,839 Other expense: Salaries and employee benefits 5,218
5,569 22,034 22,078 Occupancy expense 1,086 1,422 4,160 4,707
Furniture and equipment expense 650 686 2,495 2,690 Marketing and
advertising expense 198 233 1,011 1,635 Identifiable intangible
amortization 134 171 648 629 Professional services 561 797 2,480
2,594 Outside processing expense 932 875 3,983 3,334 Insurance
expense 565 440 2,479 1,262 Other Real Estate Expense 1,587 332
2,562 834 Other expense 1,003 944 3,751 3,875 ----- --- ----- -----
Total non-interest expense 11,934 11,469 45,603 43,638 Loss before
income taxes (87) (612) (1,484) (1,293) Income taxes (benefit)
(475) (2,758) (2,050) (1,858) ---- ------ ------ ------ Net income
388 2,146 566 565 Preferred stock dividends and discount accretion
(412) - (1,649) - ---- -- ------ -- Net (loss) income available to
common shareholders $(24) $2,146 $(1,083) $565 ==== ====== =======
==== Per Common Share Data Average shares outstanding 5,800,003
5,697,280 5,780,541 5,689,421 Basic (loss) earnings per common
share $(0.01) $0.38 $(0.19) $0.10 Average shares outstanding for
diluted earnings per share 5,800,003 5,697,280 5,780,541 5,694,803
Diluted (loss) earnings per common share $(0.01) $0.38 $(0.19)
$0.10 Cash dividends declared per common share $0.05 $0.10 $0.30
$0.50 DATASOURCE: VIST Financial Corp. CONTACT: Edward C. Barrett,
Chief Financial Officer, VIST Financial Corp., +1-610-603-7251 Web
Site: http://www.vistfc.com/
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