VIST Financial Corp. Announces Earnings and Declares Cash Dividend
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 (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:
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
SOURCE VIST Financial Corp.
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