VIST Financial Corp. Announces Third Quarter Results and Declares Cash Dividend
Tue Oct 20, 9:00 AM
WYOMISSING, Pa., Oct. 20 /PRNewswire-FirstCall/ -- VIST Financial Corp. ("Company") (Nasdaq: VIST) reported net income for the nine months ended September 30, 2009 of $552,000, a 134.9% increase over a net loss of $1,581,000 for the same period in 2008. The Company also reported net income for the three months ended September 30, 2009 of $528,000, a 111.5% increase over a net loss of $4,608,000 for the same period in 2008. Total revenue for the nine months ended September 30, 2009 was $60,246,000 as compared to $57,214,000 for the same period in 2008, a 5.3% increase. Total revenue for the three months ended September 30, 2009 was $19,220,000 as compared to $14,714,000 for the same period in 2008, a 30.6% increase.
The Company also reported that the board of directors declared a third quarter cash dividend of $0.05 per share on the Company's common stock to shareholders of record on November 2, 2009 payable November 13, 2009.
Commenting on the third quarter 2009, Robert D. Davis, President and Chief Executive Officer of VIST Financial Corp. said, "We are pleased with the progress we are making in our core operating results, however, those positive results continue to be significantly offset by additional credit provisioning of approximately $800,000 and non-cash other-than-temporarily-impaired "OTTI" charges of $2 million, offset by fair value gains of $500,000. During the third quarter, we have experienced an improvement over the second quarter in our net interest margin, increased loan demand, growth in core deposits and a reduction in our net operating expenses resulting from actions taken earlier this year. We see those positive trends continuing into the fourth quarter, however we also anticipate higher than normal loan loss provision cost."
Davis concluded, "We are pleased that our board of directors has declared a cash dividend. By this action, our Board respects both the need to preserve capital while demonstrating confidence in our future operating results which will continue our well-capitalized status."
Net Interest Income
For the nine months ended September 30, 2009, net interest income before the provision for loan losses decreased 3.6% to $25,795,000 compared to $26,746,000 for the same period in 2008. The decrease in net interest income for the nine months resulted from a 6.4% decrease in total interest income to $46,678,000 from $49,887,000 and a 9.8% reduction in total interest expense to $20,883,000 from $23,141,000. For the three months ended September 30, 2009, net interest income before the provision for loan losses decreased 0.4% to $9,041,000 compared to $9,081,000 for the same period in 2008. The decrease in net interest income for the three months resulted from a 5.5% decrease in total interest income to $15,824,000 from $16,752,000 and an 11.6% reduction in total interest expense to $6,783,000 from $7,671,000.
The decrease in total interest income for the three and nine months ended September 30, 2009 resulted primarily from lower interest rates compared to the same periods in 2008. Average earning assets for the three and nine month periods ended September 30, 2009 increased $68,114,000 and $86,850,000, 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 nine months ended September 30, 2009 resulted primarily from lower interest rates compared to the same periods in 2008. Average interest-bearing liabilities for the three and nine months ended September 30, 2009 increased $48,132,000 and $72,316,000, 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 nine months ended September 30, 2009 of $172,712,000 and $166,524,000, respectively, offset by a net decrease in average short term borrowings and average long term borrowings for the three and nine months ended September 30, 2009 of $124,580,000 and $94,208,000, respectively.
The provision for loan losses for the nine months ended September 30, 2009 was $6,525,000 compared to $2,585,000 for the same period in 2008. The provision for loan losses for the three months ended September 30, 2009 was $1,400,000 compared to $525,000 for the same period in 2008. As of September 30, 2009, the allowance for loan losses was $11,995,000 compared to $8,124,000 as of December 31, 2008, an annualized increase of 63.5%. 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 September 30, 2009, total non-performing loans were $25,347,000 or 2.8% of total loans compared to $10,844,000 or 1.2% of total loans at December 31, 2008. The $14,503,000 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 September 30, 2009.
Net interest income after the provision for loan losses for the three and nine months ended September 30, 2009 was $7,641,000 and $19,270,000, respectively, as compared to $8,556,000 and $24,161,000, respectively, for the same periods in 2008.
For the three months ended September 30, 2009, the net interest margin on a fully taxable equivalent basis was 3.24% as compared to 3.44% for the same period in 2008. For the nine months ended September 30, 2009, the net interest margin on a fully taxable equivalent basis was 3.15% as compared to 3.51% for the same period in 2008. The decrease in net interest margin for the comparative three and nine month periods ended September 30, 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 periods in 2008.
Non-Interest Income
Total non-interest income for the nine months ended September 30, 2009 increased 85.2% to $13,568,000 compared to $7,327,000 for the same period in 2008. Total non-interest income for the three months ended September 30, 2009 increased 266.6% to $3,396,000 compared to $(2,038,000) for the same period in 2008.
For the nine months ended September 30, 2009, customer service fees decreased to $1,854,000 from $2,189,000, or 15.3%, for the same period in 2008. For the three months ended September 30, 2009, customer service fees decreased to $600,000 from $893,000, or 32.8%, for the same period in 2008. The decrease for the comparative nine and three month periods is due primarily to a decrease in retail and commercial uncollected funds fees and non-sufficient funds charges.
For the nine months ended September 30, 2009, revenue from mortgage banking activity increased to $963,000 from $810,000, or 18.9%, for the same period in 2008. For the three months ended September 30, 2009, revenue from mortgage banking activity increased to $288,000 from $145,000, or 98.6%, for the same period in 2008. The increase for the comparative nine 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 nine months ended September 30, 2009, revenue from commissions and fees from insurance sales increased 8.6% to $9,254,000 compared to $8,523,000 for the same period in 2008. For the three months ended September 30, 2009, revenue from commissions and fees from insurance sales increased 6.8% to $3,260,000 compared to $3,052,000 for the same period in 2008. The increase for the comparative nine 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 nine months ended September 30, 2009, revenue from brokerage and investment advisory commissions and fees activity decreased to $594,000 from $650,000, or 8.6%, for the same period in 2008. For the three months ended September 30, 2009, revenue from brokerage and investment advisory commissions and fees activity decreased to $112,000 from $186,000, or 39.8%, for the same period in 2008. The decrease for the comparative nine and three month periods is due primarily to the volume of investment advisory services offered through VIST Capital Management, LLC, a wholly owned subsidiary of the Company.
For the nine months ended September 30, 2009, earnings on investment in life insurance decreased to $279,000 from $503,000, or 44.5%, for the same period in 2008. For the three months ended September 30, 2009, earnings on investment in life insurance decreased to $95,000 from $171,000, or 44.4%, for the same period in 2008. The decrease for the comparative nine and three month periods is due primarily to decreased earnings credited on the Company's bank owned life insurance ("BOLI").
For the nine months ended September 30, 2009, other income including gain on sale of loans increased to $2,591,000 from $1,446,000, or 79.2%, for the same period in 2008. For the three months ended September 30, 2009, other income including gain on sale of loans increased to $971,000 from $511,000, or 90.0%, for the same period in 2008. The increase for the comparative nine and three month periods is due primarily to an increase of approximately $500,000 in the fair value of the Company's junior subordinated debt.
Net realized gains on sales of available for sale securities were $351,000 for the nine months ended September 30, 2009 compared to net realized losses on sales of available for sale securities of $291,000 for the same period in 2008. Net realized gains on sales of available for sale securities were $66,000 for the three months ended September 30, 2009 compared to net realized losses on sales of available for sale securities of $89,000 for the same period in 2008. Net realized gains on sales of available for sale securities for the nine and three month periods in 2009 and 2008 were primarily due to sales of securities related to the management of the Company's liquidity and ALCO strategies.
For the nine and three month periods ended September 30, 2009, net credit impairment losses recognized in earnings resulting from OTTI losses on available for sale investment securities were $2,318,000 and $1,996,000, respectively. The net credit impairment losses include OTTI charges for estimated credit losses on four pooled trust preferred securities (one of the four securities was originally deemed to be impaired in the second quarter of 2009). For the nine and three month periods ended September 30, 2008, net credit impairment losses recognized in earnings resulting from OTTI losses on available for sale investment securities were $7,085,000 and $7,085,000, respectively. Net credit impairment losses on available for sale securities for the nine and three month periods in 2008 were primarily due to OTTI charges of approximately $6,800,000 in perpetual preferred stock associated with the federal takeover of two government sponsored enterprises ("GSE's"), placed into conservatorship in the third quarter of 2008 by the Federal Housing Finance Agency and the U.S. Treasury.
Non-Interest Expense
Total non-interest expense for the nine months ended September 30, 2009 increased 4.7% to $33,669,000 compared to $32,169,000 for the same period in 2008. Total non-interest expense for the three months ended September 30, 2009 increased 2.4% to $10,823,000 compared to $10,569,000 for the same period in 2008.
Salaries and benefits were $16,816,000 for the nine months ended September 30, 2009, an increase of 1.9% compared to $16,509,000 for the same period in 2008. Salaries and benefits were $5,374,000 for the three months ended September 30, 2009, a decrease of 0.1% compared to $5,381,000 for the same period in 2008. Included in salaries and benefits for the nine months ended September 30, 2009 and 2008 were stock-based compensation costs of $138,000 and $257,000, respectively. Included in salaries and benefits for the three months ended September 30, 2009 and 2008 were stock-based compensation costs of $61,000 and $85,000, respectively. Included in salaries and benefits for the nine months ended September 30, 2009 were severance costs of $133,000 relating to corporate-wide cost reduction initiatives. Total commissions paid for the nine months ended September 30, 2009 and 2008 were $1,081,000 and $1,299,000, respectively. Total commissions paid for the three months ended September 30, 2009 and 2008 were $345,000 and $399,000, respectively.
For the nine months ended September 30, 2009, occupancy expense and furniture and equipment expense decreased to $4,919,000 from $5,289,000, or 7.0%, for the same period in 2008. For the three months ended September 30, 2009, occupancy expense and furniture and equipment expense decreased to $1,729,000 from $1,746,000, or 1.0%, for the same period in 2008. The decrease for the comparative nine and three month periods is due primarily to a decrease in building lease expense and equipment maintenance and depreciation expense.
For the nine months ended September 30, 2009, marketing and advertising expense decreased to $813,000 from $1,402,000, or 42.0%, for the same period in 2008. For the three months ended September 30, 2009, advertising and marketing expense decreased to $208,000 from $266,000, or 21.8%, for the same period in 2008. The decrease for the comparative nine 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 nine months ended September 30, 2009, professional services expense increased to $1,919,000 from $1,797,000, or 6.8%, for the same period in 2008. For the three months ended September 30, 2009, professional services expense decreased to $545,000 from $719,000, or 24.2%, for the same period in 2008. The increase for the comparative nine month periods is due primarily to the outsourcing of the Company's internal audit function and other general Company projects.
For the nine months ended September 30, 2009, outside processing expense increased to $3,051,000 from $2,459,000, or 24.1%, for the same period in 2008. For the three months ended September 30, 2009, outside processing expense increased to $1,014,000 from $827,000, or 22.6%, for the same period in 2008. The increase for the comparative nine and three month periods is due primarily to costs incurred for computer services.
For the nine months ended September 30, 2009, insurance expense increased to $1,914,000 from $822,000, or 132.8%, for the same period in 2008. For the three months ended September 30, 2009, insurance expense increased to $486,000 from $277,000, or 75.5%, for the same period in 2008. The increase in insurance expense for the comparative nine 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.
Income Tax Expense
Income tax benefit for the nine months ended September 30, 2009 was $1,383,000, a 253.7% decrease as compared to income tax expense of $900,000 for the nine months ended September 30, 2008. Income tax benefit for the three months ended September 30, 2009 was $314,000, a 156.4% decrease as compared to income tax expense of $557,000 for the three months ended September 30, 2008. Included in income tax expense for the nine and three months ended September 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 nine months ended September 30, 2009 were $0.12 on average shares outstanding of 5,774,006, a 57.1% increase as compared to diluted (loss) per common share of $0.28 on average shares outstanding of 5,696,646 for the nine months ended September 30, 2008. Diluted earnings per common share for the three months ended September 30, 2009 were $0.02 on average shares outstanding of 5,794,883, a 102.5% increase as compared to diluted (loss) per common share of $0.81 on average shares outstanding of 5,697,484 for the three months ended September 30, 2008.
Assets, Liabilities and Equity
Total assets as of September 30, 2009 increased $51,531,000, or 5.6% annualized, to $1,276,395,000 compared to $1,224,864,000 at December 31, 2008. Total loans as of September 30, 2009 increased $16,074,000, or 2.4% annualized, to $902,379,000 compared to $886,305,000 at December 31, 2008. Total deposits as of September 30, 2009 increased $116,944,000, or 18.3% annualized, to $967,544,000 compared to $850,600,000 at December 31, 2008. Total borrowings as of September 30, 2009 decreased $67,783,000, or 37.2% annualized, to $175,438,000 compared to $243,221,000 at December 31, 2008.
Shareholders' equity as of September 30, 2009 increased $2,567,000, or 2.8% annualized, to $125,056,000 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 September 30, 2009 of $4,981,000 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, October 21, 2009 at 8:30 a.m. EDT. Interested parties can join the conference call and ask questions by dialing 888.503.8163 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.
In an effort to provide our management, the Board of Directors, and both our internal and external auditors sufficient time to review our financial results prior to releasing this information to the public, please be advised that VIST will announce all future operating results seven to ten business days later than in the past. VIST will begin this schedule with the release of our 4th quarter 2009 operating results.
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.
VIST FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar amounts in thousands, except share data)
September 30, December 31,
2009 2008
(unaudited)
------------- ------------
Assets
Federal funds sold $9,485 $-
Investment securities and
interest bearing cash 257,910 235,760
Mortgage loans held for sale 2,538 2,283
Loans:
Commercial loans 720,317 701,964
Consumer loans 136,213 136,713
Mortgage loans 45,849 47,628
------ ------
Total loans $902,379 $886,305
======== ========
Earning assets $1,172,312 $1,124,348
Total assets 1,276,395 1,224,864
Liabilities and shareholders' equity
Deposits:
Non-interest bearing deposits 109,070 108,645
NOW, money market and savings 423,664 307,210
Time deposits 434,810 434,745
------- -------
Total deposits $967,544 $850,600
======== ========
Federal funds purchased $- $53,424
Securities sold under
agreements to repurchase 120,918 120,086
Long-term debt 35,000 50,000
Junior subordinated debt 19,520 19,711
Shareholders' equity $125,056 $122,489
Actual common shares outstanding 5,798,127 5,700,075
Book value per common share $17.21 $17.10
VIST FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar amounts in thousands, except share data)
Asset Quality Data
As Of and For The Period Ended
------------------------------
Nine Six Three Twelve
Months Months Months Months
September 30, June 30, March 31, December 31,
2009 2009 2009 2008
(unaudited)
------------- -------- --------- ------------
Non-accrual loans $25,241 $22,428 $8,040 $10,704
Loans past due 90 days
or more still accruing 106 108 567 140
--- --- --- ---
Total non-performing loans 25,347 22,536 8,607 10,844
Other real estate owned 2,686 2,238 6,661 263
----- ----- ----- ---
Total non-performing
assets $28,033 $24,774 $15,268 $11,107
======= ======= ======= =======
Renegotiated troubled
debt 5,814 2,592 285 285
Loans outstanding at
end of period $902,379 $887,236 $886,590 $886,305
Allowance for loan losses 11,995 12,029 8,165 8,124
Net charge-offs to
average loans (annualized) 0.39% 0.27% 0.36% 0.46%
Allowance for loan
losses as a percent
of total loans 1.33% 1.36% 0.92% 0.92%
Allowance for loan losses
as a percent of total
non-performing loans 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 For the Nine
Months Ended Months Ended
(unaudited) (unaudited)
----------- -----------
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Assets
Federal funds sold $8,426 $- $9,457 $-
Investment
securities and
interest bearing cash 255,218 211,717 245,293 207,121
Mortgage loans
held for sale 2,604 751 3,828 1,517
Loans:
Commercial loans 711,597 704,869 703,738 678,831
Consumer loans 138,760 130,445 139,844 128,200
Mortgage loans 45,008 45,695 45,474 45,107
------ ------ ------ ------
Total loans $895,365 $881,009 $889,056 $852,138
======== ======== ======== ========
Interest-earning
assets $1,161,613 $1,093,477 $1,147,634 $1,060,776
Goodwill and
Intangible assets 44,161 43,063 44,329 43,131
Total assets 1,264,308 1,198,794 1,252,164 1,164,427
Liabilities and
shareholders' equity
Deposits:
Non-interest
Bearing deposits 111,489 110,903 107,787 106,994
Interest bearing
deposits:
NOW, money market
and savings 401,897 333,736 358,062 325,675
Time deposits 443,914 339,363 464,035 329,898
------- ------- ------- -------
Total Interest-
Bearing Deposits 845,811 673,099 822,097 655,573
------- ------- ------- -------
-------- -------- -------- --------
Total deposits $957,300 $784,002 $929,884 $762,567
======== ======== ======== ========
Short term
borrowings $662 $95,337 $3,576 $84,510
Securities sold under
agreements to
repurchase 120,948 125,678 121,823 120,266
Long-term debt 35,000 60,000 45,275 59,799
Junior
Subordinated debt 19,984 20,159 19,835 20,142
Interest-bearing
liabilities 1,022,405 974,273 1,012,606 940,290
Shareholders'
equity $121,985 $102,444 $123,293 $106,236
VIST FINANCIAL CORP. AND SUBSIDIARIES
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar amounts in thousands, except per share data)
For the Three Months For the Nine Months
Ended Ended
(unaudited) (unaudited)
----------- -----------
September September September September
30, 30, 30, 30,
2009 2008 2009 2008
---- ---- ---- ----
Interest income $15,824 $16,752 $46,678 $49,887
Interest expense 6,783 7,671 20,883 23,141
----- ----- ------ ------
Net interest income 9,041 9,081 25,795 26,746
Provision for loan losses 1,400 525 6,525 2,585
----- --- ----- -----
Net Interest Income
after provision for
loan losses 7,641 8,556 19,270 24,161
----- ----- ------ ------
Customer service fees 600 893 1,854 2,189
Mortgage banking activities 288 145 963 810
Commissions and fees from
insurance sales 3,260 3,052 9,254 8,523
Brokerage and investment
advisory commissions and fees 112 186 594 650
Earnings on investment in
life insurance 95 171 279 503
Other income 971 511 2,591 1,446
Net realized gains on
sales of securities 66 89 351 291
Total other-than-temporary
impairment losses on
investments (4,026) (7,085) (4,999) (7,085)
Portion of non-credit
impairment
loss recognized in other
comprehensive loss 2,030 - 2,681 -
----- ----- ----- -----
Net credit impairment loss
recognized in earnings (1,996) (7,085) (2,318) (7,085)
----- ------ ------ -----
Total non-interest income
(loss) 3,396 (2,038) 13,568 7,327
----- ------ ------ -----
Salaries and employee
benefits 5,374 5,381 16,816 16,509
Occupancy expense 1,124 1,087 3,074 3,285
Furniture and equipment
expense 605 659 1,845 2,004
Other operating expense 3,720 3,442 11,934 10,371
----- ----- ------ ------
Total non-interest
expense 10,823 10,569 33,669 32,169
------ ------ ------ ------
(Loss) Income before income
taxes 214 (4,051) (831) (681)
Income taxes (benefit) (314) 557 (1,383) 900
---- --- ------ ---
Net income (loss) 528 (4,608) 552 (1,581)
Preferred stock
dividends and
discount accretion (412) - (1,237) -
---- ----- ------ -----
Net (loss) income
available to common
shareholders $116 $(4,608) $(685) $(1,581)
==== ======= ===== =======
Per Common Share Data:
Basic average shares
outstanding 5,794,883 5,694,482 5,774,006 5,686,782
Diluted average shares
outstanding 5,794,883 5,697,484 5,774,006 5,696,646
Basic (loss) earnings per
common share $0.02 $(0.81) $(0.12) $(0.28)
Diluted (loss) earnings per
common share 0.02 (0.81) (0.12) (0.28)
Cash dividends per common
share 0.05 0.00 0.25 0.40
Profitability Ratios:
Return on average assets 0.17% -1.53% 0.06% -0.18%
Return on average
shareholders' equity 1.72% -17.89% 0.60% -1.99%
Return on average tangible
equity (equity less
goodwill and intangible
assets) 2.69% -30.87% 0.94% -3.35%
Net interest margin (fully
taxable equivalent) 3.24% 3.44% 3.15% 3.51%
Effective tax rate -146.73% -13.75% 166.43% -132.16%
VIST FINANCIAL CORP. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share data)
September 30, September 30,
2009 2008
------ ------
Assets
Cash and due from banks $21,825 $19,645
Fed funds sold 9,485 -
Interest-bearing deposits in banks 343 293
------ ------
Total cash and cash equivalents 31,653 19,938
Mortgage loans held for sale 2,538 1,710
Securities available for sale 254,526 204,201
Securities held to maturity 3,041 3,064
Loans, net of allowance for loan
losses 9/2009 - $11,995;
9/2008 - $8,009 890,384 861,434
Premises and equipment, net 6,177 6,610
Identifiable intangible assets 4,319 5,005
Goodwill 39,982 39,710
Bank owned life insurance 18,832 18,360
Other assets 24,943 21,576
--------- ---------
Total assets $1,276,395 $1,181,608
========== ==========
Liabilities and Shareholders' Equity
Liabilities
Deposits:
Non-interest bearing $109,070 $110,802
Interest bearing 858,474 672,752
------- -------
Total deposits 967,544 783,554
Securities sold under agreements
to repurchase 120,918 125,756
Federal funds purchased - 83,640
Long-term debt 35,000 60,000
Junior subordinated
debt, at fair value 19,520 20,112
Other liabilities 8,357 11,000
--------- ---------
Total liabilities 1,151,339 1,084,062
--------- ---------
Shareholders' Equity
Preferred stock: $0.01 par value;
authorized 1,000,000 shares;
$1,000 liquidation preference
per share; 25,000 shares issued
at September 30, 2009 and
no shares issued at
September 30, 2008 22,992 -
Common stock, $5.00 par value ;
Authorized 20,000,000 shares;
5,808,611 shares issued at
September 30, 2009 and
5,765,000 shares
issued at September 30, 2008 29,043 28,825
Stock Warrants 2,307 -
Surplus 63,719 64,276
Retained earnings 12,167 13,181
Accumulated other
comprehensive loss (4,981) (7,251)
Treasury stock; 10,484 shares at
September 30, 2009 and
68,354 shares at
September 30, 2008, at cost (191) (1,485)
---- ------
Total shareholders' equity 125,056 97,546
------- ------
Total liabilities and
shareholders' equity $1,276,395 $1,181,608
========== ==========
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
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
VIST FINANCIAL CORP. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Dollar amounts in thousands, except share data)
Three Months Ended Nine Months Ended
September 30, September 30,
2009 2008 2009 2008
---- ---- ---- ----
Interest Income
Interest and fees on loans $12,523 $13,858 $37,126 $41,483
Interest on securities:
Taxable 2,935 2,523 8,514 7,209
Tax-exempt 336 248 927 679
Dividend income 26 123 98 507
Interest on federal funds sold 5 - 13 -
Other interest income (1) - - 9
------ ------ ------ ------
Total interest income 15,824 16,752 46,678 49,887
Interest Expense
Interest on deposits 4,952 5,006 15,278 15,523
Interest on short-term
borrowings 1 559 18 1,709
Interest on securities sold
under agreements to
repurchase 1,134 1,168 3,297 3,017
Interest on long-term debt 339 607 1,256 1,810
Interest on junior
subordinated debt 357 331 1,034 1,082
----- ----- ------ ------
Total interest expense 6,783 7,671 20,883 23,141
Net interest income 9,041 9,081 25,795 26,746
Provision for loan losses 1,400 525 6,525 2,585
----- --- ----- -----
Net interest income after
provision for loan losses 7,641 8,556 19,270 24,161
Other income:
Customer service fees 600 893 1,854 2,189
Mortgage banking
activities, net 288 145 963 810
Commissions and fees from
insurance sales 3,260 3,052 9,254 8,523
Broker and investment
advisory commissions and fees 112 186 594 650
Earnings on investment in
life insurance 95 171 279 503
Gain on sale of loans - - - 47
Other income 971 511 2,591 1,399
Net realized gains on sales
of securities 66 89 351 291
Total other-than-temporary
impairment losses on
investments (4,026) (7,085) (4,999) (7,085)
Portion of non-credit
impairment loss recognized
in other comprehensive
loss 2,030 - 2,681 -
----- ----- ----- -----
Net credit impairment loss
recognized in earnings (1,996) (7,085) (2,318) (7,085)
----- ----- ----- -----
Total non-interest income
(loss) 3,396 (2,038) 13,568 7,327
Other expense:
Salaries and employee benefits 5,374 5,381 16,816 16,509
Occupancy expense 1,124 1,087 3,074 3,285
Furniture and equipment
expense 605 659 1,845 2,004
Marketing and advertising
expense 208 266 813 1,402
Identifiable intangible
amortization 172 158 514 458
Professional services 545 719 1,919 1,797
Outside processing expense 1,014 827 3,051 2,459
Insurance expense 486 277 1,914 822
Other expense 1,295 1,195 3,723 3,433
----- ----- ----- -----
Total non-interest expense 10,823 10,569 33,669 32,169
(Loss) Income before income
taxes 214 (4,051) (831) (681)
Income taxes (benefit) (314) 557 (1,383) 900
--- --- ------ ---
Net income (loss) 528 (4,608) 552 (1,581)
Preferred stock dividends and
discount accretion (412) - (1,237) -
--- ----- ------ -----
Net(loss)income available to
common shareholders $116 $(4,608) $(685) $(1,581)
==== ======= ===== =======
Per Common Share Data
Average shares outstanding 5,794,883 5,694,482 5,774,006 5,686,782
Basic (loss) earnings per
common share $0.02 $(0.81) $(0.12) $(0.28)
Average shares
outstanding for diluted
earnings per share 5,794,883 5,697,484 5,774,006 5,696,646
Diluted (loss) earnings per
common share $0.02 $(0.81) $(0.12) $(0.28)
Cash dividends declared per
common share $0.05 $- $0.25 $0.40
SOURCE VIST Financial Corp.
16.75 (0.14%)
