WYOMISSING, Pa., July 15 PA-VISTFinCorp-2Qerns
WYOMISSING, Pa., July 15 /PRNewswire-FirstCall/ -- VIST Financial Corp.,
formerly Leesport Financial Corp., ("Company") (Nasdaq: VIST) reported net
income for the six months ended June 30, 2008 of $3,027,000, a 4.3% increase
over net income of $2,903,000 for the same period in 2007. Net income for the
quarter ended June 30, 2008 was $1,468,000, a 41.3% decrease over net income
of $2,502,000 for the same period in 2007. Total revenue for the six months
ended June 30, 2008 was $42,500,000 as compared to $41,132,000 for the same
period in 2007, a 3.3% increase. Total revenue for the quarter ended June 30,
2008 was $21,083,000 as compared to $22,233,000 for the same period in 2007, a
5.2% decrease.
Commenting on the second quarter, 2008, Robert D. Davis, President and
Chief Executive Officer of VIST Financial Corp. stated, "VIST Financial has a
strong history of profitability and our second quarter results are also
reflective of a positive quarter, even as the economic and competitive
environments continue to be a challenge for all financial institutions. The
steps we have taken over the past few years to unify our company, to broaden
our product offerings, to lessen our dependence on interest income and to
operate more efficiently have positioned us well to weather these economic
headwinds."
He added, "Our commercial loan growth, a key driver of our commercial-
client strategy, remains strong. However, in the context of regional economic
conditions and the quality of our loan portfolio at June 30, 2008, we felt it
prudent to increase our allowance for loan loss. Absent the increase in our
loan loss coverage, we are pleased with our quarterly performance."
Davis concluded, "Our balanced growth strategy continues to focus on
organic growth in our banking, insurance and wealth management businesses.
Concurrently, we are evaluating targeted acquisitions of fee based businesses
with a near term focus in insurance and wealth management. We are busy on both
fronts as we move through the balance of 2008."
Included in the operating results for the six and three months ended June
30, 2008 were pretax re-branding costs of approximately $595,000 associated
with the Company's name change to VIST Financial Corp. and additional expense
charged to the provision for loan losses (see provision for loan loss
allowance discussion). Included in the operating results for the six and
three months ended June 30, 2007 was a pretax loss of $2.5 million associated
with a balance sheet restructuring targeting the sale of lower-yielding
available for sale securities and the purchase of higher-yielding available
for sale investment securities.
Net Interest Income
For the six months ended June 30, 2008, net interest income before the
provision for loan losses increased 6.5% to $17,665,000 compared to
$16,586,000 for the same period in 2007. The increase in net interest income
for the six months resulted from a 1.7% decrease in total interest income to
$33,135,000 from $33,697,000 and a 9.6% decrease in total interest expense to
$15,470,000 from $17,111,000. For the three months ended June 30, 2008, net
interest income before the provision for loan losses increased 7.1% to
$9,060,000 compared to $8,456,000 for the same period in 2007. The increase
in net interest income for the three months resulted from a 4.5% decrease in
total interest income to $16,348,000 from $17,111,000 and a 15.8% decrease in
total interest expense to $7,288,000 from $8,655,000.
The decrease in total interest income for the three and six months ended
June 30, 2008 resulted primarily from lower interest rates compared to the
same periods in 2007. Average earning assets for the three and six month
periods ended June 30, 2008 increased $111,117,000 and $99,817,000,
respectively, compared to the same periods in 2007 due primarily to strong
growth in commercial loans and available for sale investment securities.
The decrease in total interest expense for the three and six months ended
June 30, 2008 resulted primarily from lower interest rates compared to the
same periods in 2007. Average interest-bearing liabilities for the three and
six months ended June 30, 2008 increased $107,923,000 and $96,474,000,
respectively, compared to the same periods in 2007. The increases in
interest-bearing liabilities are due primarily from an increase in average
interest-bearing deposits for the three and six months ended June 30, 2008 of
$24,092,000 and $22,037,000, respectively, and from an increase in average
short term borrowings, average securities sold under agreements to repurchase
and average long term borrowings for the three and six months ended June 30,
2008 of $83,831,000 and $74,437,000 respectively.
The provision for loan losses for the six months ended June 30, 2008 was
$2,060,000 compared to $298,000 for the same period in 2007. The provision
for loan losses for the three months ended June 30, 2008 was $1,650,000
compared to $148,000 for the same period in 2007. As of June 30, 2008, the
allowance for loan losses was $7,862,000 compared to $7,264,000 as of December
31, 2007, an annualized increase of 16.5%. The increase in the provision is
due primarily to an increase in outstanding loans and the result of
management's evaluation and classification of the credit quality of the loan
portfolio utilizing a qualitative and quantitative internal loan review
process. At June 30, 2008, total non-performing loans were $9,798,000 or 1.1%
of total loans compared to $6,557,000 or 0.8% of total loans at December 31,
2007. The $3,241,000 increase in non-performing loans was due primarily to
two commercial real estate loans totaling approximately $2,295,000.
Management has determined that the current allowance for loan losses is
adequate as of June 30, 2008.
Net interest income after the provision for loan losses for the six and
three months ended June 30, 2008 was $15,605,000 and $7,410,000, respectively,
as compared to $16,288,000 and $8,308,000, respectively, for the same periods
in 2007.
For the six months ended June 30, 2008, the net interest margin on a fully
taxable equivalent basis was 3.55% as compared to 3.66% for the same period in
2007. For the three months ended June 30, 2008, the net interest margin on a
fully taxable equivalent basis was 3.58% as compared to 3.70% for the same
period in 2007. The decrease in net interest margin for the comparative six
and three month periods ended June 30, 2008 was due mainly to lower yields on
commercial loans fueled by decreases in short-term interest rates over the
same periods in 2007 offset by strong organic commercial loan originations and
a disciplined approach to deposit pricing.
Non-Interest Income
Total non-interest income for the six months ended June 30, 2008 increased
26.0% to $9,365,000 compared to $7,435,000 for the same period in 2007. Total
non-interest income for the three months ended June 30, 2008 decreased 7.6% to
$4,735,000 compared to $5,122,000 for the same period in 2007.
For the six months ended June 30, 2008, service charges on deposits
decreased to $1,296,000 from $1,329,000, or 2.5%, for the same period in 2007.
For the three months ended June 30, 2008, service charges on deposits
decreased to $676,000 from $683,000, or 1.0%, for the same period in 2007.
The decrease for the comparative six and three month periods is due primarily
to a decrease in commercial account analysis fees and non-sufficient funds
charges.
For the six months ended June 30, 2008, revenue from commissions and fees
from insurance sales decreased 4.1% to $5,471,000 compared to $5,706,000 for
the same period in 2007. For the three months ended June 30, 2008, revenue
from commissions and fees from insurance sales decreased 6.5% to $2,787,000
compared to $2,981,000 for the same period in 2007. The decrease for the
comparative six and three month periods is mainly attributed to decreased
contingency income on insurance products offered through VIST Insurance, LLC,
a wholly owned subsidiary of the Company.
For the six months ended June 30, 2008, revenue from mortgage banking
activity decreased to $665,000 from $1,092,000, or 39.1%, for the same period
in 2007. For the three months ended June 30, 2008, revenue from mortgage
banking activity decreased to $342,000 from $539,000, or 36.5%, for the same
period in 2007. The decrease for the comparative six and three month periods
is primarily due to a decline in the volume of loans sold into the secondary
mortgage market. The Company operates its mortgage banking activities through
VIST Mortgage, a division of VIST Bank.
For the six months ended June 30, 2008, revenue from brokerage and
investment advisory commissions and fee activity increased to $464,000 from
$462,000, or 0.4%, for the same period in 2007. For the three months ended
June 30, 2008, revenue from brokerage and investment advisory commissions and
fee activity decreased to $227,000 from $236,000, or 3.8%, for the same period
in 2007. The decrease for the comparative three month period is due primarily
to a decrease in investment advisory service activity offered through VIST
Capital Management, LLC, a wholly owned subsidiary of the Company.
For the six months ended June 30, 2008, earnings on investment in life
insurance increased to $332,000 from $326,000, or 1.8%, for the same period in
2007. For the three months ended June 30, 2008, earnings on investment in
life insurance increased to $164,000 from $159,000, or 3.1%, for the same
period in 2007. The increase for the comparative six and three month periods
is due primarily to increased earnings credited on the Company's bank owned
life insurance ("BOLI").
Net securities gains were $202,000 for the six months ended June 30, 2008
compared to net securities losses of $2,493,000 for the same period in 2007.
Net securities gains were $61,000 for the three months ended June 30, 2008.
No securities gains or losses were recorded for the three months ended June
30, 2007. Net securities gains for the six months ended June 30, 2008 were
primarily due to the mandatory redemption of VISA Inc. common stock acquired
as a result of VISA's initial public offering. Net securities losses for the
six months ended June 30, 2007 were primarily due to the sale of $64.1 million
in lower-yielding available for sale securities as part of a balance sheet
restructuring completed in the first quarter of 2007.
For the six months ended June 30, 2008, other income including gain on
sale of loans decreased to $935,000 from $1,013,000, or 7.7%, for the same
period in 2007. For the three months ended June 30, 2008, other income
including gain on sale of loans decreased to $478,000 from $524,000, or 8.8%,
for the same period in 2007. The decrease for the comparative six and three
month periods is due primarily to a declining volume of SBA loans sold.
Non-Interest Expense
Total non-interest expense for the six months ended June 30, 2008
increased 6.2% to $21,600,000 compared to $20,340,000 for the same period in
2007. Total non-interest expense for the three months ended June 30, 2008
increased 3.3% to $10,513,000 compared to $10,174,000 for the same period in
2007.
Salaries and benefits were $11,128,000 for the six months ended June 30,
2008, an increase of 0.9% compared to $11,029,000 for the same period in 2007.
Salaries and benefits were $5,398,000 for the three months ended June 30,
2008, a decrease of 0.4% compared to $5,422,000 for the same period in 2007.
Included in salaries and benefits for the six months ended June 30, 2008 and
June 30, 2007 were stock-based compensation costs of $172,000 and $121,000,
respectively. Included in salaries and benefits for the three months ended
June 30, 2008 and June 30, 2007 were stock-based compensation costs of $95,000
and $32,000, respectively. Total commissions paid for the six months ended
June 30, 2008 and 2007 were $900,000 and $915,000, respectively. Total
commissions paid for the three months ended June 30, 2008 and 2007 were
$511,000 and $413,000, respectively.
For the six months ended June 30, 2008, occupancy expense and furniture
and equipment expense increased to $3,543,000 from $3,438,000, or 3.1%, for
the same period in 2007. For the three months ended June 30, 2008, occupancy
expense and furniture and equipment expense increased to $1,742,000 from
$1,696,000, or 2.7%, for the same period in 2007. The increase for the
comparative six and three month periods is due primarily to an increase in
equipment depreciation expense and software maintenance expense.
For the six months ended June 30, 2008, professional services expense
increased to $1,078,000 from $753,000, or 43.2%, for the same period in 2007.
For the three months ended June 30, 2008, professional services expense
increased to $543,000 from $409,000, or 32.8%, for the same period in 2007.
The increase for the comparative six and three month periods is due primarily
to an increase in legal fees associated with the Company's name change to VIST
Financial Corp. and other general Company business.
For the six months ended June 30, 2008, outside processing expense
increased to $1,632,000 from $1,606,000, or 1.6%, for the same period in 2007.
For the three months ended June 30, 2008, outside processing expense decreased
to $812,000 from $827,000, or 1.8%, for the same period in 2007. The increase
for the comparative six month periods is due primarily to costs incurred for
training and education, network fees, data-line charges and internet banking
expenses.
For the six months ended June 30, 2008, advertising and marketing expense
increased to $1,136,000 from $773,000, or 47.0%, for the same period in 2007.
For the three months ended June 30, 2008, advertising and marketing expense
increased to $479,000 from $466,000, or 2.8%, for the same period in 2007.
The increase for the comparative six and three month periods is due primarily
to re-branding costs associated with the Company's name change to VIST
Financial Corp.
For the six months ended June 30, 2008, insurance expense increased to
$545,000 from $316,000, or 72.5%, for the same period in 2007. For the three
months ended June 30, 2008, insurance expense increased to $274,000 from
$162,000, or 69.1%, for the same period in 2007. The increase in insurance
expense for the comparative six and three month periods is due primarily to
higher FDIC deposit insurance premiums resulting from the implementation of
the new FDIC risk-related premium assessment.
Income Tax Expense
Income tax expense for the six months ended June 30, 2008 was $343,000, a
28.5% decrease as compared to income tax expense of $480,000 for the six
months ended June 30, 2007. Income tax expense for the three months ended
June 30, 2008 was $164,000, a 78.2% decrease as compared to income tax expense
of $754,000 for the three months ended June 30, 2007. The effective income
tax rate for the six months ended June 30, 2008 and 2007 was 10.2% and 14.2%,
respectively. The effective income tax rate for the three months ended June
30, 2008 and 2007 was 10.0% and 23.2%, respectively. The decrease in the
effective income tax rate for the comparative six and three month periods is
due primarily to tax exempt income increasing as a result of an increase in
municipal investments and tax free loans. Included in income tax expense for
the six and three months ended June 30, 2008 and 2007 is a federal tax benefit
from a $5,000,000 investment in an affordable housing, corporate tax credit
limited partnership.
Earnings Per Share
Diluted earnings per share for the six months ended June 30, 2008 were
$0.53 on average shares outstanding of 5,696,650, a 3.9% increase as compared
to diluted earnings per share of $0.51 on average shares outstanding of
5,711,683 for the six months ended June 30, 2007. Diluted earnings per share
for the three months ended June 30, 2008 were $0.26 on average shares
outstanding of 5,705,042, a 40.9% decrease as compared to diluted earnings per
share of $0.44 on average shares outstanding of 5,712,368 for the three months
ended June 30, 2007.
Assets, Liabilities and Equity
Total assets as of June 30, 2008 increased $64,147,000, or 11.4%
annualized, to $1,189,098,000 compared to $1,124,951,000 at December 31, 2007.
Total loans as of June 30, 2008 increased $46,661,000, or 11.4% annualized, to
$867,659,000 compared to $820,998,000 at December 31, 2007. Commercial loan
balances as of June 30, 2008 increased $43,643,000, or 13.4% annualized, to
$694,391,000 compared to $650,748,000 at December 31, 2007. Total deposits
increased $66,795,000, or 18.7% annualized, to $779,440,000 compared to
$712,645,000 at December 31, 2007. Total borrowings as of June 30, 2008
decreased $803,000, or 0.5% annualized, to $293,520,000 compared to
$294,323,000 at December 31, 2007.
Shareholders' equity as of June 30, 2008 decreased $2,928,000, or 5.5%
annualized, to $103,664,000 compared to $106,592,000 at December 31, 2007.
Included in shareholders' equity is an unrealized loss position on available
for sale securities, net of taxes, as of June 30, 2008 of $5,619,000 compared
to an unrealized loss position on available for sale securities, net of taxes,
of $1,116,000 at December 31, 2007.
Quarterly Shareholder and Investor Conference
VIST Financial Corp. will be hosting a quarterly shareholder and investor
conference call on Wednesday, July 16, 2008 at 8:30 a.m. ET. Interested
parties can join the conference and have the ability to ask questions by
calling 877-548-7911. The conference call will be available through our
webcast at:
http://tinyurl.com/5bkxcz
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 (formerly Leesport Financial Corp.) is diversified
financial services company headquartered in Wyomissing, PA, offering banking,
insurance, investments, wealth management, and title insurance services
throughout Berks, Southern Schuylkill, Montgomery, Delaware, Philadelphia and
Lancaster Counties.
This release may contain forward-looking statements with respect to the
Company's beliefs, plans, objectives, goals, expectations, anticipations,
estimates, and intentions that are subject to significant risks and
uncertainties, and are subject to change based on various factors, some of
which are beyond the Company's control. The Company does not undertake to
update any forward-looking statement, whether written or oral, that may be
made from time to time by or on behalf of the Company.
VIST FINANCIAL CORP.
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar amounts in thousands, except per share data)
Quarter Ended Balances
June 30,December 31,
2008 2007
(unaudited)
Assets
Investment securities and interest
bearing cash $211,671 $195,437
Mortgage loans held for sale 827 3,165
Loans:
Commercial loans 694,391 650,748
Consumer loans 128,555 126,710
Mortgage loans44,71343,540
Total loans $867,659 $820,998
Earning assets $1,080,157$1,019,600
Total assets 1,189,098 1,124,951
Liabilities and shareholders' equity
Deposits:
Non-interest bearing deposits111,140 109,718
NOW, money market and savings332,020 309,222
Time deposits336,280 293,705
Total deposits$779,440 $712,645
Federal funds purchased$82,746 $118,210
Securities sold under agreements to
repurchase130,615 110,881
Long-term debt 60,00045,000
Junior subordinated debt20,15920,232
Shareholders' equity $103,664 $106,592
Actual shares outstanding5,694,026 5,657,145
Book value per share$18.21$18.84
Asset Quality Data
As Of and For The Period Ended
Six Months Twelve Months
June 30,December 31,
2008 2007
(unaudited)
Non-accrual loans $9,580$3,552
Loans past due 90 days or more still
accruing 218 3,005
Total non-performing loans 9,798 6,557
Other real estate owned630 549
Total non-performing assets $10,428$7,106
Renegotiated troubled debt 119 267
Loans outstanding at end of period$867,659 $820,998
Allowance for loan losses7,862 7,264
Net charge-offs to average loans
(annualized)0.35% 0.17%
Allowance for loan losses as a
percent of total loans 0.91% 0.88%
Allowance for loan losses as a
percent of total non-performing loans 80.24% 110.78%
VIST FINANCIAL CORP.
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar amounts in thousands)
Average BalancesAverage Balances
For the Three Months For the Six Months
Ended Ended
(unaudited)(unaudited)
June 30, June 30,June 30, June 30,
2008 20072008 2007
Assets
Investment securities and
interest bearing cash $211,574 $169,386$204,798 $168,158
Mortgage loans held for sale 1,752 4,685 1,905 4,498
Loans:
Commercial loans 674,994607,783 665,669601,678
Consumer loans127,208128,174 127,065130,342
Mortgage loans 45,155 39,538 44,810 39,754
Total loans$847,357 $775,495$837,544 $771,774
Earning assets $1,060,683 $949,566 $1,044,247 $944,430
Goodwill and intangible
assets 43,194 43,485 43,165 43,564
Total assets 1,163,502 1,052,457 1,147,054 1,048,937
Liabilities and
shareholders' equity
Deposits:
Non-interest bearing
deposits 106,735108,296 105,017105,932
NOW, money market and
savings 327,056304,741 321,601301,180
Time deposits 333,455331,678 325,115323,499
Total deposits $767,246 $744,715$751,733 $730,611
Short term borrowings $73,757$62,312 $79,037$71,316
Securities sold under
agreements to repurchase 123,911 95,190 117,530 93,250
Long-term debt 60,000 16,335 59,698 17,262
Junior subordinated debt 20,037 20,330 20,133 20,243
Shareholders' equity $108,088 $104,144$108,153 $103,672
VIST FINANCIAL CORP.
CONSOLIDATED SELECTED FINANCIAL DATA
(Dollar amounts in thousands, except per share data)
For the Three Months For the Six Months
Ended Ended
(unaudited) (unaudited)
June 30, June 30, June 30, June 30,
2008 2007 2008 2007
Interest income $16,348$17,111$33,135$33,697
Interest expense 7,288 8,655 15,470 17,111
Net interest income 9,060 8,456 17,665 16,586
Provision for loan losses 1,650148 2,060298
Net Interest Income after
provision for loan losses 7,410 8,308 15,605 16,288
Securities gains (losses), net61 -202 (2,493)
Commissions and fees from
insurance sales 2,787 2,981 5,471 5,706
Mortgage banking activities 342539665 1,092
Brokerage and investment
advisory commissions and fees 227236464462
Service charges on deposits 676683 1,296 1,329
Earnings on investment in life
insurance 164159332326
Other income 478524935 1,013
Total non-interest income4,735 5,122 9,365 7,435
Salaries and employee benefits 5,398 5,422 11,128 11,029
Occupancy expense 1,069 1,046 2,198 2,147
Furniture and equipment
expense 673650 1,345 1,291
Other operating expense3,373 3,056 6,929 5,873
Total non-interest expense 10,513 10,174 21,600 20,340
Income before income taxes 1,632 3,256 3,370 3,383
Income taxes 164754343480
Net income $1,468 $2,502 $3,027 $2,903
Per Share Data:
Basic average shares
outstanding 5,692,377 5,685,566 5,682,890 5,680,091
Diluted average shares
outstanding 5,705,042 5,712,368 5,696,650 5,711,683
Basic earnings per share $0.26 $0.44 $0.53 $0.51
Diluted earnings per share 0.26 0.44 0.53 0.51
Cash dividends per share0.20 0.19 0.40 0.37
Profitability Ratios:
Return on average assets 0.51% 0.95% 0.53% 0.56%
Return on average
shareholders' equity 5.46% 9.64% 5.63% 5.65%
Return on average tangible
equity (equity less goodwill
and intangible assets)9.10% 16.54% 9.37% 9.74%
Net interest margin (fully
taxable equivalent) 3.58% 3.70% 3.55% 3.66%
Effective tax rate10.05% 23.16% 10.18% 14.19%
VIST FINANCIAL CORP.
UNAUDITED CONSOLIDATED BALANCE SHEETS
(Dollar amounts in thousands, except share data)
June 30, June 30,
2008 2007
Assets
Cash and due from
banks $27,768 $22,664
Interest-bearing
deposits in banks 341 780
Total cash and cash
equivalents28,109 23,444
Mortgage loans held for
sale 8275,956
Securities available for
sale 208,262 171,392
Securities held to
maturity3,0683,097
Loans, net of allowance
for loan losses
6/2008 - $7,862;
6/2007 - $7,492 859,797 776,251
Premises and
equipment, net 6,7686,666
Identifiable
intangible assets 3,5924,199
Goodwill39,509 39,189
Bank owned life
insurance 18,189 17,516
Other assets20,977 21,249
Total assets$1,189,098 $1,068,959 SELECTED HIGHLIGHTS
Liabilities and
Shareholders' Equity Cash Dividends Declared
Liabilities 2nd Qtr. 2007$0.19
Deposits: 3rd Qtr. 2007$0.20
Non-interest bearing $111,140 $110,525 4th Qtr. 2007$0.20
Interest bearing 668,300 657,775 1st Qtr. 2008$0.20
Total deposits 779,440 768,300 2nd Qtr. 2008$0.20
Securities sold under
agreements
to repurchase 130,615 99,469
Federal funds
purchased 82,746 50,973
Long-term debt 60,000 15,500
Junior subordinated
debt 20,159 20,359 Common Stock (VIST)
Other liabilities 12,474 11,421 Quarterly Closing Price
Total liabilities1,085,434 966,022 06/30/2007 $19.92
09/30/2007 $19.23
Shareholders' Equity 12/31/2007 $17.85
Common stock, $5.00
par value; 03/31/2008 $17.77
Authorized 20,000,000
shares;06/30/2008 $14.23
5,762,380 shares
issued at June 30,
2008 and 5,741,283
shares issued at
June 30, 200728,812 28,706
Surplus 64,167 63,726
Retained earnings 17,789 14,736
Accumulated other
comprehensive loss (5,619) (2,884)
Treasury stock;
68,354 shares at
June 30, 2008 and
54,853 shares at
June 30, 2007,
at cost(1,485) (1,347)
Total shareholders'
equity103,664 102,937
Total liabilities
and shareholders'
equity $1,189,098 $1,068,959
VIST FINANCIAL CORP.
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(Dollar amounts in thousands, except share data)
Three Months Ended Six Months Ended
June 30, June 30,
2008 2007 2008 2007
Interest Income
Interest and fees on loans $13,515$14,829$27,625$29,323
Interest on securities:
Taxable 2,432 1,983 4,686 3,704
Tax-exempt 218135431270
Dividend income 178155384382
Other interest income 5 9 9 18
Total interest income 16,348 17,111 33,135 33,697
Interest Expense
Interest on deposits 5,014 6,211 10,517 12,010
Interest on short-term
borrowings 429837 1,150 1,914
Interest on securities sold
under agreements to
repurchase 895998 1,849 1,939
Interest on long-term debt 604143 1,203299
Interest on junior
subordinated debt 346466751949
Total interest expense 7,288 8,655 15,470 17,111
Net interest income9,060 8,456 17,665 16,586
Provision for loan losses 1,650148 2,060298
Net interest income after
provision for loan losses 7,410 8,308 15,605 16,288
Other income:
Customer service fees676683 1,296 1,329
Mortgage banking activities,
net 342539665 1,092
Commissions and fees from
insurance sales 2,787 2,981 5,471 5,706
Broker and investment advisory
commissions and fees227236464462
Earnings on investment in life
insurance 164159332326
Gain on sale of loans 24 81 47 91
Gain (loss) on sales of
securities 61 -202 (2,493)
Other income 454443888922
Total other income 4,735 5,122 9,365 7,435
Other expense:
Salaries and employee benefits 5,398 5,422 11,128 11,029
Occupancy expense 1,069 1,046 2,198 2,147
Furniture and equipment
expense 673650 1,345 1,291
Marketing and advertising
expense 479466 1,136773
Identifiable intangible
amortization150158300315
Professional services543409 1,078753
Outside processing expense 812827 1,632 1,606
Insurance expense274162545316
Other expense 1,115 1,034 2,238 2,110
Total other expense 10,513 10,174 21,600 20,340
Income before income taxes 1,632 3,256 3,370 3,383
Income taxes 164754343480
Net income$1,468 $2,502 $3,027 $2,903
Per Share Data
Average shares outstanding 5,692,377 5,685,566 5,682,890 5,680,091
Basic earnings per share $0.26 $0.44 $0.53 $0.51
Average shares outstanding for
diluted earnings per share5,705,042 5,712,368 5,696,650 5,711,683
Diluted earnings per share $0.26 $0.44 $0.53 $0.51
Cash dividends declared per
share $0.20 $0.19 $0.40 $0.37
SOURCE VIST Financial Corp.
