Exhibit 99.1

 

For additional information, contact:

 

Edward C. Barrett

Executive Vice President

Chief Financial Officer

Daytime: 610.603.7251

 

NASDAQ: VIST

www.VISTfc.com

For Immediate Release

 

VIST Financial Corp. Announces 2011 Fourth Quarter and Full Year Operating Results, and Cash Dividend

 

Wyomissing, Pennsylvania, February 9, 2012

. VIST Financial Corp. (NASDAQ: VIST) reported a 2.2% increase in core earnings for the twelve months ended December 31, 2011 as compared to the same period in 2010.

 

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

(Unaudited; Dollar amounts in thousands)

 

 

 

Three Months Ended

 

Twelve Months Ended

 

 

 

December 31,

 

December 31,

 

 

 

2011

 

2010

 

2011

 

2010

 

 

 

 

 

 

 

 

 

 

 

Core earnings:

 

 

 

 

 

 

 

 

 

GAAP pre-tax net (loss) income

 

$

(24,595

)

$

1,456

 

$

(20,746

)

$

3,519

 

Goodwill impairment

 

25,069

 

 

25,069

 

 

Capital offering expense

 

526

 

 

526

 

 

Loss on sale of other real estate owned

 

65

 

208

 

1,245

 

1,640

 

Net realized gains on sales of securities

 

(601

)

(226

)

(1,473

)

(691

)

Net credit impairment loss recognized in earnings

 

607

 

79

 

1,519

 

850

 

Nonrecurring Allegiance transaction expense

 

 

 

400

 

 

Pre-tax core earnings

 

1,071

 

1,517

 

6,540

 

5,318

 

Income tax expense

 

87

 

129

 

1,254

 

147

 

Total core earnings

 

$

984

 

$

1,388

 

$

5,286

 

$

5,171

 

 

The Company’s GAAP operating results for three months and twelve months ended December 31, 2011, were significantly reduced by certain non-routine expenses, which primarily included a non-cash goodwill impairment charge of $25.1 million. There was minimal tax benefit associated with this charge. The goodwill impairment charge reflects the Company’s fair market value determined as a result of the selection of a merger partner.

 

On January 26, 2012, the Company announced its definitive merger agreement under which Tompkins Financial Corporation will acquire VIST Financial Corp.  VIST Bank will operate as a subsidiary of Tompkins Financial with a separate banking charter, local management team, and local Board of Directors. The transaction is expected to close early in the third quarter of 2012, subject to required regulatory approvals and other customary conditions, including required shareholder approval.

 

The goodwill impairment charge, which was fully disclosed to Tompkins Financial during the due diligence process, is a non-cash adjustment which has no effect on cash flows, liquidity or tangible capital. Additionally, since goodwill is excluded from regulatory capital, the impairment charge has no impact on regulatory capital ratios. The Company continues to exceed requirements to be considered “well capitalized” in accordance with regulatory capital standards.

 


The following information was filed by Vist Financial Corp on Thursday, February 9, 2012 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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