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

 

 

 

January 25, 2011

 

VIST Financial Corp. Announces 2010 Earnings & Cash Dividend

 

Wyomissing, PA: VIST Financial Corp. (“Company”) (NASDAQ: VIST) reported net income for the twelve months ended December 31, 2010 of $3,984,000, a $3,377,000 or a 556.3% increase over net income of $607,000 for the same period in 2009.  The Company also reported net income for the three months ended December 31, 2010 of $1,347,000, a $918,000 or a 214.0% increase over net income of $429,000 for the same period in 2009.

 

On November 19, 2010, the Company acquired certain assets and assumed certain liabilities of Allegiance Bank of North America (“Allegiance”) of Bala Cynwyd, Pennsylvania, through an FDIC-assisted whole bank acquisition.  The Allegiance acquisition added five full-service locations in Chester and Philadelphia counties, of which the Company expects to close one by March 31, 2011.  As part of the Allegiance acquisition, the Company entered into a loss-sharing agreement with the FDIC that covers a portion of losses incurred after the acquisition date on loans and other real estate owned. As of the acquisition date, the Company recorded $6,999,000 as an indemnification asset, which represents the present value of the estimated loss share reimbursements expected to be received from the FDIC for future losses on covered assets.  As part of the agreement, the FDIC will reimburse the Company for 70% of any losses incurred related to loans and other real estate owned covered under the loss-sharing agreement. Realized losses in excess of the acquisition date estimates will result in the FDIC increasing its reimbursement to the Company to 80%.

 

The acquisition has been accounted for under the acquisition method of accounting.  The assets and liabilities, both tangible and intangible, were recorded at their estimated fair values as of the November 19, 2010 acquisition date.  Prior to purchase accounting adjustments, the Company assumed approximately $93,000,000 in deposit liabilities and acquired certain assets of approximately $106,000,000. The application of the acquisition method of accounting resulted in recorded goodwill of $1,547,000.  Fair value adjustments include a write-down of $12,925,000 related to the covered loan portfolio, and increased liabilities of $534,000 related to time deposits and $553,000 related to long-term debt.  The Company estimates accretable interest on the covered loan portfolio of approximately $3,500,000 and additional non-interest income of $500,000 related to the accretion of the FDIC indemnification asset, which will be recognized over the remaining maturity of the covered loan portfolio.

 

The Company further 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 4, 2011 payable February 15, 2011.

 


The following information was filed by Vist Financial Corp on Monday, January 31, 2011 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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