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For Immediate Release
January 23, 2007
Leesport Financial Corp. Announces Earnings for the Fourth Quarter and Full Year of 2006.
Wyomissing, PA: Leesport Financial Corp. (NASDAQ: FLPB) reported net income for the twelve months ended December 31, 2006 was $9,153,000, a 4.8% increase over net income of $8,731,000 for the same period in 2005. Net income for the quarter ended December 31, 2006 was $2,276,000, a 5.3% decrease over net income of $2,403,000 for the same period in 2005. Total revenue for the twelve months ended December 31, 2006 was $82,835,000 as compared to $74,518,000 for the same period in 2005, an 11.2% increase. Total revenue for the quarter ended December 31, 2006 was $21,688,000 as compared to $19,902,000 for the same period in 2005, a 9.0% increase.
Robert D. Davis, President and Chief Executive Officer of Leesport Financial Corp. said, While we recognized severance charges, stock-based compensation, and startup costs for our new commercial banking team which impacted our 4th quarter earnings, we nevertheless are pleased with the continuing improvement in the year over year earnings of the Company and look forward to continued growth.
Our annual earnings growth provides further validation of our diversified financial services strategy, said Davis. With over 40% of our revenue derived through fees and commissions generated from our banking, insurance and wealth management businesses, we are unique within the financial services industry.
Our fourth quarter results reflect committing over $.01 in EPS related to the hiring of a new senior commercial banking team. These experienced Relationship Managers joined our Madison Bank division in December of last year, and are a reflection of our strategic commitment to expanding our
The following information was filed by Vist Financial Corp on Tuesday, January 23, 2007 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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