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 Second Quarter 2011 Earnings & Cash Dividend

 

Wyomissing, Pennsylvania, July 26, 2011

. VIST Financial Corp. (NASDAQ: VIST) reported net income of $1.3 million for the second quarter of 2011, as compared to $2.5 million for the same period in 2010.  Basic and diluted earnings per common share were $0.14 for the second quarter of 2011, as compared to basic and diluted earnings per common share of $0.34 for the same period in 2010.  Excluding a non-recurring $1.9 million gain recognized during the second quarter of 2010, pre-tax income for the quarter increased by 42%, as compared to the same period in 2010.

 

For the first six months of 2011, the Company reported net income of $1.8 million, as compared to $3.2 million for the same period in 2010.  Basic and diluted earnings per common share were $0.15 for the first six months of 2011, as compared to basic and diluted earnings per common share of $0.40 for the same period in 2010.

 

The operating results for the second quarter and for the first six months of 2011 were negatively impacted by (i) $200,000 and $1.0 million, respectively, of net losses recognized on the sale of other real estate owned, as compared to $600,000 for both of the same periods in 2010 and (ii) approximately $400,000 of integration expenses associated with the previously announced acquisition of Allegiance Bank of North America (“Allegiance”). The operating results for the second quarter and for the first six months of 2010 reflected a gain of approximately $1.9 million recognized on the sale of a 25% equity interest in First HSA, LLC related to the transfer of approximately $89.0 million of health savings account deposits in the second quarter of 2010.

 

Commenting on the second quarter 2011 results, Robert D. Davis, President and Chief Executive Officer of VIST Financial Corp. said, “We are pleased with the positive momentum building across our banking, insurance and investment business lines.  This momentum has resulted in our second quarter reported net income of $1.3 million.  While we are making progress on a linked quarter basis, our financial results will continue to be influenced for the balance of the year with elevated asset quality costs and the potential of additional OTTI charges.  In spite of the slow pace of improvement in our regional business climate, we continue to be optimistic about the future opportunities for VIST Financial.”

 

Davis stated, “At VIST Bank, our commercial loan pipeline is strong which suggests an annual growth rate of 4-6% in 2011.  Our asset quality metrics remain stable with non-performing assets to total assets of 2.35%.  Net charge-offs for the quarter totaled $1.7 million with provision expense totaling $1.8 million, providing adequate coverage of both total loans and non-performing loans at quarter end. VIST Insurance and VIST Capital Management are both generating increased revenue for the second quarter of 2011 as compared to the second quarter of 2010.”

 

“As reported previously, the Allegiance Bank acquisition of November 19, 2010, is now complete and is accretive to shareholder return,” Davis continued.  “All former Allegiance

 


The following information was filed by Vist Financial Corp on Tuesday, July 26, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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