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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 loans 44,713 43,540 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 deposits 111,140 109,718 NOW, money market and savings 332,020 309,222 Time deposits 336,280 293,705 Total deposits $779,440 $712,645 Federal funds purchased $82,746 $118,210 Securities sold under agreements to repurchase 130,615 110,881 Long-term debt 60,000 45,000 Junior subordinated debt 20,159 20,232 Shareholders' equity $103,664 $106,592 Actual shares outstanding 5,694,026 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 owned 630 549 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 losses 7,862 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 Balances Average Balances For the Three Months For the Six Months Ended Ended (unaudited) (unaudited) June 30, June 30, June 30, June 30, 2008 2007 2008 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 674,994 607,783 665,669 601,678 Consumer loans 127,208 128,174 127,065 130,342 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 106,735 108,296 105,017 105,932 NOW, money market and savings 327,056 304,741 321,601 301,180 Time deposits 333,455 331,678 325,115 323,499 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 1,650 148 2,060 298 Net Interest Income after provision for loan losses 7,410 8,308 15,605 16,288 Securities gains (losses), net 61 - 202 (2,493) Commissions and fees from insurance sales 2,787 2,981 5,471 5,706 Mortgage banking activities 342 539 665 1,092 Brokerage and investment advisory commissions and fees 227 236 464 462 Service charges on deposits 676 683 1,296 1,329 Earnings on investment in life insurance 164 159 332 326 Other income 478 524 935 1,013 Total non-interest income 4,735 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 673 650 1,345 1,291 Other operating expense 3,373 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 164 754 343 480 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 share 0.20 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 rate 10.05% 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 equivalents 28,109 23,444 Mortgage loans held for sale 827 5,956 Securities available for sale 208,262 171,392 Securities held to maturity 3,068 3,097 Loans, net of allowance for loan losses 6/2008 - $7,862; 6/2007 - $7,492 859,797 776,251 Premises and equipment, net 6,768 6,666 Identifiable intangible assets 3,592 4,199 Goodwill 39,509 39,189 Bank owned life insurance 18,189 17,516 Other assets 20,977 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 liabilities 1,085,434 966,022 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, 2007 28,812 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' equity 103,664 102,937 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 218 135 431 270 Dividend income 178 155 384 382 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 429 837 1,150 1,914 Interest on securities sold under agreements to repurchase 895 998 1,849 1,939 Interest on long-term debt 604 143 1,203 299 Interest on junior subordinated debt 346 466 751 949 Total 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 1,650 148 2,060 298 Net interest income after provision for loan losses 7,410 8,308 15,605 16,288 Other income: Customer service fees 676 683 1,296 1,329 Mortgage banking activities, net 342 539 665 1,092 Commissions and fees from insurance sales 2,787 2,981 5,471 5,706 Broker and investment advisory commissions and fees 227 236 464 462 Earnings on investment in life insurance 164 159 332 326 Gain on sale of loans 24 81 47 91 Gain (loss) on sales of securities 61 - 202 (2,493) Other income 454 443 888 922 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 673 650 1,345 1,291 Marketing and advertising expense 479 466 1,136 773 Identifiable intangible amortization 150 158 300 315 Professional services 543 409 1,078 753 Outside processing expense 812 827 1,632 1,606 Insurance expense 274 162 545 316 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 164 754 343 480 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 share 5,705,042 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.
http://www.vistfc.com
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