DCB Financial Corp Announces Fourth Quarter and Full Year 2015 Results

Feb 01, 2016, 09:28 ET from DCB Financial Corp

LEWIS CENTER, Ohio, Feb. 1, 2016 /PRNewswire/ -- DCB Financial Corp (the "Company"), (OTCPink: DCBF), parent holding company of The Delaware County Bank & Trust Company, Lewis Center, Ohio (the "Bank") announced net income of $273,000 or $0.04 per diluted share for the three months ended December 31, 2015, compared to net income of $164,000 or $0.02 per diluted share for the same period in 2014.       

Net income was $11.7 million or $1.61 per diluted share for the year ended December 31, 2015, compared to net income of $372,000 or $0.05 per diluted share in 2014. Pre-tax income was $1.1 million or $0.15 per diluted share for the year ended December 31, 2015, compared with $372,000 or $0.05 per diluted share in 2014. The Company reversed a valuation allowance in the third quarter of 2015 that had previously been recorded against its net deferred tax assets, resulting in a one-time tax benefit in the third quarter of $10.7 million or $1.46 per diluted share.       

Ronald J. Seiffert, President and CEO for the Company said, "We made significant progress during 2015 in improving the profitability of our Company, with fourth quarter and full year pre-tax income increasing 87% and 193%, respectively, compared to the year-ago periods. The quality and sustainability of our earnings in 2015, along with very strong asset quality metrics and capital ratios, allowed the Company to fully reverse the valuation allowance against its net deferred tax assets in the third quarter of 2015, five years after the valuation allowance was originally established because of the financial difficulties experienced by the Company at that time."

Seiffert continued, "We also took actions in the fourth quarter of 2015 that we expect will contribute significantly to the Company's earnings growth over the long-term. We made significant strategic commitments to small business and residential mortgage lending in the fourth quarter by hiring an entire SBA lending team and by adding experienced residential mortgage originators. The expense associated with these strategic actions, coupled with the time that is needed to build a pipeline of loans, will have a negative short-term impact on the Company's profitability. The Company's earnings for the first six months of 2016 are expected to be near break-even, but are expected to trend higher in the second half of 2016 as small business and residential mortgage loan closings accelerate. We expect to achieve after-tax return on assets in the range of 0.30% to 0.35%, annualized, in the second half of 2016, compared to return on assets of 0.20% (excluding the income tax benefit) in 2015, if we fully achieve our business objectives in 2016."

Balance Sheet Highlights 

Total assets were $541.3 million at December 31, 2015, compared with $541.7 million at September 30, 2015 and $515.4 million at December 31, 2014. Cash and cash equivalents increased $10.6 million since the end of 2014 due primarily to deposit growth during the period, and net deferred tax assets increased $10.4 million as the result of the reversal of the valuation allowance in the third quarter of 2015.   

Total loans were $378.5 million at December 31, 2015, compared with $380.3 million at September 30, 2015 and $385.4 million at December 31, 2014. All of the decrease in the Company's loan portfolio in 2015 occurred in the first quarter, due to significant prepayments in its commercial portfolio. Eleven commercial relationships aggregating $12.8 million paid off in early 2015, of which approximately one-third were non-performing troubled-debt restructured loans. Growth in the Company's loan portfolio totaled $1.2 million over the last three quarters of 2015.  

The Bank entered into a transaction in the fourth quarter of 2015, the effect of which was to sell and simultaneously lease back its headquarters building. At December 31, 2015, the Company had classified the $4.8 million carrying amount of the building as held-for-sale. The transaction, which closed on January 27, 2016, resulted in a gain of $3.1 million that has been deferred and will be amortized to income over the 15 year term of the Bank's lease.      

Deposits totaled $474.5 million at December 31, 2015, compared with $474.9 million at September 30, 2015 and $453.2 million at December 31, 2014. Much of the growth in deposits during 2015 was the result of higher balances maintained by existing municipal and business customers.

Shareholders' equity was $58.8 million at December 31, 2015, which was an increase of $11.6 million since the end of 2014. The increase in shareholders' equity is attributable primarily to net income for 2015 of $11.7 million, which included the income tax benefit of $10.7 million that resulted from the reversal of the valuation allowance against the Company's net deferred tax assets.  The Company's tangible common equity to tangible assets ratio was 10.9% at December 31, 2015.

The Bank's Tier 1 leverage ratio was 9.11% and its total risk-based capital ratio was 14.29% at December 31, 2015, both of which were well above the regulatory thresholds required to be classified as a "well-capitalized" institution, which are 5.0% and 10.0%, respectively.  

Asset Quality and the Provision for Loan Losses

Delinquent loans (including non-accrual loans) totaled $1.5 million or 0.41% of total loans at December 31, 2015, compared to $1.5 million or 0.40% of total loans at September 30, 2015 and $2.2 million or 0.58% of total loans at December 31, 2014.  Non-accrual loans totaled $1.2 million or 0.32% of total loans at December 31, 2015, compared to $1.3 million or 0.35% of total loans at September 30, 2015 and $1.4 million or 0.36% of total loans at December 31, 2014. 

Non-performing assets were $7.3 million or 1.35% of total assets at December 31, 2015, compared with $8.2 million or 1.52% of total assets at September 30, 2015 and $12.6 million or 2.45% of total assets at December 31, 2014.  Troubled debt restructurings ("TDR's"), which are performing in accordance with the restructured terms and accruing interest, but are included in non-performing assets, were $6.0 million at December 31, 2015, compared to $6.1 million at September 30, 2015, and $9.6 million at December 31, 2014. Other real estate owned decreased $717,000 in the fourth quarter of 2015 due to the sale of a partially developed residential subdivision which was acquired through foreclosure in 2008. During the third quarter the Company sold two commercial mortgage loans that had been classified as impaired TDR's for $3.2 million, which was the aggregate outstanding amount of the loans.

Net recoveries of previously charged-off loans totaling $127,000 were recorded in the fourth quarter of 2015, compared to net charge-offs of $90,000 or 0.10% (annualized) of average loans in the year-ago quarter, and net recoveries of $192,000 in the third quarter of 2015.

Net recoveries of $97,000 were recorded in the year ended December 31, 2015, compared to net charge-offs of $2.5 million or 0.70% of average loans in 2014. Three commercial relationships comprised approximately 67% of the gross charge-offs in 2014, which were charged against specific allowance allocations established in the fourth quarter of 2013.

There was no provision for loan losses recorded in the fourth quarter of 2015 and for the year ended December 31, 2015. A negative provision for loan losses of $150,000 was recorded in the third quarter of 2015, which had the effect of offsetting a provision for loan losses of $150,000 in the first quarter of 2015. The provision for loan losses was $150,000 for the fourth quarter of 2014 and for the year ended December 31, 2014.

The allowance for loan losses was $4.3 million at December 31, 2015, compared to $4.2 million at September 30, 2015 and at December 31, 2014.  The ratio of the allowance for loan losses to total loans was 1.14% at December 31, 2015, compared to 1.12% at September 30, 2015 and 1.10% at December 31, 2014. 

The ratio of the allowance for loan losses to non-performing loans (including TDR's) was 59.7% at December 31, 2015, compared to 56.6% at September 30, 2015 and 36.8% at December 31, 2014. The ratio of the allowance for loan losses to non-accrual loans was 355% at December 31, 2015, compared to 314% at September 30, 2015 and 306% at December 31, 2014.

Net Interest Income

Net interest income totaled $4.2 million in the quarter ended December 31, 2015, which was unchanged from the year-ago quarter and from the third quarter of 2015. The net interest margin was 3.33% in the fourth quarter of 2015, compared to 3.62% in the year-ago quarter and 3.35% in the third quarter of 2015. The net interest margin in the fourth quarter of 2014 was impacted by the recognition of $171,000 of interest income in that quarter upon the refinance of a non-accrual commercial mortgage which, upon the refinance, was returned to accrual status. The net interest margin for the fourth quarter of 2014 was 3.48% without the $171,000 interest recovery.

The decline in the net interest margin from the year-ago quarter was due primarily to the reinvestment of loan amortization and payoffs into loans with lower current yields, as well as from the effect of higher interest-bearing cash balances, with yields averaging 0.25%.

Total average interest-earning assets were $500.4 million in the fourth quarter of 2015, compared to $496.5 million in the third quarter of 2015 and $465.7 million in the year-ago quarter. Average loans outstanding in the fourth quarter were $2.8 million less than the third quarter of 2015, but were $6.5 million higher than the year-ago quarter.  Total average loans were 76.1% of total average interest-earning assets in the fourth quarter of 2015, compared with 80.3% in the year-ago quarter and 77.2% in the third quarter of 2015. 

Total average interest-bearing deposit balances increased $12.0 million in the fourth quarter of 2015 compared to the year-ago quarter, with an increase of $14.7 million in the average balances of interest-bearing demand, savings and money market accounts (transaction accounts) offsetting a decrease in the average balance of time deposits of $2.7 million. Transaction accounts comprised 79.7% of total interest-bearing deposits in the fourth quarter of 2015, compared to 78.2% in the year-ago quarter and 79.1% in the third quarter of 2015.

Net interest income totaled $16.7 million for the year ended December 31, 2015, which was an increase of $552,000 or 3.4% compared with $16.2 million in 2014.  The net interest margin was 3.39% in 2015, compared to 3.49% in 2014. 

Average interest-earning assets were $493.9 million in 2015, which was an increase of $31.0 million or 6.7% from 2014. Average loans outstanding in 2015 increased $17.4 million compared to 2014, and totaled 77.1% of total interest-earning assets in 2015, compared to 78.5% in 2014.

The average balance in time deposits decreased $6.0 million in 2015, while the average balances in interest-bearing demand, savings and money market accounts increased $22.4 million. Transaction accounts comprised 79.1% of total interest-bearing deposits in 2015, compared to 76.3% in 2014.

Non-Interest Income and Non-Interest Expenses

Non-interest income was $1.3 million in the fourth quarter of 2015, compared to $1.1 million in the fourth quarter of 2014 and $1.2 million in the third quarter of 2015. Non-interest income was $4.8 million in 2015, compared to $4.5 million in 2014. Income from service charges, wealth management and treasury management services each increased in the quarter and year-ended December 31, 2015 compared to the year-ago periods largely from the impact of changes to certain of the Bank's fees and service charges and from business development activities.

Non-interest income accounted for 22.6% of total revenue in the fourth quarter of 2015, compared with 22.6% in the year-ago quarter and 22.9% in the third quarter of 2015.  Non-interest income accounted for 22.3% of total revenue in 2015, compared to 21.8% in 2014.

Non-interest expenses were $5.2 million for the fourth quarter of 2015, compared with $5.1 million in the year-ago quarter and $5.2 million for the third quarter of 2015.  Non-interest expenses were $20.5 million in 2015, compared to $20.1 million in 2014. Salaries and benefits increased $132,000 in the fourth quarter of 2015 compared to the year-ago quarter due primarily to the hiring of the SBA lending team and residential mortgage originators in the fourth quarter of 2015.

The Company's efficiency ratio was 95.0% in the fourth quarter of 2015, which was unchanged from the year-ago quarter and from the third quarter of 2015.  The efficiency ratio was 94.9% in 2015, compared to 97.2% in 2014.

About DCB Financial Corp    

DCB Financial Corp is a financial holding company formed under the laws of the State of Ohio. The Company is the parent of The Delaware County Bank & Trust Company, a state-chartered commercial bank. The Bank conducts business from its main offices at 110 Riverbend Avenue in Lewis Center, Ohio, and through its eight full-service and six limited-service branch offices located in Central Ohio. The Bank provides customary retail and commercial banking and cash management services to its customers, including checking and savings accounts, time deposits, IRAs, safe deposit facilities, personal loans, commercial loans, commercial leases, real estate mortgage loans, night depository facilities and trust and personalized wealth management services.

Forward-Looking Statements

This press release contains certain forward-looking statements with respect to the financial condition, results of operations and business of DCB Financial Corp, including certain plans, expectations, goals, projections, and statements.  These forward-looking statements involve certain risks and uncertainties.  Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: an increase in competitive pressure in the banking industry; changes in the interest rate environment which may affect the net interest margin; changes in the regulatory environment; general economic conditions, either nationally or regionally, resulting in, among other things, in a deterioration in credit quality; changes in business conditions and inflation; changes in the securities markets; changes in technology used in the banking business; our ability to maintain and increase market share and control expenses; increases in FDIC insurance premiums may cause earnings to decrease; and other risks set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and in subsequent filings with the Securities and Exchange Commission.

The Company does not undertake, and specifically disclaims any obligation, to publicly revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

 

 


DCB Financial Corp

Consolidated Balance Sheets (Unaudited)








December 31, 2015


December 31, 2014



(Dollars in thousands, except share and per share data)

Assets





Cash and due from financial institutions


$6,929


$     6,247

Interest-bearing deposits


24,963


15,027

   Total cash and cash equivalents


31,892


21,274






Securities available-for-sale


87,797


75,909






Loans


378,513


385,444

Less allowance for loan losses


(4,333)


(4,236)

   Net loans


374,180


381,208






Real estate owned


68


1,111

Investment in FHLB stock


3,250


3,250

Premises and equipment, net


5,091


10,016

Premises and equipment held-for-sale


4,771


-

Bank-owned life insurance


20,760


20,027

Deferred tax asset, net


10,402


-

Accrued interest receivable and other assets


3,053


2,587

   Total assets


$541,264


$515,382






Liabilities and shareholders' equity





Liabilities:





Deposits:





    Non-interest bearing


$124,023


$111,022

    Interest bearing


350,514


342,170

Total deposits


474,537


453,192






Borrowings


4,520


11,808

Accrued interest payable and other liabilities


3,360


3,171

Total liabilities


482,417


468,171






Shareholders' equity:





Common stock


16,410


16,064

Retained earnings


49,799


38,055

Treasury stock


(7,416)


(7,416)

Accumulated other comprehensive income


436


654

Deferred stock-based compensation


(382)


(146)

   Total shareholders' equity


58,847


47,211

   Total liabilities and shareholders' equity


$541,264


$515,382











Common shares outstanding


7,233,797


7,233,797

Book value per common share


$8.08


$6.53

 

                                                                           


DCB Financial Corp

Consolidated Statements of Operations (Unaudited)








Three months ended
December 31,


Year ended

December 31,



2015


2014


2015


2014



(Dollars in thousands, except share and per share data)










Interest income:









Loans


$3,982


$4,044


$15,866


$15,276

Securities


497


484


1,957


2,065

Federal funds sold and interest bearing deposits


21


8


67


39

   Total interest income


4,500


4,536


17,890


17,380










Interest expense:









Deposits:









  Savings and money market  accounts


161


145


606


559

  Time accounts


85


94


357


434

  NOW accounts


17


17


66


76



263


256


1,029


1,069










Borrowings


35


36


141


143

Total interest expense


298


292


1,170


1,212










Net interest income


4,202


4,244


16,720


16,168

Provision for loan losses


-


150


-


150

Net interest income after provision for loan losses


4,202


4,094


16,720


16,018










Non-interest income:









Service charges


527


475


2,002


1,963

Wealth management fees


427


383


1,644


1,474

Treasury management fees


70


47


273


220

Income from bank-owned life insurance


163


164


734


730

Gain (loss) on loans held for sale


3


37


3


(509)

Gain (loss) on sale of REO


36


(11)


16


(84)

Gain on sale of securities, available-for-sale


-


-


-


101

Gain on sale of branch


-


-


-


438

Other non-interest income


35


34


150


127

Total non-interest income


1,261


1,129


4,822


4,460










Non-interest expense:









Salaries and employee benefits


2,961


2,829


11,263


11,141

Occupancy and equipment


947


943


3,912


3,784

Professional services


341


395


1,383


1,379

Advertising


131


89


549


347

Office supplies, postage and courier


73


72


305


328

FDIC insurance premium


91


110


393


630

State franchise taxes


70


67


295


266

Other non-interest expense


543


554


2,353


2,231

Total non-interest expense


5,157


5,059


20,453


20,106










Income before income tax expense (benefit)


306


164


1,089


372

Income tax expense (benefit)


33


-


(10,655)


-

Net income 


$273


$164


$11,744


$372










Share and Per Share Data









Basic average common shares outstanding


7,280,480


7,196,404


7,272,061


7,193,372

Diluted average common shares outstanding


7,297,496


7,232,961


7,288,350


7,232,388

Basic earnings per common share


$0.04


$0.02


$1.61


$0.05

Diluted earnings per common share


$0.04


$0.02


$1.61


$0.05










 

 


DCB Financial Corp

Consolidated Average Balances (Unaudited)








Three months ended

December 31,


Year ended

December 31,



2015


2014


2015


2014



(Dollars in thousands)

Earning assets









Interest bearing cash


$32,308


$12,745


$27,715


$16,576

Securities


84,098


75,339


81,910


78,704

Tax-exempt securities


3,458


3,625


3,552


4,314

Loans (1)


380,504


373,981


380,743


363,340

Total earning assets


500,368


465,690


493,920


462,934










Non-earning assets


49,470


40,314


42,462


40,413

Total assets


$549,838


$506,004


$536,382


$503,347










Interest bearing liabilities









Interest bearing DDA


$81,042


$76,918


$80,699


$78,447

Money market


153,980


146,818


155,271


136,393

Savings accounts


46,083


42,711


44,095


42,845

Time deposits


71,670


74,360


74,140


80,113

Borrowings


4,634


5,835


5,883


5,687

Total interest bearing liabilities


357,409


346,642


360,088


343,485










Non-interest bearing deposits


$132,238


$110,913


$122,781


$110,457

Other non-interest bearing liabilities


2,372


2,458


3,986


3,791

Total liabilities


134,610


460,013


126,767


457,733

Shareholders' equity


57,819


45,991


49,527


45,614

Total liabilities and shareholders' equity


$549,838


$506,004


$536,382


$503,347










(1)  Includes loans held for sale in 2014

 

 


DCB Financial Corp


Loans and Deposits (Unaudited)






























The following table sets forth the composition of the Company's loan portfolio at the dates indicated (includes loans held for sale):


















December 31, 2015


September 30, 2015


December 31, 2014




Amount


Percent


Amount


Percent


Amount


Percent


Loan portfolio composition


(Dollars in thousands)


Commercial and industrial 


$  99,213


26.2%


$99,498


26.2%


$106,222


27.6%


Commercial real estate


100,743


26.7%


103,891


27.3%


111,851


29.0%


Real estate and home equity


137,645


36.4%


135,934


35.8%


129,650


33.7%


Consumer and credit card


40,587


10.7%


40,689


10.7%


37,507


9.7%


Total loans


$378,188


100.0%


$380,012


100.0%


$385,230


100.0%
















Net deferred loan costs


325




278




214




Allowance for loan losses   


(4,333)




(4,206)




(4,236)




Net loans


$374,180




$376,084




$381,208














































The following table sets forth the composition of the Company's deposits at the dates indicated :


















December 31, 2015


September 30, 2015


December 31, 2014




Amount


Percent


Amount


Percent


Amount


Percent


Deposit composition


(Dollars in thousands)


Non-interest bearing demand


$124,023


26.1%


$123,870


26.1%


$111,022


24.5%


Interest bearing demand


77,616


16.4%


81,939


17.3%


77,534


17.1%


Total demand


201,639


42.5%


205,809


43.4%


188,556


41.6%
















Savings


47,333


10.0%


44,408


9.3%


42,634


9.4%


Money market


154,119


32.5%


151,910


32.0%


147,667


32.6%


Time deposits


71,446


15.0%


72,780


15.3%


74,335


16.4%


Total deposits


$474,537


100.0%


$474,907


100.0%


$453,192


100.0%
















 

 

DCB Financial Corp

Asset Quality (Unaudited)















The following table represents a summary of delinquent loans grouped by the number of days delinquent at the dates indicated:








Delinquent loans and leases


December 31, 2015


September 30, 2015


December 31, 2014



$

%(1)


$

%(1)


$

%(1)



(Dollars in thousands)

30 days past due and still accruing


$   191

0.05%


$60

0.02%


$  336

0.09%

60 days past due and still accruing


111

0.03%


129

0.03%


37

0.01%

90 days past due and still accruing


2

0.01%


-

0.00%


480

0.12%

Non-accrual


1,222

0.32%


1,338

0.35%


1,384

0.36%

Total


$1,526

0.41%


$1,527

0.40%


$2,237

0.58%











(1)  As a percentage of total loans, excluding deferred costs

 

The following table represents information concerning the aggregate amount of non-performing assets (includes loans held for sale):








Non-performing assets


December 31, 2015


September 30, 2015


December 31, 2014



(Dollars in thousands)

Non-accruing loans:







   Residential real estate loans and home equity


$668


$679


$     334

   Commercial real estate


-


30


298

   Commercial and industrial


554


573


632

   Consumer loans and credit cards


-


56


120

Total non-accruing loans


1,222


1,338


1,384

Accruing loans delinquent 90 days or more


2


-


480

Total non-performing loans (excluding TDR's)


1,224


1,338


1,864








Other real estate and repossessed assets


68


785


1,111

Total non-performing assets (excluding TDR's)


$1,292


$2,123


$  2,975








Troubled debt restructurings(1)


$6,040


$6,089


$  9,633

Total non-performing loans (including TDR's)


$7,264


$7,427


$11,497

Total non-performing assets (including TDR's)


$7,332


$8,212


$12,608








(1) TDR's that are in compliance with their modified terms and accruing interest. 

 


The following table summarizes changes in the allowance for loan losses arising from loans charged off, recoveries on loans and leases previously charged off and additions to the allowance which have been charged to expense:






Allowance for loan losses


Three months ended

December 31,


Year ended

December 31,



2015


2014


2015


2014



(Dollars in thousands)

Allowance for loan losses, beginning of period


$4,206


$4,176


$4,236


$6,724










Loans charged-off


(44)


(162)


(614)


(2,865)

Recoveries of loans previously charged-off


171


72


711


324

Net recoveries (charge-offs)


127


(90)


97


(2,541)

Allowance related to loans transferred to held-for-sale


-


-


-


(97)

Provision for loan losses


-


150


-


150

Allowance for loan losses, end of period


$4,333


$4,236


$4,333


$4,236










 

 


DCB Financial Corp

Consolidated Financial Information (Unaudited)






Key Ratios


At or for the three months ended    

December 31,


At or for the year ended    

December 31,



2015


2014


2015


2014

Return on average assets


0.20%


0.13%


2.19%


0.07%

Return on average equity


1.90%


1.44%


23.71%


0.82%

Yield on earning assets


3.55%


3.86%


3.76%


4.00%

Cost of interest-bearing liabilities


0.33%


0.33%


0.32%


0.35%

Net interest margin (1)


3.33%


3.62%


3.39%


3.49%

Non-interest income to total income (2)


22.6%


20.6%


22.3%


21.8%

Efficiency ratio (3)


95.0%


94.6%


94.9%


97.2%










Net loans (recovered) charged-off to average loans, annualized


(0.13)%


0.10%


(0.03)%


0.70%

Provision for loan losses to average loans, annualized


0.00%


0.16%


0.00%


0.04%

Allowance for loan losses to total loans


1.14%


1.10%


1.14%


1.10%

Allowance for loan losses to non-accrual loans


355%


306%


355%


306%

Non-accrual loans to total loans


0.32%


0.36%


0.32%


0.36%

Non-performing assets to total assets

   (including performing TDR's)


1.35%


2.35%


1.35%


2.35%

Non-performing assets to total assets

  (excluding performing TDR's)


0.24%


0.58%


0.24%


0.58%





(1)

Net interest income divided by average earning assets

(2)

Non-interest income (excluding net realized gains and losses on securities and other non-recurring gains and losses) divided by the sum of net interest income and non-interest income (as adjusted)

(3)

Non-interest expense (less OREO expense and non-recurring expenses and losses) divided by the sum of net interest income and non-interest income (as adjusted)

 

 

DCB Financial Corp

Selected Quarterly Financial Data (Unaudited)






2015


2014


Fourth


Third


Second


First


Fourth


(Dollars in thousands, except per share data)

Interest income

$4,500


$4,469


$4,454


$4,467


$4,536

Interest expense

298


292


295


285


291

Net interest income

4,202


4,177


4,159


4,182


4,245

Provision for loan losses

-


(150)


-


150


150

Net interest income after provision for loan losses

4,202


4,327


4,159


4,032


4,094

Non-interest income

1,261


1,223


1,180


1,158


1,132

Non-interest expenses

5,157


5,150


5,195


4,951


5,059

Income before income tax

306


400


144


239


168

Income tax expense (benefit)

33


(10,688)


-


-


-

Net income

$273


$11,088


$144


$   239


$168











Stock and related per share data










Basic and diluted earnings per common share

$0.04


$1.52


$0.02


$0.03


$0.02

Basic weighted average common shares outstanding

7,280,480


7,287,435


7,287,435


7,237,371


7.196,404

Diluted weighted average common shares outstanding

7,297,496


7,307,244


7,303,902


7,253,840


7,232,961

Common book value per share

$8.08


$8.05


$6.51


$6.54


$6.53











Capital Ratios:










Bank










Tier 1 leverage ratio

9.11%


9.18%


8.63%


8.65%


9.00%

Common equity tier 1 capital ratio

13.11%


13.09%


12.68%


12.62%


12.40%

Tier 1 risk based capital ratio

13.11%


13.09%


12.68%


12.62%


12.40%

Total risk based capital ratio

14.29%


14.23%


13.83%


13.75%


13.56%











Total equity to assets ratio (consolidated)

10.87%


10.83%


8.80%


9.15%


9.16%











Selected ratios:










Return on average assets

0.20%


8.26%


0.19%


0.18%


0.13%

Return on average equity

1.90%


94.9%


2.17%


2.05%


1.44%

Yield on earning assets

3.55%


3.57%


3.61%


3.73%


3.86%

Cost of interest-bearing liabilities

0.33%


0.32%


0.33%


0.32%


0.33%

Net interest margin

3.33%


3.35%


3.40%


3.50%


3.62%

Non-interest income to total income (1)

22.6%


22.9%


22.2%


21.5%


20.6%

Efficiency ratio (2)

95.0%


95.0%


95.0%


92.9%


94.6%











Asset quality ratios:










Net loans (recovered) charged-off to average loans, annualized

(0.13)%


(0.20)%


(0.08)%


0.31%


0.10%

Provision for loan losses to average loans, annualized

0.00%


(0.16)%


0.00%


0.16%


0.16%

Allowance for loan losses to total loans

1.14%


1.12%


1.09%


1.08%


1.10%

Allowance for loan losses to non-accrual loans

355%


314%


286%


362%


306%

Non-accrual loans to total loans

0.32%


0.35%


0.38%


0.30%


0.36%

Non-performing assets to total assets (including 

   performing TDR's)

1.35%


1.52%


2.18%


2.26%


2.45%

Non-performing assets to total assets (excluding

   performing TDR's)

0.24%


0.39%


0.51%


0.42%


0.58%





(1)

Non-interest income (net of realized gains and losses on securities and other non-recurring items) divided by the sum of net interest income and non-interest income (as adjusted)

(2)

Non-interest expense (less OREO expense) divided by the sum of net interest income and non-interest income (as adjusted)

 

SOURCE DCB Financial Corp