Civista Bancshares, Inc. Announces Continued Strong Earnings in Third Quarter 2015
SANDUSKY, Ohio, Oct. 23, 2015 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") reported net income attributable to common shares of $2.9 million, or $0.30 per diluted share, for the third quarter of 2015, compared with $1.9 million, or $0.21 per diluted share, for the prior year period. For the nine-month period ended September 30, 2015, Civista reported net income available to common shareholders of $8.4 million or $0.87 per diluted share, compared to $5.8 million, or $0.64 per diluted share, in the same period of 2014.
"Through the first nine months of 2015 we have increased our diluted earnings per share by 36% compared to the first nine months of 2014. We completed the acquisition of TCNB Financial Corp ("TCNB") in the first quarter of the year. We have decreased our nonperforming assets 25%, increased our net interest income and kept our noninterest income and noninterest expense stable." said James O. Miller, Chairman, President and CEO of Civista.
Results of Operations:
Net interest income for the third quarter of 2015 increased $1.7 million, or 16.1% and increased $4.1 million, or 13.2%, for the nine months ended September 30 compared to the same periods of 2014. Tax equivalent net interest margin was 4.13% for the third quarter and 3.91% for the nine months ended September 30, 2015. The increase in net interest income for the quarter and nine months ended September 30, 2015 was due both to an increase in average loans outstanding as well as a decrease in cost of funds. Additionally during the third quarter, interest income was increased by $281 thousand due to the payoff of a loan that had been on nonaccrual status for significant period of time. Mr. Miller continued, "As we have discussed in previous quarters, our net interest margin is seasonally affected by an influx of cash in the first quarter for the tax refund processing program. Our core net interest margin has remained near 4.00%. This is an accomplishment I am proud of given the existing long-term low interest rate environment."
Summary Average Balance Sheet |
|||||||||||
(Tax-equivalent basis / dollars in thousands) |
|||||||||||
Nine months ended September 30, |
|||||||||||
2015 |
2014 |
||||||||||
Average balance |
Interest |
Yield / rate |
Average balance |
Interest |
Yield / rate |
||||||
Assets |
|||||||||||
Loans |
$ 976,290 |
$ 33,271 |
4.56% |
$ 866,424 |
$ 29,850 |
4.61% |
|||||
Securities |
211,090 |
4,356 |
3.49% |
214,855 |
4,360 |
3.33% |
|||||
Interest-bearing deposits |
56,499 |
98 |
0.23% |
69,728 |
137 |
0.26% |
|||||
Total interest earning assets |
$ 1,243,879 |
$ 37,725 |
4.18% |
$ 1,151,007 |
$ 34,347 |
4.11% |
|||||
Liabilities |
|||||||||||
Int-bearing demand and savings |
$ 544,569 |
$ 315 |
0.08% |
$ 500,560 |
$ 282 |
0.08% |
|||||
Time deposits |
226,109 |
1,273 |
0.75% |
229,091 |
1,458 |
0.85% |
|||||
FHLB advances and other borrowings |
89,624 |
906 |
1.35% |
84,320 |
1,492 |
2.36% |
|||||
Total interest-bearing liabilities |
$ 860,302 |
$ 2,494 |
0.39% |
$ 813,971 |
$ 3,232 |
0.53% |
|||||
Noninterest-bearing deposits |
$ 353,002 |
$ 309,345 |
|||||||||
Net interest income and interest rate spread |
$ 35,231 |
3.79% |
$ 31,115 |
3.58% |
|||||||
Net interest margin |
3.91% |
3.73% |
|||||||||
Three months ended September 30, |
|||||||||||
2015 |
2014 |
||||||||||
Average balance |
Interest |
Yield / rate |
Average balance |
Interest |
Yield / rate |
||||||
Assets |
|||||||||||
Loans |
$ 1,009,372 |
$ 11,755 |
4.62% |
$ 883,459 |
$ 10,218 |
4.59% |
|||||
Securities |
210,209 |
1,463 |
3.49% |
210,635 |
1,440 |
3.38% |
|||||
Interest-bearing deposits |
10,668 |
5 |
0.19% |
16,628 |
9 |
0.21% |
|||||
Total interest earning assets |
$ 1,230,249 |
$ 13,223 |
4.39% |
$ 1,110,722 |
$ 11,667 |
4.30% |
|||||
Liabilities |
|||||||||||
Int-bearing demand and savings |
$ 552,899 |
$ 108 |
0.08% |
$ 501,765 |
$ 94 |
0.08% |
|||||
Time deposits |
220,726 |
405 |
0.73% |
226,483 |
458 |
0.80% |
|||||
FHLB advances and other borrowings |
111,800 |
308 |
1.09% |
78,339 |
431 |
2.18% |
|||||
Total interest-bearing liabilities |
$ 885,425 |
$ 821 |
0.37% |
$ 806,587 |
$ 983 |
0.48% |
|||||
Noninterest-bearing deposits |
$ 300,305 |
$ 257,903 |
|||||||||
Net interest income and interest rate spread |
$ 12,402 |
4.02% |
$ 10,684 |
3.82% |
|||||||
Net interest margin |
4.13% |
3.94% |
The provision for loan losses was $400 thousand and $0 for the third quarter of 2015 and 2014, respectively. The provision for loan losses was $1.2 million and $1.5 million for the nine months ended September 30, 2015 and 2014, respectively. The decrease in provision for loan losses for the nine months of 2015 is primarily related to improved asset quality.
During the quarter, noninterest income totaled $3.1 million, an increase of $64 thousand, or 2.1%, compared to the prior year's third quarter. Year-to-date noninterest income increased $116 thousand, or 1.1%, when compared to the first nine months of 2014.
Noninterest income |
|||||||
(dollars in thousands) |
Three months ended |
Nine months ended |
|||||
2015 |
2014 |
2015 |
2014 |
||||
Service charges |
$ 1,262 |
$ 1,110 |
$ 3,487 |
$ 3,184 |
|||
Net gain on sale of securities |
(5) |
1 |
(5) |
114 |
|||
Net gain on sale of loans |
269 |
239 |
888 |
470 |
|||
ATM fees |
520 |
481 |
1,484 |
1,388 |
|||
Trust fees |
659 |
822 |
2,159 |
2,396 |
|||
Tax refund processing fees |
- |
6 |
2,000 |
2,321 |
|||
Other |
371 |
353 |
1,119 |
1,143 |
|||
Total noninterest income |
$ 3,076 |
$ 3,012 |
$ 11,132 |
$ 11,016 |
|||
Service charge income increased in both the three and nine-month periods, primarily due to an increase in business service charges, as well as service charge fees instituted in our Dayton market since the acquisition of TCNB. Gain on sale of loans increased $30 thousand and $418 thousand in the three and nine-month periods, respectively due to additional volume of loans sold as well as an increase in the premium on loans sold. Trust fees decreased $163 thousand and $237 thousand for the three and nine-month periods, respectively, due to a decrease in trust assets Tax refund processing fees were down $321 thousand, or 13.8% when compared to the nine months of 2014, due to a change in the fee structure for 2015.
Mr. Miller continued, "While the mix of our noninterest income has changed, the overall number has continued to increase. Market declines in the third quarter contributed to a decrease in trust fees, which is the only category that was down for the quarter."
Noninterest expense totaled $10.7 million for the three months ended September 30, 2015 and 2014. Year-to-date noninterest expense increased $1.1 million, or 3.7%, when compared to the nine months of 2014.
Noninterest expense |
|||||||
(dollars in thousands) |
Three months ended |
Nine months ended |
|||||
2015 |
2014 |
2015 |
2014 |
||||
Salaries, Wages and benefits |
$ 6,025 |
$ 5,654 |
$ 17,732 |
$ 16,661 |
|||
Net occupancy and equipment |
898 |
830 |
2,863 |
2,794 |
|||
Contracted data processing |
399 |
369 |
1,392 |
1,080 |
|||
Professional services |
597 |
538 |
1,716 |
1,332 |
|||
Amortization of intangible assets |
189 |
201 |
522 |
604 |
|||
Marketing |
298 |
434 |
842 |
1,227 |
|||
Other |
2,260 |
2,635 |
7,136 |
7,370 |
|||
Total noninterest expense |
$ 10,666 |
$ 10,661 |
$ 32,203 |
$ 31,068 |
Salaries, wages and benefits expense increased $371 thousand for the third quarter and $1,071 thousand for the nine-month period ending September 30, 2015. The increase in salaries, wages and benefits expense was due to normal merit increases, the addition of TCNB employees, as well as a change to our 401k match expense. On January 1, 2015, the 401k plan was modified to a safe harbor plan which led to an increase in the company match. Contracted data processing and professional fees increased for the nine-month period ended September 30, 2015. These increases were primarily due to expenses related to the acquisition of TCNB. Overall acquisition related expenses included in the nine months ended September 30, 2015 approximate $374 thousand.
Mr. Miller continued, "While we have added three offices from the acquisition of TCNB, we have been able to keep our expenses flat for the third quarter. Removing the acquisition related expenses for the nine-month period, our noninterest expenses only increased 2.4%."
Balance Sheet
Total assets increased $100.1 million, or 8.3%, from December 31, 2014 to September 30, 2015. This was due primarily to the acquisition of TCNB, which closed on March 6, 2015. Total assets of TCNB prior to the merger were $97.4 million, including $76.8 million in loans.
Total Loans increased $85.4 million or 9.3% from December 31, 2014 to September 30, 2015. The increase in total loans is primarily due to the acquisition of TCNB which added $76.8 million in loans.
End of period loan balances |
|||
(dollars in thousands) |
|||
September 30, |
December 31, |
||
2015 |
2014 |
||
Commercial and Agriculture |
$ 129,119 |
$ 114,186 |
|
Commercial Real Estate - Owner Occupied |
160,457 |
143,014 |
|
Commercial Real Estate - Non-owner Occupied |
340,702 |
308,666 |
|
Residential Real Estate |
284,899 |
268,510 |
|
Real Estate Construction |
67,461 |
65,452 |
|
Consumer and Other |
17,637 |
15,029 |
|
Total Loans |
$ 1,000,275 |
$ 914,857 |
Total deposits increased $87.0 million, or 9.0%, from December 31, 2014 to September 30, 2015. The increase in deposits was primarily due to the acquisition of TCNB, which included $86.9 million in deposits.
End of period deposit balances |
|||
(dollars in thousands) |
|||
September 30, |
December 31, |
||
2015 |
2014 |
||
Noninterest-bearing demand |
$ 296,863 |
$ 250,701 |
|
Interest-bearing demand |
184,622 |
179,388 |
|
Savings and money market |
358,339 |
318,858 |
|
Time deposits |
216,135 |
219,971 |
|
Total Deposits |
$ 1,055,959 |
$ 968,918 |
|
Total shareholder's equity increased $7.4 million, or 6.4%, from December 31, 2014 to September 30, 2015 due to increased retained earnings of $7.2 million and an increase in Accumulated Other Comprehensive Income of $195 thousand.
Asset Quality
Nonperforming assets at September 30, 2015 were $14.3 million, a $4.7 million decrease from December 31, 2014, and a $6.6 million decrease compared to September 30, 2014.
Non-performing Assets |
|||||
(dollars in thousands) |
|||||
September 30, |
December 31, |
September 30, |
|||
2015 |
2014 |
2014 |
|||
Non-accrual loans |
$ 10,545 |
$ 13,558 |
$ 15,830 |
||
Restructured loans |
3,305 |
4,928 |
4,798 |
||
Total non-performing loans |
13,850 |
18,486 |
20,628 |
||
Other Real Estate Owned |
494 |
560 |
266 |
||
Total non-performing assets |
$ 14,344 |
$ 19,046 |
$ 20,894 |
Mr. Miller continued, "During the recession we worked with many of our customers to keep them in their homes and businesses. As we move further from the recession we see continued improvements in asset quality. Our non-performing assets have decreased 31% since September 2014 and 25% since December 31, 2014. At the same time we have seen increases in net interest income and stability in non-interest income and expense. We are optimistic about the prospects for maintaining our momentum for the remainder of 2015."
Civista Bancshares, Inc. is a $1.3 billion financial holding company headquartered in Sandusky, Ohio. The Company's banking subsidiary, Civista Bank, operates 28 locations in North Central, West Central and Southwestern Ohio.
Civista Bancshares, Inc. may be accessed at www.civb.com. The Company's common shares are traded on the NASDAQ Capital Market under the symbol "CIVB". The Company's depositary shares, each representing a 1/40th ownership interest in a Series B Preferred Share, are traded on the NASDAQ Capital Market under the symbol "CIVBP".
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista' reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of Civista's Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Civista does not undertake, and specifically disclaims any obligation, to publicly release the result of any revisions that may be made to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
Civista Bancshares, Inc. Financial Highlights (dollars in thousands, except share amounts)
|
|||||||
Consolidated Condensed Statement of Income |
|||||||
Three Months Ended |
Nine Months Ended |
||||||
September 30, |
September 30, |
||||||
(unaudited) |
(unaudited) |
||||||
2015 |
2014 |
2015 |
2014 |
||||
Interest income |
13,223 |
11,667 |
37,725 |
34,347 |
|||
Interest expense |
821 |
983 |
2,494 |
3,232 |
|||
Net interest income |
12,402 |
10,684 |
35,231 |
31,115 |
|||
Provision for loan losses |
400 |
- |
1,200 |
1,500 |
|||
Net interest income after provision |
12,002 |
10,684 |
34,031 |
29,615 |
|||
Noninterest income |
3,076 |
3,012 |
11,132 |
11,016 |
|||
Noninterest expense |
10,666 |
10,661 |
32,203 |
31,068 |
|||
Income before taxes |
4,412 |
3,035 |
12,960 |
9,563 |
|||
Income tax expense |
1,159 |
729 |
3,414 |
2,306 |
|||
Net income |
3,253 |
2,306 |
9,546 |
7,257 |
|||
Preferred stock dividends |
391 |
406 |
1,186 |
1,467 |
|||
Net income available |
|||||||
to common shareholders |
2,862 |
1,900 |
8,360 |
5,790 |
|||
Dividends per common share |
$ 0.05 |
$ 0.05 |
$ 0.15 |
$ 0.14 |
|||
Earnings per common share, |
|||||||
basic |
$ 0.36 |
$ 0.25 |
$ 1.07 |
$ 0.75 |
|||
diluted |
$ 0.30 |
$ 0.21 |
$ 0.87 |
$ 0.64 |
|||
Average shares outstanding, |
|||||||
basic |
7,843,578 |
7,707,917 |
7,815,222 |
7,707,917 |
|||
diluted |
10,921,823 |
10,904,848 |
10,917,159 |
10,904,848 |
|||
Selected financial ratios: |
|||||||
Return on average assets |
0.98% |
0.77% |
0.95% |
0.78% |
|||
Return on average equity |
10.66% |
8.00% |
10.72% |
8.55% |
|||
Dividend payout ratio |
12.06% |
16.71% |
12.28% |
14.87% |
|||
Net interest margin (tax equivalent) |
4.13% |
3.94% |
3.91% |
3.73% |
|||
Selected Balance Sheet Items |
|||
September 30, |
December 31, |
||
2015 |
2014 |
||
(unaudited) |
|||
Cash and due from financial institutions |
$ 33,619 |
$ 29,858 |
|
Investment securities |
198,655 |
197,905 |
|
Loans held for sale |
1,223 |
2,410 |
|
Loans |
1,000,275 |
914,857 |
|
Less allowance for loan losses |
14,760 |
14,268 |
|
Net loans |
985,515 |
900,589 |
|
Other securities |
13,324 |
12,586 |
|
Fixed assets |
16,200 |
14,400 |
|
Goodwill and other intangibles |
29,683 |
23,745 |
|
Bank owned life insurance |
19,987 |
19,637 |
|
Other assets |
15,125 |
12,061 |
|
Total assets |
$ 1,313,331 |
$ 1,213,191 |
|
Total deposits |
$ 1,055,959 |
$ 968,918 |
|
Federal Home Loan Bank advances |
72,200 |
65,200 |
|
Securities sold under agreements to repurchase |
20,887 |
21,613 |
|
Subordinated debentures |
29,427 |
29,427 |
|
Accrued expenses and other liabilities |
11,521 |
12,124 |
|
Total shareholders' equity |
123,337 |
115,909 |
|
Total liabilities and shareholders' equity |
$ 1,313,331 |
$ 1,213,191 |
|
Shares outstanding at period end |
7,843,578 |
7,707,917 |
|
Book value per share |
$ 12.88 |
$ 12.04 |
|
Tangible book value per share |
9.10 |
8.96 |
|
Equity to asset ratio |
9.39% |
9.55% |
|
Selected asset quality ratios: |
|||
Allowance for loan losses to total loans |
1.48% |
1.56% |
|
Non-performing assets to total assets |
1.09% |
1.57% |
|
Allowance for loan losses to non-performing loans |
106.57% |
77.18% |
|
Non-performing asset analysis |
|||
Nonaccrual loans |
$ 10,545 |
$ 13,558 |
|
Troubled debt restructurings |
3,305 |
4,928 |
|
Other real estate owned |
494 |
560 |
|
Total |
$ 14,344 |
$ 19,046 |
Average Balance Analysis |
|||||||
(Unaudited - Dollars in thousands except share data) |
|||||||
Nine Months Ended September 30, |
|||||||
2015 |
2014 |
||||||
Average |
Yield/ |
Average |
Yield/ |
||||
Assets: |
balance |
Interest |
rate * |
balance |
Interest |
rate * |
|
Interest-earning assets: |
|||||||
Loans |
$ 976,290 |
$ 33,271 |
4.56% |
$ 866,424 |
$ 29,850 |
4.61% |
|
Taxable securities |
140,311 |
2,439 |
2.36% |
152,311 |
2,610 |
2.31% |
|
Non-taxable securities |
70,779 |
1,917 |
5.73% |
62,544 |
1,750 |
5.83% |
|
Interest-bearing deposits in other banks |
56,499 |
98 |
0.23% |
69,728 |
137 |
0.26% |
|
Total interest-earning assets |
$ 1,243,879 |
37,725 |
4.18% |
$ 1,151,007 |
34,347 |
4.11% |
|
Noninterest-earning assets: |
|||||||
Cash and due from financial institutions |
38,735 |
40,540 |
|||||
Premises and equipment, net |
15,807 |
16,186 |
|||||
Accrued interest receivable |
4,261 |
4,070 |
|||||
Intangible assets |
28,214 |
24,218 |
|||||
Other assets |
10,282 |
8,513 |
|||||
Bank owned life insurance |
19,795 |
19,318 |
|||||
Less allowance for loan losses |
(14,676) |
(16,224) |
|||||
Total Assets |
$ 1,346,297 |
$ 1,247,628 |
|||||
Liabilities and Shareholders Equity: |
|||||||
Interest-bearing liabilities: |
|||||||
Demand and savings |
$ 544,569 |
$ 315 |
0.08% |
$ 500,560 |
$ 282 |
0.08% |
|
Time |
226,109 |
1,273 |
0.75% |
229,091 |
1,458 |
0.85% |
|
FHLB |
40,922 |
326 |
1.07% |
35,671 |
887 |
3.32% |
|
Federal funds purchased |
92 |
- |
0.00% |
55 |
- |
0.00% |
|
Subordinated debentures |
29,427 |
565 |
2.57% |
29,427 |
590 |
2.68% |
|
Repurchase Agreements |
19,183 |
15 |
0.10% |
19,167 |
15 |
0.10% |
|
Total interest-bearing liabilities |
$ 860,302 |
2,494 |
0.39% |
$ 813,971 |
3,232 |
0.53% |
|
Noninterest-bearing deposits |
353,002 |
309,345 |
|||||
Other liabilities |
13,881 |
10,865 |
|||||
Shareholders' Equity |
119,112 |
113,447 |
|||||
Total Liabilities and Shareholders' Equity |
$ 1,346,297 |
$ 1,247,628 |
|||||
Net interest income and interest rate spread |
$ 35,231 |
3.79% |
$ 31,115 |
3.58% |
|||
Net interest margin |
3.91% |
3.73% |
|||||
* - All yields and costs are presented on an annualized basis |
Average Balance Analysis |
|||||||
(Unaudited - Dollars in thousands except share data) |
|||||||
Three Months Ended September 30, |
|||||||
2015 |
2014 |
||||||
Average |
Yield/ |
Average |
Yield/ |
||||
Assets: |
balance |
Interest |
rate * |
balance |
Interest |
rate * |
|
Interest-earning assets: |
|||||||
Loans |
$ 1,009,372 |
$ 11,755 |
4.62% |
$ 883,459 |
$ 10,218 |
4.59% |
|
Taxable securities |
138,129 |
810 |
2.36% |
146,060 |
845 |
2.33% |
|
Non-taxable securities |
72,080 |
653 |
5.65% |
64,575 |
595 |
5.75% |
|
Interest-bearing deposits in other banks |
10,668 |
5 |
0.19% |
16,628 |
9 |
0.21% |
|
Total interest-earning assets |
$ 1,230,249 |
13,223 |
4.39% |
$ 1,110,722 |
11,667 |
4.30% |
|
Noninterest-earning assets: |
|||||||
Cash and due from financial institutions |
23,793 |
21,698 |
|||||
Premises and equipment, net |
16,338 |
15,297 |
|||||
Accrued interest receivable |
4,330 |
3,987 |
|||||
Intangible assets |
29,589 |
24,026 |
|||||
Other assets |
10,574 |
7,123 |
|||||
Bank owned life insurance |
19,910 |
19,442 |
|||||
Less allowance for loan losses |
(14,983) |
(15,721) |
|||||
Total Assets |
$ 1,319,800 |
$ 1,186,574 |
|||||
Liabilities and Shareholders Equity: |
|||||||
Interest-bearing liabilities: |
|||||||
Demand and savings |
$ 552,899 |
$ 108 |
0.08% |
$ 501,765 |
$ 94 |
0.08% |
|
Time |
220,726 |
405 |
0.73% |
226,483 |
458 |
0.80% |
|
FHLB |
62,057 |
111 |
0.71% |
31,705 |
236 |
2.95% |
|
Federal funds purchased |
272 |
- |
0.00% |
162 |
- |
0.00% |
|
Subordinated debentures |
29,427 |
192 |
2.59% |
29,427 |
190 |
2.56% |
|
Repurchase Agreements |
20,044 |
5 |
0.10% |
17,045 |
5 |
0.12% |
|
Total interest-bearing liabilities |
$ 885,425 |
821 |
0.37% |
$ 806,587 |
983 |
0.48% |
|
Noninterest-bearing deposits |
300,305 |
257,903 |
|||||
Other liabilities |
13,013 |
7,722 |
|||||
Shareholders' Equity |
121,057 |
114,362 |
|||||
Total Liabilities and Shareholders' Equity |
$ 1,319,800 |
$ 1,186,574 |
|||||
Net interest income and interest rate spread |
$ 12,402 |
4.02% |
$ 10,684 |
3.82% |
|||
Net interest margin |
4.13% |
3.94% |
|||||
* - All yields and costs are presented on an annualized basis |
Supplemental Financial Information |
|||||||||
(Unaudited - Dollars in thousands except share data) |
|||||||||
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|||||
End of Period Balances |
2015 |
2015 |
2015 |
2014 |
2014 |
||||
Assets |
|||||||||
Cash and due from banks |
$ 33,619 |
$ 35,092 |
$ 142,339 |
$ 29,858 |
$ 24,128 |
||||
Securities available for sale |
198,655 |
197,429 |
199,693 |
197,905 |
200,891 |
||||
Loans held for sale |
1,223 |
4,034 |
2,919 |
2,410 |
1,399 |
||||
Loans |
1,000,275 |
1,002,917 |
984,105 |
914,857 |
887,018 |
||||
Allowance for loan losses |
(14,760) |
(14,707) |
(14,315) |
(14,268) |
(15,445) |
||||
Net Loans |
985,515 |
988,210 |
969,790 |
900,589 |
871,573 |
||||
Other securities |
13,324 |
13,261 |
13,400 |
12,586 |
12,554 |
||||
Fixed assets |
16,200 |
16,308 |
16,163 |
14,400 |
14,471 |
||||
Goodwill and other intangibles |
29,683 |
29,608 |
29,790 |
23,745 |
23,900 |
||||
Bank owned life insurance |
19,987 |
19,870 |
19,754 |
19,637 |
19,518 |
||||
Other assets |
15,125 |
13,460 |
13,391 |
12,061 |
13,565 |
||||
Total Assets |
$ 1,313,331 |
$ 1,317,272 |
$ 1,407,239 |
$ 1,213,191 |
$ 1,181,999 |
||||
Liabilities |
|||||||||
Total Deposits |
$ 1,055,959 |
$ 1,075,806 |
$ 1,197,316 |
$ 968,918 |
$ 980,634 |
||||
Federal Home Loan Bank advances |
72,200 |
55,300 |
17,500 |
65,200 |
26,200 |
||||
Securities sold under agreement to repurchase |
20,887 |
17,460 |
21,488 |
21,613 |
20,128 |
||||
Subordinated debentures |
29,427 |
29,427 |
29,427 |
29,427 |
29,427 |
||||
Accrued expenses and other liabilities |
11,521 |
19,257 |
22,581 |
12,124 |
9,727 |
||||
Total liabilities |
1,189,994 |
1,197,250 |
1,288,312 |
1,097,282 |
1,066,116 |
||||
Shareholders' equity |
|||||||||
Preferred shares, Series B |
22,273 |
22,273 |
22,309 |
23,132 |
23,132 |
||||
Common Stock |
115,267 |
115,248 |
115,193 |
114,365 |
114,365 |
||||
Accumulated deficit |
2,884 |
414 |
(1,924) |
(4,306) |
(5,785) |
||||
Treasury stock |
(17,235) |
(17,235) |
(17,235) |
(17,235) |
(17,235) |
||||
Accumulated other comprehensive income (loss) |
148 |
(678) |
584 |
(47) |
1,406 |
||||
Total shareholders' equity |
123,337 |
120,022 |
118,927 |
115,909 |
115,883 |
||||
Total liabilities and shareholders' equity |
$ 1,313,331 |
$ 1,317,272 |
$ 1,407,239 |
$ 1,213,191 |
$ 1,181,999 |
||||
Quarterly Average Balances |
|||||||||
Assets: |
|||||||||
Earning assets |
$ 1,230,249 |
$ 1,246,731 |
$ 1,254,924 |
$ 1,116,900 |
$ 1,110,722 |
||||
Securities |
210,209 |
211,553 |
211,521 |
211,955 |
210,635 |
||||
Loans |
1,009,372 |
991,487 |
927,105 |
898,197 |
883,459 |
||||
Liabilities and shareholders' equity |
|||||||||
Total deposits |
$ 1,073,930 |
$ 1,133,432 |
$ 1,164,674 |
$ 987,803 |
$ 986,151 |
||||
Interest-bearing deposits |
773,625 |
788,191 |
749,959 |
727,424 |
728,248 |
||||
Interest-bearing liabilities |
111,797 |
72,687 |
84,079 |
79,314 |
78,339 |
||||
Total shareholders' equity |
121,057 |
119,212 |
117,021 |
116,695 |
114,362 |
Supplemental Financial Information |
|||||||||
(Unaudited - Dollars in thousands except share data) |
|||||||||
Three Months Ended |
|||||||||
September 30, |
June 30, |
March 31, |
December 31, |
September 30, |
|||||
Income statement |
2015 |
2015 |
2015 |
2014 |
2014 |
||||
Total interest income |
$ 13,223 |
$ 12,740 |
$ 11,762 |
$ 11,623 |
$ 11,667 |
||||
Total interest expense |
821 |
824 |
847 |
872 |
983 |
||||
Net interest income |
12,402 |
11,916 |
10,915 |
10,751 |
10,684 |
||||
Provision for loan losses |
400 |
400 |
400 |
- |
- |
||||
Noninterest income |
3,076 |
3,652 |
4,402 |
2,858 |
3,012 |
||||
Noninterest expense |
10,666 |
10,933 |
10,603 |
10,482 |
10,661 |
||||
Income before taxes |
4,412 |
4,235 |
4,314 |
3,127 |
3,035 |
||||
Income tax expense |
1,159 |
1,113 |
1,143 |
857 |
729 |
||||
Net income |
3,253 |
3,122 |
3,171 |
2,270 |
2,306 |
||||
Preferred stock dividends |
391 |
391 |
404 |
406 |
406 |
||||
Net income available to common shareholders |
$ 2,862 |
$ 2,731 |
$ 2,767 |
$ 1,864 |
$ 1,900 |
||||
Common stock dividend paid |
$ 392 |
$ 392 |
$ 385 |
$ 385 |
$ 385 |
||||
Per share data |
|||||||||
Basic net income per common share |
$ 0.36 |
$ 0.35 |
$ 0.36 |
$ 0.23 |
$ 0.25 |
||||
Diluted net income per common share |
0.30 |
0.29 |
0.29 |
0.21 |
0.21 |
||||
Dividends per common share |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
||||
Average common shares outstanding - basic |
7,843,578 |
7,842,159 |
7,758,998 |
7,707,917 |
7,707,917 |
||||
Average common shares outstanding - diluted |
10,921,823 |
10,921,824 |
10,907,674 |
10,904,848 |
10,904,848 |
||||
Asset quality |
|||||||||
Allowance for loan losses, beginning of period |
$ 14,707 |
$ 14,315 |
$ 14,268 |
$ 15,445 |
$ 15,395 |
||||
Charge-offs |
(634) |
(305) |
(585) |
(1,341) |
(456) |
||||
Recoveries |
287 |
297 |
232 |
164 |
506 |
||||
Provision |
400 |
400 |
400 |
- |
- |
||||
Allowance for loan losses, end of period |
$ 14,760 |
$ 14,707 |
$ 14,315 |
$ 14,268 |
$ 15,445 |
||||
Ratios |
|||||||||
Allowance to total loans |
1.48% |
1.47% |
1.45% |
1.56% |
1.74% |
||||
Allowance to nonperforming assets |
102.90% |
86.33% |
74.69% |
74.91% |
73.92% |
||||
Allowance to nonperforming loans |
106.57% |
88.80% |
76.81% |
77.18% |
74.88% |
||||
Nonperforming assets |
|||||||||
Nonperforming loans |
$ 13,851 |
$ 16,562 |
$ 18,638 |
$ 18,486 |
$ 20,628 |
||||
Other real estate owned |
494 |
474 |
528 |
560 |
266 |
||||
Total nonperforming assets |
$ 14,345 |
$ 17,036 |
$ 19,166 |
$ 19,046 |
$ 20,894 |
||||
Capital and liquidity |
|||||||||
Tier 1 leverage ratio |
9.68% |
9.38% |
8.91% |
10.29% |
10.28% |
||||
Tier 1 risk-based capital ratio |
12.47% |
12.20% |
12.10% |
13.44% |
13.77% |
||||
Total risk-based capital ratio |
13.72% |
13.45% |
13.35% |
14.70% |
15.03% |
||||
Tangible common equity ratio |
5.56% |
5.29% |
4.79% |
5.80% |
5.95% |
SOURCE Civista Bancshares, Inc.
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