Civista Bancshares, Inc. Announces Strong First Quarter 2016 Earnings
SANDUSKY, Ohio, April 22, 2016 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") reported net income attributable to common shares of $4.3 million, or $0.43 per diluted share, for the first quarter of 2016, compared with $2.8 million, or $0.29 per diluted share, for the prior year period.
"We increased our first quarter 2016 diluted earnings per share by 48% over the same quarter in 2015. We have also seen the impact of organic and acquisitive growth now that a year has passed since the Dayton acquisition. We have improved noninterest income, primarily due to the large portion of the tax refund processing fees in the first quarter. At the same time, noninterest expenses have increased modestly, largely attributable to growth and the merger." said James O. Miller, Chairman, President and CEO of Civista.
Results of Operations:
Net interest income for the first quarter of 2016 increased $1.3 million, or 12.1% compared to the same period of 2015. The increase in net interest income for the quarter was due both to an increase in average loans outstanding as well as a decrease in cost of funds. Tax equivalent net interest margin was 3.53% for the first quarter, compared to 3.65% for the same period a year ago. Net interest margin was reduced in both periods due to the impact of additional interest-earning cash on deposit related to the tax refund processing program. Average cash related to the tax refund processing program in the first quarter 2016 and 2015 was $216 million and $111 million, respectively. The reduction to net interest margin was 54 basis points in 2016 and 34 basis points in 2015.
Mr. Miller continued, "Our net interest margin is consistently lower in the first quarter due to the amount of cash the tax refund processing program generates. In spite of the current rate environment, we have maintained a strong core net interest margin, kept our asset duration under two years and have not diluted our lending standards."
| Summary Average Balance Sheet |
|||||||||||
| (Tax-equivalent basis / dollars in thousands) |
|||||||||||
| Three months ended March 31, |
|||||||||||
| 2016 |
2015 |
||||||||||
| Average |
Interest |
Yield / |
Average |
Interest |
Yield / |
||||||
| Assets |
|||||||||||
| Loans |
$ 1,000,720 |
$ 11,317 |
4.55% |
$ 927,105 |
$ 10,246 |
4.49% |
|||||
| Securities |
211,995 |
1,456 |
3.54% |
211,521 |
1,456 |
3.54% |
|||||
| Interest-bearing deposits |
227,738 |
280 |
0.49% |
116,298 |
60 |
0.21% |
|||||
| Total interest earning assets |
$ 1,440,453 |
$ 13,053 |
3.76% |
$ 1,254,924 |
$ 11,762 |
3.93% |
|||||
| Liabilities |
|||||||||||
| Int-bearing demand and savings |
$ 556,240 |
$ 113 |
0.08% |
$ 525,363 |
$ 98 |
0.08% |
|||||
| Time deposits |
209,550 |
377 |
0.72% |
224,596 |
444 |
0.80% |
|||||
| FHLB advances and other borrowings |
91,724 |
328 |
1.44% |
84,079 |
305 |
1.47% |
|||||
| Total interest-bearing liabilities |
$ 857,514 |
$ 818 |
0.38% |
$ 834,038 |
$ 847 |
0.41% |
|||||
| Noninterest-bearing deposits |
$ 608,085 |
$ 414,715 |
|||||||||
| Net interest income and interest rate spread |
$ 12,235 |
3.38% |
$ 10,915 |
3.52% |
|||||||
| Net interest margin |
3.53% |
3.65% |
|||||||||
The provision for loan losses was $400 thousand in the first quarter of 2015 while no provision was made during the first quarter of 2016. The decrease in provision for loan losses for the three months of 2016 is due to improved asset quality, compared to the same period a year ago. Management believes the level of reserve for loan losses is adequate.
During the quarter, noninterest income totaled $5.3 million, an increase of $858 thousand, or 19.5%, compared to the prior year's first quarter.
| Noninterest income |
|||
| (dollars in thousands) |
Three months ended |
||
| 2016 |
2015 |
||
| Service charges |
$ 1,129 |
$ 1,055 |
|
| Net gain on sale of securities |
(5) |
- |
|
| Net gain on sale of loans |
394 |
204 |
|
| ATM fees |
508 |
449 |
|
| Trust fees |
634 |
767 |
|
| Tax refund processing fees |
2,200 |
1,600 |
|
| Other |
400 |
327 |
|
| Total noninterest income |
$ 5,260 |
$ 4,402 |
|
Service charge income increased in the first quarter, 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 mortgage loans increased $190 thousand due to additional volume of mortgage loans sold as well as an increase in the related premium. Trust fees decreased $133 thousand due to a decrease in trust assets. Tax refund processing fees increased $600 thousand, or 37.5% when compared to the three months of 2015, due to an increase in the volume of refunds processed.
Noninterest expense totaled $10.9 million, an increase of $304 thousand, or 2.9%, compared to the prior year's first quarter.
| Noninterest expense |
|||
| (dollars in thousands) |
Three months ended |
||
| 2016 |
2015 |
||
| Salaries, Wages and benefits |
$ 6,324 |
$ 5,899 |
|
| Net occupancy and equipment |
927 |
987 |
|
| Contracted data processing |
355 |
448 |
|
| Taxes and assessments |
470 |
476 |
|
| Professional services |
501 |
456 |
|
| Amortization of intangible assets |
183 |
142 |
|
| Marketing |
287 |
236 |
|
| Other |
1,860 |
1,959 |
|
| Total noninterest expense |
$ 10,907 |
$ 10,603 |
|
Salaries, wages and benefits expense increased $425 thousand for the first quarter of 2016 compared to the same period of 2015. The increase in salaries, wages and benefits expense was primarily due to the addition of TCNB employees, as well as normal merit increases.
The efficiency ratio improved to 60.1% in the first quarter of 2016 compared to 66.9% for the first quarter of 2015. The improvement in the efficiency ratio is due to the increase in net interest income, as well as the increase in noninterest income, partially offset by a modest increase in noninterest expense.
Mr. Miller continued, "While we have had success increasing revenues, the success we have had in minimizing costs is also important in our increase in net income. We added three offices in the acquisition of TCNB, added loans and increased mortgage production. At the same time we were successful in limiting the increase of costs to less than 3%."
Balance Sheet
Total assets increased $191.9 million, or 14.6%, from December 31, 2015 to March 31, 2016. This was due primarily to the additional cash balances related to the tax refund processing program. Total tax refund processing related cash was $239.2 million, compared to $22.1 million at year-end.
Total loans increased $4.3 million or 0.4% from December 31, 2015 to March 31, 2016. The increase in total loans is due to increased Residential Real Estate and Real Estate Construction lending, offset by declines in our other lending segments.
| End of period loan balances |
|||
| (dollars in thousands) |
|||
| March 31, |
December 31, |
||
| 2016 |
2015 |
||
| Commercial and Agriculture |
$ 122,207 |
$ 124,402 |
|
| Commercial Real Estate - Owner Occupied |
166,859 |
167,897 |
|
| Commercial Real Estate - Non-owner Occupied |
344,717 |
348,439 |
|
| Residential Real Estate |
243,835 |
236,338 |
|
| Real Estate Construction |
64,176 |
58,898 |
|
| Farm Real Estate |
44,960 |
46,993 |
|
| Consumer and Other |
19,049 |
18,560 |
|
| Total Loans |
$ 1,005,803 |
$ 1,001,527 |
Jim Miller continued, "While we had a very modest increase in loans for the first quarter of 2016, we normally experience seasonal run-off of Agriculture loans during this period."
Total deposits increased $227.7 million, or 21.6%, from December 31, 2015 to March 31, 2016. This was due primarily to the additional cash balances related to the tax refund processing program.
| End of period deposit balances |
|||
| (dollars in thousands) |
|||
| March 31, |
December 31, |
||
| 2016 |
2015 |
||
| Noninterest-bearing demand |
$ 511,024 |
$ 300,615 |
|
| Interest-bearing demand |
190,815 |
176,303 |
|
| Savings and money market |
373,389 |
364,067 |
|
| Time deposits |
204,552 |
211,048 |
|
| Total Deposits |
$ 1,279,780 |
$ 1,052,033 |
|
Total shareholder's equity increased $5.4 million, or 4.3%, from December 31, 2015 to March 31, 2016 primarily due to increased retained earnings of $3.9 million and a $1.3 million increase in other comprehensive income related to unrealized gains in the investment portfolio.
Asset Quality
Nonperforming assets at March 31, 2016 were $15.5 million, a $2.2 million increase from December 31, 2015, primarily due to two loan relationships. The Company recorded net recoveries of $72 thousand for the first quarter of 2016 compared to net charge-offs of $353 thousand for the same period of 2015.
| Non-performing Assets |
|||
| (dollars in thousands) |
March 31, |
December 31, |
|
| 2016 |
2015 |
||
| Non-accrual loans |
$ 11,252 |
$ 9,890 |
|
| Restructured loans |
4,191 |
3,294 |
|
| Total non-performing loans |
15,443 |
13,184 |
|
| Other Real Estate Owned |
56 |
116 |
|
| Total non-performing assets |
$ 15,499 |
$ 13,300 |
Civista Bancshares, Inc. is a $1.5 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, 2015. 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 |
|||
| March 31, |
|||
| (unaudited) |
|||
| 2016 |
2015 |
||
| Interest income |
13,053 |
11,762 |
|
| Interest expense |
818 |
847 |
|
| Net interest income |
12,235 |
10,915 |
|
| Provision for loan losses |
- |
400 |
|
| Net interest income after provision |
12,235 |
10,515 |
|
| Noninterest income |
5,260 |
4,402 |
|
| Noninterest expense |
10,907 |
10,603 |
|
| Income before taxes |
6,588 |
4,314 |
|
| Income tax expense |
1,863 |
1,143 |
|
| Net income |
4,725 |
3,171 |
|
| Preferred stock dividends |
391 |
404 |
|
| Net income available |
|||
| to common shareholders |
4,334 |
2,767 |
|
| Dividends per common share |
$ 0.05 |
$ 0.05 |
|
| Earnings per common share, |
|||
| basic |
$ 0.55 |
$ 0.36 |
|
| diluted |
$ 0.43 |
$ 0.29 |
|
| Average shares outstanding, |
|||
| basic |
7,860,716 |
7,758,998 |
|
| diluted |
10,938,961 |
10,907,674 |
|
| Selected financial ratios: |
|||
| Return on average assets |
1.17% |
0.93% |
|
| Return on average equity |
14.97% |
10.99% |
|
| Dividend payout ratio |
8.32% |
12.23% |
|
| Net interest margin (tax equivalent) |
3.53% |
3.65% |
|
| Selected Balance Sheet Items |
|||
| March 31, |
December 31, |
||
| 2016 |
2015 |
||
| (unaudited) |
(unaudited) |
||
| Cash and due from financial institutions |
$ 214,407 |
$ 35,561 |
|
| Investment securities |
201,786 |
196,249 |
|
| Loans held for sale |
2,193 |
2,698 |
|
| Loans |
1,005,803 |
1,001,527 |
|
| Less allowance for loan losses |
14,433 |
14,361 |
|
| Net loans |
991,370 |
987,166 |
|
| Other securities |
13,550 |
13,452 |
|
| Fixed assets |
16,773 |
16,944 |
|
| Goodwill and other intangibles |
29,337 |
29,504 |
|
| Bank owned life insurance |
23,218 |
20,104 |
|
| Other assets |
14,262 |
13,363 |
|
| Total assets |
$ 1,506,896 |
$ 1,315,041 |
|
| Total deposits |
$ 1,279,780 |
$ 1,052,033 |
|
| Federal Home Loan Bank advances |
17,500 |
71,200 |
|
| Securities sold under agreements to repurchase |
24,272 |
25,040 |
|
| Subordinated debentures |
29,427 |
29,427 |
|
| Accrued expenses and other liabilities |
25,377 |
12,168 |
|
| Total shareholders' equity |
130,540 |
125,173 |
|
| Total liabilities and shareholders' equity |
$ 1,506,896 |
$ 1,315,041 |
|
| Shares outstanding at period end |
7,875,172 |
7,843,578 |
|
| Book value per share |
$ 13.75 |
$ 13.12 |
|
| Tangible book value per share |
10.02 |
9.36 |
|
| Equity to asset ratio |
8.66% |
9.52% |
|
| Selected asset quality ratios: |
|||
| Allowance for loan losses to total loans |
1.43% |
1.43% |
|
| Non-performing assets to total assets |
1.03% |
1.01% |
|
| Allowance for loan losses to non-performing loans |
93.46% |
108.93% |
|
| Non-performing asset analysis |
|||
| Nonaccrual loans |
$ 11,252 |
$ 9,890 |
|
| Troubled debt restructurings |
4,191 |
3,294 |
|
| Other real estate owned |
56 |
116 |
|
| Total |
$ 15,499 |
$ 13,300 |
|
| Average Balance Analysis |
|||||||
| (Unaudited - Dollars in thousands except share data) |
|||||||
| Three Months Ended March 31, |
|||||||
| 2016 |
2015 |
||||||
| Average |
Yield/ |
Average |
Yield/ |
||||
| Assets: |
balance |
Interest |
rate * |
balance |
Interest |
rate * |
|
| Interest-earning assets: |
|||||||
| Loans |
$ 1,000,720 |
$ 11,317 |
4.55% |
$ 927,105 |
$ 10,246 |
4.49% |
|
| Taxable securities |
137,795 |
801 |
2.38% |
141,902 |
832 |
2.42% |
|
| Non-taxable securities |
74,200 |
655 |
5.69% |
69,619 |
624 |
5.82% |
|
| Interest-bearing deposits in other banks |
227,738 |
280 |
0.49% |
116,298 |
60 |
0.21% |
|
| Total interest-earning assets |
$ 1,440,453 |
13,053 |
3.76% |
$ 1,254,924 |
11,762 |
3.93% |
|
| Noninterest-earning assets: |
|||||||
| Cash and due from financial institutions |
114,551 |
66,687 |
|||||
| Premises and equipment, net |
16,871 |
15,407 |
|||||
| Accrued interest receivable |
4,019 |
3,885 |
|||||
| Intangible assets |
29,447 |
24,760 |
|||||
| Other assets |
9,906 |
9,512 |
|||||
| Bank owned life insurance |
21,562 |
19,678 |
|||||
| Less allowance for loan losses |
(14,504) |
(14,446) |
|||||
| Total Assets |
$ 1,622,305 |
$ 1,380,407 |
|||||
| Liabilities and Shareholders Equity: |
|||||||
| Interest-bearing liabilities: |
|||||||
| Demand and savings |
$ 556,240 |
$ 113 |
0.08% |
$ 525,363 |
$ 98 |
0.08% |
|
| Time |
209,550 |
377 |
0.72% |
224,596 |
444 |
0.80% |
|
| FHLB |
38,436 |
110 |
1.15% |
34,447 |
121 |
1.42% |
|
| Subordinated debentures |
29,427 |
212 |
2.90% |
29,427 |
179 |
2.47% |
|
| Repurchase Agreements |
23,861 |
6 |
0.10% |
20,205 |
5 |
0.10% |
|
| Total interest-bearing liabilities |
$ 857,514 |
818 |
0.38% |
$ 834,038 |
847 |
0.41% |
|
| Noninterest-bearing deposits |
608,085 |
414,715 |
|||||
| Other liabilities |
29,730 |
14,633 |
|||||
| Shareholders' Equity |
126,976 |
117,021 |
|||||
| Total Liabilities and Shareholders' Equity |
$ 1,622,305 |
$ 1,380,407 |
|||||
| Net interest income and interest rate spread |
$ 12,235 |
3.38% |
$ 10,915 |
3.52% |
|||
| Net interest margin |
3.53% |
3.65% |
|||||
| * - All yields and costs are presented on an annualized basis |
|||||||
| Supplemental Financial Information |
|||||||||
| (Unaudited - Dollars in thousands except share data) |
|||||||||
| March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|||||
| End of Period Balances |
2016 |
2015 |
2015 |
2015 |
2015 |
||||
| Assets |
|||||||||
| Cash and due from banks |
$ 214,407 |
$ 35,561 |
$ 33,619 |
$ 35,092 |
$ 142,339 |
||||
| Securities available for sale |
201,786 |
196,249 |
198,655 |
197,429 |
199,693 |
||||
| Loans held for sale |
2,193 |
2,698 |
1,223 |
4,034 |
2,919 |
||||
| Loans |
1,005,803 |
1,001,527 |
1,000,275 |
1,002,917 |
984,105 |
||||
| Allowance for loan losses |
(14,433) |
(14,361) |
(14,760) |
(14,707) |
(14,315) |
||||
| Net Loans |
991,370 |
987,166 |
985,515 |
988,210 |
969,790 |
||||
| Other securities |
13,550 |
13,452 |
13,324 |
13,261 |
13,400 |
||||
| Fixed assets |
16,773 |
16,944 |
16,200 |
16,308 |
16,163 |
||||
| Goodwill and other intangibles |
29,337 |
29,504 |
29,683 |
29,608 |
29,790 |
||||
| Bank owned life insurance |
23,218 |
20,104 |
19,987 |
19,870 |
19,754 |
||||
| Other assets |
14,262 |
13,363 |
15,125 |
13,460 |
13,391 |
||||
| Total Assets |
$ 1,506,896 |
$ 1,315,041 |
$ 1,313,331 |
$ 1,317,272 |
$ 1,407,239 |
||||
| Liabilities |
|||||||||
| Total Deposits |
$ 1,279,780 |
$ 1,052,033 |
$ 1,055,959 |
$ 1,075,806 |
$ 1,197,316 |
||||
| Federal Home Loan Bank advances |
17,500 |
71,200 |
72,200 |
55,300 |
17,500 |
||||
| Securities sold under agreement to repurchase |
24,272 |
25,040 |
20,887 |
17,460 |
21,488 |
||||
| Subordinated debentures |
29,427 |
29,427 |
29,427 |
29,427 |
29,427 |
||||
| Accrued expenses and other liabilities |
25,377 |
12,168 |
11,521 |
19,257 |
22,581 |
||||
| Total liabilities |
1,376,356 |
1,189,868 |
1,189,994 |
1,197,250 |
1,288,312 |
||||
| Shareholders' equity |
|||||||||
| Preferred shares, Series B |
22,273 |
22,273 |
22,273 |
22,273 |
22,309 |
||||
| Common Stock |
115,442 |
115,330 |
115,267 |
115,248 |
115,193 |
||||
| Accumulated earnings (deficit) |
9,242 |
5,300 |
2,884 |
414 |
(1,924) |
||||
| Treasury stock |
(17,235) |
(17,235) |
(17,235) |
(17,235) |
(17,235) |
||||
| Accumulated other comprehensive income (loss) |
818 |
(495) |
148 |
(678) |
584 |
||||
| Total shareholders' equity |
130,540 |
125,173 |
123,337 |
120,022 |
118,927 |
||||
| Total liabilities and shareholders' equity |
$ 1,506,896 |
$ 1,315,041 |
$ 1,313,331 |
$ 1,317,272 |
$ 1,407,239 |
||||
| Quarterly Average Balances |
|||||||||
| Assets: |
|||||||||
| Earning assets |
$ 1,440,453 |
$ 1,218,797 |
$ 1,230,249 |
$ 1,246,731 |
$ 1,254,924 |
||||
| Securities |
211,995 |
212,463 |
210,209 |
211,553 |
211,521 |
||||
| Loans |
1,000,720 |
996,861 |
1,009,372 |
991,487 |
927,105 |
||||
| Liabilities and shareholders' equity |
|||||||||
| Total deposits |
$ 1,373,875 |
$ 1,059,271 |
$ 1,073,930 |
$ 1,133,432 |
$ 1,164,674 |
||||
| Interest-bearing deposits |
765,790 |
756,422 |
773,625 |
788,191 |
749,959 |
||||
| Interest-bearing liabilities |
91,724 |
111,481 |
111,797 |
72,687 |
84,079 |
||||
| Total shareholders' equity |
126,976 |
124,025 |
121,057 |
119,212 |
117,021 |
||||
| Supplemental Financial Information |
|||||||||
| (Unaudited - Dollars in thousands except share data) |
|||||||||
| Three Months Ended |
|||||||||
| March 31, |
December 31, |
September 30, |
June 30, |
March 31, |
|||||
| Income statement |
2016 |
2015 |
2015 |
2015 |
2015 |
||||
| Total interest income |
$ 13,053 |
$ 12,976 |
$ 13,223 |
$ 12,740 |
$ 11,762 |
||||
| Total interest expense |
818 |
815 |
821 |
824 |
847 |
||||
| Net interest income |
12,235 |
12,161 |
12,402 |
11,916 |
10,915 |
||||
| Provision for loan losses |
- |
- |
400 |
400 |
400 |
||||
| Noninterest income |
5,260 |
3,146 |
3,076 |
3,652 |
4,402 |
||||
| Noninterest expense |
10,907 |
10,741 |
10,666 |
10,933 |
10,603 |
||||
| Income before taxes |
6,588 |
4,566 |
4,412 |
4,235 |
4,314 |
||||
| Income tax expense |
1,863 |
1,367 |
1,159 |
1,113 |
1,143 |
||||
| Net income |
4,725 |
3,199 |
3,253 |
3,122 |
3,171 |
||||
| Preferred stock dividends |
391 |
391 |
391 |
391 |
404 |
||||
| Net income available to common shareholders |
$ 4,334 |
$ 2,808 |
$ 2,862 |
$ 2,731 |
$ 2,767 |
||||
| Common stock dividend paid |
$ 393 |
$ 392 |
$ 392 |
$ 392 |
$ 385 |
||||
| Per share data |
|||||||||
| Basic net income per common share |
$ 0.55 |
$ 0.36 |
$ 0.36 |
$ 0.35 |
$ 0.36 |
||||
| Diluted net income per common share |
0.43 |
0.29 |
0.30 |
0.29 |
0.29 |
||||
| Dividends per common share |
0.05 |
0.05 |
0.05 |
0.05 |
0.05 |
||||
| Average common shares outstanding - basic |
7,860,716 |
7,843,578 |
7,843,578 |
7,842,159 |
7,758,998 |
||||
| Average common shares outstanding - diluted |
10,938,961 |
10,921,823 |
10,921,823 |
10,921,824 |
10,907,674 |
||||
| Asset quality |
|||||||||
| Allowance for loan losses, beginning of period |
$ 14,361 |
$ 14,760 |
$ 14,707 |
$ 14,315 |
$ 14,268 |
||||
| Charge-offs |
(126) |
(525) |
(634) |
(305) |
(585) |
||||
| Recoveries |
198 |
126 |
287 |
297 |
232 |
||||
| Provision |
- |
- |
400 |
400 |
400 |
||||
| Allowance for loan losses, end of period |
$ 14,433 |
$ 14,361 |
$ 14,760 |
$ 14,707 |
$ 14,315 |
||||
| Ratios |
|||||||||
| Allowance to total loans |
1.43% |
1.43% |
1.48% |
1.47% |
1.45% |
||||
| Allowance to nonperforming assets |
93.12% |
107.98% |
102.90% |
86.33% |
74.69% |
||||
| Allowance to nonperforming loans |
93.46% |
108.93% |
106.57% |
88.80% |
76.81% |
||||
| Nonperforming assets |
|||||||||
| Nonperforming loans |
$ 15,443 |
$ 13,184 |
$ 13,851 |
$ 16,562 |
$ 18,638 |
||||
| Other real estate owned |
56 |
116 |
494 |
474 |
528 |
||||
| Total nonperforming assets |
$ 15,499 |
$ 13,300 |
$ 14,345 |
$ 17,036 |
$ 19,166 |
||||
| Capital and liquidity |
|||||||||
| Tier 1 leverage ratio |
8.24% |
9.96% |
9.68% |
9.38% |
8.91% |
||||
| Tier 1 risk-based capital ratio |
12.52% |
12.70% |
12.47% |
12.20% |
12.10% |
||||
| Total risk-based capital ratio |
13.77% |
13.96% |
13.72% |
13.45% |
13.35% |
||||
| Tangible common equity ratio |
5.34% |
5.71% |
5.56% |
5.29% |
4.79% |
||||
SOURCE Civista Bancshares, Inc.
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