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First Citizens Banc Corp Announces Fourth Quarter and Full Year 2014 Earnings


News provided by

First Citizens Banc Corp

Jan 23, 2015, 08:20 ET

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SANDUSKY, Ohio, Jan. 23, 2015 /PRNewswire/ -- First Citizens Banc Corp (NASDAQ: FCZA) PRNewswire ("First Citizens") reported net income attributable to common shares of $2.3 million, or $0.21 per share, diluted, for the fourth quarter of 2014, an increase of 117.7% compared with $1.0 million, or $0.09 per share, diluted, for the prior year period.  For the year ended December 31, 2014, First Citizens reported net income available to common shareholders of $7.7 million or $0.85 per share, diluted, an increase of 52.5% compared to $5.0 million, or $0.64 per share, diluted, in the same period of 2013.

"The 2014 year was a busy and successful one for First Citizens.  We repaid our preferred stock from the U.S. Treasury's Capital Purchase Program, closed four branches, announced the agreement for the acquisition of TCNB Financial in Dayton, reduced non-performing assets 26.4% and, during the same period, increased our loans by 6.2%.  We also added person to person payments, mobile deposit and several mortgage banking products.  Our shareholders enjoyed a total return of 61.1% on our stock during 2014," said James O. Miller, Chairman, President and CEO of First Citizens.  

Results of Operations:

Net interest income for the fourth quarter of 2014 increased $461 thousand, or 4.5%, from the prior year's fourth quarter and increased $1.9 million, or 4.7% for the year ended December 31, 2014, when compared to the same period of 2013.  Interest income increased $180 thousand, or 1.6%, for the fourth quarter and $1.1 million, or 2.4%, for the year ended December 31, 2014.  The increase in interest income was due primarily to an increase in average loans outstanding of $63.4 million, or 7.6% and $55.3 million, or 6.7% for the three- and twelve-month periods, respectively.  The increase in average loans was partially offset by decreased loan yield of 21 basis points and 16 basis points for the respective three- and twelve-month periods during 2013.  Interest expense decreased $281 thousand or 24.4% and $803 thousand, or 16.4% for the three and twelve months ended December 31, 2014.  Net interest margin for the twelve months of 2014 and the twelve months of 2013 was 3.79%.  Mr. Miller continued, "We are pleased that we have enjoyed loan growth and a stable margin in spite of this interest rate environment. This was accomplished without jeopardizing our lending standards and our desire to encourage variable rate or limited fixed rate financing. Our asset duration continues to be less than two years."

For the year ended 2014, the provision for loan losses increased $400 thousand, or 36.4%, compared to the same period last year.  Net charge-offs totaled $3.8 million for year 2014 compared to $4.3 million for the same period in 2013.   

Noninterest income decreased $81 thousand, or 2.8%, compared to the prior year's fourth quarter but increased $1.8 million, or 15.0%, when 2014 is compared to the twelve months of 2013.  The increase in the twelve-month period was primarily due to an increase fee income related to income tax refund processing.  Tax refund processing fees were up $1.9 million, or 440.5% for the twelve months of 2014 compared to the same period a year ago, due to increased volume of returns processed.  Wealth management revenue increased $70 thousand, or 10.5%, for the three-month period ended December 31 compared to the same period in 2013 and increased $503 thousand, or 19.1%, for the twelve-month period ended December 31 compared to the same period in 2013.  The increase in wealth management revenue is due to both an increase in asset valuations as well as an increase in accounts.  These factors were offset by a $ 46.3 million decrease in assets related to First Citizens' resignation as trustee for out-of-area accounts inherited from a previous acquisition.  The out-of-area accounts were lower yielding accounts and the lost revenue was more than offset by increased revenue related to other assets under management.  At $463.6 million, assets under management decreased by less than 1.0% from the end of 2013, however, in-market assets increased $41.8 million or 9.9% from the end of 2013.    

Noninterest expense decreased $1.6 million, or 13.3%, when compared to the prior year's fourth quarter and $1.8 million, or 4.2%, when compared to the twelve months of 2013.  For the quarter and twelve-month period, the decrease in noninterest expense was primarily attributable to a $2.6 million decrease in pension expense for the fourth quarter and a decrease of $3.7 million for the twelve-month period.  The decrease for the quarter and for the year was due to a nonrecurring $2.3 million pension settlement entry in 2013, as well as to the effects of freezing the pension as of April 30, 2014.  While the plan still exists, no new participants will be added and no additional benefits will accrue going forward.  Marketing expense increased $201 thousand and $525 for the three- and twelve-month periods, respectively, due to re-branding expenses related to a planned change in the name of the bank subsidiary.

"For the year 2014 we were able to increase net interest income, increase noninterest income and keep our noninterest expenses stable," said James O. Miller, Chairman, President and CEO of First Citizens.  "This supports our belief that we can continue to grow the company without significant overhead increases." 

Balance Sheet

Total assets increased $47.1 million, or 4.0%, from December 31, 2013 to December 31, 2014 due primarily to an increase in loans of $53.6 million or 6.2%, during that period.   

Mr. Miller continued, "Loan growth for the 2014 year shows our continued effort to grow relationships with our customers.  We recently opened a loan production office on the east side of Cleveland.  This office is staffed with experienced commercial lenders with relationships.  With this loan production office and the addition of the Dayton, Ohio market, we are optimistic regarding loan growth for 2015."

Total deposits increased $26.4 million, or 2.8%, from December 31, 2013 to December 31, 2014.  Total shareholder's equity decreased $10.5 million, or 8.2%, from December 31, 2013 to December 31, 2014 as a result of the $23.2 million redemption  of Series A Preferred Stock, partially offset by retained earnings of $6.5 million and changes to Accumulated Other Comprehensive Income of $6.2 million.

Asset Quality

Nonperforming assets decreased $6.8 million, or 26.4%, from December 31, 2013 to December 31, 2014 due to the continuing workout of nonperforming loans with delinquent customers.  Total nonaccrual loans decreased $6.9 million, or 33.7%, from December 31, 2013 to December 31, 2014.  Mr. Miller continued, "We continue to focus on reducing our non-performing assets.  During the recession we made the decision to work with our customers which has kept our non-performing assets higher.  Many of these relationships have now been resolved or are in the process of being resolved." 

First Citizens Banc Corp is a $1.2 billion financial holding company headquartered in Sandusky, Ohio.  The Company's banking subsidiary, The Citizens Banking Company, operates 25 locations in Central and North Central Ohio.

First Citizens Banc Corp may be accessed at www.fcza.com.  The Company's common shares are traded on the NASDAQ Capital Market under the symbol "FCZA."  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 "FCZAP."

This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of First Citizens. For these statements, First Citizens 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 First Citizens, 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 First Citizens' reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of First Citizens's Annual Report on Form 10-K for the fiscal year ended December 31, 2013.  Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. First Citizens 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.

First Citizens Banc Corp

Financial Highlights

(dollars in thousands, except share amounts)



Consolidated Condensed Statement of Income






Twelve Months Ended


December 31,


(unaudited)


2014


2013





Interest income

$         45,970


$          44,881

Interest expense

4,104


4,907

Net interest income

41,866


39,974

Provision for loan losses

1,500


1,100

Net interest income after provision

40,366


38,874

Noninterest income

13,874


12,062

Noninterest expense

41,550


43,384

Income before taxes

12,690


7,552

Income tax expense

3,162


1,373

Net income

9,528


6,179

Preferred stock dividends 

1,873


1,159

Net income available 




to common shareholders

$           7,655


$           5,020





Dividends per common share

$             0.19


$             0.15





Earnings per common share,




basic

$             0.99


$             0.65

diluted

$             0.85


$             0.64





Average shares outstanding,




basic

7,707,917


7,707,917

diluted

10,904,848


7,821,780





Selected financial ratios:




Return on average assets

0.77%


0.53%

Return on average equity

8.34%


5.97%

Dividend payout ratio

15.37%


18.71%

Net interest margin (tax equivalent)

3.79%


3.79%

 Selected Balance Sheet Items 






December 31, 


December 31, 


2014


2013






 (unaudited) 



 Cash and due from financial institutions 

$                  29,858


$                  34,186

 Investment securities 

197,905


199,613

 Loans held for sale 

2,410


438

 Loans 

914,857


861,241

 Less allowance for loan losses 

14,268


16,528

 Net loans 

900,589


844,713

 Other securities 

12,586


15,424

 Fixed assets 

14,400


16,313

 Goodwill and other intangibles 

23,745


24,483

 Bank owned life insurance 

19,637


19,145

 Other assets 

13,479


13,231

 Total assets

1,214,609


1,167,546





 Total deposits 

968,918


942,475

 Federal Home Loan Bank advances 

65,200


37,726

 Securities sold under agreements to repurchase 

21,613


20,053

 Subordinated debentures 

29,427


29,427

 Accrued expenses and other liabilities 

11,540


9,489

 Total shareholders' equity 

117,911


128,376

 Total liabilities and shareholders' equity 

1,214,609


1,167,546





 Shares outstanding at period end 

7,707,917


7,707,917





 Book value per share 

$                    12.30


$                    10.65

 Tangible book value per share 

9.22


7.47

 Equity to asset ratio 

9.71%


11.00%





Selected asset quality ratios:




Allowance for loan losses to total loans

1.56%


1.92%

Non-performing assets to total assets

1.57%


2.22%

Allowance for loan losses to non-performing loans

77.18%


64.33%





Non-performing asset analysis




Nonaccrual loans

$                  13,558


$                  20,458

Troubled debt restructurings

4,928


5,234

Other real estate owned

560


173

Total

$                  19,046


$                  25,865





Supplemental Financial Information

(Unaudited - Dollars in thousands except share data)












December 31,


September 30,


June 30,


March 31,


December 31,

End of Period Balances

2014


2014


2014


2014


2013











Assets










Cash and due from banks

$       29,858


$       24,128


$       50,650


$     120,388


$        34,186

Securities available for sale

197,905


200,891


197,680


203,997


199,613

Loans held for sale

2,410


1,399


2,168


545


438

Loans

914,857


887,018


867,978


857,368


861,241

Allowance for loan losses

(14,268)


(15,445)


(15,395)


(16,767)


(16,528)

Net Loans

900,589


871,573


852,583


840,601


844,713

Other securities

12,586


12,554


12,548


12,414


15,424

Fixed assets

14,400


14,471


14,858


15,797


16,313

Goodwill and other intangibles

23,745


23,900


24,090


24,286


24,483

Bank owned life insurance

19,637


19,518


19,400


19,275


19,145

Other assets

13,479


13,565


11,153


13,584


13,231

Total Assets

$  1,214,609


$  1,181,999


$  1,185,130


$  1,250,887


$  1,167,546











Liabilities










Total Deposits

$     968,918


$     980,634


$     979,136


$  1,044,820


$      942,475

Federal Home Loan Bank advances

65,200


26,200


37,500


37,717


37,726

Securities sold under agreement to repurchase

21,613


20,128


17,881


17,949


20,053

Subordinated debentures

29,427


29,427


29,427


29,427


29,427

Accrued expenses and other liabilities

11,540


9,727


7,281


12,363


9,489

Total liabilities

1,096,698


1,066,116


1,071,225


1,142,276


1,039,170











Shareholders' equity










Preferred shares, Series A

-


-


-


-


23,184

Preferred shares, Series B

23,132


23,132


23,132


23,132


23,132

Common Stock

114,365


114,365


114,365


114,365


114,365

Accumulated deficit

(4,306)


(5,785)


(7,300)


(8,747)


(10,823)

Treasury stock

(17,235)


(17,235)


(17,235)


(17,235)


(17,235)

Accumulated other comprehensive income (loss)

1,955


1,406


943


(2,904)


(4,247)

Total shareholders' equity

117,911


115,883


113,905


108,611


128,376











Total liabilities and shareholders' equity

$  1,214,609


$  1,181,999


$  1,185,130


$  1,250,887


$  1,167,546











Average Balances










Assets:










Earning assets

$  1,142,384


$  1,151,007


$  1,171,483


$  1,211,151


$  1,091,609

Securities

214,123


214,855


216,999


221,135


216,848

Loans

874,432


866,424


857,765


853,642


819,152

Liabilities and shareholders' equity










Total deposits

$  1,026,093


$  1,038,996


$  1,065,859


$  1,123,070


$      965,370

Interest-bearing deposits

729,090


729,651


730,367


729,717


731,778

Interest-bearing liabilities

83,058


84,320


87,659


91,092


89,496

Total shareholders' equity

114,266


113,447


112,967


116,119


103,563











Supplemental Financial Information

(Unaudited - Dollars in thousands except share data)












Three Months Ended


December 31,


September 30,


June 30,


March 31,


December 31,

Income statement

2014


2014


2014


2014


2013











Total interest income

$         11,623


$         11,667


$         11,365


$         11,315


$         11,443

Total interest expense

872


983


1,099


1,150


1,153

Net interest income

10,751


10,684


10,266


10,165


10,290

Provision for loan losses

-


-


750


750


-

Noninterest income

2,858


3,012


3,380


4,624


2,939

Noninterest expense

10,482


10,661


9,979


10,428


12,087

Income before taxes

3,127


3,035


2,917


3,611


1,142

Income tax expense

857


729


677


899


99

Net income

2,270


2,306


2,240


2,712


1,043

Preferred stock dividends

406


406


406


655


290

Net income available to common shareholders

$            1,864


$            1,900


$            1,834


$            2,057


$               753











Common stock dividend paid

$               385


$               385


$               385


$               308


$               308

Preferred stock dividend paid

$               406


$               406


$               406


$               655


$               290











Per share data




















Basic net income per common share

$              0.23


$              0.25


$              0.24


$              0.27


$              0.10

Diluted net income per common share

0.21


0.21


0.21


0.22


0.09

Dividends per common share

0.05


0.05


0.05


0.04


0.04

Average common shares outstanding - basic

7,707,917


7,707,917


7,707,917


7,707,917


7,707,917

Average common shares outstanding - diluted

10,904,848


10,904,848


10,904,848


10,904,848


7,821,780











Asset quality










Allowance for loan losses, beginning of period

$         15,445


$         15,395


$         16,767


$         16,528


$         17,297

Charge-offs

(1,341)


(456)


(2,332)


(652)


(1,084)

Recoveries

164


506


210


141


315

Provision

-


-


750


750


-

Allowance for loan losses, end of period

$         14,268


$         15,445


$         15,395


$         16,767


$         16,528











Ratios










Allowance to total loans

1.56%


1.74%


1.77%


1.96%


1.92%

Allowance to nonperforming assets

74.91%


73.92%


67.11%


62.14%


63.90%

Allowance to nonperforming loans

77.18%


74.88%


67.95%


62.60%


64.33%











Nonperforming assets










Nonperforming loans

$         18,486


$         20,628


$         22,656


$         26,786


$         25,692

Other real estate owned

560


266


282


196


173

Total nonperforming assets

$         19,046


$         20,894


$         22,938


$         26,982


$         25,865











Capital and liquidity










Tier 1 leverage ratio

10.37%


10.28%


9.77%


8.58%


11.64%

Tier 1 risk-based capital ratio

13.52%


13.77%


13.67%


13.39%


15.82%

Total risk-based capital ratio

14.78%


15.03%


14.92%


14.67%


17.08%

Tangible common equity ratio

5.96%


5.95%


5.51%


4.99%


5.04%

SOURCE First Citizens Banc Corp

Related Links

http://www.fcza.com

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