SANDUSKY, Ohio, Jan. 27, 2017 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") reported net income available to common shareholders of $3.3 million, or $0.33 per diluted share, for the fourth quarter of 2016, compared with $2.8 million, or $0.29 per diluted share, for the prior year period. For the twelve-month period ended December 31, 2016, Civista reported net income available to common shareholders of $15.7 million, or $1.57 per diluted share, compared to $11.2 million, or $1.17 per diluted share, for the same period in 2015. Civista's 2016 twelve month performance included the second quarter receipt of a payoff on a non-performing loan which resulted in a credit provision of $1.3 million and additional interest income of $919 thousand. These two items approximated $1.5 million in income after-tax, or approximately $0.13 per diluted share.
"While 2015 was spent integrating and digesting an acquisition, 2016 was a year of organic growth and operational improvements. Our growth in the loan portfolio for the year was 5.4%. Our mortgage banking business produced a record for the most loans originated and sold. Asset quality continued to improve with a reduction in nonperforming assets of 11.8%. Noninterest income expanded 13.0% and noninterest expenses increased a mere 2.1%, which equals the inflation rate for 2016," said James O. Miller, Chairman, President and CEO of Civista.
Results of Operations:
Net interest income for the fourth quarter of 2016 increased $397 thousand, or 3.3% compared to the same period of 2015 and increased $2.9 million, or 6.0% in 2016, compared to 2015. For the three and twelve-month periods ended December 31, an increase in average loans outstanding primarily contributed to the increase in interest income compared to 2015. Tax equivalent net interest margin was 4.05% for the fourth quarter, compared to 4.09% for the same period a year ago, and 3.93% for the twelve months ended December 31, 2016, compared to 3.96% in 2015. Net interest margin benefitted in 2016 by the impact of additional interest income recovered due to the payoff on a non-performing loan previously mentioned. The recovery resulted in approximately seven basis points of additional net interest margin.
Summary Average Balance Sheet
(Tax-equivalent basis / dollars in thousands)
Twelve months ended December 31,
2016 2015
---- ----
Average Interest Yield / Average Interest Yield /
balance rate balance rate
------- ---- ------- ----
Assets
Loans $1,025,908 $47,186 4.60% $981,475 $44,784 4.57%
Securities 213,496 5,985 3.59% 211,436 5,815 3.46%
Interest-bearing deposits 82,225 396 0.48% 44,647 102 0.23%
------ --- ------ ---
Total interest earning assets $1,321,629 $53,567 4.18% $1,237,558 $50,701 4.23%
Liabilities
Int-bearing demand and savings $566,589 $470 0.08% $543,986 $422 0.08%
Time deposits 209,093 1,526 0.73% 223,099 1,665 0.75%
FHLB advances and other borrowings 79,391 1,312 1.65% 95,132 1,222 1.28%
------ ----- ------ -----
Total interest-bearing liabilities $855,073 $3,308 0.39% $862,217 $3,309 0.38%
Noninterest-bearing deposits $434,601 $340,360
Net interest income and interest rate spread $50,259 3.79% $47,392 3.84%
Net interest margin 3.93% 3.96%
Summary Average Balance Sheet
(Tax-equivalent basis / dollars in thousands)
Three months ended December 31,
2016 2015
---- ----
Average Interest Yield / Average Interest Yield /
balance rate balance rate
------- ---- ------- ----
Assets
Loans $1,044,121 $11,875 4.53% $996,861 $11,513 4.59%
Securities 211,458 1,512 3.62% 212,463 1,459 3.47%
Interest-bearing deposits 19,349 20 0.41% 9,473 4 0.17%
------ --- ----- ---
Total interest earning assets $1,274,928 $13,407 4.31% $1,218,797 $12,976 4.36%
Liabilities
Int-bearing demand and savings $572,092 $126 0.09% $542,255 $107 0.08%
Time deposits 216,457 390 0.72% 214,167 392 0.73%
FHLB advances and other borrowings 73,012 333 1.81% 111,481 316 1.13%
------ --- ------- ---
Total interest-bearing liabilities $861,561 $849 0.39% $867,903 $815 0.37%
Noninterest-bearing deposits $358,802 $302,849
Net interest income and interest rate spread $12,558 3.92% $12,161 3.99%
Net interest margin 4.05% 4.09%
No provision for loan losses was made for the fourth quarter of 2016 or 2015. For the year ended December 31, 2016, the provision was a $1.3 million credit provision due to ongoing improvement in the loan portfolio and recognition of a $1.3 million recovery due to the pay-off of a nonperforming loan relationship. The provision for loan losses for the twelve-month period ended December 31, 2015 was $1.2 million.
During the quarter, noninterest income totaled $3.1 million, which was essentially the same as the prior year's fourth quarter. Noninterest income totaled $16.1 million, an increase of $1.9 million, or 13.0%, compared to 2015.
Noninterest income
(dollars in thousands) Three months ended Twelve months ended
December 31, December 31,
------------ ------------
2016 2015 2016 2015
---- ---- ---- ----
Service charges $1,118 $1,221 $4,832 $4,708
Net gain on sale of securities (1) (13) 19 (18)
Net gain on sale of loans 409 218 1,750 1,106
ATM fees 510 502 2,094 1,986
Wealth management fees 689 664 2,678 2,823
Tax refund processing fees - - 2,750 2,000
Other 418 554 2,009 1,673
--- --- ----- -----
Total noninterest income $3,143 $3,146 $16,132 $14,278
====== ====== ======= =======
Service charge income decreased $103 thousand, or 8.4%, for the three-month period, but increased $124 thousand, or 2.6%, for the twelve-month period ended December 31, 2016 compared to 2015. Overdraft charges and consumer service changes were down in both periods while business service charges were up for the twelve-month period, primarily due to a new large customer relationship. Gain on sale of loans increased $191 thousand and $644 thousand for the three and twelve-month periods ended December 31, respectively. The increase in gain on sale of loans for both periods was due to additional volume of loans sold as well as an increase in the premium on loans sold. Wealth management fees increased $25 thousand for the three-month period, but decreased $145 thousand for the twelve-month period. Assets under management have increased $34 million during the year from $397 million at December 31, 2015 to $431 million at December 31, 2016. Average assets under management were $412 million and $422 million for the years ended December 31, 2016 and 2015, respectively. Tax refund processing fees increased $750 thousand in the twelve-month period due to a higher contract fee to compensate for an increase in the volume of refunds processed.
Noninterest expense totaled $10.7 million for the fourth quarter 2016, a decrease of $39 thousand, compared to the prior year's fourth quarter. Noninterest expense for the full year totaled $43.9 million, an increase of $911 thousand, or 2.1%, when compared to 2015.
Noninterest expense
(dollars in thousands) Three months ended Twelve months ended
December 31, December 31,
------------ ------------
2016 2015 2016 2015
---- ---- ---- ----
Salaries, Wages and benefits $6,270 $5,898 $25,323 $23,630
Net occupancy and equipment 1,174 1,056 4,341 3,919
Contracted data processing 399 429 1,546 1,821
Taxes and assessments 228 396 1,534 1,711
Professional services 445 745 1,895 2,461
Amortization of intangible assets 172 189 699 711
Marketing 119 197 929 1,039
Other 1,895 1,831 7,588 7,652
----- ----- ----- -----
Total noninterest expense $10,702 $10,741 $43,855 $42,944
======= ======= ======= =======
Salaries, wages and benefits expense increased $372 thousand for the fourth quarter and $1.7 million for the twelve-month period ending December 31, 2016. The increases in salaries, wages and benefits expense for both periods were due to an increase in employees, normal merit raises, an increase in incentives and insurance costs. Net occupancy and equipment increased $118 thousand and $422 thousand, respectively for the three-month and twelve-month periods ended December 31 2016, due primarily to repair and maintenance, real estate tax and rent expense. Contracted data processing decreased $275 thousand for the twelve-month period ended December 31, 2016. Professional services decreased $300 thousand and $566 thousand for the three and twelve-month periods ended December 31, 2016. The year-to-date decreases to data processing and professional services were partially due to expenses related to the acquisition of TCNB Financial Corporation in 2015 and partially due to expenses related to our shelf registration. Expenses included in the twelve months ended December 31, 2015 that were acquisition related approximate $390 thousand and those related to the shelf registration approximate $244 thousand.
The twelve month efficiency ratio was 63.7% during 2016 compared to 67.0% for 2015. The improvement in the efficiency ratio is due to the increase in net interest income, an increase in noninterest income, partially offset by a modest increase in noninterest expense. During 2016 we received approximately $919 thousand in recovered interest income. The effect to the efficiency ratio was an increase of approximately 90 basis points.
Balance Sheet
Total assets increased $62.2 million, or 4.7%, from December 31, 2015 to December 31, 2016, due primarily to loan growth of $54.0 million.
Total loans increased $54.0 million, or 5.4%, from December 31, 2015 to December 31, 2016. The increase in total loans is due to growth in our Commercial Real Estate - Non-owner Occupied, Commercial and Agriculture and Residential Real Estate loan portfolios. The increase in loans is due to the leveraging of existing client relationships and centers of influence, especially in our growing metropolitan markets. The current rate environment has allowed for continued growth in the Residential Real Estate loan balances across Civista's entire footprint.
End of period loan balances
(dollars in thousands)
December 31, December 31,
2016 2015 $ Change % Change
---- ---- -------- --------
Commercial and Agriculture $135,462 $124,402 $11,060 8.9%
Commercial Real Estate:
Owner Occupied 161,364 167,897 (6,533) -3.9%
Non-owner Occupied 395,931 348,439 47,492 13.6%
Residential Real Estate 247,308 236,338 10,970 4.6%
Real Estate Construction 56,293 58,898 (2,605) -4.4%
Farm Real Estate 41,170 46,993 (5,823) -12.4%
Consumer and Other 17,978 18,560 (582) -3.1%
------ ------ ----
Total Loans $1,055,506 $1,001,527 $53,979 5.4%
========== ========== =======
Total deposits increased $69.1 million, or 6.6%, from December 31, 2015 to December 31, 2016, due primarily to increases in public fund deposits, business deposits, and both savings and money market deposits.
End of period deposit balances
(dollars in thousands)
December 31, December 31,
2016 2015 $ Change % Change
---- ---- -------- --------
Noninterest-bearing demand $345,588 $300,615 $44,973 15.0%
Interest-bearing demand 183,759 176,303 7,456 4.2%
Savings and money market 384,330 364,067 20,263 5.6%
Time deposits 207,426 211,048 (3,622) -1.7%
------- ------- ------
Total Deposits $1,121,103 $1,052,033 $69,070 6.6%
========== ========== =======
Federal Home Loan Bank advances decreased $22.7 million or 31.9% from December 31, 2015 to December 31, 2016, primarily due to the increase in deposits.
Total shareholders' equity increased $12.4 million, or 9.9%, from December 31, 2015 to December 31, 2016 primarily due to increased retained earnings of $14.0 million, offset by a $1.5 million decrease in other comprehensive income.
Asset Quality
The Company recorded net charge-offs of $146 thousand for the fourth quarter of 2016 compared to net charge-offs of $400 thousand for the same period of 2015. Net recoveries for the year were $244 thousand for 2016 compared to net charge-offs of $1.1 million for the same period of 2015.
Allowance for Loan Losses
-------------------------
(dollars in thousands)
December 31, December 31,
2016 2015
---- ----
Beginning of period $14,361 $14,268
Charge-offs (1,826) (2,049)
Recoveries 2,070 942
Provision (1,300) 1,200
------ -----
End of period $13,305 $14,361
======= =======
Nonperforming assets at December 31, 2016 were $11.7 million, a $1.6 million decrease from December 31, 2015.
Non-performing Assets
---------------------
(dollars in thousands) December 31, December 31,
2016 2015
---- ----
Non-accrual loans $7,518 $9,890
Restructured loans 4,180 3,294
----- -----
Total non-performing loans 11,698 13,184
Other Real Estate Owned 37 116
--- ---
Total non-performing assets $11,735 $13,300
======= =======
Mr. Miller continued, "In addition to growing loans and increasing our mortgage loan production, we were once again successful at improving asset quality. Non-performing assets decreased 11.8%. Asset quality has returned to pre-recession levels as the ratio of non-performing assets to assets is now at 0.85%."
Civista Bancshares, Inc. is a $1.4 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 1/40(th) 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 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 Twelve Months Ended
December 31, December 31,
(unaudited) (unaudited)
2016 2015 2016 2015
---- ---- ---- ----
Interest income 13,407 12,976 53,567 50,701
Interest expense 849 815 3,308 3,309
--- --- ----- -----
Net interest income 12,558 12,161 50,259 47,392
Provision for loan losses - - (1,300) 1,200
--- --- ------ -----
Net interest income after provision 12,558 12,161 51,559 46,192
Noninterest income 3,143 3,146 16,132 14,278
Noninterest expense 10,702 10,741 43,855 42,944
------ ------ ------ ------
Income before taxes 4,999 4,566 23,836 17,526
Income tax expense 1,368 1,367 6,619 4,781
----- ----- ----- -----
Net income 3,631 3,199 17,217 12,745
Preferred stock dividends 345 391 1,501 1,577
--- --- ----- -----
Net income available
to common shareholders 3,286 2,808 15,716 11,168
Dividends per common share $0.06 $0.05 $0.22 $0.20
Earnings per common share,
basic $0.40 $0.36 $1.96 $1.43
diluted $0.33 $0.29 $1.57 $1.17
Average shares outstanding,
basic 8,274,166 7,843,578 8,010,650 7,822,369
diluted 10,964,108 10,921,823 10,951,212 10,918,335
Selected financial ratios:
Return on average assets 1.05% 0.97% 1.19% 0.95%
Return on average equity 10.49% 10.23% 12.90% 10.59%
Dividend payout ratio 13.67% 12.26% 10.24% 12.28%
Net interest margin (tax equivalent) 4.05% 4.09% 3.93% 3.96%
Selected Balance Sheet Items
December 31, December 31,
2016 2015
---- ----
(unaudited) (unaudited)
Cash and due from financial institutions $36,695 $35,561
Investment securities 195,864 196,249
Loans held for sale 2,268 2,698
Loans 1,055,506 1,001,527
Less allowance for loan losses 13,305 14,361
------ ------
Net loans 1,042,201 987,166
Other securities 14,055 13,452
Fixed assets 18,122 16,944
Goodwill and other intangibles 28,879 29,504
Bank owned life insurance 24,552 20,104
Other assets 14,627 13,363
------ ------
Total assets $1,377,263 $1,315,041
========== ==========
Total deposits $1,121,103 $1,052,033
Federal Home Loan Bank advances 48,500 71,200
Securities sold under agreements to repurchase 28,925 25,040
Subordinated debentures 29,427 29,427
Accrued expenses and other liabilities 11,692 12,168
Total shareholders' equity 137,616 125,173
------- -------
Total liabilities and shareholders' equity $1,377,263 $1,315,041
========== ==========
Shares outstanding at period end 8,345,067 7,843,578
Book value per share $14.22 $13.12
Equity to asset ratio 9.99% 9.52%
Selected asset quality ratios:
Allowance for loan losses to total loans 1.26% 1.43%
Non-performing assets to total assets 0.85% 1.01%
Allowance for loan losses to non-performing loans 113.74% 108.93%
Non-performing asset analysis
Nonaccrual loans $7,518 $9,890
Troubled debt restructurings 4,180 3,294
Other real estate owned 37 116
--- ---
Total $11,735 $13,300
======= =======
Average Balance Analysis
(Unaudited - Dollars in thousands except share data)
Twelve Months Ended December 31,
2016 2015
----
Average Yield/ Average Yield/
Assets: balance Interest rate * balance Interest rate *
------- ------- -------- ----- ------- -------- -----
Interest-earning assets:
Loans $1,025,908 $47,186 4.60% $981,475 $44,784 4.57%
Taxable securities 137,179 3,319 2.47% 139,762 3,232 2.31%
Non-taxable securities 76,317 2,666 5.61% 71,674 2,583 5.70%
Interest-bearing deposits in other banks 82,225 396 0.48% 44,647 102 0.23%
------ --- ------ ---
Total interest-earning assets $1,321,629 53,567 4.18% $1,237,558 50,701 4.23%
---------- ------ ---- ---------- ------ ----
Noninterest-earning assets:
Cash and due from financial institutions 49,888 34,616
Premises and equipment, net 17,101 16,081
Accrued interest receivable 4,432 4,476
Intangible assets 29,213 28,568
Other assets 10,230 10,181
Bank owned life insurance 23,449 19,854
Less allowance for loan losses (14,225) (14,689)
------- -------
Total Assets $1,441,717 $1,336,645
========== ==========
Liabilities and Shareholders' Equity:
-------------------------------------
Interest-bearing liabilities:
Demand and savings $566,589 $470 0.08% $543,986 $422 0.08%
Time 209,093 1,526 0.73% 223,099 1,665 0.75%
FHLB 28,081 405 1.44% 45,551 442 0.97%
Federal funds purchased 116 1 0.86% 68 - 0.00%
Subordinated debentures 29,427 884 3.00% 29,427 760 2.58%
Repurchase agreements 21,767 22 0.10% 20,086 20 0.10%
------ --- ------ ---
Total interest-bearing liabilities $855,073 3,308 0.39% $862,217 3,309 0.38%
-------- ----- ---- -------- ----- ----
Noninterest-bearing deposits 434,601 340,360
Other liabilities 18,598 13,718
Shareholders' equity 133,445 120,350
------- -------
Total Liabilities and Shareholders' Equity $1,441,717 $1,336,645
========== ==========
Net interest income and interest rate spread $50,259 3.79% $47,392 3.84%
Net interest margin 3.93% 3.96%
* - All yields and costs are presented on an annualized basis
Average Balance Analysis
(Unaudited - Dollars in thousands except share data)
Three Months Ended December 31,
2016 2015
----
Average Yield/ Average Yield/
Assets: balance Interest rate * balance Interest rate *
------- ------- -------- ----- ------- -------- -----
Interest-earning assets:
Loans $1,044,121 $11,875 4.53% $996,861 $11,513 4.59%
Taxable securities 133,617 825 2.49% 138,131 793 2.32%
Non-taxable securities 77,841 687 5.55% 74,332 666 5.62%
Interest-bearing deposits in other banks 19,349 20 0.41% 9,473 4 0.17%
------ --- ---- ----- ---
Total interest-earning assets $1,274,928 13,407 4.31% $1,218,797 12,976 4.36%
---------- ------ ---- ---------- ------ ----
Noninterest-earning assets:
Cash and due from financial institutions 23,159 22,414
Premises and equipment, net 17,820 16,895
Accrued interest receivable 4,935 5,113
Intangible assets 28,985 29,622
Other assets 10,958 9,598
Bank owned life insurance 24,456 20,028
Less allowance for loan losses (13,359) (14,726)
------- -------
Total Assets $1,371,882 $1,307,741
========== ==========
Liabilities and Shareholders' Equity:
-------------------------------------
Interest-bearing liabilities:
Demand and savings $572,092 $126 0.08% $542,255 $107 0.08%
Time 216,457 390 0.72% 214,167 392 0.73%
FHLB 19,589 93 1.89% 59,289 116 0.78%
Subordinated debentures 29,427 234 3.16% 29,427 195 2.63%
Repurchase agreements 23,996 6 0.10% 22,765 5 0.09%
------ --- ------ ---
Total interest-bearing liabilities $861,561 849 0.39% $867,903 815 0.37%
-------- --- ---- -------- --- ----
Noninterest-bearing deposits 358,802 302,849
Other liabilities 13,802 12,964
Shareholders' equity 137,717 124,025
------- -------
Total Liabilities and Shareholders' Equity $1,371,882 $1,307,741
========== ==========
Net interest income and interest rate spread $12,558 3.92% $12,161 3.99%
Net interest margin 4.05% 4.09%
* - All yields and costs are presented on an annualized basis
Supplemental Financial Information
(Unaudited - Dollars in thousands except share data)
December 31, September 30, June 30, March 31, December 31,
End of Period Balances 2016 2016 2016 2016 2015
---------------------- ---- ---- ---- ---- ----
Assets
------
Cash and due from banks $36,695 $33,229 $41,772 $214,407 $35,561
Securities available for sale 195,864 200,967 200,643 201,786 196,249
Loans held for sale 2,268 2,827 5,167 2,193 2,698
Loans 1,055,506 1,046,967 1,028,922 1,005,803 1,001,527
Allowance for loan losses (13,305) (13,451) (14,547) (14,433) (14,361)
------- ------- ------- ------- -------
Net Loans 1,042,201 1,033,516 1,014,375 991,370 987,166
Other securities 14,055 13,926 13,734 13,550 13,452
Fixed assets 18,122 17,340 16,711 16,773 16,944
Goodwill and other intangibles 28,879 29,038 29,186 29,337 29,504
Bank owned life insurance 24,552 24,404 24,255 23,218 20,104
Other assets 14,627 17,033 14,068 14,262 13,363
------ ------ ------ ------ ------
Total Assets $1,377,263 $1,372,280 $1,359,911 $1,506,896 $1,315,041
========== ========== ========== ========== ==========
Liabilities
-----------
Total deposits $1,121,103 $1,134,153 $1,115,007 $1,279,780 $1,052,033
Federal Home Loan Bank advances 48,500 35,000 47,300 17,500 71,200
Securities sold under agreement to repurchase 28,925 21,713 17,725 24,272 25,040
Subordinated debentures 29,427 29,427 29,427 29,427 29,427
Accrued expenses and other liabilities 11,692 13,678 14,249 25,377 12,168
------ ------ ------ ------ ------
Total liabilities 1,239,647 1,233,971 1,223,708 1,376,356 1,189,868
Shareholders' Equity
--------------------
Preferred shares, Series B 18,950 19,776 22,124 22,273 22,273
Common stock 118,975 118,126 115,750 115,442 115,330
Accumulated earnings 19,263 16,471 13,640 9,242 5,300
Treasury stock (17,235) (17,235) (17,235) (17,235) (17,235)
Accumulated other comprehensive income (loss) (2,337) 1,171 1,924 818 (495)
------ ----- ----- --- ----
Total shareholders' equity 137,616 138,309 136,203 130,540 125,173
Total Liabilities and Shareholders' Equity $1,377,263 $1,372,280 $1,359,911 $1,506,896 $1,315,041
========== ========== ========== ========== ==========
Quarterly Average Balances
--------------------------
Assets:
Earning assets $1,274,928 $1,271,069 $1,301,101 $1,440,453 $1,218,797
Securities 211,458 215,470 215,059 211,995 212,463
Loans 1,044,121 1,042,721 1,015,687 1,000,720 996,861
Liabilities and Shareholders' Equity
Total deposits $1,147,351 $1,130,181 $1,191,298 $1,373,875 $1,059,271
Interest-bearing deposits 788,549 782,269 765,908 765,790 756,422
Interest-bearing liabilities 73,012 84,389 68,445 91,724 111,481
Total shareholders' equity 137,717 136,737 132,267 126,976 124,025
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 2016 2016 2016 2016 2015
---------------- ---- ---- ---- ---- ----
Total interest income $13,407 $13,370 $13,739 $13,053 $12,976
Total interest expense 849 844 799 818 815
--- --- --- --- ---
Net interest income 12,558 12,526 12,940 12,235 12,161
Provision for loan losses - - (1,300) - -
Noninterest income 3,143 3,653 4,075 5,260 3,146
Noninterest expense 10,702 11,195 11,050 10,907 10,741
------ ------ ------ ------ ------
Income before taxes 4,999 4,984 7,265 6,588 4,566
Income tax expense 1,368 1,304 2,084 1,863 1,367
----- ----- ----- ----- -----
Net income 3,631 3,680 5,181 4,725 3,199
Preferred stock dividends 345 374 391 391 391
--- --- --- --- ---
Net income available to common shareholders $3,286 $3,306 $4,790 $4,334 $2,808
====== ====== ====== ====== ======
Common shares dividend paid $495 $474 $392 $392 $392
Per share data
--------------
Basic net income per common share $0.40 $0.41 $0.61 $0.55 $0.36
Diluted net income per common share 0.33 0.34 0.47 0.43 0.29
Dividends per common share 0.06 0.06 0.05 0.05 0.05
Average common shares outstanding - basic 8,274,166 8,042,422 7,877,119 7,845,768 7,843,578
Average common shares outstanding - diluted 10,964,108 10,965,031 10,951,521 10,924,013 10,921,823
Asset quality
-------------
Allowance for loan losses, beginning of period $13,451 $14,547 $14,433 $14,361 $14,760
Charge-offs (287) (1,183) (230) (126) (525)
Recoveries 141 87 1,644 198 126
Provision - - (1,300) - -
--- --- ------ --- ---
Allowance for loan losses, end of period $13,305 $13,451 $14,547 $14,433 $14,361
======= ======= ======= ======= =======
Ratios
Allowance to total loans 1.26% 1.28% 1.41% 1.43% 1.43%
Allowance to nonperforming assets 113.38% 102.71% 105.20% 93.12% 107.98%
Allowance to nonperforming loans 113.74% 103.21% 106.02% 93.46% 108.93%
Nonperforming assets
Nonperforming loans $11,698 $13,033 $13,721 $15,443 $13,184
Other real estate owned 37 62 107 56 116
--- --- --- --- ---
Total nonperforming assets $11,735 $13,095 $13,828 $15,499 $13,300
Capital and liquidity
Tier 1 leverage ratio 10.55% 10.38% 9.85% 8.24% 9.96%
Tier 1 risk-based capital ratio 12.98% 12.84% 12.76% 12.52% 12.70%
Total risk-based capital ratio 14.20% 14.08% 14.01% 13.77% 13.96%
Tangible common equity ratio 6.66% 6.66% 6.38% 5.34% 5.71%
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/civista-bancshares-inc-announces-strong-2016-earnings-300398081.html
SOURCE Civista Bancshares, Inc.
