Civista Bancshares, Inc. Announces Second Quarter 2016 Earnings

Press Releases  |

SANDUSKY, Ohio, July 22, 2016 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") reported net income attributable to common shareholders of $4.8 million, or $0.47 per diluted share, for the second quarter of 2016, compared with $2.7 million, or $0.29 per diluted share, for the prior year period. For the six-month period ended June 30, 2016, Civista reported net income available to common shareholders of $9.1 million or $0.91 per diluted share, compared to $5.5 million, or $0.58 per diluted share, in the same period of 2015. During the second quarter of 2016, Civista received a payoff on a non-performing loan which resulted in a negative provision of $1.3 million and additional interest income of $920 thousand, or approximately $1.5 million after tax or approximately $0.13 per diluted share for both the quarter and six months ended June 30, 2016. Without this transaction, the diluted earnings per share for the second quarter of 2016 would have been $0.34 and $0.77 for the six months ended June 30, 2016.

"During the second quarter we were successful at growing loans 2.7%. That growth, coupled with the payoff of the aforementioned non-performing loan, has have provided continued good results for Civista. Additionally, the recovery we received on the payoff of the non-performing loan shows the benefit of our continued efforts to work with our customers," said James O. Miller, Chairman, President and CEO of Civista.

Results of Operations:

Net interest income for the second quarter of 2016 increased $1.0 million, or 8.6% compared to the same period of 2015 and for the six months ended June 30 increased $2.3 million, or 10.3%, when compared to the same period of 2015. The increase in net interest income for the quarter was primarily due to the recovery of interest income from the payoff of a non-performing loan. For the three and six-month periods ended June 30, an increase in average loans outstanding also contributed to the increase in interest income, compared to 2015. Tax equivalent net interest margin was 4.13% for the second quarter, compared to 3.96% for the same period a year ago and 3.81% for the six months ended June 30, 2016 and 2015. Year-to-date 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. The impact of the interest recovery on the non-performing loan payoff was 28 basis points and 13 basis points, for the three and six-month periods, respectively. Year-to-date average cash related to the tax refund processing program 2016 and 2015 was $139 million and $73 million, respectively. The reduction to net interest margin due to the additional cash from the tax refund processing program was 38 basis points in 2016 and 22 basis points in 2015.

Summary Average Balance Sheet







(Tax-equivalent basis / dollars in thousands)




















Six months ended June 30,


2016


2015


Average balance


Interest


Yield / rate


Average balance


Interest


Yield / rate

Assets












Loans

$ 1,008,203


$ 23,487


4.69%


$ 959,474


$ 21,516


4.53%

Securities

213,528


2,937


3.54%


211,548


2,893


3.50%

Interest-bearing deposits

149,046


367


0.50%


79,794


94


0.24%

Total interest earning assets

$ 1,370,777


$ 26,791


4.05%


$ 1,250,816


$ 24,503


4.08%













Liabilities












Int-bearing demand and savings

$ 559,901


$ 227


0.08%


$ 540,336


$ 207


0.08%

Time deposits

205,949


747


0.73%


228,846


868


0.76%

FHLB advances and other borrowings

80,086


642


1.61%


78,351


597


1.54%

Total interest-bearing liabilities

$ 845,936


$ 1,616


0.38%


$ 847,533


$ 1,672


0.40%













Noninterest-bearing deposits

$ 516,738






$ 379,786

















Net interest income and interest rate spread


$ 25,175


3.67%




$ 22,831


3.68%

Net interest margin





3.81%






3.81%

Summary Average Balance Sheet





(Tax-equivalent basis / dollars in thousands)


















Three months ended June 30,


2016


2015


Average balance


Interest


Yield / rate


Average balance


Interest


Yield / rate

Assets












Loans

$ 1,015,687


$ 12,170


4.82%


$ 991,487


$ 11,270


4.56%

Securities

215,059


1,482


3.56%


211,553


1,436


3.45%

Interest-bearing deposits

70,355


87


0.50%


43,691


34


0.31%

Total interest earning assets

$ 1,301,101


$ 13,739


4.38%


$ 1,246,731


$ 12,740


4.23%













Liabilities












Int-bearing demand and savings

$ 563,561


$ 114


0.08%


$ 555,144


$ 109


0.08%

Time deposits

202,347


371


0.74%


233,047


424


0.73%

FHLB advances and other borrowings

68,445


314


1.84%


72,687


291


1.60%

Total interest-bearing liabilities

$ 834,353


$ 799


0.39%


$ 860,878


$ 824


0.38%













Noninterest-bearing deposits

$ 425,390






$ 345,241

















Net interest income and interest rate spread


$ 12,940


3.99%




$ 11,916


3.85%

Net interest margin





4.13%






3.96%

The provision for loan losses for the second quarter and six months ended June 30, 2016 is negative $1.3 million due to ongoing improvement in the loan portfolio and recognition of a significant recovery due to the resolution of a nonperforming loan relationship that paid off, generating a $1.3 million recovery. The provision for the three and six-month periods ended June 30, 2015 was $400 thousand and $800 thousand, respectively.

During the quarter, noninterest income totaled $4.1 million, an increase of $423 thousand, or 11.6%, compared to the prior year's second quarter. Year-to-date noninterest income totaled $9.3 million, an increase of $1.3 million, or 15.9%, compared to the prior year's first six months.

Noninterest income








(dollars in thousands)

Three months ended
June 30,


Six months ended
June 30,


2016


2015


2016


2015

Service charges

$ 1,391


$ 1,170


$ 2,520


$ 2,225

Net gain on sale of securities

6


-


1


-

Net gain on sale of loans

406


415


800


619

ATM fees

535


515


1,043


964

Trust fees

666


734


1,300


1,501

Tax refund processing fees

550


400


2,750


2,000

Other

521


418


921


744

Total noninterest income

$ 4,075


$ 3,652


$ 9,335


$ 8,053

Service charge income increased $221 thousand and $295 thousand in the three and six-month periods, respectively, primarily due to a new large customer relationship. Gain on sale of loans decreased $8 thousand for the three-month period ended June 30. The second quarter of 2015 included a $78 thousand gain on the sale of an SBA loan. Gain on sale of loans increased $181 thousand for the six-month period due to additional volume of loans sold as well as an increase in the premium on loans sold. Trust fees decreased $68 thousand and $201 thousand for the three and six-month periods, respectively, due to a decrease in trust assets. Tax refund processing fees increased $150 thousand and $750 thousand in the three and six-month periods, respectively, due to a higher contract fee to compensate for an increase in the volume of refunds processed.

During the quarter, noninterest expense totaled $11.1 million, an increase of $117 thousand, or 1.1%, compared to the prior year's second quarter. Year-to-date noninterest expense increased $420 thousand, or 2.0%, when compared to the six months of 2015.

Noninterest expense








(dollars in thousands)

Three months ended
June 30,


Six months ended
June 30,


2016


2015


2016


2015

Salaries, Wages and benefits

$ 6,354


$ 5,809


$ 12,678


$ 11,708

Net occupancy and equipment

1,038


980


1,965


1,967

Contracted data processing

395


545


750


993

Taxes and assessments

419


442


889


918

Professional services

517


663


1,019


1,119

Amortization of intangible assets

172


192


355


334

Marketing

275


308


561


544

Other

1,880


1,994


3,740


3,954

Total noninterest expense

$ 11,050


$ 10,933


$ 21,957


$ 21,537

Salaries, wages and benefits expense increased $545 thousand for the second quarter and $970 thousand for the six-month period ending June 30, 2016. The increases in salaries, wages and benefits expense for both periods were primarily due to the addition of TCNB employees, normal merit increases, increased insurance expense and increased incentive expense. Contracted data processing and professional fees decreased for the three and six-month periods ended June 30, 2016. These decreases were primarily due to expenses related to the acquisition of TCNB in 2015. Overall acquisition related expenses included in the six months ended June 30, 2015 approximate $390 thousand.

The efficiency ratio improved to 61.4% during 2016 compared to 67.2% for 2015. The improvement in the efficiency ratio is due to the increase in net interest income, including the $920 thousand recovered 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 were successful in limiting the increase of costs to 2% for the comparable six-month periods."

Balance Sheet

Total assets increased $44.9 million, or 3.4%, from December 31, 2015 to June 30, 2016, due primarily to loan growth.

Total loans increased $27.4 million or 2.7% from December 31, 2015 to June 30, 2016. The increase in total loans is primarily due to increased Commercial Real Estate – Non-owner Occupied and Residential Real Estate.

End of period loan balances




(dollars in thousands)





June 30,


December 31,


2016


2015

Commercial and Agriculture

$ 126,540


$ 124,402

Commercial Real Estate - Owner Occupied

167,894


167,897

Commercial Real Estate - Non-owner Occupied

369,876


348,439

Residential Real Estate

245,941


236,338

Real Estate Construction

56,274


58,898

Farm Real Estate

43,289


46,993

Consumer and Other

19,108


18,560

Total Loans

$ 1,028,922


$ 1,001,527

Total deposits increased $63.0 million, or 6.0%, from December 31, 2015 to June 30, 2016, due primarily to the additional cash balances related to the tax refund processing program. Total tax refund processing related deposits were $68.9 million on June 30, 2016, compared to $22.1 million at year-end.

End of period deposit balances




(dollars in thousands)





June 30,


December 31,


2016


2015

Noninterest-bearing demand

$ 353,386


$ 300,615

Interest-bearing demand

190,434


176,303

Savings and money market

373,453


364,067

Time deposits

197,734


211,048

Total Deposits

$ 1,115,007


$ 1,052,033

Total shareholder's equity increased $11.0 million, or 8.8%, from December 31, 2015 to June 30, 2016 primarily due to increased retained earnings of $8.3 million and a $2.3 million increase in other comprehensive income related to unrealized gains in the investment portfolio.

Asset Quality

Nonperforming assets at June 30, 2016 were $13.8 million, a $528 thousand increase from December 31, 2015. This increase is in restructured loans where we elected to work with customers to rewrite certain loans to address the economic headwinds. The Company recorded net recoveries of $1.4 million for the second quarter of 2016 compared to net charge-offs of $400 thousand for the same period of 2015. Year-to-date, net recoveries were $1.5 million for 2016 compared to net charge-offs of $361 thousand for the same period of 2015.

Non-performing Assets




(dollars in thousands)

June 30,


December 31,


2016


2015

Non-accrual loans

$ 9,343


$ 9,890

Restructured loans

4,378


3,294

Total non-performing loans

13,721


13,184

Other Real Estate Owned

107


116

Total non-performing assets

$ 13,828


$ 13,300

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 1/40th 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


Six Months Ended


June 30,


June 30,


(unaudited)


(unaudited)


2016


2015


2016


2015









Interest income

13,739


12,740


26,791


24,503

Interest expense

799


824


1,616


1,672

Net interest income

12,940


11,916


25,175


22,831

Provision for loan losses

(1,300)


400


(1,300)


800

Net interest income after provision

14,240


11,516


26,475


22,031

Noninterest income

4,075


3,652


9,335


8,053

Noninterest expense

11,050


10,933


21,957


21,537

Income before taxes

7,265


4,235


13,853


8,547

Income tax expense

2,084


1,113


3,947


2,255

Net income

5,181


3,122


9,906


6,292

Preferred stock dividends

391


391


782


795

Net income available








to common shareholders

4,790


2,731


9,124


5,497









Dividends per common share

$ 0.05


$ 0.05


$ 0.10


$ 0.10









Earnings per common share,








basic

$ 0.61


$ 0.35


$ 1.16


$ 0.70

diluted

$ 0.47


$ 0.29


$ 0.91


$ 0.58









Average shares outstanding,








basic

7,877,119


7,842,159


7,861,444


7,800,808

diluted

10,951,521


10,921,824


10,937,768


10,914,788









Selected financial ratios:








Return on average assets

1.48%


0.94%


1.31%


0.93%

Return on average equity

15.75%


10.50%


15.37%


10.74%

Dividend payout ratio

7.60%


12.56%


7.94%


12.40%

Net interest margin (tax equivalent)

4.13%


3.96%


3.81%


3.81%

Selected Balance Sheet Items






June 30,


December 31,


2016


2015






(unaudited)


(unaudited)

Cash and due from financial institutions

$ 41,772


$ 35,561

Investment securities

200,643


196,249

Loans held for sale

5,167


2,698

Loans

1,028,922


1,001,527

Less allowance for loan losses

14,547


14,361

Net loans

1,014,375


987,166

Other securities

13,734


13,452

Fixed assets

16,711


16,944

Goodwill and other intangibles

29,186


29,504

Bank owned life insurance

24,255


20,104

Other assets

14,068


13,363

Total assets

$ 1,359,911


$ 1,315,041





Total deposits

$ 1,115,007


$ 1,052,033

Federal Home Loan Bank advances

47,300


71,200

Securities sold under agreements to repurchase

17,725


25,040

Subordinated debentures

29,427


29,427

Accrued expenses and other liabilities

14,249


12,168

Total shareholders' equity

136,203


125,173

Total liabilities and shareholders' equity

$ 1,359,911


$ 1,315,041





Shares outstanding at period end

7,907,360


7,843,578





Book value per share

$ 14.43


$ 13.12

Tangible book value per share

10.74


9.36

Equity to asset ratio

10.02%


9.52%





Selected asset quality ratios:




Allowance for loan losses to total loans

1.41%


1.43%

Non-performing assets to total assets

1.02%


1.01%

Allowance for loan losses to non-performing loans

106.02%


108.93%





Non-performing asset analysis




Nonaccrual loans

$ 9,343


$ 9,890

Troubled debt restructurings

4,378


3,294

Other real estate owned

107


116

Total

$ 13,828


$ 13,300

Average Balance Analysis

(Unaudited - Dollars in thousands except share data)



Six Months Ended June 30,


2016


2015


Average




Yield/


Average




Yield/

Assets:

balance


Interest


rate *


balance


Interest


rate *

Interest-earning assets:












Loans

$ 1,008,203


$ 23,487


4.69%


$ 959,474


$ 21,516


4.53%

Taxable securities

138,517


1,622


2.39%


141,420


1,629


2.37%

Non-taxable securities

75,011


1,315


5.67%


70,128


1,264


5.78%

Interest-bearing deposits in other banks

149,046


367


0.50%


79,794


94


0.24%

Total interest-earning assets

$ 1,370,777


26,791


4.05%


$ 1,250,816


24,503


4.08%

Noninterest-earning assets:












Cash and due from financial institutions

76,208






46,515





Premises and equipment, net

16,801






15,537





Accrued interest receivable

4,327






4,225





Intangible assets

29,366






27,513





Other assets

9,876






9,877





Bank owned life insurance

22,506






19,737





Less allowance for loan losses

(14,562)






(14,520)





Total Assets

$ 1,515,299






$ 1,359,700

















Liabilities and Shareholders Equity:












Interest-bearing liabilities:












Demand and savings

$ 559,901


$ 227


0.08%


$ 540,336


$ 207


0.08%

Time

205,949


747


0.73%


228,846


868


0.76%

FHLB

28,537


201


1.42%


30,179


215


1.44%

Subordinated debentures

29,427


430


2.94%


29,427


373


2.56%

Repurchase Agreements

22,122


11


0.10%


18,745


9


0.10%

Total interest-bearing liabilities

$ 845,936


1,616


0.38%


$ 847,533


1,672


0.40%

Noninterest-bearing deposits

516,738






379,786





Other liabilities

23,004






14,258





Shareholders' Equity

129,621






118,123





Total Liabilities and Shareholders' Equity

$ 1,515,299






$ 1,359,700

















Net interest income and interest rate spread


$ 25,175


3.67%




$ 22,831


3.68%













Net interest margin





3.81%






3.81%













* - All yields and costs are presented on an annualized basis





Average Balance Analysis

(Unaudited - Dollars in thousands except share data)




Three Months Ended June 30,


2016


2015


Average




Yield/


Average




Yield/

Assets:

balance


Interest


rate *


balance


Interest


rate *

Interest-earning assets:












Loans

$ 1,015,687


$ 12,170


4.82%


$ 991,487


$ 11,270


4.56%

Taxable securities

139,238


821


2.41%


140,943


796


2.31%

Non-taxable securities

75,821


661


5.66%


70,610


640


5.74%

Interest-bearing deposits in other banks

70,355


87


0.50%


43,691


34


0.31%

Total interest-earning assets

$ 1,301,101


13,739


4.38%


$ 1,246,731


12,740


4.23%

Noninterest-earning assets:












Cash and due from financial institutions

37,863






26,222





Premises and equipment, net

16,731






16,173





Accrued interest receivable

4,636






4,561





Intangible assets

29,286






29,164





Other assets

9,844






10,885





Bank owned life insurance

23,450






19,795





Less allowance for loan losses

(14,621)






(14,593)





Total Assets

$ 1,408,290






$ 1,338,938

















Liabilities and Shareholders Equity:












Interest-bearing liabilities:












Demand and savings

$ 563,561


$ 114


0.08%


$ 555,144


$ 109


0.08%

Time

202,347


371


0.74%


233,047


424


0.73%

FHLB

18,636


91


1.96%


25,958


94


1.45%

Subordinated debentures

29,427


218


2.98%


29,427


193


2.63%

Repurchase Agreements

20,382


5


0.10%


17,302


4


0.09%

Total interest-bearing liabilities

$ 834,353


799


0.39%


$ 860,878


824


0.38%

Noninterest-bearing deposits

425,390






345,241





Other liabilities

16,280






13,607





Shareholders' Equity

132,267






119,212





Total Liabilities and Shareholders' Equity

$ 1,408,290






$ 1,338,938

















Net interest income and interest rate spread


$ 12,940


3.99%




$ 11,916


3.85%













Net interest margin





4.13%






3.96%













* - All yields and costs are presented on an annualized basis





Supplemental Financial Information

(Unaudited - Dollars in thousands except share data)












June 30,


March 31,


December 31,


September 30,


June 30,

End of Period Balances

2016


2016


2015


2015


2015











Assets










Cash and due from banks

$ 41,772


$ 214,407


$ 35,561


$ 33,619


$ 35,092

Securities available for sale

200,643


201,786


196,249


198,655


197,429

Loans held for sale

5,167


2,193


2,698


1,223


4,034

Loans

1,028,922


1,005,803


1,001,527


1,000,275


1,002,917

Allowance for loan losses

(14,547)


(14,433)


(14,361)


(14,760)


(14,707)

Net Loans

1,014,375


991,370


987,166


985,515


988,210

Other securities

13,734


13,550


13,452


13,324


13,261

Fixed assets

16,711


16,773


16,944


16,200


16,308

Goodwill and other intangibles

29,186


29,337


29,504


29,683


29,608

Bank owned life insurance

24,255


23,218


20,104


19,987


19,870

Other assets

14,068


14,262


13,363


15,125


13,460

Total Assets

$ 1,359,911


$ 1,506,896


$ 1,315,041


$ 1,313,331


$ 1,317,272











Liabilities










Total Deposits

$ 1,115,007


$ 1,279,780


$ 1,052,033


$ 1,055,959


$ 1,075,806

Federal Home Loan Bank advances

47,300


17,500


71,200


72,200


55,300

Securities sold under agreement to repurchase

17,725


24,272


25,040


20,887


17,460

Subordinated debentures

29,427


29,427


29,427


29,427


29,427

Accrued expenses and other liabilities

14,249


25,377


12,168


11,521


19,257

Total liabilities

1,223,708


1,376,356


1,189,868


1,189,994


1,197,250











Shareholders' equity










Preferred shares, Series B

22,124


22,273


22,273


22,273


22,273

Common Stock

115,750


115,442


115,330


115,267


115,248

Accumulated earnings

13,640


9,242


5,300


2,884


414

Treasury stock

(17,235)


(17,235)


(17,235)


(17,235)


(17,235)

Accumulated other comprehensive income (loss)

1,924


818


(495)


148


(678)

Total shareholders' equity

136,203


130,540


125,173


123,337


120,022











Total liabilities and shareholders' equity

$ 1,359,911


$ 1,506,896


$ 1,315,041


$ 1,313,331


$ 1,317,272











Quarterly Average Balances










Assets:










Earning assets

$ 1,301,101


$ 1,440,453


$ 1,218,797


$ 1,230,249


$ 1,246,731

Securities

215,059


211,995


212,463


210,209


211,553

Loans

1,015,687


1,000,720


996,861


1,009,372


991,487

Liabilities and shareholders' equity










Total deposits

$ 1,191,298


$ 1,373,875


$ 1,059,271


$ 1,073,930


$ 1,133,432

Interest-bearing deposits

765,908


765,790


756,422


773,625


788,191

Interest-bearing liabilities

68,445


91,724


111,481


111,797


72,687

Total shareholders' equity

132,267


126,976


124,025


121,057


119,212

Supplemental Financial Information

(Unaudited - Dollars in thousands except share data)












Three Months Ended


June 30,


March 31,


December 31,


September 30,


June 30,

Income statement

2016


2016


2015


2015


2015











Total interest income

$ 13,739


$ 13,053


$ 12,976


$ 13,223


$ 12,740

Total interest expense

799


818


815


821


824

Net interest income

12,940


12,235


12,161


12,402


11,916

Provision for loan losses

(1,300)


-


-


400


400

Noninterest income

4,075


5,260


3,146


3,076


3,652

Noninterest expense

11,050


10,907


10,741


10,666


10,933

Income before taxes

7,265


6,588


4,566


4,412


4,235

Income tax expense

2,084


1,863


1,367


1,159


1,113

Net income

5,181


4,725


3,199


3,253


3,122

Preferred stock dividends

391


391


391


391


391

Net income available to common shareholders

$ 4,790


$ 4,334


$ 2,808


$ 2,862


$ 2,731











Common stock dividend paid

$ 392


$ 392


$ 392


$ 392


$ 392











Per share data




















Basic net income per common share

$ 0.61


$ 0.55


$ 0.36


$ 0.36


$ 0.35

Diluted net income per common share

0.47


0.43


0.29


0.30


0.29

Dividends per common share

0.05


0.05


0.05


0.05


0.05

Average common shares outstanding - basic

7,877,119


7,845,768


7,843,578


7,843,578


7,842,159

Average common shares outstanding - diluted

10,951,521


10,924,013


10,921,823


10,921,823


10,921,824











Asset quality










Allowance for loan losses, beginning of period

$ 14,433


$ 14,361


$ 14,760


$ 14,707


$ 14,315

Charge-offs

(230)


(126)


(525)


(634)


(305)

Recoveries

1,644


198


126


287


297

Provision

(1,300)


-


-


400


400

Allowance for loan losses, end of period

$ 14,547


$ 14,433


$ 14,361


$ 14,760


$ 14,707











Ratios










Allowance to total loans

1.41%


1.43%


1.43%


1.48%


1.47%

Allowance to nonperforming assets

105.20%


93.12%


107.98%


102.90%


86.33%

Allowance to nonperforming loans

106.02%


93.46%


108.93%


106.57%


88.80%











Nonperforming assets










Nonperforming loans

$ 13,721


$ 15,443


$ 13,184


$ 13,851


$ 16,562

Other real estate owned

107


56


116


494


474

Total nonperforming assets

$ 13,828


$ 15,499


$ 13,300


$ 14,345


$ 17,036











Capital and liquidity










Tier 1 leverage ratio

9.85%


8.24%


9.96%


9.68%


9.38%

Tier 1 risk-based capital ratio

12.76%


12.52%


12.70%


12.47%


12.20%

Total risk-based capital ratio

14.01%


13.77%


13.96%


13.72%


13.45%

Tangible common equity ratio

6.38%


5.34%


5.71%


5.56%


5.29%

SOURCE Civista Bancshares, Inc.

DISCLOSURE: The views and opinions expressed in this article are those of the authors, and do not represent the views of equities.com. Readers should not consider statements made by the author as formal recommendations and should consult their financial advisor before making any investment decisions. To read our full disclosure, please go to: http://www.equities.com/disclaimer.

Companies

Symbol Name Price Change % Volume
CIVB Civista Bancshares Inc. 22.48 -0.21 -0.93 28,102 Trade

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