Financial News

Civista Bancshares, Inc. Announces Strong 2016 Earnings

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
balance


Interest


Yield /
rate


Average
balance


Interest


Yield /
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
balance


Interest


Yield /
rate


Average
balance


Interest


Yield /
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
December 31,


Twelve months ended
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
December 31,


Twelve months ended
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 1/40th 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 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.

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