Financial News

Civista Bancshares, Inc. Announces First Quarter 2021 Financial Results

SANDUSKY, Ohio, April 23, 2021 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") announced its unaudited financial results for the three months ending March 31, 2021. 

Civista Bancshares, Inc.

First quarter highlights

  • Net income of $10.8 million, or $0.68 per diluted share, for the first quarter of 2021, compared to $7.8 million, or $0.47 per diluted share, for the first quarter of 2020.   
  • COVID–19 loan deferrals in effect were 3.4% of total loans at period end, compared to 3.6% at December 31, 2020 and 21.3% at June 30, 2020.  The bank has not experienced any specific loan losses attributed to COVID–19 closures in 2020 or 2021.
  • Quarterly dividend increased to $0.12 which is equivalent to a yield of 2.09% based on the March 31, 2021 market close of $22.94 and a dividend payout ratio of 17.65%.
  • Recorded quarterly gain on sale of mortgage loans of $2.7 million compared to $827 thousand for the same period last year.

"I am very pleased with the results of the first quarter of 2021.  Our mortgage business set a record for the most revenue in a quarter in our Company's history.  We continue to work toward a digital transformation with our online and mobile banking and expect to have new offerings in these areas before the end of the second quarter.  In the midst of increasing our digital offerings we are constantly looking at our branch footprint.  We will be closing two of our smaller offices in July.  We have continued to manage capital through our stock repurchase program as well as dividends.  We announced this week a new stock repurchase authorization and increased in our dividend in January 2021." said Dennis G. Shaffer, President and CEO of Civista.

Results of Operations:

For the three-month period ended March 31, 2021 and 2020

Net interest income increased $1.7 million, or 7.7%, for the first quarter of 2021 compared to the same period of 2020, due to a $723 thousand increase in interest income of as well as a decrease in interest expense of $1.0 million.  Interest income included $3.1 million of accretion of Paycheck Protection Program ("PPP") loan fees during the quarter.   

Interest income increased $723 thousand, or 2.9%, for the first quarter of 2021.  Average yields decreased 107 basis points which resulted in a $3.6 million decrease in interest income.  Average earning assets increased $774.5 million, which resulted in a $4.3 million increase in interest income.  PPP loans accounted for $248.7 million of the increase in average earning assets at a yield of 6.07%, including fee accretion.  Removing the impact of PPP loans, the yield on earning assets would have been 22 basis points lower.  Included in interest income is $3.1 million of accretion of PPP fees as well as accretion income associated with purchased loan portfolios of $622 thousand.

Interest expense decreased $1.0 million, or 34.3%, for the first quarter of 2021, compared to the same period last year.  The average rate paid on interest-bearing liabilities decreased 39 basis points, while average interest-bearing liabilities increased $332.9 million

Net interest margin decreased 80 basis points to 3.30% for the first quarter of 2021, compared to 4.10% for the same period a year ago. 

In addition to the PPP loans, earning assets were inflated by a $5.6 billion influx of stimulus funds in early January.  While the funds were only in the Company's Fed account for a short time, they increased average earning assets by $258 million for the quarter and reduced net interest margin by 30 basis points.

These funds were in addition to the cash normally generated by the Company's tax refund processing program that contributed $126 million in average interest-bearing cash balances during the quarter.

PPP loans averaged $258.7 million during the quarter at an average yield of 6.07% including the related fee accretion which increased the margin by 26 basis points.

Average Balance Analysis

(Unaudited - Dollars in thousands)










Three Months Ended March 31,


2021


2020


Average


Yield/


Average


Yield/

Assets:

balance

Interest

rate *


balance

Interest

rate *

Interest-earning assets:








Loans **

$   2,069,419

$ 22,783

4.47%


$   1,725,685

$ 21,673

5.05%

Taxable securities

174,740

1,275

3.08%


187,604

1,416

3.13%

Non-taxable securities

207,573

1,518

4.12%


197,583

1,512

4.22%

Interest-bearing deposits in other banks

554,921

149

0.11%


121,296

401

1.33%

Total interest-earning assets

$   3,006,653

25,725

3.55%


$   2,232,168

25,002

4.62%

Noninterest-earning assets:








Cash and due from financial institutions

27,760




168,350



Premises and equipment, net

22,509




22,737



Accrued interest receivable

8,569




6,751



Intangible assets

84,862




85,083



Bank owned life insurance

46,062




28,550



Other assets

37,162




45,086



Less allowance for loan losses

(25,590)




(14,927)



      Total Assets

$   3,207,987




$   2,573,798











Liabilities and Shareholders' Equity:








Interest-bearing liabilities:








Demand and savings

$   1,248,717

$      343

0.11%


$      894,892

$      606

0.27%

Time

284,042

917

1.31%


280,701

1,379

1.98%

FHLB

125,000

443

1.44%


157,749

581

1.48%

Other borrowings

-

-

0.00%


610

2

1.32%

Subordinated debentures

29,427

186

2.56%


29,427

313

4.28%

Repurchase agreements

31,178

8

0.10%


22,123

6

0.11%

Total interest-bearing liabilities

$   1,718,364

1,897

0.45%


$   1,385,502

2,887

0.84%

Noninterest-bearing deposits

1,100,023




799,540



Other liabilities

39,975




56,154



Shareholders' equity

349,625




332,602



Total Liabilities and Shareholders' Equity

$   3,207,987




$   2,573,798











Net interest income and interest rate spread


$ 23,828

3.10%



$ 22,115

3.78%









Net interest margin



3.30%




4.10%









* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $407 thousand and $406 thousand for the periods ended March 31, 2021 and 2020, respectively.  









** - Average balance includes nonaccrual loans

Provision for loan losses was $830 thousand for the first quarter of 2021 compared to $2.1 million for the first quarter of 2020.  As the pandemic has progressed, restrictions have been eased and additional stimulus was injected into the economy.  With the government relief and the vaccination programs, and resumption of many business activities, the negative impacts of the pandemic have not yet been realized.

For the first quarter of 2021, noninterest income totaled $9.2 million, an increase of $2.3 million, or 33.7%, compared to the prior year's first quarter. 

Noninterest income








(unaudited - dollars in thousands)

Three months ended March 31,


2021


2020


$ change


% change

Service charges

$    1,256


$    1,468


$     (212)


-14.4%

Net loss on sale of securities

(1)


-


(1)


0.0%

Net gain/(loss) on equity securities

88


(141)


229


162.4%

Net gain on sale of loans

2,745


827


1,918


231.9%

ATM/Interchange fees

1,248


894


354


39.6%

Wealth management fees

1,146


1,006


140


13.9%

Bank owned life insurance

243


250


(7)


-2.8%

Tax refund processing fees

1,900


1,900


-


0.0%

Swap fees

76


338


(262)


-77.5%

Other

489


334


155


46.4%

Total noninterest income

$    9,190


$    6,876


$    2,314


33.7%

Service charge income decreased primarily due to a $275.5 thousand decrease in overdraft fees.  Since the beginning of the COVID-19 pandemic, customer behavior has changed, resulting in fewer overdrafts.    

Net gain on sale of loans increased due to an increase in the volume of loans sold of $42.2 million as well as an increase in the premium on sold loans of 120 basis points, compared to a year ago. 

ATM/Interchange fees increased as a result of increased transaction volume and incentives from our network providers. 

Wealth management fees increased as a result of increased assets under management, primarily driven by market gains.    

For the first quarter of 2021, noninterest expense totaled $19.4 million, an increase of $1.5 million, or 8.6%, compared to the prior year's first quarter.

Noninterest expense








(unaudited - dollars in thousands)

Three months ended March 31,


2021


2020


$ change


% change

Compensation expense

$  11,782


$  10,871


$       911


8.4%

Net occupancy and equipment 

1,638


1,482


156


10.5%

Contracted data processing

443


450


(7)


-1.6%

Taxes and assessments

884


579


305


52.7%

Professional services

738


737


1


0.1%

Amortization of intangible assets

223


231


(8)


-3.5%

ATM/Interchange expense

593


447


146


32.7%

Marketing

299


356


(57)


-16.0%

Software maintenance expense

508


437


71


16.2%

Other

2,282


2,266


16


0.7%

Total noninterest expense

$  19,390


$  17,856


$    1,534


8.6%

Compensation expense increased primarily due to annual pay increases, which occur every year in April and commissions.  Annual pay increases in April 2020 averaged 3.3%.  Commissions increased $421.2 thousand, or 32.8% as a result of increased loan activity. 

The increase in net occupancy is the result of increased COVID-19 pandemic related expenses to janitorial services and supplies of $129 thousand and an increase in grounds maintenance of $150 thousand for snow removal.   These increases were partially offset by a decrease in equipment expense of $104.8 thousand.

The quarter-over-quarter increase in taxes and assessments was primarily attributable to an increase in the FDIC assessment of $159.0 thousand due to credit for small banks applied to the March 2020 assessments. 

The efficiency ratio was 54.9% for the quarter ended March 31, 2021 compared to 60.7% for the quarter ended March 31, 2020.  The change in the efficiency ratio is primarily due to increases in both noninterest income and net interest income.

Civista's effective income tax rate for the first quarter 2021 was 15.9% compared to 13.1% in 2020.

Balance Sheet

Total assets increased $294.5 million, or 10.7%, from December 31, 2020 to March 31, 2021, primarily due to an increase in cash of $297.7 million, or 213.4%.  Loans held for sale increased $3.8 million, or 53.8%.  The loan portfolio increased $2.7 million, which includes an increase in PPP loans of $29.3 million.         

End of period loan balances








(unaudited - dollars in thousands)









March 31,


December 31,






2021


2020


$ Change


% Change

Commercial and Agriculture 1

$          419,666


$          409,876


$      9,790


2.4%

Commercial Real Estate:








Owner Occupied

274,747


278,413


(3,666)


-1.3%

Non-owner Occupied

723,656


705,072


18,584


2.6%

Residential Real Estate

431,506


442,588


(11,082)


-2.5%

Real Estate Construction

171,121


175,609


(4,488)


-2.6%

Farm Real Estate

28,043


33,102


(5,059)


-15.3%

Consumer and Other

11,500


12,842


(1,342)


-10.5%

Total Loans

$       2,060,239


$       2,057,502


$      2,737


0.1%









1March 31, 2021 includes PPP loans totaling $246,636 and December 31, 2020 includes PPP loans totaling $217,295.

Loan balances were flat in the first quarter, including the PPP balances.   Removing the effect of the PPP loans, the loan portfolio declined $26.6 million or 1.4%.   Commercial Real Estate continued to grow due to consistent demand in the Non-owner Occupied category.  Due to an influx of governmental stimulus money through PPP and individual incentives, revolving lines of credit reduced $21.2 million ($17.9 million commercial and $3.3 million consumer).  Real Estate Construction fell slightly as a few projects that were completed moved to other categories and construction draws slow down due to the weather.  Construction demand remains strong and construction availability remains near all-time highs.  The decrease in Residential Real Estate continues as a result of portfolio loans refinanced into saleable mortgage products.

Paycheck Protection Program

In total, we processed over 3,500 loans totaling $387.6 million, of which $141.0 million have been forgiven or have paid off.   Prepaid SBA fees totaling approximately $15.6 million have been booked and are being recognized in interest income over the life of the PPP loans, or as the underlying loan is forgiven by the SBA.  During the quarter, $3.1 million of PPP fees were accreted to income.  At March 31, 2021, $7.8 million of prepaid SBA fees remain.

"We believe that the PPP program has been instrumental in assisting small businesses and their employees.  The SBA tightened the rules for PPP Round 2 to focus aid to smaller businesses and reduce potential fraud.  This resulted in a lower number or applications.  During the quarter, we approved 1,238 new loans, funding a total of $119.8 million.  We expect to continue to support our customers until the funding runs out" said Dennis G. Shaffer, President and CEO of Civista.

COVID-19 Loan Modifications

In the 2nd quarter of 2020, in the initial days of the pandemic, Civista booked 90-day payment modifications on 813 loans totaling $431.3 million.  Additional 90-day modifications were extended on 100 of these loans, totaling $124.4 million.  Both deferral programs primarily consisting of the deferral of principal and/or interest payments.  All subsequent modifications were on loans which were performing at December 31, 2019 and comply with the provisions of the CARES Act to not be considered a troubled debt restructuring.  As of March 31, 2021, the remaining loans modified under the CARES Act total $70.7 million.   

Details with respect to the loan modifications that remain on deferred status are as follows:

Loans currently modified under COVID-19 programs



(unaudited - dollars in thousands)






Type of Loan


Number of
Loans


Balance


Percent of
loans
outstanding 1








Commercial and Agriculture


21


$         4,514


0.25%

Commercial Real Estate:







Owner Occupied


8


10,876


0.60%

Non-owner Occupied


18


48,882


2.70%

Real Estate Construction


2


5,905


0.33%

Residential Real Estate


2


483


0.03%



51


$       70,660


3.43%

Deposits

Total deposits increased $286.5 million, or 13.1%, from December 31, 2020 to March 31, 2021. 

End of period deposit balances








(unaudited - dollars in thousands)









March 31,


December 31,






2021


2020


$ Change


% Change

Noninterest-bearing demand

$            917,598


$            720,809


$    196,789


27.3%

Interest-bearing demand

487,956


410,139


77,817


19.0%

Savings and money market

794,521


771,612


22,909


3.0%

Time deposits

275,832


286,838


(11,006)


-3.8%

Total Deposits

$         2,475,907


$         2,189,398


$    286,509


13.1%

The increase in noninterest-bearing demand of $196.8 million was primarily due to a $136.9 million increase in balances related to the tax refund processing program, which is temporary.  Additionally, business demand deposit accounts increased $37.9 million, primarily due to the deposit of PPP loan proceeds.  Interest-bearing demand deposits increased due to a $62.5 million increase in public fund accounts and a $27.9 million increase in non-public fund accounts.  The increase in savings and money market was primarily due to a $34.7 million increase in personal money markets, a $27.9 million increase in statement savings and a $4.3 million increase in business money markets.  These increases were partially offset by a decrease of $48.8 million increase in brokered money market accounts.

FHLB advances totaled $125.0 million at March 31, 2021, unchanged from December 31, 2020.

Stock Repurchase Program

During the first quarter of 2021, Civista repurchased 181,627 shares for $3.9 million at a weighted average price of $21.39 per share.  These repurchases were part of the $13.5 million repurchase authorization which was approved in April 2020. 

Mr. Shaffer continued, "We view share repurchase as an integral part of our capital management.  In April of 2020 our board authorized a $13.5 million repurchase.  With the uncertainty of the pandemic, we paused on our share repurchases until the third quarter of 2020 and as a result, did not repurchase all $13.5 million.  Earlier this week, our board of directors authorized another $13.5 million repurchase." 

Shareholder Equity

Total shareholders' equity was unchanged from December 31, 2020 to March 31, 2021.   Retained earnings increased $8.9 million and was offset by a decrease in other comprehensive income of $5.1 million and by a $4.0 million repurchase of treasury shares.         

Asset Quality

Civista recorded net recoveries of $275 thousand for the three months of 2021 compared to net recoveries of $55 thousand for the same period of 2020.  The allowance for loan losses to loans was 1.27% at March 31, 2021 and 1.22% at December 31, 2020.  Without the PPP loans, the allowance ratio would have been 17 basis points higher.     

Allowance for Loan Losses




(dollars in thousands)





March 31,


March 31,


2021


2020

Beginning of period

$          25,028


$          14,767

Charge-offs

(46)


(24)

Recoveries

321


79

Provision

830


2,126

End of period

$          26,133


$          16,948

Non-performing assets at March 31, 2021 were $6.2 million, a 15.7% decrease from December 31, 2020.  The non-performing assets to assets ratio decreased to 0.20% from 0.27% at December 31, 2020.  The allowance for loan losses to non-performing loans increased to 423.09% from 343.05% at December 31, 2020.  

Non-performing Assets




(dollars in thousands)

March 31,


December 31,


2021


2020

Non-accrual loans

$           4,360


$           5,399

Restructured loans

1,817


1,897

Total non-performing loans

6,177


7,296

Other Real Estate Owned

-


31

Total non-performing assets

$           6,177


$           7,327

Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the first quarter of 2021 at 1:00 p.m. ET on Friday, April 23, 2021.  Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com.  Participants can also listen to the conference call by dialing 855-238-2712 and ask to be joined into the Civista Bancshares, Inc. first quarter 2021 earnings call.  Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.

An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com).

Forward Looking Statements
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, 2020, and any additional risks identified in the Company's subsequent Form 10-Q's.  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. is a $3.1 billion financial holding company headquartered in Sandusky, Ohio.  The Company's banking subsidiary, Civista Bank, operates 37 locations in Northern, Central and Southwestern Ohio, Southeastern Indiana and Northern Kentucky.  Civista Bancshares, Inc. may be accessed at HUwww.civb.comUH.  The Company's common shares are traded on the NASDAQ Capital Market under the symbol "CIVB". 

 

Civista Bancshares, Inc.

Financial Highlights

(Unaudited, dollars in thousands, except share and per share amounts)


Consolidated Condensed Statement of Income







Three Months Ended



March 31,



2021


2020







Interest income

$        25,725


$        25,002


Interest expense

1,897


2,887


Net interest income

23,828


22,115


Provision for loan losses

830


2,126


Net interest income after provision

22,998


19,989


Noninterest income

9,190


6,876


Noninterest expense

19,390


17,856


Income before taxes

12,798


9,009


Income tax expense

2,040


1,176


Net income

$        10,758


$          7,833







Dividends paid per common share

$            0.12


$            0.11







Earnings per common share,





basic and diluted

$            0.68


$            0.47







Average shares outstanding,





basic and diluted

15,867,588


16,517,745







Selected financial ratios:





Return on average assets (annualized)

1.36%


1.22%


Return on average equity (annualized)

12.48%


9.47%


Dividend payout ratio

17.65%


23.40%


Net interest margin (tax equivalent)

3.30%


4.10%


 

 

 Selected Balance Sheet Items 

(Dollars in thousands, except share and per share amounts)






 March 31, 


 December 31, 


2021


2020


(unaudited)


(unaudited)





 Cash and due from financial institutions 

$              437,238


$              139,522

 Investment securities 

357,798


364,350

 Loans held for sale 

10,769


7,001

 Loans 

2,060,239


2,057,502

 Less: allowance for loan losses 

(26,133)


(25,028)

 Net loans 

2,034,106


2,032,474

 Other securities 

20,537


20,537

 Premises and equipment, net 

22,265


22,580

 Goodwill and other intangibles 

84,682


84,926

 Bank owned life insurance 

46,219


45,976

 Other assets 

43,754


45,552

 Total assets 

$           3,057,368


$           2,762,918





 Total deposits 

$           2,475,907


$           2,189,398

 Federal Home Loan Bank advances 

125,000


125,000

 Securities sold under agreements to repurchase 

29,513


28,914

 Subordinated debentures 

29,427


29,427

 Accrued expenses and other liabilities 

47,463


40,071

 Total shareholders' equity 

350,058


350,108

 Total liabilities and shareholders' equity 

$           3,057,368


$           2,762,918





 Shares outstanding at period end 

15,750,479


15,898,032





 Book value per share 

$                  22.23


$                  22.02

 Equity to asset ratio 

11.45%


12.67%





Selected asset quality ratios:




Allowance for loan losses to total loans

1.27%


1.22%

Non-performing assets to total assets

0.20%


0.27%

Allowance for loan losses to non-performing loans

423.09%


343.05%





Non-performing asset analysis




Nonaccrual loans

$                  4,360


$                  5,399

Troubled debt restructurings

1,817


1,897

Other real estate owned

-


31

Total

$                  6,177


$                  7,327

 

 

Supplemental Financial Information

(Unaudited - dollars in thousands except share data)












March 31,


December 31,


September 30,


June 30,


March 31,

End of Period Balances

2021


2020


2020


2020


2020











Assets










Cash and due from banks

$     437,238


$     139,522


$     194,773


$     196,520


$     256,023

Investment securities

357,798


364,350


366,691


369,181


366,689

Loans held for sale

10,769


7,001


13,256


18,523


7,632

Loans

2,060,239


2,057,502


2,040,940


2,022,965


1,743,125

Allowance for loan losses

(26,133)


(25,028)


(22,637)


(20,420)


(16,948)

Net Loans

2,034,106


2,032,474


2,018,303


2,002,545


1,726,177

Other securities

20,537


20,537


20,537


20,537


20,280

Premises and equipment, net

22,265


22,580


22,958


23,137


22,443

Goodwill and other intangibles

84,682


84,926


84,896


84,852


84,919

Bank owned life insurance

46,219


45,976


45,732


45,489


45,249

Other assets

43,754


45,552


50,847


51,369


46,444

Total Assets

$  3,057,368


$  2,762,918


$  2,817,993


$  2,812,153


$  2,575,856











Liabilities










Total deposits

$  2,475,907


$  2,189,398


$  2,068,769


$  2,069,261


$  1,991,939

Federal Home Loan Bank advances

125,000


125,000


125,000


125,000


142,000

Securities sold under agreement to repurchase

29,513


28,914


25,813


23,608


22,699

Other borrowings

-


-


183,695


183,695


-

Subordinated debentures

29,427


29,427


29,427


29,427


29,427

Accrued expenses and other liabilities

47,463


40,071


43,234


44,549


61,624

Total liabilities

2,707,310


2,412,810


2,475,938


2,475,540


2,247,689











Shareholders' Equity










Common shares

277,164


277,039


276,940


276,841


276,546

Retained earnings

101,899


93,048


84,628


78,712


73,972

Treasury shares

(38,574)


(34,598)


(33,900)


(32,594)


(32,239)

Accumulated other comprehensive income

9,569


14,619


14,387


13,654


9,888

Total shareholders' equity

350,058


350,108


342,055


336,613


328,167











Total Liabilities and Shareholders' Equity

$  3,057,368


$  2,762,918


$  2,817,993


$  2,812,153


$  2,575,856











Quarterly Average Balances










Assets:










Earning assets

$  3,006,653


$  2,603,961


$  2,617,884


$  2,528,006


$  2,232,168

Securities

382,313


386,179


388,594


386,838


385,187

Loans

2,069,419


2,072,477


2,040,492


1,972,969


1,725,685

Liabilities and Shareholders' Equity










Total deposits

$  2,632,782


$  2,144,865


$  2,084,791


$  2,108,227


$  1,975,133

Interest-bearing deposits

1,532,759


1,458,967


1,401,318


1,317,336


1,175,593

Other interest-bearing liabilities

185,605


278,357


362,965


302,267


209,909

Total shareholders' equity

349,625


343,335


339,278


330,524


332,602

 

 

Supplemental Financial Information

(Unaudited - dollars in thousands except share data)












Three Months Ended


March 31,


December 31,


September 30,


June 30,


March 31,

Income statement

2021


2020


2020


2020


2020











Total interest and dividend income

$         25,725


$         25,721


$         24,558


$         24,584


$         25,002

Total interest expense

1,897


2,190


2,552


2,509


2,887

Net interest income

23,828


23,531


22,006


22,075


22,115

Provision for loan losses

830


2,250


2,250


3,486


2,126

Noninterest income

9,190


7,666


6,786


6,854


6,876

Noninterest expense

19,390


16,968


17,727


18,114


17,856

Income before taxes

12,798


11,979


8,815


7,329


9,009

Income tax expense

2,040


1,806


1,133


825


1,176

Net income

$         10,758


$         10,173


$           7,682


$           6,504


$           7,833











Common shares dividend paid

$           1,907


$           1,753


$           1,766


$           1,764


$           1,835











Per share data




















Earnings per common share










Basic and diluted

$             0.68


$             0.64


$             0.48


$             0.41


$             0.47

Dividends paid per common share

0.12


0.11


0.11


0.11


0.11

Average common shares outstanding, 










Basic and diluted

15,867,588


15,915,369


16,045,544


16,044,125


16,517,745











Asset quality










Allowance for loan losses, beginning of period

$         25,028


$         22,637


$         20,420


$         16,948


$         14,767

Charge-offs

(46)


(139)


(185)


(116)


(24)

Recoveries

321


280


152


102


79

Provision

830


2,250


2,250


3,486


2,126

Allowance for loan losses, end of period

$         26,133


$         25,028


$         22,637


$         20,420


$         16,948











Ratios










Allowance to total loans

1.27%


1.22%


1.11%


1.01%


0.97%

Allowance to nonperforming assets

423.09%


341.59%


292.88%


262.14%


197.97%

Allowance to nonperforming loans

423.09%


343.05%


292.88%


262.14%


197.97%











Nonperforming assets










Nonperforming loans

$           6,177


$           7,296


$           7,729


$           7,790


$           8,561

Other real estate owned

-


31


-


-


-

Total nonperforming assets

$           6,177


$           7,327


$           7,729


$           7,790


$           8,561











Capital and liquidity










Tier 1 leverage ratio

9.23%


10.77%


10.73%


10.43%


10.66%

Tier 1 risk-based capital ratio

15.20%


14.74%


14.73%


12.99%


14.33%

Total risk-based capital ratio

16.45%


15.99%


15.94%


13.97%


15.25%

Tangible common equity ratio (1)

9.00%


9.98%


9.47%


9.29%


9.82%











(1) See reconciliation of non-GAAP measures at the end of this press release.







 

 

Reconciliation of Non-GAAP Financial Measures

(Unaudited - dollars in thousands except share data)












Three Months Ended


March 31,


December 31,


September 30,


June 30,


March 31,


2021


2020


2020


2020


2020











Tangible Common Equity










Total Shareholder's Equity - GAAP

$       350,058


$       350,108


$       342,055


$       336,613


$       328,167

Less: Goodwill and intangible assets

82,458


82,681


82,907


83,135


83,363

Tangible common equity (Non-GAAP)

$       267,600


$       267,427


$       259,148


$       253,478


$       244,804











Total Shares Outstanding

15,750,479


15,898,032


15,945,479


16,052,979


16,064,010











Tangible book value per share

$           16.99


$           16.82


$           16.25


$           15.79


$           15.24











Tangible Assets










Total Assets - GAAP

$    3,057,368


$    2,762,918


$    2,817,993


$    2,812,153


$    2,575,856

Less: Goodwill and intangible assets

82,458


82,681


82,907


83,135


83,363

Tangible assets (Non-GAAP)

$    2,974,910


$    2,680,237


$    2,735,086


$    2,729,018


$    2,492,493











Tangible common equity to tangible assets

9.00%


9.98%


9.47%


9.29%


9.82%

 

 

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/civista-bancshares-inc-announces-first-quarter-2021-financial-results-301275398.html

SOURCE Civista Bancshares, Inc.

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