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DCB Financial Corp Announces Second Quarter 2015 Results

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LEWIS CENTER, Ohio, July 30, 2015 /PRNewswire/ -- DCB Financial Corp (the "Company"), (OTCQB: DCBF), parent holding company of The Delaware County Bank & Trust Company, Lewis Center, Ohio (the "Bank") announced net income of $144,000 or $0.02 per diluted share for the three months ended June 30, 2015, compared to net income of $37,000 or $0.01 per diluted share for the same period in 2014. The increase in net income resulted from a $196,000 increase in net interest income and an increase of $184,000 in non-interest income, which offset a $273,000 increase in non-interest expenses. During the second quarter of 2015, the Company recorded a $175,000 one-time expense accrual for refunds of certain fees charged to a small segment of deposit customers between 2011 and 2015.      

Net income was $383,000 or $0.05 per diluted share for the six months ended June 30, 2015, compared to net income of $156,000 or $0.02 per diluted share for the same period in 2014. Increases of $389,000 in net interest income and $151,000 in non-interest income during the first six months of 2015 offset a $150,000 increase in the provision for loan losses and a $163,000 increase in non-interest expenses.

Ronald J. Seiffert, President and CEO for the Company said, "Net income for the first half of 2015 increased 146% over the year-ago period, and was slightly higher than our net income for all of 2014, as strong growth in net interest income and higher wealth management fees drove a $540,000 increase in net revenue in the first half of 2015 compared to the first half of last year."

Seiffert continued, "Our business development initiatives have borne strong results over the past year, with average loan balances up over $20 million in both the three months and six months ended June 30, 2015 compared to the year-ago periods. We have a number of strategic initiatives under way designed to further increase our lending capacity in coming quarters, including the hiring of a seasoned mortgage banking professional to lead the development and expansion of our mortgage banking business, which we announced last week."

Balance Sheet Highlights
Total assets were $541.6 million at June 30, 2015, compared with $520.7 million at March 31, 2015 and $515.4 million at December 31, 2014. Cash and cash equivalents increased $26.1 million since the end of 2014 due in large part to seasonal inflows of funds into the Company's municipal accounts during the second quarter.   

Total loans were $382.2 million at June 30, 2015, compared with $377.2 million at March 31, 2015 and $385.4 million at December 31, 2014. The Company entered 2015 with a relatively light loan pipeline due primarily to seasonal factors and a large number of commercial loan closings in the fourth quarter of 2014. Growth in the Company's commercial loan portfolios in the fourth quarter of 2014 totaled $9.8 million. In addition, prepayments and payoffs in the Company's commercial loan portfolios were unusually high during the first quarter of 2015, including 5 relationships aggregating $5.7 million that paid off during the quarter. Loan growth rebounded in the second quarter, with commercial and industrial loans and residential loans increasing $2.9 million and $2.4 million, respectively.

Deposits totaled $470.5 million at June 30, 2015, compared with $464.8 million at March 31, 2015 and $453.2 million at December 31, 2014. Money market accounts increased $9.1 million in the first quarter of 2015 due primarily to seasonal inflows of municipal deposits.

Shareholders' equity increased $255,000 in the first half of 2015 to $47.5 million at June 30, 2015. Net income for the first half of 2015 of $383,000 was partially offset by a decrease in accumulated other comprehensive income due to a decrease in unrealized gains on securities available-for-sale.

The Bank's Tier 1 leverage ratio was 8.63% and its total risk-based capital ratio was 13.83% at June 30, 2015, both of which were well above the regulatory thresholds required to be classified as a "well-capitalized" institution, which are 5.0% and 10.0%, respectively.

Asset Quality and the Provision for Loan Losses
Delinquent loans (including non-accrual loans) totaled $2.4 million or 0.63% of total loans at June 30, 2015, compared to $2.0 million or 0.53% of total loans at March 31, 2015 and $2.2 million or 0.58% of total loans at December 31, 2014.  Non-accrual loans totaled $1.5 million or 0.38% of total loans at June 30, 2015, compared to $1.1 million or 0.30% of total loans at March 31, 2015 and $1.4 million or 0.36% of total loans at December 31, 2014.

Non-performing assets were $11.8 million or 2.18% of total assets at June 30, 2015, compared with $11.8 million or 2.26% of total assets at March 31, 2015 and $12.6 million or 2.45% of total assets at December 31, 2014.  Troubled debt restructurings ("TDR's"), which are performing in accordance with the restructured terms and accruing interest, but are included in non-performing assets, were $9.1 million at June 30, 2015, and $9.6 million at March 31, 2015 and at December 31, 2014.      

Net recoveries of previously charged-off loans totaling $75,000 were recorded in the second quarter of 2015, compared to net charge-offs of $777,000 or 0.87% (annualized) of average loans in the year-ago quarter, and net charge-offs of $297,000 or 0.31% (annualized) of average loans in the first quarter of 2015.

Net charge-offs were $222,000 or 0.12% (annualized) of average loans in the first half of 2015, compared to net charge-offs of $2.1 million or 1.15% (annualized) of average loans in the first half of 2014. Three relationships comprised nearly all of the charge-offs in the first half of 2014, which were charged against specific allowance allocations established in the fourth quarter of 2013.

There was no provision for loan losses recorded in the second quarter of 2015, compared with a provision for loan losses of $150,000 in the first quarter of 2015.  There was no provision for loan losses recorded in the three months and six months ended June 30, 2014.

The allowance for loan losses was $4.2 million at June 30, 2015, compared to $4.1 million at March 31, 2015 and $4.2 million at December 31, 2014.  The ratio of the allowance for loan losses to total loans was 1.09% at June 30, 2015, compared with 1.08% at March 31, 2015 and 1.10% at December 31, 2014.  The ratio of the allowance for loan losses to non-performing loans (including TDR's) was 38.2% at June 30, 2015, compared to 37.8% at March 31, 2015 and 38.5% at December 31, 2014. The ratio of the allowance for loan losses to non-accrual loans was 286% at June 30, 2015, compared to 362% at March 31, 2015 and 306% at December 31, 2014.

Net Interest Income
Net interest income totaled $4.2 million in the quarter ended June 30, 2015, compared with $4.0 million in the year-ago quarter and $4.2 million in the first quarter of 2015. The net interest margin was 3.40% in the second quarter of 2015, compared to 3.51% in the year-ago quarter and 3.50% in the first quarter of 2015. The decline in the net interest margin resulted primarily from the effect of higher interest-bearing cash balances, with yields averaging 0.25%.

Total average interest-earning assets were $491.1 million in the second quarter of 2015, which was an increase of $37.7 million or 8.3% from the year-ago quarter and was an increase of $6.2 million compared with the first quarter of 2015. Average loans outstanding in the second quarter were up $21.3 million compared to the year-ago quarter, but were down $3.1 million compared with the first quarter of 2015 as nearly all of the $4.9 million increase in outstanding loan balances that occurred during the second quarter occurred in the month of June. Total average loans were 77.0% of total average interest-earning assets in the second quarter of 2015, compared with 78.7% in the year-ago quarter and 78.6% in the first quarter of 2015. 

Total average interest-bearing deposit balances increased $27.1 million in the second quarter of 2015 compared to the year-ago quarter, with an increase of $33.1 million in the average balances of lower-costing interest-bearing demand, savings and money market accounts (transaction accounts) offsetting a decrease in the average balance of time deposits of $6.0 million. Transaction accounts comprised 78.9% of total interest-bearing deposits in the second quarter of 2015, compared to 75.4% in the year-ago quarter and 78.5% in the first quarter of 2015.

Net interest income totaled $8.3 million in the first half 2015, which was an increase of $389,000 or 4.9% compared with $8.0 million in the year-ago period.  The net interest margin was 3.45% for the six months ended June 30, 2015, compared with 3.47% in the year-ago period. 

Average interest-earning assets were $487.9 million in the first half of 2015, which was an increase of $27.5 million or 6.0% from the first half of 2014. Average loans outstanding in the first half of 2015 increased $20.1 million compared to the year-ago period, and totaled 77.8% of total interest-earning assets in the six months ended June 30, 2015, compared with 77.9% in the six months ended June 30, 2014.

The average balance in time deposits decreased $7.9 million in the first half of 2015 compared with the year-ago period, while the average balances in lower-costing interest-bearing demand, savings and money market accounts increased $28.9 million. Transaction accounts comprised 78.7% of total interest-bearing deposits in the first half of 2015, compared to 75.1% in the first half of 2014.

Non-Interest Income and Non-Interest Expenses
Non-interest income was $1.2 million in the second quarter of 2015, compared to $996,000 in the second quarter of 2014 and $1.2 million in the first quarter of 2015. Non-interest income for the second quarter of 2014 was negatively impacted by losses of $114,000 on loans held-for-sale. The rest of the increase in non-interest income in the second quarter of 2015 compared with the year-ago period resulted from increases in service charges, wealth management income and treasury management fees.   

Non-interest income was $2.3 million in the first half of 2015, compared to $2.2 million in the first half of 2014.

Non-interest income (net of non-recurring items in the year-ago quarter) accounted for 22.2% of total revenue in the second quarter of 2015, compared with 21.8% in the year-ago quarter and 21.5% in the first quarter of 2015.  Non-interest income accounted for 21.9% of total revenue in the first half of 2015, compared with 22.0% in the year-ago period.

Non-interest expenses were $5.2 million for the second quarter of 2015, compared with $4.9 million in the year-ago quarter and $5.0 million for the first quarter of 2015.  The Company's efficiency ratio was 95.0% in the second quarter of 2015, compared with 96.2% in the year-ago quarter, and 92.9% in the first quarter of 2015. 

Non-interest expenses were $10.1 million in the first half of 2015, compared to $10.0 million in the first half of 2014. The Company's efficiency ratio was 93.8% for the first half of 2015, compared to 97.4% in the year-ago period.

About DCB Financial Corp    
DCB Financial Corp is a financial holding company formed under the laws of the State of Ohio. The Company is the parent of The Delaware County Bank & Trust Company, a state-chartered commercial bank. The Bank conducts business from its main offices at 110 Riverbend Avenue in Lewis Center, Ohio, and through its 14 branch offices located in Central Ohio. The Bank provides customary retail and commercial banking and cash management services to its customers, including checking and savings accounts, time deposits, IRAs, safe deposit facilities, personal loans, commercial loans, commercial leases, real estate mortgage loans, night depository facilities and trust and personalized wealth management services.

Forward-Looking Statements
This press release contains certain forward-looking statements with respect to the financial condition, results of operations and business of DCB Financial Corp.  These forward-looking statements involve certain risks and uncertainties.  Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: an increase in competitive pressure in the banking industry; changes in the interest rate environment which may affect the net interest margin; changes in the regulatory environment; general economic conditions, either nationally or regionally, resulting in, among other things, in a deterioration in credit quality; changes in business conditions and inflation; changes in the securities markets; changes in technology used in the banking business; our ability to maintain and increase market share and control expenses; increases in FDIC insurance premiums may cause earnings to decrease; and other risks set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and in subsequent filings with the Securities and Exchange Commission.

The Company does not undertake, and specifically disclaims any obligation, to publicly revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.


DCB Financial Corp

Consolidated Balance Sheets (Unaudited)








June 30, 2015


December 31, 2014



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

Assets





Cash and due from financial institutions

$5,676


$     6,247

Interest-bearing deposits


41,717


15,027

   Total cash and cash equivalents


47,393


21,274






Securities available-for-sale


78,975


75,909






Loans


382,164


385,444

Less allowance for loan losses


(4,164)


(4,236)

   Net loans


378,000


381,208






Real estate owned


807


1,111

Investment in FHLB stock


3,250


3,250

Premises and equipment, net


9,837


10,016

Bank-owned life insurance


20,434


20,027

Accrued interest receivable and other assets

2,913


2,587

   Total assets


$541,609


$515,382






Liabilities and shareholders' equity





Liabilities:





Deposits:





    Non-interest bearing


$118,114


$111,022

    Interest bearing


352,411


342,170

Total deposits


470,525


453,192






Borrowings


4,719


11,808

Accrued interest payable and other liabilities

18,899


3,171

Total liabilities


494,143


468,171






Shareholders' equity:





Common stock


16,456


16,064

Retained earnings


38,438


38,055

Treasury stock


(7,416)


(7,416)

Accumulated other comprehensive income

493


654

Deferred stock-based compensation


(505)


(146)

   Total shareholders' equity


47,466


47,211

   Total liabilities and shareholders' equity

$541,609


$515,382











Common shares outstanding


7,287,435


7,233,795

Book value per common share


$6.51


$6.53

 

             


DCB Financial Corp

Consolidated Statements of Operations (Unaudited)








Three months ended June 30,


Six months ended June 30,



2015


2014


2015


2014



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










Interest income:









Loans


$3,953


$3,719


$7,905


$7,456

Securities


482


534


987


1,088

Federal funds sold and interest bearing deposits

19


9


29


23

   Total interest income


4,454


4,262


8,921


8,567










Interest expense:









Deposits:









  Savings and money market  accounts

150


136


292


269

  Time accounts


92


108


184


237

  NOW accounts


17


19


33


37



259


263


509


543










Borrowings


36


36


71


72

Total interest expense


295


299


580


615










Net interest income


4,159


3,963


8,341


7,952

Provision for loan losses




150


Net interest income after provision for loan losses

4,159


3,963


8,191


7,952










Non-interest income:









Service charges


500


489


952


1,000

Wealth management fees


399


378


779


671

Treasury management fees


64


59


122


115

Income from bank-owned life insurance


165


164


408


402

Loss on loans held for sale



(114)



(357)

Loss (gain) on sale of REO


(11)


(4)


1


(4)

Loss on sale of securities, available-for-sale




(140)

Gain on sale of branch





438

Other non-interest income


63


24


76


62

Total non-interest income


1,180


996


2,338


2,187










Non-interest expense:









Salaries and employee benefits

2,819


2,712


5,531


5,490

Occupancy and equipment


1,023


921


1,986


1808

Professional services


284


197


637


617

Advertising


141


77


249


158

Office supplies, postage and courier

72


89


151


184

FDIC insurance premium


97


172


207


340

State franchise taxes


75


67


150


132

Other non-interest expense


684


687


1,235


1254

Total non-interest expense


5,195


4,922


10,146


9,983










Income before income taxes

144


37


383


156

Income taxes





Net income 


$144


$  37


$      383


$156










Share and Per Share Data









Basic average common shares outstanding

7,287,435


7,192,350


7,262,541


7,192,350

Diluted average common shares outstanding

7,303,902


7,250,702


7,278,933


7,247,315

Basic earnings per common share


$0.02


$0.01


$0.05


$0.02

Diluted earnings per common share


$0.02


$0.01


$0.05


$0.02










 

 

DCB Financial Corp

Consolidated Average Balances (Unaudited)








Three months ended

June 30,


Six months ended

June 30,



2015


2014


2015


2014



(Dollars in thousands)

Earning assets









Interest bearing cash


$28,466


$13,566


$24,128


$17,635

Securities


77,772


75337


77,457


76,224

Tax-exempt securities


6,842


7853


6,846


7,924

Loans (1)


377,985


356,678


379,553


358,663

Total earning assets


491,065


453,434


487,984


460,446










Non-earning assets


41,239


40,778


41,710


40,803

Total assets


$532,304


$494,212


$529,694


$501,249










Interest bearing liabilities









Interest bearing DDA


$80,065


$76,555


$80,734


$78,655

Money market


158,782


130,370


156,920


130,352

Savings accounts


43,881


42,720


43,322


43,118

Time deposits


75,384


81,415


75,898


83,797

Overnight borrowings





FHLB advances


4,765


4,894


5,564


5,086

Total interest bearing liabilities


362,877


335,954


362,438


341,008










Non-interest bearing deposits


$119,440


$109,486


$116,271


$110,490

Other non-interest bearing liabilities

3,163


3,043


4,269


4,578

Total liabilities


485,480


448,483


482,978


456,076

Shareholders' equity


46,824


45,729


46,716


45,173

Total liabilities and shareholders' equity

$532,304


$494,212


$529,694


$501,249

(1)  Includes loans held for sale in 2014


DCB Financial Corp

Loans and Deposits (Unaudited)


The following table sets forth the composition of the Company's loan portfolio at the dates indicated (includes loans held for sale):










June 30, 2015


March 31, 2015


December 31, 2014



Amount


Percent


Amount


Percent


Amount


Percent

Loan portfolio composition

(Dollars in thousands)

Commercial and industrial 

$102,754


26.9%


$  99,946


26.5%


$106,222


27.6%

Commercial real estate

105,615


27.7%


106,334


28.2%


111,851


29.0%

Real estate and home equity

134,090


35.1%


131,658


34.9%


129,650


33.7%

Consumer and credit card

39,403


10.3%


39,074


10.4%


37,507


9.7%

Total loans


$381,862


100.0%


$377,012


100.0%


$385,230


100.0%














Net deferred loan costs

302




234




214



Allowance for loan losses   

(4,164)




(4,089)




(4,236)



Net loans


$378,000




$373,157




$381,208

































The following table sets forth the composition of the Company's deposits at the dates indicated :








June 30, 2015


March 31, 2015


December 31, 2014



Amount


Percent


Amount


Percent


Amount


Percent

Deposit composition

(Dollars in thousands)

Non-interest bearing demand

$118,114


25.1%


$111,286


23.9%


$111,022


24.5%

Interest bearing demand

79,954


17.0%


76,390


16.5%


77,534


17.1%

Total demand


198,068


42.1%


187,676


40.4%


188,556


41.6%














Savings


43,722


9.3%


43,568


9.4%


42,634


9.4%

Money market


154,344


32.8%


156,806


33.7%


147,667


32.6%

Time deposits


74,391


15.8%


76,746


16.5%


74,335


16.4%

Total deposits


$470,525


100.0%


$464,796


100.0%


$453,192


100.0%














 

 

DCB Financial Corp

Asset Quality (Unaudited)








The following table represents a summary of delinquent loans grouped by the number of days delinquent at the dates indicated:








Delinquent loans and leases


June 30, 2015


March 31, 2015


December 31, 2014



$

%(1)


$

%(1)


$

%(1)



(Dollars in thousands)

30 days past due and still accruing


$460

0.12%


$   250

0.07%


$  336

0.09%

60 days past due and still accruing


22

0.01%


498

0.13%


37

0.01%

90 days past due and still accruing


475

0.12%


105

0.03%


480

0.12%

Non-accrual


1,457

0.38%


1,130

0.30%


1,384

0.36%

Total


$2,414

0.63%


$1,983

0.53%


$2,237

0.58%

(1)  As a percentage of total loans, excluding deferred costs

The following table represents information concerning the aggregate amount of non-performing assets (includes loans held for sale):








Non-performing assets


June 30, 2015


March 31, 2015


December 31, 2014



(Dollars in thousands)

Non-accruing loans:







   Residential real estate loans and home equity


$766


$     340


$     334

   Commercial real estate


31


60


298

   Commercial and industrial


593


612


632

   Consumer loans and credit cards


67


118


120

Total non-accruing loans


1,457


1,130


1,384

Accruing loans delinquent 90 days or more


475


105


480

Total non-performing loans (excluding TDR's)


1,932


1,235


1,864








Other real estate and repossessed assets


807


940


1,111

Total non-performing assets (excluding TDR's)


$2,739


$  2,175


$  2,975








Troubled debt restructurings(1)


$  9,068


$  9,575


$  9,633

Total non-performing loans (including TDR's)


$11,000


$10,810


$11,497

Total non-performing assets (including TDR's)


$11,807


$11,750


$12,608








(1) TDR's that are in compliance with their modified terms and accruing interest. 


The following table summarizes changes in the allowance for loan losses arising from loans charged off,
recoveries on loans and leases previously charged off and additions to the allowance which have been charged to expense:






Allowance for loan losses


Three months ended

June 30,


Six months ended

June 30,



2015


2014


2015


2014



(Dollars in thousands)





Allowance for loan losses, beginning of period


$4,089


$5,345


$4,236


$6,724










Loans charged-off


(78)


(846)


(507)


(2,258)

Recoveries of loans previously charged-off


153


69


285


199

Net loans charged-off


75


(777)


(222)


(2,059)

Allowance related to loans transferred to held-for-sale





(97)

Provision for loan losses




150


Allowance for loan losses, end of period


$4,164


$4,568


$4,164


$4,568










 

 

DCB Financial Corp

Consolidated Financial Information (Unaudited)






Key Ratios


At or for the
three months
ended 
June 30,


At or for the
six 
months
ended 
June 30,



2015


2014


2015


2014

Return on average assets


0.19%


0.05%


0.19%


0.07%

Return on average equity


2.17%


0.53%


2.11%


0.80%

Yield on earning assets


3.61%


3.77%


3.68%


3.75%

Cost of interest-bearing liabilities


0.33%


0.36%


0.32%


0.36%

Net interest margin (1)


3.40%


3.53%


3.45%


3.49%

Non-interest income to total income (2)


22.2%


21.8%


21.9%


22.0%

Efficiency ratio (3)


95.0%


96.2%


93.8%


97.4%










Net loans charged-off to average loans, annualized


(0.08)%


0.87%


0.12%


1.15%

Provision for loan losses to average loans, annualized


0.00%


0.00%


0.04%


0.00%

Allowance for loan losses to total loans


1.09%


1.28%


1.09%


1.28%

Allowance for loan losses to non-accrual loans


286%


109%


286%


109%

Non-accrual loans to total loans


0.38%


1.17%


0.38%


1.17%

Non-performing assets to total assets

   (including performing TDR's)


2.18%


2.97%


2.18%


2.97%

Non-performing assets to total assets

  (excluding performing TDR's)


0.51%


1.12%


0.51%


1.12%

(1)      Net interest income divided by average earning assets
(2)      Non-interest income (excluding net realized gains and losses on securities and other non-recurring gains and losses) divided by the sum of net interest income and non-interest income (as adjusted)
(3)      Non-interest expense (less OREO expense and non-recurring expenses and losses) divided by the sum of net interest income and non-interest income (as adjusted)

DCB Financial Corp

Selected Quarterly Financial Data (Unaudited)






2015


2014


Second


First


Fourth


Third


Second


(Dollars in thousands, except per share data)

Interest income

$4,454


$4,467


$4,536


$4,278


$4,262

Interest expense

295


285


291


306


299

Net interest income

4,159


4,182


4,245


3,972


3,963

Provision for loan losses


150


150



Net interest income after provision for loan losses

4,159


4,032


4,094


3,972


3,963

Non-interest income

1,180


1,158


1,132


1,140


996

Non-interest expenses

5,195


4,951


5,059


5,062


4,922

Income before income taxes

144


239


168


50


37

Income taxes





Net income

$144


$   239


$168


$50


$     37











Stock and related per share data










Basic and diluted earnings per common share

$0.02


$0.03


$0.02


$0.01


$0.01

Basic weighted average common shares outstanding

7,287,435


7,237,371


7.196,404


7,192,350


7,192,350

Diluted weighted average common shares outstanding

7,303,902


7,253,840


7,232,961


7,249,194


7,250,702

Common book value per share

$6.51


$6.54


$6.53


$6.49


$6.51











Capital Ratios:










Bank










Tier 1 leverage ratio

8.63%


8.65%


9.00%


8.96%


8.97%

Common equity tier 1 capital ratio

12.68%


12.62%


12.40%


12.42%


12.77%

Tier 1 risk based capital ratio

12.68%


12.62%


12.40%


12.42%


12.77%

Total risk based capital ratio

13.83%


13.75%


13.56%


13.57%


14.02%











Total equity to assets ratio (consolidated)

8.80%


9.15%


9.16%


9.33%


9.35%











Selected ratios:










Return on average assets

0.19%


0.18%


0.13%


0.04%


0.05%

Return on average equity

2.17%


2.05%


1.44%


0.43%


0.53%

Yield on earning assets

3.61%


3.73%


3.86%


3.66%


3.75%

Cost of interest-bearing liabilities

0.33%


0.32%


0.33%


0.35%


0.36%

Net interest margin

3.40%


3.50%


3.62%


3.40%


3.51%

Non-interest income to total income (1)

22.2%


21.5%


20.6%


22.6%


21.8%

Efficiency ratio (2)

95.0%


92.9%


94.6%


98.7%


96.2%











Asset quality ratios:










Net loans charged off to average loans, annualized

(0.08)%


0.31%


0.10%


0.43%


0.87%

Provision for loan losses to average loans, annualized

0.00%


0.16%


0.16%


0.00%


0.00%

Allowance for loan losses to total loans

1.09%


1.08%


1.10%


1.13%


1.28%

Allowance for loan losses to non-accrual loans

286%


362%


306%


139%


109%

Non-accrual loans to total loans

0.38%


0.30%


0.36%


0.81%


1.17%

Non-performing assets to total assets (including 

   performing TDR's)

2.18%


2.26%


2.45%


2.91%


3.06%

Non-performing assets to total assets (excluding

   performing TDR's)

0.51%


0.42%


0.58%


0.95%


1.12%

(1) Non-interest income (net of realized gains and losses on securities and other non-recurring items) divided by the sum of net interest income and non-interest income (as adjusted)
(2) Non-interest expense (less OREO expense) divided by the sum of net interest income and non-interest income (as adjusted)

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dcb-financial-corp-announces-second-quarter-2015-results-300121250.html

SOURCE DCB Financial Corp

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