Market Overview

Civista Bancshares, Inc. Announces Second Quarter 2018 Earnings

Share:

Civista Bancshares, Inc. Announces Second Quarter 2018 Earnings

PR Newswire

SANDUSKY, Ohio, July 27, 2018 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") reported net income available to common shareholders of $2.7 million, or $0.24 per diluted share, for the second quarter of 2018, compared with $3.3 million, or $0.29 per diluted share, for the prior year period.  For the six-month period ended June 30, 2018, Civista reported net income available to common shareholders of $9.4 million or $0.79 per diluted share, compared to $7.6 million or $0.68 per diluted share, in the same period of 2017.  The results for both the second quarter and six-month periods include approximately $3.2 million or $0.20 per diluted share of pre-tax merger related expenses for the acquisition of United Community Bancorp ("UCB").  The increase in diluted earnings per share when comparing 2018 to 2017 was partially offset by an increase in dilutive shares outstanding as a result of the 1.6 million shares of stock issued in February 2017.

"We had a very successful second quarter in 2018.  While we have begun to incur expenses related to the acquisition of UCB, those expenses have been in line with our initial projections. Our core earnings per share increased $0.31 per diluted share. Our loan balances have begun to pick up and we had annualized loan growth of 9.1% in the quarter.  We recently announced our dividend for the third quarter of 2018 at $0.09 per share which is an increase of 28.6%.  We announced earlier this week that we have obtained all necessary shareholder and regulatory approvals for the closing of the UCB acquisition.  We look forward to welcoming the UCB shareholders, customers and employees to Civista," said Dennis G. Shaffer, President and CEO of Civista.

Results of Operations:

Net interest income increased $1.4 million, or 10.5% for the second quarter of 2018, and $3.3 million or 12.5% and for the six months ended June 30, compared to the same periods of 2017.  Interest income increased $1.9 million, or 13.6% for the second quarter of 2018 and $4.2 million or 14.9% for the six-month period ended June 30.  For both periods, an increase in average loans outstanding, as well as an increase in loan yields, contributed to the increase in interest income compared to 2017.  Interest expense increased $533 thousand or 61.9% for the second quarter of 2018 and $887 thousand or 53.5% for the six-months ended June 30 compared to the same periods of 2017.  The increase in interest expense is due to both an increase in average balances and an increase in the cost of interest-bearing liabilities.  The tax equivalent net interest margin increased 16 basis points to 4.21% for the second quarter of 2018, compared to 4.05% for the same period a year ago and increased 27 basis points to 4.13% for the six months ended June 30, 2018, compared to 3.86% for the same period a year ago. 

Mr. Shaffer continued, "While we have seen an increase in our funding costs, the increase in our interest income has exceeded our interest expense.  We have been, and continue to be, positioned to take advantage of rising rates."

Average Balance Analysis

(Unaudited - Dollars in thousands except share data)




Three Months Ended June 30,


2018


2017


Average




Yield/


Average




Yield/

Assets:

balance


Interest


rate *


balance


Interest


rate *

Interest-earning assets:












Loans

$   1,158,956


$ 14,144


4.90%


$   1,092,574


$ 12,412


4.56%

Taxable securities

145,435


1,040


2.85%


150,250


940


2.54%

Non-taxable securities

101,866


886


4.46%


88,150


784


5.58%

Interest-bearing deposits in other banks

21,696


90


1.66%


37,413


92


0.99%

Total interest-earning assets

$   1,427,953


16,160


4.60%


$   1,368,387


14,228


4.30%

Noninterest-earning assets:












Cash and due from financial institutions

36,501






38,150





Premises and equipment, net

17,549






18,127





Accrued interest receivable

5,270






4,939





Intangible assets

28,351






28,680





Other assets

12,781






9,815





Bank owned life insurance

25,317






24,746





Less allowance for loan losses

(12,935)






(13,173)





Total Assets

$   1,540,787






$   1,479,671

















Liabilities and Shareholders Equity:












Interest-bearing liabilities:












Demand and savings

$      615,667


$      250


0.16%


$      576,072


$      130


0.09%

Time

140,622


320


0.91%


161,398


298


0.74%

FHLB

103,460


482


1.87%


56,672


170


1.20%

Subordinated debentures

29,427


338


4.61%


29,427


258


3.52%

Repurchase Agreements

16,546


4


0.10%


17,985


5


0.11%

Total interest-bearing liabilities

$      905,722


1,394


0.62%


$      841,554


861


0.41%

Noninterest-bearing deposits

434,126






449,170





Other liabilities

12,609






12,662





Shareholders' Equity

188,330






176,285





Total Liabilities and Shareholders' Equity

$   1,540,787






$   1,479,671

















Net interest income and interest rate spread



$ 14,766


3.98%




$ 13,367


3.89%













Net interest margin





4.21%






4.05%


* - Interest yields are calculated using a 21% tax-equivalent adjustment for 2018 and a 35% tax-equivalent
adjustment for 2017




Average Balance Analysis

(Unaudited - Dollars in thousands except share data)



Six Months Ended June 30,


2018


2017


Average




Yield/


Average




Yield/

Assets:

balance


Interest


rate *


balance


Interest


rate *

Interest-earning assets:












Loans

$   1,153,230


$ 27,783


4.86%


$   1,080,307


$ 24,189


4.52%

Taxable securities

143,229


2,026


2.84%


141,253


1,787


2.58%

Non-taxable securities

101,673


1,764


4.49%


83,506


1,496


5.63%

Interest-bearing deposits in other banks

67,108


511


1.54%


112,695


448


0.80%

Total interest-earning assets

$   1,465,240


32,084


4.48%


$   1,417,761


27,920


4.09%

Noninterest-earning assets:












Cash and due from financial institutions

64,211






68,144





Premises and equipment, net

17,641






18,125





Accrued interest receivable

4,860






4,439





Intangible assets

28,359






28,753





Other assets

12,968






10,069





Bank owned life insurance

25,247






24,675





Less allowance for loan losses

(13,037)






(13,242)





      Total Assets

$   1,605,489






$   1,558,724

















Liabilities and Shareholders Equity:












Interest-bearing liabilities:












Demand and savings

$      615,940


$      502


0.16%


$      576,936


$      253


0.09%

Time

163,878


775


0.95%


175,614


639


0.73%

FHLB

71,727


634


1.78%


42,634


258


1.22%

Subordinated debentures

29,427


626


4.29%


29,427


499


3.42%

Repurchase Agreements

17,467


9


0.10%


20,767


10


0.10%

Total interest-bearing liabilities

$      898,439


2,546


0.57%


$      845,378


1,659


0.40%

Noninterest-bearing deposits

506,002






536,260





Other liabilities

14,656






12,912





Shareholders' Equity

186,392






164,174





Total Liabilities and Shareholders' Equity

$   1,605,489






$   1,558,724

















Net interest income and interest rate spread



$ 29,538


3.91%




$ 26,261


3.69%













Net interest margin





4.13%






3.86%













* - Interest yields are calculated using a 21% tax-equivalent adjustment for 2018 and a 35% tax-equivalent
adjustment for 2017

No provision for loan losses was recorded during 2018 and 2017. 

For the second quarter of 2018, noninterest income totaled $4.4 million, an increase of $289 thousand, or 7.0%, compared to the prior year's second quarter.  Noninterest income for the first six-months of 2018 totaled $10.0 million, an increase of $769 thousand, or 8.3%, compared to the prior year's first six months.

Noninterest income


(dollars in thousands)

Three months ended
June 30,


Six months ended
June 30,


2018


2017


2018


2017

Service charges

$    1,359


$    1,387


$    2,493


$    2,432

Net gain on sale of securities

40


-


80


-

Net gain on sale of loans

474


478


807


735

ATM fees

588


567


1,142


1,076

Wealth management fees

836


738


1,688


1,445

Tax refund processing fees

550


550


2,750


2,750

Other

543


381


1,046


799

Total noninterest income

$    4,390


$    4,101


$  10,006


$    9,237

Gain on sale of loans increased $72 thousand, or 9.8%, for the six-month period ended June 30 due to an increase in the volume of loans sold of $6.0 million, or 19.1%, compared to the same period in 2017.  Wealth management fees increased $98 thousand, or 13.3%, and $243 thousand, or 16.8%, for the second quarter and six-month periods ended June 30, 2018 and 2017.  Assets under management increased $1.1 million in the second quarter of 2018 and $13.7 million or 3.0% since the end of the second quarter 2017.  Other noninterest income increased for the second quarter and six-month periods due to an increase in swap related income of $108 thousand and $166 thousand, respectively.   

For the second quarter of 2018, noninterest expense totaled $15.9 million, an increase of $3.4 million, or 26.9%, compared to the prior year's second quarter.  Noninterest expense for the first six-months of 2018 increased $4.1 million, or 17.0%, when compared to the first six-months of 2017.

Noninterest expense


(dollars in thousands)

Three months ended
June 30,


Six months ended
June 30,


2018


2017


2018


2017

Compensation expense

$    7,385


$    6,943


$  14,759


$  13,925

Net occupancy and equipment 

1,186


1,073


2,321


2,059

Contracted data processing

2,739


429


3,087


818

Taxes and assessments

479


388


948


810

Professional services

1,483


733


2,035


1,184

Amortization of intangible assets

26


158


59


325

Marketing

320


276


638


528

Other

2,310


2,549


4,286


4,402

Total noninterest expense

$  15,928


$  12,549


$  28,133


$  24,051

Compensation expense increased $442 thousand, or 6.4%, for the second quarter and $834 thousand, or 6.0%, for the six-month period ending June 30, 2018.  Employee salaries and incentives increased $415 thousand for the three months and $690 thousand for the six months ended June 30, 2018 compared to last year.  Additionally, employee benefits increased $17 thousand for the three months and $113 thousand for the six months ended June 30, 2018 compared to last year.  Net occupancy and equipment expense increased $113, or 10.5%, and $262, or 12.7%, for the three and six-month periods ended June 30, 2018, primarily due to increases in grounds maintenance and utilities, as a result of the extended winter weather we experienced in our region.  Contracted data processing expenses increased $2.3 million, or 538.5%, and $2.3 million, or 277.4%, for the three and six-month periods ended June 30, 2018, due to expenses incurred for the data processing conversion of UCB. Both periods of 2018 included approximately $2.4 million of data conversion expenses related to the UCB acquisition. Professional services costs increased $750 thousand, or 102.3%, for the second quarter and $851 thousand, or 71.9%, for the six-month period ending June 30, 2018.  Both periods of 2018 included approximately $700 thousand of legal and consulting expenses related to the UCB acquisition.       

The efficiency ratio was 70.3% for the six months ended June 30, 2018 compared to 66.3% for the six months ended June 30, 2017.  The increase in the efficiency ratio is due primarily to $3.2 million of expenses related to the pending merger with UCB, partially offset by an increase in net interest income.  The merger expenses in the second quarter of 2018 accounted for 790 basis points of the change. 

The 2018 impact of the Tax Cut and Jobs Act was a reduction of income tax expense of approximately $195 thousand or $0.02 per diluted share for the second quarter of 2018 and $1.1 million, or $0.09 per diluted share for the first six-months of 2018.  Civista' s effective income tax rate for the second quarter and six-month period ended June 30, 2018 was 6.6% and 12.3%, respectively. 

Balance Sheet

Total assets increased $22.5 million, or 1.5%, from December 31, 2017 to June 30, 2018, primarily due to an increase in the loan portfolio of $15.4 million.

End of period loan balances

(dollars in thousands)


June 30,


December 31,






2018


2017


$ Change


% Change

Commercial and Agriculture

$             153,742


$             152,473


$    1,269


0.8%

Commercial Real Estate:








Owner Occupied

169,745


164,099


5,646


3.4%

Non-owner Occupied

431,095


425,623


5,472


1.3%

Residential Real Estate

271,207


268,735


2,472


0.9%

Real Estate Construction

100,812


97,531


3,281


3.4%

Farm Real Estate

37,845


39,461


(1,616)


-4.1%

Consumer and Other

15,586


16,739


(1,153)


-6.9%

Total Loans

$         1,180,032


$         1,164,661


$  15,371


1.3%

The $15.4 million, or 1.3%, increase in the loan portfolio from December 31, 2017 to June 30, 2018 is due to increases in our Commercial Real Estate and Real Estate Construction loan portfolios.   

Mr. Shaffer continued, "The growth in our loan portfolio was slowed by the weather in the first quarter of this year.  While our year-to-date growth is only 1.3% or 2.6% annually, our annualized growth in the second quarter was 9.1%.  Our pipelines are strong and we are optimistic about our growth prospects for the rest of 2018.  " 

Total deposits decreased $58.8 million, or 4.9%, from December 31, 2017 to June 30, 2018.  The decrease was due primarily to a reduction of brokered deposits partially offset by cash balances related to the tax refund processing program.

End of period deposit balances

(dollars in thousands)


June 30,


December 31,






2018


2017


$ Change


% Change

Noninterest-bearing demand

$             391,785


$             361,964


$      29,821


8.2%

Interest-bearing demand

194,708


183,680


11,028


6.0%

Savings and money market

412,755


404,690


8,065


2.0%

Time deposits

130,373


133,853


(3,480)


-2.6%

Brokered deposits

16,551


120,736


(104,185)


-86.3%

Total Deposits

$         1,146,172


$         1,204,923


$     (58,751)


-4.9%

The increase in noninterest-bearing demand is due to an increase in deposits from the tax refund processing program of $53.2 million offset by a decrease in business deposits of $25.4 million.  Interest-bearing demand deposits increased due to a $13.4 million increase in public funds accounts.  Savings and money market deposits increased due to a $6.1 million increase in statement savings and a $1.9 million increase in personal money market accounts.  Brokered deposits decreased due to a shift to overnight FHLB advances for wholesale funding. 

Federal Home Loan Bank advances increased $84.3 million to $156.2 million at June 30, 2018 or 117.2% from December 31, 2017 to June 30, 2018, due to a short term shift in wholesale funding sources.

Total shareholders' equity increased $5.4 million, or 2.9%, from December 31, 2017 to June 30, 2018, primarily due to a $8.2 million increase in retained earnings, partially offset by a $3.4 million decrease in accumulated other comprehensive income.  During the second quarter of 2018, $3.8 million of preferred stock was converted to common stock.  Since issuance in December 2013, approximately $9.9 million has been converted from preferred stock to common stock.     

Asset Quality

The Company recorded net charge-offs of $267 thousand for the first half of 2018 compared to $258 thousand for the same period of 2017.    

Allowance for Loan Losses

(dollars in thousands)





June 30,


June 30,


2018


2017

Beginning of period

$         13,134


$         13,305

Charge-offs

(651)


(488)

Recoveries

384


230

Provision

-


-

End of period

$         12,867


$         13,047

The allowance for loan losses to loans was 1.09% for 2018 and 1.19% for 2017.  The decrease in the ratio is primarily due to our continued improvement in asset quality during 2018.  The non-performing assets to assets ratio decreased to 0.49% from 0.71% in 2017.  The allowance for loan losses to non-performing loans increased to 168.36% from 154.41% in 2017. 

Non-performing assets at June 30, 2018 were $7.6 million, a 20.0% decrease from December 31, 2017. 

Non-performing Assets

(dollars in thousands)

June 30,


December 31,


2018


2017

Non-accrual loans

$          4,887


$          6,648

Restructured loans

2,755


2,888

Total non-performing loans

7,642


9,536

Other Real Estate Owned

-


16

Total non-performing assets

$          7,642


$          9,552

Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the second quarter of 2018 at 1:00 p.m. ET on Friday, July 27, 2018.  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. Second Quarter 2018 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, 2017.  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 $1.5 billion bank holding company headquartered in Sandusky, Ohio.  The Company's banking subsidiary, Civista Bank, operates 29 locations in Northern, 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".

 

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)


2018


2017


2018


2017









Interest income

16,160


14,228


32,084


27,920

Interest expense

1,394


861


2,546


1,659

Net interest income

14,766


13,367


29,538


26,261

Provision for loan losses

-


-


-


-

Net interest income after provision

14,766


13,367


29,538


26,261

Noninterest income

4,390


4,101


10,006


9,237

Noninterest expense

15,928


12,549


28,133


24,051

Income before taxes

3,228


4,919


11,411


11,447

Income tax expense

214


1,323


1,408


3,216

Net income

3,014


3,596


10,003


8,231

Preferred stock dividends 

299


308


602


627

Net income available 








to common shareholders

2,715


3,288


9,401


7,604









Dividends per common share

$             0.07


$             0.06


$             0.14


$             0.12









Earnings per common share,








basic

$             0.26


$             0.32


$             0.91


$             0.79

diluted

$             0.24


$             0.29


$             0.79


$             0.68









Average shares outstanding,








basic

10,470,839


10,162,527


10,342,763


9,634,363

diluted

12,615,336


12,593,876


12,606,415


12,103,828









Selected financial ratios:








Return on average assets

0.78%


0.97%


1.26%


1.06%

Return on average equity

6.42%


8.18%


10.82%


10.11%

Dividend payout ratio

24.32%


16.96%


14.48%


14.05%

Net interest margin (tax equivalent)

4.21%


4.05%


4.13%


3.86%

 

 

 Selected Balance Sheet Items 



 June 30, 


 December 31, 


2018


2017






 (unaudited) 


 (unaudited) 

 Cash and due from financial institutions 

$                  41,156


$                  40,519

 Investment securities 

231,013


231,062

 Loans held for sale 

4,058


2,197

 Loans 

1,180,032


1,164,661

 Less allowance for loan losses 

12,867


13,134

 Net loans 

1,167,165


1,151,527

 Other securities 

15,154


14,247

 Fixed assets 

17,308


17,611

 Goodwill and other intangibles 

28,342


28,374

 Bank owned life insurance 

25,411


25,125

 Other assets 

18,700


15,195

 Total assets 

$            1,548,307


$            1,525,857





 Total deposits 

$            1,146,172


$            1,204,923

 Federal Home Loan Bank advances 

156,200


71,900

 Securities sold under agreements to repurchase 

14,230


21,755

 Subordinated debentures 

29,427


29,427

 Accrued expenses and other liabilities 

12,430


13,391

 Total shareholders' equity 

189,848


184,461

 Total liabilities and shareholders' equity 

$            1,548,307


$            1,525,857





 Shares outstanding at period end 

10,788,892


10,198,475





 Book value per share 

$                    16.37


$                    16.39

 Equity to asset ratio 

12.26%


12.09%





Selected asset quality ratios:




Allowance for loan losses to total loans

1.09%


1.13%

Non-performing assets to total assets

0.49%


0.63%

Allowance for loan losses to non-performing loans

168.36%


137.73%





Non-performing asset analysis




Nonaccrual loans

$                    4,887


$                    6,648

Troubled debt restructurings

2,755


2,888

Other real estate owned

-


16

Total

$                    7,642


$                    9,552

 

 

Supplemental Financial Information

(Unaudited - Dollars in thousands except share data)



June 30,


March 31,


December 31,


September 30,


June 30,

End of Period Balances

2018


2018


2017


2017


2017











Assets










Cash and due from banks

$       41,156


$     118,970


$       40,519


$       33,394


$        39,515

Securities available for sale

231,013


234,915


231,062


229,419


230,197

Loans held for sale

4,058


2,379


2,197


4,662


4,728

Loans

1,180,032


1,153,758


1,164,661


1,141,992


1,100,817

Allowance for loan losses

(12,867)


(12,814)


(13,134)


(12,946)


(13,047)

Net Loans

1,167,165


1,140,944


1,151,527


1,129,046


1,087,770

Other securities

15,154


14,247


14,247


14,247


14,225

Fixed assets

17,308


17,424


17,611


17,688


17,777

Goodwill and other intangibles

28,342


28,354


28,374


28,455


28,589

Bank owned life insurance

25,411


25,267


25,125


24,981


24,839

Other assets

18,700


17,805


15,195


14,196


14,375

Total Assets

$  1,548,307


$  1,600,305


$  1,525,857


$  1,496,088


$  1,462,015











Liabilities










Total deposits

$  1,146,172


$  1,290,671


$  1,204,923


$  1,201,289


$  1,164,888

Federal Home Loan Bank advances

156,200


60,000


71,900


56,750


63,300

Securities sold under agreement to repurchase

14,230


17,452


21,755


15,148


12,730

Subordinated debentures

29,427


29,427


29,427


29,427


29,427

Accrued expenses and other liabilities

12,430


14,712


13,391


11,493


12,827

Total liabilities

1,358,459


1,412,262


1,341,396


1,314,107


1,283,172











Shareholders' Equity










Preferred shares, Series B

13,250


17,034


17,358


17,557


17,568

Common stock

158,191


154,170


153,810


153,562


153,495

Accumulated earnings

39,898


37,902


31,652


28,494


25,751

Treasury stock

(17,235)


(17,235)


(17,235)


(17,235)


(17,235)

Accumulated other comprehensive income (loss)

(4,256)


(3,828)


(1,124)


(397)


(736)

Total shareholders' equity

189,848


188,043


184,461


181,981


178,843











Total Liabilities and Shareholders' Equity

$  1,548,307


$  1,600,305


$  1,525,857


$  1,496,088


$  1,462,015











Quarterly Average Balances










Assets:










Earning assets

$  1,427,953


$  1,502,943


$  1,408,479


$  1,377,137


$  1,368,387

Securities

247,301


242,477


243,623


243,556


238,400

Loans

1,158,956


1,147,441


1,152,595


1,122,131


1,092,574

Liabilities and Shareholders' Equity










Total deposits

$  1,190,415


$  1,380,413


$  1,218,502


$  1,152,235


$  1,186,640

Interest-bearing deposits

756,289


803,604


849,423


788,452


737,470

Interest-bearing liabilities

149,433


87,467


91,515


130,057


104,084

Total shareholders' equity

188,330


184,432


182,495


179,925


176,285

 

 

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

2018


2018


2017


2017


2017











Total interest income

$         16,160


$         15,924


$         15,839


$         14,836


$         14,228

Total interest expense

1,394


1,152


1,276


1,156


861

Net interest income

14,766


14,772


14,563


13,680


13,367

Provision for loan losses

-


-


-


-


-

Noninterest income

4,390


5,616


3,630


3,465


4,101

Noninterest expense

15,928


12,205


12,387


12,167


12,549

Income before taxes

3,228


8,183


5,806


4,978


4,919

Income tax expense

214


1,194


1,826


1,318


1,323

Net income

3,014


6,989


3,980


3,660


3,596

Preferred stock dividends

299


303


308


308


308

Net income available to common shareholders

$            2,715


$            6,686


$            3,672


$            3,352


$            3,288











Common shares dividend paid

$               719


$               714


$               712


$               610


$               609











Per share data




















Basic net income per common share

$              0.26


$              0.65


$              0.36


$              0.33


$              0.32

Diluted net income per common share

0.24


0.55


0.32


0.29


0.29

Dividends per common share

0.07


0.07


0.06


0.06


0.06

Average common shares outstanding - basic

10,470,839


10,213,264


10,179,079


10,170,734


10,162,527

Average common shares outstanding - diluted

12,615,336


12,597,394


12,597,396


12,597,299


12,593,876











Asset quality










Allowance for loan losses, beginning of period

$         12,814


$         13,134


$         12,946


$         13,047


$         13,300

Charge-offs

(226)


(425)


(145)


(309)


(357)

Recoveries

279


105


333


208


104

Provision

-


-


-


-


-

Allowance for loan losses, end of period

$         12,867


$         12,814


$         13,134


$         12,946


$         13,047











Ratios










Allowance to total loans

1.09%


1.11%


1.13%


1.13%


1.19%

Allowance to nonperforming assets

168.36%


154.21%


137.50%


117.19%


120.25%

Allowance to nonperforming loans

168.36%


154.41%


137.73%


117.47%


120.54%











Nonperforming assets










Nonperforming loans

$            7,642


$            8,298


$            9,536


$         11,021


$         10,823

Other real estate owned

-


11


16


27


27

Total nonperforming assets

$            7,642


$            8,309


$            9,552


$         11,048


$         10,850











Capital and liquidity










Tier 1 leverage ratio

12.96%


11.82%


12.69%


12.74%


12.50%

Tier 1 risk-based capital ratio

15.71%


15.87%


15.45%


15.54%


15.87%

Total risk-based capital ratio

16.74%


16.92%


16.53%


16.63%


17.01%

Tangible common equity ratio

9.80%


9.12%


9.33%


9.31%


9.30%

 

 

Cision View original content:http://www.prnewswire.com/news-releases/civista-bancshares-inc-announces-second-quarter-2018-earnings-300687773.html

SOURCE Civista Bancshares, Inc.

View Comments and Join the Discussion!