Civista Bancshares, Inc. Announces Strong First Quarter 2019 Earnings

Published

SANDUSKY, Ohio, May 3, 2019 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") reported net income available to common shareholders of $9.5 million, or $0.57 per diluted share, for the first quarter of 2019.  This compares to net income available to common shareholders of $6.7 million, or $0.55 per diluted share, for the first quarter of 2018. 

"We continue to build upon the success of the UCB acquisition and efforts that we put in place during 2018.  Our net interest margin has continued to expand, due in large part to the solid core deposit base that the legacy Civista and UCB teams put in place.  While our loan balances only grew 2.9% on an annualized basis during the first quarter, the first quarter tends to be a slower quarter for our loan portfolio.  Our team continues to put together core earnings growth and very strong asset quality," said Dennis G. Shaffer, President and CEO of Civista.

Factors Affecting Comparability

Civista acquired United Community Bancorp ("UCB") in September 2018.  The financial position and results of operations of UCB prior to its acquisition date are not included in the Company's financial results for periods prior to the acquisition date.

Results of Operations:

Net interest income increased $6.9 million, or 47.0%, for the first quarter of 2019 compared to the same period of 2018.  Interest income increased $8.7 million, or 54.4%, for the first quarter of 2019.  Average earning assets increased $514.6 million, which resulted in $6.3 million of the increase in interest income.  Additionally, yields increased 65 basis points which resulted in $2.4 million of the increase in interest income.  Accretion income associated with purchased loan portfolios totaled $992 thousand or approximately 22 basis points for the quarter.  Interest expense increased $1.7 million, or 148.7 %, for the first quarter of 2019 compared to the same period of 2018.  Average interest-bearing liabilities increased $384.0 million, resulting in $701 thousand of the increase in interest expense.  Average rates increased 39 basis points, resulting in $1.0 million of the increase in interest expense.  The tax equivalent net interest margin increased 40 basis points to 4.45% for the first quarter of 2019, compared to 4.05% for the same period a year ago.  Accretion income from the UCB acquisition contributed approximately 22 basis points to the increase in net interest margin. 

Average Balance Analysis
(Unaudited - Dollars in thousands)
Three Months Ended March 31,
2019 2018
Average Yield/ Average Yield/
Assets: balance Interest rate * balance Interest rate *
Interest-earning assets:
Loans $   1,564,208 $ 20,963 5.44% $   1,147,441 $ 13,639 4.82%
Taxable securities 207,600 1,748 3.43% 140,999 986 2.83%
Non-taxable securities 157,619 1,351 4.49% 101,478 878 4.53%
Interest-bearing deposits in other banks 88,096 522 2.40% 113,025 421 1.51%
Total interest-earning assets $   2,017,523 24,584 5.02% $   1,502,943 15,924 4.37%
Noninterest-earning assets:
Cash and due from financial institutions 92,782 90,358
Premises and equipment, net 21,924 17,529
Accrued interest receivable 6,534 4,445
Intangible assets 86,116 28,368
Other assets 20,053 11,243
Bank owned life insurance 43,643 25,175
Less allowance for loan losses (13,885) (13,141)
      Total Assets $   2,274,690 $   1,666,920
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings $      855,666 $      708 0.34% $      616,213 $      252 0.17%
Time 270,507 1,183 1.77% 187,391 455 0.98%
FHLB 97,267 597 2.49% 39,642 152 1.56%
Subordinated debentures 29,427 372 5.13% 29,427 288 3.97%
Repurchase agreements 22,197 5 0.09% 18,398 5 0.11%
Total interest-bearing liabilities $   1,275,064 2,865 0.91% $      891,071 1,152 0.52%
Noninterest-bearing deposits 680,929 576,809
Other liabilities 17,041 14,608
Shareholders' equity 301,656 184,432
Total Liabilities and Shareholders' Equity $   2,274,690 $   1,666,920
Net interest income and interest rate spread $ 21,719 4.11% $ 14,772 3.85%
Net interest margin 4.45% 4.05%
* - Interest yields are presented on an annualized basisand are calculated using a 21% tax-equivalent adjustment

No provision for loan losses was made during the three month periods ended March 31, 2019 and 2018.

For the first quarter of 2019, noninterest income totaled $6.3 million, an increase of $668 thousand, or 11.9%, compared to the prior year's first quarter. 

Average Balance Analysis Noninterest income
(Unaudited - Dollars in thousands) (unaudited - dollars in thousands) Three months ended March 31,
2019 2018
Three Months Ended March 31, Service charges $    1,456 $    1,134
2019 2018 Net gain on sale of securities 4 -
Average Yield/ Average Yield/ Net gain on equity securities 2 40
Assets: balance Interest rate * balance Interest rate * Net gain on sale of loans 331 333
Interest-earning assets: ATM/Interchange fees 906 554
Loans $   1,564,208 $ 20,963 5.44% $   1,147,441 $ 13,639 4.82% Wealth management fees 847 852
Taxable securities 207,600 1,748 3.43% 140,999 986 2.83% Bank owned life insurance 247 142
Non-taxable securities 157,619 1,351 4.49% 101,478 878 4.53% Tax refund processing fees 2,200 2,200
Interest-bearing deposits in other banks 88,096 522 2.40% 113,025 421 1.51% Other 291 361
Total interest-earning assets $   2,017,523 24,584 5.02% $   1,502,943 15,924 4.37% Total noninterest income $    6,284 $    5,616
Noninterest-earning assets:
Cash and due from financial institutions 92,782 90,358
Premises and equipment, net 21,924 17,529
Accrued interest receivable 6,534 4,445
Intangible assets 86,116 28,368
Other assets 20,053 11,243
Bank owned life insurance 43,643 25,175
Less allowance for loan losses (13,885) (13,141)
      Total Assets $   2,274,690 $   1,666,920
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings $      855,666 $      708 0.34% $      616,213 $      252 0.17%
Time 270,507 1,183 1.77% 187,391 455 0.98%
FHLB 97,267 597 2.49% 39,642 152 1.56%
Subordinated debentures 29,427 372 5.13% 29,427 288 3.97%
Repurchase agreements 22,197 5 0.09% 18,398 5 0.11%
Total interest-bearing liabilities $   1,275,064 2,865 0.91% $      891,071 1,152 0.52%
Noninterest-bearing deposits 680,929 576,809
Other liabilities 17,041 14,608
Shareholders' equity 301,656 184,432
Total Liabilities and Shareholders' Equity $   2,274,690 $   1,666,920
Net interest income and interest rate spread $ 21,719 4.11% $ 14,772 3.85%
Net interest margin 4.45% 4.05%
* - Interest yields are presented on an annualized basisand are calculated using a 21% tax-equivalent adjustment

Service charges increased $322 thousand, or 28.4%, ATM/Interchange fees increased $352 thousand, or 63.5% and bank owned life insurance increased $105 thousand, or 73.9% all primarily due to the Company's acquisition of UCB during the third quarter of 2018. 

For the first quarter of 2019, noninterest expense totaled $16.4 million, an increase of $4.2 million, or 34.8%, compared to the prior year's first quarter

Average Balance Analysis Noninterest income Noninterest expense
(Unaudited - Dollars in thousands) (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) Three months ended March 31,
2019 2018 2019 2018
Three Months Ended March 31, Service charges $    1,456 $    1,134 Compensation expense $    9,805 $    7,374
2019 2018 Net gain on sale of securities 4 - Net occupancy and equipment  1,503 1,135
Average Yield/ Average Yield/ Net gain on equity securities 2 40 Contracted data processing 419 348
Assets: balance Interest rate * balance Interest rate * Net gain on sale of loans 331 333 Taxes and assessments 593 469
Interest-earning assets: ATM/Interchange fees 906 554 Professional services 694 552
Loans $   1,564,208 $ 20,963 5.44% $   1,147,441 $ 13,639 4.82% Wealth management fees 847 852 Amortization of intangible assets 240 33
Taxable securities 207,600 1,748 3.43% 140,999 986 2.83% Bank owned life insurance 247 142 Marketing 340 318
Non-taxable securities 157,619 1,351 4.49% 101,478 878 4.53% Tax refund processing fees 2,200 2,200 Other 2,855 1,976
Interest-bearing deposits in other banks 88,096 522 2.40% 113,025 421 1.51% Other 291 361 Total noninterest expense $  16,449 $  12,205
Total interest-earning assets $   2,017,523 24,584 5.02% $   1,502,943 15,924 4.37% Total noninterest income $    6,284 $    5,616
Noninterest-earning assets:
Cash and due from financial institutions 92,782 90,358
Premises and equipment, net 21,924 17,529
Accrued interest receivable 6,534 4,445
Intangible assets 86,116 28,368
Other assets 20,053 11,243
Bank owned life insurance 43,643 25,175
Less allowance for loan losses (13,885) (13,141)
      Total Assets $   2,274,690 $   1,666,920
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings $      855,666 $      708 0.34% $      616,213 $      252 0.17%
Time 270,507 1,183 1.77% 187,391 455 0.98%
FHLB 97,267 597 2.49% 39,642 152 1.56%
Subordinated debentures 29,427 372 5.13% 29,427 288 3.97%
Repurchase agreements 22,197 5 0.09% 18,398 5 0.11%
Total interest-bearing liabilities $   1,275,064 2,865 0.91% $      891,071 1,152 0.52%
Noninterest-bearing deposits 680,929 576,809
Other liabilities 17,041 14,608
Shareholders' equity 301,656 184,432
Total Liabilities and Shareholders' Equity $   2,274,690 $   1,666,920
Net interest income and interest rate spread $ 21,719 4.11% $ 14,772 3.85%
Net interest margin 4.45% 4.05%
* - Interest yields are presented on an annualized basisand are calculated using a 21% tax-equivalent adjustment

Compensation expense increased $2.4 million, or 33.0%, primarily due to the acquisition of UCB as well as normal merit increases during 2018 and an increase in health insurance costs.  Net occupancy and equipment expense increased $368 thousand, or 32.4%, taxes and assessments increased $124 thousand, or 26.4%, amortization of intangible assets increased $207 thousand, or 627.3% and other expense increased $879 thousand, or 44.5%, all primarily as a result of the acquisition of UCB. 

The efficiency ratio was 58.0% for the three months ended March 31, 2019 compared to 59.2% for the three months ended March 31, 2018.  The improvement in the efficiency ratio is due primarily to the increase in net interest income.

Civista's effective income tax rate for the first quarter 2019 was 16.3% compared to 14.6% in 2018.   

Balance Sheet
Total assets increased $138.7 million, or 6.5%, from December 31, 2018 to March 31, 2019, due to a $121.3 million increase in cash, primarily related to the tax refund processing program, as well as a $3.6 million increase in Investment securities and an $11.3 million increase in the loan portfolio. 

Average Balance Analysis Noninterest income Noninterest expense End of period loan balances
(Unaudited - Dollars in thousands) (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands)
2019 2018 2019 2018 March 31, December 31,
Three Months Ended March 31, Service charges $    1,456 $    1,134 Compensation expense $    9,805 $    7,374 2019 2018 $ Change % Change
2019 2018 Net gain on sale of securities 4 - Net occupancy and equipment  1,503 1,135 Commercial and Agriculture $           179,200 $           177,101 $       2,099 1.2%
Average Yield/ Average Yield/ Net gain on equity securities 2 40 Contracted data processing 419 348 Commercial Real Estate:
Assets: balance Interest rate * balance Interest rate * Net gain on sale of loans 331 333 Taxes and assessments 593 469 Owner Occupied 217,030 210,121 6,909 3.3%
Interest-earning assets: ATM/Interchange fees 906 554 Professional services 694 552 Non-owner Occupied 539,420 523,598 15,822 3.0%
Loans $   1,564,208 $ 20,963 5.44% $   1,147,441 $ 13,639 4.82% Wealth management fees 847 852 Amortization of intangible assets 240 33 Residential Real Estate 461,340 457,850 3,490 0.8%
Taxable securities 207,600 1,748 3.43% 140,999 986 2.83% Bank owned life insurance 247 142 Marketing 340 318 Real Estate Construction 123,905 135,195 (11,290) -8.4%
Non-taxable securities 157,619 1,351 4.49% 101,478 878 4.53% Tax refund processing fees 2,200 2,200 Other 2,855 1,976 Farm Real Estate 35,645 38,513 (2,868) -7.4%
Interest-bearing deposits in other banks 88,096 522 2.40% 113,025 421 1.51% Other 291 361 Total noninterest expense $  16,449 $  12,205 Consumer and Other 16,653 19,563 (2,910) -14.9%
Total interest-earning assets $   2,017,523 24,584 5.02% $   1,502,943 15,924 4.37% Total noninterest income $    6,284 $    5,616 Total Loans $        1,573,193 $        1,561,941 $    11,252 0.7%
Noninterest-earning assets:
Cash and due from financial institutions 92,782 90,358
Premises and equipment, net 21,924 17,529
Accrued interest receivable 6,534 4,445
Intangible assets 86,116 28,368
Other assets 20,053 11,243
Bank owned life insurance 43,643 25,175
Less allowance for loan losses (13,885) (13,141)
      Total Assets $   2,274,690 $   1,666,920
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings $      855,666 $      708 0.34% $      616,213 $      252 0.17%
Time 270,507 1,183 1.77% 187,391 455 0.98%
FHLB 97,267 597 2.49% 39,642 152 1.56%
Subordinated debentures 29,427 372 5.13% 29,427 288 3.97%
Repurchase agreements 22,197 5 0.09% 18,398 5 0.11%
Total interest-bearing liabilities $   1,275,064 2,865 0.91% $      891,071 1,152 0.52%
Noninterest-bearing deposits 680,929 576,809
Other liabilities 17,041 14,608
Shareholders' equity 301,656 184,432
Total Liabilities and Shareholders' Equity $   2,274,690 $   1,666,920
Net interest income and interest rate spread $ 21,719 4.11% $ 14,772 3.85%
Net interest margin 4.45% 4.05%
* - Interest yields are presented on an annualized basisand are calculated using a 21% tax-equivalent adjustment

Loan growth during 2019 totaled $11.3 million with increases in Commercial & Agriculture, Commercial Real Estate – Owner Occupied and Residential Real Estate.  Commercial Real Estate – Non-Owner Occupied also increased, driven primarily by two projects that were in Real Estate Construction and converted to permanent financing.      

Total deposits increased $185.9 million, or 11.8%, from December 31, 2018 to March 31, 2019. 

Average Balance Analysis Noninterest income Noninterest expense End of period loan balances End of period deposit balances
(Unaudited - Dollars in thousands) (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) (unaudited - dollars in thousands)
2019 2018 2019 2018 March 31, December 31, March 31, December 31,
Three Months Ended March 31, Service charges $    1,456 $    1,134 Compensation expense $    9,805 $    7,374 2019 2018 $ Change % Change 2019 2018 $ Change % Change
2019 2018 Net gain on sale of securities 4 - Net occupancy and equipment  1,503 1,135 Commercial and Agriculture $           179,200 $           177,101 $       2,099 1.2% Noninterest-bearing demand $             657,510 $             468,083 $    189,427 40.5%
Average Yield/ Average Yield/ Net gain on equity securities 2 40 Contracted data processing 419 348 Commercial Real Estate: Interest-bearing demand 284,369 261,996 22,373 8.5%
Assets: balance Interest rate * balance Interest rate * Net gain on sale of loans 331 333 Taxes and assessments 593 469 Owner Occupied 217,030 210,121 6,909 3.3% Savings and money market 550,591 562,882 (12,291) -2.2%
Interest-earning assets: ATM/Interchange fees 906 554 Professional services 694 552 Non-owner Occupied 539,420 523,598 15,822 3.0% Time deposits 264,095 258,832 5,263 2.0%
Loans $   1,564,208 $ 20,963 5.44% $   1,147,441 $ 13,639 4.82% Wealth management fees 847 852 Amortization of intangible assets 240 33 Residential Real Estate 461,340 457,850 3,490 0.8% Brokered deposits 9,236 28,100 (18,864) -67.1%
Taxable securities 207,600 1,748 3.43% 140,999 986 2.83% Bank owned life insurance 247 142 Marketing 340 318 Real Estate Construction 123,905 135,195 (11,290) -8.4% Total Deposits $         1,765,801 $         1,579,893 $    185,908 11.8%
Non-taxable securities 157,619 1,351 4.49% 101,478 878 4.53% Tax refund processing fees 2,200 2,200 Other 2,855 1,976 Farm Real Estate 35,645 38,513 (2,868) -7.4%
Interest-bearing deposits in other banks 88,096 522 2.40% 113,025 421 1.51% Other 291 361 Total noninterest expense $  16,449 $  12,205 Consumer and Other 16,653 19,563 (2,910) -14.9%
Total interest-earning assets $   2,017,523 24,584 5.02% $   1,502,943 15,924 4.37% Total noninterest income $    6,284 $    5,616 Total Loans $        1,573,193 $        1,561,941 $    11,252 0.7%
Noninterest-earning assets:
Cash and due from financial institutions 92,782 90,358
Premises and equipment, net 21,924 17,529
Accrued interest receivable 6,534 4,445
Intangible assets 86,116 28,368
Other assets 20,053 11,243
Bank owned life insurance 43,643 25,175
Less allowance for loan losses (13,885) (13,141)
      Total Assets $   2,274,690 $   1,666,920
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings $      855,666 $      708 0.34% $      616,213 $      252 0.17%
Time 270,507 1,183 1.77% 187,391 455 0.98%
FHLB 97,267 597 2.49% 39,642 152 1.56%
Subordinated debentures 29,427 372 5.13% 29,427 288 3.97%
Repurchase agreements 22,197 5 0.09% 18,398 5 0.11%
Total interest-bearing liabilities $   1,275,064 2,865 0.91% $      891,071 1,152 0.52%
Noninterest-bearing deposits 680,929 576,809
Other liabilities 17,041 14,608
Shareholders' equity 301,656 184,432
Total Liabilities and Shareholders' Equity $   2,274,690 $   1,666,920
Net interest income and interest rate spread $ 21,719 4.11% $ 14,772 3.85%
Net interest margin 4.45% 4.05%
* - Interest yields are presented on an annualized basisand are calculated using a 21% tax-equivalent adjustment

The increase was due almost entirely to the additional cash balances related to the tax refund processing program, which led to the increase in noninterest-bearing demand of $189.4 million.  Interest-bearing demand deposits increased, primarily due to increases in public fund accounts.  The increase in tax refund processing cash also led to a decrease in brokered deposits, as well as overnight funding from the Federal Home Loan Bank ("FHLB").  FHLB advances totaled $127.1 million at March 31, 2019, a decrease of $66.5 million, or 34.3%, from December 31, 2018.

Asset Quality

Civista recorded net recoveries of $143 thousand for the three months of 2019 compared to net charge-offs of $320 thousand for the same period of 2018.    

Average Balance Analysis Noninterest income Noninterest expense End of period loan balances End of period deposit balances Allowance for Loan Losses
(Unaudited - Dollars in thousands) (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) (unaudited - dollars in thousands) (unaudited - dollars in thousands)
2019 2018 2019 2018 March 31, December 31, March 31, December 31, March 31, March 31,
Three Months Ended March 31, Service charges $    1,456 $    1,134 Compensation expense $    9,805 $    7,374 2019 2018 $ Change % Change 2019 2018 $ Change % Change 2019 2018
2019 2018 Net gain on sale of securities 4 - Net occupancy and equipment  1,503 1,135 Commercial and Agriculture $           179,200 $           177,101 $       2,099 1.2% Noninterest-bearing demand $             657,510 $             468,083 $    189,427 40.5% Beginning of period $         13,679 $         13,134
Average Yield/ Average Yield/ Net gain on equity securities 2 40 Contracted data processing 419 348 Commercial Real Estate: Interest-bearing demand 284,369 261,996 22,373 8.5% Charge-offs (239) (425)
Assets: balance Interest rate * balance Interest rate * Net gain on sale of loans 331 333 Taxes and assessments 593 469 Owner Occupied 217,030 210,121 6,909 3.3% Savings and money market 550,591 562,882 (12,291) -2.2% Recoveries 382 105
Interest-earning assets: ATM/Interchange fees 906 554 Professional services 694 552 Non-owner Occupied 539,420 523,598 15,822 3.0% Time deposits 264,095 258,832 5,263 2.0% Provision - -
Loans $   1,564,208 $ 20,963 5.44% $   1,147,441 $ 13,639 4.82% Wealth management fees 847 852 Amortization of intangible assets 240 33 Residential Real Estate 461,340 457,850 3,490 0.8% Brokered deposits 9,236 28,100 (18,864) -67.1% End of period $         13,822 $         12,814
Taxable securities 207,600 1,748 3.43% 140,999 986 2.83% Bank owned life insurance 247 142 Marketing 340 318 Real Estate Construction 123,905 135,195 (11,290) -8.4% Total Deposits $         1,765,801 $         1,579,893 $    185,908 11.8%
Non-taxable securities 157,619 1,351 4.49% 101,478 878 4.53% Tax refund processing fees 2,200 2,200 Other 2,855 1,976 Farm Real Estate 35,645 38,513 (2,868) -7.4%
Interest-bearing deposits in other banks 88,096 522 2.40% 113,025 421 1.51% Other 291 361 Total noninterest expense $  16,449 $  12,205 Consumer and Other 16,653 19,563 (2,910) -14.9%
Total interest-earning assets $   2,017,523 24,584 5.02% $   1,502,943 15,924 4.37% Total noninterest income $    6,284 $    5,616 Total Loans $        1,573,193 $        1,561,941 $    11,252 0.7%
Noninterest-earning assets:
Cash and due from financial institutions 92,782 90,358
Premises and equipment, net 21,924 17,529
Accrued interest receivable 6,534 4,445
Intangible assets 86,116 28,368
Other assets 20,053 11,243
Bank owned life insurance 43,643 25,175
Less allowance for loan losses (13,885) (13,141)
      Total Assets $   2,274,690 $   1,666,920
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings $      855,666 $      708 0.34% $      616,213 $      252 0.17%
Time 270,507 1,183 1.77% 187,391 455 0.98%
FHLB 97,267 597 2.49% 39,642 152 1.56%
Subordinated debentures 29,427 372 5.13% 29,427 288 3.97%
Repurchase agreements 22,197 5 0.09% 18,398 5 0.11%
Total interest-bearing liabilities $   1,275,064 2,865 0.91% $      891,071 1,152 0.52%
Noninterest-bearing deposits 680,929 576,809
Other liabilities 17,041 14,608
Shareholders' equity 301,656 184,432
Total Liabilities and Shareholders' Equity $   2,274,690 $   1,666,920
Net interest income and interest rate spread $ 21,719 4.11% $ 14,772 3.85%
Net interest margin 4.45% 4.05%
* - Interest yields are presented on an annualized basisand are calculated using a 21% tax-equivalent adjustment

The allowance for loan losses to loans was 0.88% at March 31, 2019 and December 31, 2018.  The non-performing assets to assets ratio decreased to 0.40% from 0.46% in 2018.  The allowance for loan losses to non-performing loans increased to 150.6% from 137.9% in 2018.   

Non-performing assets at March 31, 2019 were $9.2 million, a 7.5% decrease from December 31, 2018.  Nonaccrual loans include $569 thousand and $1.0 million of purchased credit-impaired ("PCI") loans at March 31, 2019 and December 31, 2018, respectively.

Average Balance Analysis Noninterest income Noninterest expense End of period loan balances End of period deposit balances Allowance for Loan Losses Non-performing Assets
(Unaudited - Dollars in thousands) (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) (unaudited - dollars in thousands) (unaudited - dollars in thousands) (dollars in thousands) March 31, December 31,
2019 2018 2019 2018 March 31, December 31, March 31, December 31, March 31, March 31, 2019 2018
Three Months Ended March 31, Service charges $    1,456 $    1,134 Compensation expense $    9,805 $    7,374 2019 2018 $ Change % Change 2019 2018 $ Change % Change 2019 2018 Non-accrual loans $          5,581 $          6,898
2019 2018 Net gain on sale of securities 4 - Net occupancy and equipment  1,503 1,135 Commercial and Agriculture $           179,200 $           177,101 $       2,099 1.2% Noninterest-bearing demand $             657,510 $             468,083 $    189,427 40.5% Beginning of period $         13,679 $         13,134 Restructured loans 3,597 3,024
Average Yield/ Average Yield/ Net gain on equity securities 2 40 Contracted data processing 419 348 Commercial Real Estate: Interest-bearing demand 284,369 261,996 22,373 8.5% Charge-offs (239) (425) Total non-performing loans 9,178 9,922
Assets: balance Interest rate * balance Interest rate * Net gain on sale of loans 331 333 Taxes and assessments 593 469 Owner Occupied 217,030 210,121 6,909 3.3% Savings and money market 550,591 562,882 (12,291) -2.2% Recoveries 382 105 Other Real Estate Owned - -
Interest-earning assets: ATM/Interchange fees 906 554 Professional services 694 552 Non-owner Occupied 539,420 523,598 15,822 3.0% Time deposits 264,095 258,832 5,263 2.0% Provision - - Total non-performing assets $          9,178 $          9,922
Loans $   1,564,208 $ 20,963 5.44% $   1,147,441 $ 13,639 4.82% Wealth management fees 847 852 Amortization of intangible assets 240 33 Residential Real Estate 461,340 457,850 3,490 0.8% Brokered deposits 9,236 28,100 (18,864) -67.1% End of period $         13,822 $         12,814
Taxable securities 207,600 1,748 3.43% 140,999 986 2.83% Bank owned life insurance 247 142 Marketing 340 318 Real Estate Construction 123,905 135,195 (11,290) -8.4% Total Deposits $         1,765,801 $         1,579,893 $    185,908 11.8%
Non-taxable securities 157,619 1,351 4.49% 101,478 878 4.53% Tax refund processing fees 2,200 2,200 Other 2,855 1,976 Farm Real Estate 35,645 38,513 (2,868) -7.4%
Interest-bearing deposits in other banks 88,096 522 2.40% 113,025 421 1.51% Other 291 361 Total noninterest expense $  16,449 $  12,205 Consumer and Other 16,653 19,563 (2,910) -14.9%
Total interest-earning assets $   2,017,523 24,584 5.02% $   1,502,943 15,924 4.37% Total noninterest income $    6,284 $    5,616 Total Loans $        1,573,193 $        1,561,941 $    11,252 0.7%
Noninterest-earning assets:
Cash and due from financial institutions 92,782 90,358
Premises and equipment, net 21,924 17,529
Accrued interest receivable 6,534 4,445
Intangible assets 86,116 28,368
Other assets 20,053 11,243
Bank owned life insurance 43,643 25,175
Less allowance for loan losses (13,885) (13,141)
      Total Assets $   2,274,690 $   1,666,920
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings $      855,666 $      708 0.34% $      616,213 $      252 0.17%
Time 270,507 1,183 1.77% 187,391 455 0.98%
FHLB 97,267 597 2.49% 39,642 152 1.56%
Subordinated debentures 29,427 372 5.13% 29,427 288 3.97%
Repurchase agreements 22,197 5 0.09% 18,398 5 0.11%
Total interest-bearing liabilities $   1,275,064 2,865 0.91% $      891,071 1,152 0.52%
Noninterest-bearing deposits 680,929 576,809
Other liabilities 17,041 14,608
Shareholders' equity 301,656 184,432
Total Liabilities and Shareholders' Equity $   2,274,690 $   1,666,920
Net interest income and interest rate spread $ 21,719 4.11% $ 14,772 3.85%
Net interest margin 4.45% 4.05%
* - Interest yields are presented on an annualized basisand are calculated using a 21% tax-equivalent adjustment

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 2019 at 1:00 p.m. ET on Friday, May 3, 2019.  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 2019 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, 2018.  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 $2.3 billion financial holding company headquartered in Sandusky, Ohio.  The Company's banking subsidiary, Civista Bank, operates 38 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".  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".

Average Balance Analysis Noninterest income Noninterest expense End of period loan balances End of period deposit balances Allowance for Loan Losses Non-performing Assets Civista Bancshares, Inc.
(Unaudited - Dollars in thousands) (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) (unaudited - dollars in thousands) (unaudited - dollars in thousands) (dollars in thousands) March 31, December 31, Financial Highlights
2019 2018 2019 2018 March 31, December 31, March 31, December 31, March 31, March 31, 2019 2018 (dollars in thousands, except share and per share amounts)
Three Months Ended March 31, Service charges $    1,456 $    1,134 Compensation expense $    9,805 $    7,374 2019 2018 $ Change % Change 2019 2018 $ Change % Change 2019 2018 Non-accrual loans $          5,581 $          6,898
2019 2018 Net gain on sale of securities 4 - Net occupancy and equipment  1,503 1,135 Commercial and Agriculture $           179,200 $           177,101 $       2,099 1.2% Noninterest-bearing demand $             657,510 $             468,083 $    189,427 40.5% Beginning of period $         13,679 $         13,134 Restructured loans 3,597 3,024 Consolidated Condensed Statement of Operations
Average Yield/ Average Yield/ Net gain on equity securities 2 40 Contracted data processing 419 348 Commercial Real Estate: Interest-bearing demand 284,369 261,996 22,373 8.5% Charge-offs (239) (425) Total non-performing loans 9,178 9,922
Assets: balance Interest rate * balance Interest rate * Net gain on sale of loans 331 333 Taxes and assessments 593 469 Owner Occupied 217,030 210,121 6,909 3.3% Savings and money market 550,591 562,882 (12,291) -2.2% Recoveries 382 105 Other Real Estate Owned - - Three Months Ended
Interest-earning assets: ATM/Interchange fees 906 554 Professional services 694 552 Non-owner Occupied 539,420 523,598 15,822 3.0% Time deposits 264,095 258,832 5,263 2.0% Provision - - Total non-performing assets $          9,178 $          9,922 March 31,
Loans $   1,564,208 $ 20,963 5.44% $   1,147,441 $ 13,639 4.82% Wealth management fees 847 852 Amortization of intangible assets 240 33 Residential Real Estate 461,340 457,850 3,490 0.8% Brokered deposits 9,236 28,100 (18,864) -67.1% End of period $         13,822 $         12,814 (unaudited)
Taxable securities 207,600 1,748 3.43% 140,999 986 2.83% Bank owned life insurance 247 142 Marketing 340 318 Real Estate Construction 123,905 135,195 (11,290) -8.4% Total Deposits $         1,765,801 $         1,579,893 $    185,908 11.8% 2019 2018
Non-taxable securities 157,619 1,351 4.49% 101,478 878 4.53% Tax refund processing fees 2,200 2,200 Other 2,855 1,976 Farm Real Estate 35,645 38,513 (2,868) -7.4%
Interest-bearing deposits in other banks 88,096 522 2.40% 113,025 421 1.51% Other 291 361 Total noninterest expense $  16,449 $  12,205 Consumer and Other 16,653 19,563 (2,910) -14.9% Interest and dividend income $         24,584 $         15,924
Total interest-earning assets $   2,017,523 24,584 5.02% $   1,502,943 15,924 4.37% Total noninterest income $    6,284 $    5,616 Total Loans $        1,573,193 $        1,561,941 $    11,252 0.7% Interest expense 2,865 1,152
Noninterest-earning assets: Net interest income 21,719 14,772
Cash and due from financial institutions 92,782 90,358 Provision for loan losses - -
Premises and equipment, net 21,924 17,529 Net interest income after provision 21,719 14,772
Accrued interest receivable 6,534 4,445 Noninterest income 6,284 5,616
Intangible assets 86,116 28,368 Noninterest expense 16,449 12,205
Other assets 20,053 11,243 Income before taxes 11,554 8,183
Bank owned life insurance 43,643 25,175 Income tax expense 1,885 1,194
Less allowance for loan losses (13,885) (13,141) Net income  9,669 6,989
      Total Assets $   2,274,690 $   1,666,920 Preferred stock dividends  164 303
Net income  available 
Liabilities and Shareholders' Equity: to common shareholders $           9,505 $           6,686
Interest-bearing liabilities:
Demand and savings $      855,666 $      708 0.34% $      616,213 $      252 0.17% Dividends per common share $             0.09 $             0.07
Time 270,507 1,183 1.77% 187,391 455 0.98%
FHLB 97,267 597 2.49% 39,642 152 1.56% Earnings per common share,
Subordinated debentures 29,427 372 5.13% 29,427 288 3.97% basic $             0.61 $             0.65
Repurchase agreements 22,197 5 0.09% 18,398 5 0.11% diluted $             0.57 $             0.55
Total interest-bearing liabilities $   1,275,064 2,865 0.91% $      891,071 1,152 0.52%
Noninterest-bearing deposits 680,929 576,809 Average shares outstanding,
Other liabilities 17,041 14,608 basic 15,607,655 10,213,264
Shareholders' equity 301,656 184,432 diluted 16,901,830 12,597,394
Total Liabilities and Shareholders' Equity $   2,274,690 $   1,666,920
Selected financial ratios:
Net interest income and interest rate spread $ 21,719 4.11% $ 14,772 3.85% Return on average assets 1.72% 1.70%
Return on average equity 13.00% 15.37%
Net interest margin 4.45% 4.05% Dividend payout ratio 14.53% 10.23%
Net interest margin (tax equivalent) 4.45% 4.05%
* - Interest yields are presented on an annualized basisand are calculated using a 21% tax-equivalent adjustment

 

 

Average Balance Analysis Noninterest income Noninterest expense End of period loan balances End of period deposit balances Allowance for Loan Losses Non-performing Assets Civista Bancshares, Inc.  Selected Balance Sheet Items 
(Unaudited - Dollars in thousands) (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) (unaudited - dollars in thousands) (unaudited - dollars in thousands) (dollars in thousands) March 31, December 31, Financial Highlights
2019 2018 2019 2018 March 31, December 31, March 31, December 31, March 31, March 31, 2019 2018 (dollars in thousands, except share and per share amounts)  March 31,   December 31, 
Three Months Ended March 31, Service charges $    1,456 $    1,134 Compensation expense $    9,805 $    7,374 2019 2018 $ Change % Change 2019 2018 $ Change % Change 2019 2018 Non-accrual loans $          5,581 $          6,898 2019 2018
2019 2018 Net gain on sale of securities 4 - Net occupancy and equipment  1,503 1,135 Commercial and Agriculture $           179,200 $           177,101 $       2,099 1.2% Noninterest-bearing demand $             657,510 $             468,083 $    189,427 40.5% Beginning of period $         13,679 $         13,134 Restructured loans 3,597 3,024 Consolidated Condensed Statement of Operations
Average Yield/ Average Yield/ Net gain on equity securities 2 40 Contracted data processing 419 348 Commercial Real Estate: Interest-bearing demand 284,369 261,996 22,373 8.5% Charge-offs (239) (425) Total non-performing loans 9,178 9,922  (unaudited)   (unaudited) 
Assets: balance Interest rate * balance Interest rate * Net gain on sale of loans 331 333 Taxes and assessments 593 469 Owner Occupied 217,030 210,121 6,909 3.3% Savings and money market 550,591 562,882 (12,291) -2.2% Recoveries 382 105 Other Real Estate Owned - - Three Months Ended  Cash and due from financial institutions  $               164,094 $                  42,779
Interest-earning assets: ATM/Interchange fees 906 554 Professional services 694 552 Non-owner Occupied 539,420 523,598 15,822 3.0% Time deposits 264,095 258,832 5,263 2.0% Provision - - Total non-performing assets $          9,178 $          9,922 March 31,  Investment securities  351,006 347,364
Loans $   1,564,208 $ 20,963 5.44% $   1,147,441 $ 13,639 4.82% Wealth management fees 847 852 Amortization of intangible assets 240 33 Residential Real Estate 461,340 457,850 3,490 0.8% Brokered deposits 9,236 28,100 (18,864) -67.1% End of period $         13,822 $         12,814 (unaudited)  Loans held for sale  1,444 1,391
Taxable securities 207,600 1,748 3.43% 140,999 986 2.83% Bank owned life insurance 247 142 Marketing 340 318 Real Estate Construction 123,905 135,195 (11,290) -8.4% Total Deposits $         1,765,801 $         1,579,893 $    185,908 11.8% 2019 2018  Loans  1,573,193 1,561,941
Non-taxable securities 157,619 1,351 4.49% 101,478 878 4.53% Tax refund processing fees 2,200 2,200 Other 2,855 1,976 Farm Real Estate 35,645 38,513 (2,868) -7.4%  Less allowance for loan losses  13,822 13,679
Interest-bearing deposits in other banks 88,096 522 2.40% 113,025 421 1.51% Other 291 361 Total noninterest expense $  16,449 $  12,205 Consumer and Other 16,653 19,563 (2,910) -14.9% Interest and dividend income $         24,584 $         15,924  Net loans  1,559,371 1,548,262
Total interest-earning assets $   2,017,523 24,584 5.02% $   1,502,943 15,924 4.37% Total noninterest income $    6,284 $    5,616 Total Loans $        1,573,193 $        1,561,941 $    11,252 0.7% Interest expense 2,865 1,152  Other securities  20,280 21,021
Noninterest-earning assets: Net interest income 21,719 14,772  Premises and equipment, net  21,772 22,021
Cash and due from financial institutions 92,782 90,358 Provision for loan losses - -  Goodwill and other intangibles  85,955 86,203
Premises and equipment, net 21,924 17,529 Net interest income after provision 21,719 14,772  Bank owned life insurance  44,239 43,037
Accrued interest receivable 6,534 4,445 Noninterest income 6,284 5,616  Other assets  29,541 26,876
Intangible assets 86,116 28,368 Noninterest expense 16,449 12,205  Total assets  $            2,277,702 $            2,138,954
Other assets 20,053 11,243 Income before taxes 11,554 8,183
Bank owned life insurance 43,643 25,175 Income tax expense 1,885 1,194  Total deposits  $            1,765,801 $            1,579,893
Less allowance for loan losses (13,885) (13,141) Net income  9,669 6,989  Federal Home Loan Bank advances  127,100 193,600
      Total Assets $   2,274,690 $   1,666,920 Preferred stock dividends  164 303  Securities sold under agreements to repurchase  21,970 22,199
Net income  available   Subordinated debentures  29,427 29,427
Liabilities and Shareholders' Equity: to common shareholders $           9,505 $           6,686  Accrued expenses and other liabilities  21,347 14,937
Interest-bearing liabilities:  Total shareholders' equity  312,057 298,898
Demand and savings $      855,666 $      708 0.34% $      616,213 $      252 0.17% Dividends per common share $             0.09 $             0.07  Total liabilities and shareholders' equity  $            2,277,702 $            2,138,954
Time 270,507 1,183 1.77% 187,391 455 0.98%
FHLB 97,267 597 2.49% 39,642 152 1.56% Earnings per common share,  Shares outstanding at period end  15,624,113 15,603,499
Subordinated debentures 29,427 372 5.13% 29,427 288 3.97% basic $             0.61 $             0.65
Repurchase agreements 22,197 5 0.09% 18,398 5 0.11% diluted $             0.57 $             0.55  Book value per share  $                    19.37 $                    18.56
Total interest-bearing liabilities $   1,275,064 2,865 0.91% $      891,071 1,152 0.52%  Equity to asset ratio  13.70% 13.97%
Noninterest-bearing deposits 680,929 576,809 Average shares outstanding,
Other liabilities 17,041 14,608 basic 15,607,655 10,213,264 Selected asset quality ratios:
Shareholders' equity 301,656 184,432 diluted 16,901,830 12,597,394 Allowance for loan losses to total loans 0.88% 0.88%
Total Liabilities and Shareholders' Equity $   2,274,690 $   1,666,920 Non-performing assets to total assets 0.40% 0.46%
Selected financial ratios: Allowance for loan losses to non-performing loans 150.60% 137.87%
Net interest income and interest rate spread $ 21,719 4.11% $ 14,772 3.85% Return on average assets 1.72% 1.70%
Return on average equity 13.00% 15.37% Non-performing asset analysis
Net interest margin 4.45% 4.05% Dividend payout ratio 14.53% 10.23% Nonaccrual loans $                    5,581 $                    6,898
Net interest margin (tax equivalent) 4.45% 4.05% Troubled debt restructurings 3,597 3,024
* - Interest yields are presented on an annualized basisand are calculated using a 21% tax-equivalent adjustment Other real estate owned - -
Total $                    9,178 $                    9,922

 

 

Average Balance Analysis Noninterest income Noninterest expense End of period loan balances End of period deposit balances Allowance for Loan Losses Non-performing Assets Civista Bancshares, Inc.  Selected Balance Sheet Items  Supplemental Financial Information
(Unaudited - Dollars in thousands) (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) (unaudited - dollars in thousands) (unaudited - dollars in thousands) (dollars in thousands) March 31, December 31, Financial Highlights (Unaudited - Dollars in thousands except share data)
2019 2018 2019 2018 March 31, December 31, March 31, December 31, March 31, March 31, 2019 2018 (dollars in thousands, except share and per share amounts)  March 31,   December 31, 
Three Months Ended March 31, Service charges $    1,456 $    1,134 Compensation expense $    9,805 $    7,374 2019 2018 $ Change % Change 2019 2018 $ Change % Change 2019 2018 Non-accrual loans $          5,581 $          6,898 2019 2018 March 31, December 31, September 30, June 30, March 31,
2019 2018 Net gain on sale of securities 4 - Net occupancy and equipment  1,503 1,135 Commercial and Agriculture $           179,200 $           177,101 $       2,099 1.2% Noninterest-bearing demand $             657,510 $             468,083 $    189,427 40.5% Beginning of period $         13,679 $         13,134 Restructured loans 3,597 3,024 Consolidated Condensed Statement of Operations End of Period Balances 2019 2018 2018 2018 2018
Average Yield/ Average Yield/ Net gain on equity securities 2 40 Contracted data processing 419 348 Commercial Real Estate: Interest-bearing demand 284,369 261,996 22,373 8.5% Charge-offs (239) (425) Total non-performing loans 9,178 9,922  (unaudited)   (unaudited) 
Assets: balance Interest rate * balance Interest rate * Net gain on sale of loans 331 333 Taxes and assessments 593 469 Owner Occupied 217,030 210,121 6,909 3.3% Savings and money market 550,591 562,882 (12,291) -2.2% Recoveries 382 105 Other Real Estate Owned - - Three Months Ended  Cash and due from financial institutions  $               164,094 $                  42,779 Assets
Interest-earning assets: ATM/Interchange fees 906 554 Professional services 694 552 Non-owner Occupied 539,420 523,598 15,822 3.0% Time deposits 264,095 258,832 5,263 2.0% Provision - - Total non-performing assets $          9,178 $          9,922 March 31,  Investment securities  351,006 347,364 Cash and due from banks $     164,094 $       42,779 $       64,754 $       41,156 $      118,970
Loans $   1,564,208 $ 20,963 5.44% $   1,147,441 $ 13,639 4.82% Wealth management fees 847 852 Amortization of intangible assets 240 33 Residential Real Estate 461,340 457,850 3,490 0.8% Brokered deposits 9,236 28,100 (18,864) -67.1% End of period $         13,822 $         12,814 (unaudited)  Loans held for sale  1,444 1,391 Investment securities 351,006 347,364 318,112 231,013 234,915
Taxable securities 207,600 1,748 3.43% 140,999 986 2.83% Bank owned life insurance 247 142 Marketing 340 318 Real Estate Construction 123,905 135,195 (11,290) -8.4% Total Deposits $         1,765,801 $         1,579,893 $    185,908 11.8% 2019 2018  Loans  1,573,193 1,561,941 Loans held for sale 1,444 1,391 4,025 4,058 2,379
Non-taxable securities 157,619 1,351 4.49% 101,478 878 4.53% Tax refund processing fees 2,200 2,200 Other 2,855 1,976 Farm Real Estate 35,645 38,513 (2,868) -7.4%  Less allowance for loan losses  13,822 13,679 Loans 1,573,193 1,561,941 1,515,644 1,180,032 1,153,758
Interest-bearing deposits in other banks 88,096 522 2.40% 113,025 421 1.51% Other 291 361 Total noninterest expense $  16,449 $  12,205 Consumer and Other 16,653 19,563 (2,910) -14.9% Interest and dividend income $         24,584 $         15,924  Net loans  1,559,371 1,548,262 Allowance for loan losses (13,822) (13,679) (13,331) (12,867) (12,814)
Total interest-earning assets $   2,017,523 24,584 5.02% $   1,502,943 15,924 4.37% Total noninterest income $    6,284 $    5,616 Total Loans $        1,573,193 $        1,561,941 $    11,252 0.7% Interest expense 2,865 1,152  Other securities  20,280 21,021 Net Loans 1,559,371 1,548,262 1,502,313 1,167,165 1,140,944
Noninterest-earning assets: Net interest income 21,719 14,772  Premises and equipment, net  21,772 22,021 Other securities 20,280 21,021 17,774 15,154 14,247
Cash and due from financial institutions 92,782 90,358 Provision for loan losses - -  Goodwill and other intangibles  85,955 86,203 Premises and equipment, net 21,772 22,021 22,518 17,308 17,424
Premises and equipment, net 21,924 17,529 Net interest income after provision 21,719 14,772  Bank owned life insurance  44,239 43,037 Goodwill and other intangibles 85,955 86,203 85,964 28,342 28,354
Accrued interest receivable 6,534 4,445 Noninterest income 6,284 5,616  Other assets  29,541 26,876 Bank owned life insurance 44,239 43,037 42,750 25,411 25,267
Intangible assets 86,116 28,368 Noninterest expense 16,449 12,205  Total assets  $            2,277,702 $            2,138,954 Other assets 29,541 26,876 27,325 18,700 17,805
Other assets 20,053 11,243 Income before taxes 11,554 8,183 Total Assets $  2,277,702 $  2,138,954 $  2,085,535 $  1,548,307 $  1,600,305
Bank owned life insurance 43,643 25,175 Income tax expense 1,885 1,194  Total deposits  $            1,765,801 $            1,579,893
Less allowance for loan losses (13,885) (13,141) Net income  9,669 6,989  Federal Home Loan Bank advances  127,100 193,600 Liabilities
      Total Assets $   2,274,690 $   1,666,920 Preferred stock dividends  164 303  Securities sold under agreements to repurchase  21,970 22,199 Total deposits $  1,765,801 $  1,579,893 $  1,577,755 $  1,146,172 $  1,290,671
Net income  available   Subordinated debentures  29,427 29,427 Federal Home Loan Bank advances 127,100 193,600 145,100 156,200 60,000
Liabilities and Shareholders' Equity: to common shareholders $           9,505 $           6,686  Accrued expenses and other liabilities  21,347 14,937 Securities sold under agreement to repurchase 21,970 22,199 18,515 14,230 17,452
Interest-bearing liabilities:  Total shareholders' equity  312,057 298,898 Subordinated debentures 29,427 29,427 29,427 29,427 29,427
Demand and savings $      855,666 $      708 0.34% $      616,213 $      252 0.17% Dividends per common share $             0.09 $             0.07  Total liabilities and shareholders' equity  $            2,277,702 $            2,138,954 Accrued expenses and other liabilities 21,347 14,937 25,350 12,430 14,712
Time 270,507 1,183 1.77% 187,391 455 0.98% Total liabilities 1,965,645 1,840,056 1,796,147 1,358,459 1,412,262
FHLB 97,267 597 2.49% 39,642 152 1.56% Earnings per common share,  Shares outstanding at period end  15,624,113 15,603,499
Subordinated debentures 29,427 372 5.13% 29,427 288 3.97% basic $             0.61 $             0.65 Shareholders' Equity
Repurchase agreements 22,197 5 0.09% 18,398 5 0.11% diluted $             0.57 $             0.55  Book value per share  $                    19.37 $                    18.56 Preferred shares, Series B 9,364 9,364 10,878 13,250 17,034
Total interest-bearing liabilities $   1,275,064 2,865 0.91% $      891,071 1,152 0.52%  Equity to asset ratio  13.70% 13.97% Common stock 266,990 266,901 265,324 158,191 154,170
Noninterest-bearing deposits 680,929 576,809 Average shares outstanding, Accumulated earnings 49,421 41,320 35,302 39,898 37,902
Other liabilities 17,041 14,608 basic 15,607,655 10,213,264 Selected asset quality ratios: Treasury stock (17,235) (17,235) (17,235) (17,235) (17,235)
Shareholders' equity 301,656 184,432 diluted 16,901,830 12,597,394 Allowance for loan losses to total loans 0.88% 0.88% Accumulated other comprehensive loss 3,517 (1,452) (4,881) (4,256) (3,828)
Total Liabilities and Shareholders' Equity $   2,274,690 $   1,666,920 Non-performing assets to total assets 0.40% 0.46% Total shareholders' equity 312,057 298,898 289,388 189,848 188,043
Selected financial ratios: Allowance for loan losses to non-performing loans 150.60% 137.87%
Net interest income and interest rate spread $ 21,719 4.11% $ 14,772 3.85% Return on average assets 1.72% 1.70% Total Liabilities and Shareholders' Equity $  2,277,702 $  2,138,954 $  2,085,535 $  1,548,307 $  1,600,305
Return on average equity 13.00% 15.37% Non-performing asset analysis
Net interest margin 4.45% 4.05% Dividend payout ratio 14.53% 10.23% Nonaccrual loans $                    5,581 $                    6,898 Quarterly Average Balances
Net interest margin (tax equivalent) 4.45% 4.05% Troubled debt restructurings 3,597 3,024 Assets:
* - Interest yields are presented on an annualized basisand are calculated using a 21% tax-equivalent adjustment Other real estate owned - - Earning assets $  2,017,523 $  1,907,966 $  1,534,039 $  1,427,953 $  1,502,943
Total $                    9,178 $                    9,922 Securities 365,219 352,412 252,832 247,301 242,477
Loans 1,564,208 1,532,012 1,256,680 1,158,956 1,147,441
Liabilities and Shareholders' Equity
Total deposits $  1,807,102 $  1,591,521 $  1,202,419 $  1,190,415 $  1,380,413
Interest-bearing deposits $  1,126,173 1,120,876 816,773 756,289 803,604
Interest-bearing liabilities 148,891 204,002 228,164 149,433 87,467
Total shareholders' equity 301,656 290,096 205,601 188,330 184,432

 

 

Average Balance Analysis Noninterest income Noninterest expense End of period loan balances End of period deposit balances Allowance for Loan Losses Non-performing Assets Civista Bancshares, Inc.  Selected Balance Sheet Items  Supplemental Financial Information Supplemental Financial Information
(Unaudited - Dollars in thousands) (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) (unaudited - dollars in thousands) (unaudited - dollars in thousands) (dollars in thousands) March 31, December 31, Financial Highlights (Unaudited - Dollars in thousands except share data) (Unaudited - Dollars in thousands except share data)
2019 2018 2019 2018 March 31, December 31, March 31, December 31, March 31, March 31, 2019 2018 (dollars in thousands, except share and per share amounts)  March 31,   December 31, 
Three Months Ended March 31, Service charges $    1,456 $    1,134 Compensation expense $    9,805 $    7,374 2019 2018 $ Change % Change 2019 2018 $ Change % Change 2019 2018 Non-accrual loans $          5,581 $          6,898 2019 2018 March 31, December 31, September 30, June 30, March 31, Three Months Ended
2019 2018 Net gain on sale of securities 4 - Net occupancy and equipment  1,503 1,135 Commercial and Agriculture $           179,200 $           177,101 $       2,099 1.2% Noninterest-bearing demand $             657,510 $             468,083 $    189,427 40.5% Beginning of period $         13,679 $         13,134 Restructured loans 3,597 3,024 Consolidated Condensed Statement of Operations End of Period Balances 2019 2018 2018 2018 2018 March 31, December 31, September 30, June 30, March 31,
Average Yield/ Average Yield/ Net gain on equity securities 2 40 Contracted data processing 419 348 Commercial Real Estate: Interest-bearing demand 284,369 261,996 22,373 8.5% Charge-offs (239) (425) Total non-performing loans 9,178 9,922  (unaudited)   (unaudited)  Income statement 2019 2018 2018 2018 2018
Assets: balance Interest rate * balance Interest rate * Net gain on sale of loans 331 333 Taxes and assessments 593 469 Owner Occupied 217,030 210,121 6,909 3.3% Savings and money market 550,591 562,882 (12,291) -2.2% Recoveries 382 105 Other Real Estate Owned - - Three Months Ended  Cash and due from financial institutions  $               164,094 $                  42,779 Assets
Interest-earning assets: ATM/Interchange fees 906 554 Professional services 694 552 Non-owner Occupied 539,420 523,598 15,822 3.0% Time deposits 264,095 258,832 5,263 2.0% Provision - - Total non-performing assets $          9,178 $          9,922 March 31,  Investment securities  351,006 347,364 Cash and due from banks $     164,094 $       42,779 $       64,754 $       41,156 $      118,970 Total interest and dividend income $         24,584 $         23,707 $         17,886 $         16,160 $         15,924
Loans $   1,564,208 $ 20,963 5.44% $   1,147,441 $ 13,639 4.82% Wealth management fees 847 852 Amortization of intangible assets 240 33 Residential Real Estate 461,340 457,850 3,490 0.8% Brokered deposits 9,236 28,100 (18,864) -67.1% End of period $         13,822 $         12,814 (unaudited)  Loans held for sale  1,444 1,391 Investment securities 351,006 347,364 318,112 231,013 234,915 Total interest expense 2,865 2,962 2,062 1,394 1,152
Taxable securities 207,600 1,748 3.43% 140,999 986 2.83% Bank owned life insurance 247 142 Marketing 340 318 Real Estate Construction 123,905 135,195 (11,290) -8.4% Total Deposits $         1,765,801 $         1,579,893 $    185,908 11.8% 2019 2018  Loans  1,573,193 1,561,941 Loans held for sale 1,444 1,391 4,025 4,058 2,379 Net interest income 21,719 20,745 15,824 14,766 14,772
Non-taxable securities 157,619 1,351 4.49% 101,478 878 4.53% Tax refund processing fees 2,200 2,200 Other 2,855 1,976 Farm Real Estate 35,645 38,513 (2,868) -7.4%  Less allowance for loan losses  13,822 13,679 Loans 1,573,193 1,561,941 1,515,644 1,180,032 1,153,758 Provision for loan losses - 390 390 - -
Interest-bearing deposits in other banks 88,096 522 2.40% 113,025 421 1.51% Other 291 361 Total noninterest expense $  16,449 $  12,205 Consumer and Other 16,653 19,563 (2,910) -14.9% Interest and dividend income $         24,584 $         15,924  Net loans  1,559,371 1,548,262 Allowance for loan losses (13,822) (13,679) (13,331) (12,867) (12,814) Noninterest income 6,284 4,838 3,288 4,390 5,616
Total interest-earning assets $   2,017,523 24,584 5.02% $   1,502,943 15,924 4.37% Total noninterest income $    6,284 $    5,616 Total Loans $        1,573,193 $        1,561,941 $    11,252 0.7% Interest expense 2,865 1,152  Other securities  20,280 21,021 Net Loans 1,559,371 1,548,262 1,502,313 1,167,165 1,140,944 Noninterest expense 16,449 16,391 22,156 15,928 12,205
Noninterest-earning assets: Net interest income 21,719 14,772  Premises and equipment, net  21,772 22,021 Other securities 20,280 21,021 17,774 15,154 14,247 Income (loss) before taxes 11,554 8,802 (3,434) 3,228 8,183
Cash and due from financial institutions 92,782 90,358 Provision for loan losses - -  Goodwill and other intangibles  85,955 86,203 Premises and equipment, net 21,772 22,021 22,518 17,308 17,424 Income tax expense (benefit) 1,885 1,233 (1) 214 1,194
Premises and equipment, net 21,924 17,529 Net interest income after provision 21,719 14,772  Bank owned life insurance  44,239 43,037 Goodwill and other intangibles 85,955 86,203 85,964 28,342 28,354 Net income (loss) 9,669 7,569 (3,433) 3,014 6,989
Accrued interest receivable 6,534 4,445 Noninterest income 6,284 5,616  Other assets  29,541 26,876 Bank owned life insurance 44,239 43,037 42,750 25,411 25,267 Preferred stock dividends 164 165 192 299 303
Intangible assets 86,116 28,368 Noninterest expense 16,449 12,205  Total assets  $            2,277,702 $            2,138,954 Other assets 29,541 26,876 27,325 18,700 17,805 Net income (loss) available to 
Other assets 20,053 11,243 Income before taxes 11,554 8,183 Total Assets $  2,277,702 $  2,138,954 $  2,085,535 $  1,548,307 $  1,600,305 common shareholders $            9,505 $            7,404 $          (3,625) $            2,715 $            6,686
Bank owned life insurance 43,643 25,175 Income tax expense 1,885 1,194  Total deposits  $            1,765,801 $            1,579,893
Less allowance for loan losses (13,885) (13,141) Net income  9,669 6,989  Federal Home Loan Bank advances  127,100 193,600 Liabilities Common shares dividend paid $            1,404 $            1,386 $               971 $               719 $               714
      Total Assets $   2,274,690 $   1,666,920 Preferred stock dividends  164 303  Securities sold under agreements to repurchase  21,970 22,199 Total deposits $  1,765,801 $  1,579,893 $  1,577,755 $  1,146,172 $  1,290,671
Net income  available   Subordinated debentures  29,427 29,427 Federal Home Loan Bank advances 127,100 193,600 145,100 156,200 60,000 Per share data
Liabilities and Shareholders' Equity: to common shareholders $           9,505 $           6,686  Accrued expenses and other liabilities  21,347 14,937 Securities sold under agreement to repurchase 21,970 22,199 18,515 14,230 17,452
Interest-bearing liabilities:  Total shareholders' equity  312,057 298,898 Subordinated debentures 29,427 29,427 29,427 29,427 29,427 Basic earnings per common share $              0.61 $              0.48 $            (0.31) $              0.26 $              0.65
Demand and savings $      855,666 $      708 0.34% $      616,213 $      252 0.17% Dividends per common share $             0.09 $             0.07  Total liabilities and shareholders' equity  $            2,277,702 $            2,138,954 Accrued expenses and other liabilities 21,347 14,937 25,350 12,430 14,712 Diluted earnings per common share 0.57 0.45 (0.31) 0.24 0.55
Time 270,507 1,183 1.77% 187,391 455 0.98% Total liabilities 1,965,645 1,840,056 1,796,147 1,358,459 1,412,262 Dividends per common share 0.09 0.09 0.09 0.07 0.07
FHLB 97,267 597 2.49% 39,642 152 1.56% Earnings per common share,  Shares outstanding at period end  15,624,113 15,603,499 Average common shares outstanding - basic 15,607,655 15,521,404 11,627,093 10,470,839 10,213,264
Subordinated debentures 29,427 372 5.13% 29,427 288 3.97% basic $             0.61 $             0.65 Shareholders' Equity Average common shares outstanding - diluted 16,901,830 16,898,186 13,271,073 12,615,336 12,597,394
Repurchase agreements 22,197 5 0.09% 18,398 5 0.11% diluted $             0.57 $             0.55  Book value per share  $                    19.37 $                    18.56 Preferred shares, Series B 9,364 9,364 10,878 13,250 17,034
Total interest-bearing liabilities $   1,275,064 2,865 0.91% $      891,071 1,152 0.52%  Equity to asset ratio  13.70% 13.97% Common stock 266,990 266,901 265,324 158,191 154,170 Asset quality
Noninterest-bearing deposits 680,929 576,809 Average shares outstanding, Accumulated earnings 49,421 41,320 35,302 39,898 37,902 Allowance for loan losses, beginning of period $         13,679 $         13,331 $         12,867 $         12,814 $         13,134
Other liabilities 17,041 14,608 basic 15,607,655 10,213,264 Selected asset quality ratios: Treasury stock (17,235) (17,235) (17,235) (17,235) (17,235) Charge-offs (239) (119) (133) (226) (425)
Shareholders' equity 301,656 184,432 diluted 16,901,830 12,597,394 Allowance for loan losses to total loans 0.88% 0.88% Accumulated other comprehensive loss 3,517 (1,452) (4,881) (4,256) (3,828) Recoveries 382 77 207 279 105
Total Liabilities and Shareholders' Equity $   2,274,690 $   1,666,920 Non-performing assets to total assets 0.40% 0.46% Total shareholders' equity 312,057 298,898 289,388 189,848 188,043 Provision - 390 390 - -
Selected financial ratios: Allowance for loan losses to non-performing loans 150.60% 137.87% Allowance for loan losses, end of period $         13,822 $         13,679 $         13,331 $         12,867 $         12,814
Net interest income and interest rate spread $ 21,719 4.11% $ 14,772 3.85% Return on average assets 1.72% 1.70% Total Liabilities and Shareholders' Equity $  2,277,702 $  2,138,954 $  2,085,535 $  1,548,307 $  1,600,305
Return on average equity 13.00% 15.37% Non-performing asset analysis Ratios
Net interest margin 4.45% 4.05% Dividend payout ratio 14.53% 10.23% Nonaccrual loans $                    5,581 $                    6,898 Quarterly Average Balances Allowance to total loans 0.88% 0.88% 0.88% 1.09% 1.11%
Net interest margin (tax equivalent) 4.45% 4.05% Troubled debt restructurings 3,597 3,024 Assets: Allowance to nonperforming assets 150.60% 137.87% 132.86% 168.36% 154.21%
* - Interest yields are presented on an annualized basisand are calculated using a 21% tax-equivalent adjustment Other real estate owned - - Earning assets $  2,017,523 $  1,907,966 $  1,534,039 $  1,427,953 $  1,502,943 Allowance to nonperforming loans 150.60% 137.87% 132.86% 168.36% 154.41%
Total $                    9,178 $                    9,922 Securities 365,219 352,412 252,832 247,301 242,477
Loans 1,564,208 1,532,012 1,256,680 1,158,956 1,147,441 Nonperforming assets
Liabilities and Shareholders' Equity Nonperforming loans $            9,178 $            9,140 $         10,034 $            7,642 $            8,298
Total deposits $  1,807,102 $  1,591,521 $  1,202,419 $  1,190,415 $  1,380,413 Other real estate owned - - - - 11
Interest-bearing deposits $  1,126,173 1,120,876 816,773 756,289 803,604 Total nonperforming assets $            9,178 $            9,140 $         10,034 $            7,642 $            8,309
Interest-bearing liabilities 148,891 204,002 228,164 149,433 87,467
Total shareholders' equity 301,656 290,096 205,601 188,330 184,432 Capital and liquidity
Tier 1 leverage ratio 11.64% 12.22% 15.37% 12.96% 11.82%
Tier 1 risk-based capital ratio 15.64% 15.30% 15.43% 15.71% 15.87%
Total risk-based capital ratio 16.48% 16.15% 16.29% 16.74% 16.92%
Tangible common equity ratio 9.96% 9.98% 9.71% 9.80% 9.12%

 

 

Average Balance Analysis Noninterest income Noninterest expense End of period loan balances End of period deposit balances Allowance for Loan Losses Non-performing Assets Civista Bancshares, Inc.  Selected Balance Sheet Items  Supplemental Financial Information Supplemental Financial Information Non-GAAP Reconciliation
(Unaudited - Dollars in thousands) (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) Three months ended March 31, (unaudited - dollars in thousands) (unaudited - dollars in thousands) (unaudited - dollars in thousands) (dollars in thousands) March 31, December 31, Financial Highlights (Unaudited - Dollars in thousands except share data) (Unaudited - Dollars in thousands except share data) Tangible Common Equity and Tangible Assets
2019 2018 2019 2018 March 31, December 31, March 31, December 31, March 31, March 31, 2019 2018 (dollars in thousands, except share and per share amounts)  March 31,   December 31,  (Unaudited - Dollars in thousands except share data)
Three Months Ended March 31, Service charges $    1,456 $    1,134 Compensation expense $    9,805 $    7,374 2019 2018 $ Change % Change 2019 2018 $ Change % Change 2019 2018 Non-accrual loans $          5,581 $          6,898 2019 2018 March 31, December 31, September 30, June 30, March 31, Three Months Ended
2019 2018 Net gain on sale of securities 4 - Net occupancy and equipment  1,503 1,135 Commercial and Agriculture $           179,200 $           177,101 $       2,099 1.2% Noninterest-bearing demand $             657,510 $             468,083 $    189,427 40.5% Beginning of period $         13,679 $         13,134 Restructured loans 3,597 3,024 Consolidated Condensed Statement of Operations End of Period Balances 2019 2018 2018 2018 2018 March 31, December 31, September 30, June 30, March 31, Three Months Ended
Average Yield/ Average Yield/ Net gain on equity securities 2 40 Contracted data processing 419 348 Commercial Real Estate: Interest-bearing demand 284,369 261,996 22,373 8.5% Charge-offs (239) (425) Total non-performing loans 9,178 9,922  (unaudited)   (unaudited)  Income statement 2019 2018 2018 2018 2018 March 31, December 31, September 30, June 30, March 31,
Assets: balance Interest rate * balance Interest rate * Net gain on sale of loans 331 333 Taxes and assessments 593 469 Owner Occupied 217,030 210,121 6,909 3.3% Savings and money market 550,591 562,882 (12,291) -2.2% Recoveries 382 105 Other Real Estate Owned - - Three Months Ended  Cash and due from financial institutions  $               164,094 $                  42,779 Assets Tangible Common Equity 2019 2018 2018 2018 2018
Interest-earning assets: ATM/Interchange fees 906 554 Professional services 694 552 Non-owner Occupied 539,420 523,598 15,822 3.0% Time deposits 264,095 258,832 5,263 2.0% Provision - - Total non-performing assets $          9,178 $          9,922 March 31,  Investment securities  351,006 347,364 Cash and due from banks $     164,094 $       42,779 $       64,754 $       41,156 $      118,970 Total interest and dividend income $         24,584 $         23,707 $         17,886 $         16,160 $         15,924
Loans $   1,564,208 $ 20,963 5.44% $   1,147,441 $ 13,639 4.82% Wealth management fees 847 852 Amortization of intangible assets 240 33 Residential Real Estate 461,340 457,850 3,490 0.8% Brokered deposits 9,236 28,100 (18,864) -67.1% End of period $         13,822 $         12,814 (unaudited)  Loans held for sale  1,444 1,391 Investment securities 351,006 347,364 318,112 231,013 234,915 Total interest expense 2,865 2,962 2,062 1,394 1,152 Total Equity $   312,057 $   298,898 $   289,388 $   189,848 $   188,043
Taxable securities 207,600 1,748 3.43% 140,999 986 2.83% Bank owned life insurance 247 142 Marketing 340 318 Real Estate Construction 123,905 135,195 (11,290) -8.4% Total Deposits $         1,765,801 $         1,579,893 $    185,908 11.8% 2019 2018  Loans  1,573,193 1,561,941 Loans held for sale 1,444 1,391 4,025 4,058 2,379 Net interest income 21,719 20,745 15,824 14,766 14,772 Less: Preferred Equity 9,364 9,364 10,878 13,250 17,034
Non-taxable securities 157,619 1,351 4.49% 101,478 878 4.53% Tax refund processing fees 2,200 2,200 Other 2,855 1,976 Farm Real Estate 35,645 38,513 (2,868) -7.4%  Less allowance for loan losses  13,822 13,679 Loans 1,573,193 1,561,941 1,515,644 1,180,032 1,153,758 Provision for loan losses - 390 390 - - Less: Goodwill and intangible assets 84,299 84,540 84,286 27,572 27,598
Interest-bearing deposits in other banks 88,096 522 2.40% 113,025 421 1.51% Other 291 361 Total noninterest expense $  16,449 $  12,205 Consumer and Other 16,653 19,563 (2,910) -14.9% Interest and dividend income $         24,584 $         15,924  Net loans  1,559,371 1,548,262 Allowance for loan losses (13,822) (13,679) (13,331) (12,867) (12,814) Noninterest income 6,284 4,838 3,288 4,390 5,616
Total interest-earning assets $   2,017,523 24,584 5.02% $   1,502,943 15,924 4.37% Total noninterest income $    6,284 $    5,616 Total Loans $        1,573,193 $        1,561,941 $    11,252 0.7% Interest expense 2,865 1,152  Other securities  20,280 21,021 Net Loans 1,559,371 1,548,262 1,502,313 1,167,165 1,140,944 Noninterest expense 16,449 16,391 22,156 15,928 12,205 Tangible common equity $   218,394 $   204,994 $   194,224 $   149,026 $   143,411
Noninterest-earning assets: Net interest income 21,719 14,772  Premises and equipment, net  21,772 22,021 Other securities 20,280 21,021 17,774 15,154 14,247 Income (loss) before taxes 11,554 8,802 (3,434) 3,228 8,183
Cash and due from financial institutions 92,782 90,358 Provision for loan losses - -  Goodwill and other intangibles  85,955 86,203 Premises and equipment, net 21,772 22,021 22,518 17,308 17,424 Income tax expense (benefit) 1,885 1,233 (1) 214 1,194 Total Shares Outstanding 15,624,113 15,603,499 15,395,064 10,788,892 10,243,274
Premises and equipment, net 21,924 17,529 Net interest income after provision 21,719 14,772  Bank owned life insurance  44,239 43,037 Goodwill and other intangibles 85,955 86,203 85,964 28,342 28,354 Net income (loss) 9,669 7,569 (3,433) 3,014 6,989
Accrued interest receivable 6,534 4,445 Noninterest income 6,284 5,616  Other assets  29,541 26,876 Bank owned life insurance 44,239 43,037 42,750 25,411 25,267 Preferred stock dividends 164 165 192 299 303 Tangible book value per share $       13.98 $       13.14 $       12.62 $       13.81 $       14.00
Intangible assets 86,116 28,368 Noninterest expense 16,449 12,205  Total assets  $            2,277,702 $            2,138,954 Other assets 29,541 26,876 27,325 18,700 17,805 Net income (loss) available to 
Other assets 20,053 11,243 Income before taxes 11,554 8,183 Total Assets $  2,277,702 $  2,138,954 $  2,085,535 $  1,548,307 $  1,600,305 common shareholders $            9,505 $            7,404 $          (3,625) $            2,715 $            6,686 Tangible Assets
Bank owned life insurance 43,643 25,175 Income tax expense 1,885 1,194  Total deposits  $            1,765,801 $            1,579,893 Total Assets $2,277,702 $2,138,954 $2,085,535 $1,548,307 $1,600,305
Less allowance for loan losses (13,885) (13,141) Net income  9,669 6,989  Federal Home Loan Bank advances  127,100 193,600 Liabilities Common shares dividend paid $            1,404 $            1,386 $               971 $               719 $               714 Less: Goodwill and intangible assets 84,299 84,540 84,286 27,572 27,598
      Total Assets $   2,274,690 $   1,666,920 Preferred stock dividends  164 303  Securities sold under agreements to repurchase  21,970 22,199 Total deposits $  1,765,801 $  1,579,893 $  1,577,755 $  1,146,172 $  1,290,671
Net income  available   Subordinated debentures  29,427 29,427 Federal Home Loan Bank advances 127,100 193,600 145,100 156,200 60,000 Per share data Tangible assets $2,193,403 $2,054,414 $2,001,249 $1,520,735 $1,572,707
Liabilities and Shareholders' Equity: to common shareholders $           9,505 $           6,686  Accrued expenses and other liabilities  21,347 14,937 Securities sold under agreement to repurchase 21,970 22,199 18,515 14,230 17,452
Interest-bearing liabilities:  Total shareholders' equity  312,057 298,898 Subordinated debentures 29,427 29,427 29,427 29,427 29,427 Basic earnings per common share $              0.61 $              0.48 $            (0.31) $              0.26 $              0.65 Tangible common equity to tangible assets 9.96% 9.98% 9.71% 9.80% 9.12%
Demand and savings $      855,666 $      708 0.34% $      616,213 $      252 0.17% Dividends per common share $             0.09 $             0.07  Total liabilities and shareholders' equity  $            2,277,702 $            2,138,954 Accrued expenses and other liabilities 21,347 14,937 25,350 12,430 14,712 Diluted earnings per common share 0.57 0.45 (0.31) 0.24 0.55
Time 270,507 1,183 1.77% 187,391 455 0.98% Total liabilities 1,965,645 1,840,056 1,796,147 1,358,459 1,412,262 Dividends per common share 0.09 0.09 0.09 0.07 0.07
FHLB 97,267 597 2.49% 39,642 152 1.56% Earnings per common share,  Shares outstanding at period end  15,624,113 15,603,499 Average common shares outstanding - basic 15,607,655 15,521,404 11,627,093 10,470,839 10,213,264
Subordinated debentures 29,427 372 5.13% 29,427 288 3.97% basic $             0.61 $             0.65 Shareholders' Equity Average common shares outstanding - diluted 16,901,830 16,898,186 13,271,073 12,615,336 12,597,394
Repurchase agreements 22,197 5 0.09% 18,398 5 0.11% diluted $             0.57 $             0.55  Book value per share  $                    19.37 $                    18.56 Preferred shares, Series B 9,364 9,364 10,878 13,250 17,034
Total interest-bearing liabilities $   1,275,064 2,865 0.91% $      891,071 1,152 0.52%  Equity to asset ratio  13.70% 13.97% Common stock 266,990 266,901 265,324 158,191 154,170 Asset quality
Noninterest-bearing deposits 680,929 576,809 Average shares outstanding, Accumulated earnings 49,421 41,320 35,302 39,898 37,902 Allowance for loan losses, beginning of period $         13,679 $         13,331 $         12,867 $         12,814 $         13,134
Other liabilities 17,041 14,608 basic 15,607,655 10,213,264 Selected asset quality ratios: Treasury stock (17,235) (17,235) (17,235) (17,235) (17,235) Charge-offs (239) (119) (133) (226) (425)
Shareholders' equity 301,656 184,432 diluted 16,901,830 12,597,394 Allowance for loan losses to total loans 0.88% 0.88% Accumulated other comprehensive loss 3,517 (1,452) (4,881) (4,256) (3,828) Recoveries 382 77 207 279 105
Total Liabilities and Shareholders' Equity $   2,274,690 $   1,666,920 Non-performing assets to total assets 0.40% 0.46% Total shareholders' equity 312,057 298,898 289,388 189,848 188,043 Provision - 390 390 - -
Selected financial ratios: Allowance for loan losses to non-performing loans 150.60% 137.87% Allowance for loan losses, end of period $         13,822 $         13,679 $         13,331 $         12,867 $         12,814
Net interest income and interest rate spread $ 21,719 4.11% $ 14,772 3.85% Return on average assets 1.72% 1.70% Total Liabilities and Shareholders' Equity $  2,277,702 $  2,138,954 $  2,085,535 $  1,548,307 $  1,600,305
Return on average equity 13.00% 15.37% Non-performing asset analysis Ratios
Net interest margin 4.45% 4.05% Dividend payout ratio 14.53% 10.23% Nonaccrual loans $                    5,581 $                    6,898 Quarterly Average Balances Allowance to total loans 0.88% 0.88% 0.88% 1.09% 1.11%
Net interest margin (tax equivalent) 4.45% 4.05% Troubled debt restructurings 3,597 3,024 Assets: Allowance to nonperforming assets 150.60% 137.87% 132.86% 168.36% 154.21%
* - Interest yields are presented on an annualized basisand are calculated using a 21% tax-equivalent adjustment Other real estate owned - - Earning assets $  2,017,523 $  1,907,966 $  1,534,039 $  1,427,953 $  1,502,943 Allowance to nonperforming loans 150.60% 137.87% 132.86% 168.36% 154.41%
Total $                    9,178 $                    9,922 Securities 365,219 352,412 252,832 247,301 242,477
Loans 1,564,208 1,532,012 1,256,680 1,158,956 1,147,441 Nonperforming assets
Liabilities and Shareholders' Equity Nonperforming loans $            9,178 $            9,140 $         10,034 $            7,642 $            8,298
Total deposits $  1,807,102 $  1,591,521 $  1,202,419 $  1,190,415 $  1,380,413 Other real estate owned - - - - 11
Interest-bearing deposits $  1,126,173 1,120,876 816,773 756,289 803,604 Total nonperforming assets $            9,178 $            9,140 $         10,034 $            7,642 $            8,309
Interest-bearing liabilities 148,891 204,002 228,164 149,433 87,467
Total shareholders' equity 301,656 290,096 205,601 188,330 184,432 Capital and liquidity
Tier 1 leverage ratio 11.64% 12.22% 15.37% 12.96% 11.82%
Tier 1 risk-based capital ratio 15.64% 15.30% 15.43% 15.71% 15.87%
Total risk-based capital ratio 16.48% 16.15% 16.29% 16.74% 16.92%
Tangible common equity ratio 9.96% 9.98% 9.71% 9.80% 9.12%

 

 

 

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SOURCE Civista Bancshares, Inc.

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