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28.04.2017 14:35
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PR Newswire
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Civista Bancshares, Inc. Announces First Quarter 2017 Earnings
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PR Newswire
SANDUSKY, Ohio, April 28, 2017
SANDUSKY, Ohio, April 28, 2017 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") reported net income available to common shareholders of $4.3 million, or $0.40 per diluted share, for the first quarter of 2017, compared with $4.3 million, or $0.43 per diluted share, for the prior year period.
"The first quarter of 2017 has provided a very solid start to the year. During the quarter we successfully raised $35 million in common stock, which was hugely oversubscribed. We opened a new loan production office in Westlake, Ohio. We grew our loan balances at an annualized rate of 7.6% and have maintained stable asset quality," said James O. Miller, Chairman, President and CEO of Civista.
Results of Operations:
Net interest income for the first quarter of 2017 increased $657 thousand, or 5.4% compared to the same period of 2016. For the three-month period ended March 31, an increase in average loans outstanding primarily contributed to the increase in interest income compared to 2016. Tax equivalent net interest margin was 3.67% for the first quarter, compared to 3.53% for the same period a year ago. Net interest margin was reduced in both periods due to the impact of additional interest-earning cash on deposit related to the tax refund processing program. The impact to net interest margin related to the tax refund processing program in the first quarter was a reduction of 32 basis points in 2017 and 49 basis points in 2016.
| Summary Average Balance Sheet | | | | | | | | | |||
| (Tax-equivalent basis / dollars in thousands) | | | | | | | | | |||
| | | | | | | | | | | | |
| | Three months ended March 31, | ||||||||||
| | 2017 | | 2016 | ||||||||
| | Average balance | | Interest | | Yield / rate | | Average balance | | Interest | | Yield / rate |
| Assets | | | | | | | | | | | |
| Loans | $ 1,067,903 | | $ 11,777 | | 4.47% | | $ 1,000,720 | | $ 11,317 | | 4.55% |
| Securities | 210,962 | | 1,559 | | 3.77% | | 211,995 | | 1,456 | | 3.54% |
| Interest-bearing deposits | 188,813 | | 356 | | 0.76% | | 227,738 | | 280 | | 0.49% |
| Total interest earning assets | $ 1,467,678 | | $ 13,692 | | 3.89% | | $ 1,440,453 | | $ 13,053 | | 3.76% |
| | | | | | | | | | | | |
| Liabilities | | | | | | | | | | | |
| Int-bearing demand and savings | $ 577,809 | | $ 123 | | 0.09% | | $ 556,240 | | $ 113 | | 0.08% |
| Time deposits | 189,985 | | 342 | | 0.73% | | 209,550 | | 377 | | 0.72% |
| FHLB advances and other borrowings | 81,448 | | 335 | | 1.66% | | 91,724 | | 328 | | 1.44% |
| Total interest-bearing liabilities | $ 849,242 | | $ 800 | | 0.38% | | $ 857,514 | | $ 818 | | 0.38% |
| | | | | | | | | | | | |
| Noninterest-bearing deposits | $ 624,315 | | | | | | $ 608,085 | | | | |
| | | | | | | | | | | | |
| Net interest income and interest rate spread | | $ 12,892 | | 3.51% | | | | $ 12,235 | | 3.38% | |
| Net interest margin | | | | | 3.67% | | | | | | 3.53% |
No provision for loan losses was made for the first quarter of 2017 or 2016.
During the first quarter 2017, noninterest income totaled $5.1 million, compared to $5.3 million for the prior year's first quarter.
| Noninterest income | | | |
| (dollars in thousands) | Three months ended | ||
| | 2017 | | 2016 |
| Service charges | $ 1,045 | | $ 1,129 |
| Net gain on sale of securities | - | | (5) Werbung Mehr Nachrichten zur Civista Bancshares Aktie kostenlos abonnieren
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