Civista Bancshares, Inc. Announces Strong First Quarter 2016 Earnings

SANDUSKY, Ohio, April 22, 2016

"We increased our first quarter 2016 diluted earnings per share by 48% over the same quarter in 2015.  We have also seen the impact of organic and acquisitive growth now that a year has passed since the Dayton acquisition.  We have improved noninterest income, primarily due to the large portion of the tax refund processing fees in the first quarter. At the same time, noninterest expenses have increased modestly, largely attributable to growth and the merger." said James O. Miller, Chairman, President and CEO of Civista.

Results of Operations:

Net interest income for the first quarter of 2016 increased $1.3 million, or 12.1% compared to the same period of 2015.  The increase in net interest income for the quarter was due both to an increase in average loans outstanding as well as a decrease in cost of funds.  Tax equivalent net interest margin was 3.53% for the first quarter, compared to 3.65% 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.  Average cash related to the tax refund processing program in the first quarter 2016 and 2015 was $216 million and $111 million, respectively.  The reduction to net interest margin was 54 basis points in 2016 and 34 basis points in 2015. 

Mr. Miller continued, "Our net interest margin is consistently lower in the first quarter due to the amount of cash the tax refund processing program generates.  In spite of the current rate environment, we have maintained a strong core net interest margin, kept our asset duration under two years and have not diluted our lending standards."

Summary Average Balance Sheet
(Tax-equivalent basis / dollars in thousands) ARIVA.DE Börsen-Geflüster Kurse Civista Bancshares -   0,00% Civista Bancshares 14,10 € +1,44%
	Three months ended March 31,
	2016						2015
	Average balance		Interest		Yield / rate		Average balance		Interest		Yield / rate
Assets
Loans	$   1,000,720		$   11,317		4.55%		$      927,105		$   10,246		4.49%
Securities	211,995		1,456		3.54%		211,521		1,456		3.54%
Interest-bearing deposits	227,738		280		0.49%		116,298		60		0.21%
Total interest earning assets	$   1,440,453		$   13,053		3.76%		$   1,254,924		$   11,762		3.93%
Liabilities
Int-bearing demand and savings	$      556,240		$        113		0.08%		$      525,363		$          98		0.08%
Time deposits	209,550		377		0.72%		224,596		444		0.80%
FHLB advances and other borrowings	91,724		328		1.44%		84,079		305		1.47%
Total interest-bearing liabilities	$      857,514		$        818		0.38%		$      834,038		$        847		0.41%
Noninterest-bearing deposits	$      608,085						$      414,715
Net interest income and interest rate spread			$   12,235		3.38%				$   10,915		3.52%
Net interest margin					3.53%						3.65%

The provision for loan losses was $400 thousand in the first quarter of 2015 while no provision was made during the first quarter of 2016.  The decrease in provision for loan losses for the three months of 2016 is due to improved asset quality, compared to the same period a year ago. Management believes the level of reserve for loan losses is adequate.  

During the quarter, noninterest income totaled $5.3 million, an increase of $858 thousand, or 19.5%, compared to the prior year's first quarter.   

Noninterest income
(dollars in thousands)	Three months ended March 31,
	2016		2015
Service charges	$    1,129		$    1,055
Net gain on sale of securities	(5)		- Werbung Mehr Nachrichten zur Civista Bancshares Aktie kostenlos abonnieren E-Mail-Adresse Bitte überprüfe deine die E-Mail-Adresse. Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News 24.04.24 - PR Newswire Ashtead Group Plc - Transaction in Own Shares 24.04.24 - PR Newswire Oxford Instruments Plc - Holding(s) in Company 24.04.24 - PR Newswire Fidelity European Trust Plc - Monthly Factsheet SolarBank    Wie die Revolution der sauberen Energie eine solide Investitionsmöglichkeit bieten könnte weiterlesen» Anzeige wo-site-teaser-box-16755_site-teaser-box_2024-04-25_09%253A00%253A00_2024-04-26_09%253A00%253A59