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08.08.2016 22:05
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DCB Financial Corp Announces Second Quarter 2016 Results
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PR Newswire
LEWIS CENTER, Ohio, Aug. 8, 2016
LEWIS CENTER, Ohio, Aug. 8, 2016 /PRNewswire/ -- DCB Financial Corp (the "Company"), (OTCPink:DCBF), parent holding company of The Delaware County Bank & Trust Company, Lewis Center, Ohio (the "Bank") announced net income of $331,000 or $0.04 per diluted share for the three months ended June 30, 2016, compared to net income of $144,000 or $0.02 per diluted share for the same period in 2015.
Net income was $447,000 or $0.06 per diluted share for the six months ended June 30, 2016, compared to net income of $383,000 or $0.05 per diluted share for the same period in 2015.
Ronald J. Seiffert, Chairman, President and CEO of the Company said, "The final phase of the expansion of our residential lending and SBA lending operations was implemented in the second quarter, as we began to sell certain of both products to investors on the secondary market. Earnings for the second quarter were favorably impacted by such sales which generated net gains of $478,000."
Balance Sheet Highlights
Total assets were $556.1 million at June 30, 2016, compared with $553.2 million at March 31, 2016 and $541.3 million at December 31, 2015. Much of the increase in assets in the first half of 2016 was in the Company's loan portfolio (including held for sale), which increased $18.0 million or 4.7%, to $396.6 million at June 30, 2016.
Deposits totaled $467.6 million at June 30, 2016, compared with $462.2 million at March 31, 2016 and $474.5 million at December 31, 2015. Most of the increase during the quarter was the result of an increase in municipal deposit balances of $2.8 million during the quarter.
Shareholders' equity was $59.9 million at June 30, 2016, compared with $59.3 million at March 31, 2016 and $58.8 million at December 31, 2015. The increase in shareholders' equity in the first half of 2016 was attributable primarily to net income of $447,000 and to an increase in accumulated other comprehensive income of $605,000 due to higher unrealized gains on securities available-for-sale. The Company's tangible common equity to tangible assets ratio was 10.8% at June 30, 2016.
The Bank's common equity tier 1 capital ratio was 12.51% and its total risk-based capital ratio was 13.70% at June 30, 2016, both of which were well above the regulatory thresholds required to be classified as a "well-capitalized" institution, which are 6.5% and 10.0%, respectively.
Asset Quality and the Provision for Loan Losses
Delinquent loans (including non-accrual loans) totaled $1.6 million or 0.41% of total loans at June 30, 2016, compared to $1.7 million or 0.43% of total loans at March 31, 2016 and $1.5 million or 0.41% of total loans at December 31, 2015. Non-accrual loans totaled $1.4 million or 0.36% of total loans at June 30, 2016, compared to $1.2 million or 0.30% of total loans at March 31, 2016 and $1.2 million or 0.32% of total loans at December 31, 2015.
Non-performing assets were $8.0 million or 1.43% of total assets at June 30, 2016, compared to $7.7 million or 1.40% of total assets at March 31, 2016 and $7.3 million or 1.35% of total assets at December 31, 2015. Troubled debt restructurings ("TDR's"), which are performing in accordance with the restructured terms and accruing interest, but are included in non-performing assets, were $6.5 million at June 30, 2016, compared to $6.4 million at March 31, 2016 and $6.0 million at December 31, 2015.
Net recoveries of $255,000 were recorded in the second quarter of 2016, compared to net recoveries of $2,000 in the first quarter of 2016 and net recoveries of $75,000 in the year ago quarter. There was no provision for loan losses recorded in the three months and six months ended June 30, 2016. The provision for loan losses was $150,000 in first half of 2015, all of which was recorded in the first quarter of 2015. The allowance for loan losses was $4.6 million at June 30, 2016, compared to $4.3 million at March 31, 2016 and December 31, 2015. The ratio of the allowance for loan losses to total loans was 1.17% at June 30, 2016, compared to 1.11% at March 31, 2016 and 1.14% at December 31, 2015.
The ratio of the allowance for loan losses to non-performing loans (including TDR's) was 58.0% at June 30, 2016, compared to 56.6% at March 31, 2016 and 59.7% at December 31, 2015. The ratio of the allowance for loan losses to non-accrual loans was 323% at June 30, 2016, compared to 365% at March 31, 2016 and 355% at December 31, 2015.
Net Interest Income
Net interest income totaled $4.2 million in the quarter ended June 30, 2016, compared to $4.2 million in second quarter of 2015 and $4.1 million in the first quarter of 2016. The net interest margin was 3.41% in the second quarter of 2016, compared to 3.40% in the year-ago quarter and 3.33% in the first quarter of 2016.
Total average interest-earning assets were $499.1 million in the second quarter of 2016, compared to $491.1 million in the year-ago quarter and $495.9 million in the first quarter of 2016. Average loans outstanding in the second quarter of 2016 were $395.7 million or 79.3% of total average interest-earning assets, compared with $378.0 million or 77.0% in the year-ago quarter and $381.7 million or 77.0% of total average interest-earning assets in the first quarter of 2016.
Total average interest-bearing deposit balances were $342.6 million in the second quarter of 2016, compared to $358.1 million in the year-ago quarter and $349.3 million in the first quarter of 2016. The average balances of interest-bearing demand, savings and money market accounts (transaction accounts) increased $7.5 million to $290.2 million in the second quarter of 2016 compared to the year-ago quarter, partially offsetting a decrease in the average balance of time deposits of $23.0 million. Transaction accounts comprised 84.7% of total interest-bearing deposits in the second quarter of 2016, compared to 78.9% in the year-ago quarter and 82.3% of total interest-bearing deposits in the first quarter of 2016.
Net interest income totaled $8.3 million in the six months ended June 30, 2016 and 2015. The net interest margin was 3.35% for the six months ended June 30, 2016, compared with 3.45% in the year-ago period.
Average interest-earning assets were $497.5 million in the first half of 2016, which was an increase of $9.5 million or 1.9% from the first half of 2015. Average loans outstanding in the first half of 2016 increased $9.2 million compared to the year-ago period, and totaled 78.1% of total interest-earning assets in the six months ended June 30, 2016, compared with 77.8% in the year-ago period.
The average balance in time deposits decreased $18.8 million in the first half of 2016 compared with the year-ago period, while the average balances in lower-costing transaction accounts increased $7.9 million. Transaction accounts comprised 83.5% of total interest-bearing deposits in the first half of 2016, compared to 78.7% in the first half of 2015. The changes in the composition of average deposit balances in the three and six months ended June 30, 2016 was primarily the result of the movement of large municipal time deposit maturities into money market accounts and off-balance sheet investment accounts.
Non-Interest Income and Non-Interest Expenses
Non-interest income was $1.8 million in the second quarter of 2016, compared to $1.2 million in the year-ago quarter and $1.3 million in the first quarter of 2016. Gains on sales of loans totaled $478,000 in the second quarter of 2016, reflecting the launch in the second quarter of secondary market sales of SBA and residential mortgage loans. Total loan sales in the second quarter were $9.4 million, of which $4.7 million were the 75% guaranteed portion of SBA loans and $4.7 million were residential mortgages. Gains on sales of SBA loans and residential mortgages in the second quarter totaled $414,000 and $64,000, respectively. The Company did not sell any loans in 2015 or in the first quarter of 2016. Service charges, wealth management fees and treasury management fees increased an aggregate $168,000 or 17.4% in the second quarter of 2016 compared with the year-ago quarter, primarily from the impact of changes to certain of the Bank's fees and service charges and from business development activities.
Non-interest income was $3.1 million in the first half of 2016, compared to $2.3 million in the first half of 2015. Gains on sales of loans accounted for approximately 61% of the increase in non-interest income, with the balance of the increase being driven by changes to certain of the Bank's fees and service charges and from business development activities.
Non-interest income accounted for 29.8% of total revenue in the second quarter of 2016, compared to 22.1% in the year-ago quarter and 24.6% in the first quarter of 2016. Non-interest income accounted for 27.3% of total revenue in the first half of 2016, compared with 21.9% in the year-ago period.
Non-interest expenses were $5.7 million for the second quarter of 2016, compared with $5.2 million in the year-ago quarter and $5.4 million for the first quarter of 2016. Salaries and benefits increased $309,000 in the second quarter of 2016 compared to the year-ago quarter due primarily to the previously-announced hiring of the small business lending team and residential mortgage originators in the fourth quarter of 2015. The Company's efficiency ratio was 93.7% in the second quarter of 2016, compared with 97.3% in the year-ago quarter and 99.6% in the first quarter of 2016.
Non-interest expenses were $11.0 million in the first half of 2016, compared to $10.1 million in the first half of 2015. Salaries and benefits increased $639,000 due primarily to the hiring of the small business lending team and residential mortgage originators. The Company's efficiency ratio was 96.5% for the first half of 2016, compared to 95.0% in the year-ago period.
Income Taxes
Income tax expense was $52,000 in the second quarter of 2016. An income tax benefit of $43,000 was recorded for the six months ended June 30, 2016. The amount of income tax expense or benefit recognized in each of the first two quarters of 2016 was impacted by the overall amount of pre-tax income and the amount of pre-tax income that is not subject to federal income taxes, which is comprised primarily of income from bank-owned life insurance.
About DCB Financial Corp
DCB Financial Corp is a financial holding company formed under the laws of the State of Ohio. The Company is the parent of The Delaware County Bank & Trust Company, a state-chartered commercial bank. The Bank conducts business from its main offices at 110 Riverbend Avenue in Lewis Center, Ohio, and through its nine full-service and four limited-service branch offices located in Central Ohio. The Bank provides customary retail and commercial banking and cash management services to its customers, including checking and savings accounts, time deposits, IRAs, safe deposit facilities, personal loans, commercial loans, commercial leases, SBA loans, real estate mortgage loans, night depository facilities and trust and personalized wealth management services.
Forward-Looking Statements
This press release contains certain forward-looking statements with respect to the financial condition, results of operations and business of DCB Financial Corp, including certain plans, expectations, goals, projections, and statements. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: an increase in competitive pressure in the banking industry; changes in the interest rate environment which may affect the net interest margin; changes in the regulatory environment; general economic conditions, either nationally or regionally, resulting in, among other things, in a deterioration in credit quality; changes in business conditions and inflation; changes in the securities markets; changes in technology used in the banking business; our ability to maintain and increase market share and control expenses; increases in FDIC insurance premiums may cause earnings to decrease; and other risks set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015, and in subsequent filings with the Securities and Exchange Commission.
The Company does not undertake, and specifically disclaims any obligation, to publicly revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
| DCB Financial Corp Consolidated Balance Sheets | ||||
| | ||||
| | | June 30, 2016 (unaudited) | | December 31, 2015 |
| | | (Dollars in thousands, except share and per share data) | ||
| Assets | | | | |
| Cash and due from financial institutions | | $5,851 | | $6,929 |
| Interest-bearing deposits | | 21,357 | | 24,963 |
| Total cash and cash equivalents | | 27,208 | | 31,892 |
| | | | | |
| Securities available-for-sale | | 83,866 | | 87,797 |
| | | | | |
| Loans | | 392,954 | | 378,513 |
| Less allowance for loan losses | | (4,590) | | (4,333) |
| Net loans | | 388,364 | | 374,180 |
| | | | | |
| Loans held for sale | | 3,599 | | - |
| Real estate owned | | 68 | | 68 |
| Investment in FHLB stock | | 3,250 | | 3,250 |
| Premises and equipment, net | | 9,832 | | 5,091 |
| Premises and equipment held-for-sale | | - | | 4,771 |
| Bank-owned life insurance | | 21,167 | | 20,760 |
| Deferred tax asset, net | | 10,265 | | 10,402 |
| Accrued interest receivable and other assets | | 8,443 | | 3,053 |
| Total assets | | $556,062 | | $541,264 |
| | | | | |
| Liabilities and shareholders' equity | | | | |
| Liabilities: | | | | |
| Deposits: | | | | |
| Non-interest bearing | | $119,808 | | $124,023 |
| Interest bearing | | 347,784 | | 350,514 |
| Total deposits | | 467,592 | | 474,537 |
| | | | | |
| Borrowings | | 17,301 | | 4,520 |
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