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27.10.2017 14:50
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PR Newswire
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Civista Bancshares, Inc. Announces Third Quarter 2017 Earnings
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PR Newswire
SANDUSKY, Ohio, Oct. 27, 2017
SANDUSKY, Ohio, Oct. 27, 2017 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") reported net income available to common shareholders of $3.4 million, or $0.29 per diluted share, for the third quarter of 2017, compared with $3.3 million, or $0.34 per diluted share, for the prior year period. For the nine-month period ended September 30, 2017, Civista reported net income available to common shareholders of $11.0 million or $0.97 per diluted share, compared to $12.4 million, or $1.24 per diluted share, in the same period of 2016. The 2016 results for nine-month period were impacted by a large loan recovery that resulted in a credit provision of $1.3 million and a recovery of interest income of approximately $919 thousand. These two items were approximately $1.5 million after taxes. In addition, we issued approximately 1.6 million new shares in February 2017 related to raising $32.8 million of additional capital, net of costs.
"During 2017 we have invested in a loan production office in Westlake and additional lenders in our more vibrant markets. While those investments have a cost, they have proven to be successful at increasing our loans. Our loan growth has been at an 11% annualized rate through the first nine-months of the year. Additionally, our net income for the first nine-months of 2017 is comparable to 2016 when we remove the impact of the 2016 loan recovery" said James O. Miller, Chairman, President and CEO of Civista.
Results of Operations:
Net interest income for the third quarter of 2017 increased $1.2 million, or 9.2% compared to the same period of 2016 and for the nine months ended September 30 increased $2.2 million, or 5.9%, when compared to the same period of 2016. For both periods, an increase in average loans outstanding primarily contributed to the increase in interest income slightly offset by a decrease in loan yield for the nine-month period. The net interest income for the nine-month period in 2016 included approximately $919 thousand of recovered interest income on a previous non-accrual loan which resulted in approximately 9 basis points of additional net interest margin. Tax equivalent net interest margin was 4.08% for the third quarter, compared to 4.06% for the same period a year ago and was 3.93% for the nine months ended September 30, 2017, compared to 3.89% for the same period a year ago.
| Average Balance Analysis | |||||||
| (Unaudited - Dollars in thousands except share data) | |||||||
| | | | | | | | |
| | Three Months Ended September 30, | ||||||
| | 2017 | | 2016 | ||||
| | Average | | Yield/ | | Average | | Yield/ |
| Assets: | balance | Interest | rate * | | balance | Interest | rate * |
| Interest-earning assets: | | | | | | | |
| Loans | $ 1,122,131 | $ 13,022 | 4.60% | | $ 1,042,721 | $ 11,824 | 4.51% |
| Taxable securities | 150,534 | 977 | 2.61% | | 138,092 | 872 | 2.56% |
| Non-taxable securities | 93,022 | 812 | 5.44% | | 77,378 | 664 | 5.56% |
| Interest-bearing deposits in other banks | 11,450 | 25 | 0.87% | | 12,878 | 10 | 0.31% |
| Total interest-earning assets | $ 1,377,137 | 14,836 | 4.41% | | $ 1,271,069 | 13,370 | 4.32% |
| Noninterest-earning assets: | | | | | | | |
| Cash and due from financial institutions | 24,652 | | | | 24,591 | | |
| Premises and equipment, net | 18,000 | | | | 16,975 | | |
| Accrued interest receivable | 4,460 | | | | 4,134 | | |
| Intangible assets | 28,541 | | | | 29,136 | | |
| Other assets | 10,352 | | | | 10,196 | | |
| Bank owned life insurance | 24,889 | | | | 24,308 | | |
| Less allowance for loan losses | (12,988) | | | | (14,424) | | |
| Total Assets | $ 1,475,043 | | | | $ 1,365,985 | | |
| | | | | | | | |
| Liabilities and Shareholders Equity: | | | | | | | |
| Interest-bearing liabilities: | | | | | | | |
| Demand and savings | $ 594,088 | $ 160 | 0.11% | | $ 574,322 | $ 118 | 0.08% |
| Time | 194,364 | 447 | 0.91% | | 207,947 | 388 | 0.74% |
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