SANDUSKY, Ohio, Jan. 22, 2016 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") reported net income attributable to common shares of $2.8 million, or $0.29 per diluted share, for the fourth quarter of 2015, compared with $1.9 million, or $0.21 per diluted share, for the prior year period. For the twelve-month period ended December 31, 2015, Civista reported net income available to common shareholders of $11.2 million or $1.17 per diluted share, compared to $7.7 million, or $0.85 per diluted share, in the same period of 2014.
"We have increased our 2015 diluted earnings per share by 38%. We completed the acquisition of TCNB Financial Corp ("TCNB") in the first quarter of the year. We have decreased our nonperforming assets 30%, increased our net interest income, slightly improved noninterest income, and reduced noninterest expenses as a percent of average assets," said James O. Miller, Chairman, President and CEO of Civista.
Results of Operations:
Net interest income for the fourth quarter of 2015 increased $1.4 million, or 13.1% and $5.5 million, or 13.2%, for the twelve months ended December 31 compared to the same periods of 2014. Tax equivalent net interest margin was 4.09% for the fourth quarter and 3.96% for the twelve months ended December 31, 2015. The increase in net interest income for the quarter and twelve months ended December 31, 2015 was due both to an increase in average loans outstanding as well as a decrease in cost of funds. Interest and fees on loans was also positively affected by the payoff of two of loans that had been on nonaccrual status for significant period of time, which contributed $268 thousand to the fourth quarter and $549 thousand for the year. Mr. Miller continued, "We have maintained a core net interest margin at approximately 4.00% while keeping our asset duration under two years."
Summary Average Balance Sheet
(Tax-equivalent basis / dollars in thousands)
Three months ended December 31,
2015 2014
---- ----
Average balance Interest Yield / rate Average balance Interest Yield / rate
--------------- -------- ------------ --------------- -------- ------------
Assets
Loans $996,861 $11,513 4.59% $898,197 $10,182 4.50%
Securities 212,463 1,459 3.47% 211,955 1,439 3.39%
Interest-bearing deposits 9,473 4 0.17% 6,748 2 0.12%
----- --- ----- ---
Total interest earning assets $1,218,797 $12,976 4.36% $1,116,900 $11,623 4.26%
Liabilities
Int-bearing demand and savings $542,255 $107 0.08% $503,926 $97 0.08%
Time deposits 214,167 392 0.73% 223,498 455 0.81%
FHLB advances and other borrowings 111,481 316 1.13% 79,314 320 1.60%
------- --- ------ ---
Total interest-bearing liabilities $867,903 $815 0.37% $806,738 $872 0.43%
Noninterest-bearing deposits $302,849 $260,382
Net interest income and interest rate spread $12,161 3.99% $10,751 3.83%
Net interest margin 4.09% 3.95%
Summary Average Balance Sheet
(Tax-equivalent basis / dollars in thousands)
Twelve months ended December 31,
2015 2014
---- ----
Average balance Interest Yield / rate Average balance Interest Yield / rate
--------------- -------- ------------ --------------- -------- ------------
Assets
Loans $981,475 $44,784 4.57% $874,432 $40,032 4.58%
Securities 211,436 5,815 3.46% 214,123 5,799 3.35%
Interest-bearing deposits 44,647 102 0.23% 53,829 139 0.26%
------ --- ------ ---
Total interest earning assets $1,237,558 $50,701 4.23% $1,142,384 $45,970 4.15%
Liabilities
Int-bearing demand and savings $543,986 $422 0.08% $501,408 $376 0.07%
Time deposits 223,099 1,665 0.75% 227,682 1,916 0.84%
FHLB advances and other borrowings 95,132 1,222 1.28% 83,058 1,812 2.18%
------ ----- ------ -----
Total interest-bearing liabilities $862,217 $3,309 0.38% $812,148 $4,104 0.51%
Noninterest-bearing deposits $340,360 $297,003
Net interest income and interest rate spread $47,392 3.84% $41,866 3.64%
Net interest margin 3.96% 3.79%
The provision for loan losses was $0 in the fourth quarter of 2015 and 2014, and $1.2 million and $1.5 million for the twelve months ended December 31, 2015 and 2014, respectively. The decrease in provision for loan losses for the twelve months of 2015 is due to improved asset quality.
During the quarter, noninterest income totaled $3.1 million, an increase of $288 thousand, or 10.1%, compared to the prior year's fourth quarter. Year-to-date noninterest income increased $404 thousand, or 2.9%, when compared to year-to-date 2014.
Noninterest
income
(dollars in
thousands) Three months ended Twelve months ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
Service
charges $1,221 $1,073 $4,708 $4,257
Net gain on
sale of
securities (13) (1) (18) 113
Net gain on
sale of loans 218 189 1,106 659
ATM fees 502 462 1,986 1,850
Trust fees 664 734 2,823 3,130
Tax refund
processing
fees - 3 2,000 2,324
Other 554 398 1,673 1,541
--- --- ----- -----
Total
noninterest
income $3,146 $2,858 $14,278 $13,874
====== ====== ======= =======
Service charge income increased in both the three and twelve-month periods, primarily due to an increase in business service charges, as well as service charge fees instituted in our Dayton market since the acquisition of TCNB. Gain on sale of loans increased $29 thousand and $447 thousand in the three and twelve-month periods, respectively due to additional volume of loans sold as well as an increase in the premium on loans sold. Trust fees decreased $70 thousand and $307 thousand for the three and twelve-month periods, respectively, due to a decrease in trust assets. Tax refund processing fees were down $324 thousand, or 13.9% when compared to the twelve months of 2014, due to a change in the fee structure for 2015.
Noninterest expense totaled $10.7 million and $10.5 million for the three months ended December 31, 2015 and 2014, respectively. Year-to-date noninterest expense increased $1.4 million, or 3.4%, when compared to the twelve months of 2014.
Noninterest
expense
(dollars
in
thousands) Three months ended Twelve months ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
Salaries,
Wages and
benefits $5,898 $5,632 $23,630 $22,293
Net
occupancy
and
equipment 1,056 883 3,919 3,677
Contracted
data
processing 429 480 1,821 1,560
Professional
services 745 523 2,461 1,855
Amortization
of
intangible
assets 189 165 711 769
Marketing 197 377 1,039 1,604
Other 2,227 2,422 9,363 9,792
----- ----- ----- -----
Total
noninterest
expense $10,741 $10,482 $42,944 $41,550
======= ======= ======= =======
Salaries, wages and benefits expense increased $266 thousand for the fourth quarter and $1.3 million for the twelve-month period ending December 31, 2015. The increase in salaries, wages and benefits expense was due to normal merit increases, the addition of TCNB employees, as well as a change to our 401k match expense. On January 1, 2015, the 401k plan was modified to a safe harbor plan which led to an increase in the company match. Contracted data processing and professional fees increased for the twelve-month period ended December 31, 2015 due to expenses related to the acquisition of TCNB. Overall acquisition related expenses included in the twelve months ended December 31, 2015 were approximately $374 thousand.
Mr. Miller continued, "We have discussed for some time that we have built a chassis that will accommodate growth. In 2015, a year in which we added three offices from an acquisition and a loan production office, our efficiency ratio decreased to 67.0% compared to 71.7% for 2014. Removing the acquisition related expenses for the year, our noninterest expenses only increased 2.5%."
Balance Sheet
Total assets increased $101.4 million, or 8.4%, from December 31, 2014 to December 31, 2015. This was due primarily to the acquisition of TCNB, which closed on March 6, 2015. Total assets of TCNB prior to the merger were $97.4 million, including $76.8 million in loans.
Total Loans increased $86.6 million or 9.6% from December 31, 2014 to December 31, 2015. The increase in total loans is primarily due to the acquisition of TCNB which added $76.8 million in loans.
End of period loan balances
(dollars in thousands)
December 31, December 31,
2015 2014
---- ----
Commercial and Agriculture $124,402 $113,265
Commercial Real Estate -Owner
Occupied 167,897 143,014
Commercial Real Estate - Non-
owner Occupied 348,439 308,666
Residential Real Estate 236,338 214,537
Real Estate Construction 58,898 65,452
Farm Real Estate 46,993 53,973
Consumer and Other 18,560 15,950
------ ------
Total Loans $1,001,527 $914,857
========== ========
Total deposits increased $83.1 million, or 8.6%, from December 31, 2014 to December 31, 2015. The increase in deposits was primarily due to the acquisition of TCNB, which included $86.9 million in deposits, partially offset by a decrease in time deposits.
End of period deposit balances
(dollars in thousands)
December 31, December 31,
2015 2014
---- ----
Noninterest-bearing demand $300,615 $250,701
Interest-bearing demand 176,303 179,388
Savings and money market 364,067 318,859
Time deposits 211,048 219,970
------- -------
Total Deposits $1,052,033 $968,918
========== ========
Total shareholder's equity increased $10.1 million, or 8.8%, from December 31, 2014 to December 31, 2015 primarily due to increased retained earnings of $9.6 million.
Asset Quality
Nonperforming assets at December 31, 2015 were $13.3 million, a $5.7 million decrease from December 31, 2014. Net charge-offs were $1.1 million for 2015 compared to $3.4 million for 2014.
Non-performing Assets
---------------------
(dollars in thousands)
December 31, December 31,
2015 2014
---- ----
Non-accrual loans $9,890 $13,558
Restructured loans 3,294 4,928
----- -----
Total non-performing loans 13,184 18,486
Other Real Estate Owned 116 560
--- ---
Total non-performing assets $13,300 $19,046
======= =======
Mr. Miller continued, "Our Special Assets group continues to work toward reducing our non-performing assets. Non-performing assets have decreased 30% since December 2014 and 49% since December 2013."
Civista Bancshares, Inc. is a $1.3 billion financial holding company headquartered in Sandusky, Ohio. The Company's banking subsidiary, Civista Bank, operates 28 locations in North Central, West Central and Southwestern Ohio.
Civista Bancshares, Inc. may be accessed at www.civb.com. The Company's common shares are traded on the NASDAQ Capital Market under the symbol "CIVB". The Company's depositary shares, each representing a 1/40(th) ownership interest in a Series B Preferred Share, are traded on the NASDAQ Capital Market under the symbol "CIVBP".
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, 2014. 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 publicly release the result of any revisions that may be made 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.
Financial Highlights
(dollars in thousands, except share amounts)
Consolidated Condensed Statement of Income
Three Months Ended Twelve Months Ended
December 31, December 31,
(unaudited) (unaudited)
2015 2014 2015 2014
---- ---- ---- ----
Interest income 12,976 11,623 50,701 45,970
Interest expense 815 872 3,309 4,104
--- --- ----- -----
Net interest income 12,161 10,751 47,392 41,866
Provision for loan losses - - 1,200 1,500
--- --- ----- -----
Net interest income after provision 12,161 10,751 46,192 40,366
Noninterest income 3,146 2,858 14,278 13,874
Noninterest expense 10,741 10,482 42,944 41,550
------ ------ ------ ------
Income before taxes 4,566 3,127 17,526 12,690
Income tax expense 1,367 856 4,781 3,162
----- --- ----- -----
Net income 3,199 2,271 12,745 9,528
Preferred stock dividends 391 406 1,577 1,873
--- --- ----- -----
Net income available
to common shareholders 2,808 1,865 11,168 7,655
Dividends per common share $0.05 $0.05 $0.20 $0.19
Earnings per common share,
basic $0.36 $0.24 $1.43 $0.99
diluted $0.29 $0.21 $1.17 $0.85
Average shares outstanding,
basic 7,843,578 7,707,917 7,822,369 7,707,917
diluted 10,921,823 10,904,848 10,918,335 10,904,848
Selected financial ratios:
Return on average assets 0.97% 0.75% 0.95% 0.83%
Return on average equity 10.23% 7.72% 10.59% 8.34%
Dividend payout ratio 12.26% 16.97% 12.28% 15.37%
Net interest margin (tax equivalent) 4.09% 3.95% 3.96% 3.79%
Selected Balance Sheet Items
December 31, December 31,
2015 2014
---- ----
(unaudited)
Cash and due
from financial
institutions $35,561 $29,858
Investment
securities 196,249 197,905
Loans held for
sale 2,698 2,410
Loans 1,001,527 914,857
Less allowance
for loan
losses 14,361 14,268
------ ------
Net loans 987,166 900,589
Other
securities 13,452 12,586
Fixed assets 16,944 14,400
Goodwill and
other
intangibles 29,504 23,745
Bank owned life
insurance 20,104 19,637
Other assets 12,899 12,061
------ ------
Total assets $1,314,577 $1,213,191
========== ==========
Total deposits $1,052,033 $968,918
Federal Home
Loan Bank
advances 71,200 65,200
Securities sold
under
agreements to
repurchase 25,040 21,613
Subordinated
debentures 29,427 29,427
Accrued
expenses and
other
liabilities 10,806 12,124
Total
shareholders'
equity 126,071 115,909
------- -------
Total
liabilities
and
shareholders'
equity $1,314,577 $1,213,191
========== ==========
Shares
outstanding at
period end 7,843,578 7,707,917
Book value per
share $13.23 $12.04
Tangible book
value per
share 9.47 8.96
Equity to asset
ratio 9.59% 9.55%
Selected asset
quality
ratios:
Allowance for
loan losses to
total loans 1.43% 1.56%
Non-performing
assets to
total assets 1.01% 1.57%
Allowance for
loan losses to
non-
performing
loans 108.93% 77.18%
Non-performing
asset analysis
Nonaccrual
loans $9,890 $13,558
Troubled debt
restructurings 3,294 4,928
Other real
estate owned 116 560
--- ---
Total $13,300 $19,046
======= =======
Average Balance Analysis
(Unaudited - Dollars in thousands except share data)
Three Months Ended December 31,
2015 2014
---- ----
Average Yield/ Average Yield/
Assets: balance Interest rate * balance Interest rate *
------- ------- -------- ----- ------- -------- -----
Interest-earning assets:
Loans $996,861 $11,513 4.59% $898,197 $10,182 4.50%
Taxable securities 138,131 793 2.32% 145,169 833 2.31%
Non-taxable securities 74,332 666 5.62% 66,786 606 5.72%
Interest-bearing deposits in other banks 9,473 4 0.17% 6,748 2 0.12%
----- --- ----- ---
Total interest-earning assets $1,218,797 12,976 4.36% $1,116,900 11,623 4.26%
---------- ------ ---- ---------- ------ ----
Noninterest-earning assets:
Cash and due from financial institutions 22,414 21,076
Premises and equipment, net 16,895 14,466
Accrued interest receivable 5,113 4,755
Intangible assets 29,622 23,839
Bank owned life insurance 20,028 19,561
Other assets 9,594 9,382
Less allowance for loan losses (14,726) (14,939)
------- -------
Total Assets $1,307,737 $1,195,040
========== ==========
Liabilities and Shareholders Equity:
------------------------------------
Interest-bearing liabilities:
Demand and savings $542,255 $107 0.08% $503,926 $97 0.08%
Time 214,167 392 0.73% 223,498 455 0.81%
FHLB 59,289 116 0.78% 28,373 128 1.79%
Subordinated debentures 29,427 195 2.63% 29,427 187 2.52%
Repurchase Agreements 22,765 5 0.09% 21,514 5 0.09%
------ --- ------ ---
Total interest-bearing liabilities $867,903 815 0.37% $806,738 872 0.43%
-------- --- ---- -------- --- ----
Noninterest-bearing deposits 302,849 260,382
Other liabilities 12,950 11,225
Shareholders' Equity 124,035 116,695
------- -------
Total Liabilities and Shareholders' Equity $1,307,737 $1,195,040
========== ==========
Net interest income and interest rate spread $12,161 3.99% $10,751 3.83%
Net interest margin 4.09% 3.95%
* - All yields and costs are presented on an annualized basis
Average Balance Analysis
(Unaudited - Dollars in thousands except share data)
Twelve Months Ended December 31,
2015 2014
---- ----
Average Yield/ Average Yield/
Assets: balance Interest rate * balance Interest rate *
------- ------- -------- ----- ------- -------- -----
Interest-earning assets:
Loans $981,475 $44,784 4.57% $874,432 $40,032 4.58%
Taxable securities 139,762 3,232 2.31% 150,510 3,443 2.31%
Non-taxable securities 71,674 2,583 5.70% 63,613 2,356 5.80%
Interest-bearing deposits in other banks 44,647 102 0.23% 53,829 139 0.26%
------ --- ------ ---
Total interest-earning assets $1,237,558 50,701 4.23% $1,142,384 45,970 4.15%
---------- ------ ---- ---------- ------ ----
Noninterest-earning assets:
Cash and due from financial institutions 34,616 35,784
Premises and equipment, net 16,081 15,262
Accrued interest receivable 4,476 4,242
Intangible assets 28,568 24,122
Bank owned life insurance 19,854 19,379
Other assets 10,181 9,133
Less allowance for loan losses (14,689) (15,900)
------- -------
Total Assets $1,336,645 $1,234,406
========== ==========
Liabilities and Shareholders Equity:
------------------------------------
Interest-bearing liabilities:
Demand and savings $543,986 $422 0.08% $501,408 $376 0.07%
Time 223,099 1,665 0.75% 227,682 1,916 0.84%
FHLB 45,551 442 0.97% 33,831 1,015 3.00%
Federal funds purchased 68 - 0.00% 41 - 0.00%
Subordinated debentures 29,427 760 2.58% 29,427 777 2.64%
Repurchase Agreements 20,086 20 0.10% 19,759 20 0.10%
------ --- ------ ---
Total interest-bearing liabilities $862,217 3,309 0.38% $812,148 4,104 0.51%
-------- ----- ---- -------- ----- ----
Noninterest-bearing deposits 340,360 297,003
Other liabilities 13,715 10,989
Shareholders' Equity 120,353 114,266
------- -------
Total Liabilities and Shareholders' Equity $1,336,645 $1,234,406
========== ==========
Net interest income and interest rate spread $47,392 3.84% $41,866 3.64%
Net interest margin 3.96% 3.79%
* - All yields and costs are presented on an annualized basis
Supplemental Financial Information
(Unaudited - Dollars in thousands except share data)
December 31, September 30, June 30, March 31, December 31,
End of Period Balances 2015 2015 2015 2015 2014
---------------------- ---- ---- ---- ---- ----
Assets
------
Cash and due from banks $35,561 $33,619 $35,092 $142,339 $29,858
Securities available for sale 196,249 198,655 197,429 199,693 197,905
Loans held for sale 2,698 1,223 4,034 2,919 2,410
Loans 1,001,527 1,000,275 1,002,917 984,105 914,857
Allowance for loan losses (14,361) (14,760) (14,707) (14,315) (14,268)
------- ------- ------- ------- -------
Net Loans 987,166 985,515 988,210 969,790 900,589
Other securities 13,452 13,324 13,261 13,400 12,586
Fixed assets 16,944 16,200 16,308 16,163 14,400
Goodwill and other intangibles 29,504 29,683 29,608 29,790 23,745
Bank owned life insurance 20,104 19,987 19,870 19,754 19,637
Other assets 12,899 15,125 13,460 13,391 12,061
------ ------ ------ ------ ------
Total Assets $1,314,577 $1,313,331 $1,317,272 $1,407,239 $1,213,191
========== ========== ========== ========== ==========
Liabilities
-----------
Total Deposits $1,052,033 $1,055,959 $1,075,806 $1,197,316 $968,918
Federal Home Loan Bank advances 71,200 72,200 55,300 17,500 65,200
Securities sold under agreement to repurchase 25,040 20,887 17,460 21,488 21,613
Subordinated debentures 29,427 29,427 29,427 29,427 29,427
Accrued expenses and other liabilities 10,806 11,521 19,257 22,581 12,124
------ ------ ------ ------ ------
Total liabilities 1,188,506 1,189,994 1,197,250 1,288,312 1,097,282
Shareholders' equity
--------------------
Preferred shares, Series B 22,273 22,273 22,273 22,309 23,132
Common Stock 115,330 115,267 115,248 115,193 114,365
Accumulated earnings (deficit) 5,300 2,884 414 (1,924) (4,306)
Treasury stock (17,235) (17,235) (17,235) (17,235) (17,235)
Accumulated other comprehensive income (loss) 403 148 (678) 584 (47)
--- --- ---- --- ---
Total shareholders' equity 126,071 123,337 120,022 118,927 115,909
Total liabilities and shareholders' equity $1,314,577 $1,313,331 $1,317,272 $1,407,239 $1,213,191
========== ========== ========== ========== ==========
Quarterly Average Balances
--------------------------
Assets:
Earning assets $1,218,797 $1,230,249 $1,246,731 $1,254,924 $1,116,900
Securities 212,463 210,209 211,553 211,521 211,955
Loans 996,861 1,009,372 991,487 927,105 898,197
Liabilities and shareholders' equity
Total deposits $1,059,271 $1,073,930 $1,133,432 $1,164,674 $987,806
Interest-bearing deposits 756,422 773,625 788,191 749,959 727,424
Interest-bearing liabilities 111,481 111,797 72,687 84,079 79,314
Total shareholders' equity 124,035 121,057 119,212 117,021 116,695
Supplemental Financial Information
(Unaudited - Dollars in thousands except share data)
Three Months Ended
------------------
December 31, September 30, June 30, March 31, December 31,
Income statement 2015 2015 2015 2015 2014
---------------- ---- ---- ---- ---- ----
Total interest income $12,976 $13,223 $12,740 $11,762 $11,623
Total interest expense 815 821 824 847 872
--- --- --- --- ---
Net interest income 12,161 12,402 11,916 10,915 10,751
Provision for loan losses - 400 400 400 -
Noninterest income 3,146 3,076 3,652 4,402 2,858
Noninterest expense 10,741 10,666 10,933 10,603 10,482
------ ------ ------ ------ ------
Income before taxes 4,566 4,412 4,235 4,314 3,127
Income tax expense 1,367 1,159 1,113 1,143 857
----- ----- ----- ----- ---
Net income 3,199 3,253 3,122 3,171 2,270
Preferred stock dividends 391 391 391 404 406
--- --- --- --- ---
Net income available to common shareholders $2,808 $2,862 $2,731 $2,767 $1,864
====== ====== ====== ====== ======
Common stock dividend paid $392 $392 $392 $385 $385
Per share data
--------------
Basic net income per common share $0.36 $0.36 $0.35 $0.36 $0.23
Diluted net income per common share 0.29 0.30 0.29 0.29 0.21
Dividends per common share 0.05 0.05 0.05 0.05 0.05
Average common shares outstanding - basic 7,843,578 7,843,578 7,842,159 7,758,998 7,707,917
Average common shares outstanding - diluted 10,921,823 10,921,823 10,921,824 10,907,674 10,904,848
Asset quality
-------------
Allowance for loan losses, beginning of period $14,760 $14,707 $14,315 $14,268 $15,445
Charge-offs (525) (634) (305) (585) (1,341)
Recoveries 126 287 297 232 164
Provision - 400 400 400 -
--- --- --- --- ---
Allowance for loan losses, end of period $14,361 $14,760 $14,707 $14,315 $14,268
======= ======= ======= ======= =======
Ratios
Allowance to total loans 1.43% 1.48% 1.47% 1.45% 1.56%
Allowance to nonperforming assets 107.98% 102.90% 86.33% 74.69% 74.91%
Allowance to nonperforming loans 108.93% 106.57% 88.80% 76.81% 77.18%
Nonperforming assets
Nonperforming loans $13,184 $13,851 $16,562 $18,638 $18,486
Other real estate owned 116 494 474 528 560
--- --- --- --- ---
Total nonperforming assets $13,300 $14,345 $17,036 $19,166 $19,046
Capital and liquidity
Tier 1 leverage ratio 9.96% 9.68% 9.38% 8.91% 10.29%
Tier 1 risk-based capital ratio 12.78% 12.47% 12.20% 12.10% 13.44%
Total risk-based capital ratio 14.04% 13.72% 13.45% 13.35% 14.70%
Tangible common equity ratio 5.75% 5.56% 5.29% 4.79% 5.80%
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SOURCE Civista Bancshares, Inc.
