SANDUSKY, Ohio, April 28,
2022 /PRNewswire/ -- Civista Bancshares, Inc.
(NASDAQ: CIVB) ("Civista") announced its unaudited financial
results for the three months ending March
31, 2022.
First quarter highlights
- Net income of $8.5 million, or
$0.57 per diluted share, for the
first quarter of 2021, compared to $10.8
million, or $0.68 per diluted
share, for the first quarter of 2021.
- COVID–19 loan deferrals decreased to 0.14% of total loans at
period end, compared to 0.26% at December
31, 2021 and 21.3% at the June 30,
2020 high point.
- Based on the March 31, 2022
market close share price of $24.10,
the $0.14 first quarter dividend is
equivalent to an annualized yield of 2.32% and a dividend payout
ratio of 24.56%.
- In January we announced the signing of a definitive merger
agreement pursuant to which Civista will acquire Comunibanc Corp.,
the parent company of The Henry County Bank.
"We turned in another solid Civista quarter highlighted by solid
loan growth. We continue to work on the integration of the
Henry County Bank and did incur some additional expenses related to
the acquisition that negatively impacted our noninterest
expense. This had an adverse impact to our earnings of
approximately $0.03 per share for the
quarter. The transaction remains on schedule to close in late
second or early third quarter and we look forward to welcoming
their employees to the Civista family" said Dennis G. Shaffer, CEO and President of
Civista.
Results of Operations:
For the three-month period ended March
31, 2022 and 2021
Net interest income decreased $896
thousand, or 3.8%, for the first quarter of 2022 compared to
the same period of 2021, due to a decrease in interest income
partially offset by a decrease in interest expense. Accretion
of PPP fees was $1.2 million during
the first quarter 2022 compared to $3.1
million for the same period in 2021.
Net interest margin increased 8 basis points to 3.38% for the
first quarter of 2022, compared to 3.30% for the same period a year
ago.
The decrease in interest income was due to a $2.5 million decrease in PPP interest and fees
and a decrease of $330 thousand
decrease in accretion income related to loan portfolios acquired
through acquisitions. Average earning assets decreased
$192.1 million, partially offset by
an 8 basis point increase in the yield.
Interest expense decreased $163
thousand, or 8.6%, for the first quarter of 2022, compared
to the same period last year. The average rate paid on
interest-bearing liabilities decreased 7 basis points, while
average interest-bearing liabilities increased $109 thousand.
Average Balance
Analysis
|
(Unaudited - Dollars in
thousands)
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31,
|
|
2022
|
|
2021
|
|
Average
|
|
Yield/
|
|
Average
|
|
Yield/
|
Assets:
|
balance
|
Interest
|
rate *
|
|
balance
|
Interest
|
rate *
|
Interest-earning
assets:
|
|
|
|
|
|
|
|
Loans **
|
$
2,006,984
|
$ 21,038
|
4.25%
|
|
$
2,069,419
|
$ 22,783
|
4.47%
|
Taxable
securities
|
314,493
|
1,720
|
2.20%
|
|
174,740
|
1,275
|
3.08%
|
Non-taxable
securities
|
260,866
|
1,789
|
3.67%
|
|
207,573
|
1,518
|
4.12%
|
Interest-bearing
deposits in other banks
|
232,246
|
119
|
0.21%
|
|
554,921
|
149
|
0.11%
|
Total interest-earning
assets
|
$
2,814,589
|
24,666
|
3.63%
|
|
$
3,006,653
|
25,725
|
3.55%
|
Noninterest-earning
assets:
|
|
|
|
|
|
|
|
Cash and due from
financial institutions
|
223,353
|
|
|
|
27,760
|
|
|
Premises and equipment,
net
|
22,320
|
|
|
|
22,509
|
|
|
Accrued interest
receivable
|
7,157
|
|
|
|
8,569
|
|
|
Intangible
assets
|
84,374
|
|
|
|
84,862
|
|
|
Bank owned life
insurance
|
46,726
|
|
|
|
46,062
|
|
|
Other assets
|
37,346
|
|
|
|
38,084
|
|
|
Less allowance for loan
losses
|
(26,775)
|
|
|
|
(25,590)
|
|
|
Total
Assets
|
$
3,209,090
|
|
|
|
$
3,208,909
|
|
|
|
|
|
|
|
|
|
|
Liabilities and
Shareholders' Equity:
|
|
|
|
|
|
|
|
Interest-bearing
liabilities:
|
|
|
|
|
|
|
|
Demand and
savings
|
$
1,383,372
|
$ 234
|
0.07%
|
|
$
1,248,717
|
$ 343
|
0.11%
|
Time
|
240,612
|
471
|
0.79%
|
|
284,042
|
917
|
1.31%
|
FHLB
|
75,000
|
190
|
1.03%
|
|
125,000
|
443
|
1.44%
|
Other
borrowings
|
358
|
-
|
0.00%
|
|
-
|
-
|
0.00%
|
Subordinated
debentures
|
103,713
|
836
|
3.27%
|
|
30,349
|
186
|
2.56%
|
Repurchase
agreements
|
25,228
|
3
|
0.05%
|
|
31,178
|
8
|
0.10%
|
Total interest-bearing
liabilities
|
$
1,828,283
|
1,734
|
0.38%
|
|
$
1,719,286
|
1,897
|
0.45%
|
Noninterest-bearing
deposits
|
933,654
|
|
|
|
1,100,023
|
|
|
Other
liabilities
|
99,851
|
|
|
|
39,975
|
|
|
Shareholders'
equity
|
347,302
|
|
|
|
349,625
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
3,209,090
|
|
|
|
$
3,208,909
|
|
|
|
|
|
|
|
|
|
|
Net interest income and
interest rate spread
|
|
$ 22,932
|
3.25%
|
|
|
$ 23,828
|
3.10%
|
|
|
|
|
|
|
|
|
Net interest
margin
|
|
|
3.38%
|
|
|
|
3.30%
|
|
|
|
|
|
|
|
|
* - Average yields are
presented on a tax equivalent basis. The tax equivalent effect
associated with loans and investments, included in the yields
above, was $467 thousand and $407 thousand for the periods ended
March 31, 2022 and 2021, respectively.
|
|
|
|
|
|
|
|
|
** - Average balance
includes nonaccrual loans
|
Provision for loan losses was $300
thousand for the first quarter of 2022 compared to
$830 thousand for the first quarter
of 2021. The reserve ratio increased to 1.34% at March 31, 2022 from 1.33% at December 31, 2021. The reserve ratio
without the impact of PPP loans would have only been 1 basis point
higher.
For the first quarter of 2022, noninterest income totaled
$7.6 million, a decrease of
$1.5 million, or 16.8%, compared to
the prior year's first quarter.
Noninterest
income
|
|
|
|
|
|
|
|
(unaudited - dollars in
thousands)
|
Three months ended
March 31,
|
|
2022
|
|
2021
|
|
$ change
|
|
% change
|
Service
charges
|
$
1,579
|
|
$
1,256
|
|
$ 323
|
|
25.7%
|
Net loss on sale of
securities
|
-
|
|
(1)
|
|
1
|
|
100.0%
|
Net gain on equity
securities
|
50
|
|
88
|
|
(38)
|
|
-43.2%
|
Net gain on sale of
loans
|
936
|
|
2,745
|
|
(1,809)
|
|
-65.9%
|
ATM/Interchange
fees
|
1,241
|
|
1,248
|
|
(7)
|
|
-0.6%
|
Wealth management
fees
|
1,277
|
|
1,146
|
|
131
|
|
11.4%
|
Bank owned life
insurance
|
244
|
|
243
|
|
1
|
|
0.4%
|
Tax refund processing
fees
|
1,900
|
|
1,900
|
|
-
|
|
0.0%
|
Swap fees
|
-
|
|
76
|
|
(76)
|
|
-100.0%
|
Other
|
416
|
|
489
|
|
(73)
|
|
-14.9%
|
Total noninterest
income
|
$
7,643
|
|
$
9,190
|
|
$
(1,547)
|
|
-16.8%
|
Net gain on sale of loans decreased primarily as a result of a
decrease in volume of loans sold. Proceeds from the sale of
loans sold totaled $38.1 million and
$77.6 million during the three months
ended March 31, 2022 and 2021,
respectively.
Service charges increased as a result of a $223 thousand increase in service charges on
deposit accounts and a $100 thousand
increase in overdraft fees.
Wealth management fees increased as a result of a $95 thousand increase in brokerage fees and a
$33 thousand increase in trust
fees. Brokerage income increased due to volume of business
and trust income increased as a result of new accounts and market
conditions.
Swap fees decreased due to the volume. We did not record a
swap during the first quarter this year, compared to $4.2 million during the same period last
year. We reduced the loans we entered into swaps on as a part
of our asset liability management program. Given current
rates, we have chosen to book the variable rate loan that we might
otherwise have swapped to a fixed rate.
Other income decreased due to a decrease in gains on the sale of
OREO properties of $72
thousand.
For the first quarter of 2022, noninterest expense totaled
$20.3 million, an increase of
$868 thousand, or 4.5%, compared to
the prior year's first quarter.
Noninterest
expense
|
|
|
|
|
|
|
|
(unaudited - dollars in
thousands)
|
Three months ended
March 31,
|
|
2022
|
|
2021
|
|
$ change
|
|
% change
|
Compensation
expense
|
$
12,223
|
|
$
11,782
|
|
$ 441
|
|
3.7%
|
Net occupancy and
equipment
|
1,645
|
|
1,638
|
|
7
|
|
0.4%
|
Contracted data
processing
|
620
|
|
443
|
|
177
|
|
40.0%
|
Taxes and
assessments
|
794
|
|
884
|
|
(90)
|
|
-10.2%
|
Professional
services
|
1,049
|
|
738
|
|
311
|
|
42.1%
|
Amortization of
intangible assets
|
217
|
|
223
|
|
(6)
|
|
-2.7%
|
ATM/Interchange
expense
|
513
|
|
593
|
|
(80)
|
|
-13.5%
|
Marketing
|
317
|
|
299
|
|
18
|
|
6.0%
|
Software maintenance
expense
|
708
|
|
508
|
|
200
|
|
39.4%
|
Other
|
2,172
|
|
2,282
|
|
(110)
|
|
-4.8%
|
Total noninterest
expense
|
$
20,258
|
|
$
19,390
|
|
$ 868
|
|
4.5%
|
Compensation expense increased primarily due to annual pay
increases, which occur every year in April and commission and
incentive expense. Commission and incentive expense accruals
increased $356.6 thousand, or
21.7%.
Contracted data processing fees increased due to merger related
system deconversion fees of $215.
The quarter-over-quarter decrease in taxes and assessments was
attributable to decreases in both the FDIC assessment and franchise
tax. FDIC assessments decreased due to lower assessment
multipliers. Franchise tax decreased due to additional taxes
paid in 2021 as a result of an amended return.
Professional services primarily increased due to a $118 thousand increase in merger related legal
and audit and a $150 thousand
increase in consulting fees.
The increase in Software maintenance expense is due to both
increases in software maintenance contracts as well as the
implementation of the new digital banking platform.
The efficiency ratio was 65.2% for the quarter ended
March 31, 2022 compared to 57.4% for
the quarter ended March 31,
2021. The change in the efficiency ratio is primarily due to
an increase in noninterest expense and a decrease in noninterest
interest income.
Civista's effective income tax rate for the first quarter 2022
was 15.5% compared to 17.3% in 2021.
Balance Sheet
Total assets increased $171.5
million, or 5.7%, from December 31,
2021 to March 31, 2022,
primarily due to an increase in cash of $148.5 million, or 56.2%. Loans held for
sale increased $2.8 million, or
143.1%. The loan portfolio increased $20.3 million, which includes a decrease in PPP
loans of $27.7 million.
End of period loan
balances
|
|
|
|
|
|
|
|
(unaudited - dollars in
thousands)
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
|
|
2022
|
|
2021
|
|
$ Change
|
|
% Change
|
Commercial and
Agriculture
|
$
202,914
|
|
$
203,293
|
|
$
(379)
|
|
-0.2%
|
Paycheck protection
program loans
|
15,529
|
|
43,209
|
|
(27,680)
|
|
-64.1%
|
Commercial Real
Estate:
|
|
|
|
|
|
|
|
Owner
Occupied
|
301,352
|
|
295,452
|
|
5,900
|
|
2.0%
|
Non-owner
Occupied
|
869,663
|
|
829,310
|
|
40,353
|
|
4.9%
|
Residential Real
Estate
|
432,770
|
|
430,060
|
|
2,710
|
|
0.6%
|
Real Estate
Construction
|
161,651
|
|
157,127
|
|
4,524
|
|
2.9%
|
Farm Real
Estate
|
24,648
|
|
28,419
|
|
(3,771)
|
|
-13.3%
|
Consumer and
Other
|
9,661
|
|
11,009
|
|
(1,348)
|
|
-12.2%
|
Total Loans
|
$
2,018,188
|
|
$
1,997,879
|
|
$
20,309
|
|
1.0%
|
Loan balances increased $20.3
million, or 1.0% in the first quarter, including the PPP
balance decline. Removing the effect of the PPP loans, the
loan portfolio increased $48.0
million or 2.5%. Commercial and Agriculture loans are
flat as revolving line of credit balances continue to be
undrawn. Commercial Real Estate continued to grow due to
consistent demand in both the Non-owner Occupied and Owner Occupied
categories. Real Estate Construction grew slightly as new
projects were originated awaiting the construction season.
Construction demand remains strong and construction availability
continues to be near all-time highs. Residential Real Estate
is relatively flat as most new originations are sold on the
secondary market with any portfolio loans basically equaling
payment attrition.
Paycheck Protection Program
In total, we processed over 3,600 loans totaling $399.4 million of PPP loans. Of the total
PPP loans we have originated, $383.9
million have been forgiven or have paid off. We
recognized $1.2 million of PPP fees
in income during the quarter, and at March
31, 2022, $583 thousand of
unearned PPP fees remain.
COVID-19 Loan Modifications
As of March 31, 2022, the
remaining loans modified under the CARES Act totaled $2.8 million, or 0.14% of total loans at period
end, compared to 0.26% at December
31, 2021. Details with respect to the loan
modifications that remain on deferred status are as follows:
Loans currently
modified under COVID-19 programs
|
|
|
|
|
(unaudited - dollars in
thousands)
|
|
|
|
|
|
|
Type of Loan
|
|
Number of
Loans
|
|
Balance
|
|
Percent of
loans
outstanding
|
|
|
|
|
|
|
|
Commercial and
Agriculture
|
|
1
|
|
$
245
|
|
0.01%
|
Commercial Real
Estate:
|
|
|
|
|
|
|
Non-owner
Occupied
|
|
4
|
|
2,519
|
|
0.12%
|
|
|
5
|
|
$
2,764
|
|
0.14%
|
Deposits
Total deposits increased $198.4
million, or 8.2%, from December 31,
2021 to March 31,
2022.
End of period
deposit balances
|
|
|
|
|
|
|
|
(unaudited - dollars in
thousands)
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
|
|
|
|
2022
|
|
2021
|
|
$ Change
|
|
% Change
|
Noninterest-bearing
demand
|
$
987,347
|
|
$
788,906
|
|
$
198,441
|
|
25.2%
|
Interest-bearing
demand
|
540,924
|
|
537,510
|
|
3,414
|
|
0.6%
|
Savings and money
market
|
851,803
|
|
843,837
|
|
7,966
|
|
0.9%
|
Time
deposits
|
235,063
|
|
246,448
|
|
(11,385)
|
|
-4.6%
|
Total
Deposits
|
$
2,615,137
|
|
$
2,416,701
|
|
$
198,436
|
|
8.2%
|
The increase in noninterest-bearing demand of $198.4 million was primarily due to a
$199.4 million increase in balances
related to the tax refund processing program, which is a seasonal
increase. Interest-bearing demand deposits increased due to a
$20.4 million increase in public fund
accounts, partially offset by a $15.5
million decrease in non-public fund accounts. The
increase in savings and money market was primarily due to a
$21.0 million increase in statement
savings, a $7.5 million increase in
personal money markets, and a $3.9
million increase in public fund money markets. These
increases were partially offset by decreases of $19.0 million increase in brokered money market
accounts and $6.1 million in business
money market accounts. The decrease in time certificates was
primarily due to certificates over $100
thousand.
FHLB advances totaled $75.0
million at March 31, 2022,
unchanged from December 31, 2021.
Stock Repurchase Program
During 2022, Civista repurchased 183,357 shares for $4.4 million at a weighted average price of
$24.17 per share. We have
approximately $4.9 million remaining
of the current $13.5 million
repurchase authorization, which was approved in August 2021.
In addition, Civista liquidated 5,403 shares held by employees, at
$24.66 per share, to satisfy tax
obligations stemming from vesting of restricted shares.
Shareholders' Equity
Total shareholders' equity decreased $27.5 million from December 31, 2021 to March
31, 2022, primarily due to a $29.6
million decrease in accumulated other comprehensive income
(loss). Shareholders' equity also decreased due to a
$4.6 million repurchase of treasury
shares. Retained earnings increased $6.4 million.
Asset Quality
Civista recorded net recoveries of $92
thousand for the three months of 2022 compared to net
recoveries of $275 thousand for the
same period of 2021. The allowance for loan losses to loans
was 1.34% at March 31, 2022 and 1.33%
at December 31, 2021.
Allowance for Loan
Losses
|
|
|
|
(dollars in
thousands)
|
|
|
|
|
March 31,
|
|
March 31,
|
|
2022
|
|
2021
|
Beginning of
period
|
$
26,641
|
|
$
25,028
|
Charge-offs
|
(30)
|
|
(46)
|
Recoveries
|
122
|
|
321
|
Provision
|
300
|
|
830
|
End of
period
|
$
27,033
|
|
$
26,133
|
Non-performing assets at March 31,
2022 were $5.4 million,
unchanged from December 31, 2021.
The non-performing assets to assets ratio decreased to 0.17%
from 0.18% at December 31,
2021. The allowance for loan losses to non-performing loans
increased to 501.50% from 496.10% at December 31, 2021.
Non-performing
Assets
|
|
|
|
(dollars in
thousands)
|
March 31,
|
|
December 31,
|
|
2022
|
|
2021
|
Non-accrual
loans
|
$
3,915
|
|
$
3,873
|
Restructured
loans
|
1,475
|
|
1,497
|
Total non-performing
loans
|
5,390
|
|
5,370
|
Other Real Estate
Owned
|
-
|
|
-
|
Total non-performing
assets
|
$
5,390
|
|
$
5,370
|
Conference Call and Webcast
Civista Bancshares, Inc.
will also host a conference call to discuss the Company's financial
results for the first quarter of 2022 at 1:00 p.m. ET on Thursday, April 28, 2022.
Interested parties can access the live webcast of the conference
call through the Investor Relations section of the Company's
website, www.civb.com. Participants can also listen to the
conference call by dialing 855-238-2712 and ask to be joined into
the Civista Bancshares, Inc. first quarter 2022 earnings
call. Please log in or dial in at least 10 minutes prior to
the start time to ensure a connection.
An archive of the webcast will be available for one year on the
Investor Relations section of the Company's website
(www.civb.com).
Forward Looking Statements
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, 2021, and any
additional risks identified in the Company's subsequent Form
10-Q's. 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 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. is a $3.2
billion financial holding company headquartered in
Sandusky, Ohio. The
Company's banking subsidiary, Civista Bank, operates 35 locations
in Northern, Central and Southwestern
Ohio, Southeastern Indiana
and Northern Kentucky. Civista Bancshares, Inc. may be
accessed at HUwww.civb.comUH. The Company's common shares are
traded on the NASDAQ Capital Market under the symbol
"CIVB".
Civista Bancshares,
Inc.
Financial
Highlights
(Unaudited, dollars in
thousands, except share and per share amounts)
|
Consolidated Condensed
Statement of Income
|
|
|
|
|
|
|
Three Months
Ended
|
|
|
March 31,
|
|
|
2022
|
|
2021
|
|
|
|
|
|
|
Interest
income
|
$
24,666
|
|
$
25,725
|
|
Interest
expense
|
1,734
|
|
1,897
|
|
Net interest
income
|
22,932
|
|
23,828
|
|
Provision for loan
losses
|
300
|
|
830
|
|
Net interest income
after provision
|
22,632
|
|
22,998
|
|
Noninterest
income
|
7,643
|
|
9,190
|
|
Noninterest
expense
|
20,258
|
|
19,187
|
|
Income before
taxes
|
10,017
|
|
13,001
|
|
Income tax
expense
|
1,551
|
|
2,243
|
|
Net income
|
$
8,466
|
|
$
10,758
|
|
|
|
|
|
|
Dividends paid per
common share
|
$
0.14
|
|
$
0.12
|
|
|
|
|
|
|
Earnings per common
share,
|
|
|
|
|
basic and
diluted
|
$
0.57
|
|
$
0.68
|
|
|
|
|
|
|
Average shares
outstanding,
|
|
|
|
|
basic and
diluted
|
14,853,287
|
|
15,820,301
|
|
|
|
|
|
|
Selected financial
ratios:
|
|
|
|
|
Return on average
assets (annualized)
|
1.07%
|
|
1.36%
|
|
Return on average
equity (annualized)
|
9.89%
|
|
12.48%
|
|
Dividend payout
ratio
|
24.56%
|
|
17.65%
|
|
Net interest margin
(tax equivalent)
|
3.38%
|
|
3.30%
|
|
Selected Balance
Sheet Items
|
(Dollars in thousands,
except share and per share amounts)
|
|
|
|
|
|
March
31,
|
|
December
31,
|
|
2022
|
|
2021
|
|
(unaudited)
|
|
(unaudited)
|
|
|
|
|
Cash and due from
financial institutions
|
$
412,698
|
|
$
264,239
|
Investment in
time deposits
|
1,728
|
|
1,730
|
Investment
securities
|
553,499
|
|
560,946
|
Loans held for
sale
|
4,794
|
|
1,972
|
Loans
|
2,018,188
|
|
1,997,879
|
Less: allowance
for loan losses
|
(27,033)
|
|
(26,641)
|
Net
loans
|
1,991,155
|
|
1,971,238
|
Other
securities
|
18,511
|
|
17,011
|
Premises and
equipment, net
|
22,110
|
|
22,445
|
Goodwill and
other intangibles
|
84,251
|
|
84,432
|
Bank owned life
insurance
|
46,885
|
|
46,641
|
Other
assets
|
48,726
|
|
42,251
|
Total
assets
|
$
3,184,357
|
|
$
3,012,905
|
|
|
|
|
Total
deposits
|
$
2,615,137
|
|
$
2,416,701
|
Federal Home Loan
Bank advances
|
75,000
|
|
75,000
|
Securities sold
under agreements to repurchase
|
23,931
|
|
25,495
|
Subordinated
debentures
|
103,704
|
|
103,735
|
Accrued expenses
and other liabilities
|
38,893
|
|
36,762
|
Total
shareholders' equity
|
327,692
|
|
355,212
|
Total liabilities
and shareholders' equity
|
$
3,184,357
|
|
$
3,012,905
|
|
|
|
|
Shares
outstanding at period end
|
14,797,214
|
|
14,954,200
|
|
|
|
|
Book value per
share
|
$
22.15
|
|
$
23.75
|
Equity to asset
ratio
|
10.29%
|
|
11.79%
|
|
|
|
|
Selected asset quality
ratios:
|
|
|
|
Allowance for loan
losses to total loans
|
1.34%
|
|
1.33%
|
Non-performing assets
to total assets
|
0.17%
|
|
0.18%
|
Allowance for loan
losses to non-performing loans
|
501.50%
|
|
496.10%
|
|
|
|
|
Non-performing asset
analysis
|
|
|
|
Nonaccrual
loans
|
$
3,915
|
|
$
3,873
|
Troubled debt
restructurings
|
1,475
|
|
1,497
|
Other real estate
owned
|
-
|
|
-
|
Total
|
$
5,390
|
|
$
5,370
|
Supplemental Financial
Information
|
(Unaudited - dollars in
thousands except share data)
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
|
|
December 31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
End of Period
Balances
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
Assets
|
|
|
|
|
|
|
|
|
|
Cash and due from
banks
|
$ 412,698
|
|
$ 264,239
|
|
$ 250,943
|
|
$ 243,083
|
|
$ 434,767
|
Investment in time
deposits
|
1,728
|
|
1,730
|
|
2,222
|
|
2,223
|
|
2,471
|
Investment
securities
|
553,499
|
|
560,946
|
|
499,226
|
|
458,831
|
|
357,798
|
Loans held for
sale
|
4,794
|
|
1,972
|
|
5,810
|
|
6,618
|
|
10,769
|
Loans
|
2,018,188
|
|
1,997,879
|
|
2,004,814
|
|
2,019,196
|
|
2,060,239
|
Allowance for loan
losses
|
(27,033)
|
|
(26,641)
|
|
(26,568)
|
|
(26,197)
|
|
(26,133)
|
Net Loans
|
1,991,155
|
|
1,971,238
|
|
1,978,246
|
|
1,992,999
|
|
2,034,106
|
Other
securities
|
18,511
|
|
17,011
|
|
17,011
|
|
20,537
|
|
20,537
|
Premises and equipment,
net
|
22,110
|
|
22,445
|
|
22,716
|
|
22,817
|
|
22,265
|
Goodwill and other
intangibles
|
84,251
|
|
84,432
|
|
84,589
|
|
84,980
|
|
84,682
|
Bank owned life
insurance
|
46,885
|
|
46,641
|
|
46,728
|
|
46,467
|
|
46,219
|
Other assets
|
48,726
|
|
42,251
|
|
45,667
|
|
47,010
|
|
44,676
|
Total
Assets
|
$
3,184,357
|
|
$
3,012,905
|
|
$
2,953,158
|
|
$
2,925,565
|
|
$
3,058,290
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
Total
deposits
|
$
2,615,137
|
|
$
2,416,701
|
|
$
2,434,766
|
|
$
2,402,992
|
|
$
2,475,907
|
Federal Home Loan Bank
advances
|
75,000
|
|
75,000
|
|
75,000
|
|
75,000
|
|
125,000
|
Securities sold under
agreement to repurchase
|
23,931
|
|
25,495
|
|
23,331
|
|
24,916
|
|
29,513
|
Subordinated
debentures
|
103,704
|
|
103,735
|
|
30,349
|
|
30,349
|
|
30,349
|
Accrued expenses and
other liabilities
|
38,893
|
|
36,762
|
|
41,262
|
|
39,895
|
|
47,463
|
Total
liabilities
|
2,856,665
|
|
2,657,693
|
|
2,604,708
|
|
2,573,152
|
|
2,708,232
|
|
|
|
|
|
|
|
|
|
|
Shareholders'
Equity
|
|
|
|
|
|
|
|
|
|
Common
shares
|
277,919
|
|
277,741
|
|
277,627
|
|
277,495
|
|
277,164
|
Retained
earnings
|
131,934
|
|
125,558
|
|
116,680
|
|
109,178
|
|
101,899
|
Treasury
shares
|
(61,472)
|
|
(56,907)
|
|
(55,155)
|
|
(45,953)
|
|
(38,574)
|
Accumulated other
comprehensive income (loss)
|
(20,689)
|
|
8,820
|
|
9,298
|
|
11,693
|
|
9,569
|
Total shareholders'
equity
|
327,692
|
|
355,212
|
|
348,450
|
|
352,413
|
|
350,058
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and
Shareholders' Equity
|
$
3,184,357
|
|
$
3,012,905
|
|
$
2,953,158
|
|
$
2,925,565
|
|
$
3,058,290
|
|
|
|
|
|
|
|
|
|
|
Quarterly Average
Balances
|
|
|
|
|
|
|
|
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
Earning
assets
|
$
2,814,589
|
|
$
2,773,498
|
|
$
2,747,450
|
|
$
2,776,131
|
|
$
3,006,653
|
Securities
|
575,359
|
|
522,058
|
|
482,642
|
|
413,494
|
|
382,313
|
Loans
|
2,006,984
|
|
1,973,989
|
|
2,010,665
|
|
2,054,784
|
|
2,069,419
|
Liabilities and
Shareholders' Equity
|
|
|
|
|
|
|
|
|
|
Total
deposits
|
$
2,557,638
|
|
$
2,430,613
|
|
$
2,437,580
|
|
$
2,448,183
|
|
$
2,632,782
|
Interest-bearing
deposits
|
1,623,984
|
|
1,619,560
|
|
1,588,079
|
|
1,580,622
|
|
1,532,759
|
Other interest-bearing
liabilities
|
204,299
|
|
155,094
|
|
127,511
|
|
157,264
|
|
185,605
|
Total shareholders'
equity
|
347,302
|
|
348,971
|
|
348,970
|
|
349,256
|
|
349,625
|
Supplemental Financial
Information
|
(Unaudited - dollars in
thousands except share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
|
December 31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
Income
statement
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
Total interest and
dividend income
|
$
24,666
|
|
$
24,735
|
|
$
25,784
|
|
$
25,498
|
|
$
25,725
|
Total interest
expense
|
1,734
|
|
1,412
|
|
1,351
|
|
1,657
|
|
1,897
|
Net interest
income
|
22,932
|
|
23,323
|
|
24,433
|
|
23,841
|
|
23,828
|
Provision for loan
losses
|
300
|
|
-
|
|
-
|
|
-
|
|
830
|
Noninterest
income
|
7,643
|
|
6,811
|
|
6,426
|
|
9,025
|
|
9,190
|
Noninterest
expense
|
20,258
|
|
16,963
|
|
19,251
|
|
22,265
|
|
19,187
|
Income before
taxes
|
10,017
|
|
13,171
|
|
11,608
|
|
10,601
|
|
13,001
|
Income tax
expense
|
1,551
|
|
2,189
|
|
1,966
|
|
1,437
|
|
2,243
|
Net income
|
$
8,466
|
|
$
10,982
|
|
$
9,642
|
|
$
9,164
|
|
$
10,758
|
|
|
|
|
|
|
|
|
|
|
Per share
data
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
|
|
|
|
|
|
Net income
|
$
8,466
|
|
$
10,982
|
|
$
9,642
|
|
$
9,164
|
|
$
10,758
|
Less allocation of
earnings and
|
|
|
|
|
|
|
|
|
|
dividends to
participating securities
|
32
|
|
51
|
|
46
|
|
43
|
|
32
|
Net income available to
common
|
|
|
|
|
|
|
|
|
|
shareholders -
basic
|
$
8,434
|
|
$
10,931
|
|
$
9,596
|
|
$
9,121
|
|
$
10,726
|
|
|
|
|
|
|
|
|
|
|
Weighted average common
shares outstanding
|
14,909,192
|
|
15,009,376
|
|
15,168,233
|
|
15,602,329
|
|
15,867,588
|
Less average
participating securities
|
55,905
|
|
70,349
|
|
72,071
|
|
72,563
|
|
47,286
|
Weighted average number
of shares outstanding
|
|
|
|
|
|
|
|
|
|
used to calculate basic
earnings per share
|
14,853,287
|
|
14,939,027
|
|
15,096,162
|
|
15,529,766
|
|
15,820,302
|
|
|
|
|
|
|
|
|
|
|
Earnings per common
share (1)
|
|
|
|
|
|
|
|
|
|
Basic
|
$
0.57
|
|
$
0.73
|
|
$
0.64
|
|
$
0.59
|
|
$
0.68
|
Diluted
|
0.57
|
|
0.73
|
|
0.64
|
|
0.59
|
|
0.68
|
|
|
|
|
|
|
|
|
|
|
Common shares dividend
paid
|
$
2,091
|
|
$
2,104
|
|
$
2,140
|
|
$
1,885
|
|
$
1,907
|
|
|
|
|
|
|
|
|
|
|
Dividends paid per
common share
|
0.14
|
|
0.14
|
|
0.14
|
|
0.12
|
|
0.12
|
|
|
|
|
|
|
|
|
|
|
(1) The Company
is now presenting earnings per share using the two-class
method. As such, the presentation for the prior periods have
been revised. Earnings per share for the prior periods did
not change as a result of using the two-class method.
|
Supplemental Financial
Information
|
(Unaudited - dollars in
thousands except share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March
|
|
December 31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
Asset
quality
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
Allowance for loan
losses, beginning of period
|
$
26,641
|
|
$
26,568
|
|
$
26,197
|
|
$
26,133
|
|
$
25,028
|
Charge-offs
|
(30)
|
|
(11)
|
|
(77)
|
|
(25)
|
|
(46)
|
Recoveries
|
122
|
|
84
|
|
448
|
|
89
|
|
321
|
Provision
|
300
|
|
-
|
|
-
|
|
-
|
|
830
|
Allowance for loan
losses, end of period
|
$
27,033
|
|
$
26,641
|
|
$
26,568
|
|
$
26,197
|
|
$
26,133
|
|
|
|
|
|
|
|
|
|
|
Ratios
|
|
|
|
|
|
|
|
|
|
Allowance to total
loans
|
1.34%
|
|
1.33%
|
|
1.33%
|
|
1.30%
|
|
1.27%
|
Allowance to
nonperforming assets
|
501.50%
|
|
496.10%
|
|
501.01%
|
|
443.50%
|
|
423.09%
|
Allowance to
nonperforming loans
|
501.50%
|
|
496.10%
|
|
503.50%
|
|
443.50%
|
|
423.09%
|
|
|
|
|
|
|
|
|
|
|
Nonperforming
assets
|
|
|
|
|
|
|
|
|
|
Nonperforming
loans
|
$
5,390
|
|
$
5,370
|
|
$
5,277
|
|
$
5,907
|
|
$
6,177
|
Other real estate
owned
|
-
|
|
-
|
|
26
|
|
-
|
|
-
|
Total nonperforming
assets
|
$
5,390
|
|
$
5,370
|
|
$
5,303
|
|
$
5,907
|
|
$
6,177
|
|
|
|
|
|
|
|
|
|
|
Capital and
liquidity
|
|
|
|
|
|
|
|
|
|
Tier 1 leverage
ratio
|
9.50%
|
|
10.21%
|
|
10.01%
|
|
9.92%
|
|
9.23%
|
Tier 1 risk-based
capital ratio
|
14.02%
|
|
12.92%
|
|
14.18%
|
|
14.65%
|
|
15.20%
|
Total risk-based
capital ratio
|
18.74%
|
|
14.35%
|
|
15.43%
|
|
15.90%
|
|
16.45%
|
Tangible common equity
ratio (1)
|
7.85%
|
|
9.25%
|
|
9.20%
|
|
9.42%
|
|
8.93%
|
|
|
|
|
|
|
|
|
|
|
(1) See reconciliation
of non-GAAP measures at the end of this press release.
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Non-GAAP Financial Measures
|
(Unaudited - dollars in
thousands except share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
March 31,
|
|
December 31,
|
|
September
30,
|
|
June 30,
|
|
March 31,
|
|
2022
|
|
2021
|
|
2021
|
|
2021
|
|
2021
|
|
|
|
|
|
|
|
|
|
|
Tangible Common
Equity
|
|
|
|
|
|
|
|
|
|
Total Shareholder's
Equity - GAAP
|
$
327,692
|
|
$
355,212
|
|
$
348,450
|
|
$
352,413
|
|
$
350,058
|
Less: Goodwill and
intangible assets
|
84,251
|
|
84,432
|
|
84,589
|
|
84,980
|
|
84,682
|
Tangible common equity
(Non-GAAP)
|
$
243,441
|
|
$
270,780
|
|
$
263,861
|
|
$
267,433
|
|
$
265,376
|
|
|
|
|
|
|
|
|
|
|
Total Shares
Outstanding
|
14,797,214
|
|
14,954,200
|
|
15,029,972
|
|
15,434,592
|
|
15,750,479
|
|
|
|
|
|
|
|
|
|
|
Tangible book value per
share
|
$
16.45
|
|
$
18.11
|
|
$
17.56
|
|
$
17.33
|
|
$
16.85
|
|
|
|
|
|
|
|
|
|
|
Tangible
Assets
|
|
|
|
|
|
|
|
|
|
Total Assets -
GAAP
|
$
3,184,357
|
|
$
3,011,983
|
|
$
2,952,236
|
|
$
2,924,643
|
|
$
3,057,368
|
Less: Goodwill and
intangible assets
|
84,251
|
|
84,432
|
|
84,589
|
|
84,980
|
|
84,682
|
Tangible assets
(Non-GAAP)
|
$
3,100,106
|
|
$
2,927,551
|
|
$
2,867,647
|
|
$
2,839,663
|
|
$
2,972,686
|
|
|
|
|
|
|
|
|
|
|
Tangible common equity
to tangible assets
|
7.85%
|
|
9.25%
|
|
9.20%
|
|
9.42%
|
|
8.93%
|
View original content to download
multimedia:https://www.prnewswire.com/news-releases/civista-bancshares-inc-announces-first-quarter-2022-financial-results-301534914.html
SOURCE Civista Bancshares, Inc.