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Press Release

Civista Bancshares, Inc. Announces First Quarter 2020 Earnings

Company Release - 4/24/2020 8:30 AM ET

SANDUSKY, Ohio, April 24, 2020 /PRNewswire/ --  Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") reported net income available to common shareholders of $7.8 million, or $0.47 per diluted share, for the first quarter of 2020, compared to $9.5 million, or $0.57 per diluted share, for the first quarter of 2019. 

"We began 2020 with the expectation that one of the biggest challenges we were going to face during the year was an uncertain interest rate environment.  The COVID-19 pandemic has created challenges that we, as well as other banks, could not have anticipated.  Our organization has risen to the challenge and are working with our customers to assist through these unprecedented times.  We have waived overdraft fees, accommodated requests for loan payment deferrals and are participating in the SBA's Paycheck Protection Program.  In light of all of these challenges, we are pleased with our first quarter earnings," said Dennis G. Shaffer, President and CEO of Civista.

Results of Operations:

Net interest income increased $396 thousand, or 1.8%, for the first quarter of 2020 compared to the same period of 2019.

Interest income increased $418 thousand, or 1.7%, for the first quarter of 2020.  Average earning assets increased $214.6 million, which resulted in a $2.3 million increase in interest income.  Average yields decreased 40 basis points which resulted in a $1.9 million decrease in interest income.  Accretion income associated with purchased loan portfolios totaled $755 thousand for the first quarter of 2020 and $982 for the first quarter of 2019.

Interest expense increased $22 thousand, or 0.8%, for the first quarter of 2020 compared to the same period of 2019.  Average interest-bearing liabilities increased $110.4 million, resulting in a $360 thousand increase in interest expense.  Average rates decreased 7 basis points, resulting in a $338 thousand decrease in interest expense.

Net interest margin decreased 35 basis points to 4.10% for the first quarter of 2020, compared to 4.45% for the same period a year ago.  Accretion income associated with purchased loan portfolios contributed approximately 15 basis points and 22 basis points to net interest margin for the first quarter of 2020 and 2019, respectively. 

 

Average Balance Analysis

(Unaudited - Dollars in thousands)










Three Months Ended March 31,


2020


2019


Average


Yield/


Average


Yield/

Assets:

balance

Interest

rate *


balance

Interest

rate *

Interest-earning assets:








Loans **

$   1,725,685

$ 21,673

5.05%


$   1,564,208

$ 20,963

5.44%

Taxable securities

187,604

1,416

3.13%


207,600

1,748

3.43%

Non-taxable securities

197,583

1,512

4.22%


157,619

1,351

4.49%

Interest-bearing deposits in other banks

121,296

401

1.33%


88,096

522

2.40%

Total interest-earning assets

$   2,232,168

25,002

4.62%


$   2,017,523

24,584

5.02%

Noninterest-earning assets:








Cash and due from financial institutions

168,350




92,782



Premises and equipment, net

22,737




21,924



Accrued interest receivable

6,751




6,534



Intangible assets

85,083




86,116



Other assets

28,550




20,053



Bank owned life insurance

45,086




43,643



Less allowance for loan losses

(14,927)




(13,885)



      Total Assets

$   2,573,798




$   2,274,690











Liabilities and Shareholders' Equity:








Interest-bearing liabilities:








Demand and savings

$      894,892

$      606

0.27%


$      855,666

$      708

0.34%

Time

280,701

1,379

1.98%


270,507

1,183

1.77%

FHLB

157,749

581

1.48%


97,267

597

2.49%

Federal funds purchased

610

2

1.32%


-

-

0.00%

Subordinated debentures

29,427

313

4.28%


29,427

372

5.13%

Repurchase agreements

22,123

6

0.11%


22,197

5

0.09%

Total interest-bearing liabilities

$   1,385,502

2,887

0.84%


$   1,275,064

2,865

0.91%

Noninterest-bearing deposits

799,540




680,929



Other liabilities

56,154




17,041



Shareholders' equity

332,602




301,656



Total Liabilities and Shareholders' Equity

$   2,573,798




$   2,274,690











Net interest income and interest rate spread


$ 22,115

3.78%



$ 21,719

4.11%









Net interest margin



4.10%




4.45%









* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $406 thousand and 362 thousand for the periods ended March 31, 2020 and 2019, respectively.  









** - Average balance includes nonaccrual loans

Provision for loan losses was $2.1 million for the first quarter of 2020 and $0 for the first quarter of 2019.  The reserve ratio increased to 0.97% from 0.86% at December 31, 2019 due to an increase in the bank's qualitative factors related to the economic shutdown that is driven by COVID-19. Economic impacts include the loss of revenue being experience by our business clients, additional employee costs for businesses due to the pandemic, higher unemployment rates throughout our footprint and a large percentage of customers requesting payment relief.  We expect our Commercial, Commercial Real Estate and Consumer portfolios to be impacted the most.

For the first quarter of 2020, noninterest income totaled $6.9 million, an increase of $592 thousand, or 9.4%, compared to the prior year's first quarter. 

Noninterest income








(unaudited - dollars in thousands)

Three months ended March 31,


2020


2019


$ change


% change

Service charges

$    1,468


$    1,456


$         12


0.8%

Net gain on sale of securities

-


4


(4)


-100.0%

Net gain (loss) on equity securities

(141)


2


(143)


N/M

Net gain on sale of loans

827


331


496


149.8%

ATM/Interchange fees

894


906


(12)


-1.3%

Wealth management fees

1,006


847


159


18.8%

Bank owned life insurance

250


247


3


1.2%

Tax refund processing fees

1,900


2,200


(300)


-13.6%

Swap fees

338


73


265


363.0%

Other

334


218


116


53.2%

Total noninterest income

$    6,876


$    6,284


$       592


9.4%









N/M - not meaningful








The increased gain on sale of loans is primarily due to an increase in volume of loans sold of $18.9 million as well as an increase in the premium on sold loans of 34 basis points.  Wealth management fees increased due to an increase in assets under management as a result of new trust accounts and positive market conditions in late 2019 through February of this year.  Swap fees increased as a result of the declining interest rate environment and more customers looking to lock in lower fixed rate loans.  Tax refund processing fees decreased due to a decline in volume processed. 

For the first quarter of 2020, noninterest expense totaled $17.9 million, an increase of $1.4 million, or 8.6%, compared to the prior year's first quarter.

Noninterest expense








(unaudited - dollars in thousands)

Three months ended March 31,


2020


2019


$ change


% change

Compensation expense

$  10,871


$    9,805


$    1,066


10.9%

Net occupancy and equipment 

1,482


1,503


(21)


-1.4%

Contracted data processing

450


419


31


7.4%

Taxes and assessments

579


593


(14)


-2.4%

Professional services

737


694


43


6.2%

Amortization of intangible assets

231


240


(9)


-3.8%

ATM/Interchange expense

447


378


69


18.3%

Marketing

356


340


16


4.7%

Other

2,703


2,477


226


9.1%

Total noninterest expense

$  17,856


$  16,449


$    1,407


8.6%

Compensation expense increased due to an increase in employees, annual pay increases and employee insurance.  FTE employees increased by 22, or 5.1%, to 452 FTE.  Annual pay increases in 2019 were an average of 3.3%.  Employee insurance increased 9.1% for 2020.

The increases in ATM/Interchange expense is primarily due to increases in monthly processing fees and increases in monitoring software costs. 

The increase in other operating expense is primarily due to increases in software maintenance of $89 thousand and an increase in bad check losses of $79 thousand.

The efficiency ratio was 60.7% for the quarter ended March 31, 2020 compared to 58.0% for the quarter ended March 31, 2019.  The change in the efficiency ratio is due primarily to the increase in noninterest expense.

Civista's effective income tax rate for the first quarter 2020 was 13.1% compared to 16.3% in 2019.   

Balance Sheet

Total assets increased $266.3 million, or 11.5%, from December 31, 2019 to March 31, 2020, due to an increase in cash of $207.5 million, primarily related to the temporary impact of our tax refund processing program, as well as a $7.0 million increase in Investment securities and a $34.2 million increase in the loan portfolio.       

End of period loan balances








(unaudited - dollars in thousands)









March 31,


December 31,






2020


2019


$ Change


% Change

Commercial and Agriculture

$          201,860


$          203,110


$    (1,250)


-0.6%

Commercial Real Estate:








Owner Occupied

255,633


245,606


10,027


4.1%

Non-owner Occupied

616,192


592,222


23,970


4.0%

Residential Real Estate

458,478


463,032


(4,554)


-1.0%

Real Estate Construction

163,807


155,825


7,982


5.1%

Farm Real Estate

32,152


34,114


(1,962)


-5.8%

Consumer and Other

15,003


15,061


(58)


-0.4%

Total Loans

$       1,743,125


$       1,708,970


$    34,155


2.0%

Loan growth during 2020 totaled $34.2 million, led by increases of $34.0 million in Commercial Real Estate and $8.0 million in Real Estate Construction.  The Commercial Real Estate growth was aided by some successful real estate projects we kept on balance sheet by using longer term swaps that might otherwise have been refinanced on the commercial mortgage-backed securities market.  The mild Midwest winter has also contributed to our growth in the Construction category.  The decrease in Residential Real Estate was expected as we refinanced many on balance sheet mortgages into a saleable mortgage product.  All regions contributed to the growth in the first quarter with some significant transactions originated outside of our core metro regions.

Paycheck Protection Program

We began accepting applications for the Small Business Association's Paycheck Protection Program ("PPP") on April 3, 2020 and have processed 1,271 loans totaling $186.6 million.  We estimate the SBA fees to be approximately $7.0 million.  We have submitted the documentation, which has been reviewed and approved, to borrow from the Paycheck Protection Program Lending Facility.  We expect to match this funding with the volume of PPP loans outstanding.    

"I am extremely proud of our people and our ability to assist customers through this program.  While the parameters of PPP changed frequently, we were able to scale up and streamline our process to assist 1,271 small business customers with $186.6 million in loans, impacting approximately 26,500 jobs.  This program will make a real difference in the businesses and lives of our customers and their employees," said Dennis G. Shaffer, President and CEO of Civista.

COVID-19 Loan Modifications

During the first quarter, Civista modified 66 loans totaling $39.9 million, primarily consisting of the deferral of principal and/or interest payments.  Since March 31, Civista has received requests to modify an additional 727 loans totaling $410.6 million, also consisting of deferral of principal and/or interest payments.  All of the loans modified were performing at the time of the modification and comply with the provisions of the CARES Act to not be considered a troubled debt restructuring.  Details with respect to actual loan modifications processed through March 31, 2020 are as follows:

Loans modified under COVID-19 programs





(unaudited - dollars in thousands)






Type of Loan


Number of
Loans


Balance


Weighted
average
interest rate








Commercial and Agriculture


26


$         5,449


4.65%

Commercial Real Estate:







Owner Occupied


25


10,077


4.82%

Non-owner Occupied


12


24,122


4.86%

Residential Real Estate


2


184


4.91%

Farm Real Estate


1


89


5.00%



66


$       39,921


4.82%

"In addition to the loans we modified during the first quarter we are actively working with several of our customers to provide additional relief during these trying times," said Dennis G. Shaffer, President and CEO of Civista.

Total deposits increased $313.2 million, or 18.7%, from December 31, 2019 to March 31, 2020. 

End of period deposit balances








(unaudited - dollars in thousands)









March 31,


December 31,






2020


2019


$ Change


% Change

Noninterest-bearing demand

$            811,976


$            512,553


$    299,423


58.4%

Interest-bearing demand

332,756


301,674


31,082


10.3%

Savings and money market

558,936


588,697


(29,761)


-5.1%

Time deposits

288,271


275,840


12,431


4.5%

Total Deposits

$         1,991,939


$         1,678,764


$    313,175


18.7%

The increase in noninterest-bearing demand of $299.4 million was due to the increase in balances related to the tax refund processing program of $307.5 million, which is temporary.  Interest-bearing demand deposits increased, primarily due to increases in public fund accounts.  The increase in time deposits is centered on our special rate 9 month certificate.   

FHLB advances totaled $142.0 million at March 31, 2020, a decrease of $84.5 million, or 37.3%, from December 31, 2019.  The increase in deposits reduced the need for wholesale funding.

Stock Repurchase Program

Civista approved a share repurchase plan in December 2019, authorizing the repurchase of up to 672,000 shares of outstanding common stock.  During the first quarter of 2020, Civista repurchased 646,703 shares for $11.0 million, which equates to a weighted average price of $17.01 per share.  The repurchase plan was fully executed early in April.

Shareholder Equity

Total shareholders' equity decreased $2.0 million, or 0.6%, from December 31, 2019 to March 31, 2020 as a result of the repurchase of shares.   The $11.0 million decrease from stock repurchases was partially offset by a $6.0 million increase in retained earnings and an increase in other comprehensive income of $3.0 million.       

Asset Quality

Civista recorded net recoveries of $55 thousand for the three months of 2020 compared to net recoveries of $143 thousand for the same period of 2019.  The allowance for loan losses to loans was 0.97% at March 31, 2020 and 0.86% at December 31, 2019.     

Allowance for Loan Losses




(unaudited - dollars in thousands)





March 31,


March 31,


2020


2019

Beginning of period

$          14,767


$          13,679

Charge-offs

(24)


(239)

Recoveries

79


382

Provision

2,126


-

End of period

$          16,948


$          13,822

Non-performing assets at March 31, 2020 were $8.6 million, a 6.1% decrease from December 31, 2019.  The non-performing assets to assets ratio decreased to 0.33% from 0.39% at December 31, 2019.  The allowance for loan losses to non-performing loans increased to 197.97% from 161.95% At December 31, 2019.   

Non-performing Assets




(unaudited - dollars in thousands)

March 31,


December 31,


2020


2019

Non-accrual loans

$           6,072


$           6,115

Restructured loans

2,489


3,004

Total non-performing loans

8,561


9,119

Other Real Estate Owned

-


-

Total non-performing assets

$           8,561


$           9,119

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 2020 at 1:00 p.m. ET on Friday, April 24, 2020.  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 2020 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, 2019.  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 $2.6 billion financial holding company headquartered in Sandusky, Ohio.  The Company's banking subsidiary, Civista Bank, operates 37 locations in Northern, Central and Southwestern Ohio, Southeastern Indiana and Northern Kentucky.  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". 

 

Civista Bancshares, Inc.
Financial Highlights
(dollars in thousands, except share and per share amounts)


Consolidated Condensed Statement of Operations







Three Months Ended



March 31,



(unaudited)



2020


2019







Interest and dividend income

$        25,002


$        24,584


Interest expense

2,887


2,865


Net interest income

22,115


21,719


Provision for loan losses

2,126


-


Net interest income after provision

19,989


21,719


Noninterest income

6,876


6,284


Noninterest expense

17,856


16,449


Income before taxes

9,009


11,554


Income tax expense

1,176


1,885


Net income 

7,833


9,669


Preferred stock dividends 

-


164


Net income  available 





to common shareholders

$          7,833


$          9,505







Dividends per common share

$            0.11


$            0.09







Earnings per common share,





basic

$            0.47


$            0.61


diluted

$            0.47


$            0.57







Average shares outstanding,





basic

16,517,745


15,607,655


diluted

16,517,745


16,901,830







Selected financial ratios:





Return on average assets

1.22%


1.72%


Return on average equity

9.47%


13.00%


Dividend payout ratio

23.20%


14.53%


Net interest margin (tax equivalent)

4.10%


4.45%


 

 Selected Balance Sheet Items 






 March 31, 


 December 31, 


2020


2019






 (unaudited) 


 (unaudited) 

 Cash and due from financial institutions 

$              256,023


$                48,535

 Investment securities 

366,689


359,690

 Loans held for sale 

7,632


2,285

 Loans 

1,743,125


1,708,970

 Less allowance for loan losses 

16,948


14,767

 Net loans 

1,726,177


1,694,203

 Other securities 

20,280


20,280

 Premises and equipment, net 

22,443


22,871

 Goodwill and other intangibles 

84,919


85,156

 Bank owned life insurance 

45,249


44,999

 Other assets 

46,444


31,538

 Total assets 

$           2,575,856


$           2,309,557





 Total deposits 

$           1,991,939


$           1,678,764

 Federal Home Loan Bank advances 

142,000


226,500

 Securities sold under agreements to repurchase 

22,699


18,674

 Subordinated debentures 

29,427


29,427

 Accrued expenses and other liabilities 

61,624


26,066

 Total shareholders' equity 

328,167


330,126

 Total liabilities and shareholders' equity 

$           2,575,856


$           2,309,557





 Shares outstanding at period end 

16,064,010


16,687,542





 Book value per share 

$                  20.43


$                  19.78

 Equity to asset ratio 

12.74%


14.29%





Selected asset quality ratios:




Allowance for loan losses to total loans

0.97%


0.86%

Non-performing assets to total assets

0.33%


0.39%

Allowance for loan losses to non-performing loans

197.97%


161.95%





Non-performing asset analysis




Nonaccrual loans

$                  6,072


$                  6,115

Troubled debt restructurings

2,489


3,004

Other real estate owned

-


-

Total

$                  8,561


$                  9,119

 

Supplemental Financial Information

(Unaudited - Dollars in thousands except share data)












March 31,


December 31,


September 30,


June 30,


March 31,

End of Period Balances

2020


2019


2019


2019


2019











Assets










Cash and due from banks

$     256,023


$       48,535


$       62,219


$       49,839


$     164,094

Investment securities

366,689


359,690


356,439


360,512


351,006

Loans held for sale

7,632


2,285


8,983


2,563


1,444

Loans

1,743,125


1,708,970


1,648,640


1,598,770


1,573,193

Allowance for loan losses

(16,948)


(14,767)


(14,144)


(13,786)


(13,822)

Net Loans

1,726,177


1,694,203


1,634,496


1,584,984


1,559,371

Other securities

20,280


20,280


20,280


20,280


20,280

Premises and equipment, net

22,443


22,871


22,201


21,720


21,772

Goodwill and other intangibles

84,919


85,156


85,461


85,706


85,955

Bank owned life insurance

45,249


44,999


44,745


44,491


44,239

Other assets

46,444


31,538


34,241


32,900


29,541

Total Assets

$  2,575,856


$  2,309,557


$  2,269,065


$  2,202,995


$  2,277,702











Liabilities










Total deposits

$  1,991,939


$  1,678,764


$  1,632,621


$  1,632,720


$  1,765,801

Federal Home Loan Bank advances

142,000


226,500


236,100


176,300


127,100

Securities sold under agreement to repurchase

22,699


18,674


15,088


15,554


21,970

Subordinated debentures

29,427


29,427


29,427


29,427


29,427

Accrued expenses and other liabilities

61,624


26,066


26,566


24,782


21,347

Total liabilities

2,247,689


1,979,431


1,939,802


1,878,783


1,965,645











Shareholders' Equity










Preferred shares, Series B

-


-


9,158


9,364


9,364

Common shares

276,546


276,422


267,559


267,275


266,990

Retained earnings

73,972


67,974


62,023


56,199


49,421

Treasury shares

(32,239)


(21,144)


(21,144)


(17,235)


(17,235)

Accumulated other comprehensive income

9,888


6,874


11,667


8,609


3,517

Total shareholders' equity

328,167


330,126


329,263


324,212


312,057











Total Liabilities and Shareholders' Equity

$  2,575,856


$  2,309,557


$  2,269,065


$  2,202,995


$  2,277,702











Quarterly Average Balances










Assets:










Earning assets

$  2,232,168


$  2,070,175


$  2,021,780


$  1,986,841


$  2,017,523

Securities

385,187


372,639


379,525


373,999


365,219

Loans

1,725,685


1,676,769


1,626,010


1,583,533


1,564,208

Liabilities and Shareholders' Equity










Total deposits

$  1,975,133


$  1,661,452


$  1,622,527


$  1,670,247


$  1,807,102

Interest-bearing deposits

1,175,593


1,160,499


1,139,632


1,129,964


1,126,173

Other interest-bearing liabilities

209,909


252,908


246,235


186,140


148,891

Total shareholders' equity

332,602


329,634


326,103


315,438


301,656











 

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

2020


2019


2019


2019


2019











Total interest and dividend income

$         25,002


$         24,521


$         24,023


$         24,926


$         24,584

Total interest expense

2,887


3,299


3,605


3,184


2,865

Net interest income

22,115


21,222


20,418


21,742


21,719

Provision for loan losses

2,126


885


150


-


-

Noninterest income

6,876


5,627


5,429


5,104


6,284

Noninterest expense

17,856


17,128


16,731


16,639


16,449

Income before taxes

9,009


8,836


8,966


10,207


11,554

Income tax expense

1,176


995


1,258


1,546


1,885

Net income

7,833


7,841


7,708


8,661


9,669

Preferred stock dividends

-


157


162


164


164

Net income available to 










common shareholders

$           7,833


$           7,684


$           7,546


$           8,497


$           9,505











Common shares dividend paid

$           1,835


$           1,702


$           1,722


$           1,719


$           1,404











Per share data




















Basic earnings per common share

$             0.47


$             0.49


$             0.48


$             0.54


$             0.61

Diluted earnings per common share

0.47


0.47


0.46


0.51


0.57

Dividends per common share

0.11


0.11


0.11


0.11


0.09

Average common shares outstanding - basic

16,517,745


15,796,713


15,577,371


15,628,537


15,607,655

Average common shares outstanding - diluted

16,517,745


16,734,391


16,849,887


16,922,712


16,901,830











Asset quality










Allowance for loan losses, beginning of period

$         14,767


$         14,144


$         13,786


$         13,822


$         13,679

Charge-offs

(24)


(345)


(36)


(156)


(239)

Recoveries

79


83


244


120


382

Provision

2,126


885


150


-


-

Allowance for loan losses, end of period

$         16,948


$         14,767


$         14,144


$         13,786


$         13,822











Ratios










Allowance to total loans

0.97%


0.86%


0.86%


0.86%


0.88%

Allowance to nonperforming assets

197.97%


161.95%


149.91%


164.69%


150.60%

Allowance to nonperforming loans

197.97%


161.95%


149.91%


164.69%


150.60%











Nonperforming assets










Nonperforming loans

$           8,561


$           9,119


$           9,435


$           8,371


$           9,178

Other real estate owned

-


-


-


-


-

Total nonperforming assets

$           8,561


$           9,119


$           9,435


$           8,371


$           9,178











Capital and liquidity










Tier 1 leverage ratio

10.66%


12.35%


12.37%


12.44%


11.64%

Tier 1 risk-based capital ratio

14.33%


15.26%


15.50%


15.94%


15.64%

Total risk-based capital ratio

15.25%


16.10%


16.32%


16.78%


16.48%

Tangible common equity ratio (1)

9.82%


11.08%


10.81%


10.89%


9.96%











(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,


2020


2019


2019


2019


2019











Tangible Common Equity










Total Shareholder's Equity - GAAP

$       328,167


$       330,126


$       329,263


$       324,212


$       312,057

Less: Preferred Equity

-


-


9,158


9,364


9,364

Less: Goodwill and intangible assets

83,363


83,595


83,829


84,064


84,299

Tangible common equity (Non-GAAP)

$       244,804


$       246,531


$       236,276


$       230,784


$       218,394











Total Shares Outstanding

16,064,010


16,687,542


15,473,275


15,633,059


15,624,113











Tangible book value per share

$           15.24


$           14.77


$           15.27


$           14.76


$           13.98











Tangible Assets










Total Assets - GAAP

$    2,575,856


$    2,309,557


$    2,269,065


$    2,202,995


$    2,277,702

Less: Goodwill and intangible assets

83,363


83,595


83,829


84,064


84,299

Tangible assets (Non-GAAP)

$    2,492,493


$    2,225,962


$    2,185,236


$    2,118,931


$    2,193,403











Tangible common equity to tangible assets

9.82%


11.08%


10.81%


10.89%


9.96%

 

 

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SOURCE Civista Bancshares, Inc.

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