Civista Bancshares, Inc. Announces 2017 Earnings

2018-01-26 06:43:06

(MENAFNEditorial) SANDUSKY, Ohio, Jan. 26, 2018 /PRNewswire/ --Civista Bancshares, Inc. (NASDAQ: ) ("Civista") reported net income available to common shareholders of $3.7 million, or $0.32 per diluted share, for the fourth quarter of 2017, compared with $3.3 million, or $0.33 per diluted share, for the prior year period. For the year ended December 31, 2017, Civista reported net income available to common shareholders of $14.6 million or $1.28 per diluted share, compared to $15.7 million, or $1.57 per diluted share, in the same period of 2016. The fourth quarter and year ended December 31, 2017 results included two loan recoveries which added $252 thousand, after tax. The 2016 results for twelve-month period were impacted by a large loan recovery that resulted in approximately $1.5 million net income 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. The 2017 impact of the Tax Cut and Jobs Act was a net write down of $511 thousand, or approximately $0.05 per diluted share of net deferred tax assets.

"2017 was another strong year for Civista. We had many financial and non-financial accomplishments. When you remove the noise from the loan recoveries both in 2016 and 2017 and the tax expense impact of the Tax Cut and Jobs Act, our net income is up $389 thousand. We had a very successful $32.8 million capital raise in February which was largely oversubscribed. We have invested in a loan production office in Westlake and added lenders in our more vibrant markets. Our loan growth for the year was 10.3%. We were successful in improving our CRA rating, which allows us to pursue acquisitions again. Finally, we have completed our CEO succession with the retirement of Jim Miller. We thank Jim for his 31 years of service and look forward to his continued involvement on our board," said Dennis G. Shaffer, President and CEO of Civista.

Results of Operations:

Net interest income for the fourth quarter of 2017 increased $2.0 million, or 16.0% compared to the same period of 2016 and for the year ended December 31 increased $4.2 million, or 8.4%, compared to 2016. An increase in average loans outstanding primarily contributed to the increase in interest income for the fourth quarter and year ended 2017. The net interest income for the fourth quarter of 2017 included approximately $387 thousand of recovered interest income on two previously nonaccrual loans, which resulted in approximately 10 basis points of additional net interest margin for the fourth quarter and 2 basis points for the year ended 2017. The net interest income for the twelve-month period in 2016 included approximately $919 thousand of recovered interest income on a previous nonaccrual loan, which resulted in approximately 9 basis points of additional net interest margin. An increase in market interest rates and an increase in brokered deposits contributed to the increase in interest expense. The Federal Reserve increased short-term interest rates 75 basis points during 2017. Tax equivalent net interest margin was 4.24% for the fourth quarter, compared to 4.05% for the same period a year ago and was 4.01% for the twelve months ended December 31, 2017, compared to 3.93% for the same period a year ago.

Average Balance Analysis

(Unaudited - Dollars in thousands except share data)

Three Months Ended December 31,

2017

2016

Average

Yield/

Average

Yield/

Assets:

balance

Interest

rate *

balance

Interest

rate *

Interest-earning assets:

Loans

$ 1,152,595

$ 13,987

4.82%

$ 1,044,121

$ 11,875

4.53%

Taxable securities

145,594

981

2.69%

133,617

825

2.49%

Non-taxable securities

98,029

846

5.43%

77,841

687

5.55%

Interest-bearing deposits in other banks

12,261

0.81%

19,349

0.41%

Total interest-earning assets

$ 1,408,479

15,839

4.61%

$ 1,274,928

13,407

4.31%

Noninterest-earning assets:

Cash and due from financial institutions

22,984

23,159

Premises and equipment, net

17,864

17,820

Accrued interest receivable

5,440

4,935

Intangible assets

28,416

28,985

Other assets

7,450

10,958

Bank owned life insurance

25,031

24,456

Less allowance for loan losses

(12,985)

(13,359)

Total Assets

$ 1,502,679

$ 1,371,882

Liabilities and Shareholders' Equity:

Interest-bearing liabilities:

Demand and savings

$ 592,643

$ 182

0.12%

$ 572,092

$ 126

0.08%

Time

256,780

660

1.02%

216,457

390

0.72%

FHLB

44,921

161

1.42%

19,589

1.89%

Federal funds purchased

0.00%

0.86%

Subordinated debentures

29,427

269

3.63%

29,427

234

3.16%

Repurchase agreements

17,156

0.09%

23,996

0.10%

Total interest-bearing liabilities

$ 940,938

1,276

0.54%

$ 861,561

849

0.39%

Noninterest-bearing deposits

369,079

358,802

Other liabilities

10,167

13,802

Shareholders' equity

182,495

137,717

Total Liabilities and Shareholders' Equity

$ 1,502,679

$ 1,371,882

Net interest income and interest rate spread

$ 14,563

4.07%

$ 12,558

3.92%

Net interest margin

4.24%

4.05%

* - Interest yields are calculated using a 35% tax-equivalent adjustment

Average Balance Analysis

(Unaudited - Dollars in thousands except share data)

Twelve Months Ended December 31,

2017

2016

Average

Yield/

Average

Yield/

Assets:

balance

Interest

rate *

balance

Interest

rate *

Interest-earning assets:

Loans

$ 1,109,069

$ 51,198

4.62%

$ 1,025,908

$ 47,186

4.60%

Taxable securities

144,685

3,745

2.62%

137,179

3,319

2.47%

Non-taxable securities

89,564

3,153

5.59%

76,317

2,666

5.61%

Interest-bearing deposits in other banks

61,859

498

0.81%

82,225

396

0.48%

Total interest-earning assets

$ 1,405,177

58,594

4.30%

$ 1,321,629

53,567

4.18%

Noninterest-earning assets:

Cash and due from financial institutions

45,801

49,888

Premises and equipment, net

18,027

17,101

Accrued interest receivable

4,697

4,432

Intangible assets

28,605

29,213

Other assets

12,374

10,230

Bank owned life insurance

24,819

23,449

Less allowance for loan losses

(13,113)

(14,225)

Total Assets

$ 1,526,387

$ 1,441,717

Liabilities and Shareholders' Equity:

Interest-bearing liabilities:

Demand and savings

$ 585,218

$ 595

0.10%

$ 566,589

$ 470

0.08%

Time

200,797

1,747

0.87%

209,093

1,526

0.73%

FHLB

54,100

695

1.28%

28,081

405

1.44%

Federal funds purchased

119

1.68%

116

0.86%

Subordinated debentures

29,427

1,035

3.52%

29,427

884

3.00%

Repurchase agreements

18,234

0.10%

21,767

0.10%

Total interest-bearing liabilities

$ 887,895

4,092

0.46%

$ 855,073

3,308

0.39%

Noninterest-bearing deposits

450,648

434,601

Other liabilities

15,081

18,598

Shareholders' equity

172,763

133,445

Total Liabilities and Shareholders' Equity

$ 1,526,387

$ 1,441,717

Net interest income and interest rate spread

$ 54,502

3.84%

$ 50,259

3.79%

Net interest margin

4.01%

3.93%

* - Interest yields are calculated using a 35% tax-equivalent adjustment

No provision for loan losses was made during 2017 and a credit provision of $1.3 million was recorded for the twelve months ended December 31, 2016 due to a large loan recovery.

During the quarter, noninterest income totaled $3.6 million, an increase of $487 thousand, compared to the prior year's fourth quarter. Year-to-date noninterest income totaled $16.3 million, an increase of $202 thousand, or 1.3%, compared to the prior year.

Noninterest income

(dollars in thousands)

Three months ended
December 31,

Twelve months ended
December 31,

2017

2016

2017

2016

Service charges

$ 1,168

$ 1,118

$ 4,777

$ 4,832

Net gain on sale of securities

(1)

Net gain on sale of loans

538

409

1,745

1,750

ATM/Interchange fees

661

510

2,304

2,094

Wealth management fees

835

689

3,068

2,678

Bank owned life insurance

144

148

573

563

Tax refund processing fees

2,750

Other

263

270

1,105

1,446

Total noninterest income

$ 3,630

$ 3,143

$ 16,334

$ 16,132

Gain on sale of loans increased $129 thousand, or 31.5%, for the quarter ended December 31, 2017 compared to 2016. ATM/Interchange fees increased $151 thousand and $210 thousand for the quarter and year ended December 31, 2017, primarily due to $100 thousand incentive received related the 2017 debit card conversion. Wealth management fees increased $146 thousand, or 21.2%, and $390 thousand, or 14.6%, for the quarter and year ended December 31, 2017 due to increased assets under management as well as market conditions. Assets under management have increased $17.0 million since the end of the third quarter 2017 and $48.8 million during 2017. Other income decreased $341 for the year ended December 31, 2017, compared to 2016, primarily due to a $173 thousand decrease in swap income and a $180 thousand decrease in gain/loss on sale of OREO properties.

During the quarter, noninterest expense totaled $12.4 million, an increase of $1.7 million, or 15.7%, compared to the prior year's fourth quarter. Year-to-date noninterest expense increased $4.7 million, or 10.8%, when compared to the twelve months of 2016.

Noninterest expense

(dollars in thousands)

Three months ended
December 31,

Twelve months ended
December 31,

2017

2016

2017

2016

Compensation expense

$ 7,569

$ 6,270

$ 29,253

$ 25,323

Net occupancy and equipment

1,154

1,174

4,253

4,341

Contracted data processing

664

399

1,838

1,546

Taxes and assessments

345

228

1,526

1,534

Professional services

582

445

2,300

1,895

Amortization of intangible assets

104

172

586

699

Marketing

119

817

929

Other

1,920

1,895

8,031

7,588

Total noninterest expense

$ 12,387

$ 10,702

$ 48,604

$ 43,855

Compensation expense increased $1.3 million for the fourth quarter and $3.9 million for the year ending December 31, 2017.

The increases in compensation expense for both periods were due to an increase of fourteen full time equivalent employees, $864 thousand and $2.6 million of normal merit raises, commissions and incentives, $186 thousand and $526 thousand of insurance costs and $259 thousand and $740 thousand of pension expense. The pension expense increases are due to a pension curtailment incurred upon the retirement of some senior executives. Professional services costs increased $137 thousand for the fourth quarter and $405 thousand for the year ended December 31, 2017, primarily attributable to the Company retaining professional services to analyze its' workflow systems and recommend process improvements and the reintroduction of state examination fees. Other expenses increased $443 thousand for the year ended December 31, 2017. Approximately $243 thousand of the increase is attributable to ATM/Interchange expenses, due to vendor credits that expired in the second quarter of 2016 and unreimbursed expenses related to the 2017 debit card conversion.

The efficiency ratio was 67.0% for the twelve months ended December 31, 2017 compared to 64.7% for the twelve months ended December 31, 2016. The increase in the efficiency ratio is due primarily to the increase in noninterest expense, partially offset by an increase in net interest income.

Balance Sheet

Total assets increased $148.6 million, or 10.8%, from December 31, 2016 to December 31, 2017, primarily due to an increase in the loan portfolio of $109.2 million and an increase in investment securities of $35.2 million.

The $109.2 million, or 10.3%, increase in the loan portfolio from December 31, 2016 to December 31, 2017, continues to come from growth in our Commercial and Agriculture, Commercial Real Estate and Residential Real Estate loan portfolios. The majority of the loan growth continued to come from our metropolitan markets. Real Estate Construction loans also increased this year, due to very successful development lending and multi-family projects.

End of period loan balances

(dollars in thousands)

December 31,

2017

2016

$ Change

% Change

Commercial and Agriculture

$ 152,473

$ 135,462

$ 17,011

12.6%

Commercial Real Estate:

Owner Occupied

164,099

161,364

2,735

1.7%

Non-owner Occupied

425,623

395,931

29,692

7.5%

Residential Real Estate

268,735

247,308

21,427

8.7%

Real Estate Construction

97,531

56,293

41,238

73.3%

Farm Real Estate

39,461

41,170

(1,709)

-4.2%

Consumer and Other

16,739

17,978

(1,239)

-6.9%

Total Loans

$ 1,164,661

$ 1,055,506

$ 109,155

10.3%

Total deposits increased $83.8 million, or 7.5%, from December 31, 2016 to December 31, 2017. The increase was due primarily to $67.4 million of additional brokered deposits. Brokered deposits are used to fund loan growth.

End of period deposit balances

(dollars in thousands)

December 31,

2017

2016

$ Change

% Change

Noninterest-bearing demand

$ 361,964

$ 345,588

$ 16,376

4.7%

Interest-bearing demand

183,680

183,759

(79)

0.0%

Savings and money market

404,690

384,330

20,360

5.3%

Time deposits

138,557

158,774

(20,217)

-12.7%

Brokered deposits

116,032

48,652

67,380

138.5%

Total Deposits

$ 1,204,923

$ 1,121,103

$ 83,820

7.5%

Federal Home Loan Bank advances increased $23.4 million or 48.2% from December 31, 2016 to December 31, 2017, primarily to fund loan growth.

Total shareholders' equity increased $46.8 million, or 34.0%, from December 31, 2016 to December 31, 2017, primarily due to approximately $32.8 million of additional common equity raised in February. Retained earnings also increased by $12.4 million.

Asset Quality

The Company recorded net charge-offs of $171 thousand for the twelve months of 2017 compared to net recoveries of $244 thousand for the same period of 2016.

Allowance for Loan Losses

(dollars in thousands)

December 31,

2017

2016

Beginning of period

$ 13,305

$ 14,361

Charge-offs

(942)

(1,826)

Recoveries

771

2,070

Provision

(1,300)

End of period

$ 13,134

$ 13,305

The allowance for loan losses to loans was 1.13% for 2017 and 1.26% for 2016. The decrease is due to the loan growth during 2017. Asset quality improved with non-performing assets to assets ratio decreasing to 0.63% from 0.85% in 2016. The allowance for loan losses to non-performing loans increased to 137.82% from 113.74% in 2016.

Non-performing assets at December 31, 2017 were $9.5 million, an 18.7% decrease from December 31, 2016.

Non-performing Assets

(dollars in thousands)

December 31,

2017

2016

Non-accrual loans

$ 6,642

$ 7,518

Restructured loans

2,888

4,180

Total non-performing loans

9,530

11,698

Other Real Estate Owned

Total non-performing assets

$ 9,546

$ 11,735

Mr. Shaffer continued, "As we close out another successful year we are very pleased with our results. Our core net income is up, our asset quality has continued to improve and we are free from our CRA issue. Our 2018 initiatives will include continued loan growth, maintaining our asset quality, mergers and acquisitions and deposit acquisition strategies."

Civista Bancshares, Inc. is a $1.5 billion financial holding company headquartered in Sandusky, Ohio. The Company's banking subsidiary, Civista Bank, operates 29 locations in Northern, Mid-Central and Southwestern Ohio.

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". The Company's depositary shares, each representing a 1/40th 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, 2016. 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.

Financial Highlights

(dollars in thousands, except share amounts)

Consolidated Condensed Statement of Income

Three Months Ended

Twelve Months Ended

December 31,

(unaudited)

2017

2016

2017

2016

Interest income

15,839

13,407

58,594

53,567

Interest expense

1,276

849

4,092

3,308

Net interest income

14,563

12,558

54,502

50,259

Provision for loan losses

(1,300)

Net interest income after provision

14,563

12,558

54,502

51,559

Noninterest income

3,630

3,143

16,334

16,132

Noninterest expense

12,387

10,702

48,604

43,855

Income before taxes

5,806

4,999

22,232

23,836

Income tax expense

1,826

1,368

6,360

6,619

Net income

3,980

3,631

15,872

17,217

Preferred stock dividends

308

345

1,244

1,501

Net income available

to common shareholders

3,672

3,286

14,628

15,716

Dividends per common share

$ 0.07

$ 0.06

$ 0.25

$ 0.22

Earnings per common share,

basic

$ 0.36

$ 0.40

$ 1.48

$ 1.96

diluted

$ 0.32

$ 0.33

$ 1.28

$ 1.57

Average shares outstanding,

basic

10,179,079

8,274,166

9,906,856

8,010,650

diluted

12,597,396

10,964,108

12,352,616

10,951,212

Selected financial ratios:

Return on average assets

1.05%

1.04%

1.19%

Return on average equity

8.65%

10.49%

9.19%

12.90%

Dividend payout ratio

17.90%

13.67%

15.60%

10.24%

Net interest margin (tax equivalent)

4.24%

4.05%

4.01%

3.93%

Selected Balance Sheet Items

December 31,

2017

2016

(unaudited)

Cash and due from financial institutions

$ 40,519

$ 36,695

Investment securities

231,062

195,864

Loans held for sale

2,197

2,268

Loans

1,164,661

1,055,506

Less allowance for loan losses

13,134

13,305

Net loans

1,151,527

1,042,201

Other securities

14,247

14,055

Fixed assets

17,816

17,920

Goodwill and other intangibles

28,374

28,879

Bank owned life insurance

25,125

24,552

Other assets

14,990

14,829

Total assets

$ 1,525,857

$ 1,377,263

Total deposits

$ 1,204,923

$ 1,121,103

Federal Home Loan Bank advances

71,900

48,500

Securities sold under agreements to repurchase

21,755

28,925

Subordinated debentures

29,427

Accrued expenses and other liabilities

13,391

11,692

Total shareholders' equity

184,461

137,616

Total liabilities and shareholders' equity

$ 1,525,857

$ 1,377,263

Shares outstanding at period end

10,198,475

8,343,509

Book value per share

$ 16.39

$ 14.22

Equity to asset ratio

12.09%

9.99%

Selected asset quality ratios:

Allowance for loan losses to total loans

1.13%

1.26%

Non-performing assets to total assets

0.63%

0.85%

Allowance for loan losses to non-performing loans

137.82%

113.74%

Non-performing asset analysis

Nonaccrual loans

$ 6,642

$ 7,518

Troubled debt restructurings

2,888

4,180

Other real estate owned

Total

$ 9,546

$ 11,735

Supplemental Financial Information

(Unaudited - Dollars in thousands except share data)

December 31,

September 30,

June 30,

March 31,

December 31,

End of Period Balances

2017

2016

Assets

Cash and due from banks

$ 40,519

$ 33,394

$ 39,515

$ 182,446

$ 36,695

Securities available for sale

231,062

229,419

230,197

223,245

195,864

Loans held for sale

2,197

4,662

4,728

1,740

2,268

Loans

1,164,661

1,141,992

1,100,817

1,075,240

1,055,506

Allowance for loan losses

(13,134)

(12,946)

(13,047)

(13,300)

(13,305)

Net Loans

1,151,527

1,129,046

1,087,770

1,061,940

1,042,201

Other securities

14,247

14,225

14,072

14,055

Fixed assets

17,816

17,688

17,777

17,952

17,920

Goodwill and other intangibles

28,374

28,455

28,589

28,727

28,879

Bank owned life insurance

25,125

24,981

24,839

24,696

24,552

Other assets

14,990

14,196

14,375

14,197

14,829

Total Assets

$ 1,525,857

$ 1,496,088

$ 1,462,015

$ 1,569,015

$ 1,377,263

Liabilities

Total deposits

$ 1,204,923

$ 1,201,289

$ 1,164,888

$ 1,311,453

$ 1,121,103

Federal Home Loan Bank advances

71,900

56,750

63,300

15,000

48,500

Securities sold under agreement to repurchase

21,755

15,148

12,730

23,674

28,925

Subordinated debentures

29,427

Accrued expenses and other liabilities

13,391

11,493

12,827

14,724

11,692

Total liabilities

1,341,396

1,314,107

1,283,172

1,394,278

1,239,647

Shareholders' Equity

Preferred shares, Series B

17,358

17,557

17,568

17,708

18,950

Common stock

153,810

153,562

153,495

153,167

118,975

Accumulated earnings

31,652

28,494

25,751

23,073

19,263

Treasury stock

(17,235)

Accumulated other comprehensive income (loss)

(1,124)

(397)

(736)

(1,976)

(2,337)

Total shareholders' equity

184,461

181,981

178,843

174,737

137,616

Total Liabilities and Shareholders' Equity

$ 1,525,857

$ 1,496,088

$ 1,462,015

$ 1,569,015

$ 1,377,263

Quarterly Average Balances

Assets:

Earning assets

$ 1,408,479

$ 1,377,137

$ 1,368,387

$ 1,467,678

$ 1,274,928

Securities

243,623

243,556

238,400

210,962

211,458

Loans

1,152,595

1,122,131

1,092,574

1,067,903

1,044,121

Liabilities and Shareholders' Equity

Total deposits

$ 1,218,502

$ 1,152,235

$ 1,186,640

$ 1,392,109

$ 1,147,351

Interest-bearing deposits

849,423

788,452

737,470

767,794

788,549

Interest-bearing liabilities

91,515

130,057

104,084

81,448

73,012

Total shareholders' equity

182,495

179,925

176,285

151,928

137,717

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

2017

2016

Total interest income

$ 15,839

$ 14,836

$ 14,228

$ 13,692

$ 13,407

Total interest expense

1,276

1,156

861

800

849

Net interest income

14,563

13,680

13,367

12,892

12,558

Provision for loan losses

Noninterest income

3,630

3,465

4,101

5,138

3,143

Noninterest expense

12,387

12,167

12,549

11,502

10,702

Income before taxes

5,806

4,978

4,919

6,528

4,999

Income tax expense

1,826

1,318

1,323

1,893

1,368

Net income

3,980

3,660

3,596

4,635

3,631

Preferred stock dividends

308

319

345

Net income available to common shareholders

$ 3,672

$ 3,352

$ 3,288

$ 4,316

$ 3,286

Common shares dividend paid

$ 712

$ 610

$ 609

$ 507

$ 495

Per share data

Basic net income per common share

$ 0.36

$ 0.33

$ 0.32

$ 0.47

$ 0.40

Diluted net income per common share

0.32

0.29

0.40

0.33

Dividends per common share

0.07

0.06

Average common shares outstanding - basic

10,179,079

10,170,734

10,162,527

9,100,329

8,273,167

Average common shares outstanding - diluted

12,597,396

12,597,299

12,593,876

11,608,333

10,963,109

Asset quality

Allowance for loan losses, beginning of period

$ 12,946

$ 13,047

$ 13,300

$ 13,305

$ 13,451

Charge-offs

(145)

(309)

(357)

(131)

(287)

Recoveries

333

208

104

126

141

Provision

Allowance for loan losses, end of period

$ 13,134

$ 12,946

$ 13,047

$ 13,300

$ 13,305

Ratios

Allowance to total loans

1.13%

1.19%

1.24%

1.26%

Allowance to nonperforming assets

137.58%

117.19%

120.25%

113.48%

113.38%

Allowance to nonperforming loans

137.82%

117.47%

120.54%

114.34%

113.74%

Nonperforming assets

Nonperforming loans

$ 9,530

$ 11,021

$ 10,823

$ 11,632

$ 11,698

Other real estate owned

Total nonperforming assets

$ 9,546

$ 11,048

$ 10,850

$ 11,649

$ 11,735

Capital and liquidity

Tier 1 leverage ratio

12.69%

12.74%

12.50%

11.08%

10.55%

Tier 1 risk-based capital ratio

15.45%

15.54%

15.87%

15.93%

12.98%

Total risk-based capital ratio

16.53%

16.63%

17.01%

17.12%

14.20%

Tangible common equity ratio

10.00%

9.31%

9.30%

8.37%

6.70%

View original content:

SOURCE Civista Bancshares, Inc.

Civista Bancshares, Inc. Announces 2017 Earnings

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