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28.04.2017 14:31:00
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Civista Bancshares, Inc. Announces First Quarter 2017 Earnings
SANDUSKY, Ohio, April 28, 2017 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") reported net income available to common shareholders of $4.3 million, or $0.40 per diluted share, for the first quarter of 2017, compared with $4.3 million, or $0.43 per diluted share, for the prior year period.
"The first quarter of 2017 has provided a very solid start to the year. During the quarter we successfully raised $35 million in common stock, which was hugely oversubscribed. We opened a new loan production office in Westlake, Ohio. We grew our loan balances at an annualized rate of 7.6% and have maintained stable asset quality," said James O. Miller, Chairman, President and CEO of Civista.
Results of Operations:
Net interest income for the first quarter of 2017 increased $657 thousand, or 5.4% compared to the same period of 2016. For the three-month period ended March 31, an increase in average loans outstanding primarily contributed to the increase in interest income compared to 2016. Tax equivalent net interest margin was 3.67% for the first quarter, compared to 3.53% for the same period a year ago. Net interest margin was reduced in both periods due to the impact of additional interest-earning cash on deposit related to the tax refund processing program. The impact to net interest margin related to the tax refund processing program in the first quarter was a reduction of 32 basis points in 2017 and 49 basis points in 2016.
Summary Average Balance Sheet | |||||||||||
(Tax-equivalent basis / dollars in thousands) | |||||||||||
Three months ended March 31, | |||||||||||
2017 | 2016 | ||||||||||
Average balance | Interest | Yield / rate | Average balance | Interest | Yield / rate | ||||||
Assets | |||||||||||
Loans | $ 1,067,903 | $ 11,777 | 4.47% | $ 1,000,720 | $ 11,317 | 4.55% | |||||
Securities | 210,962 | 1,559 | 3.77% | 211,995 | 1,456 | 3.54% | |||||
Interest-bearing deposits | 188,813 | 356 | 0.76% | 227,738 | 280 | 0.49% | |||||
Total interest earning assets | $ 1,467,678 | $ 13,692 | 3.89% | $ 1,440,453 | $ 13,053 | 3.76% | |||||
Liabilities | |||||||||||
Int-bearing demand and savings | $ 577,809 | $ 123 | 0.09% | $ 556,240 | $ 113 | 0.08% | |||||
Time deposits | 189,985 | 342 | 0.73% | 209,550 | 377 | 0.72% | |||||
FHLB advances and other borrowings | 81,448 | 335 | 1.66% | 91,724 | 328 | 1.44% | |||||
Total interest-bearing liabilities | $ 849,242 | $ 800 | 0.38% | $ 857,514 | $ 818 | 0.38% | |||||
Noninterest-bearing deposits | $ 624,315 | $ 608,085 | |||||||||
Net interest income and interest rate spread | $ 12,892 | 3.51% | $ 12,235 | 3.38% | |||||||
Net interest margin | 3.67% | 3.53% | |||||||||
No provision for loan losses was made for the first quarter of 2017 or 2016.
During the first quarter 2017, noninterest income totaled $5.1 million, compared to $5.3 million for the prior year's first quarter.
Noninterest income | |||
(dollars in thousands) | Three months ended | ||
2017 | 2016 | ||
Service charges | $ 1,045 | $ 1,129 | |
Net gain on sale of securities | - | (5) | |
Net gain on sale of loans | 257 | 394 | |
ATM fees | 510 | 508 | |
Wealth management fees | 707 | 634 | |
Tax refund processing fees | 2,200 | 2,200 | |
Other | 419 | 400 | |
Total noninterest income | $ 5,138 | $ 5,260 | |
Service charge income decreased $84 thousand, or 7.4%, for the three-month period primarily due to an increase in the business account earnings credits. Overdraft charges were also down, related to consumer account activity. Gain on sale of loans decreased $137 thousand for the three-month period ended March 31, due partially to a lesser volume of loans sold this year. Additionally, the first quarter of 2016 included a gain associated with Commercial loans which totaled $77 thousand. Wealth management fees increased $73 thousand for the three-month period as assets under management have increased $26.7 million since the end of the first quarter 2016. Tax refund processing fees remained unchanged.
Noninterest expense totaled $11.5 million for the first quarter 2017, an increase of $595 thousand, or 5.5%, compared to the prior year's first quarter.
Noninterest expense | |||
(dollars in thousands) | Three months ended | ||
2017 | 2016 | ||
Salaries, Wages and benefits | $ 7,118 | $ 6,324 | |
Net occupancy and equipment | 987 | 927 | |
Contracted data processing | 388 | 355 | |
Taxes and assessments | 422 | 470 | |
Professional services | 451 | 501 | |
Amortization of intangible assets | 167 | 183 | |
Marketing | 252 | 287 | |
Other | 1,717 | 1,860 | |
Total noninterest expense | $ 11,502 | $ 10,907 | |
Salaries, wages and benefits expense increased $794 thousand for the first quarter 2017, compared to last year. The increases in salaries, wages and benefits expense were due to additional employees, normal merit raises, and an increase in benefit costs. Net occupancy and equipment increased $60 thousand for the three-month period ended March 31 2017, due primarily to repair and maintenance expense.
The efficiency ratio was 62.5% during the first quarter 2017 compared to 61.1% for 2016.
Balance Sheet
Total assets increased $191.8 million, or 13.9%, from December 31, 2016 to March 31, 2017, due increased cash balances of $145.0 million, primarily related to the tax refund processing program, an increase in the loan portfolio of $19.7 million and an increase in investment securities of $27.4 million.
The $19.7 million, or 1.9%, increase in the loan portfolio from December 31, 2016 to March 31, 2017 continues to come from growth in our Commercial and Agriculture, Commercial Real Estate and Residential Real Estate loan portfolios.
End of period loan balances | |||||||
(dollars in thousands) | |||||||
March 31, | December 31, | ||||||
2017 | 2016 | $ Change | % Change | ||||
Commercial and Agriculture | $ 139,449 | $ 135,462 | $ 3,987 | 2.9% | |||
Commercial Real Estate: | |||||||
Owner Occupied | 167,904 | 161,364 | 6,540 | 4.1% | |||
Non-owner Occupied | 400,411 | 395,931 | 4,480 | 1.1% | |||
Residential Real Estate | 255,578 | 247,308 | 8,270 | 3.3% | |||
Real Estate Construction | 55,266 | 56,293 | (1,027) | -1.8% | |||
Farm Real Estate | 38,035 | 41,170 | (3,135) | -7.6% | |||
Consumer and Other | 18,597 | 17,978 | 619 | 3.4% | |||
Total Loans | $ 1,075,240 | $ 1,055,506 | $ 19,734 | 1.9% |
Mr. Miller continued, "We normally see a decrease in loans during the first quarter of the year. The first quarter of 2017 we saw a 1.9%, or 7.6% annualized, increase. The addition of several lenders and the opening of the Westlake, Ohio loan production office have provided a good foundation for growth. Our loan pipeline remains strong heading into the second quarter."
Total deposits increased $190.4 million, or 17.0%, from December 31, 2016 to March 31, 2017. The increase was due primarily to the additional cash balances related to the tax refund processing program.
End of period deposit balances | |||||||
(dollars in thousands) | |||||||
March 31, | December 31, | ||||||
2017 | 2016 | $ Change | % Change | ||||
Noninterest-bearing demand | $ 569,749 | $ 345,588 | $ 224,161 | 64.9% | |||
Interest-bearing demand | 183,370 | 183,759 | (389) | -0.2% | |||
Savings and money market | 393,547 | 384,330 | 9,217 | 2.4% | |||
Time deposits | 164,787 | 207,426 | (42,639) | -20.6% | |||
Total Deposits | $ 1,311,453 | $ 1,121,103 | $ 190,350 | 17.0% |
Federal Home Loan Bank advances decreased $33.5 million or 69.1% from December 31, 2016 to March 31, 2017, primarily due to the increase in deposits.
Total shareholders' equity increased $37.1 million, or 27.0%, from December 31, 2016 to March 31, 2017 primarily due to approximately $32.8 million of additional common equity raised in February. Retained earnings also increased by $3.8 million.
Asset Quality
The Company recorded net charge-offs of $5 thousand for the first quarter of 2017 compared to net recoveries of $72 thousand for the same period of 2016.
Allowance for Loan Losses | |||
(dollars in thousands) | |||
March 31, | March 31, | ||
2017 | 2016 | ||
Beginning of period | $ 13,305 | $ 14,361 | |
Charge-offs | (131) | (126) | |
Recoveries | 126 | 198 | |
Provision | - | - | |
End of period | $ 13,300 | $ 14,433 |
Nonperforming assets at March 31, 2017 were $11.7 million, a small decrease from December 31, 2016.
Non-performing Assets | |||
(dollars in thousands) | March 31, | December 31, | |
2017 | 2016 | ||
Non-accrual loans | $ 7,950 | $ 7,518 | |
Restructured loans | 3,682 | 4,180 | |
Total non-performing loans | 11,632 | 11,698 | |
Other Real Estate Owned | 17 | 37 | |
Total non-performing assets | $ 11,649 | $ 11,735 |
Civista Bancshares, Inc. is a $1.6 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 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 1/40th 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 | |||
March 31, | |||
(unaudited) | |||
2017 | 2016 | ||
Interest income | 13,692 | 13,053 | |
Interest expense | 800 | 818 | |
Net interest income | 12,892 | 12,235 | |
Provision for loan losses | - | - | |
Net interest income after provision | 12,892 | 12,235 | |
Noninterest income | 5,138 | 5,260 | |
Noninterest expense | 11,502 | 10,907 | |
Income before taxes | 6,528 | 6,588 | |
Income tax expense | 1,893 | 1,863 | |
Net income | 4,635 | 4,725 | |
Preferred stock dividends | 319 | 391 | |
Net income available | |||
to common shareholders | 4,316 | 4,334 | |
Dividends per common share | $ 0.06 | $ 0.05 | |
Earnings per common share, | |||
basic | $ 0.47 | $ 0.55 | |
diluted | $ 0.40 | $ 0.43 | |
Average shares outstanding, | |||
basic | 9,100,329 | 7,845,768 | |
diluted | 11,608,333 | 10,924,013 | |
Selected financial ratios: | |||
Return on average assets | 1.15% | 1.17% | |
Return on average equity | 12.37% | 14.97% | |
Dividend payout ratio | 11.78% | 8.30% | |
Net interest margin (tax equivalent) | 3.67% | 3.53% | |
Selected Balance Sheet Items | |||
March 31, | December 31, | ||
2017 | 2016 | ||
(unaudited) | (unaudited) | ||
Cash and due from financial institutions | $ 182,446 | $ 36,695 | |
Investment securities | 223,245 | 195,864 | |
Loans held for sale | 1,740 | 2,268 | |
Loans | 1,075,240 | 1,055,506 | |
Less allowance for loan losses | 13,300 | 13,305 | |
Net loans | 1,061,940 | 1,042,201 | |
Other securities | 14,072 | 14,055 | |
Fixed assets | 17,952 | 17,920 | |
Goodwill and other intangibles | 28,727 | 28,879 | |
Bank owned life insurance | 24,696 | 24,552 | |
Other assets | 14,197 | 14,829 | |
Total assets | $ 1,569,015 | $ 1,377,263 | |
Total deposits | $ 1,311,453 | $ 1,121,103 | |
Federal Home Loan Bank advances | 15,000 | 48,500 | |
Securities sold under agreements to repurchase | 23,674 | 28,925 | |
Subordinated debentures | 29,427 | 29,427 | |
Accrued expenses and other liabilities | 14,724 | 11,692 | |
Total shareholders' equity | 174,737 | 137,616 | |
Total liabilities and shareholders' equity | $ 1,569,015 | $ 1,377,263 | |
Shares outstanding at period end | 10,143,070 | 8,343,509 | |
Book value per share | $ 15.48 | $ 14.22 | |
Equity to asset ratio | 11.14% | 9.99% | |
Selected asset quality ratios: | |||
Allowance for loan losses to total loans | 1.24% | 1.26% | |
Non-performing assets to total assets | 0.74% | 0.85% | |
Allowance for loan losses to non-performing loans | 114.34% | 113.74% | |
Non-performing asset analysis | |||
Nonaccrual loans | $ 7,950 | $ 7,518 | |
Troubled debt restructurings | 3,682 | 4,180 | |
Other real estate owned | 17 | 37 | |
Total | $ 11,649 | $ 11,735 | |
Average Balance Analysis | |||||||
(Unaudited - Dollars in thousands except share data) | |||||||
Three Months Ended March 31, | |||||||
2017 | 2016 | ||||||
Average | Yield/ | Average | Yield/ | ||||
Assets: | balance | Interest | rate * | balance | Interest | rate * | |
Interest-earning assets: | |||||||
Loans | $ 1,067,903 | $ 11,777 | 4.47% | $ 1,000,720 | $ 11,317 | 4.55% | |
Taxable securities | 132,152 | 847 | 2.62% | 137,795 | 801 | 2.38% | |
Non-taxable securities | 78,810 | 712 | 5.69% | 74,200 | 655 | 5.69% | |
Interest-bearing deposits in other banks | 188,813 | 356 | 0.76% | 227,738 | 280 | 0.49% | |
Total interest-earning assets | $ 1,467,678 | 13,692 | 3.89% | $ 1,440,453 | 13,053 | 3.76% | |
Noninterest-earning assets: | |||||||
Cash and due from financial institutions | 98,472 | 114,551 | |||||
Premises and equipment, net | 18,124 | 16,871 | |||||
Accrued interest receivable | 3,933 | 4,019 | |||||
Intangible assets | 28,827 | 29,447 | |||||
Other assets | 10,328 | 9,906 | |||||
Bank owned life insurance | 24,602 | 21,562 | |||||
Less allowance for loan losses | (13,311) | (14,504) | |||||
Total Assets | $ 1,638,653 | $ 1,622,305 | |||||
Liabilities and Shareholders' Equity: | |||||||
Interest-bearing liabilities: | |||||||
Demand and savings | $ 577,809 | $ 123 | 0.09% | $ 556,240 | $ 113 | 0.08% | |
Time | 189,985 | 342 | 0.73% | 209,550 | 377 | 0.72% | |
FHLB | 28,440 | 88 | 1.25% | 38,436 | 110 | 1.15% | |
Subordinated debentures | 29,427 | 241 | 3.32% | 29,427 | 212 | 2.90% | |
Repurchase agreements | 23,581 | 6 | 0.10% | 23,861 | 6 | 0.10% | |
Total interest-bearing liabilities | $ 849,242 | 800 | 0.38% | $ 857,514 | 818 | 0.38% | |
Noninterest-bearing deposits | 624,315 | 608,085 | |||||
Other liabilities | 13,168 | 29,730 | |||||
Shareholders' equity | 151,928 | 126,976 | |||||
Total Liabilities and Shareholders' Equity | $ 1,638,653 | $ 1,622,305 | |||||
Net interest income and interest rate spread | $ 12,892 | 3.51% | $ 12,235 | 3.38% | |||
Net interest margin | 3.67% | 3.53% | |||||
* - All yields and costs are presented on an annualized basis | |||||||
Supplemental Financial Information | ||||||||
(Unaudited - Dollars in thousands except share data) | ||||||||
March 31, | December 31, | September 30, | June 30, | March 31, | ||||
End of Period Balances | 2017 | 2016 | 2016 | 2016 | 2016 | |||
Assets | ||||||||
Cash and due from banks | $ 182,446 | $ 36,695 | $ 33,229 | $ 41,772 | $ 214,407 | |||
Securities available for sale | 223,245 | 195,864 | 200,967 | 200,643 | 201,786 | |||
Loans held for sale | 1,740 | 2,268 | 2,827 | 5,167 | 2,193 | |||
Loans | 1,075,240 | 1,055,506 | 1,046,967 | 1,028,922 | 1,005,803 | |||
Allowance for loan losses | (13,300) | (13,305) | (13,451) | (14,547) | (14,433) | |||
Net Loans | 1,061,940 | 1,042,201 | 1,033,516 | 1,014,375 | 991,370 | |||
Other securities | 14,072 | 14,055 | 13,926 | 13,734 | 13,550 | |||
Fixed assets | 17,952 | 17,920 | 17,340 | 16,711 | 16,773 | |||
Goodwill and other intangibles | 28,727 | 28,879 | 29,038 | 29,186 | 29,337 | |||
Bank owned life insurance | 24,696 | 24,552 | 24,404 | 24,255 | 23,218 | |||
Other assets | 14,197 | 14,829 | 17,033 | 14,068 | 14,262 | |||
Total Assets | $ 1,569,015 | $ 1,377,263 | $ 1,372,280 | $ 1,359,911 | $ 1,506,896 | |||
Liabilities | ||||||||
Total deposits | $ 1,311,453 | $ 1,121,103 | $ 1,134,153 | $ 1,115,007 | $ 1,279,780 | |||
Federal Home Loan Bank advances | 15,000 | 48,500 | 35,000 | 47,300 | 17,500 | |||
Securities sold under agreement to repurchase | 23,674 | 28,925 | 21,713 | 17,725 | 24,272 | |||
Subordinated debentures | 29,427 | 29,427 | 29,427 | 29,427 | 29,427 | |||
Accrued expenses and other liabilities | 14,724 | 11,692 | 13,678 | 14,249 | 25,377 | |||
Total liabilities | 1,394,278 | 1,239,647 | 1,233,971 | 1,223,708 | 1,376,356 | |||
Shareholders' Equity | ||||||||
Preferred shares, Series B | 17,708 | 18,950 | 19,776 | 22,124 | 22,273 | |||
Common stock | 153,167 | 118,975 | 118,126 | 115,750 | 115,442 | |||
Accumulated earnings | 23,073 | 19,263 | 16,471 | 13,640 | 9,242 | |||
Treasury stock | (17,235) | (17,235) | (17,235) | (17,235) | (17,235) | |||
Accumulated other comprehensive income (loss) | (1,976) | (2,337) | 1,171 | 1,924 | 818 | |||
Total shareholders' equity | 174,737 | 137,616 | 138,309 | 136,203 | 130,540 | |||
Total Liabilities and Shareholders' Equity | $ 1,569,015 | $ 1,377,263 | $ 1,372,280 | $ 1,359,911 | $ 1,506,896 | |||
Quarterly Average Balances | ||||||||
Assets: | ||||||||
Earning assets | $ 1,467,678 | $ 1,274,928 | $ 1,271,069 | $ 1,301,101 | $ 1,440,453 | |||
Securities | 210,962 | 211,458 | 215,470 | 215,059 | 211,995 | |||
Loans | 1,067,903 | 1,044,121 | 1,042,721 | 1,015,687 | 1,000,720 | |||
Liabilities and Shareholders' Equity | ||||||||
Total deposits | $ 1,392,109 | $ 1,147,351 | $ 1,130,181 | $ 1,191,298 | $ 1,373,875 | |||
Interest-bearing deposits | 767,794 | 788,549 | 782,269 | 765,908 | 765,790 | |||
Interest-bearing liabilities | 81,448 | 73,012 | 84,389 | 68,445 | 91,724 | |||
Total shareholders' equity | 151,928 | 137,717 | 136,737 | 132,267 | 126,976 | |||
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 | 2017 | 2016 | 2016 | 2016 | 2016 | ||||
Total interest income | $ 13,692 | $ 13,407 | $ 13,370 | $ 13,739 | $ 13,053 | ||||
Total interest expense | 800 | 849 | 844 | 799 | 818 | ||||
Net interest income | 12,892 | 12,558 | 12,526 | 12,940 | 12,235 | ||||
Provision for loan losses | - | - | - | (1,300) | - | ||||
Noninterest income | 5,138 | 3,143 | 3,653 | 4,075 | 5,260 | ||||
Noninterest expense | 11,502 | 10,702 | 11,195 | 11,050 | 10,907 | ||||
Income before taxes | 6,528 | 4,999 | 4,984 | 7,265 | 6,588 | ||||
Income tax expense | 1,893 | 1,368 | 1,304 | 2,084 | 1,863 | ||||
Net income | 4,635 | 3,631 | 3,680 | 5,181 | 4,725 | ||||
Preferred stock dividends | 319 | 345 | 374 | 391 | 391 | ||||
Net income available to common shareholders | $ 4,316 | $ 3,286 | $ 3,306 | $ 4,790 | $ 4,334 | ||||
Common shares dividend paid | $ 507 | $ 495 | $ 474 | $ 392 | $ 392 | ||||
Per share data | |||||||||
Basic net income per common share | $ 0.47 | $ 0.40 | $ 0.41 | $ 0.61 | $ 0.55 | ||||
Diluted net income per common share | 0.40 | 0.33 | 0.34 | 0.47 | 0.43 | ||||
Dividends per common share | 0.06 | 0.06 | 0.06 | 0.05 | 0.05 | ||||
Average common shares outstanding - basic | 9,100,329 | 8,273,167 | 8,042,422 | 7,877,119 | 7,845,768 | ||||
Average common shares outstanding - diluted | 11,608,333 | 10,963,109 | 10,965,031 | 10,951,521 | 10,924,013 | ||||
Asset quality | |||||||||
Allowance for loan losses, beginning of period | $ 13,305 | $ 13,451 | $ 14,547 | $ 14,433 | $ 14,361 | ||||
Charge-offs | (131) | (287) | (1,183) | (230) | (126) | ||||
Recoveries | 126 | 141 | 87 | 1,644 | 198 | ||||
Provision | - | - | - | (1,300) | - | ||||
Allowance for loan losses, end of period | $ 13,300 | $ 13,305 | $ 13,451 | $ 14,547 | $ 14,433 | ||||
Ratios | |||||||||
Allowance to total loans | 1.24% | 1.26% | 1.28% | 1.41% | 1.43% | ||||
Allowance to nonperforming assets | 114.17% | 113.38% | 102.71% | 105.20% | 93.12% | ||||
Allowance to nonperforming loans | 114.34% | 113.74% | 103.21% | 106.02% | 93.46% | ||||
Nonperforming assets | |||||||||
Nonperforming loans | $ 11,632 | $ 11,698 | $ 13,033 | $ 13,721 | $ 15,443 | ||||
Other real estate owned | 17 | 37 | 62 | 107 | 56 | ||||
Total nonperforming assets | $ 11,649 | $ 11,735 | $ 13,095 | $ 13,828 | $ 15,499 | ||||
Capital and liquidity | |||||||||
Tier 1 leverage ratio | 11.08% | 10.55% | 10.38% | 9.85% | 8.24% | ||||
Tier 1 risk-based capital ratio | 15.93% | 12.98% | 12.84% | 12.76% | 12.52% | ||||
Total risk-based capital ratio | 17.12% | 14.20% | 14.08% | 14.01% | 13.77% | ||||
Tangible common equity ratio | 8.37% | 6.70% | 6.71% | 6.42% | 5.38% | ||||
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/civista-bancshares-inc-announces-first-quarter-2017-earnings-300447965.html
SOURCE Civista Bancshares, Inc.
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