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Press Release: Civista Bancshares, Inc. Announces -5-

· 02/05/2021 08:30
Federal Home Loan Bank advances 125,000 226,500 Securities sold under agreements to repurchase 28,914 18,674 Subordinated debentures 29,427 29,427 Accrued expenses and other liabilities 40,071 26,066 Total shareholders' equity 350,108 330,126 ---------------- ---------------- Total liabilities and shareholders' equity $ 2,762,918 $ 2,309,557 Shares outstanding at period end 15,898,032 16,687,542 Book value per share $ 22.02 $ 19.78 Equity to asset ratio 12.67% 14.29% Selected asset quality ratios: Allowance for loan losses to total loans 1.22% 0.86% Non-performing assets to total assets 0.27% 0.39% Allowance for loan losses to non-performing loans 343.05% 161.95% Non-performing asset analysis Nonaccrual loans $ 5,399 $ 6,115 Troubled debt restructurings 1,897 3,004 Other real estate owned 31 - ---------------- ---------------- Total $ 7,327 $ 9,119 Supplemental Financial Information (Unaudited - dollars in thousands except share data) December September 31, 30, June 30, March 31, December 31, End of Period Balances 2020 2020 2020 2020 2019 Assets ----------------- Cash and due from banks $ 139,522 $ 194,773 $ 196,520 $ 256,023 $ 48,535 Investment securities 364,350 366,691 369,181 366,689 359,690 Loans held for sale 7,001 13,256 18,523 7,632 2,285 Loans 2,057,502 2,040,940 2,022,965 1,743,125 1,708,970 Allowance for loan losses (25,028) (22,637) (20,420) (16,948) (14,767) ----------- ----------- ----------- ----------- ------------ Net Loans 2,032,474 2,018,303 2,002,545 1,726,177 1,694,203 Other securities 20,537 20,537 20,537 20,280 20,280 Premises and equipment, net 22,580 22,958 23,137 22,443 22,871 Goodwill and other intangibles 84,926 84,896 84,852 84,919 85,156 Bank owned life insurance 45,976 45,732 45,489 45,249 44,999 Other assets 45,552 50,847 51,369 46,444 31,538 ----------- ----------- ----------- ----------- ------------ Total Assets $ 2,762,918 $ 2,817,993 $ 2,812,153 $ 2,575,856 $ 2,309,557 Liabilities ----------------- Total deposits $ 2,189,398 $ 2,068,769 $ 2,069,261 $ 1,991,939 $ 1,678,764 Federal Home Loan Bank advances 125,000 125,000 125,000 142,000 226,500 Securities sold under agreement to repurchase 28,914 25,813 23,608 22,699 18,674 Other borrowings - 183,695 183,695 - - Subordinated debentures 29,427 29,427 29,427 29,427 29,427 Accrued expenses and other liabilities 40,071 43,234 44,549 61,624 26,066 Total liabilities 2,412,810 2,475,938 2,475,540 2,247,689 1,979,431 Shareholders' Equity ----------------- Common shares 277,039 276,940 276,841 276,546 276,422 Retained earnings 93,048 84,628 78,712 73,972 67,974 Treasury shares (34,598) (33,900) (32,594) (32,239) (21,144) Accumulated other comprehensive income 14,619 14,387 13,654 9,888 6,874 Total shareholders' equity 350,108 342,055 336,613 328,167 330,126 Total Liabilities and Shareholders' Equity $ 2,762,918 $ 2,817,993 $ 2,812,153 $ 2,575,856 $ 2,309,557 Quarterly Average Balances Assets: Earning assets $ 2,603,961 $ 2,617,884 $ 2,528,006 $ 2,232,168 $ 2,070,175 Securities 386,179 388,594 386,838 385,187 372,639 Loans 2,072,477 2,040,492 1,972,969 1,725,685 1,676,769 Liabilities and Shareholders' Equity Total deposits $ 2,144,865 $ 2,084,791 $ 2,108,227 $ 1,975,133 $ 1,661,452 Interest-bearing deposits 1,458,967 1,401,318 1,317,336 1,175,593 1,160,499 Other interest-bearing liabilities 278,357 362,965 302,267 209,909 252,908 Total shareholders' equity 343,335 339,278 330,524 332,602 329,634 Supplemental Financial Information (Unaudited - dollars in thousands except share data) Three Months Ended September December 31, 30, June 30, March 31, December 31, Income statement 2020 2020 2020 2020 2019 Total interest and dividend income $ 25,721 $ 24,558 $ 24,584 $ 25,002 $ 24,521 Total interest expense 2,190 2,552 2,509 2,887 3,299 ------------ ------------ ------------ ------------ ------------ Net interest income 23,531 22,006 22,075 22,115 21,222 Provision for loan losses 2,250 2,250 3,486 2,126 885 Noninterest income 7,666 6,786 6,854 6,876 5,627 Noninterest expense 16,968 17,727 18,114 17,856 17,128 ------------ ------------ ------------ ------------ ------------ Income before taxes 11,979 8,815 7,329 9,009 8,836 Income tax expense 1,806 1,133 825 1,176 995 ------------ ------------ ------------ ------------ ------------ Net income 10,173 7,682 6,504 7,833 7,841 Preferred stock dividends - - - - 157 ------------ ------------ ------------ ------------ ------------ Net income available to common shareholders $ 10,173 $ 7,682 $ 6,504 $ 7,833 $ 7,684 Common shares dividend paid $ 1,753 $ 1,766 $ 1,764 $ 1,835 $ 1,702 Per share data Basic earnings per common share $ 0.64 $ 0.48 $ 0.41 $ 0.47 $ 0.49 Diluted earnings per common share 0.64 0.48 0.41 0.47 0.47 Dividends paid per common share 0.11 0.11 0.11 0.11 0.11 Average common shares outstanding - basic 15,915,369 16,045,544 16,044,125 16,517,745 15,796,713 Average common shares outstanding - diluted 15,915,369 16,045,544 16,044,125 16,517,745 16,734,391 Asset quality Allowance for loan losses, beginning of period $ 22,637 $ 20,420 $ 16,948 $ 14,767 $ 14,144 Charge-offs (139) (185) (116) (24) (345) Recoveries 280 152 102 79 83 Provision 2,250 2,250 3,486 2,126 885 ------------ ------------ ------------ ------------ ------------ Allowance for loan losses, end of period $ 25,028 $ 22,637 $ 20,420 $ 16,948 $ 14,767 Ratios Allowance to total loans 1.22% 1.11% 1.01% 0.97% 0.86% Allowance to nonperforming assets 341.59% 292.88% 262.14% 197.97% 161.95% Allowance to nonperforming loans 343.05% 292.88% 262.14% 197.97% 161.95% Nonperforming assets Nonperforming loans $ 7,296 $ 7,729 $ 7,790 $ 8,561 $ 9,119 Other real estate owned 31 - - - - ------------ ------------ ------------ ------------ ------------ Total nonperforming assets $ 7,327 $ 7,729 $ 7,790 $ 8,561 $ 9,119 Capital and liquidity Tier 1 leverage ratio 10.77% 10.73% 10.43% 10.66% 12.35% Tier 1 risk-based capital ratio 14.74% 14.73% 12.99% 14.33% 15.26% Total risk-based capital ratio 15.99% 15.94% 13.97% 15.25% 16.10% Tangible common equity ratio (1) 9.98% 9.47% 9.29% 9.82% 11.08% (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 Twelve Months Ended December 31, December 31, 2020 2019 2020 2019 ----------- ----------- ----------- ----------- Net income (GAAP) $ 10,173 $ 7,841 $ 32,192 $ 33,878 Add back: income tax expense 1,806 995 4,940 5,683 Add back: provision for loan losses 2,250 885 10,112 1,035 ----------- ----------- ----------- ----------- Pre-tax, pre-provision net income

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February 05, 2021 08:30 ET (13:30 GMT)