First Citizens Banc: Civista Bancshares, Inc. Announces Fourth Quarter 2020 Financial Results Sandusky, Ohio, February

The following excerpt is from the company's SEC filing.
 5, 2021
/PRNewswire/ – Civista Bancshares, Inc. (NASDAQ:CIVB)
(“Civista”) announced its unaudited financial results for the three and twelve months ending December 31, 2020.
Fourth quarter and
year-to-date
2020 highlights
Earned net income of $10.2 million, or $0.64 per diluted share, for the fourth quarter of 2020, compared to
$7.7 million, or $0.47 per diluted share, for the fourth quarter of 2019.
Earned net income for the year of $32.2 million, or $2.00 per diluted share, compared to $33.2 million,
or $2.01 per diluted share, in 2019.
Earned a record
pre-tax,
pre-provisi on
net income of $47.2 million for the year, compared to $40.6 million in 2019. See reconciliation of
non-GAAP
measures at the end of this press
release.
COVID–19 loan deferrals in effect were 4.0% of total loans, net of Paycheck Protection Program
(“PPP”) loans, at period end, compared to 24.4% on June 30, 2020. The bank has not experienced any specific loan losses attributed to COVID–19 closures in 2020.
We increased our dividend in January 2021 to $0.12 per quarter which is equivalent to a dividend yield of 2.65%
based on the February 2, 2021 market close of $18.11. The quarterly dividend represents an increase of 9.1%, and based on fourth quarter 2020 earnings per share, translates to a dividend payout ratio of 18.8%.
“While 2020 will most likely go down as the strangest year of my banking career, it is also one that has shown our mettle. The strategies and concerns we
had going into the year changed quickly as the pandemic took hold. Our people rose to the occasion and made 2020 one of the more successful years on record for Civista. While our net income is down slightly from 2019, we recognized record
pre-tax-pre-provision
net income. We built our allowance for loan losses as the pandemic continued through the year. We have
consistently been a conservative bank when it comes to looking at our loan portfolio. While we have downgraded ratings on many loans, we have yet to see any specific loan losses. We have continued to manage capital through our stock repurchase
program and an increase in our dividend that was announced in January 2021.” said Dennis G. Shaffer, President and CEO of Civista.
Results of Opera
For the three-month period ended December 31, 2020 and 2019
Net interest income increased $2.3 million, or 10.9%, for the fourth quarter of 2020 compared to the same period of 2019, due to an increase in interest
income as well as a decrease in interest expense. Accretion of PPP fees was $2.3 million during the quarter.
Net interest margin decreased 49 basis
points to 3.69% for the fourth quarter of 2020, compared to 4.18% for the same period a year ago.
Interest income increased $1.2 million, or 4.9%,
for the fourth quarter of 2020. Average yields decreased 79 basis points which resulted in a $3.6 million decrease in interest income. Average earning assets increased $533.8 million, which resulted in a $4.8 million increase in
interest income. PPP loans accounted for $242.1 million of the increase in average earning assets at a yield of 3.88%. Removing the impact of PPP loans, the yield on earning assets would have been 9 basis points higher. Included in interest
income is $2.3 million of accretion of Paycheck Protection Program (“PPP”) fees as well as accretion income associated with purchased loan portfolios of $688 thousand.
Interest expense decreased $1.1 million, or 33.6%, for the fourth quarter of 2020, compared to the same period last year. The average rate paid on
interest-bearing liabilities decreased 43 basis points, while average interest-bearing liabilities increased $323.9 million.
Average Balance Analysis
(Unaudited - Dollars in thousands)
Three Months Ended December 31,
Assets:
balance
Yield/
Interest-earning assets:
Loans**
2,072,477
22,853
1,676,769
21,577
Taxable securities
178,194
190,898
Non-taxable
207,985
181,741
Interest-bearing deposits in other banks
145,305
20,767
Total interest-earning assets
 2,603,961
25,721
 2,070,175
24,521
Noninterest-earning assets:
Cash and due from financial institutions
29,502
29,473
Premises and equipment, net
22,832
22,248
Accrued interest receivable
Intangible assets
84,919
85,388
Bank owned life insurance
45,816
44,841
Other assets
35,044
25,829
Less allowance for loan losses
(23,614
(14,245
Total Assets
2,808,436
2,271,268
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Demand and savings
1,169,152
890,825
289,815
269,674
125,000
205,040
Other borrowings
95,820
Subordinated debentures
29,427
Repurchase agreements
28,110
17,898
Total interest-bearing liabilities
1,737,324
1,413,407
Noninterest-bearing deposits
685,898
500,953
Other liabilities
41,879
27,274
Shareholders’ equity
343,335
329,634
Total Liabilities and Shareholders’ Equity
Net interest income and interest rate spread
 23,531
 21,222
- Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and
investments, included in the yields above, was $411 thousand and $386 thousand for the periods ended December 31, 2020 and 2019, respectively.
- Average balance includes nonaccrual loans
For the twelve-month period ended December 31, 2020 and 2019
Net interest income increased $4.6 million, or 5.4%, compared to the same period in 2019.
Interest income increased $1.8 million, or 1.8%, for the twelve months of 2020. The increase in interest income was primarily due to an increase in
average earning assets of $471.9 million, partially offset by a decrease in yield of 84 basis points. During the twelve-month period, the Bank had average PPP Loans totaling $172.6 million with an average yield of 3.73%, including
amortization of fees. Removing the impact of PPP loans, yields would have been 20 basis points higher.
Interest expense decreased $2.8 million, or
21.7%, for the twelve months of 2020 compared to the same period of 2019. Average interest-bearing liabilities increased $279.3 million, resulting in a $455 thousand increase in interest expense. Average rates decreased 34 basis points,
resulting in a $3.3 million decrease in interest expense.
Net interest margin decreased 61 basis points to 3.70% for the twelve months of 2020,
compared to 4.31% for the same period a year ago due to an increase in average earning assets as well as a decrease in the yield on earning assets.
Twelve Months Ended December 31,
1,953,472
87,777
1,612,975
84,972
183,721
200,074
202,982
172,812
155,960
38,359
2,496,135
99,865
2,024,220
98,054
77,848
47,472
22,831
21,946
84,953
85,744
45,454
44,352
37,675
24,273
(19,231
(13,984
2,754,708
2,241,111
1,050,544
1,813
869,340
2,871
288,262
269,823
133,151
161,047
101,295
Federal funds purchased
24,390
18,321
1,627,357
10,138
1,348,095
12,954
739,648
550,638
51,242
24,072
336,461
318,306
89,727
85,100
- Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and
investments, included in the yields above, was $1.64 million and $1.52 million for the periods ended December 31, 2020 and 2019, respectively.
Provision for loan losses was $2.3 million for the fourth quarter of 2020 and $10.1 million for
the year ended December 31, 2020. Provision for loan losses was $885 thousand for the fourth-quarter and $1.0 million for the year ended December 31, 2019. The increase in provision is due to an increase in the bank’s
qualitative factors related to the economic shutdown that is driven by
COVID-19
and the ongoing payment deferrals on loans modified under the CARES Act. Economic impacts include the loss of revenue experienced
by our business clients, disruption of supply chains, additional employee costs for businesses due to the pandemic, higher unemployment rates throughout our footprint and a large number of customers requesting payment relief.
For the fourth quarter of 2020, noninterest income totaled $7.7 million, an increase of $2.0 million, or 36.2%, compared to the prior year’s
fourth quarter.
Noninterest income
(unaudited - dollars in thousands)
Three months ended December 31,
$ change
% change
Service charges
Net gain on sale of securities
Net gain on equity securities
Net gain on sale of loans
ATM/Interchange fees
Wealth management fees
Swap fees
Total noninterest income
Service charge income decreased primarily due to a $273.4 thousand decrease in overdraft fees. Customer behavior changed
during the
pandemic, resulting in fewer overdrafts.    
Net gain on sale of loans
increased due to an increase in the volume of loans sold of $46.7 million as well as an increase in the premium on sold loans of 112 basis points.
Wealth management fees increased as a result of increased assets under management, primarily driven by market gains, as well as an increase in the conversion
ratio.    
For the twelve months ended December 31, 2020, noninterest income increased $5.7 million, or
25.6%, compared to the same period in the prior year.
Twelve months ended December 31,
$ change
5,288
6,395
(1,107
Net gain/(loss) on equity securities
-147.1
Tax refund processing fees
28,182
22,443
Service charge income decreased primarily due a $1.1 million decrease in overdraft fees.    Customer
behavior changed during the
During the
twelve months ended December 31, 2020, Civista sold $304.0 million of mortgage loans, an increase of $178.2 million from the same period in 2019. The premium on sold loans also increased by 67 basis points during the twelve months
this year compared to last year. These two factors contributed to the increase in net gain on sale of loans.
ATM/Interchange fees increased as a result
of increased transaction volume.
Swap fees increased as a result of the declining interest rate environment and more customers looking to lock in lower
fixed rate loans. During 2020, Civista entered into swap agreements with a notional value of $104.4 million in loans to provide low fixed rate loans for customers and variable rate loans for Civista.
Tax refund processing fees decreased due to a decline in volume processed.
Wealth management fees increased as a result of increased assets under management, primarily driven by market gains, as well as an increase in the conversion
ratio.                
For the fourth quarter of 2020, noninterest expense totaled $17.0 million, a decrease of
$160 thousand, or 0.9%, compared to the prior year’s fourth quarter.
Noninterest expense
Compensation expense
10,417
10,097
Net occupancy and equipment
Contracted data processing
Taxes and assessments
Professional services
Amortization of intangible assets
ATM/Interchange expense
Marketing
Software maintenance expense
Total noninterest expense
16,968
17,128
Compensation expense increased primarily due to annual pay increases and commission and incentive expense. Annual pay
increases in 2020 were an average of 3.3%. Employee insurance decreased $270.1 thousand, or 26.7%, for the fourth quarter 2020, compared to the same period in 2019. Commission and incentive expense increased $400.1 thousand, or 24.5% as a
result of increased loan activity.
The quarter-over-quarter increase in taxes and assessments was attributable to an increase in the FDIC assessment base
and a $159.0 thousand credit for small banks, applied to the December 2019 assessments. State franchise tax increased $73.6 thousand related to a State of Ohio audit of the tax years 2018 and 2019.
The decrease in marketing expense is due to decreases in both advertising and business promotion expenses, primarily related to the
pandemic. Event cancellations and postponed outreach efforts contributed to the decrease as our focus was on communicating changes in operations, safety protocols, alternative delivery channels, and
economic relief programs with the safety and financial wellness of our employees and customers in mind.
The decrease in other operating expense is
primarily due to a decreases in travel and lodging expense of $264.4 thousand, education and training of $164.9 thousand and donations of $149.4 thousand. These decreases were partially offset by increases in loan origination expenses
of $126.5 thousand.
The efficiency ratio was 53.7% for the quarter ended December 31, 2020 compared to 62.9% for the quarter ended
December 31, 2019. The change in the efficiency ratio is due to increases in both noninterest income and the increase in net interest income.
Civista’s effective income tax rate for the fourth quarter 2020 was 15.1% compared to 11.3% in 2019.
For the twelve months ended December 31, 2020, noninterest expense totaled $70.7 million, an
increase of $3.7 million, or 5.6%, compared to the same period in the prior year.
42,480
39,156
70,665
66,947
The increase in compensation expense was due to increased payroll and commission and incentive based costs, offset by a
decrease in employee insurance costs. Annual pay increases in 2020 were an average of 3.3%. Commission and incentive expense increased $1.9 million, or 39.1% as a result of increased loan activity. Employee insurance decreased
$505.4 thousand, or 10.0%, for 2020.
The increase in taxes and assessments was primarily attributable to a $456.0 thousand FDIC assessment
credits for small banks that was applied to the 2019 assessment charges. The FDIC assessment base also increased, leading to an additional $134.0 thousand increase.    State franchise tax increased $71.3 thousand
related to a State of Ohio audit of the tax years 2018 and 2019.
The decrease in marketing expense is due to decreases in both advertising and business
promotion expenses, primarily related to the
pandemic. Event cancellations and postponed outreach efforts contributed to the decrease as our focus was on communicating changes in operations, safety
protocols, alternative delivery channels, and economic relief programs with the safety and financial wellness of our employees and customers in mind.
The
increase in software maintenance expense is due to contracts related to new services.
The decrease in other operating expense is primarily due to a
decreases in travel and lodging expense of $742.7 thousand, education and training of $169.2 thousand and donations of $147.8 thousand. These decreases were partially offset by increases in loan origination expenses of
$463.4 thousand.
The efficiency ratio was 59.1% for the twelve months ended December 31, 2020 compared to 61.4% for the twelve months ended
December 31, 2019. The improvement in the efficiency ratio is due primarily to the increase in noninterest income and the accretion of PPP fees.
Civista’s effective income tax rate for the year ended December 31, 2020 was 13.3% compared to 14.4% in 2019.
Balance Sheet
Total assets increased $453.4 million, or 19.6%, from December 31, 2019 to December 31, 2020, due to a $348.5 million, or 20.4%, increase
in the loan portfolio, $4.7 million, or 206.4%increase in loans held for sale, and a $91.0 million increase in cash. The asset increases were primarily funded by an increase in deposits, which includes the remaining proceeds from PPP loans
still held on deposit.
End of period loan balances
(unaudited - dollars in thousands)
$ Change
Commercial and Agriculture
409,876
203,110
206,766
Commercial Real Estate:
Owner Occupied
278,413
245,606
32,807
Non-owner
705,072
592,222
112,850
Residential Real Estate
442,588
463,032
(20,444
Real Estate Construction
175,609
155,825
19,784
Farm Real Estate
33,102
34,114
(1,012
Consumer and Other
12,842
15,061
(2,219
Total Loans
2,057,502
1,708,970
348,532
2020 includes PPP loans totaling $217,295
Loan growth during 2020 totaled $348.5 million, including $217.3 million of PPP loans. Removing the effect of PPP loans, the loan portfolio grew
$131.2 million or 7.7%. Loan growth was led by increases of $145.7 million in Commercial Real Estate and $19.8 million in Real Estate Construction. The Commercial Real Estate growth continues to be 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. Our construction portfolio continues to be vibrant, especially in the metro markets. The
decrease in Residential Real Estate is a result of loans refinanced into saleable mortgage products. All regions have contributed to the growth, aided by many new clients and prospects from our success in PPP originations.
During 2020, we processed
over 2,300 loans totaling $259.1 million, of which $41.8 million have been forgiven or have paid off.    SBA fees total approximately $9.9 million, which are being recognized in interest income over the life of the
PPP loans. During the year, $4.7 million of PPP fees were accreted to income. We borrowed $183.7 million from the Paycheck Protection Program Lending Facility (“PPPLF”), anticipating an additional funding source for PPP landing.
We have since determined this source was no longer needed and have paid off the PPPLF in full.
“We believe that the PPP program has been
instrumental in assisting small businesses and their employees. We expect to continue to support our customers in the next round of PPP approved prior to
year-end.
We have seen a number of customers begin the
forgiveness process, however, that has been delayed somewhat due to the ever changing rules for the program. The new simplified rules should be helpful to streamline the process for our customers and the bank.” said Dennis G. Shaffer, President
and CEO of Civista.
Loan Modifications
During 2020, Civista modified a total of 813 loans totaling $431.3 million, primarily consisting of the deferral of principal and/or interest payments.
All of the loans modified were performing at December 31, 2019 and comply with the provisions of the CARES Act to not be considered a troubled debt restructuring. As of December 31, 2020, the remaining loans modified under the CARES Act
total $73.8 million.
Details with respect to the loan modifications that remain on deferred status are as follows:
Loans currently modified under
Type of Loan
Number of
Percent of
outstanding 
4,069
13,072
51,027
 73,786
excluding PPP loans
Deposits
Total deposits increased $510.6 million,
or 30.4%, from December 31, 2019 to December 31, 2020.
End of period deposit balances
% Change
Noninterest-bearing demand
720,809
512,553
208,256
Interest-bearing demand
410,139
301,674
108,465
Savings and money market
771,612
588,697
182,915
Time deposits
286,838
275,840
10,998
Total Deposits
2,189,398
1,678,764
510,634
The increase in noninterest-bearing demand of $208.3 million was primarily due to a $164.4 million increase in
business demand deposit accounts and a $16.5 million increase in tax refund processing deposit accounts. Interest-bearing demand deposits increased, split nearly evenly between increases in public fund accounts

non-public
fund accounts. The increase in savings and money market was primarily due to a $46.6 million increase in statement savings, a $45.6 million increase in personal money markets, a
$47.3 million increase in business money markets and a $29.8 million increase in brokered money market accounts.
FHLB advances totaled $125.0 million at December 31, 2020, a decrease of $101.5 million, or
44.8%, from December 31, 2019. The increase in deposits reduced the need for wholesale funding.
Stock Repurchase Program
An important part of capital management are share repurchases. During the second half of 2020, Civista repurchased 154,947 shares for $2.0 million at a
weighted average price of $12.94 per share. These repurchases were part of the $13.5 million repurchase authorization which was approved in April 2020. Prior to this plan, Civista repurchased 672,000 shares for $11.4 million, at a weighted
average price of $16.90 per share. Year to date, Civista has repurchased a total of 826,947 shares for $13.4 million, at a weighted average price of $16.16 per share. In addition, Civista liquidated 3,808 shares held by employees, at $24.07 per
share, to satisfy tax obligations stemming from vesting of restricted shares.
Shareholder Equity
Total shareholders’ equity increased $20.0 million, or 6.1%, from December 31, 2019 to December 31, 2020, as a result of a
$25.1 million increase in retained earnings and an increase in other comprehensive income of $7.7 million. These increases were partially offset by a $13.5 million repurchase of treasury
shares.                
Asset Quality
Civista recorded net recoveries of $149 thousand for the twelve months of 2020 compared to net recoveries of $53 thousand for the same period of
2019. The allowance for loan losses to loans was 1.22% at December 31, 2020 and 0.86% at December 31, 2019. Without the PPP loans, the allowance ratio would have been 14 basis points higher.    
Allowance for Loan Losses
(dollars in thousands)
Beginning of period
14,767
13,679
Charge-offs
Recoveries
10,112
25,028
Non-performing
assets at December 31, 2020 were $7.3 million, a 19.7%
decrease from December 31, 2019. The
non-performing
assets to assets ratio decreased to 0.27% from 0.39% at December 31, 2019. The allowance for loan losses to

loans increased to 343.05% from 161.95% at December 31, 2019.    
Non-accrual
Restructured loans
Other Real Estate Owned
Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company’s financial results for the fourth quarter of 2020 at 1:00 p.m. ET on
Friday, February 5, 2021. 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. fourth 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
(
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
for the fiscal year ended December 31, 2019, 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 $2.8 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 HUwww.civb.comUH. The Company’s common shares are traded on the NASDAQ Capital
Market under the symbol “CIVB”.
For additional information, contact:
Dennis G. Shaffer    
888-645-4121
Financial Highlights
(Unaudited,
dollars in thousands, except share and per share amounts)
Consolidated Condensed Statement of Income
25,721
24,521
99,865
98,054
Net interest income after provision
21,281
20,337
79,615
84,065
Income before taxes
11,979
37,132
39,561
Income tax expense
Net income
10,173
32,192
33,878
Preferred stock dividends
Net income available to common shareholders
10,173
7,684
32,192
33,231
Dividends paid per common share
Earnings per common share,
Average shares outstanding,
15,915,369
15,796,713
16,129,875
15,652,881
16,734,391
16,851,740
Selected financial ratios:
Return on average assets (annualized)
Return on average equity (annualized)
Dividend payout ratio
Net interest margin (tax equivalent)
Selected Balance Sheet Items
(Dollars in thousands, except share and per share amounts)
December 31, 2020
December 31, 2019
(unaudited)
139,522
48,535
Investment securities
364,350
359,690
Loans held for sale
Less: allowance for loan losses
(25,028
(14,767
Net loans
2,032,474
1,694,203
Other securities
20,537
20,280
22,580
22,871
Goodwill and other intangibles
84,926
85,156
45,976
44,999
45,552
31,538
2,762,918
2,309,557
2,189,398
1,678,764
Federal Home Loan Bank advances
226,500
Securities sold under agreements to repurchase
28,914
18,674
Accrued expenses and other liabilities
40,071
26,066
350,108
330,126
Total liabilities and shareholders’ equity
Shares outstanding at period end
15,898,032
16,687,542
Book value per share
22.02
19.78
Equity to asset ratio
Selected asset quality ratios:
Allowance for loan losses to total loans
assets to total assets
asset analysis
Nonaccrual loans
5,399
6,115
Troubled debt restructurings
Other real estate owned
7,327
9,119
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
End of Period Balances
September 30,
March 31,
Cash and due from banks
194,773
196,520
256,023
366,691
369,181
366,689
13,256
18,523
2,040,940
2,022,965
1,743,125
(22,637
(20,420
(16,948
Net Loans
2,018,303
2,002,545
1,726,177
22,958
23,137
84,896
84,852
45,732
45,489
45,249
50,847
51,369
46,444
2,817,993
2,812,153
2,575,856
2,068,769
2,069,261
1,991,939
142,000
Securities sold under agreement to repurchase
25,813
23,608
22,699
183,695
43,234
44,549
61,624
2,412,810
2,475,938
2,475,540
2,247,689
1,979,431
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
342,055
336,613
328,167
Quarterly Average Balances
Earning assets
2,617,884
2,528,006
2,232,168
386,179
388,594
386,838
385,187
372,639
2,040,492
1,972,969
1,725,685
2,144,865
2,084,791
2,108,227
1,975,133
1,661,452
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
339,278
330,524
332,602
Income statement
Total interest and dividend income
24,558
24,584
25,002
Total interest expense
22,006
22,075
22,115
17,727
18,114
17,856
7,682
6,504
7,833
Common shares dividend paid
1,753
1,766
1,764
1,835
1,702
Per share data
Basic earnings per common share
Diluted earnings per common share
Average common shares outstanding - basic
16,045,544
16,044,125
16,517,745
Average common shares outstanding - diluted
Asset quality
Allowance for loan losses, beginning of period
22,637
20,420
16,948
14,767
14,144
Allowance for loan losses, end of period
25,028
Ratios
Allowance to total loans
Allowance to nonperforming assets
341.59
292.88
262.14
197.97
Allowance to nonperforming loans
Nonperforming assets
Nonperforming loans
7,296
7,729
7,790
8,561
Total nonperforming assets
Capital and liquidity
Tier 1 leverage ratio
Tier 1 risk-based capital ratio
Total risk-based capital ratio
Tangible common equity ratio
Reconciliation of
Non-GAAP
Financial Measures
Three Months Ended
Twelve Months Ended
Net income (GAAP)
Add back: income tax expense
Add back: provision for loan losses
Pre-tax,
(Non-GAAP)
14,229
47,244
40,596
Tangible Common Equity
Total Shareholder’s Equity - GAAP
350,108
342,055
336,613
328,167
330,126
Less: Preferred Equity
Less: Goodwill and intangible assets
82,681
82,907
83,135
83,363
83,595
267,427
259,148
253,478
244,804
246,531
Total Shares Outstanding
15,945,479
16,052,979
16,064,010
Tangible book value per share
16.82
16.25
15.79
15.24
14.77
Tangible Assets
Total Assets - GAAP
2,817,993
2,812,153
2,575,856
Tangible assets
2,680,237
2,735,086
2,729,018
2,492,493
2,225,962
Tangible common equity to tangible assets

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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Other recent filings from the company include the following:

First Citizens Banc: Civista Bancshares, Inc. Announces Third Quarter 2021 Financial Results Sandusky, Ohio, October - Oct. 27, 2021
Registration statement under Securities Act of 1933 - Oct. 22, 2021
Registration statement under Securities Act of 1933 - Oct. 15, 2021
First Citizens Banc: Civista Bancshares, Inc. Declares Fourth Quarter Common Dividend Sandusky, Ohio, October - Oct. 8, 2021
First Citizens Banc: Civista Bancshares, Inc. Announces Third Quarter 2021 Earnings Release Date Sandusky, Ohio, October - Oct. 7, 2021

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