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Civista Bancshares, Inc. (FCZA) has reported 13.13 percent rise in profit for the quarter ended Sep. 30, 2016. The company has earned $3.68 million, or $0.34 a share in the quarter, compared with $3.25 million, or $0.30 a share for the same period last year.
Revenue during the quarter grew 7.30 percent to $16.18 million from $15.08 million in the previous year period. Net interest income for the quarter rose 1 percent over the prior year period to $12.53 million. Non-interest income for the quarter rose 18.76 percent over the last year period to $3.65 million.
Net interest margin contracted 7 basis points to 4.06 percent in the quarter from 4.13 percent in the last year period.
"September 30, 2016 marked the end to another great quarter for Civista. Diluted earnings per share for the quarter are 13% higher than last year and are in line with the linked quarter when removing one-time items. Our annualized loan growth for the year is 6% and our loan pipeline continues to be strong. Noninterest income has been increasing and we have been successful in keeping noninterest expenses in line." said James O. Miller, chairman, president and chief executive officer of Civista.
Assets outpace liabilities growth
Total assets stood at $1,372.28 million as on Sep. 30, 2016, up 4.49 percent compared with $1,313.33 million on Sep. 30, 2015. On the other hand, total liabilities stood at $1,233.97 million as on Sep. 30, 2016, up 3.70 percent from $1,189.99 million on Sep. 30, 2015.
Loans outpace deposit growth
Net loans stood at $1,033.52 million as on Sep. 30, 2016, up 4.87 percent compared with $985.52 million on Sep. 30, 2015. Deposits stood at $1,134.15 million as on Sep. 30, 2016, up 7.41 percent compared with $1,055.96 million on Sep. 30, 2015.
Investments stood at $214.89 million as on Sep. 30, 2016, up 1.37 percent or $2.91 million from year-ago. Shareholders equity stood at $138.31 million as on Sep. 30, 2016, up 12.14 percent or $14.97 million from year-ago.
Return on average assets moved up 9 basis points to 1.07 percent in the quarter from 0.98 percent in the last year period. At the same time, return on average equity increased 5 basis points to 10.71 percent in the quarter from 10.66 percent in the last year period.
Nonperforming assets moved down 8.71 percent or $1.25 million to $13.10 million on Sep. 30, 2016 from $14.34 million on Sep. 30, 2015. Meanwhile, nonperforming assets to total assets was 0.95 percent in the quarter.
Tier-1 leverage ratio stood at 10.38 percent for the quarter, up from 9.68 percent for the previous year quarter. Equity to assets ratio was 10.08 percent for the quarter. Book value per share was $14.40 for the quarter.
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