DCB FINANCIAL CORP LEWIS CENTER, Ohio, July 30, 2015 /PRNewswire/ -- DCB Financial Corp (the "Company"), (OTCQB: DCBF), parent holding company of The Delaware County Bank & Trust Company, Lewis Center, Ohio (the "Bank") announced net income of $144,000 or $0.02 per diluted share for the three months ended June 30, 2015, compared to net income of $37,000 or $0.01 per diluted share for the same period in 2014. The increase in net income resulted from a $196,000 increase in net interest income and an increase of $184,000 in non-interest income, which offset a $273,000 increase in non-interest expenses. During the second quarter of 2015, the Company recorded a $175,000 one-time expense accrual for refunds of certain fees charged to a small segment of deposit customers between 2011 and 2015.
Net income was $383,000 or $0.05 per diluted share for the six months ended June 30, 2015, compared to net income of $156,000 or $0.02 per diluted share for the same period in 2014. Increases of $389,000 in net interest income and $151,000 in non-interest income during the first six months of 2015 offset a $150,000 increase in the provision for loan losses and a $163,000 increase in non-interest expenses.
Ronald J. Seiffert, President and CEO for the Company said, "Net income for the first half of 2015 increased 146% over the year-ago period, and was slightly higher than our net income for all of 2014, as strong growth in net interest income and higher wealth management fees drove a $540,000 increase in net revenue in the first half of 2015 compared to the first half of last year."
Seiffert continued, "Our business development initiatives have borne strong results over the past year, with average loan balances up over $20 million in both the three months and six months ended June 30, 2015 compared to the year-ago periods. We have a number of strategic initiatives under way designed to further increase our lending capacity in coming quarters, including the hiring of a seasoned mortgage banking professional to lead the development and expansion of our mortgage banking business, which we announced last week."
Balance Sheet Highlights
Total assets were $541.6 million at June 30, 2015, compared with $520.7 million at March 31, 2015 and $515.4 million at December 31, 2014. Cash and cash equivalents increased $26.1 million since the end of 2014 due in large part to seasonal inflows of funds into the Company's municipal accounts during the second quarter.
Total loans were $382.2 million at June 30, 2015, compared with $377.2 million at March 31, 2015 and $385.4 million at December 31, 2014. The Company entered 2015 with a relatively light loan pipeline due primarily to seasonal factors and a large number of commercial loan closings in the fourth quarter of 2014. Growth in the Company's commercial loan portfolios in the fourth quarter of 2014 totaled $9.8 million. In addition, prepayments and payoffs in the Company's commercial loan portfolios were unusually high during the first quarter of 2015, including 5 relationships aggregating $5.7 million that paid off during the quarter. Loan growth rebounded in the second quarter, with commercial and industrial loans and residential loans increasing $2.9 million and $2.4 million, respectively.
Deposits totaled $470.5 million at June 30, 2015, compared with $464.8 million at March 31, 2015 and $453.2 million at December 31, 2014. Money market accounts increased $9.1 million in the first quarter of 2015 due primarily to seasonal inflows of municipal deposits.
Shareholders' equity increased $255,000 in the first half of 2015 to $47.5 million at June 30, 2015. Net income for the first half of 2015 of $383,000 was partially offset by a decrease in accumulated other comprehensive income due to a decrease in unrealized gains on securities available-for-sale.
The Bank's Tier 1 leverage ratio was 8.63% and its total risk-based capital ratio was 13.83% at June 30, 2015, both of which were well above the regulatory thresholds required to be classified as a "well-capitalized" institution, which are 5.0% and 10.0%, respectively.
Asset Quality and the Provision for Loan Losses
Delinquent loans (including non-accrual loans) totaled $2.4 million or 0.63% of total loans at June 30, 2015, compared to $2.0 million or 0.53% of total loans at March 31, 2015 and $2.2 million or 0.58% of total loans at December 31, 2014. Non-accrual loans totaled $1.5 million or 0.38% of total loans at June 30, 2015, compared to $1.1 million or 0.30% of total loans at March 31, 2015 and $1.4 million or 0.36% of total loans at December 31, 2014.
Non-performing assets were $11.8 million or 2.18% of total assets at June 30, 2015, compared with $11.8 million or 2.26% of total assets at March 31, 2015 and $12.6 million or 2.45% of total assets at December 31, 2014. Troubled debt restructurings ("TDR's"), which are performing in accordance with the restructured terms and accruing interest, but are included in non-performing assets, were $9.1 million at June 30, 2015, and $9.6 million at March 31, 2015 and at December 31, 2014.
Net recoveries of previously charged-off loans totaling $75,000 were recorded in the second quarter of 2015, compared to net charge-offs of $777,000 or 0.87% (annualized) of average loans in the year-ago quarter, and net charge-offs of $297,000 or 0.31% (annualized) of average loans in the first quarter of 2015.
Net charge-offs were $222,000 or 0.12% (annualized) of average loans in the first half of 2015, compared to net charge-offs of $2.1 million or 1.15% (annualized) of average loans in the first half of 2014. Three relationships comprised nearly all of the charge-offs in the first half of 2014, which were charged against specific allowance allocations established in the fourth quarter of 2013.
There was no provision for loan losses recorded in the second quarter of 2015, compared with a provision for loan losses of $150,000 in the first quarter of 2015. There was no provision for loan losses recorded in the three months and six months ended June 30, 2014.
The allowance for loan losses was $4.2 million at June 30, 2015, compared to $4.1 million at March 31, 2015 and $4.2 million at December 31, 2014. The ratio of the allowance for loan losses to total loans was 1.09% at June 30, 2015, compared with 1.08% at March 31, 2015 and 1.10% at December 31, 2014. The ratio of the allowance for loan losses to non-performing loans (including TDR's) was 38.2% at June 30, 2015, compared to 37.8% at March 31, 2015 and 38.5% at December 31, 2014. The ratio of the allowance for loan losses to non-accrual loans was 286% at June 30, 2015, compared to 362% at March 31, 2015 and 306% at December 31, 2014.
Net Interest Income
Net interest income totaled $4.2 million in the quarter ended June 30, 2015, compared with $4.0 million in the year-ago quarter and $4.2 million in the first quarter of 2015. The net interest margin was 3.40% in the second quarter of 2015, compared to 3.51% in the year-ago quarter and 3.50% in the first quarter of 2015. The decline in the net interest margin resulted primarily from the effect of higher interest-bearing cash balances, with yields averaging 0.25%.
Total average interest-earning assets were $491.1 million in the second quarter of 2015, which was an increase of $37.7 million or 8.3% from the year-ago quarter and was an increase of $6.2 million compared with the first quarter of 2015. Average loans outstanding in the second quarter were up $21.3 million compared to the year-ago quarter, but were down $3.1 million compared with the first quarter of 2015 as nearly all of the $4.9 million increase in outstanding loan balances that occurred during the second quarter occurred in the month of June. Total average loans were 77.0% of total average interest-earning assets in the second quarter of 2015, compared with 78.7% in the year-ago quarter and 78.6% in the first quarter of 2015.
Total average interest-bearing deposit balances increased $27.1 million in the second quarter of 2015 compared to the year-ago quarter, with an increase of $33.1 million in the average balances of lower-costing interest-bearing demand, savings and money market accounts (transaction accounts) offsetting a decrease in the average balance of time deposits of $6.0 million. Transaction accounts comprised 78.9% of total interest-bearing deposits in the second quarter of 2015, compared to 75.4% in the year-ago quarter and 78.5% in the first quarter of 2015.
Net interest income totaled $8.3 million in the first half 2015, which was an increase of $389,000 or 4.9% compared with $8.0 million in the year-ago period. The net interest margin was 3.45% for the six months ended June 30, 2015, compared with 3.47% in the year-ago period.
Average interest-earning assets were $487.9 million in the first half of 2015, which was an increase of $27.5 million or 6.0% from the first half of 2014. Average loans outstanding in the first half of 2015 increased $20.1 million compared to the year-ago period, and totaled 77.8% of total interest-earning assets in the six months ended June 30, 2015, compared with 77.9% in the six months ended June 30, 2014.
The average balance in time deposits decreased $7.9 million in the first half of 2015 compared with the year-ago period, while the average balances in lower-costing interest-bearing demand, savings and money market accounts increased $28.9 million. Transaction accounts comprised 78.7% of total interest-bearing deposits in the first half of 2015, compared to 75.1% in the first half of 2014.
Non-Interest Income and Non-Interest Expenses
Non-interest income was $1.2 million in the second quarter of 2015, compared to $996,000 in the second quarter of 2014 and $1.2 million in the first quarter of 2015. Non-interest income for the second quarter of 2014 was negatively impacted by losses of $114,000 on loans held-for-sale. The rest of the increase in non-interest income in the second quarter of 2015 compared with the year-ago period resulted from increases in service charges, wealth management income and treasury management fees.
Non-interest income was $2.3 million in the first half of 2015, compared to $2.2 million in the first half of 2014.
Non-interest income (net of non-recurring items in the year-ago quarter) accounted for 22.2% of total revenue in the second quarter of 2015, compared with 21.8% in the year-ago quarter and 21.5% in the first quarter of 2015. Non-interest income accounted for 21.9% of total revenue in the first half of 2015, compared with 22.0% in the year-ago period.
Non-interest expenses were $5.2 million for the second quarter of 2015, compared with $4.9 million in the year-ago quarter and $5.0 million for the first quarter of 2015. The Company's efficiency ratio was 95.0% in the second quarter of 2015, compared with 96.2% in the year-ago quarter, and 92.9% in the first quarter of 2015.
Non-interest expenses were $10.1 million in the first half of 2015, compared to $10.0 million in the first half of 2014. The Company's efficiency ratio was 93.8% for the first half of 2015, compared to 97.4% in the year-ago period.
About DCB Financial Corp
DCB Financial Corp is a financial holding company formed under the laws of the State of Ohio. The Company is the parent of The Delaware County Bank & Trust Company, a state-chartered commercial bank. The Bank conducts business from its main offices at 110 Riverbend Avenue in Lewis Center, Ohio, and through its 14 branch offices located in Central Ohio. The Bank provides customary retail and commercial banking and cash management services to its customers, including checking and savings accounts, time deposits, IRAs, safe deposit facilities, personal loans, commercial loans, commercial leases, real estate mortgage loans, night depository facilities and trust and personalized wealth management services.
Forward-Looking Statements
This press release contains certain forward-looking statements with respect to the financial condition, results of operations and business of DCB Financial Corp. These forward-looking statements involve certain risks and uncertainties. Factors that may cause actual results to differ materially from those contemplated by such forward-looking statements include, among others, the following possibilities: an increase in competitive pressure in the banking industry; changes in the interest rate environment which may affect the net interest margin; changes in the regulatory environment; general economic conditions, either nationally or regionally, resulting in, among other things, in a deterioration in credit quality; changes in business conditions and inflation; changes in the securities markets; changes in technology used in the banking business; our ability to maintain and increase market share and control expenses; increases in FDIC insurance premiums may cause earnings to decrease; and other risks set forth under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and in subsequent filings with the Securities and Exchange Commission.
The Company does not undertake, and specifically disclaims any obligation, to publicly revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
DCB Financial Corp
Consolidated Balance Sheets (Unaudited)
June 30, 2015 December 31, 2014
------------- -----------------
(Dollars in thousands,
except share and per
share data)
Assets
Cash and due from financial
institutions $5,676 $6,247
Interest-bearing deposits 41,717 15,027
------ ------
Total cash and cash equivalents 47,393 21,274
Securities available-for-sale 78,975 75,909
Loans 382,164 385,444
Less allowance for loan losses (4,164) (4,236)
------ ------
Net loans 378,000 381,208
Real estate owned 807 1,111
Investment in FHLB stock 3,250 3,250
Premises and equipment, net 9,837 10,016
Bank-owned life insurance 20,434 20,027
Accrued interest receivable and
other assets 2,913 2,587
----- -----
Total assets $541,609 $515,382
======== ========
Liabilities and shareholders'
equity
Liabilities:
Deposits:
Non-interest bearing $118,114 $111,022
Interest bearing 352,411 342,170
------- -------
Total deposits 470,525 453,192
Borrowings 4,719 11,808
Accrued interest payable and
other liabilities 18,899 3,171
Total liabilities 494,143 468,171
Shareholders' equity:
Common stock 16,456 16,064
Retained earnings 38,438 38,055
Treasury stock (7,416) (7,416)
Accumulated other comprehensive
income 493 654
Deferred stock-based
compensation (505) (146)
Total shareholders' equity 47,466 47,211
------ ------
Total liabilities and
shareholders' equity $541,609 $515,382
======== ========
Common shares outstanding 7,287,435 7,233,795
Book value per common share $6.51 $6.53
DCB Financial Corp
Consolidated Statements of Operations (Unaudited)
Three months ended June 30, Six months ended June 30,
--------------------------- -------------------------
2015 2014 2015 2014
---- ---- ---- ----
(Dollars in thousands, except share and per share data)
Interest income:
Loans $3,953 $3,719 $7,905 $7,456
Securities 482 534 987 1,088
Federal funds sold and
interest bearing
deposits 19 9 29 23
--- --- --- ---
Total interest income 4,454 4,262 8,921 8,567
Interest expense:
Deposits:
Savings and money market
accounts 150 136 292 269
Time accounts 92 108 184 237
NOW accounts 17 19 33 37
--- --- --- ---
259 263 509 543
Borrowings 36 36 71 72
--- --- --- ---
Total interest expense 295 299 580 615
Net interest income 4,159 3,963 8,341 7,952
----- ----- ----- -----
Provision for loan losses - - 150 -
Net interest income after
provision for loan
losses 4,159 3,963 8,191 7,952
Non-interest income:
Service charges 500 489 952 1,000
Wealth management fees 399 378 779 671
Treasury management fees 64 59 122 115
Income from bank-owned
life insurance 165 164 408 402
Loss on loans held for
sale - (114) - (357)
Loss (gain) on sale of
REO (11) (4) 1 (4)
Loss on sale of
securities, available-
for-sale - - - (140)
Gain on sale of branch - - - 438
Other non-interest income 63 24 76 62
--- --- --- ---
Total non-interest income 1,180 996 2,338 2,187
Non-interest expense:
Salaries and employee
benefits 2,819 2,712 5,531 5,490
Occupancy and equipment 1,023 921 1,986 1808
Professional services 284 197 637 617
Advertising 141 77 249 158
Office supplies, postage
and courier 72 89 151 184
FDIC insurance premium 97 172 207 340
State franchise taxes 75 67 150 132
Other non-interest
expense 684 687 1,235 1254
--- --- ----- ----
Total non-interest
expense 5,195 4,922 10,146 9,983
Income before income
taxes 144 37 383 156
Income taxes - - - -
--- --- --- ---
Net income $144 $37 $383 $156
==== === ==== ====
Share and Per Share Data
Basic average common
shares outstanding 7,287,435 7,192,350 7,262,541 7,192,350
Diluted average common
shares outstanding 7,303,902 7,250,702 7,278,933 7,247,315
Basic earnings per common
share $0.02 $0.01 $0.05 $0.02
Diluted earnings per
common share $0.02 $0.01 $0.05 $0.02
DCB Financial Corp
Consolidated Average Balances (Unaudited)
Three months ended Six months ended
June 30, June 30,
-------- --------
2015 2014 2015 2014
---- ---- ---- ----
(Dollars in thousands)
Earning assets
Interest bearing cash $28,466 $13,566 $24,128 $17,635
Securities 77,772 75337 77,457 76,224
Tax-exempt securities 6,842 7853 6,846 7,924
Loans (1) 377,985 356,678 379,553 358,663
------- ------- ------- -------
Total earning assets 491,065 453,434 487,984 460,446
Non-earning assets 41,239 40,778 41,710 40,803
------ ------ ------ ------
Total assets $532,304 $494,212 $529,694 $501,249
======== ======== ======== ========
Interest bearing
liabilities
Interest bearing DDA $80,065 $76,555 $80,734 $78,655
Money market 158,782 130,370 156,920 130,352
Savings accounts 43,881 42,720 43,322 43,118
Time deposits 75,384 81,415 75,898 83,797
Overnight borrowings - - - -
FHLB advances 4,765 4,894 5,564 5,086
Total interest bearing
liabilities 362,877 335,954 362,438 341,008
Non-interest bearing
deposits $119,440 $109,486 $116,271 $110,490
Other non-interest
bearing liabilities 3,163 3,043 4,269 4,578
----- ----- ----- -----
Total liabilities 485,480 448,483 482,978 456,076
Shareholders' equity 46,824 45,729 46,716 45,173
------ ------ ------ ------
Total liabilities and
shareholders' equity $532,304 $494,212 $529,694 $501,249
======== ======== ======== ========
(1) Includes loans held for sale in 2014
DCB Financial Corp
Loans and Deposits (Unaudited)
The following table sets forth the composition of the Company's loan portfolio at the dates indicated (includes loans held for sale):
June 30, 2015 March 31, 2015 December 31, 2014
------------- -------------- -----------------
Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ -------
Loan portfolio
composition (Dollars in thousands)
Commercial and
industrial $102,754 26.9% $99,946 26.5% $106,222 27.6%
Commercial real
estate 105,615 27.7% 106,334 28.2% 111,851 29.0%
Real estate and
home equity 134,090 35.1% 131,658 34.9% 129,650 33.7%
Consumer and
credit card 39,403 10.3% 39,074 10.4% 37,507 9.7%
------ ------ ------
Total loans $381,862 100.0% $377,012 100.0% $385,230 100.0%
Net deferred loan
costs 302 234 214
Allowance for loan
losses (4,164) (4,089) (4,236)
------ ------ ------
Net loans $378,000 $373,157 $381,208
======== ======== ========
The following table sets forth the composition of the Company's deposits at the dates indicated :
June 30, 2015 March 31, 2015 December 31, 2014
------------- -------------- -----------------
Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ -------
Deposit
composition (Dollars in thousands)
Non-interest
bearing demand $118,114 25.1% $111,286 23.9% $111,022 24.5%
Interest bearing
demand 79,954 17.0% 76,390 16.5% 77,534 17.1%
------ ---- ------ ---- ------ ----
Total demand 198,068 42.1% 187,676 40.4% 188,556 41.6%
Savings 43,722 9.3% 43,568 9.4% 42,634 9.4%
Money market 154,344 32.8% 156,806 33.7% 147,667 32.6%
Time deposits 74,391 15.8% 76,746 16.5% 74,335 16.4%
------ ---- ------ ---- ------ ----
Total deposits $470,525 100.0% $464,796 100.0% $453,192 100.0%
======== ===== ======== ===== ======== =====
DCB Financial Corp
Asset Quality (Unaudited)
The following table represents a summary of delinquent loans grouped by the number of days delinquent at the dates indicated:
Delinquent loans and leases June 30, 2015 March 31, 2015 December 31, 2014
--------------------------- ------------- -------------- -----------------
$%(1) $%(1) $%(1)
---- ---- ----
(Dollars in thousands)
30 days past due and still accruing $460 0.12% $250 0.07% $336 0.09%
60 days past due and still accruing 22 0.01% 498 0.13% 37 0.01%
90 days past due and still accruing 475 0.12% 105 0.03% 480 0.12%
Non-accrual 1,457 0.38% 1,130 0.30% 1,384 0.36%
Total $2,414 0.63% $1,983 0.53% $2,237 0.58%
====== ==== ====== ==== ====== ====
(1) As a percentage of total loans, excluding deferred costs
The following table represents information concerning the aggregate amount of non-performing assets (includes
loans held for sale):
Non-performing
assets June 30, 2015 March 31, 2015 December 31, 2014
-------------- ------------- -------------- -----------------
(Dollars in thousands)
Non-accruing
loans:
Residential real
estate loans and
home equity $766 $340 $334
Commercial real
estate 31 60 298
Commercial and
industrial 593 612 632
Consumer loans and
credit cards 67 118 120
Total non-
accruing loans 1,457 1,130 1,384
Accruing loans
delinquent 90
days or more 475 105 480
--- --- ---
Total non-
performing loans
(excluding TDR's) 1,932 1,235 1,864
Other real estate
and repossessed
assets 807 940 1,111
--- --- -----
Total non-
performing assets
(excluding TDR's) $2,739 $2,175 $2,975
====== ====== ======
Troubled debt
restructurings(1) $9,068 $9,575 $9,633
Total non-
performing loans
(including TDR's) $11,000 $10,810 $11,497
Total non-
performing assets
(including TDR's) $11,807 $11,750 $12,608
(1) TDR's that are in compliance with their modified terms and accruing interest.
The following table summarizes changes in the allowance for loan losses arising from loans charged off,
recoveries on loans and leases previously charged off and additions to the allowance which have been charged to expense:
Three months ended Six months ended
Allowance for
loan losses June 30, June 30,
------------- -------- --------
2015 2014 2015 2014
---- ---- ---- ----
(Dollars in
thousands)
Allowance for
loan losses,
beginning of
period $4,089 $5,345 $4,236 $6,724
Loans
charged-off (78) (846) (507) (2,258)
Recoveries of
loans
previously
charged-off 153 69 285 199
--- --- --- ---
Net loans
charged-off 75 (777) (222) (2,059)
Allowance
related to
loans
transferred
to held-
for-sale - - - (97)
Provision for
loan losses - - 150 -
--- --- --- ---
Allowance for
loan losses,
end of
period $4,164 $4,568 $4,164 $4,568
====== ====== ====== ======
DCB Financial Corp
Consolidated Financial Information (Unaudited)
At or for the At or for the
three months six months
Key
Ratios ended June 30, ended June 30,
------ -------------- --------------
2015 2014 2015 2014
---- ---- ---- ----
Return
on
average
assets 0.19% 0.05% 0.19% 0.07%
Return
on
average
equity 2.17% 0.53% 2.11% 0.80%
Yield
on
earning
assets 3.61% 3.77% 3.68% 3.75%
Cost
of
interest-
bearing
liabilities 0.33% 0.36% 0.32% 0.36%
Net
interest
margin
(1) 3.40% 3.53% 3.45% 3.49%
Non-
interest
income
to
total
income
(2) 22.2% 21.8% 21.9% 22.0%
Efficiency
ratio
(3) 95.0% 96.2% 93.8% 97.4%
Net
loans
charged-
off
to
average
loans,
annualized (0.08)% 0.87% 0.12% 1.15%
Provision
for
loan
losses
to
average
loans,
annualized 0.00% 0.00% 0.04% 0.00%
Allowance
for
loan
losses
to
total
loans 1.09% 1.28% 1.09% 1.28%
Allowance
for
loan
losses
to
non-
accrual
loans 286% 109% 286% 109%
Non-
accrual
loans
to
total
loans 0.38% 1.17% 0.38% 1.17%
Non-
performing
assets
to
total
assets 2.18% 2.97% 2.18% 2.97%
(including
performing
TDR's)
Non-
performing
assets
to
total
assets 0.51% 1.12% 0.51% 1.12%
(excluding
performing
TDR's)
(1) Net interest income divided by average earning assets
(2) Non-interest income (excluding net realized gains and losses on securities and other non-recurring gains and losses) divided by the sum of net interest income and non-interest income (as adjusted)
(3) Non-interest expense (less OREO expense and non-recurring expenses and losses) divided by the sum of net interest income and non-interest income (as adjusted)
DCB Financial Corp
Selected Quarterly Financial Data (Unaudited)
2015 2014
---- ----
Second First Fourth Third Second
------ ----- ------ ----- ------
(Dollars in thousands, except per share data)
Interest income $4,454 $4,467 $4,536 $4,278 $4,262
Interest expense 295 285 291 306 299
--- --- --- --- ---
Net interest
income 4,159 4,182 4,245 3,972 3,963
Provision for loan
losses - 150 150 - -
--- --- --- --- ---
Net interest
income after
provision for
loan losses 4,159 4,032 4,094 3,972 3,963
Non-interest
income 1,180 1,158 1,132 1,140 996
Non-interest
expenses 5,195 4,951 5,059 5,062 4,922
----- ----- ----- ----- -----
Income before
income taxes 144 239 168 50 37
Income taxes - - - - -
--- --- --- --- ---
Net income $144 $239 $168 $50 $37
==== ==== ==== === ===
Stock and related
per share data
Basic and diluted
earnings per
common share $0.02 $0.03 $0.02 $0.01 $0.01
Basic weighted
average common
shares
outstanding 7,287,435 7,237,371 7.196,404 7,192,350 7,192,350
Diluted weighted
average common
shares
outstanding 7,303,902 7,253,840 7,232,961 7,249,194 7,250,702
Common book value
per share $6.51 $6.54 $6.53 $6.49 $6.51
Capital Ratios:
Bank
Tier 1 leverage
ratio 8.63% 8.65% 9.00% 8.96% 8.97%
Common equity tier
1 capital ratio 12.68% 12.62% 12.40% 12.42% 12.77%
Tier 1 risk based
capital ratio 12.68% 12.62% 12.40% 12.42% 12.77%
Total risk based
capital ratio 13.83% 13.75% 13.56% 13.57% 14.02%
Total equity to
assets ratio
(consolidated) 8.80% 9.15% 9.16% 9.33% 9.35%
Selected ratios:
Return on average
assets 0.19% 0.18% 0.13% 0.04% 0.05%
Return on average
equity 2.17% 2.05% 1.44% 0.43% 0.53%
Yield on earning
assets 3.61% 3.73% 3.86% 3.66% 3.75%
Cost of interest-
bearing
liabilities 0.33% 0.32% 0.33% 0.35% 0.36%
Net interest
margin 3.40% 3.50% 3.62% 3.40% 3.51%
Non-interest
income to total
income (1) 22.2% 21.5% 20.6% 22.6% 21.8%
Efficiency ratio
(2) 95.0% 92.9% 94.6% 98.7% 96.2%
Asset quality
ratios:
Net loans charged
off to average
loans, annualized (0.08)% 0.31% 0.10% 0.43% 0.87%
Provision for loan
losses to average
loans, annualized 0.00% 0.16% 0.16% 0.00% 0.00%
Allowance for loan
losses to total
loans 1.09% 1.08% 1.10% 1.13% 1.28%
Allowance for loan
losses to non-
accrual loans 286% 362% 306% 139% 109%
Non-accrual loans
to total loans 0.38% 0.30% 0.36% 0.81% 1.17%
Non-performing
assets to total
assets (including 2.18% 2.26% 2.45% 2.91% 3.06%
performing TDR's)
Non-performing
assets to total
assets (excluding 0.51% 0.42% 0.58% 0.95% 1.12%
performing TDR's)
(1) Non-interest income (net of realized gains and losses on securities and other non-recurring items) divided by the sum of net interest income and non-interest income (as adjusted)
(2) Non-interest expense (less OREO expense) divided by the sum of net interest income and non-interest income (as adjusted)
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/dcb-financial-corp-announces-second-quarter-2015-results-300121250.html
SOURCE DCB Financial Corp
