DCB FINANCIAL CORP LEWIS CENTER, Ohio, Aug. 8, 2016 /PRNewswire/ -- DCB Financial Corp (the "Company"), (OTCPink:DCBF), parent holding company of The Delaware County Bank & Trust Company, Lewis Center, Ohio (the "Bank") announced net income of $331,000 or $0.04 per diluted share for the three months ended June 30, 2016, compared to net income of $144,000 or $0.02 per diluted share for the same period in 2015.
Net income was $447,000 or $0.06 per diluted share for the six months ended June 30, 2016, compared to net income of $383,000 or $0.05 per diluted share for the same period in 2015.
Ronald J. Seiffert, Chairman, President and CEO of the Company said, "The final phase of the expansion of our residential lending and SBA lending operations was implemented in the second quarter, as we began to sell certain of both products to investors on the secondary market. Earnings for the second quarter were favorably impacted by such sales which generated net gains of $478,000."
Balance Sheet Highlights
Total assets were $556.1 million at June 30, 2016, compared with $553.2 million at March 31, 2016 and $541.3 million at December 31, 2015. Much of the increase in assets in the first half of 2016 was in the Company's loan portfolio (including held for sale), which increased $18.0 million or 4.7%, to $396.6 million at June 30, 2016.
Deposits totaled $467.6 million at June 30, 2016, compared with $462.2 million at March 31, 2016 and $474.5 million at December 31, 2015. Most of the increase during the quarter was the result of an increase in municipal deposit balances of $2.8 million during the quarter.
Shareholders' equity was $59.9 million at June 30, 2016, compared with $59.3 million at March 31, 2016 and $58.8 million at December 31, 2015. The increase in shareholders' equity in the first half of 2016 was attributable primarily to net income of $447,000 and to an increase in accumulated other comprehensive income of $605,000 due to higher unrealized gains on securities available-for-sale. The Company's tangible common equity to tangible assets ratio was 10.8% at June 30, 2016.
The Bank's common equity tier 1 capital ratio was 12.51% and its total risk-based capital ratio was 13.70% at June 30, 2016, both of which were well above the regulatory thresholds required to be classified as a "well-capitalized" institution, which are 6.5% and 10.0%, respectively.
Asset Quality and the Provision for Loan Losses
Delinquent loans (including non-accrual loans) totaled $1.6 million or 0.41% of total loans at June 30, 2016, compared to $1.7 million or 0.43% of total loans at March 31, 2016 and $1.5 million or 0.41% of total loans at December 31, 2015. Non-accrual loans totaled $1.4 million or 0.36% of total loans at June 30, 2016, compared to $1.2 million or 0.30% of total loans at March 31, 2016 and $1.2 million or 0.32% of total loans at December 31, 2015.
Non-performing assets were $8.0 million or 1.43% of total assets at June 30, 2016, compared to $7.7 million or 1.40% of total assets at March 31, 2016 and $7.3 million or 1.35% of total assets at December 31, 2015. 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 $6.5 million at June 30, 2016, compared to $6.4 million at March 31, 2016 and $6.0 million at December 31, 2015.
Net recoveries of $255,000 were recorded in the second quarter of 2016, compared to net recoveries of $2,000 in the first quarter of 2016 and net recoveries of $75,000 in the year ago quarter. There was no provision for loan losses recorded in the three months and six months ended June 30, 2016. The provision for loan losses was $150,000 in first half of 2015, all of which was recorded in the first quarter of 2015. The allowance for loan losses was $4.6 million at June 30, 2016, compared to $4.3 million at March 31, 2016 and December 31, 2015. The ratio of the allowance for loan losses to total loans was 1.17% at June 30, 2016, compared to 1.11% at March 31, 2016 and 1.14% at December 31, 2015.
The ratio of the allowance for loan losses to non-performing loans (including TDR's) was 58.0% at June 30, 2016, compared to 56.6% at March 31, 2016 and 59.7% at December 31, 2015. The ratio of the allowance for loan losses to non-accrual loans was 323% at June 30, 2016, compared to 365% at March 31, 2016 and 355% at December 31, 2015.
Net Interest Income
Net interest income totaled $4.2 million in the quarter ended June 30, 2016, compared to $4.2 million in second quarter of 2015 and $4.1 million in the first quarter of 2016. The net interest margin was 3.41% in the second quarter of 2016, compared to 3.40% in the year-ago quarter and 3.33% in the first quarter of 2016.
Total average interest-earning assets were $499.1 million in the second quarter of 2016, compared to $491.1 million in the year-ago quarter and $495.9 million in the first quarter of 2016. Average loans outstanding in the second quarter of 2016 were $395.7 million or 79.3% of total average interest-earning assets, compared with $378.0 million or 77.0% in the year-ago quarter and $381.7 million or 77.0% of total average interest-earning assets in the first quarter of 2016.
Total average interest-bearing deposit balances were $342.6 million in the second quarter of 2016, compared to $358.1 million in the year-ago quarter and $349.3 million in the first quarter of 2016. The average balances of interest-bearing demand, savings and money market accounts (transaction accounts) increased $7.5 million to $290.2 million in the second quarter of 2016 compared to the year-ago quarter, partially offsetting a decrease in the average balance of time deposits of $23.0 million. Transaction accounts comprised 84.7% of total interest-bearing deposits in the second quarter of 2016, compared to 78.9% in the year-ago quarter and 82.3% of total interest-bearing deposits in the first quarter of 2016.
Net interest income totaled $8.3 million in the six months ended June 30, 2016 and 2015. The net interest margin was 3.35% for the six months ended June 30, 2016, compared with 3.45% in the year-ago period.
Average interest-earning assets were $497.5 million in the first half of 2016, which was an increase of $9.5 million or 1.9% from the first half of 2015. Average loans outstanding in the first half of 2016 increased $9.2 million compared to the year-ago period, and totaled 78.1% of total interest-earning assets in the six months ended June 30, 2016, compared with 77.8% in the year-ago period.
The average balance in time deposits decreased $18.8 million in the first half of 2016 compared with the year-ago period, while the average balances in lower-costing transaction accounts increased $7.9 million. Transaction accounts comprised 83.5% of total interest-bearing deposits in the first half of 2016, compared to 78.7% in the first half of 2015. The changes in the composition of average deposit balances in the three and six months ended June 30, 2016 was primarily the result of the movement of large municipal time deposit maturities into money market accounts and off-balance sheet investment accounts.
Non-Interest Income and Non-Interest Expenses
Non-interest income was $1.8 million in the second quarter of 2016, compared to $1.2 million in the year-ago quarter and $1.3 million in the first quarter of 2016. Gains on sales of loans totaled $478,000 in the second quarter of 2016, reflecting the launch in the second quarter of secondary market sales of SBA and residential mortgage loans. Total loan sales in the second quarter were $9.4 million, of which $4.7 million were the 75% guaranteed portion of SBA loans and $4.7 million were residential mortgages. Gains on sales of SBA loans and residential mortgages in the second quarter totaled $414,000 and $64,000, respectively. The Company did not sell any loans in 2015 or in the first quarter of 2016. Service charges, wealth management fees and treasury management fees increased an aggregate $168,000 or 17.4% in the second quarter of 2016 compared with the year-ago quarter, primarily from the impact of changes to certain of the Bank's fees and service charges and from business development activities.
Non-interest income was $3.1 million in the first half of 2016, compared to $2.3 million in the first half of 2015. Gains on sales of loans accounted for approximately 61% of the increase in non-interest income, with the balance of the increase being driven by changes to certain of the Bank's fees and service charges and from business development activities.
Non-interest income accounted for 29.8% of total revenue in the second quarter of 2016, compared to 22.1% in the year-ago quarter and 24.6% in the first quarter of 2016. Non-interest income accounted for 27.3% of total revenue in the first half of 2016, compared with 21.9% in the year-ago period.
Non-interest expenses were $5.7 million for the second quarter of 2016, compared with $5.2 million in the year-ago quarter and $5.4 million for the first quarter of 2016. Salaries and benefits increased $309,000 in the second quarter of 2016 compared to the year-ago quarter due primarily to the previously-announced hiring of the small business lending team and residential mortgage originators in the fourth quarter of 2015. The Company's efficiency ratio was 93.7% in the second quarter of 2016, compared with 97.3% in the year-ago quarter and 99.6% in the first quarter of 2016.
Non-interest expenses were $11.0 million in the first half of 2016, compared to $10.1 million in the first half of 2015. Salaries and benefits increased $639,000 due primarily to the hiring of the small business lending team and residential mortgage originators. The Company's efficiency ratio was 96.5% for the first half of 2016, compared to 95.0% in the year-ago period.
Income Taxes
Income tax expense was $52,000 in the second quarter of 2016. An income tax benefit of $43,000 was recorded for the six months ended June 30, 2016. The amount of income tax expense or benefit recognized in each of the first two quarters of 2016 was impacted by the overall amount of pre-tax income and the amount of pre-tax income that is not subject to federal income taxes, which is comprised primarily of income from bank-owned life insurance.
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 nine full-service and four limited-service 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, SBA loans, 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, including certain plans, expectations, goals, projections, and statements. 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, 2015, 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
June 30, 2016 December 31, 2015
(unaudited)
----------
(Dollars in thousands, except share and per
share data)
Assets
Cash and due from financial
institutions $5,851 $6,929
Interest-bearing deposits 21,357 24,963
------ ------
Total cash and cash equivalents 27,208 31,892
Securities available-for-sale 83,866 87,797
Loans 392,954 378,513
Less allowance for loan losses (4,590) (4,333)
------ ------
Net loans 388,364 374,180
Loans held for sale 3,599 -
Real estate owned 68 68
Investment in FHLB stock 3,250 3,250
Premises and equipment, net 9,832 5,091
Premises and equipment held-for-
sale - 4,771
Bank-owned life insurance 21,167 20,760
Deferred tax asset, net 10,265 10,402
Accrued interest receivable and
other assets 8,443 3,053
----- -----
Total assets $556,062 $541,264
======== ========
Liabilities and shareholders'
equity
Liabilities:
Deposits:
Non-interest bearing $119,808 $124,023
Interest bearing 347,784 350,514
------- -------
Total deposits 467,592 474,537
Borrowings 17,301 4,520
Obligations under capital lease 8,096 -
Accrued interest payable and
other liabilities 3,217 3,360
Total liabilities 496,206 482,417
Shareholders' equity:
Common stock 16,918 16,410
Retained earnings 50,246 49,799
Treasury stock (7,520) (7,416)
Accumulated other comprehensive
income 1,041 436
Deferred stock-based compensation (829) (382)
Total shareholders' equity 59,856 58,847
------ ------
Total liabilities and
shareholders' equity $556,062 $541,264
======== ========
Common shares outstanding 7,340,786 7,281,237
Book value per common share $8.15 $8.08
DCB Financial Corp
Consolidated Statements of Operations (Unaudited)
Three months ended June 30, Six months ended June 30,
--------------------------- -------------------------
2016 2015 2016 2015
---- ---- ---- ----
(Dollars in thousands, except share and per share data)
Interest income:
Loans $4,115 $3,953 $7,997 $7,905
Securities 507 482 1,014 987
Federal funds sold and
interest bearing deposits 16 19 52 29
--- --- --- ---
Total interest income 4,638 4,454 9,063 8,921
Interest expense:
Deposits:
Savings and money market
accounts 180 150 358 292
Time accounts 71 92 148 184
NOW accounts 19 17 36 33
--- --- --- ---
270 259 542 509
Obligation under capital
lease 80 - 134 -
Borrowings 44 36 85 71
--- --- --- ---
Total interest expense 394 295 761 580
Net interest income 4,244 4,159 8,302 8,341
Provision for loan losses - - - 150
--- --- --- ---
Net interest income after
provision for loan losses 4,244 4,159 8,302 8,191
Non-interest income:
Service charges 538 500 1,036 952
Wealth management fees 470 399 892 779
Treasury management fees 123 64 214 122
Income from bank-owned
life insurance 163 165 406 408
Gain on sale of loans 478 - 478 -
Gain (loss) on sale of REO - (11) - 1
Other non-interest income 30 63 97 76
--- --- --- ---
Total non-interest income 1,802 1,180 3,123 2,338
Non-interest expense:
Salaries and employee
benefits 3,128 2,819 6,170 5,531
Occupancy and equipment 974 1,023 1,947 1,986
Professional services 317 284 687 637
Advertising 228 141 398 249
Office supplies, postage
and courier 75 72 163 151
FDIC insurance premium 90 97 178 207
State franchise taxes 118 75 234 150
Other non-interest expense 733 684 1,244 1,235
--- --- ----- -----
Total non-interest expense 5,663 5,195 11,021 10,146
Income before income tax
(benefit) 383 144 404 383
Income tax expense
(benefit) 52 - (43) -
--- --- --- ---
Net income $331 $144 $447 $383
==== ==== ==== ====
Share and Per Share Data
Basic average common
shares outstanding 7,346,417 7,287,435 7,328,789 7,262,541
Diluted average common
shares outstanding 7,363,802 7,303,902 7,347,733 7,278,933
Basic earnings per common
share $0.04 $0.02 $0.06 $0.05
Diluted earnings per
common share $0.04 $0.02 $0.06 $0.05
DCB Financial Corp
Consolidated Average Balances (Unaudited)
Three months ended Six months ended
June 30, June 30,
-------- --------
2016 2015 2016 2015
---- ---- ---- ----
(Dollars in thousands)
Earning assets
Interest bearing cash $15,398 $28,466 $20,246 $24,128
Securities 84,947 77,772 85,417 77,457
Tax-exempt securities 3,062 6,842 3,117 6,846
Loans 395,668 377,985 388,703 379,553
------- ------- ------- -------
Total earning assets 499,075 491,065 497,483 487,984
Non-earning assets 60,896 41,239 54,833 41,710
------ ------ ------ ------
Total assets $559,971 $532,304 $552,316 $529,694
======== ======== ======== ========
Interest bearing
liabilities
Interest bearing DDA $84,430 $80,065 $83,208 $80,734
Money market 156,289 158,782 156,979 156,920
Savings accounts 49,473 43,881 48,698 43,322
Time deposits 52,407 75,384 57,073 75,898
Borrowings 12,954 4,765 11,236 5,564
Obligation under capital
lease 8,148 - 8,189 -
Total interest bearing
liabilities 363,701 362,877 365,383 362,438
Non-interest bearing
deposits $124,995 $119,440 $123,440 $116,271
Other non-interest
bearing liabilities 12,747 3,163 5,192 4,269
------ ----- ----- -----
Total liabilities 501,443 485,480 494,015 482,978
Shareholders' equity 58,528 46,824 58,301 46,716
------ ------ ------ ------
Total liabilities and
shareholders' equity $559,971 $532,304 $552,316 $529,694
======== ======== ======== ========
DCB Financial Corp
Loans and Deposits (Unaudited)
The following table sets forth the composition of the Company's loan portfolio, excluding deferred loan costs and including loans held for sale at the dates indicated:
June 30, 2016 March 31, 2016 December 31, 2015
------------- -------------- -----------------
Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ -------
Loan portfolio composition (Dollars in thousands)
Commercial and industrial $105,530 26.7% $101,679 26.0% $99,213 26.2%
Commercial real estate 103,408 26.1% 106,742 27.3% 100,743 26.7%
Real estate and home equity 149,383 37.7% 142,907 36.5% 137,645 36.4%
Consumer and credit card 37,615 9.5% 39,829 10.2% 40,587 10.7%
------ ------ ------
Total loans $395,936 100.0% $391,157 100.0% $378,188 100.0%
Net deferred loan costs 617 466 325
Allowance for loan losses (4,590) (4,335) (4,333)
------ ------ ------
Net loans $391,963 $387,288 $374,180
======== ======== ========
At June 30, 2016, total loans included $3.6 million in loans held for sale, which consisted of $2.5 million in commercial and industrial small business loans and $1.1 million in residential mortgages for sale on the secondary market. At March 31, 2016 and December 31, 2015 there were no loans
held for sale.
The following table sets forth the composition of the Company's deposits at the dates indicated:
June 30, 2016 March 31, 2016 December 31, 2015
------------- -------------- -----------------
Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ -------
Deposit composition (Dollars in thousands)
Non-interest bearing demand $119,808 25.6% $125,106 27.0% $124,023 26.1%
Interest bearing demand 87,873 18.8% 75,633 16.4% 77,616 16.4%
------ ---- ------ ---- ------ ----
Total demand 207,681 44.4% 200,739 43.4% 201,639 42.5%
Savings 49,722 10.6% 48,719 10.5% 47,333 10.0%
Money market 157,136 33.6% 158,779 34.4% 154,119 32.5%
Time deposits 53,053 11.4% 54,000 11.7% 71,446 15.0%
------ ---- ------ ---- ------ ----
Total deposits $467,592 100.0% $462,237 100.0% $474,537 100.0%
======== ===== ======== ===== ======== =====
DCB Financial Corp
Asset Quality (Unaudited, except for December 31, 2015 data)
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, 2016 March 31, 2016 December 31, 2015
--------------------------- ------------- -------------- -----------------
$%(1) $%(1) $%(1)
---- ---- ----
(Dollars in thousands)
30 days past due $158 0.04% $378 0.10% $191 0.05%
60 days past due 56 0.01% 57 0.01% 111 0.03%
90 days past due and still accruing - -% 97 0.02% 2 0.01%
Non-accrual 1,423 0.36% 1,187 0.30% 1,222 0.32%
Total $1,637 0.41% $1,719 0.43% $1,526 0.41%
====== ==== ====== ==== ====== ====
(1) As a percentage of total
loans, including loans held
for sale, 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, 2016 March 31, 2016 December 31, 2015
--------------------- ------------- -------------- -----------------
(Dollars in thousands)
Non-accruing loans:
Residential real estate loans and home equity $742 $656 $668
Commercial real estate 142 - -
Commercial and industrial 539 531 554
Consumer loans and credit cards - - -
Total non-accruing loans 1,423 1,187 1,222
Accruing loans delinquent 90 days or more - 97 2
--- --- ---
Total non-performing loans (excluding TDR's) 1,423 1,284 1,224
Other real estate and repossessed assets 68 68 68
--- --- ---
Total non-performing assets (excluding TDR's) $1,491 $1,352 $1,292
====== ====== ======
Troubled debt restructurings(1) $6,486 $6,374 $6,040
Total non-performing loans (including TDR's) $7,909 $7,658 $7,264
Total non-performing assets (including TDR's) $7,977 $7,726 $7,332
(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,
------------------------- -------- --------
2016 2015 2016 2015
---- ---- ---- ----
(Dollars in thousands)
Allowance for loan losses, beginning of period $4,335 $4,089 $4,333 $4,236
Loans charged-off (33) (78) (88) (507)
Recoveries of loans previously charged-off 288 153 345 285
--- --- --- ---
Net recoveries (charge-offs) 255 75 257 (222)
Provision for loan losses - - - 150
--- --- --- ---
Allowance for loan losses, end of period $4,590 $4,164 $4,590 $4,164
====== ====== ====== ======
DCB Financial Corp
Consolidated Financial Information (Unaudited)
At or for the three months ended At or for the six months ended
Key Ratios June 30, June 30,
---------- -------- --------
2016 2015 2016 2015
---- ---- ---- ----
Return on average assets 0.24% 0.19% 0.16% 0.19%
Return on average equity 2.26% 2.17% 1.53% 2.11%
Yield on earning assets 3.70% 3.61% 3.63% 3.68%
Cost of interest-bearing liabilities 0.44% 0.33% 0.42% 0.32%
Net interest margin (1) 3.41% 3.40% 3.35% 3.45%
Non-interest income to total income (2) 29.8% 22.2% 27.3% 21.9%
Efficiency ratio (3) 93.7% 97.1% 96.5% 94.0%
Net loans (recovered) charged-off to average loans, annualized (0.26)% (0.08)% (0.13)% 0.12%
Provision for loan losses to average loans, annualized 0.00% 0.00% 0.00% 0.04%
Allowance for loan losses to total loans 1.17% 1.09% 1.17% 1.09%
Allowance for loan losses to non-accrual loans 323% 286% 323% 286%
Non-accrual loans to total loans 0.36% 0.38% 0.36% 0.38%
Non-performing assets to total assets 1.43% 2.18% 1.43% 2.18%
(including performing TDR's)
Non-performing assets to total assets 0.27% 0.51% 0.27% 0.51%
(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)
2016 2015
---- ----
Second First Fourth Third Second
------ ----- ------ ----- ------
(Dollars in thousands, except per share data)
Interest income $4,638 $4,425 $4,500 $4,469 $4,454
Interest expense 394 367 298 292 295
--- --- --- --- ---
Net interest income 4,244 4,058 4,202 4,177 4,159
Provision for loan losses - - - (150) -
--- --- --- ---- ---
Net interest income after provision for loan losses 4,244 4,058 4,202 4,327 4,159
Non-interest income 1,802 1,321 1,261 1,223 1,180
Non-interest expenses 5,663 5,358 5,157 5,150 5,195
----- ----- ----- ----- -----
Income before income tax 383 21 306 400 144
Income tax expense (benefit) 52 (95) 33 (10,688) -
--- --- --- ------- ---
Net income $331 $116 $273 $11,088 $144
==== ==== ==== ======= ====
Stock and related per share data
Basic and diluted earnings per common share $0.04 $0.02 $0.04 $1.52 $0.02
Basic weighted average common shares outstanding 7,346,417 7,311,238 7,280,480 7,287,435 7,287,435
Diluted weighted average common shares outstanding 7,363,802 7,330,881 7,297,496 7,307,244 7,303,902
Common book value per share $8.15 $8.06 $8.08 $8.05 $6.51
Capital Ratios:
Bank
Tier 1 leverage ratio 9.02% 8.97% 9.11% 9.18% 8.63%
Common equity tier 1 capital ratio 12.51% 12.60% 13.11% 13.09% 12.68%
Tier 1 risk based capital ratio 12.51% 12.60% 13.11% 13.09% 12.68%
Total risk based capital ratio 13.70% 13.75% 14.29% 14.23% 13.83%
Total equity to assets ratio (consolidated) 10.76% 10.72% 10.87% 10.83% 8.80%
Selected ratios:
Return on average assets 0.24% 0.09% 0.20% 8.26% 0.19%
Return on average equity 2.26% 0.80% 1.90% 94.9% 2.17%
Yield on earning assets 3.70% 3.54% 3.55% 3.57% 3.61%
Cost of interest-bearing liabilities 0.44% 0.34% 0.33% 0.32% 0.33%
Net interest margin 3.41% 3.33% 3.33% 3.35% 3.40%
Non-interest income to total income (1) 29.8% 24.6% 22.6% 22.9% 22.2%
Efficiency ratio (2) 93.7% 99.6% 95.0% 95.0% 97.1%
Asset quality ratios:
Net loans (recovered) charged-off to average loans, annualized (0.26)% 0.00% (0.13)% (0.20)% (0.08)%
Provision for loan losses to average loans, annualized 0.00% 0.00% 0.00% (0.16)% 0.00%
Allowance for loan losses to total loans 1.17% 1.11% 1.14% 1.12% 1.09%
Allowance for loan losses to non-accrual loans 323% 365% 355% 314% 286%
Non-accrual loans to total loans 0.36% 0.30% 0.32% 0.35% 0.38%
Non-performing assets to total assets (including 1.43% 1.40% 1.35% 1.52% 2.18%
performing TDR's)
Non-performing assets to total assets (excluding 0.27% 0.24% 0.24% 0.39% 0.51%
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).
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SOURCE DCB Financial Corp
