DCB FINANCIAL CORP LEWIS CENTER, Ohio, Feb. 1, 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 $273,000 or $0.04 per diluted share for the three months ended December 31, 2015, compared to net income of $164,000 or $0.02 per diluted share for the same period in 2014.
Net income was $11.7 million or $1.61 per diluted share for the year ended December 31, 2015, compared to net income of $372,000 or $0.05 per diluted share in 2014. Pre-tax income was $1.1 million or $0.15 per diluted share for the year ended December 31, 2015, compared with $372,000 or $0.05 per diluted share in 2014. The Company reversed a valuation allowance in the third quarter of 2015 that had previously been recorded against its net deferred tax assets, resulting in a one-time tax benefit in the third quarter of $10.7 million or $1.46 per diluted share.
Ronald J. Seiffert, President and CEO for the Company said, "We made significant progress during 2015 in improving the profitability of our Company, with fourth quarter and full year pre-tax income increasing 87% and 193%, respectively, compared to the year-ago periods. The quality and sustainability of our earnings in 2015, along with very strong asset quality metrics and capital ratios, allowed the Company to fully reverse the valuation allowance against its net deferred tax assets in the third quarter of 2015, five years after the valuation allowance was originally established because of the financial difficulties experienced by the Company at that time."
Seiffert continued, "We also took actions in the fourth quarter of 2015 that we expect will contribute significantly to the Company's earnings growth over the long-term. We made significant strategic commitments to small business and residential mortgage lending in the fourth quarter by hiring an entire SBA lending team and by adding experienced residential mortgage originators. The expense associated with these strategic actions, coupled with the time that is needed to build a pipeline of loans, will have a negative short-term impact on the Company's profitability. The Company's earnings for the first six months of 2016 are expected to be near break-even, but are expected to trend higher in the second half of 2016 as small business and residential mortgage loan closings accelerate. We expect to achieve after-tax return on assets in the range of 0.30% to 0.35%, annualized, in the second half of 2016, compared to return on assets of 0.20% (excluding the income tax benefit) in 2015, if we fully achieve our business objectives in 2016."
Balance Sheet Highlights
Total assets were $541.3 million at December 31, 2015, compared with $541.7 million at September 30, 2015 and $515.4 million at December 31, 2014. Cash and cash equivalents increased $10.6 million since the end of 2014 due primarily to deposit growth during the period, and net deferred tax assets increased $10.4 million as the result of the reversal of the valuation allowance in the third quarter of 2015.
Total loans were $378.5 million at December 31, 2015, compared with $380.3 million at September 30, 2015 and $385.4 million at December 31, 2014. All of the decrease in the Company's loan portfolio in 2015 occurred in the first quarter, due to significant prepayments in its commercial portfolio. Eleven commercial relationships aggregating $12.8 million paid off in early 2015, of which approximately one-third were non-performing troubled-debt restructured loans. Growth in the Company's loan portfolio totaled $1.2 million over the last three quarters of 2015.
The Bank entered into a transaction in the fourth quarter of 2015, the effect of which was to sell and simultaneously lease back its headquarters building. At December 31, 2015, the Company had classified the $4.8 million carrying amount of the building as held-for-sale. The transaction, which closed on January 27, 2016, resulted in a gain of $3.1 million that has been deferred and will be amortized to income over the 15 year term of the Bank's lease.
Deposits totaled $474.5 million at December 31, 2015, compared with $474.9 million at September 30, 2015 and $453.2 million at December 31, 2014. Much of the growth in deposits during 2015 was the result of higher balances maintained by existing municipal and business customers.
Shareholders' equity was $58.8 million at December 31, 2015, which was an increase of $11.6 million since the end of 2014. The increase in shareholders' equity is attributable primarily to net income for 2015 of $11.7 million, which included the income tax benefit of $10.7 million that resulted from the reversal of the valuation allowance against the Company's net deferred tax assets. The Company's tangible common equity to tangible assets ratio was 10.9% at December 31, 2015.
The Bank's Tier 1 leverage ratio was 9.11% and its total risk-based capital ratio was 14.29% at December 31, 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 $1.5 million or 0.41% of total loans at December 31, 2015, compared to $1.5 million or 0.40% of total loans at September 30, 2015 and $2.2 million or 0.58% of total loans at December 31, 2014. Non-accrual loans totaled $1.2 million or 0.32% of total loans at December 31, 2015, compared to $1.3 million or 0.35% of total loans at September 30, 2015 and $1.4 million or 0.36% of total loans at December 31, 2014.
Non-performing assets were $7.3 million or 1.35% of total assets at December 31, 2015, compared with $8.2 million or 1.52% of total assets at September 30, 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 $6.0 million at December 31, 2015, compared to $6.1 million at September 30, 2015, and $9.6 million at December 31, 2014. Other real estate owned decreased $717,000 in the fourth quarter of 2015 due to the sale of a partially developed residential subdivision which was acquired through foreclosure in 2008. During the third quarter the Company sold two commercial mortgage loans that had been classified as impaired TDR's for $3.2 million, which was the aggregate outstanding amount of the loans.
Net recoveries of previously charged-off loans totaling $127,000 were recorded in the fourth quarter of 2015, compared to net charge-offs of $90,000 or 0.10% (annualized) of average loans in the year-ago quarter, and net recoveries of $192,000 in the third quarter of 2015.
Net recoveries of $97,000 were recorded in the year ended December 31, 2015, compared to net charge-offs of $2.5 million or 0.70% of average loans in 2014. Three commercial relationships comprised approximately 67% of the gross charge-offs in 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 fourth quarter of 2015 and for the year ended December 31, 2015. A negative provision for loan losses of $150,000 was recorded in the third quarter of 2015, which had the effect of offsetting a provision for loan losses of $150,000 in the first quarter of 2015. The provision for loan losses was $150,000 for the fourth quarter of 2014 and for the year ended December 31, 2014.
The allowance for loan losses was $4.3 million at December 31, 2015, compared to $4.2 million at September 30, 2015 and at December 31, 2014. The ratio of the allowance for loan losses to total loans was 1.14% at December 31, 2015, compared to 1.12% at September 30, 2015 and 1.10% at December 31, 2014.
The ratio of the allowance for loan losses to non-performing loans (including TDR's) was 59.7% at December 31, 2015, compared to 56.6% at September 30, 2015 and 36.8% at December 31, 2014. The ratio of the allowance for loan losses to non-accrual loans was 355% at December 31, 2015, compared to 314% at September 30, 2015 and 306% at December 31, 2014.
Net Interest Income
Net interest income totaled $4.2 million in the quarter ended December 31, 2015, which was unchanged from the year-ago quarter and from the third quarter of 2015. The net interest margin was 3.33% in the fourth quarter of 2015, compared to 3.62% in the year-ago quarter and 3.35% in the third quarter of 2015. The net interest margin in the fourth quarter of 2014 was impacted by the recognition of $171,000 of interest income in that quarter upon the refinance of a non-accrual commercial mortgage which, upon the refinance, was returned to accrual status. The net interest margin for the fourth quarter of 2014 was 3.48% without the $171,000 interest recovery.
The decline in the net interest margin from the year-ago quarter was due primarily to the reinvestment of loan amortization and payoffs into loans with lower current yields, as well as from the effect of higher interest-bearing cash balances, with yields averaging 0.25%.
Total average interest-earning assets were $500.4 million in the fourth quarter of 2015, compared to $496.5 million in the third quarter of 2015 and $465.7 million in the year-ago quarter. Average loans outstanding in the fourth quarter were $2.8 million less than the third quarter of 2015, but were $6.5 million higher than the year-ago quarter. Total average loans were 76.1% of total average interest-earning assets in the fourth quarter of 2015, compared with 80.3% in the year-ago quarter and 77.2% in the third quarter of 2015.
Total average interest-bearing deposit balances increased $12.0 million in the fourth quarter of 2015 compared to the year-ago quarter, with an increase of $14.7 million in the average balances of interest-bearing demand, savings and money market accounts (transaction accounts) offsetting a decrease in the average balance of time deposits of $2.7 million. Transaction accounts comprised 79.7% of total interest-bearing deposits in the fourth quarter of 2015, compared to 78.2% in the year-ago quarter and 79.1% in the third quarter of 2015.
Net interest income totaled $16.7 million for the year ended December 31, 2015, which was an increase of $552,000 or 3.4% compared with $16.2 million in 2014. The net interest margin was 3.39% in 2015, compared to 3.49% in 2014.
Average interest-earning assets were $493.9 million in 2015, which was an increase of $31.0 million or 6.7% from 2014. Average loans outstanding in 2015 increased $17.4 million compared to 2014, and totaled 77.1% of total interest-earning assets in 2015, compared to 78.5% in 2014.
The average balance in time deposits decreased $6.0 million in 2015, while the average balances in interest-bearing demand, savings and money market accounts increased $22.4 million. Transaction accounts comprised 79.1% of total interest-bearing deposits in 2015, compared to 76.3% in 2014.
Non-Interest Income and Non-Interest Expenses
Non-interest income was $1.3 million in the fourth quarter of 2015, compared to $1.1 million in the fourth quarter of 2014 and $1.2 million in the third quarter of 2015. Non-interest income was $4.8 million in 2015, compared to $4.5 million in 2014. Income from service charges, wealth management and treasury management services each increased in the quarter and year-ended December 31, 2015 compared to the year-ago periods largely from the impact of changes to certain of the Bank's fees and service charges and from business development activities.
Non-interest income accounted for 22.6% of total revenue in the fourth quarter of 2015, compared with 22.6% in the year-ago quarter and 22.9% in the third quarter of 2015. Non-interest income accounted for 22.3% of total revenue in 2015, compared to 21.8% in 2014.
Non-interest expenses were $5.2 million for the fourth quarter of 2015, compared with $5.1 million in the year-ago quarter and $5.2 million for the third quarter of 2015. Non-interest expenses were $20.5 million in 2015, compared to $20.1 million in 2014. Salaries and benefits increased $132,000 in the fourth quarter of 2015 compared to the year-ago quarter due primarily to the hiring of the SBA lending team and residential mortgage originators in the fourth quarter of 2015.
The Company's efficiency ratio was 95.0% in the fourth quarter of 2015, which was unchanged from the year-ago quarter and from the third quarter of 2015. The efficiency ratio was 94.9% in 2015, compared to 97.2% in 2014.
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 eight full-service and six 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, 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, 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)
December 31, 2015 December 31, 2014
----------------- -----------------
(Dollars in thousands,
except share and per share
data)
Assets
Cash and due from
financial institutions $6,929 $6,247
Interest-bearing
deposits 24,963 15,027
------ ------
Total cash and cash
equivalents 31,892 21,274
Securities available-
for-sale 87,797 75,909
Loans 378,513 385,444
Less allowance for loan
losses (4,333) (4,236)
------ ------
Net loans 374,180 381,208
Real estate owned 68 1,111
Investment in FHLB stock 3,250 3,250
Premises and equipment,
net 5,091 10,016
Premises and equipment
held-for-sale 4,771 -
Bank-owned life
insurance 20,760 20,027
Deferred tax asset, net 10,402 -
Accrued interest
receivable and other
assets 3,053 2,587
----- -----
Total assets $541,264 $515,382
======== ========
Liabilities and
shareholders' equity
Liabilities:
Deposits:
Non-interest bearing $124,023 $111,022
Interest bearing 350,514 342,170
------- -------
Total deposits 474,537 453,192
Borrowings 4,520 11,808
Accrued interest payable
and other liabilities 3,360 3,171
Total liabilities 482,417 468,171
Shareholders' equity:
Common stock 16,410 16,064
Retained earnings 49,799 38,055
Treasury stock (7,416) (7,416)
Accumulated other
comprehensive income 436 654
Deferred stock-based
compensation (382) (146)
Total shareholders'
equity 58,847 47,211
------ ------
Total liabilities and
shareholders' equity $541,264 $515,382
======== ========
Common shares
outstanding 7,233,797 7,233,797
Book value per common
share $8.08 $6.53
DCB Financial Corp
Consolidated Statements of Operations (Unaudited)
Three months ended Year ended
December 31,
December 31,
------------
2015 2014 2015 2014
---- ---- ---- ----
(Dollars in thousands, except share and per share data)
Interest income:
Loans $3,982 $4,044 $15,866 $15,276
Securities 497 484 1,957 2,065
Federal funds
sold and
interest bearing
deposits 21 8 67 39
--- --- --- ---
Total interest
income 4,500 4,536 17,890 17,380
Interest expense:
Deposits:
Savings and money
market accounts 161 145 606 559
Time accounts 85 94 357 434
NOW accounts 17 17 66 76
--- --- --- ---
263 256 1,029 1,069
Borrowings 35 36 141 143
--- --- --- ---
Total interest
expense 298 292 1,170 1,212
Net interest
income 4,202 4,244 16,720 16,168
Provision for
loan losses - 150 - 150
--- --- --- ---
Net interest
income after
provision for
loan losses 4,202 4,094 16,720 16,018
Non-interest
income:
Service charges 527 475 2,002 1,963
Wealth management
fees 427 383 1,644 1,474
Treasury
management fees 70 47 273 220
Income from bank-
owned life
insurance 163 164 734 730
Gain (loss) on
loans held for
sale 3 37 3 (509)
Gain (loss) on
sale of REO 36 (11) 16 (84)
Gain on sale of
securities,
available-for-
sale - - - 101
Gain on sale of
branch - - - 438
Other non-
interest income 35 34 150 127
--- --- --- ---
Total non-
interest income 1,261 1,129 4,822 4,460
Non-interest
expense:
Salaries and
employee
benefits 2,961 2,829 11,263 11,141
Occupancy and
equipment 947 943 3,912 3,784
Professional
services 341 395 1,383 1,379
Advertising 131 89 549 347
Office supplies,
postage and
courier 73 72 305 328
FDIC insurance
premium 91 110 393 630
State franchise
taxes 70 67 295 266
Other non-
interest expense 543 554 2,353 2,231
--- --- ----- -----
Total non-
interest expense 5,157 5,059 20,453 20,106
Income before
income tax
expense
(benefit) 306 164 1,089 372
Income tax
expense
(benefit) 33 - (10,655) -
--- --- ------- ---
Net income $273 $164 $11,744 $372
==== ==== ======= ====
Share and Per
Share Data
Basic average
common shares
outstanding 7,280,480 7,196,404 7,272,061 7,193,372
Diluted average
common shares
outstanding 7,297,496 7,232,961 7,288,350 7,232,388
Basic earnings
per common share $0.04 $0.02 $1.61 $0.05
Diluted earnings
per common share $0.04 $0.02 $1.61 $0.05
DCB Financial Corp
Consolidated Average Balances (Unaudited)
Three months ended Year ended
December 31, December 31,
------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
(Dollars in thousands)
Earning assets
Interest bearing cash $32,308 $12,745 $27,715 $16,576
Securities 84,098 75,339 81,910 78,704
Tax-exempt securities 3,458 3,625 3,552 4,314
Loans (1) 380,504 373,981 380,743 363,340
------- ------- ------- -------
Total earning assets 500,368 465,690 493,920 462,934
Non-earning assets 49,470 40,314 42,462 40,413
------ ------ ------ ------
Total assets $549,838 $506,004 $536,382 $503,347
======== ======== ======== ========
Interest bearing
liabilities
Interest bearing DDA $81,042 $76,918 $80,699 $78,447
Money market 153,980 146,818 155,271 136,393
Savings accounts 46,083 42,711 44,095 42,845
Time deposits 71,670 74,360 74,140 80,113
Borrowings 4,634 5,835 5,883 5,687
Total interest bearing
liabilities 357,409 346,642 360,088 343,485
Non-interest bearing
deposits $132,238 $110,913 $122,781 $110,457
Other non-interest
bearing liabilities 2,372 2,458 3,986 3,791
----- ----- ----- -----
Total liabilities 134,610 460,013 126,767 457,733
Shareholders' equity 57,819 45,991 49,527 45,614
------ ------ ------ ------
Total liabilities and
shareholders' equity $549,838 $506,004 $536,382 $503,347
======== ======== ======== ========
(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):
December 31, 2015 September 30, 2015 December 31, 2014
----------------- ------------------ -----------------
Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ -------
Loan portfolio composition (Dollars in thousands)
Commercial and industrial $99,213 26.2% $99,498 26.2% $106,222 27.6%
Commercial real estate 100,743 26.7% 103,891 27.3% 111,851 29.0%
Real estate and home equity 137,645 36.4% 135,934 35.8% 129,650 33.7%
Consumer and credit card 40,587 10.7% 40,689 10.7% 37,507 9.7%
------ ------ ------
Total loans $378,188 100.0% $380,012 100.0% $385,230 100.0%
Net deferred loan costs 325 278 214
Allowance for loan losses (4,333) (4,206) (4,236)
------ ------ ------
Net loans $374,180 $376,084 $381,208
======== ======== ========
The following table sets forth the composition of the Company's deposits at the dates indicated :
December 31, 2015 September 30, 2015 December 31, 2014
----------------- ------------------ -----------------
Amount Percent Amount Percent Amount Percent
------ ------- ------ ------- ------ -------
Deposit composition (Dollars in thousands)
Non-interest bearing demand $124,023 26.1% $123,870 26.1% $111,022 24.5%
Interest bearing demand 77,616 16.4% 81,939 17.3% 77,534 17.1%
------ ---- ------ ---- ------ ----
Total demand 201,639 42.5% 205,809 43.4% 188,556 41.6%
Savings 47,333 10.0% 44,408 9.3% 42,634 9.4%
Money market 154,119 32.5% 151,910 32.0% 147,667 32.6%
Time deposits 71,446 15.0% 72,780 15.3% 74,335 16.4%
------ ---- ------ ---- ------ ----
Total deposits $474,537 100.0% $474,907 100.0% $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 December 31, 2015 September 30, 2015 December 31, 2014
--------------------------- ----------------- ------------------ -----------------
$%(1) $%(1) $%(1)
---- ---- ----
(Dollars in thousands)
30 days past due and still accruing $191 0.05% $60 0.02% $336 0.09%
60 days past due and still accruing 111 0.03% 129 0.03% 37 0.01%
90 days past due and still accruing 2 0.01% - 0.00% 480 0.12%
Non-accrual 1,222 0.32% 1,338 0.35% 1,384 0.36%
Total $1,526 0.41% $1,527 0.40% $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 December 31, 2015 September 30, 2015 December 31, 2014
--------------------- ----------------- ------------------ -----------------
(Dollars in thousands)
Non-accruing loans:
Residential real estate
loans and home equity $668 $679 $334
Commercial real estate - 30 298
Commercial and industrial 554 573 632
Consumer loans and credit
cards - 56 120
Total non-accruing loans 1,222 1,338 1,384
Accruing loans delinquent
90 days or more 2 - 480
--- --- ---
Total non-performing loans
(excluding TDR's) 1,224 1,338 1,864
Other real estate and
repossessed assets 68 785 1,111
--- --- -----
Total non-performing
assets (excluding TDR's) $1,292 $2,123 $2,975
====== ====== ======
Troubled debt
restructurings(1) $6,040 $6,089 $9,633
Total non-performing loans
(including TDR's) $7,264 $7,427 $11,497
Total non-performing
assets (including TDR's) $7,332 $8,212 $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 Year ended
Allowance for
loan losses December 31, December 31,
------------- ------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
(Dollars in thousands)
Allowance for
loan losses,
beginning of
period $4,206 $4,176 $4,236 $6,724
Loans charged-
off (44) (162) (614) (2,865)
Recoveries of
loans
previously
charged-off 171 72 711 324
--- --- --- ---
Net recoveries
(charge-offs) 127 (90) 97 (2,541)
Allowance
related to
loans
transferred to
held-for-
sale - - - (97)
Provision for
loan losses - 150 - 150
--- --- --- ---
Allowance for
loan losses,
end of period $4,333 $4,236 $4,333 $4,236
====== ====== ====== ======
DCB Financial Corp
Consolidated Financial Information (Unaudited)
At or for the three At or for the year
months ended ended
Key Ratios December 31, December 31,
---------- ------------ ------------
2015 2014 2015 2014
---- ---- ---- ----
Return on
average assets 0.20% 0.13% 2.19% 0.07%
Return on
average equity 1.90% 1.44% 23.71% 0.82%
Yield on
earning assets 3.55% 3.86% 3.76% 4.00%
Cost of
interest-
bearing
liabilities 0.33% 0.33% 0.32% 0.35%
Net interest
margin (1) 3.33% 3.62% 3.39% 3.49%
Non-interest
income to
total income
(2) 22.6% 20.6% 22.3% 21.8%
Efficiency
ratio (3) 95.0% 94.6% 94.9% 97.2%
Net loans
(recovered)
charged-off
to average
loans,
annualized (0.13)% 0.10% (0.03)% 0.70%
Provision for
loan losses to
average loans,
annualized 0.00% 0.16% 0.00% 0.04%
Allowance for
loan losses to
total loans 1.14% 1.10% 1.14% 1.10%
Allowance for
loan losses to
non-accrual
loans 355% 306% 355% 306%
Non-accrual
loans to total
loans 0.32% 0.36% 0.32% 0.36%
Non-performing
assets to
total assets 1.35% 2.35% 1.35% 2.35%
(including
performing
TDR's)
Non-performing
assets to
total assets 0.24% 0.58% 0.24% 0.58%
(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
---- ----
Fourth Third Second First Fourth
------ ----- ------ ----- ------
(Dollars in thousands, except per share data)
Interest income $4,500 $4,469 $4,454 $4,467 $4,536
Interest expense 298 292 295 285 291
--- --- --- --- ---
Net interest income 4,202 4,177 4,159 4,182 4,245
Provision for loan
losses - (150) - 150 150
--- ---- --- --- ---
Net interest income
after provision for
loan losses 4,202 4,327 4,159 4,032 4,094
Non-interest income 1,261 1,223 1,180 1,158 1,132
Non-interest
expenses 5,157 5,150 5,195 4,951 5,059
----- ----- ----- ----- -----
Income before income
tax 306 400 144 239 168
Income tax expense
(benefit) 33 (10,688) - - -
--- ------- --- --- ---
Net income $273 $11,088 $144 $239 $168
==== ======= ==== ==== ====
Stock and related
per share data
Basic and diluted
earnings per common
share $0.04 $1.52 $0.02 $0.03 $0.02
Basic weighted
average common
shares outstanding 7,280,480 7,287,435 7,287,435 7,237,371 7.196,404
Diluted weighted
average common
shares outstanding 7,297,496 7,307,244 7,303,902 7,253,840 7,232,961
Common book value
per share $8.08 $8.05 $6.51 $6.54 $6.53
Capital Ratios:
Bank
Tier 1 leverage
ratio 9.11% 9.18% 8.63% 8.65% 9.00%
Common equity tier 1
capital ratio 13.11% 13.09% 12.68% 12.62% 12.40%
Tier 1 risk based
capital ratio 13.11% 13.09% 12.68% 12.62% 12.40%
Total risk based
capital ratio 14.29% 14.23% 13.83% 13.75% 13.56%
Total equity to
assets ratio
(consolidated) 10.87% 10.83% 8.80% 9.15% 9.16%
Selected ratios:
Return on average
assets 0.20% 8.26% 0.19% 0.18% 0.13%
Return on average
equity 1.90% 94.9% 2.17% 2.05% 1.44%
Yield on earning
assets 3.55% 3.57% 3.61% 3.73% 3.86%
Cost of interest-
bearing liabilities 0.33% 0.32% 0.33% 0.32% 0.33%
Net interest margin 3.33% 3.35% 3.40% 3.50% 3.62%
Non-interest income
to total income (1) 22.6% 22.9% 22.2% 21.5% 20.6%
Efficiency ratio (2) 95.0% 95.0% 95.0% 92.9% 94.6%
Asset quality
ratios:
Net loans
(recovered)
charged-off to
average loans,
annualized (0.13)% (0.20)% (0.08)% 0.31% 0.10%
Provision for loan
losses to average
loans, annualized 0.00% (0.16)% 0.00% 0.16% 0.16%
Allowance for loan
losses to total
loans 1.14% 1.12% 1.09% 1.08% 1.10%
Allowance for loan
losses to non-
accrual loans 355% 314% 286% 362% 306%
Non-accrual loans
to total loans 0.32% 0.35% 0.38% 0.30% 0.36%
Non-performing
assets to total
assets (including 1.35% 1.52% 2.18% 2.26% 2.45%
performing TDR's)
Non-performing
assets to total
assets (excluding 0.24% 0.39% 0.51% 0.42% 0.58%
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-fourth-quarter-and-full-year-2015-results-300212764.html
SOURCE DCB Financial Corp
