crystal valley financial corporation

MIDDLEBURY OFFICERS
GOSHEN OFFICERS
D. Joe Caffee
Sam H. Hoover III
Michael D. Weaver
Greg R. Krider
Randall D. Miller
Ron L. Yoder
Dean R. Miller
Ronald K. Troyer
Louis W. Gerber
Jared E. Sponseller
Keith B. Goodman
Jon E. Miller
Robert A. Yoder
Sue Ann Von Blon
Linda C. Ponce
Sara E. Baker
Samuel E. Weirich III
Eric J. Romzek
Lori A. Faltynski
Patricia A. Campbell
Darla K. Kauffman
Donna L. Yoder
Brent L. Carrick
George E. Marlow
Duane R. Miller
Jeff D. Showalter
Dennis E. Davis
Roberta K. Webb
President & CEO
Exec. Vice-President & COO
Exec. Vice-President & CLO
Senior Vice-President & CFO
Senior Vice-President
Senior Vice-President
Senior Vice-President
Vice-President & Auditor
Vice-President & CCO
Vice-President & Controller
Vice-President
Vice-President
Vice-President
Vice-President
Vice-President
Assistant Vice-President
Assistant Vice President
Assistant Vice-President
Banking Officer
Banking Officer
Banking Officer
Banking Officer
Senior Vice-President
Senior Vice-President
Vice-President
Vice-President
Mortgage Loan Officer
Banking Officer
ELKHART OFFICERS
Jack L. Woodworth
Patrece D. Yates
Duane S. Klein
Phyllis J. Arroyo
Shannon Klein
Senior Vice-President
Senior Vice-President &
Trust Officer
Vice-President
Assistant Vice-President
Assistant Vice-President &
Trust Officer
MISHAWAKA/SOUTH BEND OFFICERS
Jeffery D. Corey
Dana D. Trowbridge
Phillip M. Gray
Elizabeth L. Groulx
Karen L. Leblang
Vice-President
Vice-President
Vice-President
Assistant Vice-President
Assistant Vice-President
FIRST STATE INSURANCE AGENCY INC.
Middlebury Office:
Goshen Office:
Elkhart Office:
Gregg H. Berry, CIC
Dennis J. Weldy, LUTCF
Richard L. Holderread, CLU
Vice-President & Agent
Office Manager & Agent
Office Manager & Agent
CRYSTAL VALLEY FINANCIAL CORPORATION AND FIRST STATE BANK
Directors:
R. Gordon Lord
D. Joe Caffee
James G. Hiatt
Sam H. Hoover III
Derald L. Bontrager
Carl D. Eash
John W. Gardner
Cynthia S. Gillard
R. Neal Myers
Joe A. Smucker
Chairman of the Board
Partner, Yoder, Ainlay, Ulmer & Buckingham
President and CEO - First State Bank & CVFC
Retired President & CEO - First State Bank & CVFC
Exec. Vice-President & COO - First State Bank & CVFC
President - Jayco, Inc.
President - Varns & Hoover Hardware, Inc.
Trustee - Bethel College
Partner - Warrick & Boyn, LLP
President - Max Myers Motors, Inc.
President - Parkland Plastics Inc.
Crystal Valley Financial
Corporation
MARCH 31, 2015
(Stock Symbol CYVF)
STATEMENT OF CONDITION
The first quarter of 2015 found Crystal Valley
Financial Corporation (CYVF) enjoying a solid
start to the year. Net income was $1,174,000, an
increase of 21% compared to the first quarter of
2014. Increased income was driven by a loan
portfolio that grew to $318 million at quarter’s end.
Earnings were further enhanced by the First State
Insurance subsidiary as well as increased debit
card and merchant services. Total assets for the
corporation reached an all-time high of over $436
million at quarter’s end.
CRYSTAL VALLEY
FINANCIAL
CORPORATION
The final month of the quarter brought an increase
in home loan activity as consumers looked to
upgrade to larger homes or refinance to improve
their current one. Consumer construction loan
demand is also experiencing an uptick in our
region. Both point to a solidification in consumer
confidence regarding the local economy. The
quality of our loan portfolio remains strong.
The Board of Directors have approved a second
quarter dividend in the amount of $.13 per share
for shareholders of record as of May 5th, 2015
and payable on May 19th, 2015. As of March 31,
2015 the book value per share reached $31.12 and
earnings per share were $0.76.
Continued loan growth for the second quarter
looks promising as another long, cold winter is over
and optimism of spring has arrived. With that same
optimism, management is pleased to announce
that our Cleveland Road location in South Bend
is open and off to a solid start. Feel free to stop in
to visit our staff there soon. We appreciate your
support as we continue upward and onward.
D. Joe Caffee, President & CEO
AND ITS
PRINCIPAL SUBSIDIARY
www.FSBmiddlebury.com
EQUAL HOUSING
OPPORTUNITY
CRYSTAL VALLEY FINANCIAL CORPORATION
Middlebury, Indiana
STATEMENT OF CONDITION
March, 2015 and 2014
Unaudited
2015
Assets
$9,156,356
Cash and Due from Banks
10,434,927
Interest Bearing Balance with Banks
81,921,074
Investment Securities
2,161,800
Federal Home Loan Bank
2014
$12,376,775
13,613,368
74,787,478
2,825,500
318,111,297
-3,276,577
-278,091
296,831,121
-3,958,705
-271,175
314,556,629
292,601,241
3,405,870
1,296,964
8,643,217
4,866,454
3,787,843
1,206,040
8,373,298
7,433,238
$436,443,291
$417,004,781
Loans Gross
Less: Allowance for Loan Losses
Deferred Loan Fees
Net Loans
Premises and Eqiupment
Accrued Interest Receivable
CSV - Life Insurance
Other Assets
Total Assets
Liabilities and Shareholders Equity
Liabilities
Non Interest Bearing Demand
Interest Bearing Demand
Savings
Time Under $100,000
Time $100,000 and over
Total Deposit
Loans Payable
Repurchase Agreements
Accrued Interest Payable
Other Liabilities
T
otal Liabilities
Shareholders Equity
Common Stock
Surplus
Retained Earnings
Treasury Stock
Net Unrealized Gain (Loss) on Securities
Total Shareholder Equity
Total Liabilities and Shareholders Equity
Book Value Per Share
Based on 1,549,974 shares outstanding
$58,969,847
105,732,991
83,226,862
46,329,883
60,404,600
$60,491,350
100,674,594
81,188,446
52,350,925
51,663,394
354,664,183
23,772,227
6,326,001
160,813
3,290,072
$388,213,296
346,368,709
18,767,056
6,275,799
172,737
3,052,447
$374,636,748
$2,048,000
2,145,171
50,958,279
-8,738,330
1,816,875
$2,048,000
2,145,171
46,894,620
-8,738,330
18,572
$48,229,995
$42,368,033
$436,443,291
$417,004,781
$31.12
$27.33
STATEMENT OF INCOME
Three Moths Ended March, 2015 and 2014
Unaudited
2015
Interest Income
$3,839,483
Interest and Fees on Loans
4,534
Interest on B.A.’s & Deposits with Banks
Interest on Investment Securities
641,149
Interest on Federal Funds Sold
29
Total Interest Income
$4,485,195
Interest Expense
Interest on Deposits
Interest on Federal Funds Purchased
Interest on Loans Payable
Interest on Other Borrowed Funds
Total Interest Expense
Net Interest Income
Provision for Loan Losses
Net Interest Income After Provision for Loan Losses
2014
$3,625,041
3,652
605,942
324
$4,234,959
$367,544
2,628
105,333
6,557
$482,062
$390,278
112
101,120
6,385
$4,003,133
0
$4,003,133
$3,737,064
0
$3,737,064
$179,952
439,980
122,671
108,142
121,815
0
65,287
$497,895
Other Income
Service Charges on Deposit Accounts
Other Service Charges, Commissions, Fees
Trust Income
Gain (Loss) on Sales of Securities
Gain (Loss) on Sales of Loans
Gain (Loss) on Other Real Estate
Other Income
Total Other Income
$1,037,847
$178,856
364,298
113,830
19,187
83,329
-23,654
92,550
$828,396
Other Expenses
Salaries and Employee Benefits
Occupancy Expense
Equipment and Processing Expense
FDIC Assessment
Other Expenses
Total Other Expenses
$2,060,034
275,623
422,789
75,652
879,416
$3,713,514
$1,944,584
268,127
399,615
73,516
851,848
$3,537,690
Income Before Income Taxes
Provision for Income Taxes
Net Income
$1,327,466
153,537
$1,173,929
$1,027,770
57,523
$970,247
Earning Per Common Share
Based on 1,549,974 average shares outstanding
$0.76
$0.63