Croghan Bancshares, Inc. : CHBH-US: Dividend Analysis : October 13th, 2017 (record date) : By the numbers : October 24, 2017

Our analysis is based on comparing Croghan Bancshares, Inc. with the following peers – Bank of the Ozarks, Mackinac Financial Corporation, Citizens Bancorp of Virginia, Inc., United Community Financial Corp., Farmers National Banc Corp., First US Bancshares, Inc., Commerce Bancshares, Inc., Independent Bank Corporation, Royal Bancshares of Pennsylvania, Inc. Class A and Fauquier Bankshares, Inc. (OZRK-US, MFNC-US, CZBT-US, UCFC-US, FMNB-US, FUSB-US, CBSH-US, IBCP-US, RBPAA-US and FBSS-US).

Croghan Bancshares, Inc.’s dividend yield is 3.05 percent and its dividend payout is 35.08 percent. This compares to a peer median dividend yield of 1.67 percent and a payout level of 34.50 percent. This type of dividend performance might make it a good stock for dividend investors. However, the company’s average dividend quality score of 58 out of a possible score of 100, points to some weakness in the sustainability of its robust payout ratio, and makes its less attractive for dividend investors seeking current income.

Dividend Yield
Dividend Quality Score

Dividend Quality Overview

  • Over the last twelve months (prior to June 30, 2017), CHBH-US paid a medium quality dividend, which represents a yield of 3.03% at the current price.
  • Dividend quality trend has not been consistent over the last five years. Dividends were paid during each of these years — of these 2 were medium quality and 3 were low quality.
  • The ending cash balance, with a dividend coverage of 5.29x, provides a substantial cushion in case of a significant reduction of cash flows in the future.
Dividend Quality Score Vs Dividend Yield

Quadrant label definitions. Hover to know more

High Score;High Yield, High Score;Low Yield, Low Score;Low Yield, Low Score;High Yield

Dividend Coverage

Over the last twelve months (prior to June 30, 2017), CHBH-US paid a medium quality dividend.

The source of the company’s cash to support the dividend paid over the last twelve months is operating cash flow (coverage of 3.50x), investing cash flow (coverage of -8.29x), issuance cash flow (coverage of 6.22x) and twelve-month prior cash (coverage of 8.29x), for a total dividend coverage of 7.95x.

CHBH-US’s issuance cash flow includes outflows from net share buybacks (coverage of -0.11x). Thus, the total coverage including share buybacks is 6.40x, which reflects our assumption that the cash paid for share buybacks is discretionary and could instead be used to pay dividends.

Dividend Coverage by Cash Flow (TTM)

These coverage ratio factors imply that the firm’s net cash inflow from issuance was required (in addition to operating and investment cash) to pay the dividend, which suggests a medium dividend quality.

Dividend History

Item 2012-12-31 2013-12-31 2014-12-31 2015-12-31 2016-12-31 Latest
Dividend Yield (%) 5.25 2.07 3.64 3.83 3.07 3.05
Dividend Payout (%) 44.44 49.81 34.66 37.33 35.68 35.08

A complete list of metrics and analysis is available on the company page.

Company Profile

Croghan Bancshares, Inc. operates as a bank holding company of The Croghan Colonial Bank. The company offers a diverse range of commercial and retail banking services. Its products comprises of traditional banking services such as consumer, commercial, agricultural and real estate loans, personal and business checking accounts, savings accounts, time deposit accounts, safe deposit box services and trust department services. Croghan Bancshares was founded in 1888 and is headquartered in Fremont, OH.


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