STOCK TITAN
  1. Home
  2. News
  3. CIVB
  4. Civista Bancshares, Inc. Announces Fourth-Quarter 2024 Financial Results of $0.63 per Common Share and Full-Year 2024 Financial Results of $2.01 per Common Share

Civista Bancshares, Inc. Announces Fourth-Quarter 2024 Financial Results of $0.63 per Common Share and Full-Year 2024 Financial Results of $2.01 per Common Share

Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
earnings
Rhea-AI Summary

Civista Bancshares (NASDAQ:CIVB) reported Q4 2024 net income of $9.9 million ($0.63 per diluted share), up from $9.7 million ($0.62 per share) in Q4 2023. Full-year 2024 net income was $31.7 million ($2.01 per share), down from $43.0 million ($2.73 per share) in 2023.

Key Q4 highlights include net interest margin of 3.36%, cost of deposits at 220 basis points, and a quarterly dividend yield of 3.04%. The company successfully replaced $5.2 million in non-interest income despite reductions in overdraft fees, tax refund processing, and MasterCard renewal fees.

Credit quality remained solid with allowance to total loans ratio at 1.29%. The efficiency ratio increased to 68.3% in Q4 2024 from 63.3% in Q4 2023, primarily due to an 11.8% increase in noninterest expenses. The company maintained strong loan growth and deposit relationships while implementing strategic pricing initiatives.

Civista Bancshares (NASDAQ:CIVB) ha riportato un reddito netto per il quarto trimestre 2024 di 9,9 milioni di dollari (0,63 dollari per azione diluita), in aumento rispetto ai 9,7 milioni di dollari (0,62 dollari per azione) del quarto trimestre 2023. Il reddito netto dell'intero anno 2024 è stato di 31,7 milioni di dollari (2,01 dollari per azione), in calo rispetto ai 43,0 milioni di dollari (2,73 dollari per azione) del 2023.

I punti salienti del quarto trimestre includono un margine di interesse netto del 3,36%, un costo dei depositi di 220 punti base e un rendimento trimestrale da dividendi del 3,04%. L'azienda ha sostituito con successo 5,2 milioni di dollari di entrate non derivanti da interessi nonostante la riduzione delle commissioni per scoperto, dell'elaborazione dei rimborsi fiscali e delle commissioni per il rinnovo della MasterCard.

La qualità del credito è rimasta solida con un rapporto accantonamenti a prestiti totali dell'1,29%. Il rapporto di efficienza è aumentato al 68,3% nel quarto trimestre 2024 dal 63,3% nel quarto trimestre 2023, principalmente a causa di un aumento dell'11,8% delle spese non legate agli interessi. L'azienda ha mantenuto una forte crescita dei prestiti e relazioni di deposito mentre implementava iniziative di pricing strategiche.

Civista Bancshares (NASDAQ:CIVB) reportó un ingreso neto de 9.9 millones de dólares (0.63 dólares por acción diluida) en el cuarto trimestre de 2024, en comparación con 9.7 millones de dólares (0.62 dólares por acción) en el cuarto trimestre de 2023. El ingreso neto del año completo 2024 fue de 31.7 millones de dólares (2.01 dólares por acción), por debajo de los 43.0 millones de dólares (2.73 dólares por acción) en 2023.

Los puntos destacados del cuarto trimestre incluyen un margen de interés neto del 3.36%, un costo de depósitos de 220 puntos básicos y un rendimiento trimestral de dividendos del 3.04%. La compañía reemplazó con éxito 5.2 millones de dólares en ingresos no por intereses a pesar de reducciones en las tarifas por sobregiros, el procesamiento de reembolsos de impuestos y las tarifas de renovación de MasterCard.

La calidad crediticia se mantuvo sólida con un ratio de provisiones a préstamos totales del 1.29%. El ratio de eficiencia aumentó al 68.3% en el cuarto trimestre de 2024 desde el 63.3% en el cuarto trimestre de 2023, principalmente debido a un aumento del 11.8% en los gastos no relacionados con intereses. La compañía mantuvo un fuerte crecimiento en préstamos y relaciones de depósito mientras implementaba iniciativas de precios estratégicas.

Civista Bancshares (NASDAQ:CIVB)는 2024년 4분기 순익으로 990만 달러(주당 0.63달러)를 보고했으며, 이는 2023년 4분기 970만 달러(주당 0.62달러)에서 증가한 수치입니다. 2024년 전체 연간 순익은 3170만 달러(주당 2.01달러)로, 2023년 4300만 달러(주당 2.73달러)에서 감소했습니다.

4분기의 주요 내용으로는 3.36%의 순이자 마진, 220 베이시스 포인트의 예금 비용, 3.04%의 분기배당 수익률이 포함됩니다. 회사는 당사 수수료, 세금 환급 처리 및 마스터카드 갱신 수수료 감소에도 불구하고 520만 달러의 비이자 수익을 성공적으로 대체했습니다.

신용 품질은 건전하게 유지되며, 대출 총액 대비 적립금 비율이 1.29%입니다. 효율성 비율은 2023년 4분기 63.3%에서 2024년 4분기 68.3%로 증가했으며, 이는 주로 비이자 비용이 11.8% 증가한 데 기인합니다. 회사는 전략적 가격 책정 이니셔티브를 실행하면서 강력한 대출 성장과 예금 관계를 유지했습니다.

Civista Bancshares (NASDAQ:CIVB) a rapporté un revenu net de 9,9 millions de dollars (0,63 dollar par action diluée) pour le quatrième trimestre 2024, en hausse par rapport à 9,7 millions de dollars (0,62 dollar par action) au quatrième trimestre 2023. Le revenu net annuel pour 2024 était de 31,7 millions de dollars (2,01 dollars par action), en baisse par rapport à 43,0 millions de dollars (2,73 dollars par action) en 2023.

Les faits marquants du quatrième trimestre incluent une marge d'intérêt nette de 3,36%, un coût des dépôts de 220 points de base et un rendement trimestriel des dividendes de 3,04%. L'entreprise a réussi à remplacer 5,2 millions de dollars de revenus non liés aux intérêts malgré des réductions des frais de découvert, du traitement des remboursements d'impôts et des frais de renouvellement de MasterCard.

La qualité du crédit est restée solide avec un ratio de provisions par rapport aux prêts totaux de 1,29%. Le ratio d'efficacité a augmenté à 68,3% au quatrième trimestre 2024, contre 63,3% au quatrième trimestre 2023, principalement en raison d'une augmentation de 11,8% des charges non liées aux intérêts. L'entreprise a maintenu une forte croissance des prêts et des relations de dépôt tout en mettant en œuvre des initiatives de tarification stratégiques.

Civista Bancshares (NASDAQ:CIVB) hat im vierten Quartal 2024 einen Nettogewinn von 9,9 Millionen US-Dollar (0,63 US-Dollar pro verwässerter Aktie) erzielt, ein Anstieg gegenüber 9,7 Millionen US-Dollar (0,62 US-Dollar pro Aktie) im vierten Quartal 2023. Der Nettogewinn für das Gesamtjahr 2024 betrug 31,7 Millionen US-Dollar (2,01 US-Dollar pro Aktie) und sank im Vergleich zu 43,0 Millionen US-Dollar (2,73 US-Dollar pro Aktie) im Jahr 2023.

Die wichtigsten Höhepunkte des vierten Quartals umfassen eine Nettomarge von 3,36%, Kosten für Einlagen von 220 Basispunkten und eine Quartalsdividendenrendite von 3,04%. Das Unternehmen konnte erfolgreich 5,2 Millionen US-Dollar an Nichtzinsgewinnen ersetzen, trotz der Reduzierung von Überziehungsgebühren, der Bearbeitung von Steuererstattungen und den Gebühren für die Erneuerung von MasterCard.

Die Kreditqualität blieb solide, mit einem Verhältnis von Rückstellungen zu Gesamtkrediten von 1,29%. Das Effizienzverhältnis stieg im vierten Quartal 2024 auf 68,3% von 63,3% im vierten Quartal 2023, hauptsächlich aufgrund eines Anstiegs der Nichtzinsaufwendungen um 11,8%. Das Unternehmen hielt an einem starken Kreditwachstum und stabilen Einlagenbeziehungen fest und setzte strategische Preisinitiativen um.

Positive
  • Q4 net income increased to $9.9M from $9.7M year-over-year
  • Net interest income increased $2.1M (7.3%) quarter-over-quarter
  • Successfully replaced $5.2M in non-interest income
  • Strong credit quality with improved qualitative factors
Negative
  • Full-year net income decreased to $31.7M from $43.0M year-over-year
  • Net interest margin declined 49 basis points to 3.21% for full-year 2024
  • Efficiency ratio deteriorated to 68.3% from 63.3% year-over-year
  • Noninterest expenses increased 11.8% year-over-year in Q4

Insights

Civista Bancshares delivered a resilient Q4 2024 performance amid challenging conditions. The quarterly EPS of $0.63 represents a 19% improvement from Q3's $0.53, though full-year earnings declined 26.4% to $2.01 per share.

The bank's margin management deserves attention - while net interest margin compressed to 3.36% from 3.44% YoY, they've executed well on deposit pricing with cost of deposits at 2.20%. The successful implementation of their "downward beta strategy" suggests potential for margin expansion as rates stabilize.

Credit quality metrics remain solid with allowance-to-loans at 1.29%, reflecting improved economic conditions. The efficiency ratio deterioration to 68.3% from 63.3% YoY warrants monitoring, though it partly reflects investments in digital infrastructure and temporary conversion-related expenses.

Most impressive is their fee income resilience - successfully replacing $5.2 million in lost revenue streams through growth in wealth management (22.3% YoY) and loan sales (43.9% YoY). This demonstrates strong execution in diversifying revenue sources and adapting their business model.

SANDUSKY, Ohio, Jan. 30, 2025 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") announced its unaudited financial results for the three- and twelve-month periods ending December 31, 2024.

Fourth quarter and full-year 2024 highlights:

  • Net income of $9.9 million, or $0.63 per diluted share, for the fourth quarter of 2024, compared to $9.7 million, or $0.62 per diluted share, for the fourth quarter of 2023.
  • Net income of $31.7 million, or $2.01 per diluted share, compared to $43.0 million, or $2.73 per diluted share, for the twelve months ended December 31, 2024 and 2023, respectively.
  • Replaced nearly $5.2 million in non-interest income, for the twelve months ended December 31, 2024 compared to the same period in 2023. This includes reductions in overdraft fees ($1.4 million), tax refund processing revenue ($2.4 million), and the 2023 MasterCard renewal fee ($1.5 million). Despite these reductions, non-interest income for the twelve months ended December 31, 2024, is $0.6 million higher than the same period in 2023.
  • Cost of deposits of 220 basis points and total funding costs of 242 basis points for the quarter.
  • Based on the December 31, 2024, market close share price of $21.04, the $0.16 fourth quarter dividend is equivalent to an annualized yield of 3.04% and a dividend payout ratio of 25.5%.

CEO Commentary:

"We're pleased with our fourth-quarter earnings and overall full-year performance. This quarter, we maintained a disciplined approach to loan and deposit pricing, successfully continuing our downward beta strategy. Our results reflect the positive impact of our deposit initiatives we launched earlier in the year. These initiatives and strategies, along with another quarter of strong non-interest income, have significantly contributed to our financial success, resulting in Earnings Per Share of $0.63, up from $0.53 last quarter.  Our strong earnings and recently announced increase in our quarterly dividend, reflects our confidence in Civista's financial strength and our commitment to delivering value to our shareholders.", said Dennis G. Shaffer, CEO and President of Civista.

"Our credit quality remains solid as we continue to support lending and strengthen our customer relationships. We are committed to meeting the growing demand for housing and construction financing, ensuring we address the needs of our customers and communities.  Our strategic focus on these areas has allowed us to deepen our engagement with customers and provide then with the necessary financial support.",  said Shaffer.

"Furthermore, with a strong fourth quarter and the expansion in our net interest margin, we are well-positioned for a successful 2025.  Our team's dedication and hard work have been instrumental in achieving these results, and we are confident in our ability to sustain this momentum as we remain focused on executing our strategic initiatives and driving sustainable growth for the long term.  We continue to prioritize our customers' needs and adapt to the evolving market conditions to deliver consistent value and growth.", said Shaffer.

Results of Operations:

For the three-month periods ended December 31, 2024, September 30, 2024 and December 31, 2023

Net interest income increased $2.1 million, or 7.3%, for the fourth quarter of 2024 compared to the third quarter of 2024. 

Interest income increased $0.5 million attributed to average interest-earning assets increasing $33 million coupled with a 1 basis point increase in asset yield.

The increase in interest income was aided by a $1.6 million decrease in interest expense. This was due to a reduction in the average balance of higher costing FHLB borrowings of $174.1 million mostly offset by $226.8 million growth in deposits ($177.4 million in average balances), resulting in a net increase of $3.9 million in average interest-bearing liabilities when comparing Q4 2024 to Q3 2024.

When comparing the fourth quarter of 2024 to the same period of 2023.  Net interest income increased $1.3 million.  Interest income increased $4.6 million while interest expense increased $3.3 million.

Net interest margin decreased 8 basis points to 3.36% for the fourth quarter of 2024, compared to 3.44% for the same period a year ago.

The increase in interest income was primarily due to a $289.3 million increase in average interest-earning assets resulting in a $4.0 million increase in interest income.

Interest expense increased $3.3 million for the fourth quarter of 2024, compared to the same period last year.  The average rate paid on interest-bearing liabilities increased 11 basis points, while average interest-bearing liabilities increased $355.8 million to fund growth.  The increase in interest-bearing liabilities was $236.5 million in time-deposits, $183.0 million in demand and savings, partially offset by a decrease of $63.8 million in FHLB borrowings.  This shift in the funding mix, as well as rising rates, is driving the increase in the funding rate.  The 11-basis point increase in funding yield led to $0.7 million additional interest expense.  Additionally, the $355.8 million of additional funds led to $2.6 million of additional interest expense. 

Average Balance Analysis


(Unaudited - Dollars in thousands)

















Three Months Ended December 31,



2024



2023



Average




Yield/



Average




Yield/


Assets:

balance


Interest


rate *



balance


Interest


rate *


Interest-earning assets:














Loans **

$

3,061,991



47,250



6.14

%


$

2,805,995


$

43,172



6.10

%

Taxable securities ***


362,997



3,378



3.38

%



352,186



2,901



2.85

%

Non-taxable securities ***


292,559



2,357



3.83

%



275,046



2,365



3.79

%

Federal funds sold

-


-



0.00

%



-



-



0.00

%

Interest-bearing deposits in other banks


21,060



248



4.68

%



16,117



161



3.96

%

Total interest-earning assets ***

$

3,738,607


$

53,233



5.65

%


$

3,449,344


$

48,599



5.52

%

Noninterest-earning assets:














Cash and due from financial institutions


38,873








26,221






Premises and equipment, net


48,990








58,576






Accrued interest receivable


13,632








12,455






Intangible assets


133,673








134,867






Bank owned life insurance


62,866








55,441






Other assets


49,462








67,544






Less allowance for loan losses


(41,353)








(35,802)






      Total Assets

$

4,044,750







$

3,768,646




















Liabilities and Shareholders' Equity:














Interest-bearing liabilities:














Demand and savings

$

1,528,163


$

5,025



1.31

%


$

1,345,199


$

2,873



0.85

%

Time


1,054,489



13,111



4.95

%



817,961



10,532



5.11

%

Short-term FHLB borrowings


214,038



2,530



4.70

%



276,949



3,877



5.55

%

Long-term FHLB borrowings


1,573



6



1.52

%



2,458



14



2.26

%

Other borrowings


543



7



5.13

%



543



8



5.85

%

Subordinated debentures


104,071



1,199



4.58

%



103,927



1,243



4.75

%

Repurchase agreements


-



-



0.00

%



-



-



0.00

%

Total interest-bearing liabilities

$

2,902,877


$

21,878



3.00

%


$

2,547,037


$

18,547



2.89

%

Noninterest-bearing deposits


702,833








814,642






Other liabilities


47,449








69,101






Shareholders' equity


391,591








337,866






Total Liabilities and Shareholders' Equity

$

4,044,750







$

3,768,646




















Net interest income and interest rate spread



$

31,355



2.65

%




$

30,052



2.63

%















Net interest margin ***






3.36

%







3.44

%



* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $627 thousand and $629 thousand for the periods ended December 31, 2024 and 2023, respectively.
















** - Average balance includes nonaccrual loans
















*** - Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $52.1 million and $91.0 million, respectively.  These adjustments were also made when calculating the yield on earning assets and the margin.


For the twelve-month periods ended December 31, 2024 and 2023

Net interest income decreased $8.8 million, or 7.0%, compared to the same period in 2023.

Interest income increased $24.0 million, or 13.1%, for the twelve months of 2024 compared to the same period of 2023.  Average interest-earning assets increased $263.6 million.  Average yields increased 27 basis points.  The increase in volume is due to organic loan growth. 

Interest expense increased $32.7 million, or 57.2%, for the twelve months of 2024 compared to the same period of 2023.  Average rate paid on interest-bearing liabilities increased 79 basis points compared to 2023.  Average interest-bearing liabilities increased $428.6 million for the twelve months of 2024 compared to the same period of 2023.  Demand, Savings and Time deposits increased $450.5 million, collectively, and FHLB borrowings increased $60.7 million for the twelve months of 2024 compared to the same period of 2023 to fund growth.

Net interest margin decreased of 49 basis points to 3.21% for the twelve months of 2024, compared to 3.70% for the same period a year ago. 

Average Balance Analysis


(Unaudited - Dollars in thousands)

















Twelve Months Ended December 31,



2024



2023



Average




Yield/



Average




Yield/


Assets:

balance


Interest


rate *



balance


Interest


rate *


Interest-earning assets:














Loans **

$

2,984,912


$

183,580



6.15

%


$

2,722,797


$

160,755



5.90

%

Taxable securities ***


357,255



12,639



3.18

%



363,972



11,718



2.88

%

Non-taxable securities ***


291,833



9,473



3.85

%



282,678



9,282



3.79

%

Interest-bearing deposits in other banks


20,580



1,003



4.87

%



21,551



979



4.54

%

Total interest-earning assets ***

$

3,654,580


$

206,695



5.62

%


$

3,390,998


$

182,734



5.35

%

Noninterest-earning assets:














Cash and due from financial institutions


34,494








39,219






Premises and equipment, net


52,230








58,456






Accrued interest receivable


13,349








11,499






Intangible assets


134,273








133,626






Bank owned life insurance


62,349








54,211






Other assets


57,879








63,152






Less allowance for loan losses


(39,498)








(33,814)






      Total Assets

$

3,969,656







$

3,717,347




















Liabilities and Shareholders' Equity:














Interest-bearing liabilities:














Demand and savings

$

1,426,288


$

16,138



1.13

%


$

1,356,789


$

7,689



0.57

%

Time


959,276



50,416



5.26

%



578,243



26,066



4.51

%

Short-term FHLB borrowings


342,626



18,451



5.39

%



280,887



14,493



5.16

%

Long-term FHLB borrowings


1,892



42



2.22

%



2,909



66



2.27

%

Other borrowings


137



7



5.11

%



74,269



4,071



5.50

%

Subordinated debentures


104,017



4,931



4.74

%



103,873



4,849



4.67

%

Repurchase agreements


-



-



0.00

%



8,685



4



0.05

%

Total interest-bearing liabilities

$

2,834,236


$

89,985



3.17

%


$

2,405,655


$

57,238



2.38

%

Noninterest-bearing deposits


701,397








917,005






Other liabilities


56,664








50,963






Shareholders' equity


377,359








343,724






Total Liabilities and Shareholders' Equity

$

3,969,656







$

3,717,347




















Net interest income and interest rate spread



$

116,710



2.45

%




$

125,496



2.97

%















Net interest margin ***






3.21

%







3.70

%



* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $2.5 million and $2.5 million for the periods ended December 31, 2024 and 2023, respectively.
















** - Average balance includes nonaccrual loans
















*** - 2024 and 2023 average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $59.4 million and $71.0 million, respectively.  These adjustments were also made when calculating the yield on earning assets and the margin.


Provision for credit losses (including provision for unfunded commitments) for the fourth quarter of 2024 was $0.7 million compared to $2.3 million for the same period of 2023. 

Year-to-date 2024 provision for credit losses (including provision for unfunded commitments) was $5.4 million compared to $4.4 million for the same period of 2023.

The Allowance to total loans ratio as of December 31, 2024 was 1.29%, down from 1.36% on September 30, 2024 and down from 1.30% at December 31, 2023.  The decreased reserve requirement is attributed to an improvement in the qualitative factors as we see economic improvements in the markets we serve as well as in general economic conditions.

For the fourth quarter of 2024, noninterest income totaled $9.0 million, a decrease of $0.7 million or 6.9% from third quarter 2024 and an increase of $0.2 million, or 2.2%, compared to the prior year's fourth quarter.    

Noninterest income












(unaudited - dollars in thousands)

Three months ended December 31,



2024



2023



$ change



% change


Service charges

$

1,591



$

1,749



$

(158)




-9.0

%

Net gain/(loss) on equity securities


96




147




(51)




-34.7

%

Net gain on sale of loans


1,259




875




384




43.9

%

ATM/Interchange fees


1,640




1,654




(14)




-0.8

%

Wealth management fees


1,464




1,197




267




22.3

%

Lease revenue and residual income


1,280




1,436




(156)




-10.9

%

Bank owned life insurance


771




282




489




173.4

%

Swap fees


66




475




(409)




-86.1

%

Other


848




1,008




(160)




-15.9

%

Total noninterest income

$

9,015



$

8,823



$

192




2.2

%

Service charges for the fourth quarter of 2024 decreased year over year as we have eliminated our re-presentment fees as well as reduced our overdraft charges, the effect of which was partially offset by an increase in service fees in consumer and treasury management.

Net gain/(loss) on equity securities change was the result of a market valuation adjustment.

Net gain on sale of loans includes gain/loss on sale of mortgages, adjustments to mortgage service rights (MSR), and gain/loss on sales of loans and leases from the Civista Leasing and Finance division; which continues to provide a strong and consistent revenue source for Civista.

Wealth management fees increased from strong financial markets and organic growth in the trust and investment services business.

Lease revenue and residual income decreased due to lower lease originations in the fourth quarter of 2024 compared to the same period in 2023.

Income from Bank Owned Life Insurance (BOLI) increased due to a death benefit on an insured individual in the fourth quarter of 2024.

Other income decreased in the fourth quarter mainly related to lower volumes in loan fees, loan servicing fees, and leasing rental income, partially offset by a gain of $0.2 million from the sale of an OREO property.

For the twelve months ended December 31, 2024, noninterest income totaled $37.7 million, an increase of $0.6 million, or 1.6%, compared to the same period in 2023.  This reflects the replacement of the tax refund processing business exited in 2023.

Noninterest income












(unaudited - dollars in thousands)

Twelve months ended December 31,



2024



2023



$ change



% change


Service charges

$

6,114



$

7,206



$

(1,092)




-15.2

%

Net gain/(loss) on equity securities


252




(21)




273




1300.0

%

Net gain on sale of loans


4,438




2,908




1,530




52.6

%

ATM/Interchange fees


5,841




5,880




(39)




-0.7

%

Wealth management fees


5,519




4,767




752




15.8

%

Lease revenue and residual income


8,911




7,595




1,316




17.3

%

Bank owned life insurance


2,205




1,112




1,093




98.3

%

Swap fees


232




673




(441)




-65.5

%

Tax Refund Processing Fee


-




2,375




(2,375)




-100.0

%

Other


4,236




4,668




(432)




-9.3

%

Total noninterest income

$

37,748



$

37,163



$

585




1.6

%

Service charges for the full-year 2024 decreased resulting from the elimination of our re-presentment fees coupled with reducing our overdraft charges, the effect of which was partially offset by an increase in service fees in consumer and treasury management.

Net gain/loss on equity securities change was the result of a market valuation adjustment.   

Net gain on sale of loans increased primarily due to an increase in the volume of mortgage and Civista Leasing and Finance leases as well as loans sold.

Wealth management fees increased from strong markets and organic growth in the trust and investment services business.

Lease revenue and residual income increased from prior year as we shifted from operating leases to more finance leases, resulting in higher residual income.

Income from Bank Owned Life Insurance (BOLI) increased due to death benefit on three insured individuals in 2024.

Tax Refund Processing Fee income is now zero as we exited our relationship with a third-party processor in 2023 that was in the tax refund processing business.

Other income – includes $1.1 million of loan servicing fees and $1.5 million of leasing rental income in 2024.  For 2023, a $1.5 million fee was collected with the renewal of the company's contract with MasterCard.

For the fourth quarter of 2024, noninterest expense totaled $28.3 million, an increase of $0.3 million or 1.1% when compared to the third quarter of 2024.  When compared to the prior years' fourth quarter, noninterest expense increased $3.0 million, or 11.8%.

Noninterest expense












(unaudited - dollars in thousands)

Three months ended December 31,



2024



2023



$ change



% change


Compensation expense

$

14,899



$

14,154



$

745




5.3

%

Net occupancy Expense


1,138




1,299



$

(161)




-12.4

%

Contracted data processing


508




512



$

(4)




-0.8

%

Taxes and assessments


1,647




679



$

968




142.6

%

Professional services


2,247




1,148



$

1,099




95.7

%

Equipment Maint/Depr


2,240




2,871



$

(631)




-22.0

%

ATM/Interchange expense


671




605



$

66




10.9

%

Marketing


448




(190)



$

638




335.8

%

Sponsorships


(38)




155



$

(193)




-124.5

%

Communications


492




426



$

66




15.5

%

Insurance Expense


313




408



$

(95)




-23.3

%

Software maintenance expense


1,376




1,178



$

198




16.8

%

Other


2,355




2,068



$

287




13.9

%

Total noninterest expense

$

28,296



$

25,313



$

2,983




11.8

%

Compensation expense increased primarily due to a merit increases, employee insurance, and other payroll-related expenses.  The quarter-to-date average number of full time equivalent (FTE) employees was 519 at December 31, 2024, compared with an average number of 532 for the same period in 2023. 

Equipment maintenance and depreciation expense decreased $631 thousand primarily due to depreciation associated with Civista Leasing and Finance as operating leases mature.

Software maintenance expense increased $198 thousand due to increases in both software maintenance contracts as well as the implementation of the new digital banking platform.

In the fourth quarter of 2024, other expenses include a $0.5 million reserve to address a reconciling item related to a leasing system conversion, which is expected to be completed in the first quarter of 2025.

The efficiency ratio was 68.3% for the quarter ended December 31, 2024, compared to 63.3% for the quarter ended December 31, 2023.  The change in the efficiency ratio is primarily due to a 11.8% increase in noninterest expenses; partially offset by a 4.3% increase in net interest income and a 2.2% increase in noninterest income.

Civista's effective income tax rate for the fourth quarter of 2024 was 13.1% compared to 14.1% in the fourth quarter of 2023.  

For the twelve months ended December 31, 2024, noninterest expense totaled $112.5 million, an increase of $4.9 million, or 4.6%, compared to the same period in the prior year. 

Noninterest expense












(unaudited - dollars in thousands)

Twelve months ended December 31,



2024



2023



$ change



% change


Compensation expense

$

61,821



$

58,291



$

3,530




6.1

%

Net occupancy and equipment


5,097




5,395




(298)




-5.5

%

Contracted data processing


2,248




2,242




6




0.3

%

Taxes and assessments


4,683




3,663




1,020




27.8

%

Professional services


5,779




4,952




827




16.7

%

Equipment Maint/Depr


9,553




11,085




(1,532)




-13.8

%

ATM/Interchange expense


2,544




2,420




124




5.1

%

Marketing


2,088




1,352




736




54.4

%

Sponsorships


1,263




1,257




6




0.5

%

Communications


2,040




2,157




(117)




-5.4

%

Insurance Expense


1,240




1,210




30




2.5

%

Software maintenance expense


4,944




4,167




777




18.6

%

Other


9,220




9,420




(200)




-2.1

%

Total noninterest expense

$

112,520



$

107,611



$

4,909




4.6

%

Compensation expense increased primarily due to merit increases, employee insurance, and other payroll-related expenses. The year-to-date average number of full time equivalent (FTE) employees was 531 for the twelve-months ended December 31, 2024, compared with an average number of 510 for the same period in 2023. 

Equipment maintenance and depreciation expense decreased by $1.5 million, primarily from a decrease in depreciation of equipment on operating leases as operating leases mature.

Software maintenance expense increased due to increases in both software maintenance contracts as well as the implementation of the new digital banking platform.   

Other expenses include a $1.2 million reserve to address a reconciling item related to a leasing system conversion, which is expected to be completed in the first quarter of 2025.

The efficiency ratio was 70.8% for the twelve months ended December 31, 2024 compared to 64.2% for the twelve months ended December 31, 2023.  The change in the efficiency ratio is primarily due to an 4.6% increase in noninterest expense and a 7.0% decrease in net interest income, partially offset by an 1.6% increase in noninterest income.

Civista's effective income tax rate for the twelve months ended December 31, 2024 was 13.4% compared to 15.1% for the twelve months ended December 31, 2023. 

Balance Sheet

Total assets at December 31, 2024, were $4.1 billion, an increase of $237.1 million, or 6.1%, from December 31, 2023.

End of period loan and lease balances

(unaudited - dollars in
thousands)













December
31,



December
31,









2024



2023



$ Change



% Change


Commercial and Agriculture

$

328,488



$

304,793



$

23,695




7.8

%

Commercial Real Estate:












Owner Occupied


374,367




377,321




(2,954)




-0.8

%

Non-owner Occupied


1,225,991




1,161,894




64,097




5.5

%

Residential Real Estate


763,869




659,841




104,028




15.8

%

Real Estate Construction


305,992




260,409




45,583




17.5

%

Farm Real Estate


23,035




24,771




(1,736)




-7.0

%

Lease financing receivable


46,900




54,642




(7,742)




-14.2

%

Consumer and Other


12,588




18,057




(5,469)




-30.3

%

Total Loans

$

3,081,230



$

2,861,728



$

219,502




7.7

%

Loan and lease balances increased $219.5 million, or 7.7% since December 31, 2023.

Growth was tempered in 2024 as the company continued its diligent focus on rate, margin, deposits and reduce dependency on wholesale funding. 

Commercial Real Estate continued to grow due to consistent demand in the non-owner occupied category, especially in the multi-family area in the major Ohio metropolitan areas.  Real Estate Construction has increased with consistent demand for more projects across the state of Ohio. 

Residential Real Estate has grown primarily due to more home construction loans as we meet the demand for housing and construction financing by our customers and communities.

Deposits

Total deposits at December 31, 2024 were $3.2 billion, an increase of $226.8 million, or 7.6%, from December 31, 2023. 

(unaudited - dollars in
thousands)













December
31,



December
31,









2024



2023



$ Change



%
Change


Noninterest-bearing demand

$

695,094



$

771,699



$

(76,605)




-9.9

%

Interest-bearing demand


419,583




449,449




(29,866)




-6.6

%

Savings and money market


1,127,765




854,881




272,884




31.9

%

Time deposits


469,163




391,809




77,354




19.7

%

Brokered deposits


500,265




517,190




(16,925)




-3.3

%

Total Deposits

$

3,211,870



$

2,985,028



$

226,842




7.6

%

The $76.6 million decrease in noninterest-bearing demand deposits was primarily due to a $51.4 million decrease in noninterest-bearing accounts related to the former tax refund processing program.  Also, included is $9.8 million decrease in noninterest-bearing business accounts and $10.6 million decrease in noninterest-bearing personal accounts as customers migrate deposits to interest-bearing accounts.

The $29.9 million decrease in interest-bearing demand deposits was primarily due to a $10.9 million decrease in interest-bearing personal accounts, a $9.8 million decrease in interest-bearing public fund accounts, and a $8.2 million decrease in interest-bearing business accounts.

The $272.9 million increase in savings and money market deposits was primarily due to a $45.0 million increase in business money market accounts, $121.9 million increase in public funds money markets, partially offset by a $15.9 million decrease in statement savings coupled with a $8.2 million decrease in business savings accounts.  Included in the growth are the $97.0 million of trust cash deposits brought onto the balance sheet in the third quarter, and $95.7 million of deposits associated with the Ohio Home Buyers Program.

The $77.4 million increase in time deposits was primarily due to a $22.7 million increase in Jumbo time certificates, a $23.5 million increase in retail time certificates, and a $26.9 million increase in time certificates over $250 thousand.    

FHLB overnight advances totaled $339.0 million on December 31, 2024, up $52.0 million from $287.0 million on September 30, 2024 and up slightly from $338.0 million on December 31, 2023.  FHLB term advances totaled $1.5 million on December 31, 2024, down from $2.4 million on December 31, 2023.

Stock Repurchase Program

Civista did not repurchase any shares in 2024, leaving the entire $13.5 million of the current repurchase authorization remaining.  The current repurchase plan will expire in May 2025.  In January 2024, Civista liquidated 8,262 shares held by employees, at $18.38 per share, to satisfy tax obligations stemming from vesting of restricted shares.

Shareholders' Equity

Total shareholders' equity at December 31, 2024, totaled $388.5 million, an increase of $16.5 million from December 31, 2023.  This resulted from an increase of $21.6 million in retained earnings and a reduction in accumulated other comprehensive loss of $5.8 million.    

Asset Quality

Civista recorded net charge-offs of $3.4 million for the twelve months of 2024 compared to net charge-offs of $1.0 million for the same period of 2023.  The allowance for credit losses to loans ratio was 1.29% at December 31, 2024, compared to 1.36% at September 30, 2024 and 1.30% at December 31, 2023.     

Allowance for Credit Losses






(dollars in thousands)







Twelve months ended December 31,



2024



2023


Beginning of period

$

37,160



$

28,511


CECL adoption adjustments


-




5,193


Charge-offs


(3,915)




(1,431)


Recoveries


539




452


Provision


5,885




4,435


End of period

$

39,669



$

37,160


 

Allowance for Unfunded Commitments






(dollars in thousands)







Twelve months ended December 31,



2024



2023


Beginning of period

$

3,901



$

-


CECL adoption adjustments


-




3,386


Charge-offs


-




-


Recoveries


-




-


Provision


(521)




515


End of period

$

3,380



$

3,901


Non-performing assets at December 31, 2024 were $31.9 million, an increase of $16.7 million or 111%, from December 31, 2023.  The non-performing assets to assets ratio was 0.78% at December 31, 2024 and 0.39% at December 31, 2023.  The allowance for credit losses to non-performing loans decreased from 245.67% at December 31, 2023 to 124.49% at December 31, 2024.  

(dollars in thousands)

December 31,



December 31,



2024



2023


Non-accrual loans

$

30,950



$

12,467


Restructured loans


1,677




2,659


Total non-performing loans


32,627




15,126


Other Real Estate Owned


-




-


Total non-performing assets

$

32,627



$

15,126


Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the fourth quarter of 2024 at 1:00 p.m. ET on Thursday, January 30, 2025.  Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 800-836-8184 and ask to be joined into the Civista Bancshares, Inc. fourth quarter 2024 earnings call.  Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.  An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com).

Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista.  For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.   Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance.  The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties.  We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.  Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista' reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of Civista's Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and any additional risks identified in the Company's subsequent Form 10-Q's.  Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof.  Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

Civista Bancshares, Inc., is a $4.1 billion financial holding company headquartered in Sandusky, Ohio.  Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services.  Today, Civista Bank operates 42 locations across Ohio, Southeastern Indiana and Northern Kentucky.  Civista Bank also offers commercial equipment leasing services for businesses nationwide through its Civista Leasing and Finance Division.  Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB".  Learn more at www.civb.com.

For additional information, contact:
Dennis G. Shaffer 
CEO and President
Civista Bancshares, Inc.
888-645-4121

Civista Bancshares, Inc.


Financial Highlights


(Unaudited, dollars in thousands, except share and per share amounts)




Consolidated Condensed Statement of Income















Three Months Ended



Twelve Months Ended



December 31,



December 31,



2024



2023



2024



2023














Interest income

$

53,233



$

48,599



$

206,695



$

182,734


Interest expense


21,878




18,547




89,985




57,238


Net interest income


31,355




30,052




116,710




125,496


Provision for credit losses


697




2,325




5,885




4,435


Provision for unfunded commitments


(1)




-




(521)




-


Net interest income after provision


30,659




27,727




111,346




121,061


Noninterest income


9,015




8,823




37,748




37,163


Noninterest expense


28,296




25,313




112,520




107,611


Income before taxes


11,378




11,237




36,574




50,613


Income tax expense


1,485




1,582




4,891




7,649


Net income


9,893




9,655




31,683




42,964


Preferred stock dividends


-




-




-




-


Net income available












to common shareholders

$

9,893



$

9,655



$

31,683



$

42,964














Dividends paid per common share

$

0.16



$

0.16



$

0.64



$

0.61














Earnings per common share












Basic












Net income

$

9,893



$

9,655



$

31,683



$

42,964


Less allocation of earnings and












dividends to participating securities


213




362




671




1,585


Net income available to common












shareholders - basic

$

9,680



$

9,293



$

31,012



$

41,379


Weighted average common shares outstanding


15,736,962




15,695,978




15,724,768




15,734,624


Less average participating securities


339,626




588,625




333,029




579,857


Weighted average number of shares outstanding












used to calculate basic earnings per share


15,397,336




15,107,353




15,391,739




15,154,767














Earnings per common share












Basic

$

0.63



$

0.62



$

2.01



$

2.73


Diluted


0.63




0.62




2.01




2.73














Selected financial ratios:












Return on average assets


0.97

%



1.02

%



0.80

%



1.16

%

Return on average equity


10.43

%



11.17

%



8.40

%



12.50

%

Dividend payout ratio


25.45

%



25.81

%



31.76

%



22.34

%

Net interest margin (tax equivalent)


3.36

%



3.44

%



3.21

%



3.70

%

 

Selected Balance Sheet Items


(Dollars in thousands, except share and per share amounts)









December 31,



December 31,



2024



2023



(unaudited)



(unaudited)














 Cash and due from financial institutions

$

63,155



$

60,406


 Investment in time deposits


1,450




1,225


 Investment securities


650,488




620,441


 Loans held for sale


665




1,725


 Loans


3,081,230




2,861,728


 Less: allowance for credit losses


(39,669)




(37,160)


 Net loans


3,041,561




2,824,568


 Other securities


30,352




29,998


 Premises and equipment, net


47,166




56,769


 Goodwill and other intangibles


133,403




135,028


 Bank owned life insurance


62,783




61,335


 Other assets


67,446




69,923


 Total assets

$

4,098,469



$

3,861,418








 Total deposits

$

3,211,870



$

2,985,028


 Federal Home Loan Bank advances - short term


339,000




338,000


 Federal Home Loan Bank advances - long term


1,501




2,392


 Subordinated debentures


104,089




103,943


 Other borrowings


6,293




9,859


 Accrued expenses and other liabilities


47,214




50,194


 Total shareholders' equity


388,502




372,002


 Total liabilities and shareholders' equity

$

4,098,469



$

3,861,418








 Shares outstanding at period end


15,737,815




15,695,424








 Book value per share

$

24.69



$

23.70


 Equity to asset ratio


9.48

%



9.63

%







Selected asset quality ratios:






Allowance for credit losses to total loans


1.29

%



1.30

%

Non-performing assets to total assets


0.80

%



0.39

%

Allowance for credit losses to non-performing loans


121.58

%



245.67

%







Non-performing asset analysis






Nonaccrual loans

$

30,950



$

12,467


Troubled debt restructurings


1,677




2,659


Other real estate owned


-




-


Total

$

32,627



$

15,126


 

Supplemental Financial Information


(Unaudited - dollars in thousands except share data)


















December
31,



September
30,



June 30,



March 31,



December
31,


End of Period Balances

2024



2024



2024



2024



2023

















Assets















Cash and due from banks

$

63,155



$

74,662



$

55,760



$

50,310



$

60,406


Investment in time deposits


1,450




1,450




1,450




1,450




1,225


Investment securities


650,488




629,113




611,866




608,277




620,441


Loans held for sale


665




8,299




5,369




3,716




1,725


Loans and leases


3,081,230




3,043,946




3,014,996




2,898,139




2,861,728


Allowance for credit losses


(39,669)




(41,268)




(39,919)




(38,849)




(37,160)


Net Loans


3,041,561




3,002,678




2,975,077




2,859,290




2,824,568


Other securities


30,352




32,633




37,615




31,360




29,998


Premises and equipment, net


47,166




49,967




52,142




54,280




56,769


Goodwill and other intangibles


133,403




133,829




134,227




134,618




135,028


Bank owned life insurance


62,783




62,912




63,367




61,685




61,335


Other assets


67,446




65,880




75,041




75,272




69,923


Total Assets

$

4,098,469



$

4,061,423



$

4,011,914



$

3,880,258



$

3,861,418

















Liabilities















Total deposits

$

3,211,870



$

3,223,732



$

2,977,616



$

2,980,695



$

2,985,028


Federal Home Loan Bank advances - short term

$

339,000




287,047




500,500




368,500




338,000


Federal Home Loan Bank advances - long term

$

1,501




1,598




1,841




2,211




2,392


Securities sold under agreement to repurchase


-




-




-




-




-


Subordinated debentures


104,089




104,067




104,026




103,984




103,943


Other borrowings


6,293




6,319




7,156




8,105




9,859


Secured borrowings


-




-




-




-




-


Securities purchased payable


-




-




-




-




-


Tax refunds in process


-




-




-




-




2,885


Accrued expenses and other liabilities


47,214




44,222




46,967




47,104




47,309


Total liabilities


3,709,967




3,666,985




3,638,106




3,510,599




3,489,416

















Shareholders' Equity















Common shares


312,037




311,901




311,529




311,352




311,166


Retained earnings


205,408




198,034




192,186




187,638




183,788


Treasury shares


(75,586)




(75,586)




(75,574)




(75,574)




(75,422)


Accumulated other comprehensive loss


(53,357)




(39,911)




(54,333)




(53,757)




(47,530)


Total shareholders' equity


388,502




394,438




373,808




369,659




372,002

















Total Liabilities and Shareholders' Equity

$

4,098,469



$

4,061,423



$

4,011,914



$

3,880,258



$

3,861,418


 

Supplemental Financial Information


(Unaudited - dollars in thousands except share data)


















December 31,



September 30,



June 30,



March 31,



December 31,


Quarterly Average Balances

2024



2024



2024



2024



2023


Assets:















Earning assets

$

3,738,607



$

3,705,866



$

3,619,809



$

3,552,552



$

3,449,344


Securities


655,556




654,838




639,625




646,203




645,202


Loans

$

3,061,991




3,031,884




2,964,377




2,880,031




2,805,995


Liabilities and Shareholders' Equity















Total deposits

$

3,285,485



$

3,092,583



$

2,969,380



$

2,998,150



$

2,977,802


Interest-bearing deposits


2,582,652




2,405,219




2,266,334




2,285,667




2,163,160


Other interest-bearing liabilities


493,759




493,759




546,700




431,919




383,877


Total shareholders' equity


391,591




381,392




365,784




370,452




337,866


 

Supplemental Financial Information


(Unaudited - dollars in thousands except share data)


















Three Months Ended



December
31,



September
30,



June 30,



March 31,



December
31,


Income statement

2024



2024



2024



2024



2023

















Total interest and dividend income

$

53,233



$

52,741



$

50,593



$

50,128



$

48,599


Total interest expense


21,878




23,508




22,842




21,756




18,547


Net interest income


31,355




29,233




27,751




28,372




30,052


Provision for credit losses


697




1,346




1,800




2,042




2,325


Provision for unfunded commitments


(1)




(325)




(145)




(50)




-


Noninterest income


9,015




9,686




10,543




8,504




8,823


Noninterest expense


28,296




27,981




28,555




27,689




25,313


Income before taxes


11,378




9,917




8,084




7,195




11,237


Income tax expense


1,485




1,551




1,020




835




1,582


Net income

$

9,893



$

8,366



$

7,064



$

6,360



$

9,655


Preferred stock dividends


-




-




-




-




-


Net income available to















common shareholders

$

9,893



$

8,366



$

7,064



$

6,360



$

9,655

















Per share data






























Earnings per common share















Basic















Net income

$

9,893



$

8,366



$

7,064



$

6,360



$

9,655


Less allocation of earnings and















dividends to participating securities


213




177




153




126




362


Net income available to common















shareholders - basic

$

9,680



$

8,189



$

6,911



$

6,234



$

9,293

















Weighted average common shares
outstanding


15,736,962




15,736,966




15,729,049




15,695,963




15,695,978


Less average participating securities


339,626




332,531




341,567




311,199




588,625


Weighted average number of shares
outstanding















used to calculate basic earnings per
share


15,397,336




15,404,435




15,387,482




15,384,764




15,107,353

















Earnings per common share















Basic

$

0.63



$

0.53



$

0.45



$

0.41



$

0.62


Diluted

$

0.63



$

0.53




0.45




0.41




0.62

















Common shares dividend paid

$

2,518



$

2,518



$

2,516



$

2,510



$

2,511

















Dividends paid per common share


0.16




0.16




0.16




0.16




0.16


 

Supplemental Financial Information


(Unaudited - dollars in thousands except share data)


















Three Months Ended



December
31,



September
30,



June 30,



March 31,



December 31,


Asset quality

2024



2024



2024



2024



2023

















Allowance for credit losses:















Beginning of period

$

41,268



$

39,919



$

38,849



$

37,160



$

35,280


Charge-offs


(2,335)




(42)




(887)




(651)




(577)


Recoveries


39




45




157




298




132


Provision


697




1,346




1,800




2,042




2,325


End of period

$

39,669



$

41,268



$

39,919



$

38,849



$

37,160

















Allowance for unfunded
commitments:















Beginning of period

$

3,381



$

3,706



$

3,851



$

3,901



$

3,981


Charge-offs


-




-




-




-




-


Recoveries


-




-




-




-




-


Provision


(1)




(325)




(145)




(50)




(80)


End of period

$

3,380



$

3,381



$

3,706



$

3,851



$

3,901

















Ratios















Allowance to total loans


1.29

%



1.36

%



1.32

%



1.34

%



1.30

%

Allowance to
nonperforming assets


124.49

%



226.60

%



233.47

%



247.06

%



245.66

%

Allowance to
nonperforming loans


124.49

%



227.36

%



233.47

%



247.06

%



245.66

%
















Nonperforming assets















Nonperforming loans

$

31,865



$

18,151



$

17,098



$

15,725



$

15,126


Other real estate owned


-




61




-




-




-


Total nonperforming assets

$

31,865



$

18,212



$

17,098



$

15,725



$

15,126

















Capital and liquidity















Tier 1 leverage ratio


8.60

%



8.45

%



8.59

%



8.62

%



8.75

%

Tier 1 risk-based capital
ratio


10.47

%



10.29

%



10.63

%



10.81

%



10.72

%

Total risk-based capital
ratio


13.98

%



13.81

%



14.28

%



14.53

%



14.45

%

Tangible common equity
ratio (1)


6.43

%



6.64

%



6.19

%



6.28

%



6.36

%
















(1) See reconciliation of non-GAAP measures at the end of this press release.















 

Reconciliation of Non-GAAP Financial Measures


(Unaudited - dollars in thousands except share data)


















Three Months Ended



December
31,



September
30,



June 30,



March 31,



December
31,



2024



2024



2024



2024



2023

















Tangible Common
Equity















Total Shareholder's
Equity - GAAP

$

388,502



$

394,438



$

373,808



$

369,659



$

372,002


Less: Preferred
Equity


-




-




-




-




-


Less: Goodwill
and intangible
assets


133,403




133,829




134,227




134,618




135,028


Tangible common
equity (Non-GAAP)

$

255,099



$

260,609



$

239,581



$

235,041



$

236,974

















Total Shares
Outstanding


15,737,815




15,736,528




15,737,222




15,727,013




15,695,424

















Tangible book value
per share

$

16.21



$

16.56



$

15.25



$

14.95



$

15.10

















Tangible Assets















Total Assets -
GAAP

$

4,098,469



$

4,061,423



$

4,011,914



$

3,880,258



$

3,861,418


Less: Goodwill
and intangible
assets


133,403




133,829




134,227




134,618




135,028


Tangible assets
(Non-GAAP)

$

3,965,066



$

3,927,594



$

3,877,687



$

3,745,640



$

3,726,390

















Tangible common
equity to tangible
assets


6.43

%



6.64

%



6.19

%



6.28

%



6.36

%

 

Reconciliation of Non-GAAP Financial Measures


(Unaudited - dollars in thousands except share data)















Three Months Ended



Twelve Months Ended















December
31,



December
31,



December
31,



December
31,


Efficiency ratio (non-GAAP):

2024



2023



2024



2023














Noninterest expense (GAAP)


28,296




25,313




112,520




107,611


  Less: Amortization of intangible assets
expense


363




384




1,484




1,579


  Less: Acquisition related expenses


-




-




-




-


Noninterest expense (non-GAAP)


27,933




24,929




111,036




106,032














Net interest income (GAAP)


31,355




30,052




116,710




125,496


  Plus: Taxable equivalent adjustment


627




629




2,518




2,468


Noninterest income (GAAP)


9,015




8,823




37,748




37,163


  Less: Net gains (losses) on equity
securities


96




147




252




(21)


Net interest income (FTE) plus
noninterest income (non-GAAP)


40,901




39,357




156,724




165,148














Efficiency ratio (non-GAAP)


68.3

%



63.3

%



70.8

%



64.2

%

 

Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/civista-bancshares-inc-announces-fourth-quarter-2024-financial-results-of-0-63-per-common-share-and-full-year-2024-financial-results-of-2-01-per-common-share-302363859.html

SOURCE Civista Bancshares, Inc.

FAQ

What was Civista Bancshares (CIVB) Q4 2024 earnings per share?

Civista Bancshares reported earnings of $0.63 per diluted share for Q4 2024.

How did CIVB's full-year 2024 earnings compare to 2023?

CIVB's full-year earnings decreased from $2.73 per share in 2023 to $2.01 per share in 2024.

What was CIVB's net interest margin in Q4 2024?

CIVB's net interest margin was 3.36% in Q4 2024, down 8 basis points from 3.44% in Q4 2023.

What is CIVB's current dividend yield based on Q4 2024 results?

Based on the December 31, 2024 share price of $21.04, CIVB's quarterly dividend of $0.16 represents an annualized yield of 3.04%.

How did CIVB's efficiency ratio change in Q4 2024?

CIVB's efficiency ratio increased to 68.3% in Q4 2024 from 63.3% in Q4 2023.

Stock CIVB logo
Civista Bancshares, Inc.

NASDAQ:CIVB

CIVB Rankings

#3471 Ranked by Market Cap
#1002 Ranked by Dividends

CIVB Latest News

Jan 22, 2025
Civista Bancshares, Inc., Appoints Charles A. Parcher as Executive Vice President & Chief Lending Officer of Civista Bancshares, Inc. and President & Chief Lending Officer of Civista Bank
Jan 22, 2025
Civista Bancshares, Inc. Declares First Quarter Common Dividend
Jan 6, 2025
Civista Bancshares, Inc. Announces Fourth Quarter 2024 Earnings Release Date
Oct 29, 2024
Civista Bancshares, Inc. Announces Third Quarter 2024 Financial Results of $0.53 per Common Share
Oct 25, 2024
Civista Bancshares, Inc. Declares Fourth Quarter Common Dividend

CIVB Stock Data

338.96M
15.20M
3.35%
52.91%
0.93%
Banks - Regional
State Commercial Banks
Link
United States of America
SANDUSKY