Civista Bancshares, Inc. - CIVB STOCK NEWS

Welcome to our dedicated page for Civista Bancshares news (Ticker: CIVB), a resource for investors and traders seeking the latest updates and insights on Civista Bancshares stock.

Civista Bancshares, Inc. (NASDAQ: CIVB) is a well-established financial holding company headquartered in Sandusky, Ohio. Through its primary subsidiary, Civista Bank, founded in 1884, it offers a comprehensive suite of financial services, including community banking, commercial lending, mortgage, and wealth management services. Civista Bank operates 43 locations across Ohio, Southeastern Indiana, and Northern Kentucky, solidifying its presence in these regions.

The company's core business involves collecting customer deposits, making loans, purchasing securities, and providing trust services. Its loan portfolio is diversified, including commercial and agricultural loans, commercial real estate (both owner-occupied and non-owner-occupied), residential real estate, and consumer loans. Most of its revenue comes from the interest and fees earned on these loans.

In recent financial updates, Civista Bancshares reported a strong performance for 2023. For example, net interest income increased by $15.3 million, or 13.9%, compared to the previous year. This boost was driven by organic growth and strategic acquisitions, including the acquisition of Comunibanc Corp and Vision Financial Group, now known as Civista Leasing and Financing (CLF).

Despite facing pressures from rising deposit rates and funding costs, Civista has continued to post significant earnings. The company's net interest margin stood at 3.70% for the twelve months ending December 31, 2023. Moreover, Civista’s loan and lease balances increased by $213.4 million, or 8.1%, indicating strong demand in the commercial real estate and residential sectors.

Civista's noninterest income saw a notable increase of $8.1 million, or 27.8%, driven by lease revenue, residual income from CLF, and a $1.5 million fee from renewing its MasterCard contract. However, noninterest expenses also rose by 18.9% due to the incorporation of CLF and other operational costs.

With a forward-looking approach, Civista continues to focus on managing their loan portfolio and expanding their services. They also maintain a stock repurchase program, with $12 million remaining from the current authorization as of early 2024.

Civista Bancshares remains committed to serving its community while adapting to the evolving financial landscape. Investors can stay informed with regular updates through their earnings calls and archived webcasts on the company’s website.

For more detailed, up-to-date information, visit www.civb.com.