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.
Civista Bancshares, Inc. (NASDAQ:CIVB) reported its financial results for Q4 and the full year 2022. Net income for Q4 was $12.1 million, or $0.77 per diluted share, showing an increase from $11.0 million, or $0.73 per share, in Q4 2021. However, full-year net income decreased to $39.4 million, or $2.60 per share, down from $40.5 million, or $2.63 per share, in 2021. The bank's net interest income surged by 39.6% in Q4 2022, driven by higher interest rates and loan growth, but total noninterest income fell by 7.6% for the year. Noninterest expense rose significantly, primarily due to acquisition-related costs. The efficiency ratio increased to 64.3% for 2022.
Civista Bancshares, Inc. (NASDAQ: CIVB) announced a quarterly dividend of 14 cents per common share, payable March 1, 2023, to shareholders of record on February 14, 2023. This dividend totals approximately $2.2 million and yields 2.55% based on the stock's closing price of $21.93 on February 1, 2023. Civista, a financial holding company with assets of $3.2 billion, operates 43 locations across Ohio, Southeastern Indiana, and Northern Kentucky, providing a range of banking services.
Civista Bancshares, Inc. announced a quarterly dividend of 14 cents per common share, to shareholders of record on February 14, 2023. This dividend, payable on March 1, 2023, totals approximately $2.2 million. Based on the stock price of $21.93 as of February 1, 2023, this results in an annualized yield of 2.55%. Civista Bancshares, a $3.2 billion financial holding company, operates through Civista Bank, which has 43 locations across Ohio, Southeastern Indiana, and Northern Kentucky. The company is committed to delivering returns to its shareholders through regular dividends.
Civista Bancshares, Inc. (NASDAQ:CIVB) will release its fourth quarter 2022 financial results on February 7, 2023, before the market opens. A conference call will occur at 1:00 p.m. ET on the same day for discussion and Q&A with analysts. Civista, a $3.2 billion financial services holding company based in Sandusky, Ohio, operates 43 bank locations in Ohio, Southeastern Indiana, and Northern Kentucky, offering a variety of financial services, including commercial lending and wealth management.
Civista Bancshares, Inc. (NASDAQ:CIVB) announced a quarterly dividend of 14 cents per common share, totaling approximately $2.2 million. Shareholders of record as of November 8, 2022 will receive this payment on November 22, 2022. With a closing stock price of $22.01 on October 26, 2022, this dividend yields an annualized rate of 2.54%. Civista, a $3.2 billion financial holding company, operates 43 locations across Ohio, Indiana, and Kentucky.
Civista Bancshares, Inc. (CIVB) reported a third-quarter net income of $11.1 million ($0.72 per diluted share), up from $9.6 million ($0.64 per diluted share) in Q3 2021. For the nine months ended September 30, net income was $27.3 million ($1.82 per diluted share), down from $29.6 million ($1.90 per diluted share) in the same period last year. Notably, net interest income surged 25.4% from the previous quarter, attributed to rising interest rates and earnings from the Henry County Bank acquisition. The company declared a $0.14 dividend, yielding 2.70%.
Civista Bancshares, Inc. (NASDAQ:CIVB) announced that it will release its third quarter 2022 financial results on October 27, 2022, before market open. A conference call will follow at 1:00 p.m. ET on the same day to discuss the results, with analysts invited to participate in the Q&A session. Civista, a $3.5 billion financial holding company based in Sandusky, Ohio, operates 43 banking locations across Ohio, Indiana, and Kentucky. For more details, visit www.civb.com.
Civista Bancshares, Inc. (NASDAQ: CIVB) announced a quarterly dividend of 14 cents per common share, amounting to approximately $2.2 million. Shareholders of record as of August 9, 2022 will receive the payment on August 23, 2022. This dividend results in an annualized yield of 2.50% based on a closing stock price of $22.42 on July 27, 2022. Following its merger with Comunibanc Corp., Civista will enhance its market presence, growing from a $3.0 billion to a $3.3 billion financial holding company.
Civista Bancshares reported a net income of $7.7 million ($0.53 per diluted share) for Q2 2022, down from $9.2 million ($0.59) in Q2 2021. Year-to-date net income was $16.2 million ($1.10) versus $19.9 million ($1.27) last year. The net interest margin decreased to 3.43% from 3.53%, primarily due to lower Paycheck Protection Program (PPP) fees. The merger with Comunibanc Corp. was completed on July 1, 2022, and noninterest expenses were impacted by related costs. Total assets rose to $3.1 billion, with loans increasing by 3.3%.
Civista Bancshares, Inc. (NASDAQ:CIVB) announced the appointment of Lorina Wise to its board of directors. Dennis G. Shaffer, CEO of Civista, expressed enthusiasm about Wise's broad experience and expertise contributing to the company's growth. Wise currently serves as Chief Human Resources Officer at Nationwide Children's Hospital and has a diverse background in legal and human resources roles across various organizations. This appointment aligns with Civista's ongoing expansion strategy, especially following its merger with Comunibanc Corp., projected to increase assets to approximately $3.4 billion.
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