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. reported a net income of $8.5 million for Q1 2022, down from $10.8 million in Q1 2021. The diluted EPS is $0.57, a decrease from $0.68 a year prior. Net interest income fell by $896,000 (3.8%), attributed to reduced interest income from PPP loans. Noninterest income also decreased by 16.8% to $7.6 million. Notably, the efficiency ratio increased to 65.2% from 57.4% year-over-year. Civista is advancing in its acquisition of Comunibanc Corp., with plans to close in Q3 2022.
Civista Bancshares (NASDAQ:CIVB) announced the extension of its exchange offer for $75 million of its 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031. The offer, initially set to expire on April 26, 2022, will now conclude on April 28, 2022. As of the previous expiration date, approximately $72.5 million of the outstanding notes had been tendered, representing 96.7% of the total. The exchange offer is governed by a prospectus dated March 8, 2022, and aims to enhance the liquidity of the notes issued in a private placement.
Civista Bancshares, Inc. (NASDAQ:CIVB) has extended its exchange offer for its $75 million of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031, initially set to expire on April 21, 2022. The new deadline is now April 26, 2022. As of the last deadline, approximately $71.5 million, or 95.3%, of the outstanding notes had been tendered for exchange. All other terms remain unchanged. The exchange offer is governed by the prospectus dated March 8, 2022, which was filed with the SEC.
Civista Bancshares, Inc. (NASDAQ: CIVB) has announced the extension of its registered exchange offer for $75,000,000 of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031, originally issued on November 30, 2021. The new expiration date for the exchange offer is April 21, 2022, with approximately 91% of the outstanding notes valued at $68,250,000 already tendered for exchange as of April 14, 2022. The exchange offer terms remain the same, and assistance can be obtained from the exchange agent, UMB Bank, N.A.
Civista Bancshares, Inc. (NASDAQ:CIVB) will release its first quarter 2022 financial results before the market opens on April 28, 2022. A conference call and webcast will follow on the same day at 1:00 p.m. ET to discuss the results. Civista, a $3.0 billion financial holding company based in Sandusky, Ohio, operates 35 locations across Ohio, Indiana, and Kentucky. The company's shares are traded under the symbol CIVB.
Civista Bancshares, Inc. (NASDAQ:CIVB) announced a quarterly dividend of 14 cents per common share, payable on March 1, 2022 to shareholders of record on February 15, 2022. This dividend amounts to approximately $2.1 million and provides an annualized yield of 2.35% based on the closing stock price of $23.80 on February 2, 2022. Civista, a $3.0 billion financial holding company, operates across Ohio, Indiana, and Kentucky, with its banking subsidiary, Civista Bank, managing 35 locations.
Civista Bancshares (CIVB) reported a net income of $11.0 million, or $0.73 per diluted share for Q4 2021, up from $10.2 million or $0.64 per diluted share in Q4 2020. Year-to-date, net income increased to $40.5 million, or $2.63 per diluted share. COVID-19 loan deferrals dropped to 0.26% of total loans. The company initiated a $100 million investment securities redeployment and raised $75 million through a subordinated debt issuance. A merger with Comunibanc Corp. was also announced, aimed at expanding its presence in Northwest Ohio.
Civista Bancshares, Inc. (NASDAQ:CIVB) announced that it will release its fourth quarter 2021 financial results on February 4, 2022, prior to market opening. A conference call will be held the same day at 1:00 p.m. ET for a discussion of the results, with analysts invited to participate in a Q&A session. Civista is a $3.0 billion financial holding company based in Sandusky, Ohio, operating 35 locations across Ohio, Indiana, and Kentucky. The company may issue forward-looking statements regarding its financial performance and strategies.
Civista Bancshares (CIVB) has signed a definitive merger agreement to acquire Comunibanc Corp. (CBCZ) for approximately $50.2 million. The acquisition will add 7 branches and $276 million in deposits, enhancing Civista's presence in Northwest Ohio, a growing market. As of September 30, 2021, the combined entity will have total assets of around $3.3 billion and total deposits of approximately $2.7 billion. The merger is expected to be accretive to Civista's earnings per share in 2023 and will maintain strong capital ratios post-closing.
Civista Bancshares, Inc. (NASDAQ: CIVB), based in Sandusky, Ohio, has successfully completed a private placement of $75 million in 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031. The initial interest rate of 3.25% will apply until December 1, 2026, after which it will transition to a floating rate based on the three-month SOFR plus 219 basis points. These notes qualify as Tier 2 capital for regulatory purposes. Proceeds will support general corporate needs, including growth and potential acquisitions. The notes are non-redeemable by holders and were facilitated by several placement agents.
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