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Civista Bancshares, Inc. named Ian Whinnem as the new Chief Financial Officer, joining on June 3, 2024. With over 25 years of experience in corporate finance in banking, including a senior position at Huntington Bancshares, Inc., Whinnem brings valuable expertise to Civista's executive team. His role will involve overseeing the company's financial functions and contributing to strategic decision-making.
Civista Bancshares, Inc. reported a net income of $6.4 million for the first quarter of 2024, a decrease from $12.9 million in the same period of 2023. The company faced challenges due to the exit from the payment tax refund business and other factors, resulting in a decrease in noninterest income. Net interest income and margin also saw a decline, with interest expense increasing significantly. However, Civista maintained a dividend payout ratio of 42.11% and an annualized yield of 4.16%.
Civista Bancshares, Inc. (NASDAQ:CIVB) declared a quarterly dividend of 16 cents per common share, totaling $2.5 million, with an annualized yield of 4.17%. The company operates Civista Bank, founded in 1884, with 43 locations across Ohio, Southeastern Indiana, and Northern Kentucky. Civista's common shares trade on NASDAQ under the symbol 'CIVB'.
