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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.

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Civista Bancshares (NASDAQ: CIVB) has announced the retirement of Todd Michel, Senior Vice President and Controller, effective July 16, 2024. Michel concludes a remarkable 39-year career with the company, having joined in 1985 as a seasonal teller. The company has initiated a search for a permanent replacement. In the interim, Ian Whinnem, Senior Vice President and Chief Financial Officer, will serve as Principal Accounting Officer.

Michel's career progression at Civista included joining the accounting department in 1988 after graduating from Bowling Green State University, being promoted to Vice President and Controller in 1998, and becoming Senior Vice President in 2000.

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Civista Bancshares, announced it will release its second quarter 2024 financial results before the market opens on Monday, July 29, 2024.

Following the release, Civista will host a conference call and webcast to discuss the results at 1:00 p.m. ET on the same day. The call can be accessed via telephone at (800) 836-8184 or through a live webcast on the company's website.

An archived version of the webcast will be available shortly after the live session. Civista Bancshares, a $3.9 billion financial holding company headquartered in Sandusky, Ohio, operates 43 locations across Ohio, Indiana, and Kentucky and provides various banking services through its primary subsidiary, Civista Bank.

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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.

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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%.

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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'.

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Civista Bancshares, Inc. (NASDAQ:CIVB) announced a $13.5 million stock repurchase program approved by the Board of Directors to replace the prior program. The program aims to enhance shareholder value by allowing the company to repurchase its outstanding common shares through open market transactions or negotiated deals until April 15, 2025.
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Civista Bancshares, Inc. (CIVB) will release its first quarter 2024 financial results on April 30, 2024, followed by a conference call and webcast to discuss the results.
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Civista Bancshares, Inc. (NASDAQ:CIVB) announced its unaudited financial results for the three and twelve month periods ending December 31, 2023. Net income for the fourth quarter of 2023 was $9.7 million, compared to $12.1 million for the same period in 2022. For the twelve months ended December 31, 2023, net income was $43.0 million compared to $39.4 million for 2022. Civista also reported a cost of deposits of 179 basis points and total funding costs of 219 basis points for the quarter. The company's noninterest income decreased by $1.2 million for the fourth quarter of 2023 compared to the same period in 2022, while noninterest expenses decreased by $2.0 million. The company's CEO and President, Dennis G. Shaffer, emphasized a strong quarter with loan growth, increased noninterest income, and decreased noninterest expenses.
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Civista Bancshares, Inc. (CIVB) has announced a quarterly dividend of 16 cents per common share, totaling approximately $2.5 million and representing an annualized yield of 3.74% based on the closing stock price of $17.09 on January 31, 2024.
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Civista Bancshares, Inc. (NASDAQ:CIVB) announced the release of its fourth quarter 2023 financial results and a conference call/webcast to discuss the results on February 8, 2024.
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FAQ

What services does Civista Bancshares' subsidiary Civista Bank offer?

Civista Bank provides full-service banking, commercial lending, mortgage, and wealth management services.

What is the main revenue source for Civista Bancshares?

The main revenue source for Civista Bancshares is the interest and fees gained on loans.

Where is Civista Bancshares headquartered?

Civista Bancshares is headquartered in Sandusky, Ohio.

How has Civista Bancshares performed financially in recent years?

Civista Bancshares has shown strong financial performance, with significant increases in net interest income and noninterest income driven by organic growth and strategic acquisitions.

What strategic acquisitions has Civista Bancshares made?

Civista Bancshares acquired Comunibanc Corp and Vision Financial Group, now known as Civista Leasing and Financing (CLF).

What is Civista Bancshares' stock symbol?

Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol 'CIVB'.

Does Civista Bancshares have a stock repurchase program?

Yes, Civista Bancshares has a stock repurchase program with approximately $12 million remaining from the current authorization as of early 2024.

How can investors stay updated on Civista Bancshares' financial results?

Investors can stay updated through earnings calls and archived webcasts available on the Investor Relations section of Civista Bancshares' website.

What types of loans does Civista Bancshares offer?

Civista Bancshares offers commercial and agricultural loans, commercial real estate loans, residential real estate loans, and consumer loans.

How can I learn more about Civista Bancshares?

For more detailed and up-to-date information, you can visit their website at www.civb.com.

Civista Bancshares, Inc.

Nasdaq:CIVB

CIVB Rankings

CIVB Stock Data

277.27M
15.73M
3.85%
54.21%
0.75%
Commercial Banking
Finance and Insurance
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United States of America
SANDUSKY