Welcome to our dedicated page for Civista Bancshar news (Ticker: CIVB), a resource for investors and traders seeking the latest updates and insights on Civista Bancshar stock.
Civista Bancshares, Inc. reports news centered on community banking, balance-sheet performance, dividends and corporate governance for its NASDAQ-listed common stock. The financial holding company operates through Civista Bank, which provides full-service banking, commercial lending, mortgage and wealth management services across Ohio, Southeastern Indiana and Northern Kentucky.
Recurring updates include quarterly earnings releases, net interest income and margin trends, loan and deposit mix, brokered deposits, FHLB advances, and common dividend declarations. Company news also covers the completed Farmers Savings Bank merger into Civista Bank, integration of acquired branches and customers, Civista Leasing & Finance commercial equipment leasing activity, investor presentations, and changes in board or officer roles.
Civista Bancshares, Inc. (NASDAQ: CIVB) announced its unaudited financial results for Q2 2024. Key highlights include:
Earnings per diluted share (EPS) of $0.45, up 10% from the prior quarter but down 30% YoY.
Net income was $7.1 million, an 11% increase from the previous quarter but a 30% decline from Q2 2023.
Net interest income decreased $0.6 million QoQ and $3.6 million YoY. Interest income rose $0.5 million QoQ but was offset by a $1.1 million increase in interest expense.
Total assets grew by $131.7 million QoQ. Loans and leases increased by $153.3 million YTD, led by residential real estate and construction loans.
Noninterest income for Q2 2024 totaled $10.5 million, up 15.2% YoY, driven by increased lease revenue.
Noninterest expense increased 3.3% YoY, primarily due to higher compensation costs.
Provision for credit losses for Q2 2024 was $1.8 million, up from $861 thousand in Q2 2023, partly due to a fraud-related charge-off.
Deposits decreased $3.1 million QoQ but increased $34.8 million YoY.
Dividend of $0.16 per share, annualized yield of 4.13%, and payout ratio of 35.6%.
Civista Bancshares (NASDAQ:CIVB) has declared a quarterly dividend of 16 cents per common share, payable on August 20, 2024, to shareholders of record as of August 6, 2024. This dividend represents a total payout of approximately $2.5 million. Based on Civista's closing stock price of $18.74 on July 25, 2024, the dividend yields an annualized return of 3.42%.
Civista Bancshares is a $3.9 billion financial holding company headquartered in Sandusky, Ohio. Its primary subsidiary, Civista Bank, operates 43 locations across Ohio, Southeastern Indiana, and Northern Kentucky, offering full-service banking, commercial lending, mortgage, and wealth management services. The company's shares are traded on the NASDAQ Capital Market under the symbol 'CIVB'.
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.
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.
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%.
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