Civista Bancshar Stock Price, News & Analysis

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.

Civista Bancshares, Inc. (NASDAQ: CIVB) announced the release of its second quarter 2022 financial results set for July 28, 2022, before market open. A conference call will follow at 1:00 p.m. ET the same day to discuss these results, with analysts invited to participate in a Q&A session. Civista, a $3.5 billion financial holding company based in Sandusky, Ohio, operates 43 branches across Ohio, Indiana, and Kentucky and is committed to transparency and investor communication.

Civista Bancshares, Inc. (NASDAQ: CIVB) has successfully completed its acquisition of Comunibanc Corp. and its subsidiary, The Henry County Bank, effective July 1, 2022. This transaction expands Civista's total assets to approximately $3.5 billion. Comunibanc shareholders will receive 1.1888 shares of Civista common stock plus $30.13 in cash for each share of Comunibanc stock. The merger aims to strengthen Civista's presence in Henry and Wood Counties, with a focus on enhancing customer service and fostering community ties.

Civista Bancshares, Inc. (NASDAQ:CIVB) announced a quarterly dividend of 14 cents per common share, payable on May 25, 2022, to shareholders of record as of May 10, 2022. This dividend totals approximately $2.0 million and corresponds to an annualized yield of 2.53%, based on the closing stock price of $22.16 on April 27, 2022. Civista is a $3.2 billion financial holding company with operations in Northern, Central, and Southwestern Ohio, Southeastern Indiana, and Northern Kentucky.

Civista Bancshares, Inc. (NASDAQ:CIVB) announced the completion of its registered exchange offer for $75 million of 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031. The exchange offer, which expired on April 28, 2022, saw 100% of the Original Notes validly tendered and accepted for exchange. The purpose of the exchange was to fulfill an obligation under a registration rights agreement and does not represent new financing. Settlement is expected around May 4, 2022.

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.