Civista Bancshares, Inc. Announces First Quarter 2024 Financial Results
First quarter highlights
- Net income of
$6.4 million , or$0.41 per diluted share, for the first quarter of 2024, compared to$12.9 million , or$0.82 per diluted share, for the first quarter of 2023. - Low cost of deposits of 214 basis points and total funding costs of 254 basis points for the quarter.
- Based on the
March 29, 2024 market close share price of$15.38 , the$0.16 first quarter dividend is equivalent to an annualized yield of 4.16% and a dividend payout ratio of 42.11%.
"
Although I was disappointed in our first quarter results, we knew there would be head winds as we exited the third-party payment tax refund business, and that we would not have the benefit of the
Results of Operations:
For the three-month period ended
Net interest income decreased
Net interest margin decreased 77 basis points to 3.22% for the first quarter of 2024, compared to 3.99% for the same period a year ago.
The increase in interest income was due to increases in both yield and in asset volume. The 41 basis point increase in yield led to a
Interest expense increased
Average Balance Analysis |
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(Unaudited - Dollars in thousands) |
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Three Months Ended |
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2024 |
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2023 |
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Average |
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Yield/ |
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Average |
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Yield/ |
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Assets: |
balance |
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Interest |
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rate * |
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balance |
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Interest |
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rate * |
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Interest-earning assets: |
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Loans ** |
$ 2,880,031 |
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6.20 % |
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$ 2,649,901 |
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5.78 % |
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Taxable securities |
350,815 |
|
2,934 |
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3.00 % |
|
374,851 |
|
2,834 |
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2.77 % |
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Non-taxable securities |
295,388 |
|
2,375 |
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3.85 % |
|
281,136 |
|
2,262 |
|
3.81 % |
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Interest-bearing deposits in other banks |
26,318 |
|
334 |
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5.09 % |
|
7,397 |
|
45 |
|
2.47 % |
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Total interest-earning assets |
$ 3,552,552 |
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50,128 |
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5.64 % |
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$ 3,313,285 |
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42,925 |
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5.23 % |
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Noninterest-earning assets: |
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Cash and due from financial institutions |
29,599 |
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54,136 |
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Premises and equipment, net |
54,980 |
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62,776 |
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Accrued interest receivable |
12,724 |
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10,655 |
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Intangible assets |
134,872 |
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135,554 |
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Bank owned life insurance |
61,456 |
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53,630 |
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Other assets |
58,472 |
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61,292 |
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Less allowance for credit losses |
(37,356) |
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(30,454) |
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Total Assets |
$ 3,867,299 |
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$ 3,660,874 |
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Liabilities and Shareholders' Equity: |
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Interest-bearing liabilities: |
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Demand and savings |
$ 1,383,225 |
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$ 3,986 |
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1.16 % |
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$ 1,384,070 |
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$ 1,084 |
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0.32 % |
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Time |
902,442 |
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12,001 |
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5.33 % |
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308,400 |
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2,148 |
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2.82 % |
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Short-term FHLB advances |
328,687 |
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4,515 |
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5.51 % |
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372,226 |
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4,258 |
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4.64 % |
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Long-term FHLB advances |
2,275 |
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13 |
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2.29 % |
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3,442 |
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19 |
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2.24 % |
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Other borrowings |
- |
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- |
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0.00 % |
|
116,200 |
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1,643 |
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5.73 % |
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Subordinated debentures |
103,957 |
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1,241 |
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4.79 % |
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103,814 |
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1,169 |
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4.57 % |
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Repurchase agreements |
- |
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- |
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0.00 % |
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20,823 |
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3 |
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0.06 % |
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Total interest-bearing liabilities |
$ 2,720,586 |
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21,756 |
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3.21 % |
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$ 2,308,975 |
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10,324 |
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1.81 % |
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Noninterest-bearing deposits |
712,483 |
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961,886 |
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Other liabilities |
63,778 |
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48,854 |
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Shareholders' equity |
370,452 |
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341,159 |
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Total Liabilities and Shareholders' Equity |
$ 3,867,299 |
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$ 3,660,874 |
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Net interest income and interest rate spread |
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2.43 % |
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3.42 % |
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Net interest margin |
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3.22 % |
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3.99 % |
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* Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and |
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** Average balance includes nonaccrual loans |
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*** Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities |
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Provision for credit losses for the first quarter of 2024 was
For the first quarter of 2024, noninterest income totaled
Noninterest income |
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(unaudited - dollars in thousands) |
Three months ended |
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2024 |
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2023 |
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$ change |
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% change |
Service charges |
$ 1,440 |
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$ 1,773 |
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$ (333) |
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-18.8 % |
Net loss on sale of securities |
- |
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- |
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- |
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0.0 % |
Net gain (loss) on equity securities |
(141) |
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(68) |
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(73) |
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-107.4 % |
Net gain on sale of loans |
863 |
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631 |
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232 |
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36.8 % |
ATM/Interchange fees |
1,383 |
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1,353 |
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30 |
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2.2 % |
Wealth management fees |
1,276 |
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1,193 |
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83 |
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7.0 % |
Bank owned life insurance |
350 |
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253 |
|
97 |
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38.3 % |
Lease revenue and residual income |
1,674 |
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2,046 |
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(372) |
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-18.2 % |
Tax refund processing fees |
- |
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1,900 |
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(1,900) |
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-100.0 % |
Swap fees |
57 |
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61 |
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(4) |
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-6.6 % |
Other |
1,602 |
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1,926 |
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(324) |
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-16.8 % |
Total noninterest income |
$ 8,504 |
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$ 11,068 |
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$ (2,564) |
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-23.2 % |
Service charges decreased due to a
The net gain on sale of loans and leases increased by
Lease revenue and residual income decreased
Tax refund processing fee income is now zero as we exited our third-party processor that was in the tax refund processing business.
Other income decreased primarily as result of a
For the first quarter of 2024, noninterest expense totaled
Noninterest expense |
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(unaudited - dollars in thousands) |
Three months ended |
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2024 |
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2023 |
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$ change |
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% change |
Compensation expense |
$ 15,457 |
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$ 15,105 |
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$ 352 |
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2.3 % |
Net occupancy and equipment |
3,903 |
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4,120 |
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(217) |
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-5.3 % |
Contracted data processing |
545 |
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520 |
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25 |
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4.8 % |
Taxes and assessments |
969 |
|
774 |
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195 |
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25.2 % |
Professional services |
1,149 |
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1,555 |
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(406) |
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-26.1 % |
Amortization of intangible assets |
391 |
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398 |
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(7) |
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-1.8 % |
ATM/Interchange expense |
625 |
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580 |
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45 |
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7.8 % |
Marketing |
479 |
|
505 |
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(26) |
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-5.1 % |
Software maintenance expense |
1,189 |
|
878 |
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311 |
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35.4 % |
Other |
2,982 |
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2,997 |
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(15) |
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-0.5 % |
Total noninterest expense |
$ 27,689 |
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$ 27,432 |
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$ 257 |
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0.9 % |
Compensation expense increased primarily due to a
The decrease in occupancy and equipment expense is primarily due to a decrease in equipment depreciation.
Taxes & assessments increased primarily due to an increase in the
Professional services decreased due to
The increase in Software maintenance expense is primarily due to expense of our digital banking platform.
The efficiency ratio was 73.8% for the quarter ended
Civista's effective income tax rate for the first quarter 2024 was 11.8% compared to 16.4% in 2023.
Balance Sheet
Total assets increased
End of period loan balances |
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(unaudited - dollars in thousands) |
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2024 |
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2023 |
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$ Change |
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% Change |
Commercial and Agriculture |
$ 302,663 |
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$ 304,793 |
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$ (2,130) |
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-0.7 % |
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Owner Occupied |
367,419 |
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377,322 |
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(9,903) |
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-2.6 % |
Non-owner Occupied |
1,185,688 |
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1,161,893 |
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23,795 |
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2.0 % |
|
676,800 |
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659,841 |
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16,959 |
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2.6 % |
|
267,737 |
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260,409 |
|
7,328 |
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2.8 % |
|
24,908 |
|
24,771 |
|
137 |
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0.6 % |
Lease financing receivable |
56,680 |
|
54,642 |
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2,038 |
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3.7 % |
Consumer and Other |
16,244 |
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18,056 |
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(1,812) |
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-10.0 % |
Total Loans |
$ 2,898,139 |
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$ 2,861,727 |
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$ 36,412 |
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1.3 % |
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Loan and lease balances increased
Deposits
Total deposits decreased
End of period deposit balances |
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(unaudited - dollars in thousands) |
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2024 |
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2023 |
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$ Change |
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% Change |
Noninterest-bearing demand |
$ 707,993 |
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$ 771,699 |
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$ (63,706) |
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-8.3 % |
Interest-bearing demand |
434,692 |
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449,449 |
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(14,757) |
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-3.3 % |
Savings and money market |
929,126 |
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863,067 |
|
66,059 |
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7.7 % |
Time deposits |
908,884 |
|
900,813 |
|
8,071 |
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0.9 % |
Total Deposits |
$ 2,980,695 |
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$ 2,985,028 |
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$ (4,333) |
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-0.1 % |
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The
The
The
The increase in time certificates was primarily due to a
FHLB overnight advances totaled
Stock Repurchase Program
So far in 2024, Civista has not repurchased any shares. We have approximately
Shareholders' Equity
Total shareholders' equity decreased
Asset Quality
Civista recorded net charge-offs of
Allowance for Credit Losses |
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(dollars in thousands) |
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2024 |
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2023 |
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Beginning of period |
$ 37,160 |
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$ 28,511 |
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CECL adoption adjustments |
- |
|
5,193 |
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Charge-offs |
(651) |
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(175) |
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Recoveries |
298 |
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47 |
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Provision |
2,042 |
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620 |
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End of period |
$ 38,849 |
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$ 34,196 |
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Allowance for Unfunded Commitments |
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(dollars in thousands) |
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2024 |
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2023 |
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Beginning of period |
$ 3,901 |
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$ - |
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CECL adoption adjustments |
- |
|
3,386 |
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Charge-offs |
- |
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- |
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Recoveries |
- |
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- |
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Provision |
(50) |
|
201 |
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End of period |
$ 3,851 |
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$ 3,587 |
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Non-performing assets at
Non-performing Assets |
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(dollars in thousands) |
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2024 |
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2023 |
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Non-accrual loans |
$ 13,235 |
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$ 12,467 |
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Restructured loans |
2,490 |
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2,659 |
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Total non-performing loans |
15,725 |
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15,126 |
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Other Real Estate Owned |
- |
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- |
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Total non-performing assets |
$ 15,725 |
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$ 15,126 |
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Conference Call and Webcast
An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com).
Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the
Financial Highlights
(Unaudited, dollars in thousands, except share and per share amounts)
Consolidated Condensed Statement of Income |
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Three Months Ended |
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2024 |
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2023 |
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Interest income |
$ 50,128 |
|
$ 41,539 |
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Interest expense |
21,756 |
|
8,938 |
|
Net interest income |
28,372 |
|
32,601 |
|
Provision for credit losses |
1,992 |
|
821 |
|
Net interest income after provision |
26,380 |
|
31,780 |
|
Noninterest income |
8,504 |
|
11,068 |
|
Noninterest expense |
27,689 |
|
27,432 |
|
Income before taxes |
7,195 |
|
15,416 |
|
Income tax expense |
835 |
|
2,528 |
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Net income |
$ 6,360 |
|
$ 12,888 |
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Dividends paid per common share |
$ 0.16 |
|
$ 0.14 |
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Earnings per common share, |
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basic and diluted |
$ 0.41 |
|
$ 0.82 |
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Average shares outstanding, |
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|
|
basic and diluted |
15,695,963 |
|
15,732,092 |
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Selected financial ratios: |
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Return on average assets (annualized) |
0.66 % |
|
1.47 % |
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Return on average equity (annualized) |
6.89 % |
|
15.32 % |
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Dividend payout ratio |
39.02 % |
|
17.07 % |
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Net interest margin (tax equivalent) |
3.22 % |
|
4.11 % |
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Selected Balance Sheet Items |
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(Dollars in thousands, except share and per share amounts) |
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March 31, |
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December 31, |
|
2024 |
|
2023 |
|
(unaudited) |
|
(unaudited) |
|
|
|
|
Cash and due from financial institutions |
$ 50,310 |
|
$ 60,406 |
Investment in time deposits |
1,450 |
|
1,225 |
Investment securities |
608,277 |
|
620,441 |
Loans held for sale |
3,716 |
|
1,725 |
Loans |
2,898,139 |
|
2,861,728 |
Less: allowance for credit losses |
(38,849) |
|
(37,160) |
Net loans |
2,859,290 |
|
2,824,568 |
Other securities |
31,360 |
|
29,998 |
Premises and equipment, net |
54,280 |
|
56,769 |
Goodwill and other intangibles |
134,618 |
|
135,028 |
Bank owned life insurance |
61,685 |
|
61,335 |
Other assets |
75,272 |
|
69,923 |
Total assets |
$ 3,880,258 |
|
$ 3,861,418 |
|
|
|
|
Total deposits |
$ 2,980,695 |
|
$ 2,985,028 |
Federal Home Loan Bank advances - short term |
368,500 |
|
338,000 |
Federal Home Loan Bank advances - long term |
2,211 |
|
2,392 |
Securities sold under agreements to repurchase |
- |
|
- |
Subordinated debentures |
103,984 |
|
103,943 |
Other borrowings |
8,105 |
|
9,859 |
|
|
|
|
Tax refunds in process |
- |
|
2,885 |
Accrued expenses and other liabilities |
47,104 |
|
47,309 |
Total shareholders' equity |
369,659 |
|
372,002 |
Total liabilities and shareholders' equity |
$ 3,880,258 |
|
$ 3,861,418 |
|
|
|
|
Shares outstanding at period end |
15,727,013 |
|
15,695,424 |
|
|
|
|
Book value per share |
$ 23.50 |
|
$ 23.70 |
Equity to asset ratio |
9.53 % |
|
9.63 % |
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|
Selected asset quality ratios: |
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|
Allowance for credit losses to total loans |
1.34 % |
|
1.30 % |
Non-performing assets to total assets |
0.41 % |
|
0.39 % |
Allowance for credit losses to non-performing loans |
247.06 % |
|
245.67 % |
|
|
|
|
Non-performing asset analysis |
|
|
|
Nonaccrual loans |
$ 13,235 |
|
$ 12,467 |
Troubled debt restructurings |
2,490 |
|
2,659 |
Other real estate owned |
- |
|
- |
Total |
$ 15,725 |
|
$ 15,126 |
|
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|
|
Supplemental Financial Information |
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(Unaudited - dollars in thousands except share data) |
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End of Period Balances |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
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Assets |
|
|
|
|
|
|
|
|
|
Cash and due from banks |
$ 50,310 |
|
$ 60,406 |
|
$ 50,316 |
|
$ 41,354 |
|
$ 52,723 |
Investment in time deposits |
1,450 |
|
1,225 |
|
1,472 |
|
1,719 |
|
1,721 |
Investment securities |
608,277 |
|
620,441 |
|
595,508 |
|
619,250 |
|
629,829 |
Loans held for sale |
3,716 |
|
1,725 |
|
1,589 |
|
3,014 |
|
1,465 |
Loans and leases |
2,898,139 |
|
2,861,728 |
|
2,759,771 |
|
2,728,390 |
|
2,681,180 |
Allowance for credit losses |
(38,849) |
|
(37,160) |
|
(35,280) |
|
(35,149) |
|
(34,196) |
Net Loans |
2,859,290 |
|
2,824,568 |
|
2,724,491 |
|
2,693,241 |
|
2,646,984 |
Other securities |
31,360 |
|
29,998 |
|
34,224 |
|
28,449 |
|
35,383 |
Premises and equipment, net |
54,280 |
|
56,769 |
|
58,989 |
|
60,899 |
|
61,895 |
|
134,618 |
|
135,028 |
|
134,998 |
|
135,406 |
|
135,808 |
Bank owned life insurance |
61,685 |
|
61,335 |
|
54,053 |
|
53,787 |
|
53,796 |
Other assets |
75,272 |
|
69,923 |
|
82,157 |
|
70,971 |
|
66,068 |
Total Assets |
$ 3,880,258 |
|
$ 3,861,418 |
|
$ 3,737,797 |
|
$ 3,708,090 |
|
$ 3,685,672 |
|
|
|
|
|
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Total deposits |
$ 2,980,695 |
|
$ 2,985,028 |
|
$ 2,795,743 |
|
$ 2,942,774 |
|
$ 2,843,516 |
|
368,500 |
|
338,000 |
|
431,500 |
|
142,000 |
|
212,000 |
|
2,211 |
|
2,392 |
|
2,573 |
|
2,859 |
|
3,361 |
Securities sold under agreement to repurchase |
- |
|
- |
|
- |
|
6,788 |
|
15,631 |
Subordinated debentures |
103,984 |
|
103,943 |
|
103,921 |
|
103,880 |
|
103,841 |
Other borrowings |
8,105 |
|
9,859 |
|
10,964 |
|
12,568 |
|
13,938 |
Secured borrowings |
- |
|
- |
|
4,881 |
|
92,110 |
|
101,114 |
Securities purchased payable |
- |
|
- |
|
1,755 |
|
- |
|
- |
Tax refunds in process |
- |
|
2,885 |
|
493 |
|
7,208 |
|
5,752 |
Accrued expenses and other liabilities |
47,104 |
|
47,309 |
|
53,222 |
|
48,027 |
|
38,822 |
Total liabilities |
3,510,599 |
|
3,489,416 |
|
3,405,052 |
|
3,358,214 |
|
3,337,975 |
|
|
|
|
|
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Common shares |
311,352 |
|
311,166 |
|
310,975 |
|
310,784 |
|
310,412 |
Retained earnings |
187,638 |
|
183,788 |
|
176,644 |
|
168,777 |
|
161,110 |
|
(75,574) |
|
(75,422) |
|
(75,412) |
|
(73,915) |
|
(73,915) |
Accumulated other comprehensive loss |
(53,757) |
|
(47,530) |
|
(79,462) |
|
(55,770) |
|
(49,910) |
Total shareholders' equity |
369,659 |
|
372,002 |
|
332,745 |
|
349,876 |
|
347,697 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders' Equity |
$ 3,880,258 |
|
$ 3,861,418 |
|
$ 3,737,797 |
|
$ 3,708,090 |
|
$ 3,685,672 |
|
|
|
|
|
|
|
|
|
|
Quarterly Average Balances |
|
|
|
|
|
|
|
|
|
Assets: |
|
|
|
|
|
|
|
|
|
Earning assets |
$ 3,552,552 |
|
$ 3,449,344 |
|
$ 3,443,226 |
|
$ 3,354,967 |
|
$ 3,313,285 |
Securities |
646,203 |
|
645,202 |
|
645,202 |
|
658,515 |
|
655,987 |
Loans |
2,880,031 |
|
2,805,995 |
|
2,742,736 |
|
2,689,515 |
|
2,649,901 |
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Total deposits |
$ 2,998,150 |
|
$ 2,977,802 |
|
$ 2,946,849 |
|
$ 2,817,712 |
|
$ 2,654,356 |
Interest-bearing deposits |
2,285,667 |
|
2,163,160 |
|
1,966,014 |
|
1,912,955 |
|
1,692,470 |
Other interest-bearing liabilities |
431,919 |
|
383,877 |
|
178,614 |
|
471,837 |
|
616,505 |
Total shareholders' equity |
370,452 |
|
337,866 |
|
348,209 |
|
347,647 |
|
341,159 |
Supplemental Financial Information |
|||||||||
(Unaudited - dollars in thousands except share data) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
|
Income statement |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
Total interest and dividend income |
$ 50,128 |
|
$ 48,599 |
|
$ 46,601 |
|
$ 44,609 |
|
$ 42,925 |
Total interest expense |
21,756 |
|
18,547 |
|
15,097 |
|
13,270 |
|
10,324 |
Net interest income |
28,372 |
|
30,052 |
|
31,504 |
|
31,339 |
|
32,601 |
Provision for credit losses |
1,992 |
|
2,245 |
|
760 |
|
1,125 |
|
821 |
Noninterest income |
8,504 |
|
8,823 |
|
8,125 |
|
9,149 |
|
11,068 |
Noninterest expense |
27,689 |
|
25,393 |
|
26,622 |
|
27,649 |
|
27,432 |
Income before taxes |
7,195 |
|
11,237 |
|
12,247 |
|
11,714 |
|
15,416 |
Income tax expense |
835 |
|
1,582 |
|
1,860 |
|
1,680 |
|
2,528 |
Net income |
$ 6,360 |
|
$ 9,655 |
|
$ 10,387 |
|
$ 10,034 |
|
$ 12,888 |
|
|
|
|
|
|
|
|
|
|
Per share data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
Basic |
|
|
|
|
|
|
|
|
|
Net income |
$ 6,360 |
|
$ 9,655 |
|
$ 10,387 |
|
$ 10,034 |
|
$ 12,888 |
Less allocation of earnings and |
|
|
|
|
|
|
|
|
|
dividends to participating securities |
227 |
|
362 |
|
389 |
|
374 |
|
453 |
Net income available to common |
|
|
|
|
|
|
|
|
|
shareholders - basic |
$ 6,133 |
|
$ 9,293 |
|
$ 9,998 |
|
$ 9,660 |
|
$ 12,435 |
|
|
|
|
|
|
|
|
|
|
Weighted average common shares outstanding |
15,695,963 |
|
15,695,978 |
|
15,735,007 |
|
15,775,812 |
|
15,732,092 |
Less average participating securities |
561,344 |
|
588,625 |
|
588,715 |
|
588,715 |
|
552,882 |
Weighted average number of shares outstanding |
|
|
|
|
|
|
|
|
|
used to calculate basic earnings per share |
15,134,619 |
|
15,107,353 |
|
15,146,292 |
|
15,187,097 |
|
15,179,210 |
|
|
|
|
|
|
|
|
|
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
Basic |
$ 0.41 |
|
$ 0.62 |
|
$ 0.66 |
|
$ 0.64 |
|
$ 0.82 |
Diluted |
$ 0.41 |
|
0.62 |
|
0.66 |
|
0.64 |
|
0.82 |
|
|
|
|
|
|
|
|
|
|
Common shares dividend paid |
$ 2,510 |
|
$ 2,511 |
|
$ 2,521 |
|
$ 2,367 |
|
$ 2,201 |
|
|
|
|
|
|
|
|
|
|
Dividends paid per common share |
0.16 |
|
0.16 |
|
0.16 |
|
0.15 |
|
0.14 |
Supplemental Financial Information |
|||||||||
(Unaudited - dollars in thousands except share data) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
|
Asset quality |
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
Allowance for credit losses: |
|
|
|
|
|
|
|
|
|
Beginning of period |
$ 37,160 |
|
$ 35,280 |
|
$ 35,251 |
|
$ 34,196 |
|
$ 28,511 |
CECL adoption adjustments |
- |
|
- |
|
- |
|
- |
|
5,193 |
Charge-offs |
(651) |
|
(577) |
|
(666) |
|
(14) |
|
(175) |
Recoveries |
298 |
|
132 |
|
65 |
|
208 |
|
47 |
Provision |
2,042 |
|
2,325 |
|
630 |
|
861 |
|
620 |
End of period |
$ 38,849 |
|
$ 37,160 |
|
$ 35,280 |
|
$ 35,251 |
|
$ 34,196 |
|
|
|
|
|
|
|
|
|
|
Allowance for unfunded commitments: |
|
|
|
|
|
|
|
|
|
Beginning of period |
$ 3,901 |
|
$ 3,981 |
|
$ 3,851 |
|
$ 3,587 |
|
$ - |
CECL adoption adjustments |
- |
|
- |
|
- |
|
- |
|
3,386 |
Charge-offs |
- |
|
- |
|
- |
|
- |
|
- |
Recoveries |
- |
|
- |
|
- |
|
- |
|
- |
Provision |
(50) |
|
(80) |
|
130 |
|
264 |
|
201 |
End of period |
$ 3,851 |
|
$ 3,901 |
|
$ 3,981 |
|
$ 3,851 |
|
$ 3,587 |
|
|
|
|
|
|
|
|
|
|
Ratios |
|
|
|
|
|
|
|
|
|
Allowance to total loans |
1.34 % |
|
1.30 % |
|
1.28 % |
|
1.29 % |
|
1.28 % |
Allowance to nonperforming assets |
247.06 % |
|
245.66 % |
|
308.52 % |
|
327.05 % |
|
345.91 % |
Allowance to nonperforming loans |
247.06 % |
|
245.66 % |
|
308.52 % |
|
327.05 % |
|
345.82 % |
|
|
|
|
|
|
|
|
|
|
Nonperforming assets |
|
|
|
|
|
|
|
|
|
Nonperforming loans |
$ 15,725 |
|
$ 15,126 |
|
$ 11,435 |
|
$ 10,747 |
|
$ 9,860 |
Other real estate owned |
- |
|
- |
|
- |
|
- |
|
26 |
Total nonperforming assets |
$ 15,725 |
|
$ 15,126 |
|
$ 11,435 |
|
$ 10,747 |
|
$ 9,886 |
|
|
|
|
|
|
|
|
|
|
Capital and liquidity |
|
|
|
|
|
|
|
|
|
Tier 1 leverage ratio |
8.62 % |
|
8.75 % |
|
8.73 % |
|
8.69 % |
|
8.42 % |
Tier 1 risk-based capital ratio |
10.81 % |
|
10.72 % |
|
10.82 % |
|
10.71 % |
|
10.50 % |
Total risk-based capital ratio |
14.53 % |
|
14.45 % |
|
14.60 % |
|
14.49 % |
|
14.31 % |
Tangible common equity ratio (1) |
6.28 % |
|
6.36 % |
|
5.49 % |
|
6.00 % |
|
5.96 % |
|
|
|
|
|
|
|
|
|
|
(1) See reconciliation of non-GAAP measures at the end of this press release. |
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures |
|||||||||
(Unaudited - dollars in thousands except share data) |
|||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||||
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
2023 |
|
2023 |
|
2023 |
|
2023 |
|
|
|
|
|
|
|
|
|
|
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
Total Shareholder's Equity - GAAP |
$ 369,659 |
|
$ 372,002 |
|
$ 332,745 |
|
$ 349,876 |
|
$ 347,697 |
Less: |
134,618 |
|
135,028 |
|
134,998 |
|
135,406 |
|
135,808 |
Tangible common equity (Non-GAAP) |
$ 235,041 |
|
$ 236,974 |
|
$ 197,747 |
|
$ 214,470 |
|
$ 211,889 |
|
|
|
|
|
|
|
|
|
|
Total Shares Outstanding |
15,727,013 |
|
15,695,424 |
|
15,695,997 |
|
15,780,227 |
|
15,732,092 |
|
|
|
|
|
|
|
|
|
|
Tangible book value per share |
$ 14.95 |
|
$ 15.10 |
|
$ 12.60 |
|
$ 13.59 |
|
$ 13.47 |
|
|
|
|
|
|
|
|
|
|
Tangible Assets |
|
|
|
|
|
|
|
|
|
Total Assets - GAAP |
$ 3,880,258 |
|
$ 3,861,418 |
|
$ 3,737,797 |
|
$ 3,708,090 |
|
$ 3,688,232 |
Less: |
134,618 |
|
135,028 |
|
134,998 |
|
135,406 |
|
135,808 |
Tangible assets (Non-GAAP) |
$ 3,745,640 |
|
$ 3,726,390 |
|
$ 3,602,799 |
|
$ 3,572,684 |
|
$ 3,552,424 |
|
|
|
|
|
|
|
|
|
|
Tangible common equity to tangible assets |
6.28 % |
|
6.36 % |
|
5.49 % |
|
6.00 % |
|
5.96 % |
View original content to download multimedia:https://www.prnewswire.com/news-releases/civista-bancshares-inc-announces-first-quarter-2024-financial-results-302130685.html
SOURCE