Business
Civista Bancshares, Inc. Announces First Quarter 2022 Financial Results
SANDUSKY, Ohio, April 28, 2022 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") announced its unaudited financial results for the three
About this update from Civista Bancshares, Inc.
[{"type":"text","content":"SANDUSKY, Ohio, April 28, 2022 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) (\"Civista\") announced its unaudited financial results for the three months ending March 31, 2022. \n\n \n \n \n \n \n \n\n \nFirst quarter highlights\nNet income of $8.5 million, or $0.57 per diluted share, for the first quarter of 2021, compared to $10.8 million, or $0.68 per diluted share, for the first quarter of 2021. COVID–19 loan deferrals decreased to 0.14% of total loans at period end, compared to 0.26% at December 31, 2021 and 21.3% at the June 30, 2020 high point.Based on the March 31, 2022 market close share price of $24.10, the $0.14 first quarter dividend is equivalent to an annualized yield of 2.32% and a dividend payout ratio of 24.56%.In January we announced the signing of a definitive merger agreement pursuant to which Civista will acquire Comunibanc Corp., the parent company of The Henry County Bank.\"We turned in another solid Civista quarter highlighted by solid loan growth. We continue to work on the integration of the Henry County Bank and did incur some additional expenses related to the acquisition that negatively impacted our noninterest expense. This had an adverse impact to our earnings of approximately $0.03 per share for the quarter. The transaction remains on schedule to close in late second or early third quarter and we look forward to welcoming their employees to the Civista family\" said Dennis G. Shaffer, CEO and President of Civista.\nResults of Operations:\nFor the three-month period ended March 31, 2022 and 2021\nNet interest income decreased $896 thousand, or 3.8%, for the first quarter of 2022 compared to the same period of 2021, due to a decrease in interest income partially offset by a decrease in interest expense. Accretion of PPP fees was $1.2 million during the first quarter 2022 compared to $3.1 million for the same period in 2021. \nNet interest margin increased 8 basis points to 3.38% for the first quarter of 2022, compared to 3.30% for the same period a year ago. \nThe decrease in interest income was due to a $2.5 million decrease in PPP interest and fees and a decrease of $330 thousand decrease in accretion income related to loan portfolios acquired through acquisitions. Average earning assets decreased $192.1 million, partially offset by an 8 basis point increase in the yield. \nInterest expe...