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Civista Bancshares, Inc. Announces Fourth-Quarter 2024 Financial Results of $0.63 per Common Share and Full-Year 2024 Financial Results of $2.01 per Common Share
SANDUSKY, Ohio, Jan. 30, 2025 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") announced its unaudited financial results for the three- and
About this update from Civista Bancshares, Inc.
[{"type":"text","content":"SANDUSKY, Ohio, Jan. 30, 2025 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) (\"Civista\") announced its unaudited financial results for the three- and twelve-month periods ending December 31, 2024.\n\n \n \n \n \n \n \n\n \nFourth quarter and full-year 2024 highlights:\nNet income of $9.9 million, or $0.63 per diluted share, for the fourth quarter of 2024, compared to $9.7 million, or $0.62 per diluted share, for the fourth quarter of 2023.Net income of $31.7 million, or $2.01 per diluted share, compared to $43.0 million, or $2.73 per diluted share, for the twelve months ended December 31, 2024 and 2023, respectively.Replaced nearly $5.2 million in non-interest income, for the twelve months ended December 31, 2024 compared to the same period in 2023. This includes reductions in overdraft fees ($1.4 million), tax refund processing revenue ($2.4 million), and the 2023 MasterCard renewal fee ($1.5 million). Despite these reductions, non-interest income for the twelve months ended December 31, 2024, is $0.6 million higher than the same period in 2023.Cost of deposits of 220 basis points and total funding costs of 242 basis points for the quarter.Based on the December 31, 2024, market close share price of $21.04, the $0.16 fourth quarter dividend is equivalent to an annualized yield of 3.04% and a dividend payout ratio of 25.5%.CEO Commentary:\n\"We're pleased with our fourth-quarter earnings and overall full-year performance. This quarter, we maintained a disciplined approach to loan and deposit pricing, successfully continuing our downward beta strategy. Our results reflect the positive impact of our deposit initiatives we launched earlier in the year. These initiatives and strategies, along with another quarter of strong non-interest income, have significantly contributed to our financial success, resulting in Earnings Per Share of $0.63, up from $0.53 last quarter. Our strong earnings and recently announced increase in our quarterly dividend, reflects our confidence in Civista's financial strength and our commitment to delivering value to our shareholders.\", said Dennis G. Shaffer, CEO and President of Civista.\n\"Our credit quality remains solid as we continue to support lending and strengthen our customer relationships. We are committed to meeting the growing demand for housing and construction financing, ensuring we ...