Civista Bancshares, Inc. Announces Fourth Quarter and Year-to-date 2021 Financial Results

About this update from Civista Bancshares, Inc.

[{"type":"text","content":"SANDUSKY, Ohio, Feb. 4, 2022 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) (\"Civista\") announced its unaudited financial results for the three and twelve months ending December 31, 2021. \n\n \n \n \n \n \n \n\n \nFourth quarter and year-to-date 2021 highlights:\nNet income of $11.0 million, or $0.73 per diluted share, for the fourth quarter of 2021, compared to $10.2 million, or $0.64 per diluted share, for the fourth quarter of 2020. Net income of $40.5 million, or $2.63 per diluted share, compared to $32.2 million, or $2.00 per diluted share, for the twelve months ended December 31, 2021 and 2020, respectively.COVID–19 loan deferrals decreased to 0.26% of total loans at period end, compared to 3.6% at December 31, 2020 and 21.3% at June 30, 2020. Based on the December 31, 2021 market close of $24.40, the $0.14 fourth quarter dividend is equivalent to an annualized yield of 2.30% and a dividend payout ratio of 21.30%.In the fourth quarter, we began the redeployment of $100.0 million excess liquidity into investment securities, yielding 2.01%. In November we completed a private placement of $75 million in aggregate principal amount of its 3.25% Fixed-to-Floating Rate Subordinated Notes due 2031.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 and reduced operating expenses. Although Civista remains well capitalized, we did successfully raise $75 million in subordinated debt. This money will allow us to continue to accelerate our growth plans, both organically and through acquisition\" said Dennis G. Shaffer, CEO and President of Civista.\nMr. Shaffer continued, \"Shortly after the beginning of the new year, we did announce that Civista had entered into a definitive agreement to acquire Comunibanc, Corp., the parent company of The Henry County Bank headquartered in Napoleon Ohio. This gives us a presence in Northwest Ohio, and we look forward to welcoming their employees and customers to the Civista family\".\nResults of Operations:\nFor the three-month period ended December 31, 2021, and 2020\nNet interest income decreased $208 thousand, or 0.9%, for the fourth quarter of 2021 compared to the same period of 2020, due to a...

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