Business
Civista Bancshares, Inc. Announces Fourth Quarter and Year-to-date 2022 Financial Results
SANDUSKY, Ohio, Feb. 7, 2023 /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, Feb. 7, 2023 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) (\"Civista\") announced its unaudited financial results for the three and twelve month periods ending December 31, 2022. \n\n \n \n \n \n \n \n\n \nFourth quarter and year-to-date 2022 highlights:\nNet income of $12.1 million, or $0.77 per diluted share, for the fourth quarter of 2022, compared to $11.0 million, or $0.73 per diluted share, for the fourth quarter of 2021.Net income of $39.4 million, or $2.60 per diluted share, compared to $40.5 million, or $2.63 per diluted share, for the twelve months ended December 31, 2022 and 2021, respectively.Low cost of deposits of 22 basis points and total funding costs of 102 basis points for the quarter.Based on the December 31, 2022 market close share price of $22.01, the $0.14 fourth quarter dividend is equivalent to an annualized yield of 2.54% and a dividend payout ratio of 18.18%.On July 1, 2022, we consummated the merger of Comunibanc Corp. with and into Civista and Henry County Bank (\"HCB\"), a wholly owned subsidiary of Comunibanc, with and into Civista Bank.On October 3, 2022, we consummated the merger of Vision Financial Group (\"VFG\"), a leasing and finance company based in Pittsburgh, PA, with and into Civista Bank. \"We are extremely pleased with our fourth quarter results. Due to our strong core funding, our disciplined approach to pricing deposits and the rising interest rate environment, we had another quarter of net interest margin expansion. Our net interest margin improved 11 basis points over the linked quarter to 4.14%. In addition, loan growth for the quarter was strong and loans, exclusive of our VFG acquisition, grew by $151 million or at an annualized rate of 26%\", said Dennis G. Shaffer, CEO and President of Civista.\nResults of Operations:\nFor the three-month periods ended December 31, 2022 and 2021\nNet interest income increased $9.2 million, or 39.6%, for the fourth quarter of 2022 compared to the same period of 2021. Interest income increased $13.3 million while interest expense increased $4.0 million. Both increases were primarily due to increases in rates. Accretion of PPP fees was $38 thousand during the fourth quarter 2022 compared to $1.6 million for the same period in 2021. \nNet interest margin increased 72 basis points to 4.14% for the fourth quarter of 2022, com...