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Civista Bancshares, Inc. Announces Fourth Quarter and Year-to-date 2023 Financial Results
SANDUSKY, Ohio, Feb. 8, 2024 /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. 8, 2024 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) (\"Civista\") announced its unaudited financial results for the three and twelve month periods ending December 31, 2023. \n\n \n \n \n \n \n \n\n \nFourth quarter and year-to-date 2023 highlights:\nNet income of $9.7 million, or $0.62 per diluted share, for the fourth quarter of 2023, compared to $12.1 million, or $0.77 per diluted share, for the fourth quarter of 2022.Net income of $43.0 million, or $2.73 per diluted share, compared to $39.4 million, or $2.60 per diluted share, for the twelve months ended December 31, 2023 and 2022, respectively.Cost of deposits of 179 basis points and total funding costs of 219 basis points for the quarter.Based on the December 29, 2023 market close share price of $18.44, the $0.16 fourth quarter dividend is equivalent to an annualized yield of 3.47% and a dividend payout ratio of 25.81%.\"Overall, another solid quarter as we grew loans by $45.8 million. We also increased noninterest income and decreased our noninterest expense when compared to the linked quarter. This helped offset continued net interest margin pressure and allowed us to beat analyst's consensus by four cents for the quarter\" said Dennis G. Shaffer, CEO and President of Civista.\nResults of Operations:\nFor the three-month periods ended December 31, 2023 and 2022\nNet interest income decreased $2.5 million, or 7.7%, for the fourth quarter of 2023 compared to the same period of 2022. Interest income increased $9.2 million while interest expense increased $11.7 million. The increase in interest income was driven by both increases in rates and increases in volume. The increase in interest expense was driven by rate and volume as well, but also by a shift in the mix of funding sources. \nNet interest margin decreased 57 basis points to 3.44% for the fourth quarter of 2023, compared to 4.01% for the same period a year ago.\nThe increase in interest income was due to increases in both yield and in asset volume. The 68 basis point increase in yield led to a $5.6 million increase in interest income, while the $249.7 million increase in average earning assets led to a $3.6 million increase in interest income. The increase in volume can be attributed to organic growth.\nInterest expense increased $11.7 million, or 171.4%, for the fourth quarter of 2023...