Business
Civista Bancshares, Inc. Announces Second Quarter 2022 Financial Results
SANDUSKY, Ohio, July 28, 2022 /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, July 28, 2022 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) (\"Civista\") announced its unaudited financial results for the three and six month periods ending June 30, 2022. \n\n \n \n \n \n \n \n\n \nSecond quarter and year-to-date 2022 highlights:\nNet income of $7.7 million, or $0.53 per diluted share, for the second quarter of 2022, compared to $9.2 million, or $0.59 per diluted share, for the second quarter of 2021.Net income of $16.2 million, or $1.10 per diluted share, compared to $19.9 million, or $1.27 per diluted share, for the six months ended June 30, 2022 and 2021, respectively.COVID–19 loan deferrals decreased to $2.7 million, or 0.13% of total loans at period end, compared to 21.3% at the June 30, 2020 high point.Paycheck Protection Program loans are down to $3.7 million.Based on the June 30, 2022 market close share price of $21.26, the $0.14 second quarter dividend is equivalent to an annualized yield of 2.63% and a dividend payout ratio of 26.42%.On July 1, 2022, we consummated the merger of Comunibanc Corp. with and into Civista and Henry County Bank, a wholly owned subsidiary of Comunibanc, with and into Civista Bank. On June 27, 2022 we opened a branch office in Gahanna, Ohio.\"We turned in another solid Civista quarter highlighted by loan growth. We closed the merger of Comunibanc Corp. and The Henry County Bank (\"HCB\") into Civista Bancshares, Inc. and Civista Bank effective July 1st 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 $0.02 per share for the quarter. The integration and conversion of HCB's systems remain on schedule to be concluded in late October. HCB's employees are working hard with our folks toward those goals. We welcome these new employees to the Civista family\" said Dennis G. Shaffer, CEO and President of Civista.\nResults of Operations:\nFor the three-month period ended June 30, 2022 and 2021\nNet interest income increased $427 thousand, or 1.8%, for the second quarter of 2022 compared to the same period of 2021, due to an increase in interest income partially offset by an increase in interest expense. Accretion of PPP fees was $423 thousand during the second quarter 2022 compared to $2.8 million for the same period in 2021. \nNet in...