Business
Civista Bancshares, Inc. Announces Second Quarter 2024 Financial Results
SANDUSKY, Ohio, July 29, 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, July 29, 2024 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) (\"Civista\") announced its unaudited financial results for the three- and six-month periods ended June 30, 2024. \n\n \n \n \n \n \n \n\n \nSecond quarter and year-to-date 2024 highlights:\nEarnings per diluted share (EPS) for the quarter were $0.45, higher by $0.04, or 10%, than the prior quarter, and lower by $0.19, or 30%, from the year-ago quarter.Net income of $7.1 million increased $0.7 million, or 11%, from the prior quarter and decreased $3.0 million, or 30%, compared to $10.0 million for the second quarter of 2023.Cost of deposits of 210 basis points and total funding costs of 261 basis points for the quarter.Based on the June 30, 2024 market close share price of $15.49, the $0.16 second quarter dividend is equivalent to an annualized yield of 4.13% and a dividend payout ratio of 35.6%.CEO Commentary:\n\"Our second quarter earnings report shows solid loan and revenue growth compared to the last quarter, even with the higher interest expense on deposits\", said Dennis G. Shaffer, CEO and President of Civista.\n\"We kept our credit quality strong while funding new loans, especially in residential real estate and construction. This growth highlights our focus on expanding our lending to meet the rising demand for housing and construction financing. By offering customized loan solutions, we've been able to support the needs of our customers and communities.\", Shaffer commented.\nResults of Operations:\nFor the three-month periods ended June 30 and March 31, 2024 and June 30, 2023\nNet interest income decreased $0.6 million, or 2.2%, for the second quarter of 2024 compared to the first quarter of 2024. Interest income increased $0.5 million, which was more than offset by an increase in interest expense of $1.1 million. Both increases were driven by increases in rates and volume. \nCompared to the same period of 2023 net interest income decreased $3.6 million, or 11.4%, for the second quarter of 2024. The lower net interest income was primarily driven by an increase in interest expense of $9.6 million, which was partially offset by an increase in interest income of $6.0 million.\nThe increase in interest income from the comparable prior year quarter was due to a 27-basis point increase in yield as well as a $264.8 million increase in avera...