Business
Civista Bancshares, Inc. Announces Third Quarter 2021 Financial Results
SANDUSKY, Ohio, Oct. 27, 2021 /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, Oct. 27, 2021 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) (\"Civista\") announced its unaudited financial results for the three and nine months ending September 30, 2021. \n\n \n \n \n \n \n \n\n \nThird quarter and year-to-date 2021 highlights:\nNet income of $9.6 million, or $0.64 per diluted share, for the third quarter of 2021, compared to $7.7 million, or $0.48 per diluted share, for the third quarter of 2020. Net income of $29.6 million, or $1.90 per diluted share, compared to $22.0 million, or $1.36 per diluted share, for the nine months ended September 30, 2021 and 2020, respectively. COVID–19 loan deferrals decreased to 0.9% of total loans at period end, compared to 3.6% at December 31, 2020 and 21.3% at June 30, 2020. Third quarterly dividend of $0.14 is equivalent to an annualized yield of 2.41% based on the September 30, 2021 market close of $23.23 and a dividend payout ratio of 21.88%. In the third quarter, we began the redeployment of $50.0 million excess liquidity into investment securities, yielding 1.80%. \"We turned in another solid Civista quarter. We redeployed excess cash into our investment portfolio to pick up yield. While mortgage refinancing is slowing down, our mortgage team had another good quarter,\" said Dennis G. Shaffer, CEO and President of Civista.\nResults of Operations:\nFor the three-month period ended September 30, 2021 and 2020\nNet interest income increased $2.4 million, or 11.0%, for the third quarter of 2021 compared to the same period of 2020, due to a $1.2 million increase in interest income of as well as a $1.2 million decrease in interest expense. Interest income included a $1.3 million increase on accretion of PPP loan fees during the quarter compared to last year. \nThe increase in interest income was due to an increase in average earning assets of $129.6 million and to the $2.5 million of PPP fees as well as $550.5 thousand accretion income related to loan portfolios acquired through acquisitions. \nThe decrease in interest expense is primarily due to a decrease in average rates of 27 basis points. Average interest-bearing liabilities also decreased by $48.7 million, or 2.8%. The decrease in average interest-bearing liabilities was primarily due to the second quarter pay-off of a $50 million long-term FHLB advance at a rate of 2.05%. \nNet interest margin...