Business
Civista Bancshares, Inc. Announces Third Quarter 2022 Financial Results
SANDUSKY, Ohio, Oct. 27, 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, Oct. 27, 2022 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) (\"Civista\") announced its unaudited financial results for the three and nine month periods ending September 30, 2022. \n\n \n \n \n \n \n \n\n \nThird quarter and year-to-date 2022 highlights:\nNet income of $11.1 million, or $0.72 per diluted share, for the third quarter of 2022, compared to $9.6 million, or $0.64 per diluted share, for the third quarter of 2021.Net income of $27.3 million, or $1.82 per diluted share, compared to $29.6 million, or $1.90 per diluted share, for the nine months ended September 30, 2022 and 2021, respectively.Low cost of deposits of 14 basis points and total funding costs of 29 basis points for the quarter.Based on the September 30, 2022 market close share price of $20.76, the $0.14 third quarter dividend is equivalent to an annualized yield of 2.70% and a dividend payout ratio of 19.44%.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.Negotiated the merger of Vision Financial Group, a leasing company based in Pittsburgh, PA, with and into Civista Bank. The deal closed in the fourth quarter 2022. \"We are extremely pleased with our third quarter results. Due to our strong core funding and rising interest rates, our net interest margin increased 60 basis points to 4.03% compared to the previous quarter. Net interest income increased 25.4% compared to the previous quarter as we primarily benefitted from our first full quarter of earnings from the Henry County Bank acquisition, the rising interest rate environment, and excellent organic loan growth\" said Dennis G. Shaffer, CEO and President of Civista.\nResults of Operations:For the three-month period ended September 30, 2022 and 2021\nNet interest income increased $6.0 million, or 24.6%, for the third quarter of 2022 compared to the same period of 2021. Interest income increased $6.7 million while interest expense increased $743 thousand. Both increases were primarily due to rates. Accretion of PPP fees was $122 thousand during the third quarter 2022 compared to $2.5 million for the same period in 2021. \nNet interest margin increased 41 basis points to 4.03% for the third quarter of 2022, compared to 3.62% for the same period a year ago....