Business
Civista Bancshares, Inc. Announces Third Quarter 2023 Financial Results
SANDUSKY, Ohio, Oct. 27, 2023 /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, 2023 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) (\"Civista\") announced its unaudited financial results for the three and nine month periods ending September 30, 2023. \n\n \n \n \n \n \n \n\n \nThird quarter and year-to-date 2023 highlights:\nNet income of $10.4 million, or $0.66 per diluted share, for the third quarter of 2023, compared to $11.1 million, or $0.72 per diluted share, for the third quarter of 2022.Net income of $33.3 million, or $2.12 per diluted share, compared to $27.3 million, or $1.82 per diluted share, for the nine months ended September 30, 2023 and 2022, respectively.Cost of deposits of 129 basis points and total funding costs of 172 basis points for the quarter.Based on the September 29, 2023 market close share price of $15.50, the $0.16 third quarter dividend is equivalent to an annualized yield of 4.13% and a dividend payout ratio of 24.24%.\"Overall, I am extremely pleased with our third quarter results. Despite continued funding pressure, we were able to increase net interest income quarter-over-quarter, as loans grew by $118.6 million, or 18 percent on an annualized basis. We continue to post record earnings, with our year-to-date net income up 22 percent over the same period last year,\" said Dennis G. Shaffer, CEO and President of Civista.\nDuring the quarter Civista made the decision to step away from its income tax refund business for 2024. In the first quarter of 2021, the U.S Treasury mistakenly sent $5.6 billion in stimulus payments to the Company, causing an increase in the volume of consumer complaints. The volume of complaints has diminished, however, the amount of information required by our regulators to \"close out\" each complaint has increased extensively. While our business partner has been responsible for gathering most of the information related to these requests, it has become apparent that our regulators' view of this program is changing. Management has made the decision to step away rather than risk that our participation in this program might inhibit future M&A activity. Civista earned $2.4 million in each of the previous 3 years from this program with very few direct costs associated with it. Mr. Shaffer added, \"We have had a long and very beneficial relationship with the Santa Barbara Tax Processing Group and our income tax refund process...