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Civista Bancshares, Inc. Announces Third Quarter 2024 Financial Results of $0.53 per Common Share
SANDUSKY, Ohio, Oct. 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, Oct. 29, 2024 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) (\"Civista\") announced its unaudited financial results for the three- and nine-month periods ending September 30, 2024. \n\n \n \n \n \n \n \n\n \nThird quarter and year-to-date 2024 highlights:\nNet income of $8.4 million, or $0.53 per diluted share, for the third quarter of 2024, compared to $10.4 million, or $0.66 per diluted share, for the third quarter of 2023.Net income of $21.8 million, or $1.39 per diluted share, compared to $33.3 million, or $2.12 per diluted share, for the nine months ended September 30, 2024 and 2023, respectively.Replaced nearly $5.7 million in non-interest income, for the nine months ended September 30, 2024 compared to the same period in 2023. This includes reductions in overdraft fees ($1.8 million), tax refund processing revenue ($2.4 million), and the 2023 MasterCard renewal fee ($1.5 million). Despite these decreases, non-interest income for the nine months ended September 30, 2024, is $0.4 million higher than the same period in 2023.Cost of deposits of 218 basis points and total funding costs of 261 basis points for the quarter.Based on the September 30, 2024, market close share price of $17.82, the $0.16 third quarter dividend is equivalent to an annualized yield of 3.59% and a dividend payout ratio of 30.2%.CEO Commentary:\n\"We're pleased with our third-quarter earnings and performance. This quarter, we maintained a disciplined approach to loan and deposit pricing and effectively implemented our downward beta strategy. We also launched some of our deposit initiatives, that better aligned our lending and core funding. As a result, we increased deposits by $246 million and reduced wholesale borrowings by $213 million, contributing to an Earnings Per Share of $0.53, up from $0.45 last quarter.\", said Dennis G. Shaffer, CEO and President of Civista.\n\"Our credit quality remains strong, as we continue to support lending and deepen our customer relationships. We're committed to meeting the rising demand for housing and construction financing, ensuring we address the needs of our customers and communities. With a strong third quarter coupled with the inflection in our net interest margin, we're well positioned for a strong finish to 2024.\", Shaffer commented.\nResults of Operations:\nFor the three-month perio...