0000944745false00009447452025-01-302025-01-30

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 30, 2025

 

 

Civista Bancshares, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Ohio

001-36192

34-1558688

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

100 East Water Street

 

Sandusky, Ohio

 

44870

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (419) 625 - 4121

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common shares, no par value

 

CIVB

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 2.02 Results of Operations and Financial Condition.

On January 30, 2025, Civista Bancshares, Inc. announced preliminary unaudited earnings for the three-and twelve-month periods ended December 31, 2024. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.

In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibit 99.1 Press release of Civista Bancshares, Inc. reporting financial results and earnings for the three- and twelve-month periods ended December 31, 2024.

Exhibit 104 Cover Page Interactive File-the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

Civista Bancshares, Inc.

 

 

 

 

Date:

January 30, 2025

By:

/s/ Ian Whinnem

 

 

 

Ian Whinnem,
Senior Vice President & Chief Financial Officer

 

 

EXHIBIT 99.1

 

Civista Bancshares, Inc. Announces Fourth-Quarter 2024 Financial Results of $0.63 per Common Share and Full-Year 2024 Financial Results of $2.01 per Common Share

 

Sandusky, Ohio, January 30, 2025 /PRNewswire/– Civista Bancshares, Inc. (NASDAQ:CIVB) (“Civista”) announced its unaudited financial results for the three- and twelve-month periods ending December 31, 2024.

 

Fourth quarter and full-year 2024 highlights:

•
Net income of $9.9 million, or $0.63 per diluted share, for the fourth quarter of 2024, compared to $9.7 million, or $0.62 per diluted share, for the fourth quarter of 2023.
•
Net income of $31.7 million, or $2.01 per diluted share, compared to $43.0 million, or $2.73 per diluted share, for the twelve months ended December 31, 2024 and 2023, respectively.
•
Replaced nearly $5.2 million in non-interest income, for the twelve months ended December 31, 2024 compared to the same period in 2023. This includes reductions in overdraft fees ($1.4 million), tax refund processing revenue ($2.4 million), and the 2023 MasterCard renewal fee ($1.5 million). Despite these reductions, non-interest income for the twelve months ended December 31, 2024, is $0.6 million higher than the same period in 2023.
•
Cost of deposits of 220 basis points and total funding costs of 242 basis points for the quarter.
•
Based on the December 31, 2024, market close share price of $21.04, the $0.16 fourth quarter dividend is equivalent to an annualized yield of 3.04% and a dividend payout ratio of 25.5%.

CEO Commentary:

 

“We're pleased with our fourth-quarter earnings and overall full-year performance. This quarter, we maintained a disciplined approach to loan and deposit pricing, successfully continuing our downward beta strategy. Our results reflect the positive impact of our deposit initiatives we launched earlier in the year. These initiatives and strategies, along with another quarter of strong non-interest income, have significantly contributed to our financial success, resulting in Earnings Per Share of $0.63, up from $0.53 last quarter. Our strong earnings and recently announced increase in our quarterly dividend, reflects our confidence in Civista's financial strength and our commitment to delivering value to our shareholders. ”, said Dennis G. Shaffer, CEO and President of Civista.

 

"Our credit quality remains solid as we continue to support lending and strengthen our customer relationships. We are committed to meeting the growing demand for housing and construction financing, ensuring we address the needs of our customers and communities. Our strategic focus on these areas has allowed us to deepen our engagement with customers and provide then with the necessary financial support.", said Shaffer.

1

 

"Furthermore, with a strong fourth quarter and the expansion in our net interest margin, we are well-positioned for a successful 2025. Our team's dedication and hard work have been instrumental in achieving these results, and we are confident in our ability to sustain this momentum as we remain focused on executing our strategic initiatives and driving sustainable growth for the long term. We continue to prioritize our customers' needs and adapt to the evolving market conditions to deliver consistent value and growth.", said Shaffer.

 

Results of Operations:

 

For the three-month periods ended December 31, 2024, September 30, 2024 and December 31, 2023

Net interest income increased $2.1 million, or 7.3%, for the fourth quarter of 2024 compared to the third quarter of 2024.

 

Interest income increased $0.5 million attributed to average interest-earning assets increasing $33 million coupled with a 1 basis point increase in asset yield.

 

The increase in interest income was aided by a $1.6 million decrease in interest expense. This was due to a reduction in the average balance of higher costing FHLB borrowings of $174.1 million mostly offset by $226.8 million growth in deposits ($177.4 million in average balances), resulting in a net increase of $3.9 million in average interest-bearing liabilities when comparing Q4 2024 to Q3 2024.

 

When comparing the fourth quarter of 2024 to the same period of 2023. Net interest income increased $1.3 million. Interest income increased $4.6 million while interest expense increased $3.3 million.

Net interest margin decreased 8 basis points to 3.36% for the fourth quarter of 2024, compared to 3.44% for the same period a year ago.

The increase in interest income was primarily due to a $289.3 million increase in average interest-earning assets resulting in a $4.0 million increase in interest income.

Interest expense increased $3.3 million for the fourth quarter of 2024, compared to the same period last year. The average rate paid on interest-bearing liabilities increased 11 basis points, while average interest-bearing liabilities increased $355.8 million to fund growth. The increase in interest-bearing liabilities was $236.5 million in time-deposits, $183.0 million in demand and savings, partially offset by a decrease of $63.8 million in FHLB borrowings. This shift in the funding mix, as well as rising rates, is driving the increase in the funding rate. The 11-basis point increase in funding yield led to $0.7 million additional interest expense. Additionally, the $355.8 million of additional funds led to $2.6 million of additional interest expense.

 

2

 

Average Balance Analysis

 

(Unaudited - Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended December 31,

 

 

2024

 

 

2023

 

 

Average

 

 

 

Yield/

 

 

Average

 

 

 

Yield/

 

Assets:

balance

 

Interest

 

rate *

 

 

balance

 

Interest

 

rate *

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans **

$

3,061,991

 

 

47,250

 

 

6.14

%

 

$

2,805,995

 

$

43,172

 

 

6.10

%

Taxable securities ***

 

362,997

 

 

3,378

 

 

3.38

%

 

 

352,186

 

 

2,901

 

 

2.85

%

Non-taxable securities ***

 

292,559

 

 

2,357

 

 

3.83

%

 

 

275,046

 

 

2,365

 

 

3.79

%

Federal funds sold

-

 

-

 

 

0.00

%

 

 

-

 

 

-

 

 

0.00

%

Interest-bearing deposits in other banks

 

21,060

 

 

248

 

 

4.68

%

 

 

16,117

 

 

161

 

 

3.96

%

Total interest-earning assets ***

$

3,738,607

 

$

53,233

 

 

5.65

%

 

$

3,449,344

 

$

48,599

 

 

5.52

%

Noninterest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from financial institutions

 

38,873

 

 

 

 

 

 

 

26,221

 

 

 

 

 

Premises and equipment, net

 

48,990

 

 

 

 

 

 

 

58,576

 

 

 

 

 

Accrued interest receivable

 

13,632

 

 

 

 

 

 

 

12,455

 

 

 

 

 

Intangible assets

 

133,673

 

 

 

 

 

 

 

134,867

 

 

 

 

 

Bank owned life insurance

 

62,866

 

 

 

 

 

 

 

55,441

 

 

 

 

 

Other assets

 

49,462

 

 

 

 

 

 

 

67,544

 

 

 

 

 

Less allowance for loan losses

 

(41,353

)

 

 

 

 

 

 

(35,802

)

 

 

 

 

      Total Assets

$

4,044,750

 

 

 

 

 

 

$

3,768,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and savings

$

1,528,163

 

$

5,025

 

 

1.31

%

 

$

1,345,199

 

$

2,873

 

 

0.85

%

Time

 

1,054,489

 

 

13,111

 

 

4.95

%

 

 

817,961

 

 

10,532

 

 

5.11

%

Short-term FHLB borrowings

 

214,038

 

 

2,530

 

 

4.70

%

 

 

276,949

 

 

3,877

 

 

5.55

%

Long-term FHLB borrowings

 

1,573

 

 

6

 

 

1.52

%

 

 

2,458

 

 

14

 

 

2.26

%

Other borrowings

 

543

 

 

7

 

 

5.13

%

 

 

543

 

 

8

 

 

5.85

%

Subordinated debentures

 

104,071

 

 

1,199

 

 

4.58

%

 

 

103,927

 

 

1,243

 

 

4.75

%

Repurchase agreements

 

-

 

 

-

 

 

0.00

%

 

 

-

 

 

-

 

 

0.00

%

Total interest-bearing liabilities

$

2,902,877

 

$

21,878

 

 

3.00

%

 

$

2,547,037

 

$

18,547

 

 

2.89

%

Noninterest-bearing deposits

 

702,833

 

 

 

 

 

 

 

814,642

 

 

 

 

 

Other liabilities

 

47,449

 

 

 

 

 

 

 

69,101

 

 

 

 

 

Shareholders' equity

 

391,591

 

 

 

 

 

 

 

337,866

 

 

 

 

 

Total Liabilities and Shareholders' Equity

$

4,044,750

 

 

 

 

 

 

$

3,768,646

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income and interest rate spread

 

 

$

31,355

 

 

2.65

%

 

 

 

$

30,052

 

 

2.63

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin ***

 

 

 

 

 

3.36

%

 

 

 

 

 

 

3.44

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $627 thousand and $629 thousand for the periods ended December 31, 2024 and 2023, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

** - Average balance includes nonaccrual loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*** - Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $52.1 million and $91.0 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.

 

 

3

 

 

For the twelve-month periods ended December 31, 2024 and 2023

Net interest income decreased $8.8 million, or 7.0%, compared to the same period in 2023.

Interest income increased $24.0 million, or 13.1%, for the twelve months of 2024 compared to the same period of 2023. Average interest-earning assets increased $263.6 million. Average yields increased 27 basis points. The increase in volume is due to organic loan growth.

Interest expense increased $32.7 million, or 57.2%, for the twelve months of 2024 compared to the same period of 2023. Average rate paid on interest-bearing liabilities increased 79 basis points compared to 2023. Average interest-bearing liabilities increased $428.6 million for the twelve months of 2024 compared to the same period of 2023. Demand, Savings and Time deposits increased $450.5 million, collectively, and FHLB borrowings increased $60.7 million for the twelve months of 2024 compared to the same period of 2023 to fund growth.

Net interest margin decreased of 49 basis points to 3.21% for the twelve months of 2024, compared to 3.70% for the same period a year ago.

 

4

 

Average Balance Analysis

 

(Unaudited - Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended December 31,

 

 

2024

 

 

2023

 

 

Average

 

 

 

Yield/

 

 

Average

 

 

 

Yield/

 

Assets:

balance

 

Interest

 

rate *

 

 

balance

 

Interest

 

rate *

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans **

$

2,984,912

 

$

183,580

 

 

6.15

%

 

$

2,722,797

 

$

160,755

 

 

5.90

%

Taxable securities ***

 

357,255

 

 

12,639

 

 

3.18

%

 

 

363,972

 

 

11,718

 

 

2.88

%

Non-taxable securities ***

 

291,833

 

 

9,473

 

 

3.85

%

 

 

282,678

 

 

9,282

 

 

3.79

%

Interest-bearing deposits in other banks

 

20,580

 

 

1,003

 

 

4.87

%

 

 

21,551

 

 

979

 

 

4.54

%

Total interest-earning assets ***

$

3,654,580

 

$

206,695

 

 

5.62

%

 

$

3,390,998

 

$

182,734

 

 

5.35

%

Noninterest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from financial institutions

 

34,494

 

 

 

 

 

 

 

39,219

 

 

 

 

 

Premises and equipment, net

 

52,230

 

 

 

 

 

 

 

58,456

 

 

 

 

 

Accrued interest receivable

 

13,349

 

 

 

 

 

 

 

11,499

 

 

 

 

 

Intangible assets

 

134,273

 

 

 

 

 

 

 

133,626

 

 

 

 

 

Bank owned life insurance

 

62,349

 

 

 

 

 

 

 

54,211

 

 

 

 

 

Other assets

 

57,879

 

 

 

 

 

 

 

63,152

 

 

 

 

 

Less allowance for loan losses

 

(39,498

)

 

 

 

 

 

 

(33,814

)

 

 

 

 

      Total Assets

$

3,969,656

 

 

 

 

 

 

$

3,717,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders' Equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

Demand and savings

$

1,426,288

 

$

16,138

 

 

1.13

%

 

$

1,356,789

 

$

7,689

 

 

0.57

%

Time

 

959,276

 

 

50,416

 

 

5.26

%

 

 

578,243

 

 

26,066

 

 

4.51

%

Short-term FHLB borrowings

 

342,626

 

 

18,451

 

 

5.39

%

 

 

280,887

 

 

14,493

 

 

5.16

%

Long-term FHLB borrowings

 

1,892

 

 

42

 

 

2.22

%

 

 

2,909

 

 

66

 

 

2.27

%

Other borrowings

 

137

 

 

7

 

 

5.11

%

 

 

74,269

 

 

4,071

 

 

5.50

%

Subordinated debentures

 

104,017

 

 

4,931

 

 

4.74

%

 

 

103,873

 

 

4,849

 

 

4.67

%

Repurchase agreements

 

-

 

 

-

 

 

0.00

%

 

 

8,685

 

 

4

 

 

0.05

%

Total interest-bearing liabilities

$

2,834,236

 

$

89,985

 

 

3.17

%

 

$

2,405,655

 

$

57,238

 

 

2.38

%

Noninterest-bearing deposits

 

701,397

 

 

 

 

 

 

 

917,005

 

 

 

 

 

Other liabilities

 

56,664

 

 

 

 

 

 

 

50,963

 

 

 

 

 

Shareholders' equity

 

377,359

 

 

 

 

 

 

 

343,724

 

 

 

 

 

Total Liabilities and Shareholders' Equity

$

3,969,656

 

 

 

 

 

 

$

3,717,347

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income and interest rate spread

 

 

$

116,710

 

 

2.45

%

 

 

 

$

125,496

 

 

2.97

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest margin ***

 

 

 

 

 

3.21

%

 

 

 

 

 

 

3.70

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $2.5 million and $2.5 million for the periods ended December 31, 2024 and 2023, respectively.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

** - Average balance includes nonaccrual loans

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*** - 2024 and 2023 average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $59.4 million and $71.0 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.

 

 

5

 

 

Provision for credit losses (including provision for unfunded commitments) for the fourth quarter of 2024 was $0.7 million compared to $2.3 million for the same period of 2023.

Year-to-date 2024 provision for credit losses (including provision for unfunded commitments) was $5.4 million compared to $4.4 million for the same period of 2023.

The Allowance to total loans ratio as of December 31, 2024 was 1.29%, down from 1.36% on September 30, 2024 and down from 1.30% at December 31, 2023. The decreased reserve requirement is attributed to an improvement in the qualitative factors as we see economic improvements in the markets we serve as well as in general economic conditions.

For the fourth quarter of 2024, noninterest income totaled $9.0 million, a decrease of $0.7 million or 6.9% from third quarter 2024 and an increase of $0.2 million, or 2.2%, compared to the prior year’s fourth quarter.

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

(unaudited - dollars in thousands)

Three months ended December 31,

 

 

2024

 

 

2023

 

 

$ change

 

 

% change

 

Service charges

$

1,591

 

 

$

1,749

 

 

$

(158

)

 

 

-9.0

%

Net gain/(loss) on equity securities

 

96

 

 

 

147

 

 

 

(51

)

 

 

-34.7

%

Net gain on sale of loans

 

1,259

 

 

 

875

 

 

 

384

 

 

 

43.9

%

ATM/Interchange fees

 

1,640

 

 

 

1,654

 

 

 

(14

)

 

 

-0.8

%

Wealth management fees

 

1,464

 

 

 

1,197

 

 

 

267

 

 

 

22.3

%

Lease revenue and residual income

 

1,280

 

 

 

1,436

 

 

 

(156

)

 

 

-10.9

%

Bank owned life insurance

 

771

 

 

 

282

 

 

 

489

 

 

 

173.4

%

Swap fees

 

66

 

 

 

475

 

 

 

(409

)

 

 

-86.1

%

Other

 

848

 

 

 

1,008

 

 

 

(160

)

 

 

-15.9

%

Total noninterest income

$

9,015

 

 

$

8,823

 

 

$

192

 

 

 

2.2

%

 

Service charges for the fourth quarter of 2024 decreased year over year as we have eliminated our re-presentment fees as well as reduced our overdraft charges, the effect of which was partially offset by an increase in service fees in consumer and treasury management.

Net gain/(loss) on equity securities change was the result of a market valuation adjustment.

 

Net gain on sale of loans includes gain/loss on sale of mortgages, adjustments to mortgage service rights (MSR), and gain/loss on sales of loans and leases from the Civista Leasing and Finance division; which continues to provide a strong and consistent revenue source for Civista.

Wealth management fees increased from strong financial markets and organic growth in the trust and investment services business.

Lease revenue and residual income decreased due to lower lease originations in the fourth quarter of 2024 compared to the same period in 2023.

Income from Bank Owned Life Insurance (BOLI) increased due to a death benefit on an insured individual in the fourth quarter of 2024.

 

Other income decreased in the fourth quarter mainly related to lower volumes in loan fees, loan

6

 

servicing fees, and leasing rental income, partially offset by a gain of $0.2 million from the sale of an OREO property.

 

For the twelve months ended December 31, 2024, noninterest income totaled $37.7 million, an increase of $0.6 million, or 1.6%, compared to the same period in 2023. This reflects the replacement of the tax refund processing business exited in 2023.

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

(unaudited - dollars in thousands)

Twelve months ended December 31,

 

 

2024

 

 

2023

 

 

$ change

 

 

% change

 

Service charges

$

6,114

 

 

$

7,206

 

 

$

(1,092

)

 

 

-15.2

%

Net gain/(loss) on equity securities

 

252

 

 

 

(21

)

 

 

273

 

 

 

1300.0

%

Net gain on sale of loans

 

4,438

 

 

 

2,908

 

 

 

1,530

 

 

 

52.6

%

ATM/Interchange fees

 

5,841

 

 

 

5,880

 

 

 

(39

)

 

 

-0.7

%

Wealth management fees

 

5,519

 

 

 

4,767

 

 

 

752

 

 

 

15.8

%

Lease revenue and residual income

 

8,911

 

 

 

7,595

 

 

 

1,316

 

 

 

17.3

%

Bank owned life insurance

 

2,205

 

 

 

1,112

 

 

 

1,093

 

 

 

98.3

%

Swap fees

 

232

 

 

 

673

 

 

 

(441

)

 

 

-65.5

%

Tax Refund Processing Fee

 

-

 

 

 

2,375

 

 

 

(2,375

)

 

 

-100.0

%

Other

 

4,236

 

 

 

4,668

 

 

 

(432

)

 

 

-9.3

%

Total noninterest income

$

37,748

 

 

$

37,163

 

 

$

585

 

 

 

1.6

%

 

Service charges for the full-year 2024 decreased resulting from the elimination of our re-presentment fees coupled with reducing our overdraft charges, the effect of which was partially offset by an increase in service fees in consumer and treasury management.

Net gain/loss on equity securities change was the result of a market valuation adjustment.

Net gain on sale of loans increased primarily due to an increase in the volume of mortgage and Civista Leasing and Finance leases as well as loans sold.

Wealth management fees increased from strong markets and organic growth in the trust and investment services business.

Lease revenue and residual income increased from prior year as we shifted from operating leases to more finance leases, resulting in higher residual income.

Income from Bank Owned Life Insurance (BOLI) increased due to death benefit on three insured individuals in 2024.

Tax Refund Processing Fee income is now zero as we exited our relationship with a third-party processor in 2023 that was in the tax refund processing business.

Other income – includes $1.1 million of loan servicing fees and $1.5 million of leasing rental income in 2024. For 2023, a $1.5 million fee was collected with the renewal of the company's contract with MasterCard.

 

 

 

 

7

 

 

For the fourth quarter of 2024, noninterest expense totaled $28.3 million, an increase of $0.3 million or 1.1% when compared to the third quarter of 2024. When compared to the prior years' fourth quarter, noninterest expense increased $3.0 million, or 11.8%.

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

(unaudited - dollars in thousands)

Three months ended December 31,

 

 

2024

 

 

2023

 

 

$ change

 

 

% change

 

Compensation expense

$

14,899

 

 

$

14,154

 

 

$

745

 

 

 

5.3

%

Net occupancy Expense

 

1,138

 

 

 

1,299

 

 

$

(161

)

 

 

-12.4

%

Contracted data processing

 

508

 

 

 

512

 

 

$

(4

)

 

 

-0.8

%

Taxes and assessments

 

1,647

 

 

 

679

 

 

$

968

 

 

 

142.6

%

Professional services

 

2,247

 

 

 

1,148

 

 

$

1,099

 

 

 

95.7

%

Equipment Maint/Depr

 

2,240

 

 

 

2,871

 

 

$

(631

)

 

 

-22.0

%

ATM/Interchange expense

 

671

 

 

 

605

 

 

$

66

 

 

 

10.9

%

Marketing

 

448

 

 

 

(190

)

 

$

638

 

 

 

335.8

%

Sponsorships

 

(38

)

 

 

155

 

 

$

(193

)

 

 

-124.5

%

Communications

 

492

 

 

 

426

 

 

$

66

 

 

 

15.5

%

Insurance Expense

 

313

 

 

 

408

 

 

$

(95

)

 

 

-23.3

%

Software maintenance expense

 

1,376

 

 

 

1,178

 

 

$

198

 

 

 

16.8

%

Other

 

2,355

 

 

 

2,068

 

 

$

287

 

 

 

13.9

%

Total noninterest expense

$

28,296

 

 

$

25,313

 

 

$

2,983

 

 

 

11.8

%

 

Compensation expense increased primarily due to a merit increases, employee insurance, and other payroll-related expenses. The quarter-to-date average number of full time equivalent (FTE) employees was 519 at December 31, 2024, compared with an average number of 532 for the same period in 2023.

Equipment maintenance and depreciation expense decreased $631 thousand primarily due to depreciation associated with Civista Leasing and Finance as operating leases mature.

Software maintenance expense increased $198 thousand due to increases in both software maintenance contracts as well as the implementation of the new digital banking platform.

 

In the fourth quarter of 2024, other expenses include a $0.5 million reserve to address a reconciling item related to a leasing system conversion, which is expected to be completed in the first quarter of 2025.

 

The efficiency ratio was 68.3% for the quarter ended December 31, 2024, compared to 63.3% for the quarter ended December 31, 2023. The change in the efficiency ratio is primarily due to a 11.8% increase in noninterest expenses; partially offset by a 4.3% increase in net interest income and a 2.2% increase in noninterest income.

 

Civista’s effective income tax rate for the fourth quarter of 2024 was 13.1% compared to 14.1% in the fourth quarter of 2023.

 

 

 

8

 

For the twelve months ended December 31, 2024, noninterest expense totaled $112.5 million, an increase of $4.9 million, or 4.6%, compared to the same period in the prior year.

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

(unaudited - dollars in thousands)

Twelve months ended December 31,

 

 

2024

 

 

2023

 

 

$ change

 

 

% change

 

Compensation expense

$

61,821

 

 

$

58,291

 

 

$

3,530

 

 

 

6.1

%

Net occupancy and equipment

 

5,097

 

 

 

5,395

 

 

 

(298

)

 

 

-5.5

%

Contracted data processing

 

2,248

 

 

 

2,242

 

 

 

6

 

 

 

0.3

%

Taxes and assessments

 

4,683

 

 

 

3,663

 

 

 

1,020

 

 

 

27.8

%

Professional services

 

5,779

 

 

 

4,952

 

 

 

827

 

 

 

16.7

%

Equipment Maint/Depr

 

9,553

 

 

 

11,085

 

 

 

(1,532

)

 

 

-13.8

%

ATM/Interchange expense

 

2,544

 

 

 

2,420

 

 

 

124

 

 

 

5.1

%

Marketing

 

2,088

 

 

 

1,352

 

 

 

736

 

 

 

54.4

%

Sponsorships

 

1,263

 

 

 

1,257

 

 

 

6

 

 

 

0.5

%

Communications

 

2,040

 

 

 

2,157

 

 

 

(117

)

 

 

-5.4

%

Insurance Expense

 

1,240

 

 

 

1,210

 

 

 

30

 

 

 

2.5

%

Software maintenance expense

 

4,944

 

 

 

4,167

 

 

 

777

 

 

 

18.6

%

Other

 

9,220

 

 

 

9,420

 

 

 

(200

)

 

 

-2.1

%

Total noninterest expense

$

112,520

 

 

$

107,611

 

 

$

4,909

 

 

 

4.6

%

 

Compensation expense increased primarily due to merit increases, employee insurance, and other payroll-related expenses. The year-to-date average number of full time equivalent (FTE) employees was 531 for the twelve-months ended December 31, 2024, compared with an average number of 510 for the same period in 2023.

Equipment maintenance and depreciation expense decreased by $1.5 million, primarily from a decrease in depreciation of equipment on operating leases as operating leases mature.

Software maintenance expense increased due to increases in both software maintenance contracts as well as the implementation of the new digital banking platform.

Other expenses include a $1.2 million reserve to address a reconciling item related to a leasing system conversion, which is expected to be completed in the first quarter of 2025.

 

The efficiency ratio was 70.8% for the twelve months ended December 31, 2024 compared to 64.2% for the twelve months ended December 31, 2023. The change in the efficiency ratio is primarily due to an 4.6% increase in noninterest expense and a 7.0% decrease in net interest income, partially offset by an 1.6% increase in noninterest income.

Civista’s effective income tax rate for the twelve months ended December 31, 2024 was 13.4% compared to 15.1% for the twelve months ended December 31, 2023.

 

 

9

 

 

Balance Sheet

 

Total assets at December 31, 2024, were $4.1 billion, an increase of $237.1 million, or 6.1%, from December 31, 2023.

End of period loan and lease balances

 

 

 

 

 

(unaudited - dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

$ Change

 

 

% Change

 

Commercial and Agriculture

$

328,488

 

 

$

304,793

 

 

$

23,695

 

 

 

7.8

%

Commercial Real Estate:

 

 

 

 

 

 

 

 

 

 

 

Owner Occupied

 

374,367

 

 

 

377,321

 

 

 

(2,954

)

 

 

-0.8

%

Non-owner Occupied

 

1,225,991

 

 

 

1,161,894

 

 

 

64,097

 

 

 

5.5

%

Residential Real Estate

 

763,869

 

 

 

659,841

 

 

 

104,028

 

 

 

15.8

%

Real Estate Construction

 

305,992

 

 

 

260,409

 

 

 

45,583

 

 

 

17.5

%

Farm Real Estate

 

23,035

 

 

 

24,771

 

 

 

(1,736

)

 

 

-7.0

%

Lease financing receivable

 

46,900

 

 

 

54,642

 

 

 

(7,742

)

 

 

-14.2

%

Consumer and Other

 

12,588

 

 

 

18,057

 

 

 

(5,469

)

 

 

-30.3

%

Total Loans

$

3,081,230

 

 

$

2,861,728

 

 

$

219,502

 

 

 

7.7

%

 

 

Loan and lease balances increased $219.5 million, or 7.7% since December 31, 2023.

 

Growth was tempered in 2024 as the company continued its diligent focus on rate, margin, deposits and reduce dependency on wholesale funding.

 

Commercial Real Estate continued to grow due to consistent demand in the non-owner occupied category, especially in the multi-family area in the major Ohio metropolitan areas. Real Estate Construction has increased with consistent demand for more projects across the state of Ohio.

 

Residential Real Estate has grown primarily due to more home construction loans as we meet the demand for housing and construction financing by our customers and communities.

 

 

10

 

Deposits

 

Total deposits at December 31, 2024 were $3.2 billion, an increase of $226.8 million, or 7.6%, from December 31, 2023.

(unaudited - dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

 

 

 

 

 

 

2024

 

 

2023

 

 

$ Change

 

 

% Change

 

Noninterest-bearing demand

$

695,094

 

 

$

771,699

 

 

$

(76,605

)

 

 

-9.9

%

Interest-bearing demand

 

419,583

 

 

 

449,449

 

 

 

(29,866

)

 

 

-6.6

%

Savings and money market

 

1,127,765

 

 

 

854,881

 

 

 

272,884

 

 

 

31.9

%

Time deposits

 

469,163

 

 

 

391,809

 

 

 

77,354

 

 

 

19.7

%

Brokered deposits

 

500,265

 

 

 

517,190

 

 

 

(16,925

)

 

 

-3.3

%

Total Deposits

$

3,211,870

 

 

$

2,985,028

 

 

$

226,842

 

 

 

7.6

%

 

The $76.6 million decrease in noninterest-bearing demand deposits was primarily due to a $51.4 million decrease in noninterest-bearing accounts related to the former tax refund processing program. Also, included is $9.8 million decrease in noninterest-bearing business accounts and $10.6 million decrease in noninterest-bearing personal accounts as customers migrate deposits to interest-bearing accounts.

The $29.9 million decrease in interest-bearing demand deposits was primarily due to a $10.9 million decrease in interest-bearing personal accounts, a $9.8 million decrease in interest-bearing public fund accounts, and a $8.2 million decrease in interest-bearing business accounts.

 

The $272.9 million increase in savings and money market deposits was primarily due to a $45.0 million increase in business money market accounts, $121.9 million increase in public funds money markets, partially offset by a $15.9 million decrease in statement savings coupled with a $8.2 million decrease in business savings accounts. Included in the growth are the $97.0 million of trust cash deposits brought onto the balance sheet in the third quarter, and $95.7 million of deposits associated with the Ohio Home Buyers Program.

The $77.4 million increase in time deposits was primarily due to a $22.7 million increase in Jumbo time certificates, a $23.5 million increase in retail time certificates, and a $26.9 million increase in time certificates over $250 thousand.

FHLB overnight advances totaled $339.0 million on December 31, 2024, up $52.0 million from $287.0 million on September 30, 2024 and up slightly from $338.0 million on December 31, 2023. FHLB term advances totaled $1.5 million on December 31, 2024, down from $2.4 million on December 31, 2023.

Stock Repurchase Program

Civista did not repurchase any shares in 2024, leaving the entire $13.5 million of the current repurchase authorization remaining. The current repurchase plan will expire in May 2025. In January 2024, Civista liquidated 8,262 shares held by employees, at $18.38 per share, to satisfy tax obligations stemming from vesting of restricted shares.

11

 

Shareholders’ Equity

 

Total shareholders’ equity at December 31, 2024, totaled $388.5 million, an increase of $16.5 million from December 31, 2023. This resulted from an increase of $21.6 million in retained earnings and a reduction in accumulated other comprehensive loss of $5.8 million.

 

Asset Quality

 

Civista recorded net charge-offs of $3.4 million for the twelve months of 2024 compared to net charge-offs of $1.0 million for the same period of 2023. The allowance for credit losses to loans ratio was 1.29% at December 31, 2024, compared to 1.36% at September 30, 2024 and 1.30% at December 31, 2023.

 

Allowance for Credit Losses

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

Twelve months ended December 31,

 

 

2024

 

 

2023

 

Beginning of period

$

37,160

 

 

$

28,511

 

CECL adoption adjustments

 

-

 

 

 

5,193

 

Charge-offs

 

(3,915

)

 

 

(1,431

)

Recoveries

 

539

 

 

 

452

 

Provision

 

5,885

 

 

 

4,435

 

End of period

$

39,669

 

 

$

37,160

 

 

 

Allowance for Unfunded Commitments

 

 

 

 

 

(dollars in thousands)

 

 

 

 

 

 

Twelve months ended December 31,

 

 

2024

 

 

2023

 

Beginning of period

$

3,901

 

 

$

-

 

CECL adoption adjustments

 

-

 

 

 

3,386

 

Charge-offs

 

-

 

 

 

-

 

Recoveries

 

-

 

 

 

-

 

Provision

 

(521

)

 

 

515

 

End of period

$

3,380

 

 

$

3,901

 

 

Non-performing assets at December 31, 2024 were $31.9 million, an increase of $16.7 million or 111%, from December 31, 2023. The non-performing assets to assets ratio was 0.78% at December 31, 2024 and 0.39% at December 31, 2023. The allowance for credit losses to non-performing loans decreased from 245.67% at December 31, 2023 to 124.49% at December 31, 2024.

 

(dollars in thousands)

December 31,

 

 

December 31,

 

 

2024

 

 

2023

 

Non-accrual loans

$

30,950

 

 

$

12,467

 

Restructured loans

 

1,677

 

 

 

2,659

 

Total non-performing loans

 

32,627

 

 

 

15,126

 

Other Real Estate Owned

 

-

 

 

 

-

 

Total non-performing assets

$

32,627

 

 

$

15,126

 

 

 

Conference Call and Webcast

12

 

Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the fourth quarter of 2024 at 1:00 p.m. ET on Thursday, January 30, 2025. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 800-836-8184 and ask to be joined into the Civista Bancshares, Inc. fourth quarter 2024 earnings call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection. An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com).

 

Forward Looking Statements

This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista’ reports filed with the Securities and Exchange Commission, including those described in “Item 1A Risk Factors” of Part I of Civista’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023, and any additional risks identified in the Company’s subsequent Form 10-Q’s. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

 

Civista Bancshares, Inc., is a $4.1 billion financial holding company headquartered in Sandusky, Ohio. Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services. Today, Civista Bank operates 42 locations across Ohio, Southeastern Indiana and Northern Kentucky. Civista Bank also offers commercial equipment leasing services for businesses nationwide through its Civista Leasing and Finance Division. Civista Bancshares’ common shares are traded on the NASDAQ Capital Market under the symbol “CIVB”. Learn more at www.civb.com.

 

For additional information, contact:

Dennis G. Shaffer

CEO and President

Civista Bancshares, Inc.

888-645-4121

13

 

 

Civista Bancshares, Inc.

Financial Highlights

(Unaudited, dollars in thousands, except share and per share amounts)

 

Consolidated Condensed Statement of Income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

December 31,

 

 

December 31,

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

$

53,233

 

 

$

48,599

 

 

$

206,695

 

 

$

182,734

 

Interest expense

 

21,878

 

 

 

18,547

 

 

 

89,985

 

 

 

57,238

 

Net interest income

 

31,355

 

 

 

30,052

 

 

 

116,710

 

 

 

125,496

 

Provision for credit losses

 

697

 

 

 

2,325

 

 

 

5,885

 

 

 

4,435

 

Provision for unfunded commitments

 

(1

)

 

 

-

 

 

 

(521

)

 

 

-

 

Net interest income after provision

 

30,659

 

 

 

27,727

 

 

 

111,346

 

 

 

121,061

 

Noninterest income

 

9,015

 

 

 

8,823

 

 

 

37,748

 

 

 

37,163

 

Noninterest expense

 

28,296

 

 

 

25,313

 

 

 

112,520

 

 

 

107,611

 

Income before taxes

 

11,378

 

 

 

11,237

 

 

 

36,574

 

 

 

50,613

 

Income tax expense

 

1,485

 

 

 

1,582

 

 

 

4,891

 

 

 

7,649

 

Net income

 

9,893

 

 

 

9,655

 

 

 

31,683

 

 

 

42,964

 

Preferred stock dividends

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income available

 

 

 

 

 

 

 

 

 

 

 

to common shareholders

$

9,893

 

 

$

9,655

 

 

$

31,683

 

 

$

42,964

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid per common share

$

0.16

 

 

$

0.16

 

 

$

0.64

 

 

$

0.61

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

Net income

$

9,893

 

 

$

9,655

 

 

$

31,683

 

 

$

42,964

 

Less allocation of earnings and

 

 

 

 

 

 

 

 

 

 

 

dividends to participating securities

 

213

 

 

 

362

 

 

 

671

 

 

 

1,585

 

Net income available to common

 

 

 

 

 

 

 

 

 

 

 

shareholders - basic

$

9,680

 

 

$

9,293

 

 

$

31,012

 

 

$

41,379

 

Weighted average common shares outstanding

 

15,736,962

 

 

 

15,695,978

 

 

 

15,724,768

 

 

 

15,734,624

 

Less average participating securities

 

339,626

 

 

 

588,625

 

 

 

333,029

 

 

 

579,857

 

Weighted average number of shares outstanding

 

 

 

 

 

 

 

 

 

 

 

used to calculate basic earnings per share

 

15,397,336

 

 

 

15,107,353

 

 

 

15,391,739

 

 

 

15,154,767

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.63

 

 

$

0.62

 

 

$

2.01

 

 

$

2.73

 

Diluted

 

0.63

 

 

 

0.62

 

 

 

2.01

 

 

 

2.73

 

 

 

 

 

 

 

 

 

 

 

 

 

Selected financial ratios:

 

 

 

 

 

 

 

 

 

 

 

Return on average assets

 

0.97

%

 

 

1.02

%

 

 

0.80

%

 

 

1.16

%

Return on average equity

 

10.43

%

 

 

11.17

%

 

 

8.40

%

 

 

12.50

%

Dividend payout ratio

 

25.45

%

 

 

25.81

%

 

 

31.76

%

 

 

22.34

%

Net interest margin (tax equivalent)

 

3.36

%

 

 

3.44

%

 

 

3.21

%

 

 

3.70

%

 

 

 

 

Selected Balance Sheet Items

 

(Dollars in thousands, except share and per share amounts)

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

2024

 

 

2023

 

 

(unaudited)

 

 

(unaudited)

 

 

 

 

 

 

 

 

 

 

 

 

 

 Cash and due from financial institutions

$

63,155

 

 

$

60,406

 

 Investment in time deposits

 

1,450

 

 

 

1,225

 

 Investment securities

 

650,488

 

 

 

620,441

 

 Loans held for sale

 

665

 

 

 

1,725

 

 Loans

 

3,081,230

 

 

 

2,861,728

 

 Less: allowance for credit losses

 

(39,669

)

 

 

(37,160

)

 Net loans

 

3,041,561

 

 

 

2,824,568

 

 Other securities

 

30,352

 

 

 

29,998

 

 Premises and equipment, net

 

47,166

 

 

 

56,769

 

 Goodwill and other intangibles

 

133,403

 

 

 

135,028

 

 Bank owned life insurance

 

62,783

 

 

 

61,335

 

 Other assets

 

67,446

 

 

 

69,923

 

 Total assets

$

4,098,469

 

 

$

3,861,418

 

 

 

 

 

 

 

 Total deposits

$

3,211,870

 

 

$

2,985,028

 

 Federal Home Loan Bank advances - short term

 

339,000

 

 

 

338,000

 

 Federal Home Loan Bank advances - long term

 

1,501

 

 

 

2,392

 

 Subordinated debentures

 

104,089

 

 

 

103,943

 

 Other borrowings

 

6,293

 

 

 

9,859

 

 Accrued expenses and other liabilities

 

47,214

 

 

 

50,194

 

 Total shareholders' equity

 

388,502

 

 

 

372,002

 

 Total liabilities and shareholders' equity

$

4,098,469

 

 

$

3,861,418

 

 

 

 

 

 

 

 Shares outstanding at period end

 

15,737,815

 

 

 

15,695,424

 

 

 

 

 

 

 

 Book value per share

$

24.69

 

 

$

23.70

 

 Equity to asset ratio

 

9.48

%

 

 

9.63

%

 

 

 

 

 

 

Selected asset quality ratios:

 

 

 

 

 

Allowance for credit losses to total loans

 

1.29

%

 

 

1.30

%

Non-performing assets to total assets

 

0.80

%

 

 

0.39

%

Allowance for credit losses to non-performing loans

 

121.58

%

 

 

245.67

%

 

 

 

 

 

 

Non-performing asset analysis

 

 

 

 

 

Nonaccrual loans

$

30,950

 

 

$

12,467

 

Troubled debt restructurings

 

1,677

 

 

 

2,659

 

Other real estate owned

 

-

 

 

 

-

 

Total

$

32,627

 

 

$

15,126

 

 

15

 

 

Supplemental Financial Information

 

(Unaudited - dollars in thousands except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

End of Period Balances

2024

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and due from banks

$

63,155

 

 

$

74,662

 

 

$

55,760

 

 

$

50,310

 

 

$

60,406

 

Investment in time deposits

 

1,450

 

 

 

1,450

 

 

 

1,450

 

 

 

1,450

 

 

 

1,225

 

Investment securities

 

650,488

 

 

 

629,113

 

 

 

611,866

 

 

 

608,277

 

 

 

620,441

 

Loans held for sale

 

665

 

 

 

8,299

 

 

 

5,369

 

 

 

3,716

 

 

 

1,725

 

Loans and leases

 

3,081,230

 

 

 

3,043,946

 

 

 

3,014,996

 

 

 

2,898,139

 

 

 

2,861,728

 

Allowance for credit losses

 

(39,669

)

 

 

(41,268

)

 

 

(39,919

)

 

 

(38,849

)

 

 

(37,160

)

Net Loans

 

3,041,561

 

 

 

3,002,678

 

 

 

2,975,077

 

 

 

2,859,290

 

 

 

2,824,568

 

Other securities

 

30,352

 

 

 

32,633

 

 

 

37,615

 

 

 

31,360

 

 

 

29,998

 

Premises and equipment, net

 

47,166

 

 

 

49,967

 

 

 

52,142

 

 

 

54,280

 

 

 

56,769

 

Goodwill and other intangibles

 

133,403

 

 

 

133,829

 

 

 

134,227

 

 

 

134,618

 

 

 

135,028

 

Bank owned life insurance

 

62,783

 

 

 

62,912

 

 

 

63,367

 

 

 

61,685

 

 

 

61,335

 

Other assets

 

67,446

 

 

 

65,880

 

 

 

75,041

 

 

 

75,272

 

 

 

69,923

 

Total Assets

$

4,098,469

 

 

$

4,061,423

 

 

$

4,011,914

 

 

$

3,880,258

 

 

$

3,861,418

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits

$

3,211,870

 

 

$

3,223,732

 

 

$

2,977,616

 

 

$

2,980,695

 

 

$

2,985,028

 

Federal Home Loan Bank advances - short term

$

339,000

 

 

 

287,047

 

 

 

500,500

 

 

 

368,500

 

 

 

338,000

 

Federal Home Loan Bank advances - long term

$

1,501

 

 

 

1,598

 

 

 

1,841

 

 

 

2,211

 

 

 

2,392

 

Securities sold under agreement to repurchase

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Subordinated debentures

 

104,089

 

 

 

104,067

 

 

 

104,026

 

 

 

103,984

 

 

 

103,943

 

Other borrowings

 

6,293

 

 

 

6,319

 

 

 

7,156

 

 

 

8,105

 

 

 

9,859

 

Secured borrowings

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Securities purchased payable

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Tax refunds in process

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

2,885

 

Accrued expenses and other liabilities

 

47,214

 

 

 

44,222

 

 

 

46,967

 

 

 

47,104

 

 

 

47,309

 

Total liabilities

 

3,709,967

 

 

 

3,666,985

 

 

 

3,638,106

 

 

 

3,510,599

 

 

 

3,489,416

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares

 

312,037

 

 

 

311,901

 

 

 

311,529

 

 

 

311,352

 

 

 

311,166

 

Retained earnings

 

205,408

 

 

 

198,034

 

 

 

192,186

 

 

 

187,638

 

 

 

183,788

 

Treasury shares

 

(75,586

)

 

 

(75,586

)

 

 

(75,574

)

 

 

(75,574

)

 

 

(75,422

)

Accumulated other comprehensive loss

 

(53,357

)

 

 

(39,911

)

 

 

(54,333

)

 

 

(53,757

)

 

 

(47,530

)

Total shareholders' equity

 

388,502

 

 

 

394,438

 

 

 

373,808

 

 

 

369,659

 

 

 

372,002

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Liabilities and Shareholders' Equity

$

4,098,469

 

 

$

4,061,423

 

 

$

4,011,914

 

 

$

3,880,258

 

 

$

3,861,418

 

 

16

 

 

Supplemental Financial Information

 

(Unaudited - dollars in thousands except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

Quarterly Average Balances

2024

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earning assets

$

3,738,607

 

 

$

3,705,866

 

 

$

3,619,809

 

 

$

3,552,552

 

 

$

3,449,344

 

Securities

 

655,556

 

 

 

654,838

 

 

 

639,625

 

 

 

646,203

 

 

 

645,202

 

Loans

$

3,061,991

 

 

 

3,031,884

 

 

 

2,964,377

 

 

 

2,880,031

 

 

 

2,805,995

 

Liabilities and Shareholders' Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total deposits

$

3,285,485

 

 

$

3,092,583

 

 

$

2,969,380

 

 

$

2,998,150

 

 

$

2,977,802

 

Interest-bearing deposits

 

2,582,652

 

 

 

2,405,219

 

 

 

2,266,334

 

 

 

2,285,667

 

 

 

2,163,160

 

Other interest-bearing liabilities

 

493,759

 

 

 

493,759

 

 

 

546,700

 

 

 

431,919

 

 

 

383,877

 

Total shareholders' equity

 

391,591

 

 

 

381,392

 

 

 

365,784

 

 

 

370,452

 

 

 

337,866

 

 

17

 

 

Supplemental Financial Information

 

(Unaudited - dollars in thousands except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

Income statement

2024

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total interest and dividend income

$

53,233

 

 

$

52,741

 

 

$

50,593

 

 

$

50,128

 

 

$

48,599

 

Total interest expense

 

21,878

 

 

 

23,508

 

 

 

22,842

 

 

 

21,756

 

 

 

18,547

 

Net interest income

 

31,355

 

 

 

29,233

 

 

 

27,751

 

 

 

28,372

 

 

 

30,052

 

Provision for credit losses

 

697

 

 

 

1,346

 

 

 

1,800

 

 

 

2,042

 

 

 

2,325

 

Provision for unfunded commitments

 

(1

)

 

 

(325

)

 

 

(145

)

 

 

(50

)

 

 

-

 

Noninterest income

 

9,015

 

 

 

9,686

 

 

 

10,543

 

 

 

8,504

 

 

 

8,823

 

Noninterest expense

 

28,296

 

 

 

27,981

 

 

 

28,555

 

 

 

27,689

 

 

 

25,313

 

Income before taxes

 

11,378

 

 

 

9,917

 

 

 

8,084

 

 

 

7,195

 

 

 

11,237

 

Income tax expense

 

1,485

 

 

 

1,551

 

 

 

1,020

 

 

 

835

 

 

 

1,582

 

Net income

$

9,893

 

 

$

8,366

 

 

$

7,064

 

 

$

6,360

 

 

$

9,655

 

Preferred stock dividends

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Net income available to

 

 

 

 

 

 

 

 

 

 

 

 

 

 

common shareholders

$

9,893

 

 

$

8,366

 

 

$

7,064

 

 

$

6,360

 

 

$

9,655

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Per share data

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

$

9,893

 

 

$

8,366

 

 

$

7,064

 

 

$

6,360

 

 

$

9,655

 

Less allocation of earnings and

 

 

 

 

 

 

 

 

 

 

 

 

 

 

dividends to participating securities

 

213

 

 

 

177

 

 

 

153

 

 

 

126

 

 

 

362

 

Net income available to common

 

 

 

 

 

 

 

 

 

 

 

 

 

 

shareholders - basic

$

9,680

 

 

$

8,189

 

 

$

6,911

 

 

$

6,234

 

 

$

9,293

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

 

15,736,962

 

 

 

15,736,966

 

 

 

15,729,049

 

 

 

15,695,963

 

 

 

15,695,978

 

Less average participating securities

 

339,626

 

 

 

332,531

 

 

 

341,567

 

 

 

311,199

 

 

 

588,625

 

Weighted average number of shares outstanding

 

 

 

 

 

 

 

 

 

 

 

 

 

 

used to calculate basic earnings per share

 

15,397,336

 

 

 

15,404,435

 

 

 

15,387,482

 

 

 

15,384,764

 

 

 

15,107,353

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings per common share

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

$

0.63

 

 

$

0.53

 

 

$

0.45

 

 

$

0.41

 

 

$

0.62

 

Diluted

$

0.63

 

 

$

0.53

 

 

 

0.45

 

 

 

0.41

 

 

 

0.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common shares dividend paid

$

2,518

 

 

$

2,518

 

 

$

2,516

 

 

$

2,510

 

 

$

2,511

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Dividends paid per common share

 

0.16

 

 

 

0.16

 

 

 

0.16

 

 

 

0.16

 

 

 

0.16

 

 

18

 

 

Supplemental Financial Information

 

(Unaudited - dollars in thousands except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

Asset quality

2024

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for credit losses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

$

41,268

 

 

$

39,919

 

 

$

38,849

 

 

$

37,160

 

 

$

35,280

 

Charge-offs

 

(2,335

)

 

 

(42

)

 

 

(887

)

 

 

(651

)

 

 

(577

)

Recoveries

 

39

 

 

 

45

 

 

 

157

 

 

 

298

 

 

 

132

 

Provision

 

697

 

 

 

1,346

 

 

 

1,800

 

 

 

2,042

 

 

 

2,325

 

End of period

$

39,669

 

 

$

41,268

 

 

$

39,919

 

 

$

38,849

 

 

$

37,160

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for unfunded commitments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Beginning of period

$

3,381

 

 

$

3,706

 

 

$

3,851

 

 

$

3,901

 

 

$

3,981

 

Charge-offs

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Recoveries

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Provision

 

(1

)

 

 

(325

)

 

 

(145

)

 

 

(50

)

 

 

(80

)

End of period

$

3,380

 

 

$

3,381

 

 

$

3,706

 

 

$

3,851

 

 

$

3,901

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ratios

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance to total loans

 

1.29

%

 

 

1.36

%

 

 

1.32

%

 

 

1.34

%

 

 

1.30

%

Allowance to nonperforming assets

 

124.49

%

 

 

226.60

%

 

 

233.47

%

 

 

247.06

%

 

 

245.66

%

Allowance to nonperforming loans

 

124.49

%

 

 

227.36

%

 

 

233.47

%

 

 

247.06

%

 

 

245.66

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Nonperforming loans

$

31,865

 

 

$

18,151

 

 

$

17,098

 

 

$

15,725

 

 

$

15,126

 

Other real estate owned

 

-

 

 

 

61

 

 

 

-

 

 

 

-

 

 

 

-

 

Total nonperforming assets

$

31,865

 

 

$

18,212

 

 

$

17,098

 

 

$

15,725

 

 

$

15,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Capital and liquidity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tier 1 leverage ratio

 

8.60

%

 

 

8.45

%

 

 

8.59

%

 

 

8.62

%

 

 

8.75

%

Tier 1 risk-based capital ratio

 

10.47

%

 

 

10.29

%

 

 

10.63

%

 

 

10.81

%

 

 

10.72

%

Total risk-based capital ratio

 

13.98

%

 

 

13.81

%

 

 

14.28

%

 

 

14.53

%

 

 

14.45

%

Tangible common equity ratio (1)

 

6.43

%

 

 

6.64

%

 

 

6.19

%

 

 

6.28

%

 

 

6.36

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) See reconciliation of non-GAAP measures at the end of this press release.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19

 

 

Reconciliation of Non-GAAP Financial Measures

 

(Unaudited - dollars in thousands except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

December 31,

 

 

September 30,

 

 

June 30,

 

 

March 31,

 

 

December 31,

 

 

2024

 

 

2024

 

 

2024

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Common Equity

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Shareholder's Equity - GAAP

$

388,502

 

 

$

394,438

 

 

$

373,808

 

 

$

369,659

 

 

$

372,002

 

Less: Preferred Equity

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Less: Goodwill and intangible assets

 

133,403

 

 

 

133,829

 

 

 

134,227

 

 

 

134,618

 

 

 

135,028

 

Tangible common equity (Non-GAAP)

$

255,099

 

 

$

260,609

 

 

$

239,581

 

 

$

235,041

 

 

$

236,974

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Shares Outstanding

 

15,737,815

 

 

 

15,736,528

 

 

 

15,737,222

 

 

 

15,727,013

 

 

 

15,695,424

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible book value per share

$

16.21

 

 

$

16.56

 

 

$

15.25

 

 

$

14.95

 

 

$

15.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Assets - GAAP

$

4,098,469

 

 

$

4,061,423

 

 

$

4,011,914

 

 

$

3,880,258

 

 

$

3,861,418

 

Less: Goodwill and intangible assets

 

133,403

 

 

 

133,829

 

 

 

134,227

 

 

 

134,618

 

 

 

135,028

 

Tangible assets (Non-GAAP)

$

3,965,066

 

 

$

3,927,594

 

 

$

3,877,687

 

 

$

3,745,640

 

 

$

3,726,390

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Tangible common equity to tangible assets

 

6.43

%

 

 

6.64

%

 

 

6.19

%

 

 

6.28

%

 

 

6.36

%

 

20

 

 

Reconciliation of Non-GAAP Financial Measures

 

(Unaudited - dollars in thousands except share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

 

Twelve Months Ended

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

 

December 31,

 

Efficiency ratio (non-GAAP):

2024

 

 

2023

 

 

2024

 

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

 

Noninterest expense (GAAP)

 

28,296

 

 

 

25,313

 

 

 

112,520

 

 

 

107,611

 

  Less: Amortization of intangible assets expense

 

363

 

 

 

384

 

 

 

1,484

 

 

 

1,579

 

  Less: Acquisition related expenses

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Noninterest expense (non-GAAP)

 

27,933

 

 

 

24,929

 

 

 

111,036

 

 

 

106,032

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income (GAAP)

 

31,355

 

 

 

30,052

 

 

 

116,710

 

 

 

125,496

 

  Plus: Taxable equivalent adjustment

 

627

 

 

 

629

 

 

 

2,518

 

 

 

2,468

 

Noninterest income (GAAP)

 

9,015

 

 

 

8,823

 

 

 

37,748

 

 

 

37,163

 

  Less: Net gains (losses) on equity securities

 

96

 

 

 

147

 

 

 

252

 

 

 

(21

)

Net interest income (FTE) plus noninterest income (non-GAAP)

 

40,901

 

 

 

39,357

 

 

 

156,724

 

 

 

165,148

 

 

 

 

 

 

 

 

 

 

 

 

 

Efficiency ratio (non-GAAP)

 

68.3

%

 

 

63.3

%

 

 

70.8

%

 

 

64.2

%

 

21

 

v3.24.4
Document And Entity Information
Jan. 30, 2025
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jan. 30, 2025
Entity Registrant Name Civista Bancshares, Inc.
Entity Central Index Key 0000944745
Entity Emerging Growth Company false
Entity File Number 001-36192
Entity Incorporation, State or Country Code OH
Entity Tax Identification Number 34-1558688
Entity Address, Address Line One 100 East Water Street
Entity Address, City or Town Sandusky
Entity Address, State or Province OH
Entity Address, Postal Zip Code 44870
City Area Code (419)
Local Phone Number 625 - 4121
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common shares, no par value
Trading Symbol CIVB
Security Exchange Name NASDAQ
Civista Bancshares (NASDAQ:CIVB)
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