Financial Performance - Fourth-quarter net income was $9.9 million, or $0.63 per diluted share, compared to $9.7 million, or $0.62 per diluted share, for the same period in 2023[2]. - Full-year net income decreased to $31.7 million, or $2.01 per diluted share, from $43.0 million, or $2.73 per diluted share, in 2023[2]. - Net income for the twelve months ended December 31, 2024, was $31,683 thousand, a decrease of 26.2% compared to $42,964 thousand for the same period in 2023[64]. - Net income available to common shareholders increased to $9,893,000 in Q4 2024, compared to $9,655,000 in Q4 2023, reflecting a growth of 2.5%[71]. Income and Expenses - Non-interest income for the twelve months ended December 31, 2024, was $0.6 million higher than the same period in 2023, despite a replacement of nearly $5.2 million in non-interest income[2]. - Noninterest income for the fourth quarter of 2024 totaled $9.0 million, a decrease of 6.9% from the previous quarter but an increase of 2.2% year-over-year[23]. - Total noninterest expense for the fourth quarter of 2024 was $28.3 million, an increase of 11.8% compared to the same quarter in 2023[32]. - 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[37]. - Noninterest expense (non-GAAP) for Q4 2024 was $27,933 thousand, an increase of 12.1% from $24,929 thousand in Q4 2023[78]. - Noninterest expense (GAAP) for the twelve months ended December 31, 2024, was $112,520 thousand, an increase of 4.0% from $107,611 thousand in 2023[78]. Interest Income and Margin - Net interest income increased by $2.1 million, or 7.3%, for the fourth quarter of 2024 compared to the third quarter of 2024[4]. - Net interest income for 2024 was $116.71 million, with a net interest margin of 3.21%, compared to $125.50 million and 3.70% in 2023, indicating a decrease in both metrics[18]. - The net interest margin (tax equivalent) for Q4 2024 was 3.36%, slightly down from 3.44% in Q4 2023[64]. - Total interest and dividend income for Q4 2024 was $53,233,000, an increase of 9.4% compared to $48,599,000 in Q4 2023[71]. - Net interest income rose to $31,355,000 in Q4 2024, up 4.9% from $30,052,000 in Q4 2023[71]. Asset and Liability Management - For the twelve months ended December 31, 2024, total assets increased to $3,969.65 million, up from $3,717.347 million in 2023, reflecting a growth of approximately 6.8%[18]. - Total assets at December 31, 2024, were $4.1 billion, an increase of $237.1 million, or 6.1%, from December 31, 2023[43]. - Total loans increased by $219.5 million, or 7.7%, since December 31, 2023, reaching $3.08 billion[44]. - Total deposits at December 31, 2024, were $3.2 billion, an increase of $226.8 million, or 7.6%, from December 31, 2023[48]. - Total deposits grew to $3,211,870 thousand as of December 31, 2024, compared to $2,985,028 thousand in 2023, marking an increase of 7.6%[65]. Credit Quality - Provision for credit losses for the fourth quarter of 2024 was $0.7 million, down from $2.3 million in the same period of 2023, while year-to-date provision increased to $5.4 million from $4.4 million[21]. - The Allowance to total loans ratio as of December 31, 2024, was 1.29%, down from 1.30% at the end of 2023, reflecting improved economic conditions[22]. - 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[56]. - Non-performing assets at December 31, 2024, were $31.9 million, an increase of $16.7 million or 111%, from December 31, 2023[56]. - Nonperforming loans increased to $31,865,000 in Q4 2024 from $15,126,000 in Q4 2023, indicating a rise in credit risk[74]. Capital and Dividends - The company announced a quarterly dividend of $0.16, reflecting an annualized yield of 3.04% and a dividend payout ratio of 25.5%[2]. - The company declared dividends of $0.16 per common share for both Q4 2024 and Q4 2023, with a total dividend payout ratio of 25.45%[64]. - Total shareholders' equity at December 31, 2024, totaled $388.5 million, an increase of $16.5 million from December 31, 2023[55]. - Civista did not repurchase any shares in 2024, leaving the entire $13.5 million of the current repurchase authorization remaining[54]. Efficiency Metrics - The efficiency ratio for the fourth quarter of 2024 was 68.3%, compared to 63.3% in the fourth quarter of 2023, primarily due to an 11.8% increase in noninterest expenses[36]. - The efficiency ratio was 70.8% for the twelve months ended December 31, 2024, compared to 64.2% for the same period in 2023[41]. - The efficiency ratio (non-GAAP) for Q4 2024 was 68.3%, up from 63.3% in Q4 2023, indicating a decline in operational efficiency[78]. - The efficiency ratio (non-GAAP) for the twelve months ended December 31, 2024, was 70.8%, compared to 64.2% in 2023, indicating a significant decline in efficiency[78].

Core Viewpoint - Civista Bancshares, Inc. reported strong financial results for the fourth quarter and full year of 2024, highlighting a disciplined approach to loan and deposit pricing, which contributed to an increase in earnings per share and a rise in quarterly dividends [1][3]. Financial Performance - For Q4 2024, net interest income increased by $2.1 million, or 7.3%, compared to Q3 2024, driven by a $0.5 million rise in interest income due to a $33 million increase in average interest-earning assets [4][5]. - Year-over-year, net interest income for Q4 2024 rose by $1.3 million, with interest income up $4.6 million and interest expense increasing by $3.3 million [6]. - Net income for Q4 2024 was $9.9 million, or $0.63 per diluted share, compared to $9.7 million, or $0.62 per diluted share, for Q4 2023 [7]. Non-Interest Income - Non-interest income for Q4 2024 totaled $9.0 million, a decrease of $0.7 million from Q3 2024 but an increase of $0.2 million compared to Q4 2023 [20]. - For the full year 2024, non-interest income was $37.7 million, reflecting a $0.6 million increase from 2023, despite the exit from the tax refund processing business [25]. Deposit and Loan Growth - Total deposits at December 31, 2024, were $3.2 billion, an increase of $226.8 million, or 7.6%, from December 31, 2023 [45]. - Total loans increased by $219.5 million, or 7.7%, since December 31, 2023, with notable growth in residential real estate and real estate construction loans [42][44]. Asset Quality - The allowance for credit losses to loans ratio was 1.29% as of December 31, 2024, down from 1.30% a year earlier, indicating improved credit quality [19][53]. - Non-performing assets increased to $31.9 million, a rise of 111% from the previous year, with a non-performing assets to assets ratio of 0.78% [53]. Efficiency and Expenses - The efficiency ratio for Q4 2024 was 68.3%, up from 63.3% in Q4 2023, primarily due to an 11.8% increase in non-interest expenses [34]. - Total non-interest expense for the full year 2024 was $112.5 million, an increase of $4.9 million, or 4.6%, compared to 2023 [35].

Group 1 - Civista Bancshares (CIVB) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates [1][3] - The Zacks rating system is driven by changes in earnings estimates, which are crucial for stock price movements, making it a valuable tool for investors [2][4] - The upgrade reflects an improvement in Civista Bancshares' underlying business, suggesting that investor sentiment may lead to a higher stock price [5][10] Group 2 - The Zacks Consensus Estimate for Civista Bancshares indicates expected earnings of $1.92 per share for the fiscal year ending December 2024, representing a year-over-year decline of 29.7% [8] - Over the past three months, analysts have increased their earnings estimates for Civista Bancshares by 12.5%, highlighting a positive trend in earnings revisions [8] - The Zacks Rank system has a strong track record, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988, indicating the potential for significant returns [7][10]

Core Insights - The article emphasizes the importance of value investing as a preferred strategy for identifying strong stocks in various market conditions [2] - Civista Bancshares (CIVB) is highlighted as a strong value stock, currently holding a Zacks Rank of 2 (Buy) and a Value grade of A [4][8] Valuation Metrics - CIVB has a P/E ratio of 10.21, significantly lower than the industry average of 12.48, indicating potential undervaluation [4] - The P/B ratio for CIVB is 0.85, compared to the industry's average P/B of 2.19, suggesting that CIVB is trading at a discount relative to its book value [5] - CIVB's P/S ratio stands at 1.38, while the industry average is 2.06, further supporting the notion of undervaluation [6] - The P/CF ratio for CIVB is 7.64, which is much lower than the industry's average of 17.48, indicating a solid cash flow outlook [7] Investment Outlook - The combination of strong valuation metrics and a positive earnings outlook positions Civista Bancshares as one of the market's strongest value stocks [8]

SANDUSKY, Ohio, Jan. 22, 2025 /PRNewswire/ -- Civista Bancshares, Inc. ("Civista") (NASDAQ: CIVB) announced on Tuesday, January 21st, 2025, that Charles A. Parcher will assume the role of Executive Vice President & Chief Lending Officer of Civista Bancshares, Inc. and President & Chief Lending Officer of Civista Bank. Charles A. Parcher Dennis G. Shaffer will continue to serve as CEO & President of Civista Bancshares, Inc. and CEO of Civista Bank. This leadership transition reflects the organization's ...

SANDUSKY, Ohio, Jan. 22, 2025 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") announced today that the Board of Directors has approved a quarterly dividend of 17 cents per common share, an increase of 1 cent per common share from the prior quarter, to shareholders of record February 4, 2025, payable February 18, 2025. This dividend represents a payout of approximately $2.7 million. Based on the Civista's closing stock price of common shares of $21.30 on January 21, 2025, the quarterly div ...

SANDUSKY, Ohio, Jan. 6, 2025 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") announced today that it will issue its fourth quarter 2024 financial results prior to market open on Thursday, January 30, 2025.Civista Bancshares, Inc. will also host a conference call and webcast at 1:00 p.m. Eastern Time on Thursday, January 30, 2025, to discuss its financial results.  Analysts may participate in the question-and-answer session.Conference Call, Replay and Webcast Information:Date:  Thursday, J ...

Earnings of Civista Bancshares, Inc. (NASDAQ: CIVB ) will likely rebound next year on the back of interest rate cuts that will boost the margin. Further, moderate loan growth will support the bottom line. Overall, I’m expecting the company to report earnings of $1.91 per shareAnalyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended - September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |----------------------------------------------------------------------------------------------|------------------------------------------| | | | | For the transition period from | ...

Civista Bancshares, Inc. (NASDAQ:CIVB) Q3 2024 Earnings Conference Call October 29, 2024 1:00 PM ET Company Participants Dennis Shaffer - President & Chief Executive Officer Richard Dutton - Senior Vice President & Chief Operating Officer Chuck Parcher - Senior Vice President & Chief Lending Officer Ian Whinnem - Senior Vice President & Chief Financial Officer Mike Mulford - Chief Credit Officer. Conference Call Participants Justin Crowley - Piper Sandler Brendan Nosal - Hovde Group Terry McEvoy - Stephens ...