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]

Core Viewpoint - Civista Bancshares, Inc. has announced the appointment of Charles A. Parcher as Executive Vice President & Chief Lending Officer and President & Chief Lending Officer of Civista Bank, reflecting the company's commitment to stability and growth as it enters its 141st year [1][5]. Group 1: Leadership Transition - Charles A. Parcher will take on new leadership roles within Civista Bancshares, Inc. and Civista Bank [1]. - Dennis G. Shaffer will continue as CEO & President of both Civista Bancshares, Inc. and Civista Bank, emphasizing continuity in leadership [1]. Group 2: Charles A. Parcher's Background - Parcher has over 36 years of banking experience and joined Civista in 2016, previously holding significant positions at FirstMerit, Sky Bank, and Huntington Bank [2]. - He holds an MBA from the University of Toledo and a bachelor's degree in finance and economics from Miami University, along with various industry-related educational programs [3]. Group 3: Community Involvement - Parcher has been active in non-profit organizations, serving as past Chairman of the board of trustees for the YMCA of Greater Toledo and as a board member for ProMedica Toledo Metropolitan Hospitals and the Toledo Regional Chamber of Commerce [4]. Group 4: Company Overview - Civista Bancshares, Inc. is a $4.1 billion financial holding company based in Sandusky, Ohio, with its primary subsidiary, Civista Bank, providing full-service banking and commercial lending since 1884 [6]. - Civista Bank operates 42 locations across Ohio, Southeastern Indiana, and Northern Kentucky, and offers commercial equipment leasing services through Civista Leasing & Finance [6].

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 ...

Financial Performance - Total interest and dividend income for the three months ended September 30, 2024, was $52,741, an increase of 13.0% from $46,601 in the same period of 2023[5] - Net income for the three months ended September 30, 2024, was $8,366, a decrease of 19.5% compared to $10,387 for the same period in 2023[6] - Earnings per common share, basic, for the three months ended September 30, 2024, was $0.53, down from $0.66 in the same period of 2023[5] - Net income for the nine months ended September 30, 2024, was $21,790,000, compared to $33,309,000 for the same period in 2023, reflecting a decrease of approximately 34.3%[9] - Total revenue for the company reached $15,954 million, an increase from $11,508 million in the previous period, representing a growth of approximately 38.5%[67] Interest Income and Expense - Net interest income after provision for credit losses for the nine months ended September 30, 2024, was $80,688, down 13.0% from $92,738 in the same period of 2023[5] - Total interest expense increased by $30,230, or 79.8%, to $68,106 for the nine months ended September 30, 2024, compared to $37,876 in 2023[168] - Total interest expense increased by $9,226, or 64.6%, to $23,508 for the three months ended September 30, 2024[152] - The average balance of loans increased by $352,205, or 13.1%, to $3,031,884 for the three months ended September 30, 2024[150] Noninterest Income and Expense - Total noninterest income for the nine months ended September 30, 2024, was $28,733, slightly up from $28,342 in the same period of 2023[5] - Noninterest income for the three months ended September 30, 2024, was $9,686,000, an increase from $8,125,000 in the same period of 2023[124] - Total noninterest expense for the three months ended September 30, 2024, was $27,981, an increase of 5.1% from $26,622 in the same period of 2023[5] - Total noninterest expense for the nine months ended September 30, 2024 was $84,225, an increase of $2,522, or 3.1%, from $81,703 for the same period in 2023[177] Credit Losses and Provisions - The provision for credit losses on loans for the three months ended September 30, 2024, was $1,346, up from $630 in the same period of 2023[5] - Provisions for credit losses totaled $4,668 for the first nine months of 2024, compared to $2,706 for the same period in 2023[134] - The allowance for credit losses increased to $41,268 as of September 30, 2024, compared to $37,160 as of December 31, 2023, reflecting a rise of about 5.7%[51] - The company experienced a notable increase in provisions for credit losses, primarily driven by loan growth during the reporting period[56] Shareholders' Equity - The balance of shareholders' equity as of September 30, 2024, was $394,438, an increase from $373,808 as of June 30, 2024[7] - Total shareholders' equity increased to $394,438,000 as of September 30, 2024, from $332,745,000 at the same time last year[9] - Shareholders' equity increased to $394,438, or 9.7% of total assets, compared to $372,002, or 9.6% of total assets at year-end 2023[146] Loans and Deposits - The company reported net cash provided by operating activities of $25,625,000 for the nine months ended September 30, 2024, down from $60,593,000 for the same period in 2023[10] - The company reported an increase in deposits of $238,704,000 for the nine months ended September 30, 2024, compared to $175,758,000 for the same period in 2023[10] - The total cash and cash equivalents at the end of the period on September 30, 2024, was $74,662,000, an increase from $50,316,000 at the end of September 2023[10] - The company experienced a net change in loans of $(183,334,000) for the nine months ended September 30, 2024, compared to $(208,689,000) for the same period in 2023[10] Market and Economic Conditions - The effective tax rate for the three months ended September 30, 2024, was 15.6%, compared to 15.2% for the same period in 2023[162] - The company’s primary market risk exposure is interest-rate risk, which is managed through asset/liability management techniques[184] - The total allowance for credit losses as a percentage of total loans was 1.36% at September 30, 2024, up from 1.30% at December 31, 2023[138] Regulatory and Accounting Changes - The Company adopted the Current Expected Credit Losses (CECL) methodology on January 1, 2023, enhancing transparency regarding credit risk[17] - The Company adopted ASC 326 on January 1, 2023, resulting in an increase of $4.3 million in the allowance for credit losses on loans held for investment[18] - ASU 2022-02 was adopted, eliminating guidance for troubled debt restructurings, with no material impact on the financial statements[36] Miscellaneous - Civista Bancshares, Inc. acquired Vision Financial Group, Inc. in Q4 2022, which has been rebranded as Civista Leasing and Finance[13] - The company does not expect to make any contributions to its pension plan in 2024, having made no contributions in 2023[94] - The company reported no modifications to loans for borrowers experiencing financial difficulty during the three and nine months ended September 30, 2024, and September 30, 2023[71]

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 ...

Civista Bancshares (CIVB) reported $38.92 million in revenue for the quarter ended September 2024, representing a year-over-year decline of 1.8%. EPS of $0.53 for the same period compares to $0.66 a year ago. The reported revenue represents a surprise of +3.52% over the Zacks Consensus Estimate of $37.6 million. With the consensus EPS estimate being $0.44, the EPS surprise was +20.45%. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to ...