Civista Bancshares (CIVB) came out with quarterly earnings of $0.53 per share, beating the Zacks Consensus Estimate of $0.44 per share. This compares to earnings of $0.66 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 20.45%. A quarter ago, it was expected that this bank holding company would post earnings of $0.40 per share when it actually produced earnings of $0.45, delivering a surprise of 12.50%.Over the last four quarte ...

EXHIBIT 99.1 Civista Bancshares, Inc. Announces Third Quarter 2024 Financial Results of $0.53 per Common Share Sandusky, Ohio, October 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. Third quarter and year-to-date 2024 highlights: • Net 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 ...

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. Third quarter and year-to-date 2024 highlights: Net 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 ...

SANDUSKY, Ohio, Oct. 25, 2024 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") announced today that the Board of Directors has approved a quarterly dividend of 16 cents per common share to shareholders of record November 5, 2024, payable November 19, 2024.This dividend represents a payout of approximately $2.5 million. Based on the Civista's closing stock price of common shares of $17.84 on October 25, 2024, the quarterly dividend produces an annualized yield of 3.59%.About Civista Bancsh ...

SANDUSKY, Ohio, Oct. 2, 2024 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") announced today that it will issue its third quarter 2024 financial results prior to market open on Tuesday, October 29, 2024. Civista Bancshares, Inc. will also host a conference call and webcast at 1:00 p.m. Eastern Time on Tuesday, October 29, 2024, to discuss its financial results. Analysts may participate in the question-and-answer session. Conference Call, Replay and Webcast Information: Date: Tuesday, Oct ...

belterz/E+ via Getty Images Earnings of Civista Bancshares, Inc. (NASDAQ:CIVB) will most likely dip this year before recovering next year on the back of a recovery in the net interest margin. The bottom line will also receive support from healthy loan growth. Overall, I'm expecting the company to report earnings of $1.76 per share for 2024, down 36% year-overyear, and $1.86 per share for 2025, up 6% year-over-year. The year-end target price suggests a high price upside from the current market price. Additio ...

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 - June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to | --- | --- | |----------------------------------------------------------------------------------------------|-----------------------------------------------------| ...

Financial Data and Key Metrics Changes - The company reported net income of $7.1 million or $0.45 per diluted share, a 10% increase from the first quarter of 2024 but a $3 million decline from the second quarter of 2023 [60][62] - The overall cost of funding increased by 6 basis points to 2.61%, while the yield on earning assets decreased by 7 basis points to 5.58%, resulting in a net interest margin contraction of 13 basis points to 3.09% [42][49] - Noninterest income increased by $2 million or 24% from the first quarter and $1.3 million or 15% from the second quarter of 2023 [62] Business Line Data and Key Metrics Changes - Total loans and leases grew by $116.9 million, representing an annualized growth rate of 16%, with significant increases in nonowner-occupied CRE loans, residential real estate loans, and real estate construction loans [44] - The average rate for renewed commercial loans was 8.20%, residential real estate loans at 6.64%, and leasing division loans at 9.75% [44] Market Data and Key Metrics Changes - Total deposits were mostly flat, declining by $3 million for the quarter, with ongoing initiatives aimed at gathering core funding [45] - The company opened 411 accounts under the Ohio Homebuyers Plus program, aiming to move $75 million of those funds into the bank by the end of the third quarter [45][46] Company Strategy and Development Direction - The company is focused on improving its core deposit franchise and managing loan and deposit pricing to position itself for future success [31][41] - Management indicated that this is a transition year, emphasizing the importance of reducing dependency on higher interest funding sources [41][60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the stability of credit quality, noting no significant systemic issues despite some isolated credit problems [48][69] - The company anticipates loan growth to remain at a low single-digit pace for the remainder of 2024, tempered by lower-cost funding [49][60] Other Important Information - The tangible common equity ratio was 6.18% at June 30, down slightly from 6.28% at March 31, 2024, with a goal to rebuild it to between 7% and 7.5% [119] - The company did not repurchase any shares during the quarter but believes its stock is undervalued [119] Q&A Session All Questions and Answers Question: What drove the strength in the leasing business this quarter? - Management noted that the leasing business can be lumpy, and while they are pleased with the results, predicting future revenue remains challenging due to the nature of residual income [72][74] Question: What is the expected run rate for expenses moving ahead? - Management indicated that they are focused on building capital and do not foresee significant investments in software or hardware for the remainder of the year [86] Question: How does the company view acquisition opportunities in light of recent industry changes? - Management expressed that they will continue to be opportunistic regarding acquisitions, especially in light of recent stock price movements [52][79] Question: What is the company's outlook on loan growth and interest rates? - Management expects loan growth to be low single digits for the remainder of the year and is hopeful that a decrease in interest rates could provide refinancing opportunities [115][120]

Company Performance - Civista Bancshares reported quarterly earnings of $0.45 per share, exceeding the Zacks Consensus Estimate of $0.40 per share, but down from $0.64 per share a year ago [14] - The company posted revenues of $38.29 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 4.71%, but down from $40.49 million year-over-year [2] - The current consensus EPS estimate for the upcoming quarter is $0.47 on revenues of $37.8 million, and for the current fiscal year, it is $1.78 on revenues of $149.54 million [11] Market Comparison - Civista Bancshares shares have increased approximately 2.9% since the beginning of the year, compared to a 14.5% gain in the S&P 500 [3] - The Zacks Industry Rank for Banks - Midwest, which includes Civista Bancshares, is currently in the top 34% of over 250 Zacks industries, indicating a favorable industry outlook [15] Earnings Outlook - The estimate revisions trend for Civista Bancshares is mixed, resulting in a Zacks Rank 3 (Hold), suggesting the stock is expected to perform in line with the market in the near future [5] - The sustainability of the stock's price movement will depend on management's commentary during the earnings call and future earnings expectations [9][10]

Noninterest income | --- | --- | --- | --- | --- | |--------------------------------------------------------------|-------------|-------------------------|---------------------------------|-------------| | (unaudited - dollars in thousands) | 2024 | Three months \n2023 | ended June 30, \n$ change | % change | | Service charges | $ 1,488 | $1,831 | $ (343) | -18.7% | | Net gain/(loss) on equity securities | 74 | (170) | 244 | 143.5% | | Net gain on sale of loans ATM/Interchange fees | 888 1,416 | 615 1,450 | ...