Civista Bancshares(CIVB)2025-01-30 12:30Financial 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].