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

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].