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WKN: A14SSR | ISIN: US1788671071 | Ticker-Symbol: 44Q
Frankfurt
29.05.24
08:00 Uhr
13,100 Euro
-0,300
-2,24 %
1-Jahres-Chart
CIVISTA BANCSHARES INC Chart 1 Jahr
5-Tage-Chart
CIVISTA BANCSHARES INC 5-Tage-Chart
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12,90013,50022:24
PR Newswire
170 Leser
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(1)

Civista Bancshares, Inc. Announces Fourth Quarter and Year-to-date 2023 Financial Results

SANDUSKY, Ohio, Feb. 8, 2024 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") announced its unaudited financial results for the three and twelve month periods ending December 31, 2023.

Fourth quarter and year-to-date 2023 highlights:

  • Net income of $9.7 million, or $0.62 per diluted share, for the fourth quarter of 2023, compared to $12.1 million, or $0.77 per diluted share, for the fourth quarter of 2022.
  • Net income of $43.0 million, or $2.73 per diluted share, compared to $39.4 million, or $2.60 per diluted share, for the twelve months ended December 31, 2023 and 2022, respectively.
  • Cost of deposits of 179 basis points and total funding costs of 219 basis points for the quarter.
  • Based on the December 29, 2023 market close share price of $18.44, the $0.16 fourth quarter dividend is equivalent to an annualized yield of 3.47% and a dividend payout ratio of 25.81%.

"Overall, another solid quarter as we grew loans by $45.8 million. We also increased noninterest income and decreased our noninterest expense when compared to the linked quarter. This helped offset continued net interest margin pressure and allowed us to beat analyst's consensus by four cents for the quarter" said Dennis G. Shaffer, CEO and President of Civista.

Results of Operations:

For the three-month periods ended December 31, 2023 and 2022

Net interest income decreased $2.5 million, or 7.7%, for the fourth quarter of 2023 compared to the same period of 2022. Interest income increased $9.2 million while interest expense increased $11.7 million. The increase in interest income was driven by both increases in rates and increases in volume. The increase in interest expense was driven by rate and volume as well, but also by a shift in the mix of funding sources.

Net interest margin decreased 57 basis points to 3.44% for the fourth quarter of 2023, compared to 4.01% for the same period a year ago.

The increase in interest income was due to increases in both yield and in asset volume. The 68 basis point increase in yield led to a $5.6 million increase in interest income, while the $249.7 million increase in average earning assets led to a $3.6 million increase in interest income. The increase in volume can be attributed to organic growth.

Interest expense increased $11.7 million, or 171.4%, for the fourth quarter of 2023, compared to the same period last year. The average rate paid on interest-bearing liabilities increased 167 basis points, while average interest-bearing liabilities increased $329.2 million. The increase in interest-bearing liabilities was primarily in brokered time deposits and short-term FHLB borrowings to fund growth. The increase in funding cost, as well as the shift in the funding mix, are driving the increase in interest.

Average Balance Analysis

(Unaudited - Dollars in thousands)










Three Months Ended December 31,


2023


2022


Average


Yield/


Average


Yield/

Assets:

balance

Interest

rate *


balance

Interest

rate *

Interest-earning assets:








Loans and leases**

$ 2,805,995

$ 43,172

6.10 %


$ 2,559,114

$ 34,495

5.35 %

Taxable securities ***

352,186

2,901

2.85 %


365,258

2,692

2.61 %

Non-taxable securities ***

275,046

2,365

3.79 %


264,869

2,190

3.65 %

Interest-bearing deposits in other banks

16,117

161

3.96 %


10,394

22

0.84 %

Total interest-earning assets ***

$ 3,449,344

$ 48,599

5.52 %


$ 3,199,635

39,399

4.84 %

Noninterest-earning assets:








Cash and due from financial institutions

26,221




16,435



Premises and equipment, net

58,576




64,952



Accrued interest receivable

12,455




10,385



Intangible assets

134,867




132,516



Bank owned life insurance

55,441




53,378



Other assets

67,544




67,557



Less allowance for loan losses

(35,802)




(28,025)



Total Assets

$ 3,768,646




$ 3,516,833











Liabilities and Shareholders' Equity:








Interest-bearing liabilities:








Demand and savings

$ 1,345,199

$ 2,873

0.85 %


$ 1,449,412

$ 582

0.16 %

Time

817,961

10,532

5.11 %


260,607

907

1.38 %

Short-term FHLB borrowings

276,949

3,877

5.55 %


258,254

2,517

3.87 %

Long-term FHLB borrowings

2,458

14

2.26 %


5,694

(5)

-0.35 %

Other borrowings

543

8

5.85 %


116,683

1,749

5.94 %

Subordinated debentures

103,927

1,243

4.75 %


103,784

1,081

4.13 %

Repurchase agreements

-

-

0.00 %


23,429

3

0.05 %

Total interest-bearing liabilities

$ 2,547,037

$ 18,547

2.89 %


$ 2,217,863

6,834

1.22 %

Noninterest-bearing deposits

814,642




939,736



Other liabilities

69,101




59,725



Shareholders' equity

337,866




299,509



Total Liabilities and Shareholders' Equity

$ 3,768,646




$ 3,516,833











Net interest income and interest rate spread

$ 30,052

2.63 %



$ 32,565

3.61 %









Net interest margin ***



3.44 %




4.01 %









* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $629 thousand and $582 thousand for the periods ended December 31, 2023 and 2022, respectively.









** - Average balance includes nonaccrual loans









*** - Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $91.0 million and $80.8 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.

For the twelve-month periods ended December 31, 2023 and 2022

Net interest income increased $15.3 million, or 13.9%, compared to the same period in 2022.

Interest income increased $56.6 million, or 44.8%, for the twelve months of 2023. Average earning assets increased $351.6 million, resulting in an increase in interest income of $23.2 million. Average yields increased 119 basis points, resulting in an increase in interest income of $33.4 million. The increase in volume can be attributed to both organic growth and to the acquisitions during 2022 of Comunibanc Corp ("Comunibanc") and Civista Leasing and Financing ("CLF"), formerly known as Vision Financial group ("VFG").

Interest expense increased $41.3 million, or 258.8%, for the twelve months of 2023 compared to the same period of 2022. Average rates increased 159 basis points compared to 2022, resulting in $26.3 million of the increase in interest expense. Average interest-bearing liabilities increased $399.0 million, resulting in $15.0 million of the increase in interest expense.

Net interest margin increased 5 basis points to 3.70% for the twelve months of 2023, compared to 3.65% for the same period a year ago.

Average Balance Analysis

(Unaudited - Dollars in thousands)










Twelve Months Ended December 31,


2023


2022


Average


Yield/


Average


Yield/

Assets:

balance

Interest

rate *


balance

Interest

rate *

Interest-earning assets:








Loans **

$ 2,722,797

$ 160,755

5.90 %


$ 2,286,928

$ 108,053

4.72 %

Taxable securities ***

363,972

11,718

2.88 %


341,600

9,123

2.49 %

Non-taxable securities ***

282,678

9,282

3.79 %


263,981

7,859

3.56 %

Interest-bearing deposits in other banks

21,551

979

4.54 %


146,849

1,120

0.76 %

Total interest-earning assets ***

$ 3,390,998

$ 182,734

5.35 %


$ 3,039,358

126,155

4.16 %

Noninterest-earning assets:








Cash and due from financial institutions

39,219




84,777



Premises and equipment, net

58,456




34,577



Accrued interest receivable

11,499




8,650



Intangible assets

133,626




96,492



Bank owned life insurance

54,211




50,076



Other assets

63,152




50,765



Less allowance for loan losses

(33,814)




(27,721)



Total Assets

$ 3,717,347




$ 3,336,974











Liabilities and Shareholders' Equity:








Interest-bearing liabilities:








Demand and savings

$ 1,356,789

$ 7,689

0.57 %


$ 1,423,134

$ 1,442

0.10 %

Time

578,243

26,066

4.51 %


253,399

2,398

0.95 %

Short-term FHLB borrowings

280,887

14,493

5.16 %


66,875

2,566

3.84 %

Long-term FHLB borrowings

2,909

66

2.27 %


45,325

510

1.13 %

Other borrowings

74,269

4,071

5.50 %


91,985

5,243

5.70 %

Subordinated debentures

103,873

4,849

4.67 %


103,741

3,781

8.37 %

Repurchase agreements

8,685

4

0.05 %


22,293

11

0.05 %

Total interest-bearing liabilities

$ 2,405,655

$ 57,238

2.38 %


$ 2,006,752

15,951

0.79 %

Noninterest-bearing deposits

917,005




937,890



Other liabilities

50,963




76,189



Shareholders' equity

343,724




316,143



Total Liabilities and Shareholders' Equity

$ 3,717,347




$ 3,336,974











Net interest income and interest rate spread

$ 125,496

2.97 %



$ 110,204

3.37 %









Net interest margin ***



3.70 %




3.65 %









* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $2.5 million and $2.1 million for the periods ended December 31, 2023 and 2022, respectively.









** - Average balance includes nonaccrual loans









*** - 2023 and 2022 average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $71.0 million and $39.8 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.

Provision for credit losses for the fourth quarter of 2023 was $2.3 million compared to $752 thousand for the fourth quarter of 2022, primarily related to loan and lease growth.

On January 1, 2023, Civista adopted CECL, which resulted in an adjustment to the reserve of approximately $4.3 million. For the twelve months ended December 31, 2023, provision for credit losses was $4.4 million, compared to $1.8 million for the same period of 2022. The reserve ratio increased to 1.30% as of December 31, 2023 from 1.08% at December 31, 2022.

The adoption of CECL also resulted in an additional $3.4 million reserve for unfunded commitments, which is reflected as a liability in the consolidated financial statements. Provision for unfunded commitments for the fourth quarter of 2023 was ($80) thousand and $515 thousand for the twelve months ended December 31, 2023. There was no provision for unfunded commitments during the twelve months of 2022.

For the fourth quarter of 2023, noninterest income totaled $8.8million, a decrease of $1.2 million, or 12.3%, compared to the prior year's fourth quarter.

Noninterest income








(unaudited - dollars in thousands)

Three months ended December 31,


2023


2022


$ change


% change

Service charges

$ 1,749


$ 2,070


$ (321)


-15.5 %

Net gain/(loss) on equity securities

147


162


(15)


-9.3 %

Net gain on sale of loans and leases

875


1,251


(376)


-30.1 %

ATM/Interchange fees

1,654


1,509


145


9.6 %

Wealth management fees

1,197


1,189


8


0.7 %

Lease revenue and residual income

1,436


2,310


(874)


-37.8 %

Bank owned life insurance

282


252


30


11.9 %

Swap fees

475


247


228


92.3 %

Other

1,008


1,074


(66)


-6.1 %

Total noninterest income

$ 8,823


$ 10,064


$ (1,241)


-12.3 %









The decrease in service charge income of $321 thousand is primarily made up of a $249 thousand decrease in other business service charges related to our tax processing program as well as a $76 thousand decrease in consumer overdraft charges.

The net gain on sale of loans and leases decreased by $376 thousand compared to the same period last year. CLF generated a $579 thousand gain on the sale of $13.3 million in commercial loans and leases compared to a $923 thousand gain on the sale of $28 million for the same period last year. The sale of mortgage loans generated a $296 thousand gain on the sale of $14.3 million compared to a $328 thousand gain on the sale of $20.2 million for the same period in 2022.

Lease revenue and residual income contributed $1.4 million to noninterest income compared to $2.3 million for the same period of 2022, a decrease of $874 thousand. The decrease in lease revenue and residual income is attributable to a decrease in operating lease revenue.

Swap fees increased $228 thousand for the three months ended December 31, 2023 compared to the same period of 2022. The increase was due to an increase in volume driven by the rate environment.

For the twelve months ended December 31, 2023, noninterest income totaled $37.2 million, an increase of $8.1 million, or 27.8%, compared to the same period in the prior year.

Noninterest income








(unaudited - dollars in thousands)

Twelve months ended December 31,


2023


2022


$ change


% change

Service charges

$ 7,206


$ 7,074


$ 132


1.9 %

Net gain on sale of securities

-


10


(10)


-100.0 %

Net (loss) on equity securities

(21)


118


(139)


-117.8 %

Net gain on sale of loans and leases

2,908


3,397


(489)


-14.4 %

ATM/Interchange fees

5,880


5,499


381


6.9 %

Wealth management fees

4,767


4,902


(135)


-2.8 %

Lease revenue and residual income

7,595


2,310


5,285


228.8 %

Bank owned life insurance

1,112


984


128


13.0 %

Tax refund processing fees

2,375


2,375


-


0.0 %

Swap fees

673


247


426


172.5 %

Other

4,668


2,160


2,508


116.1 %

Total noninterest income

$ 37,163


$ 29,076


$ 8,087


27.8 %









The net gain on sale of loans and leases decreased by $489 thousand compared to the same period last year. CLF generated a $1.7 million gain on the sale of $46.2 million in commercial loans and leases as compared to a $923 thousand gain on the sale of $28 million during the fourth quarter of 2022. The sale of mortgage loans generated a $1.2 million gain on the sale of $56.8 million, compared to a $2.473 million gain on $127.8 million in volume for the same period of 2022.

Lease revenue and residual income increased $5.3 million due to the acquisition of CLF during the fourth quarter of 2022.

Swap fees increased $426 thousand compared to the same period of 2022. The increase was due to an increase in volume driven by the rate environment.

Other income increased as result of a $1.5 million fee collected associated with the renewal of the company's contract with MasterCard. Other income also increased as result of $629 thousand in other noninterest income generated by the acquisition of Civista Leasing and Finance primarily attributable to interim rent.

For the fourth quarter of 2023, noninterest expense totaled $25.3 million, a decrease of $2.0 million, or 7.3%, compared to the prior year's fourth quarter.

Noninterest expense








(unaudited - dollars in thousands)

Three months ended December 31,


2023


2022


$ change


% change

Compensation expense

$ 14,154


$ 14,407


$ (253)


-1.8 %

Net occupancy and equipment

4,170


4,649


(479)


-10.3 %

Contracted data processing

512


889


(377)


-42.4 %

Taxes and assessments

679


356


323


90.7 %

Professional services

1,148


1,795


(647)


-36.0 %

Amortization of intangible assets

384


406


(22)


-5.4 %

ATM/Interchange expense

605


589


16


2.7 %

Marketing

(190)


444


(634)


-142.8 %

Software maintenance expense

1,178


993


185


18.6 %

Other

2,673


2,773


(100)


-3.6 %

Total noninterest expense

$ 25,313


$ 27,301


$ (1,988)


-7.3 %

Compensation expense decreased primarily due to reduction in expense accruals related to incentives, success sharing and SERP.

The decrease in occupancy and equipment expense is primarily due to a $192 thousand decrease in equipment depreciation and expense related to CLF. Additionally, equipment expense decreased $255 thousand due to a one-time adjustment to equipment expense in 2022.

Taxes and assessments increased due to an increase in the FDIC assessment rate charged.

Professional services decreased during the fourth quarter of 2023 compared to 2022 due to $635 thousand in acquisitions-related consulting and legal and audit fees expensed in 2022.

Marketing expense decreased $634 thousand compared to the same period in 2022 due to nonrecurring advertising and marketing efforts in new markets due to the acquisitions and the new branch opening in 2022.

The efficiency ratio was 64.1% for the quarter ended December 31, 2023, compared to 63.2% for the quarter ended December 31, 2022. The change in the efficiency ratio is primarily due to a decrease in noninterest income and in net interest income, partially offset by a decrease noninterest expense.

Civista's effective income tax rate for the fourth quarter 2023 was 14.1% compared to 16.7% in 2022.

For the twelve months ended December 31, 2023, noninterest expense totaled $107.6 million, an increase of $17.1 million, or 18.9%, compared to the same period in the prior year.

Noninterest expense








(unaudited - dollars in thousands)

Twelve months ended December 31,


2023


2022


$ change


% change

Compensation expense

$ 58,291


$ 51,061


$ 7,230


14.2 %

Net occupancy and equipment

16,480


9,771


6,709


68.7 %

Contracted data processing

2,242


2,788


(546)


-19.6 %

Taxes and assessments

3,663


2,772


891


32.1 %

Professional services

4,952


5,388


(436)


-8.1 %

Amortization of intangible assets

1,579


1,296


283


21.8 %

ATM/Interchange expense

2,420


2,248


172


7.7 %

Marketing

1,352


1,513


(161)


-10.6 %

Software maintenance expense

4,167


3,433


734


21.4 %

Other

12,465


10,223


2,242


21.9 %

Total noninterest expense

$ 107,611


$ 90,493


$ 17,118


18.9 %

Compensation expense increased primarily due to $6.2 million of expense related to the acquisition of CLF. Other increases related to salaries were a result of annual merit increases and add-to-staff positions as well as increases in employee insurance. The year-to-date average full time equivalent (FTE) employees were 531 at December 31, 2023, an increase of 50 FTEs over the same period in 2022.

The increase in occupancy and equipment expense is primarily due to a $6.1 million increase in equipment depreciation related to the acquisition of CLF.

Amortization of intangible assets increased $283 thousand in 2023 compared to 2022 related to the core deposit intangible associated with the acquisition of Comunibanc.

Software expense increased $734 thousand, primarily due to a $364 thousand increase attributable to the digital banking platform in 2023. Additionally, new software platforms, as well as other increases related to converting systems and regular increases in monthly software fees, led to an increase of $110 thousand.

The increase in other operating expense is primarily due to a $467 thousand increase in bad check loss expense, a $313 thousand provision for credit losses on unfunded commitments, and additional expenses related to CLF of $422 thousand. Business promotion, dues and subscriptions, travel & lodging and donations all increased as well.

The efficiency ratio was 65.2% for the twelve months ended December 31, 2023 compared to 64.0% for the twelve months ended December 31, 2022. The change in the efficiency ratio is primarily due to an increase in noninterest expense, partially offset by increases in net interest income and noninterest income.

Civista's effective income tax rate was 15.1% for the twelve months ended December 31, 2023 and 16.2% for the twelve months ended December 31, 2022.

Balance Sheet

Total assets increased $222.0 million, or 6.1%, from December 31, 2022 to December 31, 2023, primarily due to growth in the loan portfolio.

End of period loan and lease balances







(unaudited - dollars in thousands)









December 31,


December 31,






2023


2022


$ Change


% Change

Commercial and Agriculture

$ 304,793


$ 278,595


$ 26,198


9.4 %

Commercial Real Estate:








Owner Occupied

377,322


371,148


6,174


1.7 %

Non-owner Occupied

1,161,893


1,018,736


143,157


14.1 %

Residential Real Estate

659,841


552,781


107,060


19.4 %

Real Estate Construction

260,409


243,127


17,282


7.1 %

Farm Real Estate

24,771


24,708


63


0.3 %

Lease financing receivable

54,642


36,797


17,845


48.5 %

Consumer and Other

18,056


20,774


(2,718)


-13.1 %

Loan participations sold, reflected
as secured borrowings

-


101,615


(101,615)


-100.0 %

Total Loans

$ 2,861,727


$ 2,648,281


$ 213,446


8.1 %

Loan and lease balances increased $213.4 million, or 8.1% since December 31, 2022 and $106.8 million, or 3.9% in the fourth quarter. Commercial growth is predominantly due to loan production from the leasing division and an increase in new commercial customers. The revolving line of credit balances in our portfolio continue to be less than forty percent advanced. Commercial Real Estate continued to grow due to consistent demand in the Non-owner Occupied category, especially in the multi-family area in the major Ohio metropolitan areas. Real Estate Construction has increased with consistent demand for more projects across the state of Ohio. The undrawn construction availability continues to be near all-time highs. Residential Real Estate has grown with continued new production in our Community Reinvestment Act ("CRA") product, more home construction loans, and more on balance sheet ARM products in this continued higher rate environment. At December 31, 2022, certain participated loan agreements contained restrictive language that precluded sales accounting treatment. During the third quarter of 2023, these agreements were amended with language that met derecognition conditions, signed and returned by our customers, thus qualifying for sales accounting treatment. The balances of such agreements were revised and accounted for as secured borrowings as of December 31, 2022. In addition, interest income and expense were also revised during the time derecognition conditions were not met.

Deposits

Total deposits increased $365.0 million, or 13.9%, from December 31, 2022 to December 31, 2023.

End of period deposit balances








(unaudited - dollars in thousands)









December 31,


December 31,






2023


2022


$ Change


% Change

Noninterest-bearing demand

$ 771,699


$ 896,333


$ (124,634)


-13.9 %

Interest-bearing demand

449,449


527,879


(78,430)


-14.9 %

Savings and money market

863,067


876,427


(13,360)


-1.5 %

Time deposits

900,813


319,345


581,468


182.1 %

Total Deposits

$ 2,985,028


$ 2,619,984


$ 365,044


13.9 %

The decrease in noninterest-bearing demand of $124.6 million was primarily due to a $76.8 million decrease in noninterest-bearing business accounts and $35.2 million noninterest-bearing personal accounts. The $78.4 million decrease in interest-bearing demand deposits was primarily due to a $41.6 million decrease in interest-bearing public fund accounts, an $18.6 million decrease in interest-bearing business accounts and a $10.3 million decrease in Jumbo NOW accounts. The decrease in savings and money market was primarily due to a $73.5 million decrease in statement savings, an $15.1 million decrease in corporate savings, a $36.7 million decrease in personal money markets, partially offset by a $58.9 million increase in brokered money market accounts, a $41.7 million increase in business money market accounts and a $12.6 million increase in public money market accounts. The increase in time certificates was primarily due to a $454.5 million increase in brokered time deposits. In addition, Jumbo time certificates increased $86.1 million and retail time certificates increased $44.8 million.

FHLB overnight advances totaled $338.0 million on December 31, 2023, down from $393.7 million on December 31, 2022. FHLB term advances totaled $2.4 million on December 31, 2023, down from $3.6 million on December 31, 2022.

Stock Repurchase Program

During the twelve months of 2023, Civista repurchased 84,230 shares for $1.5 million at a weighted average price of $17.77 per share. We have approximately $12.0 million remaining of the current $13.5 million repurchase authorization. The current repurchase plan will expire in May 2024. In January, Civista liquidated 5,620 shares held by employees, at $21.52 per share, to satisfy tax obligations stemming from vesting of restricted shares.

Shareholders' Equity

Total shareholders' equity increased $37.2 million from December 31, 2022 to December 31, 2023, primarily due to a $27.3 million increase in retained earnings and to a $10.5 million decrease in accumulated other comprehensive loss.

Asset Quality

Civista recorded net losses of $979 thousand for the twelve months of 2023 compared to net recoveries of $118 thousand for the same period of 2022. The allowance for credit losses to loans ratio was 1.30% at December 31, 2023 and 1.08% at December 31, 2022.

Allowance for Credit Losses




(dollars in thousands)









Twelve months ended December 31,


2023


2022

Beginning of period

$ 28,511


$ 26,641

CECL adoption adjustments

5,193


-

Charge-offs

(1,431)


(222)

Recoveries

452


340

Provision

4,435


1,752

End of period

$ 37,160


$ 28,511

Allowance for Unfunded Commitments



(dollars in thousands)









Twelve months ended December 31,


2023


2022

Beginning of period

$ -


$ -

CECL adoption adjustments

3,386



Charge-offs

-


-

Recoveries

-


-

Provision

515


-

End of period

$ 3,901


$ -

Non-performing assets at December 31, 2023 were $15.1 million, a 38.7% increase from December 31, 2022. The non-performing assets to assets ratio was 0.30% at December 31, 2023 and 0.31% at December 31, 2022. The allowance for credit losses to non-performing loans decreased from 261.45% at December 31, 2022 to 245.67% at December 31, 2023.

Non-performing Assets




(dollars in thousands)

December 31,


December 31,


2023


2022

Non-accrual loans

$ 12,467


$ 7,890

Restructured loans

2,659


3,015

Total non-performing loans

15,126


10,905

Other Real Estate Owned

-


-

Total non-performing assets

$ 15,126


$ 10,905

Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the fourth quarter of 2023 at 1:00 p.m. ET on Thursday, February 8, 2024. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 800-836-8184 and ask to join the Civista Bancshares, Inc. fourth quarter 2023 earnings call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.

An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com).

Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista' reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of Civista's Annual Report on Form 10-K for the fiscal year ended December 31, 2022, and any additional risks identified in the Company's subsequent Form 10-Q's. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

Civista Bancshares, Inc., is a $3.9 billion financial holding company headquartered in Sandusky, Ohio. Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services. Today, Civista Bank operates 43 locations across Ohio, Southeastern Indiana and Northern Kentucky. Civista Leasing & Finance, a division of Civista Bank, offers commercial equipment leasing services for businesses nationwide. Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB". Learn more at www.civb.com.

Civista Bancshares, Inc.

Financial Highlights

(Unaudited, dollars in thousands, except share and per share amounts)


Consolidated Condensed Statement of Income










Three Months Ended


Twelve Months Ended


December 31,


December 31,


2023


2022


2023


2022









Interest income

$ 48,599


$ 39,399


$ 182,734


$ 126,155

Interest expense

18,547


6,834


57,238


15,951

Net interest income

30,052


32,565


125,496


110,204

Provision for credit losses

2,325


752


4,435


1,752

Net interest income after provision

27,727


31,813


121,061


108,452

Noninterest income

8,823


10,064


37,163


29,076

Noninterest expense

25,313


27,301


107,611


90,493

Income before taxes

11,237


14,576


50,613


47,035

Income tax expense

1,582


2,428


7,649


7,608

Net income

9,655


12,148


42,964


39,427









Dividends paid per common share

$ 0.16


$ 0.14


$ 0.61


$ 0.56









Earnings per common share








Basic








Net income

$ 9,655


$ 12,148


$ 42,964


$ 39,427

Less allocation of earnings and








dividends to participating securities

362


54


1,585


177

Net income available to common








shareholders - basic

$ 9,293


$ 12,094


$ 41,379


$ 39,250

Weighted average common shares outstanding

15,695,978


15,717,439


15,734,624


15,162,033

Less average participating securities

588,625


70,179


579,857


68,043

Weighted average number of shares outstanding







used to calculate basic earnings per share

15,107,353


15,647,260


15,154,767


15,093,990









Earnings per common share








Basic

$ 0.62


$ 0.77


$ 2.73


$ 2.60

Diluted

0.62


0.77


2.73


2.60









Selected financial ratios:








Return on average assets

1.02 %


1.37 %


1.16 %


1.18 %

Return on average equity

11.34 %


16.09 %


12.50 %


12.47 %

Dividend payout ratio

25.81 %


18.11 %


22.34 %


21.54 %

Net interest margin (tax equivalent)

3.44 %


4.01 %


3.69 %


3.65 %

Selected Balance Sheet Items

(Dollars in thousands, except share and per share amounts)






December 31,


December 31,


2023


2022


(unaudited)


(unaudited)





Cash and due from financial institutions

$ 60,406


$ 43,361

Investment in time deposits

1,225


1,477

Investment securities

620,441


617,592

Loans held for sale

1,725


683

Loans

2,861,728


2,648,281

Less: allowance for credit losses

(37,160)


(28,511)

Net loans

2,824,568


2,619,770

Other securities

29,998


33,585

Premises and equipment, net

56,769


64,018

Goodwill and other intangibles

135,028


136,454

Bank owned life insurance

61,335


53,543

Other assets

69,923


68,962

Total assets

$ 3,861,418


$ 3,639,445





Total deposits

$ 2,985,028


$ 2,619,984

Federal Home Loan Bank advances - short term

338,000


393,700

Federal Home Loan Bank advances - long term

2,392


3,578

Securities sold under agreements to repurchase

-


25,143

Subordinated debentures

103,943


103,799

Other borrowings

9,859


15,516

Secured borrowings

-


101,615

Securities purchased payable

-


1,338

Tax refunds in process

2,885


278

Accrued expenses and other liabilities

47,309


39,658

Total shareholders' equity

372,002


334,836

Total liabilities and shareholders' equity

$ 3,861,418


$ 3,639,445





Shares outstanding at period end

15,695,424


15,728,234





Book value per share

$ 23.70


$ 21.29

Equity to asset ratio

9.63 %


9.20 %





Selected asset quality ratios:




Allowance for loan losses to total loans

1.30 %


1.08 %

Non-performing assets to total assets

0.39 %


0.30 %

Allowance for loan losses to non-performing loans

245.67 %


261.45 %





Non-performing asset analysis




Nonaccrual loans

$ 12,467


$ 7,890

Restructured loans

2,659


3,015

Other real estate owned

-


-

Total

$ 15,126


$ 10,905

Supplemental Financial Information

(Unaudited - dollars in thousands except share data)












December 31,


September 30,


June 30,


March 31,


December 31,

End of Period Balances

2023


2023


2023


2023


2022











Assets










Cash and due from banks

$ 60,406


$ 50,316


$ 41,354


$ 52,723


$ 43,361

Investment in time deposits

1,225


1,472


1,719


1,721


1,477

Investment securities

620,441


595,508


619,250


629,829


617,592

Loans held for sale

1,725


1,589


3,014


1,465


683

Loans and leases

2,861,728


2,759,771


2,728,390


2,681,180


2,648,281

Allowance for credit losses

(37,160)


(35,280)


(35,149)


(34,196)


(28,511)

Net Loans

2,824,568


2,724,491


2,693,241


2,646,984


2,619,770

Other securities

29,998


34,224


28,449


35,383


33,585

Premises and equipment, net

56,769


58,989


60,899


61,895


64,018

Goodwill and other intangibles

125,520


134,998


135,406


135,808


136,454

Bank owned life insurance

61,335


54,053


53,787


53,796


53,543

Other assets

79,431


82,157


70,971


66,068


68,962

Total Assets

$ 3,861,418


$ 3,737,797


$ 3,708,090


$ 3,685,672


$ 3,639,445











Liabilities










Total deposits

$ 2,985,028


$ 2,795,743


$ 2,942,774


$ 2,843,516


$ 2,619,984

Federal Home Loan Bank advances - short term

338,000


431,500


142,000


212,000


393,700

Federal Home Loan Bank advances - long term

2,392


2,573


2,859


3,361


3,578

Securities sold under agreement to repurchase

-


-


6,788


15,631


25,143

Subordinated debentures

103,943


103,921


103,880


103,841


103,799

Other borrowings

9,859


10,964


12,568


13,938


15,516

Secured borrowings

-


4,881


92,110


101,114


101,615

Securities purchased payable

-


1,755


-


-


1,338

Tax refunds in process

2,885


493


7,208


5,752


278

Accrued expenses and other liabilities

47,309


53,222


48,027


38,822


39,658

Total liabilities

3,489,416


3,405,052


3,358,214


3,337,975


3,304,609











Shareholders' Equity










Common shares

311,166


310,975


310,784


310,412


310,182

Retained earnings

183,788


176,644


168,777


161,110


156,493

Treasury shares

(75,422)


(75,412)


(73,915)


(73,915)


(73,794)

Accumulated other comprehensive loss

(47,530)


(79,462)


(55,770)


(49,910)


(58,045)

Total shareholders' equity

372,002


332,745


349,876


347,697


334,836











Total Liabilities and Shareholders' Equity

$ 3,861,418


$ 3,737,797


$ 3,708,090


$ 3,685,672


$ 3,639,445











Quarterly Average Balances










Assets:










Earning assets

$ 3,449,344


$ 3,443,226


$ 3,354,967


$ 3,313,285


$ 3,199,635

Securities

645,202


645,202


658,515


655,987


630,127

Loans

2,805,995


2,742,736


2,689,515


2,649,901


2,559,114

Liabilities and Shareholders' Equity










Total deposits

$ 2,977,802


$ 2,946,849


$ 2,817,712


$ 2,654,356


$ 2,649,755

Interest-bearing deposits

$ 2,163,160


1,966,014


1,912,955


1,692,470


1,710,019

Other interest-bearing liabilities

383,877


178,614


471,837


616,505


507,844

Total shareholders' equity

337,866


348,209


347,647


341,159


299,509

Supplemental Financial Information

(Unaudited - dollars in thousands except share data)












Three Months Ended


December 31,


September 30,


June 30,


March 31,


December 31,

Income statement

2023


2023


2023


2023


2022











Total interest and dividend income

$ 48,599


$ 46,601


$ 44,609


$ 42,925


$ 39,399

Total interest expense

18,547


15,097


13,270


10,324


6,834

Net interest income

30,052


31,504


31,339


32,601


32,565

Provision for loan losses

2,325


630


861


620


752

Noninterest income

8,823


8,125


9,149


11,068


10,064

Noninterest expense

25,313


26,752


27,913


27,633


27,301

Income before taxes

11,237


12,247


11,714


15,416


14,576

Income tax expense

1,582


1,860


1,680


2,528


2,428

Net income

$ 9,655


$ 10,387


$ 10,034


$ 12,888


$ 12,148











Per share data




















Earnings per common share










Basic










Net income

$ 9,655


$ 10,387


$ 10,034


$ 12,888


$ 12,148

Less allocation of earnings and










dividends to participating securities

362


389


374


453


432

Net income available to common










shareholders - basic

$ 9,293


$ 9,998


$ 9,660


$ 12,435


$ 11,716











Weighted average common shares outstanding

15,695,978


15,735,007


15,775,812


15,732,092


15,717,439

Less average participating securities

588,625


588,715


588,715


552,882


559,596

Weighted average number of shares outstanding










used to calculate basic earnings per share

15,107,353


15,146,292


15,187,097


15,179,210


15,157,843











Earnings per common share










Basic

$ 0.62


$ 0.66


$ 0.64


$ 0.82


$ 0.77

Diluted

0.62


0.66


0.64


0.82


0.77











Common shares dividend paid

$ 2,511


$ 2,521


$ 2,367


$ 2,201


$ 2,202











Dividends paid per common share

0.16


0.16


0.15


0.14


0.14

Supplemental Financial Information

(Unaudited - dollars in thousands except share data)












Three Months Ended


December 31,


September 30,


June 30,


March 31,


December 31,

Asset quality

2023


2023


2023


2023


2022











Allowance for credit losses:










Beginning of period

$ 35,280


$ 35,251


$ 34,196


$ 28,511


$ 27,773

CECL adoption adjustments

-


-


-


5,193


-

Charge-offs

(577)


(666)


(14)


(175)


(58)

Recoveries

132


65


208


47


44

Provision

2,325


630


861


620


752

End of period

$ 37,160


$ 35,280


$ 35,251


$ 34,196


$ 28,511











Allowance for unfunded commitments:










Beginning of period

$ 3,981


$ 3,851


$ 3,587


$ -


$ -

CECL adoption adjustments

-


-


-


3,386


-

Charge-offs

-


-


-


-


-

Recoveries

-


-


-


-


-

Provision

(80)


130


264


201


-

End of period

$ 3,901


$ 3,981


$ 3,851


$ 3,587


$ -











Ratios










Allowance to total loans

1.30 %


1.28 %


1.29 %


1.28 %


1.08 %

Allowance to nonperforming assets

245.66 %


308.52 %


327.05 %


345.91 %


261.45 %

Allowance to nonperforming loans

245.66 %


308.52 %


327.05 %


345.82 %


261.45 %











Nonperforming assets










Nonperforming loans

$ 15,126


$ 11,435


$ 10,747


$ 9,860


$ 10,905

Other real estate owned

-


-


-


26


-

Total nonperforming assets

$ 15,126


$ 11,435


$ 10,747


$ 9,886


$ 10,905











Capital and liquidity










Tier 1 leverage ratio

8.75 %


8.73 %


8.69 %


8.42 %


8.69 %

Tier 1 risk-based capital ratio

10.72 %


10.82 %


10.71 %


10.50 %


10.43 %

Total risk-based capital ratio

14.45 %


14.60 %


14.49 %


14.31 %


14.05 %

Tangible common equity ratio (1)

6.36 %


5.49 %


6.00 %


5.96 %


5.66 %











(1) See reconciliation of non-GAAP measures at the end of this press release.







Reconciliation of Non-GAAP Financial Measures

(Unaudited - dollars in thousands except share data)












Three Months Ended


December 31,


September 30,


June 30,


March 31,


December 31,


2023


2023


2023


2023


2022











Tangible Common Equity










Total Shareholder's Equity - GAAP

$ 372,012


$ 332,745


$ 349,876


$ 347,697


$ 334,835

Less: Goodwill and intangible assets

135,028


134,998


135,406


135,808


136,454

Tangible common equity (Non-GAAP)

$ 236,984


$ 197,747


$ 214,470


$ 211,889


$ 198,381











Total Shares Outstanding

15,695,424


15,695,997


15,780,227


15,732,092


15,728,234











Tangible book value per share

$ 15.10


$ 12.60


$ 13.59


$ 13.47


$ 12.61











Tangible Assets










Total Assets - GAAP

$ 3,861,418


$ 3,737,797


$ 3,708,090


$ 3,688,232


$ 3,639,445

Less: Goodwill and intangible assets

135,028


134,998


135,406


135,808


136,454

Tangible assets (Non-GAAP)

$ 3,726,390


$ 3,602,799


$ 3,572,684


$ 3,552,424


$ 3,502,991











Tangible common equity to tangible assets

6.36 %


5.49 %


6.00 %


5.96 %


5.66 %

SOURCE Civista Bancshares, Inc.

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