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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 - September 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

Commission File Number: 001-36192

 

Civista Bancshares, Inc.

(Exact name of registrant as specified in its charter)

 

 

Ohio

 

34-1558688

(State or other jurisdiction of

 

(I.R.S. Employer

incorporation or organization)

 

Identification No.)

 

 

 

100 East Water Street, Sandusky, Ohio

 

44870

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code: (419) 625-4121

N/A

(Former name, former address and former fiscal year, if changed since last report)

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common

 

CIVB

 

NASDAQ Capital Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

☐

 

 

Accelerated filer

 

☒

Non-accelerated filer

 

☐

 

 

Smaller reporting company

 

☐

Emerging growth company

 

☐

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date. Common Shares, no par value, outstanding at November 7, 2024—15,736,528 shares

 

 

 

 

CIVISTA BANCSHARES, INC.

Index

PART I.

Financial Information

 

2

 

Item 1.

Financial Statements:

 

2

 

 

Consolidated Balance Sheets (Unaudited) September 30, 2024 and December 31, 2023

2

 

Consolidated Statements of Operations (Unaudited) Three- and nine-months ended September 30, 2024 and 2023

3

 

Consolidated Statements of Comprehensive Income (Unaudited) Three- and nine-months ended September 30, 2024 and 2023

4

 

Consolidated Statement of Changes in Shareholders’ Equity (Unaudited) Three- and nine-months ended September 30, 2024 and 2023

5

 

Condensed Consolidated Statements of Cash Flows (Unaudited) Nine-months ended September 30, 2024 and 2023

7

 

Notes to Interim Consolidated Financial Statements (Unaudited)

8-36

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

37-49

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

50-51

Item 4.

Controls and Procedures

52

 

 

 

PART II.

Other Information

 

53

 

Item 1.

Legal Proceedings

53

Item 1A.

Risk Factors

53

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

53

Item 3.

Defaults Upon Senior Securities

53

Item 4.

Mine Safety Disclosures

53

Item 5.

Other Information

53

Item 6.

Exhibits

54

Signatures

 

55

 

 

 

 

Part I – Financial Information

ITEM 1. Financial Statements

CIVISTA BANCSHARES, INC.

Consolidated Balance Sheets

(In thousands, except share data)

 

 

 

September 30, 2024

 

 

 

 

 

 

(Unaudited)

 

 

December 31, 2023

 

ASSETS

 

 

 

 

 

 

Cash and due from financial institutions

 

$

74,662

 

 

$

60,406

 

Investments in time deposits

 

 

1,450

 

 

 

1,225

 

Securities available-for-sale

 

 

626,788

 

 

 

618,272

 

Equity securities

 

 

2,325

 

 

 

2,169

 

Loans held for sale

 

 

8,299

 

 

 

1,725

 

Loans, net of allowance for credit losses of $41,268 and $37,160

 

 

3,002,678

 

 

 

2,824,568

 

Other securities

 

 

32,633

 

 

 

29,998

 

Premises and equipment, net

 

 

49,967

 

 

 

56,769

 

Accrued interest receivable

 

 

13,614

 

 

 

12,819

 

Goodwill

 

 

125,520

 

 

 

125,520

 

Other intangible assets, net

 

 

8,309

 

 

 

9,508

 

Bank owned life insurance

 

 

62,912

 

 

 

61,335

 

Swap assets

 

 

8,196

 

 

 

12,481

 

Deferred taxes

 

 

17,659

 

 

 

18,357

 

Other assets

 

 

26,411

 

 

 

26,266

 

Total assets

 

$

4,061,423

 

 

$

3,861,418

 

LIABILITIES

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Noninterest-bearing

 

$

686,316

 

 

$

771,699

 

Interest-bearing

 

 

2,537,416

 

 

 

2,213,329

 

Total deposits

 

 

3,223,732

 

 

 

2,985,028

 

Short-term Federal Home Loan Bank advances

 

 

287,047

 

 

 

338,000

 

Long-term Federal Home Loan Bank advances

 

 

1,598

 

 

 

2,392

 

Subordinated debentures

 

 

104,067

 

 

 

103,943

 

Other borrowings

 

 

6,319

 

 

 

9,859

 

Swap liabilities

 

 

8,196

 

 

 

12,481

 

Accrued expenses and other liabilities

 

 

36,026

 

 

 

37,713

 

Total liabilities

 

 

3,666,985

 

 

 

3,489,416

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Common shares, no par value, 40,000,000 shares authorized, 19,338,734 shares issued
    at September 30, 2024 and 19,288,674 shares issued at December 31, 2023, including
    Treasury shares

 

 

311,901

 

 

 

311,166

 

Retained earnings

 

 

198,034

 

 

 

183,788

 

Treasury shares, 3,602,206 common shares at September 30, 2024 and 3,593,250 common
    shares at December 31, 2023, at cost

 

 

(75,586

)

 

 

(75,422

)

Accumulated other comprehensive loss

 

 

(39,911

)

 

 

(47,530

)

Total shareholders’ equity

 

 

394,438

 

 

 

372,002

 

Total liabilities and shareholders’ equity

 

$

4,061,423

 

 

$

3,861,418

 

 

See notes to interim unaudited consolidated financial statements

Page 2

 

CIVISTA BANCSHARES, INC.

Consolidated Statements of Operations (Unaudited)

(In thousands, except per share data)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

46,898

 

 

$

40,547

 

 

$

136,328

 

 

$

117,583

 

Taxable securities

 

 

3,258

 

 

 

2,999

 

 

 

9,262

 

 

 

8,817

 

Tax-exempt securities

 

 

2,369

 

 

 

2,336

 

 

 

7,116

 

 

 

6,917

 

Deposits in other banks

 

 

216

 

 

 

719

 

 

 

756

 

 

 

818

 

Total interest and dividend income

 

 

52,741

 

 

 

46,601

 

 

 

153,462

 

 

 

134,135

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

16,926

 

 

 

9,584

 

 

 

48,418

 

 

 

20,350

 

Federal Home Loan Bank advances

 

 

5,338

 

 

 

3,261

 

 

 

15,956

 

 

 

10,668

 

Subordinated debentures

 

 

1,244

 

 

 

1,239

 

 

 

3,732

 

 

 

3,606

 

Securities sold under agreements to repurchase and other

 

 

—

 

 

 

1,013

 

 

 

—

 

 

 

4,067

 

Total interest expense

 

 

23,508

 

 

 

15,097

 

 

 

68,106

 

 

 

38,691

 

Net interest income

 

 

29,233

 

 

 

31,504

 

 

 

85,356

 

 

 

95,444

 

Provision for credit losses - loans

 

 

1,346

 

 

 

630

 

 

 

5,188

 

 

 

2,111

 

Provision for (recovery of) credit losses - off-balance sheet credit exposures

 

 

(325

)

 

 

130

 

 

 

(520

)

 

 

595

 

Net interest income after provision

 

 

28,212

 

 

 

30,744

 

 

 

80,688

 

 

 

92,738

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

Service charges

 

 

1,595

 

 

 

1,853

 

 

 

4,523

 

 

 

5,457

 

Net gain (loss) on equity securities

 

 

223

 

 

 

69

 

 

 

156

 

 

 

(169

)

Net gain on sale of loans and leases

 

 

1,427

 

 

 

787

 

 

 

3,179

 

 

 

2,033

 

ATM/Interchange fees

 

 

1,402

 

 

 

1,424

 

 

 

4,201

 

 

 

4,227

 

Wealth management fees

 

 

1,443

 

 

 

1,197

 

 

 

4,055

 

 

 

3,570

 

Lease revenue and residual income

 

 

2,428

 

 

 

1,913

 

 

 

7,630

 

 

 

6,160

 

Bank owned life insurance

 

 

717

 

 

 

266

 

 

 

1,434

 

 

 

830

 

Tax refund processing fees

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2,375

 

Swap fees

 

 

43

 

 

 

21

 

 

 

165

 

 

 

198

 

Other

 

 

408

 

 

 

595

 

 

 

3,390

 

 

 

3,661

 

Total noninterest income

 

 

9,686

 

 

 

8,125

 

 

 

28,733

 

 

 

28,342

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense

 

 

15,726

 

 

 

14,054

 

 

 

46,922

 

 

 

44,137

 

Net occupancy expense

 

 

1,293

 

 

 

1,368

 

 

 

3,959

 

 

 

4,096

 

Contracted data processing

 

 

636

 

 

 

651

 

 

 

1,740

 

 

 

1,730

 

Taxes and assessments

 

 

1,040

 

 

 

1,028

 

 

 

3,036

 

 

 

2,985

 

Professional services

 

 

1,134

 

 

 

1,010

 

 

 

3,532

 

 

 

3,804

 

Equipment expense/depreciation

 

 

2,345

 

 

 

2,687

 

 

 

7,313

 

 

 

8,213

 

ATM/Interchange expense

 

 

616

 

 

 

619

 

 

 

1,873

 

 

 

1,814

 

Marketing

 

 

716

 

 

 

497

 

 

 

1,640

 

 

 

1,542

 

Sponsorships

 

 

39

 

 

 

381

 

 

 

1,300

 

 

 

1,102

 

Communications

 

 

354

 

 

 

384

 

 

 

1,069

 

 

 

1,283

 

Insurance Expense

 

 

634

 

 

 

635

 

 

 

1,902

 

 

 

1,853

 

Software maintenance expense

 

 

1,203

 

 

 

1,052

 

 

 

3,568

 

 

 

2,989

 

Other operating expenses

 

 

2,245

 

 

 

2,256

 

 

 

6,371

 

 

 

6,155

 

Total noninterest expense

 

 

27,981

 

 

 

26,622

 

 

 

84,225

 

 

 

81,703

 

Income before taxes

 

 

9,917

 

 

 

12,247

 

 

 

25,196

 

 

 

39,377

 

Income tax expense

 

 

1,551

 

 

 

1,860

 

 

 

3,406

 

 

 

6,068

 

Net Income

 

$

8,366

 

 

$

10,387

 

 

$

21,790

 

 

$

33,309

 

Earnings per common share, basic

 

$

0.53

 

 

$

0.66

 

 

$

1.39

 

 

$

2.12

 

Earnings per common share, diluted

 

$

0.53

 

 

$

0.66

 

 

$

1.39

 

 

$

2.12

 

 

See notes to interim unaudited consolidated financial statements

Page 3

 

CIVISTA BANCSHARES, INC.

Consolidated Statements of Comprehensive Income (Unaudited)

(In thousands)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Net income

 

$

8,366

 

 

$

10,387

 

 

$

21,790

 

 

$

33,309

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding gains (losses) on available-for-sale securities

 

 

18,354

 

 

 

(30,058

)

 

 

9,743

 

 

 

(27,217

)

Tax effect

 

 

(3,932

)

 

 

6,366

 

 

 

(2,124

)

 

 

5,800

 

Reclassification of gains recognized in net income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Tax effect

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Pension liability adjustment

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Tax effect

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Total other comprehensive income (loss)

 

 

14,422

 

 

 

(23,692

)

 

 

7,619

 

 

 

(21,417

)

Comprehensive income

 

$

22,788

 

 

$

(13,305

)

 

$

29,409

 

 

$

11,892

 

See notes to interim unaudited consolidated financial statements

Page 4

 

CIVISTA BANCSHARES, INC.

Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)

(In thousands, except share data)

 

 

 

Common Shares

 

 

 

 

 

 

 

 

Accumulated
Other

 

 

Total

 

 

 

Outstanding
Shares

 

 

Amount

 

 

Retained
Earnings

 

 

Treasury
Shares

 

 

Comprehensive
Income (Loss)

 

 

Shareholders’
Equity

 

Balance, June 30, 2024

 

 

15,737,222

 

 

$

311,529

 

 

$

192,186

 

 

$

(75,574

)

 

$

(54,333

)

 

$

373,808

 

Net Income

 

 

—

 

 

 

—

 

 

 

8,366

 

 

 

—

 

 

 

—

 

 

 

8,366

 

Other comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

14,422

 

 

 

14,422

 

Stock-based compensation

 

 

—

 

 

 

372

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

372

 

Common stock dividends
   ($0.16 per share)

 

 

—

 

 

 

—

 

 

 

(2,518

)

 

 

—

 

 

 

—

 

 

 

(2,518

)

Purchase of common stock

 

 

(694

)

 

 

—

 

 

 

—

 

 

 

(12

)

 

 

—

 

 

 

(12

)

Balance, September 30, 2024

 

 

15,736,528

 

 

$

311,901

 

 

$

198,034

 

 

$

(75,586

)

 

$

(39,911

)

 

$

394,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

 

 

 

 

 

 

 

Accumulated
Other

 

 

Total

 

 

 

Outstanding
Shares

 

 

Amount

 

 

Retained
Earnings

 

 

Treasury
Shares

 

 

Comprehensive
Loss

 

 

Shareholders’
Equity

 

Balance, June 30, 2023

 

 

15,780,227

 

 

$

310,784

 

 

$

168,777

 

 

$

(73,915

)

 

$

(55,770

)

 

$

349,876

 

Net Income

 

 

—

 

 

 

—

 

 

 

10,387

 

 

 

—

 

 

 

—

 

 

 

10,387

 

Other comprehensive loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(23,692

)

 

 

(23,692

)

Stock-based compensation

 

 

(84,230

)

 

 

191

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

191

 

Common stock dividends
   ($0.15 per share)

 

 

—

 

 

 

—

 

 

 

(2,520

)

 

 

—

 

 

 

—

 

 

 

(2,520

)

Purchase of common stock

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,497

)

 

 

—

 

 

 

(1,497

)

Balance, September 30, 2023

 

 

15,695,997

 

 

$

310,975

 

 

$

176,644

 

 

$

(75,412

)

 

$

(79,462

)

 

$

332,745

 

 

See notes to interim unaudited consolidated financial statements

Page 5

 

CIVISTA BANCSHARES, INC.

Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)

(In thousands, except share data)

 

 

 

Common Shares

 

 

 

 

 

 

 

 

Accumulated
Other

 

 

Total

 

 

 

Outstanding
Shares

 

 

Amount

 

 

Retained
Earnings

 

 

Treasury
Shares

 

 

Comprehensive
Income (Loss)

 

 

Shareholders’
Equity

 

Balance, December 31, 2023

 

 

15,695,424

 

 

$

311,166

 

 

$

183,788

 

 

$

(75,422

)

 

$

(47,530

)

 

$

372,002

 

Net Income

 

 

—

 

 

 

—

 

 

 

21,790

 

 

 

—

 

 

 

—

 

 

 

21,790

 

Other comprehensive income

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

7,619

 

 

 

7,619

 

Stock-based compensation

 

 

50,060

 

 

 

735

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

735

 

Common stock dividends
   ($0.48 per share)

 

 

—

 

 

 

—

 

 

 

(7,544

)

 

 

—

 

 

 

—

 

 

 

(7,544

)

Purchase of common stock

 

 

(8,956

)

 

 

—

 

 

 

—

 

 

 

(164

)

 

 

—

 

 

 

(164

)

Balance, September 30, 2024

 

 

15,736,528

 

 

$

311,901

 

 

$

198,034

 

 

$

(75,586

)

 

$

(39,911

)

 

$

394,438

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Shares

 

 

 

 

 

 

 

 

Accumulated
Other

 

 

Total

 

 

 

Outstanding
Shares

 

 

Amount

 

 

Retained
Earnings

 

 

Treasury
Shares

 

 

Comprehensive
Loss

 

 

Shareholders’
Equity

 

Balance, December 31, 2022

 

 

15,728,234

 

 

$

310,182

 

 

$

156,492

 

 

$

(73,794

)

 

$

(58,045

)

 

$

334,835

 

Cumulative-effect adjustment for adoption of
ASC 326

 

 

—

 

 

 

—

 

 

$

(6,069

)

 

 

—

 

 

 

—

 

 

$

(6,069

)

Balance January 1, 2023

 

 

15,728,234

 

 

$

310,182

 

 

$

150,423

 

 

$

(73,794

)

 

$

(58,045

)

 

$

328,766

 

Net Income

 

 

—

 

 

 

—

 

 

 

33,309

 

 

 

—

 

 

 

—

 

 

 

33,309

 

Other comprehensive loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(21,417

)

 

 

(21,417

)

Stock-based compensation

 

 

57,613

 

 

 

793

 

 

 

—