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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, 2023

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 6, 2023—15,695,997 shares

 

 

 

 

CIVISTA BANCSHARES, INC.

Index

PART I.

Financial Information

 

2

 

Item 1.

Financial Statements:

 

2

 

 

Consolidated Balance Sheets (Unaudited) September 30, 2023 and December 31, 2022

 

 

Consolidated Statements of Operations (Unaudited) Three- and nine-months ended September 30, 2023 and 2022

2

 

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Three- and nine-months ended September 30, 2023 and 2022

4

 

Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)
Three- and nine-months ended September 30, 2023 and 2022

5

 

Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine months ended September 30, 2023 and 2022

7

 

Notes to Interim Consolidated Financial Statements (Unaudited)

8-38

Item 2.

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

39-52

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

53-54

Item 4.

Controls and Procedures

55

 

 

 

PART II.

Other Information

 

56

 

Item 1.

Legal Proceedings

56

Item 1A.

Risk Factors

56

Item 2.

Unregistered Sales of Equity Securities, Use of Proceeds and Issuer Purchases of Equity Securities

56

Item 3.

Defaults Upon Senior Securities

56

Item 4.

Mine Safety Disclosures

56

Item 5.

Other Information

56

Item 6.

Exhibits

57

Signatures

 

58

 

 

 

 

Part I – Financial Information

ITEM 1. Financial Statements

CIVISTA BANCSHARES, INC.

Consolidated Balance Sheets

(In thousands, except share data)

 

 

 

September 30, 2023

 

 

 

 

 

 

(Unaudited)

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

 

Cash and due from financial institutions

 

$

50,316

 

 

$

43,361

 

Investments in time deposits

 

 

1,472

 

 

 

1,477

 

Securities available-for-sale

 

 

593,487

 

 

 

615,402

 

Equity securities

 

 

2,021

 

 

 

2,190

 

Loans held for sale

 

 

1,589

 

 

 

683

 

Loans, net of allowance for credit losses of $35,280 and $28,511

 

 

2,719,610

 

 

 

2,518,155

 

Other securities

 

 

34,224

 

 

 

33,585

 

Premises and equipment, net

 

 

58,989

 

 

 

64,018

 

Accrued interest receivable

 

 

11,489

 

 

 

11,178

 

Goodwill

 

 

125,078

 

 

 

125,695

 

Other intangible assets, net

 

 

9,920

 

 

 

10,759

 

Bank owned life insurance

 

 

54,053

 

 

 

53,543

 

Swap assets

 

 

19,784

 

 

 

16,579

 

Deferred taxes

 

 

25,112

 

 

 

16,009

 

Other assets

 

 

25,772

 

 

 

25,196

 

Total assets

 

$

3,732,916

 

 

$

3,537,830

 

LIABILITIES

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

Noninterest-bearing

 

$

802,614

 

 

$

896,333

 

Interest-bearing

 

 

1,993,129

 

 

 

1,723,651

 

Total deposits

 

 

2,795,743

 

 

 

2,619,984

 

Short-term Federal Home Loan Bank advances

 

 

431,500

 

 

 

393,700

 

Securities sold under agreements to repurchase

 

 

-

 

 

 

25,143

 

Long-term Federal Home Loan Bank advances

 

 

2,573

 

 

 

3,578

 

Subordinated debentures

 

 

103,921

 

 

 

103,799

 

Other borrowings

 

 

10,964

 

 

 

15,516

 

Swap liabilities

 

 

19,784

 

 

 

16,579

 

Securities purchased payable

 

 

1,755

 

 

 

1,338

 

Tax refunds in process

 

 

493

 

 

 

278

 

Accrued expenses and other liabilities

 

 

33,438

 

 

 

23,080

 

Total liabilities

 

 

3,400,171

 

 

 

3,202,995

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

Common shares, no par value, 40,000,000 shares authorized, 19,288,674 shares issued
    at September 30, 2023 and 19,231,061 shares issued at December 31, 2022, including
    Treasury shares

 

 

310,975

 

 

 

310,182

 

Retained earnings

 

 

176,644

 

 

 

156,492

 

Treasury shares, 3,592,677 common shares at September 30, 2023 and 3,502,827 common
    shares at December 31, 2022, at cost

 

 

(75,412

)

 

 

(73,794

)

Accumulated other comprehensive loss

 

 

(79,462

)

 

 

(58,045

)

Total shareholders’ equity

 

 

332,745

 

 

 

334,835

 

Total liabilities and shareholders’ equity

 

$

3,732,916

 

 

$

3,537,830

 

 

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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

39,732

 

 

$

27,176

 

 

$

114,108

 

 

$

70,065

 

Taxable securities

 

 

2,999

 

 

 

2,936

 

 

 

8,817

 

 

 

6,431

 

Tax-exempt securities

 

 

2,336

 

 

 

1,998

 

 

 

6,917

 

 

 

5,669

 

Deposits in other banks

 

 

719

 

 

 

423

 

 

 

818

 

 

 

1,098

 

Total interest and dividend income

 

 

45,786

 

 

 

32,533

 

 

 

130,660

 

 

 

83,263

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

9,584

 

 

 

936

 

 

 

20,350

 

 

 

2,351

 

Federal Home Loan Bank advances

 

 

3,261

 

 

 

181

 

 

 

10,668

 

 

 

564

 

Subordinated debentures

 

 

1,239

 

 

 

975

 

 

 

3,606

 

 

 

2,701

 

Securities sold under agreements to repurchase and other

 

 

198

 

 

 

2

 

 

 

592

 

 

 

8

 

Total interest expense

 

 

14,282

 

 

 

2,094

 

 

 

35,216

 

 

 

5,624

 

Net interest income

 

 

31,504

 

 

 

30,439

 

 

 

95,444

 

 

 

77,639

 

Provision for credit losses

 

 

630

 

 

 

300

 

 

 

2,111

 

 

 

1,000

 

Net interest income after provision for loan losses

 

 

30,874

 

 

 

30,139

 

 

 

93,333

 

 

 

76,639

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

Service charges

 

 

1,853

 

 

 

1,885

 

 

 

5,457

 

 

 

5,004

 

Net gain on sale of securities

 

 

—

 

 

 

4

 

 

 

—

 

 

 

10

 

Net gain (loss) on equity securities

 

 

69

 

 

 

(133

)

 

 

(169

)

 

 

(44

)

Net gain on sale of loans and leases

 

 

787

 

 

 

637

 

 

 

2,033

 

 

 

2,146

 

ATM/Interchange fees

 

 

1,424

 

 

 

1,394

 

 

 

4,227

 

 

 

3,990

 

Wealth management fees

 

 

1,197

 

 

 

1,208

 

 

 

3,570

 

 

 

3,713

 

Lease revenue and residual income

 

 

1,913

 

 

 

—

 

 

 

6,160

 

 

 

—

 

Bank owned life insurance

 

 

266

 

 

 

255

 

 

 

830

 

 

 

732

 

Tax refund processing fees

 

 

—

 

 

 

—

 

 

 

2,375

 

 

 

2,375

 

Swap fees

 

 

21

 

 

 

—

 

 

 

198

 

 

 

—

 

Other

 

 

595

 

 

 

484

 

 

 

3,661

 

 

 

1,086

 

Total noninterest income

 

 

8,125

 

 

 

5,734

 

 

 

28,342

 

 

 

19,012

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense

 

 

14,054

 

 

 

12,484

 

 

 

44,137

 

 

 

36,654

 

Net occupancy expense

 

 

1,368

 

 

 

1,252

 

 

 

4,096

 

 

 

3,428

 

Equipment expense

 

 

2,687

 

 

 

637

 

 

 

8,214

 

 

 

1,694

 

Contracted data processing

 

 

651

 

 

 

846

 

 

 

1,730

 

 

 

1,899

 

FDIC assessment

 

 

438

 

 

 

170

 

 

 

1,215

 

 

 

568

 

State franchise tax

 

 

590

 

 

 

629

 

 

 

1,770

 

 

 

1,848

 

Professional services

 

 

1,010

 

 

 

1,335

 

 

 

3,804

 

 

 

3,593

 

Amortization of intangible assets

 

 

398

 

 

 

456

 

 

 

1,195

 

 

 

890

 

ATM/Interchange expense

 

 

619

 

 

 

604

 

 

 

1,814

 

 

 

1,659

 

Marketing

 

 

497

 

 

 

372

 

 

 

1,542

 

 

 

1,069

 

Software maintenance expense

 

 

1,052

 

 

 

942

 

 

 

2,989

 

 

 

2,440

 

Other operating expenses

 

 

3,388

 

 

 

2,828

 

 

 

9,792

 

 

 

7,450

 

Total noninterest expense

 

 

26,752

 

 

 

22,555

 

 

 

82,298

 

 

 

63,192

 

Income before taxes

 

 

12,247

 

 

 

13,318

 

 

 

39,377

 

 

 

32,459

 

Income tax expense

 

 

1,860

 

 

 

2,206

 

 

 

6,068

 

 

 

5,180

 

Net Income

 

$

10,387

 

 

$

11,112

 

 

$

33,309

 

 

$

27,279

 

Earnings per common share, basic

 

$

0.66

 

 

$

0.72

 

 

$

2.12

 

 

$

1.82

 

Earnings per common share, diluted

 

$

0.66

 

 

$

0.72

 

 

$

2.12

 

 

$

1.82

 

 

See notes to interim unaudited consolidated financial statements

Page 3

 

CIVISTA BANCSHARES, INC.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

(In thousands)

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Net income

 

$

10,387

 

 

$

11,112

 

 

$

33,309

 

 

$

27,279

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

(30,058

)

 

 

(29,926

)

 

 

(27,217

)

 

 

(99,837

)

Tax effect

 

 

6,366

 

 

 

6,300

 

 

 

5,800

 

 

 

21,043

 

Reclassification of gains recognized in net income

 

 

—

 

 

 

(4

)

 

 

—

 

 

 

(10

)

Tax effect

 

 

—

 

 

 

—

 

 

 

—

 

 

 

2

 

Pension liability adjustment

 

 

—

 

 

 

69

 

 

 

—

 

 

 

208

 

Tax effect

 

 

—

 

 

 

(15

)

 

 

—

 

 

 

(44

)

Total other comprehensive (loss)

 

 

(23,692

)

 

 

(23,576

)

 

 

(21,417

)

 

 

(78,638

)

Comprehensive income (loss)

 

$

(13,305

)

 

$

(12,464

)

 

$

11,892

 

 

$

(51,359

)

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, 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

 

 

—

 

 

 

—