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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, 2022 

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 3, 2022—15,727,360 shares

 

 

 

 

 

CIVISTA BANCSHARES, INC.

Index

 

PART I.

 

Financial Information

  

 

2

 

Item 1.

 

Financial Statements:

  

 

2

 

 

 

Consolidated Balance Sheets (Unaudited) September 30, 2022 and December 31, 2021

  

 

2

 

 

 

Consolidated Statements of Operations (Unaudited) Three- and nine-months ended September 30, 2022 and 2021

  

 

3

 

 

 

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
Three- and nine-months ended September 30, 2022 and 2021

  

 

4

 

 

 

Consolidated Statement of Changes in Shareholders’ Equity (Unaudited)
Three- and nine-months ended September 30, 2022 and 2021

  

 

5

 

 

 

Condensed Consolidated Statements of Cash Flows (Unaudited)
Nine months ended September 30, 2022 and 2021

  

 

7

 

 

 

Notes to Interim Consolidated Financial Statements (Unaudited)

  

 

8-39

 

Item 2.

 

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

  

 

40-53

 

Item 3.

 

Quantitative and Qualitative Disclosures About Market Risk

  

 

54-55

 

Item 4.

 

Controls and Procedures

  

 

56

 

 

 

 

PART II.

 

Other Information

  

 

57

 

Item 1.

 

Legal Proceedings

  

 

57

 

Item 1A.

 

Risk Factors

  

 

57

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

  

 

57

 

Item 3.

 

Defaults Upon Senior Securities

  

 

57

 

Item 4.

 

Mine Safety Disclosures

  

 

57

 

Item 5.

 

Other Information

  

 

57

 

Item 6.

 

Exhibits

  

 

58

 

Signatures

 

 

  

 

59

 

 

 

 

 

 

Part I – Financial Information

ITEM 1.

Financial Statements

CIVISTA BANCSHARES, INC.

Consolidated Balance Sheets

(In thousands, except share data)

 

 

 

September 30, 2022

 

 

 

 

 

 

 

(Unaudited)

 

 

December 31, 2021

 

ASSETS

 

 

 

 

 

 

 

 

Cash and due from financial institutions

 

$

40,914

 

 

$

253,459

 

Restricted cash

 

 

-

 

 

 

10,780

 

Cash and cash equivalents

 

 

40,914

 

 

 

264,239

 

Investments in time deposits

 

 

1,479

 

 

 

1,730

 

Securities available-for-sale

 

 

602,046

 

 

 

559,874

 

Equity securities

 

 

2,028

 

 

 

1,072

 

Loans held for sale

 

 

3,491

 

 

 

1,972

 

Loans, net of allowance of $27,773 and $26,641

 

 

2,300,841

 

 

 

1,971,238

 

Other securities

 

 

18,578

 

 

 

17,011

 

Premises and equipment, net

 

 

30,168

 

 

 

22,445

 

Accrued interest receivable

 

 

9,175

 

 

 

7,385

 

Goodwill

 

 

101,652

 

 

 

76,851

 

Other intangible assets, net

 

 

11,554

 

 

 

7,581

 

Bank owned life insurance

 

 

53,291

 

 

 

46,641

 

Swap assets

 

 

18,448

 

 

 

11,072

 

Deferred taxes

 

 

25,118

 

 

 

980

 

Other assets

 

 

22,936

 

 

 

22,814

 

Total assets

 

$

3,241,719

 

 

$

3,012,905

 

LIABILITIES

 

 

 

 

 

 

 

 

Deposits

 

 

 

 

 

 

 

 

Noninterest-bearing

 

$

944,241

 

 

$

788,906

 

Interest-bearing

 

 

1,764,012

 

 

 

1,627,795

 

Total deposits

 

 

2,708,253

 

 

 

2,416,701

 

Short-term Federal Home Loan Bank advances

 

 

55,000

 

 

 

—

 

Securities sold under agreements to repurchase

 

 

20,155

 

 

 

25,495

 

Long-term Federal Home Loan Bank advances

 

 

6,723

 

 

 

75,000

 

Subordinated debentures

 

 

103,778

 

 

 

103,735

 

Swap liabilities

 

 

18,448

 

 

 

11,072

 

Securities purchased payable

 

 

2,611

 

 

 

3,524

 

Tax refunds in process

 

 

2,709

 

 

 

549

 

Accrued expenses and other liabilities

 

 

21,440

 

 

 

21,617

 

Total liabilities

 

 

2,939,117

 

 

 

2,657,693

 

SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Common shares, no par value, 40,000,000 shares authorized, 18,731,167 shares

   issued at September 30, 2022 and 17,709,584 shares issued at December 31, 2021,

   including Treasury shares

 

 

299,515

 

 

 

277,741

 

Retained earnings

 

 

146,546

 

 

 

125,558

 

Treasury shares, 3,495,622 common shares at September 30, 2022 and 2,755,384

   common shares at December 31, 2021, at cost

 

 

(73,641

)

 

 

(56,907

)

Accumulated other comprehensive income (loss)

 

 

(69,818

)

 

 

8,820

 

Total shareholders’ equity

 

 

302,602

 

 

 

355,212

 

Total liabilities and shareholders’ equity

 

$

3,241,719

 

 

$

3,012,905

 

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Interest and dividend income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans, including fees

 

$

27,176

 

 

$

22,704

 

 

$

70,065

 

 

$

68,140

 

Taxable securities

 

 

2,936

 

 

 

1,423

 

 

 

6,431

 

 

 

3,928

 

Tax-exempt securities

 

 

1,998

 

 

 

1,555

 

 

 

5,669

 

 

 

4,599

 

Deposits in other banks

 

 

423

 

 

 

102

 

 

 

1,098

 

 

 

341

 

Total interest and dividend income

 

 

32,533

 

 

 

25,784

 

 

 

83,263

 

 

 

77,008

 

Interest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

 

936

 

 

 

970

 

 

 

2,351

 

 

 

3,366

 

Federal Home Loan Bank advances

 

 

181

 

 

 

194

 

 

 

564

 

 

 

968

 

Subordinated debentures

 

 

975

 

 

 

182

 

 

 

2,701

 

 

 

553

 

Securities sold under agreements to repurchase and other

 

 

2

 

 

 

5

 

 

 

8

 

 

 

19

 

Total interest expense

 

 

2,094

 

 

 

1,351

 

 

 

5,624

 

 

 

4,906

 

Net interest income

 

 

30,439

 

 

 

24,433

 

 

 

77,639

 

 

 

72,102

 

Provision for loan losses

 

 

300

 

 

 

—

 

 

 

1,000

 

 

 

830

 

Net interest income after provision for loan losses

 

 

30,139

 

 

 

24,433

 

 

 

76,639

 

 

 

71,272

 

Noninterest income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Service charges

 

 

1,885

 

 

 

1,519

 

 

 

5,004

 

 

 

4,092

 

Net gain on sale of securities

 

 

4

 

 

 

4

 

 

 

10

 

 

 

1,787

 

Net gain (loss) on equity securities

 

 

(133

)

 

 

50

 

 

 

(44

)

 

 

191

 

Net gain on sale of loans

 

 

637

 

 

 

1,612

 

 

 

2,146

 

 

 

6,575

 

ATM/Interchange fees

 

 

1,394

 

 

 

1,330

 

 

 

3,990

 

 

 

3,950

 

Wealth management fees

 

 

1,208

 

 

 

1,236

 

 

 

3,713

 

 

 

3,570

 

Bank owned life insurance

 

 

255

 

 

 

261

 

 

 

732

 

 

 

752

 

Tax refund processing fees

 

 

—

 

 

 

—

 

 

 

2,375

 

 

 

2,375

 

Swap fees

 

 

—

 

 

 

41

 

 

 

—

 

 

 

135

 

Other

 

 

484

 

 

 

373

 

 

 

1,086

 

 

 

1,214

 

Total noninterest income

 

 

5,734

 

 

 

6,426

 

 

 

19,012

 

 

 

24,641

 

Noninterest expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Compensation expense

 

 

12,484

 

 

 

11,390

 

 

 

36,654

 

 

 

34,578

 

Net occupancy expense

 

 

1,252

 

 

 

985

 

 

 

3,428

 

 

 

3,216

 

Equipment expense

 

 

637

 

 

 

444

 

 

 

1,694

 

 

 

1,340

 

Contracted data processing

 

 

846

 

 

 

429

 

 

 

1,899

 

 

 

1,362

 

FDIC assessment

 

 

170

 

 

 

247

 

 

 

568

 

 

 

829

 

State franchise tax

 

 

629

 

 

 

511

 

 

 

1,848

 

 

 

1,607

 

Professional services

 

 

1,335

 

 

 

776

 

 

 

3,593

 

 

 

2,255

 

Amortization of intangible assets

 

 

456

 

 

 

223

 

 

 

890

 

 

 

668

 

ATM/Interchange expense

 

 

604

 

 

 

594

 

 

 

1,659

 

 

 

1,843

 

Marketing

 

 

372

 

 

 

359

 

 

 

1,069

 

 

 

1,000

 

Software maintenance expense

 

 

942

 

 

 

819

 

 

 

2,440

 

 

 

1,872

 

Other operating expenses

 

 

2,828

 

 

 

2,474

 

 

 

7,450

 

 

 

10,132

 

Total noninterest expense

 

 

22,555

 

 

 

19,251

 

 

 

63,192

 

 

 

60,702

 

Income before taxes

 

 

13,318

 

 

 

11,608

 

 

 

32,459

 

 

 

35,211

 

Income tax expense

 

 

2,206

 

 

 

1,966

 

 

 

5,180

 

 

 

5,647

 

Net Income

 

$

11,112

 

 

$

9,642

 

 

$

27,279

 

 

$

29,564

 

Earnings per common share, basic

 

$

0.72

 

 

$

0.64

 

 

$

1.82

 

 

$

1.90

 

Earnings per common share, diluted

 

$

0.72

 

 

$

0.64

 

 

$

1.82

 

 

$

1.90

 

Weighted average common shares, basic

 

 

15,323,294

 

 

 

15,096,162

 

 

 

14,907,539

 

 

 

15,479,424

 

Weighted average common shares, diluted

 

 

15,323,294

 

 

 

15,096,162

 

 

 

14,907,539

 

 

 

15,479,424

 

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,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Net income

 

$

11,112

 

 

$

9,642

 

 

$

27,279

 

 

$

29,564

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized holding losses on available-for-sale securities

 

 

(29,926

)

 

 

(3,107

)

 

 

(99,837

)

 

 

(6,977

)

Tax effect

 

 

6,300

 

 

 

652

 

 

 

21,043

 

 

 

1,465

 

Reclassification of gains recognized in net income

 

 

(4

)

 

 

(4

)

 

 

(10

)

 

 

(2

)

Tax effect

 

 

—

 

 

 

—

 

 

 

2

 

 

 

—

 

Pension liability adjustment

 

 

69

 

 

 

81

 

 

 

208

 

 

 

244

 

Tax effect

 

 

(15

)

 

 

(17

)

 

 

(44

)

 

 

(51

)

Total other comprehensive loss

 

 

(23,576

)

 

 

(2,395

)

 

 

(78,638

)

 

 

(5,321

)

Comprehensive income (loss)

 

$

(12,464

)

 

$

7,247

 

 

$

(51,359

)

 

$

24,243

 

 

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, 2022

 

 

14,537,433

 

 

$

278,240

 

 

$

137,592

 

 

$

(67,528

)

 

$

(46,242

)

 

$

302,062

 

Net Income

 

 

—

 

 

 

—

 

 

 

11,112

 

 

 

—

 

 

 

—

 

 

 

11,112

 

Other comprehensive loss

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—