Civista Bancshares reports Q3 EPS 53c, consensus 44c

Net interest margin decreased 53 basis points to 3.16% for the third quarter of 2024, compared to 3.69% for the same period a year ago. “We’re pleased with our third-quarter earnings and performance. This quarter, we maintained a disciplined approach to loan and deposit pricing and effectively implemented our downward beta strategy. We also launched some of our deposit initiatives, that better aligned our lending and core funding. As a result, we increased deposits by $246 million and reduced wholesale borrowings by $213 million, contributing to an Earnings Per Share of $0.53, up from $0.45 last quarter.”, said Dennis Shaffer, CEO and President of Civista. “Our credit quality remains strong, as we continue to support lending and deepen our customer relationships. We’re committed to meeting the rising demand for housing and construction financing, ensuring we address the needs of our customers and communities. With a strong third quarter coupled with the inflection in our net interest margin, we’re well positioned for a strong finish to 2024.”, Shaffer commented.