Stocks
ETFs
Options
Commodities
Crypto
Currency
Pro Newsletters
Research Tools
Daily Feeds
Calendars
Economic Indicators
Class Actions
Calculators
Education
About Us
Working with TipRanks
Follow Us
Civista Bancshares Inc (CIVB)
NASDAQ:CIVB
Holding CIVB?
Track your performance easily
Earnings Data
Report Date
Feb 06, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
$0.53Last Year’s EPS
$0.62Same Quarter Last Year
Moderate Buy
Based on 4 Analysts Ratings
---
Earnings Call Summary
Earnings Call Date:Oct 29, 2024
|% Change Since: 16.21%
|Next Earnings Date:Feb 06, 2025
Earnings Call Sentiment|Positive
The earnings call for Civista Bancshares reflected a positive quarter with significant growth in net income and successful deposit initiatives. The company managed to expand its net interest margin despite challenges posed by a shift in funding reliance. While non-interest income declined, expense management was effective, and strategic initiatives are expected to yield further improvements.Company Guidance
During the third quarter 2024 earnings call for Civista Bancshares, a comprehensive set of metrics was discussed, highlighting both financial performance and strategic initiatives. Civista reported a net income of $8.4 million, or $0.53 per diluted share, marking an 18% increase over the previous quarter but a decrease from the same quarter in 2023. The bank's net interest income rose to $29.2 million, reflecting a 5.3% increase quarter-over-quarter, while the net interest margin expanded by 7 basis points to 3.16%. The loan and lease portfolio growth slowed to an annualized rate of 4%, with a reduction in the loan-to-deposit ratio from 102% to 95%. Civista successfully improved its deposit base, including $10.5 million from the Ohio Homebuyer Plus program and $100 million in deposits from the State of Ohio at 89 basis points, alongside $87 million moved from wealth management client cash balances. Non-interest income showed a mixed performance, decreasing by 8.1% from the linked quarter but increasing 19.2% from the previous year, driven by factors such as a $1.1 million decline in lease revenue and a $539,000 increase in gain on mortgage loan sales. Non-interest expense was $28 million, with a noted $800,000 reserve due to a reconciling item during system conversions. The bank's efficiency ratio improved to 70.2%, and the effective tax rate was 15.6% for the quarter. The tangible common equity ratio increased to 6.64%, with a goal to reach between 7% and 7.5%, while the allowance for credit losses stood at 1.36% of total loans. Civista also highlighted a $200 million shelf offering, the closure of a branch for annual savings of $234,000, and a quarterly dividend of $0.16 per share.Net Income Increase
Net income for Q3 2024 was $8.4 million, a $1.3 million or 18% increase over the linked quarter.
Successful Deposit Initiatives
Opened 1,000 new deposit accounts through the State of Ohio's Homebuyer Plus program, receiving $100 million in deposits at a cost of 89 basis points and $10.5 million in customer deposits.
Net Interest Margin Expansion
Net interest income increased by $1.5 million or 5.3% quarter-over-quarter, with the margin expanding by 7 basis points to 3.16%.
Decrease in Funding Costs
Replaced $200 million in brokered CDs with new CDs at a blended rate of 4.32%, saving 126 basis points.
Non-Interest Expense Control
Non-interest expense for the quarter was $28 million, representing an 8.1% decline from the linked quarter.
---
CIVB Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
---
CIVB Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Oct 29, 2024 | $18.35 | $18.59 | +1.31% |
| Jul 29, 2024 | $18.64 | $17.14 | -8.05% |
| Apr 30, 2024 | $14.35 | $13.86 | -3.41% |
| Feb 08, 2024 | $15.42 | $15.66 | +1.56% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
---
FAQ
When does Civista Bancshares Inc (CIVB) report earnings?
Civista Bancshares Inc (CIVB) is schdueled to report earning on Feb 06, 2025, TBA Not Confirmed.
What is Civista Bancshares Inc (CIVB) earnings time?
Civista Bancshares Inc (CIVB) earnings time is at Feb 06, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is CIVB EPS forecast?
CIVB EPS forecast for the fiscal quarter 2024 (Q4) is $0.53.
---