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Civista Bancshares, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in total assets to $4,061,423 from $3,861,418 at the end of the previous year. This increase is primarily due to a rise in net loans and cash equivalents.
Net loans increased by $178,110, or 6.3%, since December 31, 2023, attributed to growth in several loan categories such as Commercial Real Estate and Residential Real Estate.
Total deposits increased by $238,704, or 8.0%, from the previous year-end, with notable growth in savings and money market accounts.
Interest income for the quarter was $52,741, up from $45,786 in the same quarter of the previous year, driven by higher loan yields and balances.
Interest expense increased to $23,508 from $14,282 in the prior year, primarily due to higher rates and balances of interest-bearing liabilities.
Net income for the quarter was $8,366, down from $10,387 in the same period last year. The decrease is attributed to higher interest expenses and a larger provision for credit losses.
The allowance for credit losses was increased by $1,346 during the quarter, reflecting loan growth and changes in economic conditions.
Noninterest income rose to $9,686 from $8,125 in the previous year, with increases in lease revenue and net gains on loan sales.
Noninterest expenses totaled $27,981, up from $26,622, driven by higher compensation costs.
Shareholders' equity increased to $394,438, supported by retained earnings and an increase in the fair value of securities.
The company maintains a conservative liquidity position with available-for-sale securities and credit availability with the Federal Home Loan Bank.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Civista Bancshares Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.