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Civista Bancshares Inc. (CIVB+2.60%) has submitted its 10-K filing for the fiscal year ended December 31, 2024.
The filing reports total consolidated assets of $4,098,469, up from $3,861,418 in the previous year. The increase in assets was primarily due to a rise in net loans and securities available for sale.
Net loans increased by 7.7% to $3,041,561, with growth observed across most loan segments. Commercial & Agriculture loans increased by $23,695, while Residential Real Estate loans rose by $104,028.
The allowance for credit losses was reported at $39,669, with provisions for credit losses totaling $5,364 for the year. This reflects an increase from the previous year's provision of $4,435.
Total deposits grew by 7.6% to $3,211,870, driven by increases in savings and money market accounts. Noninterest-bearing demand deposits decreased by $76,605.
Net interest income for 2024 was $116,710, a decrease of 7.0% from the previous year. The decline was attributed to an increase in interest expense outpacing the rise in interest income.
Noninterest income increased slightly to $37,748, with notable contributions from net gain on sale of loans and leases, lease revenue, and wealth management fees.
Noninterest expense rose by 4.6% to $112,520, primarily due to higher compensation expenses and FDIC assessments.
Net income for the year was $31,683, down from $42,964 in 2023. The decrease was influenced by the reduction in net interest income and increased noninterest expenses.
The company maintains a robust capital position, with shareholders' equity totaling $388,502 at year-end, reflecting a 4.4% increase from the prior year.
Civista Bancshares continues to focus on expanding its core deposit base and leveraging its residential mortgage banking infrastructure to support growth in non-interest income.
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. annual 10-K report dated March 10, 2025. To report an error, please email earnings@qz.com.