Civista Bancshares, Inc. Files Q1 2024 10-Q Report

TL;DR

<b>Civista Bancshares, Inc. (CIVB) has filed its Q1 2024 10-Q, detailing its financial position and loan portfolio.</b>

AI Summary

CIVISTA BANCSHARES, INC. (CIVB) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Civista Bancshares, Inc. filed its 10-Q report for the period ending March 31, 2024. The filing includes data on various loan categories, such as Commercial and Agriculture, Consumer and Other, and Real Estate Construction. Specific financial assets like Letters of Credit and Unallocated Financing Receivables are detailed. Information on the amortized cost basis of collateral-dependent loans is provided for different segments. The report references accounting standards updates, including ASU 2016-13 (CECL).

Why It Matters

For investors and stakeholders tracking CIVISTA BANCSHARES, INC., this filing contains several important signals. This 10-Q provides a snapshot of Civista's loan portfolio composition and asset values as of March 31, 2024, crucial for understanding its credit risk and revenue-generating assets. The inclusion of specific loan categories and accounting standard references (like CECL) offers insight into how the company manages and accounts for its loan risks and potential losses.

Risk Assessment

Risk Level: low — CIVISTA BANCSHARES, INC. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine financial disclosure.

Analyst Insight

Monitor future filings for trends in loan growth, asset quality, and net interest margin to assess the company's performance and risk exposure.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing date)
• 2024-05-09 — Filing Date (10-Q filing date)
• 6022 — Standard Industrial Classification (Commercial Banks)
• 1231 — Fiscal Year End (Company fiscal year end)

Key Players & Entities

• CIVISTA BANCSHARES, INC. (company) — Filer name
• CIVB (company) — Ticker symbol
• 2024-03-31 (date) — Reporting period end date
• 100 EAST WATER ST (address) — Business street address
• SANDUSKY (location) — Business city
• OH (location) — Business state
• 44870 (postal_code) — Business zip code
• OH (location) — State of incorporation

FAQ

Industry Context

Civista Bancshares operates within the commercial banking sector, a highly regulated industry sensitive to interest rate changes and economic conditions.

Regulatory Implications

As a bank holding company, Civista Bancshares is subject to oversight from federal and state banking regulators, including capital requirements and risk management standards.

What Investors Should Do

1. Review the full 10-Q for detailed financial statements and footnotes.
2. Analyze trends in loan origination, delinquencies, and non-performing assets.
3. Compare key financial ratios to industry benchmarks and historical performance.

Key Dates

• 2024-03-31: Quarterly Period End — Data reflects financial position as of this date.
• 2024-05-09: Filing Date — Official submission date of the 10-Q report.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial condition between annual reports.)

CECL

Current Expected Credit Losses, an accounting standard for estimating credit losses. (Impacts how financial institutions recognize and measure credit losses on financial instruments.)

Year-Over-Year Comparison

This filing represents the first quarterly report for fiscal year 2024, providing updated financial data compared to the previous year's filings.

Filing Documents

• civb-20240331.htm (10-Q) — 4768KB
• civb-ex31_1.htm (EX-31.1) — 13KB
• civb-ex31_2.htm (EX-31.2) — 13KB
• civb-ex32_1.htm (EX-32.1) — 6KB
• civb-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-056931.txt (&nbsp;) — 23203KB
• civb-20240331.xsd (EX-101.SCH) — 1628KB
• civb-20240331_htm.xml (XML) — 7267KB

Financial Statements

Financial Statements: 2 Consolidated Balance Sheets (Unaudited) March 31, 2024 and December 31, 2023 Consolidated Statements of Operations (Unaudited) Three months ended March 31, 2024 and 2023 2 Consolidated Statements of Comprehensive Income (Loss) (Unaudited) Three months ended March 31, 2024 and 2023 4 Consolidated Statement of Changes in Shareholders' Equity (Unaudited) Three months ended March 31, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) Three months ended March 31, 2024 and 2023 6 Notes to Interim Consolidated Financial Statements (Unaudited) 7 - 35 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 36 - 45 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 - 47 Item 4.

Controls and Procedures

Controls and Procedures 48 PART II. Other Information 49 Item 1.

Legal Proceedings

Legal Proceedings 49 Item 1A.

Risk Factors

Risk Factors 49 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 49 Item 3. Defaults Upon Senior Securities 49 Item 4. Mine Safety Disclosures 49 Item 5. Other Information 49 Item 6. Exhibits 50

– Financ ial Information

Part I – Financ ial Information

Financi al Statements

ITEM 1. Financi al Statements CIVISTA BANCSHARES, INC. Consolidated Balance Sheets (In thousands, except share data) March 31, 2024 (Unaudited) December 31, 2023 ASSETS Cash and due from financial institutions $ 50,310 $ 60,406 Investments in time deposits 1,450 1,225 Securities available-for-sale 606,249 618,272 Equity securities 2,027 2,169 Loans held for sale 3,716 1,725 Loans, net of allowance for credit losses of $ 38,849 and $ 36,170 2,859,290 2,824,568 Other securities 31,360 29,998 Premises and equipment, net 54,280 56,769 Accrued interest receivable 13,513 12,819 Goodwill 125,520 125,520 Other intangible assets, net 9,098 9,508 Bank owned life insurance 61,685 61,335 Swap assets 14,682 12,481 Deferred taxes 20,296 18,357 Other assets 26,782 26,266 Total assets $ 3,880,258 $ 3,861,418 LIABILITIES Deposits Noninterest-bearing $ 707,993 $ 771,699 Interest-bearing 2,272,702 2,213,329 Total deposits 2,980,695 2,985,028 Short-term Federal Home Loan Bank advances 368,500 338,000 Long-term Federal Home Loan Bank advances 2,211 2,392 Subordinated debentures 103,984 103,943 Other borrowings 8,105 9,859 Swap liabilities 14,682 12,481 Accrued expenses and other liabilities 32,422 37,713 Total liabilities 3,510,599 3,489,416 SHAREHOLDERS' EQUITY Common shares, no par value, 40,000,000 shares authorized, 19,328,525 shares issued at March 31, 2024 and 19,288,674 shares issued at December 31, 2023, including Treasury shares 311,352 311,166 Retained earnings 187,638 183,788 Treasury shares, 3,601,512 common shares at March 31, 2024 and 3,593,250 common shares at December 31, 2023, at cost ( 75,574 ) ( 75,422 ) Accumulated other comprehensive loss ( 53,757 ) ( 47,530 ) Total shareholders' equity 369,659 372,002 Total liabilities and shareholders' equi

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View this 10-Q filing on SEC EDGAR