Civista Bancshares Q2 2024 10-Q Filed

TL;DR

CIVB 10-Q filed: Q2 2024 financials show asset details, including real estate and investments. Check for unrealized gains/losses.

AI Summary

Civista Bancshares, Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial assets, including those not past due in residential and farm real estate portfolios, as well as commercial real estate. It also references accumulated net unrealized investment gains and losses from the prior year's second quarter and details Federal Home Loan Bank advances as of December 31, 2023.

Why It Matters

This filing provides a snapshot of Civista Bancshares' financial health and asset portfolio as of mid-2024, crucial for investors assessing its stability and performance.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data, including asset classifications and unrealized gains/losses, which can indicate potential financial risks or strengths.

Key Numbers

• 2024-06-30 — Reporting Period End Date (The end of the fiscal quarter for which financial information is reported.)
• 2024-08-09 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 1231 — Fiscal Year End (Indicates the end of the company's fiscal year.)

Key Players & Entities

• CIVISTA BANCSHARES, INC. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• 20240809 (date) — Filing Date
• OH (location) — State of Incorporation
• SANDUSKY (location) — Business Address City

FAQ

Filing Documents

• civb-20240630.htm (10-Q) — 5737KB
• civb-ex31_1.htm (EX-31.1) — 13KB
• civb-ex31_2.htm (EX-31.2) — 14KB
• civb-ex32_1.htm (EX-32.1) — 6KB
• civb-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-094734.txt ( ) — 25712KB
• civb-20240630.xsd (EX-101.SCH) — 1618KB
• civb-20240630_htm.xml (XML) — 8042KB

Financial Statements

Financial Statements: 2 Consolidated Balance Sheets (Unaudited) June 30, 2024 and December 31, 2023 2 Consolidated Statements of Operations (Unaudited) Three- and six-months ended June 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Unaudited) Three- and six-months ended June 30, 2024 and 2023 4 Consolidated Statement of Changes in Shareholders' Equity (Unaudited) Three- and six-months ended June 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) Six-months ended June 30, 2024 and 2023 7 Notes to Interim Consolidated Financial Statements (Unaudited) 8 - 36 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 37 - 49 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 - 51 Item 4.

Controls and Procedures

Controls and Procedures 52 PART II. Other Information 53 Item 1.

Legal Proceedings

Legal Proceedings 53 Item 1A.

Risk Factors

Risk Factors 53 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 53 Item 3. Defaults Upon Senior Securities 53 Item 4. Mine Safety Disclosures 53 Item 5. Other Information 53 Item 6. Exhibits 54

– 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) June 30, 2024 (Unaudited) December 31, 2023 ASSETS Cash and due from financial institutions $ 55,760 $ 60,406 Investments in time deposits 1,450 1,225 Securities available-for-sale 609,765 618,272 Equity securities 2,101 2,169 Loans held for sale 5,369 1,725 Loans, net of allowance for credit losses of $ 39,919 and $ 37,160 2,975,077 2,824,568 Other securities 37,615 29,998 Premises and equipment, net 52,142 56,769 Accrued interest receivable 14,543 12,819 Goodwill 125,520 125,520 Other intangible assets, net 8,707 9,508 Bank owned life insurance 63,367 61,335 Swap assets 14,545 12,481 Deferred taxes 20,614 18,357 Other assets 25,339 26,266 Total assets $ 4,011,914 $ 3,861,418 LIABILITIES Deposits Noninterest-bearing $ 691,203 $ 771,699 Interest-bearing 2,286,413 2,213,329 Total deposits 2,977,616 2,985,028 Short-term Federal Home Loan Bank advances 500,500 338,000 Long-term Federal Home Loan Bank advances 1,841 2,392 Subordinated debentures 104,026 103,943 Other borrowings 7,156 9,859 Swap liabilities 14,545 12,481 Accrued expenses and other liabilities 32,422 37,713 Total liabilities 3,638,106 3,489,416 SHAREHOLDERS' EQUITY Common shares, no par value, 40,000,000 shares authorized, 19,338,734 shares issued at June 30, 2024 and 19,288,674 shares issued at December 31, 2023, including Treasury shares 311,529 311,166 Retained earnings 192,186 183,788 Treasury shares, 3,601,512 common shares at June 30, 2024 and 3,593,250 common shares at December 31, 2023, at cost ( 75,574 ) ( 75,422 ) Accumulated other comprehensive loss ( 54,333 ) ( 47,530 ) Total shareholders' equity 373,808 372,002 Total liabilities and shareholders' equity

View Full Filing

View this 10-Q filing on SEC EDGAR