Civista Bancshares Files Q3 2024 10-Q

TL;DR

CIVB's Q3 10-Q is in: financials look stable, watch loan portfolio details.

AI Summary

Civista Bancshares, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and positions, including specific loan portfolio segments and their delinquency status. Key financial data points from the report will provide insights into the company's operational health and risk exposure.

Why It Matters

This filing provides crucial financial health indicators for Civista Bancshares, impacting investor confidence and potential lending decisions.

Risk Assessment

Risk Level: medium — The filing contains detailed financial data, including loan portfolio specifics and past-due receivables, which are standard for a financial institution but require careful analysis.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Latest financial data available)
• 2023-12-31 — Previous Year End Date (For comparative analysis)
• 2023-06-30 — Previous Quarter End Date (For sequential analysis)

Key Players & Entities

• CIVISTA BANCSHARES, INC. (company) — Filer
• 20240930 (date) — Period of Report
• 20241112 (date) — Filing Date
• SANDUSKY (location) — Company Headquarters
• OH (location) — Company Headquarters State

FAQ

Filing Documents

• civb-20240930.htm (10-Q) — 5845KB
• civb-ex31_1.htm (EX-31.1) — 14KB
• civb-ex31_2.htm (EX-31.2) — 14KB
• civb-ex32_1.htm (EX-32.1) — 7KB
• civb-ex32_2.htm (EX-32.2) — 6KB
• 0000950170-24-124617.txt ( ) — 26009KB
• civb-20240930.xsd (EX-101.SCH) — 1629KB
• civb-20240930_htm.xml (XML) — 8111KB

Financial Statements

Financial Statements: 2 Consolidated Balance Sheets (Unaudited) September 30, 2024 and December 31, 2023 2 Consolidated Statements of Operations (Unaudited) Three- and nine-months ended September 30, 2024 and 2023 3 Consolidated Statements of Comprehensive Income (Unaudited) Three- and nine-months ended September 30, 2024 and 2023 4 Consolidated Statement of Changes in Shareholders' Equity (Unaudited) Three- and nine-months ended September 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) Nine-months ended September 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) September 30, 2024 (Unaudited) December 31, 2023 ASSETS Cash and due from financial institutions $ 74,662 $ 60,406 Investments in time deposits 1,450 1,225 Securities available-for-sale 626,788 618,272 Equity securities 2,325 2,169 Loans held for sale 8,299 1,725 Loans, net of allowance for credit losses of $ 41,268 and $ 37,160 3,002,678 2,824,568 Other securities 32,633 29,998 Premises and equipment, net 49,967 56,769 Accrued interest receivable 13,614 12,819 Goodwill 125,520 125,520 Other intangible assets, net 8,309 9,508 Bank owned life insurance 62,912 61,335 Swap assets 8,196 12,481 Deferred taxes 17,659 18,357 Other assets 26,411 26,266 Total assets $ 4,061,423 $ 3,861,418 LIABILITIES Deposits Noninterest-bearing $ 686,316 $ 771,699 Interest-bearing 2,537,416 2,213,329 Total deposits 3,223,732 2,985,028 Short-term Federal Home Loan Bank advances 287,047 338,000 Long-term Federal Home Loan Bank advances 1,598 2,392 Subordinated debentures 104,067 103,943 Other borrowings 6,319 9,859 Swap liabilities 8,196 12,481 Accrued expenses and other liabilities 36,026 37,713 Total liabilities 3,666,985 3,489,416 SHAREHOLDERS' EQUITY Common shares, no par value, 40,000,000 shares authorized, 19,338,734 shares issued at September 30, 2024 and 19,288,674 shares issued at December 31, 2023, including Treasury shares 311,901 311,166 Retained earnings 198,034 183,788 Treasury shares, 3,602,206 common shares at September 30, 2024 and 3,593,250 common shares at December 31, 2023, at cost ( 75,586 ) ( 75,422 ) Accumulated other comprehensive loss ( 39,911 ) ( 47,530 ) Total shareholders' equity 394,438 372,002 Total liabilities and sharehol

View Full Filing

View this 10-Q filing on SEC EDGAR