Q2 2024 Civista Bancshares Inc Earnings Call Transcript
Key Points
- Civista Bancshares Inc (CIVB) reported net income of $7.1 million for Q2 2024, a 10% increase over Q1 2024.
- The company announced a quarterly dividend of $0.16 per share, maintaining a 3.37% yield.
- Non-interest income increased by $2 million or 24% from Q1 2024, driven by leasing operations and wealth management fees.
- Loan and lease portfolio grew at an annual rate of 16%, indicating strong loan demand.
- The company is undertaking several deposit initiatives to attract more low-cost deposits and reduce dependency on higher interest funding sources.
- Net income declined by $3 million compared to Q2 2023.
- Higher cost of funding continues to put pressure on the net interest margin, which contracted by 13 basis points to 3.09% for the quarter.
- Allowance for credit losses increased due to strong loan growth and a $500,000 charge-off related to a fraud event.
- Non-interest expense increased by $866,000 or 3.1% over Q1 2024, primarily due to annual merit increases and software expenses.
- The tangible common equity ratio decreased slightly from 6.28% in Q1 2024 to 6.18% in Q2 2024, indicating a need to rebuild capital.
Before we begin, I would like to remind you that this conference call may contain forward-looking statements with respect the future performance and financial condition of Civista Bancshares, Inc. that involves risks and uncertainties. Various factors could cause actual results to differ. Clearly different from any future results or growth are implied by such forward-looking statements.
These factors are discussed in the Company's SEC filings, which are available on the company's website. Company disclaims any obligation to update any forward-looking statements made during the call. Additionally, management may refer to non-GAAP measures, which are intended to supplement, but not such the most directly comparable GAAP measures.
The press release also available on the company's website contains the financial and other quantitative information to be discussed today as well as the reconciliation of the GAAP to non-GAAP measures, this call will be recorded and made available on Civista Bancshares website www.CIVB.com at the
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