Civista Bancshares raises dividend to 17 cents per share

Published 22/01/2025, 13:06
Civista Bancshares raises dividend to 17 cents per share

SANDUSKY, Ohio - Civista Bancshares, Inc. (NASDAQ:CIVB), the financial holding company of Civista Bank, has announced an increase in its quarterly dividend. The Board of Directors approved a payment of 17 cents per common share, which is a 1 cent rise from the previous quarter's dividend. According to InvestingPro data, this marks the company's 14th consecutive year of dividend increases. Shareholders on record as of February 4, 2025, will be eligible for the dividend, scheduled for payment on February 18, 2025.

The increased dividend translates to a total payout of approximately $2.7 million. With Civista's stock closing at $21.30 on January 21, 2025, the new dividend rate yields an annualized return of 3.19%. The stock has shown strong momentum with a 25.84% return over the past year, and InvestingPro analysis indicates the stock is currently fairly valued, trading at a P/E ratio of 10.66.

Established in 1884, Civista Bank offers a range of banking services, including commercial lending, mortgage, and wealth management. It operates 42 branches across Ohio, Southeastern Indiana, and Northern Kentucky. Civista Bancshares trades on the NASDAQ Capital Market and provides additional commercial equipment leasing services through Civista Leasing & Finance, a division of Civista Bank.

The announcement of the dividend increase is part of Civista's financial performance strategy and business prospects. However, as with any forward-looking statements, they are subject to the safe harbor protections under the Private Securities Litigation Reform Act of 1995.

This dividend declaration is based on a press release statement from Civista Bancshares, Inc.

In other recent news, Civista Bancshares reported a mixed bag of Q3 results. The company's net income rose by 18% to $8.4 million, or $0.53 per diluted share, compared to the previous quarter, despite a $2 million decline year-over-year. The bank is currently undergoing a transition phase, adjusting to changes in overdraft processing and moving away from its income tax refund processing relationship.

Civista Bancshares also reported a deceleration in loan growth and is actively managing its deposit and loan portfolio in anticipation of potential Federal Reserve rate cuts. The bank managed to open 1,000 new deposit accounts through Ohio's Homebuyer Plus program, contributing to a $246 million increase in overall deposits. However, non-interest income decreased by 8.1% from the prior quarter.

Analysts from various firms have noted these developments. Despite a decline in net income year-over-year and slowed loan growth, Civista Bancshares has shown successful deposit growth through the Ohio Homebuyer Plus program and wealth management client conversions. The bank's capital levels remain strong, with a Tier 1 leverage ratio at 8.45%.

Looking ahead, Civista Bancshares expects low single-digit loan growth in the coming quarters and aims to rebuild its tangible common equity ratio to between 7% and 7.5%. These are among the recent developments for Civista Bancshares.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2025 - Fusion Media Limited. All Rights Reserved.