Civista Bancshares, Inc. reported unaudited financial results for the third quarter ended September 30, 2024, with earnings per common share of $0.53, an increase from $0.45 in the previous quarter. Net interest income increased by $1.5 million, or 5.3%, compared to the second quarter of 2024.
The company achieved a $246 million growth in deposits and a $213 million reduction in wholesale borrowings during the quarter, which contributed to the improved earnings. The net interest margin for the third quarter of 2024 was 3.16%, a decrease of 53 basis points compared to 3.69% in the same period a year ago.
Credit quality remained strong, with the allowance to total loans ratio at 1.36% as of September 30, 2024, up from 1.30% at December 31, 2023. Noninterest income totaled $9.7 million, an increase of $1.6 million or 19.2% compared to the prior year's third quarter, reflecting growth in wealth management fees and lease revenue.
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