Civista Bancshares, Inc. announced its unaudited financial results for the fourth quarter and full year ended December 31, 2024. The company reported fourth-quarter earnings per common share of $0.63, an increase from $0.53 in the third quarter of 2024, and full-year 2024 earnings per common share of $2.01.
Net interest income for the fourth quarter of 2024 increased by $2.1 million, or 7.3%, compared to the third quarter of 2024, with the net interest margin at 3.36%. For the full year, net interest income decreased by $8.8 million, or 7.0%, compared to 2023, and the net interest margin was 3.21%.
The company's deposit initiatives resulted in $226.8 million growth in deposits for the full year 2024, an increase of 7.6%. The allowance to total loans ratio was 1.29% at December 31, 2024, reflecting an improvement in qualitative factors. Noninterest income for the full year was $37.7 million, an increase of $0.6 million, or 1.6%, compared to 2023, demonstrating success in replacing revenue from the exited tax refund processing business.
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