Page 1

EX - 99.1 2 d123551dex991.htm EX - 99.1 Exhibit 99.1 CIVISTA BANCSHARES , INC . Civista Bancshares , Inc. Announces First Quarter 2021 Financial Results Sandusky , Ohio , April 23 , 2021 / PRNewswire / Civista Bancshares , Inc. ( NASDAQ : CIVB ) ( " Civista ” ) announced its unaudited financial results for the three months ending March 31 , 2021 . First quarter highlights Net income of $ 10.8 million , or $ 0.68 per diluted share , for the first quarter of 2021 , compared to $ 7.8 million , or $ 0.47 per diluted share , for the first quarter of 2020 . COVID - 19 loan deferrals in effect were 3.4 % of total loans at period end , compared to 3.6 % at December 31 , 2020 and 21.3 % at June 30 , 2020. The bank has not experienced any specific loan losses attributed to COVID - 19 closures in 2020 or 2021 . Quarterly dividend increased to $ 0.12 which is equivalent to a yield of 2.09 % based on the March 31 , 2021 market close of $ 22.94 and a dividend payout ratio of 17.65 % . Recorded quarterly gain on sale of mortgage loans of $ 2.7 million compared to $ 827 thousand for the same period last year . " I am very pleased with the results of the first quarter of 2021. Our mortgage business set a record for the most revenue in a quarter in our Company's history . We continue to work toward a digital transformation with our online and mobile banking and expect to have new offerings in these areas before the end of the second quarter . In the midst of increasing our digital offerings we are constantly looking at our branch footprint . We will be closing two of our smaller offices in July . We have continued to manage capital through our stock repurchase program as well as dividends . We announced this week a new stock repurchase authorization and increased in our dividend in January 2021. ” said Dennis G. Shaffer , President and CEO of Civista . Results of Operations : For the three - month period ended March 31 , 2021 and 2020 Net interest income increased $ 1.7 million , or 7.7 % , for the first quarter of 2021 compared to the same period of 2020 , due to a $ 723 thousand increase in interest income of as well as a decrease in interest expense of $ 1.0 million . Interest income included $ 3.1 million of accretion of Paycheck Protection Program ( " PPP " ) loan fees during the quarter .