Page 1

EX - 99.1 2 d37291dex991.htm EX - 99.1 Exhibit 99.1 CIVISTA BANCSHARES , INC . Civista Bancshares , Inc. Announces Second Quarter 2021 Financial Results Sandusky , Ohio , July 23 , 2021 / PRNewswire / - Civista Bancshares , Inc. ( NASDAQ : CIVB ) ( " Civista ” ) announced its unaudited financial results for the three and six months ending June 30 , 2021 . Second quarter and year - to - date 2021 highlights : Net income of $ 9.2 million , or $ 0.59 per diluted share , for the second quarter of 2021 , compared to $ 6.5 million , or $ 0.41 per diluted share , for the second quarter of 2020 . Net income of $ 19.9 million , or $ 1.27 per diluted share , compared to $ 14.3 million , or $ 0.88 per diluted share , for the six months ended June 30 , 2021 and 2020 , respectively . COVID - 19 loan deferrals decreased to 2.5 % of total loans at period end , compared to 3.6 % at December 31 , 2020 and 21.3 % at June 30 , 2020 . Second quarterly dividend of $ 0.12 is equivalent to an annualized yield of 2.17 % based on the June 30 , 2021 market close of $ 22.10 and a dividend payout ratio of 20.43 % . Executed a balance sheet restructuring to deploy excess liquidity which included the prepayment of a 2.05 % , $ 50.0 million FHLB advance , with a $ 3.7 million prepayment penalty . In addition , we recognized a $ 1.8 million gain on the sale of our VISA B shares . We also invested $ 100.0 million dollars into a mix of investment securities yielding 1.50 % . " Our team executed another great quarter financially as well as several key initiatives operationally . On June 9th , we introduced the new Civista Digital Banking which provides for a better customer experience in both the mobile and online platform . We restructured our balance sheet to reduce cost in the future . Our mortgage team had another great quarter and our commercial lending team has seen increases in demand . In July , we also increased our third quarter dividend 17 % . " said Dennis G. Shaffer , CEO and President of Civista . Results of Operations : For the three - month period ended June 30 , 2021 and 2020 Net interest income increased $ 1.8 million , or 8.0 % , for the second quarter of 2021 compared to the same period of 2020 , due to a $ 914 thousand increase in interest income of as well as an $ 852 thousand decrease in interest expense . Interest income included $ 2.8 million of accretion of PPP loan fees during the quarter .