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EX - 99.1 2 d242537dex991.htm EX - 99.1 CIVISTA BANCSHARES , INC . Exhibit 99.1 Civista Bancshares , Inc. Announces Third Quarter 2021 Financial Results Sandusky , Ohio , October 27 , 2021 / PRNewswire / - Civista Bancshares , Inc. ( NASDAQ : CIVB ) ( “ Civista ” ) announced its unaudited financial results for the three and nine months ending September 30 , 2021 . Third quarter and year - to - date 2021 highlights : • Net income of $ 9.6 million , or $ 0.64 per diluted share , for the third quarter of 2021 , compared to $ 7.7 million , or $ 0.48 per diluted share , for the third quarter of 2020 . Net income of $ 29.6 million , or $ 1.90 per diluted share , compared to $ 22.0 million , or $ 1.36 per diluted share , for the nine months ended September 30 , 2021 and 2020 , respectively . COVID - 19 loan deferrals decreased to 0.9 % of total loans at period end , compared to 3.6 % at December 31 , 2020 and 21.3 % at June 30 , 2020 . Third quarterly dividend of $ 0.14 is equivalent to an annualized yield of 2.41 % based on the September 30 , 2021 market close of $ 23.23 and a dividend payout ratio of 21.88 % . In the third quarter , we began the redeployment of $ 50.0 million excess liquidity into investment securities , yielding 1.80 % . " We turned in another solid Civista quarter . We redeployed excess cash into our investment portfolio to pick up yield . While mortgage refinancing is slowing down , our mortgage team had another good quarter ” said Dennis G. Shaffer , CEO and President of Civista . Results of Operations : For the three - month period ended September 30 , 2021 and 2020 Net interest income increased $ 2.4 million , or 11.0 % , for the third quarter of 2021 compared to the same period of 2020 , due to a $ 1.2 million increase in interest income of as well as a $ 1.2 million decrease in interest expense . Interest income included a $ 1.3 million increase on accretion of PPP loan fees during the quarter compared to last year .