Civista Bancshares Inc 2024年度报告

LETTER FROMTHE CEO A Message from'HQQLV*6KDljHU3UHVLGHQW&KLHI([HFXWLYH2njFHU I am pleased to present to you the annualreport for Civista Bancshares, Inc. for the yearending December 31, 2024. The year has beenone of meaningful progress and achievementfor our company, and I am proud to share ouraccomplishments and future outlook with you. ),1$1&,$/3(5)250$1&( In 2024, we reported net income of $31.7 million,or $2.01 per diluted share, compared to $43.0million, or $2.73 per diluted share, in 2023. ϮϬϮϰǁĂƐĂƚƌĂŶƐŝƟŽŶLJĞĂƌĨŽƌƵƐĂŶĚĨŽƌƚŚĞbanking industry. Regulatory reform and marginĐŽŶƚƌĂĐƟŽŶďƌŽƵŐŚƚŽŶďLJĂĐŽŵƉĞƟƟǀĞĚĞƉŽƐŝƚƌĂƚĞĞŶǀŝƌŽŶŵĞŶƚŝŵƉĂĐƚĞĚƉƌŽĮƚĂďŝůŝƚLJĂĐƌŽƐƐthe industry. Rising deposit costs caused interestexpense to increase, and deposits repriced fasterƚŚĂŶůŽĂŶƐ͕ƚŚƵƐĂĚǀĞƌƐĞůLJŝŵƉĂĐƟŶŐŽƵƌŶĞƚinterest margin. /ŶĂĚĚŝƟŽŶ͕ǁĞŚĂĚƚŽŵĂŬĞƵƉĂƉƉƌŽdžŝŵĂƚĞůLJ$5.2 million in non-interest income as we exitedthe third-party tax processing business, we ĞƉŽƐŝƚĐŽƐƚƐǁĞƌĞƵƉƐŝŐŶŝĮĐĂŶƚůLJLJĞĂƌͲŽǀĞƌͲLJĞĂƌand as a result, our net interest margin declinedfrom 3.70% in 2023 to 3.21% in 2024. Our increaseŝŶĚĞƉŽƐŝƚĐŽƐƚǁĂƐƉƌŝŵĂƌŝůLJĂƩƌŝďƵƚĂďůĞƚŽŵŽƌĞĐŽŵƉĞƟƟŽŶĨŽƌĚĞƉŽƐŝƚƐ͕ĂŐƌĞĂƚĞƌƌĞůŝĂŶĐĞŽŶǁŚŽůĞƐĂůĞĨƵŶĚŝŶŐ͕ĂŶĚĐƵƐƚŽŵĞƌƐƐŚŝŌŝŶŐŽƵƚŽĨnon-interest bearing deposits to interest bearingdeposits. Deposit costs did stabilize throughout theyear and our net interest margin troughed in thesecond quarter. We had margin expansion duringƚŚĞůĂƐƚƚǁŽƋƵĂƌƚĞƌƐŽĨƚŚĞLJĞĂƌĂŶĚĂƌĞĐĂƵƟŽƵƐůLJŽƉƟŵŝƐƟĐĨŽƌĐŽŶƟŶƵĞĚŝŵƉƌŽǀĞŵĞŶƚŝŶϮϬϮϱ͘ ƌĞĚƵĐĞĚŽǀĞƌĚƌĂŌĨĞĞƐĚƵĞƚŽƌĞŐƵůĂƚŽƌLJƌĞĨŽƌŵ͕ĂŶĚǁĞŚĂĚƚŽƌĞƉůĂĐĞĂŽŶĞͲƟŵĞĐĂƌĚďƌĂŶĚrenewal fee. Despite some of these challenges, our employeesƌŽƐĞƚŽƚŚĞŽĐĐĂƐŝŽŶ͘tĞŝŶĐƌĞĂƐĞĚƌĞƐŝĚĞŶƟĂůŵŽƌƚŐĂŐĞƉƌŽĚƵĐƟŽŶĂŶĚŚĂĚŵŽƌĞŐĂŝŶŽŶƐĂůĞof mortgage income; we increased loan and leaseƉƌŽĚƵĐƟŽŶĂŶĚĞĂƌŶĞĚŵŽƌĞůĞĂƐĞĂŶĚƌĞƐŝĚƵĂůincome; and we cross-sold more products whichŝŶĐƌĞĂƐĞĚƐĞƌǀŝĐĞĐŚĂƌŐĞŝŶĐŽŵĞ͘ƐĂƌĞƐƵůƚ͕our non-interest income of $37.7 million, wasapproximately $585,000 higher in 2024 than theprevious year. Loan and Lease balances grew by $219.5 million,an increase of 7.7%. Most of the growth occurredin commercial, non-owner occupied commercialƌĞĂůĞƐƚĂƚĞ͕ƌĞƐŝĚĞŶƟĂůƌĞĂůĞƐƚĂƚĞĂŶĚƌĞĂůĞƐƚĂƚĞĐŽŶƐƚƌƵĐƟŽŶůŽĂŶƐ͘ƚĞĐĞŵďĞƌϯϭ͕ϮϬϮϰ͕ŽƵƌůŽĂŶƚŽĚĞƉŽƐŝƚƌĂƟŽǁĂƐϵϲй͘ ĞƉŽƐŝƚďĂůĂŶĐĞƐĨŽƌƚŚĞLJĞĂƌŐƌĞǁďLJΨϮϮϲ͘ϴŵŝůůŝŽŶ͕ĂŶŝŶĐƌĞĂƐĞŽĨϳ͘ϲй͕ĂƐǁĞŚĂĚŽƌŐĂŶŝĐgrowth in savings and money market accounts andŝŶƟŵĞĚĞƉŽƐŝƚƐ͘dŚŝƐǁĂƐƉĂƌƟĐƵůĂƌůLJĞŶĐŽƵƌĂŐŝŶŐĂƐŽƌŐĂŶŝĐĚĞƉŽƐŝƚŐƌŽǁƚŚŚĂƐďĞĞŶƌĞůĂƟǀĞůLJŇĂƚthe last several years. Despite the higher interest rate environment, ourĐƌĞĚŝƚƋƵĂůŝƚLJĐŽŶƟŶƵĞƐƚŽƌĞŵĂŝŶƐƚƌŽŶŐ͘tĞŚĂĚŵŝŶŝŵĂůĚĞůŝŶƋƵĞŶĐŝĞƐĂŶĚĐŚĂƌŐĞͲŽīƐĨŽƌƚŚĞLJĞĂƌ͘KƵƌĂůůŽǁĂŶĐĞĨŽƌůŽĂŶůŽƐƐĞƐƚŽůŽĂŶƐƌĂƟŽwas 1.29% at year end, compared to 1.30% atDecember 31, 2023. &(/(%5$7,1*<($56 In 2024, Civista Bank proudly celebrated 140LJĞĂƌƐŽĨƐĞƌǀŝŶŐŽƵƌĐƵƐƚŽŵĞƌƐĂŶĚĐŽŵŵƵŶŝƟĞƐ͘^ŝŶĐĞŽƵƌĨŽƵŶĚŝŶŐŝŶϭϴϴϰĂƐŝƟnjĞŶƐEĂƟŽŶĂůĂŶŬ͕ǁĞŚĂǀĞĐŽŶƟŶƵŽƵƐůLJĂĚĂƉƚĞĚƚŽƚŚĞŶĞĞĚƐof our customers while maintaining our strongĐŽŵŵŝƚŵĞŶƚƚŽĮŶĂŶĐŝĂůƐƚĞǁĂƌĚƐŚŝƉ͘ Over the decades, we have grown from a singlestorefront in Sandusky, Ohio, into a regionalĮŶĂŶĐŝĂůŝŶƐƟƚƵƟŽŶƐĞƌǀŝŶŐĐƵƐƚŽŵĞƌƐĂĐƌŽƐƐKŚŝŽ͕^ŽƵƚŚĞĂƐƚĞƌŶ/ŶĚŝĂŶĂ͕ĂŶĚEŽƌƚŚĞƌŶ<ĞŶƚƵĐŬLJ͘We have embraced advancements in banking, We launched severalƌĞůĂƟŽŶƐŚŝƉͲĚƌŝǀĞŶĚĞƉŽƐŝƚŝŶŝƟĂƟǀĞƐƚŚƌŽƵŐŚŽƵƚƚŚĞLJĞĂƌ͕which contributed to goodŽƌŐĂŶŝĐŐƌŽǁƚŚĂŶĚƉŽƐŝƟǀĞůLJŝŵƉĂĐƚĞĚŽƵƌĮŶĂŶĐŝĂůƌĞƐƵůƚƐ͘^ŽŵĞŽĨƚŚĞƐĞŝŶŝƟĂƟǀĞƐŝŶĐůƵĚĞĚĚĞĞƉĞŶŝŶŐƌĞůĂƟŽŶƐŚŝƉƐwith loan customers to expanddeposit balances, movingwealth management clientcash balances, which were heldoutside the bank, back to ourďĂůĂŶĐĞƐŚĞĞƚ͕ĂŶĚƉĂƌƟĐŝƉĂƟŶŐin the State of Ohio’s HomebuyerPlus program. 140th ANNIVERSARYDennis Shaffer, CEO and President of Civista Bancshares,joins the Dublin office in their celebration of Civista Bank’s 140th Anniversary. ĨƌŽŵŝŶƚƌŽĚƵĐŝŶŐ^ĂŶĚƵƐŬLJ͛ƐĮƌƐƚdDŝŶϭϵϳϲƚŽlaunching mobile banking in 2011. tĞĐŽŶƟŶƵĞƚŽŵĂŬĞƐƚƌŝĚĞƐŝŶƉŽƐŝƟŽŶŝŶŐĚŝŐŝƚĂůƚŽŐƌŽǁƚŚĞďĂŶŬ͘/ŶϮϬϮϰ͕we launched our new digital small businessůĞŶĚŝŶŐƉůĂƞŽƌŵǁŚŝĐŚƐƚƌĞĂŵůŝŶĞƐŽƵƌĞdžŝƐƟŶŐprocess providing quicker decisioning and greaterƐĂƟƐĨĂĐƟŽŶĨŽƌďŽƚŚĐƵƐƚŽŵĞƌƐĂŶĚĞŵƉůŽLJĞĞƐ͘tĞƵƉŐƌĂĚĞĚŽƵƌĨƌĂƵĚĚĞƚĞĐƟŽŶƉůĂƞŽƌŵ͕ǁŚŝĐŚis used throughout the company and digitally, dŚŝƐĂŶŶŝǀĞƌƐĂƌLJǁĂƐŶŽƚũƵƐƚĂƌĞŇĞĐƟŽŶŽŶŽƵƌƉĂƐƚďƵƚĂƌĞĂĸƌŵĂƟŽŶŽĨŽƵƌŵŝƐƐŝŽŶƚŽďƵŝůĚƐƚƌŽŶŐ͕ůĂƐƟŶŐƌĞůĂƟŽŶƐŚŝƉƐǁŝƚŚŽƵƌĐƵƐƚŽŵĞƌƐ͘ƐǁĞůŽŽŬĂŚĞĂĚ͕ǁĞƌĞŵĂŝŶĐŽŵŵŝƩĞĚƚŽŝŶŶŽǀĂƟŽŶ͕ƐĞƌǀŝĐĞĞdžĐĞůůĞŶĐĞ͕ĂŶĚƐƚƌĞŶŐƚŚĞŶŝŶŐƚŚĞĐŽŵŵƵŶŝƟĞƐǁĞƉƌŽƵĚůLJĐĂůůŚŽŵĞ͘ 675$7(*,&35,25,7,(6 Throughout 2024, we focused on several keyƐƚƌĂƚĞŐŝĐƉƌŝŽƌŝƟĞƐĂŝŵĞĚĂƚŐƌŽǁŝŶŐƌĞůĂƟŽŶƐŚŝƉƐĂŶĚĐŽƌĞĚĞƉŽƐŝƚƐ͕ƉŽƐŝƟŽŶŝŶŐĚŝŐŝƚĂůƚŽŐƌŽǁƚŚĞďĂŶŬ͕ůĞǀĞƌĂŐŝŶŐƚĞĐŚŶŽůŽŐLJƚŽŽƉƟŵŝnjĞƉƌŽĮƚĂďŝůŝƚLJĂŶĚŝŶǀĞƐƟŶŐŝŶŽƵƌĞŵƉůŽLJĞĞƐĂŶĚĐƵůƚƵƌĞ͘ dŚĞƐĞƐƚƌĂƚĞŐŝĐƉƌŝŽƌŝƟĞƐǁŝůůďĞ