The following is a summary of the Civista Bancshares, Inc. (CIVB) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Civista Bancshares, Inc. had a Q4 net income of $9.7 million, a decrease of 20.5% from Q4 2022, while their full-year net income of $43 million was a record, with 9% growth from 2022.

• Their loan and lease portfolio grew by 15.5% for the quarter and 12.4% for the full year.

• Net interest income declined compared to the previous quarter, but increased by 13.9% year over year.

• The company's tangible book value rose to $15.10 while the TCE ratio also went up, reaching 6.36%.

• Civista's efficiency ratio for Q4 was 64.1%, with a return on average assets of 1.02% and a return on average equity of 11.34%.

Business Progress:

• The growth in Civista's loan and lease portfolio was driven by new and renewed commercial and equipment finance loans, with the company expecting continued but slower growth in 2024.

• Focus for 2024 includes creating shareholder value, increasing non-interest income, and rebuilding the TCE ratio to between 7% and7.5%.

• Civista sees opportunities in deposit growth, market share expansion, and new customer acquisitions in urban markets.

• Bank's financial model projects limited influence from rate fluctuations.

• Civista bank is transitioning away from broker or non-core funding to align with more traditional strategies.

• Despite rising interest rates, Civista sees no significant pressure on its repriced loans, indicating strong cash flow and stability.

• For growth, the bank continues to perform well in the multifamily residential sector while being cautious with office exposure and monitoring the hotel sector closely.

More details: Civista Bancshares IR

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