Civista Bancshares, Inc. Announces Unaudited Consolidated Earnings Results for Fourth Quarter and Full Year Ended December 31, 2017
January 26, 2018 at 08:42 am
Share
Civista Bancshares, Inc. announced unaudited consolidated earnings results for fourth quarter and full year ended December 31, 2017. For the quarter, the company reported interest income of $15,839,000 against $13,407,000 a year ago. Income before taxes was $5,806,000 against $4,999,000 a year ago. Net income available to common shareholders was $3,672,000 against $3,286,000 a year ago. Diluted earnings per share were $0.32 against $0.33 a year ago. Return on average assets of 1.05% against 1.05% a year ago. Return on average equity of 8.65% against 10.49% a year ago. Net interest income for the fourth quarter of 2017 increased $2.0 million, or 16.0% compared to the same period of 2016 and for the year ended December 31, 2017 increased $4.2 million, or 8.4%, compared to 2016. An increase in average loans outstanding primarily contributed to the increase in interest income for the fourth quarter and year ended 2017.
For the year, the company reported interest income of $58,594,000 against $53,567,000 a year ago. Net interest income was $54,502,000 against $50,259,000 a year ago. Income before taxes was $22,232,000 against $23,836,000 a year ago. Net income available to common shareholders was $14,628,000 against $15,716,000 a year ago. Diluted earnings per share were $1.28 against $1.57 a year ago. Return on average assets of 1.04% against 1.19% a year ago. Return on average equity of 9.19% against 12.9% a year ago. Book value per share was $16.39 against $14.22 a year ago.
Civista Bancshares, Inc. is a financial holding company. The Company, through its subsidiary, Civista Bank, is engaged in the business of community banking. Civista Bank through its locations in the Ohio counties of Erie, Crawford, Champaign, Cuyahoga, Franklin, Huron, Logan, Madison, Montgomery, Ottawa, Richland, Henry, Wood, and Summit, in the Indiana counties of Dearborn and Ripley and in the Kentucky county of Kenton, conducts a general banking business that involves collecting customer deposits, making loans, purchasing securities, and offering Trust services. Civista Bank is also engaged in a general equipment leasing and financing business through its Civista Leasing & Financing (CLF) division. Its Civista Wealth Management division offers investment advisory services to individuals, families, businesses, and non-profits with personalized investment management, 401(k) advisory services for employers, financial planning, and trust services.