Ian Whinnem, Senior Vice President and Chief Financial Officer of Civista Bancshares, Inc. (NASDAQ:CIVB), recently purchased 1,000 shares of the company's common stock. The acquisition, completed on December 13, 2024, was executed at a price of $22.30 per share, amounting to a total transaction value of $22,300. The purchase comes as the stock has shown strong momentum, with a remarkable 52% gain over the past six months. According to InvestingPro analysis, the stock currently trades near its Fair Value. The transaction was reported on December 20, 2024, due to a delay in filing. Following this purchase, Whinnem directly owns 1,000 shares in Civista Bancshares. The $331.73M market cap bank currently offers a 3.08% dividend yield and trades at 0.84 times book value, with analyst price targets ranging from $21 to $26. InvestingPro subscribers can access additional insights, including 8 more ProTips and comprehensive valuation metrics.
In other recent news, Civista Bancshares reported an 18% quarterly increase in net income to $8.4 million, marking a $2 million decline year-over-year. The bank, currently in a transition phase, has seen decelerated loan growth and is managing its deposit and loan portfolio in anticipation of potential Federal Reserve rate cuts. Civista Bancshares has also opened 1,000 new deposit accounts through Ohio's Homebuyer Plus program, contributing to a $246 million increase in overall deposits. Net interest income rose by 5.3% to $29.2 million, and the bank declared a quarterly dividend of $0.16 per share.
These recent developments include a $200 million shelf offering and a branch closure for cost-saving measures. Despite a year-over-year decline in net income, the bank maintains strong capital levels with a Tier 1 leverage ratio of 8.45%. Civista Bancshares expects low single-digit loan growth in the upcoming quarters and aims to rebuild its tangible common equity ratio to between 7% and 7.5%. These expectations are based on the bank's strategic adjustments and disciplined approach to navigate potential shifts in the market.
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