SANDUSKY, Ohio - Civista Bancshares, Inc. (NASDAQ: NASDAQ:CIVB), the parent company of Civista Bank, announced the retirement of its Senior Vice President and Controller, Todd Michel, effective today. After a tenure spanning nearly four decades with the financial institution, Michel's departure prompts the company to seek a new permanent replacement. Ian Whinnem, the current Senior Vice President and Chief Financial Officer, will assume the role of Principal Accounting Officer in the interim period.
Todd Michel's career with Civista began in 1985 as a seasonal teller while he was a student at Bowling Green State University. After graduating with a Bachelor of Science degree in business in 1988, he joined the bank's accounting department. Michel's commitment and contributions to the company were recognized with a promotion to Vice President and Controller in 1998, followed by another elevation to Senior Vice President in 2000.
Civista Bancshares, with a history dating back to 1884, is a $3.9 billion financial holding company. Its subsidiary, Civista Bank, provides a range of services including full-service banking, commercial lending, mortgage financing, and wealth management. The bank currently operates 43 locations across Ohio, Southeastern Indiana, and Northern Kentucky. Additionally, through Civista Leasing & Finance, a division of Civista Bank, commercial equipment leasing services are offered to businesses across the nation.
In other recent news, Civista Bancshares reported a mixed financial performance in its first quarter. The company reported a net income of $6.4 million, a decline from the previous year due to several factors, including a narrowing of the net interest margin (NIM) and a decrease in non-interest income. However, the company also reported better-than-expected outcomes in non-interest income and expenses. Financial firm Keefe, Bruyette & Woods subsequently lowered its price target for Civista Bancshares from $21.00 to $18.00 while maintaining an Outperform rating on the stock.
This adjustment was in response to the company's first-quarter results and the potential for further NIM compression in the upcoming quarter. Despite the challenges, Civista Bancshares remains optimistic about its future, citing strong loan growth and credit quality, and ongoing initiatives to increase revenue and reduce expenses. The company also authorized a new stock repurchase program of $13.5 million, reflecting its confidence in its financial position. These are recent developments in the company's financial performance and outlook.
InvestingPro Insights
As Civista Bancshares, Inc. (NASDAQ: CIVB) navigates a leadership transition with the retirement of its Senior Vice President and Controller, Todd Michel, the company's financial metrics and performance indicators offer a snapshot of its current market position. According to InvestingPro data, Civista Bancshares has a market capitalization of $274.75 million and a notable price-to-earnings (P/E) ratio of 7.56, which slightly increased to 7.85 over the last twelve months as of Q1 2024.
InvestingPro Tips highlight Civista's consistent dividend payouts, having maintained dividend payments for 14 consecutive years, demonstrating the company's commitment to shareholder returns. This commitment is further evidenced by a dividend yield of 3.85% as of the latest data. Additionally, the company has seen a significant return over the last week, with a 13.97% price total return, reflecting a positive short-term investor sentiment.
For readers interested in deeper analysis and more InvestingPro Tips for Civista Bancshares, a visit to https://www.investing.com/pro/CIVB reveals a wealth of information. There are 9 additional tips available, which can provide further insights into the company's financial health and future prospects. Investors looking to access these tips and utilize the full suite of tools on InvestingPro can use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.