Civista Bancshares, Inc. (NASDAQ:CIVB) Q2 2023 Earnings Conference Call July 28, 2023 7:30 PM ET

Company Participants

Dennis Shaffer - President and Chief Executive Officer

Charles Parcher - Senior Vice President and Chief Lending Officer

Richard Dutton - Senior Vice President Chief Operating Officer

Paul Stark - Senior Vice President

Conference Call Participants

Terry McEvoy - Stephens

Nick Cucharale - Hovde

Tim Switzer - KBW

Manuel Navas - D.A. Davidson

Daniel Cardenas - Janney

Operator

Good afternoon. Before we begin, I would like to remind you that this conference call may contain forward-looking statements with respect to the future performance and financial condition of Civista Bancshares, Inc., that involve risks and uncertainties. Various factors could cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. These factors are discussed in the company's SEC filings, which are available on the company's website. The company disclaims any obligation to update any forward-looking statements made during the call.

Additionally, management may refer to non-GAAP measures, which are intended to supplement, but not substitute the most directly comparable GAAP measures. The press release, also available on the company's website contains the financial and other quantitative information to be discussed today as well as the reconciliation of the GAAP to non-GAAP measures.

The call will be recorded and made available on Civista Bancshares' website at www.civb.com. At the conclusion of Mr. Shaffer's remarks, he and the Civista management team will be -- will take any questions you may have.

Now I'll turn the call over to Mr. Shaffer.

Dennis Shaffer

Good afternoon. This is Dennis Shaffer, President and CEO of Civista Bancshares, Inc., and I would like to thank you for joining us for our second quarter 2023 earnings call. I'm joined today by: Richard Dutton, SVP of the company and Chief Operating Officer of the Bank; Chuck Parcher, SVP of the company and Chief Lending Officer of the Bank; and other members of our executive team.

This morning, we reported net income for the second quarter of $10 million or $0.64 per diluted share, which represents a 20.8% increase over our second quarter in 2022, and net income of $22.9 million or $1.45 per diluted share for the six months ended June 30, 2023, which represents a 41.8% increase over the first half of 2022's performance. Our margin, which was 3.99% year-to-date and 3.86% for the quarter continues to drive our earnings.