US lender Civista Bancshares falls after Q3 profit declines

Civista Bancshares

27/10/2023 16:32

** Shares of lender Civista Bancshares  CIVB.O  fall 2.2% to
$15.10 
    ** Co posts Q3 net income of 66 cents/share vs 72
cents/shares, a year earlier 
    ** Co says net interest margin contracted 44 basis points to
3.69% in Q3, compared with 4.03% in the year-ago quarter 
    ** NIM has become a cause of investor anxiety for most banks
as higher deposit costs squeeze interest income, clouding the
outlook for the upcoming year  
    ** CIVB says interest-bearing deposit costs increased 172
basis points in the quarter from a year ago
    ** Including session moves, stock down ~31% YTD 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com))