Exhibit 99.1
February 1, 2021
Dear Shareholder,
We are pleased to enclose (unless you have direct deposit) your February 1, 2021 dividend of $0.12 per common share. This is a $0.01 per share increase in your dividend. We continue to go through the exercise of balancing the retention of capital to be used for growth and financial stability versus the total return to you, our shareholder. Based on this exercise, we believe an increase was justified. Our stock closed at $17.53 on December 31, 2020.
As of this writing, we have not yet released our fourth quarter 2020 financial results. Those results will be released on February 5, 2021 and earnings will be posted to our corporate website at www.CIVB.com.
We had strong earnings through the first three quarters of 2020, and I anticipate a strong finish to the year as fourth quarter mortgage loan pipelines were robust and the accretion of income from the SBA’s Paycheck Protection Program (PPP), the government stimulus program for small businesses, has begun.
Speaking of PPP, in December 2020, a second COVID-19 stimulus bill was passed by Congress, and it included an additional $284 billion in money set aside for PPP loans. These loans are available both to businesses that did not receive a PPP loan in the first round and for companies that need another loan, although there are more stringent rules for applying for a second loan. The bank began accepting applications for this new round of funding during the week of January 18, 2021. For complete details regarding PPP 2.0, please refer to our website at www.civista.bank.
A second round of Economic Impact Payments (stimulus checks) were also released by the IRS to eligible individuals beginning December 30, 2020. Direct deposit payment for eligible recipients began the first week of January 2021 and the bank offers several self-service options including mobile banking, online banking, and 24/7 automated telephone account information for individuals to monitor direct deposit and transaction activity on their account. Individuals wishing to check the status of their payment must go to the “get my payment” portal at www.irs.gov.
As the COVID-19 pandemic persists, we continue to work closely with our customers and I invite anyone needing assistance to reach out to your banking officer or local branch for assistance. We also continue to evaluate the COVID-19 information made available to us by our local and state governments and health departments. At this time, approximately half of our employees continue to work from home and our branch lobbies remain closed as we try to do our part in slowing the spread of the virus. Branch drive-thru services are available during normal business hours and customers may schedule face-to-face meetings by appointment (masks are required). The safety and well-being of our employees and customers remains our top priority.
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