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1. Company Snapshot

1.a. Company Description

Civista Bancshares, Inc.operates as the financial holding company for Civista Bank that provides community banking services.It collects a range of customer deposits; and offers commercial and agriculture, commercial and residential real estate, farm real estate, real estate construction, consumer, and other loans, as well as letters of credit.


The company also purchases securities; and provides trust and third-party insurance services.It operates approximately 42 locations in Northern, Central, Southwestern, and Northwestern Ohio, as well as Southeastern Indiana and Northern Kentucky.The company was formerly known as First Citizens Banc Corp and changed its name to Civista Bancshares, Inc.


in May 2015.Civista Bancshares, Inc.was founded in 1884 and is headquartered in Sandusky, Ohio.

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1.b. Last Insights on CIVB

Civista Bancshares' recent performance was driven by mixed results, justifying a wait-and-see approach. Despite beating earnings estimates, the bank's net interest margin and return metrics declined slightly. Loans and deposits grew significantly, with total loan balances up 7.7% and deposits rising 7.6% year-over-year, driven by commercial real estate and home construction loans. However, the company's asset quality improved, with lower loan loss provisions and increased allowances for credit losses.

1.c. Company Highlights

2. Civista Bancshares Reports Strong Earnings Growth

Civista Bancshares reported a net income of $12.3 million, or $0.61 per diluted share, for the fourth quarter, representing a $2.4 million or 24% increase over the same period in 2024. For the full year, net income was $46.2 million or $2.64 per diluted share, compared to $31.7 million or $2.01 per diluted share in 2024. The company's actual EPS came out at $0.68 for the quarter, beating estimates of $0.61. Net interest income for the quarter was $36.5 million, a $1.9 million or 5.5% increase over the linked quarter and a $5.1 million or 16% increase over the fourth quarter in 2024. The net interest margin expanded by 11 basis points to 3.69%.

Publication Date: Mar -09

📋 Highlights
  • Net Income Growth:: Fourth-quarter net income of $12.3M (+24% YoY) and $46.2M annual net income (+45.7% YoY) highlights strong profitability.
  • Net Interest Income Expansion:: Q4 NII rose 5.5% QoQ to $36.5M, with NIM expanding 11 bps to 3.69%.
  • Dividend Increase:: Quarterly dividend raised to $0.18/share (+5.7%), reflecting confidence in capital returns.
  • Capital Strength:: Tangible common equity ratio reached 9.54%, supported by $685M in securities for liquidity.
  • Efficiency Gains:: Efficiency ratio improved to 57.7% (from 61.4% prior quarter), signaling better cost management.

Operational Highlights

The company closed its acquisition of Farmers Savings Bank, adding $106 million in loans and $236 million in low-cost deposits. The efficiency ratio improved to 57.7% compared to 61.4% for the linked quarter and 68.3% for the same period in 2024. The company's return on average equity continues to create capital, supporting organic growth and investment in technology, people, and infrastructure.

Outlook and Guidance

Civista Bancshares anticipates mid-single-digit loan growth in 2026 and expects to maintain its loan-to-deposit ratio within its targeted range of 90-95%. The company views its security portfolio as a source of liquidity, totaling $685 million, or 15.8% of its balance sheet. The management is confident about the company's prospects, citing a healthy capital position and a solid credit quality.

Valuation and Dividend

With a Price-to-Tangible Book Value (P/TBV) of approximately 1.05 (using a P/B ratio of 0.84 and adjusting for tangible book value), Civista Bancshares appears reasonably valued. The Dividend Yield stands at 3.06%, providing a relatively attractive return for income-seeking investors. The company's quarterly dividend was increased to $0.18 per share, representing a 5.9% increase over the prior quarter.

Credit Quality and Capital Management

The company's credit quality remains solid, with delinquencies low and consistent with the prior year-end. The CRE to risk-based capital ratio was 275% at year-end, and the tangible common equity ratio increased to 9.54%. The capital stack is healthy, with no immediate need for optimization, and the company has a $13.5 million authorization for share repurchases in place.

3. NewsRoom

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Civista Bancshares Announces Retirement of Dennis Shaffer; Chuck Parcher to Become CEO

Mar -02

Source: prnewswire.com

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Civista Bancshares, Inc. Appoints Veronica Doucette as an Officer of the Holding Company

Feb -26

Source: prnewswire.com

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Hillsdale Investment Management Inc. Has $2.70 Million Position in Civista Bancshares, Inc. $CIVB

Feb -23

Source: defenseworld.net

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Civista Bancshares, Inc. (NASDAQ:CIVB) Short Interest Down 14.8% in January

Feb -16

Source: defenseworld.net

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Civista Bancshares Q4 Earnings Call Highlights

Jan -31

Source: defenseworld.net

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Civista Bancshares, Inc. (CIVB) Q4 2025 Earnings Call Transcript

Jan -29

Source: seekingalpha.com

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Civista Bancshares (CIVB) Q4 Earnings: Taking a Look at Key Metrics Versus Estimates

Jan -29

Source: zacks.com

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Civista Bancshares (CIVB) Q4 Earnings and Revenues Top Estimates

Jan -29

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.00%)

6. Segments

Community Banking

Expected Growth: 3.0%

Civista Bancshares, Inc.'s Community Banking segment growth of 3.0% is driven by strategic branch expansion, increased commercial lending, and a focus on customer relationships. Additionally, investments in digital banking platforms and targeted marketing initiatives have contributed to deposit growth and improved customer acquisition.

7. Detailed Products

Commercial Loans

Civista Bancshares, Inc. offers a range of commercial loans to businesses, including term loans, lines of credit, and construction loans, to help them achieve their financial goals.

Consumer Loans

The company offers various consumer loans, including personal loans, home equity loans, and mortgage loans, to help individuals achieve their personal financial goals.

Deposit Services

Civista Bancshares, Inc. offers a range of deposit services, including checking and savings accounts, certificates of deposit, and individual retirement accounts, to help individuals and businesses manage their finances.

Treasury Management Services

The company offers treasury management services, including cash management, wire transfer, and account reconciliation, to help businesses manage their cash flow and optimize their financial performance.

Wealth Management Services

Civista Bancshares, Inc. offers wealth management services, including investment management, trust services, and retirement planning, to help individuals and businesses achieve their long-term financial goals.

Mortgage Banking

The company offers mortgage banking services, including mortgage loan origination and servicing, to help individuals and businesses achieve their homeownership goals.

8. Civista Bancshares, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Civista Bancshares, Inc. is medium due to the presence of alternative financial institutions and digital banking platforms.

Bargaining Power Of Customers

The bargaining power of customers for Civista Bancshares, Inc. is low due to the lack of concentration of buyers and the limited ability of individual customers to influence prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Civista Bancshares, Inc. is medium due to the presence of multiple suppliers of financial services and technology.

Threat Of New Entrants

The threat of new entrants for Civista Bancshares, Inc. is low due to the high barriers to entry in the banking industry, including regulatory hurdles and capital requirements.

Intensity Of Rivalry

The intensity of rivalry for Civista Bancshares, Inc. is high due to the presence of multiple competitors in the banking industry, leading to a highly competitive market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 55.01%
Debt Cost 5.02%
Equity Weight 44.99%
Equity Cost 7.84%
WACC 6.29%
Leverage 122.27%

11. Quality Control: Civista Bancshares, Inc. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
United Bancorp

A-Score: 6.0/10

Value: 4.4

Growth: 4.9

Quality: 4.4

Yield: 10.0

Momentum: 5.5

Volatility: 7.0

1-Year Total Return ->

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South Plains Financial

A-Score: 5.9/10

Value: 6.5

Growth: 5.8

Quality: 6.6

Yield: 4.0

Momentum: 5.0

Volatility: 7.7

1-Year Total Return ->

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Stock-Card
Civista Bancshares

A-Score: 5.9/10

Value: 5.9

Growth: 5.7

Quality: 6.2

Yield: 6.0

Momentum: 5.0

Volatility: 6.7

1-Year Total Return ->

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MVB Financial

A-Score: 5.9/10

Value: 4.2

Growth: 4.9

Quality: 6.2

Yield: 5.0

Momentum: 8.0

Volatility: 7.0

1-Year Total Return ->

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Old Second Bancorp

A-Score: 5.9/10

Value: 5.5

Growth: 7.6

Quality: 6.1

Yield: 2.0

Momentum: 6.0

Volatility: 8.0

1-Year Total Return ->

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Brookline Bancorp

A-Score: 5.7/10

Value: 6.3

Growth: 4.2

Quality: 4.6

Yield: 9.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

22.25$

Current Price

22.25$

Potential

-0.00%

Expected Cash-Flows