Download PDF

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.

Show Full description

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' Q3 Earnings Exceed Expectations with Strong Net Income Growth

Civista Bancshares reported a net income of $12.8 million, or $0.68 per diluted share, for the third quarter of 2025, representing a 53% increase over the same period in 2024. The company's net interest income totaled $34.5 million, with a net interest margin of 3.58%. The funding cost declined by 5 basis points to 2.27%. The actual EPS of $0.68 exceeded estimates of $0.61, indicating a strong financial performance.

Publication Date: Oct -27

📋 Highlights
  • Net Income Growth:: Q3 2025 net income rose 53% YoY to $12.8M ($0.68 per diluted share).
  • Capital Raise:: Follow-on stock offering raised $80.5M via 3.78M new shares, funding growth initiatives.
  • Dividend Consistency:: Maintained $0.17/share dividend (25% payout ratio), in line with prior quarter.
  • Efficiency Improvement:: Efficiency ratio dropped to 61.5% (from 64.5% QoQ) despite $700K in merger-related expenses.
  • Loan-to-Deposit Ratio:: Declined to 95.8% (vs. 95.8% QoQ), expected to reach 90–95% post-Farmers acquisition.

Capital Raise and Dividend Announcement

In July, Civista completed a follow-on common stock offering, issuing approximately 3.78 million new shares and raising $80.5 million of new capital. The company announced a quarterly dividend of $0.17 per share, consistent with the prior quarter, and a dividend payout ratio of nearly 25%. The dividend yield stands at 3.02%, which is an attractive feature for income-seeking investors.

Loan Growth and Credit Quality

Total loans and leases declined by $55.1 million, primarily due to payoffs from businesses being sold and real estate projects leasing up. However, the company is confident in achieving mid-single-digit loan growth for the fourth quarter and mid- to high single-digit growth across 2026. Credit quality remains strong, with criticized credits virtually unchanged at $93.3 million. As Charles Parcher mentioned, "we're confident in achieving mid-single-digit pace for the fourth quarter and mid- to high across 2026" in terms of loan growth.

Valuation and Outlook

The company's Price-to-Tangible Book Value (P/TBV) can be derived from the given Price-to-Book Ratio (P/B Ratio) of 0.74. With a Net Interest Margin (NIM) of 3.58% and a Dividend Yield of 3.02%, Civista Bancshares appears to be reasonably valued. Analysts estimate next year's revenue growth at 11.5%. With a strong capital position, a Tier 1 leverage ratio of 11%, and a tangible common equity ratio of 9.21%, the company is well-positioned for organic growth and prudent investment.

Earnings Guidance and Future Prospects

The company has increased its expected earnings for the remainder of the year, resulting in a 16% to 16.5% year-to-date range. Ian Whinnem mentioned that they anticipate staying in this range for the fourth quarter. With a strong finish to the year and a strong start in 2026, Dennis Shaffer expressed bullishness on the company's future, citing a focus on organic growth, deepening relationships, and growing fee income.

3. NewsRoom

Card image cap

Comparing Civista Bancshares (NASDAQ:CIVB) & First Financial Bancorp. (NASDAQ:FFBC)

Nov -22

Source: defenseworld.net

Card image cap

Civista Bancshares, Inc. $CIVB Shares Acquired by Bailard Inc.

Nov -15

Source: defenseworld.net

Card image cap

Civista Bancshares Completes Merger with The Farmers Savings Bank, Expanding Community Banking Footprint in Northeast Ohio

Nov -06

Source: prnewswire.com

Card image cap

Civista Bancshares: Upgrading To Buy After Incorporating The Negative EPS Outlook

Oct -31

Source: seekingalpha.com

Card image cap

Civista Bancshares, Inc. (CIVB) Q3 2025 Earnings Call Transcript

Oct -23

Source: seekingalpha.com

Card image cap

Civista Bancshares (CIVB) Q3 Earnings and Revenues Surpass Estimates

Oct -23

Source: zacks.com

Card image cap

Civista Bancshares, Inc. Announces Third-Quarter 2025 Financial Results of $0.68 per Common Share, up 28% from $0.53 per Common Share from Third-Quarter 2024

Oct -23

Source: prnewswire.com

Card image cap

CIVISTA BANCSHARES, INC. DECLARES FOURTH QUARTER COMMON DIVIDEND

Oct -22

Source: prnewswire.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
MVB Financial

A-Score: 6.3/10

Value: 6.3

Growth: 4.9

Quality: 6.6

Yield: 5.0

Momentum: 8.0

Volatility: 7.0

1-Year Total Return ->

View Full Report
Stock-Card
South Plains Financial

A-Score: 6.3/10

Value: 6.6

Growth: 5.9

Quality: 6.6

Yield: 4.0

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

View Full Report
Stock-Card
Civista Bancshares

A-Score: 6.1/10

Value: 5.7

Growth: 5.7

Quality: 5.8

Yield: 6.0

Momentum: 7.0

Volatility: 6.3

1-Year Total Return ->

View Full Report
Stock-Card
United Bancorp

A-Score: 6.0/10

Value: 4.4

Growth: 4.9

Quality: 4.5

Yield: 10.0

Momentum: 6.5

Volatility: 6.0

1-Year Total Return ->

View Full Report
Stock-Card
Old Second Bancorp

A-Score: 6.0/10

Value: 5.8

Growth: 7.6

Quality: 5.9

Yield: 2.0

Momentum: 7.0

Volatility: 7.7

1-Year Total Return ->

View Full Report
Stock-Card
Brookline Bancorp

A-Score: 5.7/10

Value: 6.1

Growth: 4.2

Quality: 4.4

Yield: 9.0

Momentum: 10.0

Volatility: 0.3

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

24.33$

Current Price

24.34$

Potential

-0.00%

Expected Cash-Flows