Trevor WilliamsCivista Bancshares, Inc. (NASDAQ:CIVB), incorporated in 1987 and headquartered in Sandusky, Ohio, is a financial holding company that through its primary subsidiary, Civista Bank, provides banking services in Ohio. There's a very good chance that an investor's yield on cost at the current price level of the shares will only get better in a relatively short period, and that value investors will get paid to wait for the market to assign a much higher premium to TBV that I think CIVB deserve ...

SANDUSKY, Ohio, April 26, 2024 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") announced today that the Board of Directors has approved a quarterly dividend of 16 cents per common share to shareholders of record May 7, 2024, payable May 22, 2024.  This dividend represents a payout of approximately $2.5 million.  Based on the Civista's closing stock price of common shares of $15.35 on April 24, 2024, the quarterly dividend produces an annualized yield of 4.17%. About Civista Bancshares, In ...

SANDUSKY, Ohio, April 8, 2024 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") announced today that it will issue its first quarter 2024 financial results prior to market open on Tuesday, April 30, 2024. Civista Bancshares, Inc. will also host a conference call and webcast at 1:00 p.m. Eastern Time on Tuesday, April 30, 2024, to discuss its financial results.  Analysts may participate in the question-and-answer session. Conference Call, Replay and Webcast Information: Date:  Tuesday, Apri ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (Exact name of registrant as specified in its charter) Ohio 34-1558688 State or other jurisdiction of (IRS Employer incorporation or organization Identification No.) 100 East Water Street, Sandusky, Ohio 44870 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (419) 625 - 4121 Securities registered pursuant to Section 12(b) of the Act: Common shares, no par value CIVB The NASDAQ Stock ...

Civista Bancshares, Inc. (NASDAQ:CIVB) Q4 2023 Results Conference Call February 8, 2024 1:00 PM ET Company Participants Dennis Shaffer - President and Chief Executive Officer Rich Dutton - Senior Vice President and Chief Operating Officer Chuck Parcher - Senior Vice President and Chief Lending Officer Mike Mulford - Chief Credit Officer Conference Call Participants Nick Cucharale - Hovde Group Terry McEvoy - Stephens Manuel Navas - D.A. Davidson Daniel Cardenas - Janney Montgomery Scott Operator Before we b ...

Civista Bancshares (CIVB) came out with quarterly earnings of $0.62 per share, beating the Zacks Consensus Estimate of $0.56 per share. This compares to earnings of $0.77 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 10.71%. A quarter ago, it was expected that this bank holding company would post earnings of $0.60 per share when it actually produced earnings of $0.66, delivering a surprise of 10%.Over the last four quarters, ...

Here at Zacks, our focus is on the proven Zacks Rank system, which emphasizes earnings estimates and estimate revisions to find great stocks. Nevertheless, we are always paying attention to the latest value, growth, and momentum trends to underscore strong picks.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find stocks that they believe are being un ...

Ohio 34-1558688 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 100 East Water Street, Sandusky, Ohio 44870 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (419) 625-4121 N/A (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Section 12(b) of the Act: Indicate by check mark whether the registrant (1) has filed all reports required to be ...

Civista Bancshares, Inc. (NASDAQ:CIVB) Q3 2023 Earnings Conference Call October 27, 2023 1:00 PM ET Company Participants Dennis Shaffer - President and Chief Executive Officer Rich Dutton - Senior Vice President and Chief Operating Officer Chuck Parcher - Senior Vice President and Chief Lending Officer Conference Call Participants Nick Cucharale - Hovde Terry McEvoy - Stephens Tim Switzer - KBW Manuel Navas - D.A. Davidson Daniel Cardenas - Janney Operator [Starts Abruptly] Before we begin, I would like to ...

PART I. Financial Information [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) This section presents Civista Bancshares' unaudited Consolidated Financial Statements for Q2 and H1 2023, including balance sheets, income statements, and cash flows Consolidated Balance Sheet Highlights (Unaudited) | Account | June 30, 2023 ($ in thousands) | December 31, 2022 ($ in thousands) | | :--- | :--- | :--- | | **Total Assets** | **3,615,980** | **3,537,830** | | Cash and due from financial institutions | 41,354 | 43,361 | | Securities available-for-sale | 617,298 | 615,402 | | Loans, net of allowance | 2,601,131 | 2,518,155 | | Goodwill | 125,078 | 125,695 | | **Total Liabilities** | **3,266,104** | **3,202,995** | | Total Deposits | 2,942,774 | 2,619,984 | | Short-term FHLB advances | 142,000 | 393,700 | | **Total Shareholders' Equity** | **349,876** | **334,835** | Consolidated Statements of Operations Highlights (Unaudited) | Metric ($ in thousands, except per share data) | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Net Interest Income | 31,339 | 24,268 | 63,940 | 47,200 | | Provision for Credit Losses | 861 | 400 | 1,481 | 700 | | Noninterest Income | 9,149 | 5,635 | 20,217 | 13,278 | | Noninterest Expense | 27,913 | 20,379 | 55,546 | 40,637 | | **Net Income** | **10,034** | **7,701** | **22,922** | **16,167** | | **Earnings per common share, basic** | **$0.64** | **$0.53** | **$1.45** | **$1.10** | | **Earnings per common share, diluted** | **$0.64** | **$0.53** | **$1.45** | **$1.10** | [Notes to Interim Consolidated Financial Statements (Unaudited)](index=10&type=section&id=Notes%20to%20Interim%20Consolidated%20Financial%20Statements%20(Unaudited)) These notes detail accounting policies, the CECL standard's impact, and breakdowns of securities, loans, and credit loss allowances [Note 1: Consolidated Financial Statements](index=10&type=section&id=(1)%20Consolidated%20Financial%20Statements) This note describes the Company's banking operations and consolidation principles, including its wholly-owned subsidiaries - The Company operates primarily in one reportable segment: banking[4](index=4&type=chunk) - The consolidated financial statements include CBI and its wholly-owned subsidiaries: Civista Bank, Vision Financial Group, Inc. (VFG), First Citizens Insurance Agency, Inc. (FCIA), Water Street Properties, Inc., CIVB Risk Management, Inc. (CRMI), and First Citizens Investments, Inc. (FCI)[81](index=81&type=chunk) [Note 2: Significant Accounting Policies](index=10&type=section&id=(2)%20Significant%20Accounting%20Policies) This note details significant accounting policies, focusing on the CECL adoption's impact on credit loss estimation and retained earnings - On January 1, 2023, the Company adopted the new credit loss methodology, **Current Expected Credit Losses (CECL)**, which requires earlier recognition of credit losses based on lifetime expected loss estimates[90](index=90&type=chunk) Day 1 Impact of CECL Adoption (January 1, 2023) | Impact Area | Amount ($ in thousands) | | :--- | :--- | | Increase to Allowance for Credit Losses (Loans) | 4,296 | | Increase to Reserve for Unfunded Commitments | 3,386 | | Reclassification of PCD Discount to ACL | 1,668 | | **Total Pre-tax Impact on Retained Earnings** | **(7,682)** | | Tax Effect | 1,613 | | **Net Reduction to Retained Earnings** | **(6,069)** | - The CECL methodology utilizes a discounted cash flow (DCF) model for pooled loans, incorporating a one-year reasonable and supportable forecast period with a one-year reversion to the long-term historical average[101](index=101&type=chunk) [Note 3: Securities](index=15&type=section&id=(3)%20Securities) This note details the securities portfolio, primarily AFS debt securities, showing unrealized losses due to higher interest rates Available-for-Sale Debt Securities Composition (June 30, 2023) | Security Type | Amortized Cost ($ in thousands) | Gross Unrealized Gains ($ in thousands) | Gross Unrealized Losses ($ in thousands) | Fair Value ($ in thousands) | | :--- | :--- | :--- | :--- | :--- | | U.S. Treasury & government agencies | 66,357 | 18 | (5,231) | 61,144 | | Obligations of states & political subdivisions | 358,564 | 922 | (29,331) | 330,155 | | Mortgage-backed securities (GSEs) | 256,457 | 11 | (30,469) | 225,999 | | **Total Debt Securities** | **681,378** | **951** | **(65,031)** | **617,298** | - At June 30, 2023, there were 478 securities with unrealized losses, primarily due to higher current market interest rates. Management has the intent and ability to hold these securities and expects the fair value to recover as they approach maturity[17](index=17&type=chunk) - The carrying value of securities pledged to secure public deposits and other liabilities was approximately **$235.1 million** as of June 30, 2023[114](index=114&type=chunk) [Note 4: Loans](index=17&type=section&id=(4)%20Loans) This note details the loan portfolio composition, with total loans at **$2.64 billion** and net loans at **$2.60 billion** as of June 30, 2023 Loan Portfolio Composition ($ in thousands) | Loan Category | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Commercial & Agriculture | 292,091 | 278,595 | | Commercial Real Estate - Owner Occupied | 367,797 | 371,147 | | Commercial Real Estate - Non-Owner Occupied | 1,063,263 | 1,018,736 | | Residential Real Estate | 589,066 | 552,781 | | Real Estate Construction | 234,261 | 243,127 | | Farm Real Estate | 24,123 | 24,708 | | Lease Financing Receivable | 46,553 | 36,797 | | Consumer and Other | 19,126 | 20,775 | | **Total Loans** | **2,636,280** | **2,546,666** | | Allowance for credit losses | (35,149) | (28,511) | | **Net Loans** | **2,601,131** | **2,518,155** | [Note 5: Allowance for Credit Losses](index=18&type=section&id=(5)%20Allowance%20for%20Credit%20Losses) This note analyzes the Allowance for Credit Losses (ACL), detailing changes, CECL adoption impact, and credit quality indicators - Upon adopting CECL on January 1, 2023, the Company recorded a **$5.193 million** increase to the ACL as a cumulative-effect adjustment[38](index=38&type=chunk) Change in Allowance for Credit Losses (ACL) | Period | Provision for Credit Losses ($ in thousands) | Net Charge-offs / (Recoveries) ($ in thousands) | Ending ACL ($ in thousands) | | :--- | :--- | :--- | :--- | | **Three Months Ended June 30, 2023** | 861 | (92) | 35,149 | | **Three Months Ended June 30, 2022** | 400 | (2) | 27,435 | | **Six Months Ended June 30, 2023** | 1,481 | 36 | 35,149 | | **Six Months Ended June 30, 2022** | 700 | (94) | 27,435 | - Total nonaccrual loans were **$8.0 million** as of June 30, 2023, compared to **$6.5 million** as of December 31, 2022[154](index=154&type=chunk)[128](index=128&type=chunk) [Note 6: Accumulated Other Comprehensive Loss](index=33&type=section&id=(6)%20Accumulated%20Other%20Comprehensive%20Loss) This note details changes in Accumulated Other Comprehensive Loss (AOCL), which improved to a **$55.8 million** loss due to increased fair value of securities Changes in Accumulated Other Comprehensive Loss (Net of Tax, $ in thousands) | Period | Beginning Balance | Net Current-Period OCI / (OCL) | Ending Balance | | :--- | :--- | :--- | :--- | | **Three Months Ended June 30, 2023** | (49,910) | (5,860) | (55,770) | | **Six Months Ended June 30, 2023** | (58,045) | 2,275 | (55,770) | [Note 7: Goodwill and Intangible Assets](index=35&type=section&id=(7)%20Goodwill%20and%20Intangible%20Assets) This note details goodwill at **$125.1 million** and other intangible assets at **$10.3 million** as of June 30, 2023 - The carrying amount of goodwill decreased by **$617 thousand** since December 31, 2022, to a balance of **$125.1 million** at June 30, 2023, due to adjustments to estimated fair values of assets acquired[172](index=172&type=chunk) Intangible Assets Summary (June 30, 2023) | Asset Type | Net Carrying Amount ($ in thousands) | | :--- | :--- | | Core deposit intangibles | 7,272 | | Mortgage servicing rights (MSRs) | 3,056 | | **Total** | **10,328** | [Note 8: Short-Term and Other Borrowings](index=37&type=section&id=(8)%20Short-Term%20and%20Other%20Borrowings) This note details short-term borrowings, including **$142.0 million** in FHLB advances and **$6.8 million** in repurchase agreements Short-Term Borrowings Outstanding ($ in thousands) | Borrowing Type | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Short-term FHLB Borrowings | 142,000 | 393,700 | | Securities sold under agreements to repurchase | 6,788 | 25,143 | [Note 9: Earnings per Common Share](index=38&type=section&id=(9)%20Earnings%20per%20Common%20Share) This note explains the calculation of basic and diluted earnings per common share (EPS) using the two-class method Earnings Per Share (EPS) | Period | Basic EPS | Diluted EPS | | :--- | :--- | :--- | | **Three Months Ended June 30, 2023** | $0.64 | $0.64 | | **Six Months Ended June 30, 2023** | $1.45 | $1.45 | [Note 10: Commitments, Contingencies and Off-Balance Sheet Risk](index=38&type=section&id=(10)%20Commitments,%20Contingencies%20and%20Off-Balance%20Sheet%20Risk) This note discloses off-balance sheet commitments to extend credit, totaling **$777.3 million** as of June 30, 2023 Commitments to Extend Credit (June 30, 2023) | Commitment Type | Amount ($ in thousands) | | :--- | :--- | | Fixed Rate | 66,569 | | Variable Rate | 710,729 | | **Total** | **777,298** | [Note 11: Pension Information](index=39&type=section&id=(11)%20Pension%20Information) This note details the frozen defined benefit pension plan, with a net periodic pension cost credit of **$14 thousand** for H1 2023 - The Company's defined benefit pension plan is frozen, with no new participants since 2006 and no benefit accruals since 2014[193](index=193&type=chunk) - Net periodic pension cost was a credit of **$14 thousand** for the first six months of 2023, compared to a cost of **$58 thousand** for the same period in 2022. No contributions are expected in 2023[194](index=194&type=chunk) [Note 12: Equity Incentive Plan](index=39&type=section&id=(12)%20Equity%20Incentive%20Plan) This note describes the 2014 Incentive Plan, with **47,536** restricted shares granted and **$1.5 million** unrecognized compensation cost - During the six months ended June 30, 2023, the Company granted **47,536** restricted shares and had **88,422** nonvested shares outstanding at period end[198](index=198&type=chunk) - Total unrecognized compensation cost for unvested awards was **$1.485 million** at June 30, 2023, expected to be recognized over a weighted average period of 2.87 years[201](index=201&type=chunk) [Note 13: Fair Value Measurement](index=40&type=section&id=(13)%20Fair%20Value%20Measurement) This note explains the fair value hierarchy and provides measurements for assets and liabilities, primarily using Level 2 inputs for recurring items Assets Measured at Fair Value on a Recurring Basis (June 30, 2023) | Asset Type | Fair Value ($ in thousands) | Input Level | | :--- | :--- | :--- | | Securities available-for-sale | 617,298 | Level 2 | | Equity securities | 1,952 | Level 2 | | Swap asset | 16,432 | Level 2 | - Mortgage servicing rights, valued at **$3.1 million**, are classified as Level 3 due to the use of significant unobservable inputs like prepayment rates and discount rates in a discounted cash flow model[207](index=207&type=chunk)[211](index=211&type=chunk) [Note 14: Derivatives](index=43&type=section&id=(14)%20Derivatives) This note details the Company's use of interest rate swaps as an intermediary, with a notional amount of **$209.2 million** as of June 30, 2023 - The Company engages in interest rate swaps as an intermediary for customers, with offsetting positions that result in minimal impact on net income. None of the derivatives are designated as hedging instruments[221](index=221&type=chunk) Derivative Positions (June 30, 2023) | Position | Notional Amount ($ in thousands) | Fair Value ($ in thousands) | | :--- | :--- | :--- | | Swap Assets | 216,130 | 16,432 | | Swap Liabilities | 202,288 | (16,432) | [Note 15: Qualified Affordable Housing Project Investments](index=44&type=section&id=(15)%20Qualified%20Affordable%20Housing%20Project%20Investments) This note details investments in qualified affordable housing projects, with a balance of **$13.7 million** as of June 30, 2023 - The balance of investments in qualified affordable housing projects was **$13.7 million** at June 30, 2023, with related unfunded commitments of **$4.8 million**[227](index=227&type=chunk) [Note 16: Revenue Recognition](index=45&type=section&id=(16)%20Revenue%20Recognition) This note details revenue recognition policies, disaggregating noninterest income into in-scope and out-of-scope categories under ASC 606 Noninterest Income Breakdown (Six Months Ended June 30, 2023) | Revenue Category | Amount ($ in thousands) | | :--- | :--- | | **In-scope of Topic 606** | **14,448** | | Service charges | 3,604 | | ATM/Interchange fees | 2,803 | | Wealth management fees | 2,373 | | Tax refund processing fees | 2,375 | | Other | 3,293 | | **Out-of-scope of Topic 606** | **5,769** | | **Total Noninterest Income** | **20,217** | [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=47&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) This section provides management's analysis of financial condition and results for Q2 and H1 2023, focusing on balance sheet changes, income drivers, and capital [Financial Condition](index=48&type=section&id=Financial%20Condition) Total assets grew to **$3.62 billion** (2.2%) driven by loan growth, with deposits increasing by **$322.8 million** and ACL rising to **1.33%** - Total assets increased by **$78.2 million** (2.2%) to **$3.62 billion** at June 30, 2023, from December 31, 2022, primarily driven by loan growth[247](index=247&type=chunk) Loan Portfolio Change (Dec 31, 2022 to June 30, 2023) | Loan Category | Change ($ in thousands) | % Change | | :--- | :--- | :--- | | Commercial Real Estate—Non-Owner Occupied | 44,527 | 4.4% | | Residential Real Estate | 36,285 | 6.6% | | Commercial & Agriculture | 13,496 | 4.8% | | Lease Financing Receivables | 9,756 | 26.5% | | **Total Loans** | **89,614** | **3.5%** | Deposit Composition Change (Dec 31, 2022 to June 30, 2023) | Deposit Type | Change ($ in thousands) | % Change | | :--- | :--- | :--- | | Time deposits | 263,011 | 82.4% | | Noninterest-bearing demand | 106,128 | 11.8% | | Interest-bearing demand | (24,153) | -4.6% | | Savings and money market | (22,196) | -2.5% | | **Total Deposits** | **322,790** | **12.3%** | [Results of Operations](index=52&type=section&id=Results%20of%20Operations) Net income increased for Q2 and H1 2023, driven by higher net interest income and noninterest income, partially offset by increased expenses Q2 2023 vs Q2 2022 Performance | Metric | Q2 2023 | Q2 2022 | Change | | :--- | :--- | :--- | :--- | | Net Income | $10.0M | $7.7M | +30.3% | | Diluted EPS | $0.64 | $0.53 | +20.8% | | Net Interest Margin (FTE) | 3.86% | 3.43% | +43 bps | H1 2023 vs H1 2022 Performance | Metric | H1 2023 | H1 2022 | Change | | :--- | :--- | :--- | :--- | | Net Income | $22.9M | $16.2M | +41.8% | | Diluted EPS | $1.45 | $1.10 | +31.8% | | Net Interest Margin (FTE) | 3.99% | 3.40% | +59 bps | - Noninterest income for Q2 2023 increased by **62.4%** year-over-year, primarily due to **$2.2 million** in new lease revenue and residual income from the VFG acquisition[287](index=287&type=chunk) - Noninterest expense for Q2 2023 rose **37.0%** year-over-year, driven by higher compensation, occupancy, and equipment expenses related to the acquisitions of Comunibanc and VFG[289](index=289&type=chunk) [Capital Resources](index=61&type=section&id=Capital%20Resources) The Company maintains a strong capital position, with shareholders' equity at **$349.9 million** and all capital ratios exceeding 'well-capitalized' thresholds Regulatory Capital Ratios (June 30, 2023) | Ratio | Company Ratio | 'Well Capitalized' Minimum | | :--- | :--- | :--- | | Total Risk Based Capital | 14.8% | 10.0% | | Tier I Risk Based Capital | 10.9% | 8.0% | | CET1 Risk Based Capital | 9.9% | 6.5% | | Leverage Ratio | 8.9% | 5.0% | [Liquidity](index=61&type=section&id=Liquidity) The Company maintains a conservative liquidity position, with **$700.8 million** FHLB borrowing capacity and **$44.4 million** net cash from financing activities - As of June 30, 2023, Civista had a remaining borrowing capacity of approximately **$700.8 million** with the FHLB[319](index=319&type=chunk) - For the six months ended June 30, 2023, net cash provided by operating activities was **$39.1 million**, net cash used in investing activities was **$85.5 million** (mainly for net loan growth), and net cash provided by financing activities was **$44.4 million** (mainly from deposit growth)[318](index=318&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=62&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section discusses interest-rate risk management through asset/liability processes and NPV sensitivity to hypothetical rate changes Net Portfolio Value Sensitivity Analysis (June 30, 2023) | Change in Interest Rates | Dollar Change ($ in thousands) | Percent Change | | :--- | :--- | :--- | | +200 bp | 25,067 | 4% | | +100 bp | 15,840 | 3% | | **Base** | **—** | **—** | | -100 bp | (14,201) | (2)% | | -200 bp | (41,955) | (7)% | [Controls and Procedures](index=64&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2023, with no material changes to internal controls - Management concluded that disclosure controls and procedures were effective as of June 30, 2023[335](index=335&type=chunk) - No material changes were made to the Company's internal control over financial reporting during the most recent fiscal quarter[336](index=336&type=chunk) PART II. Other Information [Legal Proceedings](index=65&type=section&id=Item%201.%20Legal%20Proceedings) Management believes ongoing legal proceedings will not materially adversely affect the Company's financial position or operations - Management does not expect pending legal proceedings to have a material adverse effect on the Company's financial condition or results[339](index=339&type=chunk) [Risk Factors](index=65&type=section&id=Item%201A.%20Risk%20Factors) No new risk factors are disclosed beyond those in the 2022 Annual Report on Form 10-K and Q1 2023 Form 10-Q - The report refers to the risk factors disclosed in the 2022 Annual Report on Form 10-K and the Q1 2022 Form 10-Q, with no new additions in this filing[340](index=340&type=chunk)[341](index=341&type=chunk) [Other Items (Items 2, 3, 4, 5)](index=65&type=section&id=Other%20Items) This section confirms no unregistered equity sales, no senior security defaults, and no Rule 10b5-1 trading plan changes - No unregistered sales of equity securities or defaults upon senior securities occurred[342](index=342&type=chunk)[345](index=345&type=chunk) - No directors or officers adopted or terminated a Rule 10b5-1 trading plan during the quarter ended June 30, 2023[342](index=342&type=chunk) [Exhibits](index=66&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO/PAO certifications and iXBRL financial data