Declared Dividend • Apr 27
First quarter dividend of US$0.18 announced Shareholders will receive a dividend of US$0.18. Ex-date: 5th May 2026 Payment date: 19th May 2026 Dividend yield will be 2.8%, which is lower than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 3.4% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 22
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: US$0.72 (up from US$0.66 in 1Q 2025). Revenue: US$47.9m (up 23% from 1Q 2025). Net income: US$15.0m (up 48% from 1Q 2025). Profit margin: 31% (up from 26% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 5.2%. Earnings per share (EPS) also surpassed analyst estimates by 29%. Revenue is forecast to grow 7.2% p.a. on average during the next 2 years, compared to a 8.7% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 19% per year, which means it is well ahead of earnings. Announcement • Mar 20
Civista Bancshares, Inc. to Report Q1, 2026 Results on Apr 22, 2026 Civista Bancshares, Inc. announced that they will report Q1, 2026 results at 9:30 AM, US Eastern Standard Time on Apr 22, 2026 Reported Earnings • Mar 09
Full year 2025 earnings: EPS and revenues exceed analyst expectations Full year 2025 results: EPS: US$2.64 (up from US$2.02 in FY 2024). Revenue: US$169.2m (up 14% from FY 2024). Net income: US$46.0m (up 49% from FY 2024). Profit margin: 27% (up from 21% in FY 2024). The increase in margin was driven by higher revenue. Net interest margin (NIM): 3.61% (up from 3.21% in FY 2024). Non-performing loans: 0.94% (down from 1.00% in FY 2024). Revenue exceeded analyst estimates by 1.4%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%. Revenue is forecast to grow 8.9% p.a. on average during the next 2 years, compared to a 8.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Feb 18
Civista Bancshares, Inc., Annual General Meeting, May 19, 2026 Civista Bancshares, Inc., Annual General Meeting, May 19, 2026. New Risk • Jan 31
New major risk - Revenue and earnings growth Earnings have declined by 1.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 1.1% per year over the past 5 years. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Declared Dividend • Jan 30
Third quarter dividend increased to US$0.18 Dividend of US$0.18 is 5.9% higher than last year. Ex-date: 10th February 2026 Payment date: 24th February 2026 Dividend yield will be 2.9%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (25% payout ratio) and is expected to be well covered in 3 years' time (26% forecast payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.8% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jan 29
Full year 2025 earnings released Full year 2025 results: Net income: (down US$31.0m from profit in FY 2024). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Jan 29
New major risk - Revenue and earnings growth Earnings have declined by 0.01% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 0.01% per year over the past 5 years. Shareholders have been substantially diluted in the past year (32% increase in shares outstanding). Announcement • Jan 29
Civista Bancshares, Inc. Reports Net Charge Offs for the Fourth Quarter Ended December 31, 2025 Civista Bancshares, Inc. reported net charge-offs of $0.9 million for the fourth quarter Ended December 31, 2025 compared to net charge-offs of $2.2 million for the same period of 2024, and $0.6 million in the third quarter of 2025. Announcement • Jan 28
Civista Bancshares, Inc. Declares First Quarter Common Dividend, Payable on February 24, 2026 Civista Bancshares, Inc. announced that the Board of Directors has approved and declared a quarterly dividend of 18 cents per common share, representing a 1%increase from the prior quarter to shareholders of record as of February 10, 2026, payable on February 24, 2026. Announcement • Dec 20
Civista Bancshares, Inc. to Report Q4, 2025 Results on Jan 29, 2026 Civista Bancshares, Inc. announced that they will report Q4, 2025 results Pre-Market on Jan 29, 2026 New Risk • Nov 14
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 32% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Declared Dividend • Oct 26
Third quarter dividend of US$0.17 announced Shareholders will receive a dividend of US$0.17. Ex-date: 4th November 2025 Payment date: 18th November 2025 Dividend yield will be 3.1%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (25% payout ratio) and is expected to be well covered in 3 years' time (25% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.6% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 24
Third quarter 2025 earnings: EPS and revenues exceed analyst expectations Third quarter 2025 results: EPS: US$0.68 (up from US$0.53 in 3Q 2024). Revenue: US$44.0m (up 16% from 3Q 2024). Net income: US$12.7m (up 55% from 3Q 2024). Profit margin: 29% (up from 22% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 3.1%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 2% per year. Announcement • Oct 01
Civista Bancshares, Inc. to Report Q3, 2025 Results on Oct 23, 2025 Civista Bancshares, Inc. announced that they will report Q3, 2025 results at 9:30 AM, US Eastern Standard Time on Oct 23, 2025 Announcement • Aug 14
Civista Bancshares, Inc. Promotes Robert L. Katitus to Senior Vice President and Chief Lending Officer Civista Bancshares, Inc. announced the promotion of Robert L. Katitus to Senior Vice President and Chief Lending Officer. In this role, Mr. Katitus will serve as a member of Civista's Executive Leadership Team and will report directly to Charles A. Parcher, President of Civista Bank. Mr. Katitus succeeds Mr. Parcher as Chief Lending Officer following Parcher's appointment as President of Civista Bank earlier this year. In addition to his new role at Civista Bancshares, Mr. Katitus has also been named Senior Vice President and Chief Lending Officer of Civista Bank.Katitus brings more than 25 years of banking and commercial lending experience to his new role. Since joining Civista in 2010, he has served as Senior Vice President, Regional Market Executive for the Northeast Ohio region and most recently oversaw commercial banking in Northwest Ohio, following Civista's 2022 acquisition of The Henry County Bank. Prior to joining Civista, Katitus held leadership roles in commercial lending at Park View Federal Savings Bank and began his banking career at National City Corporation in 1998. Katitus earned a Bachelor of Science degree from The University of Akron and a Master of Business Administration from the University of Dayton. Recent Insider Transactions • Aug 01
Independent Director recently bought US$59k worth of stock On the 31st of July, Nathan Weaks bought around 3k shares on-market at roughly US$19.70 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$129k more in shares than they have sold in the last 12 months. Reported Earnings • Jul 25
Second quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Second quarter 2025 results: EPS: US$0.71 (up from US$0.45 in 2Q 2024). Revenue: US$40.4m (up 10% from 2Q 2024). Net income: US$11.0m (up 62% from 2Q 2024). Profit margin: 27% (up from 19% in 2Q 2024). The increase in margin was primarily driven by higher revenue. Revenue missed analyst estimates by 2.7%. Earnings per share (EPS) exceeded analyst estimates by 1.4%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 7.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Declared Dividend • Jul 25
Second quarter dividend of US$0.17 announced Shareholders will receive a dividend of US$0.17. Ex-date: 5th August 2025 Payment date: 19th August 2025 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 8.3% over the next year, which should provide support to the dividend and adequate earnings cover. Announcement • Jul 24
Civista Bancshares, Inc. Announces Impairment Charges for the Second Quarter Ended June 30, 2025 Civista Bancshares, Inc. announced impairment charges for the second quarter ended June 30, 2025. For the quarter, the company recorded net charge-offs of $1.0 million for the second quarter of 2025 compared to net charge-offs of $0.7 million for the same period of 2024, and $0.6 million in the first quarter of 2025. Announcement • Jul 23
Civista Bancshares, Inc. Declares Third Quarter 2025 Common Dividend, Payable August 19, 2025 Civista Bancshares, Inc. announced that the Board of Directors has approved a quarterly dividend of 17 cents per common share, consistent with the prior quarter, to shareholders of record date August 5, 2025, payable August 19, 2025. This dividend represents a payout of approximately $3.3 million. Based on the Civista's closing stock price of common shares of $23.20 on June 30, 2025, the quarterly dividend produces an annualized yield of 2.89%. New Risk • Jul 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 20% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (20% increase in shares outstanding). Significant insider selling over the past 3 months (US$137k sold). Announcement • Jun 27
Civista Bancshares, Inc. to Report Q2, 2025 Results on Jul 24, 2025 Civista Bancshares, Inc. announced that they will report Q2, 2025 results Pre-Market on Jul 24, 2025 Reported Earnings • Apr 25
First quarter 2025 earnings: EPS exceeds analyst expectations First quarter 2025 results: EPS: US$0.66 (up from US$0.41 in 1Q 2024). Revenue: US$39.1m (up 12% from 1Q 2024). Net income: US$10.2m (up 66% from 1Q 2024). Profit margin: 26% (up from 18% in 1Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 28%. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 6.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Announcement • Apr 25
Civista Bancshares, Inc. Announces Impairment Charges for the First Quarter Ended March 31, 2025 Civista Bancshares, Inc. announced impairment charges for the first quarter ended March 31, 2025. For the quarter, the company recorded net charge-offs of $0.6 million for the first quarter of 2025 compared to net charge-offs of $0.4 million for the same period of 2024. Declared Dividend • Apr 20
Fourth quarter dividend of US$0.17 announced Shareholders will receive a dividend of US$0.17. Ex-date: 29th April 2025 Payment date: 13th May 2025 Dividend yield will be 3.3%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (32% payout ratio) and is expected to be well covered in 3 years' time (27% forecast payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 24% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Apr 17
Civista Bancshares, Inc. (NasdaqCM:CIVB) announces an Equity Buyback for $13.5 million worth of its shares. Civista Bancshares, Inc. (NasdaqCM:CIVB) announces a share repurchase program. Under the program, the company will repurchase up to $13.5 million worth of its shares. The program is valid till April 15, 2026. Announcement • Apr 02
Civista Bancshares, Inc. to Report Q1, 2025 Results on Apr 24, 2025 Civista Bancshares, Inc. announced that they will report Q1, 2025 results Pre-Market on Apr 24, 2025 Reported Earnings • Mar 11
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$2.02 (down from US$2.73 in FY 2023). Revenue: US$149.1m (down 5.8% from FY 2023). Net income: US$31.0m (down 25% from FY 2023). Profit margin: 21% (down from 26% in FY 2023). The decrease in margin was primarily driven by lower revenue. Net interest margin (NIM): 3.21% (down from 3.70% in FY 2023). Non-performing loans: 1.00% (up from 0.44% in FY 2023). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.6%. Revenue is forecast to grow 8.8% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 8% per year. Announcement • Feb 17
Civista Bancshares, Inc., Annual General Meeting, Apr 15, 2025 Civista Bancshares, Inc., Annual General Meeting, Apr 15, 2025. Location: cedar point center facility, bgsu firelands college, one university drive, ohio 44839, huron United States Major Estimate Revision • Feb 06
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from US$164.9m to US$168.9m. EPS estimate increased from US$2.07 to US$2.34 per share. Net income forecast to grow 16% next year vs 12% growth forecast for Banks industry in the US. Consensus price target up from US$23.83 to US$24.92. Share price was steady at US$21.22 over the past week. Reported Earnings • Jan 30
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: US$2.02 (down from US$2.73 in FY 2023). Revenue: US$149.1m (down 5.8% from FY 2023). Net income: US$31.0m (down 25% from FY 2023). Profit margin: 21% (down from 26% in FY 2023). The decrease in margin was primarily driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 4.6%. Revenue is forecast to grow 7.8% p.a. on average during the next 2 years, compared to a 7.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 4% per year. Declared Dividend • Jan 24
Third quarter dividend increased to US$0.17 Dividend of US$0.17 is 6.3% higher than last year. Ex-date: 4th February 2025 Payment date: 18th February 2025 Dividend yield will be 3.1%, which is lower than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (32% payout ratio) and is expected to be well covered in 3 years' time (30% forecast payout ratio). The dividend has increased by an average of 12% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 16% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Jan 07
Civista Bancshares, Inc. to Report Q4, 2024 Results on Jan 30, 2025 Civista Bancshares, Inc. announced that they will report Q4, 2024 results Pre-Market on Jan 30, 2025 Declared Dividend • Oct 30
Third quarter dividend of US$0.16 announced Dividend of US$0.16 is the same as last year. Ex-date: 5th November 2024 Payment date: 19th November 2024 Dividend yield will be 3.2%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by earnings (8% payout ratio) and is expected to be well covered in 3 years' time (30% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 12% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 29
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: US$0.53 (down from US$0.66 in 3Q 2023). Revenue: US$37.9m (down 2.8% from 3Q 2023). Net income: US$8.19m (down 18% from 3Q 2023). Profit margin: 22% (down from 26% in 3Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue exceeded analyst estimates by 2.9%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 6.6% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 8% per year. Announcement • Oct 26
Civista Bancshares, Inc. Declares Fourth Quarter Common Dividend, Payable on November 19, 2024 Civista Bancshares, Inc. announced that the Board of Directors has approved a quarterly dividend of 16 cents per common share to shareholders of record November 5, 2024, payable November 19, 2024. Buy Or Sell Opportunity • Oct 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.3% to US$17.79. The fair value is estimated to be US$22.73, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to decline by 4.8% in the next 2 years. Announcement • Oct 02
Civista Bancshares, Inc. to Report Q3, 2024 Results on Oct 29, 2024 Civista Bancshares, Inc. announced that they will report Q3, 2024 results Pre-Market on Oct 29, 2024 Buy Or Sell Opportunity • Sep 25
Now 21% undervalued Over the last 90 days, the stock has risen 18% to US$17.29. The fair value is estimated to be US$22.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 5.7% in a year. Earnings are forecast to decline by 16% in the next year. Buy Or Sell Opportunity • Aug 26
Now 20% undervalued Over the last 90 days, the stock has risen 17% to US$16.80. The fair value is estimated to be US$21.01, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 5.7% in a year. Earnings are forecast to decline by 16% in the next year. Declared Dividend • Aug 01
Second quarter dividend of US$0.16 announced Dividend of US$0.16 is the same as last year. Ex-date: 6th August 2024 Payment date: 20th August 2024 Dividend yield will be 3.6%, which is higher than the industry average of 3.2%. Sustainability & Growth The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 7.5% over the next year. However, it would need to fall by 67% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Jul 30
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: US$0.45 (down from US$0.64 in 2Q 2023). Revenue: US$36.6m (down 7.5% from 2Q 2023). Net income: US$6.80m (down 30% from 2Q 2023). Profit margin: 19% (down from 24% in 2Q 2023). Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jul 29
Now 25% undervalued Over the last 90 days, the stock has risen 22% to US$17.45. The fair value is estimated to be US$23.41, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 4.8%. Revenue is forecast to grow by 2.6% in a year. Earnings are forecast to decline by 23% in the next year. Announcement • Jul 27
Civista Bancshares, Inc. Declares Third Quarter Common Share Dividend, Payable on August 20, 2024 Civista Bancshares, Inc. announced that the Board of Directors has approved a third quarter dividend of 16 cents per common share to shareholders of record August 6, 2024, payable August 20, 2024. Announcement • Jul 17
Civista Bancshares, Inc. Announces Executive Changes Civista Bancshares, Inc. that Todd Michel, Senior Vice President will retire from the Company effective July 16, 2024. The Company has commenced a search for a permanent replacement for Mr. Michel; in the interim, Ian Whinnem, Senior Vice President and Chief Financial Officer, will serve as Principal Accounting Officer. Mr. Michel completes a 39-year career with Civista, having joined the Company in 1985 as a seasonal teller while attending Bowling Green State University. Upon receiving his Bachelor of Science degree in business in 1988, he joined the Company's accounting department. He was promoted to Vice President and Controller in 1998 and Senior Vice President in 2000. Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to US$17.51, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 12x in the Banks industry in the US. Total loss to shareholders of 17% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$22.48 per share. Announcement • Jul 06
Civista Bancshares, Inc. to Report Q2, 2024 Results on Jul 29, 2024 Civista Bancshares, Inc. announced that they will report Q2, 2024 results Pre-Market on Jul 29, 2024 Recent Insider Transactions • Jun 10
Director recently bought US$50k worth of stock On the 6th of June, Clyde Perfect bought around 4k shares on-market at roughly US$14.25 per share. This transaction amounted to 72% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought US$122k more in shares than they have sold in the last 12 months. Major Estimate Revision • May 07
Consensus EPS estimates fall by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from US$157.4m to US$151.9m. EPS estimate also fell from US$1.99 per share to US$1.74 per share. Net income forecast to shrink 22% next year vs 1.7% growth forecast for Banks industry in the US . Consensus price target down from US$19.08 to US$16.75. Share price fell 3.7% to US$14.23 over the past week. Price Target Changed • May 02
Price target decreased by 11% to US$17.00 Down from US$19.08, the current price target is an average from 6 analysts. New target price is 19% above last closing price of US$14.27. Stock is down 2.7% over the past year. The company is forecast to post earnings per share of US$1.78 for next year compared to US$2.73 last year. Reported Earnings • May 01
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: US$0.41 (down from US$0.82 in 1Q 2023). Revenue: US$34.9m (down 19% from 1Q 2023). Net income: US$6.36m (down 49% from 1Q 2023). Profit margin: 18% (down from 29% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.8%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 4.3% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • May 01
Civista Bancshares, Inc. Appoints Ian Whinnem as Chief Financial Officer, Effective June 3, 2024 Civista Bancshares, Inc. announced that Ian Whinnem will join the Company as Chief Financial Officer effective June 3, 2024. He will be a member of Civista's Executive Leadership Team reporting to President and Chief Executive Officer, Dennis G. Shaffer. Mr. Whinnem joins Civista with over 25 years of corporate finance management in banking, including the past seven years as Senior Vice President, Director of Profitability Management and Capital Utilization for Huntington Bancshares, Inc. He began his career with FirstMerit Corporation in 1998 and held various finance roles including Director of Finance, prior to Huntington's acquisition of FirstMerit in 2016. Mr. Whinnem earned his undergraduate and Master of Business Administration degrees from Cleveland State University. He and his wife reside in Westlake. Announcement • Apr 30
Civista Bancshares, Inc. Appoints Ian Whinnem as Senior Vice President Civista Bancshares, Inc. announced that Ian Whinnem will join the Company as Senior Vice President effective June 3, 2024. He will be a member of Civista's Executive Leadership Team reporting to President and Chief Executive Officer, Dennis G. Shaffer.Mr. Whinnem joins Civista with over 25 years of corporate finance management in banking, including the past seven years as Senior Vice President, Director of Profitability Management and Capital Utilization for Huntington Bancshares, Inc. He began his career with FirstMerit Corporation in 1998 and held various finance roles including Director of Finance, prior to Huntington's acquisition of FirstMerit in 2016.Mr. Whinnem earned his undergraduate and Master of Business Administration degrees from Cleveland State University. He and his wife reside in Westlake. Announcement • Apr 28
Civista Bancshares, Inc. Approves Quarterly Dividend, Payable on May 22, 2024 The Board of Directors of Civista Bancshares, Inc. has approved a quarterly dividend of 16 cents per common share to shareholders of record May 7, 2024, payable May 22, 2024. Announcement • Apr 19
Civista Bancshares, Inc. (NasdaqCM:CIVB) announces an Equity Buyback for $13.5 million worth of its shares. Civista Bancshares, Inc. (NasdaqCM:CIVB) announces a share repurchase program. Under the program, the company will repurchase up to $13.5 million worth of its common shares. The program will expire on April 15, 2025. Announcement • Apr 09
Civista Bancshares, Inc. to Report Q1, 2024 Results on Apr 30, 2024 Civista Bancshares, Inc. announced that they will report Q1, 2024 results at 9:30 AM, US Eastern Standard Time on Apr 30, 2024 Reported Earnings • Mar 17
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$2.73 (up from US$2.60 in FY 2022). Revenue: US$158.2m (up 15% from FY 2022). Net income: US$41.4m (up 6.3% from FY 2022). Profit margin: 26% (down from 28% in FY 2022). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.70% (up from 3.65% in FY 2022). Non-performing loans: 0.44% (up from 0.25% in FY 2022). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 1.4%. Revenue is forecast to grow 2.1% p.a. on average during the next 2 years, compared to a 5.9% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Mar 15
Civista Bancshares, Inc., Annual General Meeting, Apr 16, 2024 Civista Bancshares, Inc., Annual General Meeting, Apr 16, 2024, at 10:00 Eastern Daylight. Location: BGSU Firelands College, One University Drive, Huron, Ohio 44839 Huron Ohio United States Agenda: To elect twelve Directors to serve one-year terms expiring in 2025; to consider and vote upon a non-binding advisory resolution to approve the compensation of the executive officers as disclosed in the accompanying proxy statement; to ratify the appointment of FORVIS, LLP as the independent registered public accounting firm of the Corporation for the fiscal year ending December 31, 2024; to consider and vote upon a proposal to approve the 2024 Incentive Plan; to consider and act upon any other matter which may properly be brought before the meeting or any adjournment thereof. Reported Earnings • Feb 10
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: US$2.73 (up from US$2.60 in FY 2022). Revenue: US$158.2m (up 15% from FY 2022). Net income: US$41.4m (up 6.3% from FY 2022). Profit margin: 26% (down from 28% in FY 2022). The decrease in margin was driven by higher expenses. Net interest margin (NIM): 3.70% (down from 3.75% in FY 2022). Non-performing loans: 0.53% (up from 0.26% in FY 2022). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 1.4%. Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Feb 09
Civista Bancshares, Inc. Reports Unaudited Charge-Offs Results for the Fourth Quarter Ended December 31, 2023 Civista Bancshares, Inc. reported unaudited charge-offs results for the fourth quarter ended December 31, 2023. For the quarter, the company reported charge-offs of $577,000 against $58,000 a year ago. Declared Dividend • Feb 07
Third quarter dividend of US$0.16 announced Shareholders will receive a dividend of US$0.16. Ex-date: 12th February 2024 Payment date: 1st March 2024 Dividend yield will be 3.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is well covered by earnings (20% payout ratio) and is expected to be well covered in 3 years' time (31% forecast payout ratio). The dividend has increased by an average of 15% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 25% over the next 2 years. However, it would need to fall by 77% to increase the payout ratio to a potentially unsustainable range. Announcement • Feb 03
Civista Bancshares, Inc. Declares First Quarter Common Dividend, Payable March 1, 2024 Civista Bancshares, Inc. announced that the Board of Directors has approved a quarterly dividend of 16 cents per common share to shareholders of record February 13, 2024, payable March 1, 2024. Announcement • Jan 09
Civista Bancshares, Inc. to Report Q4, 2023 Results on Feb 08, 2024 Civista Bancshares, Inc. announced that they will report Q4, 2023 results Pre-Market on Feb 08, 2024 Announcement • Nov 08
Civista Bancshares, Inc. Announces Executive Changes Civista Bancshares, Inc. (Civista) announced that Senior Vice President and Chief Credit Officer Paul J. Stark will retire on December 31, 2023. Paul's insight and guidance the past 13 years has been instrumental in Civista's continued growth. In preparation for Paul's retirement, Michael D. Mulford joined Civista Bank (Bank) as Senior Vice President on November 6, 2023 and will assume the position of Chief Credit Officer for the Bank upon Paul's retirement. Mr. Stark has served as Senior Vice President and Chief Credit Officer since 2010. He was previously Senior Vice President and Senior Vice President and Chief Credit Officer at First National Bank in Howell. Mr. Mulford comes to Civista with 33 years of credit experience, including thirteen years as Executive Vice President, Chief Credit Officer at First Federal Bank of the Midwest ($3.5 billion in assets). After their merger with Home Savings Bank, Mike assumed the role of Executive Vice President, Chief Credit Administration Officer for the newly formed Premier Bank ($7 billion in assets) for 4 years before moving on to take the Chief Credit Officer role at Coastal Carolina Bank. Early in his career Mike spent time in various credit roles with Society Bank, Mid-Am Bank and Key Bank. New Risk • Oct 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.9% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 8.9% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Price Target Changed • Oct 29
Price target decreased by 8.1% to US$19.60 Down from US$21.33, the current price target is an average from 5 analysts. New target price is 33% above last closing price of US$14.69. Stock is down 37% over the past year. The company posted earnings per share of US$2.60 last year. Reported Earnings • Oct 28
Third quarter 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2023 results: EPS: US$0.69 (down from US$0.72 in 3Q 2022). Revenue: US$39.0m (up 8.7% from 3Q 2022). Net income: US$10.4m (down 6.1% from 3Q 2022). Profit margin: 27% (down from 31% in 3Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 3.1%. Earnings per share (EPS) exceeded analyst estimates by 8.6%. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.3% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Oct 27
Civista Bancshares, Inc. Declares Fourth Quarter Common Dividend, Payable on November 21, 2023 Civista Bancshares, Inc. announced that the Board of Directors has approved a quarterly dividend of 16 cents per common share to shareholders of record November 7, 2023, payable November 21, 2023. Announcement • Oct 11
Civista Bancshares, Inc. to Report Q3, 2023 Results on Oct 27, 2023 Civista Bancshares, Inc. announced that they will report Q3, 2023 results Pre-Market on Oct 27, 2023 New Risk • Aug 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.3% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 11% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Major Estimate Revision • Aug 04
Consensus EPS estimates fall by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from US$174.1m to US$166.8m. EPS estimate also fell from US$3.00 per share to US$2.65 per share. Net income forecast to shrink 13% next year vs 11% decline forecast for Banks industry in the US. Consensus price target of US$21.75 unchanged from last update. Share price fell 5.2% to US$18.45 over the past week. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Announcement • Jul 29
Civista Bancshares, Inc. Approves Quarterly Cash Dividend, Payable August 22, 2023 The Board of Directors of Civista Bancshares, Inc. has approved a quarterly dividend of 16 cents per common share to shareholders of record August 8, 2023, payable August 22, 2023. Reported Earnings • Jul 29
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: US$0.64 (up from US$0.53 in 2Q 2022). Revenue: US$39.6m (up 34% from 2Q 2022). Net income: US$9.66m (up 26% from 2Q 2022). Profit margin: 24% (down from 26% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.4%. Earnings per share (EPS) also missed analyst estimates by 10%. Revenue is forecast to grow 7.0% p.a. on average during the next 2 years, compared to a 4.4% growth forecast for the Banks industry in the US. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 13% per year. Announcement • Jul 28
Civista Bancshares, Inc. Announces Board Appointments On July 25, 2023, upon the unanimous recommendation of its Nominating and Corporate Governance Committee, the Board of Directors of Civista Bancshares, Inc. (“Civista”) increased the size of the Board from ten directors to fourteen directors, thereby creating four vacancies on the Board, and appointed John O. Bacon, Clyde A. Perfect, Jr., Nathan Weaks and Gerald B. Wurm to the Board to fill the vacancies. Each of the newly-appointed directors will serve as a director of Civista for an initial term ending at Civista’s 2024 Annual Meeting of Shareholders. The newly-appointed directors previously served as directors of Civista’s subsidiary, Civista Bank, and will continue to also serve as directors of Civista Bank following their appointment to the Board of Civista. John O. Bacon is President and CEO of The Mack Iron Works Company. Mr. Bacon also serves as Chair Emeritus of Firelands Health and the Erie County Community Foundation. Mr. Bacon has served as a director of Civista Bank since 2005 and also previously served as a director of Civista from 2007 to 2011. Mr. Bacon was appointed to serve on the Compensation, Benefits and Liability Committee and the Audit Committees of the Board effective July 25, 2023. Clyde A. “Chip” Perfect, Jr. is President and CEO of Perfect North Slopes and Timberline Snow Company. Mr. Perfect has also served as an Indiana State Senator (District 43) since 2014 and serves on the Commerce and Technology, Utilities, Agriculture, Natural Resources, Pensions and Labor, and Tax & Fiscal Policy Committees of the Indiana Senate. Mr. Perfect has served as a director of Civista Bank since 2022. Mr. Perfect was appointed to serve on the Nominating and Corporate Governance Committee and the Risk Committee of the Board effective July 25, 2023. Nathan Weaks is President of Automatic Feed Company, located in Napoleon, Ohio, which is engaged in the design and manufacture of coil processing and automation systems for the automotive and metal processing industry. Mr. Weaks previously served as a director of Henry County Bank from 2017 to 2022. Mr. Weaks has served as a director of Civista Bank since 2022. Mr. Weaks was appointed to serve on the Audit Committee and the Risk Committee of the Board effective July 25, 2023. Gerald B. Wurm is President of Wurm’s Woodworking Co. and also President of Creative Plastics International, Inc. Mr. Wurm has served as a director of Civista Bank since 2004 and also previously served as a director of Civista from 2007 to 2011. Mr. Wurm was appointed to serve on the Compensation, Benefits and Liability Committee and the Audit Committee of the Board effective July 25, 2023. Announcement • Jul 08
Civista Bancshares, Inc. to Report Q2, 2023 Results on Jul 28, 2023 Civista Bancshares, Inc. announced that they will report Q2, 2023 results Pre-Market on Jul 28, 2023 Recent Insider Transactions • May 08
Insider recently bought US$51k worth of stock On the 4th of May, Gerald Wurm bought around 4k shares on-market at roughly US$14.67 per share. This transaction amounted to 2.7% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth US$63k. Insiders have collectively bought US$43k more in shares than they have sold in the last 12 months. 
