Stock Analysis Report

Executive Summary

Civista Bancshares, Inc. operates as the financial holding company for Civista Bank that engages in the community banking business in Ohio.

Snowflake Analysis

Flawless balance sheet and undervalued.

Similar Companies

Share Price & News

How has Civista Bancshares's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: CIVB has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




US Banks


US Market

1 Year Return




US Banks


US Market

Return vs Industry: CIVB underperformed the US Banks industry which returned 12.1% over the past year.

Return vs Market: CIVB underperformed the US Market which returned 20.1% over the past year.

Shareholder returns

7 Day2.7%0.3%0.9%
30 Day-5.1%-1.3%1.4%
90 Day0.8%1.2%8.8%
1 Year9.8%7.7%15.3%12.0%22.5%20.0%
3 Year4.9%0.09%25.1%16.2%49.9%40.3%
5 Year119.3%102.1%76.7%56.6%73.2%54.1%

Price Volatility Vs. Market

How volatile is Civista Bancshares's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Civista Bancshares undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: CIVB ($22.13) is trading below our estimate of fair value ($32.21)

Significantly Below Fair Value: CIVB is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: CIVB is good value based on its PE Ratio (10.4x) compared to the Banks industry average (12.6x).

PE vs Market: CIVB is good value based on its PE Ratio (10.4x) compared to the US market (18.4x).

Price to Earnings Growth Ratio

PEG Ratio: CIVB is poor value based on its PEG Ratio (3.9x)

Price to Book Ratio

PB vs Industry: CIVB is good value based on its PB Ratio (1.1x) compared to the US Banks industry average (1.2x).

Next Steps

Future Growth

How is Civista Bancshares forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: CIVB's forecast earnings growth (2.7% per year) is above the savings rate (1.7%).

Earnings vs Market: CIVB's earnings (2.7% per year) are forecast to grow slower than the US market (14.6% per year).

High Growth Earnings: CIVB's earnings are forecast to grow, but not significantly.

Revenue vs Market: CIVB's revenue (4.8% per year) is forecast to grow slower than the US market (7.6% per year).

High Growth Revenue: CIVB's revenue (4.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: CIVB's Return on Equity is forecast to be low in 3 years time (9.5%).

Next Steps

Past Performance

How has Civista Bancshares performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CIVB has high quality earnings.

Growing Profit Margin: CIVB's current net profit margins (31.2%) are higher than last year (15.8%).

Past Earnings Growth Analysis

Earnings Trend: CIVB's earnings have grown significantly by 20.9% per year over the past 5 years.

Accelerating Growth: CIVB's earnings growth over the past year (152.1%) exceeds its 5-year average (20.9% per year).

Earnings vs Industry: CIVB earnings growth over the past year (152.1%) exceeded the Banks industry 12.2%.

Return on Equity

High ROE: CIVB's Return on Equity (10.3%) is considered low.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is Civista Bancshares's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: CIVB has a low level of unsold assets or inventory.

Debt Coverage by Assets: CIVB's debt is not covered by short term assets (assets are 0.2x debt).

Financial Institutions Analysis

Asset Level: CIVB's level of assets compared to its equity is low.

Allowance for Bad Loans: CIVB has a sufficient allowance for bad loans.

Low Risk Liabilities: CIVB's liabilities are made up of primarily low risk sources of funding.

Loan Level: CIVB has an acceptable proportion of non-loan assets held.

Low Risk Deposits: CIVB's loans are broadly funded by customer deposits.

Level of Bad Loans: CIVB has an appropriate level of bad loans (0.53%)

Next Steps


What is Civista Bancshares's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: CIVB's dividend (1.99%) is higher than the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: CIVB's dividend (1.99%) is low compared to the top 25% of dividend payers in the US market (3.69%).

Stability and Growth of Payments

Stable Dividend: CIVB's dividend payments have been volatile in the past 10 years.

Growing Dividend: CIVB's dividend payments have fallen over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (19.8%), CIVB's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: CIVB's dividends in 3 years are forecast to be well covered by earnings (24% payout ratio).

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Dennis Shaffer (56yo)





Mr. Dennis G. Shaffer has been President and Chief Executive Officer of Civista Bank since July 31, 2017. Mr. Shaffer serves as President and Chief Executive Officer at Civista Bancshares, Inc since Decemb ...

CEO Compensation Analysis

Compensation vs Market: Dennis's total compensation ($USD537.46K) is below average for companies of similar size in the US market ($USD1.68M).

Compensation vs Earnings: Dennis's compensation has been consistent with company performance over the past year.

Leadership Team

Dennis Shaffer
President2.1yrsUS$537.46k0.071% $260.5k
Richard Dutton
SVP & COO0yrsUS$421.48k0.10% $369.8k
Charles Parcher
Senior Vice President3.8yrsUS$320.53k0.039% $144.2k
Todd Michel
Senior VP & Controller22.1yrsUS$225.64k0.025% $93.1k
Lance Morrison
Senior VP1.2yrsno data0.0068% $25.2k
John Betts
Senior Vice President7.1yrsno data0.037% $136.6k
Donna Waltz-Jaskolski
Senior Vice President3.1yrsno data0.0036% $13.3k
Russell Edwards
Senior Vice President of Retail Banking0.5yrsno datano data
Harry Singer
Director0.8yrsno data0.030% $109.3k
Kathleen Bodi
Assistant Corporate Secretary0yrsno datano data


Average Tenure


Average Age

Experienced Management: CIVB's management team is considered experienced (3.5 years average tenure).

Board Members

Dennis Shaffer
President2.1yrsUS$537.46k0.071% $260.5k
Harry Singer
Director0.8yrsno data0.030% $109.3k
Daniel White
Independent Director18.1yrsUS$21.69k0.48% $1.8m
James Miller
Chairman of the Board5.8yrsUS$121.69k0.15% $571.8k
Mary Oliver
Director2.4yrsUS$23.59k0.0094% $34.6k
Allen Nickles
Independent Director17.1yrsUS$28.09k0.72% $2.7m
William Ritzmann
Independent Director1.4yrsUS$10.97k0.33% $1.2m
Thomas Depler
Independent Director12.8yrsUS$27.39k0.17% $630.9k
Dennis Murray
Lead Director5.1yrsUS$25.89k0.22% $810.2k
Julie Mattlin
Independent Director1.4yrsUS$10.07k0.024% $88.9k


Average Tenure


Average Age

Experienced Board: CIVB's board of directors are considered experienced (4 years average tenure).


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: CIVB insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 30.7%.

Top Shareholders

Company Information

Civista Bancshares, Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Civista Bancshares, Inc.
  • Ticker: CIVB
  • Exchange: NasdaqCM
  • Founded: 1884
  • Industry: Regional Banks
  • Sector: Banks
  • Market Cap: US$369.295m
  • Shares outstanding: 16.69m
  • Website:

Number of Employees


  • Civista Bancshares, Inc.
  • 100 East Water Street
  • PO Box 5016
  • Sandusky
  • Ohio
  • 44870
  • United States


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CIVBNasdaqCM (Nasdaq Capital Market)YesCommon StockUSUSDApr 1993
44QDB (Deutsche Boerse AG)YesCommon StockDEEURApr 1993


Civista Bancshares, Inc. operates as the financial holding company for Civista Bank that engages in the community banking business in Ohio. The company accepts noninterest-bearing and interest-bearing demand deposits, and certificates of deposit. It offers commercial, commercial and residential real estate mortgage, real estate construction, and consumer loans. The company also provides trust and third party insurance services. It operates branch banking offices in Sandusky, Norwalk, Berlin Heights, Huron, Port Clinton, Castalia, New Washington, Shelby, Willard, Greenwich, Plymouth, Shiloh, Akron, Dublin, Plain City, Russells Point, Urbana, West Liberty, Quincy, and Dayton communities of Ohio; and Lawrenceburg, Aurora, West Harrison, Milan, Osgood, and Versailles, as well as loan production offices in Mayfield Heights, and Westlake, Ohio; and Fort Mitchell, 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. 

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/17 23:37
End of Day Share Price2020/02/14 00:00
Annual Earnings2019/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.