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Civista Bancshares Inc (CIVB)
NASDAQ:CIVB
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Civista Bancshares
(NASDAQ:CIVB)
71Outperform
Civista Bancshares (CIVB) vs. S&P 500 (SPY)
Market Cap
$301.70M
Dividend Yield3.33%
Average Volume (3M)40.29K
Price to Earnings (P/E)9.7
Beta (1Y)0.76
Revenue Growth11.16%
EPS Growth-26.17%
CountryUS
Employees527
SectorFinancial
Sector Strength85
IndustryBanks - Regional
Share Statistics
EPS (TTM)2.01
Shares Outstanding15,479,485
10 Day Avg. Volume47,105
30 Day Avg. Volume40,287
Financial Highlights & Ratios
PEG RatioN/A
Price to Book (P/B)N/A
Price to Sales (P/S)1.99
Price to Cash Flow (P/CF)3.30
P/FCF Ratio1.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$24.50Price Target Upside25.71% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
Civista Bancshares Business Overview & Revenue Model
Company DescriptionCivista 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.
How the Company Makes MoneyCivista Bancshares generates revenue through various banking services and financial products. The primary revenue streams include interest income from loans and credit products extended to individuals and businesses. This includes residential and commercial mortgages, consumer loans, and lines of credit. Additionally, the bank earns non-interest income from fees and service charges related to deposit accounts, transaction processing, trust and investment management, and other financial services. Civista also benefits from investments in securities and partnerships that provide additional income streams, contributing to overall profitability. The company's financial performance is bolstered by strategic partnerships and a strong focus on community banking, which helps maintain a loyal customer base.
Civista Bancshares Financial Statement Overview
Summary
Civista Bancshares exhibits stable financial performance with consistent revenue growth and robust operating cash flow. The balance sheet shows a strong equity position, although rising liabilities and cash fluctuations should be monitored. Despite some missing data, the company maintains profitability and effective cash management.Income Statement
Civista Bancshares has shown consistent revenue growth over the past few years, with total revenue increasing from $107.54 million in 2019 to $158.22 million in 2023. However, the revenue for 2024 is unavailable. Net profit margin has fluctuated slightly but remains healthy, suggesting good cost control. The absence of EBIT and EBITDA figures for 2023 and 2024 makes it challenging to evaluate operational efficiency fully. Overall, the income statement reflects a stable and growing revenue base, albeit with some missing data points.72
Positive
Balance Sheet
The company's balance sheet reveals a significant increase in total assets from $2.31 billion in 2019 to $3.86 billion in 2023, driven by substantial cash and cash equivalents. The equity ratio remains strong, indicating a solid capital base, though the increase in total liabilities up to 2023 suggests rising obligations. The debt-to-equity ratio was reasonable in previous years but saw a significant improvement in 2024 with a reduction in total debt. However, the substantial fluctuations in cash and liabilities warrant monitoring for potential liquidity risks.68
Positive
Cash Flow
Civista Bancshares demonstrates robust operating cash flow, with a noticeable increase from $32.21 million in 2020 to $62.70 million in 2023. The free cash flow has also remained positive, reflecting efficient capital expenditure management. The free cash flow growth rate indicates positive trends, although there are some variations in investing cash flow, primarily due to significant investments. Overall, the cash flow statement is strong, showing the company's ability to generate and manage cash effectively.74
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 151.91M | 158.22M | 137.03M | 124.56M | 116.04M | Gross Profit |
| 151.91M | 160.24M | 137.03M | 124.56M | 116.04M | EBIT |
| -137.59M | 0.00 | 62.54M | 47.56M | 37.13M | EBITDA |
| 0.00 | 0.00 | 52.79M | 51.25M | 40.30M | Net Income Common Stockholders |
| 31.68M | 42.96M | 39.43M | 40.55M | 32.19M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 8.88M | 8.33M | 660.24M | 825.84M | 502.99M | Total Assets |
| 4.10B | 3.86B | 3.54B | 3.01B | 2.76B | Total Debt |
| 450.88M | 454.19M | 516.59M | 177.81M | 154.43M | Net Debt |
| 386.28M | 392.56M | 471.75M | -88.16M | 14.90M | Total Liabilities |
| 3.71B | 3.49B | 3.20B | 177.81M | 154.43M | Stockholders Equity |
| 388.50M | 372.00M | 334.84M | 355.21M | 350.11M |
| Cash Flow | Free Cash Flow | |||
| 48.25M | 59.27M | 18.68M | 38.83M | 30.23M | Operating Cash Flow |
| 48.25M | 62.70M | 25.18M | 40.76M | 32.21M | Investing Cash Flow |
| -258.80M | -311.78M | -410.36M | -130.50M | -340.02M | Financing Cash Flow |
| 213.30M | 266.13M | 164.30M | 216.93M | 398.80M |
Civista Bancshares Technical Analysis
Neutral
19.49
Price Trends
20.02
Negative
20.70
Negative
19.08
Positive
Market Momentum
-0.22
Negative
50.49
Neutral
65.26
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CIVB, the sentiment is Neutral. The current price of 19.49 is above the 20-day moving average (MA) of 19.33, below the 50-day MA of 20.02, and above the 200-day MA of 19.08, indicating a neutral trend. The MACD of -0.22 indicates Negative momentum. The RSI at 50.49 is Neutral, neither overbought nor oversold. The STOCH value of 65.26 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CIVB.
Civista Bancshares Risk Analysis
Civista Bancshares disclosed 24 risk factors in its most recent earnings report. Civista Bancshares reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Civista Bancshares Peers Comparison
Overall Rating
UnderperformOutperform
Sector (63)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $299.68M | 6.06 | 15.99% | 2.29% | 18.81% | 15.91% | |
72 Outperform | $289.50M | 15.40 | 6.20% | ― | 27.04% | 6.52% | |
71 Outperform | $301.70M | 9.67 | 8.10% | 3.33% | 11.16% | -26.17% | |
67 Neutral | $291.23M | 11.16 | 9.58% | 5.95% | 3.55% | 6.97% | |
67 Neutral | $287.94M | 12.34 | 7.41% | 1.93% | 2.89% | -7.12% | |
66 Neutral | $297.52M | 8.79 | 12.30% | 2.79% | 9.78% | -3.24% | |
63 Neutral | $12.75B | 9.36 | 8.64% | 84.32% | 13.82% | -3.89% |
* Financial Sector Average
Performance Comparison
CIVB
Civista Bancshares
19.49
5.71
41.44%
CZNC
Citizens & Northern
18.76
2.43
14.88%
NECB
Northeast Community Bancorp
21.88
7.34
50.48%
FSBW
FS Bancorp
38.29
8.21
27.29%
BCML
BayCom
25.91
6.40
32.80%
PBFS
Pioneer Bancorp
11.16
2.14
23.73%
Civista Bancshares Earnings Call Summary
Earnings Call Date: Jan 30, 2025 | % Change Since: -8.67% | Next Earnings Date: Apr 24, 2025
Earnings Call Sentiment Neutral
While Civista Bancshares reported positive developments such as net income growth in the fourth quarter, core deposit growth, and improved net interest margin, the company also faced challenges including a decline in annual net income, volatility in noninterest income, and increased nonperforming loans and expenses. The call highlighted both achievements and challenges, presenting a balanced outcome.Highlights
Net Income Growth
Net income for the fourth quarter was $9.9 million, representing an 18% increase over the linked-quarter. Net income for the year was $31.7 million.
Loan and Lease Portfolio Growth
The loan and lease portfolio grew at an annualized rate of 4.9% during the fourth quarter and a respectable rate of 7.7% for the year.
Core Deposit Growth
Core deposit funding grew organically by over $36 million during the quarter, reducing reliance on brokered funding.
Net Interest Income Increase
Net interest income for the quarter was $31.4 million, a 7.3% increase compared to the linked quarter.
Improved Net Interest Margin
Margin expanded by 20 basis points during the quarter to 3.36%, and was 3.21% for the year.
Dividend Increase
A $0.01 per share increase in quarterly dividend to $0.17 per share was announced, representing an annualized yield of 3.16%.
Lowlights
Year-over-Year Income Decline
Annual net income decreased from $43 million in 2023 to $31.7 million in 2024.
Noninterest Income Volatility
Noninterest income decreased by $671,000 or 6.9% from the linked quarter, mainly due to a $1.1 million decline in lease revenue and residual fees.
Increased Nonperforming Loans
Allowance for credit losses to nonperforming loans declined from 246% in 2023 to 124% in 2024, due to two loans totaling $16.4 million being downgraded to nonperforming.
Increased Noninterest Expenses
Noninterest expense for the quarter increased by 1.1% from the linked quarter due to increased professional fees and nonrecurring finance staff transition costs.
Company Guidance
During the Civista Bancshares Fourth Quarter 2024 Earnings Conference Call, the company reported a net income of $9.9 million, or $0.63 per diluted share, marking an 18% increase over the previous quarter. The net income for the full year was $31.7 million, or $2.01 per diluted share, compared to $43 million, or $2.73 per diluted share, in 2023. Civista achieved a return on assets (ROA) of 0.80% for the year and 0.97% for the quarter. The company's net interest income rose by $2.1 million, or 7.3%, from the previous quarter, with a quarterly net interest margin of 3.36% and an annual margin of 3.21%. The loan and lease portfolio grew at an annualized rate of 4.9% for the quarter and 7.7% for the year, while core deposit funding increased by over $36 million during the quarter. Noninterest income was $585,000 higher than in 2023, despite the need to replace $5.2 million in noninterest income from the previous year. Civista's efficiency ratio improved to 68.3%, and the company closed a branch, anticipating $142,000 in annual savings. The allowance for credit losses to total loans ratio was 1.29%, with plans to manage loan growth in the low single-digit range to optimize funding and improve capital ratios.Civista Bancshares Corporate Events
Business Operations and StrategyFinancial Disclosures
Civista Bancshares Highlights Strategic Initiatives in Roadshow
Positive
Mar 17, 2025
On March 17, 2025, Civista Bancshares’ senior management will present to investors during a non-deal roadshow, highlighting the company’s strategic initiatives and financial performance. Civista has shown significant growth in deposits and loans since 2019, with a strong capital position and diversified revenue streams. The company emphasizes its community banking focus, robust credit quality, and strategic priorities for 2024-2027, including digital growth and talent investment. Recent initiatives have improved revenue and reduced expenses, positioning Civista as a strong player in its market.
Executive/Board ChangesBusiness Operations and Strategy
Civista Bancshares Appoints New Chief Lending Officer
Positive
Jan 22, 2025
Civista Bancshares, Inc. announced on January 21, 2025, the appointment of Charles A. Parcher as Executive Vice President and Chief Lending Officer of both Civista Bancshares, Inc. and Civista Bank, marking a significant leadership transition aimed at fostering stability and growth. Parcher, who joined Civista in 2016 and has over 36 years of banking experience, is recognized for his instrumental role in shaping the bank’s lending strategies, with the transition reflecting Civista’s succession plan to ensure sustained organizational longevity.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.