Civista Bancshares: A Compelling Buy with Strong Growth Potential and Strategic EfficiencyWe increased EPS Estimate for 2026 – based on higher NIM outlook, lower credit and op expenses and assumed lower share count EPS Trajectory – We are stressing this as a key differentiator to the story moving forward Key Focus in 2026 – banks leverage the added equity (from raise this year) and ability to secure deal cost savings over time Areas Overlooked – include organic growth, market strengths, and funding optionality – they may get the perception of a serial acquirer, but we dive into the overlooked angles of the story in the note.