Company Overview - Civista Bancshares (CIVB) is headquartered in Sandusky and operates in the Finance sector, with a stock price change of -7.79% since the beginning of the year [3] - The company currently pays a dividend of $0.17 per share, resulting in a dividend yield of 3.51%, which is higher than the Banks - Midwest industry's yield of 3.24% and the S&P 500's yield of 1.57% [3] Dividend Performance - Civista Bancshares has an annualized dividend of $0.68, reflecting a 6.3% increase from the previous year [4] - Over the last 5 years, the company has increased its dividend 2 times year-over-year, with an average annual increase of 9.51% [4] - The current payout ratio is 32%, indicating that the company paid out 32% of its trailing 12-month earnings per share as dividends [4] Earnings Growth - The Zacks Consensus Estimate for Civista Bancshares for the fiscal year 2025 is $2.35 per share, representing a year-over-year growth rate of 16.92% [5] Investment Appeal - Civista Bancshares is considered an attractive dividend play and a compelling investment opportunity, holding a Zacks Rank of 1 (Strong Buy) [7]

Financial Performance - Net income for the year ended December 31, 2024 was $31,683, compared to $42,964 for the year ended December 31, 2023[248]. - Net interest income for 2024 was $116,710, a decrease of $8,786, or 7.0%, from 2023[249]. - Noninterest income increased by $585, or 1.6%, to $37,748 for the year ended December 31, 2024, driven by gains in loan sales and lease revenue[258]. - Noninterest expense increased by $4,909, or 4.6%, to $112,520 for the year ended December 31, 2024, primarily due to higher compensation and professional services expenses[260]. - Income tax expense decreased to $4,891 in 2024 from $7,649 in 2023, with an effective tax rate of 13.4% compared to 15.1% in 2023[261]. Asset and Loan Growth - As of December 31, 2024, the company's total assets increased to $4,098,469, up from $3,861,418 in 2023, representing a growth of approximately 6.1%[216]. - Net loans totaled $3,041,561 as of December 31, 2024, reflecting a 7.7% increase from $2,824,568 in 2023[218]. - The total average loans outstanding for 2024 were $2,984,912, up from $2,286,928 in 2023, reflecting a robust lending environment[223]. - Commercial Real Estate - Non-Owner Occupied loans increased by $64,097, contributing significantly to the overall growth in net loans[218]. - The average balance of loans increased by $262,115, or 9.6%, to $2,984,912 for the year ended December 31, 2024[250]. Credit Quality and Provisions - The allowance for credit losses at year-end 2024 was $39,669, compared to $28,511 in 2023, indicating a significant increase in provisions for potential credit losses[223]. - The ratio of allowance for credit losses to total loans outstanding was 1.29% in 2024, slightly down from 1.30% in 2023[227]. - Nonaccrual loans represented 1.00% of total loans outstanding in 2024, up from 0.25% in 2023, indicating a deterioration in loan quality[223]. - The company reported net charge-offs of $3,376 in 2024, compared to a recovery of $118 in 2023, highlighting a shift towards increased credit losses[223]. - Provisions for credit losses totaled $5,364 in 2024, an increase of $929 from $4,435 in 2023, primarily to support organic loan growth[255]. Deposits and Interest Rates - Year-end deposit balances totaled $3,211,870 in 2024 compared to $2,985,028 in 2023, an increase of $226,842, or 7.6%[237]. - Average deposit balances for 2024 were $3,086,961 compared to $2,852,037 for 2023, an increase of 8.2%[237]. - The average rate paid on demand and savings accounts increased from 0.57% in 2023 to 1.53% in 2024[252]. - Total interest expense rose by $32,747, or 57.2%, to $89,985 for the year ended December 31, 2024, attributed to higher average rates and balances of interest-bearing liabilities[252]. Shareholder Equity and Dividends - Total shareholders' equity increased $16,500, or 4.4%, during 2024 to $388,502[244]. - Shareholders' equity rose to $388,502 at December 31, 2024, compared to $372,002 at the end of 2023, driven by net income of $31,683[278]. - The Company paid $0.64 per common share in dividends in 2024 compared to $0.61 per common share in dividends in 2023[244]. - The company paid dividends totaling $20,300 to CBI in 2024, representing approximately 57% of Civista's earnings for the year[276]. Regulatory and Operational Risks - The company is subject to operational risks including cybersecurity threats, which could lead to financial loss and reputational damage[136]. - The company has implemented security controls to prevent unauthorized access to its systems, but risks remain due to potential breaches[145]. - Noncompliance with the Bank Secrecy Act and anti-money laundering regulations could result in significant financial penalties and reputational harm[150]. - The company relies heavily on third-party vendors for operational services, which exposes it to additional risks if those vendors experience disruptions[153]. - The company is subject to extensive regulatory scrutiny, and changes in regulations could adversely affect its operations and financial condition[176]. Market and Economic Conditions - The company faces strong competition in attracting deposits and originating loans, particularly from large regional financial institutions and nontraditional sources, which may impact its net interest margin[157]. - Changes in tax laws could adversely affect the company's performance and the demand for its loans and deposit products[196]. - The company must continuously update its technology to remain competitive and meet customer demands in a rapidly changing financial services market[197]. - External events such as climate change, natural disasters, and acts of war or terrorism could significantly impact the company's business operations[199].

Company Overview - Civista Bancshares (CIVB) is headquartered in Sandusky and operates in the Finance sector, with a stock price change of -0.05% since the start of the year [3] - The company currently pays a dividend of $0.17 per share, resulting in a dividend yield of 3.23%, which is higher than the Banks - Midwest industry's yield of 2.96% and the S&P 500's yield of 1.52% [3] Dividend Performance - Civista Bancshares has an annualized dividend of $0.68, reflecting a 6.3% increase from the previous year [4] - Over the last 5 years, the company has increased its dividend 2 times year-over-year, with an average annual increase of 9.51% [4] - The current payout ratio is 32%, indicating that the company pays out 32% of its trailing 12-month earnings per share as dividends [4] Earnings Growth Expectations - For the fiscal year, Civista Bancshares anticipates solid earnings growth, with the Zacks Consensus Estimate for 2025 at $2.28 per share, representing a 13.43% increase from the previous year [5] Investment Appeal - Civista Bancshares is considered a compelling investment opportunity due to its attractive dividend and strong Zacks Rank of 1 (Strong Buy) [7]

Company Overview - Civista Bancshares (CIVB) is a bank holding company headquartered in Sandusky, with a year-to-date price change of 0.19% [3] - The company currently pays a dividend of $0.16 per share, resulting in a dividend yield of 3.23%, which is higher than the Banks - Midwest industry's yield of 2.77% and the S&P 500's yield of 1.51% [3] Dividend Performance - Civista Bancshares has an annualized dividend of $0.68, reflecting a 6.3% increase from the previous year [4] - Over the past five years, the company has increased its dividend two times year-over-year, with an average annual increase of 9.51% [4] - The current payout ratio is 32%, indicating that the company paid out 32% of its trailing 12-month earnings per share as dividends [4] Earnings Growth - The Zacks Consensus Estimate for Civista Bancshares' earnings in 2025 is $2.21 per share, with an expected increase of 9.95% from the previous year [5] Investment Appeal - Civista Bancshares is considered a compelling investment opportunity due to its attractive dividend yield and strong earnings growth potential [7] - The stock holds a strong Zacks Rank of 1 (Strong Buy), indicating positive market sentiment [7]

Group 1 - The core focus of Quad 7 Capital is to provide investment opportunities through a team of 7 analysts with nearly 12 years of experience in the market [1] - The company is recognized for its significant market call in February 2020 to sell everything and go short, maintaining an average position of 95% long and 5% short since May 2020 [1] - Quad 7 Capital emphasizes teaching investors to become proficient traders, offering in-depth research with clear entry and exit targets [1] Group 2 - BAD BEAT Investing offers benefits such as understanding market dynamics, executing well-researched trade ideas weekly, and access to multiple chat rooms for discussions [2] - Members receive daily summaries of key analyst upgrades and downgrades, along with learning opportunities in basic options trading and access to extensive trading tools [2]

Core Insights - Civista Bancshares reported revenue of $40.37 million for the quarter ended December 2024, reflecting a year-over-year increase of 3.8% and a surprise of +2.00% over the Zacks Consensus Estimate of $39.58 million [1] - The earnings per share (EPS) for the quarter was $0.63, up from $0.62 in the same quarter last year, with an EPS surprise of +18.87% compared to the consensus estimate of $0.53 [1] Financial Metrics - The net interest margin (tax equivalent) was reported at 3.4%, exceeding the average estimate of 3.2% based on two analysts [4] - The efficiency ratio (non-GAAP) stood at 68.3%, better than the average estimate of 71.7% from two analysts [4] - Net interest income reached $31.36 million, surpassing the average estimate of $30.21 million from two analysts [4] - The net gain on the sale of loans was $1.26 million, slightly below the average estimate of $1.50 million [4] - Total noninterest income was reported at $9.02 million, also below the average estimate of $9.38 million from two analysts [4] Stock Performance - Civista Bancshares shares have returned +2.2% over the past month, outperforming the Zacks S&P 500 composite's +1.2% change [3] - The stock currently holds a Zacks Rank 2 (Buy), indicating potential for outperformance in the near term [3]

Core Viewpoint - Civista Bancshares (CIVB) reported quarterly earnings of $0.63 per share, exceeding the Zacks Consensus Estimate of $0.53 per share, and showing a slight increase from $0.62 per share a year ago, indicating a positive earnings surprise of 18.87% [1][2] Financial Performance - The company achieved revenues of $40.37 million for the quarter ended December 2024, surpassing the Zacks Consensus Estimate by 2%, and reflecting a year-over-year increase from $38.88 million [2] - Over the last four quarters, Civista Bancshares has exceeded consensus EPS estimates three times and has also topped consensus revenue estimates three times [2] Stock Performance and Outlook - Civista Bancshares shares have increased approximately 2.2% since the beginning of the year, compared to a 2.7% gain in the S&P 500 [3] - The company's earnings outlook is favorable, with current consensus EPS estimates of $0.45 for the coming quarter and $2.08 for the current fiscal year, alongside revenues of $38.46 million and $160.71 million respectively [7] Industry Context - The Banks - Midwest industry, to which Civista Bancshares belongs, is currently ranked in the top 6% of over 250 Zacks industries, suggesting a strong performance potential [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Civista's stock performance [5][6]

Financial Performance - Fourth-quarter net income was $9.9 million, or $0.63 per diluted share, compared to $9.7 million, or $0.62 per diluted share, for the same period in 2023[2]. - Full-year net income decreased to $31.7 million, or $2.01 per diluted share, from $43.0 million, or $2.73 per diluted share, in 2023[2]. - Net income for the twelve months ended December 31, 2024, was $31,683 thousand, a decrease of 26.2% compared to $42,964 thousand for the same period in 2023[64]. - Net income available to common shareholders increased to $9,893,000 in Q4 2024, compared to $9,655,000 in Q4 2023, reflecting a growth of 2.5%[71]. Income and Expenses - Non-interest income for the twelve months ended December 31, 2024, was $0.6 million higher than the same period in 2023, despite a replacement of nearly $5.2 million in non-interest income[2]. - Noninterest income for the fourth quarter of 2024 totaled $9.0 million, a decrease of 6.9% from the previous quarter but an increase of 2.2% year-over-year[23]. - Total noninterest expense for the fourth quarter of 2024 was $28.3 million, an increase of 11.8% compared to the same quarter in 2023[32]. - For the twelve months ended December 31, 2024, noninterest expense totaled $112.5 million, an increase of $4.9 million, or 4.6%, compared to the same period in the prior year[37]. - Noninterest expense (non-GAAP) for Q4 2024 was $27,933 thousand, an increase of 12.1% from $24,929 thousand in Q4 2023[78]. - Noninterest expense (GAAP) for the twelve months ended December 31, 2024, was $112,520 thousand, an increase of 4.0% from $107,611 thousand in 2023[78]. Interest Income and Margin - Net interest income increased by $2.1 million, or 7.3%, for the fourth quarter of 2024 compared to the third quarter of 2024[4]. - Net interest income for 2024 was $116.71 million, with a net interest margin of 3.21%, compared to $125.50 million and 3.70% in 2023, indicating a decrease in both metrics[18]. - The net interest margin (tax equivalent) for Q4 2024 was 3.36%, slightly down from 3.44% in Q4 2023[64]. - Total interest and dividend income for Q4 2024 was $53,233,000, an increase of 9.4% compared to $48,599,000 in Q4 2023[71]. - Net interest income rose to $31,355,000 in Q4 2024, up 4.9% from $30,052,000 in Q4 2023[71]. Asset and Liability Management - For the twelve months ended December 31, 2024, total assets increased to $3,969.65 million, up from $3,717.347 million in 2023, reflecting a growth of approximately 6.8%[18]. - Total assets at December 31, 2024, were $4.1 billion, an increase of $237.1 million, or 6.1%, from December 31, 2023[43]. - Total loans increased by $219.5 million, or 7.7%, since December 31, 2023, reaching $3.08 billion[44]. - Total deposits at December 31, 2024, were $3.2 billion, an increase of $226.8 million, or 7.6%, from December 31, 2023[48]. - Total deposits grew to $3,211,870 thousand as of December 31, 2024, compared to $2,985,028 thousand in 2023, marking an increase of 7.6%[65]. Credit Quality - Provision for credit losses for the fourth quarter of 2024 was $0.7 million, down from $2.3 million in the same period of 2023, while year-to-date provision increased to $5.4 million from $4.4 million[21]. - The Allowance to total loans ratio as of December 31, 2024, was 1.29%, down from 1.30% at the end of 2023, reflecting improved economic conditions[22]. - Civista recorded net charge-offs of $3.4 million for the twelve months of 2024, compared to net charge-offs of $1.0 million for the same period of 2023[56]. - Non-performing assets at December 31, 2024, were $31.9 million, an increase of $16.7 million or 111%, from December 31, 2023[56]. - Nonperforming loans increased to $31,865,000 in Q4 2024 from $15,126,000 in Q4 2023, indicating a rise in credit risk[74]. Capital and Dividends - The company announced a quarterly dividend of $0.16, reflecting an annualized yield of 3.04% and a dividend payout ratio of 25.5%[2]. - The company declared dividends of $0.16 per common share for both Q4 2024 and Q4 2023, with a total dividend payout ratio of 25.45%[64]. - Total shareholders' equity at December 31, 2024, totaled $388.5 million, an increase of $16.5 million from December 31, 2023[55]. - Civista did not repurchase any shares in 2024, leaving the entire $13.5 million of the current repurchase authorization remaining[54]. Efficiency Metrics - The efficiency ratio for the fourth quarter of 2024 was 68.3%, compared to 63.3% in the fourth quarter of 2023, primarily due to an 11.8% increase in noninterest expenses[36]. - The efficiency ratio was 70.8% for the twelve months ended December 31, 2024, compared to 64.2% for the same period in 2023[41]. - The efficiency ratio (non-GAAP) for Q4 2024 was 68.3%, up from 63.3% in Q4 2023, indicating a decline in operational efficiency[78]. - The efficiency ratio (non-GAAP) for the twelve months ended December 31, 2024, was 70.8%, compared to 64.2% in 2023, indicating a significant decline in efficiency[78].

Core Viewpoint - Civista Bancshares, Inc. reported strong financial results for the fourth quarter and full year of 2024, highlighting a disciplined approach to loan and deposit pricing, which contributed to an increase in earnings per share and a rise in quarterly dividends [1][3]. Financial Performance - For Q4 2024, net interest income increased by $2.1 million, or 7.3%, compared to Q3 2024, driven by a $0.5 million rise in interest income due to a $33 million increase in average interest-earning assets [4][5]. - Year-over-year, net interest income for Q4 2024 rose by $1.3 million, with interest income up $4.6 million and interest expense increasing by $3.3 million [6]. - Net income for Q4 2024 was $9.9 million, or $0.63 per diluted share, compared to $9.7 million, or $0.62 per diluted share, for Q4 2023 [7]. Non-Interest Income - Non-interest income for Q4 2024 totaled $9.0 million, a decrease of $0.7 million from Q3 2024 but an increase of $0.2 million compared to Q4 2023 [20]. - For the full year 2024, non-interest income was $37.7 million, reflecting a $0.6 million increase from 2023, despite the exit from the tax refund processing business [25]. Deposit and Loan Growth - Total deposits at December 31, 2024, were $3.2 billion, an increase of $226.8 million, or 7.6%, from December 31, 2023 [45]. - Total loans increased by $219.5 million, or 7.7%, since December 31, 2023, with notable growth in residential real estate and real estate construction loans [42][44]. Asset Quality - The allowance for credit losses to loans ratio was 1.29% as of December 31, 2024, down from 1.30% a year earlier, indicating improved credit quality [19][53]. - Non-performing assets increased to $31.9 million, a rise of 111% from the previous year, with a non-performing assets to assets ratio of 0.78% [53]. Efficiency and Expenses - The efficiency ratio for Q4 2024 was 68.3%, up from 63.3% in Q4 2023, primarily due to an 11.8% increase in non-interest expenses [34]. - Total non-interest expense for the full year 2024 was $112.5 million, an increase of $4.9 million, or 4.6%, compared to 2023 [35].

Group 1 - Civista Bancshares (CIVB) has been upgraded to a Zacks Rank 1 (Strong Buy), indicating a positive outlook based on rising earnings estimates [1][3] - The Zacks rating system is driven by changes in earnings estimates, which are crucial for stock price movements, making it a valuable tool for investors [2][4] - The upgrade reflects an improvement in Civista Bancshares' underlying business, suggesting that investor sentiment may lead to a higher stock price [5][10] Group 2 - The Zacks Consensus Estimate for Civista Bancshares indicates expected earnings of $1.92 per share for the fiscal year ending December 2024, representing a year-over-year decline of 29.7% [8] - Over the past three months, analysts have increased their earnings estimates for Civista Bancshares by 12.5%, highlighting a positive trend in earnings revisions [8] - The Zacks Rank system has a strong track record, with Zacks Rank 1 stocks generating an average annual return of +25% since 1988, indicating the potential for significant returns [7][10]