Civista Bancshares, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Civista Bancshares, Inc. has filed its 2023 annual report (10-K) detailing its financial performance and operations as of December 31, 2023.</b>

AI Summary

CIVISTA BANCSHARES, INC. (CIVB) filed a Annual Report (10-K) with the SEC on March 14, 2024. Civista Bancshares, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing provides detailed financial information and business operations for the company. Key financial data and disclosures are included as per SEC regulations. The report covers the period ending December 31, 2023. The filing was made on March 14, 2024.

Why It Matters

For investors and stakeholders tracking CIVISTA BANCSHARES, INC., this filing contains several important signals. This 10-K filing provides investors and stakeholders with a comprehensive overview of Civista Bancshares' financial health, strategic initiatives, and risk factors for the fiscal year 2023. Understanding the details within this report is crucial for assessing the company's performance, market position, and future outlook in the banking sector.

Risk Assessment

Risk Level: medium — CIVISTA BANCSHARES, INC. shows moderate risk based on this filing. The company operates in the highly regulated banking sector, facing risks related to economic conditions, interest rate fluctuations, and credit quality, as detailed in its 10-K filing.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Civista Bancshares' performance and potential risks.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-14 — Filing Date (Date of submission)
• 176 — Public Document Count (Number of documents in the filing)
• 6022 — Standard Industrial Classification (Industry code for Commercial Banks)

Key Players & Entities

• CIVISTA BANCSHARES, INC. (company) — Filer name
• CIVB (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-14 (date) — Filing date
• OH (location) — State of incorporation
• SANDUSKY (location) — Business address city
• FIRST CITIZENS BANC CORP /OH (company) — Former company name
• 1995-05-02 (date) — Date of name change

FAQ

Risk Factors

• Credit Risk [high — financial]: The company is exposed to credit risk from its lending activities, which could adversely affect its financial condition and results of operations.
• Interest Rate Risk [high — financial]: Changes in interest rates can impact the company's net interest income and the market value of its securities portfolio.
• Regulatory Compliance [medium — regulatory]: The company must comply with extensive federal and state banking regulations, which can change and impose additional costs or restrictions.
• Economic Conditions [medium — market]: Deterioration in general economic conditions, particularly in its primary market areas, could negatively impact the company's business and financial performance.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-14: Filing Date — Date the 10-K was officially submitted to the SEC.

Key Financial Figures

• $3,861,418 — ompany had total consolidated assets of $3,861,418 at December 31, 2023. CIVISTA BANK ("
• $46,090 — ggregate consideration of approximately $46,090. Immediately following the merger, Comu
• $315,083 — Corp. had total consolidated assets of $315,083, including $175,500 in loans, and $271,
• $175,500 — solidated assets of $315,083, including $175,500 in loans, and $271,081 in deposits. As
• $271,081 — 5,083, including $175,500 in loans, and $271,081 in deposits. As a result of the merger,
• $46,544 — nd stock consideration of approximately $46,544. Prior to the acquisition, VFG was a pr
• $93,870 — he acquisition, VFG had total assets of $93,870, including $62,712 in loans and leases.
• $62,712 — had total assets of $93,870, including $62,712 in loans and leases. As a result of the
• $56,886 — ears. At December 31, 2023, Civista had $56,886 of accumulated net profits available to
• $60.4 million — er 31, 2023, our liquid assets included $60.4 million of short-term cash and equivalents supp
• $618.3 million — rm cash and equivalents supplemented by $618.3 million of investment securities classified as
• $426.8 million — ity to borrow additional funds totaling $426.8 million from the Federal Home Loan Bank of Cinc
• $37.2 million — quate with total allowance amounting to $37.2 million at December 31, 2023. Market Area and

Filing Documents

• civb-20231231.htm (10-K) — 7231KB
• civb-ex4_3.htm (EX-4.3) — 5KB
• civb-ex21_1.htm (EX-21.1) — 11KB
• civb-ex23_1.htm (EX-23.1) — 4KB
• civb-ex31_1.htm (EX-31.1) — 13KB
• civb-ex31_2.htm (EX-31.2) — 13KB
• civb-ex32_1.htm (EX-32.1) — 6KB
• civb-ex32_2.htm (EX-32.2) — 6KB
• civb-ex97.htm (EX-97) — 28KB
• img125137817_0.jpg (GRAPHIC) — 159KB
• img125137817_1.jpg (GRAPHIC) — 4KB
• img125137817_2.jpg (GRAPHIC) — 5KB
• img125137817_3.jpg (GRAPHIC) — 2KB
• img125137817_4.jpg (GRAPHIC) — 2KB
• 0000950170-24-031472.txt (&nbsp;) — 35648KB
• civb-20231231.xsd (EX-101.SCH) — 3407KB
• civb-20231231_htm.xml (XML) — 9781KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 17 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 29 Item 3.

Legal Proceedings

Legal Proceedings 29 Item 4. Mine Safety Disclosures 29 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. Reserved 31 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 32 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 49 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 121 Item 9A.

Controls and Procedures

Controls and Procedures 121 Item 9B. Other Information 121 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 121 Part III Item 10. Directors, Executive Officers and Corporate Governance 122 Item 11.

Executive Compensation

Executive Compensation 122 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 122 Item 13. Certain Relationships and Related Transactions, and Director Independence 122 Item 14. Principal Accountant Fees and Services 122 Part IV Item 15. Exhibits and Financial Statement Schedules 123 Item 16 Form 10-K Summary 125

Signatures

Signatures 126 PART I

Business

Item 1. Business General Development of Business CIVISTA BANCSHARES, INC. ("CBI") was organized under the laws of the State of Ohio on February 19, 1987 and is a registered financial holding company under the Gramm-Leach-Bliley Act of 1999, as amended (the "GLBA"). CBI's office is located at 100 East Water Street, Sandusky, Ohio. CBI and its subsidiaries are sometimes referred to together as the "Company". The Company had total consolidated assets of $3,861,418 at December 31, 2023. CIVISTA BANK ("Civista"), owned by the Company since 1987, opened for business in 1884 as The Citizens National Bank. In 1898, Civista was reorganized under Ohio banking law and was known as The Citizens Bank and Trust Company. In 1908, Civista surrendered its trust charter and began operation as The Citizens Banking Company. The name Civista Bank was introduced during the first quarter of 2015 to solidify our dual Citizens/Champaign brand and distinguish ourselves from the many other banks using the "Citizens" name in our existing and prospective markets. Civista maintains its main office at 100 East Water Street, Sandusky, Ohio and operates branch banking offices in the following Ohio communities: Sandusky (2), Norwalk (2), Berlin Heights, Huron, Port Clinton, Castalia, New Washington, Shelby (2), Willard, Greenwich, Plymouth, Shiloh, Akron, Dublin, Plain City, Russells Point, Urbana (2), West Liberty, Quincy, Dayton (3), Beachwood, Gahanna, Napoleon (3), Malinta, Liberty Center, Holgate, Bowling Green, and in the following Indiana communities: Lawrenceburg (3), Aurora, West Harrison, Milan, Osgood and Versailles. Civista also operates loan production offices in Westlake, Ohio and Fort Mitchell, Kentucky and a leasing company office in Pittsburgh, Pennsylvania. Civista and its consolidated subsidiaries as discussed below, accounted for 99.5% of the Company's consolidated assets at December 31, 2023. FIRST CITIZENS INSURANCE AGENCY, INC. ("FCIA") was formed as a wholly owned sub

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View this 10-K filing on SEC EDGAR