On this page of StockholderLetter.com we present the latest annual shareholder letter from CIVISTA BANCSHARES, INC. — ticker symbol CIVB. Reading current and past CIVB letters to shareholders can bring important insights into the investment thesis.

 •  3/10/2025 Letter Continued (Full PDF)
 •  3/15/2023 CIVB Stockholder Letter
 •  3/14/2024 CIVB Stockholder Letter
 •  More "Banking & Savings" Category Stockholder Letters
 •  CIVB Benford's Law Stock Score = 100

CIVB Shareholder/Stockholder Letter Transcript:

LETTER FROM
THE CEO
A Message from
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I am pleased to present to you the annual
report for Civista Bancshares, Inc. for the year
ending December 31, 2024. The year has been
one of meaningful progress and achievement
for our company, and I am proud to share our
accomplishments and future outlook with you.
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In 2024, we reported net income of $31.7 million,
or $2.01 per diluted share, compared to $43.0
million, or $2.73 per diluted share, in 2023.
banking industry. Regulatory reform and margin

the industry. Rising deposit costs caused interest
expense to increase, and deposits repriced faster
interest margin.
$5.2 million in non-interest income as we exited
the third-party tax processing business, we
2024 Annual Report | Civista Bancshares | 1


renewal fee.
Despite some of these challenges, our employees
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of mortgage income; we increased loan and lease
income; and we cross-sold more products which
our non-interest income of $37.7 million, was
approximately $585,000 higher in 2024 than the
previous year.

growth in savings and money market accounts and
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the last several years.

and as a result, our net interest margin declined
from 3.70% in 2023 to 3.21% in 2024. Our increase

non-interest bearing deposits to interest bearing
deposits. Deposit costs did stabilize throughout the
year and our net interest margin troughed in the
second quarter. We had margin expansion during

Loan and Lease balances grew by $219.5 million,
an increase of 7.7%. Most of the growth occurred
in commercial, non-owner occupied commercial

Despite the higher interest rate environment, our
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was 1.29% at year end, compared to 1.30% at
December 31, 2023.
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In 2024, Civista Bank proudly celebrated 140
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of our customers while maintaining our strong

WORKING TOGETHER Community is at the heart of
all we do! Civista team members volunteered at Victory
Kitchen to prep food for the Sandusky community.
2 | Focused On You | Letter from the CEO
Over the decades, we have grown from a single
storefront in Sandusky, Ohio, into a regional
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We have embraced advancements in banking,

140th ANNIVERSARY Dennis Sha   er, CEO and President of Civista Bancshares,
joins the Dublin o   ce in their celebration of Civista Bank   s 140th Anniversary.
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launching mobile banking in 2011.
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We launched several

which contributed to good


with loan customers to expand
deposit balances, moving
wealth management client
cash balances, which were held
outside the bank, back to our
in the State of Ohio   s Homebuyer
Plus program.
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we launched our new digital small business
process providing quicker decisioning and greater
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is used throughout the company and digitally,
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Throughout 2024, we focused on several key


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for the next several years and will help reduce our
dependency on higher interest funding sources,
enhance our overall customer experience, improve

GROWING OUR COMMUNITIES Civista Bank was a proud sponsor
of the Greater Sandusky Partnership's RISE (Regional Incubator for
Sustainability and Entrepreneurship) event. The objective of RISE is to
grow jobs and spearhead economic development by linking business
owners and aspiring entrepreneurs to regional service providers with
expertise in business start-up, development and acceleration.
2024 Annual Report | Civista Bancshares | 3



 3/10/2025 Letter Continued (Full PDF)