Civista Bancshares, Inc.
Annual Report 2020

Five Year Condensed Consolidated Financial Summary

Earnings

Net Income (000) 

2020 

2019 

2018 

2017 

2016 

$32,192 

$33,878 

$14,139 

 $15,872  

 $17,217         

Preferred Stock Dividends (000) 

   $0 

($647) 

($959) 

($1,244) 

($1,501)  

Net Income Available To  

Common Shareholders (000) 

$32,192 

$33,231 

$13,180  

$14,628  

 $15,716  

Per Common Share Earnings 

Available To Common Shareholders 

Basic 

Diluted 

Book Value 

Dividends Paid 

Balances

Assets (millions) 

Deposits (millions) 

Net Loans (millions) 

$2.00 

$2.00 

$2.12 

$2.01 

$1.10 

$1.02 

$1.48  

$1.28  

$1.96   

$1.57   

$22.02 

$19.78 

$18.56 

$16.39  

$14.22   

$0.44 

$0.42 

$0.32 

$0.25  

$0.22   

$2,762.9 

$2,309.6 

$2,139.0 

$1,525.9  

$1,377.3   

$2,189.4 

$1,678.8 

$1,579.9 

$1,204.9  

$1,121.1   

$2,032.5 

$1,694.2 

$1,548.3 

$1,151.5  

$1,042.2   

Shareholders’ Equity (millions) 

$350.1 

$330.1 

$298.9 

$184.5  

$137.6 

(cid:87)(cid:286)(cid:396)(cid:296)(cid:381)(cid:396)(cid:373)(cid:258)(cid:374)(cid:272)(cid:286)(cid:3)(cid:90)(cid:258)(cid:415)(cid:381)(cid:400)

Return On Average Assets 

Return On Average Equity 

(cid:28)(cid:395)(cid:437)(cid:349)(cid:410)(cid:455)(cid:3)(cid:18)(cid:258)(cid:393)(cid:349)(cid:410)(cid:258)(cid:367)(cid:3)(cid:90)(cid:258)(cid:415)(cid:381)(cid:3)

1.17% 

9.57% 

1.51% 

10.64% 

0.81% 

6.50% 

1.04% 

9.19% 

1.19% 

12.90% 

(cid:1005)(cid:1006)(cid:856)(cid:1010)(cid:1011)(cid:1081)(cid:3)

(cid:1005)(cid:1008)(cid:856)(cid:1006)(cid:1013)(cid:1081)(cid:3)

(cid:1005)(cid:1007)(cid:856)(cid:1013)(cid:1011)(cid:1081)(cid:3)

(cid:1005)(cid:1006)(cid:856)(cid:1004)(cid:1013)(cid:1081)(cid:3)

(cid:1013)(cid:856)(cid:1013)(cid:1013)(cid:1081)(cid:3)

(cid:69)(cid:286)(cid:410)(cid:3)(cid:62)(cid:381)(cid:258)(cid:374)(cid:400)(cid:3)(cid:100)(cid:381)(cid:3)(cid:24)(cid:286)(cid:393)(cid:381)(cid:400)(cid:349)(cid:410)(cid:3)(cid:90)(cid:258)(cid:415)(cid:381)(cid:3)

(cid:1013)(cid:1006)(cid:856)(cid:1012)(cid:1007)(cid:1081)(cid:3)

(cid:1005)(cid:1004)(cid:1004)(cid:856)(cid:1013)(cid:1006)(cid:1081)(cid:3)

(cid:1013)(cid:1012)(cid:856)(cid:1004)(cid:1004)(cid:1081)(cid:3)

(cid:1013)(cid:1009)(cid:856)(cid:1009)(cid:1011)(cid:1081)(cid:3)

(cid:1013)(cid:1006)(cid:856)(cid:1013)(cid:1010)(cid:1081)(cid:3)

Loss Allowance To Total Loans 

1.22% 

0.86% 

0.88% 

1.13% 

1.26% 

OUR VISION: 
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Message From the CEO and President

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The year 2020 proved to be challenging and unlike any other in 
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2020  
 
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(cid:381)(cid:449)(cid:374)(cid:286)(cid:396)(cid:400)(cid:346)(cid:349)(cid:393)(cid:842)(cid:863)(cid:3)– Seanna Miller, Customer Care Center

2020 
 
 
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Executive Leadership Team

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(cid:75)(cid:312)(cid:272)(cid:286)(cid:396)(cid:400)

Donna M. Waltz-Jaskolski 
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(cid:381)(cid:396)(cid:3)(cid:373)(cid:381)(cid:271)(cid:349)(cid:367)(cid:286)(cid:3)(cid:271)(cid:258)(cid:374)(cid:364)(cid:349)(cid:374)(cid:336)(cid:3)(cid:336)(cid:258)(cid:349)(cid:374)(cid:3)(cid:258)(cid:3)(cid:367)(cid:349)(cid:425)(cid:367)(cid:286)(cid:3)(cid:373)(cid:381)(cid:396)(cid:286)(cid:3)(cid:272)(cid:381)(cid:374)(cid:302)(cid:282)(cid:286)(cid:374)(cid:272)(cid:286)(cid:3)(cid:349)(cid:374)(cid:3)(cid:346)(cid:381)(cid:449)(cid:3)(cid:410)(cid:381)(cid:3)(cid:400)(cid:286)(cid:410)(cid:3)(cid:437)(cid:393)(cid:3)(cid:271)(cid:349)(cid:367)(cid:367)(cid:3)
(cid:393)(cid:258)(cid:455)(cid:3)(cid:381)(cid:396)(cid:3)(cid:373)(cid:258)(cid:364)(cid:286)(cid:3)(cid:258)(cid:3)(cid:410)(cid:396)(cid:258)(cid:374)(cid:400)(cid:296)(cid:286)(cid:396)(cid:856)(cid:863)(cid:3)– Gary Weaver, Retail Banking

2020 
 
 
Board Of Directors

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James O. Miller 
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Civista Bank

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James O. Miller 
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(cid:18)(cid:349)(cid:448)(cid:349)(cid:400)(cid:410)(cid:258)(cid:3)(cid:17)(cid:258)(cid:374)(cid:272)(cid:400)(cid:346)(cid:258)(cid:396)(cid:286)(cid:400)(cid:853)(cid:3)(cid:47)(cid:374)(cid:272)(cid:856)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3)(cid:18)(cid:349)(cid:448)(cid:349)(cid:400)(cid:410)(cid:258)(cid:3)(cid:17)(cid:258)(cid:374)(cid:364)

(cid:58)(cid:258)(cid:373)(cid:286)(cid:400)(cid:3)(cid:24)(cid:856)(cid:3)(cid:44)(cid:286)(cid:272)(cid:364)(cid:286)(cid:367)(cid:373)(cid:258)(cid:374) 
(cid:90)(cid:286)(cid:415)(cid:396)(cid:286)(cid:282)(cid:853)(cid:3)(cid:38)(cid:381)(cid:437)(cid:374)(cid:282)(cid:286)(cid:396)(cid:3)(cid:381)(cid:296)(cid:3)(cid:24)(cid:258)(cid:374)(cid:882)(cid:68)(cid:258)(cid:396)(cid:3)(cid:18)(cid:381)(cid:856)(cid:853)(cid:3)(cid:47)(cid:374)(cid:272)(cid:856)

(cid:24)(cid:258)(cid:448)(cid:349)(cid:282)(cid:3)(cid:4)(cid:856)(cid:3)(cid:115)(cid:381)(cid:349)(cid:336)(cid:346)(cid:410) 
(cid:38)(cid:381)(cid:396)(cid:373)(cid:286)(cid:396)(cid:3)(cid:18)(cid:346)(cid:258)(cid:349)(cid:396)(cid:373)(cid:258)(cid:374)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:17)(cid:381)(cid:258)(cid:396)(cid:282)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3) 
(cid:38)(cid:381)(cid:396)(cid:373)(cid:286)(cid:396)(cid:3)(cid:87)(cid:396)(cid:286)(cid:400)(cid:349)(cid:282)(cid:286)(cid:374)(cid:410)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3)(cid:18)(cid:28)(cid:75)(cid:853)(cid:3) 
(cid:18)(cid:349)(cid:448)(cid:349)(cid:400)(cid:410)(cid:258)(cid:3)(cid:17)(cid:258)(cid:374)(cid:272)(cid:400)(cid:346)(cid:258)(cid:396)(cid:286)(cid:400)(cid:853)(cid:3)(cid:47)(cid:374)(cid:272)(cid:856)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3)(cid:18)(cid:349)(cid:448)(cid:349)(cid:400)(cid:410)(cid:258)(cid:3)(cid:17)(cid:258)(cid:374)(cid:364)

(cid:862)(cid:68)(cid:258)(cid:374)(cid:455)(cid:3)(cid:286)(cid:373)(cid:393)(cid:367)(cid:381)(cid:455)(cid:286)(cid:286)(cid:400)(cid:3)(cid:296)(cid:258)(cid:272)(cid:286)(cid:282)(cid:3)(cid:346)(cid:258)(cid:396)(cid:282)(cid:400)(cid:346)(cid:349)(cid:393)(cid:400)(cid:3)(cid:449)(cid:349)(cid:410)(cid:346)(cid:3)(cid:374)(cid:381)(cid:3)(cid:400)(cid:272)(cid:346)(cid:381)(cid:381)(cid:367)(cid:853)(cid:3)(cid:282)(cid:258)(cid:455)(cid:272)(cid:258)(cid:396)(cid:286)(cid:853)(cid:3)(cid:271)(cid:258)(cid:271)(cid:455)(cid:400)(cid:349)(cid:425)(cid:286)(cid:396)(cid:853)(cid:3)(cid:286)(cid:410)(cid:272)(cid:856)(cid:3)(cid:3)(cid:47)(cid:3)(cid:410)(cid:346)(cid:349)(cid:374)(cid:364)(cid:3)(cid:18)(cid:349)(cid:448)(cid:349)(cid:400)(cid:410)(cid:258)(cid:3)(cid:282)(cid:349)(cid:282)(cid:3)(cid:258)(cid:3)
(cid:449)(cid:381)(cid:374)(cid:282)(cid:286)(cid:396)(cid:296)(cid:437)(cid:367)(cid:3)(cid:361)(cid:381)(cid:271)(cid:3)(cid:410)(cid:381)(cid:3)(cid:258)(cid:272)(cid:272)(cid:381)(cid:373)(cid:373)(cid:381)(cid:282)(cid:258)(cid:410)(cid:286)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:286)(cid:373)(cid:393)(cid:367)(cid:381)(cid:455)(cid:286)(cid:286)(cid:400)(cid:3)(cid:400)(cid:381)(cid:3)(cid:449)(cid:286)(cid:3)(cid:282)(cid:349)(cid:282)(cid:3)(cid:374)(cid:381)(cid:410)(cid:3)(cid:346)(cid:258)(cid:448)(cid:286)(cid:3)(cid:410)(cid:381)(cid:3)(cid:272)(cid:346)(cid:381)(cid:381)(cid:400)(cid:286)(cid:3)(cid:271)(cid:286)(cid:410)(cid:449)(cid:286)(cid:286)(cid:374)(cid:3)(cid:449)(cid:381)(cid:396)(cid:364)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3)(cid:296)(cid:258)(cid:373)(cid:349)(cid:367)(cid:455)(cid:857)(cid:856)
(cid:18)(cid:349)(cid:448)(cid:349)(cid:400)(cid:410)(cid:258)(cid:3)(cid:393)(cid:437)(cid:410)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:400)(cid:258)(cid:296)(cid:286)(cid:410)(cid:455)(cid:3)(cid:381)(cid:296)(cid:3)(cid:381)(cid:437)(cid:396)(cid:3)(cid:286)(cid:373)(cid:393)(cid:367)(cid:381)(cid:455)(cid:286)(cid:286)(cid:400)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3)(cid:272)(cid:437)(cid:400)(cid:410)(cid:381)(cid:373)(cid:286)(cid:396)(cid:400)(cid:3)(cid:302)(cid:396)(cid:400)(cid:410)(cid:856)(cid:863)(cid:3)(cid:884)(cid:3)(cid:94)(cid:410)(cid:286)(cid:299)(cid:258)(cid:374)(cid:349)(cid:3)(cid:68)(cid:272)(cid:115)(cid:286)(cid:410)(cid:455)(cid:853)(cid:3)(cid:3)(cid:18)(cid:381)(cid:374)(cid:400)(cid:437)(cid:373)(cid:286)(cid:396)(cid:3)(cid:62)(cid:286)(cid:374)(cid:282)(cid:349)(cid:374)(cid:336)

2020ANNUAL REPORT 

CONTENTS 

Five –Year Selected Consolidated Financial Data ................................................................................................   
Common Shares and Shareholder Matters ............................................................................................................   
General Development of Business ........................................................................................................................   
Management’s Discussion and Analysis of Financial Condition and Results of Operations ...............................   
Quantitative and Qualitative Disclosures about Market Risk ...............................................................................    19 
Financial Statements 

5 

1 

5 

6 

Management’s Report on Internal Control over Financial Reporting ...........................................................    23 
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Statements ...   24 
Report of Independent Registered Public Accounting Firm on Financial Statements ..................................    25 
Consolidated Balance Sheets ........................................................................................................................    28 
Consolidated Statements of Operations ........................................................................................................    29 
Consolidated Statements of Comprehensive Income ....................................................................................    30 
Consolidated Statements of Changes in Shareholders’ Equity .....................................................................    31 
Consolidated Statements of Cash Flow ........................................................................................................    32 
Notes to Consolidated Financial Statements.................................................................................................    34 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Five-Year Selected Consolidated Financial Data 
(Amounts in thousands, except per share data) 

Statements of income: 

Total interest and dividend income 
Total interest expense 
Net interest income 

Provision (credit) for loan losses 

   $ 

Net interest income after provision for 
loan losses 

Net gain (loss) on sale of securities 
Other noninterest income 

Total noninterest income 
Total noninterest expense 

Income before federal income taxes 
Federal income tax expense 

Net income 

   $ 

Preferred stock dividends and discount 
      accretion 

Net income available to common 
      shareholders 

Per common share: 

Net income available to common 
shareholders (basic) 
Net income available to common 
shareholders (diluted) 
Dividends declared 
Book value 

Average common shares outstanding: 

Basic 
Diluted 

Year-end balances: 
Loans, net 
Securities 
Total assets 
Deposits 
Borrowings 
Shareholders’ equity 

Average balances: 
Loans, net 
Securities 
Total assets 
Deposits 
Borrowings 
Shareholders’ equity 

2020 

Year ended December 31, 
2018 

2017 

2019 

2016 

99,865       $ 
10,138          
89,727          
10,112          

79,615          
94          
28,088          
28,182          
70,665          
37,132          
4,940          
32,192       $ 

98,054       $ 
12,954          
85,100          
1,035          

84,065          
32          
22,411          
22,443          
66,947          
39,561          
5,683          
33,878       $ 

73,677       $ 
7,570          
66,107          
780          

65,327          
(413 )       
18,544          
18,131          
66,679          
16,779          
2,640          
14,139       $ 

58,594       $ 
4,092          
54,502          
—          

54,502          
12          
16,322          
16,334          
48,604          
22,232          
6,360          
15,872       $ 

53,567    
3,308    
50,259    
(1,300 ) 

51,559    
19    
16,113    
16,132    
43,855    
23,836    
6,619    
17,217    

—          

647          

959          

1,244          

1,501    

   $ 

32,192       $ 

33,231       $ 

13,180       $ 

14,628       $ 

15,716    

2.00          

2.12          

1.10          

1.48          

1.96    

2.00          
0.44          
22.02          

2.01          
0.42          
19.78          

1.02          
0.32          
18.56          

1.28          
0.25          
16.39          

1.57    
0.22    
14.22    

      16,129,875          15,652,881          11,971,786           9,906,856           8,010,399    
      16,129,875          16,851,740          13,855,706          12,352,616          10,950,961    

384,887          

379,970          

   $  2,032,474       $  1,694,203       $  1,548,262       $  1,151,527       $  1,042,201    
209,919    
       2,762,918           2,309,557           2,138,954           1,525,857           1,377,263    
       2,189,398           1,678,764           1,579,893           1,204,923           1,121,103    
106,852    
137,616    

245,226          
298,898          

183,341          
350,108          

274,601          
330,126          

123,082          
184,461          

368,385          

245,309          

386,703          

372,886          

   $  1,953,472       $  1,598,991       $  1,261,568       $  1,095,956       $  1,011,683    
213,496    
       2,754,708           2,241,111           1,742,823           1,526,387           1,441,717    
       2,078,454           1,689,801           1,341,860           1,236,663           1,210,283    
79,391    
133,445   

167,752          
217,371          

288,551          
336,461          

208,932          
318,306          

101,880          
172,763          

273,998          

234,249          

1 

 
 
 
   
   
   
   
   
      
      
      
      
   
      
            
            
            
            
      
      
      
      
      
      
      
      
      
      
      
      
      
            
            
            
            
      
      
      
      
      
      
            
            
            
            
      
      
            
            
            
            
      
      
      
      
      
            
            
            
            
      
      
      
      
 
Five-Year Selected Ratios 

Net interest margin (1) 
Return on average total assets 
Return on average shareholders’ equity 
Dividend payout ratio 
Average shareholders’ equity as a percent of 
      average total assets 
Net loan charge-offs (recoveries) as a percent of 
      average total loans 
Allowance for loan losses as a percent of loans at 
      year-end 
Shareholders’ equity as a percent of total year-end 
      assets 

2020 

Year ended December 31, 
2018 

2017 

2019 

2016 

3.70 %        
1.17    
9.57    
       22.00    

4.31 %        
1.51    
       10.64    
       19.81    

4.21 %        
0.81    
6.50    
       29.09    

4.01 %        
1.04    
9.19    
       16.89    

3.93 % 
1.19    
       12.90    
       11.22    

       12.21    

       14.20    

       12.47    

       11.32    

9.26    

(0.01 ) 

(0.00 ) 

0.02    

0.02    

(0.02 ) 

1.22    

0.86    

0.88    

1.13    

1.26    

       12.67    

       14.29    

       13.97    

       12.09    

9.99   

(1)  Calculated on a tax-equivalent basis using an effective tax rate of 21% for 2020, 2019 and 2018 and 35% for 

2017 and 2016. 

Reconciliation of Non-GAAP Measures 

Use of Non-GAAP Measures 

To supplement  the  financial  measures  prepared  in  accordance  with  U.S.  generally  accepted  accounting  principles 
(“GAAP”), we use a non-GAAP financial measure.   The reconciliation of this non-GAAP financial measure to the 
most directly comparable financial measure calculated and presented in accordance with GAAP is shown in the table 
below.  This non-GAAP financial measure should not be considered in isolation from, or as a substitute for or superior 
to, the financial measure reported in accordance with GAAP.  Moreover, this non-GAAP financial measure has limitations 
in that it does not reflect all the items associated with the operations of the business as determined in accordance with 
GAAP.  Other companies may calculate similarly titled non-GAAP financial measures differently than us, limiting the 
usefulness of those measures for comparative purposes. 

We believe that this non-GAAP financial measure is useful to investors in their assessment of operating performance 
and the valuation of the Company.    Pre-Tax Pre-Provision Net Income (PTPP), is a non-GAAP supplemental measure 
that is used by management to evaluate and measure the Company’s performance.   Management believes that this 
measure provides users of the Company’s financial information with a more meaningful view of the performance of 
the Company’s core earnings potential excluding credit related expenses.   

(In thousands) 
Net income (GAAP) 

   $ 
Add back: income tax expense        
Add back: provision for loan 
      losses 

2020 

Year ended December 31, 
2018 

2017 

2019 

2016 

32,192       $ 
4,940          

33,878       $ 
5,683          

14,139       $ 
2,640          

15,872       $ 
6,360          

17,217    
6,619    

10,112          

1,035          

780          

—          

(1,300 ) 

Pre-tax, pre-provision net 
      income 

   $ 

47,244       $ 

40,596       $ 

17,559       $ 

22,232       $ 

22,536   

Shareholder Return Performance 

Set forth below is a line graph comparing the five-year cumulative return of the common shares of Civista Bancshares, 
Inc. (ticker symbol CIVB), based on an initial investment of $100 on December 31, 2015 and assuming reinvestment 

2 

 
 
 
   
   
   
   
   
   
   
   
   
   
   
   
   
   
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
 
 
 
 
 
 
   
   
   
   
      
      
      
      
   
      
 
of dividends, with the cumulative return of the Standard & Poor’s 500 Index, the NASDAQ Bank Index and the SNL 
Bank Index. The comparative indices were obtained from SNL Securities and NASDAQ. 

Total Return Performance

Civista Bancshares, Inc.

S&P 500 Index

SNL Bank Index

NASDAQ Bank

250

200

150

100

l

e
u
a
V
x
e
d
n

I

50
12/31/15

12/31/16

12/31/17

12/31/18

12/31/19

12/31/20

Annual Report on Form 10-K 

A copy of the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission, 
will be furnished, free of charge, to shareholders, upon  written request to Lance A. Morrison, Secretary of 
Civista Bancshares, Inc., 100 East Water Street, Sandusky, Ohio 44870.

3 

 
 
 
 
  
 
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4 

 
 
 
Common Shares and Shareholder Matters 

The common shares of Civista Bancshares, Inc. (“CBI”) trade on The NASDAQ Capital Market under the symbol 
“CIVB”. As of February 25, 2021, there  were 15,847,061 common shares outstanding and held by  approximately 
1,563 shareholders of record (not including the number of persons or entities holding stock in nominee or street name 
through various brokerage firms). 

The Company paid quarterly dividends on its common shares in the aggregate amounts of $0.44 per share and $0.42 
per share in 2020 and 2019, respectively. The Company presently anticipates continuing to pay quarterly dividends in 
the future at similar levels, subject to compliance with applicable restrictions on the payment of dividends as discussed 
in the “Liquidity and Capital Resources” section of the Management’s Discussion and Analysis of Financial Condition 
and Results of Operations and in Note 19 to the Consolidated Financial Statements. 

General Development of Business 

(Amounts in thousands) 

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 Financial Modernization Act of 1999, as amended. CBI and its subsidiaries 
are sometimes referred to together as the  “Company”. The Company’s office is  located at 100 East Water Street, 
Sandusky, Ohio. The Company had total consolidated assets of $2,762,918 at December 31, 2020. 

CIVISTA BANK (“Civista”), owned by CBI 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,  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. Civista accounted for 99.8% of the Company’s consolidated assets at December 31, 
2020. 

FIRST  CITIZENS  INSURANCE  AGENCY  INC.  (“FCIA”)  was  formed  to  allow  the  Company  to  participate  in 
commission revenue generated through its third party insurance agreement. Assets of FCIA were less than one percent 
of the Company’s consolidated assets as of December 31, 2020. 

WATER STREET PROPERTIES, INC. (“WSP”)  was  formed to hold properties repossessed by CBI subsidiaries. 
WSP accounted for less than one percent of the Company’s consolidated assets as of December 31, 2020. 

FC REFUND SOLUTIONS, INC. (“FCRS”) was formed during 2012 to facilitate payment of individual state and 
federal income tax refunds. The operations of FCRS were discontinued June 30, 2019 as a result of inactivity. The 
discontinued operations of FCRS will not affect the Company’s participation in the tax refund processing program. 
FIRST CITIZENS INVESTMENTS, INC. (“FCI”) is wholly-owned by Civista and holds and manages its securities 
portfolio. The operations of FCI are located in Wilmington, Delaware. 

FIRST  CITIZENS  CAPITAL  LLC  (“FCC”)  is  wholly-owned  by  Civista  and  holds  inter-company  debt  that  is 
eliminated in consolidation. The operations of FCC are located in Wilmington, Delaware. 

CIVB RISK MANAGEMENT, INC. (“CRMI”) is a wholly-owned captive insurance company formed in 2017 which 
insures against certain risks unique to the operations of the Company and its subsidiaries and for which insurance may 
not be currently available or economically feasible in today's insurance marketplace. Assets of CRMI were less than 
one percent of the Company’s consolidated assets as of December 31, 2020. 

5 

 
 
 
 
 
 
 
 
 
 
 
Acquisition of United Community Bancorp 

On September 14, 2018, CBI completed the acquisition by merger of United Community Bancorp (“UCB”) in a stock 
and  cash  transaction  for  aggregate  consideration  of  approximately  $117,344.    Immediately  following  the  merger, 
UCB’s banking subsidiary, United Community Bank, was merged into CBI’s banking subsidiary, Civista Bank.   At 
the time of the merger, UCB had total assets of $537,875, including $298,319 in loans, and $475,944 in deposits.    As 
a result of the merger, we acquired eight offices of UCB in the Indiana communities of Lawrenceburg (3), Aurora, 
West Harrison, Milan, Osgood and Versailles and a loan production office in Fort Mitchell, Kentucky. 

Management’s Discussion and Analysis of Financial Condition and Results of Operations—As of December 31, 
2020 and December 31, 2019 and for the Years Ended December 31, 2020, 2019 and 2018 

(Amounts in thousands, except per share data) 

General 

The  following  paragraphs  more  fully  discuss  the  significant  highlights,  changes  and  trends  as  they  relate  to  the 
Company’s  financial condition, results of operations, liquidity and capital resources as of December 31, 2020 and 
2019, and during the three-year period ended December 31, 2020. This discussion should be read in conjunction with 
the  Consolidated  Financial  Statements  and  Notes  to  the  Consolidated  Financial  Statements,  which  are  included 
elsewhere in this report. 

Forward-Looking Statements 

This report may contain “forward-looking statements” within the meaning of Section 27A of the Securities Act of 
1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the 
“Exchange Act”), relating to such matters as financial condition, anticipated operating results, cash flows, business 
line results, credit quality expectations, prospects for new lines of business, economic trends (including interest rates) 
and similar matters. Forward-looking statements reflect our expectations, estimates or projections concerning future 
results or events. These statements are generally identified by the use of forward-looking words or phrases such as 
“believe,” “belief,” “expect,” “anticipate,” “may,” “could,” “intend,” “intent,” “estimate,” “plan,” “foresee,” “likely,” 
“will,” “should” or other similar words or phrases. Forward-looking statements are not guarantees of performance and 
are inherently  subject to known and unknown risks, uncertainties and assumptions that  are difficult to predict and 
could cause our actual results, performance or achievements to differ materially from those expressed in or implied 
by the forward-looking statements. Factors that could cause actual results, performance or achievements to differ from 
those discussed in the forward-looking statements include, but are not limited to, impacts on our business, financial 
condition  and  results  of  operations  resulting  from  the  ongoing  COVID-19  pandemic,  including  government 
regulations  and  stimulus  programs  related  thereto:  changes  in  financial  markets  or  national  or  local  economic  or 
political conditions; adverse changes in the real estate market; volatility and direction of market interest rates; the 
transition away from LIBOR as a reference rate for financial contracts; credit risks of lending activities; operational 
risks;  changes  in  the  allowance  for  loan  losses;  legislation  or  regulatory  changes  or  actions;  increases  in  FDIC 
insurance premiums and assessments; changes in tax laws; accounting changes; inability to raise additional capital if 
and when needed in the future; unexpected losses of key management; failure, interruption or breach of security of 
our  communications  and  information  systems  or  those  of  our  third  party  service  providers;  unforeseen  litigation; 
increased competition in our market area; failures to manage growth and/or effectively integrate acquisitions; future 
revenues of our tax refund program; climate change, natural disasters, acts of  war or terrorism, and other external 
events;  and  other  risks  identified  from  time-to-time  in  the  Company’s  other  public  documents  on  file  with  the 
Securities and Exchange Commission. 

The forward-looking statements included in this report are only made as of the date of this report, and we disclaim 
any obligation to publicly update any forward-looking statement to reflect subsequent events or circumstances, except 
as required by law. 

The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements, and the 
purpose of this section is to secure the use of the safe harbor provisions. 

Financial Condition 

At December 31, 2020, the Company’s total assets were $2,762,918, compared to $2,309,557 at December 31, 2019. 
The increase in assets is primarily the result of increases in cash and due from financial institutions, securities available 

6 

 
 
 
 
 
 
 
 
 
 
 
for sale, loans held for sale, loans and swap assets. Other factors contributing to the change in assets are discussed in 
the following sections. 

Loans held for sale increased $4,716, or 206.4%, from $2,285 at December 31, 2019 to $7,001 at December 31, 2020.   
The increase is due to an increase in volume due to refinances as rates have declined.    At December 31, 2020, 29 
loans totaling $7,001 were held for sale as compared to 15 loans totaling $2,285 at December 31, 2019. 

At $2,032,474, net loans increased from December 31, 2019 by 20.0%. The increase in net loans was spread across 
most segments. Commercial & Agriculture loans increased $206,766, Commercial Real Estate – Owner Occupied 
loans increased $32,807, Commercial Real Estate - Non-Owner Occupied loans increased $112,850, and Real estate 
construction  loans  increased  $19,784.  The  increases  in  the  foregoing  loan  segments  were  offset  by  decreases  in 
Residential Real Estate loans of $20,444, Farm Real Estate loans of $1,012 and Consumer and other loans of $2,219.   
The increase in Commercial & Agriculture loans is the result of our origination of loans under the Paycheck Protection 
Program (“PPP”) loans totaling $217,295 at December 31, 2020. 

Securities  available  for  sale  increased  by  $4,965,  or  1.4%,  from  $358,499  at  December 31,  2019  to  $363,464  at 
December 31,  2020.  U.S. Treasury  securities  and  obligations  of  U.S.  government  agencies  increased  $2,092  from 
$19,601  at  December 31,  2019  to  $21,693  at  December 31,  2020.  Obligations  of  states  and  political  subdivisions 
available for sale increased by $22,978 from 2019 to 2020. Mortgage-backed securities decreased by $20,105 to total 
$112,759 at December 31, 2020. The Company continues to utilize letters of credit from the Federal Home Loan Bank 
(FHLB) to replace maturing securities that were pledged for public entities. As of December 31, 2020, the Company 
was in compliance with all applicable pledging requirements. 

Mortgage-backed securities totaled $112,759 at December 31, 2020 and none were considered unusual or “high risk” 
securities as defined by regulatory authorities. Of this total, $96,872 consisted of pass-through securities issued by the 
Federal  National  Mortgage  Association  (“FNMA”),  Federal  Home  Loan  Mortgage  Corporation  (“FHLMC”),  and 
Government  National  Mortgage  Association  (“GNMA”),  and  $15,887  of  these  securities  were  collateralized  by 
mortgage-backed securities issued or guaranteed by  FNMA, FHLMC, or GNMA. The  average interest rate of the 
mortgage-backed securities portfolio at December 31, 2020 was 3.1%. The average maturity at December 31, 2020 
was approximately 4.7 years. 

Securities available for sale had a fair value at December 31, 2020 of $363,464. This fair value includes unrealized 
gains of approximately $27,183 and unrealized losses of approximately $35. Net unrealized gains totaled $27,148 on 
December 31, 2020 compared to net unrealized gains of $16,307 on December 31, 2019. The change in unrealized 
gains is primarily due to changes in market interest rates. Note 3 to the Consolidated Financial Statements provides 
additional information on unrealized gains and losses. 

Premises and equipment, net of accumulated depreciation, decreased $291 from December 31, 2019 to December 31, 
2020. The decrease is the result of new purchases of $1,972, offset by disposals of $10 and depreciation of $2,253. 

Accrued interest receivable increased $2,328 or 32.8% from December 31, 2019 to December 31, 2020.    The increase 
is the result of loan modifications consisting of the deferral of principal and/or interest payments, which are the result 
of the COVID-19 pandemic. 

Swap assets increased $12,782 from December 31, 2019 to December 31, 2020. The increase is primarily the result 
of an increase in volume of swap activity related to our Commercial Real Estate loan growth, as well as increases in 
volume due to the low rate environment. 

Bank owned life insurance (BOLI) increased $977 from December 31, 2019 to December 31, 2020. The difference is 
the result of increases in the cash surrender value of the underlying insurance policies. 

7 

 
 
 
 
 
 
 
 
 
 
 
 
Year-end deposit balances totaled $2,189,398 in 2020 compared to $1,678,764 in 2019, an increase of $510,634, or 
30.4%. Overall, the increase in deposits at December 31, 2020 compared to December 31, 2019 included increases in 
noninterest bearing demand deposits of $208,256, or 40.6%, interest bearing demand accounts of $108,465, or 36.0%, 
statement and passbook savings accounts of $182,915, or 31.1%, certificate of deposit accounts of $13,224, or 5.8%, 
offset by  a decrease in individual retirement accounts of $2,226, or 4.6%.    Average deposit balances  for 2020  were 
$2,078,454 compared to $1,689,801 for 2019, an increase of 23.0%. Noninterest bearing deposits averaged $739,648 for 
2020, compared to $550,638 for 2019, increasing $189,010, or 34.3%. Savings, NOW, and MMDA accounts averaged 
$1,050,544 for 2020 compared to $869,340 for 2019. Average certificates of deposit increased $18,439 to total an average 
balance of $288,262 for 2020. The increase in year-to-date average balances was impacted by COVID-19 pandemic as 
the Company’s participation in originating PPP loans resulted in loan proceeds being deposited by borrowers into deposit 
accounts at Civista and customer deposits of stimulus checks and unemployment benefits also increased average deposit 
balances in 2020.   

Borrowings from the FHLB of Cincinnati were $125,000 at December 31, 2020 compared to $226,500 at December 
31, 2019, a decrease of $101,500. Additional detail regarding these borrowings can be found in Note 10 and Note 11 
to the Consolidated Financial Statements. Short-term FHLB advances decreased $101,500 from December 31, 2019 
to December 31, 2020. The decrease is due to a decrease in overnight borrowings. 

Civista offers repurchase agreements in the form of sweep accounts to commercial checking account customers. These 
repurchase  agreements  totaled  $28,914  at  December 31,  2020  compared  to  $18,674  at  December 31,  2019.  U.S. 
Treasury securities and obligations of U.S. government agencies maintained under Civista’s control are pledged as 
collateral for the repurchase agreements. Additional detail related to these repurchase agreements can be found in Note 
12 to the Consolidated Financial Statements. 

Swap liabilities increased $12,846 from December 31, 2019 to December 31, 2020. The increase is primarily the result 
of an increase in volume of swap activity related to our Commercial Real Estate loan growth, as well as an increase 
in the fair value resulting from the low interest rate environment. 

Total shareholders’ equity increased $19,982, or 6.1%, during 2020 to $350,108. The change in shareholders’ equity 
resulted from net income of $32,192, a decrease in the Company’s pension liability, net of tax, of $819, an increase 
in the fair value of securities available for sale, net of tax, of $8,564 and decreases due to the purchase of treasury 
shares of $13,454 and dividends on common shares of $7,118, respectively. Additionally, $617 was recognized as 
stock-based compensation in 2020 in connection with the grant of restricted common shares. For further explanation 
of these items, see Note 1, Note 15 and Note 16 to the Consolidated Financial Statements. The Company paid $0.44 
per common share in dividends in 2020 compared to $0.42 per common share in dividends in 2019. Total outstanding 
common  shares  at  December 31,  2020  were  15,898,032. Total  outstanding  common  shares  at  December 31,  2019 
were 16,687,542. The decrease in common  shares outstanding is the result of the repurchase of 830,755 common 
shares at an average repurchase price of $16.20.    The Company repurchased 672,000 common shares pursuant to a 
stock repurchase program announced on December 17, 2019, 154,947 common shares pursuant to a stock repurchase 
program announced on May 4, 2020 and 3,808 common shares surrendered to pay taxes upon vesting of restricted 
shares. The repurchase plan publicly-announced on December 17, 2019 authorized the Company to repurchase up to 
672,000 shares of the Company’s common shares until December 17, 2020.   The repurchase plan publicly-announced 
on May 4, 2020 authorized the Company to repurchase a maximum aggregate value of $13,500 of the Company’s 
common shares until April 20, 2021. The decrease in common shares outstanding was offset by the grant of 26,979 
restricted  common  shares  to  certain  officers  under  the  Company’s  2014  Incentive  Plan  and  the  grant  of  14,266 
common shares to directors of Civista as a retainer for their service. The ratio of total shareholders’ equity to total 
assets was 12.7% and 14.3%, at December 31, 2020 and 2019, respectively. 

8 

 
 
 
 
 
 
 
Results of Operations 

The operating results of the Company are affected by general economic conditions, the monetary and fiscal policies 
of federal agencies and the regulatory policies of agencies that regulate financial institutions. The Company’s cost of 
funds is influenced by interest rates on competing investments and general market rates of interest. Lending activities 
are influenced by the demand for real estate loans and other types of loans, which in turn is affected by the interest 
rates at which such loans are made, general economic conditions and the availability of funds for lending activities. 

The Company’s net income primarily depends on its net interest income, which is the difference between the interest 
income earned on interest-earning assets, such as loans and securities, and interest expense incurred on interest-bearing 
liabilities,  such  as  deposits  and  borrowings.  The  level  of  net  interest  income  is  dependent  on  the  interest  rate 
environment and the volume and composition of interest-earning assets and interest-bearing liabilities. Net income is 
also affected by provisions for loan losses, service charges, gains on the sale of assets, other non-interest income, 
noninterest expense and income taxes. 

Comparison of Results of Operations for the Years Ended December 31, 2020 and December 31, 2019 

Net Income 

The Company’s net income for the year ended December 31, 2020 was $32,192, compared to $33,878 for the year 
ended December 31, 2019. The change in net income was the result of the items discussed in the following sections. 

Net Interest Income 

Net interest income for 2020 was $89,727, an increase of $4,627, or 5.4%, from 2019. From 2019 to 2020, average 
earning assets increased 23.3%, interest income increased $1,811, and interest expense on interest-bearing liabilities 
decreased $2,816. The Company continually examines its rate structure to ensure that its interest rates are competitive 
and reflective of the current rate environment in which it competes. 

Total interest income increased $1,811 to $99,865 for the year ended December 31, 2020, which is attributable to an 
increase of $2,805 in interest and fees on loans.    This change was the result of an increase in the average balance of 
loans, accompanied by a lower yield on the portfolio.    The average balance of loans increased by $340,497 or 21.1% 
to $1,953,472 for the year ended December 31, 2020, as compared to $1,612,975 for the year ended December 31, 
2019.    The loan yield decreased to 4.49% for 2020, from 5.27% in 2019. 

Interest on taxable securities decreased $1,225 to $5,359 for the year ended December 31, 2020, compared to $6,584 
for the same period in 2019.    The average balance of taxable securities decreased $16,353 to $183,721 for the year 
ended December 31, 2020, as compared to $200,074 for the year ended December 31, 2019.    The yield on taxable 
securities decreased 32 basis points to 3.03% for 2020, compared to 3.35% for 2019.    Interest on tax-exempt securities 
increased $476 to $6,123 for the year ended December 31, 2020, compared to $5,647 for the same period in 2019.   
The average balance of tax-exempt securities increased $30,170 to $202,982 for the year ended December 31, 2020 
as compared to $172,812 for the year ended December 31, 2019.    The yield on tax-exempt securities decreased 21 
basis points to 4.15% for 2020, compared to 4.36% for 2019. 

Total interest expense decreased $2,816 or 21.7% to $10,138 for the year ended December 31, 2020, compared with 
$12,954 for the same period in 2019.    The change in interest expense can be attributed to an increase in the average 
balance of interest-bearing liabilities and a decrease in the average rate paid.    For the year ended December 31, 2020, 
the average balance of interest-bearing liabilities increased $279,262 to $1,627,357, as compared to $1,348,095 for 
the year ended December 31, 2019.    Interest incurred on deposits decreased by $1,176 to $6,881 for the year ended 
December 31, 2020, compared to $8,057 for the same period in 2019.    The change in deposit expense was due to an 
increase in the average balance of interest-bearing deposits of $199,643 for the year ended December 31, 2020 as 
compared to the same period in 2019.    In addition, the average rate paid on demand and savings accounts decreased 
from 0.33% in 2019 to 0.17% in 2020 and the average rate paid on time deposits decreased from 1.92% to 1.76% in 
2020.    Interest expense incurred on FHLB advances and subordinated debentures decreased 41.0% from 2019.    The 
decrease was due to a $27,896 decrease in average balance from 2019 and a decrease in rate from 2019.    The average 
balance of other borrowings increased $101,295 for the period ended December 31, 2020 as compared to the same 
period in 2019 as a result of the Company’s borrowings under the Paycheck Protection Program Lending Facility 
(“PPPLF”) to fund PPP loans. 

9 

 
 
 
 
 
 
 
 
 
 
Refer to “Distribution of Assets, Liabilities and Shareholders’ Equity; Interest Rates and Interest Differential” and 
“Changes in Interest Income and Interest Expense Resulting from Changes in Volume and Changes in Rate” on pages 
14 through 16 for further analysis of the impact of changes in interest-bearing assets and liabilities on the Company’s 
net interest income. 

Provision and Allowance for Loan Losses 

The  following  table  contains  information  relating  to  the  provision  for  loan  losses,  activity  in  and  analysis  of  the 
allowance for loan losses as of and for each of the three years in the period ended December 31. 

As of and for year 
ended December 31, 

Net loan charge-offs (recoveries) 
Provision (credit) for loan losses charged to expense 
Net loan charge-offs (recoveries) as a percent of 
      average outstanding loans 
Allowance for loan losses 
Allowance for loan losses as a percent of year-end 
      outstanding loans 
Impaired loans, excluding purchase credit impaired 
      loans (PCI) 
Impaired loans as a percent of gross year-end loans (1) 
Nonaccrual and 90 days or more past due loans, 
      excluding PCI 
Nonaccrual and 90 days or more past due loans, 
      excluding PCI as a percent of gross year-end loans (1)       

    2020 
   $ 
(149 ) 
      10,112    

    2019 
   $ 
(53 ) 
       1,035    

    2018 
   $ 

235    
780    

(0.01 )%       

(0.00 )%       

   $ 25,028    

   $ 14,767    

0.02 % 
   $ 13,679    

1.22 %        

0.86 %        

0.88 % 

   $  2,666    

   $  3,597    

0.13 %        

0.21 %        

   $  2,857    
0.18 % 

   $  5,125    

   $  5,599    

   $  5,869    

0.25 %        

0.33 %        

0.38 % 

(1)  Nonaccrual loans and impaired loans are defined differently. Some loans may be included in both categories, 
whereas other loans may only be included in one category. A loan is considered nonaccrual if it is maintained 
on a cash basis because of deterioration in the borrower’s financial condition, where payment in full of principal 
or interest is not expected and where the principal and interest have been in default for 90 days, unless the asset 
is both well-secured and in process of collection. A loan is considered impaired when it is probable that all of 
the interest and principal due will not be collected according to the terms of the original contractual agreement. 

The Company’s policy is to maintain the allowance for loan losses at a level sufficient to provide for probable losses 
incurred in the current portfolio. Management believes the analysis of the allowance for loan losses supported a reserve 
of $25,028 at December 31, 2020. The Company provides for loan losses through regular provisions to the allowance 
for loan losses as necessary. The amount of the provision is affected by loan charge-offs, recoveries and changes in 
specific and general allocations required for the allowance for loan losses. A number of factors impact the provisions 
for loan losses, such as the level of higher risk loans in the portfolio, changes in practices related to loans, changes in 
collateral values and other factors. We continue to actively manage this process and have provided to maintain the 
reserve at a level that assures adequate coverage ratios. 

Provisions for loan losses totaled $10,112, $1,035 and $780 in 2020, 2019 and 2018, respectively. The Company’s 
provision for loan losses increased $9,077 during 2020.    The increase in the provision was due to an increase in the 
bank’s qualitative factors, primarily changes in international, national, regional and local conditions, related to the 
economic shutdown driven by COVID-19 and the ongoing payment deferrals on loans modified under the Coronavirus 
Aid  Relief,  and  Economic  Security  Act  (“CARES  Act”).  Economic  impacts  related  to  the  COVID-19  pandemic 
include the loss of revenue being experience by our business clients, disruption of supply chains, additional employee 
costs for businesses due to the pandemic, higher unemployment rates throughout our footprint and a large number of 
customers requesting payment relief. Our Commercial, Commercial Real Estate and Consumer portfolios have been, 
and are expected to continue to be impacted the most. 

Efforts are continually made to analyze each segment of the loan portfolio and quantify risk to assure that reserves are 
appropriate for each segment and the overall portfolio. Management specifically evaluates loans that are impaired, 
which includes restructured loans, to estimate potential loss. This analysis includes a review of the loss  migration 
calculation for all loan categories as well as fluctuations and trends in various risk factors that have occurred within 
the portfolios’ economic life cycle. The analysis also includes assessment of qualitative factors such as credit trends, 

10 

 
 
 
 
  
   
   
   
   
   
   
   
      
      
      
      
 
 
 
 
unemployment trends, vacancy trends and loan growth. The composition and overall level of the loan portfolio and 
charge-off activity are also factors used to determine the amount of the allowance for loan losses. 

Management analyzes each impaired commercial and commercial real estate loan relationship with a balance of $350 
or larger, on an individual basis and when it is in nonaccrual status or when an analysis of the borrower’s operating 
results  and  financial  condition  indicates  that  underlying  cash  flows  are  not  adequate  to  meet  its  debt  service 
requirements. Loans held for sale and leases are excluded from consideration as impaired. Loans are generally moved 
to nonaccrual status when 90 days or more past due. Impaired loans or portions thereof are charged-off when deemed 
uncollectible. 

Noninterest Income 

Noninterest income increased $5,739, or 25.6%, to $28,182 for the year ended December 31, 2020, from $22,443 for 
the comparable 2019 period. The increase was primarily due to increases in net gain on sale of securities of $62, net 
gain on sale of loans of $5,856, ATM/Interchange fees of $416 and swap fees of $943, which were partially offset by 
decreases in service charges of $1,107, net gain (loss) on equity securities of $178 and tax refund processing fees of 
$375. 

Net gain on sale of securities increased due to security sales.    Management, from time to time, will reposition the 
investment portfolio to match liquidity needs of the Company.    Net gain on sale of loans increased primarily as a 
result of an increase in volume of loans sold.    During the twelve-months ended December 31, 2020, 1,575 loans were 
sold,  totaling  $304,026.    During  the  twelve-months  ended  December  31,  2019,  709  loans  were  sold,  totaling 
$125,796.    ATM/Interchange fees increased as a result of increased transaction volume.    Swap fees increased due to 
the volume of swaps originated during the twelve-months ended December 31, 2020 as compared to the same period 
of 2019.    Service charges decreased due to Civista waiving $93 of service fees on deposit accounts related to the 
COVID-19  pandemic.  In  addition,  overdraft  fees  decreased  during  2020.    Net  gain  (loss)  on  equity  securities 
decreased as a result of market value decreases.    Additionally, the Company processes state and federal income tax 
refund payments for customers of third-party income tax preparation vendors for which we receive a fee for processing 
the  refund  payments.    These  tax  refund  processing  fees  decreased  as  a  result  of  a  decrease  in  the  volume  of 
transactions processed during 2020 as compared to 2019. 

Noninterest Expense 

Noninterest expense increased $3,718, or 5.6%, to $70,665 for the year ended December 31, 2020, from $66,947 for 
the comparable 2019 period. The increase was primarily due to increases in compensation expense of $3,324, FDIC 
assessments of $590 and software maintenance expense of $310, which were partially offset by decreases in equipment 
expense of $240 and marketing expense of $337. 

The increase in compensation expense was due to increased payroll, overtime pay, 401k expenses, payroll taxes and 
commission  and  incentive  based  costs,  offset  by  decreases  in  employee  insurance  costs  and  unemployment  taxes.   
The year-to-date average full time equivalent (FTE) employees were 453.4 at December 31, 2020, an increase of 8.6 
FTEs  over  2019,  which  increased  payroll  and  payroll  related  expenses.  Payroll  and  payroll  related  expenses  also 
increased due to annual pay increases and increases in commission based costs as the result of increased loan activity.   
The year-over-year increase in FDIC assessments  was attributable to small bank assessment credits applied to the 
2019 assessment charges.    The increase in software  maintenance expense is due to a general increase in software 
maintenance contracts.    The decrease in equipment expense is due to lower equipment repair and maintenance cost. 
The decrease in marketing expense is due to decreases in both advertising and business promotion expenses, primarily 
related to the COVID-19 pandemic.    Event cancellations and postponed outreach efforts contributed to the decrease 
as  our  focus  was  on  communicating  changes  in  operations,  safety  protocols,  alternative  delivery  channels,  and 
economic relief programs with the safety and financial wellness of our employees and customers in mind. 

Income Tax Expense 

Federal  income  tax  expense  was  $4,940  in  2020  compared  to  $5,683  in  2019.  Federal  income  tax  expense  as  a 
percentage of pre-tax income was 13.3% in 2020 compared to 14.4% in 2019. A lower federal effective tax rate than 
the statutory rate of 21% in 2020 and 2019 is primarily due to tax-exempt interest income from state and municipal 
investments, municipal loans, income from BOLI and low income housing credits. 

11 

 
 
 
 
 
 
 
 
 
 
 
Comparison of Results of Operations for the Years Ended December 31, 2019 and December 31, 2018 

Net Income 

The Company’s net income for the year ended December 31, 2019 was $33,878, compared to $14,139 for the year 
ended December 31, 2018. The change in net income was the result of the items discussed in the following sections. 

Net Interest Income 

Net interest income for 2019 was $85,100, an increase of $18,993, or 28.7%, from 2018. From 2018 to 2019, average 
earning assets increased 26.9%, interest income increased $24,377, and interest expense on interest-bearing liabilities 
increased $5,384. The Company continually examines its rate structure to ensure that its interest rates are competitive 
and reflective of the current rate environment in which it competes.    The increase in net interest income is largely due 
to the UCB acquisition. 

Total interest income increased $24,377 to $98,054 for the year ended December 31, 2019, which is attributable to an 
increase of $20,776 in interest and fees on loans.    This change was the result of an increase in the average balance of 
loans, accompanied by a higher yield on the portfolio.    The average balance of loans increased by $338,196 or 26.5% 
to $1,612,975 for the year ended December 31, 2019, as compared to $1,274,779 for the year ended December 31, 
2018.    The loan yield increased to 5.27% for 2019, from 5.04% in 2018.    The increase in average loan balances and 
interest and fees on loans is largely due to the UCB acquisition. 

Interest on taxable securities increased $1,814 to $6,584 for the year ended December 31, 2019, compared to $4,770 
for the same period in 2018.    The average balance of taxable securities increased $40,623 to $200,074 for the year 
ended December 31, 2019, as compared to $159,451 for the year ended December 31, 2018.    The yield on taxable 
securities increased 38 basis points to 3.35% for 2019, compared to 2.97% for 2018.    Interest on tax-exempt securities 
increased $1,671 to $5,647 for the year ended December 31, 2019, compared to $3,976 for the same period in 2018.   
The average balance of tax-exempt securities increased $58,265 to $172,812 for the year ended December 31, 2019 
as compared to $114,547 for the year ended December 31, 2018.    The yield on tax-exempt securities decreased 7 
basis points to 4.36% for 2019, compared to 4.43% for 2018. 

Total interest expense increased $5,384 or 71.1% to $12,954 for the year ended December 31, 2019, compared with 
$7,570 for the same period in 2018.    The change in interest expense can be attributed to an increase in the average 
balance of interest-bearing liabilities and an increase in the average rate paid.    For the year ended December 31, 2019, 
the average balance of interest-bearing liabilities increased $305,246 to $1,348,095, as compared to $1,042,849 for 
the year ended December 31, 2018.    Interest incurred on deposits increased by $4,299 to $8,057 for the year ended 
December 31, 2019, compared to $3,758 for the same period in 2018, largely due to the UCB acquisition.    The change 
in deposit expense was due to an increase in the average balance of interest-bearing deposits of $264,066 for the year 
ended December 31, 2019 as compared to the same period in 2018, largely due to the UCB acquisition.    In addition, 
the average rate paid on demand and savings accounts increased from 0.21% in 2018 to 0.33% in 2019 and the average 
rate paid on time deposits increased from 1.22% to 1.92% in 2019.    Interest expense incurred on FHLB advances and 
subordinated debentures increased 28.6% from 2018.    The increase was due to a $41,294 increase in average balance 
from 2018 and a 2 basis point increase in rate from 2018. 

Refer to “Distribution of Assets, Liabilities and Shareholders’ Equity; Interest Rates and Interest Differential” and 
“Changes in Interest Income and Interest Expense Resulting from Changes in Volume and Changes in Rate” on pages 
14 through 16 for further analysis of the impact of changes in interest-bearing assets and liabilities on the Company’s 
net interest income. 

Provision and Allowance for Loan Losses 

Management believes the analysis of the allowance for loan losses supported a reserve of $14,767 at December 31, 
2019.   

Provisions (credits) for loan losses totaled $1,035 and, $780 in 2019 and 2018, respectively. The Company’s provision 
for loan losses increased $255 during 2019 to support loan growth. 

12 

 
 
 
 
 
 
 
 
  
 
 
Noninterest Income 

Noninterest income increased $4,312, or 23.8%, to $22,443 for the year ended December 31, 2019, from $18,131 for 
the comparable 2018 period. The increase was primarily due to increases in service charges of $1,187, net gain on 
sale of securities of $445, net gain on equity securities of $95, net gain on sale of loans of $1,086, ATM/Interchange 
fees of $1,262 and bank owned life insurance of $289. 

Service  charges,  ATM/Interchange  fees  and  bank  owned  life  insurance  income  increased  primarily  due  to  the 
Company’s acquisition of UCB during the third quarter of 2018. Net gain (loss) on sale of securities increased as a 
result of management’s decision to reposition the investment portfolio in 2018, which resulted in losses on the sales. 
Net gain on equity securities increased as a result of market value adjustments. Net gain on sale of loans increased 
primarily as a result of an increase in the volume of loans sold and the average loan balance of loans sold. 

Noninterest Expense 

Noninterest expense increased $268, or 0.4%, to $66,947 for the year ended December 31, 2019, from $66,679 for the 
comparable  2018  period.  The  increase  was  primarily  due  to  increases  in  compensation  expense  of  $1,857,  net 
occupancy expense of $472, equipment expense of $592, state franchise tax of $473, amortization of intangible assets 
of  $579,  ATM  expense  of  $818,  marketing  expense  of  $229,  software  maintenance  expense  of  $387  and  other 
operating expense of $2,340, which were partially offset by decreases in contracted data processing expense of $5,308, 
FDIC assessments of $398 and professional services expense of $1,385. 

Compensation expense increased mainly due to being a larger company as a result of the acquisition of UCB.    The 
Company had an average of 444.8 full time equivalent (FTE) employees during 2019, an increase of 74.7 FTEs over 
2018.  In  addition,  payroll  and  payroll  related  expenses  increased  due  to  annual  pay  increases  and  increases  in 
commission based costs and employee insurance costs. The increases in net occupancy expense, equipment expense, 
amortization of intangible assets, ATM expense and marketing expense are primarily due to being a larger company 
as a result of the acquisition of UCB. The increase in state franchise taxes was attributable to an increase in equity 
capital, which is the basis of the Ohio Financial Institutions tax. Other operating expense increased due to general 
increases in components of other operating expenses mainly due to being a larger company as a result of the acquisition 
of UCB. Contracted data processing decreased due to $5,516 of UCB merger expenses paid in 2018 related to the 
conversion of UCB’s core system data to the Company’s core system. Professional services expense decreased due to 
$1,149 of legal and consulting expense paid in 2018 related to the merger with UCB. The decrease in FDIC assessment 
is due to a small bank assessment credit applied to the Company’s 2019 assessment. 

Income Tax Expense 

Federal  income  tax  expense  was  $5,683  in  2019  compared  to  $2,640  in  2018.  Federal  income  tax  expense  as  a 
percentage of pre-tax income was 14.4% in 2019 compared to 15.7% in 2018. A lower federal effective tax rate than 
the statutory rate of 21% in 2019 and 2018 is primarily due to tax-exempt interest income from state and municipal 
investments, municipal loans, income from BOLI and low income housing credits. 

13 

 
 
 
 
 
 
 
 
 
 
Distribution of Assets, Liabilities and Shareholders’ Equity; 
Interest Rates and Interest Differential 

The  following  table  sets  forth,  for  the  years  ended  December 31,  2020,  2019  and 2018,  the  distribution  of  assets, 
including  interest  amounts  and  average  rates  of  major  categories  of  interest-earning  assets  and  interest-bearing 
liabilities (Amounts in thousands): 

Assets 
Interest-earning assets: 
Loans (1)(2)(3)(5) 
Taxable securities (4) 
Non-taxable 
      securities (4)(5) 
Interest-bearing 
      deposits in other 
      banks 

Total interest 
      income assets 

Noninterest-earning assets: 
Cash and due from 
      financial institutions 
Premises and 
      equipment, net 
Accrued interest 
      receivable 
Intangible assets 
Other assets 
Bank owned life 
      insurance 
Less allowance for loan 
      losses 
Total 

2020 

2019 

2018 

Average 
balance        Interest       

Yield/ 
rate 

Average 
balance        Interest       

Yield/ 
rate         

Average 
balance        Interest       

Yield/ 
rate 

   $ 1,953,472       $  87,777          
       183,721           5,359          

4.49 %    $ 1,612,975       $  84,972           5.27 %    $ 1,274,779       $  64,196          
3.03 %        200,074           6,584           3.35 %        159,451           4,770          

5.04 % 
2.97 % 

       202,982           6,123          

4.15 %        172,812           5,647           4.36 %        114,547           3,976          

4.43 % 

       155,960          

606          

0.39 %       

38,359          

851           2.22 %       

45,766          

735          

1.61 % 

      2,496,135           99,865          

4.10 %       2,024,220           98,054           4.95 %       1,594,543           73,677          

4.69 % 

77,848          

22,831          

9,043          
84,953          
37,675          

45,454          

47,472          

21,946          

7,088          
85,744          
24,273          

44,352          

43,247          

19,045          

5,514          
45,524          
17,678          

30,483          

(19,231 )       
   $ 2,754,708          

(13,984 )       
          $ 2,241,111          

(13,211 )       
          $ 1,742,823          

(1)  For purposes of these computations, the daily average loan amounts outstanding are net of unearned income and 

include loans held for sale. 

(2) 

Included in loan interest income are loan fees of $1,025 in 2020, $1,227 in 2019 and $776 in 2018. 

(3)  Non-accrual loans are included in loan totals and do not have a material impact on the analysis presented. 

(4)  Average balance is computed using the carrying value of securities. The average yield has been computed using 

the historical amortized cost average balance for available-for-sale securities. 

(5)  Yield/Rate is calculated using the tax-equivalent adjustment of 21% for 2020, 2019 and 2018. 

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Distribution of Assets, Liabilities and Shareholders’ Equity; 
Interest Rates and Interest Differential (Continued) 

The following table sets forth, for the years ended December 31, 2020, 2019 and 2018, the distribution of liabilities 
and shareholders’ equity, including interest amounts and average rates of major categories of interest-earning assets 
and interest-bearing liabilities (Amounts in thousands): 

Liabilities and 
Shareholders’ Equity 
Interest-bearing liabilities: 

2020 

2019 

2018 

Average 
balance        Interest       

Yield/ 
rate 

Average 
balance        Interest       

Yield/ 
rate 

Average 
balance        Interest       

Yield/ 
rate 

Savings and 
      interest-bearing 
      demand accounts 
Certificates of deposit 
Short-term Federal Home 
      Loan Bank advances 
Long-term Federal Home 
      Loan Bank advances 
Other borrowings 
Securities sold under 
      repurchase agreements        
Federal funds purchased 
Subordinated debentures 
Total interest-bearing 
      liabilities 
Noninterest-bearing 
      liabilities: 

   $ 1,050,544       $  1,813          
       288,262           5,068          

0.17 %    $  869,340       $  2,871          
1.76 %        269,823           5,186          

0.33 %    $  685,497       $  1,442          
1.92 %        189,600           2,316          

0.21 % 
1.22 % 

8,151          

134          

1.64 %        112,088           2,600          

2.32 %        113,520           2,347          

2.07 % 

       125,000           1,798          
354          
       101,295          

1.44 %       
0.35 %       

48,959          

852          
—           —          

1.74 %       
—           

6,233          

124          
—           —          

1.99 % 
—    

24,390          
288          
29,427          

25          
1          
945          

0.10 %       
0.35 %       
3.21 %       

18,321          
137          

19          
3          
29,427           1,423          

0.10 %       
2.19 %       
4.84 %       

18,456          
116          

18          
3          
29,427           1,320          

0.10 % 
2.59 % 
4.49 % 

      1,627,357           10,138          

0.62 %       1,348,095           12,954          

0.96 %       1,042,849           7,570          

0.73 % 

Demand deposits 
Other liabilities 

Shareholders’ equity 
Total 

Net interest income and 
      interest rate spread (1) 
Net interest margin (2) 

       739,648          
51,242          
       790,890          
       336,461          
   $ 2,754,708          

              550,638          
24,072          
              574,710          
              318,306          
          $ 2,241,111          

              466,763          
15,840          
              482,603          
              217,371          
          $ 1,742,823          

         $ 89,727          

3.48 %       

         $ 85,100          

3.99 %       

         $ 66,107          

3.96 % 

3.70 %       

4.31 %       

4.21 % 

(1) 

Interest rate spread is calculated by subtracting the rate on average interest-bearing liabilities from the yield on 
average interest-earning assets. 

(2)  Net interest margin is calculated by dividing tax-equivalent adjusted net interest income by average interest-

earning assets. 

15 

 
 
  
   
   
       
       
   
   
       
       
   
      
            
            
             
            
            
             
            
            
      
      
      
      
      
            
            
             
            
            
             
            
            
      
            
            
            
      
      
            
             
            
             
            
      
   
            
            
            
      
            
            
            
      
            
            
            
      
      
      
            
            
            
            
            
            
 
Changes in Interest Income and Interest Expense 
Resulting from Changes in Volume and Changes in Rate 

The following table sets forth, for the periods indicated, a summary of the changes in interest income and interest 
expense resulting from changes in volume and changes in rate (Amounts in thousands): 

Increase (decrease) due to: 

    Volume (1)         Rate (1) 

Net 

2020 compared to 2019 
Interest income: 
Loans 
Taxable securities 
Nontaxable securities 
Interest-bearing deposits in other banks 
Total interest income 
Interest expense: 
Savings and interest-bearing demand accounts 
Certificates of deposit 
Short-term Federal Home Loan Bank advances 
Long-term Federal Home Loan Bank advances 
Securities sold under repurchase agreements 
Federal funds purchased 
Other borrowings 
Subordinated debentures 
Total interest expense 
Net interest income 
2019 compared to 2018 
Interest income: 
Loans 
Taxable securities 
Nontaxable securities 
Interest-bearing deposits in other banks 
Total interest income 
Interest expense: 
Savings and interest-bearing demand accounts 
Certificates of deposit 
Short-term Federal Home Loan Bank advances 
Long-term Federal Home Loan Bank advances 
Securities sold under repurchase agreements 
Subordinated debentures 
Total interest expense 
Net interest income 

   $  16,383       $  (13,578 )    $ 
(592 )       
(285 )       
(1,158 )       
   $  17,424       $  (15,613 )    $ 

(633 )       
761          
913          

   $ 

512       $ 
341          
(1,877 )       
1,117          
6          
2          
354          
—          
455       $ 

(1,570 )    $ 
(459 )       
(589 )       
(171 )       
—          
(4 )       
—          
(478 )       
(3,271 )    $ 
   $ 
   $  16,969       $  (12,342 )    $ 

2,805    
(1,225 ) 
476    
(245 ) 
1,811    

(1,058 ) 
(118 ) 
(2,466 ) 
946    
6    
(2 ) 
354    
(478 ) 
(2,816 ) 
4,627    

   $  17,700       $ 
1,159          
1,728          
(132 )       
   $  20,455       $ 

3,076       $  20,776    
1,814    
1,671    
116    
3,922       $  24,377    

655          
(57 )       
248          

   $ 

457       $ 
1,219          
(30 )       
745          
—          
—          
2,391       $ 
   $ 
   $  18,064       $ 

972       $ 
1,651          
283          
(17 )       
1          
103          
2,993       $ 

1,429    
2,870    
253    
728    
1    
103    
5,384    
929       $  18,993   

(1)  The change in interest income and interest expense due to changes in both volume and rate, which cannot be 
segregated, has been allocated proportionately to the change due to volume and the change due to rate. 

Liquidity and Capital Resources 

Civista maintains a conservative liquidity position. All securities are classified as available for sale. At December 31, 
2020,  securities  with  maturities  of  one  year  or  less  totaled  $11,898,  or  3.3%  of  the  total  securities  portfolio.  The 
available  for  sale  portfolio  helps  to  provide  Civista  with  the  ability  to  meet  its  funding  needs.  The  Consolidated 
Statements of Cash Flows contained in the Consolidated Financial Statements detail the Company’s cash flows from 
operating activities resulting from net earnings. 

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Net cash provided by operating activities for 2020, 2019 and 2018 was $43,229, $39,526 and $19,957, respectively. 
The primary additions to cash from operating activities are from net income, adjusted for amortization of intangible 
assets, amortization of securities net of accretion, the provision for loan losses, depreciation and proceeds from sale 
of loans. The primary use of cash from operating activities is from loans originated for sale. Net cash used for investing 
activities was $351,044, $150,509 and $34,118 in 2020, 2019 and 2018, respectively, principally reflecting our loan 
and investment security activities. Deposits and borrowings comprised most of our financing activities, which resulted 
in net cash provided of $398,802, $116,739 and $16,421 for 2020, 2019 and 2018 respectively. 

Future loan demand of Civista can be funded by increases in deposit accounts, proceeds from payments on existing 
loans, the maturity of securities and the sale of securities classified as available for sale. Additional sources of funds 
may also come from borrowing in the Federal Funds market and/or borrowing from the FHLB. As of December 31, 
2020, Civista had total credit availability with the FHLB of $612,308, of which $467,308 was outstanding. 

On a separate entity basis, CBI’s primary source of funds is dividends paid by its subsidiaries, primarily by Civista. 
Generally, subject to applicable minimum capital requirements, Civista may declare and pay a dividend without the 
approval  of  the  Federal  Reserve  Bank  of  Cleveland  and  the  State  of  Ohio  Department  of  Commerce,  Division  of 
Financial Institutions, provided the total dividends in a calendar year do not exceed the total of its profits for that year 
combined  with  its  retained  profits  for  the  two  preceding  years.  At  December 31,  2020,  Civista  was  able  to  pay 
approximately  $53,484  of  dividends  to  CBI  without  obtaining  regulatory  approval.  During  2020,  Civista  paid 
dividends totaling $15,300 to CBI. This represented approximately 48 percent of Civista’s earnings for the year. 

The Company manages its liquidity and capital through quarterly Asset/Liability Management Committee (ALCO) 
meetings. The ALCO discusses issues like those in the above paragraphs as well as others that may affect the future 
liquidity and capital position of the Company. The ALCO also examines interest rate risk and the effect that changes 
in rates will have on the Company. For more information about interest rate risk, please refer to the “Quantitative and 
Qualitative Disclosures about Market Risk” section. 

Capital Adequacy 

Shareholders’  equity  totaled  $350,108  at  December 31,  2020  compared  to  $330,126  at  December 31,  2019.  The 
increase in shareholders’ equity resulted primarily from net income of $32,192, a $819 net decrease in the Company’s 
pension liability and an increase in the fair value of securities available for sale, net of tax, of $8,564, which was offset 
by dividends on common  shares of $7,118. In addition, the Company repurchased common  shares pursuant to its 
publicly-announced share purchase program totaling $13,454 during 2020.   

During the first quarter of 2015, the Company adopted the new BASEL III regulatory capital framework as approved 
by the federal banking agencies. The BASEL III rules also require the Company to maintain minimum amounts and 
ratios of Common Equity Tier 1 (“CET1”) Capital to risk-weighted assets (as these terms are defined in the BASEL 
III rules). Under the BASEL III rules, the Company elected to opt-out of including accumulated other comprehensive 
income in regulatory capital. All of the Company’s capital ratios exceeded the regulatory minimum guidelines as of 
December 31, 2020 and 2019 as identified in the following table: 

Company Ratios—December 31, 2020 
Company Ratios—December 31, 2019 
For Capital Adequacy Purposes 
To Be Well Capitalized Under Prompt Corrective 
      Action Provisions 

Total Risk 
Based 
Capital 

Tier I Risk 
Based 
Capital 

CET1 Risk 
Based 
Capital 

Leverage 
Ratio 

16.0 %       
16.1 %       
8.0 %       

14.7 %       
15.3 %       
6.0 %       

13.2 %       
13.6 %       
4.5 %       

10.8 % 
12.3 % 
4.0 % 

10.0 %       

8.0 %       

6.5 %       

5.0 % 

Common  equity  for  the  CET1  risk-based  capital  ratio  includes  common  stock  (plus  related  surplus)  and  retained 
earnings,  plus  limited  amounts  of  minority  interests  in  the  form  of  common  stock,  less  the  majority  of  certain 
regulatory deductions. 

Tier 1 capital includes common equity as defined for the CET1 risk-based capital ratio, plus certain non-cumulative 
preferred stock and related surplus, cumulative preferred stock and related surplus and trust preferred securities that 
have been grandfathered (but which are not permitted going forward), and limited amounts of minority interests in the 
form of additional Tier 1 capital instruments, less certain deductions. 

17 

 
 
 
   
   
       
       
       
   
      
      
      
      
 
Tier 2 capital, which can be included in the total capital ratio, includes certain capital instruments (such as subordinated 
debt) and limited amounts of the allowance for loan and lease losses, subject to new eligibility criteria, less applicable 
deductions. 

The  deductions  from  CET1  capital  include  goodwill  and  other  intangibles,  certain  deferred  tax  assets,  mortgage-
servicing  assets  above  certain  levels,  gains  on  sale  in  connection  with  a  securitization,  investments  in  a  banking 
organization’s own capital instruments and investments in the capital of unconsolidated financial institutions (above 
certain levels). The deductions were phased in from 2015 through 2019. 

Under applicable regulatory guidelines, capital is compared to the relative risk related to the balance sheet. To derive 
the risk included in the balance sheet, one of several risk weights is applied to different balance sheet and off-balance 
sheet assets, primarily based on the relative credit risk of the counterparty. The capital amounts and classification are 
also subject to qualitative judgments by the regulators about components, risk weightings and other factors.   

The BASEL III regulatory capital rules and regulations also place restrictions on the payment of capital distributions, 
including dividends, and certain discretionary bonus payments to executive officers if the company does not hold a 
capital conservation buffer of greater than 2.5 percent composed of CET1 capital above its minimum risk-based capital 
requirements, or if its eligible retained income is negative in that quarter and its capital conservation buffer ratio was 
less than 2.5 percent at the beginning of the quarter. The capital conservation buffer began to phase in starting on 
January 1, 2016, at 0.625%, and was fully phased in effective January 1, 2019, at 2.5%. The implementation of Basel 
III did not have a material impact on CBI’s or Civista’ capital ratios. 

Effects of Inflation 

The Company’s balance sheet is typical of financial institutions and reflects a net positive monetary position whereby 
monetary assets exceed monetary liabilities. Monetary assets and liabilities are those which can be converted to a fixed 
number of dollars and include cash assets, securities, loans, money market instruments, deposits and borrowed funds. 

During periods of inflation, a net positive monetary position may result in an overall decline in purchasing power of 
an entity. No clear evidence exists of a relationship between the purchasing power of an entity’s net positive monetary 
position and its future earnings. Moreover, the Company’s ability to preserve the purchasing power of its net positive 
monetary position will be partly influenced by the effectiveness of its asset/liability management program. As part of 
the asset/liability management process, management reviews and monitors information and projections on inflation 
as published by the Federal Reserve Board and other sources. This information speaks to inflation as determined by 
its  impact  on  consumer  prices  and  also  the  correlation  of  inflation  and  interest  rates.  This  information  is  but  one 
component  in  an  asset/liability  management  process  designed  to  limit  the  impact  of  inflation  on  the  Company. 
Management  does  not  believe  that  the  effect  of  inflation  on  its  nonmonetary  assets  (primarily  bank  premises  and 
equipment) is material as such assets are not held for resale and significant disposals are not anticipated. 

Fair Value of Financial Instruments 

The Company has disclosed the fair value of its financial instruments at December 31, 2020 and 2019 in Note 17 to 
the Consolidated Financial  Statements. The fair value of loans at December 31, 2020  was 101.5% of the carrying 
value compared to 101.2% at December 31, 2019. The fair value of deposits at December 31, 2020 was 100.1% of the 
carrying value compared to 100.1% at December 31, 2019.    Changes in fair value were primarily due to changes in 
the discount values used to measure fair value. 

18 

 
 
Contractual Obligations 

The  following  table  represents  significant  fixed  and  determinable  contractual  obligations  of  the  Company  as  of 
December 31, 2020. 

Contractual Obligations 
Deposits without a stated maturity 
Certificates of deposit and IRAs 
FHLB advances, securities sold under agreements 
      to repurchase and U.S. Treasury interest-bearing 
      demand note 
Subordinated debentures (1) 
Operating leases 

One to 
three years       

One year 
or less 
   $ 1,902,560       $ 
—       $ 
       209,556           69,837          

Three to 
five years        

Over five 
years 

Total 

—       $ 
6,219          

—       $ 1,902,560    
1,226           286,838    

—          
—          
579          

—          
—          
613          

—           125,000           125,000    
29,427    
—           29,427          
2,099   
491          

416          

(1)  The subordinated debentures consist of $2,000, $2,500, $5,000, $7,500, and $12,500 debentures. 

The  Company  has  retail  repurchase  agreements  with  clients  within  its  local  market  areas.  These  borrowings  are 
collateralized with securities owned by the Company. See Note 12 to the Consolidated Financial Statements for further 
detail. The Company also has a cash management advance line of credit and outstanding letters of credit with the 
FHLB. For further discussion, refer to Note 10 and Note 11 to the Consolidated Financial Statements. 

Quantitative and Qualitative Disclosures about Market Risk 

The Company’s primary  market risk exposure is interest-rate risk and, to a lesser extent, liquidity risk.  All of the 
Company’s transactions are denominated in U.S. dollars with no specific foreign exchange exposure. 

Interest-rate risk is the exposure of a banking organization’s financial condition to adverse movements in interest rates. 
Accepting this risk can be an important source of profitability and shareholder value. However, excessive levels of 
interest-rate risk can pose a significant threat to the Company’s earnings and capital base. Accordingly, effective risk 
management that maintains interest-rate risk at prudent levels is essential to the Company’s safety and soundness. 

Evaluating a financial institution’s exposure to changes in interest rates includes assessing both the adequacy of the 
management process used to  control interest-rate risk and the organization’s quantitative level of exposure. When 
assessing  the  interest-rate  risk  management  process,  the  Company  seeks  to  ensure  that  appropriate  policies, 
procedures, management information systems and internal controls are in place to maintain interest-rate risk at prudent 
levels  with consistency and continuity. Evaluating the quantitative level of interest rate  risk exposure requires  the 
Company to assess the existing and potential future effects of changes in interest rates on its consolidated financial 
condition, including capital adequacy, earnings, liquidity and, where appropriate, asset quality. 

The  Federal  Reserve  Board,  together  with  the  Office  of  the  Comptroller  of  the  Currency  and  the  Federal  Deposit 
Insurance Corporation, adopted a Joint Agency Policy Statement on interest-rate risk, effective June 26, 1996. The 
policy statement provides guidance to examiners and bankers on sound practices for managing interest-rate risk, which 
will form the basis for ongoing evaluation of the adequacy of interest-rate risk management at supervised institutions. 
The  policy  statement  also  outlines  fundamental  elements  of  sound  management  that  have  been  identified  in  prior 
Federal Reserve guidance and discusses the importance of these elements in the context of managing interest-rate risk. 
Specifically, the guidance emphasizes the need for active board of director and senior management oversight and a 
comprehensive risk-management process that effectively identifies, measures, and controls interest-rate risk. Financial 
institutions derive their income primarily from the excess of interest collected over interest paid. The rates of interest 
an institution earns on its assets and owes on its liabilities generally are established contractually for a period of time. 
Since market interest rates change over time, an institution is exposed to lower profit margins (or losses) if it cannot 
adapt to interest-rate changes. For example, assume that an institution’s assets carry intermediate- or long-term fixed 
rates and that those assets were funded with short-term liabilities. If market interest rates rise by the time the short-
term  liabilities  must  be  refinanced,  the  increase  in  the  institution’s  interest  expense  on  its  liabilities  may  not  be 
sufficiently offset if assets continue to earn at the long-term fixed rates. Accordingly, an institution’s profits could 
decrease on existing assets because the institution will have either lower net interest income or, possibly, net interest 
expense. Similar risks exist when assets are subject to contractual interest-rate ceilings, or rate sensitive assets are 
funded by longer-term, fixed-rate liabilities in a decreasing-rate environment. 

19 

 
 
 
   
      
      
   
      
      
      
 
Several techniques may be used by an institution to minimize interest-rate risk. One approach used by the Company 
is  to  periodically  analyze  its  assets  and  liabilities  and  make  future  financing  and  investment  decisions  based  on 
payment  streams,  interest  rates,  contractual  maturities,  and  estimated  sensitivity  to  actual  or  potential  changes  in 
market interest rates. Such activities fall under the broad definition of asset/liability management. The Company’s 
primary asset/liability management technique is the measurement of the Company’s asset/liability gap, that is, the 
difference between the cash flow amounts of interest sensitive assets and liabilities that will be refinanced (or repriced) 
during a given period. For example, if the asset amount to be repriced exceeds the corresponding liability amount for 
a certain day, month, year, or longer period, the institution is in an asset sensitive gap position. In this situation, net 
interest income would increase if market interest rates rose or decrease if market interest rates fell. 

If, alternatively, more liabilities than assets will reprice, the institution is in a liability sensitive position. Accordingly, 
net interest income  would decline  when rates rose and increase  when rates fell. Also, these examples assume that 
interest rate changes for assets and liabilities are of the same magnitude, whereas actual interest rate changes generally 
differ in magnitude for assets and liabilities. 

Several ways an institution can manage interest-rate risk include selling existing assets or repaying certain liabilities 
and  matching  repricing  periods  for  new  assets  and  liabilities,  for  example,  by  shortening  terms  of  new  loans  or 
securities.  Financial  institutions  are  also  subject  to  prepayment  risk  in  falling  rate  environments.  For  example, 
mortgage loans and other financial assets may be prepaid by a debtor so that the debtor may refund its obligations at 
new,  lower  rates.  The  Company  does  not  have  significant  derivative  financial  instruments  and  does  not  intend  to 
purchase  a  significant  amount  of  such  instruments  in  the  near  future.  Prepayments  of  assets  carrying  higher  rates 
reduce the Company’s interest income and overall asset yields. A large portion of an institution’s liabilities may be 
short term or due on demand, while most of its assets may be invested in long term loans or securities. Accordingly, 
the Company seeks to have in place sources of cash to meet short-term demands. These funds can be obtained by 
increasing deposits, borrowing, or selling assets. Also, FHLB advances and wholesale borrowings may be used as 
important sources of liquidity for the Company. 

The following table provides information about the Company’s financial instruments that were sensitive to changes 
in interest rates as of December 31, 2020 and 2019, based on certain prepayment and account decay assumptions that 
management believes are reasonable. The Company had derivative financial instruments as of December 31, 2020 
and 2019. The changes in fair value of the assets and liabilities of the underlying contracts offset each other. For more 
information about derivative financial instruments see Note 24 to the Consolidated Financial Statements. Expected 
maturity date values for interest-bearing core deposits were calculated based on estimates of the period over which 
the  deposits  would  be  outstanding.  The  Company’s  borrowings  were  tabulated  by  contractual  maturity  dates  and 
without regard to any conversion or repricing dates. 

20 

 
 
Change in 
Rates 
+200bp 
+100bp 
Base 
-100bp 
-200bp 

Net Portfolio Value 

Dollar 
Amount        

December 31, 2020 
Dollar 
Change        
   $ 515,754       $  44,930          
      503,010           32,186          
      570,824          
      501,686           30,862          
      527,360           56,536          

Percent 
Change         

Dollar 
Amount        

December 31, 2019 
Dollar 
Change        
10 %    $ 449,843       $  31,596          
7 %       437,195           18,948          

Percent 
Change     

8 % 
5 % 
—           —    

—           —           418,247          

7 %       394,943          (23,304 )       
12 %       416,878           (1,369 )       

(6 )% 
0 % 

The change in net portfolio value from December 31, 2019 to December 31, 2020, can be attributed to a couple of 
factors.   The yield curve has fallen and steepened from the end of the year and both the volume and mix of assets and 
funding sources have changed.   The volume of loans has increased, and the mix has shifted toward loans.   The volume 
of  deposits  has  increased,  with  the  mix  shifting  away  from  certificates  of  deposit  toward  deposits.   The  volume 
changes and mix shifts from the end of the last year led to an increase in the base net portfolio value.   Individually, 
the asset and liability shifts have led to more volatility, but net to only small changes in volatility.   Beyond the change 
in the base level of net portfolio value, projected movements in rates, up or down, would also lead to changes in market 
values.   The change in the rates up scenarios for both the 100 and 200 basis point movements would lead to a larger 
decrease in the market value of liabilities.   Accordingly, we see an increase in the net portfolio value.   However, a 
100 and 200 basis point downward change in rates would also lead to an increase in the net portfolio value as the 
market value of assets would increase more quickly than the market value of liabilities. 

Critical Accounting Policies 

Allowance for Loan Losses: The allowance for loan losses is regularly reviewed by management to determine that the 
amount is considered adequate to absorb probable losses in the loan portfolio. If not, an additional provision is made 
to increase the allowance. This evaluation includes specific loss estimates on certain individually reviewed impaired 
loans,  the  pooling  of  commercial  credits  risk  graded  as  special  mention  and  substandard  that  are  not  individually 
analyzed, and  general  loss estimates that are based  upon the size, quality, and concentration characteristics of the 
various loan portfolios, adverse situations that may affect a borrower’s ability to repay, and current economic and 
industry conditions, among other items. 

Those judgments and assumptions that are most critical to the application of this accounting policy are assessing the 
initial and on-going credit-worthiness of the borrower, the amount and timing of future cash flows of the borrower 
that are available for repayment of the loan, the sufficiency of underlying collateral, the enforceability of third-party 
guarantees, the frequency and subjectivity of loan reviews and risk ratings, emerging or changing trends that might 
not be fully captured in the historical loss experience, and charges against the allowance for actual losses that are 
greater than previously estimated. These judgments and assumptions are dependent upon or can be influenced by a 
variety of factors, including the breadth and depth of experience of lending officers, credit administration and the 
corporate loan review staff that periodically review the status of the loan, changing economic and industry conditions, 
changes in the financial condition of the borrower and changes in the value and availability of the underlying collateral 
and guarantees. 

Note 1 and Note 5 to the Consolidated Financial Statements provide additional information regarding the Allowance 
for Loan Losses. 

21 

 
 
 
   
   
       
   
   
 
Goodwill:  The  Company  accounts  for  business  combinations  using  the  acquisition  method  of  accounting. 
Accordingly, the identifiable assets acquired and the liabilities assumed are recorded at their estimated fair values as 
of the date of acquisition with any excess of the cost of the acquisition over the fair value recorded as goodwill. The 
Company  performs  an  evaluation  of  goodwill  for  impairment  on  an  annual  basis,  or  more  frequently  if  events  or 
changes in circumstances indicate that the asset might be impaired. The evaluation for impairment involves comparing 
the current estimated fair value of the Company to its carrying value. If the current estimated fair value exceeds the 
carrying value, no additional testing is required and an impairment loss is not recorded. If the estimated fair value is 
less than the carrying value, further valuation procedures are performed that could result in impairment of goodwill 
being recorded. Management estimated the fair value of the Reporting Unit as of the measurement date utilizing four 
valuation approaches: the comparable transactions approach, the control premium approach, the public market peers 
control premium approach and the discounted cash flow approach.   These approaches were all considered in reaching 
a conclusion on fair value.   The estimated fair value of the Reporting Unit was then compared to the current carrying 
value to determine if impairment had occurred.   It is our opinion that, as of the November 30, 2020 measurement date, 
the aggregate fair value of the Reporting Unit exceeds the carrying value of the Reporting Unit. Therefore management 
concluded that goodwill was not impaired and made no adjustment in 2020. 

Income Taxes: Management’s determination of the realization of net deferred tax assets is based upon management’s 
judgment of various future events and uncertainties, including the timing and amount of future income, as well as the 
implementation  of  various  tax  planning  strategies  to  maximize  realization  of  the  deferred  tax  assets.  A  valuation 
allowance is provided when it is more likely than not that some portion of the deferred tax asset will not be realized. 

Other-Than-Temporary  Impairment  of  Investment  Securities:  The  Company  performs  a  quarterly  valuation  to 
determine if a decline in the value of an investment security is other than temporary. Although the term “other than 
temporary” is not intended to indicate that the decline is permanent, it does indicate that the prospects for a near-term 
recovery of value are not necessarily favorable, or that there is lack of evidence to support fair values equal to or 
greater than the carrying value of the investment. Once a decline in value is determined to be other than temporary, 
the value of the security is reduced and a corresponding charge to earnings is recognized. Management utilizes criteria 
such as the  magnitude and duration of the decline, in addition to the reasons  underlying the decline, to determine 
whether the loss in value is other than temporary. 

Pension Benefits: Pension costs and liabilities are dependent on assumptions used in calculating such amounts. These 
assumptions include discount rates, benefits earned, interest costs, expected return on plan assets, mortality rates, and 
other factors. In accordance with GAAP, actual results that differ from the assumptions are accumulated and amortized 
over future periods and, therefore, generally affect recognized expense and the recorded obligation of future periods. 
While management believes that the assumptions used are appropriate, differences in actual experience or changes in 
assumptions may affect the Company’s pension obligations and future expense. Our pension benefits are described 
further in Note 15 of the “Notes to Consolidated Financial Statements.” 

Derivative Financial Instruments: In the ordinary course of business, the Company enters into derivative financial 
instruments in connection with its asset/liability management activities and to accommodate the needs of its customers.   
Derivative financial instruments are stated at fair value on the Consolidated Statement of Conditions with changes in 
fair value reposted in current earnings. 

22 

 
 
Management’s Report on Internal Control over Financial Reporting 

We, as management of Civista Bancshares, Inc., are responsible for establishing and maintaining effective internal 
control over financial reporting that is designed to produce reliable financial statements in conformity with United 
States generally accepted accounting principles. The system of internal control over financial reporting as it relates to 
the financial statements is evaluated for effectiveness by management and tested for reliability through a program of 
internal audits. Actions are taken to correct potential deficiencies as they are identified. Any system of internal control, 
no matter how well designed, has inherent limitations, including the possibility that a control can be circumvented or 
overridden  and  misstatements  due  to  error  or  fraud  may  occur  and  not  be  detected.  Also,  because  of  changes  in 
conditions, internal control effectiveness may vary over time. Accordingly, even an effective system of internal control 
will provide only reasonable assurance with respect to financial statement preparation. 

Management assessed the Company’s system of internal control over financial reporting as of December 31, 2020, in 
relation  to  criteria  for  effective  internal  control  over  financial  reporting  as  described  in  “2013  Internal  Control  – 
Integrated Framework,” issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based 
on this assessment, management concludes that, as of December 31, 2020, its system of internal control over financial 
reporting is effective and meets the criteria of the “2013 Internal Control – Integrated Framework”. S.R. Snodgrass, 
P.C., independent registered public accounting firm, has issued an audit report on the effectiveness of the Company’s 
internal control over financial reporting as of December 31, 2020. 

Management  is  responsible  for  compliance  with  the  federal  and  state  laws  and  regulations  concerning  dividend 
restrictions  and  federal  laws  and  regulations  concerning  loans  to  insiders  designated  by  the  FDIC  as  safety  and 
soundness laws and regulations. Management has assessed compliance by the Company with the designated laws and 
regulations  relating  to  safety  and  soundness.  Based  on  the  assessment,  management  believes  that  the  Company 
complied, in all significant respects, with the designated laws and regulations related to safety and soundness for the 
year ended December 31, 2020. 

Dennis G. Shaffer 
President and Chief Executive Officer 

   Todd A. Michel 
   Senior Vice President, Controller 

Sandusky, Ohio 
March 15, 2021 

23 

 
 
  
 
  
 
 
    
 
 
 
    
    
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

To the Shareholders and the Board of Directors of Civista Bancshares, Inc.   

Opinion on Internal Control over Financial Reporting 

We have audited Civista Bancshares, Inc. and subsidiaries’ (the “Company”) internal control over financial reporting as of 
December 31, 2020, based on criteria established in Internal Control – Integrated Framework, issued by the Committee of 
Sponsoring Organizations of the Treadway Commission in 2013. In our opinion, the Company maintained, in all material 
respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal 
Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission in 
2013.   

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) 
(PCAOB), the consolidated balance sheets of the Company as of December 31, 2020 and 2019; the related consolidated 
statements of operations, comprehensive income, changes in shareholders’ equity, and cash flows for each of the three years 
in the period ended December 31, 2020, of the Company; and our report dated March 15, 2021, expressed an unqualified 
opinion. 

Basis for Opinion 

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its 
assessment of the effectiveness of internal control over financial reporting in the accompanying Report on Management’s 
Assessment of Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s 
internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and 
are  required  to  be  independent,  with  respect  to  the  Company,  in  accordance  with  U.S.  federal  securities  laws  and  the 
applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform 
the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in 
all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing 
the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control 
based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the 
circumstances. We believe that our audit provides a reasonable basis for our opinion. 

Definition and Limitations of Internal Control over Financial Reporting 

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the 
reliability  of  financial  reporting  and  the  preparation  of  financial  statements  for  external  purposes  in  accordance  with 
generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and 
procedures  that  (1)  pertain  to  the  maintenance  of  records  that,  in  reasonable  detail,  accurately  and  fairly  reflect  the 
transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded 
as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and 
that receipts and expenditures of the company are being made only in accordance with authorizations of management and 
directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized 
acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. 

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, 
projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate 
because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate. 

Cranberry Township, Pennsylvania   
March 15, 2021 

24 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM 

To the Shareholders and the Board of Directors of Civista Bancshares, Inc.   

Opinion on the Financial Statements 

We  have  audited  the  accompanying  consolidated  balance  sheets  of  Civista  Bancshares,  Inc.  and  subsidiaries  (the 
“Company”) as of December 31, 2020 and 2019; the related consolidated statements of operations, comprehensive 
income, changes in shareholders’ equity, and cash flows for each of the three years in the period ended December 31, 
2020;  and  the  related  notes  to  the  consolidated  financial  statements  (collectively,  the  financial  statements).  In  our 
opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of 
December 31, 2020 and 2019, and the results of its operations and its cash flows for each of the three years in the 
period ended December 31, 2020, in conformity with accounting principles generally accepted in the United States of 
America.   

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United 
States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2020, based on criteria 
established in Internal Control – Integrated Framework, issued by the Committee of Sponsoring Organizations of the 
Treadway Commission in 2013, and our report dated March 15, 2021, which expressed an unqualified opinion on the 
effectiveness of the Company’s internal control over financial reporting.   

Basis for Opinion 

These financial statements are the responsibility of the Company’s management. Our responsibility  is to express an 
opinion on the Company’s financial statements based on our audits. We are a public accounting firm registered with the 
PCAOB and are required to be independent, with respect to the Company, in accordance with U.S. federal securities 
laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. 

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and 
perform  the  audit  to  obtain  reasonable  assurance  about  whether  the  financial  statements  are  free  of  material 
misstatement, whether due to error or fraud.   

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, 
whether  due  to  error  or  fraud,  and  performing  procedures  that  respond  to  those  risks.  Such  procedures  included 
examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also 
included  evaluating  the  accounting  principles  used  and  significant  estimates  made  by  management,  as  well  as 
evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis 
for our opinion.   

Critical Audit Matters 

The  critical  audit  matters  communicated  below  are  matters  arising  from  the  current  period  audit  of  the  financial 
statements  that  were  communicated  or  required  to  be  communicated  to  the  audit  committee and that: (1) relate to 
accounts  or  disclosures  that  are  material  to  the  financial  statements;  and (2)  involved  our especially  challenging, 
subjective, or complex judgments. The communication of critical audit matters does not alter, in any way, our opinion 
on the  financial statements, taken as a  whole, and  we are not, by communicating the critical audit  matters below, 
providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate. 

25 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Allowance for Loan Losses (ALL) – Qualitative Factors 

Description of the Matter 
The Company’s loan portfolio totaled $2.03 billion as of December 31, 2020, and the associated ALL was $25.03 
million. As discussed in Notes 1 and 5 to the consolidated financial statements, determining the amount of the ALL 
requires significant judgment about the collectability of loans, which includes an assessment of quantitative factors 
such  as  historical  loss  experience  within  each  risk  category  of  loans  and  testing  of  certain  commercial  loans  for 
impairment. Management applies additional qualitative adjustments to reflect the inherent losses that exist in the loan 
portfolio at the balance sheet date that are not reflected in the historical loss experience. Qualitative adjustments are 
made based upon changes in lending policies and practices, economic conditions, changes in the loan portfolio mix, 
trends in loan delinquencies and classified loans, collateral values, and concentrations of credit risk for the commercial 
loan portfolios. 

We identified these qualitative adjustments within the ALL as critical audit matters because they involve a high degree 
of  subjectivity,  which  is  magnified  by  the  uncertainty  resulting  from  the  COVID-19  pandemic.  In  turn,  auditing 
management’s judgments regarding the qualitative factors applied in the ALL calculation involved a high degree of 
subjectivity. 

How We Addressed the Matter in Our Audit 
We gained an understanding of the Company’s process for establishing the ALL, including the qualitative adjustments 
made to the ALL. We evaluated the design and tested the operating effectiveness of controls over the Company’s ALL 
process, which included, among others, management’s review and approval controls designed to assess the need and 
level of qualitative adjustments to the ALL. 

To test the qualitative adjustments,  we evaluated the appropriateness of  management’s  methodology and assessed 
whether  relevant  risks  were  reflected  in  the  ALL  and  the  need  to  consider  qualitative  adjustments,  including  the 
potential effect of COVID-19 on the adjustments 

Regarding the measurement of the qualitative adjustments, we evaluated the completeness, accuracy, and relevance 
of  the  data  and  inputs  utilized  in  management’s  estimate.  For  example,  we  compared  the  inputs  and  data  to  the 
Company’s system reports, third-party macroeconomic data, and other internal and external sources and considered 
the  existence  of  new  or  contrary  information.  Furthermore,  we  analyzed  the  changes  in  the  components  of  the 
qualitative  reserves  relative  to  changes  in  external  market  factors,  the  Company’s loan portfolio, and asset quality 
trends, which included the evaluation of management’s ability to capture and assess relevant data from both external 
sources and internal reports on loan customers affected by the COVID-19 pandemic and the supporting documentation 
for substantiating revisions to qualitative factors to ensure that movement in the factors was directionally consistent 
with the underlying data and quantitatively reasonable based on the underlying risk related to the factor. 

We also utilized internal credit review specialists with knowledge to evaluate the appropriateness of management’s 
risk-rating processes, to ensure that the risk ratings applied to the commercial loan portfolio were reasonable. 

We have served as the Company’s auditor since 2009. 

Cranberry Township, Pennsylvania   
March 15, 2021 

26 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
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27 

 
 
CIVISTA BANCSHARES, INC. 
CONSOLIDATED BALANCE SHEETS 
December 31, 2020 and 2019 
(Amounts in thousands, except share data) 

ASSETS 
Cash and due from financial institutions 
Restricted cash 

Cash and cash equivalents 

Securities available for sale 
Equity securities 
Loans held for sale 
Loans, net of allowance of $25,028 and $14,767 
Other securities 
Premises and equipment, net 
Accrued interest receivable 
Goodwill 
Other intangible assets 
Bank owned life insurance 
Swap assets 
Other assets 

Total assets 

LIABILITIES 
Deposits 

Noninterest-bearing 
Interest-bearing 

Total deposits 

Short-term Federal Home Loan Bank advances 
Long-term Federal Home Loan Bank advances 
Securities sold under agreements to repurchase 
Subordinated debentures 
Swap liabilities 
Accrued expenses and other liabilities 

Total liabilities 

   $ 

   $ 

   $ 

SHAREHOLDERS’ EQUITY 
Common stock, no par value, 20,000,000 shares authorized, 17,664,951 
      shares issued at December 31, 2020 and 17,623,706 shares issued at 
      December 31, 2019 
Accumulated earnings 
Treasury stock, 1,766,919 common shares at December 31, 2020 and 
936,164 
      common shares at December 31, 2019, at cost 
Accumulated other comprehensive income 

Total shareholders’ equity 

Total liabilities and shareholders’ equity 

   $ 

2020 

2019 

128,222       $ 
11,300          
139,522          
363,464          
886          
7,001          
2,032,474          
20,537          
22,580          
9,421          
76,851          
8,075          
45,976          
21,700          
14,431          
2,762,918       $ 

720,809       $ 
1,468,589          
2,189,398          
—          
125,000          
28,914          
29,427          
21,764          
18,307          
2,412,810          

48,535    
—    
48,535    
358,499    
1,191    
2,285    
1,694,203    
20,280    
22,871    
7,093    
76,851    
8,305    
44,999    
8,918    
15,527    
2,309,557    

512,553    
1,166,211    
1,678,764    
101,500    
125,000    
18,674    
29,427    
8,918    
17,148    
1,979,431    

277,039          
93,048          

276,422    
67,974    

(34,598 )       
14,619          
350,108          
2,762,918       $ 

(21,144 ) 
6,874    
330,126    
2,309,557   

See accompanying notes to consolidated financial statements 
28 

 
 
 
   
   
      
   
      
            
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
            
      
      
            
      
      
      
      
      
      
      
      
      
      
      
            
      
      
      
      
      
      
 
CIVISTA BANCSHARES, INC. 
CONSOLIDATED STATEMENTS OF OPERATIONS 
Years ended December 31, 2020, 2019 and 2018 
(Amounts in thousands, except per share data) 

2020 

2019 

2018 

Interest and dividend income 
Loans, including fees 
Taxable securities 
Tax-exempt securities 
Federal funds sold and other 

Total interest and dividend income 

Interest expense 
Deposits 
Federal Home Loan Bank advances 
Subordinated debentures 
Securities sold under agreements to repurchase and other 

Total interest expense 
Net interest income 

Provision for loan losses 

Net interest income after provision for loan losses 

Noninterest income 
Service charges 
Net gain (loss) on sale of securities 
Net gain (loss) on equity securities 
Net gain on sale of loans 
ATM/Interchange fees 
Wealth management fees 
Bank owned life insurance 
Tax refund processing fees 
Computer center item processing fees 
Swap fees 
Other 

Total noninterest income 

Noninterest expense 

Compensation expense 
Net occupancy expense 
Equipment expense 
Contracted data processing 
FDIC Assessment 
State franchise tax 
Professional services 
Amortization of intangible assets 
ATM/Interchange expense 
Marketing expense 
Software maintenance expenses 
Other operating expenses 

Total noninterest expense 

Income before income taxes 
Income taxes 

Net income 
Preferred stock dividends 
Net income available to common shareholders 
Earnings per common share, basic 
Earnings per common share, diluted 

   $ 

   $ 
   $ 
   $ 

87,777       $ 
5,359          
6,123          
606          
99,865          

6,881          
1,932          
945          
380          
10,138          
89,727          
10,112          
79,615          

5,288          
94          
(57 )       
8,563          
4,472          
3,981          
977          
2,375          
252          
1,459          
778          
28,182          

42,480          
4,079          
2,006          
1,880          
728          
1,913          
2,795          
913          
1,868          
1,074          
1,833          
9,096          
70,665          
37,132          
4,940          
32,192          
—          
32,192       $ 
2.00       $ 
2.00       $ 

84,972       $ 
6,584          
5,647          
851          
98,054          

8,057          
3,452          
1,423          
22          
12,954          
85,100          
1,035          
84,065          

6,395          
32          
121          
2,707          
4,056          
3,670          
1,007          
2,750          
273          
516          
916          
22,443          

39,156          
3,835          
2,246          
1,831          
138          
1,843          
2,844          
945          
1,887          
1,411          
1,523          
9,288          
66,947          
39,561          
5,683          
33,878          
647          
33,231       $ 
2.12       $ 
2.01       $ 

64,196    
4,770    
3,976    
735    
73,677    

3,758    
2,471    
1,320    
21    
7,570    
66,107    
780    
65,327    

5,208    
(413 ) 
26    
1,621    
2,794    
3,669    
718    
2,750    
260    
621    
877    
18,131    

37,299    
3,363    
1,654    
7,140    
536    
1,370    
4,229    
366    
1,069    
1,182    
1,136    
7,335    
66,679    
16,779    
2,640    
14,139    
959    
13,180    
1.10    
1.02   

See accompanying notes to consolidated financial statements 
29 

 
  
   
   
      
      
   
      
            
            
      
      
      
      
      
      
            
            
      
      
      
      
      
      
      
      
      
      
            
            
      
      
      
      
      
      
      
      
      
      
      
      
      
      
            
            
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
 
CIVISTA BANCSHARES, INC. 
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME 
Years ended December 31, 2020, 2019 and 2018 
(Amounts in thousands) 

Net income 
Other comprehensive income (loss): 

Unrealized holding gains (loss) on available for sale securities 
Tax effect 
Pension liability adjustment 
Tax effect 

Total other comprehensive income (loss) 
Comprehensive income 

2020 

2019 

2018 

   $ 

32,192        $ 

33,878        $ 

14,139    

10,841           
(2,277 )        
(1,037 )        
218           
7,745           
39,937        $ 

13,336           
(2,800 )        
(2,797 )        
587           
8,326           
42,204        $ 

(709 ) 
149    
646    
(136 ) 
(50 ) 
14,089   

   $ 

See accompanying notes to consolidated financial statements 
30 

 
 
 
   
   
       
       
   
      
             
             
      
      
      
      
      
      
 
CIVISTA BANCSHARES, INC. 
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY 
Years ended December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

   Preferred Shares         Common Shares 
   Shares        Amount        Shares 

      Amount         Earnings 

       Stock 

      Accumulated       Treasury       

Accumulated 
Other 
Comprehensive       
      Income (Loss)         Equity 

Total 
Shareholders’    

      18,760       $ 17,358          10,198,475       $ 153,810       $ 

Balance, December 31, 
      2017 
Net income 
Other comprehensive income        
Change in accounting 
      principle for adoption 
      of ASU 2016-01 
Conversion of Series B 
      preferred shares to 
      common shares 
UCB acquisition 
Stock-based compensation 
Common share dividend   
($0.32 per share) 
Preferred share dividends 
      ($65.00 per share) 

Balance, December 31, 
      2018 
Net income 
Other comprehensive loss 
Conversion of Series B 
      preferred shares to 
      common shares 
Stock-based compensation 
Common share dividends 
      ($0.42 per share) 
Preferred share dividends 
      ($65.00 per share) 
Purchase of treasury stock at 
cost 

Balance, December 31, 
      2019 
Net income 
Other comprehensive income        
Stock-based compensation 
Common share dividends 
      ($0.44 per share) 
Purchase of treasury stock at 
      cost 

      (8,640 )       (7,994 )       1,104,735           7,994          
            4,277,430          104,669          
428          

22,859          

31,652       $ (17,235 )    $ 
14,139          

(1,124 )    $ 

(50 )       

184,461    
14,139    
(50 ) 

278          

(278 )       

—    

(3,790 )       

(959 )       

—    
104,669    
428    

(3,790 ) 

(959 ) 

      10,120       $  9,364          15,603,499       $ 266,901       $ 

41,320       $ (17,235 )    $ 
33,878          

(1,452 )    $ 

8,326          

298,898    
33,878    
8,326    

      (10,120 )       (9,364 )       1,242,683           8,990          
531          

29,560          

(30 )       

(6,547 )       

(647 )       

             (188,200 )       

             (3,909 )       

       —       $  —          16,687,542       $ 276,422       $ 

67,974       $ (21,144 )    $ 
32,192          

6,874       $ 

7,745          

41,245          

617          

(7,118 )       

             (830,755 )       

—          

            (13,454 )       

(404 ) 
531    

(6,547 ) 

(647 ) 

(3,909 ) 

330,126    
32,192    
7,745    
617    

(7,118 ) 

(13,454 ) 

Balance, December 31, 
      2020 

       —       $  —          15,898,032       $ 277,039       $ 

93,048       $ (34,598 )    $ 

14,619       $ 

350,108   

See accompanying notes to consolidated financial statements 
31 

 
 
   
   
   
      
            
            
            
            
            
            
            
            
            
            
            
            
      
            
            
            
         
            
            
            
            
      
            
            
            
            
      
            
            
            
            
            
      
            
            
            
            
            
            
      
            
            
            
            
            
            
      
            
            
            
            
            
            
      
            
            
            
            
            
            
            
            
      
            
            
            
            
            
      
            
            
            
            
            
            
      
            
            
            
            
            
            
      
            
            
            
      
            
            
            
            
            
            
            
            
            
            
            
            
      
            
            
            
            
            
      
            
            
            
            
            
            
      
            
            
 
CIVISTA BANCSHARES, INC. 
CONSOLIDATED STATEMENTS OF CASH FLOWS 
Years ended December 31, 2020, 2019 and 2018 
(Amounts in thousands) 

Cash flows from operating activities: 

Net income 
Adjustments to reconcile net income to net cash from 
      operating activities 

Security amortization, net 
Depreciation 
Amortization of core deposit intangible 
Amortization of net deferred loan fees 
Net (gain) loss on sale of securities 
Net (gain) loss on equity securities 
Provision for loan losses 
Loans originated for sale 
Proceeds from sale of loans 
Net gain on sale of loans 
Increase in cash surrender value of bank owned life 
insurance 
Share-based compensation 
Change in: 

Accrued interest payable 
Accrued interest receivable 
Deferred taxes 
Other, net 

Net cash from operating activities 
Cash flows used for investing activities: 

Securities available for sale 

Maturities, prepayments and calls 
Sales 
Purchases 

Purchases of other securities 
Redemption of other securities 
Redemption of equity securities 
Acquisition, net of cash acquired 
Purchases of bank owned life insurance 
Net loan originations 
Proceeds from sale of OREO properties 
Premises and equipment purchases 
Proceeds from sale of premises and equipment 

Net cash used for investing activities 

2020 

2019 

2018 

   $ 

32,192       $ 

33,878       $ 

14,139    

1,119          
2,253          
913          
(5,511 )       
(94 )       
57          
10,112          
(308,742 )       
312,589          
(8,563 )       

1,185          
2,240          
945          
(99 )       
(32 )       
(121 )       
1,035          
(126,690 )       
128,503          
(2,707 )       

1,171    
1,515    
366    
(166 ) 
413    
(26 ) 
780    
(78,252 ) 
81,085    
(1,621 ) 

(977 )       
617          

(1,007 )       
531          

(718 ) 
428    

(73 )       
(2,328 )       
(2,277 )       
920          
32,207          

47          
(370 )       
663          
1,327          
39,328          

(197 ) 
(1,285 ) 
151    
1,842    
19,625    

58,246          
1,455          
(54,850 )       
(257 )       
—          
247          
—          
—          
(342,903 )       
—          
(1,972 )       
12          
(340,022 )       

54,055          
17,570          
(71,646 )       
—          
741          
—          
—          
(955 )       
(146,877 )       
—          
(3,201 )       
2          
(150,311 )       

42,114    
14,667    
(131,924 ) 
(3,247 ) 
—    
—    
143,797    
—    
(98,945 ) 
34    
(1,472 ) 
1,190    
(33,786 ) 

See accompanying notes to consolidated financial statements 
32 

 
 
 
 
   
   
      
      
   
      
            
            
      
      
            
            
      
      
      
      
      
      
      
      
      
      
      
      
      
      
            
            
      
      
      
      
      
      
      
            
            
      
      
            
            
      
      
      
      
      
      
      
      
      
      
      
      
      
      
 
CIVISTA BANCSHARES, INC. 
CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued) 
Years ended December 31, 2020, 2019 and 2018 
(Amounts in thousands) 

Cash flows from financing activities: 
Increase (decrease) in deposits 
Net change in short-term FHLB advances 
Repayment of long-term FHLB advances 
Proceeds from long-term FHLB advances 
Repayment of other borrowings 
Proceeds from other borrowings 
Increase (decrease) in securities sold under repurchase 
agreements 
Cash payment for redemption of series B preferred stock 
Purchase of treasury stock 
Cash paid on fractional shares on preferred stock conversion 
Cash dividends paid 

Net cash from financing activities 

Increase in cash and due from financial institutions 
Cash and cash equivalents at beginning of year 
Cash and cash equivalents at end of year 
Supplemental disclosures of cash flow information: 

Interest paid 
Income taxes paid 
Transfer of loans from portfolio to other real estate owned 
Transfer of premises to held-for-sale 
Transfer of loans held-for-sale to portfolio 
Securities purchased not settled 
Conversion of preferred stock to common stock 
Acquisition of UCB 

   $ 

   $ 

Consideration paid 
Noncash assets acquired: 

Securities available for sale 
Equity securities 
Loans held for sale 
Loans receivable 
FHLB Stock 
Accrued interest receivable 
Premises and equipment, net 
Goodwill 
Core deposit intangible 
Bank owned life insurance 
Other assets 

Total non cash assets acquired 

Liabilities assumed: 

Deposits 
Other liabilities 

Total liabilities assumed 

Net noncash liabilities acquired 
Cash acquired 

2020 

2019 

2018 

510,634          
(101,500 )       
—          
—          
(183,695 )       
183,695          

10,240          
—          
(13,454 )       
—          
(7,118 )       
398,802          
90,987          
48,535          
139,522       $ 

10,211       $ 
7,095          
31          
—          
—          
—          
—          

98,871          
(87,100 )       
(5,000 )       
125,000          
—          
—          

(3,525 )       
(402 )       
(3,909 )       
(2 )       
(7,194 )       
116,739          
5,756          
42,779          
48,535       $ 

12,907       $ 
5,700          
—          
76          
—          
1,200          
8,960          

(100,974 ) 
131,700    
(10,000 ) 
—    
—    
—    

444    
—    
—    
—    
(4,749 ) 
16,421    
2,260    
40,519    
42,779    

7,751    
1,600    
—    
—    
85    
500    
7,994    

         $ 

117,344    

43,214    
212    
492    
298,319    
3,527    
950    
5,291    
49,756    
7,518    
17,193    
10,361    
436,833    

475,944    
17    
475,961    
(39,128 ) 
156,472   

See accompanying notes to consolidated financial statements 
33 

 
 
 
   
   
      
      
   
      
            
            
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
            
            
      
      
      
      
      
      
      
      
            
            
      
      
            
      
            
            
      
      
            
            
      
            
            
      
            
            
      
            
            
      
            
            
      
            
            
      
            
            
      
            
            
      
            
            
      
            
            
      
            
            
      
            
            
      
            
            
      
      
            
            
      
            
            
      
            
            
      
            
            
      
            
            
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 

The following is a summary of the accounting policies adopted by Civista Bancshares, Inc., which have a significant 
effect on the Consolidated Financial Statements. 

Nature of Operations and Principles of Consolidation: The Consolidated Financial Statements include the accounts of 
Civista Bancshares, Inc. (“CBI”) and its wholly-owned subsidiaries: Civista Bank (“Civista”), First Citizens Insurance 
Agency, Inc. (“FCIA”), Water Street Properties, Inc. (“WSP”), FC Refund Solutions, Inc. (“FCRS”) and CIVB Risk 
Management,  Inc.  (“CRMI”).  First  Citizens  Capital  LLC  (“FCC”)  is  wholly-owned  by  Civista  and  holds  inter-
company  debt.  First  Citizens  Investments,  Inc.  (“FCI”)  is  wholly-owned  by  Civista  and  holds  and  manages  its 
securities  portfolio.  The  operations  of  FCI  and  FCC  are  located  in  Wilmington,  Delaware.  The  above  companies 
together  are  sometimes  referred  to  as  the  “Company”.  Intercompany  balances  and  transactions  are  eliminated  in 
consolidation. 

Civista provides financial services through its offices in the Ohio counties of Erie, Crawford, Champaign, Cuyahoga, 
Franklin, Logan, Summit, Huron, Ottawa, Madison, Montgomery and Richland, in the Indiana counties of Dearborn 
and  Ripley  and  in  the  Kentucky  county  of  Kenton.  Its  primary  deposit  products  are  checking,  savings,  and  term 
certificate accounts, and its primary lending products are residential  mortgage, commercial, and installment loans. 
Substantially  all  loans  are  secured  by  specific  items  of  collateral  including  business  assets,  consumer  assets  and 
commercial and residential real estate. Commercial loans are expected to be repaid from cash flow from operations of 
businesses. There are no significant concentrations of loans to any one industry or customer. However, our customers’ 
ability to repay their loans is dependent on the real estate and general economic conditions in the area. Other financial 
instruments  that  potentially  represent  concentrations  of  credit  risk  include  deposit  accounts  in  other  financial 
institutions. 

FCIA  was  formed  to  allow  the  Company  to  participate  in  commission  revenue  generated  through  its  third  party 
insurance agreement. Insurance commission revenue was less than 1.0% of total revenue for each of the years ended 
December 31, 2020, 2019 and 2018. WSP was formed to hold repossessed assets of CBI’s subsidiaries. WSP revenue 
was less than 1% of total revenue for each of the years ended December 31, 2020, 2019 and 2018. FCRS was formed 
in 2012 to facilitate payment of individual state and federal tax refunds. The operations of FCRS were discontinued 
June  30,  2019.    CRMI  was  formed  in  2017  to  provide  property  and  casualty  insurance  coverage  to  CBI  and  its 
subsidiaries for which insurance may not be currently available or economically feasible in the insurance marketplace.   
CRMI revenue was less than 1% of total revenue for each of the years ended December 31, 2020, 2019 and 2018. 

Use of Estimates: To prepare financial statements in conformity with accounting principles generally accepted in the 
United  States  of  America,  management  makes  estimates  and  assumptions  based  on  available  information.  These 
estimates and assumptions affect the amounts reported in the financial statements and the disclosures provided, and 
future  results  could  differ.  The  allowance  for  loan  losses,  determination  of  goodwill  impairment,  fair  values  of 
financial instruments, valuation of deferred tax assets, pension obligations and other-than-temporary-impairment of 
securities are considered material estimates that are particularly susceptible to significant change in the near term. 

Cash Flows: Cash and cash equivalents include cash on hand and demand deposits with financial institutions with 
original maturities of less than 90 days. Net cash flows are reported for customer loan and deposit transactions, interest 
bearing  deposits  in  other  financial  institutions,  federal  funds  purchased,  short-term  borrowings  and  repurchase 
agreements. 

Securities:  Debt  securities  are  classified  as  available-for-sale  when  they  might  be  sold  before  maturity.  Securities 
available for sale are carried at fair value, with unrealized holding gains and losses reported in other comprehensive 
income, net of tax. 

34 

 
 
 
 
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

Interest income includes amortization of purchase premium or discount. Premiums and discounts on securities are 
amortized on the level-yield method without anticipating prepayments, except for mortgage backed securities where 
prepayments are anticipated. Gains and losses on sales are based on the amortized cost of the security sold using the 
specific identification method. 

Securities are evaluated on at least a quarterly basis and more frequently when economic or market conditions warrant 
such  an  evaluation  to  determine  whether  a  decline  in  their  value  is  other  than  temporary.    For  debt  securities, 
management considers whether the present value of cash flows expected to be collected are less than the security’s 
amortized cost basis, the magnitude and duration of the decline, the reasons underlying the decline and the Company’s 
intent to sell the security or whether it is more likely than not that the Company would be required to sell the security 
before its anticipated recovery in market value, to determine whether the loss in value is other than temporary. Once 
a decline in value is determined to be other than temporary, if the Company does not intend to sell the security, and it 
is more likely than not that it will not be required to sell the security, before recovery of the security’s amortized cost 
basis, the charge to earnings is limited to the amount of credit loss.    Any remaining difference between fair value and 
amortized cost is recognized in other comprehensive income, net of applicable taxes.    Otherwise, the entire difference 
between far value and amortized cost is charged to earnings. 

Other securities  which  include FHLB stock, Federal  Reserve Bank (“FRB”) stock, Federal Agricultural Mortgage 
Corporation stock, Bankers’ Bancshares Inc. (“BB”) stock, and Norwalk Community Development Corp (“NCDC”) 
stock are carried at cost. 

Equity securities: Equity securities are held at fair value.    Holding gains and losses are recorded in noninterest income. 
Dividends are recognized as income when earned. 

Loans  Held  for  Sale:  Mortgage  loans  originated  and  intended  for  sale  in  the  secondary  market  and  loans  that 
management no longer intends to hold for the foreseeable future, are carried at the lower of aggregate cost or fair 
value, as determined by outstanding commitments  from investors. Net unrealized losses, if any, are recorded as a 
valuation allowance and charged to earnings. 

Loans: Loans that management has the intent and ability to hold for the foreseeable future or until maturity or payoff 
are reported at the principal balance outstanding, net of deferred loan fees and costs, and an allowance for loan losses. 
Interest income is accrued on the unpaid principal balance. Loan origination fees, net of certain direct origination 
costs, are deferred and recognized in interest income using the level-yield method without anticipating prepayments. 

Interest income on mortgage and commercial loans is discontinued at the time the loan is 90 days delinquent unless 
the  credit  is  well-secured  and  in  process  of  collection.  Interest  income  on  consumer  loans  is  discontinued  when 
management determines future collection is unlikely. In all cases, loans are placed on nonaccrual or charged-off at an 
earlier date if collection of principal or interest is considered doubtful. 

All interest accrued, but not received, for loans placed on nonaccrual, is reversed against interest income. Interest 
received  on  such  loans  is  accounted  for  on  the  cash-basis  or  cost-recovery  method,  until  qualifying  for  return  to 
accrual. Loans are returned to accrual status when all the principal and interest amounts contractually due are brought 
current and future payments are reasonably assured. 

35 

 
 
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

Purchased Loans: The Company purchases individual loans and groups of loans. Purchased loans that show evidence 
of credit deterioration since origination are recorded at the amount paid (or allocated fair value in a purchase business 
combination), such that there is no carryover of the seller’s allowance for loan losses. After acquisition, incurred losses 
are recognized by an increase in the allowance for loan losses. 

Purchased loans are accounted for individually or aggregated into pools of loans based on common risk characteristics 
(e.g., credit score, loan type, and date of origination). The Company estimates the amount and timing of expected cash 
flows for each purchased loan or pool, and the expected cash flows in excess of amount paid is recorded as interest 
income over the remaining life of the loan or pool (accretable yield). The excess of the loan’s, or pool’s, contractual 
principal and interest over expected cash flows is not recorded (nonaccretable difference). 

Over the life of the loan or pool, expected cash flows continue to be estimated. If the present value of expected cash 
flows is less than the carrying amount, a loss is recorded. If the present value of expected future cash flows is greater 
than the carrying amount, the excess is recognized as part of future interest income. 

Allowance for Loan Losses: The allowance for loan losses (allowance) is calculated with the objective of maintaining 
a reserve sufficient to absorb inherent loan losses in the loan portfolio. Management establishes the allowance for loan 
losses based upon its evaluation of the pertinent factors underlying the types and quality of loans in the portfolio. In 
determining the allowance and the related provision for loan losses, the Company considers three principal elements: 
(i) specific impairment reserve allocations (valuation allowances) based upon probable losses identified during the 
review of impaired loans in the Commercial loan portfolio, (ii) allocations established for adversely-rated loans in the 
Commercial loan portfolio and nonaccrual Real Estate Residential, Consumer installment and Home Equity loans, 
and (iii) allocations on all other loans based principally on the use of a three-year period for loss migration analysis. 
These  allocations  are  adjusted  for  consideration  of  general  economic  and  business  conditions,  credit  quality  and 
delinquency  trends,  collateral  values,  and  recent  loss  experience  for  these  similar  pools  of  loans.  The  Company 
analyzes its loan portfolio each quarter to determine the appropriateness of its allowance for loan losses. 

All Commercial, Commercial Real Estate and Farm Real Estate loans are monitored on a regular basis with a detailed 
loan review completed for all loan relationships greater than $750. All Commercial, Commercial Real Estate and Farm 
Real Estate loans that are 90 days past due or in nonaccrual status, are analyzed to determine if they are “impaired”, 
which means that it is probable that all amounts will not be collected according to the contractual terms of the loan 
agreement. All loans that are delinquent 90 days are classified as substandard and placed on nonaccrual status unless 
they are well-secured and in the process of collection. The remaining loans are evaluated and segmented with loans 
with  similar  risk  characteristics.  The  Company  allocates  reserves  based  on  risk  categories  and  portfolio  segments 
described below, which conform to the Company’s asset classification policy. In reviewing risk within Civista’s loan 
portfolio, management has identified specific segments to categorize loan portfolio risk: (i) Commercial & Agriculture 
loans; (ii) Commercial Real Estate – Owner Occupied loans; (iii) Commercial Real Estate – Non-Owner Occupied 
loans;  (iv)  Residential  Real  Estate  loans;  (v) Real  Estate  Construction  loans;  (vi) Farm  Real  Estate  loans;  and 
(vii) Consumer and Other loans. Additional information related to economic factors can be found in Note 5. 

Loan Charge-off Policies: All unsecured open- and closed-ended retail loans that become past due 90 days from the 
contractual due date are charged off in full. In lieu of charging off the entire loan balance, loans with non-real estate 
collateral may be written down to the net realizable value of the collateral, if repossession of collateral is assured and 
in process. For open- and closed-ended loans secured by residential real estate, a current assessment of fair value is 
made no later than 180 days past due. Any outstanding loan balance in excess of the net realizable value of the property 
is charged off. All other loans are generally charged down to the net realizable value when Civista recognizes the loan 
is permanently impaired, which is generally after the loan is 90 days past due. 

36 

 
 
 
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

Troubled  Debt  Restructurings:  In  certain  situations  based  on  economic  or  legal  reasons  related  to  a  borrower’s 
financial difficulties, management may grant a concession for other than an insignificant period of time to the borrower 
that  would  not  otherwise  be  considered.  The  related  loan  is  classified  as  a  troubled  debt  restructuring  (TDR). 
Management  strives  to  identify  borrowers  in  financial  difficulty  early  and  work  with  them  to  modify  to  more 
affordable  terms  before  their  loan  reaches  nonaccrual  status.  These  modified  terms  may  include  rate  reductions, 
principal forgiveness, payment forbearance and other actions intended to minimize the economic loss and to avoid 
foreclosure  or  repossession  of  the  collateral.  In  cases  where  borrowers  are  granted  new  terms  that  provide  for  a 
reduction of either interest or principal, management measures any impairment on the restructuring as noted above for 
impaired loans. In addition to the allowance for the pooled portfolios, management has developed a separate reserve 
for loans that are identified as impaired through a TDR. These loans are excluded from pooled loss forecasts and a 
separate reserve is provided under the accounting guidance for loan impairment. Consumer loans whose terms have 
been modified in a TDR are also individually analyzed for estimated impairment. 

Other Real Estate: Other real estate acquired through or instead of loan foreclosure is initially recorded at fair value 
less costs to sell when acquired, establishing a new cost basis and any deficiency in the value is charged off through 
the allowance. If fair value declines subsequent to foreclosure, a valuation allowance is recorded through expense. 
Operating costs after acquisition are expensed.   

Premises  and  Equipment:  Land  is  carried  at  cost.  Premises  and  equipment  are  stated  at  cost  less  accumulated 
depreciation. Depreciation is computed using both accelerated and straight-line methods over the estimated useful life 
of the asset, ranging from three to seven years for furniture and equipment and seven to fifty years for buildings and 
improvements. 

Federal Home Loan Bank (FHLB) Stock: Civista is a member of the FHLB of Cincinnati and as such, is required to 
maintain a minimum investment in stock of the FHLB that varies  with the level of advances outstanding  with the 
FHLB. The stock is bought from and sold to the FHLB based upon its $100 par value. The stock does not have a 
readily determinable fair value and as such is classified as restricted stock, carried at cost and evaluated for impairment 
by  management.  The  stock’s  value  is  determined  by  the  ultimate  recoverability  of  the  par  value  rather  than  by 
recognizing temporary declines. The determination of whether the par value will ultimately be recovered is influenced 
by criteria such as the following: (a) the significance of the decline in net assets of the FHLB as compared to the 
capital  stock  amount  and  the  length  of  time  this  situation  has  persisted,  (b) commitments  by  the  FHLB  to  make 
payments required by law or regulation and the level of such payments in relation to the operating performance, (c) the 
impact of legislative and regulatory changes on the customer base of the FHLB, and (d) the liquidity position of the 
FHLB.  With  consideration  given  to  these  factors,  management  concluded  that  the  stock  was  not  impaired  at 
December 31, 2020 or 2019. 

Federal Reserve Bank (FRB) Stock: Civista is a member of the Federal Reserve System. FRB stock is carried at cost, 
classified as a restricted security, and periodically evaluated for impairment based on ultimate recovery of par value. 

Bank Owned Life Insurance (BOLI): Civista has purchased BOLI policies on certain key executives. BOLI is recorded 
at the amount that can be realized under the insurance contract at the balance sheet date, which is the cash surrender 
value adjusted for other charges or other amounts due that are probable at settlement. Changes in the cash surrender 
value are recorded as income in the period that the change occurs. 

Goodwill and Other Intangible Assets: Goodwill results from business acquisitions and represents the excess of the 
purchase price over the fair value of acquired tangible assets and liabilities and identifiable intangible assets. Goodwill 
is assessed at least annually for impairment and any such impairment will be recognized in the period identified. 

37 

 
 
 
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

Other intangible assets consist of core deposit intangibles arising from whole bank and branch acquisitions. These 
intangible assets are measured at fair value and then amortized on an accelerated method over their estimated useful 
lives, which range from five to twelve years. 

Servicing Rights: Servicing rights are recognized as assets for the allocated value of retained servicing rights on loans 
sold. Servicing rights are initially recorded at fair value at the date of transfer. The valuation technique uses the present 
value of estimated future cash flows using current market discount rates. Servicing rights are amortized in proportion 
to, and over the period of, estimated net servicing revenues. Impairment is evaluated based on the fair value of the 
rights, using groupings of the underlying loans as to interest rates and then, secondarily, prepayment characteristics. 
Fair value is determined using prices for similar assets with similar characteristics, when available, or based upon 
discounted  cash  flows  using  market-based  assumptions.  Any  impairment  of  a  grouping  is  reported  as  a  valuation 
allowance to the extent that fair value is less than the capitalized asset for the grouping. 

Long-term Assets: Premises and equipment and other intangible assets, and other long-term assets are reviewed for 
impairment when events indicate their carrying amount may not be recoverable from future undiscounted cash flows. 
If impaired, the assets are recorded at fair value. 

Repurchase  Agreements:  Substantially all repurchase agreement liabilities represent amounts advanced by various 
customers. Securities are pledged to cover these liabilities, which are not covered by federal deposit insurance. 

Loan  Commitments  and  Related  Financial  Instruments:  Financial  instruments  include  off-balance  sheet  credit 
instruments, such as commitments to make loans and commercial letters of credit, issued to meet customer financing 
needs.  The  face  amount  for  these  items  represents  the  exposure  to  loss,  before  considering  customer  collateral  or 
ability to repay. 

Income Taxes: Income tax expense is the total of the current year income tax due or refundable and the change in 
deferred  tax  assets  and  liabilities.  Deferred  tax  assets  and  liabilities  are  the  expected  future  tax  amounts  for  the 
temporary differences between carrying amounts and tax basis of assets and liabilities, computed using enacted tax 
rates. A valuation allowance, if needed, reduces deferred tax assets to the amount expected to be realized. 

The Company prescribes a recognition threshold and a measurement attribute for the financial statement recognition 
and measurement of a tax position taken or expected to be taken in a tax return. Benefits from tax positions should be 
recognized in the financial statements only when it is more likely than not that the tax position will be sustained upon 
examination by the appropriate taxing authority that would have full knowledge of all relevant information. 

A tax position that meets the more-likely-than-not recognition threshold is measured at the largest amount of benefit 
that is greater than 50% likely of being realized upon ultimate settlement. Tax positions that previously failed to meet 
the more-likely-than-not recognition threshold should be recognized in the first subsequent financial reporting period 
in  which  that  threshold  is  met.  Previously  recognized  tax  positions  that  no  longer  meet  the  more-likely-than-not 
recognition threshold should be derecognized in the first subsequent financial reporting period in which that threshold 
is  no  longer  met.  The  Company  recognizes  interest  and/or  penalties  related  to  income  tax  matters  in  income  tax 
expense. 

Stock-Based Compensation: Compensation cost is recognized for stock options and restricted stock awards issued to 
employees and directors, based on the fair value of these awards at the grant date. A Black-Scholes model is utilized 
to estimate the fair value of stock options, while the market price of the Company’s common shares at the date of the 
grant is used for restricted shares. 

38 

 
 
 
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

Compensation cost is recognized over the required service period, generally defined as the vesting period. For awards 
with graded vesting, compensation cost is recognized on a straight-line basis over the requisite service period for the 
entire award. 

Retirement  Plans:  Pension  expense  is  the  net  of  service  and  interest  cost,  expected  return  on  plan  assets  and 
amortization of gains and losses not immediately recognized. Employee 401(k) and profit sharing plan expense is the 
amount of matching contributions. Deferred compensation allocates the benefits over the years of service. 

Earnings per Common Share: Basic earnings per share are net income available to common shareholders divided by 
the weighted average number of common shares outstanding during the period. Diluted earnings per common share 
include  the  dilutive  effect  of  additional  potential  common  shares  issuable  related  to  convertible  preferred  shares. 
Treasury shares are not deemed outstanding for earnings per share calculations. 

Comprehensive  Income:  Comprehensive  income  consists  of  net  income  and  other  comprehensive  income.  Other 
comprehensive income includes unrealized gains and losses on securities available for sale and changes in the funded 
status of the pension plan. 

Loss Contingencies: Loss contingencies, including claims and legal actions arising in the ordinary course of business, 
are recorded as liabilities when the likelihood of loss is probable and an amount or range of loss can be reasonably 
estimated. Management does not believe that any  such loss contingencies currently exist that  will have a  material 
effect on the financial statements. 

Restrictions on Cash: Cash on hand or on deposit with the Federal Reserve Bank is required to meet regulatory reserve 
and clearing requirements. These balances do not earn interest. The required reserve amount at December 31, 2020 
was $0.    The Company had cash pledged as collateral on its interest rate swaps with third party financial institutions 
of $11,300 at December 31, 2020. 

Dividend Restriction: Banking regulations require maintaining certain capital levels and may limit the dividends paid 
by Civista to CBI or by CBI to shareholders. Additional information related to dividend restrictions can be found in 
Note 19. 

Fair  Value  of  Financial  Instruments:  Fair  values  of  financial  instruments  are  estimated  using  relevant  market 
information and other assumptions that reflect exit price value, as more fully disclosed in Note 17. Fair value estimates 
involve uncertainties and matters of significant judgment regarding interest rates, credit risk, prepayments, and other 
factors, especially in the absence of broad markets for particular items. Changes in assumptions or in market conditions 
could significantly affect these estimates. 

Operating  Segments: While the Company’s chief decision  makers  monitor the revenue streams of the  Company’s 
various products and services, operations are managed and financial performance is evaluated on a Company-wide 
basis. Operating segments are aggregated into one as operating results for all segments are similar. Accordingly, all 
of  the  Company’s  financial  service  operations  are  considered  by  management  to  be  aggregated  in  one  reportable 
operating segment. 

Treasury Stock: Shares of CBI common stock that are repurchased are recorded in treasury stock at cost. 

Business  Combinations:  At  the  date  of  acquisition  the  Company  records  the  assets  and  liabilities  of  the  acquired 
companies on the Consolidated Balance Sheets at their fair value. The results of operations for acquired companies 
are included in the Company’s Consolidated Statements of Operations beginning at the acquisition date. Expenses 
arising  from  acquisition  activities  are  recorded  in  the  Consolidated  Statements  of  Operations  during  the  period 
incurred. 

39 

 
 
 
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

Derivative Instruments and Hedging Activities: The Company enters into interest rate swap agreements to facilitate 
the risk management strategies of a small number of commercial banking customers. All derivatives are accounted for 
in  accordance  with  ASC-815,  Derivatives  and  Hedging.  The  Company  mitigates  the  risk  of  entering  into  these 
agreements by entering into equal and offsetting swap agreements with highly rated third party financial institutions. 
The  swap  agreements  are  free-standing  derivatives  and  are  recorded  at  fair  value  in  the  Company’s  Consolidated 
Balance Sheets. Changes in fair value are recorded as income or expense in the period that they occur.    The Company 
is party to master netting arrangements with its financial institution counterparties; however, the Company does not 
offset  assets  and  liabilities  under  these  arrangements  for  financial  statement  presentation  purposes  because  the 
Company does not currently intend to execute a setoff with its counterparties. The master netting arrangements provide 
for a single net settlement of all swap agreements, as well as collateral, in the event of default on, or termination of, 
any one contract. Collateral, in the  form of cash and  marketable securities, is posted by the counterparty  with net 
liability positions in accordance with contract thresholds. 

Reclassifications:  Some  items  in  the  prior  year  financial  statements  were  reclassified  to  conform  to  the  current 
presentation. Such reclassifications had no effect on net income or shareholders’ equity. 

Adoption of New Accounting Standards: 

In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 
2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements 
for Fair Value Measurement.    The amendments in this Update remove the requirement to disclose the amount of and 
reasons for transfers between Level I and Level II of the fair value hierarchy; the policy for timing of transfers between 
levels; and the valuation processes for Level III fair value measurements. The amendments in this Update require 
disclosure of changes in unrealized gains and losses for the period included in other comprehensive income (loss) for 
recurring Level III fair value measurements held at the end of the reporting period and the range and weighted average 
of significant unobservable inputs used to develop Level III fair value measurements.    We adopted ASU 2018-13 
effective January 1, 2020, which did not have a material impact on the Company’s Consolidated Financial Statements. 

In August 2018, the FASB issued ASU 2018-15, Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 
350-40). The amendment in this ASU addressed customers’ accounting for implementation costs incurred in a cloud 
computing  arrangement  that  is  a  service  contract  and  also  added  certain  disclosure  requirements  related  to 
implementation costs incurred for internal-use software and cloud computing arrangements. The amendment in this 
ASU aligned the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service 
contract  with  the  requirements  for  capitalizing  implementation  costs  incurred  to  develop  or  obtain  internal-use 
software (and hosting arrangements that include an internal-use software license). We adopted ASU 2018-15 effective 
January 1, 2020, which did not have a material impact on the Company’s Consolidated Financial Statements. 

In  October,  2018,  the  FASB  issued  ASU  2018-17,  Consolidation  (Topic  810),  which  made  improvements  in  (1) 
applying the variable interest entity (VIE) guidance to private companies under common control and (2) considering 
indirect interests held through related parties under common control for determining whether fees paid to decision 
makers and service providers are variable interests.    Under the amendments in this Update, a private company may 
elect  not  to  apply  VIE  guidance  to  legal  entities  under  common  control  (including  common  control  leasing 
arrangements) if both the parent and the legal entity being evaluated for consolidation are not public business entities.   
In addition, indirect interests held through related parties in common control arrangements should be considered on a 
proportional basis for determining whether fees paid to decision makers and service providers are variable interests.   
We  adopted  ASU  2018-17  effective  January  1,  2020,  which  did  not  have  a  material  impact  on  the  Company’s 
Consolidated Financial Statements. 

40 

 
 
 
 
 
 
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

In  November,  2018,  the  FASB  issued  ASU  2018-18,  Collaborative  Arrangements  (Topic  808),  which  made  the 
following targeted improvements to generally accepted accounting principles (GAAP) for collaborative arrangements: 
(1)  clarified  that  certain  transactions  between  collaborative  arrangement  participants  should  be  accounted  for  as 
revenue under Topic 606  when the collaborative arrangement participant is a customer  in the context of a  unit of 
account, (2) added unit-of-account guidance in Topic 808 to align with the guidance in Topic 606 (that is, a distinct 
good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is 
within the scope of Topic 606, and (3) required that in a transaction with a collaborative arrangement participant that 
is not directly related to sales to third parties, presenting the transaction together with revenue recognized under Topic 
606 is precluded if the collaborative arrangement participant is not a customer.    We adopted ASU 2018-18 effective 
January 1, 2020, which did not have a material impact on the Company’s Consolidated Financial Statements. 

Effect of Newly Issued but Not Yet Effective Accounting Standards: 

In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses 
on Financial Instruments (“ASU 2016-13”), which changes the impairment model for most financial assets. This ASU 
is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial 
instruments held by financial institutions and other organizations. The underlying premise of ASU 2016-13 is that 
financial assets measured at amortized cost should be presented at the net amount expected to be collected, through 
an allowance for credit losses that is deducted from the amortized cost basis. The allowance for credit losses should 
reflect management’s current estimate of credit losses that are expected to occur over the remaining life of a financial 
asset.  The  income  statement  will  be  effected  for  the  measurement  of  credit  losses  for  newly  recognized  financial 
assets, as well as the expected increases or decreases of expected credit losses that have taken place during the period. 
ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019, and early adoption is 
permitted for annual and interim periods beginning after December 15, 2018. On October 16, 2019, the FASB voted 
to defer the effective date for ASC 326, Financial Instruments – Credit Losses, for smaller reporting companies to 
fiscal years beginning after December 15, 2022, and interim periods within those fiscal years, which was codified in 
the final ASU issued by the FASB on November 15, 2019. As a result, because the Company qualified as a smaller 
reporting  company,  based  on  its  most  recent  determination  under  applicable  rules  of  the  Securities  and  Exchange 
Commission (“SEC”), as of November 15, 2019, the Company will not be subject to ASU 2016-13 until its annual 
and  interim  periods  beginning  after  December  15,  2022.  Management  is  in  the  process  of  evaluating  the  impact 
adoption of ASU 2016-13 will have on the Company’s Consolidated Financial Statements. This process has engaged 
multiple areas of the Company in evaluating loss estimation methods and application of these methods to specific 
segments of the loan portfolio. Management has been actively monitoring FASB developments and evaluating the use 
of different  methods allowed.    Due to continuing development of our methodology, additional time is required to 
quantify the affect this ASU will have on the Company’s Consolidated Financial Statements. Management continues 
to refine its modeling and running parallel calculations and will finalize a method or methods of adoption in time for 
the effective date. 

In  January  2017,  the  FASB  issued  ASU  2017-04,  Simplifying  the  Test  for  Goodwill  Impairment.  To  simplify  the 
subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing 
the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the 
impairment  testing  date  of  its  assets  and  liabilities  (including  unrecognized  assets  and  liabilities)  following  the 
procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business 
combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill 
impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize 
an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value; however, 
the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business 
entity that is an SEC filer, such as the Company, should adopt the amendments in this Update for its annual or any 
interim goodwill impairment tests in fiscal years beginning after December 15, 2019. On October 16, 2019, the FASB 
voted to defer the effective date for ASC 350, Intangibles – Goodwill and Other, for smaller reporting companies, 
such as the Company, to fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. 
The final ASU was issued by the FASB on November 15, 2019. The Company is currently evaluating the impact the 
adoption of the standard will have on the Company’s financial position or results of operations. 

41 

 
 
 
 
 
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

42 

 
 
 
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

In  April 2019, the FASB issued ASU 2019-04, Codification Improvements to Topic 326, Financial Instruments – 
Credit Losses, and Topic 825, Financial Instruments, which affects a variety of topics in the Codification and applies 
to  all  reporting  entities  within  the  scope  of  the  affected  accounting  guidance.  Topic  326,  Financial  Instruments  – 
Credit Losses amendments are effective for SEC registrants for fiscal years beginning after December 15, 2019, and 
interim periods within those fiscal years. The Company is currently evaluating the potential impact of the Topic 326 
amendments on the Company’s Consolidated Financial Statements. The amendments to Topic 825 are effective for 
interim and annual reporting periods beginning after December 15, 2019. On October 16, 2019, the FASB voted to 
defer the effective date for ASC 326, Financial Instruments – Credit Losses, for smaller reporting companies, such as 
the Company, to fiscal years beginning after December 15, 2022, and interim periods within those fiscal years.   The 
final ASU was issued by the FASB on November 15, 2019. This Update is not expected to have a material impact on 
the Company’s financial statements. 

In May 2019, the FASB issued ASU 2019-05, Financial Instruments – Credit Losses, Topic 326, which allows entities 
to  irrevocably  elect  the  fair  value  option  for  certain  financial  assets  previously  measured  at  amortized  cost  upon 
adoption of the new credit losses standard. To be eligible for the transition election, the existing financial asset must 
otherwise be both within the scope of the new credit losses standard and eligible for the applying the fair value option 
in ASC 825-10.3. The election must be applied on an instrument-by-instrument basis and is not available for either 
available-for-sale or held-to-maturity debt securities. For entities that elect the fair value option, the difference between 
the  carrying  amount  and  the  fair  value  of  the  financial  asset  would  be  recognized  through  a  cumulative-effect 
adjustment to opening retained earnings as of the date an entity adopted ASU 2016-13. Changes in fair value of that 
financial asset would subsequently be reported in current earnings. For entities that have not yet adopted ASU 2016-
13, the effective dates and transition requirements are the same as those in ASU 2016-13. For entities that have adopted 
ASU 2016-13, ASU 2019-05 is effective for fiscal years beginning after December 15, 2019, including interim periods 
within those fiscal years. Early adoption is permitted once ASU 2016-13 has been adopted. On October 16, 2019, the 
FASB voted to defer the effective date for ASC 326, Financial Instruments – Credit Losses, for smaller reporting 
companies, such as the Company, to fiscal years beginning after December 15, 2022, and interim periods within those 
fiscal years.   The final ASU was issued by the FASB on November 15, 2019. The Company is currently evaluating 
the impact the adoption of the standard will have on the Company’s financial statements. 

In November 2019, the FASB issued ASU 2019-10, Financial Instruments ‒ Credit Losses (Topic 326), Derivatives 
and Hedging (Topic 815), and Leases (Topic 842). The Update defers the effective dates of ASU 2016-13 for SEC 
filers  that  are  eligible  to  be  smaller  reporting  companies,  such  as  the  Company,  to  fiscal  years  beginning  after 
December  15,  2022,  including  interim  periods  within  those  fiscal  years.  This  Update  also  amends  the  mandatory 
effective date for the elimination of Step 2 from the goodwill impairment test under ASU No. 2017-04, Intangibles ‒ 
Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment (Goodwill), to align with those used 
for credit losses. Furthermore, the ASU provides a one-year deferral of the effective dates of the ASUs on derivatives 
and  hedging  and  leases  for  companies  that  are  not  public  business  entities.  The  Company  qualified  as  a  smaller 
reporting company and does not expect to early adopt these ASUs.   

43 

 
 
 
 
 
 
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) 

In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments 
– Credit Losses, to clarify its new credit impairment guidance in ASC 326, based on implementation issues raised by 
stakeholders. This Update clarified, among other things, that expected recoveries are to be included in the allowance 
for credit losses for these financial assets; an accounting policy election can be made to adjust the effective interest 
rate  for  existing  troubled  debt  restructurings  based  on  the  prepayment  assumptions  instead  of  the  prepayment 
assumptions applicable immediately prior to the restructuring event; and extends the practical expedient to exclude 
accrued interest receivable from all additional relevant disclosures involving amortized cost basis. The effective dates 
in this Update are the same as those applicable for ASU 2019-10. The Company is currently evaluating the impact the 
adoption of the standard will have on the Company’s financial position or results of operations. 

In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments. This ASU was 
issued to improve and clarify various financial instruments topics, including the current expected credit losses (CECL) 
standard  issued  in  2016.  The  ASU  includes  seven  issues  that  describe  the  areas  of  improvement  and  the  related 
amendments  to  GAAP;  they  are  intended  to  make  the  standards  easier  to  understand  and  apply  and  to  eliminate 
inconsistencies, and they are narrow in scope and are not expected to significantly change practice for most entities. 
Among its provisions, the ASU clarifies that all entities, other than public business entities that elected the fair value 
option, are required to provide certain fair value disclosures under ASC 825, Financial Instruments, in both interim 
and annual financial statements. It also clarifies that the contractual term of a net investment in a lease under Topic 
842 should be the contractual term used to measure expected credit losses under Topic 326. Amendments related to 
ASU 2019-04 are effective for fiscal years beginning after December 15, 2019, including interim periods within those 
fiscal years. Early adoption is not permitted before an entity’s adoption of ASU 2016-01. Amendments related to ASU 
2016-13 for entities that have not yet adopted that guidance are effective upon adoption of the amendments in ASU 
2016-13. Early adoption is not permitted before an entity’s adoption of ASU 2016-13. Amendments related to ASU 
2016-13 for entities that have adopted that guidance are effective for fiscal years beginning after December 15, 2019, 
including interim periods within those years. Other amendments are effective upon issuance of this ASU. This Update 
is not expected to have a significant impact on the Company’s financial statements.   

In January 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of 
Reference Rate Reform on Financial Reporting, March 2020, to provide temporary optional expedients and exceptions 
to the U.S. GAAP guidance on contract modifications and hedge accounting to ease the financial reporting burdens 
of the expected market transition from LIBOR and other interbank offered rates to alternative reference rates, such as 
the Secured Overnight Financing Rate. Entities can elect not to apply certain modification accounting requirements to 
contracts affected by what the guidance calls “reference rate reform” if certain criteria are met. An entity that makes 
this election would not have to remeasure the contracts at the modification date or reassess a previous accounting 
determination. Also, entities can elect various optional expedients that would allow them to continue applying hedge 
accounting for hedging relationships affected by reference rate reform if certain criteria are met, and can make a one-
time  election  to  sell  and/or  reclassify  held-to-maturity  debt  securities  that  reference  an  interest  rate  affected  by 
reference rate reform. The amendments in this ASU are effective for all entities upon issuance through December 31, 
2022. The Company is working through this transition via a multi-disciplinary project team.    We are still evaluating 
the  impact  the  change  to  a  benchmark  like  SOFR  or  Prime  Rate  will  have  on  our  financial  condition,  results  of 
operations or cash flows.   

In  October  2020,  the  FASB  issued  ASU  2020-08,  Codification  Improvements  to  Subtopic  310-20,  Receivables  – 
Nonrefundable  Fees  and  Other  Costs,  which  clarifies  that,  for  each  reporting  period,  an  entity  should  reevaluate 
whether a callable debt security is within the scope of ASC 310-20-35-33. For public business entities, such as the 
Company, ASU 2020-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after 
December 15, 2020. Early application is not permitted. This Update is not expected to have a significant impact on 
the Company’s financial statements. 

44 

 
 
 
 
 
 
 
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 2 – MERGER 

On September 14, 2018, CBI completed the acquisition by merger of United Community Bancorp (“UCB”) in a stock 
and cash transaction  for aggregate consideration of approximately $117,344.    Acquisition-related costs of $5,231, 
$5,515,  $1,638,  $131  and  $220  are  included  in  compensation  expense,  contracted  data  processing,  professional 
services, marketing expense and other operating expense, respectively, in the Company’s Consolidated Statements of 
Operation  for  the  year  ended  December  31,  2018.    As  a  result  of  the  acquisition,  the  Company  issued  4,277,430 
common shares and paid approximately $12,675 in cash to the former shareholders of UCB. Immediately following 
the merger, UCB’s banking subsidiary, United Community Bank, was merged into CBI’s banking subsidiary, Civista 
Bank. 

At the time of the merger, UCB had total assets of $537,875, including $298,319 in loans, and $475,944 in deposits. 
The transaction was recorded as a purchase and, accordingly, the operating results of UCB have been included in the 
Company’s Consolidated Financial Statements since the close of business on September 14, 2018. 

The following table presents financial information for the former UCB included in the Consolidated Statements of 
Operations from the date of acquisition through December 31, 2018. 

Actual From 
Acquisition Date 
Through December 31, 
2018 
(in thousands) 

Net interest income after provision for loan 
losses 
Noninterest income 
Net income 

   $ 

3,227    
373    
1,707   

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the date of 
acquisition  for  UCB.    Core  deposit  intangibles  will  be  amortized  over  a  period  of  ten  years  using  an  accelerated 
method. Goodwill will not be amortized, but instead will be evaluated for impairment. Furthermore, the unaudited pro 
forma information does not reflect management’s estimate of any revenue-enhancing opportunities nor anticipated 
cost savings as a result of the integration and consolidation of the acquisition. 

Consideration paid 

Net assets acquired: 

Cash and due from financial institutions 
Securities available for sale 
Equity securities 
Loans held for sale 
Loans, net 
Other securities 
Premises and equipment 
Accrued interest receivable 
Core deposit intangible 
Bank owned life insurance 
Other assets 
Noninterest-bearing deposits 
Interest-bearing deposits 
Other liabilities 

      $  117,344    

   $  156,472          
43,214          
212          
492          
       298,319          
3,527          
5,291          
950          
7,518          
17,193          
10,361          
       (112,787 )       
       (363,157 )       
(17 )       

Goodwill resulting from UCB merger 

67,588    
      $  49,756   

45 

 
 
 
 
 
 
 
 
   
   
   
      
      
 
 
   
       
   
         
   
   
   
      
   
   
      
         
      
   
      
         
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
      
   
   
   
            
   
      
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 3 - SECURITIES 

The amortized cost and fair value of available for sale securities and the related gross unrealized gains and losses 
recognized were as follows: 

2020 
U.S. Treasury securities and obligations of 
      U.S. government agencies 
Obligations of states and political subdivisions 
Mortgage-back securities in government sponsored 
      entities 

Total debt securities 

Amortized 
Cost 

Gross 
Unrealized 
Gains 

Gross 
Unrealized 
Losses 

      Fair Value     

   $  21,479       $ 
220       $ 
       208,013           21,000          

(6 )    $  21,693    
(1 )        229,012    

       106,824          
5,963          
   $  336,316       $  27,183       $ 

(28 )        112,759    
(35 )    $  363,464   

Amortized 
Cost 

Gross 
Unrealized 
Gains 

Gross 
Unrealized 
Losses 

      Fair Value     

2019 
U.S. Treasury securities and obligations of 
      U.S. government agencies 
Obligations of states and political subdivisions 
Mortgage-back securities in government sponsored 
      entities 

Total debt securities 

   $  19,401       $ 
204       $ 
       193,646           12,409          

(4 )    $  19,601    
(21 )        206,034    

3,863          
       129,145          
   $  342,192       $  16,476       $ 

(144 )        132,864    
(169 )    $  358,499   

The amortized cost and fair value of securities at year end 2020 by contractual maturity were as follows. Securities 
not due at a single maturity date, primarily mortgage-backed securities, are shown separately. 

Available for sale 

Due in one year or less 
Due from one to five years 
Due from five to ten years 
Due after ten years 
Mortgage-backed securities in government sponsored 
      entities 

Total securities available for sale 

   $ 

Amortized 
Cost 
11,749       $ 
13,675          
28,114          

       Fair Value     
11,898    
14,118    
30,236    
       175,954           194,453    

       106,824           112,759    
   $  336,316       $  363,464   

Securities  with  a  carrying  value  of  $159,527  and  $139,004  were  pledged  as  of  December 31,  2020  and  2019, 
respectively, to secure public deposits, other deposits and liabilities as required or permitted by law. 

46 

 
 
 
 
 
 
   
   
      
      
      
            
            
            
      
 
   
   
      
      
      
            
            
            
      
 
 
   
   
   
   
   
      
      
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 3 – SECURITIES (Continued) 

Proceeds from sales of securities, gross realized gains and gross realized losses were as follows: 

2020 

2019 

2018 

Sale proceeds 
Gross realized gains 
Gross realized losses 
Gains (losses) from securities called or settled by the 
      issuer 

   $ 

1,455       $  17,570       $  14,667    
6    
393    

47          
43          

94          
—          

—          

28          

(26 ) 

Debt securities with unrealized losses at year end 2020 and 2019 not recognized in income were as follows: 

2020 

Description of Securities 
U.S. Treasury securities and obligations of 
      U.S. government agencies 
Obligations of states and political 
subdivisions 
Mortgage-backed securities in gov’t 
sponsored 
      entities 
Total temporarily impaired 

2019 

Description of Securities 
U.S. Treasury securities and obligations of 
      U.S. government agencies 
Obligations of states and political 
subdivisions 
Mortgage-backed securities in gov’t 
sponsored 
      entities 
Total temporarily impaired 

12 Months or less 
Fair 
Value 

Unrealized 
Loss 

       More than 12 months 

Total 

Fair 
Value 

Unrealized 
Loss 

Fair 
Value 

Unrealized 
Loss 

   $  6,501       $ 

(5 )    $ 

126       $ 

(1 )    $  6,627       $ 

       1,874          

(1 )       

—          

—           1,874          

(6 ) 

(1 ) 

       5,755          
   $  14,130       $ 

(28 )       
(34 )    $ 

—          
126       $ 

—           5,755          
(1 )    $  14,256       $ 

(28 ) 
(35 ) 

12 Months or less 
Fair 
Value 

Unrealized 
Loss 

       More than 12 months 

Total 

Fair 
Value 

Unrealized 
Loss 

Fair 
Value 

Unrealized 
Loss 

   $  —       $ 

—       $  3,408       $ 

(4 )    $  3,408       $ 

(4 ) 

       1,947          

(21 )       

—          

—           1,947          

(21 ) 

       10,653          
   $  12,600       $ 

(91 )        7,732          
(112 )    $  11,140       $ 

(53 )        18,385          
(57 )    $  23,740       $ 

(144 ) 
(169 ) 

The Company periodically evaluates securities for other-than-temporary impairment. An unrealized loss exists when 
the  current  fair  value  of  an  individual  security  is  less  than  its  amortized  cost  basis.  Unrealized  losses  that  are 
determined  to  be  temporary  in  nature  are  recorded,  net  of  tax,  in  accumulated  other  comprehensive  loss  on  the 
Consolidated Balance Sheet. 

The  Company  has  assessed  each  available-for-sale  security  position  for  credit  impairment.  Factors  considered  in 
determining whether a loss is temporary include: 

• 

• 

• 

• 

The length of time and the extent to which fair value has been below cost; 
The severity of impairment; 
The cause of the impairment and the financial condition and near-term prospects of the issuer; 
If the Company intends to sell the investment; 

47 

 
 
 
 
 
   
   
      
      
   
      
      
      
 
 
   
      
   
   
      
      
      
      
      
   
 
   
      
   
   
      
      
      
      
      
   
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

• 

• 

If  it’s  more-likely-than-not  the  Company  will  be  required  to  sell  the  investment  before  recovering  its 
amortized cost basis; and 

If  the  Company  does  not  expect  to  recover  the  investment’s  entire  amortized  cost  basis  (even  if  the 
Company does not intend to sell the investment). 

NOTE 3 – SECURITIES (Continued) 

The Company’s review for impairment generally entails: 

• 

• 

• 

• 

Identification and evaluation of investments that have indications of impairment; 

Analysis of individual investments that have fair values less than amortized cost, including consideration 
of length of time each investment has been in unrealized loss position and the expected recovery period; 

Evaluation of factors or triggers that could cause individual investments to qualify as having other-than-
temporary impairment; and 
Documentation of these analyses, as required by policy. 

At December 31, 2020, the Company owned 11 securities that were considered temporarily impaired. The unrealized 
losses on these securities have not been recognized into income because the issuers’ bonds are of high credit quality, 
management has the intent and ability to hold these securities for the foreseeable future, and the decline in fair value 
is largely due to changes in market interest rates. The Company also considers sector specific credit rating changes in 
its  analysis.  The  fair  value  is  expected  to  recover  as  the  securities  approach  their  maturity  date  or  reset  date. The 
Company does not intend to sell until recovery and does not believe selling will be required before recovery. 

The following table presents the net gains and losses on equity investments recognized in earnings at year-end 2020 
and 2019, and the portion of unrealized gains and losses for the period that relates to equity investments held at year-
end 2020 and 2019: 

Net gains (losses) recognized on equity securities during the 
      year 
Less: Net gains realized on the sale of equity securities 
      during the period 
Unrealized gains (losses) recognized in equity securities held 
      at December 31 

2020 

2019 

   $ 

(57 )    $ 

121    

6          

—    

   $ 

(51 )    $ 

121   

48 

 
 
 
 
 
   
   
      
   
      
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 4 - LOANS 
Loans at year-end were as follows: 

2020 

2019 

Commercial and Agriculture 
Commercial Real Estate - owner occupied 
Commercial Real Estate - non-owner occupied 
Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Total Loans 

Allowance for loan losses 
Net loans 

   $  409,876       $  203,110    
       278,413           245,606    
       705,072           592,222    
       442,588           463,032    
       175,609           155,825    
34,114    
15,061    
      2,057,502          1,708,970    
(14,767 ) 
   $ 2,032,474       $ 1,694,203   

33,102          
12,842          

(25,028 )       

Included in Commercial & Agriculture as of December 31, 2020 is $217,295 of Paycheck Protection Program (“PPP”) 
loans. 

NOTE 4 – LOANS (Continued) 

Included in total loans above are deferred loan fees of $5,998 and $488 at December 31, 2020 and 2019, respectively.   
Included in net deferred loan fees as of December 31, 2020 is $5,194 of net deferred loan fees from PPP loans. 

Paycheck Protection Program 

During 2020, we processed over 2,300 loans totaling $259.1 million, of which $41.8 million have been forgiven or 
have paid off. SBA fees total approximately $9.9 million, which are being recognized in interest income over the life 
of the PPP loans. During the year, $4.7 million of PPP fees were accreted to income. We borrowed $183.7 million 
from the Paycheck Protection Program Lending Facility (“PPPLF”), anticipating an additional funding source for PPP 
landing. We have since determined this source was no longer needed and have paid off the PPPLF in full.   

Loans to principal officers, directors, and their affiliates at year-end 2020 and 2019 were as follows: 

Balance - Beginning of year 
New loans and advances 
Repayments 
Effect of changes to related parties 
Balance - End of year 

2020 

2019 

   $ 

   $ 

9,909       $ 
1,153          
(3,004 )       
417          
8,475       $ 

8,722    
3,057    
(2,574 ) 
704    
9,909   

49 

 
 
 
 
 
   
   
      
   
      
      
      
 
 
 
 
 
 
   
   
      
   
      
      
      
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES 

Management has an established methodology to determine the adequacy of the allowance for loan losses that assesses 
the  risks  and  losses  inherent  in  the  loan  portfolio.  For  purposes  of  determining  the  allowance  for  loan  losses,  the 
Company has segmented certain loans in the portfolio by product type. Loans are segmented into the following pools: 
Commercial and Agriculture loans, Commercial Real Estate – Owner Occupied loans, Commercial Real Estate – Non-
owner Occupied loans, Residential  Real Estate loans, Real Estate Construction  loans, Farm Real Estate loans and 
Consumer  and  Other  loans.  Loss  migration  rates  for  each  risk  category  are  calculated  and  used  as  the  basis  for 
calculating loan loss allowance allocations. Loss migration rates are calculated over a three-year period for all portfolio 
segments. Management also considers certain economic factors for trends that management uses to account for the 
qualitative and environmental changes in risk, which affects the level of the reserve. The following economic factors 
are analyzed: 

• 

• 

• 

• 

• 

• 

• 

• 

• 

Changes in lending policies and procedures 

Changes in experience and depth of lending and management staff 

Changes in quality of credit review system 

Changes in the nature and volume of the loan portfolio 

Changes in past due, classified and nonaccrual loans and TDRs 

Changes in economic and business conditions 

Changes in competition or legal and regulatory requirements 

Changes in concentrations within the loan portfolio 

Changes in the underlying collateral for collateral dependent loans 

50 

 
 
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

The total allowance reflects management’s estimate of loan losses inherent in the loan portfolio at the consolidated 
balance sheet date. The Company considers the allowance for loan losses of $25,028 adequate to cover loan losses 
inherent in the loan portfolio, at December 31, 2020. The following tables present, by portfolio segment, the changes 
in  the  allowance  for  loan  losses,  the  ending  allocation  of  the  allowance  for  loan  losses  and  the  loan  balances 
outstanding for the years ended December 31, 2020, 2019 and 2018. The changes can be impacted by overall loan 
volume, adversely graded loans, historical charge-offs and economic factors. 

Allowance for loan losses: 

December 31, 2020 
Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Unallocated 
Total 

Beginning 
balance 

       Charge-offs        Recoveries         
(20 )    $ 

7       $ 

2,219       $ 

   $ 

Provision 
(Credit) 

Ending 
Balance 

604       $ 

2,810    

2,541          
6,584          
1,582          
1,250          
344          
247          
—          
   $  14,767       $ 

(148 )       
—          
(236 )       
—          
—          
(61 )       
—          
(465 )    $ 

259          
48          
218          
4          
13          
65          
—          

4,057    
1,405          
5,819           12,451    
2,484    
2,439    
338    
209    
240    
614       $  10,112       $  25,028   

920          
1,185          
(19 )       
(42 )       
240          

For  the  year  ended  December 31,  2020,  the  Company  provided  $10,112  to  the  allowance  for  loan  losses.    The 
provision was primarily the result of an increase in Civista’s qualitative factors, primarily changes in international, 
national, regional and local conditions, related to the economic shutdown driven by the ongoing COVID-19 pandemic. 
Economic impacts related to the COVID-19 pandemic include the loss of revenue being experienced by our business 
clients,  disruption  of  supply  chains,  additional  employee  costs  for  businesses  due  to  the  pandemic,  higher 
unemployment  rates  throughout  our  footprint  and  a  large  number  of  customers  requesting  payment  relief.    The 
allowance for Commercial & Agriculture loans increased due to an increase in general reserves required for this type 
as a result of an increase in loan balances  mainly  from Civista’s participation in the PPP loan program and by an 
increase in loss rates, resulting in an increase in the provision.    PPP loans are eligible for a 100% guaranty by the 
U.S. Small Business Administration (“SBA”).    However, in the event of a loss resulting from a default on a PPP loan, 
and a determination by the SBA that there was a deficiency in the manner on which the PPP loan was originated or 
funded, the SBA may deny its liability under the guaranty.    The reserve percentage for PPP loans is substantially less 
than the other loans in this segment.    The allowance for Commercial Real Estate – Owner Occupied loans increased 
due to an increase in general reserves required for this type as a result of higher loan balances, an increase in classified, 
the volume of loans currently in payment deferral, and an  increase in loss rates. The result  was represented as an 
increase in the provision. The allowance for Commercial Real Estate – Non-Owner Occupied loans increased due to 
an increase in general reserves required as a result of an increase in loan balances, an increase in classified loans, the 
volume of loans currently in payment deferral, and an increase in loss rates.    This was represented as an increase in 
the  provision.    The  allowance  for  Residential  Real  Estate  loans  increased  due  to  an  increase  in  general  reserves 
required for this type as a result of factors related to the COVID-19 pandemic, offset by a decrease in loan balances, 
represented by an increase in the provision. The allowance for Real Estate Construction loans increased due to an 
increase in general reserves required as a result of an increase in loan balances and an increase in loss rates, represented 
by an increase in the provision.    The allowance for Farm Real Estate loans decreased due to a decrease in general 
reserves required as a result of a decrease in loan balances.    The result was represented as a decrease in the provision.   
The allowance for Consumer and Other loans decreased due to a decrease in general reserves required as a result of a 
decrease in loan balances and loss rates.    The result was represented as a decrease in the provision.    Management 
feels that the unallocated amount is appropriate and within the relevant range for the allowance that is reflective of the 
uncertainty in the portfolio at December 31, 2020. 

51 

 
 
 
 
 
 
 
   
       
   
      
            
            
            
            
      
      
      
      
      
      
      
      
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

Allowance for loan losses: 

December 31, 2019 
Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Unallocated 
Total 

Beginning 
balance 

       Charge-offs        Recoveries         

Provision 
(Credit) 

Ending 
Balance 

   $ 

1,747       $ 

(114 )    $ 

86       $ 

500       $ 

2,219    

1,962          
5,803          
1,531          
1,046          
397          
284          
909          
   $  13,679       $ 

(161 )       
—          
(294 )       
(24 )       
—          
(183 )       
—          
(776 )    $ 

289          
102          
259          
3          
5          
85          
—          
829       $ 

2,541    
451          
6,584    
679          
1,582    
86          
1,250    
225          
344    
(58 )       
247    
61          
—    
(909 )       
1,035       $  14,767   

For the year ended December 31, 2019, the allowance for Commercial & Agriculture loans increased as a result of an 
increase in general reserves due to higher loan balances. The result was represented as an increase in the provision. 
The allowance for Commercial Real Estate – Owner Occupied loans increased as a result of an increase in general 
reserves due to higher loan balances. The result was represented as an increase in the provision. The allowance for 
Commercial Real Estate – Non-Owner Occupied loans increased due to an increase in general reserves required for 
this type as a result of higher loan balances. The allowance for Residential Real Estate loans increased as a result of 
an increase in general reserves required for this type as a result of an increase in outstanding loan balances, represented 
by an increase in the provision. The allowance for Real Estate Construction loans increased due to higher outstanding 
loan balances for this type of loan. The allowance for Farm Real Estate loans was reduced by a decrease in general 
reserves required for this type as a result of lower outstanding loan balances. The result was represented as a decrease 
in the provision.   

52 

 
 
 
 
 
   
       
   
      
            
            
            
            
      
      
      
      
      
      
      
      
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

Allowance for loan losses: 

December 31, 2018 
Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Unallocated 
Total 

Beginning 
balance 

       Charge-offs        Recoveries         

Provision 
(Credit) 

Ending 
Balance 

   $ 

1,562       $ 

(249 )    $ 

169       $ 

265       $ 

1,747    

2,043          
5,307          
1,910          
834          
430          
290          
758          
   $  13,134       $ 

(193 )       
(153 )       
(105 )       
—          
—          
(203 )       
—          
(903 )    $ 

158          
28          
208          
—          
5          
100          
—          
668       $ 

1,962    
(46 )       
5,803    
621          
1,531    
(482 )       
1,046    
212          
397    
(38 )       
284    
97          
909    
151          
780       $  13,679   

For the year ended December 31, 2018, the allowance for Commercial & Agriculture loans increased as a result of an 
increase in general reserves due to higher loan balances. The result was represented as an increase in the provision. 
The allowance for Commercial Real Estate – Owner Occupied loans was reduced by a decrease in general reserves as 
a result of lower loss rates. The result was represented as a decrease in the provision. The allowance for Commercial 
Real Estate – Non-Owner Occupied loans increased due to an increase in general reserves required for this type as a 
result of higher loan balances.    The allowance for Residential Real Estate loans was reduced by a decrease in general 
reserves required for this type as a result of a decrease in loss rates, represented by a decrease in the provision. The 
allowance for Real Estate Construction loans increased due to higher outstanding loan balances for this type of loan. 
The allowance for Farm Real Estate loans was reduced by a decrease in general reserves required for this type as a 
result of lower outstanding loan balances. The result was represented as a decrease in the provision.   

53 

 
 
 
 
 
   
       
   
      
            
            
            
            
      
      
      
      
      
      
      
      
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

The following tables present, by portfolio segment, the allocation of the allowance for loan losses and related loan 
balances as of December 31, 2020 and December 31, 2019. 

December 31, 2020 
Allowance for loan losses: 
Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Unallocated 
Total 

Outstanding loan balances: 
Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Total 

Loans acquired 
with credit 
deterioration        

Loans 
individually 
evaluated for 
impairment        

Loans 
collectively 
evaluated for 
impairment         Total 

   $ 

—       $ 

73       $ 

2,737       $ 

2,810    

—          
—          
—          
—          
—          
—          
—          
—       $ 

5          
—          
29          
—          
—          
—          
—          
107       $ 

4,052          
12,451          
2,455          
2,439          
338          
209          
240          
24,921       $ 

4,057    
12,451    
2,484    
2,439    
338    
209    
240    
25,028    

—       $ 

74       $  409,802       $  409,876    

—          
—          
388          
—          
—          
—          
388       $ 

980           277,433           278,413    
48           705,024           705,072    
946           441,254           442,588    
—           175,609           175,609    
32,484          
33,102    
12,842    
12,842          
2,666       $ 2,054,448       $ 2,057,502   

618          
—          

   $ 

   $ 

   $ 

54 

 
 
 
 
   
   
      
            
            
            
      
      
            
            
            
      
      
      
      
      
      
      
      
   
      
            
            
            
      
      
            
            
            
      
      
            
            
            
      
      
      
      
      
      
      
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

December 31, 2019 
Allowance for loan losses: 
Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Unallocated 
Total 

Outstanding loan balances: 
Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Total 

Loans acquired 
with credit 
deterioration        

Loans 
individually 
evaluated for 
impairment        

Loans 
collectively 
evaluated for 
impairment         Total 

   $ 

—       $ 

—       $ 

2,219       $ 

2,219    

—          
—          
—          
—          
—          
—          
—          
—       $ 

9          
—          
82          
—          
—          
—          
—          
91       $ 

2,532          
6,584          
1,500          
1,250          
344          
247          
—          
14,676       $ 

2,541    
6,584    
1,582    
1,250    
344    
247    
—    
14,767    

—       $ 

367       $  202,743       $  203,110    

—          
—          
467          
—          
—          
—          
467       $ 

426           245,180           245,606    
374           591,848           592,222    
1,764           460,801           463,032    
—           155,825           155,825    
34,114    
33,448          
15,061    
15,061          
3,597       $ 1,704,906       $ 1,708,970   

666          
—          

   $ 

   $ 

   $ 

The following tables represent credit exposures by internally assigned risk ratings for the periods ended December 31, 
2020 and 2019. The remaining loans in the Residential Real Estate, Real Estate Construction and Consumer and Other 
loan categories  that are  not assigned a risk  grade are presented in a  separate table below. The risk rating analysis 
estimates the capability of the borrower to repay the contractual obligations of the loan agreements as scheduled or at 
all. The Company’s internal credit risk rating system is based on experiences with similarly graded loans. 

The Company’s internally assigned grades are as follows: 

• 

• 

• 

• 

• 

• 

Pass – loans which are protected by the current net worth and paying capacity of the obligor or by the 
value of the underlying collateral. 
Special  Mention  –  loans  where  a potential  weakness  or  risk  exists,  which  could  cause  a  more  serious 
problem if not corrected. 
Substandard – loans that have a well-defined weakness based on objective evidence and are characterized 
by the distinct possibility that Civista will sustain some loss if the deficiencies are not corrected. 
Doubtful – loans classified as doubtful have all the weaknesses inherent in a substandard asset. In addition, 
these  weaknesses  make  collection  or  liquidation  in  full  highly  questionable  and  improbable,  based  on 
existing circumstances. 
Loss – loans classified as a loss are considered uncollectible, or of such value that continuance as an asset 
is not warranted. 
Unrated – Generally, Residential Real Estate, Real Estate Construction and Consumer and Other loans 
are not risk-graded, except when collateral is used for a business purpose. 

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CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

December 31, 2020 
Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Total 

December 31, 2019 
Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Total 

Pass 
   $  401,636       $ 

Special 
Mention        Substandard        Doubtful        

Ending 
Balance 

4,472       $ 

3,768       $ 

—       $  409,876    

       248,316           19,429          
       604,909           58,270          
668          
962          
216          
—          

10,668          
41,893          
5,524          
492          
2,400          
33          
   $ 1,525,796       $  84,017       $  64,778       $ 

81,409          
       158,207          
30,486          
833          

—           278,413    
—           705,072    
—          
87,601    
—           159,661    
—          
33,102    
866    
—          
—       $ 1,674,591   

Pass 
   $  199,649       $ 

Special 
Mention        Substandard        Doubtful        

Ending 
Balance 

2,236       $ 

1,225       $ 

—       $  203,110    

       237,171          
       588,633          
73,289          
       145,251          
30,808          
1,289          

2,818          
1,434          
6,495          
9          
2,739          
6          
   $ 1,276,090       $  11,103       $  14,726       $ 

5,617          
2,155          
528          
—          
567          
—          

—           245,606    
—           592,222    
—          
80,312    
—           145,260    
34,114    
—          
1,295    
—          
—       $ 1,301,919   

Due  to  the  business  disruptions  and  shut-downs  due  to  the  Covid-19  pandemic,  management  offered  payment 
deferments to a number of customers that had previously been current in all respects.    The bank instituted an enhanced 
portfolio management process which included meeting with customers, requesting additional financial information 
and  evaluating  cashflow  and  adjusting  risk  ratings  as  conditions  warrant.      During  this  process  systematically 
downgraded a significant number of loans to recognize the increased risk attributed to the business disruptions related 
to the pandemic.    The majority of the loans downgraded did not meet the definition of impaired, but were added to 
the criticized category due to the additional deferrals or reduced financial performance.    Additionally, the bank did 
offer  longer  term  deferrals  under  Section  4013  of  the  Cares  Act,  that  were  also  downgraded  as  appropriate.    The 
majority of the deferrals made during the year resulted in continued payments of interest. The Bank believes it has 
prudently identified risk, assigned appropriate risk ratings, and has a comprehensive portfolio monitoring process to 
identify and quantify risk.     

The following tables present performing and nonperforming loans based solely on payment activity for the years ended 
December 31, 2020 and December 31, 2019 that have not been assigned an internal risk grade. The types of loans 
presented here are not assigned a risk grade unless there is evidence of a problem. Payment activity is reviewed by 
management  on  a  monthly  basis  to  evaluate  performance.  Loans  are  considered  to  be  nonperforming  when  they 
become  90  days  past  due  or  if  management  thinks  that  we  may  not  collect  all  of  our  principal  and  interest. 
Nonperforming loans also include certain loans that  have been  modified in Troubled Debt Restructurings (TDRs) 
where economic concessions have been granted to borrowers who have experienced or are expected to experience 
financial  difficulties.  These  concessions  typically  result  from  the  Company’s  loss  mitigation  activities  and  could 
include reductions in the interest rate, payment extensions, forgiveness of principal, forbearance or other actions due 
to economic status. Certain TDRs are classified as nonperforming at the time of restructure and may only be returned 
to  performing  status  after  considering  the  borrower’s  sustained  repayment  performance  for  a  reasonable  period, 
generally six months. 

56 

 
 
 
 
 
   
      
   
      
            
            
            
            
      
      
      
      
 
   
      
   
      
            
            
            
            
      
      
      
      
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

December 31, 2020 
Performing 
Nonperforming 

Total 

December 31, 2019 
Performing 
Nonperforming 

Total 

Residential 
Real Estate       
   $  354,987       $ 
—          
   $  354,987       $ 

Residential 
Real Estate       
   $  382,720       $ 
—          
   $  382,720       $ 

Real Estate 
Construction       

Consumer 
and Other         Total 

15,948       $  11,976       $  382,911    
—    
15,948       $  11,976       $  382,911   

—          

—          

Real Estate 
Construction       

Consumer 
and Other         Total 

10,565       $  13,766       $  407,051    
—    
10,565       $  13,766       $  407,051   

—          

—          

The  following  tables  include  an  aging  analysis  of  the  recorded  investment  of  past  due  loans  outstanding  as  of 
December 31, 2020 and 2019. 

December 31, 2020 
Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Total 

December 31, 2019 
Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Total 

30-59 
Days 
Past Due       
   $  117       $ 

60-89 
Days 
Past Due       
25       $ 

90 Days 
or Greater       

Past Due 
90 Days 
and 
Accruing    
50       $  192       $  409,684       $  —       $  409,876       $  —    

Purchased 
Credit- 
Impaired 
Loans 

Total 
Past 
Due 

      Total Loans        

       Current 

102          
6          

       —          
4          
       —           —          
       1,059          
       —           —          
       —           —          
1          

106           278,307          
6           705,066          
867           1,314           3,240           438,960          
—           —           175,609          
33,098          
4          
4          
12,766          
76          
16          
   $  1,235       $  897       $  1,492       $  3,624       $ 2,053,490       $ 

59          

—           278,413           —    
—           705,072           —    
388           442,588           —    
—           175,609           —    
33,102           —    
—          
12,842           —    
—          
388       $ 2,057,502       $  —   

30-59 
Days 
Past Due       
27       $ 
   $ 

60-89 
Days 
Past Due       
35       $ 

90 Days 
or Greater       

Past Due 
90 Days 
and 
Accruing    
106       $  168       $  202,942       $  —       $  203,110       $  —    

Purchased 
Credit- 
Impaired 
Loans 

Total 
Past 
Due 

      Total Loans        

       Current 

8          

453          

63          
       —           —          
       2,399          
       —           —          
       —           —          
46          

663           1,179           244,427          
8           592,214          
198           1,775           4,372           458,193          
—           —           155,825          
34,107          
7          
7          
14,886          
175          
—          
   $  3,008       $  342       $  2,559       $  5,909       $ 1,702,594       $ 

129          

—           245,606           —    
—           592,222           —    
467           463,032           —    
—           155,825           —    
34,114           —    
—          
15,061           —    
—          
467       $ 1,708,970       $  —   

57 

 
 
 
 
 
   
   
      
 
   
   
      
 
 
   
      
      
            
            
            
            
            
            
            
      
      
 
 
   
      
      
            
            
            
            
            
            
            
      
      
      
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

The  following  table  presents  loans  on  nonaccrual  status,  excluding  purchased  credit-impaired  (PCI)  loans,  as  of 
December 31, 2020 and 2019. 

Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 
Total 

2020 

2019 

   $ 

139       $ 

173    

964          
6          
3,893          
7          
85          
31          
5,125       $ 

938    
8    
4,183    
9    
284    
4    
5,599   

   $ 

Nonaccrual Loans: Loans are considered for nonaccrual status upon reaching 90 days delinquency, unless the loan is 
well secured and in the process of collection, although the Company may be receiving partial payments of interest and 
partial repayments of principal on such loans. When a loan is placed on nonaccrual status, previously accrued but 
unpaid  interest  is  deducted  from  interest  income.  A  loan  may  be  returned  to  accruing  status  only  if  one  of  three 
conditions are met: the loan is well-secured and none of the principal and interest has been past due for a minimum of 
90 days; the loan is a TDR and the borrower has made a minimum of six months payments; or the principal and interest 
payments are reasonably assured and a sustained period of performance has occurred, generally six months. The gross 
interest income that would have been recorded on nonaccrual loans in 2020, 2019 and 2018 if the loans had been 
current in accordance with their original terms and had been outstanding throughout the period or since origination, if 
held  for  part  of  the  period,  was  $536, $571  and $587,  respectively.  The  amount  of  interest  income  on  such  loans 
recognized on a cash basis was $477 in 2020, $379 in 2019 and $360 in 2018. 

Modifications: A modification of a loan constitutes a TDR when the Company for economic or legal reasons related 
to a borrower’s financial difficulties grants a concession to the borrower that it would not otherwise consider. The 
Company  offers  various  types  of  concessions  when  modifying  a  loan,  however,  forgiveness  of  principal  is  rarely 
granted.  Commercial  Real Estate loans  modified in a TDR often involve reducing the interest rate  lower than the 
current market rate for new debt with similar risk. Real Estate loans modified in a TDR were primarily comprised of 
interest rate reductions where monthly payments were lowered to accommodate the borrowers’ financial needs. 

Loans modified in a TDR are typically already on non-accrual status and partial charge-offs have in some cases already 
been taken against the outstanding loan balance. As a result, loans modified in a TDR may have the financial effect 
of increasing the specific allowance associated with the loan. An allowance for impaired loans that have been modified 
in a TDR are measured based on the present value of expected future cash flows discounted at the loan’s effective 
interest  rate  or  the  estimated  fair  value  of  the  collateral,  less  any  selling  costs,  if  the  loan  is  collateral  dependent. 
Management exercises significant judgment in developing these estimates. TDRs accounted for $35 of the allowance 
for loan losses as of December 31, 2020, $91 as of December 31, 2019 and $141 as of December 31, 2018. 

There were no loans modified during the twelve month period ended December 31, 2020.    Loan modifications that 
are considered TDRs completed during the twelve month periods ended December 31, 2019 and 2018 were as follows: 

58 

 
 
 
 
 
 
   
   
      
   
      
            
      
      
      
      
      
      
      
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 

Total Loan Modifications 

Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Real Estate Construction 
Farm Real Estate 
Consumer and Other 

Total Loan Modifications 

For the Twelve Month Period Ended 
December 31, 2019 
Pre- 
Modification 
Outstanding 
Recorded 
Investment        

Number 
of 

Contracts        

Post- 
Modification 
Outstanding 
Recorded 
Investment     
—    

—       $ 

—       $ 

—          
1          
—          
—          
—          
—          
1       $ 

—       $ 

—          
—          
1          
—          
1          
—          
2       $ 

—          
382          
—          
—          
—          
—          
382       $ 

—    
382    
—    
—    
—    
—    
382   

—          
—          
23          
—          
110          
—          
133       $ 

—    
—    
23    
—    
110    
—    
133   

For the Twelve Month Period Ended 
December 31, 2018 
Pre- 
Modification 
Outstanding 
Recorded 
Investment        

Number 
of 

Contracts        

Post- 
Modification 
Outstanding 
Recorded 
Investment     
—    

—       $ 

Recidivism, or the borrower defaulting on its obligation pursuant to a modified loan, results in the loan once again 
becoming a non-accrual loan. Recidivism occurs at a notably higher rate than do defaults on new originations loans, 
so modified loans present a higher risk of loss than do new origination loans. During the periods ended December 31, 
2020, 2019 and 2018, there were no defaults on loans that were modified and considered TDRs during the previous 
twelve months.   

Impaired Loans: Larger (greater than $350) commercial loan, commercial real estate loan and farm real estate loan 
relationships, all TDRs and residential real estate and consumer loans that are part of a larger relationship are tested 
for impairment. These loans are analyzed to determine if it is probable that all amounts will not be collected according 
to the contractual terms of the loan agreement. If management determines that the value of the impaired loan is less 
than the recorded investment in the loan (net of previous charge-offs, deferred loan fees or costs and unamortized 
premium or discount), impairment is recognized through an allowance estimate or a charge-off to the allowance. 

59 

 
 
 
 
 
   
   
   
   
   
      
      
            
            
      
      
      
      
      
      
      
      
 
   
   
   
   
   
      
      
            
            
      
      
      
      
      
      
      
      
 
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

Loan Modifications/Troubled Debt Restructurings 

During 2020, Civista modified 813 loans totaling $431,283, primarily consisting of the deferral of principal and/or 
interest payments.    All of the loans modified were performing at December 31, 2019 and comply with the provisions 
of  the  Coronavirus  Aid  Relief,  and  Economic  Security  Act  (“CARES  Act”)  to  not  be  considered  a  troubled  debt 
restructuring. 

While  most  of  the  loans  that  received  some  form  of  modification  have  returned  to  making  payments,  Civista  has 
received customer deferral requests for another round of modifications on loans.    As of December 31, 2020, Civista 
has 55 loans totaling $73,786 that remain on a CARES Act modification.    Details with respect to loan modifications 
that remain on deferred status are as follows: 

Type of Loan 

    Number of 

Loans 

Balance 

        Loans Outstanding1    

Percent of 

Commercial & Agriculture 
Commercial Real Estate: 

Owner Occupied 
Non-Owner Occupied 
Residential Real Estate 
Real Estate Construction 

Total 

1 excluding PPP loans 

    (In thousands)            

21     $ 

4,069       

12    
19    
1    
2    
55     $ 

13,072       
51,027       
180       
5,438       
73,786       

0.22 % 

0.71 % 
2.77 % 
0.01 % 
0.30 % 
4.01 % 

60 

 
 
 
 
 
 
 
 
   
      
   
       
   
   
   
   
   
   
   
   
   
   
   
   
   
      
      
      
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
      
      
      
  
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

The  following  table  includes  the  recorded  investment  and  unpaid  principal  balances  for  impaired  financing 
receivables, excluding PCI loans, with the associated allowance amount, if applicable, as of December 31, 2020 and 
2019. 

December 31, 2020 
Unpaid 
Principal 
Balance        

Recorded 
Investment       

Related 
Allowance       

Recorded 
Investment       

December 31, 2019 
Unpaid 
Principal 
Balance        

Related 
Allowance    

With no related allowance recorded: 

Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Farm Real Estate 
Total 

With an allowance recorded: 

Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Residential Real Estate 
Farm Real Estate 
Total 

Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Total: 

Residential Real Estate 
Farm Real Estate 

Total 

   $ 

—       $  —          

         $ 

367       $ 

367          

757          
48          
915          
618          

757          
48          
940          
618          
2,338           2,363          

168          
374          

168          
374          
1,571           1,643          
666          
3,146           3,218          

666          

74          

74       $ 

73          

—          

—       $  —    

223          
31          
—          
328          

223          
35          
—          
332          

5          
29          
—          
107          

258          
193          
—          
451          

258          
197          
—          
455          

9    
82    
—    
91    

74          

74          

73          

367          

367          

—    

426          
374          

5          
—          
29          
—          

426          
374          
1,764           1,840          
666          
666          
107       $  3,597       $  3,673       $ 

9    
—    
82    
—    
91   

980          
48          
946          
618          

980          
48          
975          
618          
   $  2,666       $  2,695       $ 

61 

 
 
 
 
 
   
   
      
   
   
   
      
            
            
            
            
            
      
      
      
            
            
            
            
            
      
      
            
      
      
            
      
      
            
      
      
            
      
      
            
      
      
            
            
            
            
            
      
      
      
            
            
            
            
            
      
      
      
      
      
      
            
            
            
            
            
      
      
      
            
            
            
            
            
      
      
      
      
      
 
CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

The following tables include the average recorded investment and interest income recognized for impaired financing 
receivables as of, and for the years ended, December 31, 2020, 2019 and 2018. 

For the year ended: 

December 31, 2020 

December 31, 2019 

Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Farm Real Estate 
Total 

Average 
Recorded 
Investment       

Interest 
Income 
Recognized       

Average 
Recorded 
Investment        

   $ 

88       $ 

4       $ 

367       $ 

Interest 
Income 
Recognized    
33    

520          
243          
1,361          
647          
2,859       $ 

27          
16          
43          
26          
116       $ 

456          
308          
1,271          
683          
3,085       $ 

32    
20    
58    
29    
172   

   $ 

For the year ended: 

December 31, 2018 

Commercial & Agriculture 
Commercial Real Estate: 
Owner Occupied 
Non-Owner Occupied 

Residential Real Estate 
Farm Real Estate 
Total 

   $ 

   $ 

Average 
Recorded 
Investment        

636       $ 

Interest 
Income 
Recognized     
25    

610          
39          
1,519          
716          
3,520       $ 

33    
5    
75    
29    
167   

Foreclosed assets acquired in settlement of loans are carried at fair value less estimated costs to sell and are included 
in  other  assets  on  the  Consolidated  Balance  Sheet.  As  of  December 31,  2020  there  were  $31  of  foreclosed  assets 
included in other assets.    As of December 31, 2019 there were no foreclosed assets included in other assets. As of 
December 31,  2020  and  2019,  the  Company  had  initiated  formal  foreclosure  procedures  on  $741  and  $1,022, 
respectively, of consumer residential mortgages. 

Changes in the amortizable yield for PCI loans were as follows, since acquisition: 

At December 31, 
2020 

At December 31, 
2019 

   (In Thousands)        (In Thousands)     
336    
   $ 
—    
(164 ) 
83    
255   

255       $ 
—          
(336 )       
306          
225       $ 

   $ 

Balance at beginning of period 
Acquisition of PCI loans 
Accretion 
Transfers from non-accretable to accretable 
Balance at end of period 

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CIVISTA BANCSHARES, INC. 
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 
December 31, 2020, 2019 and 2018 
(Amounts in thousands, except share data) 

NOTE 5 - ALLOWANCE FOR LOAN LOSSES (Continued) 

The following table presents additional information regarding loans acquired and accounted for in accordance with 
ASC 310-30: 

   At December 31, 2020        At December 31, 2019     

Acquired Loans with 
Specific Evidence of 
Deterioration of Credit 
Quality (ASC 310-30)        

Acquired Loans with 
Specific Evidence of 
Deterioration of Credit 
Quality (ASC 310-30)     

   $ 

(In Thousands) 
687       $ 
388          

1,149    
467   

Outstanding balance 
Carrying amount 

There was no allowance for loan losses recorded for acquired loans with or without specific evidence of deterioration 
in credit quality as of December 31, 2020 and 2019, respectively. 

63 

 
 
 
 
 
 
   
   
   
   
   
   
      
 
 
 
NOTE 6 - OTHER COMPREHENSIVE INCOME (LOSS) 

The following table presents the components of other comprehensive income (loss), net of tax, as of December 31, 
2020, 2019 and 2018: 

Year Ended December 31, 2020 
Net unrealized Gains (Losses) on Investment Securities: 

Other comprehensive income (loss) before reclassifications 
Amounts reclassified from accumulated other comprehensive 
income (loss) 

Net Unrealized Gains on Investment Securities 

   $ 

10,935       $ 

2,297       $ 

8,638    

(94 )       
10,841          

(20 )       
2,277          

(74 ) 
8,564    

    Before Tax 

       Tax Effect 

       Net of Tax 

Defined Benefit Plans: 

Other comprehensive income (loss) before reclassifications 
Amounts reclassified from accumulated other comprehensive 
income (loss) 

Defined Benefit Plans, Net 

Other Comprehensive Income 

(1,326 )       

(279 )       

(1,047 ) 

289          
(1,037 )       
9,804       $ 

61          
(218 )       
2,059       $ 

228    
(819 ) 
7,745    

   $ 

Year Ended December 31, 2019 
Net unrealized Gains (Losses) on Investment Securities: 

Other comprehensive income (loss) before reclassifications 
Amounts reclassified from accumulated other comprehensive 
income (loss) 

Net Unrealized Gains on Investment Securities 

   $ 

13,368       $ 

2,807       $ 

10,561    

(32 )       
13,336          

(7 )       
2,800          

(25 ) 
10,536    

Defined Benefit Plans: 

Other comprehensive income (loss) before reclassifications 
Amounts reclassified from accumulated other comprehensive 
income (loss) 

Defined Benefit Plans, Net 

Other Comprehensive Income 

(2,953 )       

(620 )       

(2,333 ) 

156          
(2,797 )       
10,539       $ 

33          
(587 )       
2,213       $ 

123    
(2,210 ) 
8,326    

   $ 

Year Ended December 31, 2018 
Net unrealized Gains (Losses) on Investment Securities: 

Other comprehensive income (loss) before reclassifications 
Amounts reclassified from accumulated other comprehensive 
income (loss) 
Reclassification of equity securities from accumulated other 
comprehensive income (loss) 

Net Unrealized Losses on Investment Securities 

   $ 

(1,122 )    $ 

(236 )    $ 

(886 ) 

413          

87          

326    

(352 )       
(1,061 )       

(74 )       
(223 )       

(278 ) 
(838 ) 

Defined Benefit Plans: 

Other comprehensive income (loss) before reclassifications 
Amounts reclassified from accumulated other comprehensive 
income (loss) 

Defined Benefit Plans, Net 

Other Comprehensive Loss 

497          

104          

393    

149          
646          
(415 )    $ 

32          
136          
(87 )    $ 

117    
510    
(328 ) 

   $ 

 
 
 
 
 
   
   
       
   
          
   
          
   
   
       
   
          
   
          
   
   
      
      
   
      
            
            
      
      
            
            
      
      
      
      
   
      
            
            
      
      
            
            
      
      
            
            
      
      
      
   
      
            
            
      
      
            
            
      
      
      
      
   
      
            
            
      
      
            
            
      
      
            
            
      
      
      
      
   
      
            
            
      
      
            
            
      
      
      
      
   
      
            
            
     
NOTE 6 - OTHER COMPREHENSIVE INCOME (LOSS) (Continued) 

The following table presents the changes in each component of accumulated other comprehensive income (loss), net 
of tax, as of December 31, 2020, 2019 and 2018. 

For the Year Ended 
December 31, 2020 

For the Year Ended 
December 31, 2019 

For the Year Ended 
December 31, 2018 

Unrealized 
Gains and 
Losses on 
Available 
for Sale 
Securities       
   $  12,883       $ (6,009 )    $  6,874       $  2,347       $ (3,799 )    $ (1,452 )    $  3,185       $ (4,309 )    $ (1,124 ) 

Unrealized 
Gains and 
Losses on 
Available 
for Sale 
Securities       

Unrealized 
Gains and 
Losses on 
Available 
for Sale 
Securities       

Defined 
Benefit 
Pension 
Items         Total 

Defined 
Benefit 
Pension 
Items         Total 

Defined 
Benefit 
Pension 
Items         Total 

Beginning balance 

       8,638          (1,047 )        7,591           10,561          (2,333 )        8,228          

(886 )       

393          

(493 ) 

Other comprehensive 
      income (loss) before 
      reclassifications 
Amounts reclassified from 
      accumulated other 
      comprehensive income 
      (loss) 

(74 )       

228          

154          

(25 )       

123          

98          

326          

117          

443    

Net current-period other 
      comprehensive income 
      (loss) 

Reclassification of equity 
      securities from 
      accumulated other 
      comprehensive income 
      (loss) 

Ending balance 

       8,564          

(819 )        7,745           10,536          (2,210 )        8,326          

(560 )       

510          

(50 ) 

—           —           —          

(278 ) 
   $  21,447       $ (6,828 )    $ 14,619       $  12,883       $ (6,009 )    $  6,874       $  2,347       $ (3,799 )    $ (1,452 ) 

—           —           —          

(278 )        —          

 
 
 
 
 
   
   
      
      
   
   
   
      
      
   
      
      
 
NOTE 6 - OTHER COMPREHENSIVE INCOME (LOSS) (Continued) 

The following table presents the amounts reclassified out of each component of accumulated other comprehensive 
loss as of December 31, 2020, 2019 and 2018. 

Details about Accumulated Other 
Comprehensive Income 
(Loss) Components 
Unrealized gains (losses) on available-for-sale 
      securities 
Tax effect 

Amortization of defined benefit pension items 

Actuarial losses 

Tax effect 

Total reclassifications for the period 

   $ 

Amount Reclassified from 
Accumulated Other 
Comprehensive Loss (a) 
For the year ended December 31, 

2020 

    2019 

    2018 

   $ 

   $ 

94       
(20 )    
74       

   $ 

32       
(7 )    
25       

(413 )    
87       
(326 )    

Affected Line Item in the 
Statement Where Net 
Income is 
Presented 
Net gain (loss) on sale 
of securities 
   Income taxes 

(289 ) (b)       
61       
(228 )    
(154 )    

   $ 

(156 ) (b)       
33       
(123 )    
(98 )    

   $ 

Other operating 
expenses 
   Income taxes 

(149 ) (b)    
32       
(117 )    
(443 )    

(a)  Amounts in parentheses indicate expenses and other amounts indicate income. 
(b)  These  accumulated  other  comprehensive  income  (loss)  components  are  included  in  the  computation  of  net 

periodic pension cost. 

NOTE 7 - PREMISES AND EQUIPMENT 

Year-end premises and equipment were as follows: 

Land and improvements 
Buildings and improvements 
Furniture and equipment 

Total 

Accumulated depreciation 

Premises and equipment, net 

    At December 31, 
2019 

2020 

   $ 

   $ 

6,879       $ 
28,835          
22,849          
58,563          
(35,983 )       
22,580       $ 

6,651    
28,047    
21,988    
56,686    
(33,815 ) 
22,871   

Depreciation expense was $2,253, $2,240 and $1,515 for 2020, 2019 and 2018, respectively. 

 
 
 
 
 
   
   
      
   
   
   
   
      
   
   
   
      
      
      
   
   
      
      
      
   
      
      
      
      
      
         
      
         
      
         
      
      
      
      
      
   
      
      
      
      
     
 
 
 
   
   
   
   
      
   
      
      
      
      
 
NOTE 8 - GOODWILL AND INTANGIBLE ASSETS 

There  was  no  change  in  the  carrying  amount  of  goodwill  of  $76,851  for  the  year  ended  December  31,  2020  and 
December 31, 2019. 

Management performs an evaluation of goodwill for impairment on an annual basis, or more frequently if events or 
changes  in  circumstances  indicate  that  the  asset  might  be  impaired.  Management  performed  an  evaluation  of  the 
Company’s goodwill during the fourth quarter of 2020. Based on this test, management concluded that the Company’s 
goodwill was not impaired at December 31, 2020. 

Acquired intangible assets were as follows as of year-end. 

Core deposit intangible assets(1): 
Core deposit intangibles 

Total core deposit intangible assets 

2020 

2019 

Gross 
Carrying 
Amount        

Accumulated 
Amortization       

Net 
Carrying 
Amount        

Gross 
Carrying 
Amount        

Accumulated 
Amortization       

Net 
Carrying 
Amount     

       14,792          
   $  14,792       $ 

8,963           5,829           14,792          
8,963       $  5,829       $  14,792       $ 

8,049           6,743    
8,049       $  6,743   

(1)  Excludes fully amortized core deposit intangible assets 

Aggregate  core  deposit  intangible  amortization  expense  was  $913,  $945  and  $366  for  2020,  2019  and  2018, 
respectively. 

Activity for mortgage servicing rights (MSRs) and the related valuation allowance follows: 

2020 

2019 

Mortgage Servicing Rights: 

Beginning of year 
Additions 
Disposals 
Amortized to expense 
Other Charges 
Change in valuation allowance 
End of year 

Valuation allowance: 
Beginning of year 
Additions expensed 
Reductions credited to operations 
Direct write-offs 
End of year 

    $ 

    $ 

    $ 

    $ 

1,562        $ 
1,310       
—       
524       
—       
102       
2,246        $ 

102        $ 
162       
(60 )    
—       
204        $ 

1,664    
247    
—    
247    
—    
102    
1,562    

—    
102    
—    
—    
102   

Aggregate  mortgage  servicing  rights  (MSRs)  amortization  was  $524,  $247  and  $126  for  2020,  2019  and  2018, 
respectively. 

The fair value of servicing rights was $2,245 and $1,562 at year-end 2020 and 2019.    Fair value at year-end 2020 was 
determined  using  a  discount  rate  of  12.0%,  prepayment  speeds  ranging  from  12.0%  to  50.0%,  depending  on  the 
stratification of the specific right, and a weighted average default rate of 0.93%.    Fair value at year-end 2019 was 
determined  using  a  discount  rate  of  12.0%,  prepayment  speeds  ranging  from  11.4%  to  50.0%,  depending  on  the 
stratification of the specific right, and a default rate of 0.85%. 

 
 
 
 
 
   
   
      
   
   
   
      
            
            
            
            
            
      
 
 
 
   
   
      
   
          
      
      
   
       
   
       
   
       
   
       
   
       
   
   
          
      
      
   
          
      
      
   
       
   
       
   
       
   
 
NOTE 8 - GOODWILL AND INTANGIBLE ASSETS (Continued) 

Estimated amortization expense for each of the next five years and thereafter is as follows: 

2021 
2022 
2023 
2024 
2025 
Thereafter 

    MSRs 
   $ 

Core deposit 
intangibles        

Total 

126       $ 
126          
125          
124          
124          
1,621          
2,246       $ 

891       $ 
868          
841          
804          
708          
1,717          
5,829       $ 

1,017    
994    
966    
928    
832    
3,338    
8,075   

   $ 

NOTE 9 - INTEREST-BEARING DEPOSITS 
Interest-bearing deposits as of December 31, 2020 and 2019 were as follows: 

Demand 
Savings and Money markets 
Certificates of Deposit: 
$250 and over 
Other 

Individual Retirement Accounts 

Total 

2020 

2019 

   $  410,139       $  301,674    
       771,612           588,697    

70,989          

58,290    
       169,453           168,928    
48,622    
   $ 1,468,589       $ 1,166,211   

46,396          

Scheduled maturities of certificates of deposit, including IRAs at December 31, 2020 were as follows: 

2021 
2022 
2023 
2024 
2025 
Thereafter 
Total 

   $  209,556    
58,234    
11,603    
3,490    
2,729    
1,226    
   $  286,838   

Deposits from the Company’s principal officers, directors, and their affiliates at year-end 2020 and 2019 were $12,487 
and $8,917, respectively. 

As of December 31, 2020, CDs and IRAs totaling $74,777 met or exceeded the FDIC’s insurance limit of $250,000. 

 
 
 
 
   
      
   
      
      
      
      
      
   
 
 
   
   
      
   
      
            
      
      
      
 
 
      
      
      
      
      
 
NOTE 10 - SHORT-TERM BORROWINGS 

Short-term borrowings, which consist of federal funds purchased and other short-term borrowings are summarized as 
follows: 

    At December 31, 2020 

        At December 31, 2019 

Outstanding balance at year end 
Maximum indebtedness during the year 
Average balance during the year 
Average rate paid during the year 
Interest rate on year end balance 

Federal 
Funds 

Federal 
Funds 

Purchased        

Short-term 
Short-term 
Borrowings    
Borrowings        
Purchased        
   $ 
—        $  101,500    
—        $ 
—        $ 
       50,000            102,700            20,000            192,700    
137            112,088    
2.32 % 
2.19 %       
1.63 % 
—           

8,151           
1.64 %       
—           

288           
0.35 %       
—           

    At December 31, 2018 

Outstanding balance at year end 
Maximum indebtedness during the year 
Average balance during the year 
Average rate paid during the year 
Interest rate on year end balance 

   $ 

Federal 
Funds 

Purchased         

Short-term 
Borrowings    
—        $  188,600    
20,000            225,300    
116            113,520    
2.07 % 
2.58 %       
2.45 % 
—           

Average balances during the year represent daily averages. Average interest rates represent interest expense divided 
by the related average balances. 

These borrowing transactions can range from overnight to six months in maturity. The average maturity was one day 
at December 31, 2019. 

NOTE 11 - FEDERAL HOME LOAN BANK ADVANCES 

Long-term  advances  from  the  FHLB  were  $125,000  at  December 31,  2020  and  December 31,  2019.  Outstanding 
balances have maturity dates ranging from May 2029 to October 2029 with fixed rates ranging from 1.03% to 2.05%. 
The average rate on outstanding advances was 1.44% at December 31, 2020. Outstanding advances are prepayable in 
whole only and are subject to a termination fee.    The Company has two long-term advances, both have put options.   
The first advance in the amount of $75,000 is puttable October 22, 2020 and the second advance in the amount of 
$50,000 is puttable May 23, 2024. 

Scheduled principal reductions of FHLB advances outstanding at December 31, 2020 were as follows: 

2029 

Total 

   $  125,000    
   $  125,000   

In addition to the borrowings, the Company had outstanding letters of credit with the FHLB totaling $20,000 at year-
end 2020 and 2019, respectively, used for pledging to secure public funds. FHLB borrowings and the letters of credit 
were collateralized by FHLB stock and by $217,500 and $369,750 of residential mortgage loans under a blanket lien 
arrangement at year-end 2020 and 2019, respectively. 

The  Company  had  a  FHLB  maximum  borrowing  capacity  of  $612,308  as  of  December 31,  2020,  with  remaining 
borrowing  capacity  of  approximately  $467,308.  The  borrowing  arrangement  with  the  FHLB  is  subject  to  annual 
renewal. The maximum borrowing capacity is recalculated at least quarterly. 

 
 
 
 
   
   
   
   
      
      
      
 
   
   
   
   
      
      
      
      
 
 
 
 
NOTE 12 - SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE 

Securities sold under agreements to repurchase are used to facilitate the needs of our customers as well as to facilitate 
our short-term funding needs. Securities sold under repurchase agreements are carried at the amount of cash received 
in association with the agreement. We continuously monitor the collateral levels and may be required, from time to 
time,  to  provide  additional  collateral  based  on  the  fair  value  of  the  underlying  securities.  Securities  pledged  as 
collateral under repurchase agreements are maintained with our safekeeping agents. 

The following table presents detail regarding the securities pledged as collateral under repurchase agreements as of 
December 31, 2020 and 2019. All of the repurchase agreements are overnight agreements. 

Securities pledged for repurchase agreements: 

U.S. Treasury securities 
Obligations of U.S. government agencies 

Total securities pledged 
Gross amount of recognized liabilities for 
      repurchase agreements 
Amounts related to agreements not included in 
      offsetting disclosures above 

December 
31, 2020 

December 
31, 2019 

   $ 

   $ 

899       $ 
28,015          
28,914       $ 

810    
17,864    
18,674    

   $ 

28,914       $ 

18,674    

   $ 

—       $ 

—   

Information concerning securities sold under agreements to repurchase was as follows: 

Outstanding balance at year end 
Average balance during the year 
Average interest rate during the year 
Maximum month-end balance during the year 
Weighted average interest rate at year end 

2020 

2018 

2019 
   $  28,914        $  18,674        $  22,199    
       24,390            18,321            18,456    
0.10 % 
   $  31,885        $  21,970        $  22,199    
0.10 % 

0.10 %       

0.10 %       

0.10 %       

0.10 %       

NOTE 13 - SUBORDINATED DEBENTURES 

Trusts formed by the Company in March of 2002 and March of 2003 issued floating rate trust preferred securities, in 
the amounts of $5,000 and $7,500, respectively, through special purpose entities as part of pooled offerings of such 
securities. The Company issued subordinated debentures to the trusts in exchange for the proceeds of the offerings, 
which debentures represent the sole assets of the trusts. The Company may redeem the subordinated debentures, in 
whole but not in part, at face value. In March 2007, the Company elected to redeem and refinance the $5,000 floating 
rate subordinated debenture. The refinancing was done at face value and resulted in a 2.00% reduction in the floating 
rate. The new subordinated debenture has a 30-year maturity and is redeemable, in whole or in part, anytime without 
penalty. The replacement subordinated debenture does not have any deferred issuance cost associated with it. The 
interest rate at December 31, 2019 on the $7,500 debenture was 3.38% and the $5,000 debenture was 1.85%. 

Additionally, the Company formed an additional trust in September of 2004 that issued $12,500 of 6.05% fixed rate 
trust preferred securities for five years, then becoming floating rate trust preferred securities, through a special purpose 
entity as part of a pooled offering of such securities. The Company issued subordinated debentures to the trusts in 
exchange for the proceeds of the offerings, which debentures represent the sole assets of the trusts. The Company may 
redeem  the  subordinated  debentures  at  face  value  without  penalty.  The  current  rate  on  the  $12,500  subordinated 
debenture is 2.48%. 

 
 
 
 
   
   
      
   
      
            
      
      
 
 
   
   
       
       
   
      
      
 
NOTE 13 - SUBORDINATED DEBENTURES (Continued) 

Finally, the Company acquired two additional trust preferred securities as part of its acquisition of Futura Banc Corp 
(Futura) in December 2007. Futura TPF Trust I and Futura TPF Trust II were formed in June of 2005 in the amounts 
of $2,500 and $1,927, respectively. Futura had issued subordinated debentures to the trusts in exchange for ownership 
of all of the common security of the trusts and the proceeds of the preferred securities sold by the trusts. The Company 
may redeem the subordinated debentures, in whole or in part, in a principal amount with integral multiples of $1,000, 
at 100% of the principal amount, plus accrued and unpaid interest. The subordinated debentures mature on June 15, 
2035. The subordinated debentures are also redeemable in whole or in part from time to time, upon the occurrence of 
specific events defined within the trust indenture. The current rate on the $2,500 subordinated debenture is variable at 
1.91%. In June 2010, the rate on the $1,927 subordinated debenture switched from a fixed rate to a floating rate. The 
current rate on the $1,927 subordinated debenture is 1.91%. 

NOTE 14 - INCOME TAXES 
Income taxes were as follows for the years ended December 31: 

Current 
State 
Deferred 

Income taxes 

2020 

2019 

2018 

   $ 

   $ 

6,947       $ 
270          
(2,277 )       
4,940       $ 

4,713       $ 
307          
663          
5,683       $ 

2,444    
45    
151    
2,640   

Effective  tax  rates  differed  from  the  statutory  federal  income  tax  rate  of  21%  in  2020, 2019  and 2018  due  to  the 
following: 

Income taxes computed at the statutory federal tax 
      rate 
Add (subtract) tax effect of: 

2020 

2019 

2018 

   $ 

7,798       $ 

8,308       $ 

3,524    

Nontaxable interest income, net of nondeductible 
      interest expense 
Low income housing tax credit 
Cash surrender value of BOLI 
Nondeductible merger costs 
Change in tax position BOLI 
Other 

Income tax expense 

   $ 

(1,293 )       
(1,186 )       
(205 )       
—          
—          
(174 )       
4,940       $ 

(1,194 )       
(903 )       
(211 )       
—          
(353 )       
36          
5,683       $ 

(834 ) 
(903 ) 
(143 ) 
1,034    
—    
(38 ) 
2,640   

 
 
 
 
   
   
      
      
   
      
      
 
 
   
   
      
      
   
      
            
            
      
      
      
      
      
      
      
 
NOTE 14 - INCOME TAXES (Continued) 

Year-end deferred tax assets and liabilities were due to the following: 

   $ 

Deferred tax assets 

Allowance for loan losses 
Deferred compensation 
Pension costs 
Intangible assets 
Purchase accounting adjustments 
Net operating loss carryforward 
Deferred loan fees 
Other 

Deferred tax asset 

Deferred tax liabilities 

Tax depreciation in excess of book depreciation 
Discount accretion on securities 
FHLB stock dividends 
Unrealized gain on securities available for sale 
Pension costs 
Prepaids 
BOLI 
Other 

Deferred tax liability 

Net deferred tax asset 

   $ 

2020 

2019 

5,256       $ 
1,201          
304          
312          
—          
509          
1,260          
745          
9,587          

(851 )       
(10 )       
(969 )       
(5,606 )       
—          
(325 )       
—          
(979 )       
(8,740 )       
847       $ 

3,245    
1,191    
81    
394    
226    
1,081    
102    
118    
6,438    

(808 ) 
(18 ) 
(969 ) 
(3,424 ) 
—    
(326 ) 
—    
(359 ) 
(5,904 ) 
534   

No valuation allowance was established at December 31, 2020 and 2019, due to the Company’s ability to carryforward 
net operating losses to taxes paid in future years and certain tax strategies, coupled with the anticipated future income 
as evidenced by the Company’s earning potential. 

The Company and its subsidiaries are subject to U.S. federal income tax. The Company is subject to tax in Ohio based 
upon its net worth and in Indiana based upon its net income. 

There is currently no liability for uncertain tax positions and no known unrecognized tax benefits. The Company’s 
federal  tax  returns  for  taxable  years  through  2016  have  been  closed  for  purposes  of  examination  by  the  Internal 
Revenue Service. 

NOTE 15 - RETIREMENT PLANS 

The Company sponsors a savings and retirement 401(k) plan, which covers all employees who meet certain eligibility 
requirements and who choose to participate in the plan. The matching contribution to the 401(k) plan was $1,226, 
$1,074  and  $892  in  2020,  2019  and  2018,  respectively.  The  Company’s  matching  contribution  is  100%  of  an 
employee’s first three percent contributed and 50% of the next two percent contributed. 

The  Company  also  sponsors  a  pension  plan  which  is  a  noncontributory  defined  benefit  retirement  plan  for  all 
employees who have attained the age of 20 1 ⁄ 2, completed six months of service and work 1,000 or more hours per 
year. Annual payments, subject to the maximum amount deductible for federal income tax purposes, are made to a 
pension trust fund. In 2006, the Company amended the pension plan to provide that no employee could be added as a 
participant to the pension plan after December 31, 2006. In April 2014, the Company amended the pension plan again 
to provide that no additional benefits would accrue beyond April 30, 2014.   

 
 
 
 
   
   
      
   
      
            
      
      
      
      
      
      
      
      
      
      
            
      
      
      
      
      
      
      
      
      
      
 
NOTE 15 - RETIREMENT PLANS (Continued) 

In October 2015, the Company, on behalf of it and its subsidiaries, entered into Pension Shortfall Agreements (the 
“Shortfall Agreements”) with ten employees of the Bank. When the Company ceased accruals to its defined benefit 
pension plan on April 30, 2014, the circumstances of some participants with limited periods until their anticipated 
retirement dates would not permit them to use other available alternatives to make up for the shortfall in their expected 
pension.  The  Company  calculated  the  total  amount  of  the  shortfall  for  each  of  the  referenced  individuals  after 
considering its contributions to other retirement benefits. Pension shortfall expense was $130 in 2020, $161 in 2019 
and $180 in 2018. Included in pension shortfall expense was interest expense, totaling $9, $20 and $24 in 2020, 2019 
and 2018, respectively, which was also recorded in and credited to the accounts of the ten individuals covered by this 
plan. 

Information about the pension plan is as follows: 

   $ 

Change in benefit obligation: 

Beginning benefit obligation 
Service cost 
Interest cost 
Curtailment gain 
Settlement loss 
Actuarial (gain)/loss 
Benefits paid 
Settlement payments 
Ending benefit obligation 

Change in plan assets, at fair value: 

Beginning plan assets 
Actual return 
Employer contribution 
Benefits paid 
Settlement payments 
Administrative expenses 
Ending plan assets 

Funded status at end of year 

   $ 

2020 

2019 

15,570       $ 
—          
484          
—          
—          
1,898          
(1,296 )       
—          
16,656          

15,183          
1,370          
—          
(1,296 )       
—          
—          
15,257          
(1,399 )    $ 

13,338    
—    
479    
—    
—    
3,546    
(1,793 ) 
—    
15,570    

15,572    
1,404    
—    
(1,793 ) 
—    
—    
15,183    
(387 ) 

Amounts  recognized  in  accumulated  other  comprehensive  income  (loss)  at  December 31,  consist  of  unrecognized 
actuarial loss of $6,828, net of $1,815 tax in 2020 and $6,009, net of $1,597 tax in 2019. 

The  accumulated  benefit  obligation  for  the  defined  benefit  pension  plan  was  $16,656  at  December 31,  2020  and 
$15,570 at December 31, 2019. 

 
 
 
 
   
   
      
   
      
            
      
      
      
      
      
      
      
      
      
      
            
      
      
      
      
      
      
      
      
 
NOTE 15 - RETIREMENT PLANS (Continued) 

The components of net periodic pension expense were as follows: 

Service cost 
Interest cost 
Expected return on plan assets 
Net amortization and deferral 

Net periodic pension cost (benefit) 

Additional loss due to settlement 
Total pension cost (benefit) 

2020 

2019 

2018 

—       $ 
484          
(748 )       
289          
25          
—          
25       $ 

—       $ 
479          
(811 )       
156          
(176 )       
—          
(176 )    $ 

—    
627    
(1,355 ) 
149    
(579 ) 
1,188    
609    

   $ 

   $ 

Net loss (gain) recognized in other comprehensive 
      income 

   $ 

986       $ 

2,798       $ 

(1,453 ) 

Total recognized in net periodic benefit cost 
      and other comprehensive loss (before tax)     $ 

1,011       $ 

2,622       $ 

(2,032 ) 

The components of net periodic benefit cost other than the service cost component are included in the line item “other 
operating expenses” in the Consolidated Statement of Operations. 

The  estimated  net  loss  for  the  defined  benefit  pension  plan  that  will  be  amortized  from  accumulated  other 
comprehensive loss into net periodic benefit cost over the next fiscal year is $289.    The Company incurred settlement 
costs in 2020, 2019 and 2018 of $0, $0 and $1,188, respectively. 

The weighted average assumptions used to determine benefit obligations at year-end were as follows: 

Discount rate on benefit obligation 
Long-term rate of return on plan assets 
Rate of compensation increase 

2020 

2019 

2018 

2.39 %       
4.44 %       
0.00 %       

3.13 %       
4.96 %       
0.00 %       

4.14 % 
7.00 % 
0.00 % 

The weighted average assumptions used to determine net periodic pension cost were as follows: 

Discount rate on benefit obligation 
Long-term rate of return on plan assets 
Rate of compensation increase 

2020 

2019 

2018 

3.13 %       
4.96 %       
0.00 %       

4.14 %       
7.00 %       
0.00 %       

3.51 % 
7.00 % 
0.00 % 

The Company uses long-term market rates to determine the discount rate on the benefit obligation. Declines in the 
discount rate lead to increases in the actuarial loss related to the benefit obligation. 

The expectation for long-term rate of return on the pension assets and the expected rate of compensation increases are 
reviewed  periodically  by  management  in  consultation  with  outside  actuaries  and  primary  investment  consultants. 
Factors considered in setting and adjusting these rates are historic and projected rates of return on the portfolio and 
historic and estimated rates of increases of compensation. Since the pension plan is frozen, the rate of compensation 
increase used to determine the benefit obligation for 2020, 2019 and 2018 was zero. 

 
 
 
 
   
   
      
      
   
      
      
      
      
      
   
      
            
            
      
 
 
 
   
   
   
   
   
   
   
      
      
      
 
 
   
   
   
   
   
   
   
      
      
      
 
NOTE 15 - RETIREMENT PLANS (Continued) 

The  Company’s  pension  plan  asset  allocation  at  year-end  2020  and  2019  and  target  allocation  for  2020  by  asset 
category are as follows: 

Asset Category 
Equity securities 
Debt securities 

Total 

Target 
Allocation 
2021 
0-30%       
70-100       

Percentage of Plan 
Assets 
at Year-end 

2020 

2019 

20.0 %       
80.0           
100.0 %       

20.0 % 
80.0    
100.0 % 

The  Company  developed  the  pension  plan  investment  policies  and  strategies  for  plan  assets  with  its  pension 
management firm. The assets are currently invested in seven diversified investment funds, which include four equity 
funds and three bond funds. The long-term guidelines from above were created to maximize the return on portfolio 
assets while reducing the risk of the portfolio. The management firm may allocate assets among the separate accounts 
within  the  established  long-term  guidelines.  Transfers  among  these  accounts  will  be  at  the  management  firm’s 
discretion based on their investment outlook and the investment strategies that are outlined at periodic meetings with 
the Company. The expected long-term rate of return on the plan assets was 4.44% in 2020 and 4.96% in 2019. This 
return is based on the expected return for each of the asset categories, weighted based on the target allocation for each 
class. 

The Company does not expect to make any contribution to its pension plan in 2021. Employer contributions totaled 
$0 in 2020 and 2019. An increase in the benefit obligations led to an increase in the deficit from $387 at December 31, 
2019 to a deficit of $1,399 at December 31, 2020. 

Common/Collective Trust Funds 

Valued at the daily NAV as reported by the funds. These funds are not traded in an active market or exchange, and 
the NAV per unit is calculated by dividing the net assets of the fund by the number of units outstanding, which includes 
observable inputs. The method described above may produce a fair value calculation that may not be indicative of net 
realizable  value  or  reflective  of  future  fair  values.  Furthermore,  while  the  Plan  believes  its  valuation  method  is 
appropriate  and  consistent  with  other  market  participants,  the  use  of  different  methodologies  or  assumptions  to 
determine  the  fair  value  of  certain  financial  instruments  could  result  in  a  different  fair  value  measurement  at  the 
reporting date.   

Certain investments that are measured at fair value using the NAV per share (or its equivalent) as a practical expedient 
are not required to be categorized in the fair value hierarchy tables. 

Fair Value of Investments in Entities That Use NAV 

The following table summarizes investments measured at fair value based on NAV per share as of December 31, 2020 
and 2019, respectively: 

December 31, 2020 

    Fair Value 

Unfunded 
Commitments 

Redemption 
Frequency (if 
currently eligible)     

Redemption 
Notice Period 

Common/collective trust funds 

   $ 

15,257       

N/A 

Daily 

Daily 

 
 
 
 
   
   
   
   
   
   
   
   
   
   
   
   
         
 
 
 
 
 
 
       
   
   
      
         
      
      
   
   
   
 
NOTE 15 - RETIREMENT PLANS (Continued) 

December 31, 2019 

Fair Value 

Unfunded 
Commitments 

Redemption 
Frequency (if 
currently eligible)    

Redemption 
Notice Period 

Common/collective trust funds 

   $ 

15,183       

N/A 

Daily 

Daily 

The methods described above may produce a fair value calculation that may not be indicative of net realizable value 
or reflective of future fair values. Furthermore, while the Pension Plan believes its valuation methods are appropriate 
and consistent with other market participants, the use of different methodologies or assumptions to determine the fair 
value of certain financial instruments could result in a different fair value measurement at the reporting date. 

Expected benefit payments, which reflect expected future service, are as follows: 

2021 
2022 
2023 
2024 
2025 
2026 through 2030 
Total 

   $ 

   $ 

1,661    
275    
316    
355    
419    
2,970    
5,996   

Supplemental Retirement Plan 

Civista established a supplemental retirement plan (“SERP”) in 2013, which covers key members of management. 
Under the SERP, participants will receive annually, following retirement, a percentage of their base compensations at 
the time of their retirement  for a maximum of ten  years.  The SERP liability recorded at December 31, 2020, was 
$3,097, compared to $2,836 at December 31, 2019. The expense related to the SERP was $429, $394 and $351 for 
2020, 2019 and 2018, respectively. Distributions to participants made in 2020, 2019 and 2018 totaled $168, $128, and 
$87, respectively. 

 
 
 
 
   
      
   
   
      
         
      
      
   
   
   
 
 
      
      
      
      
      
 
NOTE 16 - EQUITY INCENTIVE PLAN 

At  the  Company’s  2014  annual  meeting,  the  shareholders  adopted  the  Company’s  2014  Incentive  Plan  (“2014 
Incentive Plan”). The 2014 Incentive Plan authorizes the Company to grant options, stock awards, stock units and 
other awards for up to 375,000 common shares of the Company. There were 198,756 shares available for grants under 
this plan at December 31, 2020. 

No options had been granted under the 2014 Incentive Plan as of December 31, 2020 and 2019.   

In recent years, the Board of Directors has awarded restricted common shares to senior officers of the Company. The 
restricted shares vest ratably over a three-year period following the grant date. The product of the number of restricted 
shares granted and the grant date market price of the Company’s common shares determines the fair value of restricted 
shares under the Company’s 2014 Incentive Plan. Management recognizes compensation expense for the fair value of 
restricted shares on a straight-line basis over the requisite service period for the entire award. 

During the twelve months ended December 31, 2020, 2019 and 2018, directors of the Company’s banking subsidiary, 
Civista, were paid a retainer in the form of non-restricted common shares of the Company. The aggregate common 
shares of 14,266, 8,946 and 7,071, respectively were issued to Civista directors as payment of their retainer for their 
service on the Civista Board of Directors. The issuances were expensed in their entirety when the shares were issued 
in the amounts of $196, $196 and $165, respectively. 

The  Company  includes  share-based  compensation  for  employees  as  “Compensation  expense”  in  the  Consolidated 
Statements of Operations.   

The following is a summary of the status of the Company’s restricted shares, and changes therein during the twelve 
months ended December 31, 2020: 

Nonvested at beginning of period 
Granted 
Vested 
Forfeited 
Nonvested at end of period 

December 31, 2020 

Number of 
Restricted 
Shares 

Weighted 
Average 
Grant Date 
Fair Value 

44,027       $ 
26,979          
(16,732 )       
—          
54,274          

20.48    
21.26    
20.36    
—    
20.90   

 
 
 
 
   
   
   
   
   
      
   
      
      
      
      
      
 
NOTE 16 - EQUITY INCENTIVE PLAN (Continued) 

The following is a summary of the status of the Company’s awarded restricted shares as of December 31, 2020: 

Date of Award 
January 15, 2016 
March 20, 2017 
April 10, 2018 
April 10, 2018 
March 14, 2019 
March 14, 2019 
March 14, 2020 
March 14, 2020 

At December 31, 2020 

Shares 

       Remaining Expense 

Remaining Vesting 
Period (Years) 

2,056        $ 
2,388           
2,643           
4,670           
6,796           
8,742           
13,997           
12,982           
54,274        $ 

—          
24          
—          
62          
63          
119          
186          
197          
651          

0.00    
1.00    
0.00    
2.00    
1.00    
3.00    
2.00    
4.00    
2.30   

During  the  twelve  months  ended  December 31,  2020,  2019  and  2018,  the  Company  recorded  share-based 
compensation  expense  of  $421,  $335  and  $263,  respectively  and  director  retainer  fees  of  $196,  $196  and  $165, 
respectively, for shares granted under the 2014 Incentive Plan. At December 31, 2020, the total compensation cost 
related to unvested awards not yet recognized is $651, which is expected to be recognized over the weighted average 
remaining life of the grants of 2.30 years. 

NOTE 17 - FAIR VALUE MEASUREMENT 

U.S. generally accepted accounting principles establish a hierarchal disclosure framework associated with the level of 
observable  pricing  utilized  in  measuring  assets  and  liabilities  at  fair  value. The  three  broad  levels  defined  by  the 
hierarchy  are  as  follows:  Level  1:  Quoted  prices  for  identical  assets  in  active  markets  that  are  identifiable  on  the 
measurement date; Level 2: Significant other observable inputs, such as quoted prices for similar assets, quoted prices 
in markets that are not active and other inputs that are observable or can be corroborated by observable market data; 
Level  3:  Significant  unobservable  inputs  that  reflect  the  Company’s  own  view  about  the  assumptions  that  market 
participants would use in pricing an asset. 

Securities: The fair values of securities available for sale are determined by matrix pricing, which is a mathematical 
technique widely used in the industry to value debt securities without relying exclusively on quoted prices for the 
specific securities, but rather by relying on the securities’ relationship to other benchmark quoted securities (Level 2 
inputs). 

Equity securities: The Company has two types of equity securities, one is not actively traded in an open market, while 
the other is listed on an exchange and is less frequently traded.    The fair value of the equity security available for sale 
not  actively  traded  in  an  open  market  is  determined  by  using  market  data  inputs  for  similar  securities  that  are 
observable. (Level 2 inputs). 

Fair value swap asset/liability: The fair value of the swap asset and liability is based on an external derivative model 
using data inputs as of the valuation date and classified Level 2. 

 
 
 
 
 
   
   
      
   
      
      
      
      
      
      
      
      
          
 
 
NOTE 17 - FAIR VALUE MEASUREMENT (Continued) 

Impaired loans: The Company has measured impairment on impaired loans generally based on the fair value of the 
loan’s collateral. Fair value is generally determined based upon independent third-party appraisals of the properties. 
In  some  cases,  management  may  adjust  the  appraised  value  due  to  the  age  of  the  appraisal,  changes  in  market 
conditions, or observable deterioration of the property since the appraisal was completed. Additionally, management 
makes estimates about expected costs to sell the property which are also included in the net realizable value. If the fair 
value of the collateral dependent loan is less than the carrying amount of the loan, a specific reserve for the loan is 
made in the allowance for loan losses or a charge-off is taken to reduce the loan to the fair value of the collateral (less 
estimated selling costs) and the loan is included in the table above as a Level 3 measurement. 

Other real estate owned: OREO is carried at the lower of cost or fair value, which is measured at the date foreclosure. 
If the fair value of the collateral exceeds the carrying amount of the loan, no charge-off or adjustment is necessary, 
the loan is not considered to be carried at fair value, and is therefore not included in the table below. If the fair value 
of the collateral is less than the carrying amount of the loan, management will charge the loan down to its estimated 
realizable  value.  Management  may  adjust  the  appraised  value  due  to  the  age  of  the  appraisal,  changes  in  market 
conditions, or observable deterioration of the property since the appraisal was completed. In these cases, the properties 
are categorized in the below table as Level 3 measurements since these adjustments are considered to be unobservable 
inputs. Income and expenses from operations are included in other operating expenses. Further declines in the fair 
value of the collateral subsequent to foreclosure are included in net gain on sale of other real estate owned. 

Assets and liabilities measured at fair value are summarized below. 

Fair Value Measurements at December 31, 2020 Using: 

Assets measured at fair value on a recurring basis: 
Securities available for sale 

U.S. Treasury securities and obligations of 
      U.S. Government agencies 
Obligations of states and political subdivisions 
Mortgage-backed securities in government 
      sponsored entities 

Total securities available for sale 

Equity securities 
Swap asset 

Liabilities measured at fair value on a recurring 
      basis: 

Swap liability 

Assets measured at fair value on a nonrecurring 
      basis: 

(Level 1) 

(Level 2) 

(Level 3) 

   $ 

—       $  21,693       $ 
—           229,012          

—           112,759          
—           363,464          
886          
—          
21,700          
—          

—    
—    

—    
—    
—    
—    

—          

21,764          

—    

Impaired Loans 
Other Real Estate Owned 

   $ 

—       $ 
—          

—       $ 
—          

1    
31   

 
 
 
 
 
   
   
      
      
   
      
            
            
      
      
            
            
      
      
      
      
      
      
      
            
            
      
      
      
            
            
      
      
 
NOTE 17 - FAIR VALUE MEASUREMENT (Continued) 

Fair Value Measurements at December 31, 2019 Using: 

Assets measured at fair value on a recurring basis: 
Securities available for sale 

U.S. Treasury securities and obligations of 
      U.S. Government agencies 
Obligations of states and political subdivisions 
Mortgage-backed securities in government 
      sponsored entities 

Total securities available for sale 

Equity securities 
Swap asset 

Liabilities measured at fair value on a recurring 
      basis: 

Swap liability 

Assets measured at fair value on a nonrecurring 
      basis: 

(Level 1) 

(Level 2) 

(Level 3) 

   $ 

—       $  19,601       $ 
—           206,034          

—           132,864          
—           358,499          
1,191          
—          
8,918          
—          

—    
—    

—    
—    
—    
—    

—          

8,918          

—    

Impaired Loans 

   $ 

—       $ 

—       $ 

1   

The following tables presents quantitative information about the Level 3 significant unobservable inputs for assets 
and liabilities measured at fair value on a nonrecurring basis at December 31, 2020 and 2019. 

December 31, 2020 

Impaired loans 

Other real estate owned 

December 31, 2019 

Quantitative Information about Level 3 Fair Value Measurements 
Unobservable 
Input 

Range 

Weighted 
Average 

   Fair Value        

Appraisal 
adjustments 
   Holding period 
Appraisal 
adjustments 

    0% - 30% 
    23 months 

19% 
    23 months     

10% 

10% 

Valuation 
Technique 
Appraisal of 
collateral 

1        

Appraisal of 
collateral 

31        

   $ 

   $ 

Valuation 
Technique 
Appraisal of 
collateral 

Impaired loans 

   $ 

1        

Quantitative Information about Level 3 Fair Value Measurements 
Unobservable 
Input 

Range 

Weighted 
Average 

   Fair Value       

Appraisal 
adjustments 
   Holding period 

30% 

    22 months 

30% 
    22 months    

 
 
 
 
 
   
   
      
      
   
      
            
            
      
      
            
            
      
      
      
      
      
      
      
            
            
      
      
      
            
            
      
 
 
   
   
   
   
   
   
   
   
   
   
   
      
             
   
   
   
  
 
   
   
   
   
   
   
   
   
   
   
   
   
      
             
 
 
NOTE 17 - FAIR VALUE MEASUREMENT (Continued) 

The carrying amount and fair value of financial instruments carried at amortized cost were as follows: 

December 31, 2020 
Financial Assets: 

Cash and due from financial institutions 
Other securities 
Loans, held for sale 
Loans, net of allowance for loan losses 
Bank owned life insurance 
Accrued interest receivable 

Financial Liabilities: 

Carrying 
Amount 

Total 

Fair Value         Level 1 

       Level 2 

       Level 3 

20,537          
7,001          

   $  139,522       $  139,522       $  139,522       $ 
20,537          
7,141          
—          
45,976          
9,421          

20,537          
7,141          
      2,032,474          2,063,249          
45,976          
9,421          

45,976          
9,421          

Nonmaturing deposits 
Time deposits 
Long-term FHLB advances 
Securities sold under agreement to repurchase 
Subordinated debentures 
Accrued interest payable 

      1,902,560          1,902,560          1,902,560          
—          
       286,838           288,298          
—          
       125,000           130,942          
28,914          
28,914          
—          
31,479          
204          
204          

28,914          
29,427          
204          

Carrying 
Amount 

Total 

Fair Value         Level 1 

       Level 2 

       Level 3 

December 31, 2019 
Financial Assets: 

Cash and due from financial institutions 
Other securities 
Loans, held for sale 
Loans, net of allowance for loan losses 
Bank owned life insurance 
Accrued interest receivable 

Financial Liabilities: 

   $ 

48,535       $ 
20,280          
2,285          

48,535       $ 
20,280          
2,331          
      1,694,203          1,713,863          
44,999          
7,093          

44,999          
7,093          

48,535       $ 
20,280          
2,331          
—          
44,999          
7,093          

Nonmaturing deposits 
Time deposits 
Short-term FHLB advances 
Long-term FHLB advances 
Securities sold under agreement to repurchase 
Subordinated debentures 
Accrued interest payable 

      1,402,924          1,402,924          1,402,924          
       275,840           276,616          
—          
       101,500           101,500           101,500          
—          
       125,000           123,893          
18,674          
18,674          
—          
34,452          
277          
277          

18,674          
29,427          
277          

—    
—       $ 
—    
—          
—          
—    
—          2,063,249    
—    
—          
—    
—          

—          
—    
—           288,298    
—           130,942    
—    
—          
31,479    
—          
—   
—          

—    
—       $ 
—    
—          
—    
—          
—          1,713,863    
—    
—          
—    
—          

—    
—          
—           276,616    
—          
—    
—           123,893    
—    
—          
34,452    
—          
—   
—          

NOTE 18 - COMMITMENTS, CONTINGENCIES AND OFF-BALANCE-SHEET RISK 

Some  financial  instruments,  such  as  loan  commitments,  credit  lines,  letters  of  credit,  and  overdraft  protection  are 
issued to meet customer financing needs. These are agreements to provide credit or to support the credit of others, as 
long as conditions established in the contract are met, and usually have expiration dates. Commitments may expire 
without being used. Off-balance-sheet risk to credit loss exists up to the face amount of these instruments, although 
material losses are not anticipated. The same credit policies are used to make such commitments as are used for loans, 
including obtaining collateral at exercise of the commitment. 

 
 
 
 
 
   
      
   
      
            
            
            
            
      
      
      
      
      
      
            
            
            
            
      
      
      
      
 
 
   
      
   
      
            
            
            
            
      
      
      
      
      
      
            
            
            
            
      
      
      
      
 
 
 
NOTE 18 - COMMITMENTS, CONTINGENCIES AND OFF-BALANCE-SHEET RISK (Continued) 

The contractual amount of financial instruments with off-balance-sheet risk was as follows at year-end. 

2020 

2019 

Fixed 
Rate 

Variable 
Rate 

Fixed 
Rate 

Variable 
Rate 

Commitments to extend credit: 

Lines of credit and construction loans 
Overdraft protection 
Letters of credit 

   $  38,474       $  427,864       $  15,155       $  396,516    
5           37,286    
6           41,707          
776    
986          
   $  39,095       $  470,557       $  15,784       $  434,578   

624          

615          

Commitments to make loans are generally made for a period of one year or less. Fixed-rate loan commitments included 
above had interest rates ranging from 3.50% to 8.00% at December 31, 2020 and 4.50% to 8.00% at December 31, 
2019. Maturities extend up to 30 years. 

Civista  is  required  to  maintain  certain  reserve  balances  on  hand  in  accordance  with  the  Federal  Reserve  Board 
requirements. The average reserve balance maintained in accordance with such requirements was $0 on December 31, 
2020 and $7,127 on December 31, 2019. 

NOTE 19 - CAPITAL REQUIREMENTS AND RESTRICTION ON RETAINED EARNINGS 

CBI and Civista (collectively, the “Companies”) are subject to various regulatory capital requirements administered 
by the federal banking agencies. Failure to meet minimum capital requirements can initiate certain mandatory-and 
possibly additional discretionary-actions by regulators that, if undertaken, could have a direct material effect on the 
financial statements. Under capital adequacy guidelines and the regulatory framework for prompt corrective action, 
the  Companies  must  meet  specific capital  guidelines that involve quantitative  measures  of the Companies’ assets, 
liabilities, and certain off-balance-sheet items as calculated under U.S. GAAP, regulatory reporting requirements, and 
regulatory  capital  standards.  The  Companies’  capital  amounts  and  classification  are  also  subject  to  qualitative 
judgments by the regulators about components, risk weightings, and other factors. 

Quantitative measures established by regulatory capital standards to ensure capital adequacy require the Companies 
to maintain minimum amounts and ratios (set forth in the following table) of total and Tier 1 capital to risk-weighted 
assets, common equity Tier 1 capital to total risk-weighted assets, and of Tier 1 capital to average assets. Management 
believes, as of December 31, 2020, that the Companies  met all capital adequacy requirements to  which they  were 
subject. 

 
 
 
 
   
   
      
   
   
   
      
      
      
   
      
            
            
            
      
      
      
   
 
 
NOTE 19 - CAPITAL REQUIREMENTS AND RESTRICTION ON RETAINED EARNINGS (Continued) 

As of December 31, 2020, and 2019, the most recent notification from the Federal Reserve Bank categorized the Bank 
as well capitalized under the regulatory framework for prompt corrective action. To be categorized as well capitalized 
the Companies must maintain minimum total risk-based capital, Tier 1 risk-based capital, common equity Tier 1 risk-
based capital, and Tier 1 leverage ratios as set forth in the table below. There are no conditions or events since that 
notification that management believes have changed the institution’s category. 

The Company’s and Civista’s actual capital levels and minimum required capital levels at December 31, 2020 and 
2019 were as follows: 

2020 
Total Risk Based Capital 

Consolidated 
Civista 

Tier I Risk Based Capital 

Consolidated 
Civista 

CET1 Risk Based Capital 

Consolidated 
Civista 
Leverage 

Consolidated 
Civista 

2019 
Total Risk Based Capital 

Consolidated 
Civista 

Tier I Risk Based Capital 

Consolidated 
Civista 

CET1 Risk Based Capital 

Consolidated 
Civista 
Leverage 

Consolidated 
Civista 

Actual 

    Amount         Ratio 

For Capital 

    Adequacy Purposes 
    Amount         Ratio 

To Be Well 

        Capitalized Under 
    Prompt Corrective 
    Action Purposes 
    Amount         Ratio 

   $ 307,504          
      277,429          

16.0 %     $ 153,810          
      153,765          
14.4    

8.0 %     
8.0    

n/a       
   $ 192,206          

n/a    
10.0 % 

      283,459          
      252,304          

14.7    
13.1    

      115,358          
      115,323          

6.0    
6.0    

n/a       
      153,765          

      254,032          
      241,891          

13.2    
12.6    

       86,518          
       86,493          

4.5    
4.5    

n/a       
      124,934          

      283,459          
      252,304          

10.8    
9.6    

      105,279          
      105,029          

4.0    
4.0    

n/a       
      131,286          

n/a    
8.0    

n/a    
6.5    

n/a    
5.0    

   $ 285,268          
      250,920          

16.1 %     $ 141,506          
      141,445          
14.2    

8.0 %     
8.0    

n/a       
   $ 176,807          

n/a    
10.0 % 

      270,501          
      235,094          

15.3    
13.3    

      106,129          
      106,084          

6.0    
6.0    

n/a       
      141,445          

      241,074          
      224,653          

13.6    
12.7    

       79,597          
       79,563          

4.5    
4.5    

n/a       
      114,924          

      270,501          
      235,094          

12.3    
10.8    

       87,652          
       87,362          

4.0    
4.0    

n/a       
      109,203          

n/a    
8.0    

n/a    
6.5    

n/a    
5.0   

CBI’s  primary  source  of  funds  for  paying  dividends  to  its  shareholders  and  for  operating  expense  is  the  cash 
accumulated from dividends received from Civista. Payment of dividends by Civista to CBI is subject to restrictions 
by Civista’s regulatory agencies. These restrictions generally limit dividends to the current and prior two years retained 
earnings as defined by the regulations. In addition, dividends may not reduce capital levels below minimum regulatory 
requirements. At December 31, 2020, Civista had $53,484 of net profits available to pay dividends to CBI without 
requiring regulatory approval. 

 
 
 
 
   
      
   
         
   
   
      
   
         
   
       
   
   
      
   
         
   
   
      
   
         
   
   
   
      
   
         
   
   
   
   
   
   
   
   
   
   
   
   
   
   
      
   
         
   
          
   
         
   
          
   
         
   
   
      
            
      
      
            
      
      
            
      
      
            
      
      
            
      
      
            
      
   
      
            
      
      
            
      
      
            
      
   
      
            
      
      
            
      
      
            
      
   
      
   
         
   
          
   
         
   
          
   
         
   
   
      
            
      
      
            
      
      
            
      
      
            
      
      
            
      
      
            
      
   
      
            
      
      
            
      
      
            
      
   
      
            
      
      
            
      
      
            
      
   
 
NOTE 20 - PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION 

Condensed financial information of CBI follows: 

Condensed Balance Sheets 
Assets: 
Cash 
Equity securities 
Investment in bank subsidiary 
Investment in nonbank subsidiaries 
Other assets 

Total assets 

Liabilities: 

December 31, 

2020 

2019 

   $ 

19,446       $ 
886          

24,089    
1,191    
       344,948           319,714    
15,181    
1,683    
   $  382,872       $  361,858    

16,017          
1,575          

Deferred income taxes and other liabilities 
Subordinated debentures 

Total liabilities 
Shareholders’ Equity: 
Common stock 
Accumulated earnings 
Treasury Stock 
Accumulated other comprehensive income 

Total shareholders’ equity 
Total liabilities and shareholders’ equity 

   $ 

3,337       $ 
29,427          
32,764          

2,305    
29,427    
31,732    

93,048          
(34,598 )       
14,619          

       277,039           276,422    
67,974    
(21,144 ) 
6,874    
       350,108           330,126    
   $  382,872       $  361,858   

Condensed Statements of Operations 
Dividends from bank subsidiaries 
Dividends from non-bank subsidiaries 
Interest expense 
Pension expense 
Acquisition expense 
Other expense, net 

Income (loss) before equity in undistributed net 
      earnings of subsidiaries 

Income tax benefit 
Equity in undistributed net earnings of subsidiaries 
Net income 
Comprehensive income 

For the years ended December 31, 
2018 
2019 
2020 
   $  15,300       $  13,300       $  10,000    
—    
(1,320 ) 
199    
(10,738 ) 
(1,740 ) 

—          
(1,423 )       
176          
—          
(1,107 )       

440          
(945 )       
(25 )       
—          
(1,241 )       

13,529          
475          
18,188          

10,946          
494          
22,438          

(3,599 ) 
1,751    
15,987    
   $  32,192       $  33,878       $  14,139    
   $  39,937       $  42,204       $  14,089   

 
 
 
 
   
   
   
   
      
   
      
            
      
      
      
      
      
            
      
      
      
      
            
      
      
      
      
 
   
   
   
   
      
      
   
      
      
      
      
      
      
      
      
 
NOTE 20 - PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION (Continued) 

Condensed Statements of Cash Flows 
Operating activities: 
Net income 
Adjustment to reconcile net income to net cash 
      from operating activities: 

For the years ended December 31, 
2018 
2019 
2020 

   $  32,192       $  33,878       $  14,139    

Change in other assets and other liabilities 
Gain on sale of fixed assets 
Equity in undistributed net earnings of 
      subsidiaries 
Net cash from (used for) operating activities 

1,925          
—          

4,437          
—          

794    
(110 ) 

(18,188 )       
15,929          

(22,438 )       
15,877          

(15,987 ) 
(1,164 ) 

Investing activities: 

Proceeds from sale of premises and equipment 
Disposal of investment in subsidiary 
Acquisition and additional capitalization of 
      subsidiary, net of cash acquired 

Net cash from (used for) investing activities 

Financing activities: 

Cash paid on fractional shares on preferred stock 
      conversion to common stock 
Purchase of treasury stock 
Payment to repurchase series B preferred stock 
Cash dividends paid 

Net cash used for financing activities 

Net change in cash and cash equivalents 
Cash and cash equivalents at beginning of year 
Cash and cash equivalents at end of year 

—          
—          

—          
—          

—          
41          

899    
—    

—          
41          

(5,216 ) 
(4,317 ) 

—          
(13,454 )       
—          
(7,118 )       
(20,572 )       
(4,643 )       
24,089          

—    
—    
—    
(4,749 ) 
(4,749 ) 
(10,230 ) 
29,908    
   $  19,446       $  24,089       $  19,678   

(2 )       
(3,909 )       
(402 )       
(7,194 )       
(11,507 )       
4,411          
19,678          

NOTE 21 - PREFERRED SHARES 

On December 19, 2013, the Company completed the sale of 1,000,000 depositary shares, each representing a 1/40th 
ownership interest in a 6.50% Noncumulative Redeemable Convertible Perpetual Preferred Share, Series B, of the 
Company, with a liquidation preference of $1,000 per share (equivalent to $25.00 per depositary share). The Company 
sold  the  maximum  of  1,000,000  depositary  shares  in  the  offering,  resulting  in  gross  proceeds  to  the  Company  of 
$25,000. 

Using proceeds from the sale of the depositary shares, the Company redeemed all of its outstanding Series A Preferred 
Shares for an aggregate purchase price of $22,857, which redemption was completed as of February 15, 2014. 

All outstanding depositary shares were redeemed or converted into common shares by December 20, 2019. 

 
 
 
 
   
   
   
   
      
      
   
      
            
            
      
      
            
            
      
      
      
      
      
      
            
            
      
      
      
      
      
      
            
            
      
      
      
      
      
      
      
      
 
NOTE 22 - EARNINGS PER COMMON SHARE 

The factors used in the earnings per share computation follow. 

Basic 

Net income 
Preferred stock dividends 
Net income available to common 
      shareholders—basic 
Weighted average common shares 
      outstanding—basic 

Basic earnings per share 

Diluted 

Net income available to common 
      shareholders—basic 
Preferred stock dividends on convertible 
      preferred stock 

Net income available to common 
      shareholders—diluted 

Weighted average common shares outstanding 
      for earnings per common share basic 
Add: dilutive effects of convertible preferred 
      shares 

Average shares and dilutive potential 
      common shares outstanding—diluted 

Diluted earnings per share 

2020 

2019 

2018 

   $ 

32,192       $ 
—          

33,878       $ 
647          

14,139    
959    

   $ 

32,192       $ 

33,231       $ 

13,180    

      16,129,875          15,652,881          11,971,786    
1.10    
   $ 

2.12       $ 

2.00       $ 

   $ 

32,192       $ 

33,231       $ 

13,180    

—          

647          

959    

   $ 

32,192       $ 

33,878       $ 

14,139    

      16,129,875          15,652,881          11,971,786    

—           1,198,859           1,883,921    

      16,129,875          16,851,740          13,855,707    
1.02   
   $ 

2.01       $ 

2.00       $ 

Basic earnings per common share are calculated by dividing net income by the weighted-average number of common 
shares outstanding for the period. Diluted earnings per common share include the dilutive effect, if any, of additional 
potential common shares issuable under the equity incentive plan, computed using the treasury stock method, and the 
impact of the Company’s convertible preferred shares using the “if converted” method. 

 
 
 
 
   
   
      
      
   
      
            
            
      
      
      
            
            
      
      
      
 
 
NOTE 23 - QUARTERLY FINANCIAL DATA (UNAUDITED) 

2020 

First quarter (1)(2) 
Second quarter (1)(2) 
Third quarter (3)(4) 
Fourth quarter (3)(4) 

2019 

First quarter (5)(6) 
Second quarter (5)(9) 
Third quarter (7)(9) 
Fourth quarter (8) 

Interest 
Income 

Net 
Interest 
Income 

Net 
Income 

Basic 
Earnings 
per 
Common 
Share 

Diluted 
Earnings 
per 
Common 
Share 

7,833       $ 
   $  25,002       $  22,115       $ 
6,504          
       24,584           22,075          
       24,558           22,006          
7,682          
       25,721           23,531           10,173          

   $  24,584       $  21,719       $ 
       24,926           21,741          
       24,023           20,418          
       24,521           21,222          

9,669       $ 
8,660          
7,708          
7,841          

0.47       $ 
0.41          
0.48          
0.64          

0.61       $ 
0.55          
0.48          
0.48          

0.47    
0.41    
0.48    
0.64    

0.57    
0.51    
0.46    
0.47   

(1) 

Interest income and net interest income increased due to increased volume of interest earning assets, offset by 
a decrease in interest rate. 

(2)  Net income decreased due to an increase in the provision for loan losses. 

(3) 

Interest income and net interest income increased due to increased volume of interest earning assets, offset by 
decreases in interest earning asset and interest-bearing liabilities rate. 

(4)  Net income decreased due to an increase in the provision for loan losses, offset by an increase in gain on sale of 

loans. 

(5) 

Interest  income  and  net  interest  income  increased  due  to  increased  volume  and  rate  on  loans,  non-taxable 
securities and interest-bearing deposits in other banks. 

(6)  Net income increased due to fees on tax refund processing program. 

(7) 

(8) 

Interest income and net interest income decreased due to a decrease in rate on interest earning assets and an 
increase on rate on interest-bearing liabilities. 

Interest income and net interest income increased due to an increase in loan volume and a decrease in rate on 
interest-bearing liabilities. 

(9)  Net income decreased due to a decrease in fees on the tax refund program.   

NOTE 24 - DERIVATIVES 

To accommodate customer need and to support the Company’s asset/liability positioning, on occasion we enter into 
interest rate swaps with a customer and a bank counterparty. The interest rate swaps are free-standing derivatives and 
are recorded at fair value. The Company enters into a floating rate loan and a fixed rate swap  with our customer. 
Simultaneously, the Company enters into an offsetting fixed rate swap with a bank counterparty. In connection with 
each swap transaction, the Company agrees to pay interest to the customer on a notional amount at a variable interest 
rate and receive interest from the customer on the same notional amount at a fixed interest rate. At the same time, the 
Company agrees to pay a bank counterparty the same fixed interest rate on the same notional amount and receive the 
same  variable  interest  rate  on  the  same  notional  amount.  These  transactions  allow  the  Company’s  customer  to 
effectively convert variable rate loans to fixed rate loans. Since the Company acts as an intermediary for its customer, 
changes in the fair value of the underlying derivative contracts offset each other and do not significantly impact the 
Company’s results of operations unless a significant difference in credit risk emerges between the counterparties at 
either end of one of the swap contracts. None of the Company’s derivatives are designated as hedging instruments. 

 
 
 
 
   
   
      
      
      
      
   
      
            
            
            
            
      
      
            
            
            
            
      
 
NOTE 24 - DERIVATIVE HEDGING INSTRUMENTS (Continued) 

The following table summarizes the Company’s interest rate swap positions as of December 31, 2020. 

    Classification on the Consolidated Balance Sheet 
   Other Assets 

Derivative Assets 
Derivative Liabilities    Accrued expenses and other liabilities 
Net Exposure 

Weighted 
Average Rate 
Received/ 
(Paid) 

       Fair Value 

Notional 
Amount 
   $  244,748       $ 
(244,748 )       
—       $ 

   $ 

21,700          
(21,764 )       
(64 )       

4.48 % 
-4.48 % 

The following table summarizes the Company’s interest rate swap positions as of December 31, 2019. 

    Classification on the Consolidated Balance Sheet 
   Other Assets 

Derivative Assets 
Derivative Liabilities    Accrued expenses and other liabilities 
Net Exposure 

Weighted 
Average Rate 
Received/ 
(Paid) 

       Fair Value 

Notional 
Amount 
   $  151,648       $ 
(151,648 )       
—       $ 

   $ 

8,918          
(8,918 )       
—          

5.04 % 
-5.04 % 

The  Company  monitors  and  controls  all  derivative  products  with  a  comprehensive  Board  of  Director  approved 
commercial loan swap policy. All hedge transactions must be approved in advance by the Lenders Loan Committee 
or  the  Directors  Loan  Committee  of  the  Board  of  Directors.  The  Company  classifies  changes  in  the  fair  value  of 
derivatives with “Other” in the Consolidated Statements of Operation.    Any fees paid to enter the swap contract at 
inception are recognized in earnings when received.    Such fees amounted to $1,459 and $516 during the years ended 
December 31, 2020 and 2019, respectively. 

At December 31, 2020, the Company had cash and securities at fair value pledged for collateral on its interest rate 
swaps with third party financial institutions of $11,300 and $11,705, respectively.    At December 31, 2019, securities 
with a fair value of $14,032 were pledged as collateral. 

NOTE 25 – QUALIFIED AFFORDABLE HOUSING PROJECT INVESTMENTS 

The Company invests in qualified affordable housing projects. At December 31, 2020 and 2019, the balance of the 
Company’s investments in qualified affordable housing projects was $5,967 and $5,154, respectively. These balances 
are reflected in the other assets line on the Consolidated Balance Sheet. The unfunded commitments related to the 
investments  in  qualified  affordable  housing  projects  totaled  $5,944  and  $5,417  at  December 31,  2020  and  2019, 
respectively. 

During  the  years  ended  December 31,  2020,  2019  and  2018,  the  Company  recognized  amortization  expense  with 
respect to its investments in qualified affordable housing projects of $661, $570 and $473, respectively, which was 
included within pre-tax income on the Consolidated Statements of Operations. 

Additionally, during the years ended December 31, 2020, 2019 and 2018, the Company recognized tax credits and 
other benefits from its investments in affordable housing tax credits of $1,186, $995 and $903, respectively.    During 
the  years  ended  December  31,  2020,  2019  and  2018,  the  Company  did  not  incur  impairment  losses  related  to  its 
investment in qualified affordable housing projects. 

 
 
 
 
   
   
      
   
      
      
     
 
 
   
   
      
   
      
      
     
 
 
 
 
 
NOTE 26 – REVENUE RECOGNITION 

The Company accounts for revenues from contracts with customers under ASC 606, Revenue from Contracts with 
Customers.    Revenue associated with financial instruments, including revenue from loans and securities are outside 
the  scope  of  the  new  standard  and  accounted  for  under  existing  GAAP.    In  addition,  certain  noninterest  income 
streams such as fees associated with  mortgage servicing rights, financial guarantees, derivatives and certain credit 
card fees are also not in scope of the new guidance.    Noninterest revenue streams in-scope of ASC 606 are discussed 
below. 

Service Charges 

Service  charges  consist  of  account  analysis  fees  (i.e.,  net  fees  earned  on  analyzed  business  and  public  checking 
accounts), monthly service fees, and other deposit account related fees. The Company’s performance obligation for 
account analysis  fees and  monthly service fees is generally satisfied, and the related revenue recognized, over the 
period  in  which  the  service  is  provided.  Other  deposit  account  related  fees  are  largely  transactional  based,  and 
therefore,  the  Company’s  performance  obligation  is  satisfied,  and  related  revenue  recognized,  at  a  point  in  time. 
Payment for service charges on deposit accounts is primarily received immediately or in the following month through 
a direct charge to customers’ accounts. 

ATM/Interchange Fees 

Fees, exchange, and other service charges are primarily comprised of debit and credit card income, ATM fees and 
other service charges. Debit and credit card income is primarily comprised of interchange fees earned whenever the 
Company’s debit and credit cards are processed through card payment networks such as Mastercard. ATM fees are 
primarily generated when a Company cardholder uses a non-Company ATM or a non-Company cardholder uses a 
Company ATM. The Company’s performance obligation for fees, exchange, and other service charges are largely 
satisfied, and related revenue recognized, when the services are rendered or upon completion. Payment is typically 
received immediately or in the following month. 

Wealth Management Fees 

Wealth management fees are primarily comprised of fees earned from the management and administration of trusts 
and other customer assets. The Company’s performance obligation is generally satisfied over time and the resulting 
fees  are  recognized  monthly,  based  upon  the  month-end  market  value  of  the  assets  under  management  and  the 
applicable  fee  rate.  Payment  is  generally  received  in  the  following  month  through  a  direct  charge  to  customers’ 
accounts.  The  Company  does  not  earn  performance-based  incentives.  The  Company’s  performance  obligation  for 
these transactional-based services is generally  satisfied, and related revenue recognized, at a point in time (i.e., as 
incurred). Payment is received shortly after services are rendered. 

Tax Refund Processing Fees 

The Company facilitates the payment of federal and state income tax refunds in partnership with a third-party vendor. 
Refund Transfers (“RTs”) are fee-based products whereby a tax refund is issued to the taxpayer after the Company 
has received the refund from the federal or state government. As part of this agreement the Company earns fee income, 
the majority of which is received in the first quarter of the year. The Company’s fee income revenue is recognized 
based on the estimated percent of business completed by each date. 

 
 
 
 
 
 
 
 
 
 
 
 
NOTE 26 – REVENUE RECOGNITION (Continued) 

Other 

Other noninterest income consists of other recurring revenue streams such as check order fees,  wire transfer  fees, 
safety deposit box rental fees, item processing fees and other miscellaneous revenue streams. Check order income 
mainly represents fees charged to customers for checks. Wire transfer fees represent revenue from processing wire 
transfers. Safe deposit box rental fees are charged to the customer on an annual basis and recognized upon receipt of 
payment. The Company determined that since rentals and renewals occur fairly consistently over time, revenue is 
recognized  on  a  basis  consistent  with  the  duration  of  the  performance  obligation.    Item  processing  fee  income 
represents fees charged to other financial institutions for processing their transactions. Payment is typically received 
in the following month. 

The following presents noninterest income, segregated by revenue streams in-scope and out-of-scope of Topic 606, 
for the years ended December 31, 2020, 2019 and 2018. 

For the years ended 
December 31, 
    2020         2019         2018     

Noninterest Income 

In-scope of Topic 606: 

Service charges 
ATM/Interchange fees 
Wealth management fees 
Tax refund processing fees 
Other 

Noninterest Income (in-scope of Topic 606) 
Noninterest Income (out-of-scope of Topic 
606) 

Total Noninterest Income 

   $  5,288       $  6,395       $  5,208    
       4,472           4,056           2,794    
       3,981           3,670           3,669    
       2,375           2,750           2,750    
892    
      16,947          17,782          15,313    

831          

911          

      11,235           4,661           2,818    
   $ 28,182       $ 22,443       $ 18,131   

 
 
 
 
 
 
 
   
   
   
   
         
            
            
   
         
            
            
   
      
 
NOTE 27 - LEASES 

We  have  operating  leases  for  several  branch  locations  and  office  space.  The  Company’s  lease  agreements  do  not 
contain any material residual value guarantees or material restrictive covenants. We also lease certain office equipment 
under operating  leases. Many of our leases  include both lease (e.g.,  minimum rent payments) and  non-lease (e.g., 
common-area or other maintenance costs) components. The Company accounts for each component separately based 
on the standalone price of each component. In addition, we have several operating leases with lease terms of less than 
one year and therefore, we have elected the practical expedient to exclude these short-term leases from our ROU assets 
and lease liabilities. 

Most  leases  include  one  or  more  options  to  renew.  The  exercise  of  lease  renewal  options  is  typically  at  our  sole 
discretion. The majority of renewals to extend the lease terms are included in our ROU assets and lease liabilities as 
they are reasonably certain of exercise. 

As  most  of  our  leases  do  not  provide  an  implicit  rate,  we  use  the  fully  collateralized  FHLB  borrowing  rate, 
commensurate with the lease terms based on the information available at the lease commencement date in determining 
the present value of the lease payments. 

The balance sheet information related to our operating leases were as follows as of December 31, 2020 and 2019: 

Classification on the 
Consolidated Balance 
Sheet 

    December 31, 2020        December 31, 2019    

Assets: 

Operating lease 

    Other assets 

    $ 

2,678        $ 

3,273    

Liabilities: 

Operating lease 

Accrued expenses and 
other liabilities 

    $ 

2,678        $ 

3,273   

The cost components of our operating leases were as follows for the period ended December 31, 2020 and 2019:   

Lease cost 

Operating lease cost 
Short-term lease cost 
Sublease income 

Total lease cost 

December 31, 
2020 

December 31, 
2019 

   $ 

   $ 

499       $ 
304          
(26 )       
777       $ 

429    
262    
(49 ) 
642   

 
 
 
 
 
 
 
 
   
   
       
          
             
   
       
          
             
   
   
 
 
   
   
      
   
         
            
   
      
      
 
NOTE 27 – LEASES (Continued)   

Maturities of our lease liabilities for all operating leases for each of the next five years and thereafter is as follows: 

2021 
2022 
2023 
2024 
2025 
Thereafter 

Total lease payments 

Less: Imputed Interest 
Present value of lease liabilities 

    $ 

    $ 

    $ 

432    
420    
414    
406    
308    
985    
2,965    
287    
2,678   

The weighted average remaining lease terms and discount rates for all of our operating leases were as follows as of 
December 31, 2020: 

Weighted-average remaining lease term - operating leases (years) 
Weighted-average discount rate - operating leases 

6.60    
2.85 % 

NOTE 28 - SUBSEQUENT EVENTS 

Paycheck Protection Program 

The Consolidated Appropriations Act 2021, was signed into law on December 27, 2020 and provides an additional 
funding of $284.5 billion under the Paycheck Protection Program (PPP) and the establishment of PPP Second Draw 
Loans under the Economic Aid to Hard-Hit Small Businesses, Nonprofit, and Venues Act (the “Relief Act”). This 
additional funding will be fully available from original PPP lenders on January 19, 2021.   As required by the Relief 
Act, on January 7, 2021, the SBA issued additional guidance (the “SBA Guidance”) providing additional details on 
certain changes to the existing PPP structure and the new PPP Second Draw Loan, and the PPP Second Draw Loan 
applications were released on January 11, 2021.      

Funds provided under legislation are earmarked both for first time PPP borrowers (subject to original PPP eligibility 
and limits) as well as ‘Second Draw’ loans for borrows that already received an original PPP loan.    Additional Second 
Draw eligibility requirements are: (1) entities must have no more than 300 employees, (2) suffered a 25% of more 
reduction in gross revenues between comparable quarters in 2019 and 2020, (3) some entities previously excluded are 
eligible for this round, such as local TV, newspaper, and radio, and (4) loan size limited to 2.5 times average monthly 
payroll with a maximum allowable amount of $2 million. 

As of February 22, 2021, we have received SBA approval on, and funded 857 loans totaling $99,357 under the Relief 
Act. 

Information Annual Meeting  of the Civis ta Bancshares, Inc. Shareholders Tuesday , April 20,  2021 | 10 :00 AM  EDT Stoc k Transfer Agent and Registrar We encourage y ou to access y our account(s) online at www.amstoc k.com  Here you can easily initia te a nu mber of transa ctions and inquiries as well as acc ess import a nt details about y our portfolio and general stoc k transfer information. Update y our mailing address Access sta tement information Print a duplicate 1099 tax form Conso lidate accounts Enroll in o ur Direct Stoc k Purchase Plan Request a replacement dividend check D ownload s toc k transfer form American banker best ban ks to wor k  For 2013-22 0 Interactive Voice Respon se (IVR) 800.937 .5449 | Ou tside of the U.S. 7 18.921. 8124  By  mail, contact our Transfer Agent at the below address:  Civ ista Bancshares, Inc. c/o American Stoc k Transfer & Trust Company , LLC 62 01 15th Avenue | Broo kly n, NY 11219 “I’ve never been prouder of the way  we were able to take care of so many current and new clients with the PPP loans. Cons idering that over 80 people were invo lved and none of them were even at the bank was a ma zing!  ….to have all of this crazin ess going on and we still had one of 
the best financial y ears in our his tory ! Incredible!!” – Lee A. Jordan, Treasury Management 2020  OU R MI S S I O N :  To improve the finan cia l lives of our custom ers, employ ees and shareholders, to make a difference in the com munities that we serve.   

AKRON-CANTON  REGIONAL  FOOD BANK WE VO LUNTEERE D TODAY    WE He lped PROVIDE CIVI STA BAN CSHARE S, INC.  100 Eas t Water Street |Sandus ky , OH 448 70 419. 625.41 21 | 888.64 5.4121 civb.com | NASDAQ:  CIVB   

 
 
 
 
 
       
       
       
       
       
       
 
 
       
       
 
 
 
 
 
 
 
 
 
Shareholder Information

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• Request a replacement dividend check

• Download stock transfer form 

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By mail, contact our Transfer Agent at the below address:

Civista Bancshares, Inc. 

c/o American Stock Transfer & Trust Company, LLC 

6201 15th Avenue | Brooklyn, NY  11219 

“I’ve never been prouder of the way we were able to take care of so many current and new clients 
with the PPP loans.  Considering that over 80 people were involved and none of them were even 
(cid:258)(cid:410)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:271)(cid:258)(cid:374)(cid:364)(cid:3)(cid:449)(cid:258)(cid:400)(cid:3)(cid:258)(cid:373)(cid:258)(cid:460)(cid:349)(cid:374)(cid:336)(cid:842)(cid:3)(cid:3)(cid:857)(cid:856)(cid:410)(cid:381)(cid:3)(cid:346)(cid:258)(cid:448)(cid:286)(cid:3)(cid:258)(cid:367)(cid:367)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:346)(cid:349)(cid:400)(cid:3)(cid:272)(cid:396)(cid:258)(cid:460)(cid:349)(cid:374)(cid:286)(cid:400)(cid:400)(cid:3)(cid:336)(cid:381)(cid:349)(cid:374)(cid:336)(cid:3)(cid:381)(cid:374)(cid:3)(cid:258)(cid:374)(cid:282)(cid:3)(cid:449)(cid:286)(cid:3)(cid:400)(cid:415)(cid:367)(cid:367)(cid:3)(cid:346)(cid:258)(cid:282)(cid:3)(cid:381)(cid:374)(cid:286)(cid:3)(cid:381)(cid:296)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:271)(cid:286)(cid:400)(cid:410)(cid:3)
(cid:302)(cid:374)(cid:258)(cid:374)(cid:272)(cid:349)(cid:258)(cid:367)(cid:3)(cid:455)(cid:286)(cid:258)(cid:396)(cid:400)(cid:3)(cid:349)(cid:374)(cid:3)(cid:381)(cid:437)(cid:396)(cid:3)(cid:346)(cid:349)(cid:400)(cid:410)(cid:381)(cid:396)(cid:455)(cid:842)(cid:3)(cid:3)(cid:47)(cid:374)(cid:272)(cid:396)(cid:286)(cid:282)(cid:349)(cid:271)(cid:367)(cid:286)(cid:842)(cid:842)(cid:863)(cid:3)– Lee A. Jordan, Treasury Management

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OUR MISSION: 
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(cid:282)(cid:349)(cid:299)(cid:286)(cid:396)(cid:286)(cid:374)(cid:272)(cid:286)(cid:3)(cid:349)(cid:374)(cid:3)(cid:410)(cid:346)(cid:286)(cid:3)(cid:272)(cid:381)(cid:373)(cid:373)(cid:437)(cid:374)(cid:349)(cid:415)(cid:286)(cid:400)(cid:3)(cid:410)(cid:346)(cid:258)(cid:410)(cid:3)(cid:449)(cid:286)(cid:3)(cid:400)(cid:286)(cid:396)(cid:448)(cid:286)(cid:856)

2020 
 
 
 
 
 
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