Civista Bancshares, Inc. · NASDAQ:CIVB
Civista Bancshares — IPO Roadshow (February 2017)
24 slides from Civista Bancshares's IPO roadshow presentation, Feb 15, 2017
Slide 1: Investor Presentation
Investor Presentation James O. Miller - Chairman, President & Chief Executive Officer Dennis G. Shaffer - Executive Vice President & President of Civista Bank Richard J. Dutton - Senior Vice President, Chief Operating Officer NASDAQ: CIVB Issuer Free Writing Prospectus Filed Pursuant to Rule 433 Reg
Slide 2: Certain Important Information: Forward-Looking Statements
Certain Important Information Forward-Looking Statements This material and any oral presentation that may accompany it contain, and future oral and written statements of the Company and its management may contain, forward-looking statements, within the meaning of such term in the Private Securities
Slide 3: Certain Important Information: Unaudited Results, Registration Statement, Non-GAAP
Certain Important Information Fiscal Year 2016 Results are Unaudited On January 27, 2017 we announced our results for the fiscal year ended December 31, 2016. The financial information as of December 31, 2016 and for the quarter and the year then ended that is included in this material is based on p
Slide 4: Terms of the Offering
Terms of the Offering ¹ Market data as of 2/14/2017. Market capitalization is based on 8,343,509 shares of common stock outstanding as of 12/31/2016. Civista Bancshares, Inc. (NASDAQ: CIVB) $23.20 $193.6 million Follow-on offering of common stock $30 million (100% primary) 15% (100% primary) General
Slide 5: Corporate Overview
Corporate Overview Bank originally founded in 1884 10th Largest Publicly Traded Commercial Bank Headquartered in Ohio Community Banking Focused Operations in 12 Ohio Counties 27 Branches & 2 Loan Production Offices Operations in 4 of the 5 largest Ohio MSAs Franchise Poised for Acquisitions and Orga
Slide 6: Experienced Management Team
Experienced Management Team Chairman, President & CEO 42 years of banking experience Joined in 1986 James O. Miller SVP & Chief Operating Officer 31 years of banking experience Joined in 2007 Richard J. Dutton SVP & Chief Lending Officer 28 years of banking experience Joined in 2016 Charles A. Parch
Slide 7: Branch Footprint
Branch Footprint Note: Market share information as of June 30, 2016. Sandusky / Akron / Cleveland, Ohio $644 million in loans $656 million in deposits 12 locations #1 deposit market share in Sandusky, Ohio with ~ 48% market share North Central Ohio $85 million in loans $182 million in deposits 7 loc
Slide 8: Attractive Target Markets
Attractive Target Markets North Central Ohio West Central Ohio Greater Dayton Ohio Sandusky / Akron / Cleveland Development Opportunity - Toledo
Slide 9: Investment Highlights
Investment Highlights Experienced management team with a deep bench Community bank franchise in growth markets with an established operating model Gather attractive low-cost rural deposits (16 bps total cost of deposits) Generate loans in select growing urban markets (operations in 4 of the 5 larges
Slide 10: Financial Highlights
Financial Highlights Source: Company Management and SNL Financial. 1 Market data as of 2/14/2017. 2 Non-GAAP reconciliation on page 23.
Slide 11: Increasing Shareholder Value
Increasing Shareholder Value Source: SNL Financial. 1 Non-GAAP reconciliation on page 23. Tangible Book Value per Share1 Diluted EPS CAGR: 9.3% CAGR: 34.3% $0.36 $0.57 $0.64 $0.85 $1.17 $1.57 2011 2012 2013 2014 2015 2016 $6.95 $7.26 $7.53 $9.02 $9.43 $10.84 2011 2012 2013 2014 2015 2016
Slide 12: Proven Acquirer & Attractive Organic Growth
Proven Acquirer & Attractive Organic Growth Source: Company Management and SNL Financial. Completed 6 acquisitions since the formation of the holding company in 1987 Expanded commercial loan growth in Columbus, Cleveland, Akron and Dayton markets Since year-end 2011, loan portfolios in these markets
Slide 13: Deposit Mix and Cost of Deposits
Source: Company Management and SNL Financial. 2016 Peer data as of 12/31/2016, or the latest available date. Note: Comparable peers include Management selected public banks located in PA, IN, WV, MI, OH, and WI with total assets between $1.0 billion and $2.0 billion. Deposit Mix Total Deposits: $1.1
Slide 14: Loan Mix and Loan Yield
Source: Company Management and SNL Financial. 2016 Peer data as of 12/31/2016, or the latest available date. Note: Comparable peers include Management selected public banks located in PA, IN, WV, MI, OH, and WI with total assets between $1.0 billion and $2.0 billion. Loan Mix Total Gross Loans: $1.1
Slide 15: Peer Leading FTE Net Interest Margin
Peer Leading FTE Net Interest Margin Source: SNL Financial. Note: Comparable peers include Management selected public banks located in PA, IN, WV, MI, OH, and WI with total assets between $1.0 billion and $2.0 billion. 2016 Peer data as of 12/31/2016, or the latest available date.
Slide 16: Effectively Managing Assets & Liabilities
Effectively Managing Assets & Liabilities Assets Asset duration of less than two years Sell fixed-rate mortgages Encourage variable-rate commercial lending or swap into variable, if appropriate Generally limit fixed-rate terms to five years Liabilities Liability duration greater than three years Foc
Slide 17: Strong Asset Quality
Source: Company Management and SNL Financial. 1Excluding PCI (purchased credit impaired loans). Strong Asset Quality Reserves / NPLs NCOs / Average Loans Loan Loss Reserves / Gross Loans NPAs & 90+PD / Assets Loan Loss Reserves / Gross Loans Nonaccrual & 90 days Past Due1 / Gross Loans 2.71% 2.42% 1
Slide 18: Growing Fee Income – Improving Efficiencies
Growing Fee Income – Improving Efficiencies Source: Company Management. ¹ From American Banker Magazine, September 2016 © 2016 SourceMedia, Inc. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission
Slide 19: Profitability & Returns Analysis
Profitability & Returns Analysis Source: Company Management and SNL Financial. Diluted Earnings per Share ROAE ROAA Net Income Available to Common Shareholders CAGR: 41.4% CAGR: 34.3%
Slide 20: Capital Position
1 Based on offering size of $30mm plus 15% greenshoe. 2 Illustrates CIVB’s capital position if all of the convertible preferred equity issued on 12/19/2013 (coupon: 6.5%, initial conversion price: $7.82) was converted into common equity in addition to the follow-on offering. 3 TCE non-GAAP reconcili
Slide 21: Operating Results
Source: Company Management and SNL Financial. Operating Results
Slide 22: Compelling Investment Opportunity
Compelling Investment Opportunity Strong asset quality Proven acquirer Completed 6 acquisitions since the formation of the holding company in 1987 Peer leading NIM Low cost deposits – 17 bps lower than peers High yield loan portfolio – 31 bps higher than peers Experienced management team with an ave
Slide 23: Non-GAAP Reconciliation
CIVISTA Non-GAAP Reconciliation BANCSHARES, INC. ‘As of and for the Year Ended December 31, (Ssin thousands, except share and per share data) 2011 2012 2013 2014 2015 2016 Tangible common equity Total equi $ 102528 $ 103,980 $ 128376 $ 115909 $ 125173 $ 137616 Less: Preferred Equity 23,151 23,184 46
Slide 24: Thank You
Thank You