Civista Bancshares, Inc. (CIVB) Cash Flow Statement

The quarterly OCF/NI ratio swings widely, with 2025Q1 at 0.36 and 2024Q4 at 2.29, which points to working capital and trading-related timing rather than a steady earnings conversion pattern. Recent quarters show OCF of $17.1M against net income of $14.3M in 2026Q2, which may indicate retained capital is building, though the 2026Q3 entries of zero cash flow data warrant further investigation before drawing firm conclusions. Investors should monitor whether the retention rate holds once full-period data is available.

Over the ten quarters, purchases outweighed sales in several periods, most notably 2025Q4 at $52.8M versus $38.0M, while 2025Q1 and 2024Q4 show sales of $45.2M and $25.3M against larger buys. This pattern appears consistent with duration management and liquidity positioning rather than a deliberate securities growth strategy. The net effect on earning assets is modest, but it suggests the securities book is not a significant source of incremental cash generation.

The dividend payout as a share of net income has declined over the period, which may indicate management is retaining a larger share of earnings to support balance sheet growth. Buybacks have been minimal and sporadic, appearing as small figures such as $12K in 2024Q3 and $318K in 2026Q1, so they do not materially affect capital return. The sustainability of the dividend appears supported by the reported earnings trajectory, though this should be read alongside credit and fee trends.

Issuance and repayment of long-term debt appear modest relative to operating cash generation, with quarterly changes generally under $1.0M. The short-term debt line shows a recurring pattern of plus and minus $1.0M movements, which may reflect routine borrowing management rather than structural funding stress. Based on these reported figures, funding appears primarily deposit-driven, though the lack of detailed loan origination data limits firm conclusions about loan book cash dynamics.

The series shows isolated spikes, including $1.6M in 2025Q1 and $1.0M in 2024Q3, interspersed with quarters of minimal or no reported provisioning. Such irregularity makes it difficult to determine whether the recent low figures reflect true credit quality or timing differences in reserve builds. Investors should monitor provisioning against loan growth before concluding that credit costs are structurally contained.