Civista Bancshares, Inc. Announces Fourth-Quarter 2025 Financial Results of $0.61 per Common Share, and Full-Year 2025 Financial Results of $2.64 per Common Share
SANDUSKY, Ohio, Jan. 29, 2026 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") today reported net income of $12.3 million, or $0.61 per common share, for the quarter ended December 31, 2025, and net income of $46.2 million or $2.64 per common share for the year ended December 31, 2025.
CEO Commentary:
"Our fourth‑quarter results cap a year of exceptional progress for Civista, with net income for the quarter increasing to $12.3 million from $9.9 million a year ago," said Dennis G. Shaffer, CEO and President of Civista. "For the full year, net income reached $46.2 million, compared with $31.7 million in the prior year, and earnings per share increasing to $2.64 from $2.01 last year, underscoring the continued strength of our franchise and our ability to execute effectively even in a shifting rate environment. These results reflect solid operating momentum, disciplined growth, and the increasing value we're driving across our markets."
"2025 was a pivotal year for Civista," Shaffer added. "The successful acquisition of The Farmers Savings Bank expanded our presence in Northeast Ohio and strengthened our ability to serve both long‑standing and new customer relationships. Our capital raise in mid-2025 continues to support balance sheet flexibility, enhancing liquidity and ensuring we remain well-positioned to meet the evolving needs of our communities."
"Credit quality remains solid, supported by disciplined underwriting and the resilience we continue to see across our customer base," Shaffer said. "While economic conditions remain mixed, our relationship‑focused approach and community‑banking roots equip us to navigate uncertainty with confidence. We remain committed to delivering responsible, customer‑centered banking that supports the families, businesses, and communities we're proud to serve throughout our footprint."
Results of Operations:
For the three-month periods ended December 31, 2025, September 30, 2025 and December 31, 2024 and the twelve-month periods ended December 31, 2025 and December 31, 2024.
Fourth-Quarter 2025 Highlights
The Farmers Savings Bank Acquisition
At the close of business on November 6, 2025, Civista closed the previously announced acquisition of FSB. The acquisition added approximately $268.1 million of total assets, $106.2 million of total loans and leases, $236.1 million of total deposits, and 2 branches. The results of the fourth quarter of 2025 reflect inclusion of FSB since November 7, 2025.
Immediately following completion of the acquisition, FSB was merged into Civista Bank. In addition, the management and organization structure was updated to reflect the combined organization. On-boarding of former FSB colleagues and their initial training remain ongoing. Certain Civista's products and services are being introduced across the legacy FSB customer base, and customer-facing colleagues are focused on both growing and retaining customers. Technology conversions have commenced and are scheduled to be substantially complete by the middle of the 2026 first-quarter.
Assets
Total assets at December 31, 2025, were $4.3 billion, an increase of $223.1 million, or 5.4% from September 30, 2025, and up $238.0 million, or 5.8%, from December 31, 2024.
Deposits & Borrowings
Total deposits at December 31, 2025, were $3.5 billion, an increase of $236.0 million, or 7.3% from September 30, 2025, and an increase of $254.6 million, or 7.9%, from December 31, 2024.
Net Interest Income and Net Interest Margin
Net interest income increased $5.1 million, or 16.3%, for the fourth quarter of 2025, compared to the same period last year.
Net interest income increased $21.9 million, or 18.7%, for the twelve months ended December 31, 2025, compared to the same period last year. For the twelve months ended December 31, 2025, net interest income was increased in Q2 2025 by $1.6 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
Credit
Provision for credit losses (including provision for unfunded commitments) decreased $0.1 million for the fourth quarter of 2025 to $0.6 million compared to $0.7 million for the same period last year, and increased $0.4 million compared to $0.2 million in the third quarter of 2025.
Non-interest Income
Non-interest income for the fourth quarter of 2025 totaled $9.9 million, an increase of $0.9 million or 9.6%, when compared to the same period last year.
For the twelve months ended December 31, 2025, Non-interest income totaled $34.0 million, a decrease of $3.8 million or 10.0%, when compared to the same period last year. For the twelve months ended December 31, 2025, noninterest income was reduced in the second quarter 2025 by $1.0 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
Non-interest Expense
Non-interest expense for Q4 2025 totaled $31.0 million, an increase of $2.7 million or 9.6%, when compared to the same period last year. In the fourth quarter of 2025, noninterest expense was increased by $3.4 million of non-recurring adjustments related to acquisition expenses resulting from the previously announced merger with FSB that closed in November 2025. These expenses are recorded in other noninterest expenses.
For the twelve months ended December 31, 2025, non-interest expense totaled $113.9 million, an increase of $1.4 million or 1.3%, when compared to the same period last year. For the twelve months ended December 31, 2025, non-interest expense was increased by $3.8 million of non-recurring adjustments related to acquisition expenses from the FSB acquisition and from the Civista Leasing and Finance Division core system conversion.
Taxes
Civista's effective income tax rate for the fourth quarter of 2025 was 16.8% compared to 13.1% for the same period last year, and 18.5% for the third quarter of 2025.
Civista's effective income tax rate for the twelve months ended December 31, 2025, was 16.3% compared to 13.4% in the same period last year.
Capital
Total shareholders' equity at December 31, 2025, totaled $543.5 million an increase of $44.4 million from September 30, 2025, and $155.0 million from December 31, 2024. The increases are a result of the capital raise management performed in the third quarter of 2025 and the FSB acquisition completed in the fourth quarter of 2025.
On July 10, 2025, Civista completed an underwritten public offering of its common stock, including an overallotment option. The offering totaled 3,788,238 of common shares at a price of $21.25 per share, raising $80.5 million.
On November 6, 2025, Civista completed its acquisition with FSB and issued 1,434,473 common shares at $21.76 per share, increasing common stock by $31.2 million.
Civista did not repurchase any shares in the fourth quarter of 2025 as the current repurchase plan is set to expire in April 2026. For the twelve months ended December 31, 2025, Civista liquidated 8,716 shares held by employees, at an average price of $20.36 per share, to satisfy tax obligations stemming from vesting of restricted shares.
Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the fourth quarter of 2025 at 1:00 p.m. ET on Thursday, January 29, 2026. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 800-836-8184 and ask to be joined into the Civista Bancshares, Inc. fourth quarter 2025 earnings call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection. An archive of the webcast will be available for one year on the Investor Relations section of the Company's website ( www.civb.com).
About Civista Bancshares
Civista Bancshares, Inc., is a $4.3 billion financial holding company headquartered in Sandusky, Ohio. Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services. Today, Civista Bank operates 44 locations across Ohio, Southeastern Indiana and Northern Kentucky. Civista Bank also offers commercial equipment leasing services for businesses nationwide through its Civista Leasing and Finance Division. Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB". Learn more at www.civb.com.
Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista's reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of Civista's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and any additional risks identified in the Company's subsequent Form 10-Q's. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
Non-GAAP Financial Measures
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation's results of operations. Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
Average Balance Analysis
(Unaudited - Dollars in thousands)
Three Months Ended December 31,
2025
2024
Average
Yield/
Average
Yield/
Assets:
balance
Interest
rate *
balance
Interest
rate *
Interest-earning assets:
Loans **
$
3,197,327
$
49,133
6.10
%
$
3,061,991
47,250
6.14
%
Taxable securities ***
409,398
3,738
3.39
%
362,997
3,378
3.38
%
Non-taxable securities ***
284,865
2,331
3.86
%
292,559
2,357
3.83
%
Interest-bearing deposits in other
banks
47,990
539
4.46
%
21,060
248
4.68
%
Total interest-earning assets ***
$
3,939,580
$
55,741
5.61
%
$
3,738,607
$
53,233
5.65
%
Noninterest-earning assets:
Cash and due from financial
institutions
41,378
38,873
Premises and equipment, net
40,815
48,990
Accrued interest receivable
14,371
13,632
Intangible assets
138,896
133,673
Bank owned life insurance
62,892
62,866
Other assets
54,326
49,462
Less allowance for loan losses
(41,547)
(41,353)
Total Assets
$
4,250,711
$
4,044,750
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings
$
1,616,312
$
5,767
1.42
%
$
1,528,163
$
5,025
1.31
%
Time
1,101,439
10,807
3.89
%
1,054,489
13,111
4.95
%
Short-term FHLB borrowings
146,784
1,389
3.75
%
214,038
2,530
4.70
%
Long-term FHLB borrowings
895
6
2.62
%
1,573
6
1.52
%
Other borrowings
5,006
182
14.44
%
543
7
5.13
%
Subordinated debentures
104,214
1,139
4.34
%
104,071
1,199
4.58
%
Total interest-bearing liabilities
$
2,974,650
$
19,290
2.57
%
$
2,902,877
$
21,878
3.00
%
Non-interest-bearing deposits
706,267
702,833
Other liabilities
44,121
47,449
Shareholders' equity
525,673
391,591
Total Liabilities and Shareholders'
Equity
$
4,250,711
$
4,044,750
Net interest income and interest rate
spread
$
36,451
3.04
%
$
31,355
2.65
%
Net interest margin ***
3.69
%
3.36
%
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and
investments, included in the yields above, was $620 thousand and $627 thousand for the periods ended December 31,
2025 and 2024, respectively.
** - Average balance includes nonaccrual loans
*** - Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities
by unrealized losses of $46.9 million and $52.1 million, respectively. These adjustments were also made when calculating
the yield on earning assets and the margin.
Average Balance Analysis
(Unaudited - Dollars in thousands)
Twelve Months Ended December 31,
2025
2024
Average
Yield/
Average
Yield/
Assets:
balance
Interest
rate *
balance
Interest
rate *
Interest-earning assets:
Loans **
$
3,140,457
$
195,469
6.22
%
$
2,984,912
$
183,578
6.15
%
Taxable securities ***
403,185
14,966
3.42
%
357,255
12,639
3.18
%
Non-taxable securities ***
280,978
9,333
3.87
%
291,833
9,473
3.85
%
Interest-bearing deposits in other
banks
28,729
1,217
4.24
%
20,580
1,005
4.87
%
Total interest-earning assets ***
$
3,853,349
$
220,985
5.71
%
$
3,654,580
$
206,695
5.62
%
Noninterest-earning assets:
Cash and due from financial
institutions
39,773
34,494
Premises and equipment, net
43,618
52,230
Accrued interest receivable
14,025
13,349
Intangible assets
134,399
134,273
Bank owned life insurance
63,100
62,349
Other assets
58,129
57,879
Less allowance for loan losses
(40,611)
(39,498)
Total Assets
$
4,165,782
$
3,969,656
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings
$
1,570,431
$
22,983
1.46
%
$
1,426,288
$
21,853
1.53
%
Time
1,021,670
41,211
4.03
%
959,276
43,948
4.58
%
Short-term FHLB borrowings
296,338
12,984
4.38
%
341,692
18,451
5.39
%
Long-term FHLB borrowings
1,142
29
2.58
%
1,892
42
2.22
%
Other borrowings
5,603
558
9.97
%
8,213
760
9.25
%
Subordinated debentures
104,162
4,637
4.45
%
104,017
4,931
4.74
%
Total interest-bearing liabilities
$
2,999,346
$
82,402
2.75
%
$
2,841,378
$
89,985
3.17
%
Non-interest-bearing deposits
673,653
701,397
Other liabilities
43,215
49,522
Shareholders' equity
449,568
377,359
Total Liabilities and Shareholders'
Equity
$
4,165,782
$
3,969,656
Net interest income and interest rate
spread
$
138,583
2.96
%
$
116,710
2.45
%
Net interest margin ***
3.61
%
3.21
%
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and
investments, included in the yields above, was $2.5 million and $2.5 million for the periods ended December 31, 2025 and
2024, respectively.
** - Average balance includes nonaccrual loans
*** - 2025 and 2024 average yield on investments were calculated by adjusting the average balances of taxable and
nontaxable securities by unrealized losses of $58.3 million and $59.4 million, respectively. These adjustments were also
made when calculating the yield on earning assets and the margin.
Non-interest income
(unaudited - dollars in thousands)
Three months ended December 31,
2025
2024
$ Change
% Change
Service charges
$
1,706
$
1,591
$
115
7.2
%
Net gain (loss) on equity securities
120
96
24
25.0
%
Net gain on sale of loans and leases
1,594
1,259
335
26.6
%
ATM/Interchange fees
1,722
1,640
82
5.0
%
Wealth management fees
1,473
1,464
9
0.6
%
Lease revenue and residual income
1,518
1,280
238
18.6
%
Bank owned life insurance
397
771
(374)
-48.5
%
Swap fees
150
66
84
127.3
%
Other
1,204
848
356
42.0
%
Total non-interest income
$
9,884
$
9,015
$
869
9.6
%
Non-interest income
(unaudited - dollars in thousands)
Twelve months ended December 31,
2025
2024
$ Change
% Change
Service charges
$
6,461
$
6,114
$
347
5.7
%
Net gain (loss) on equity securities
271
252
19
7.5
%
Net gain on sale of loans and leases
4,489
4,438
51
1.1
%
ATM/Interchange fees
5,902
5,841
61
1.0
%
Wealth management fees
5,540
5,519
21
0.4
%
Lease revenue and residual income
5,874
8,911
(3,037)
-34.1
%
Bank owned life insurance
1,835
2,205
(370)
-16.8
%
Swap fees
275
232
43
18.5
%
Other
3,320
4,236
(916)
-21.6
%
Total non-interest income
$
33,967
$
37,748
$
(3,781)
-10.0
%
Non-interest expense
(unaudited - dollars in thousands)
Three months ended December 31,
2025
2024
$ Change
% Change
Compensation expense
$
14,526
$
14,899
$
(373)
-2.5
%
Net occupancy Expense
1,410
1,138
272
23.9
%
Contracted data processing
672
508
164
32.3
%
FDIC Assessment
493
1,039
(546)
-52.6
%
State franchise tax
343
608
(265)
-43.6
%
Professional services
1,467
2,247
(780)
-34.7
%
Equipment expense
2,032
2,240
(208)
-9.3
%
ATM/Interchange expense
710
671
39
5.8
%
Marketing
410
448
(38)
-8.5
%
Amortization of core deposit intangible
576
363
213
58.7
%
Software maintenance expense
1,411
1,376
35
2.5
%
Other
6,953
2,759
4,194
152.0
%
Total non-interest expense
$
31,003
$
28,296
$
2,707
9.6
%
Non-interest expense
(unaudited - dollars in thousands)
Twelve months ended December 31,
2025
2024
$ Change
% Change
Compensation expense
$
58,741
$
61,821
$
(3,080)
-5.0
%
Net occupancy expense
5,929
5,097
832
16.3
%
Contracted data processing
2,333
2,248
85
3.8
%
FDIC Assessment
2,682
2,631
51
1.9
%
State franchise tax
2,039
2,052
(13)
-0.6
%
Professional services
6,580
5,779
801
13.9
%
Equipment expense
8,105
9,553
(1,448)
-15.2
%
ATM/Interchange expense
2,729
2,544
185
7.3
%
Marketing
1,386
2,088
(702)
-33.6
%
Amortization of core deposit intangible
1,564
1,484
80
5.4
%
Software maintenance expense
5,462
4,944
518
10.5
%
Other
16,388
12,279
4,109
33.5
%
Total non-interest expense
$
113,938
$
112,520
$
1,418
1.3
%
End of period loan and lease balances
(unaudited - dollars in thousands)
December 31,
December 31,
2025
2024
$ Change
% Change
Commercial and Agriculture
$
308,692
$
328,488
$
(19,796)
-6.0
%
Commercial Real Estate:
Owner Occupied
385,547
374,367
11,180
3.0
%
Non-owner Occupied
1,250,966
1,225,991
24,975
2.0
%
Residential Real Estate
932,379
763,869
168,510
22.1
%
Real Estate Construction
285,137
305,992
(20,855)
-6.8
%
Farm Real Estate
37,775
23,035
14,740
64.0
%
Lease financing receivable
35,103
46,900
(11,797)
-25.2
%
Consumer and Other
34,447
12,588
21,859
173.6
%
Total Loans
$
3,270,046
$
3,081,230
$
188,816
6.1
%
End of period deposit balances
(unaudited - dollars in thousands)
December 31,
December 31,
2025
2024
$ Change
% Change
Noninterest-bearing demand
$
702,032
$
695,094
$
6,938
1.0
%
Interest-bearing demand
400,403
419,583
(19,180)
-4.6
%
Savings and money market
1,234,593
1,126,974
107,619
9.5
%
Time deposits
727,294
469,954
257,340
54.8
%
Brokered deposits
402,142
500,265
(98,123)
-19.6
%
Total Deposits
$
3,466,464
$
3,211,870
$
254,594
7.9
%
Allowance for Credit Losses
(dollars in thousands)
Three months ended December 31,
2025
2024
Beginning of period
$
40,254
$
41,268
CECL Day 1 Adjustment FSB
1,960
-
Charge-offs
(1,064)
(2,335)
Recoveries
146
39
Provision
724
697
End of period
$
42,020
$
39,669
Allowance for Credit Losses
(dollars in thousands)
Twelve months ended December 31,
2025
2024
Beginning of period
$
39,669
$
37,160
CECL Day 1 Adjustment FSB
1,960
-
Charge-offs
(3,794)
(3,915)
Recoveries
664
539
Provision
3,521
5,885
End of period
$
42,020
$
39,669
Allowance for Unfunded
Commitments
(dollars in thousands)
Three months ended December 31,
2025
2024
Beginning of period
$
3,375
$
3,381
Provision
(139)
(1)
End of period
$
3,236
$
3,380
Allowance for Unfunded
Commitments
(dollars in thousands)
Twelve months ended December 31,
2025
2024
Beginning of period
$
3,380
$
3,901
Provision
(144)
(521)
End of period
$
3,236
$
3,380
(dollars in thousands)
December 31,
December 31,
2025
2024
Non-accrual loans
$
30,815
$
30,950
Restructured loans, accruing
14
1,677
90+ Days Past Due, Still Accruing
461
225
Total non-performing loans
31,290
32,852
Other Real Estate Owned
-
-
Total non-performing assets
$
31,290
$
32,852
Civista Bancshares, Inc.
Financial Highlights
(Unaudited, dollars in thousands, except share and per share amounts)
Consolidated Condensed Statement of Operations
Three Months Ended
Twelve Months Ended
December 31,
December 31,
2025
2024
2025
2024
Interest income
$
55,741
$
53,233
$
220,985
$
206,695
Interest expense
19,290
21,878
82,402
89,985
Net interest income
36,451
31,355
138,583
116,710
Provision for credit losses
724
697
3,521
5,885
Provision for unfunded commitments
(139)
(1)
(144)
(521)
Net interest income after provision
35,866
30,659
135,206
111,346
Non-interest income
9,884
9,015
33,967
37,748
Non-interest expense
31,003
28,296
113,938
112,520
Income before taxes
14,747
11,378
55,235
36,574
Income tax expense
2,480
1,485
9,023
4,891
Net income
12,267
9,893
46,212
31,683
Net income available
to common shareholders
$
12,267
$
9,893
$
46,212
$
31,683
Dividends paid per common share
$
0.17
$
0.16
$
0.68
$
0.64
Earnings per common share
Basic
Net income
$
12,267
$
9,893
$
46,212
$
31,683
Less allocation of earnings and
dividends to participating securities
48
213
166
671
Net income available to common
shareholders - basic
$
12,219
$
9,680
$
46,046
$
31,012
Weighted average common shares outstanding
20,185,285
15,736,962
17,507,836
15,724,768
Less average participating securities
90,281
339,626
86,436
333,029
Weighted average number of shares outstanding
used to calculate basic earnings per share
20,095,004
15,397,336
17,421,400
15,391,739
Earnings per common share
Basic
$
0.61
$
0.63
$
2.64
$
2.01
Diluted
$
0.61
0.63
$
2.64
2.01
Selected financial ratios:
Return on average assets
1.14
%
0.97
%
1.11
%
0.80
%
Return on average equity
9.26
%
10.05
%
10.28
%
8.40
%
Dividend payout ratio
27.97
%
25.45
%
25.76
%
31.76
%
Net interest margin (tax equivalent)
3.69
%
3.36
%
3.61
%
3.21
%
Effective tax rate
16.82
%
13.05
%
16.34
%
13.37
%
Selected Balance Sheet Items
(Dollars in thousands, except share and per share amounts)
December 31,
December 31,
2025
2024
(unaudited)
(unaudited)
Cash and due from financial institutions
$
77,320
$
63,155
Investment in time deposits
1,165
1,450
Investment securities
684,600
650,488
Loans held for sale
7,180
665
Loans
3,270,046
3,081,230
Less: allowance for credit losses
(42,020)
(39,669)
Net loans
3,228,026
3,041,561
Other securities
25,942
30,352
Premises and equipment, net
40,611
47,166
Goodwill and other intangibles
143,538
133,403
Bank owned life insurance
63,153
62,783
Other assets
64,918
67,446
Total assets
$
4,336,453
$
4,098,469
Total deposits
$
3,466,464
$
3,211,870
Short-term Federal Home Loan Bank advances
175,000
339,000
Long-term Federal Home Loan Bank advances
855
1,501
Subordinated debentures
104,234
104,089
Other borrowings
4,090
6,293
Accrued expenses and other liabilities
42,336
47,214
Total liabilities
3,792,979
3,709,967
Common shares
419,769
312,037
Retained earnings
239,784
205,408
Treasury shares
(75,764)
(75,586)
Accumulated other comprehensive loss
(40,315)
(53,357)
Total shareholders' equity
543,474
388,502
Total liabilities and shareholders' equity
$
4,336,453
$
4,098,469
December 31,
December 31,
2025
2024
(unaudited)
(unaudited)
Shares outstanding at period end
20,746,474
15,487,667
Book value per share
$
26.20
$
25.08
Equity to asset ratio
12.53
%
9.48
%
Selected asset quality ratios:
Allowance for credit losses to total loans
1.28
%
1.29
%
Non-performing assets to total assets
0.72
%
0.80
%
Allowance for credit losses to non-performing loans
134.29
%
120.75
%
Non-performing asset analysis
Nonaccrual loans
$
30,815
$
30,950
Restructured loans
14
1,677
Other real estate owned
-
-
90+ Days Past Due, Still Accruing
461
225
Total
$
31,290
$
32,852
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
December 31,
September 30,
June 30,
March 31,
December 31,
End of Period Balances
2025
2025
2025
2025
2024
Assets
Cash and due from banks
$
77,320
$
62,766
$
73,858
$
90,456
$
63,155
Investment in time deposits
1,165
735
715
960
1,450
Investment securities
684,600
657,189
645,228
648,537
650,488
Loans held for sale
7,180
8,012
10,733
4,324
665
Loans and leases
3,270,046
3,095,994
3,151,124
3,104,036
3,081,230
Allowance for credit losses
(42,020)
(40,254)
(40,455)
(40,284)
(39,669)
Net Loans
3,228,026
3,055,740
3,110,669
3,063,752
3,041,561
Other securities
25,942
27,901
36,195
32,592
30,352
Premises and equipment, net
40,611
40,910
42,922
45,107
47,166
Goodwill and other intangibles
143,538
132,276
132,631
133,026
133,403
Bank owned life insurance
63,153
62,756
63,555
63,170
62,783
Other assets
64,918
65,049
69,363
64,793
67,446
Total Assets
$
4,336,453
$
4,113,334
$
4,185,869
$
4,146,717
$
4,098,469
Liabilities
Total deposits
$
3,466,464
$
3,230,463
$
3,196,207
$
3,238,888
$
3,211,870
Federal Home Loan Bank
advances - short term
175,000
232,000
433,500
360,000
339,000
Federal Home Loan Bank
advances - long term
855
970
1,103
1,355
1,501
Subordinated debentures
104,234
104,213
104,172
104,130
104,089
Other borrowings
4,090
4,699
5,379
6,140
6,293
Accrued expenses and
other liabilities
42,336
41,961
41,371
38,770
47,214
Total liabilities
3,792,979
3,614,306
3,781,732
3,749,283
3,709,967
Shareholders' Equity
Common shares
419,769
388,458
312,589
312,192
312,037
Retained earnings
239,784
230,798
221,321
212,944
205,408
Treasury shares
(75,764)
(75,760)
(75,753)
(75,753)
(75,586)
Accumulated other
comprehensive loss
(40,315)
(44,468)
(54,020)
(51,949)
(53,357)
Total shareholders' equity
543,474
499,028
404,137
397,434
388,502
Total Liabilities and
Shareholders' Equity
$
4,336,453
$
4,113,334
$
4,185,869
$
4,146,717
$
4,098,469
Shares outstanding at
period end
20,746,474
19,312,726
15,529,342
15,519,072
15,487,667
Book value per share
$
26.20
$
25.84
$
26.02
$
25.61
$
24.69
Equity to asset ratio
12.53
%
12.13
%
9.65
%
9.58
%
9.48
%
December 31,
September 30,
June 30,
March 31,
December 31,
2025
2025
2025
2025
2024
Selected asset quality ratios:
Allowance for credit losses
to total loans
1.28
%
1.30
%
1.28
%
1.30
%
1.29
%
Non-performing assets to
total assets
0.72
%
0.55
%
0.55
%
0.75
%
0.80
%
Allowance for credit losses
to non-performing loans
134.29
%
176.52
%
176.11
%
129.99
%
120.75
%
Non-performing asset analysis
Non-accrual loans
$
30,815
$
22,615
$
22,742
$
30,989
$
30,950
Restructured loans
14
12
7
-
1,677
90+ Days Past Due, Still Accruing
461
177
223
146
225
Other real estate owned
-
-
209
209
-
Total
$
31,290
$
22,804
$
23,181
$
31,344
$
32,852
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
December 31,
September 30,
June 30,
March 31,
December 31,
Quarterly Average Balances
2025
2025
2025
2025
2024
Assets:
Earning assets
$
3,939,580
$
3,829,484
$
3,841,369
$
3,801,709
$
3,738,607
Securities
694,263
676,938
682,035
683,374
655,556
Loans
3,197,327
3,128,033
3,136,091
3,099,440
3,061,991
Liabilities and Shareholders' Equity
Total deposits
$
3,424,018
$
3,237,025
$
3,190,592
$
3,209,277
$
3,285,485
Interest-bearing deposits
2,717,751
2,574,153
2,538,500
2,538,561
2,582,652
Other interest-bearing liabilities
256,899
383,305
523,824
461,100
320,225
Total shareholders' equity
525,673
472,993
400,915
397,021
391,591
Supplemental Financial Information
(Unaudited - dollars in thousands)
December 31,
September 30,
June 30,
March 31,
December 31,
End of period loan and
lease balances
2025
2025
2025
2025
2024
Commercial and Agriculture
$
308,692
$
302,407
$
338,598
$
330,627
$
328,488
Commercial Real Estate:
Owner Occupied
385,547
384,176
378,248
378,095
374,367
Non-owner Occupied
1,250,966
1,216,031
1,263,612
1,246,025
1,225,991
Residential Real Estate
932,379
842,362
815,408
773,349
763,869
Real Estate Construction
285,137
278,163
277,643
297,589
305,992
Farm Real Estate
37,775
23,713
23,866
22,399
23,035
Lease financing receivable
35,103
38,960
42,758
44,570
46,900
Consumer and Other
34,447
10,182
10,991
11,382
12,588
Total Loans
$
3,270,046
$
3,095,994
$
3,151,124
$
3,104,036
$
3,081,230
Supplemental Financial Information
(Unaudited - dollars in thousands)
December 31,
September 30,
June 30,
March 31,
December 31,
End of period deposit balances
2025
2025
2025
2025
2024
Noninterest-bearing demand
$
702,032
$
651,934
$
647,609
$
648,683
$
695,094
Interest-bearing demand
$
400,403
415,620
433,089
467,601
419,583
Savings and money market
$
1,234,593
1,129,985
1,100,660
1,146,480
1,126,974
Time deposits
$
727,294
601,757
560,702
515,910
469,954
Brokered deposits
$
402,142
431,167
454,147
460,214
500,265
Total Deposits
$
3,466,464
$
3,230,463
$
3,196,207
$
3,238,888
$
3,211,870
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
Income statement
2025
2025
2025
2025
2024
Total interest and dividend income
$
55,741
$
55,240
$
56,271
$
53,733
$
53,233
Total interest expense
19,290
20,695
21,457
20,960
21,878
Net interest income
36,451
34,545
34,814
32,773
31,355
Provision for credit losses
724
378
1,171
1,248
697
Provision for unfunded commitments
(139)
(178)
(146)
319
(1)
Non-interest income
9,884
9,633
6,589
7,860
9,015
Non-interest expense
31,003
28,327
27,482
27,126
28,296
Income before taxes
14,747
15,651
12,896
11,940
11,378
Income tax expense
2,480
2,891
1,881
1,772
1,485
Net income
$
12,267
$
12,760
$
11,015
$
10,168
$
9,893
Net income available to common
shareholders
$
12,267
$
12,760
$
11,015
$
10,168
$
9,893
Per share data
Earnings per common share
Basic
Net income
$
12,267
$
12,760
$
11,015
$
10,168
$
9,893
Less allocation of earnings and
dividends to participating securities
48
61
45
44
213
Net income available to common
shareholders - basic
$
12,219
$
12,699
$
10,970
$
10,124
$
9,680
Weighted average common shares outstanding
20,185,285
18,767,307
15,524,490
15,488,813
15,734,243
Less average participating securities
90,281
91,743
96,692
66,711
339,626
Weighted average number of shares
outstanding used to calculate basic earnings
per share
20,095,004
18,675,564
15,427,798
15,422,102
15,394,617
Earnings per common share
Basic
$
0.61
$
0.68
$
0.71
$
0.66
$
0.63
Diluted
$
0.61
$
0.68
$
0.71
$
0.66
$
0.63
Common shares dividend paid
$
3,283
$
3,283
$
2,638
$
2,636
$
2,518
Dividends paid per common share
0.17
0.17
0.17
0.17
0.16
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
Selected financial ratios
2025
2025
2025
2025
2024
Return on average assets
1.14
%
1.22
%
1.06
%
1.00
%
0.97
%
Return on average equity
9.26
%
10.70
%
11.02
%
10.39
%
10.05
%
Dividend payout ratio
27.97
%
25.00
%
23.96
%
25.90
%
25.45
%
Net interest margin (tax
equivalent)
3.69
%
3.58
%
3.64
%
3.51
%
3.36
%
Effective tax rate
16.82
%
18.47
%
14.59
%
14.84
%
13.05
%
Supplemental Financial Information
(Unaudited - dollars in thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
Non-interest income
2025
2025
2025
2025
2024
Service charges
$
1,706
$
1,667
$
1,564
$
1,524
$
1,591
Net gain (loss) on equity securities
120
255
(74)
(29)
96
Net gain on sale of loans and leases
1,594
1,450
841
604
1,259
ATM/Interchange fees
1,722
1,435
1,418
1,326
1,640
Wealth management fees
1,473
1,402
1,325
1,340
1,464
Lease revenue and residual income
1,518
1,934
525
1,896
1,280
Bank owned life insurance
397
666
386
387
771
Swap fees
150
-
53
72
66
Other
1,204
824
551
740
848
Total non-interest income
$
9,884
$
9,633
$
6,589
$
7,860
$
9,015
Supplemental Financial Information
(Unaudited - dollars in thousands)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
Non-interest expense
2025
2025
2025
2025
2024
Compensation expense
$
14,526
$
15,161
$
15,011
$
14,043
$
14,899
Net occupancy Expense
1,410
1,466
1,419
1,634
1,138
Contracted data processing
672
559
536
567
508
FDIC Assessment
493
627
689
873
1,039
State franchise tax
343
536
634
526
608
Professional services
1,467
1,225
1,798
2,090
2,247
Equipment expense
2,032
2,205
1,764
2,103
2,240
ATM/Interchange expense
710
755
683
580
671
Marketing
410
391
289
296
448
Amortization of core deposit intangible
576
318
338
332
363
Software maintenance expense
1,411
1,480
1,294
1,277
1,376
Other
6,953
3,604
3,027
2,805
2,759
Total non-interest expense
$
31,003
$
28,327
$
27,482
$
27,126
$
28,296
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
Asset quality
2025
2025
2025
2025
2024
Allowance for credit losses:
Beginning of period
$
40,254
$
40,455
$
40,284
$
39,669
$
41,268
CECL Day 1 Adjustment
FSB
1,960
-
-
-
-
Charge-offs
(1,064)
(662)
(1,092)
(976)
(2,335)
Recoveries
146
83
92
343
39
Provision
724
378
1,171
1,248
697
End of period
$
42,020
$
40,254
$
40,455
$
40,284
$
39,669
Allowance for unfunded
commitments:
Beginning of period
$
3,375
$
3,553
$
3,699
$
3,380
$
3,381
Charge-offs
-
-
-
-
-
Recoveries
-
-
-
-
-
Provision
(139)
(178)
(146)
319
(1)
End of period
$
3,236
$
3,375
$
3,553
$
3,699
$
3,380
Ratios
Allowance to total loans
1.28
%
1.30
%
1.28
%
1.30
%
1.29
%
Allowance to nonperforming
assets
134.29
%
176.52
%
174.52
%
129.12
%
121.58
%
Allowance to nonperforming
loans
134.29
%
176.52
%
176.11
%
129.99
%
120.75
%
Nonperforming assets
Non-accrual loans
$
30,815
$
22,615
$
22,742
$
30,989
$
30,950
Restructured loans
14
12
7
-
1,677
90+ Days Past Due, Still
Accruing
461
177
223
-
225
Total non-performing loans
31,290
22,804
22,972
30,989
32,852
Other Real Estate Owned
-
-
209
209
-
Total non-performing assets
$
31,290
$
22,804
$
23,181
$
31,198
$
32,852
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
Capital and liquidity
2025
2025
2025
2025
2024
Tier 1 leverage ratio
11.32
%
10.96
%
8.80
%
8.66
%
8.60
%
Tier 1 risk-based capital ratio
14.51
%
14.19
%
11.18
%
10.97
%
10.47
%
Total risk-based capital ratio
18.02
%
17.80
%
14.73
%
14.53
%
13.98
%
Tangible common equity ratio (1)
9.54
%
9.21
%
6.70
%
6.59
%
6.43
%
(1) See reconciliation of non-GAAP measures at the end of this press release.
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
December 31,
September 30,
June 30,
March 31,
December 31,
2025
2025
2025
2025
2024
Tangible Common Equity
Total Shareholder's
Equity - GAAP
$
543,474
$
499,028
$
404,137
$
397,434
$
388,502
Less: Preferred Equity
-
-
-
-
-
Less: Goodwill and
intangible assets
143,538
132,276
132,631
133,026
133,403
Tangible common equity
(Non-GAAP)
$
399,936
$
366,752
$
271,506
$
264,408
$
255,099
Total Shares
Outstanding
20,746,474
19,312,726
15,529,342
15,519,072
15,487,667
Tangible book value per
share
$
19.28
$
18.99
$
17.48
$
17.04
$
16.47
Tangible Assets
Total Assets - GAAP
$
4,336,453
$
4,113,334
$
4,185,869
$
4,146,717
$
4,098,469
Less: Goodwill and
intangible assets
143,538
132,276
132,631
133,026
133,403
Tangible assets (Non-
GAAP)
$
4,192,915
$
3,981,058
$
4,053,238
$
4,013,691
$
3,965,066
Tangible common equity
to tangible assets
9.54
%
9.21
%
6.70
%
6.59
%
6.43
%
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
Three Months Ended
Twelve Months Ended
December 31,
December 31,
Efficiency ratio (non-GAAP):
2025
2024
2025
2024
Noninterest expense (GAAP)
$
31,003
$
28,296
$
113,938
$
112,520
Less: Amortization of intangible assets
expense
576
363
1,484
1,121
Less: Acquisition related expenses
3,424
-
4,093
-
Noninterest expense (non-GAAP)
$
27,003
$
27,933
$
108,361
$
111,399
Net interest income (GAAP)
$
36,451
$
31,355
$
138,583
$
116,710
Plus: Taxable equivalent adjustment
620
627
2,481
2,518
Noninterest income (GAAP)
9,884
9,015
33,967
37,748
Less: Net gains (losses) on equity securities
120
96
271
252
Net interest income (FTE) plus non-interest
income (non-GAAP)
$
46,835
$
40,901
$
174,760
$
156,724
Efficiency ratio (non-GAAP)
57.7
%
68.3
%
62.0
%
71.1
%
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
Three Months Ended
December 31,
September 30,
June 30,
March 31,
December 31,
Efficiency ratio (non-GAAP):
2025
2025
2025
2025
2024
Noninterest expense (GAAP)
$
31,003
$
28,327
$
27,482
$
27,126
$
28,296
Less: Amortization of intangible assets
expense
576
318
339
332
363
Less: Acquisition related expenses
3,424
664
5
-
-
Noninterest expense (non-GAAP)
$
27,003
$
27,345
$
27,138
$
26,794
$
27,933
Net interest income (GAAP)
$
36,451
$
34,545
$
34,814
$
32,773
$
31,355
Plus: Taxable equivalent adjustment
620
618
621
622
627
Noninterest income (GAAP)
9,884
9,633
6,589
7,860
9,015
Less: Net gains (losses) on equity securities
120
255
(74)
(29)
96
Net interest income (FTE) plus non-interest
income (non-GAAP)
$
46,835
$
44,541
$
42,098
$
41,284
$
40,901
Efficiency ratio (non-GAAP)
57.7
%
61.4
%
64.5
%
64.9
%
68.3
%
Supplemental Financial Information
Consolidated Condensed Statement of Operations
(Unaudited - dollars in thousands except share data)
Three Months Ended
Twelve Months Ended
December 31, 2025
December 31, 2025
Non-
Recurring
Non-
Recurring
As Reported
Adjustments
As Adjusted
As Reported
Adjustments
As Adjusted
Interest income
$
55,741
$
-
$
55,741
$
220,985
$
1,621
$
219,364
Interest expense
19,290
-
19,290
82,402
-
82,402
Net interest
income
36,451
-
36,451
138,583
1,621
136,962
Provision for
credit losses
724
-
724
3,521
-
3,521
Provision for
unfunded
commitments
(139)
-
(139)
(144)
-
(144)
Net interest
income after
provision
35,866
-
35,866
135,206
1,621
133,585
Non-interest
income
9,884
-
9,884
33,967
(1,044)
35,011
Non-interest
expense
31,003
3,424
27,579
113,938
3,782
110,156
Income before
taxes
14,747
(3,424)
18,171
55,235
(3,205)
58,440
Income tax
expense
2,480
(568)
3,048
9,023
(531)
9,554
Net income
$
12,267
$
(2,856)
$
15,123
$
46,212
$
(2,674)
$
48,886
Earnings per
common share
Basic
$
0.61
$
(0.14)
$
0.75
$
2.64
$
(0.15)
$
2.79
Diluted
$
0.61
$
(0.14)
$
0.75
$
2.64
$
(0.15)
$
2.79
Supplemental Financial Information
Consolidated Condensed Statement of Operations
(Unaudited - dollars in thousands except share data)
Three Months Ended
As Reported
December 31, 2025
September 30, 2025
June 30, 2025
Interest income
$
55,741
$
55,240
$
56,271
Interest expense
19,290
20,695
21,457
Net interest income
36,451
34,545
34,814
Provision for credit losses
724
378
1,171
Provision for unfunded commitments
(139)
(178)
(146)
Net interest income after provision
35,866
34,345
33,789
Non-interest income
9,884
9,633
6,589
Non-interest expense
31,003
28,327
27,482
Income before taxes
14,747
15,651
12,896
Income tax expense
2,480
2,891
1,881
Net income
$
12,267
$
12,760
$
11,015
Earnings per common share
Basic
$
0.61
$
0.68
$
0.71
Diluted
$
0.61
$
0.68
$
0.71
Net Interest Margin
3.69
%
3.58
%
3.64
%
As Adjusted
Interest income
$
55,741
$
55,240
$
54,650
Interest expense
19,290
20,695
21,457
Net interest income
36,451
34,545
33,193
Provision for credit losses
724
378
1,171
Provision for unfunded
commitments
(139)
(178)
(146)
Net interest income after provision
35,866
34,345
32,168
Non-interest income
9,884
9,633
7,633
Non-interest expense
27,579
27,663
27,793
Income before taxes
18,171
16,315
12,008
Income tax expense
3,048
3,001
1,750
Net income
$
15,123
$
13,314
$
10,258
Earnings per common share
Basic
$
0.75
$
0.71
$
0.66
Diluted
$
0.75
$
0.71
$
0.66
Net Interest Margin
3.69
%
3.58
%
3.47
%
Three Months Ended
Non-Recurring Adjustments
December 31, 2025
September 30, 2025
June 30, 2025
Interest income
$
-
$
-
$
1,621
Interest expense
-
-
-
Net interest income
-
-
1,621
Provision for credit losses
-
-
-
Provision for unfunded commitments
-
-
-
Net interest income after provision
-
-
1,621
Non-interest income
-
-
(1,044)
Non-interest expense
3,424
664
(311)
Income before taxes
(3,424)
(664)
888
Income tax expense
(568)
(110)
131
Net income
$
(2,856)
$
(554)
$
757
Earnings per common share
Basic
$
(0.14)
$
(0.03)
$
0.05
Diluted
$
(0.14)
$
(0.03)
$
0.05
Net Interest Margin
0.00
%
0.00
%
0.17
%
Non-recurring adjustments summary:
Fourth-Quarter 2025
The quarter ended December 31, 2025 was negatively impacted by non-recurring adjustments related to acquisition related expenses in conjunction with the previously announced merger with The Farmers Savings Bank that successfully closed in the fourth quarter of 2025. The expenses impacted net income for the quarter ended December 31, 2025 by approximately $3.4 million on a pre-tax basis.
Third-Quarter 2025
The quarter ended September 30, 2025 was negatively impacted by non-recurring adjustments related to acquisition related expenses in conjunction with the previously announced merger with The Farmers Savings Bank that is successfully closed in the fourth quarter of 2025. The expenses impacted net income for the quarter ended September 30, 2025 by approximately $0.7 million on a pre-tax basis.
Second-Quarter 2025
The quarter ended June 30, 2025 was positively impacted by non-recurring adjustments to our loan valuation resulting from a core system conversion during the second quarter of 2025, which positively impacted net income for the quarter ended June 30, 2025 by approximately $0.6 million on a pre-tax basis, and the release of a reserve established in the third-quarter of 2024 for a reconciling item associated with a system conversion, which positively impacted net income for the quarter ended June 30, 2025 by approximately $0.3 million on a pre-tax basis.
SOURCE Civista Bancshares, Inc.