Civista Bancshares, Inc. (NASDAQ:CIVB) (“Civista”) today reported net income of $10.2 million, or $0.66 per common share, for the quarter ended March 31, 2025.
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— Net income reflects a 59%, or $3.8 million increase of net income compared to net income of $6.4 million for the first-quarter of 2024.
— Earnings per share reflects an increase of $0.25 per common share, compared to $0.41 per common share for the first-quarter of 2024.
— Net interest margin (tax equivalent) of 3.51%, compared to 3.22% in the first-quarter of 2024, and 3.36% in the fourth-quarter of 2024.
— Noninterest expense of $27.1 million, $1.2 million or 4.1% lower than the fourth-quarter of 2024.
— 200 basis points cost of deposits, 231 basis points cost of funds for the first-quarter of 2025, 11 basis points lower than the 242 basis points cost of funds in the fourth-quarter of 2024.
CEO Commentary:
“I was extremely pleased with our first-quarter earnings and performance. Our focus remains on staying disciplined in our loan and deposit pricing and to grow deposits and deepen customer relationships,”, said Dennis G. Shaffer, CEO and President of Civista.
“Our results highlight the positive impact of our deposit initiatives we launched in the middle of last year. For the third consecutive quarter we grew deposits, which allowed us to reduce our reliance on wholesale funding. In addition, we improved loan yields by 9 basis points and reduced overall funding costs by 11 basis points since the fourth-quarter of 2024. Our Earnings Per Share was $0.66 for the quarter, up from $0.63, compared to the linked quarter, and $0.25 higher than the $0.41 in first-quarter of 2024. Our strong earnings and the recent increase in our quarterly dividend, reflects our confidence in Civista's financial strength and our commitment to delivering value to our shareholders. “, said Shaffer.
“Our credit quality remains strong as we keep supporting and building better relationships with our customers. We are committed to meeting the growing demand for housing and construction financing, making sure we address the needs of our customers and communities. Continuing to focus on these areas, we've been able to provide our customers with the financial support they need.”, said Shaffer.
Results of Operations:
First-Quarter 2025 Highlights
— Diluted earnings per common share of $0.66, for the first quarter of 2025, compared to $0.41 per diluted share, for the first quarter of 2024
— Net income of $10.2 million, an increase of $3.8 million compared to $6.4 million for the first quarter 2024
— Net interest margin (tax equivalent) of 3.51%, compared to 3.22% in the first quarter of 2024, and 3.36% in the fourth quarter of 2024
— Net interest income of $32.8 million, up $4.4 million or 15.5% compared to the first quarter of 2024, and up $1.4 million or 4.5% compared to the fourth-quarter of 2024
— 200 basis points cost of deposits, 231 basis points cost of funds for the first-quarter of 2025, 11 basis points lower than the 242 basis points cost of funds in the fourth-quarter of 2024
— Noninterest expense of $27.1 million, $1.2 million or 4.1% lower than the fourth quarter of 2024.
— Efficiency ratio of 64.9%, compared to 72.3% in Q1 2024 and 68.3% in Q4 2024
— Total period end deposit growth of $27.0 million from fourth quarter 2024, includes a $40 million reduction in brokered deposits
— Total period end loan growth of $22.8 million from fourth quarter 2024
— Return on Assets of 1.00%, compared to 0.66% in first quarter 2024
— Return on Equity of 10.39%, compared to 6.89% in first quarter 2024
— Noninterest income of $7.9 million
— Allowance for credit losses on loans / total loans of 1.30%
— Based on the March 31, 2025, market close share price of $19.54, the $0.17 first quarter dividend is equivalent to an annualized yield of 3.48% and a dividend payout ratio of 25.90%
Assets
Total assets at March 31, 2025, were $4.1 billion, an increase of $48.2 million, or 1.2%, from December 31, 2024.
— Loan and lease balances increased $22.8 million, or 0.7% since December 31, 2024.
— Commercial Real Estate continued to grow due to consistent demand in the non-owner and owner occupied categories.
— Residential Real Estate has grown primarily due to more home construction loans as we meet the demand for housing and construction financing by our customers and communities.
Deposits & Borrowings
Total deposits at March 31, 2025 were $3.2 billion, an increase of $27.0 million, or 0.8%, from December 31, 2024.
— Noninterest-bearing demand deposits decreased $46.4 million, primarily due to a $62.5 million decrease in noninterest-bearing accounts related to commercial business deposits. Also, included is an $11.3 million increase in noninterest-bearing public funds.
— Interest-bearing demand deposits increased $48.0 million, primarily due to a $56.3 million increase in interest-bearing public funds, slightly offset by a $6.3 million decrease in Jumbo now deposits.
— $18.7 million increase in savings and money market deposits, primarily due to a $41.8 million increase in business money market accounts, a $5.7 million increase in statement savings, mostly offset by a $22.7 million decrease in reciprocal deposits, a $3.1 million decrease in money market savings, and $2.8 million decrease in public funds money market accounts.
— $46.7 million increase in time deposits, primarily due to a $17.6 million increase in Jumbo time certificates, a $15.6 million increase in retail time certificates, and a $19.7 million increase in time certificates over $250 thousand, partially offset by a $7.6 million decrease in reciprocal deposits.
— Brokered deposits totaled $460.2 million at March 31, 2025, which includes brokered certificate of deposits of $450.0 million and brokered money markets of $10.2 million. Brokered deposits decreased $40.1 million in the first quarter of 2025.
— FHLB overnight advances totaled $360.0 million on March 31, 2025, up $21.0 million from $339.0 million on December 31, 2024.
— FHLB term advances totaled $1.4 million on March 31, 2025, down from $1.5 million on December 31, 2024.
Net Interest Income and Net Interest Margin
Net interest income increased $4.4 million, or 15.5%, for the first quarter of 2025, compared to the same period last year.
— Interest income increased $3.6 million for the first quarter of 2025, compared to the same period last year, attributed to average interest-earning assets increasing $249.2 million coupled with a 7 basis point increase in asset yield.
— Interest expense decreased $0.8 million for the first quarter of 2025, compared to the same period last year. This was due to a 136 basis point reduction in higher costing FHLB borrowings mostly offset by $258.2 million growth in deposits ($252.9 million in average balances), resulting in a net increase of $279.1 million in average interest-bearing liabilities when comparing the first quarter of 2025 to the same period last year.
— Net interest margin increased 29 basis points to 3.51% for the first quarter of 2025, compared to 3.22% for the same period last year.
Credit
Provision for credit losses (including provision for unfunded commitments) decreased $0.4 million for the first quarter of 2025 to $1.6 million compared to $2.0 million for the same period last year.
— Civista recorded net charge-offs of $0.6 million for the first quarter of 2025 compared to net charge-offs of $0.4 million for the same period of 2024.
— The allowance for credit losses to loans ratio was 1.30% at March 31, 2025, compared to 1.34% at March 31, 2024, and 1.29% at December 31, 2024.
— Non-performing assets at March 31, 2025 were $31.2 million, a decrease of $1.4 million or 4.4%, from December 31, 2024. The non-performing assets to assets ratio was 0.75% at March 31, 2025 and 0.80% at December 31, 2024.
— The allowance for credit losses to non-performing loans increased to 130.0% at March 31, 2025 from 121.6% at December 31, 2024.
Noninterest Income
Noninterest income totaled $7.9 million, a decrease of $0.4 million or 4.8%, when compared to the same period last year.
— Net gain/(loss) on equity securities increased $0.1 million for the first quarter of 2025, compared to the same period last year, resulting from market valuation adjustments.
— Net gain on sale of loans and leases, which includes gain/loss on sale of mortgages, adjustments to mortgage service rights (MSR), and gain/loss on sales of loans and leases from the Civista Leasing and Finance (“CLF”) division, decreased $0.3 million for the first quarter of 2025, compared to the same period last year, primarily due to lower originations.
— Lease revenue and residual income increased $0.2 million for the first quarter of 2025 compared to the same period last year, due to stronger lease originations.
— Other income decreased $0.6 million for the first quarter of 2025 compared to the same period last year, primarily related to lower fee revenue from CLF.
Noninterest Expense
Noninterest expense totaled $27.1 million, a decrease of $0.3 million or 1.1%, when compared to the same period last year.
— Compensation expense decreased $1.4 million for the first quarter of 2025 compared to the same period last year, primarily due to a lower employee benefits costs coupled with an increase in the deferral of salaries and wages related to the loan originations in the first three months of 2025.
— The quarter-to-date average number of full time equivalent (FTE) employees was 520 at March 31, 2025, compared with an average number of 539 for the same period in 2024.
— FDIC assessment increased $0.4 million for the first quarter of 2025 compared to the same period last year, primarily from an increase in the total assessment base resulting from the Company's overall balance sheet growth year over year.
— Professional fees increased $0.9 million for the first quarter of 2025 compared to the same period last year, mainly due to utilizing consultants to assist in transitioning Civista Leasing and Finance Division to a new core processing system.
— Equipment expense decreased $0.4 million for the first quarter of 2025 compared to the same period last year, due to normal equipment depreciation as well as decreases in equipment expense related to operating lease contracts.
— The efficiency ratio was 64.9% for the quarter ended March 31, 2025, compared to 72.3% for the same period last year. The change in the efficiency ratio is primarily due to a 1.1% decrease in noninterest expenses, a 15.5% increase in net interest income, partially offset by a 4.8% decrease in noninterest income.
Taxes
Civista's effective income tax rate for the first quarter of 2025 was 14.8% compared to 11.6% in the same period last year.
Capital
Total shareholders' equity at March 31, 2025, totaled $397.4 million, an increase of $8.9 million from December 31, 2024. This resulted from an increase of $7.5 million in retained earnings and a reduction in accumulated other comprehensive loss of $1.2 million.
Civista did not repurchase any shares in the first quarter of 2025, leaving the entire $13.5 million of the current repurchase authorization remaining. The current repurchase plan will expire in April 2026. In January 2025, Civista liquidated 8,182 shares held by employees, at $20.39 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 first quarter of 2025 at 1:00 p.m. ET on Thursday, April 24, 2025. 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. first 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 $4.1 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 42 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' 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 March 31, 2025 2024 Average Yield/ Average Yield/Assets: balance Interest rate * balance Interest rate *Interest-earning assets:Loans ** $ 3,099,440 $ 47,646 6.23 % $ 2,880,031 $ 44,485 6.20 %Taxable securities *** 396,893 3,555 3.31 % 350,815 2,934 3.00 %Non-taxable securities *** 286,481 2,340 3.91 % 295,388 2,375 3.85 %Federal funds sold – – 0.00 % – – 0.00 %Interest-bearing deposits in other banks 18,895 192 4.13 % 26,318 334 5.09 %Total interest-earning assets *** $ 3,801,709 $ 53,733 5.71 % $ 3,552,552 $ 50,128 5.64 %Noninterest-earning assets:Cash and due from financial institutions 43,203 29,599Premises and equipment, net 46,404 54,980Accrued interest receivable 13,567 12,724Intangible assets 133,268 134,872Bank owned life insurance 62,916 61,456Other assets 58,588 58,472Less allowance for loan losses (39,956) (37,356)Total Assets $ 4,119,699 $ 3,867,299Liabilities and Shareholders' Equity:Interest-bearing liabilities:Demand and savings $ 1,493,854 $ 3,987 1.08 % $ 1,383,225 $ 3,986 1.16 %Time 1,044,707 11,875 4.61 % 902,442 12,001 5.33 %Short-term FHLB borrowings 355,589 3,929 4.15 % 328,687 4,515 5.51 %Long-term FHLB borrowings 1,408 9 2.56 % 2,275 13 2.29 %Other borrowings – – 0.00 % – – 0.00 %Subordinated debentures 104,103 1,160 4.52 % 103,957 1,241 4.79 %Repurchase agreements – – 0.00 % – – 0.00 %Total interest-bearing liabilities $ 2,999,661 $ 20,960 2.83 % $ 2,720,586 $ 21,756 3.21 %Noninterest-bearing deposits 670,716 712,483Other liabilities 52,301 63,778Shareholders' equity 397,021 370,452Total Liabilities and Shareholders' Equity $ 4,119,699 $ 3,867,299Net interest income and interest rate spread $ 32,773 2.88 % $ 28,372 2.43 %Net interest margin *** 3.51 % 3.22 %* – Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments,included in the yields above, was $622 thousand and $632 thousand for the periods ended March 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 securitiesby unrealized losses of $59.2 million and $59.1 million, respectively. These adjustments were also made when calculatingthe yield on earning assets and the margin.
Noninterest income(unaudited – dollars in thousands) Three months ended March 31, 2025 2024 $ change % changeService charges $ 1,524 $ 1,440 $ 84 5.8 %Net gain on sale of securities – – – 0.0 %Net gain/(loss) on equity securities (29) (141) 112 79.4 %Net gain on sale of loans and leases 604 863 (259) -30.0 %ATM/Interchange fees 1,326 1,383 (57) -4.1 %Wealth management fees 1,340 1,276 64 5.0 %Lease revenue and residual income 1,896 1,674 222 13.3 %Bank owned life insurance 387 350 37 10.6 %Swap fees 72 57 15 26.3 %Other 740 1,354 (614) -45.3 %Total noninterest income $ 7,860 $ 8,256 $ (396) -4.8 %Noninterest expense(unaudited – dollars in thousands) Three months ended March 31, 2025 2024 $ change % changeCompensation expense $ 14,043 $ 15,457 $ (1,414) -9.1 %Net occupancy Expense 1,634 1,368 266 19.4 %Contracted data processing 567 545 22 4.0 %FDIC Assessment 873 484 389 80.4 %State franchise tax 526 485 41 8.5 %Professional services 2,090 1,149 941 81.9 %Equipment expense 2,103 2,535 (432) -17.0 %Amortization of core deposit intangible 332 391 (59) -15.1 %ATM/Interchange expense 580 625 (45) -7.2 %Marketing 296 479 (183) -38.2 %Software maintenance expense 1,277 1,189 88 7.4 %Other 2,805 2,734 71 2.6 %Total noninterest expense $ 27,126 $ 27,441 $ (315) -1.1 %
End of period loan and lease balances(unaudited – dollars in thousands) March 31, December 31, 2025 2024 $ Change % ChangeCommercial and Agriculture $ 330,627 $ 328,488 $ 2,139 0.7 %Commercial Real Estate:Owner Occupied 378,095 374,367 3,728 1.0 %Non-owner Occupied 1,246,025 1,225,991 20,034 1.6 %Residential Real Estate 773,349 763,869 9,480 1.2 %Real Estate Construction 297,589 305,992 (8,403) -2.7 %Farm Real Estate 22,399 23,035 (636) -2.8 %Lease financing receivable 44,570 46,900 (2,330) -5.0 %Consumer and Other 11,382 12,588 (1,206) -9.6 %Total Loans $ 3,104,036 $ 3,081,230 $ 22,806 0.7 %End of period deposit balances(unaudited – dollars in thousands) March 31, December 31, 2025 2024 $ Change % ChangeNoninterest-bearing demand $ 648,683 $ 695,094 $ (46,411) -6.7 %Interest-bearing demand 467,601 419,583 48,018 11.4 %Savings and money market 1,146,480 1,127,765 18,715 1.7 %Time deposits 515,910 469,163 46,747 10.0 %Brokered deposits 460,214 500,265 (40,051) -8.0 %Total Deposits $ 3,238,888 $ 3,211,870 $ 27,018 0.8 %
Allowance for Credit Losses(dollars in thousands) Three months ended March 31, 2025 2024Beginning of period $ 39,669 $ 37,160Charge-offs (976) (651)Recoveries 343 298Provision 1,248 2,042End of period $ 40,284 $ 38,849Allowance for Unfunded Commitments(dollars in thousands) Three months ended March 31, 2025 2024Beginning of period $ 3,380 $ 3,901Charge-offs – -Recoveries – -Provision 319 (50)End of period $ 3,699 $ 3,851(dollars in thousands) March 31, December 31, 2025 2024Non-accrual loans $ 30,989 $ 30,950Restructured loans – 1,677Total non-performing loans 30,989 32,627Other Real Estate Owned 209 -Total non-performing assets $ 31,198 $ 32,627
Civista Bancshares, Inc.Financial Highlights(Unaudited, dollars in thousands, except share and per share amounts)Consolidated Condensed Statement of Operations Three Months Ended March 31, 2025 2024Interest income $ 53,733 $ 50,128Interest expense 20,960 21,756Net interest income 32,773 28,372Provision for credit losses 1,248 2,042Provision for unfunded commitments 319 (50)Net interest income after provision 31,206 26,380Noninterest income 7,860 8,256Noninterest expense 27,126 27,441Income before taxes 11,940 7,195Income tax expense 1,772 835Net income 10,168 6,360Preferred stock dividends – -Net income availableto common shareholders $ 10,168 $ 6,360Dividends paid per common share $ 0.17 $ 0.16Earnings per common shareBasicNet income $ 10,168 $ 6,360Less allocation of earnings anddividends to participating securities 44 227Net income available to commonshareholders – basic $ 10,124 $ 6,133Weighted average common shares outstanding 15,488,813 15,695,963Less average participating securities 66,711 561,344Weighted average number of shares outstandingused to calculate basic earnings per share 15,422,102 15,134,619Earnings per common share -Basic $ 0.66 $ 0.41Diluted $ 0.66 $ 0.41Selected financial ratios:Return on average assets 1.00 % 0.66 %Return on average equity 10.39 % 6.89 %Dividend payout ratio 25.90 % 39.02 %Net interest margin (tax equivalent) 3.51 % 3.22 %Effective tax rate 14.84 % 11.60 %
Selected Balance Sheet Items(Dollars in thousands, except share and per share amounts) March 31, December 31, 2025 2024 (unaudited) (unaudited)Cash and due from financial institutions $ 90,456 $ 63,155Investment in time deposits 960 1,450Securities available-for-sale 648,537 650,488Loans held for sale 4,324 665Loans 3,104,036 3,081,230Less: allowance for credit losses (40,284) (39,669)Net loans 3,063,752 3,041,561Other securities 32,592 30,352Premises and equipment, net 45,107 47,166Goodwill and other intangibles 133,026 133,403Bank owned life insurance 63,170 62,783Other assets 64,793 67,446Total assets $ 4,146,717 $ 4,098,469Total deposits $ 3,238,888 $ 3,211,870Short-term Federal Home Loan Bank advances 360,000 339,000Long-term Federal Home Loan Bank advances 1,355 1,501Subordinated debentures 104,130 104,089Other borrowings 6,140 6,293Accrued expenses and other liabilities 38,770 47,214Total liabilities 3,749,283 3,709,967Common shares 312,192 312,037Retained earnings 212,944 205,408Treasury shares (75,753) (75,586)Accumulated other comprehensive loss (51,949) (53,357)Total shareholders' equity 397,434 388,502Total liabilities and shareholders' equity $ 4,146,717 $ 4,098,469Shares outstanding at period end 15,519,072 15,487,667Book value per share $ 20.12 $ 20.15Equity to asset ratio 7.53 % 7.61 %Selected asset quality ratios:Allowance for credit losses to total loans 1.30 % 1.29 %Non-performing assets to total assets 0.75 % 0.80 %Allowance for credit losses to non-performing loans 129.99 % 121.58 %Non-performing asset analysisNonaccrual loans $ 30,989 $ 30,950Restructured loans – 1,677Other real estate owned 209 -Total $ 31,198 $ 32,627
Supplemental Financial Information(Unaudited – dollars in thousands except share data) March 31, December 31, September 30, June 30, March 31,End of Period Balances 2025 2024 2024 2024 2024AssetsCash and due from banks $ 90,456 $ 63,155 $ 74,662 $ 55,760 $ 50,310Investment in time deposits 960 1,450 1,450 1,450 1,450Investment securities 648,537 650,488 629,113 611,866 608,277Loans held for sale 4,324 665 8,299 5,369 3,716Loans and leases 3,104,036 3,081,230 3,043,946 3,014,996 2,898,139Allowance for credit losses (40,284) (39,669) (41,268) (39,919) (38,849)Net Loans 3,063,752 3,041,561 3,002,678 2,975,077 2,859,290Other securities 32,592 30,352 32,633 37,615 31,360Premises and equipment, net 45,107 47,166 49,967 52,142 54,280Goodwill and other intangibles 133,026 133,403 133,829 134,227 134,618Bank owned life insurance 63,170 62,783 62,912 63,367 61,685Other assets 64,793 67,446 65,880 75,041 75,272Total Assets $ 4,146,717 $ 4,098,469 $ 4,061,423 $ 4,011,914 $ 3,880,258LiabilitiesTotal deposits $ 3,238,888 $ 3,211,870 $ 3,223,732 $ 2,977,616 $ 2,980,695Federal Home Loan Bank advances – short term 360,000 339,000 287,047 500,500 368,500Federal Home Loan Bank advances – long term 1,355 1,501 1,598 1,841 2,211Subordinated debentures 104,130 104,089 104,067 104,026 103,984Other borrowings 6,140 6,293 6,319 7,156 8,105Accrued expenses and other liabilities 38,770 47,214 44,222 46,967 47,104Total liabilities 3,749,283 3,709,967 3,666,985 3,638,106 3,510,599Shareholders' EquityCommon shares 312,192 312,037 311,901 311,529 311,352Retained earnings 212,944 205,408 198,034 192,186 187,638Treasury shares (75,753) (75,586) (75,586) (75,574) (75,574)Accumulated other comprehensive loss (51,949) (53,357) (39,911) (54,333) (53,757)Total shareholders' equity 397,434 388,502 394,438 373,808 369,659Total Liabilities and Shareholders' Equity $ 4,146,717 $ 4,098,469 $ 4,061,423 $ 4,011,914 $ 3,880,258Shares outstanding at period end 15,519,072 15,487,667 15,736,528 15,737,222 15,727,013Book value per share $ 20.12 $ 20.15 $ 25.07 $ 23.75 $ 23.50Equity to asset ratio 7.53 % 7.61 % 9.71 % 9.32 % 9.53 %
March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024Selected asset quality ratios:Allowance for credit losses to total loans 1.30 % 1.29 % 1.36 % 1.32 % 1.34 %Non-performing assets to total assets 0.75 % 0.80 % 0.45 % 0.43 % 0.41 %Allowance for credit losses to non-performing loans 129.99 % 121.58 % 227.36 % 233.47 % 247.06 %Non-performing asset analysisNonaccrual loans $ 30,989 $ 30,950 $ 16,488 $ 15,209 $ 13,235Restructured loans – 1,677 1,663 1,889 2,490Other real estate owned 209 – 61 – -Total $ 31,198 $ 32,627 $ 18,212 $ 17,098 $ 15,725
Supplemental Financial Information(Unaudited – dollars in thousands except share data) March 31, December 31, September 30, June 30, March 31,Quarterly Average Balances 2025 2024 2024 2024 2024Assets:Earning assets $ 3,801,709 $ 3,738,607 $ 3,705,866 $ 3,619,809 $ 3,552,552Securities 683,374 655,556 654,838 639,625 646,203Loans 3,099,440 3,061,991 3,031,884 2,964,377 2,880,031Liabilities and Shareholders' EquityTotal deposits $ 3,209,277 $ 3,285,485 $ 3,092,583 $ 2,969,380 $ 2,998,150Interest-bearing deposits 2,538,561 2,582,652 2,405,219 2,266,334 2,285,667Other interest-bearing liabilities 461,100 320,225 493,759 546,700 431,919Total shareholders' equity 397,021 391,591 381,392 365,784 370,452
Supplemental Financial Information(Unaudited – dollars in thousands) March 31, December 31, September 30, June 30, March 31,End of period loan and lease balances 2025 2024 2024 2024 2024Commercial and Agriculture $ 330,627 $ 328,488 $ 304,639 $ 318,499 $ 302,663Commercial Real Estate:Owner Occupied 378,095 374,367 375,751 377,308 367,419Non-owner Occupied 1,246,025 1,225,991 1,205,453 1,213,341 1,185,688Residential Real Estate 773,349 763,869 751,825 729,213 676,800Real Estate Construction 297,589 305,992 318,063 283,446 267,737Farm Real Estate 22,399 23,035 24,122 24,376 24,908Lease financing receivable 44,570 46,900 49,453 53,461 56,680Consumer and Other 11,382 12,588 14,640 15,352 16,244Total Loans $ 3,104,036 $ 3,081,230 $ 3,043,946 $ 3,014,996 $ 2,898,139Supplemental Financial Information(Unaudited – dollars in thousands) March 31, December 31, September 30, June 30, March 31,End of period deposit balances 2025 2024 2024 2024 2024Noninterest-bearing demand $ 648,683 $ 695,094 $ 686,316 $ 691,203 $ 707,993Interest-bearing demand 467,601 419,583 420,333 409,848 434,692Savings and money market 1,146,480 1,127,765 1,111,771 940,312 929,126Time deposits 515,910 469,163 456,973 418,047 327,579Brokered deposits 460,214 500,265 548,339 518,207 581,305Total Deposits $ 3,238,888 $ 3,211,870 $ 3,223,732 $ 2,977,617 $ 2,980,695
Supplemental Financial Information(Unaudited – dollars in thousands except share data) Three Months Ended March 31, December 31, September 30, June 30, March 31,Income statement 2025 2024 2024 2024 2024Total interest and dividend income $ 53,733 $ 53,233 $ 52,741 $ 50,593 $ 50,128Total interest expense 20,960 21,878 23,508 22,842 21,756Net interest income 32,773 31,355 29,233 27,751 28,372Provision for credit losses 1,248 697 1,346 1,800 2,042Provision for unfunded commitments 319 (1) (325) (145) (50)Noninterest income 7,860 9,015 9,686 10,543 8,256Noninterest expense 27,126 28,296 27,981 28,555 27,441Income before taxes 11,940 11,378 9,917 8,084 7,195Income tax expense 1,772 1,485 1,551 1,020 835Net income $ 10,168 $ 9,893 $ 8,366 $ 7,064 $ 6,360Preferred stock dividends – – – – -Net income available to common shareholders $ 10,168 $ 9,893 $ 8,366 $ 7,064 $ 6,360Per share dataEarnings per common shareBasicNet income $ 10,168 $ 9,893 $ 8,366 $ 7,064 $ 6,360Less allocation of earnings anddividends to participating securities 44 213 177 153 227Net income available to common shareholders – basic $ 10,124 $ 9,680 $ 8,189 $ 6,911 $ 6,133Weighted average common shares outstanding 15,488,813 15,734,243 15,736,966 15,729,049 15,695,963Less average participating securities 66,711 339,626 332,531 341,567 561,344Weighted average number of shares outstanding used to calculate basic earnings per share 15,422,102 15,394,617 15,404,435 15,387,482 15,134,619Earnings per common shareBasic $ 0.66 $ 0.63 $ 0.53 $ 0.45 $ 0.41Diluted $ 0.66 $ 0.63 $ 0.53 $ 0.45 $ 0.41Common shares dividend paid $ 2,636 $ 2,518 $ 2,518 $ 2,516 $ 2,510Dividends paid per common share 0.17 0.16 0.16 0.16 0.16
Three Months Ended March 31, December 31, September 30, June 30, March 31,Selected financial ratios 2025 2024 2024 2024 2024Return on average assets 1.00 % 0.97 % 0.83 % 0.72 % 0.66 %Return on average equity 10.39 % 10.43 % 8.73 % 7.77 % 6.89 %Dividend payout ratio 25.90 % 25.45 % 30.10 % 35.63 % 39.02 %Net interest margin (tax equivalent) 3.51 % 3.36 % 3.19 % 3.09 % 3.22 %Effective tax rate 14.84 % 13.05 % 15.63 % 12.62 % 11.60 %
Supplemental Financial Information(Unaudited – dollars in thousands) Three Months Ended March 31, December 31, September 30, June 30, March 31,Noninterest income 2025 2024 2024 2024 2024Service charges $ 1,524 $ 1,591 $ 1,595 $ 1,488 $ 1,440Net gain on sale of securities – – – – -Net gain/(loss) on equity securities (29) 96 223 74 (141)Net gain on sale of loans and leases 604 1,259 1,427 888 863ATM/Interchange fees 1,326 1,640 1,402 1,416 1,383Wealth management fees 1,340 1,464 1,443 1,337 1,276Lease revenue and residual income 1,896 1,280 2,428 3,529 1,674Bank owned life insurance 387 771 717 367 350Swap fees 72 66 43 122 57Other 740 848 408 1,322 1,354Total noninterest income $ 7,860 $ 9,015 $ 9,686 $ 10,543 $ 8,256
Supplemental Financial Information(Unaudited – dollars in thousands) Three Months Ended March 31, December 31, September 30, June 30, March 31,Noninterest expense 2025 2024 2024 2024 2024Compensation expense $ 14,043 $ 14,899 $ 15,726 $ 15,740 $ 15,457Net occupancy Expense 1,634 1,138 1,293 1,298 1,368Contracted data processing 567 508 636 559 545FDIC Assessment 873 1,039 560 548 484State franchise tax 526 608 480 479 485Professional services 2,090 2,247 1,134 1,249 1,149Equipment expense 2,103 2,240 2,345 2,434 2,535Amortization of core deposit intangible 332 363 364 366 391ATM/Interchange expense 580 671 616 632 625Marketing 296 448 716 445 479Software maintenance expense 1,277 1,376 1,203 1,176 1,189Other 2,805 2,759 2,908 3,629 2,734Total noninterest expense $ 27,126 $ 28,296 $ 27,981 $ 28,555 $ 27,441
Supplemental Financial Information(Unaudited – dollars in thousands except share data) Three Months Ended March 31, December 31, September 30, June 30, March 31,Asset quality 2025 2024 2024 2024 2024Allowance for credit losses:Beginning of period $ 39,669 $ 41,268 $ 39,919 $ 38,849 $ 37,160Charge-offs (976) (2,335) (42) (887) (651)Recoveries 343 39 45 157 298Provision 1,248 697 1,346 1,800 2,042End of period $ 40,284 $ 39,669 $ 41,268 $ 39,919 $ 38,849Allowance for unfunded commitments:Beginning of period $ 3,380 $ 3,381 $ 3,706 $ 3,851 $ 3,901Charge-offs – – – – -Recoveries – – – – -Provision 319 (1) (325) (145) (50)End of period $ 3,699 $ 3,380 $ 3,381 $ 3,706 $ 3,851RatiosAllowance to total loans 1.30 % 1.29 % 1.36 % 1.32 % 1.34 %Allowance to nonperforming assets 129.12 % 121.58 % 226.60 % 233.47 % 247.06 %Allowance to nonperforming loans 129.99 % 121.58 % 227.36 % 233.47 % 247.06 %Nonperforming assetsNon-accrual loans $ 30,989 $ 30,950 $ 16,488 $ 15,209 $ 13,235Restructured loans – 1,677 1,633 1,889 2,490Total non-performing loans 30,989 32,627 18,121 17,098 15,725Other Real Estate Owned 209 – 61 – -Total non-performing assets $ 31,198 $ 32,627 $ 18,182 $ 17,098 $ 15,725Capital and liquidityTier 1 leverage ratio 8.66 % 8.60 % 8.45 % 8.59 % 8.62 %Tier 1 risk-based capital ratio 10.97 % 10.47 % 10.29 % 10.63 % 10.81 %Total risk-based capital ratio 14.53 % 13.98 % 13.81 % 14.28 % 14.53 %Tangible common equity ratio (1) 6.59 % 6.43 % 6.64 % 6.19 % 6.28 %(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) March 31, December 31, September 30, June 30, March 31, 2025 2024 2024 2024 2024Tangible Common EquityTotal Shareholder's Equity – GAAP $ 397,434 $ 388,502 $ 394,438 $ 373,808 $ 369,659Less: Preferred Equity – – – – -Less: Goodwill and intangible assets 133,026 133,403 133,829 134,227 134,618Tangible common equity (Non-GAAP) $ 264,408 $ 255,099 $ 260,609 $ 239,581 $ 235,041Total Shares Outstanding 15,519,072 15,487,667 15,736,528 15,737,222 15,727,013Tangible book value per share $ 17.04 $ 16.47 $ 16.56 $ 15.25 $ 14.95Tangible AssetsTotal Assets – GAAP $ 4,146,717 $ 4,098,469 $ 4,061,423 $ 4,011,914 $ 3,880,258Less: Goodwill and intangible assets 133,026 133,403 133,829 134,227 134,618Tangible assets (Non-GAAP) $ 4,013,691 $ 3,965,066 $ 3,927,594 $ 3,877,687 $ 3,745,640Tangible common equity to tangible assets 6.59 % 6.43 % 6.64 % 6.19 % 6.28 %
Reconciliation of Non-GAAP Financial Measures(Unaudited – dollars in thousands except share data) Three Months Ended March 31, December 31, September 30, June 30, March 31,Efficiency ratio (non-GAAP): 2025 2024 2024 2024 2024Noninterest expense (GAAP) $ 27,126 $ 28,296 $ 27,981 $ 28,555 $ 27,441Less: Amortization of intangible assets expense 332 363 363 366 391Less: Acquisition related expenses – – – – -Noninterest expense (non-GAAP) $ 26,794 $ 27,933 $ 27,618 $ 28,189 $ 27,050Net interest income (GAAP) $ 32,773 $ 31,355 $ 29,233 $ 27,751 $ 28,372Plus: Taxable equivalent adjustment 622 627 630 631 631Noninterest income (GAAP) 7,860 9,015 9,686 10,543 8,256Less: Net gains (losses) on equity securities (29) 96 223 74 (141)Net interest income (FTE) plus noninterest income (non-GAAP) $ 41,284 $ 40,901 $ 39,326 $ 38,851 $ 37,400Efficiency ratio (non-GAAP) 64.9 % 68.3 % 70.2 % 72.6 % 72.3 %
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