Civista Bancshares, Inc. (NASDAQ:CIVB) (“Civista”) today reported net income of $12.8 million, or $0.68 per common share, for the quarter ended September 30, 2025.
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— Completed an underwritten public offering of common stock, including an overallotment option. The offering totaled 3,788,238 shares at a price of $21.25 per share, raising approximately $80,500,058.
— Net income of $12.8 million, a $4.4 million or 53% increase compared to $8.4 million for the third quarter 2024, and an increase of $1.8 million or 16% compared to $11.0 million in the second quarter of 2025.
— Diluted earnings per common share of $0.68, for the third quarter of 2025, compared to $0.53 per diluted share, for the third quarter of 2024, and $0.71 per diluted share in the second quarter of 2025.
— Efficiency ratio of 61.4%, compared to 70.5% for the third quarter of 2024 and 64.5% in the second quarter of 2025, decreasing for the 5th consecutive quarter.
— 227 basis points cost of funds for the third quarter of 2025, 34 basis points lower than the 261 basis points cost of funds for the third quarter of 2024.
— The third-quarter of 2025 included non-recurring items which negatively impacted net income by approximately $0.7 million on a pre-tax basis, $0.6 million on an after-tax basis, and $0.03 per common share.
CEO Commentary:
“Our third-quarter results demonstrate strong momentum, with net income rising 53% to $12.8 million from $8.4 million a year ago, and earnings per share increasing 28% to $0.68 from $0.53,” said Dennis G. Shaffer, CEO and President of Civista. “These gains reflect the effectiveness of our disciplined growth strategy and the strength of our customer relationships.”
“We've received regulatory approval for our partnership with The Farmers Savings Bank, which is expected to close in November. This milestone-combined with our recent $80.5 million capital raise-will significantly expand our presence in Northeast Ohio, enhance liquidity, and serve as a strong foundation for accelerated growth,” Shaffer added.
“Our credit quality remains strong and stable, reflecting the rigor of our underwriting and the enduring strength of our customer relationships,” Shaffer said. “Despite ongoing economic pressures, our disciplined approach continues to serve us well, positioning Civista to navigate challenges and grow organically with confidence. We remain committed to delivering tailored financial solutions that support the evolving needs of the communities we serve.”
Results of Operations:
For the three-month periods ended September 30, 2025, June 30, 2025 and September 30, 2024 and the nine-month periods ended September 30, 2025 and September 30, 2024.
Third-Quarter 2025 Highlights
— Completed an underwritten public offering of common stock, including an overallotment option. The offering totaled 3,788,238 shares at a price of $21.25 per share, raising approximately $80,500,058.
— Diluted earnings per common share of $0.68, for the third quarter of 2025, compared to $0.53 per diluted share, for the third quarter of 2024, and $0.71 per diluted share in the second quarter of 2025.
— Net income of $12.8 million, an increase of 53% or $4.4 million compared to $8.4 million for the third quarter 2024, and an increase of 16% or $1.8 million compared to $11.0 million in the second quarter of 2025.
— Net interest margin (tax equivalent) of 3.58%for the third quarter of 2025, compared to 3.16% for the third quarter of 2024.
— Net interest income of $34.5 million, up $5.3 million or 18.2% compared to the third quarter of 2024.
— 200 basis points cost of deposits for the third-quarter of 2025, up 4 basis points compared to the second-quarter of 2025, but 18 basis points lower than the 218 basis points in the third-quarter of 2024.
— 227 basis points cost of funds for the third-quarter of 2025, down 5 basis points from the 232 basis points in the second-quarter of 2025, and 34 basis points lower than the 261 basis points cost of funds in the third-quarter of 2024.
— Efficiency ratio of 61.4%, compared to 70.5% for the third quarter of 2024 and 64.5% for the second quarter of 2025.
— Return on Assets of 1.22%, compared to 0.83% for the third quarter of 2024.
— Return on Equity of 10.70%, compared to 8.73% for the third quarter of 2024.
— Allowance for credit losses on loans / total loans of 1.30%.
— Based on the September 30, 2025, market close share price of $20.31, the $0.17 third quarter dividend is equivalent to an annualized yield of 3.3% and a dividend payout ratio of 25.0%.
— The third-quarter of 2025 included non-recurring items which negatively impacted net income by approximately $0.7 million on a pre-tax basis, $0.6 million on an after-tax basis, and $0.03 per common share.
— Announced the signing of a definitive merger agreement to acquire The Farmers Savings Bank.
— Received all required regulatory approvals for the proposed merger with The Farmers Savings Bank; transaction expected to close in November 2025, pending shareholder approval and customary closing conditions.
Assets
Total assets at September 30, 2025, were $4.1 billion, a decrease of $72.5 million, or 1.7% from June 30, 2025, but up $14.9 million, or 0.4%, from December 31, 2024.
— Loan and lease balances decreased $55.1 million, or 1.8% since June 30, 2025, but up $14.8 million, or 0.5% since December 31, 2024.
— Commercial Real Estate decreased mainly in the non-owner occupied category.
— Residential Real Estate has continued to grow primarily due to more home loans as we meet the demand for housing by our customers and communities.
Deposits & Borrowings
Total deposits at September 30, 2025, were $3.2 billion, an increase of $34.3 million, or 1.1% from June 30, 2025, and an increase of $18.6 million, or 0.6%, from December 31, 2024.
— Noninterest-bearing demand deposits decreased $43.2 million from December 31, 2024, primarily due to a $45.3 million decrease in noninterest-bearing accounts related to commercial business deposits, partially offset by a $5.9 million increase in noninterest-bearing public funds.
— Interest-bearing demand deposits decreased $4.0 million from December 31, 2024, primarily due to a $14.1 million increase in interest-bearing public funds, offset by a $16.7 million decrease in interest-bearing and Jumbo now deposits.
— Savings and money markets increased $3.0 million from December 31, 2024, primarily due to an increase of $52.0 million in business money market deposits, offset by a $49.8 million decrease in retail and ICS money market, public funds, and corporate savings.
— Time deposits increased $131.8 million from December 31, 2024, primarily due to a $137.7 million increase in Jumbo and retail certificates of deposit.
— Brokered deposits totaled $431.2 million at September 30, 2025, which included brokered certificate of deposits of $425.0 million and brokered money markets of $6.1 million. Brokered deposits decreased $23 million from June 30, 2025 and $69.1 million from December 31, 2024, strategically reducing the balances of brokered deposits.
— FHLB short-term advances totaled $232.0 million on September 30, 2025, down $201.5 million from June 30, 2025, and down $107.0 million from December 31, 2024.
— FHLB long-term advances totaled $1.0 million on September 30, 2025, down from $1.1 million June 30, 2025, and down from $1.5 million on December 31, 2024.
Net Interest Income and Net Interest Margin
Net interest income increased $5.3 million, or 18.2%, for the third quarter of 2025, compared to the same period last year.
— Interest income increased $2.5 million for the third quarter of 2025, compared to the same period last year, attributed to average interest-earning assets increasing $123.6 million coupled with a 5-basis point increase in asset yield.
— Interest expense decreased $2.8 million for the third quarter of 2025, compared to the same period last year. This was due to a 101-basis point reduction in higher costing short-term FHLB borrowings coupled with a 136-basis point reduction in time deposits mostly offset by $168.9 million average balance growth in total interest-bearing deposits when comparing the third quarter of 2025 to the same period last year.
— Net interest margin increased 42-basis points to 3.58% for the third quarter of 2025, compared to 3.16% for the same period last year.
Net interest income increased $16.8 million, or 19.7%, for the nine months ended September 30, 2025, compared to the same period last year. For the nine months ended September 30, 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.
— Interest income increased $11.8 million for the nine-months ended September 30, 2025, compared to the same period last year, attributed to average interest-earning assets increasing $197.9 million coupled with a 14-basis point increase in asset yield.
— Interest expense decreased $5.0 million for the nine months ended September 30, 2025, compared to the same period last year. This was due to a 104-basis point reduction in higher costing short-term FHLB borrowings coupled with a 128-basis point drop in time deposits, mostly offset by $230.4 million average balance growth in interest-bearing deposits, when comparing the nine-months ended September 30, 2025, to the same period last year.
— Net interest margin increased 42-basis points to 3.58% for the nine months ended September 30, 2025, compared to 3.16% for the same period last year.
Credit
Provision for credit losses (including provision for unfunded commitments) decreased $0.8 million for the third quarter of 2025 to $0.2 million compared to $1.0 million for the same period last year, and decreased $0.8 million compared to $1.0 million in the second quarter of 2025.
— Civista recorded net charge-offs of $0.6 million for the third quarter of 2025 compared to net charge-offs of basically zero for the same period of 2024, and $1.0 million in the second quarter of 2025.
— The allowance for credit losses to loans ratio was 1.30% at September 30, 2025, compared to 1.28% at June 30, 2025, and 1.29% at December 31, 2024.
— Non-performing assets at September 30, 2025, were $22.8 million, a decrease of $0.4 million or 1.6%, from June 30, 2025. The non-performing assets to assets ratio was flat at 0.55% at both September 30, 2025, and June 30, 2025.
— The allowance for credit losses to non-performing loans increased to 176.5% at September 30, 2025, from 120.8% at December 31, 2024.
Noninterest Income
Noninterest income for Q3 2025 totaled $9.6 million, a decrease of $0.5 million or 4.6%, when compared to the same period last year.
— Lease revenue and residual income decreased $0.5 million for the third quarter of 2025 compared to the same period last year, mainly due to lease originations being curtailed in 2025 resulting from the Civista Leasing and Finance core system conversion.
For the nine months ended September 30, 2025, Noninterest income totaled $24.1 million, a decrease of $4.7 million or 16.2%, when compared to the same period last year.For the nine months ended September 30, 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.
— Lease revenue and residual income decreased $3.3 million for the nine months ended September 30, 2025, compared to the same period last year, due to stronger lease originations in 2024 coupled with a one-time non-recurring adjustment aforementioned above.
— Net gain on sale of loans decreased $0.3 million for the nine months ended September 30, 2025, compared to the same period last year, resulting from timing of selling loans.
— Other income decreased $1.3 million for the nine month ended September 30, 2025, compared to the same period last year, primarily related to lower fee revenue from the leasing division.
— Service charges increased $0.2 million for the nine months ended September 30, 2025, compared to the same period last year, primarily from an increase in retail overdraft fees year-over-year.
Noninterest Expense
Noninterest expense for Q3 2025 totaled $28.3 million, a decrease of $0.1 million or 0.2%, when compared to the same period last year. In the third quarter of 2025, noninterest expense was increased by $0.7 million from acquisition expenses related to the previously announced merger with The Farmers Savings Bank that is expected to close in the fourth quarter of 2025. These expenses are recorded in other noninterest expenses.
— Compensation expense decreased $0.7 million for the third quarter of 2025 compared to the same period last year, primarily due an increase in the deferral of salaries and wages related to the loan originations in the third quarter of 2025 partially offset by an increase in medical expenses.
— The quarter-to-date average number of full-time equivalent (“FTE”) employees was 524 at September 30, 2025, compared with an average number of 526 for the same period in 2024.
— Marketing expenses decreased $0.3 million for the third quarter of 2025 compared to the same period last year, primarily due to a shift to digital marketing and lower promotional expenses related to advertising and product marketing.
— Equipment expense decreased $0.1 million for the three months ended September 30, 2025 compared to the same period in 2024, mainly due to lower expense on operating lease contracts mostly offset by $0.7 million in depreciation expense on assets that had a net book value but are no longer in use.
— Other expenses increased $0.3 million for the third quarter of 2025 compared to the same period last year, mainly due to the aforementioned acquisition-related expenses.
— The efficiency ratio was 61.4% for the quarter ended September 30, 2025, compared to 70.5% for the same period last year. The change in the efficiency ratio is primarily due to a 0.2% decrease in noninterest expenses, a 18.2% increase in net interest income, partially offset by a 4.6% decrease in noninterest income.
For the nine months ended September 30, 2025, Noninterest expense totaled $82.9 million, a decrease of $1.3 million or 1.5%, when compared to the same period last year. For the nine months ended September 30, 2025, noninterest expense was increased in the second quarter of 2025 by $0.4 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion as well as the aforementioned acquisition-related expenses.
— Compensation expense decreased $2.7 million for the nine months ended September 30, 2025 compared to the same period last year, primarily due to an increase in the deferral of salaries and wages related to the loan originations in the first nine months of 2025.
— The year-to-date average number of FTE employees was 523 at September 30, 2025, compared with an average number of 531 for the same period in 2024.
— Professional fees increased $1.6 million for the nine months ended September 30, 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 $1.2 million for the nine months ended September 30, 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, partially offset by $0.7 million in depreciation expense on assets that had a net book value but are no longer in use.
— The efficiency ratio was 63.5% for the nine months ended September 30, 2025, compared to 71.7% for the same period last year. The change in the efficiency ratio is primarily due to a 1.5% decrease in noninterest expenses, a 19.7% increase in net interest income, partially offset by a 16.2% decrease in noninterest income.
Taxes
Civista's effective income tax rate for the third quarter of 2025 was 18.5% compared to 15.6% for the same period last year, and 14.6% for the second quarter of 2025.
Civista's effective income tax rate for the nine months ended September 30, 2025, was 16.2% compared to 13.5% in the same period last year.
Capital
Total shareholders' equity at September 30, 2025, totaled $499.0 million, an increase of $94.9 million from June 30, 2025, and $110.5 million from December 31, 2024. This resulted from a capital raise management performed during the third quarter. See Recent Developments below for the impact to capital from the public offering of its common stock.
Civista did not repurchase any shares in the third quarter of 2025 as the current repurchase plan is set to expire in April 2026. For the nine months ended September 30, 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.
Recent Developments
July 10, 2025, Civista Bancshares, Inc. announced the signing of a definitive merger agreement pursuant to which Civista will acquire The Farmers Savings Bank.
July 10, 2025, Civista Bancshares, Inc. announced an underwritten public offering of its common stock, including an overallotment option. The offering totaled 3,788,238 shares at a price of $21.25 per share, raising approximately $80,500,058.
October 2025, Civista Bancshares, Inc. received all required regulatory approvals for the proposed merger with The Farmers Savings Bank; transaction expected to close in November 2025, pending shareholder approval and customary closing conditions.
Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the third quarter of 2025 at 1:00 p.m. ET on Thursday, October 23, 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. third 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 September 30, 2025 2024 Average Yield/ Average Yield/Assets: balance Interest rate * balance Interest rate *Interest-earning assets:Loans ** $ 3,128,033 $ 48,717 6.18 % $ 3,031,884 $ 46,898 6.15 %Taxable securities *** 402,216 3,922 3.57 % 363,584 3,258 3.24 %Non-taxable securities *** 274,722 2,325 3.84 % 291,254 2,369 3.83 %Interest-bearing deposits in other 24,513 276 4.47 % 19,144 216 4.47 %banksTotal interest-earning assets *** $ 3,829,484 $ 55,240 5.69 % $ 3,705,866 $ 52,741 5.64 %Noninterest-earning assets:Cash and due from financial 34,261 36,868institutionsPremises and equipment, net 42,638 51,342Accrued interest receivable 14,230 13,802Intangible assets 132,503 134,083Bank owned life insurance 63,289 63,190Other assets 59,667 57,856Less allowance for loan losses (40,380) (40,068)Total Assets $ 4,135,692 $ 4,022,939Liabilities and Shareholders' Equity:Interest-bearing liabilities:Demand and savings $ 1,536,897 $ 5,856 1.51 % $ 1,452,850 $ 4,074 1.12 %Time 1,037,256 10,491 4.01 % 952,369 12,852 5.37 %Short-term FHLB borrowings 272,985 3,063 4.45 % 388,022 5,328 5.46 %Long-term FHLB borrowings 1,011 7 2.59 % 1,697 10 2.34 %Other borrowings 5,123 108 8.39 % – – 0.00 %Subordinated debentures 104,186 1,170 4.46 % 104,040 1,244 4.75 %Total interest-bearing liabilities $ 2,957,458 $ 20,695 2.78 % $ 2,898,978 $ 23,508 3.23 %Noninterest-bearing deposits 662,872 687,364Other liabilities 42,369 55,205Shareholders' equity 472,993 381,392Total Liabilities and Shareholders' $ 4,135,692 $ 4,022,939EquityNet interest income and interest rate $ 34,545 2.91 % $ 29,233 2.41 %spreadNet interest margin *** 3.58 % 3.16 %* – Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans andinvestments, included in the yields above, was $618 thousand and $630 thousand for the periods ended September 30,2025 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 $62.9 million and $57.2 million, respectively. These adjustments were also made when calculatingthe yield on earning assets and the margin.Average Balance Analysis(Unaudited – Dollars in thousands) Nine Months Ended September 30, 2025 2024 Average Yield/ Average Yield/Assets: balance Interest rate * balance Interest rate *Interest-earning assets:Loans ** $ 3,121,292 $ 146,336 6.27 % $ 2,959,031 $ 136,328 6.15 %Taxable securities *** 401,091 11,228 3.43 % 355,329 9,262 3.12 %Non-taxable securities *** 279,668 7,002 3.88 % 291,589 7,116 3.85 %Interest-bearing deposits in other 22,238 678 4.07 % 20,419 756 4.93 %banksTotal interest-earning assets *** $ 3,824,289 $ 165,244 5.75 % $ 3,626,368 $ 153,462 5.61 %Noninterest-earning assets:Cash and due from financial 39,232 34,807institutionsPremises and equipment, net 44,563 53,318Accrued interest receivable 13,908 13,254Intangible assets 132,883 134,474Bank owned life insurance 63,171 62,176Other assets 59,410 61,225Less allowance for loan losses (40,295) (38,876)Total Assets $ 4,137,161 $ 3,946,746Liabilities and Shareholders' Equity:Interest-bearing liabilities:Demand and savings $ 1,554,969 $ 17,216 1.48 % $ 1,392,082 $ 11,113 1.07 %Time 994,788 30,405 4.09 % 927,306 37,305 5.37 %Short-term FHLB borrowings 346,737 11,595 4.47 % 385,801 15,921 5.51 %Long-term FHLB borrowings 1,225 24 2.57 % 2,000 35 2.34 %Other borrowings 5,804 376 8.67 % – – 0.00 %Subordinated debentures 104,145 3,496 4.49 % 103,999 3,732 4.79 %Total interest-bearing liabilities $ 3,007,668 $ 63,112 2.81 % $ 2,811,188 $ 68,106 3.24 %Noninterest-bearing deposits 662,662 702,696Other liabilities 42,910 60,282Shareholders' equity 423,921 372,580Total Liabilities and Shareholders' $ 4,137,161 $ 3,946,746EquityNet interest income and interest rate $ 102,132 2.94 % $ 85,356 2.37 %spreadNet interest margin *** 3.58 % 3.16 %* – Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans andinvestments, included in the yields above, was $1.9 million and $1.9 million for the periods ended September 30, 2025 and2024, respectively.** – Average balance includes nonaccrual loans*** – 2025 and 2024 average yield on investments were calculated by adjusting the average balances of taxable andnontaxable securities by unrealized losses of $62.1 million and $61.9 million, respectively. These adjustments were alsomade when calculating the yield on earning assets and the margin.
Noninterest income(unaudited – dollars in thousands) Three months ended Septembere 30, 2025 2024 $ Change % ChangeService charges $ 1,667 $ 1,595 $ 72 4.5 %Net gain (loss) on equity securities 255 223 32 14.3 %Net gain on sale of loans and leases 1,450 1,427 23 1.6 %ATM/Interchange fees 1,435 1,402 33 2.4 %Wealth management fees 1,402 1,443 (41) -2.8 %Lease revenue and residual income 1,934 2,428 (494) -20.3 %Bank owned life insurance 666 717 (51) -7.1 %Swap fees – 43 (43) -100.0 %Other 824 821 3 0.4 %Total noninterest income $ 9,633 $ 10,099 $ (466) -4.6 %Noninterest income(unaudited – dollars in thousands) Nine months ended September 30, 2025 2024 $ Change % ChangeService charges $ 4,756 $ 4,523 $ 233 5.2 %Net gain (loss) on equity securities 152 156 (4) -2.6 %Net gain on sale of loans and leases 2,895 3,179 (284) -8.9 %ATM/Interchange fees 4,179 4,201 (22) -0.5 %Wealth management fees 4,067 4,055 12 0.3 %Lease revenue and residual income 4,356 7,630 (3,274) -42.9 %Bank owned life insurance 1,438 1,434 4 0.3 %Swap fees 125 165 (40) -24.2 %Other 2,114 3,390 (1,276) -37.6 %Total noninterest income $ 24,082 $ 28,733 $ (4,651) -16.2 %Noninterest expense(unaudited – dollars in thousands) Three months ended September 30, 2025 2024 $ Change % ChangeCompensation expense $ 15,161 $ 15,726 $ (565) -3.6 %Net occupancy Expense 1,466 1,293 173 13.4 %Contracted data processing 559 636 (77) -12.1 %FDIC Assessment 627 560 67 12.0 %State franchise tax 536 480 56 11.7 %Professional services 1,225 1,134 91 8.0 %Equipment expense 2,205 2,345 (140) -6.0 %ATM/Interchange expense 755 616 139 22.6 %Marketing 391 716 (325) -45.4 %Amortization of core deposit intangible 318 363 (45) -12.4 %Software maintenance expense 1,480 1,203 277 23.0 %Other 3,604 3,322 282 8.5 %Total noninterest expense $ 28,327 $ 28,394 $ (67) -0.2 %Noninterest expense(unaudited – dollars in thousands) Nine months ended September 30, 2025 2024 $ Change % ChangeCompensation expense $ 44,216 $ 46,922 $ (2,706) -5.8 %Net occupancy expense 4,519 3,959 560 14.1 %Contracted data processing 1,662 1,740 (78) -4.5 %FDIC Assessment 2,189 1,592 597 37.5 %State franchise tax 1,696 1,444 252 17.5 %Professional services 5,113 3,532 1,581 44.8 %Equipment expense 6,072 7,313 (1,241) -17.0 %ATM/Interchange expense 2,018 1,873 145 7.7 %Marketing 976 1,640 (664) -40.5 %Amortization of core deposit intangible 988 1,121 (133) -11.9 %Software maintenance expense 4,051 3,568 483 13.5 %Other 9,435 9,521 (86) -0.9 %Total noninterest expense $ 82,935 $ 84,225 $ (1,290) -1.5 %End of period loan and lease balances(unaudited – dollars in thousands) September 30, December 31, 2025 2024 $ Change % ChangeCommercial and Agriculture $ 302,407 $ 328,488 $ (26,081) -7.9 %Commercial Real Estate:Owner Occupied 384,176 374,367 9,809 2.6 %Non-owner Occupied 1,216,031 1,225,991 (9,960) -0.8 %Residential Real Estate 842,362 763,869 78,493 10.3 %Real Estate Construction 278,163 305,992 (27,829) -9.1 %Farm Real Estate 23,713 23,035 678 2.9 %Lease financing receivable 38,960 46,900 (7,940) -16.9 %Consumer and Other 10,182 12,588 (2,406) -19.1 %Total Loans $ 3,095,994 $ 3,081,230 $ 14,764 0.5 %End of period deposit balances(unaudited – dollars in thousands) September 30, December 31, 2025 2024 $ Change % ChangeNoninterest-bearing demand $ 651,934 $ 695,094 $ (43,160) -6.2 %Interest-bearing demand 415,620 419,583 (3,963) -0.9 %Savings and money market 1,129,985 1,126,974 3,011 0.3 %Time deposits 601,757 469,954 131,803 28.0 %Brokered deposits 431,167 500,265 (69,098) -13.8 %Total Deposits $ 3,230,463 $ 3,211,870 $ 18,593 0.6 %
Allowance for Credit Losses(dollars in thousands) Nine months ended September 30, 2025 2024Beginning of period $ 39,669 $ 37,160Charge-offs (2,730) (1,580)Recoveries 518 500Provision 2,797 5,188End of period $ 40,254 $ 41,268Allowance for UnfundedCommitments(dollars in thousands) Three months ended September 30, 2025 2024Beginning of period $ 3,553 $ 3,706Provision (178) (325)End of period $ 3,375 $ 3,381Allowance for Unfunded Commitments(dollars in thousands) Nine months ended September 30, 2025 2024Beginning of period $ 3,380 $ 3,901Provision (5) (520)End of period $ 3,375 $ 3,381(dollars in thousands) September 30, December 31, 2025 2024Non-accrual loans $ 22,615 $ 30,950Restructured loans, accruing 12 1,67790+ Days Past Due, Still Accruing 177 225Total non-performing loans 22,804 32,852Other Real Estate Owned – -Total non-performing assets $ 22,804 $ 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 Nine Months Ended September 30, September 30, 2025 2024 2025 2024Interest income $ 55,240 $ 52,741 $ 165,244 $ 153,462Interest expense 20,695 23,508 63,112 68,106Net interest income 34,545 29,233 102,132 85,356Provision for credit losses 378 1,346 2,797 5,188Provision for unfunded commitments (178) (325) (5) (520)Net interest income after provision 34,345 28,212 99,340 80,688Noninterest income 9,633 10,099 24,082 28,733Noninterest expense 28,327 28,394 82,935 84,225Income before taxes 15,651 9,917 40,487 25,196Income tax expense 2,891 1,551 6,544 3,406Net income 12,760 8,366 33,943 21,790Preferred stock dividends – – – -Net income availableto common shareholders $ 12,760 $ 8,366 $ 33,943 $ 21,790Dividends paid per common share $ 0.17 $ 0.16 $ 0.51 $ 0.48Earnings per common shareBasicNet income $ 12,760 $ 8,366 $ 33,943 $ 21,790Less allocation of earnings anddividends to participating securities 61 177 173 455Net income available to commonshareholders – basic $ 12,699 $ 8,189 $ 33,770 $ 21,335Weighted average common shares outstanding 18,767,307 15,736,966 16,605,546 15,720,714Less average participating securities 91,743 332,531 85,141 328,447Weighted average number of shares outstandingused to calculate basic earnings per share 18,675,564 15,404,435 16,520,405 15,392,267Earnings per common shareBasic $ 0.68 $ 0.53 $ 2.04 $ 1.39Diluted $ 0.68 $ 0.53 $ 2.04 $ 1.39Selected financial ratios:Return on average assets 1.22 % 0.83 % 1.10 % 0.74 %Return on average equity 10.70 % 8.73 % 10.71 % 7.81 %Dividend payout ratio 25.00 % 30.10 % 24.95 % 34.63 %Net interest margin (tax equivalent) 3.58 % 3.16 % 3.58 % 3.16 %Effective tax rate 18.47 % 15.64 % 16.16 % 13.52 %
Selected Balance Sheet Items(Dollars in thousands, except share and per share amounts) September 30, December 31, 2025 2024 (unaudited) (unaudited)Cash and due from financial institutions $ 62,766 $ 63,155Investment in time deposits 735 1,450Investment securities 657,189 650,488Loans held for sale 8,012 665Loans 3,095,994 3,081,230Less: allowance for credit losses (40,254) (39,669)Net loans 3,055,740 3,041,561Other securities 27,901 30,352Premises and equipment, net 40,910 47,166Goodwill and other intangibles 132,276 133,403Bank owned life insurance 62,756 62,783Other assets 65,049 67,446Total assets $ 4,113,334 $ 4,098,469Total deposits $ 3,230,463 $ 3,211,870Short-term Federal Home Loan Bank advances 232,000 339,000Long-term Federal Home Loan Bank advances 970 1,501Subordinated debentures 104,213 104,089Other borrowings 4,699 6,293Accrued expenses and other liabilities 41,961 47,214Total liabilities 3,614,306 3,709,967Common shares 388,458 312,037Retained earnings 230,798 205,408Treasury shares (75,760) (75,586)Accumulated other comprehensive loss (44,468) (53,357)Total shareholders' equity 499,028 388,502Total liabilities and shareholders' equity $ 4,113,334 $ 4,098,469 September 30, December 31, 2025 2024 (unaudited) (unaudited)Shares outstanding at period end 19,312,726 15,487,667Book value per share $ 25.84 $ 25.08Equity to asset ratio 12.13 % 9.48 %Selected asset quality ratios:Allowance for credit losses to total loans 1.30 % 1.29 %Non-performing assets to total assets 0.55 % 0.80 %Allowance for credit losses to non-performing loans 176.52 % 120.75 %Non-performing asset analysisNonaccrual loans $ 22,615 $ 30,950Restructured loans 12 1,677Other real estate owned – -90+ Days Past Due, Still Accruing 177 225Total $ 22,804 $ 32,852
Supplemental Financial Information(Unaudited – dollars in thousands except share data) September 30, June 30, March 31, December 31, September 30,End of Period Balances 2025 2025 2025 2024 2024AssetsCash and due from banks $ 62,766 $ 73,858 $ 90,456 $ 63,155 $ 74,662Investment in time deposits 735 715 960 1,450 1,450Investment securities 657,189 645,228 648,537 650,488 629,113Loans held for sale 8,012 10,733 4,324 665 8,299Loans and leases 3,095,994 3,151,124 3,104,036 3,081,230 3,043,946Allowance for credit losses (40,254) (40,455) (40,284) (39,669) (41,268)Net Loans 3,055,740 3,110,669 3,063,752 3,041,561 3,002,678Other securities 27,901 36,195 32,592 30,352 32,633Premises and equipment, 40,910 42,922 45,107 47,166 49,967netGoodwill and other 132,276 132,631 133,026 133,403 133,829intangiblesBank owned life insurance 62,756 63,555 63,170 62,783 62,912Other assets 65,049 69,363 64,793 67,446 65,880Total Assets $ 4,113,334 $ 4,185,869 $ 4,146,717 $ 4,098,469 $ 4,061,423LiabilitiesTotal deposits $ 3,230,463 $ 3,196,207 $ 3,238,888 $ 3,211,870 $ 3,223,732Federal Home Loan Bank 232,000 433,500 360,000 339,000 287,047advances – short termFederal Home Loan Bank 970 1,103 1,355 1,501 1,598advances – long termSubordinated debentures 104,213 104,172 104,130 104,089 104,067Other borrowings 4,699 5,379 6,140 6,293 6,319Accrued expenses and 41,961 41,371 38,770 47,214 44,222other liabilitiesTotal liabilities 3,614,306 3,781,732 3,749,283 3,709,967 3,666,985Shareholders' EquityCommon shares 388,458 312,589 312,192 312,037 311,901Retained earnings 230,798 221,321 212,944 205,408 198,034Treasury shares (75,760) (75,753) (75,753) (75,586) (75,586)Accumulated other (44,468) (54,020) (51,949) (53,357) (39,911)comprehensive lossTotal shareholders' equity 499,028 404,137 397,434 388,502 394,438Total Liabilities and $ 4,113,334 $ 4,185,869 $ 4,146,717 $ 4,098,469 $ 4,061,423Shareholders' EquityShares outstanding at 19,312,726 15,529,342 15,519,072 15,487,667 15,736,528period endBook value per share $ 25.84 $ 26.02 $ 25.61 $ 25.08 $ 25.07Equity to asset ratio 12.13 % 9.65 % 9.58 % 9.48 % 9.71 % September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024Selected asset quality ratios:Allowance for credit losses to 1.30 % 1.28 % 1.30 % 1.29 % 1.36 %total loansNon-performing assets to total 0.55 % 0.55 % 0.75 % 0.80 % 0.45 %assetsAllowance for credit losses to 176.52 % 176.11 % 129.99 % 120.75 % 227.36 %non-performing loansNon-performing asset analysisNonaccrual loans $ 22,615 $ 22,742 $ 30,989 $ 30,950 $ 16,488Restructured loans 12 7 – 1,677 1,66390+ Days Past Due, Still 177 223 146 225 -AccruingOther real estate owned – 209 209 – 61Total $ 22,804 $ 23,181 $ 31,344 $ 32,852 $ 18,212Supplemental Financial Information(Unaudited – dollars in thousands except share data) September 30, June 30, March 31, December 31, September 30,Quarterly Average Balances 2025 2025 2025 2024 2024Assets:Earning assets $ 3,829,484 $ 3,841,369 $ 3,801,709 $ 3,738,607 $ 3,705,866Securities 676,938 682,035 683,374 655,556 654,838Loans 3,128,033 3,136,091 3,099,440 3,061,991 3,031,884Liabilities and Shareholders'EquityTotal deposits $ 3,237,025 $ 3,190,592 $ 3,209,277 $ 3,285,485 $ 3,092,583Interest-bearing deposits 2,574,153 2,538,500 2,538,561 2,582,652 2,405,219Other interest-bearing 383,305 523,824 461,100 320,225 493,759liabilitiesTotal shareholders' equity 472,993 400,915 397,021 391,591 381,392Supplemental Financial Information(Unaudited – dollars in thousands) September 30, June 30, March 31, December 31, September 30,End of period loan and 2025 2025 2025 2024 2024lease balancesCommercial and $ 302,407 $ 338,598 $ 330,627 $ 328,488 $ 304,639AgricultureCommercial Real Estate:Owner Occupied 384,176 378,248 378,095 374,367 375,751Non-owner Occupied 1,216,031 1,263,612 1,246,025 1,225,991 1,205,453Residential Real Estate 842,362 815,408 773,349 763,869 751,825Real Estate Construction 278,163 277,643 297,589 305,992 318,063Farm Real Estate 23,713 23,866 22,399 23,035 24,122Lease financing 38,960 42,758 44,570 46,900 49,453receivableConsumer and Other 10,182 10,991 11,382 12,588 14,640Total Loans $ 3,095,994 $ 3,151,124 $ 3,104,036 $ 3,081,230 $ 3,043,946Supplemental Financial Information(Unaudited – dollars in thousands) September 30, June 30, March 31, December 31, September 30,End of period deposit 2025 2025 2025 2024 2024balancesNoninterest-bearing $ 651,127 $ 647,609 $ 648,683 $ 695,094 $ 686,316demandInterest-bearing demand 415,620 433,089 467,601 419,583 420,333Savings and money 1,129,985 1,100,660 1,146,480 1,126,974 1,111,771marketTime deposits 601,757 560,702 515,910 469,954 456,973Brokered deposits 431,167 454,147 460,214 500,265 548,339Total Deposits $ 3,229,656 $ 3,196,207 $ 3,238,888 $ 3,211,870 $ 3,223,732Supplemental Financial Information(Unaudited – dollars in thousands except share data) Three Months Ended September 30, June 30, March 31, December 31, September 30,Income statement 2025 2025 2025 2024 2024Total interest and dividend $ 55,240 $ 56,271 $ 53,733 $ 53,233 $ 52,741incomeTotal interest expense 20,695 21,457 20,960 21,878 23,508Net interest income 34,545 34,814 32,773 31,355 29,233Provision for credit losses 378 1,171 1,248 697 1,346Provision for unfunded (178) (146) 319 (1) (325)commitmentsNoninterest income 9,633 6,589 7,860 9,015 10,099Noninterest expense 28,327 27,482 27,126 28,296 28,394Income before taxes 15,651 12,896 11,940 11,378 9,917Income tax expense 2,891 1,881 1,772 1,485 1,551Net income $ 12,760 $ 11,015 $ 10,168 $ 9,893 $ 8,366Preferred stock dividends – – – – -Net income available to $ 12,760 $ 11,015 $ 10,168 $ 9,893 $ 8,366common shareholdersPer share dataEarnings per common shareBasicNet income $ 12,760 $ 11,015 $ 10,168 $ 9,893 $ 8,366Less allocation of earnings anddividends to participating 61 45 44 213 177securitiesNet income available to $ 12,699 $ 10,970 $ 10,124 $ 9,680 $ 8,189common shareholders -basicWeighted average common 18,767,307 15,524,490 15,488,813 15,734,243 15,736,966shares outstandingLess average participating 91,743 96,692 66,711 339,626 332,531securitiesWeighted average number of 18,675,564 15,427,798 15,422,102 15,394,617 15,404,435shares outstanding used tocalculate basic earnings pershareEarnings per common shareBasic $ 0.68 $ 0.71 $ 0.66 $ 0.63 $ 0.53Diluted $ 0.68 $ 0.71 $ 0.66 $ 0.63 $ 0.53Common shares dividend paid $ 3,283 $ 2,638 $ 2,636 $ 2,518 $ 2,518Dividends paid per common share 0.17 0.17 0.17 0.16 0.16 Three Months Ended September 30, June 30, March 31, December 31, September 30,Selected financial ratios 2025 2025 2025 2024 2024Return on average assets 1.22 % 1.06 % 1.00 % 0.97 % 0.83 %Return on average equity 10.70 % 11.02 % 10.39 % 10.43 % 8.73 %Dividend payout ratio 25.00 % 23.96 % 25.90 % 25.45 % 30.10 %Net interest margin (tax equivalent) 3.58 % 3.64 % 3.51 % 3.36 % 3.16 %Effective tax rate 18.47 % 14.59 % 14.84 % 13.05 % 15.63 %Supplemental Financial Information(Unaudited – dollars in thousands) Three Months Ended September 30, June 30, March 31, December 31, September 30,Noninterest income 2025 2025 2025 2024 2024Service charges $ 1,667 $ 1,564 $ 1,524 $ 1,591 $ 1,595Net gain (loss) on equity 255 (74) (29) 96 223securitiesNet gain on sale of loans and 1,450 841 604 1,259 1,427leasesATM/Interchange fees 1,435 1,418 1,326 1,640 1,402Wealth management fees 1,402 1,325 1,340 1,464 1,443Lease revenue and residual 1,934 525 1,896 1,280 2,428incomeBank owned life insurance 666 386 387 771 717Swap fees – 53 72 66 43Other 824 551 740 848 821Total noninterest income $ 9,633 $ 6,589 $ 7,860 $ 9,015 $ 10,099Supplemental Financial Information(Unaudited – dollars in thousands) Three Months Ended September 30, June 30, March 31, December 31, September 30,Noninterest expense 2025 2025 2025 2024 2024Compensation expense $ 15,161 $ 15,011 $ 14,043 $ 14,899 $ 15,726Net occupancy Expense 1,466 1,419 1,634 1,138 1,293Contracted data processing 559 536 567 508 636FDIC Assessment 627 689 873 1,039 560State franchise tax 536 634 526 608 480Professional services 1,225 1,798 2,090 2,247 1,134Equipment expense 2,205 1,764 2,103 2,240 2,345ATM/Interchange expense 755 683 580 671 616Marketing 391 289 296 448 716Amortization of core deposit 318 338 332 363 363intangibleSoftware maintenance expense 1,480 1,294 1,277 1,376 1,203Other 3,604 3,027 2,805 2,759 3,322Total noninterest expense $ 28,327 $ 27,482 $ 27,126 $ 28,296 $ 28,394Supplemental Financial Information(Unaudited – dollars in thousands except share data) Three Months Ended September June 30, March 31, December 31, September 30, 30,Asset quality 2025 2025 2025 2024 2024Allowance forcredit losses:Beginning of $ 40,455 $ 40,284 $ 39,669 $ 41,268 $ 39,919periodCharge-offs (662) (1,092) (976) (2,335) (42)Recoveries 83 92 343 39 45Provision 378 1,171 1,248 697 1,346End of period $ 40,254 $ 40,455 $ 40,284 $ 39,669 $ 41,268Allowance forunfundedcommitments:Beginning of $ 3,553 $ 3,699 $ 3,380 $ 3,381 $ 3,706periodCharge-offs – – – – -Recoveries – – – – -Provision (178) (146) 319 (1) (325)End of period $ 3,375 $ 3,553 $ 3,699 $ 3,380 $ 3,381RatiosAllowance to total 1.30 % 1.28 % 1.30 % 1.29 % 1.36 %loansAllowance to 176.52 % 174.52 % 129.12 % 121.58 % 226.60 %nonperformingassetsAllowance to 176.52 % 176.11 % 129.99 % 120.75 % 227.74 %nonperformingloansNonperformingassetsNon-accrual loans $ 22,615 $ 22,742 $ 30,989 $ 30,950 $ 16,488Restructured loans 12 7 – 1,677 1,63390+ Days Past Due, 177 223 – 225 -Still AccruingTotal non- 22,804 22,972 30,989 32,852 18,121performing loansOther Real Estate – 209 209 – 61OwnedTotal non- $ 22,804 $ 23,181 $ 31,198 $ 32,852 $ 18,182performing assets Three Months Ended September June March December September 30, 30, 31, 31, 30,Capital and liquidity 2025 2025 2025 2024 2024Tier 1 leverage ratio 10.96 % 8.80 % 8.66 % 8.60 % 8.45 %Tier 1 risk-based capital ratio 14.19 % 11.18 % 10.97 % 10.47 % 10.29 %Total risk-based capital ratio 17.80 % 14.73 % 14.53 % 13.98 % 13.81 %Tangible common equity ratio (1) 9.21 % 6.70 % 6.59 % 6.43 % 6.64 %(1) See reconciliation of non-GAAPmeasures at the end of this press release.Reconciliation of Non-GAAP Financial Measures(Unaudited – dollars in thousands except share data) September 30, June 30, March 31, December 31, September 30, 2025 2025 2025 2024 2024Tangible CommonEquityTotal Shareholder's $ 499,028 $ 404,137 $ 397,434 $ 388,502 $ 394,438Equity – GAAPLess: Preferred Equity – – – – -Less: Goodwill and 132,276 132,631 133,026 133,403 133,829intangible assetsTangible common equity $ 366,752 $ 271,506 $ 264,408 $ 255,099 $ 260,609(Non-GAAP)Total Shares 19,312,726 15,529,342 15,519,072 15,487,667 15,736,528OutstandingTangible book value per $ 18.99 $ 17.48 $ 17.04 $ 16.47 $ 16.56shareTangible AssetsTotal Assets – GAAP $ 4,113,334 $ 4,185,869 $ 4,146,717 $ 4,098,469 $ 4,061,423Less: Goodwill and 132,276 132,631 133,026 133,403 133,829intangible assetsTangible assets (Non- $ 3,981,058 $ 4,053,238 $ 4,013,691 $ 3,965,066 $ 3,927,594GAAP)Tangible common equity 9.21 % 6.70 % 6.59 % 6.43 % 6.64 %to tangible assets
Reconciliation of Non-GAAP Financial Measures(Unaudited – dollars in thousands except share data) Three Months Ended Nine Months Ended September 30, September 30,Efficiency ratio (non-GAAP): 2025 2024 2025 2024Noninterest expense (GAAP) 28,327 28,394 82,935 84,225Less: Amortization of intangible assets 318 363 988 1,121expenseLess: Acquisition related expenses 664 – 669 -Noninterest expense (non-GAAP) 27,345 28,031 81,278 83,104Net interest income (GAAP) 34,545 29,233 102,132 85,356Plus: Taxable equivalent adjustment 618 630 1,861 1,892Noninterest income (GAAP) 9,633 10,099 24,082 28,733Less: Net gains (losses) on equity securities 255 223 152 156Net interest income (FTE) plus noninterest 44,541 39,739 127,923 115,825income (non-GAAP)Efficiency ratio (non-GAAP) 61.4 % 70.5 % 63.5 % 71.7 %
Reconciliation of Non-GAAP Financial Measures(Unaudited – dollars in thousands except share data) Three Months Ended September 30, June 30, March 31, December 31, September 30,Efficiency ratio 2025 2025 2025 2024 2024(non-GAAP):Noninterest $ 28,327 $ 27,482 $ 27,126 $ 28,296 $ 28,394expense (GAAP)Less: 318 339 332 363 363Amortization ofintangible assetsexpenseLess: 664 5 – – -Acquisitionrelated expensesNoninterest $ 27,345 $ 27,138 $ 26,794 $ 27,933 $ 28,031expense (non-GAAP)Net interest income $ 34,545 $ 34,814 $ 32,773 $ 31,355 $ 29,233(GAAP)Plus: Taxable 618 621 622 627 630equivalentadjustmentNoninterest income 9,633 6,589 7,860 9,015 10,099(GAAP)Less: Net gains 255 (74) (29) 96 223(losses) on equitysecuritiesNet interest income $ 44,541 $ 42,098 $ 41,284 $ 40,901 $ 39,739(FTE) plusnoninterest income(non-GAAP)Efficiency ratio 61.4 % 64.5 % 64.9 % 68.3 % 70.5 %(non-GAAP)
Supplemental Financial InformationConsolidated Condensed Statement of Operations(Unaudited – dollars in thousands except share data) Three Months Ended Nine Months Ended September 30, 2025 September 30, 2025 Non- Non- Recurring Recurring As Reported Adjustments As Adjusted As Reported Adjustments As AdjustedInterest income $ 55,240 $ – $ 55,240 $ 165,244 $ 1,621 $ 163,623Interest expense 20,695 – 20,695 63,112 – 63,112Net interest 34,545 – 34,545 102,132 1,621 100,511incomeProvision for 378 – 378 2,797 – 2,797credit lossesProvision for (178) – (178) (5) – (5)unfundedcommitmentsNet interest 34,345 – 34,345 99,340 1,621 97,719income afterprovisionNoninterest 9,633 – 9,633 24,082 (1,044) 25,126incomeNoninterest 28,327 664 27,663 82,935 358 82,577expenseIncome before 15,651 (664) 16,315 40,487 219 40,268taxesIncome tax 2,891 (110) 3,001 6,544 20 6,524expenseNet income $ 12,760 $ (554) $ 13,314 $ 33,943 $ 199 $ 33,744Earnings percommon shareBasic $ 0.68 $ (0.03) $ 0.71 $ 2.04 $ 0.01 $ 2.03Diluted $ 0.68 $ (0.03) $ 0.71 $ 2.04 $ 0.01 $ 2.03
Supplemental Financial InformationConsolidated Condensed Statement of Operations(Unaudited – dollars in thousands except share data) Three Months EndedAs Reported September 30, 2025 June 30, 2025Interest income $ 55,240 $ 56,271Interest expense 20,695 21,457Net interest income 34,545 34,814Provision for credit losses 378 1,171Provision for unfunded commitments (178) (146)Net interest income after provision 34,345 33,789Noninterest income 9,633 6,589Noninterest expense 28,327 27,482Income before taxes 15,651 12,896Income tax expense 2,891 1,881Net income $ 12,760 $ 11,015Earnings per common shareBasic $ 0.68 $ 0.71Diluted $ 0.68 $ 0.71Net Interest Margin 3.58 % 3.64 %As AdjustedInterest income $ 55,240 $ 54,650Interest expense 20,695 21,457Net interest income 34,545 33,193Provision for credit losses 378 1,171Provision for unfunded commitments (178) (146)Net interest income after provision 34,345 32,168Noninterest income 9,633 7,633Noninterest expense 27,663 27,793Income before taxes 16,315 12,008Income tax expense 3,001 1,750Net income $ 13,314 $ 10,258Earnings per common shareBasic $ 0.71 $ 0.66Diluted $ 0.71 $ 0.66Net Interest Margin 3.58 % 3.47 % Three Months EndedNon-Recurring Adjustments September 30, 2025 June 30, 2025Interest income $ – $ 1,621Interest expense – -Net interest income – 1,621Provision for credit losses – -Provision for unfunded commitments – -Net interest income after provision – 1,621Noninterest income – (1,044)Noninterest expense 664 (311)Income before taxes (664) 888Income tax expense (110) 131Net income $ (554) $ 757Earnings per common shareBasic $ (0.03) $ 0.05Diluted $ (0.03) $ 0.05Net Interest Margin 0.00 % 0.17 %
Non-recurring adjustments summary:
Third-Quarter 2025The 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 expected to close in the fourth quarter of 2025. The expenses impacted net income for the quarter ended September30, 2025 by approximately $0.7 million on a pre-tax basis.
Second-Quarter 2025The 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 netincome 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.
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SOURCE Civista Bancshares, Inc.
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