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.
— Completed the closing of the acquisition of The Farmers Savings Bank (“FSB”), which added approximately $268.1 million of assets, $106.2 million of loans and leases, and $236.1 million of deposits. FSB integration is proceeding as planned, with the core conversion scheduled for February 2026.
— Net income, for the fourth-quarter of 2025 of $12.3 million, a $2.4 million or 24% increase compared to $9.9 million for the fourth-quarter 2024, and $12.8 million for the third-quarter of 2025.
— Full-Year net income of $46.2 million, a $14.5 million or 46% increase compared to $31.7 million for the full-year 2024.
— Diluted earnings per common share of $0.61, for the fourth quarter of 2025, compared to $0.63 per diluted share, for the fourth quarter of 2024, and $0.68 per diluted share in the third quarter of 2025.
— Diluted earnings per common share of $2.64, for the full-year 2025, a $0.63 increase or 31% compared to $2.01 diluted earnings per common share for the full-year 2024.
— The fourth-quarter of 2025 included non-recurring adjustments related to the merger of FSB that negatively impacted net income by approximately $3.4 million on a pre-tax basis, $2.9 million on an after-tax basis, and $0.14 per common share.
— The twelve months ended December 31, 2025 included non-recurring adjustments related to the FSB merger as well as the Civista Leasing & Finance Division core system conversion, which negatively impacted net income by approximately $3.2 million on a pre-tax basis, $2.7 million on an after-tax basis, and $0.15 per common share.
— Efficiency ratio of 57.7%, compared to 68.3% for the fourth quarter of 2024 and 61.4% in the third quarter of 2025, decreasing for the 6th consecutive quarter.
— Cost of funds of 208 basis points for the fourth quarter of 2025, 34 basis points lower than the 242 basis points cost of funds for the fourth quarter of 2024, and 19 basis points lower than the 227 basis points in third quarter 2025.
— 7.9% deposit growth since December 31, 2024, including impact of the FSB mid-year acquisition.
— 6.1% loan and lease balance growth since December 31, 2024, including impact of the FSB mid-year acquisition.
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
— Completed the closing of the acquisition of FSB, which added approximately $268.1 million of assets, $106.2 million of loans and leases, and $236.1 million of deposits. FSB integration proceeding as planned, with the core conversion scheduled for February 2026.
— Net income of $12.3 million, a $2.4 million or 24% increase compared to $9.9 million for the fourth quarter 2024, and $12.8 million for the third quarter of 2025.
— Diluted earnings per common share of $0.61, for the fourth quarter of 2025, compared to $0.63 per diluted share, for the fourth quarter of 2024, and $0.68 per diluted share in the third quarter of 2025.
— The fourth-quarter of 2025 included non-recurring expenses related to the merger of FSB that negatively impacted net income by approximately $3.4 million on a pre-tax basis, $2.9 million on an after-tax basis, and $0.14 per common share.
— Net interest margin (tax equivalent) of 3.69%for the fourth quarter of 2025, compared to 3.36% for the fourth quarter of 2024.
— Net interest income of $36.5 million, up $5.1 million or 16.3% compared to the fourth quarter of 2024.
— Cost of deposits of 192 basis points for the fourth-quarter of 2025, up 8 basis points compared to the third-quarter of 2025, but 28 basis points lower than the 220 basis points in the fourth-quarter of 2024.
— Cost of funds of 208 basis points for the fourth-quarter of 2025, down 19 basis points from the 227 basis points in the third-quarter of 2025, and 34 basis points lower than the 242 basis points cost of funds in the fourth-quarter of 2024.
— Efficiency ratio of 57.7%, compared to 68.3% for the fourth quarter of 2024 and 61.4% for the third quarter of 2025.
— Return on Assets of 1.15%, compared to 0.97% for the fourth quarter of 2024.
— Return on Equity of 9.26%, compared to 10.05% for the fourth quarter of 2024.
— Allowance for credit losses on loans / total loans of 1.28%.
— Based on the December 31, 2025, market close share price of $22.22, the $0.17 fourth quarter dividend is equivalent to an annualized yield of 3.06% and a dividend payout ratio of 27.97%.
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.
— Total assets, including loans and leases, were impacted by the mid-quarter FSB acquisition.
— Loan and lease balances increased $174.1 million, or 5.6% since September 30, 2025, and up $188.8 million, or 6.1% since December 31, 2024.
— 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 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.
— Total deposits, including FHLB short-term advances, were impacted by the mid-quarter FSB acquisition.
— Noninterest-bearing demand deposits increased $6.9 million from December 31, 2024, primarily due to a $13.2 million increase in noninterest-bearing accounts related to commercial business deposits and $1.5 million related to retail, mostly offset by a $9.5 million decrease in noninterest-bearing public funds.
— Interest-bearing demand deposits decreased $19.2 million from December 31, 2024, primarily due to a $31.9 million decrease in interest-bearing public funds, slightly offset by a $14.7 million increase in retail interest-bearing demand deposits.
— Savings and money markets increased $107.6 million from December 31, 2024, primarily due to an increase of $123.7 million in retail, public funds, and business money market deposits coupled with an increase of $18.9 million in retail savings, slightly offset by a $32.7 million decrease in ICS money market.
— Time deposits increased $257.3 million from December 31, 2024, primarily due increases of $176.4 million increase in Jumbo’s and $64.8 million in retail certificates of deposit.
— Brokered deposits totaled $402.1 million at December 31, 2025, which included brokered certificate of deposits of $400.0 million and brokered money markets of $2.1 million. Brokered deposits decreased $29.0 million from September 30, 2025 and $98.1 million from December 31, 2024, strategically reducing the balances of brokered deposits.
— FHLB short-term advances totaled $175.0 million on December 31, 2025, down $57.0 million from September 30, 2025, and down $164.0 million from December 31, 2024.
— FHLB long-term advances totaled $0.9 million on December 31, 2025, down from $0.1 million September 30, 2025, and down from $0.6 million on 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 and net interest margin, were impacted by the mid-quarter FSB acquisition.
— Interest income increased $2.5 million for the fourth quarter of 2025, compared to the same period last year, attributed to average interest-earning assets increasing $201.0 million coupled with a 4-basis point increase in asset yield.
— Interest expense decreased $2.6 million for the fourth quarter of 2025, compared to the same period last year. This was due to a 95-basis point reduction in higher costing short-term FHLB borrowings coupled with a 106-basis point reduction in time deposits mostly offset by $135.1 million average balance growth in total interest-bearing deposits when comparing the fourth quarter of 2025 to the same period last year.
— Net interest margin increased 33-basis points to 3.69% for the fourth quarter of 2025, compared to 3.36% for 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.
— Interest income increased $14.3 million for the twelve-months ended December 31, 2025, compared to the same period last year, attributed to average interest-earning assets increasing $198.8 million coupled with a 9-basis point increase in asset yield.
— Interest expense decreased $7.6 million for the twelve-months ended December 31, 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 123-basis point drop in time deposits, mostly offset by $206.5 million average balance growth in interest-bearing deposits, when comparing the twelve-months ended December 31, 2025, to the same period last year.
— Net interest margin increased 40-basis points to 3.61% for the twelve months ended December 31, 2025, compared to 3.21% for the same period last year.
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.
— Civista recorded net charge-offs of $0.9 million for the fourth quarter of 2025 compared to net charge-offs of $2.2 million for the same period of 2024, and $0.6 million in the third quarter of 2025.
— The allowance for credit losses to loans ratio was 1.28% at December 31, 2025, compared to 1.30% at September 30, 2025, and 1.29% at December 31, 2024.
— Non-performing assets at December 31, 2025, were $31.3 million, an increase of $8.5 million or 37.3%, from September 30, 2025. The non-performing assets to assets ratio was 0.72% and 0.55% at December 31, 2025 and September 30, 2025, respectively.
— The allowance for credit losses to non-performing loans increased to 134.3% at December 31, 2025, from 120.8% at December 31, 2024.
— The FSB acquisition added approximately $2.0 million to the allowance for credit losses.
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.
— Non-interest Income was impacted by the mid-quarter FSB acquisition.
— Service charges increased $0.1 million for the fourth quarter of 2025, compared to the same period last year, primarily from an increase in retail overdraft fees.
— Net gain on sale of loans increased $0.3 million for the fourth quarter of 2025, compared to the same period last year, resulting from timing of selling loans.
— Lease revenue and residual income increased $0.2 million for the fourth quarter of 2025 compared to the same period last year, mainly due to an increase in lease originations in the fourth quarter of 2025.
— Income from Bank Owned Life Insurance decreased $0.4 million for the fourth quarter of 2025 due to a death benefit on an insured individual in the fourth quarter of 2024.
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.
— Service charges increased $0.3 million for the twelve months ended December 31, 2025, compared to the same period last year, primarily from an increase in retail overdraft fees year-over-year.
— Lease revenue and residual income decreased $3.0 million for the twelve months ended December 31, 2025, compared to the same period last year, due to stronger lease originations for most of 2024 coupled with a one-time non-recurring adjustment aforementioned above.
— Other income decreased $0.9 million for the twelve month ended December 31, 2025, compared to the same period last year, primarily related to lower fee revenue from the leasing division.
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.
— Non-interest expense was impacted by the mid-quarter FSB acquisition.
— Compensation expense decreased $0.4 million for the fourth quarter of 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 fourth quarter of 2025 partially offset by an increase in medical expenses.
— The quarter-to-date average number of full-time equivalent (“FTE”) employees was 535 at December 31, 2025, compared with an average number of 519 for the same period in 2024.
— Equipment expense decreased $0.2 million for the three months ended December 31, 2025 compared to the same period in 2024, mainly due to normal depreciation expense.
— Other expenses increased $4.2 million for the fourth quarter of 2025 compared to the same period last year, mainly due to the aforementioned acquisition-related expenses.
— The efficiency ratio was 57.7% for the quarter ended December 31, 2025, compared to 68.3% for the same period last year. The change in the efficiency ratio is primarily due to a 9.6% increase in non-interest expenses, a 16.3% increase in net interest income, partially offset by a 9.6% increase in non-interest income.
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.
— Compensation expense decreased $3.1 million for the twelve months ended December 31, 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 2025.
— The year-to-date average number of FTE employees was 526 at December 31, 2025, compared with an average number of 531 for the same period in 2024.
— Professional fees increased $.8 million for the twelve months ended December 31, 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 $1.4 million for the twelve months ended December 31, 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 62.0% for the twelve months ended December 31, 2025, compared to 70.9% for the same period last year. The change in the efficiency ratio is primarily due a 18.7% increase in net interest income, partially offset by a 10.0% decrease in non-interest income.
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 47,990 539 4.46 21,060 248 4.68
% %
banks
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 41,378 38,873
institutions
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' $
4,250,711 $
4,044,750
Equity
Net interest income and interest rate $
36,451 3.04 $
31,355 2.65
% %
spread
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 28,729 1,217 4.24 20,580 1,005 4.87
% %
banks
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 39,773 34,494
institutions
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' $
4,165,782 $
3,969,656
Equity
Net interest income and interest rate $
138,583 2.96 $
116,710 2.45
% %
spread
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 175,000 232,000 433,500 360,000 339,000
advances - short term
Federal Home Loan Bank 855 970 1,103 1,355 1,501
advances - long term
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 42,336 41,961 41,371 38,770 47,214
other liabilities
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 (40,315) (44,468) (54,020) (51,949) (53,357)
comprehensive loss
Total shareholders' equity 543,474 499,028 404,137 397,434 388,502
Total Liabilities and $
4,336,453 $
4,113,334 $
4,185,869 $
4,146,717 $
4,098,469
Shareholders' Equity
Shares outstanding at 20,746,474 19,312,726 15,529,342 15,519,072 15,487,667
period end
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 1.28 1.30 1.28 1.30 1.29
% % % % %
to total loans
Non-performing assets to 0.72 0.55 0.55 0.75 0.80
% % % % %
total assets
Allowance for credit losses 134.29 176.52 176.11 129.99 120.75
% % % % %
to non-performing loans
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 2025 2025 2025 2025 2024
lease balances
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 $
12,267 $
12,760 $
11,015 $
10,168 $
9,893
shareholders
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 $
12,219 $
12,699 $
10,970 $
10,124 $
9,680
shareholders - basic
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 20,095,004 18,675,564 15,427,798 15,422,102 15,394,617
outstanding used to calculate basic earnings
per share
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 3.69 3.58 3.64 3.51 3.36
% % % % %
equivalent)
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 1,960
FSB
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 134.29 176.52 174.52 129.12 121.58
% % % % %
assets
Allowance to nonperforming 134.29 176.52 176.11 129.99 120.75
% % % % %
loans
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 461 177 223 225
Accruing
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 $
543,474 $
499,028 $
404,137 $
397,434 $
388,502
Equity - GAAP
Less: Preferred Equity
Less: Goodwill and 143,538 132,276 132,631 133,026 133,403
intangible assets
Tangible common equity $
399,936 $
366,752 $
271,506 $
264,408 $
255,099
(Non-GAAP)
Total Shares 20,746,474 19,312,726 15,529,342 15,519,072 15,487,667
Outstanding
Tangible book value per $
19.28 $
18.99 $
17.48 $
17.04 $
16.47
share
Tangible Assets
Total Assets - GAAP $
4,336,453 $
4,113,334 $
4,185,869 $
4,146,717 $
4,098,469
Less: Goodwill and 143,538 132,276 132,631 133,026 133,403
intangible assets
Tangible assets (Non- $
4,192,915 $
3,981,058 $
4,053,238 $
4,013,691 $
3,965,066
GAAP)
Tangible common equity 9.54 9.21 6.70 6.59 6.43
% % % % %
to tangible assets
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 576 363 1,484 1,121
expense
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 $
46,835 $
40,901 $
174,760 $
156,724
income (non-GAAP)
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 576 318 339 332 363
expense
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 $
46,835 $
44,541 $
42,098 $
41,284 $
40,901
income (non-GAAP)
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- Non-
Recurring 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 36,451 36,451 138,583 1,621 136,962
income
Provision for 724 724 3,521 3,521
credit losses
Provision for (139) (139) (144) (144)
unfunded
commitments
Net interest 35,866 35,866 135,206 1,621 133,585
income after
provision
Non-interest 9,884 9,884 33,967 (1,044) 35,011
income
Non-interest 31,003 3,424 27,579 113,938 3,782 110,156
expense
Income before 14,747 (3,424) 18,171 55,235 (3,205) 58,440
taxes
Income tax 2,480 (568) 3,048 9,023 (531) 9,554
expense
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, September 30, June 30,
2025 2025 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 (139) (178) (146)
commitments
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, September 30, June 30,
2025 2025 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 2025The 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 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 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 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 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/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-302673396.html
SOURCE Civista Bancshares, Inc.
https://rt.newswire.ca/rt.gif?NewsItemId=CL73779&Transmission_Id=202601290755PR_NEWS_USPR_____CL73779&DateId=20260129
COMTEX_472560626/1005/2026-01-29T07:55:16