Civista Bancshares, Inc. Announces Fourth-Quarter 2024 Financial Results of $0.63 per Common Share and Full-Year 2024 Financial Results of $2.01 per Common Share

Civista Bancshares, Inc. (NASDAQ:CIVB) (“Civista”) announced its unaudited financial results for the three- and twelve-month periods ending December 31, 2024.

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Fourth quarter and full-year 2024 highlights:

— Net income of $9.9 million, or $0.63 per diluted share, for the fourth quarter of 2024, compared to $9.7 million, or $0.62 per diluted share, for the fourth quarter of 2023.

— Net income of $31.7 million, or $2.01 per diluted share, compared to $43.0 million, or $2.73 per diluted share, for the twelve months ended December 31, 2024 and 2023, respectively.

— Replaced nearly $5.2 million in non-interest income, for the twelve months ended December 31, 2024 compared to the same period in 2023. This includes reductions in overdraft fees ($1.4 million), tax refund processing revenue ($2.4 million), and the 2023 MasterCard renewal fee ($1.5 million). Despite these reductions, non-interest income for the twelve months ended December 31, 2024, is $0.6 million higher than the same period in 2023.

— Cost of deposits of 220 basis points and total funding costs of 242 basis points for the quarter.

— Based on the December 31, 2024, market close share price of $21.04, the $0.16 fourth quarter dividend is equivalent to an annualized yield of 3.04% and a dividend payout ratio of 25.5%.

CEO Commentary:

“We're pleased with our fourth-quarter earnings and overall full-year performance. This quarter, we maintained a disciplined approach to loan and deposit pricing, successfully continuing our downward beta strategy. Our results reflect the positive impact of our deposit initiatives we launched earlier in the year. These initiatives and strategies, along with another quarter of strong non-interest income, have significantly contributed to our financial success, resulting in Earnings Per Share of $0.63, up from $0.53 last quarter. Our strong earnings and recently announced increase in our quarterly dividend, reflects our confidence in Civista's financial strength and our commitment to delivering value to our shareholders.”, said Dennis G. Shaffer, CEO and President of Civista.

“Our credit quality remains solid as we continue to support lending and strengthen our customer relationships. We are committed to meeting the growing demand for housing and construction financing, ensuring we address the needs of our customers and communities. Our strategic focus on these areas has allowed us to deepen our engagement with customers and provide then with the necessary financial support.”, said Shaffer.

“Furthermore, with a strong fourth quarter and the expansion in our net interest margin, we are well-positioned for a successful 2025. Our team's dedication and hard work have been instrumental in achieving these results, and we are confident in our ability to sustain this momentum as we remain focused on executing our strategic initiatives and driving sustainable growth for the long term. We continue to prioritize our customers' needs and adapt to the evolving market conditions to deliver consistent value and growth.”, said Shaffer.

Results of Operations:

For the three-month periods ended December 31, 2024, September 30, 2024 and December 31, 2023

Net interest income increased $2.1 million, or 7.3%, for the fourth quarter of 2024 compared to the third quarter of 2024.

Interest income increased $0.5 million attributed to average interest-earning assets increasing $33 million coupled with a 1 basis point increase in asset yield.

The increase in interest income was aided by a $1.6 million decrease in interest expense. This was due to a reduction in the average balance of higher costing FHLB borrowings of $174.1 million mostly offset by $226.8 million growth in deposits ($177.4 million in average balances), resulting in a net increase of $3.9 million in average interest-bearing liabilities when comparing Q4 2024 to Q3 2024.

When comparing the fourth quarter of 2024 to the same period of 2023. Net interest income increased $1.3 million. Interest income increased $4.6 million while interest expense increased $3.3 million.

Net interest margin decreased 8 basis points to 3.36% for the fourth quarter of 2024, compared to 3.44% for the same period a year ago.

The increase in interest income was primarily due to a $289.3 million increase in average interest-earning assets resulting in a $4.0 million increase in interest income.

Interest expense increased $3.3 million for the fourth quarter of 2024, compared to the same period last year. The average rate paid on interest-bearing liabilities increased 11 basis points, while average interest-bearing liabilities increased $355.8 million to fund growth. The increase in interest-bearing liabilities was $236.5 million in time-deposits, $183.0 million in demand and savings, partially offset by a decrease of $63.8 million in FHLB borrowings. This shift in the funding mix, as well as rising rates, is driving the increase in the funding rate. The 11-basis point increase in funding yield led to $0.7 million additional interest expense. Additionally, the $355.8 million of additional funds led to $2.6 million of additional interest expense.

Average Balance Analysis(Unaudited – Dollars in thousands) Three Months Ended December 31, 2024 2023 Average Yield/ Average Yield/Assets: balance Interest rate * balance Interest rate *Interest-earning assets:Loans ** $ 3,061,991 47,250 6.14 % $ 2,805,995 $ 43,172 6.10 %Taxable securities *** 362,997 3,378 3.38 % 352,186 2,901 2.85 %Non-taxable securities *** 292,559 2,357 3.83 % 275,046 2,365 3.79 %Federal funds sold – – 0.00 % – – 0.00 %Interest-bearing deposits in other banks 21,060 248 4.68 % 16,117 161 3.96 %Total interest-earning assets *** $ 3,738,607 $ 53,233 5.65 % $ 3,449,344 $ 48,599 5.52 %Noninterest-earning assets:Cash and due from financial institutions 38,873 26,221Premises and equipment, net 48,990 58,576Accrued interest receivable 13,632 12,455Intangible assets 133,673 134,867Bank owned life insurance 62,866 55,441Other assets 49,462 67,544Less allowance for loan losses (41,353) (35,802)Total Assets $ 4,044,750 $ 3,768,646Liabilities and Shareholders' Equity:Interest-bearing liabilities:Demand and savings $ 1,528,163 $ 5,025 1.31 % $ 1,345,199 $ 2,873 0.85 %Time 1,054,489 13,111 4.95 % 817,961 10,532 5.11 %Short-term FHLB borrowings 214,038 2,530 4.70 % 276,949 3,877 5.55 %Long-term FHLB borrowings 1,573 6 1.52 % 2,458 14 2.26 %Other borrowings 543 7 5.13 % 543 8 5.85 %Subordinated debentures 104,071 1,199 4.58 % 103,927 1,243 4.75 %Repurchase agreements – – 0.00 % – – 0.00 %Total interest-bearing liabilities $ 2,902,877 $ 21,878 3.00 % $ 2,547,037 $ 18,547 2.89 %Noninterest-bearing deposits 702,833 814,642Other liabilities 47,449 69,101Shareholders' equity 391,591 337,866Total Liabilities and Shareholders' Equity $ 4,044,750 $ 3,768,646Net interest income and interest rate spread $ 31,355 2.65 % $ 30,052 2.63 %Net interest margin *** 3.36 % 3.44 %* – Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $627 thousand and $629 thousand for the periods ended December 31, 2024 and 2023, 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 $52.1 million and $91.0 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.

For the twelve-month periods ended December 31, 2024 and 2023

Net interest income decreased $8.8 million, or 7.0%, compared to the same period in 2023.

Interest income increased $24.0 million, or 13.1%, for the twelve months of 2024 compared to the same period of 2023. Average interest-earning assets increased $263.6 million. Average yields increased 27 basis points. The increase in volume is due to organic loan growth.

Interest expense increased $32.7 million, or 57.2%, for the twelve months of 2024 compared to the same period of 2023. Average rate paid on interest-bearing liabilities increased 79 basis points compared to 2023. Average interest-bearing liabilities increased $428.6 million for the twelve months of 2024 compared to the same period of 2023. Demand, Savings and Time deposits increased $450.5 million, collectively, and FHLB borrowings increased $60.7 million for the twelve months of 2024 compared to the same period of 2023 to fund growth.

Net interest margin decreased of 49 basis points to 3.21% for the twelve months of 2024, compared to 3.70% for the same period a year ago.

Average Balance Analysis(Unaudited – Dollars in thousands) Twelve Months Ended December 31, 2024 2023 Average Yield/ Average Yield/Assets: balance Interest rate * balance Interest rate *Interest-earning assets:Loans ** $ 2,984,912 $ 183,580 6.15 % $ 2,722,797 $ 160,755 5.90 %Taxable securities *** 357,255 12,639 3.18 % 363,972 11,718 2.88 %Non-taxable securities *** 291,833 9,473 3.85 % 282,678 9,282 3.79 %Interest-bearing deposits in other banks 20,580 1,003 4.87 % 21,551 979 4.54 %Total interest-earning assets *** $ 3,654,580 $ 206,695 5.62 % $ 3,390,998 $ 182,734 5.35 %Noninterest-earning assets:Cash and due from financial institutions 34,494 39,219Premises and equipment, net 52,230 58,456Accrued interest receivable 13,349 11,499Intangible assets 134,273 133,626Bank owned life insurance 62,349 54,211Other assets 57,879 63,152Less allowance for loan losses (39,498) (33,814)Total Assets $ 3,969,656 $ 3,717,347Liabilities and Shareholders' Equity:Interest-bearing liabilities:Demand and savings $ 1,426,288 $ 16,138 1.13 % $ 1,356,789 $ 7,689 0.57 %Time 959,276 50,416 5.26 % 578,243 26,066 4.51 %Short-term FHLB borrowings 342,626 18,451 5.39 % 280,887 14,493 5.16 %Long-term FHLB borrowings 1,892 42 2.22 % 2,909 66 2.27 %Other borrowings 137 7 5.11 % 74,269 4,071 5.50 %Subordinated debentures 104,017 4,931 4.74 % 103,873 4,849 4.67 %Repurchase agreements – – 0.00 % 8,685 4 0.05 %Total interest-bearing liabilities $ 2,834,236 $ 89,985 3.17 % $ 2,405,655 $ 57,238 2.38 %Noninterest-bearing deposits 701,397 917,005Other liabilities 56,664 50,963Shareholders' equity 377,359 343,724Total Liabilities and Shareholders' Equity $ 3,969,656 $ 3,717,347Net interest income and interest rate spread $ 116,710 2.45 % $ 125,496 2.97 %Net interest margin *** 3.21 % 3.70 %* – 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, 2024 and 2023, respectively.** – Average balance includes nonaccrual loans*** – 2024 and 2023 average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $59.4 million and $71.0 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.

Provision for credit losses (including provision for unfunded commitments) for the fourth quarter of 2024 was $0.7 million compared to $2.3 million for the same period of 2023.

Year-to-date 2024 provision for credit losses (including provision for unfunded commitments) was $5.4 million compared to $4.4 million for the same period of 2023.

The Allowance to total loans ratio as of December 31, 2024 was 1.29%, down from 1.36% on September 30, 2024 and down from 1.30% at December 31, 2023. The decreased reserve requirement is attributed to an improvement in the qualitative factors as we see economic improvements in the markets we serve as well as in general economic conditions.

For the fourth quarter of 2024, noninterest income totaled $9.0 million, a decrease of $0.7 million or 6.9% from third quarter 2024 and an increase of $0.2 million, or 2.2%, compared to the prior year's fourth quarter.

Noninterest income(unaudited – dollars in thousands) Three months ended December 31, 2024 2023 $ change % changeService charges $ 1,591 $ 1,749 $ (158) -9.0 %Net gain/(loss) on equity securities 96 147 (51) -34.7 %Net gain on sale of loans 1,259 875 384 43.9 %ATM/Interchange fees 1,640 1,654 (14) -0.8 %Wealth management fees 1,464 1,197 267 22.3 %Lease revenue and residual income 1,280 1,436 (156) -10.9 %Bank owned life insurance 771 282 489 173.4 %Swap fees 66 475 (409) -86.1 %Other 848 1,008 (160) -15.9 %Total noninterest income $ 9,015 $ 8,823 $ 192 2.2 %

Service charges for the fourth quarter of 2024 decreased year over year as we have eliminated our re-presentment fees as well as reduced our overdraft charges, the effect of which was partially offset by an increase in service fees in consumer and treasury management.

Net gain/(loss) on equity securities change was the result of a market valuation adjustment.

Net gain on sale of loans includes gain/loss on sale of mortgages, adjustments to mortgage service rights (MSR), and gain/loss on sales of loans and leases from the Civista Leasing and Finance division; which continues to provide a strong and consistent revenue source for Civista.

Wealth management fees increased from strong financial markets and organic growth in the trust and investment services business.

Lease revenue and residual income decreased due to lower lease originations in the fourth quarter of 2024 compared to the same period in 2023.

Income from Bank Owned Life Insurance (BOLI) increased due to a death benefit on an insured individual in the fourth quarter of 2024.

Other income decreased in the fourth quarter mainly related to lower volumes in loan fees, loan servicing fees, and leasing rental income, partially offset by a gain of $0.2 million from the sale of an OREO property.

For the twelve months ended December 31, 2024, noninterest income totaled $37.7 million, an increase of $0.6 million, or 1.6%, compared to the same period in 2023. This reflects the replacement of the tax refund processing business exited in 2023.

Noninterest income(unaudited – dollars in thousands) Twelve months ended December 31, 2024 2023 $ change % changeService charges $ 6,114 $ 7,206 $ (1,092) -15.2 %Net gain/(loss) on equity securities 252 (21) 273 1300.0 %Net gain on sale of loans 4,438 2,908 1,530 52.6 %ATM/Interchange fees 5,841 5,880 (39) -0.7 %Wealth management fees 5,519 4,767 752 15.8 %Lease revenue and residual income 8,911 7,595 1,316 17.3 %Bank owned life insurance 2,205 1,112 1,093 98.3 %Swap fees 232 673 (441) -65.5 %Tax Refund Processing Fee – 2,375 (2,375) -100.0 %Other 4,236 4,668 (432) -9.3 %Total noninterest income $ 37,748 $ 37,163 $ 585 1.6 %

Service charges for the full-year 2024 decreased resulting from the elimination of our re-presentment fees coupled with reducing our overdraft charges, the effect of which was partially offset by an increase in service fees in consumer and treasury management.

Net gain/loss on equity securities change was the result of a market valuation adjustment.

Net gain on sale of loans increased primarily due to an increase in the volume of mortgage and Civista Leasing and Finance leases as well as loans sold.

Wealth management fees increased from strong markets and organic growth in the trust and investment services business.

Lease revenue and residual income increased from prior year as we shifted from operating leases to more finance leases, resulting in higher residual income.

Income from Bank Owned Life Insurance (BOLI) increased due to death benefit on three insured individuals in 2024.

Tax Refund Processing Fee income is now zero as we exited our relationship with a third-party processor in 2023 that was in the tax refund processing business.

Other income – includes $1.1 million of loan servicing fees and $1.5 million of leasing rental income in 2024. For 2023, a $1.5 million fee was collected with the renewal of the company's contract with MasterCard.

For the fourth quarter of 2024, noninterest expense totaled $28.3 million, an increase of $0.3 million or 1.1% when compared to the third quarter of 2024. When compared to the prior years' fourth quarter, noninterest expense increased $3.0 million, or 11.8%.

Noninterest expense(unaudited – dollars in thousands) Three months ended December 31, 2024 2023 $ change % changeCompensation expense $ 14,899 $ 14,154 $ 745 5.3 %Net occupancy Expense 1,138 1,299 $ (161) -12.4 %Contracted data processing 508 512 $ (4) -0.8 %Taxes and assessments 1,647 679 $ 968 142.6 %Professional services 2,247 1,148 $ 1,099 95.7 %Equipment Maint/Depr 2,240 2,871 $ (631) -22.0 %ATM/Interchange expense 671 605 $ 66 10.9 %Marketing 448 (190) $ 638 335.8 %Sponsorships (38) 155 $ (193) -124.5 %Communications 492 426 $ 66 15.5 %Insurance Expense 313 408 $ (95) -23.3 %Software maintenance expense 1,376 1,178 $ 198 16.8 %Other 2,355 2,068 $ 287 13.9 %Total noninterest expense $ 28,296 $ 25,313 $ 2,983 11.8 %

Compensation expense increased primarily due to a merit increases, employee insurance, and other payroll-related expenses. The quarter-to-date average number of full time equivalent (FTE) employees was 519 at December 31, 2024, compared with an average number of 532 for the same period in 2023.

Equipment maintenance and depreciation expense decreased $631 thousand primarily due to depreciation associated with Civista Leasing and Finance as operating leases mature.

Software maintenance expense increased $198 thousand due to increases in both software maintenance contracts as well as the implementation of the new digital banking platform.

In the fourth quarter of 2024, other expenses include a $0.5 million reserve to address a reconciling item related to a leasing system conversion, which is expected to be completed in the first quarter of 2025.

The efficiency ratio was 68.3% for the quarter ended December 31, 2024, compared to 63.3% for the quarter ended December 31, 2023. The change in the efficiency ratio is primarily due to a 11.8% increase in noninterest expenses; partially offset by a 4.3% increase in net interest income and a 2.2% increase in noninterest income.

Civista's effective income tax rate for the fourth quarter of 2024 was 13.1% compared to 14.1% in the fourth quarter of 2023.

For the twelve months ended December 31, 2024, noninterest expense totaled $112.5 million, an increase of $4.9 million, or 4.6%, compared to the same period in the prior year.

Noninterest expense(unaudited – dollars in thousands) Twelve months ended December 31, 2024 2023 $ change % changeCompensation expense $ 61,821 $ 58,291 $ 3,530 6.1 %Net occupancy and equipment 5,097 5,395 (298) -5.5 %Contracted data processing 2,248 2,242 6 0.3 %Taxes and assessments 4,683 3,663 1,020 27.8 %Professional services 5,779 4,952 827 16.7 %Equipment Maint/Depr 9,553 11,085 (1,532) -13.8 %ATM/Interchange expense 2,544 2,420 124 5.1 %Marketing 2,088 1,352 736 54.4 %Sponsorships 1,263 1,257 6 0.5 %Communications 2,040 2,157 (117) -5.4 %Insurance Expense 1,240 1,210 30 2.5 %Software maintenance expense 4,944 4,167 777 18.6 %Other 9,220 9,420 (200) -2.1 %Total noninterest expense $ 112,520 $ 107,611 $ 4,909 4.6 %

Compensation expense increased primarily due to merit increases, employee insurance, and other payroll-related expenses.The year-to-date average number of full time equivalent (FTE) employees was 531 for the twelve-months ended December 31, 2024, compared with an average number of 510 for the same period in 2023.

Equipment maintenance and depreciation expense decreased by $1.5 million, primarily from a decrease in depreciation of equipment on operating leases as operating leases mature.

Software maintenance expense increased due to increases in both software maintenance contracts as well as the implementation of the new digital banking platform.

Other expenses include a $1.2 million reserve to address a reconciling item related to a leasing system conversion, which is expected to be completed in the first quarter of 2025.

The efficiency ratio was 70.8% for the twelve months ended December 31, 2024 compared to 64.2% for the twelve months ended December 31, 2023. The change in the efficiency ratio is primarily due to an 4.6% increase in noninterest expense and a 7.0% decrease in net interest income, partially offset by an 1.6% increase in noninterest income.

Civista's effective income tax rate for the twelve months ended December 31, 2024 was 13.4% compared to 15.1% for the twelve months ended December 31, 2023.

Balance Sheet

Total assets at December 31, 2024, were $4.1 billion, an increase of $237.1 million, or 6.1%, from December 31, 2023.

End of period loan and lease balances

(unaudited – dollars inthousands) December December 31, 31, 2024 2023 $ Change % ChangeCommercial and Agriculture $ 328,488 $ 304,793 $ 23,695 7.8 %Commercial Real Estate:Owner Occupied 374,367 377,321 (2,954) -0.8 %Non-owner Occupied 1,225,991 1,161,894 64,097 5.5 %Residential Real Estate 763,869 659,841 104,028 15.8 %Real Estate Construction 305,992 260,409 45,583 17.5 %Farm Real Estate 23,035 24,771 (1,736) -7.0 %Lease financing receivable 46,900 54,642 (7,742) -14.2 %Consumer and Other 12,588 18,057 (5,469) -30.3 %Total Loans $ 3,081,230 $ 2,861,728 $ 219,502 7.7 %

Loan and lease balances increased $219.5 million, or 7.7% since December 31, 2023.

Growth was tempered in 2024 as the company continued its diligent focus on rate, margin, deposits and reduce dependency on wholesale funding.

Commercial Real Estate continued to grow due to consistent demand in the non-owner occupied category, especially in the multi-family area in the major Ohio metropolitan areas. Real Estate Construction has increased with consistent demand for more projects across the state of Ohio.

Residential Real Estate has grown primarily due to more home construction loans as we meet the demand for housing and construction financing by our customers and communities.

Deposits

Total deposits at December 31, 2024 were $3.2 billion, an increase of $226.8 million, or 7.6%, from December 31, 2023.

(unaudited – dollars inthousands) December December 31, 31, 2024 2023 $ Change % ChangeNoninterest-bearing demand $ 695,094 $ 771,699 $ (76,605) -9.9 %Interest-bearing demand 419,583 449,449 (29,866) -6.6 %Savings and money market 1,127,765 854,881 272,884 31.9 %Time deposits 469,163 391,809 77,354 19.7 %Brokered deposits 500,265 517,190 (16,925) -3.3 %Total Deposits $ 3,211,870 $ 2,985,028 $ 226,842 7.6 %

The $76.6 million decrease in noninterest-bearing demand deposits was primarily due to a $51.4 million decrease in noninterest-bearing accounts related to the former tax refund processing program. Also, included is $9.8 million decrease in noninterest-bearing business accounts and $10.6 million decrease in noninterest-bearing personal accounts as customers migrate deposits to interest-bearing accounts.

The $29.9 million decrease in interest-bearing demand deposits was primarily due to a $10.9 million decrease in interest-bearing personal accounts, a $9.8 million decrease in interest-bearing public fund accounts, and a $8.2 million decrease in interest-bearing business accounts.

The $272.9 million increase in savings and money market deposits was primarily due to a $45.0 million increase in business money market accounts, $121.9 million increase in public funds money markets, partially offset by a $15.9 million decrease in statement savings coupled with a $8.2 million decrease in business savings accounts. Included in the growth are the $97.0 million of trust cash deposits brought onto the balance sheet in the third quarter, and $95.7 million of deposits associated with the Ohio Home Buyers Program.

The $77.4 million increase in time deposits was primarily due to a$22.7 million increase in Jumbo time certificates, a $23.5 million increase in retail time certificates, and a $26.9 million increase in time certificates over $250 thousand.

FHLB overnight advances totaled $339.0 million on December 31, 2024, up $52.0 million from $287.0 million on September 30, 2024 and up slightly from $338.0 million on December 31, 2023. FHLB term advances totaled $1.5 million on December 31, 2024, down from $2.4 million on December 31, 2023.

Stock Repurchase Program

Civista did not repurchase any shares in 2024, leaving the entire $13.5 million of the current repurchase authorization remaining. The current repurchase plan will expire in May 2025. In January 2024, Civista liquidated 8,262 shares held by employees, at $18.38 per share, to satisfy tax obligations stemming from vesting of restricted shares.

Shareholders' Equity

Total shareholders' equity at December 31, 2024, totaled $388.5 million, an increase of $16.5 million from December 31, 2023. This resulted from an increase of $21.6 million in retained earnings and a reduction in accumulated other comprehensive loss of $5.8 million.

Asset Quality

Civista recorded net charge-offs of $3.4 million for the twelve months of 2024 compared to net charge-offs of $1.0 million for the same period of 2023. The allowance for credit losses to loans ratio was 1.29% at December 31, 2024, compared to 1.36% at September 30, 2024 and 1.30% at December 31, 2023.

Allowance for Credit Losses(dollars in thousands) Twelve months ended December 31, 2024 2023Beginning of period $ 37,160 $ 28,511CECL adoption adjustments – 5,193Charge-offs (3,915) (1,431)Recoveries 539 452Provision 5,885 4,435End of period $ 39,669 $ 37,160Allowance for Unfunded Commitments(dollars in thousands) Twelve months ended December 31, 2024 2023Beginning of period $ 3,901 $ -CECL adoption adjustments – 3,386Charge-offs – -Recoveries – -Provision (521) 515End of period $ 3,380 $ 3,901

Non-performing assets at December 31, 2024 were $31.9 million, an increase of $16.7 million or 111%, from December 31, 2023. The non-performing assets to assets ratio was 0.78% at December 31, 2024 and 0.39% at December 31, 2023. The allowance for credit losses to non-performing loans decreased from 245.67% at December 31, 2023 to 124.49% at December 31, 2024.

(dollars in thousands) December 31, December 31, 2024 2023Non-accrual loans $ 30,950 $ 12,467Restructured loans 1,677 2,659Total non-performing loans 32,627 15,126Other Real Estate Owned – -Total non-performing assets $ 32,627 $ 15,126

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 2024 at 1:00 p.m. ET on Thursday, January 30, 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. fourth quarter 2024 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).

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, 2023, 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.

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.

For additional information, contact: Dennis G. Shaffer CEO and President Civista Bancshares, Inc. 888-645-4121

Civista Bancshares, Inc.Financial Highlights(Unaudited, dollars in thousands, except share and per share amounts)Consolidated Condensed Statement of Income Three Months Ended Twelve Months Ended December 31, December 31, 2024 2023 2024 2023Interest income $ 53,233 $ 48,599 $ 206,695 $ 182,734Interest expense 21,878 18,547 89,985 57,238Net interest income 31,355 30,052 116,710 125,496Provision for credit losses 697 2,325 5,885 4,435Provision for unfunded commitments (1) – (521) -Net interest income after provision 30,659 27,727 111,346 121,061Noninterest income 9,015 8,823 37,748 37,163Noninterest expense 28,296 25,313 112,520 107,611Income before taxes 11,378 11,237 36,574 50,613Income tax expense 1,485 1,582 4,891 7,649Net income 9,893 9,655 31,683 42,964Preferred stock dividends – – – -Net income availableto common shareholders $ 9,893 $ 9,655 $ 31,683 $ 42,964Dividends paid per common share $ 0.16 $ 0.16 $ 0.64 $ 0.61Earnings per common shareBasicNet income $ 9,893 $ 9,655 $ 31,683 $ 42,964Less allocation of earnings anddividends to participating securities 213 362 671 1,585Net income available to commonshareholders – basic $ 9,680 $ 9,293 $ 31,012 $ 41,379Weighted average common shares outstanding 15,736,962 15,695,978 15,724,768 15,734,624Less average participating securities 339,626 588,625 333,029 579,857Weighted average number of shares outstandingused to calculate basic earnings per share 15,397,336 15,107,353 15,391,739 15,154,767Earnings per common shareBasic $ 0.63 $ 0.62 $ 2.01 $ 2.73Diluted 0.63 0.62 2.01 2.73Selected financial ratios:Return on average assets 0.97 % 1.02 % 0.80 % 1.16 %Return on average equity 10.43 % 11.17 % 8.40 % 12.50 %Dividend payout ratio 25.45 % 25.81 % 31.76 % 22.34 %Net interest margin (tax equivalent) 3.36 % 3.44 % 3.21 % 3.70 %Selected Balance Sheet Items(Dollars in thousands, except share and per share amounts) December 31, December 31, 2024 2023 (unaudited) (unaudited)Cash and due from financial institutions $ 63,155 $ 60,406Investment in time deposits 1,450 1,225Investment securities 650,488 620,441Loans held for sale 665 1,725Loans 3,081,230 2,861,728Less: allowance for credit losses (39,669) (37,160)Net loans 3,041,561 2,824,568Other securities 30,352 29,998Premises and equipment, net 47,166 56,769Goodwill and other intangibles 133,403 135,028Bank owned life insurance 62,783 61,335Other assets 67,446 69,923Total assets $ 4,098,469 $ 3,861,418Total deposits $ 3,211,870 $ 2,985,028Federal Home Loan Bank advances – short term 339,000 338,000Federal Home Loan Bank advances – long term 1,501 2,392Subordinated debentures 104,089 103,943Other borrowings 6,293 9,859Accrued expenses and other liabilities 47,214 50,194Total shareholders' equity 388,502 372,002Total liabilities and shareholders' equity $ 4,098,469 $ 3,861,418Shares outstanding at period end 15,737,815 15,695,424Book value per share $ 24.69 $ 23.70Equity to asset ratio 9.48 % 9.63 %Selected asset quality ratios:Allowance for credit losses to total loans 1.29 % 1.30 %Non-performing assets to total assets 0.80 % 0.39 %Allowance for credit losses to non-performing loans 121.58 % 245.67 %Non-performing asset analysisNonaccrual loans $ 30,950 $ 12,467Troubled debt restructurings 1,677 2,659Other real estate owned – -Total $ 32,627 $ 15,126Supplemental Financial Information(Unaudited – dollars in thousands except share data) December September June 30, March 31, December 31, 30, 31,End of Period Balances 2024 2024 2024 2024 2023AssetsCash and due from banks $ 63,155 $ 74,662 $ 55,760 $ 50,310 $ 60,406Investment in time deposits 1,450 1,450 1,450 1,450 1,225Investment securities 650,488 629,113 611,866 608,277 620,441Loans held for sale 665 8,299 5,369 3,716 1,725Loans and leases 3,081,230 3,043,946 3,014,996 2,898,139 2,861,728Allowance for credit losses (39,669) (41,268) (39,919) (38,849) (37,160)Net Loans 3,041,561 3,002,678 2,975,077 2,859,290 2,824,568Other securities 30,352 32,633 37,615 31,360 29,998Premises and equipment, net 47,166 49,967 52,142 54,280 56,769Goodwill and other intangibles 133,403 133,829 134,227 134,618 135,028Bank owned life insurance 62,783 62,912 63,367 61,685 61,335Other assets 67,446 65,880 75,041 75,272 69,923Total Assets $ 4,098,469 $ 4,061,423 $ 4,011,914 $ 3,880,258 $ 3,861,418LiabilitiesTotal deposits $ 3,211,870 $ 3,223,732 $ 2,977,616 $ 2,980,695 $ 2,985,028Federal Home Loan Bank advances – short term $ 339,000 287,047 500,500 368,500 338,000Federal Home Loan Bank advances – long term $ 1,501 1,598 1,841 2,211 2,392Securities sold under agreement to repurchase – – – – -Subordinated debentures 104,089 104,067 104,026 103,984 103,943Other borrowings 6,293 6,319 7,156 8,105 9,859Secured borrowings – – – – -Securities purchased payable – – – – -Tax refunds in process – – – – 2,885Accrued expenses and other liabilities 47,214 44,222 46,967 47,104 47,309Total liabilities 3,709,967 3,666,985 3,638,106 3,510,599 3,489,416Shareholders' EquityCommon shares 312,037 311,901 311,529 311,352 311,166Retained earnings 205,408 198,034 192,186 187,638 183,788Treasury shares (75,586) (75,586) (75,574) (75,574) (75,422)Accumulated other comprehensive loss (53,357) (39,911) (54,333) (53,757) (47,530)Total shareholders' equity 388,502 394,438 373,808 369,659 372,002Total Liabilities and Shareholders' Equity $ 4,098,469 $ 4,061,423 $ 4,011,914 $ 3,880,258 $ 3,861,418Supplemental Financial Information(Unaudited – dollars in thousands except share data) December 31, September 30, June 30, March 31, December 31,Quarterly Average Balances 2024 2024 2024 2024 2023Assets:Earning assets $ 3,738,607 $ 3,705,866 $ 3,619,809 $ 3,552,552 $ 3,449,344Securities 655,556 654,838 639,625 646,203 645,202Loans $ 3,061,991 3,031,884 2,964,377 2,880,031 2,805,995Liabilities and Shareholders' EquityTotal deposits $ 3,285,485 $ 3,092,583 $ 2,969,380 $ 2,998,150 $ 2,977,802Interest-bearing deposits 2,582,652 2,405,219 2,266,334 2,285,667 2,163,160Other interest-bearing liabilities 493,759 493,759 546,700 431,919 383,877Total shareholders' equity 391,591 381,392 365,784 370,452 337,866Supplemental Financial Information(Unaudited – dollars in thousands except share data) Three Months Ended December September June 30, March 31, December 31, 30, 31,Income statement 2024 2024 2024 2024 2023Total interest and dividend income $ 53,233 $ 52,741 $ 50,593 $ 50,128 $ 48,599Total interest expense 21,878 23,508 22,842 21,756 18,547Net interest income 31,355 29,233 27,751 28,372 30,052Provision for credit losses 697 1,346 1,800 2,042 2,325Provision for unfunded commitments (1) (325) (145) (50) -Noninterest income 9,015 9,686 10,543 8,504 8,823Noninterest expense 28,296 27,981 28,555 27,689 25,313Income before taxes 11,378 9,917 8,084 7,195 11,237Income tax expense 1,485 1,551 1,020 835 1,582Net income $ 9,893 $ 8,366 $ 7,064 $ 6,360 $ 9,655Preferred stock dividends – – – – -Net income available tocommon shareholders $ 9,893 $ 8,366 $ 7,064 $ 6,360 $ 9,655Per share dataEarnings per common shareBasicNet income $ 9,893 $ 8,366 $ 7,064 $ 6,360 $ 9,655Less allocation of earnings anddividends to participating securities 213 177 153 126 362Net income available to commonshareholders – basic $ 9,680 $ 8,189 $ 6,911 $ 6,234 $ 9,293Weighted average common shares 15,736,962 15,736,966 15,729,049 15,695,963 15,695,978outstandingLess average participating securities 339,626 332,531 341,567 311,199 588,625Weighted average number of sharesoutstandingused to calculate basic earnings per 15,397,336 15,404,435 15,387,482 15,384,764 15,107,353shareEarnings per common shareBasic $ 0.63 $ 0.53 $ 0.45 $ 0.41 $ 0.62Diluted $ 0.63 $ 0.53 0.45 0.41 0.62Common shares dividend paid $ 2,518 $ 2,518 $ 2,516 $ 2,510 $ 2,511Dividends paid per common share 0.16 0.16 0.16 0.16 0.16Supplemental Financial Information(Unaudited – dollars in thousands except share data) Three Months Ended December September June 30, March 31, December31, 31, 30,Asset quality 2024 2024 2024 2024 2023Allowance for credit losses:Beginning of period $ 41,268 $ 39,919 $ 38,849 $ 37,160 $ 35,280Charge-offs (2,335) (42) (887) (651) (577)Recoveries 39 45 157 298 132Provision 697 1,346 1,800 2,042 2,325End of period $ 39,669 $ 41,268 $ 39,919 $ 38,849 $ 37,160Allowance for unfundedcommitments:Beginning of period $ 3,381 $ 3,706 $ 3,851 $ 3,901 $ 3,981Charge-offs – – – – -Recoveries – – – – -Provision (1) (325) (145) (50) (80)End of period $ 3,380 $ 3,381 $ 3,706 $ 3,851 $ 3,901RatiosAllowance to total loans 1.29 % 1.36 % 1.32 % 1.34 % 1.30 %Allowance to 124.49 % 226.60 % 233.47 % 247.06 % 245.66 %nonperforming assetsAllowance to 124.49 % 227.36 % 233.47 % 247.06 % 245.66 %nonperforming loansNonperforming assetsNonperforming loans $ 31,865 $ 18,151 $ 17,098 $ 15,725 $ 15,126Other real estate owned – 61 – – -Total nonperforming assets $ 31,865 $ 18,212 $ 17,098 $ 15,725 $ 15,126Capital and liquidityTier 1 leverage ratio 8.60 % 8.45 % 8.59 % 8.62 % 8.75 %Tier 1 risk-based capital 10.47 % 10.29 % 10.63 % 10.81 % 10.72 %ratioTotal risk-based capital 13.98 % 13.81 % 14.28 % 14.53 % 14.45 %ratioTangible common equity 6.43 % 6.64 % 6.19 % 6.28 % 6.36 %ratio (1)(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) Three Months Ended December September June 30, March 31, December 31, 30, 31, 2024 2024 2024 2024 2023Tangible CommonEquityTotal Shareholder's $ 388,502 $ 394,438 $ 373,808 $ 369,659 $ 372,002Equity – GAAPLess: Preferred – – – – -EquityLess: Goodwill 133,403 133,829 134,227 134,618 135,028and intangibleassetsTangible common $ 255,099 $ 260,609 $ 239,581 $ 235,041 $ 236,974equity (Non-GAAP)Total Shares 15,737,815 15,736,528 15,737,222 15,727,013 15,695,424OutstandingTangible book value $ 16.21 $ 16.56 $ 15.25 $ 14.95 $ 15.10per shareTangible AssetsTotal Assets – $ 4,098,469 $ 4,061,423 $ 4,011,914 $ 3,880,258 $ 3,861,418GAAPLess: Goodwill 133,403 133,829 134,227 134,618 135,028and intangibleassetsTangible assets $ 3,965,066 $ 3,927,594 $ 3,877,687 $ 3,745,640 $ 3,726,390(Non-GAAP)Tangible common 6.43 % 6.64 % 6.19 % 6.28 % 6.36 %equity to tangibleassetsReconciliation of Non-GAAP Financial Measures(Unaudited – dollars in thousands except share data) Three Months Ended Twelve Months Ended December December December December 31, 31, 31, 31,Efficiency ratio (non-GAAP): 2024 2023 2024 2023Noninterest expense (GAAP) 28,296 25,313 112,520 107,611Less: Amortization of intangible assets 363 384 1,484 1,579expenseLess: Acquisition related expenses – – – -Noninterest expense (non-GAAP) 27,933 24,929 111,036 106,032Net interest income (GAAP) 31,355 30,052 116,710 125,496Plus: Taxable equivalent adjustment 627 629 2,518 2,468Noninterest income (GAAP) 9,015 8,823 37,748 37,163Less: Net gains (losses) on equity 96 147 252 (21)securitiesNet interest income (FTE) plus 40,901 39,357 156,724 165,148noninterest income (non-GAAP)Efficiency ratio (non-GAAP) 68.3 % 63.3 % 70.8 % 64.2 %

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