Civista Bancshares, Inc. Announces Second-Quarter 2026 Net Income of $14.3 million, up $3.3 million from Second-Quarter 2025
SANDUSKY, Ohio, July 23, 2026 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") today reported net income of $14.3 million, or $0.69 per common share, for the quarter ended June 30, 2026. The results of the periods presented include the impact of The Farmers Savings Bank ("FSB") merger since November 7, 2025.
CEO Commentary:
"Civista delivered a strong second quarter and first half of 2026, reflecting continued execution of our strategy and the strength of our balance sheet," said Dennis Shaffer, President and Chief Executive Officer of Civista Bancshares, Inc. "During the quarter, net interest margin expanded, funding costs continued to improve, credit quality remained stable, and our efficiency ratio improved significantly from a year ago. These results demonstrate the benefits of disciplined balance sheet management and our ongoing focus on operational excellence."
"While the operating environment remains dynamic, our team continues to execute with a focus on prudent growth, sound risk management, strong customer relationships, and long-term shareholder value creation. We remain encouraged by the strength of our core banking franchise, the quality of our customer base, and the opportunities across our markets."
"This quarter also marks my final earnings release as Chief Executive Officer of Civista Bancshares. Serving our customers, communities, shareholders, and employees has been one of the great privileges of my career. I am deeply grateful to our employees for their dedication, to our Board of Directors for their guidance and support, and to our customers for the trust they have placed in Civista throughout the years."
"As we prepare for our leadership transition in August, I am confident that Civista's future is bright. Chuck Parcher is an exceptional leader who understands our culture, our markets, and our commitment to community banking. With a talented leadership team, a strong capital position, and a clear strategic direction, Civista is well positioned for continued growth and success in the years ahead."
Results of Operations:
For the three-month periods ended June 30, 2026, March 31, 2026 and June 30, 2025.
The results of the periods reflect the inclusion of FSB merger since November 7, 2025.
Second-Quarter 2026 Highlights
Assets
Total assets at June 30, 2026, were $4.3 billion, unchanged from March 31, 2026.
Deposits & Borrowings
Total deposits at June 30, 2026, were $3.5 billion, a decrease of $43.6 million, or 1.2% from March 31, 2026. Total deposits declined modestly due primarily to seasonal public fund fluctuations and continued reduction of higher-cost brokered deposits.
Net Interest Income and Net Interest Margin
Net interest income increased $3.8 million, or 10.9%, for the second quarter of 2026, compared to the same period last year. In the second quarter of 2025, net interest income was increased by $1.6 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
Net interest income increased $8.8 million, or 13.1%, for the six months ended June 30, 2026, compared to the same period last year. For the six months ended June 30, 2025, net interest income was increased by $1.6 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
Credit
Provision for credit losses (including provision for unfunded commitments) increased $0.8 million for the second quarter of 2026 to $1.8 million compared to $1.0 million for the same period last year.
Non-interest Income
Non-interest income for the second quarter of 2026 totaled $9.0 million, an increase of $2.4 million or 36.7%, when compared to the same period last year. In the second quarter of 2025, noninterest income was reduced by $1.0 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
Noninterest income totaled $18.4 million, an increase of $4.0 million or 27.6%, when compared to the same period last year. For the six months ended June 30, 2025, noninterest income was reduced by $1.0 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
Non-interest Expense
Non-interest expense for the second quarter of 2026 totaled $28.7 million, an increase of $1.2 million or 4.3%, when compared to the same period last year. In the second quarter of 2025, noninterest expense was reduced by $0.3 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion. These expenses are recorded in equipment expense of $0.1 million and other noninterest expense of $0.2 million.
Noninterest expense totaled $58.5 million, an increase of $3.9 million or 7.2%, when compared to the same period last year. For the six months ended June 30, 2026, noninterest expense was increased by $0.4 million from non-recurring adjustments related to acquisition expenses from the merger with FSB that closed in November 2025. These expenses are recorded in other noninterest expenses. For the six months ended June 30, 2025, noninterest expense was reduced by $0.3 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion. These expenses are recorded in equipment expense of $0.1 million and other noninterest expense of $0.2 million.
Taxes
Civista's effective income tax rate for the second quarter of 2026 was 16.7% compared to 14.6% for the same period last year.
Civista's effective income tax rate for the six months ended June 30, 2026, was 16.7% compared to 14.7% in the same period last year.
Capital
Total shareholders' equity at June 30, 2026, totaled $566.8 million, an increase of $23.3 million from December 31, 2025. This resulted from an increase of $21.8 million in retained earnings coupled with a decrease in accumulated other comprehensive loss of $0.6 million resulting from the change in the unrealized loss on available-for-sale securities portfolio.
Civista did not repurchase any shares in the first six months ended June 30, 2026, as the current repurchase plan is set to expire in April 2027. For the six months ended June 30, 2026, Civista liquidated 14,504 shares held by employees, at an average price of $21.94 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 second quarter of 2026 at 1:00 p.m. ET on Thursday, July 23, 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. second quarter 2026 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, 2025, 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. Certain non-GAAP financial measures discussed earlier in this release, including efficiency ratio, net interest margin, tangible book value per share, and related ratios, are identified in the accompanying 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 June 30,
2026
2025
Average
Yield/
Average
Yield/
Assets:
balance
Interest
rate *
balance
Interest
rate *
Interest-earning assets:
Loans **
$
3,243,955
$
49,887
6.17
%
$
3,136,091
49,972
6.39
%
Taxable securities ***
417,924
3,908
3.51
%
404,104
3,751
3.42
%
Non-taxable securities ***
278,152
2,278
3.90
%
277,931
2,338
3.88
%
Interest-bearing deposits in other banks
52,919
474
3.59
%
23,243
210
3.61
%
Total interest-earning assets ***
$
3,992,950
$
56,547
5.67
%
$
3,841,369
$
56,271
5.84
%
Noninterest-earning assets:
Cash and due from financial institutions
34,901
40,329
Premises and equipment, net
38,277
44,687
Accrued interest receivable
14,267
13,919
Intangible assets
142,469
132,887
Bank owned life insurance
63,680
63,302
Other assets
52,725
59,948
Less allowance for loan losses
(40,734)
(40,546)
Total Assets
$
4,298,535
$
4,155,895
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings
$
1,690,167
$
5,997
1.42
%
$
1,551,856
$
5,632
1.46
%
Time
1,091,478
9,897
3.64
%
986,644
9,926
4.04
%
Short-term FHLB borrowings
107,823
838
3.12
%
412,545
4,603
4.48
%
Long-term FHLB borrowings
644
5
2.85
%
1,260
8
2.57
%
Other borrowings
3,421
97
11.38
%
5,874
123
8.40
%
Subordinated debentures
104,293
1,120
4.31
%
104,145
1,165
4.49
%
Total interest-bearing liabilities
$
2,997,826
$
17,954
2.40
%
$
3,062,324
$
21,457
2.81
%
Non-interest-bearing deposits
703,040
652,092
Other liabilities
36,568
40,564
Shareholders' equity
561,101
400,915
Total Liabilities and Shareholders' Equity
$
4,298,535
$
4,155,895
Net interest income and interest rate spread
$
38,593
3.27
%
$
34,814
3.03
%
Net interest margin ***
3.89
%
3.64
%
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $606 thousand and $622 thousand for the periods ended June 30, 2026 and 2025, 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 $46.7 million and $64.1 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.
Average Balance Analysis
(Unaudited - Dollars in thousands)
Six Months Ended June 30,
2026
2025
Average
Yield/
Average
Yield/
Assets:
balance
Interest
rate *
balance
Interest
rate *
Interest-earning assets:
Loans **
$
3,248,126
$
99,118
6.15
%
$
3,117,867
$
97,618
6.31
%
Taxable securities ***
425,301
7,862
3.50
%
400,518
7,306
3.37
%
Non-taxable securities ***
281,695
4,581
3.92
%
282,183
4,678
3.90
%
Interest-bearing deposits in other banks
42,898
795
3.71
%
21,081
402
3.84
%
Total interest-earning assets ***
$
3,998,020
$
112,356
5.67
%
$
3,821,649
$
110,004
5.77
%
Noninterest-earning assets:
Cash and due from financial institutions
37,004
41,758
Premises and equipment, net
39,128
45,541
Accrued interest receivable
14,232
13,744
Intangible assets
142,868
133,076
Bank owned life insurance
63,484
63,110
Other assets
52,206
59,271
Less allowance for loan losses
(41,196)
(40,252)
Total Assets
$
4,305,746
$
4,137,897
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings
$
1,672,887
$
11,427
1.38
%
$
1,565,328
$
11,360
1.46
%
Time
1,100,865
19,919
3.65
%
973,202
19,914
4.13
%
Short-term FHLB borrowings
128,127
2,186
3.44
%
384,224
8,532
4.48
%
Long-term FHLB borrowings
712
10
2.78
%
1,334
17
2.57
%
Other borrowings
3,666
169
9.32
%
6,150
268
8.78
%
Subordinated debentures
104,271
2,229
4.31
%
104,124
2,326
4.50
%
Total interest-bearing liabilities
$
3,010,528
$
35,940
2.41
%
$
3,034,362
$
42,417
2.82
%
Non-interest-bearing deposits
699,256
661,382
Other liabilities
38,422
43,174
Shareholders' equity
557,540
398,979
Total Liabilities and Shareholders' Equity
$
4,305,746
$
4,137,897
Net interest income and interest rate spread
$
76,416
3.26
%
$
67,587
2.95
%
Net interest margin ***
3.87
%
3.57
%
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $1.2 million and $1.2 million for the periods ended June 30, 2026 and 2025, respectively.
** - Average balance includes nonaccrual loans
*** - 2026 and 2025 average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $44.0 million and $61.6 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 June 30,
2026
2025
$ Change
% Change
Service charges
$
1,889
$
1,564
$
325
20.8
%
Net gain (loss) on equity securities
140
(74)
214
289.2
%
Net gain on sale of loans and leases
1,501
841
660
78.5
%
ATM/Interchange fees
1,555
1,418
137
9.7
%
Wealth management fees
1,459
1,325
134
10.1
%
Lease revenue and residual income
1,404
525
879
167.4
%
Bank owned life insurance
399
386
13
3.4
%
Swap fees
3
53
(50)
-94.3
%
Other
657
551
106
19.2
%
Total non-interest income
$
9,007
$
6,589
$
2,418
36.7
%
Non-interest income
(unaudited - dollars in thousands)
Six months ended June 30,
2026
2025
$ Change
% Change
Service charges
$
3,603
$
3,088
$
515
16.7
%
Net gain (loss) on equity securities
173
(103)
276
268.0
%
Net gain on sale of loans and leases
3,106
1,445
1,661
114.9
%
ATM/Interchange fees
2,941
2,744
197
7.2
%
Wealth management fees
2,892
2,665
227
8.5
%
Lease revenue and residual income
3,034
2,421
613
25.3
%
Bank owned life insurance
789
773
16
2.1
%
Swap fees
59
125
(66)
-52.8
%
Other
1,841
1,291
550
42.6
%
Total non-interest income
$
18,438
$
14,449
$
3,989
27.6
%
Non-interest expense
(unaudited - dollars in thousands)
Three months ended June 30,
2026
2025
$ Change
% Change
Compensation expense
$
15,737
$
15,011
$
726
4.8
%
Net occupancy expense
1,583
1,419
164
11.6
%
Contracted data processing
582
536
46
8.6
%
FDIC assessment
420
689
(269)
-39.0
%
State franchise tax
599
634
(35)
-5.5
%
Professional services
1,221
1,798
(577)
-32.1
%
Equipment expense
1,720
1,764
(44)
-2.5
%
ATM/Interchange expense
743
683
60
8.8
%
Marketing
542
289
253
87.5
%
Amortization of core deposit intangible
696
338
358
105.9
%
Software maintenance expense
1,235
1,294
(59)
-4.6
%
Other
3,575
3,027
548
18.1
%
Total non-interest expense
$
28,653
$
27,482
$
1,171
4.3
%
Non-interest expense
(unaudited - dollars in thousands)
Six months ended June 30,
2026
2025
$ Change
% Change
Compensation expense
$
31,966
$
29,054
$
2,912
10.0
%
Net occupancy expense
3,206
3,053
153
5.0
%
Contracted data processing
1,312
1,103
209
18.9
%
FDIC Assessment
843
1,562
(719)
-46.0
%
State franchise tax
1,153
1,160
(7)
-0.6
%
Professional services
2,806
3,888
(1,082)
-27.8
%
Equipment expense
3,809
3,867
(58)
-1.5
%
ATM/Interchange expense
1,475
1,263
212
16.8
%
Marketing
1,020
585
435
74.4
%
Amortization of core deposit intangible
1,392
670
722
107.8
%
Software maintenance expense
2,710
2,571
139
5.4
%
Other
6,834
5,832
1,002
17.2
%
Total non-interest expense
$
58,526
$
54,608
$
3,918
7.2
%
End of period loan and lease balances
(unaudited - dollars in thousands)
June 30,
December 31,
2026
2025
$ Change
% Change
Commercial and Agriculture
$
315,479
$
308,692
$
6,787
2.2
%
Commercial Real Estate:
Owner Occupied
389,434
385,547
3,887
1.0
%
Non-owner Occupied
1,229,731
1,239,017
(9,286)
-0.7
%
Residential Real Estate
957,960
944,328
13,632
1.4
%
Real Estate Construction
265,488
285,137
(19,649)
-6.9
%
Farm Real Estate
32,440
37,775
(5,335)
-14.1
%
Lease financing receivable
32,665
35,103
(2,438)
-6.9
%
Consumer and Other
31,707
34,447
(2,740)
-8.0
%
Total Loans
$
3,254,904
$
3,270,046
$
(15,142)
-0.5
%
End of period deposit balances
(unaudited - dollars in thousands)
June 30,
December 31,
2026
2025
$ Change
% Change
Noninterest-bearing demand
$
695,142
$
702,032
$
(6,890)
-1.0
%
Interest-bearing demand
380,752
400,403
(19,651)
-4.9
%
Savings and money market
1,271,089
1,234,593
36,496
3.0
%
Time deposits
761,117
727,294
33,823
4.7
%
Brokered deposits
350,143
402,142
(51,999)
-12.9
%
Total Deposits
$
3,458,243
$
3,466,464
$
(8,221)
-0.2
%
Allowance for Credit Losses
(dollars in thousands)
Three months ended June 30,
2026
2025
Beginning of period
$
40,536
$
40,284
Charge-offs
(174)
(1,092)
Recoveries
100
92
Provision
1,251
1,171
End of period
$
41,713
$
40,455
Allowance for Credit Losses
(dollars in thousands)
Six months ended June 30,
2026
2025
Beginning of period
$
42,020
$
39,669
Charge-offs
(980)
(2,068)
Recoveries
190
435
Provision
483
2,419
End of period
$
41,713
$
40,455
Allowance for Unfunded Commitments
(dollars in thousands)
Three months ended June 30,
2026
2025
Beginning of period
$
3,375
$
3,699
Provision
519
(146)
End of period
$
3,894
$
3,553
Allowance for Unfunded Commitments
(dollars in thousands)
Six months ended June 30,
2026
2025
Beginning of period
$
3,236
$
3,380
Provision
658
173
End of period
$
3,894
$
3,553
(dollars in thousands)
June 30,
December 31,
2026
2025
Non-accrual loans
$
29,865
$
30,834
Restructured loans, accruing
549
14
90+ Days Past Due, Still Accruing
103
462
Total non-performing loans
30,517
31,310
Other Real Estate Owned
-
-
Total non-performing assets
$
30,517
$
31,310
Civista Bancshares, Inc.
Financial Highlights
(Unaudited, dollars in thousands, except share and per share amounts)
Consolidated Condensed Statement of Operations
Three Months Ended
Six Months Ended
June 30,
June 30,
2026
2025
2026
2025
Interest income
$
56,547
$
56,271
$
112,356
$
110,004
Interest expense
17,954
21,457
35,940
42,417
Net interest income
38,593
34,814
76,416
67,587
Provision for credit losses
1,251
1,171
483
2,419
Provision for unfunded commitments
519
(146)
658
173
Net interest income after provision
36,823
33,789
75,275
64,995
Non-interest income
9,007
6,589
18,438
14,449
Non-interest expense
28,653
27,482
58,526
54,608
Income before taxes
17,177
12,896
35,187
24,836
Income tax expense
2,862
1,881
5,883
3,653
Net income
14,315
11,015
29,304
21,183
Net income available
to common shareholders
$
14,315
$
11,015
$
29,304
$
21,183
Dividends paid per common share
$
0.18
$
0.17
$
0.36
$
0.34
Earnings per common share
Basic
Net income
$
14,315
$
11,015
$
29,304
$
21,183
Less allocation of earnings and
dividends to participating securities
54
45
84
72
Net income available to common
shareholders - basic
$
14,261
$
10,970
$
29,220
$
21,111
Weighted average common shares outstanding
20,786,101
15,524,490
20,765,913
15,506,750
Less average participating securities
79,006
96,692
59,198
81,784
Weighted average number of shares outstanding
used to calculate basic earnings per share
20,707,095
15,427,798
20,706,715
15,424,966
Earnings per common share
Basic
$
0.69
$
0.71
$
1.41
$
1.37
Diluted
$
0.69
0.71
$
1.41
1.37
Selected financial ratios:
Return on average assets
1.34
%
1.06
%
1.37
%
1.03
%
Return on average equity
10.23
%
11.02
%
10.60
%
10.71
%
Return on average tangible common equity
13.72
%
16.48
%
14.25
%
16.06
%
Dividend payout ratio
26.14
%
23.96
%
25.51
%
24.89
%
Net interest margin (tax equivalent)
3.89
%
3.64
%
3.87
%
3.57
%
Effective tax rate
16.66
%
14.59
%
16.72
%
14.71
%
Selected Balance Sheet Items
(Dollars in thousands, except share and per share amounts)
June 30,
December 31,
2026
2025
(unaudited)
(unaudited)
Cash and due from financial institutions
$
61,743
$
77,320
Investment in time deposits
4,125
1,165
Investment securities
670,179
684,600
Loans held for sale
8,508
7,180
Loans
3,254,904
3,270,046
Less: allowance for credit losses
(41,713)
(42,020)
Net loans
3,213,191
3,228,026
Other securities
28,957
25,942
Premises and equipment, net
37,417
40,611
Goodwill and other intangibles
142,018
143,538
Bank owned life insurance
63,942
63,153
Other assets
64,218
64,918
Total assets
$
4,294,298
$
4,336,453
Total deposits
$
3,458,243
$
3,466,464
Short-term Federal Home Loan Bank advances
123,500
175,000
Long-term Federal Home Loan Bank advances
561
855
Subordinated debentures
104,317
104,234
Other borrowings
3,121
4,090
Accrued expenses and other liabilities
37,771
42,336
Total liabilities
3,727,513
3,792,979
Common shares
420,922
419,769
Retained earnings
261,615
239,784
Treasury shares
(76,082)
(75,764)
Accumulated other comprehensive loss
(39,670)
(40,315)
Total shareholders' equity
566,785
543,474
Total liabilities and shareholders' equity
$
4,294,298
$
4,336,453
June 30,
December 31,
2026
2025
(unaudited)
(unaudited)
Shares outstanding at period end
20,794,238
20,746,474
Book value per share
$
27.26
$
26.20
Equity to asset ratio
13.20
%
12.53
%
Selected asset quality ratios:
Allowance for credit losses to total loans
1.28
%
1.28
%
Non-performing assets to total assets
0.71
%
0.72
%
Allowance for credit losses to non-performing loans
136.69
%
134.21
%
Non-performing asset analysis
Nonaccrual loans
$
29,865
$
30,834
Restructured loans
549
14
Other real estate owned
-
-
90+ Days Past Due, Still Accruing
103
462
Total
$
30,517
$
31,310
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
June 30,
March 31,
December 31,
September 30,
June 30,
End of Period Balances
2026
2026
2025
2025
2025
Assets
Cash and due from banks
$
61,743
$
83,525
$
77,320
$
62,766
$
73,858
Investment in time deposits
4,125
2,880
1,165
735
715
Investment securities
670,179
682,462
684,600
657,189
645,228
Loans held for sale
8,508
6,940
7,180
8,012
10,733
Loans and leases
3,254,904
3,229,667
3,270,046
3,095,994
3,151,124
Allowance for credit losses
(41,713)
(40,536)
(42,020)
(40,254)
(40,455)
Net Loans
3,213,191
3,189,131
3,228,026
3,055,740
3,110,669
Other securities
28,957
25,144
25,942
27,901
36,195
Premises and equipment, net
37,417
39,055
40,611
40,910
42,922
Goodwill and other intangibles
142,018
142,774
143,538
132,276
132,631
Bank owned life insurance
63,942
63,543
63,153
62,756
63,555
Other assets
64,218
62,868
64,918
65,049
69,363
Total Assets
$
4,294,298
$
4,298,322
$
4,336,453
$
4,113,334
$
4,185,869
Liabilities
Total deposits
$
3,458,243
$
3,501,890
$
3,466,464
$
3,230,463
$
3,196,207
Federal Home Loan Bank advances - short term
123,500
100,000
175,000
232,000
433,500
Federal Home Loan Bank advances - long term
561
739
855
970
1,103
Subordinated debentures
104,317
104,276
104,234
104,213
104,172
Other borrowings
3,121
3,594
4,090
4,699
5,379
Accrued expenses and other liabilities
37,771
35,580
42,336
41,961
41,371
Total liabilities
3,727,513
3,746,079
3,792,979
3,614,306
3,781,732
Shareholders' Equity
Common shares
420,922
420,488
419,769
388,458
312,589
Retained earnings
261,615
251,041
239,784
230,798
221,321
Treasury shares
(76,082)
(76,082)
(75,764)
(75,760)
(75,753)
Accumulated other comprehensive loss
(39,670)
(43,204)
(40,315)
(44,468)
(54,020)
Total shareholders' equity
566,785
552,243
543,474
499,028
404,137
Total Liabilities and Shareholders' Equity
$
4,294,298
$
4,298,322
$
4,336,453
$
4,113,334
$
4,185,869
Shares outstanding at period end
20,794,238
20,783,348
20,746,474
19,312,726
15,529,342
Book value per share
$
27.26
$
26.57
$
26.20
$
25.84
$
26.02
Equity to asset ratio
13.20
%
12.85
%
12.53
%
12.13
%
9.65
%
June 30,
March 31,
December 31,
September 30,
June 30,
2026
2026
2025
2025
2025
Selected asset quality ratios:
Allowance for credit losses to total loans
1.28
%
1.26
%
1.28
%
1.30
%
1.28
%
Non-performing assets to total assets
0.71
%
0.70
%
0.72
%
0.55
%
0.55
%
Allowance for credit losses to non-
performing loans
136.69
%
134.37
%
134.21
%
176.52
%
176.11
%
Non-performing asset analysis
Non-accrual loans
$
29,865
$
29,400
$
30,834
$
22,615
$
22,742
Restructured loans
549
538
14
12
7
90+ Days Past Due, Still Accruing
103
229
462
177
223
Other real estate owned
-
-
-
-
209
Total
$
30,517
$
30,167
$
31,310
$
22,804
$
23,181
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
June 30,
March 31,
December 31,
September 30,
June 30,
Quarterly Average Balances
2026
2026
2025
2025
2025
Assets:
Earning assets
$
3,992,950
$
4,003,144
$
3,939,580
$
3,829,484
$
3,841,369
Securities
696,076
718,037
694,263
676,938
682,035
Loans
3,243,955
3,252,342
3,197,327
3,128,033
3,136,091
Liabilities and Shareholders' Equity
Total deposits
$
3,484,685
$
3,461,202
$
3,424,018
$
3,237,025
$
3,190,592
Interest-bearing deposits
2,781,645
2,765,773
2,717,751
2,574,153
2,538,500
Other interest-bearing liabilities
216,181
257,599
256,899
383,305
523,824
Total shareholders' equity
561,101
553,940
525,673
472,993
400,915
Supplemental Financial Information
(Unaudited - dollars in thousands)
June 30,
March 31,
December 31,
September 30,
June 30,
End of period loan and lease balances
2026
2026
2025
2025
2025
Commercial and Agriculture
$
315,479
$
310,400
$
308,692
$
302,407
$
338,598
Commercial Real Estate:
Owner Occupied
389,434
390,786
385,547
384,176
378,248
Non-owner Occupied
1,229,731
1,232,781
1,239,017
1,216,031
1,263,612
Residential Real Estate
957,960
943,425
944,328
842,362
815,408
Real Estate Construction
265,488
254,254
285,137
278,163
277,643
Farm Real Estate
32,440
32,700
37,775
23,713
23,866
Lease financing receivable
32,665
32,693
35,103
38,960
42,758
Consumer and Other
31,707
32,628
34,447
10,182
10,991
Total Loans
$
3,254,904
$
3,229,667
$
3,270,046
$
3,095,994
$
3,151,124
Supplemental Financial Information
(Unaudited - dollars in thousands)
June 30,
March 31,
December 31,
September 30,
June 30,
End of period deposit balances
2026
2026
2025
2025
2025
Noninterest-bearing demand
$
695,142
$
703,778
$
702,032
$
651,934
$
647,609
Interest-bearing demand
380,752
419,295
400,403
415,620
433,089
Savings and money market
1,271,089
1,291,253
1,234,593
1,129,985
1,100,660
Time deposits
761,117
710,423
727,294
601,757
560,702
Brokered deposits
350,143
377,141
402,142
431,167
454,147
Total Deposits
$
3,458,243
$
3,501,890
$
3,466,464
$
3,230,463
$
3,196,207
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
Income statement
2026
2026
2025
2025
2025
Total interest and dividend income
$
56,547
$
55,809
$
55,741
$
55,240
$
56,271
Total interest expense
17,954
17,986
19,290
20,695
21,457
Net interest income
38,593
37,823
36,451
34,545
34,814
Provision for credit losses
1,251
(768)
724
378
1,171
Provision for unfunded commitments
519
139
(139)
(178)
(146)
Non-interest income
9,007
9,431
9,884
9,633
6,589
Non-interest expense
28,653
29,873
31,003
28,327
27,482
Income before taxes
17,177
18,010
14,747
15,651
12,896
Income tax expense
2,862
3,021
2,480
2,891
1,881
Net income
$
14,315
$
14,989
$
12,267
$
12,760
$
11,015
Net income available to common shareholders
$
14,315
$
14,989
$
12,267
$
12,760
$
11,015
Pre-Provision Net Revenue (PPNR)
$
18,947
$
17,381
$
15,332
$
15,851
$
13,921
Per share data
Earnings per common share
Basic
Net income
$
14,315
$
14,989
$
12,267
$
12,760
$
11,015
Less allocation of earnings and
dividends to participating securities
54
28
48
61
45
Net income available to common shareholders - basic
$
14,261
$
14,961
$
12,219
$
12,699
$
10,970
Weighted average common shares outstanding
20,786,101
20,745,499
20,185,285
18,767,307
15,524,490
Less average participating securities
79,006
39,169
90,281
91,743
96,692
Weighted average number of shares
outstanding used to calculate basic
earnings per share
20,707,095
20,706,330
20,095,004
18,675,564
15,427,798
Earnings per common share
Basic
$
0.69
$
0.72
$
0.61
$
0.68
$
0.71
Diluted
$
0.69
$
0.72
$
0.61
$
0.68
$
0.71
Common shares dividend paid
$
3,741
$
3,732
$
3,283
$
3,283
$
2,638
Dividends paid per common share
0.18
0.18
0.17
0.17
0.17
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
Selected financial ratios
2026
2026
2025
2025
2025
Return on average assets
1.34
%
1.41
%
1.14
%
1.22
%
1.06
%
Return on average equity
10.23
%
10.97
%
9.26
%
10.70
%
11.02
%
Return on average tangible common equity
13.72
%
14.64
%
12.72
%
15.03
%
16.48
%
Dividend payout ratio
26.14
%
24.91
%
27.97
%
25.00
%
23.96
%
Net interest margin (tax equivalent)
3.89
%
3.85
%
3.69
%
3.58
%
3.64
%
Effective tax rate
16.66
%
16.77
%
16.82
%
18.47
%
14.59
%
Supplemental Financial Information
(Unaudited - dollars in thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
Non-interest income
2026
2026
2025
2025
2025
Service charges
$
1,889
$
1,714
$
1,706
$
1,667
$
1,564
Net gain (loss) on equity securities
140
33
120
255
(74)
Net gain on sale of loans and leases
1,501
1,605
1,594
1,450
841
ATM/Interchange fees
1,555
1,386
1,722
1,435
1,418
Wealth management fees
1,459
1,433
1,473
1,402
1,325
Lease revenue and residual income
1,404
1,630
1,518
1,934
525
Bank owned life insurance
399
390
397
666
386
Swap fees
3
56
150
-
53
Other
657
1,184
1,204
824
551
Total non-interest income
$
9,007
$
9,431
$
9,884
$
9,633
$
6,589
Supplemental Financial Information
(Unaudited - dollars in thousands)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
Non-interest expense
2026
2026
2025
2025
2025
Compensation expense
$
15,737
$
16,229
$
14,526
$
15,161
$
15,011
Net occupancy expense
1,583
1,623
1,410
1,466
1,419
Contracted data processing
582
730
672
559
536
FDIC assessment
420
423
493
627
689
State franchise tax
599
554
343
536
634
Professional services
1,221
1,585
1,467
1,225
1,798
Equipment expense
1,720
2,089
2,032
2,205
1,764
ATM/Interchange expense
743
732
710
755
683
Marketing
542
478
410
391
289
Amortization of core deposit intangible
696
696
576
318
338
Software maintenance expense
1,235
1,475
1,411
1,480
1,294
Other
3,575
3,259
6,953
3,604
3,027
Total non-interest expense
$
28,653
$
29,873
$
31,003
$
28,327
$
27,482
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
Asset quality
2026
2026
2025
2025
2025
Allowance for credit losses:
Beginning of period
$
40,536
$
42,020
$
40,254
$
40,455
$
40,284
CECL Day 1 Adjustment FSB
-
-
1,960
-
-
Charge-offs
(174)
(806)
(1,064)
(662)
(1,092)
Recoveries
100
90
146
83
92
Provision
1,251
(768)
724
378
1,171
End of period
$
41,713
$
40,536
$
42,020
$
40,254
$
40,455
Allowance for unfunded commitments:
Beginning of period
$
3,375
$
3,236
$
3,375
$
3,553
$
3,699
Charge-offs
-
-
-
-
-
Recoveries
-
-
-
-
-
Provision
519
139
(139)
(178)
(146)
End of period
$
3,894
$
3,375
$
3,236
$
3,375
$
3,553
Ratios
Allowance to total loans
1.28
%
1.26
%
1.28
%
1.30
%
1.28
%
Allowance to nonperforming assets
136.69
%
134.37
%
134.21
%
176.52
%
174.52
%
Allowance to nonperforming loans
136.69
%
134.37
%
134.21
%
176.52
%
176.11
%
Nonperforming assets
Non-accrual loans
$
29,865
$
29,400
$
30,834
$
22,615
$
22,742
Restructured loans
549
538
14
12
7
90+ Days Past Due, Still Accruing
103
229
462
177
223
Total non-performing loans
30,517
30,167
31,310
22,804
22,972
Other Real Estate Owned
-
-
-
-
209
Total non-performing assets
$
30,517
$
30,167
$
31,310
$
22,804
$
23,181
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
Capital and liquidity
2026
2026
2025
2025
2025
Tier 1 leverage ratio
11.87
%
11.57
%
11.32
%
10.96
%
8.80
%
Tier 1 risk-based capital ratio
15.33
%
15.12
%
14.51
%
14.19
%
11.18
%
Total risk-based capital ratio
18.86
%
18.67
%
18.02
%
17.80
%
14.73
%
Tangible common equity ratio (1)
10.23
%
9.85
%
9.54
%
9.21
%
6.70
%
(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)
June 30,
March 31,
December 31,
September 30,
June 30,
2026
2026
2025
2025
2025
Tangible Common Equity
Total Shareholder's Equity - GAAP
$
566,785
$
552,243
$
543,474
$
499,028
$
404,137
Less: Preferred Equity
-
-
-
-
-
Less: Goodwill and intangible assets
142,018
142,774
143,538
132,276
132,631
Tangible common equity (Non-GAAP)
$
424,767
$
409,469
$
399,936
$
366,752
$
271,506
Total Shares Outstanding
20,794,238
20,783,348
20,746,474
19,312,726
15,529,342
Tangible book value per share
$
20.43
$
19.70
$
19.28
$
18.99
$
17.48
Tangible Assets
Total Assets - GAAP
$
4,294,298
$
4,298,322
$
4,336,453
$
4,113,334
$
4,185,869
Less: Goodwill and intangible assets
142,018
142,774
143,538
132,276
132,631
Tangible assets (Non-GAAP)
$
4,152,280
$
4,155,548
$
4,192,915
$
3,981,058
$
4,053,238
Tangible common equity to tangible assets
10.23
%
9.85
%
9.54
%
9.21
%
6.70
%
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
Efficiency ratio (non-GAAP):
2026
2025
2026
2025
Noninterest expense (GAAP)
$
28,653
$
27,482
$
58,526
$
54,608
Less: Amortization of
intangible assets expense
696
339
1,392
670
Less: Acquisition related expenses
-
-
427
5
Noninterest expense (non-GAAP)
$
27,957
$
27,143
$
56,707
$
53,933
Net interest income (GAAP)
$
38,593
$
34,814
$
76,416
$
67,587
Plus: Taxable equivalent adjustment
606
621
1,218
1,243
Noninterest income (GAAP)
9,007
6,589
18,438
14,449
Less: Net gains (losses) on
equity securities
140
(74)
173
(103)
Net interest income (FTE) plus
non-interest income (non-GAAP)
$
48,066
$
42,098
$
95,899
$
83,382
Efficiency ratio (non-GAAP)
58.2
%
64.5
%
59.1
%
64.7
%
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
Efficiency ratio (non-GAAP):
2026
2026
2025
2025
2025
Noninterest expense (GAAP)
$
28,653
$
29,873
$
31,003
$
28,327
$
27,482
Less: Amortization of
intangible assets expense
696
696
576
318
339
Less: Acquisition related expenses
-
427
3,424
664
5
Noninterest expense (non-GAAP)
$
27,957
$
28,750
$
27,003
$
27,345
$
27,138
Net interest income (GAAP)
$
38,593
$
37,823
$
36,451
$
34,545
$
34,814
Plus: Taxable equivalent adjustment
606
612
620
618
621
Noninterest income (GAAP)
9,007
9,431
9,884
9,633
6,589
Less: Net gains (losses) on
equity securities
140
33
120
255
(74)
Net interest income (FTE) plus
non-interest income (non-GAAP)
$
48,066
$
47,833
$
46,835
$
44,541
$
42,098
Efficiency ratio (non-GAAP)
58.2
%
60.1
%
57.7
%
61.4
%
64.5
%
Three Months Ended
June 30,
March 31,
December 31,
September 30,
June 30,
Net interest margin (non-GAAP):
2026
2026
2025
2025
2025
Net interest income (GAAP)
$
38,593
$
37,823
$
36,451
$
34,545
$
34,814
Tax-equivalent adjustment
606
612
620
618
621
Net interest income (tax-equivalent)
39,199
38,435
37,071
35,163
35,435
Average earning assets (GAAP)
$
3,992,950
$
4,003,144
$
3,939,580
$
3,829,484
$
3,841,369
Unrealized loss adjustment
46,706
41,288
46,944
62,947
64,110
Adjusted average earning assets
4,039,656
4,044,432
3,986,524
3,892,431
3,905,479
Net interest margin (Non-GAAP)
3.89
%
3.85
%
3.69
%
3.58
%
3.64
%
SOURCE Civista Bancshares, Inc.