8-K
CIVISTA BANCSHARES, INC. (CIVB)
UNITED STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of earliest event reported): April 24, 2025 |
|---|
Civista Bancshares, Inc.
(Exact name of Registrant as Specified in Its Charter)
| Ohio | 001-36192 | 34-1558688 |
|---|---|---|
| (State or Other Jurisdiction<br>of Incorporation) | (Commission File Number) | (IRS Employer<br>Identification No.) |
| 100 East Water Street | ||
| Sandusky, Ohio | 44870 | |
| (Address of Principal Executive Offices) | (Zip Code) | |
| Registrant’s Telephone Number, Including Area Code: (419) 625 - 4121 | ||
| --- |
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common shares, no par value | CIVB | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 24, 2025, Civista Bancshares, Inc. announced preliminary unaudited earnings for the three-month period ended March 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibit 99.1 Press release of Civista Bancshares, Inc. reporting financial results and earnings for the three-month period ended March 31, 2025.
Exhibit 104 Cover Page Interactive File-the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Civista Bancshares, Inc. | |||
|---|---|---|---|
| Date: | April 24, 2025 | By: | /s/ Ian Whinnem |
| Ian Whinnem,<br>Senior Vice President & Chief Financial Officer |
EX-99.1
EXHIBIT 99.1
Civista Bancshares, Inc. Announces First-Quarter 2025 Financial Results of $0.66 per Common Share, up $0.25 per Common Share from First-Quarter 2024
Sandusky, Ohio, April 24, 2025 /PRNewswire/– Civista Bancshares, Inc. (NASDAQ:CIVB) (“Civista”) today reported net income of $10.2 million, or $0.66 per common share, for the quarter ended March 31, 2025.
- Net income reflects a 59%, or $3.8 million increase of net income compared to net income of $6.4 million for the first-quarter of 2024.
- Earnings per share reflects an increase of $0.25 per common share, compared to $0.41 per common share for the first-quarter of 2024.
- Net interest margin (tax equivalent) of 3.51%, compared to 3.22% in the first-quarter of 2024, and 3.36% in the fourth-quarter of 2024.
- Noninterest expense of $27.1 million, $1.2 million or 4.1% lower than the fourth-quarter of 2024.
- 200 basis points cost of deposits, 231 basis points cost of funds for the first-quarter of 2025, 11 basis points lower than the 242 basis points cost of funds in the fourth-quarter of 2024.
CEO Commentary:
“I was extremely pleased with our first-quarter earnings and performance. Our focus remains on staying disciplined in our loan and deposit pricing and to grow deposits and deepen customer relationships,", said Dennis G. Shaffer, CEO and President of Civista.
"Our results highlight the positive impact of our deposit initiatives we launched in the middle of last year. For the third consecutive quarter we grew deposits, which allowed us to reduce our reliance on wholesale funding. In addition, we improved loan yields by 9 basis points and reduced overall funding costs by 11 basis points since the fourth-quarter of 2024. Our Earnings Per Share was $0.66 for the quarter, up from $0.63, compared to the linked quarter, and $0.25 higher than the $0.41 in first-quarter of 2024. Our strong earnings and the recent increase in our quarterly dividend, reflects our confidence in Civista's financial strength and our commitment to delivering value to our shareholders. ”, said Shaffer.
"Our credit quality remains strong as we keep supporting and building better relationships with our customers. We are committed to meeting the growing demand for housing and construction financing, making sure we address the needs of our customers and communities. Continuing to focus on these areas, we’ve been able to provide our customers with the financial support they need.", said Shaffer.
Results of Operations:
First-Quarter 2025 Highlights
- Diluted earnings per common share of $0.66, for the first quarter of 2025, compared to $0.41 per diluted share, for the first quarter of 2024
- Net income of $10.2 million, an increase of $3.8 million compared to $6.4 million for the first quarter 2024
- Net interest margin (tax equivalent) of 3.51%, compared to 3.22% in the first quarter of 2024, and 3.36% in the fourth quarter of 2024
- Net interest income of $32.8 million, up $4.4 million or 15.5% compared to the first quarter of 2024, and up $1.4 million or 4.5% compared to the fourth-quarter of 2024
- 200 basis points cost of deposits, 231 basis points cost of funds for the first-quarter of 2025, 11 basis points lower than the 242 basis points cost of funds in the fourth-quarter of 2024
- Noninterest expense of $27.1 million, $1.2 million or 4.1% lower than the fourth quarter of 2024.
- Efficiency ratio of 64.9%, compared to 72.3% in Q1 2024 and 68.3% in Q4 2024
- Total period end deposit growth of $27.0 million from fourth quarter 2024, includes a $40 million reduction in brokered deposits
- Total period end loan growth of $22.8 million from fourth quarter 2024
- Return on Assets of 1.00%, compared to 0.66% in first quarter 2024
- Return on Equity of 10.39%, compared to 6.89% in first quarter 2024
- Noninterest income of $7.9 million
- Allowance for credit losses on loans / total loans of 1.30%
- Based on the March 31, 2025, market close share price of $19.54, the $0.17 first quarter dividend is equivalent to an annualized yield of 3.48% and a dividend payout ratio of 25.90%
Assets
Total assets at March 31, 2025, were $4.1 billion, an increase of $48.2 million, or 1.2%, from December 31, 2024.
- Loan and lease balances increased $22.8 million, or 0.7% since December 31, 2024.
- Commercial Real Estate continued to grow due to consistent demand in the non-owner and owner occupied categories.
- Residential Real Estate has grown primarily due to more home construction loans as we meet the demand for housing and construction financing by our customers and communities.
Deposits & Borrowings
Total deposits at March 31, 2025 were $3.2 billion, an increase of $27.0 million, or 0.8%, from December 31, 2024.
- Noninterest-bearing demand deposits decreased $46.4 million, primarily due to a $62.5 million decrease in noninterest-bearing accounts related to commercial business deposits. Also, included is an $11.3 million increase in noninterest-bearing public funds.
- Interest-bearing demand deposits increased $48.0 million, primarily due to a $56.3 million increase in interest-bearing public funds, slightly offset by a $6.3 million decrease in Jumbo now deposits.
- $18.7 million increase in savings and money market deposits, primarily due to a $41.8 million increase in business money market accounts, a $5.7 million increase in statement savings, mostly offset by a $22.7 million decrease in reciprocal deposits, a $3.1 million decrease in money market savings, and $2.8 million decrease in public funds money market accounts.
- $46.7 million increase in time deposits, primarily due to a $17.6 million increase in Jumbo time certificates, a $15.6 million increase in retail time certificates, and a $19.7 million increase in time certificates over $250 thousand, partially offset by a $7.6 million decrease in reciprocal deposits.
- Brokered deposits totaled $460.2 million at March 31, 2025, which includes brokered certificate of deposits of $450.0 million and brokered money markets of $10.2 million. Brokered deposits decreased $40.1 million in the first quarter of 2025.
- FHLB overnight advances totaled $360.0 million on March 31, 2025, up $21.0 million from $339.0 million on December 31, 2024.
- FHLB term advances totaled $1.4 million on March 31, 2025, down from $1.5 million on December 31, 2024.
Net Interest Income and Net Interest Margin
Net interest income increased $4.4 million, or 15.5%, for the first quarter of 2025, compared to the same period last year.
- Interest income increased $3.6 million for the first quarter of 2025, compared to the same period last year, attributed to average interest-earning assets increasing $249.2 million coupled with a 7 basis point increase in asset yield.
- Interest expense decreased $0.8 million for the first quarter of 2025, compared to the same period last year. This was due to a 136 basis point reduction in higher costing FHLB borrowings mostly offset by $258.2 million growth in deposits ($252.9 million in average balances), resulting in a net increase of $279.1 million in average interest-bearing liabilities when comparing the first quarter of 2025 to the same period last year.
- Net interest margin increased 29 basis points to 3.51% for the first quarter of 2025, compared to 3.22% for the same period last year.
Credit
Provision for credit losses (including provision for unfunded commitments) decreased $0.4 million for the first quarter of 2025 to $1.6 million compared to $2.0 million for the same period last year.
Civista recorded net charge-offs of $0.6 million for the first quarter of 2025 compared to net charge-offs of $0.4 million for the same period of 2024.
The allowance for credit losses to loans ratio was 1.30% at March 31, 2025, compared to 1.34% at March 31, 2024, and 1.29% at December 31, 2024.
Non-performing assets at March 31, 2025 were $31.2 million, a decrease of $1.4 million or 4.4%, from December 31, 2024. The non-performing assets to assets ratio was 0.75% at March 31, 2025 and 0.80% at December 31, 2024.
The allowance for credit losses to non-performing loans increased to 130.0% at March 31, 2025 from 121.6% at December 31, 2024.
Noninterest Income
Noninterest income totaled $7.9 million, a decrease of $0.4 million or 4.8%, when compared to the same period last year.
- Net gain/(loss) on equity securities increased $0.1 million for the first quarter of 2025, compared to the same period last year, resulting from market valuation adjustments.
- Net gain on sale of loans and leases, which includes gain/loss on sale of mortgages, adjustments to mortgage service rights (MSR), and gain/loss on sales of loans and leases from the Civista Leasing and Finance ("CLF") division, decreased $0.3 million for the first quarter of 2025, compared to the same period last year, primarily due to lower originations.
- Lease revenue and residual income increased $0.2 million for the first quarter of 2025 compared to the same period last year, due to stronger lease originations.
- Other income decreased $0.6 million for the first quarter of 2025 compared to the same period last year, primarily related to lower fee revenue from CLF.
Noninterest Expense
Noninterest expense totaled $27.1 million, a decrease of $0.3 million or 1.1%, when compared to the same period last year.
- Compensation expense decreased $1.4 million for the first quarter of 2025 compared to the same period last year, primarily due to a lower employee benefits costs coupled with an increase in the deferral of salaries and wages related to the loan originations in the first three months of 2025.
- The quarter-to-date average number of full time equivalent (FTE) employees was 520 at March 31, 2025, compared with an average number of 539 for the same period in 2024.
- FDIC assessment increased $0.4 million for the first quarter of 2025 compared to the same period last year, primarily from an increase in the total assessment base resulting from the Company's overall balance sheet growth year over year.
- Professional fees increased $0.9 million for the first quarter of 2025 compared to the same period last year, mainly due to utilizing consultants to assist in transitioning Civista Leasing and Finance Division to a new core processing system.
- Equipment expense decreased $0.4 million for the first quarter of 2025 compared to the same period last year, due to normal equipment depreciation as well as decreases in equipment expense related to operating lease contracts.
- The efficiency ratio was 64.9% for the quarter ended March 31, 2025, compared to 72.3% for the same period last year. The change in the efficiency ratio is primarily due to a 1.1% decrease in noninterest expenses, a 15.5% increase in net interest income, partially offset by a 4.8% decrease in noninterest income.
Taxes
Civista’s effective income tax rate for the first quarter of 2025 was 14.8% compared to 11.6% in the same period last year.
Capital
Total shareholders’ equity at March 31, 2025, totaled $397.4 million, an increase of $8.9 million from December 31, 2024. This resulted from an increase of $7.5 million in retained earnings and a reduction in accumulated other comprehensive loss of $1.2 million.
Civista did not repurchase any shares in the first quarter of 2025, leaving the entire $13.5 million of the current repurchase authorization remaining. The current repurchase plan will expire in April 2026. In January 2025, Civista liquidated 8,182 shares held by employees, at $20.39 per share, to satisfy tax obligations stemming from vesting of restricted shares.
Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the first quarter of 2025 at 1:00 p.m. ET on Thursday, April 24, 2025. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 800-836-8184 and ask to be joined into the Civista Bancshares, Inc. first quarter 2025 earnings call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection. An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com).
About Civista Bancshares
Civista Bancshares, Inc., is a $4.1 billion financial holding company headquartered in Sandusky, Ohio. Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services. Today, Civista Bank operates 42 locations across Ohio, Southeastern Indiana and Northern Kentucky. Civista Bank also offers commercial equipment leasing services for businesses nationwide through its Civista Leasing and Finance Division. Civista Bancshares’ common shares are traded on the NASDAQ Capital Market under the symbol “CIVB”. Learn more at www.civb.com.
Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management’s expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as “anticipate,” “estimate,” “project,” “intend,” “plan,” “believe,” “will” and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista’ reports filed with the Securities and Exchange Commission, including those described in “Item 1A Risk Factors” of Part I of Civista’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and any additional risks identified in the Company’s subsequent Form 10-Q’s. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
Non-GAAP Financial Measures
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation's results of operations. Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
For additional information, contact:
Dennis G. Shaffer
CEO and President
Civista Bancshares, Inc.
888-645-4121
| Average Balance Analysis | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| (Unaudited - Dollars in thousands) | |||||||||||||||
| 2024 | |||||||||||||||
| Yield/ | Average | Yield/ | |||||||||||||
| Assets: | Interest | rate * | balance | Interest | rate * | ||||||||||
| Interest-earning assets: | |||||||||||||||
| Loans ** | 3,099,440 | $ | 47,646 | 6.23 | % | $ | 2,880,031 | $ | 44,485 | 6.20 | % | ||||
| Taxable securities *** | 396,893 | 3,555 | 3.31 | % | 350,815 | 2,934 | 3.00 | % | |||||||
| Non-taxable securities *** | 286,481 | 2,340 | 3.91 | % | 295,388 | 2,375 | 3.85 | % | |||||||
| Federal funds sold | - | 0.00 | % | - | - | 0.00 | % | ||||||||
| Interest-bearing deposits in other banks | 18,895 | 192 | 4.13 | % | 26,318 | 334 | 5.09 | % | |||||||
| Total interest-earning assets *** | 3,801,709 | $ | 53,733 | 5.71 | % | $ | 3,552,552 | $ | 50,128 | 5.64 | % | ||||
| Noninterest-earning assets: | |||||||||||||||
| Cash and due from financial institutions | 43,203 | 29,599 | |||||||||||||
| Premises and equipment, net | 46,404 | 54,980 | |||||||||||||
| Accrued interest receivable | 13,567 | 12,724 | |||||||||||||
| Intangible assets | 133,268 | 134,872 | |||||||||||||
| Bank owned life insurance | 62,916 | 61,456 | |||||||||||||
| Other assets | 58,588 | 58,472 | |||||||||||||
| Less allowance for loan losses | (39,956 | ) | (37,356 | ) | |||||||||||
| Total Assets | 4,119,699 | $ | 3,867,299 | ||||||||||||
| Liabilities and Shareholders' Equity: | |||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||
| Demand and savings | 1,493,854 | $ | 3,987 | 1.08 | % | $ | 1,383,225 | $ | 3,986 | 1.16 | % | ||||
| Time | 1,044,707 | 11,875 | 4.61 | % | 902,442 | 12,001 | 5.33 | % | |||||||
| Short-term FHLB borrowings | 355,589 | 3,929 | 4.15 | % | 328,687 | 4,515 | 5.51 | % | |||||||
| Long-term FHLB borrowings | 1,408 | 9 | 2.56 | % | 2,275 | 13 | 2.29 | % | |||||||
| Other borrowings | - | - | 0.00 | % | - | - | 0.00 | % | |||||||
| Subordinated debentures | 104,103 | 1,160 | 4.52 | % | 103,957 | 1,241 | 4.79 | % | |||||||
| Repurchase agreements | - | - | 0.00 | % | - | - | 0.00 | % | |||||||
| Total interest-bearing liabilities | 2,999,661 | $ | 20,960 | 2.83 | % | $ | 2,720,586 | $ | 21,756 | 3.21 | % | ||||
| Noninterest-bearing deposits | 670,716 | 712,483 | |||||||||||||
| Other liabilities | 52,301 | 63,778 | |||||||||||||
| Shareholders' equity | 397,021 | 370,452 | |||||||||||||
| Total Liabilities and Shareholders' Equity | 4,119,699 | $ | 3,867,299 | ||||||||||||
| Net interest income and interest rate spread | $ | 32,773 | 2.88 | % | $ | 28,372 | 2.43 | % | |||||||
| Net interest margin *** | 3.51 | % | 3.22 | % | |||||||||||
| * - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was 622 thousand and 632 thousand for the periods ended March 31, 2025 and 2024, respectively. | |||||||||||||||
| ** - Average balance includes nonaccrual loans | |||||||||||||||
| *** - Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of 59.2 million and 59.1 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin. |
All values are in US Dollars.
| Noninterest income | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| (unaudited - dollars in thousands) | Three months ended March 31, | ||||||||||
| 2025 | 2024 | change | % change | ||||||||
| Service charges | $ | 1,524 | $ | 1,440 | 5.8 | % | |||||
| Net gain on sale of securities | - | - | 0.0 | % | |||||||
| Net gain/(loss) on equity securities | (29 | ) | (141 | ) | 79.4 | % | |||||
| Net gain on sale of loans and leases | 604 | 863 | ) | -30.0 | % | ||||||
| ATM/Interchange fees | 1,326 | 1,383 | ) | -4.1 | % | ||||||
| Wealth management fees | 1,340 | 1,276 | 5.0 | % | |||||||
| Lease revenue and residual income | 1,896 | 1,674 | 13.3 | % | |||||||
| Bank owned life insurance | 387 | 350 | 10.6 | % | |||||||
| Swap fees | 72 | 57 | 26.3 | % | |||||||
| Other | 740 | 1,354 | ) | -45.3 | % | ||||||
| Total noninterest income | $ | 7,860 | $ | 8,256 | ) | -4.8 | % |
All values are in US Dollars.
| Noninterest expense | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (unaudited - dollars in thousands) | Three months ended March 31, | ||||||||
| 2025 | 2024 | change | % change | ||||||
| Compensation expense | $ | 14,043 | $ | 15,457 | ) | -9.1 | % | ||
| Net occupancy Expense | 1,634 | 1,368 | 19.4 | % | |||||
| Contracted data processing | 567 | 545 | 4.0 | % | |||||
| FDIC Assessment | 873 | 484 | 80.4 | % | |||||
| State franchise tax | 526 | 485 | 8.5 | % | |||||
| Professional services | 2,090 | 1,149 | 81.9 | % | |||||
| Equipment expense | 2,103 | 2,535 | ) | -17.0 | % | ||||
| Amortization of core deposit intangible | 332 | 391 | ) | -15.1 | % | ||||
| ATM/Interchange expense | 580 | 625 | ) | -7.2 | % | ||||
| Marketing | 296 | 479 | ) | -38.2 | % | ||||
| Software maintenance expense | 1,277 | 1,189 | 7.4 | % | |||||
| Other | 2,805 | 2,734 | 2.6 | % | |||||
| Total noninterest expense | $ | 27,126 | $ | 27,441 | ) | -1.1 | % |
All values are in US Dollars.
| End of period loan and lease balances | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (unaudited - dollars in thousands) | |||||||||
| March 31, | December 31, | ||||||||
| 2025 | 2024 | Change | % Change | ||||||
| Commercial and Agriculture | $ | 330,627 | $ | 328,488 | 0.7 | % | |||
| Commercial Real Estate: | |||||||||
| Owner Occupied | 378,095 | 374,367 | 1.0 | % | |||||
| Non-owner Occupied | 1,246,025 | 1,225,991 | 1.6 | % | |||||
| Residential Real Estate | 773,349 | 763,869 | 1.2 | % | |||||
| Real Estate Construction | 297,589 | 305,992 | ) | -2.7 | % | ||||
| Farm Real Estate | 22,399 | 23,035 | ) | -2.8 | % | ||||
| Lease financing receivable | 44,570 | 46,900 | ) | -5.0 | % | ||||
| Consumer and Other | 11,382 | 12,588 | ) | -9.6 | % | ||||
| Total Loans | $ | 3,104,036 | $ | 3,081,230 | 0.7 | % |
All values are in US Dollars.
| End of period deposit balances | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| (unaudited - dollars in thousands) | |||||||||
| March 31, | December 31, | ||||||||
| 2025 | 2024 | Change | % Change | ||||||
| Noninterest-bearing demand | $ | 648,683 | $ | 695,094 | ) | -6.7 | % | ||
| Interest-bearing demand | 467,601 | 419,583 | 11.4 | % | |||||
| Savings and money market | 1,146,480 | 1,127,765 | 1.7 | % | |||||
| Time deposits | 515,910 | 469,163 | 10.0 | % | |||||
| Brokered deposits | 460,214 | 500,265 | ) | -8.0 | % | ||||
| Total Deposits | $ | 3,238,888 | $ | 3,211,870 | 0.8 | % |
All values are in US Dollars.
| Allowance for Credit Losses | ||||||
|---|---|---|---|---|---|---|
| (dollars in thousands) | ||||||
| Three months ended March 31, | ||||||
| 2025 | 2024 | |||||
| Beginning of period | $ | 39,669 | $ | 37,160 | ||
| Charge-offs | (976 | ) | (651 | ) | ||
| Recoveries | 343 | 298 | ||||
| Provision | 1,248 | 2,042 | ||||
| End of period | $ | 40,284 | $ | 38,849 | ||
| Allowance for Unfunded Commitments | ||||||
| --- | --- | --- | --- | --- | --- | |
| (dollars in thousands) | ||||||
| Three months ended March 31, | ||||||
| 2025 | 2024 | |||||
| Beginning of period | $ | 3,380 | $ | 3,901 | ||
| Charge-offs | - | - | ||||
| Recoveries | - | - | ||||
| Provision | 319 | (50 | ) | |||
| End of period | $ | 3,699 | $ | 3,851 | ||
| (dollars in thousands) | March 31, | December 31, | ||||
| --- | --- | --- | --- | --- | ||
| 2025 | 2024 | |||||
| Non-accrual loans | $ | 30,989 | $ | 30,950 | ||
| Restructured loans | - | 1,677 | ||||
| Total non-performing loans | 30,989 | 32,627 | ||||
| Other Real Estate Owned | 209 | - | ||||
| Total non-performing assets | $ | 31,198 | $ | 32,627 |
Civista Bancshares, Inc.
Financial Highlights
(Unaudited, dollars in thousands, except share and per share amounts)
| Consolidated Condensed Statement of Operations | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months Ended | |||||||||||||||
| March 31, | |||||||||||||||
| 2025 | 2024 | ||||||||||||||
| Interest income | $ | 53,733 | $ | 50,128 | |||||||||||
| Interest expense | 20,960 | 21,756 | |||||||||||||
| Net interest income | 32,773 | 28,372 | |||||||||||||
| Provision for credit losses | 1,248 | 2,042 | |||||||||||||
| Provision for unfunded commitments | 319 | (50 | ) | ||||||||||||
| Net interest income after provision | 31,206 | 26,380 | |||||||||||||
| Noninterest income | 7,860 | 8,256 | |||||||||||||
| Noninterest expense | 27,126 | 27,441 | |||||||||||||
| Income before taxes | 11,940 | 7,195 | |||||||||||||
| Income tax expense | 1,772 | 835 | |||||||||||||
| Net income | 10,168 | 6,360 | |||||||||||||
| Preferred stock dividends | - | - | |||||||||||||
| Net income available | |||||||||||||||
| to common shareholders | $ | 10,168 | $ | 6,360 | |||||||||||
| Dividends paid per common share | $ | 0.17 | $ | 0.16 | |||||||||||
| Earnings per common share | |||||||||||||||
| Basic | |||||||||||||||
| Net income | $ | 10,168 | $ | 6,360 | |||||||||||
| Less allocation of earnings and | |||||||||||||||
| dividends to participating securities | 44 | 227 | |||||||||||||
| Net income available to common | |||||||||||||||
| shareholders - basic | $ | 10,124 | $ | 6,133 | |||||||||||
| Weighted average common shares outstanding | 15,488,813 | 15,695,963 | |||||||||||||
| Less average participating securities | 66,711 | 561,344 | |||||||||||||
| Weighted average number of shares outstanding | |||||||||||||||
| used to calculate basic earnings per share | 15,422,102 | 15,134,619 | |||||||||||||
| Earnings per common share | - | ||||||||||||||
| Basic | $ | 0.66 | $ | 0.41 | |||||||||||
| Diluted | $ | 0.66 | $ | 0.41 | |||||||||||
| Selected financial ratios: | |||||||||||||||
| Return on average assets | 1.00 | % | 0.66 | % | |||||||||||
| Return on average equity | 10.39 | % | 6.89 | % | |||||||||||
| Dividend payout ratio | 25.90 | % | 39.02 | % | |||||||||||
| Net interest margin (tax equivalent) | 3.51 | % | 3.22 | % | |||||||||||
| Effective tax rate | 14.84 | % | 11.60 | % | |||||||||||
| Selected Balance Sheet Items | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | |||||||||
| (Dollars in thousands, except share and per share amounts) | |||||||||||||||
| March 31, | December 31, | ||||||||||||||
| 2025 | 2024 | ||||||||||||||
| (unaudited) | (unaudited) | ||||||||||||||
| Cash and due from financial institutions | $ | 90,456 | $ | 63,155 | |||||||||||
| Investment in time deposits | 960 | 1,450 | |||||||||||||
| Securities available-for-sale | 648,537 | 650,488 | |||||||||||||
| Loans held for sale | 4,324 | 665 | |||||||||||||
| Loans | 3,104,036 | 3,081,230 | |||||||||||||
| Less: allowance for credit losses | (40,284 | ) | (39,669 | ) | |||||||||||
| Net loans | 3,063,752 | 3,041,561 | |||||||||||||
| Other securities | 32,592 | 30,352 | |||||||||||||
| Premises and equipment, net | 45,107 | 47,166 | |||||||||||||
| Goodwill and other intangibles | 133,026 | 133,403 | |||||||||||||
| Bank owned life insurance | 63,170 | 62,783 | |||||||||||||
| Other assets | 64,793 | 67,446 | |||||||||||||
| Total assets | $ | 4,146,717 | $ | 4,098,469 | |||||||||||
| Total deposits | $ | 3,238,888 | $ | 3,211,870 | |||||||||||
| Short-term Federal Home Loan Bank advances | 360,000 | 339,000 | |||||||||||||
| Long-term Federal Home Loan Bank advances | 1,355 | 1,501 | |||||||||||||
| Subordinated debentures | 104,130 | 104,089 | |||||||||||||
| Other borrowings | 6,140 | 6,293 | |||||||||||||
| Accrued expenses and other liabilities | 38,770 | 47,214 | |||||||||||||
| Total liabilities | 3,749,283 | 3,709,967 | |||||||||||||
| Common shares | 312,192 | 312,037 | |||||||||||||
| Retained earnings | 212,944 | 205,408 | |||||||||||||
| Treasury shares | (75,753 | ) | (75,586 | ) | |||||||||||
| Accumulated other comprehensive loss | (51,949 | ) | (53,357 | ) | |||||||||||
| Total shareholders' equity | 397,434 | 388,502 | |||||||||||||
| Total liabilities and shareholders' equity | $ | 4,146,717 | $ | 4,098,469 | |||||||||||
| Shares outstanding at period end | 15,519,072 | 15,487,667 | |||||||||||||
| Book value per share | $ | 20.12 | $ | 20.15 | |||||||||||
| Equity to asset ratio | 7.53 | % | 7.61 | % | |||||||||||
| Selected asset quality ratios: | |||||||||||||||
| Allowance for credit losses to total loans | 1.30 | % | 1.29 | % | |||||||||||
| Non-performing assets to total assets | 0.75 | % | 0.80 | % | |||||||||||
| Allowance for credit losses to non-performing loans | 129.99 | % | 121.58 | % | |||||||||||
| Non-performing asset analysis | |||||||||||||||
| Nonaccrual loans | $ | 30,989 | $ | 30,950 | |||||||||||
| Restructured loans | - | 1,677 | |||||||||||||
| Other real estate owned | 209 | - | |||||||||||||
| --- | --- | --- | --- | --- | |||||||||||
| Total | $ | 31,198 | $ | 32,627 | |||||||||||
| Supplemental Financial Information | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Unaudited - dollars in thousands except share data) | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| End of Period Balances | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 90,456 | $ | 63,155 | $ | 74,662 | $ | 55,760 | $ | 50,310 | |||||
| Investment in time deposits | 960 | 1,450 | 1,450 | 1,450 | 1,450 | ||||||||||
| Investment securities | 648,537 | 650,488 | 629,113 | 611,866 | 608,277 | ||||||||||
| Loans held for sale | 4,324 | 665 | 8,299 | 5,369 | 3,716 | ||||||||||
| Loans and leases | 3,104,036 | 3,081,230 | 3,043,946 | 3,014,996 | 2,898,139 | ||||||||||
| Allowance for credit losses | (40,284 | ) | (39,669 | ) | (41,268 | ) | (39,919 | ) | (38,849 | ) | |||||
| Net Loans | 3,063,752 | 3,041,561 | 3,002,678 | 2,975,077 | 2,859,290 | ||||||||||
| Other securities | 32,592 | 30,352 | 32,633 | 37,615 | 31,360 | ||||||||||
| Premises and equipment, net | 45,107 | 47,166 | 49,967 | 52,142 | 54,280 | ||||||||||
| Goodwill and other intangibles | 133,026 | 133,403 | 133,829 | 134,227 | 134,618 | ||||||||||
| Bank owned life insurance | 63,170 | 62,783 | 62,912 | 63,367 | 61,685 | ||||||||||
| Other assets | 64,793 | 67,446 | 65,880 | 75,041 | 75,272 | ||||||||||
| Total Assets | $ | 4,146,717 | $ | 4,098,469 | $ | 4,061,423 | $ | 4,011,914 | $ | 3,880,258 | |||||
| Liabilities | |||||||||||||||
| Total deposits | $ | 3,238,888 | $ | 3,211,870 | $ | 3,223,732 | $ | 2,977,616 | $ | 2,980,695 | |||||
| Federal Home Loan Bank advances - short term | 360,000 | 339,000 | 287,047 | 500,500 | 368,500 | ||||||||||
| Federal Home Loan Bank advances - long term | 1,355 | 1,501 | 1,598 | 1,841 | 2,211 | ||||||||||
| Subordinated debentures | 104,130 | 104,089 | 104,067 | 104,026 | 103,984 | ||||||||||
| Other borrowings | 6,140 | 6,293 | 6,319 | 7,156 | 8,105 | ||||||||||
| Accrued expenses and other liabilities | 38,770 | 47,214 | 44,222 | 46,967 | 47,104 | ||||||||||
| Total liabilities | 3,749,283 | 3,709,967 | 3,666,985 | 3,638,106 | 3,510,599 | ||||||||||
| Shareholders' Equity | |||||||||||||||
| Common shares | 312,192 | 312,037 | 311,901 | 311,529 | 311,352 | ||||||||||
| Retained earnings | 212,944 | 205,408 | 198,034 | 192,186 | 187,638 | ||||||||||
| Treasury shares | (75,753 | ) | (75,586 | ) | (75,586 | ) | (75,574 | ) | (75,574 | ) | |||||
| Accumulated other comprehensive loss | (51,949 | ) | (53,357 | ) | (39,911 | ) | (54,333 | ) | (53,757 | ) | |||||
| Total shareholders' equity | 397,434 | 388,502 | 394,438 | 373,808 | 369,659 | ||||||||||
| Total Liabilities and Shareholders' Equity | $ | 4,146,717 | $ | 4,098,469 | $ | 4,061,423 | $ | 4,011,914 | $ | 3,880,258 | |||||
| Shares outstanding at period end | 15,519,072 | 15,487,667 | 15,736,528 | 15,737,222 | 15,727,013 | ||||||||||
| Book value per share | $ | 20.12 | $ | 20.15 | $ | 25.07 | $ | 23.75 | $ | 23.50 | |||||
| Equity to asset ratio | 7.53 | % | 7.61 | % | 9.71 | % | 9.32 | % | 9.53 | % | |||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||
| Selected asset quality ratios: | |||||||||||||||
| Allowance for credit losses to total loans | 1.30 | % | 1.29 | % | 1.36 | % | 1.32 | % | 1.34 | % | |||||
| Non-performing assets to total assets | 0.75 | % | 0.80 | % | 0.45 | % | 0.43 | % | 0.41 | % | |||||
| Allowance for credit losses to non-performing loans | 129.99 | % | 121.58 | % | 227.36 | % | 233.47 | % | 247.06 | % | |||||
| Non-performing asset analysis | |||||||||||||||
| Nonaccrual loans | $ | 30,989 | $ | 30,950 | $ | 16,488 | $ | 15,209 | $ | 13,235 | |||||
| Restructured loans | - | 1,677 | 1,663 | 1,889 | 2,490 | ||||||||||
| Other real estate owned | 209 | - | 61 | - | - | ||||||||||
| Total | $ | 31,198 | $ | 32,627 | $ | 18,212 | $ | 17,098 | $ | 15,725 | |||||
| Supplemental Financial Information | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| (Unaudited - dollars in thousands except share data) | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| Quarterly Average Balances | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Assets: | |||||||||||||||
| Earning assets | $ | 3,801,709 | $ | 3,738,607 | $ | 3,705,866 | $ | 3,619,809 | $ | 3,552,552 | |||||
| Securities | 683,374 | 655,556 | 654,838 | 639,625 | 646,203 | ||||||||||
| Loans | 3,099,440 | 3,061,991 | 3,031,884 | 2,964,377 | 2,880,031 | ||||||||||
| Liabilities and Shareholders' Equity | |||||||||||||||
| Total deposits | $ | 3,209,277 | $ | 3,285,485 | $ | 3,092,583 | $ | 2,969,380 | $ | 2,998,150 | |||||
| Interest-bearing deposits | 2,538,561 | 2,582,652 | 2,405,219 | 2,266,334 | 2,285,667 | ||||||||||
| Other interest-bearing liabilities | 461,100 | 320,225 | 493,759 | 546,700 | 431,919 | ||||||||||
| Total shareholders' equity | 397,021 | 391,591 | 381,392 | 365,784 | 370,452 | ||||||||||
| Supplemental Financial Information | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| (Unaudited - dollars in thousands) | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| End of period loan and lease balances | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Commercial and Agriculture | $ | 330,627 | $ | 328,488 | $ | 304,639 | $ | 318,499 | $ | 302,663 | |||||
| Commercial Real Estate: | |||||||||||||||
| Owner Occupied | 378,095 | 374,367 | 375,751 | 377,308 | 367,419 | ||||||||||
| Non-owner Occupied | 1,246,025 | 1,225,991 | 1,205,453 | 1,213,341 | 1,185,688 | ||||||||||
| Residential Real Estate | 773,349 | 763,869 | 751,825 | 729,213 | 676,800 | ||||||||||
| Real Estate Construction | 297,589 | 305,992 | 318,063 | 283,446 | 267,737 | ||||||||||
| Farm Real Estate | 22,399 | 23,035 | 24,122 | 24,376 | 24,908 | ||||||||||
| Lease financing receivable | 44,570 | 46,900 | 49,453 | 53,461 | 56,680 | ||||||||||
| Consumer and Other | 11,382 | 12,588 | 14,640 | 15,352 | 16,244 | ||||||||||
| Total Loans | $ | 3,104,036 | $ | 3,081,230 | $ | 3,043,946 | $ | 3,014,996 | $ | 2,898,139 | |||||
| Supplemental Financial Information | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| (Unaudited - dollars in thousands) | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| End of period deposit balances | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Noninterest-bearing demand | $ | 648,683 | $ | 695,094 | $ | 686,316 | $ | 691,203 | $ | 707,993 | |||||
| Interest-bearing demand | 467,601 | 419,583 | 420,333 | 409,848 | 434,692 | ||||||||||
| Savings and money market | 1,146,480 | 1,127,765 | 1,111,771 | 940,312 | 929,126 | ||||||||||
| Time deposits | 515,910 | 469,163 | 456,973 | 418,047 | 327,579 | ||||||||||
| Brokered deposits | 460,214 | 500,265 | 548,339 | 518,207 | 581,305 | ||||||||||
| Total Deposits | $ | 3,238,888 | $ | 3,211,870 | $ | 3,223,732 | $ | 2,977,617 | $ | 2,980,695 | |||||
| Supplemental Financial Information | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |
| (Unaudited - dollars in thousands except share data) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| Income statement | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Total interest and dividend income | $ | 53,733 | $ | 53,233 | $ | 52,741 | $ | 50,593 | $ | 50,128 | |||||
| Total interest expense | 20,960 | 21,878 | 23,508 | 22,842 | 21,756 | ||||||||||
| Net interest income | 32,773 | 31,355 | 29,233 | 27,751 | 28,372 | ||||||||||
| Provision for credit losses | 1,248 | 697 | 1,346 | 1,800 | 2,042 | ||||||||||
| Provision for unfunded commitments | 319 | (1 | ) | (325 | ) | (145 | ) | (50 | ) | ||||||
| Noninterest income | 7,860 | 9,015 | 9,686 | 10,543 | 8,256 | ||||||||||
| Noninterest expense | 27,126 | 28,296 | 27,981 | 28,555 | 27,441 | ||||||||||
| Income before taxes | 11,940 | 11,378 | 9,917 | 8,084 | 7,195 | ||||||||||
| Income tax expense | 1,772 | 1,485 | 1,551 | 1,020 | 835 | ||||||||||
| Net income | $ | 10,168 | $ | 9,893 | $ | 8,366 | $ | 7,064 | $ | 6,360 | |||||
| Preferred stock dividends | - | - | - | - | - | ||||||||||
| Net income available to common shareholders | $ | 10,168 | $ | 9,893 | $ | 8,366 | $ | 7,064 | $ | 6,360 | |||||
| Per share data | |||||||||||||||
| Earnings per common share | |||||||||||||||
| Basic | |||||||||||||||
| Net income | $ | 10,168 | $ | 9,893 | $ | 8,366 | $ | 7,064 | $ | 6,360 | |||||
| Less allocation of earnings and | |||||||||||||||
| dividends to participating securities | 44 | 213 | 177 | 153 | 227 | ||||||||||
| Net income available to common shareholders - basic | $ | 10,124 | $ | 9,680 | $ | 8,189 | $ | 6,911 | $ | 6,133 | |||||
| Weighted average common shares outstanding | 15,488,813 | 15,734,243 | 15,736,966 | 15,729,049 | 15,695,963 | ||||||||||
| Less average participating securities | 66,711 | 339,626 | 332,531 | 341,567 | 561,344 | ||||||||||
| Weighted average number of shares outstanding used to calculate basic earnings per share | 15,422,102 | 15,394,617 | 15,404,435 | 15,387,482 | 15,134,619 | ||||||||||
| Earnings per common share | |||||||||||||||
| Basic | $ | 0.66 | $ | 0.63 | $ | 0.53 | $ | 0.45 | $ | 0.41 | |||||
| Diluted | $ | 0.66 | $ | 0.63 | $ | 0.53 | $ | 0.45 | $ | 0.41 | |||||
| Common shares dividend paid | $ | 2,636 | $ | 2,518 | $ | 2,518 | $ | 2,516 | $ | 2,510 | |||||
| Dividends paid per common share | 0.17 | 0.16 | 0.16 | 0.16 | 0.16 | ||||||||||
| Three Months Ended | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| Selected financial ratios | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Return on average assets | 1.00 | % | 0.97 | % | 0.83 | % | 0.72 | % | 0.66 | % | |||||
| Return on average equity | 10.39 | % | 10.43 | % | 8.73 | % | 7.77 | % | 6.89 | % | |||||
| Dividend payout ratio | 25.90 | % | 25.45 | % | 30.10 | % | 35.63 | % | 39.02 | % | |||||
| Net interest margin (tax equivalent) | 3.51 | % | 3.36 | % | 3.19 | % | 3.09 | % | 3.22 | % | |||||
| Effective tax rate | 14.84 | % | 13.05 | % | 15.63 | % | 12.62 | % | 11.60 | % | |||||
| Supplemental Financial Information | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||
| (Unaudited - dollars in thousands) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| Noninterest income | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Service charges | $ | 1,524 | $ | 1,591 | $ | 1,595 | $ | 1,488 | $ | 1,440 | |||||
| Net gain on sale of securities | - | - | - | - | - | ||||||||||
| Net gain/(loss) on equity securities | (29 | ) | 96 | 223 | 74 | (141 | ) | ||||||||
| Net gain on sale of loans and leases | 604 | 1,259 | 1,427 | 888 | 863 | ||||||||||
| ATM/Interchange fees | 1,326 | 1,640 | 1,402 | 1,416 | 1,383 | ||||||||||
| Wealth management fees | 1,340 | 1,464 | 1,443 | 1,337 | 1,276 | ||||||||||
| Lease revenue and residual income | 1,896 | 1,280 | 2,428 | 3,529 | 1,674 | ||||||||||
| Bank owned life insurance | 387 | 771 | 717 | 367 | 350 | ||||||||||
| Swap fees | 72 | 66 | 43 | 122 | 57 | ||||||||||
| Other | 740 | 848 | 408 | 1,322 | 1,354 | ||||||||||
| Total noninterest income | $ | 7,860 | $ | 9,015 | $ | 9,686 | $ | 10,543 | $ | 8,256 | |||||
| Supplemental Financial Information | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |||||
| (Unaudited - dollars in thousands) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| Noninterest expense | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Compensation expense | $ | 14,043 | $ | 14,899 | $ | 15,726 | $ | 15,740 | $ | 15,457 | |||||
| Net occupancy Expense | 1,634 | 1,138 | 1,293 | 1,298 | 1,368 | ||||||||||
| Contracted data processing | 567 | 508 | 636 | 559 | 545 | ||||||||||
| FDIC Assessment | 873 | 1,039 | 560 | 548 | 484 | ||||||||||
| State franchise tax | 526 | 608 | 480 | 479 | 485 | ||||||||||
| Professional services | 2,090 | 2,247 | 1,134 | 1,249 | 1,149 | ||||||||||
| Equipment expense | 2,103 | 2,240 | 2,345 | 2,434 | 2,535 | ||||||||||
| Amortization of core deposit intangible | 332 | 363 | 364 | 366 | 391 | ||||||||||
| ATM/Interchange expense | 580 | 671 | 616 | 632 | 625 | ||||||||||
| Marketing | 296 | 448 | 716 | 445 | 479 | ||||||||||
| Software maintenance expense | 1,277 | 1,376 | 1,203 | 1,176 | 1,189 | ||||||||||
| Other | 2,805 | 2,759 | 2,908 | 3,629 | 2,734 | ||||||||||
| Total noninterest expense | $ | 27,126 | $ | 28,296 | $ | 27,981 | $ | 28,555 | $ | 27,441 | |||||
| Supplemental Financial Information | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Unaudited - dollars in thousands except share data) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| Asset quality | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Allowance for credit losses: | |||||||||||||||
| Beginning of period | $ | 39,669 | $ | 41,268 | $ | 39,919 | $ | 38,849 | $ | 37,160 | |||||
| Charge-offs | (976 | ) | (2,335 | ) | (42 | ) | (887 | ) | (651 | ) | |||||
| Recoveries | 343 | 39 | 45 | 157 | 298 | ||||||||||
| Provision | 1,248 | 697 | 1,346 | 1,800 | 2,042 | ||||||||||
| End of period | $ | 40,284 | $ | 39,669 | $ | 41,268 | $ | 39,919 | $ | 38,849 | |||||
| Allowance for unfunded commitments: | |||||||||||||||
| Beginning of period | $ | 3,380 | $ | 3,381 | $ | 3,706 | $ | 3,851 | $ | 3,901 | |||||
| Charge-offs | - | - | - | - | - | ||||||||||
| Recoveries | - | - | - | - | - | ||||||||||
| Provision | 319 | (1 | ) | (325 | ) | (145 | ) | (50 | ) | ||||||
| End of period | $ | 3,699 | $ | 3,380 | $ | 3,381 | $ | 3,706 | $ | 3,851 | |||||
| Ratios | |||||||||||||||
| Allowance to total loans | 1.30 | % | 1.29 | % | 1.36 | % | 1.32 | % | 1.34 | % | |||||
| Allowance to nonperforming assets | 129.12 | % | 121.58 | % | 226.60 | % | 233.47 | % | 247.06 | % | |||||
| Allowance to nonperforming loans | 129.99 | % | 121.58 | % | 227.36 | % | 233.47 | % | 247.06 | % | |||||
| Nonperforming assets | |||||||||||||||
| Non-accrual loans | $ | 30,989 | $ | 30,950 | $ | 16,488 | $ | 15,209 | $ | 13,235 | |||||
| Restructured loans | - | 1,677 | 1,633 | 1,889 | 2,490 | ||||||||||
| Total non-performing loans | 30,989 | 32,627 | 18,121 | 17,098 | 15,725 | ||||||||||
| Other Real Estate Owned | 209 | - | 61 | - | - | ||||||||||
| Total non-performing assets | $ | 31,198 | $ | 32,627 | $ | 18,182 | $ | 17,098 | $ | 15,725 | |||||
| Capital and liquidity | |||||||||||||||
| Tier 1 leverage ratio | 8.66 | % | 8.60 | % | 8.45 | % | 8.59 | % | 8.62 | % | |||||
| Tier 1 risk-based capital ratio | 10.97 | % | 10.47 | % | 10.29 | % | 10.63 | % | 10.81 | % | |||||
| Total risk-based capital ratio | 14.53 | % | 13.98 | % | 13.81 | % | 14.28 | % | 14.53 | % | |||||
| Tangible common equity ratio (1) | 6.59 | % | 6.43 | % | 6.64 | % | 6.19 | % | 6.28 | % | |||||
| (1) See reconciliation of non-GAAP measures at the end of this press release. | |||||||||||||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Unaudited - dollars in thousands except share data) | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| 2025 | 2024 | 2024 | 2024 | 2024 | |||||||||||
| Tangible Common Equity | |||||||||||||||
| Total Shareholder's Equity - GAAP | $ | 397,434 | $ | 388,502 | $ | 394,438 | $ | 373,808 | $ | 369,659 | |||||
| Less: Preferred Equity | - | - | - | - | - | ||||||||||
| Less: Goodwill and intangible assets | 133,026 | 133,403 | 133,829 | 134,227 | 134,618 | ||||||||||
| Tangible common equity (Non-GAAP) | $ | 264,408 | $ | 255,099 | $ | 260,609 | $ | 239,581 | $ | 235,041 | |||||
| Total Shares Outstanding | 15,519,072 | 15,487,667 | 15,736,528 | 15,737,222 | 15,727,013 | ||||||||||
| Tangible book value per share | $ | 17.04 | $ | 16.47 | $ | 16.56 | $ | 15.25 | $ | 14.95 | |||||
| Tangible Assets | |||||||||||||||
| Total Assets - GAAP | $ | 4,146,717 | $ | 4,098,469 | $ | 4,061,423 | $ | 4,011,914 | $ | 3,880,258 | |||||
| Less: Goodwill and intangible assets | 133,026 | 133,403 | 133,829 | 134,227 | 134,618 | ||||||||||
| Tangible assets (Non-GAAP) | $ | 4,013,691 | $ | 3,965,066 | $ | 3,927,594 | $ | 3,877,687 | $ | 3,745,640 | |||||
| Tangible common equity to tangible assets | 6.59 | % | 6.43 | % | 6.64 | % | 6.19 | % | 6.28 | % | |||||
| Reconciliation of Non-GAAP Financial Measures | |||||||||||||||
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| (Unaudited - dollars in thousands except share data) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| Efficiency ratio (non-GAAP): | 2025 | 2024 | 2024 | 2024 | 2024 | ||||||||||
| Noninterest expense (GAAP) | $ | 27,126 | $ | 28,296 | $ | 27,981 | $ | 28,555 | $ | 27,441 | |||||
| Less: Amortization of intangible assets expense | 332 | 363 | 363 | 366 | 391 | ||||||||||
| Less: Acquisition related expenses | - | - | - | - | - | ||||||||||
| Noninterest expense (non-GAAP) | $ | 26,794 | $ | 27,933 | $ | 27,618 | $ | 28,189 | $ | 27,050 | |||||
| Net interest income (GAAP) | $ | 32,773 | $ | 31,355 | $ | 29,233 | $ | 27,751 | $ | 28,372 | |||||
| Plus: Taxable equivalent adjustment | 622 | 627 | 630 | 631 | 631 | ||||||||||
| Noninterest income (GAAP) | 7,860 | 9,015 | 9,686 | 10,543 | 8,256 | ||||||||||
| Less: Net gains (losses) on equity securities | (29 | ) | 96 | 223 | 74 | (141 | ) | ||||||||
| Net interest income (FTE) plus noninterest income (non-GAAP) | $ | 41,284 | $ | 40,901 | $ | 39,326 | $ | 38,851 | $ | 37,400 | |||||
| Efficiency ratio (non-GAAP) | 64.9 | % | 68.3 | % | 70.2 | % | 72.6 | % | 72.3 | % |