Civista Bancshares, Inc. Announces Fourth-Quarter 2025 Financial Results of $0.61 per Common Share, and Full-Year 2025 Financial Results of $2.64 per Common Share

Rhea-AI Summary

Civista Bancshares (NASDAQ:CIVB) reported Q4 2025 net income $12.3M and full‑year 2025 net income $46.2M with diluted EPS of $0.61 (Q4) and $2.64 (FY). The company closed the acquisition of The Farmers Savings Bank, adding $268.1M assets, $106.2M loans, and $236.1M deposits. Efficiency ratio improved to 57.7%, net interest margin was 3.69% (Q4), deposits grew ~7.9% year‑over‑year, and merger-related nonrecurring costs reduced Q4 pre-tax income by about $3.4M.

Positive

• Full‑year net income +46% YoY to $46.2M
• Quarterly net income +24% YoY to $12.3M
• Efficiency ratio improved to 57.7%
• Net interest margin 3.69% in Q4 (up 33 bps)
• Deposits +7.9% since Dec 31, 2024 (incl. FSB)

Negative

• Merger-related charges of ~$3.4M pre-tax in Q4
• Q4 diluted EPS declined to $0.61 from $0.63 YoY
• Non-performing assets rose 37.3% to $31.3M

News Market Reaction – CIVB

+5.75%

11 alerts

+5.75% News Effect

+$28M Valuation Impact

$513M Market Cap

1.4x Rel. Volume

On the day this news was published, CIVB gained 5.75%, reflecting a notable positive market reaction. Our momentum scanner triggered 11 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $28M to the company's valuation, bringing the market cap to $513M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 net income: $12.3 million Q4 2025 EPS: $0.61 per share Full-year 2025 net income: $46.2 million +5 more

8 metrics

Q4 2025 net income $12.3 million Quarter ended December 31, 2025

Q4 2025 EPS $0.61 per share Diluted earnings per common share, Q4 2025

Full-year 2025 net income $46.2 million Year ended December 31, 2025

Full-year 2025 EPS $2.64 per share Diluted earnings per common share, 2025

Efficiency ratio 57.7% Fourth quarter 2025

Net interest margin 3.69% Tax-equivalent NIM, Q4 2025

Total assets $4.3 billion As of December 31, 2025

Total deposits $3.5 billion As of December 31, 2025

Market Reality Check

Price: $23.81 Vol: Volume 153,463 vs 20-day ...

high vol

$23.81 Last Close

Volume Volume 153,463 vs 20-day average 93,144 suggests elevated interest into earnings. high

Technical Price $23.29 is trading above the 200-day MA at $21.81, reflecting a sustained uptrend pre-release.

Peers on Argus

CIVB gained 1.26% while key regional bank peers (BMRC, BWFG, FRBA, GCBC, SFST) s...

CIVB gained 1.26% while key regional bank peers (BMRC, BWFG, FRBA, GCBC, SFST) showed declines of roughly 1–2%, indicating a stock-specific reaction to its earnings.

Previous Earnings Reports

5 past events · Latest: Oct 23 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Oct 23	Q3 2025 earnings	Positive	-1.3%	Strong Q3 2025 earnings with higher EPS and merger progress.
Jul 24	Q2 2025 earnings	Positive	-2.3%	Robust Q2 2025 results with higher NIM and capital raise.
Apr 24	Q1 2025 earnings	Positive	+0.3%	Strong Q1 2025 earnings with higher net income and margins.
Jan 30	Q4 2024 earnings	Neutral	-0.6%	Mixed Q4 and full-year 2024 results with modest EPS change.
Oct 29	Q3 2024 earnings	Negative	+1.3%	Q3 2024 EPS down year-over-year amid margin pressure.

Pattern Detected

Recent earnings releases often showed strong fundamentals but mixed to negative next-day price reactions, suggesting investors have reacted cautiously to upside results.

Recent Company History

Over the past year, Civista has delivered steadily improving earnings across Q1–Q3 2025, with rising net income, expanding net interest margin, and better efficiency ratios. These results coincided with an $80.5M capital raise and the announced and completed merger with The Farmers Savings Bank, expanding assets and deposits. The current Q4 2025 and full‑year 2025 release continues that trajectory, highlighting stronger profitability and integration of the FSB acquisition versus the softer 2024 baseline.

Historical Comparison

+1.2% avg move · In the last five earnings releases, CIVB moved on average ±1.16%. Today’s +1.26% pre‑news gain sits ...

earnings

+1.2%

Average Historical Move earnings

In the last five earnings releases, CIVB moved on average ±1.16%. Today’s +1.26% pre‑news gain sits close to that typical earnings-day magnitude.

Earnings updates from Q1 to Q3 2025 showed rising net income, expanding net interest margin, and improving efficiency, setting the stage for the stronger Q4 and full-year 2025 results now reported.

Market Pulse Summary

The stock moved +5.8% in the session following this news. A strong positive reaction aligns with Civ...

Analysis

The stock moved +5.8% in the session following this news. A strong positive reaction aligns with Civista’s demonstrated earnings momentum, including Q4 2025 net income of $12.3M and full‑year EPS of $2.64. Historical earnings days have sometimes seen divergence between strong results and price moves, so any outsized gain could be vulnerable if enthusiasm fades. Low nonrecurring items going forward and integration of the FSB acquisition, plus prior capital actions, would be key to sustaining higher valuations without a sharp reversal.

Key Terms

net interest margin, efficiency ratio, basis points, allowance for credit losses, +4 more

8 terms

net interest margin financial

"Net interest margin (tax equivalent) of 3.69%for the fourth quarter of 2025"

Net interest margin measures how much a bank earns from lending and investing compared with what it pays for funding, expressed as a percentage of its interest-earning assets. Think of it like a grocery store’s markup: it shows the gap between buying cost and selling price per dollar of goods — here, the cost is interest paid and the sale is interest received. Investors watch it because a higher margin usually means a bank is more profitable and better at managing interest rate and credit conditions.

efficiency ratio financial

"Efficiency ratio of 57.7%, compared to 68.3% for the fourth quarter of 2024"

A measure of how much a company spends to produce each dollar of revenue, usually shown as operating expenses divided by revenue and expressed as a percentage. Think of it as a household’s budget: a lower percentage means more of each dollar earned stays as profit, while a higher number means costs are eating into returns. Investors use it to judge cost control and compare how efficiently companies turn revenue into earnings, especially in banks and financial firms.

basis points financial

"Cost of funds of 208 basis points for the fourth quarter of 2025"

Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.

allowance for credit losses financial

"Allowance for credit losses on loans / total loans of 1.28%."

Allowance for credit losses is a reserve set aside by a financial institution to cover potential losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution prepare for loans that might turn sour. For investors, it signals how cautious the institution is about the quality of its loans and potential risks to its financial health.

non-performing assets financial

"Non-performing assets at December 31, 2025, were $31.3 million"

Loans or other credit exposures that are not producing expected income because borrowers have stopped making scheduled payments for a significant period (commonly around 90 days). Think of it like a business lending money that has gone quiet — the cash flow stops while the lender still carries the debt on its books. High levels of non-performing assets matter to investors because they reduce a lender’s earnings, tie up capital that could be used for growth, and signal higher risk of future losses.

brokered deposits financial

"Brokered deposits totaled $402.1 million at December 31, 2025"

Brokered deposits are large sums of customer cash placed at a bank through a third-party intermediary that shops around for the best interest rate, like a broker assembling a big bucket of savings and directing it to a bank. They matter to investors because they can quickly change a bank’s funding level and cost — providing fast liquidity but also adding volatility and regulatory scrutiny that can affect a bank’s stability and profitability.

FHLB short-term advances financial

"FHLB short-term advances totaled $175.0 million on December 31, 2025"

FHLB short-term advances are brief loans that banks and other members take from a Federal Home Loan Bank to cover short-term cash needs; these loans are backed by the borrower’s mortgages or similar assets and typically mature in days to a few months. For investors, shifts in the use, volume or rates of these advances signal changes in banks’ funding costs, liquidity and confidence—think of it as watching how often and cheaply a business borrows from its emergency credit line.

provision for credit losses financial

"Provision for credit losses (including provision for unfunded commitments) decreased"

Provision for credit losses is an amount set aside by a financial institution to cover potential future losses from borrowers who may not repay their loans. It acts like a safety net, helping the institution manage risks and stay financially healthy. For investors, it signals how cautious a lender is about potential loan defaults and can impact the company's profitability and financial stability.

AI-generated analysis. Not financial advice.

SANDUSKY, Ohio, Jan. 29, 2026 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") today reported net income of $12.3 million, or $0.61 per common share, for the quarter ended December 31, 2025, and net income of $46.2 million or $2.64 per common share for the year ended December 31, 2025.

• Completed the closing of the acquisition of The Farmers Savings Bank ("FSB"), which added approximately $268.1 million of assets, $106.2 million of loans and leases, and $236.1 million of deposits. FSB integration is proceeding as planned, with the core conversion scheduled for February 2026.
• Net income, for the fourth-quarter of 2025 of $12.3 million, a $2.4 million or 24% increase compared to $9.9 million for the fourth-quarter 2024, and $12.8 million for the third-quarter of 2025.
• Full-Year net income of $46.2 million, a $14.5 million or 46% increase compared to $31.7 million for the full-year 2024.
• Diluted earnings per common share of $0.61, for the fourth quarter of 2025, compared to $0.63 per diluted share, for the fourth quarter of 2024, and $0.68 per diluted share in the third quarter of 2025.
• Diluted earnings per common share of $2.64, for the full-year 2025, a $0.63 increase or 31% compared to $2.01 diluted earnings per common share for the full-year 2024.
• The fourth-quarter of 2025 included non-recurring adjustments related to the merger of FSB that negatively impacted net income by approximately $3.4 million on a pre-tax basis, $2.9 million on an after-tax basis, and $0.14 per common share.
• The twelve months ended December 31, 2025 included non-recurring adjustments related to the FSB merger as well as the Civista Leasing & Finance Division core system conversion, which negatively impacted net income by approximately $3.2 million on a pre-tax basis, $2.7 million on an after-tax basis, and $0.15 per common share.
• Efficiency ratio of 57.7%, compared to 68.3% for the fourth quarter of 2024 and 61.4% in the third quarter of 2025, decreasing for the 6th consecutive quarter.
• Cost of funds of 208 basis points for the fourth quarter of 2025, 34 basis points lower than the 242 basis points cost of funds for the fourth quarter of 2024, and 19 basis points lower than the 227 basis points in third quarter 2025.
• 7.9% deposit growth since December 31, 2024, including impact of the FSB mid-year acquisition.
• 6.1% loan and lease balance growth since December 31, 2024, including impact of the FSB mid-year acquisition.

CEO Commentary:

"Our fourth‑quarter results cap a year of exceptional progress for Civista, with net income for the quarter increasing to $12.3 million from $9.9 million a year ago," said Dennis G. Shaffer, CEO and President of Civista. "For the full year, net income reached $46.2 million, compared with $31.7 million in the prior year, and earnings per share increasing to $2.64 from $2.01 last year, underscoring the continued strength of our franchise and our ability to execute effectively even in a shifting rate environment. These results reflect solid operating momentum, disciplined growth, and the increasing value we're driving across our markets."

"2025 was a pivotal year for Civista," Shaffer added. "The successful acquisition of The Farmers Savings Bank expanded our presence in Northeast Ohio and strengthened our ability to serve both long‑standing and new customer relationships. Our capital raise in mid-2025 continues to support balance sheet flexibility, enhancing liquidity and ensuring we remain well-positioned to meet the evolving needs of our communities."

"Credit quality remains solid, supported by disciplined underwriting and the resilience we continue to see across our customer base," Shaffer said. "While economic conditions remain mixed, our relationship‑focused approach and community‑banking roots equip us to navigate uncertainty with confidence. We remain committed to delivering responsible, customer‑centered banking that supports the families, businesses, and communities we're proud to serve throughout our footprint."

Results of Operations:
For the three-month periods ended December 31, 2025, September 30, 2025 and December 31, 2024 and the twelve-month periods ended December 31, 2025 and December 31, 2024.

Fourth-Quarter 2025 Highlights

• Completed the closing of the acquisition of FSB, which added approximately $268.1 million of assets, $106.2 million of loans and leases, and $236.1 million of deposits. FSB integration proceeding as planned, with the core conversion scheduled for February 2026.
• Net income of $12.3 million, a $2.4 million or 24% increase compared to $9.9 million for the fourth quarter 2024, and $12.8 million for the third quarter of 2025.
• Diluted earnings per common share of $0.61, for the fourth quarter of 2025, compared to $0.63 per diluted share, for the fourth quarter of 2024, and $0.68 per diluted share in the third quarter of 2025.
• The fourth-quarter of 2025 included non-recurring expenses related to the merger of FSB that negatively impacted net income by approximately $3.4 million on a pre-tax basis, $2.9 million on an after-tax basis, and $0.14 per common share.
• Net interest margin (tax equivalent) of 3.69%for the fourth quarter of 2025, compared to 3.36% for the fourth quarter of 2024.
• Net interest income of $36.5 million, up $5.1 million or 16.3% compared to the fourth quarter of 2024.
• Cost of deposits of 192 basis points for the fourth-quarter of 2025, up 8 basis points compared to the third-quarter of 2025, but 28 basis points lower than the 220 basis points in the fourth-quarter of 2024.
• Cost of funds of 208 basis points for the fourth-quarter of 2025, down 19 basis points from the 227 basis points in the third-quarter of 2025, and 34 basis points lower than the 242 basis points cost of funds in the fourth-quarter of 2024.
• Efficiency ratio of 57.7%, compared to 68.3% for the fourth quarter of 2024 and 61.4% for the third quarter of 2025.
• Return on Assets of 1.15%, compared to 0.97% for the fourth quarter of 2024.
• Return on Equity of 9.26%, compared to 10.05% for the fourth quarter of 2024.
• Allowance for credit losses on loans / total loans of 1.28%.
• Based on the December 31, 2025, market close share price of $22.22, the $0.17 fourth quarter dividend is equivalent to an annualized yield of 3.06% and a dividend payout ratio of 27.97%.

The Farmers Savings Bank Acquisition

At the close of business on November 6, 2025, Civista closed the previously announced acquisition of FSB. The acquisition added approximately $268.1 million of total assets, $106.2 million of total loans and leases, $236.1 million of total deposits, and 2 branches. The results of the fourth quarter of 2025 reflect inclusion of FSB since November 7, 2025.

Immediately following completion of the acquisition, FSB was merged into Civista Bank. In addition, the management and organization structure was updated to reflect the combined organization. On-boarding of former FSB colleagues and their initial training remain ongoing. Certain Civista's products and services are being introduced across the legacy FSB customer base, and customer-facing colleagues are focused on both growing and retaining customers. Technology conversions have commenced and are scheduled to be substantially complete by the middle of the 2026 first-quarter.

Assets

Total assets at December 31, 2025, were $4.3 billion, an increase of $223.1 million, or 5.4% from September 30, 2025, and up $238.0 million, or 5.8%, from December 31, 2024.

• Total assets, including loans and leases, were impacted by the mid-quarter FSB acquisition.
• Loan and lease balances increased $174.1 million, or 5.6% since September 30, 2025, and up $188.8 million, or 6.1% since December 31, 2024.
• Residential Real Estate has continued to grow primarily due to more home loans as we meet the demand for housing by our customers and communities.

Deposits & Borrowings

Total deposits at December 31, 2025, were $3.5 billion, an increase of $236.0 million, or 7.3% from September 30, 2025, and an increase of $254.6 million, or 7.9%, from December 31, 2024.  

• Total deposits, including FHLB short-term advances, were impacted by the mid-quarter FSB acquisition.
• Noninterest-bearing demand deposits increased $6.9 million from December 31, 2024, primarily due to a $13.2 million increase in noninterest-bearing accounts related to commercial business deposits and $1.5 million related to retail, mostly offset by a $9.5 million decrease in noninterest-bearing public funds.
• Interest-bearing demand deposits decreased $19.2 million from December 31, 2024, primarily due to a $31.9 million decrease in interest-bearing public funds, slightly offset by a $14.7 million increase in retail interest-bearing demand deposits.
• Savings and money markets increased $107.6 million from December 31, 2024, primarily due to an increase of $123.7 million in retail, public funds, and business money market deposits coupled with an increase of $18.9 million in retail savings, slightly offset by a $32.7 million decrease in ICS money market.
• Time deposits increased $257.3 million from December 31, 2024, primarily due increases of $176.4 million increase in Jumbo's and $64.8 million in retail certificates of deposit.
• Brokered deposits totaled $402.1 million at December 31, 2025, which included brokered certificate of deposits of $400.0 million and brokered money markets of $2.1 million. Brokered deposits decreased $29.0 million from September 30, 2025 and $98.1 million from December 31, 2024, strategically reducing the balances of brokered deposits.
• FHLB short-term advances totaled $175.0 million on December 31, 2025, down $57.0 million from September 30, 2025, and down $164.0 million from December 31, 2024.
• FHLB long-term advances totaled $0.9 million on December 31, 2025, down from $0.1 million September 30, 2025, and down from $0.6 million on December 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income increased $5.1 million, or 16.3%, for the fourth quarter of 2025, compared to the same period last year.  

• Net interest income and net interest margin, were impacted by the mid-quarter FSB acquisition.
• Interest income increased $2.5 million for the fourth quarter of 2025, compared to the same period last year, attributed to average interest-earning assets increasing $201.0 million coupled with a 4-basis point increase in asset yield.
• Interest expense decreased $2.6 million for the fourth quarter of 2025, compared to the same period last year. This was due to a 95-basis point reduction in higher costing short-term FHLB borrowings coupled with a 106-basis point reduction in time deposits mostly offset by $135.1 million average balance growth in total interest-bearing deposits when comparing the fourth quarter of 2025 to the same period last year.
• Net interest margin increased 33-basis points to 3.69% for the fourth quarter of 2025, compared to 3.36% for the same period last year.

Net interest income increased $21.9 million, or 18.7%, for the twelve months ended December 31, 2025, compared to the same period last year.  For the twelve months ended December 31, 2025, net interest income was increased in Q2 2025 by $1.6 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion. 

• Interest income increased $14.3 million for the twelve-months ended December 31, 2025, compared to the same period last year, attributed to average interest-earning assets increasing $198.8 million coupled with a 9-basis point increase in asset yield.
• Interest expense decreased $7.6 million for the twelve-months ended December 31, 2025, compared to the same period last year. This was due to a 101-basis point reduction in higher costing short-term FHLB borrowings coupled with a 123-basis point drop in time deposits, mostly offset by $206.5 million average balance growth in interest-bearing deposits, when comparing the twelve-months ended December 31, 2025, to the same period last year.
• Net interest margin increased 40-basis points to 3.61% for the twelve months ended December 31, 2025, compared to 3.21% for the same period last year.

Credit

Provision for credit losses (including provision for unfunded commitments) decreased $0.1 million for the fourth quarter of 2025 to $0.6 million compared to $0.7 million for the same period last year, and increased $0.4 million compared to $0.2 million in the third quarter of 2025.

• Civista recorded net charge-offs of $0.9 million for the fourth quarter of 2025 compared to net charge-offs of $2.2 million for the same period of 2024, and $0.6 million in the third quarter of 2025.
• The allowance for credit losses to loans ratio was 1.28% at December 31, 2025, compared to 1.30% at September 30, 2025, and 1.29% at December 31, 2024.
• Non-performing assets at December 31, 2025, were $31.3 million, an increase of $8.5 million or 37.3%, from September 30, 2025. The non-performing assets to assets ratio was 0.72% and 0.55% at December 31, 2025 and September 30, 2025, respectively.
• The allowance for credit losses to non-performing loans increased to 134.3% at December 31, 2025, from 120.8% at December 31, 2024.
• The FSB acquisition added approximately $2.0 million to the allowance for credit losses.

Non-interest Income

Non-interest income for the fourth quarter of 2025 totaled $9.9 million, an increase of $0.9 million or 9.6%, when compared to the same period last year.  

• Non-interest Income was impacted by the mid-quarter FSB acquisition.
• Service charges increased $0.1 million for the fourth quarter of 2025, compared to the same period last year, primarily from an increase in retail overdraft fees.
• Net gain on sale of loans increased $0.3 million for the fourth quarter of 2025, compared to the same period last year, resulting from timing of selling loans.
• Lease revenue and residual income increased $0.2 million for the fourth quarter of 2025 compared to the same period last year, mainly due to an increase in lease originations in the fourth quarter of 2025.
• Income from Bank Owned Life Insurance decreased $0.4 million for the fourth quarter of 2025 due to a death benefit on an insured individual in the fourth quarter of 2024.

For the twelve months ended December 31, 2025, Non-interest income totaled $34.0 million, a decrease of $3.8 million or 10.0%, when compared to the same period last year.  For the twelve months ended December 31, 2025, noninterest income was reduced in the second quarter 2025 by $1.0 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.  

• Service charges increased $0.3 million for the twelve months ended December 31, 2025, compared to the same period last year, primarily from an increase in retail overdraft fees year-over-year.
• Lease revenue and residual income decreased $3.0 million for the twelve months ended December 31, 2025, compared to the same period last year, due to stronger lease originations for most of 2024 coupled with a one-time non-recurring adjustment aforementioned above.
• Other income decreased $0.9 million for the twelve month ended December 31, 2025, compared to the same period last year, primarily related to lower fee revenue from the leasing division.

Non-interest Expense

Non-interest expense for Q4 2025 totaled $31.0 million, an increase of $2.7 million or 9.6%, when compared to the same period last year.  In the fourth quarter of 2025, noninterest expense was increased by $3.4 million of non-recurring adjustments related to acquisition expenses resulting from the previously announced merger with FSB that closed in November 2025.  These expenses are recorded in other noninterest expenses.

• Non-interest expense was impacted by the mid-quarter FSB acquisition.
• Compensation expense decreased $0.4 million for the fourth quarter of 2025 compared to the same period last year, primarily due to an increase in the deferral of salaries and wages related to the loan originations in the fourth quarter of 2025 partially offset by an increase in medical expenses.
• The quarter-to-date average number of full-time equivalent ("FTE") employees was 535 at December 31, 2025, compared with an average number of 519 for the same period in 2024.
• Equipment expense decreased $0.2 million for the three months ended December 31, 2025 compared to the same period in 2024, mainly due to normal depreciation expense.
• Other expenses increased $4.2 million for the fourth quarter of 2025 compared to the same period last year, mainly due to the aforementioned acquisition-related expenses.
• The efficiency ratio was 57.7% for the quarter ended December 31, 2025, compared to 68.3% for the same period last year. The change in the efficiency ratio is primarily due to a 9.6% increase in non-interest expenses, a 16.3% increase in net interest income, partially offset by a 9.6% increase in non-interest income.

For the twelve months ended December 31, 2025, non-interest expense totaled $113.9 million, an increase of $1.4 million or 1.3%, when compared to the same period last year.  For the twelve months ended December 31, 2025, non-interest expense was increased by $3.8 million of non-recurring adjustments related to acquisition expenses from the FSB acquisition and from the Civista Leasing and Finance Division core system conversion. 

• Compensation expense decreased $3.1 million for the twelve months ended December 31, 2025 compared to the same period last year, primarily due to an increase in the deferral of salaries and wages related to the loan originations in 2025.
• The year-to-date average number of FTE employees was 526 at December 31, 2025, compared with an average number of 531 for the same period in 2024.
• Professional fees increased $.8 million for the twelve months ended December 31, 2025, compared to the same period last year, mainly due to utilizing consultants to assist in transitioning Civista Leasing and Finance Division to a new core processing system.
• Equipment expense decreased $1.4 million for the twelve months ended December 31, 2025, compared to the same period last year, due to normal equipment depreciation as well as decreases in equipment expense related to operating lease contracts, partially offset by $0.7 million in depreciation expense on assets that had a net book value but are no longer in use.
• The efficiency ratio was 62.0% for the twelve months ended December 31, 2025, compared to 70.9% for the same period last year. The change in the efficiency ratio is primarily due a 18.7% increase in net interest income, partially offset by a 10.0% decrease in non-interest income.

Taxes

Civista's effective income tax rate for the fourth quarter of 2025 was 16.8% compared to 13.1% for the same period last year, and 18.5% for the third quarter of 2025.  

Civista's effective income tax rate for the twelve months ended December 31, 2025, was 16.3% compared to 13.4% in the same period last year.  

Capital

Total shareholders' equity at December 31, 2025, totaled $543.5 million an increase of $44.4 million from September 30, 2025, and $155.0 million from December 31, 2024. The increases are a result of the capital raise management performed in the third quarter of 2025 and the FSB acquisition completed in the fourth quarter of 2025. 

On July 10, 2025, Civista completed an underwritten public offering of its common stock, including an overallotment option.  The offering totaled 3,788,238 of common shares at a price of $21.25 per share, raising $80.5 million.

On November 6, 2025, Civista completed its acquisition with FSB and issued 1,434,473 common shares at $21.76 per share, increasing common stock by $31.2 million.

Civista did not repurchase any shares in the fourth quarter of 2025 as the current repurchase plan is set to expire in April 2026.  For the twelve months ended December 31, 2025, Civista liquidated 8,716 shares held by employees, at an average price of $20.36 per share, to satisfy tax obligations stemming from vesting of restricted shares.

Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the fourth quarter of 2025 at 1:00 p.m. ET on Thursday, January 29, 2026.  Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 800-836-8184 and ask to be joined into the Civista Bancshares, Inc. fourth quarter 2025 earnings call.  Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.  An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com).  

About Civista Bancshares
Civista Bancshares, Inc., is a $4.3 billion financial holding company headquartered in Sandusky, Ohio.  Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services.  Today, Civista Bank operates 44 locations across Ohio, Southeastern Indiana and Northern Kentucky.  Civista Bank also offers commercial equipment leasing services for businesses nationwide through its Civista Leasing and Finance Division.  Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB".  Learn more at www.civb.com. 

Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista.  For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.   Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance.  The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties.  We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.  Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista's reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of Civista's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and any additional risks identified in the Company's subsequent Form 10-Q's.  Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof.  Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

Non-GAAP Financial Measures
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation's results of operations. Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

Average Balance Analysis
(Unaudited - Dollars in thousands)
	Three Months Ended December 31,
	2025										2024
	Average						Yield/				Average						Yield/
Assets:	balance			Interest			rate *				balance			Interest			rate *
Interest-earning assets:
Loans **	$	3,197,327		$	49,133			6.10	%		$	3,061,991			47,250			6.14	%
Taxable securities ***		409,398			3,738			3.39	%			362,997			3,378			3.38	%
Non-taxable securities ***		284,865			2,331			3.86	%			292,559			2,357			3.83	%
Interest-bearing deposits in other banks		47,990			539			4.46	%			21,060			248			4.68	%
Total interest-earning assets ***	$	3,939,580		$	55,741			5.61	%		$	3,738,607		$	53,233			5.65	%
Noninterest-earning assets:
Cash and due from financial institutions		41,378										38,873
Premises and equipment, net		40,815										48,990
Accrued interest receivable		14,371										13,632
Intangible assets		138,896										133,673
Bank owned life insurance		62,892										62,866
Other assets		54,326										49,462
Less allowance for loan losses		(41,547)										(41,353)
Total Assets	$	4,250,711									$	4,044,750
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings	$	1,616,312		$	5,767			1.42	%		$	1,528,163		$	5,025			1.31	%
Time		1,101,439			10,807			3.89	%			1,054,489			13,111			4.95	%
Short-term FHLB borrowings		146,784			1,389			3.75	%			214,038			2,530			4.70	%
Long-term FHLB borrowings		895			6			2.62	%			1,573			6			1.52	%
Other borrowings		5,006			182			14.44	%			543			7			5.13	%
Subordinated debentures		104,214			1,139			4.34	%			104,071			1,199			4.58	%
Total interest-bearing liabilities	$	2,974,650		$	19,290			2.57	%		$	2,902,877		$	21,878			3.00	%
Non-interest-bearing deposits		706,267										702,833
Other liabilities		44,121										47,449
Shareholders' equity		525,673										391,591
Total Liabilities and Shareholders' Equity	$	4,250,711									$	4,044,750
Net interest income and interest rate spread				$	36,451			3.04	%					$	31,355			2.65	%
Net interest margin ***								3.69	%									3.36	%
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $620 thousand and $627 thousand for the periods ended December 31, 2025 and 2024, respectively.
** - Average balance includes nonaccrual loans
*** - Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $46.9 million and $52.1 million, respectively.  These adjustments were also made when calculating the yield on earning assets and the margin.
Average Balance Analysis
(Unaudited - Dollars in thousands)
	Twelve Months Ended December 31,
	2025										2024
	Average						Yield/				Average						Yield/
Assets:	balance			Interest			rate *				balance			Interest			rate *
Interest-earning assets:
Loans **	$	3,140,457		$	195,469			6.22	%		$	2,984,912		$	183,578			6.15	%
Taxable securities ***		403,185			14,966			3.42	%			357,255			12,639			3.18	%
Non-taxable securities ***		280,978			9,333			3.87	%			291,833			9,473			3.85	%
Interest-bearing deposits in other banks		28,729			1,217			4.24	%			20,580			1,005			4.87	%
Total interest-earning assets ***	$	3,853,349		$	220,985			5.71	%		$	3,654,580		$	206,695			5.62	%
Noninterest-earning assets:
Cash and due from financial institutions		39,773										34,494
Premises and equipment, net		43,618										52,230
Accrued interest receivable		14,025										13,349
Intangible assets		134,399										134,273
Bank owned life insurance		63,100										62,349
Other assets		58,129										57,879
Less allowance for loan losses		(40,611)										(39,498)
Total Assets	$	4,165,782									$	3,969,656
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings	$	1,570,431		$	22,983			1.46	%		$	1,426,288		$	21,853			1.53	%
Time		1,021,670			41,211			4.03	%			959,276			43,948			4.58	%
Short-term FHLB borrowings		296,338			12,984			4.38	%			341,692			18,451			5.39	%
Long-term FHLB borrowings		1,142			29			2.58	%			1,892			42			2.22	%
Other borrowings		5,603			558			9.97	%			8,213			760			9.25	%
Subordinated debentures		104,162			4,637			4.45	%			104,017			4,931			4.74	%
Total interest-bearing liabilities	$	2,999,346		$	82,402			2.75	%		$	2,841,378		$	89,985			3.17	%
Non-interest-bearing deposits		673,653										701,397
Other liabilities		43,215										49,522
Shareholders' equity		449,568										377,359
Total Liabilities and Shareholders' Equity	$	4,165,782									$	3,969,656
Net interest income and interest rate spread				$	138,583			2.96	%					$	116,710			2.45	%
Net interest margin ***								3.61	%									3.21	%
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $2.5 million and $2.5 million for the periods ended December 31, 2025 and 2024, respectively.
** - Average balance includes nonaccrual loans
*** - 2025 and 2024 average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $58.3 million and $59.4 million, respectively.  These adjustments were also made when calculating the yield on earning assets and the margin.

 

Non-interest income
(unaudited - dollars in thousands)	Three months ended December 31,
	2025				2024				$ Change				% Change
Service charges	$	1,706			$	1,591			$	115				7.2	%
Net gain (loss) on equity securities		120				96				24				25.0	%
Net gain on sale of loans and leases		1,594				1,259				335				26.6	%
ATM/Interchange fees		1,722				1,640				82				5.0	%
Wealth management fees		1,473				1,464				9				0.6	%
Lease revenue and residual income		1,518				1,280				238				18.6	%
Bank owned life insurance		397				771				(374)				-48.5	%
Swap fees		150				66				84				127.3	%
Other		1,204				848				356				42.0	%
Total non-interest income	$	9,884			$	9,015			$	869				9.6	%
Non-interest income
(unaudited - dollars in thousands)	Twelve months ended December 31,
	2025				2024				$ Change				% Change
Service charges	$	6,461			$	6,114			$	347				5.7	%
Net gain (loss) on equity securities		271				252				19				7.5	%
Net gain on sale of loans and leases		4,489				4,438				51				1.1	%
ATM/Interchange fees		5,902				5,841				61				1.0	%
Wealth management fees		5,540				5,519				21				0.4	%
Lease revenue and residual income		5,874				8,911				(3,037)				-34.1	%
Bank owned life insurance		1,835				2,205				(370)				-16.8	%
Swap fees		275				232				43				18.5	%
Other		3,320				4,236				(916)				-21.6	%
Total non-interest income	$	33,967			$	37,748			$	(3,781)				-10.0	%
Non-interest expense
(unaudited - dollars in thousands)	Three months ended December 31,
	2025				2024				$ Change				% Change
Compensation expense	$	14,526			$	14,899			$	(373)				-2.5	%
Net occupancy Expense		1,410				1,138				272				23.9	%
Contracted data processing		672				508				164				32.3	%
FDIC Assessment		493				1,039				(546)				-52.6	%
State franchise tax		343				608				(265)				-43.6	%
Professional services		1,467				2,247				(780)				-34.7	%
Equipment expense		2,032				2,240				(208)				-9.3	%
ATM/Interchange expense		710				671				39				5.8	%
Marketing		410				448				(38)				-8.5	%
Amortization of core deposit intangible		576				363				213				58.7	%
Software maintenance expense		1,411				1,376				35				2.5	%
Other		6,953				2,759				4,194				152.0	%
Total non-interest expense	$	31,003			$	28,296			$	2,707				9.6	%
Non-interest expense
(unaudited - dollars in thousands)	Twelve months ended December 31,
	2025				2024				$ Change				% Change
Compensation expense	$	58,741			$	61,821			$	(3,080)				-5.0	%
Net occupancy expense		5,929				5,097				832				16.3	%
Contracted data processing		2,333				2,248				85				3.8	%
FDIC Assessment		2,682				2,631				51				1.9	%
State franchise tax		2,039				2,052				(13)				-0.6	%
Professional services		6,580				5,779				801				13.9	%
Equipment expense		8,105				9,553				(1,448)				-15.2	%
ATM/Interchange expense		2,729				2,544				185				7.3	%
Marketing		1,386				2,088				(702)				-33.6	%
Amortization of core deposit intangible		1,564				1,484				80				5.4	%
Software maintenance expense		5,462				4,944				518				10.5	%
Other		16,388				12,279				4,109				33.5	%
Total non-interest expense	$	113,938			$	112,520			$	1,418				1.3	%
End of period loan and lease balances
(unaudited - dollars in thousands)
	December 31,				December 31,
	2025				2024				$ Change				% Change
Commercial and Agriculture	$	308,692			$	328,488			$	(19,796)				-6.0	%
Commercial Real Estate:
Owner Occupied		385,547				374,367				11,180				3.0	%
Non-owner Occupied		1,250,966				1,225,991				24,975				2.0	%
Residential Real Estate		932,379				763,869				168,510				22.1	%
Real Estate Construction		285,137				305,992				(20,855)				-6.8	%
Farm Real Estate		37,775				23,035				14,740				64.0	%
Lease financing receivable		35,103				46,900				(11,797)				-25.2	%
Consumer and Other		34,447				12,588				21,859				173.6	%
Total Loans	$	3,270,046			$	3,081,230			$	188,816				6.1	%
End of period deposit balances
(unaudited - dollars in thousands)
	December 31,				December 31,
	2025				2024				$ Change				% Change
Noninterest-bearing demand	$	702,032			$	695,094			$	6,938				1.0	%
Interest-bearing demand		400,403				419,583				(19,180)				-4.6	%
Savings and money market		1,234,593				1,126,974				107,619				9.5	%
Time deposits		727,294				469,954				257,340				54.8	%
Brokered deposits		402,142				500,265				(98,123)				-19.6	%
Total Deposits	$	3,466,464			$	3,211,870			$	254,594				7.9	%

 

Allowance for Credit Losses
(dollars in thousands)
	Three months ended December 31,
	2025				2024
Beginning of period	$	40,254			$	41,268
CECL Day 1 Adjustment FSB		1,960				-
Charge-offs		(1,064)				(2,335)
Recoveries		146				39
Provision		724				697
End of period	$	42,020			$	39,669
Allowance for Credit Losses
(dollars in thousands)
	Twelve months ended December 31,
	2025				2024
Beginning of period	$	39,669			$	37,160
CECL Day 1 Adjustment FSB		1,960				-
Charge-offs		(3,794)				(3,915)
Recoveries		664				539
Provision		3,521				5,885
End of period	$	42,020			$	39,669
Allowance for Unfunded Commitments
(dollars in thousands)
	Three months ended December 31,
	2025				2024
Beginning of period	$	3,375			$	3,381
Provision		(139)				(1)
End of period	$	3,236			$	3,380
Allowance for Unfunded Commitments
(dollars in thousands)
	Twelve months ended December 31,
	2025				2024
Beginning of period	$	3,380			$	3,901
Provision		(144)				(521)
End of period	$	3,236			$	3,380
(dollars in thousands)	December 31,				December 31,
	2025				2024
Non-accrual loans	$	30,815			$	30,950
Restructured loans, accruing		14				1,677
90+ Days Past Due, Still Accruing		461				225
Total non-performing loans		31,290				32,852
Other Real Estate Owned		-				-
Total non-performing assets	$	31,290			$	32,852

 

Civista Bancshares, Inc.
Financial Highlights
(Unaudited, dollars in thousands, except share and per share amounts)
Consolidated Condensed Statement of Operations
	Three Months Ended								Twelve Months Ended
	December 31,								December 31,
	2025				2024				2025				2024
Interest income	$	55,741			$	53,233			$	220,985			$	206,695
Interest expense		19,290				21,878				82,402				89,985
Net interest income		36,451				31,355				138,583				116,710
Provision for credit losses		724				697				3,521				5,885
Provision for unfunded commitments		(139)				(1)				(144)				(521)
Net interest income after provision		35,866				30,659				135,206				111,346
Non-interest income		9,884				9,015				33,967				37,748
Non-interest expense		31,003				28,296				113,938				112,520
Income before taxes		14,747				11,378				55,235				36,574
Income tax expense		2,480				1,485				9,023				4,891
Net income		12,267				9,893				46,212				31,683
Net income available
to common shareholders	$	12,267			$	9,893			$	46,212			$	31,683
Dividends paid per common share	$	0.17			$	0.16			$	0.68			$	0.64
Earnings per common share
Basic
Net income	$	12,267			$	9,893			$	46,212			$	31,683
Less allocation of earnings and
dividends to participating securities		48				213				166				671
Net income available to common
shareholders - basic	$	12,219			$	9,680			$	46,046			$	31,012
Weighted average common shares outstanding		20,185,285				15,736,962				17,507,836				15,724,768
Less average participating securities		90,281				339,626				86,436				333,029
Weighted average number of shares outstanding
used to calculate basic earnings per share		20,095,004				15,397,336				17,421,400				15,391,739
Earnings per common share
Basic	$	0.61			$	0.63			$	2.64			$	2.01
Diluted	$	0.61				0.63			$	2.64				2.01
Selected financial ratios:
Return on average assets		1.14	%			0.97	%			1.11	%			0.80	%
Return on average equity		9.26	%			10.05	%			10.28	%			8.40	%
Dividend payout ratio		27.97	%			25.45	%			25.76	%			31.76	%
Net interest margin (tax equivalent)		3.69	%			3.36	%			3.61	%			3.21	%
Effective tax rate		16.82	%			13.05	%			16.34	%			13.37	%

 

Selected Balance Sheet Items
(Dollars in thousands, except share and per share amounts)
	December 31,				December 31,
	2025				2024
	(unaudited)				(unaudited)
Cash and due from financial institutions	$	77,320			$	63,155
Investment in time deposits		1,165				1,450
Investment securities		684,600				650,488
Loans held for sale		7,180				665
Loans		3,270,046				3,081,230
Less: allowance for credit losses		(42,020)				(39,669)
Net loans		3,228,026				3,041,561
Other securities		25,942				30,352
Premises and equipment, net		40,611				47,166
Goodwill and other intangibles		143,538				133,403
Bank owned life insurance		63,153				62,783
Other assets		64,918				67,446
Total assets	$	4,336,453			$	4,098,469
Total deposits	$	3,466,464			$	3,211,870
Short-term Federal Home Loan Bank advances		175,000				339,000
Long-term Federal Home Loan Bank advances		855				1,501
Subordinated debentures		104,234				104,089
Other borrowings		4,090				6,293
Accrued expenses and other liabilities		42,336				47,214
Total liabilities		3,792,979				3,709,967
Common shares		419,769				312,037
Retained earnings		239,784				205,408
Treasury shares		(75,764)				(75,586)
Accumulated other comprehensive loss		(40,315)				(53,357)
Total shareholders' equity		543,474				388,502
Total liabilities and shareholders' equity	$	4,336,453			$	4,098,469
	December 31,				December 31,
	2025				2024
	(unaudited)				(unaudited)
Shares outstanding at period end		20,746,474				15,487,667
Book value per share	$	26.20			$	25.08
Equity to asset ratio		12.53	%			9.48	%
Selected asset quality ratios:
Allowance for credit losses to total loans		1.28	%			1.29	%
Non-performing assets to total assets		0.72	%			0.80	%
Allowance for credit losses to non-performing loans		134.29	%			120.75	%
Non-performing asset analysis
Nonaccrual loans	$	30,815			$	30,950
Restructured loans		14				1,677
Other real estate owned		-				-
90+ Days Past Due, Still Accruing		461				225
Total	$	31,290			$	32,852

 

Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
	December 31,				September 30,				June 30,				March 31,				December 31,
End of Period Balances	2025				2025				2025				2025				2024
Assets
Cash and due from banks	$	77,320			$	62,766			$	73,858			$	90,456			$	63,155
Investment in time deposits		1,165				735				715				960				1,450
Investment securities		684,600				657,189				645,228				648,537				650,488
Loans held for sale		7,180				8,012				10,733				4,324				665
Loans and leases		3,270,046				3,095,994				3,151,124				3,104,036				3,081,230
Allowance for credit losses		(42,020)				(40,254)				(40,455)				(40,284)				(39,669)
Net Loans		3,228,026				3,055,740				3,110,669				3,063,752				3,041,561
Other securities		25,942				27,901				36,195				32,592				30,352
Premises and equipment, net		40,611				40,910				42,922				45,107				47,166
Goodwill and other intangibles		143,538				132,276				132,631				133,026				133,403
Bank owned life insurance		63,153				62,756				63,555				63,170				62,783
Other assets		64,918				65,049				69,363				64,793				67,446
Total Assets	$	4,336,453			$	4,113,334			$	4,185,869			$	4,146,717			$	4,098,469
Liabilities
Total deposits	$	3,466,464			$	3,230,463			$	3,196,207			$	3,238,888			$	3,211,870
Federal Home Loan Bank advances - short term		175,000				232,000				433,500				360,000				339,000
Federal Home Loan Bank advances - long term		855				970				1,103				1,355				1,501
Subordinated debentures		104,234				104,213				104,172				104,130				104,089
Other borrowings		4,090				4,699				5,379				6,140				6,293
Accrued expenses and other liabilities		42,336				41,961				41,371				38,770				47,214
Total liabilities		3,792,979				3,614,306				3,781,732				3,749,283				3,709,967
Shareholders' Equity
Common shares		419,769				388,458				312,589				312,192				312,037
Retained earnings		239,784				230,798				221,321				212,944				205,408
Treasury shares		(75,764)				(75,760)				(75,753)				(75,753)				(75,586)
Accumulated other comprehensive loss		(40,315)				(44,468)				(54,020)				(51,949)				(53,357)
Total shareholders' equity		543,474				499,028				404,137				397,434				388,502
Total Liabilities and Shareholders' Equity	$	4,336,453			$	4,113,334			$	4,185,869			$	4,146,717			$	4,098,469
Shares outstanding at  period end		20,746,474				19,312,726				15,529,342				15,519,072				15,487,667
Book value per share	$	26.20			$	25.84			$	26.02			$	25.61			$	24.69
Equity to asset ratio		12.53	%			12.13	%			9.65	%			9.58	%			9.48	%
	December 31,				September 30,				June 30,				March 31,				December 31,
	2025				2025				2025				2025				2024
Selected asset quality ratios:
Allowance for credit losses to total loans		1.28	%			1.30	%			1.28	%			1.30	%			1.29	%
Non-performing assets to total assets		0.72	%			0.55	%			0.55	%			0.75	%			0.80	%
Allowance for credit losses to non-performing loans		134.29	%			176.52	%			176.11	%			129.99	%			120.75	%
Non-performing asset analysis
Non-accrual loans	$	30,815			$	22,615			$	22,742			$	30,989			$	30,950
Restructured loans		14				12				7				-				1,677
90+ Days Past Due, Still Accruing		461				177				223				146				225
Other real estate owned		-				-				209				209				-
Total	$	31,290			$	22,804			$	23,181			$	31,344			$	32,852
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
	December 31,				September 30,				June 30,				March 31,				December 31,
Quarterly Average Balances	2025				2025				2025				2025				2024
Assets:
Earning assets	$	3,939,580			$	3,829,484			$	3,841,369			$	3,801,709			$	3,738,607
Securities		694,263				676,938				682,035				683,374				655,556
Loans		3,197,327				3,128,033				3,136,091				3,099,440				3,061,991
Liabilities and Shareholders' Equity
Total deposits	$	3,424,018			$	3,237,025			$	3,190,592			$	3,209,277			$	3,285,485
Interest-bearing deposits		2,717,751				2,574,153				2,538,500				2,538,561				2,582,652
Other interest-bearing liabilities		256,899				383,305				523,824				461,100				320,225
Total shareholders' equity		525,673				472,993				400,915				397,021				391,591
Supplemental Financial Information
(Unaudited - dollars in thousands)
	December 31,				September 30,				June 30,				March 31,				December 31,
End of period loan and lease balances	2025				2025				2025				2025				2024
Commercial and Agriculture	$	308,692			$	302,407			$	338,598			$	330,627			$	328,488
Commercial Real Estate:
Owner Occupied		385,547				384,176				378,248				378,095				374,367
Non-owner Occupied		1,250,966				1,216,031				1,263,612				1,246,025				1,225,991
Residential Real Estate		932,379				842,362				815,408				773,349				763,869
Real Estate Construction		285,137				278,163				277,643				297,589				305,992
Farm Real Estate		37,775				23,713				23,866				22,399				23,035
Lease financing receivable		35,103				38,960				42,758				44,570				46,900
Consumer and Other		34,447				10,182				10,991				11,382				12,588
Total Loans	$	3,270,046			$	3,095,994			$	3,151,124			$	3,104,036			$	3,081,230
Supplemental Financial Information
(Unaudited - dollars in thousands)
	December 31,				September 30,				June 30,				March 31,				December 31,
End of period deposit balances	2025				2025				2025				2025				2024
Noninterest-bearing demand	$	702,032			$	651,934			$	647,609			$	648,683			$	695,094
Interest-bearing demand	$	400,403				415,620				433,089				467,601				419,583
Savings and money market	$	1,234,593				1,129,985				1,100,660				1,146,480				1,126,974
Time deposits	$	727,294				601,757				560,702				515,910				469,954
Brokered deposits	$	402,142				431,167				454,147				460,214				500,265
Total Deposits	$	3,466,464			$	3,230,463			$	3,196,207			$	3,238,888			$	3,211,870
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
	Three Months Ended
	December 31,				September 30,				June 30,				March 31,				December 31,
Income statement	2025				2025				2025				2025				2024
Total interest and dividend income	$	55,741			$	55,240			$	56,271			$	53,733			$	53,233
Total interest expense		19,290				20,695				21,457				20,960				21,878
Net interest income		36,451				34,545				34,814				32,773				31,355
Provision for credit losses		724				378				1,171				1,248				697
Provision for unfunded commitments		(139)				(178)				(146)				319				(1)
Non-interest income		9,884				9,633				6,589				7,860				9,015
Non-interest expense		31,003				28,327				27,482				27,126				28,296
Income before taxes		14,747				15,651				12,896				11,940				11,378
Income tax expense		2,480				2,891				1,881				1,772				1,485
Net income	$	12,267			$	12,760			$	11,015			$	10,168			$	9,893
Net income available to common shareholders	$	12,267			$	12,760			$	11,015			$	10,168			$	9,893
Per share data
Earnings per common share
Basic
Net income	$	12,267			$	12,760			$	11,015			$	10,168			$	9,893
Less allocation of earnings and
dividends to participating securities		48				61				45				44				213
Net income available to common shareholders - basic	$	12,219			$	12,699			$	10,970			$	10,124			$	9,680
Weighted average common shares outstanding		20,185,285				18,767,307				15,524,490				15,488,813				15,734,243
Less average participating securities		90,281				91,743				96,692				66,711				339,626
Weighted average number of shares   outstanding used to calculate basic earnings   per share		20,095,004				18,675,564				15,427,798				15,422,102				15,394,617
Earnings per common share
Basic	$	0.61			$	0.68			$	0.71			$	0.66			$	0.63
Diluted	$	0.61			$	0.68			$	0.71			$	0.66			$	0.63
Common shares dividend paid	$	3,283			$	3,283			$	2,638			$	2,636			$	2,518
Dividends paid per common share		0.17				0.17				0.17				0.17				0.16
	Three Months Ended
	December 31,				September 30,				June 30,				March 31,				December 31,
Selected financial ratios	2025				2025				2025				2025				2024
Return on average assets		1.14	%			1.22	%			1.06	%			1.00	%			0.97	%
Return on average equity		9.26	%			10.70	%			11.02	%			10.39	%			10.05	%
Dividend payout ratio		27.97	%			25.00	%			23.96	%			25.90	%			25.45	%
Net interest margin (tax equivalent)		3.69	%			3.58	%			3.64	%			3.51	%			3.36	%
Effective tax rate		16.82	%			18.47	%			14.59	%			14.84	%			13.05	%
Supplemental Financial Information
(Unaudited - dollars in thousands)
	Three Months Ended
	December 31,				September 30,				June 30,				March 31,				December 31,
Non-interest income	2025				2025				2025				2025				2024
Service charges	$	1,706			$	1,667			$	1,564			$	1,524			$	1,591
Net gain (loss) on equity securities		120				255				(74)				(29)				96
Net gain on sale of loans and leases		1,594				1,450				841				604				1,259
ATM/Interchange fees		1,722				1,435				1,418				1,326				1,640
Wealth management fees		1,473				1,402				1,325				1,340				1,464
Lease revenue and residual income		1,518				1,934				525				1,896				1,280
Bank owned life insurance		397				666				386				387				771
Swap fees		150				-				53				72				66
Other		1,204				824				551				740				848
Total non-interest income	$	9,884			$	9,633			$	6,589			$	7,860			$	9,015
Supplemental Financial Information
(Unaudited - dollars in thousands)
	Three Months Ended
	December 31,				September 30,				June 30,				March 31,				December 31,
Non-interest expense	2025				2025				2025				2025				2024
Compensation expense	$	14,526			$	15,161			$	15,011			$	14,043			$	14,899
Net occupancy Expense		1,410				1,466				1,419				1,634				1,138
Contracted data processing		672				559				536				567				508
FDIC Assessment		493				627				689				873				1,039
State franchise tax		343				536				634				526				608
Professional services		1,467				1,225				1,798				2,090				2,247
Equipment expense		2,032				2,205				1,764				2,103				2,240
ATM/Interchange expense		710				755				683				580				671
Marketing		410				391				289				296				448
Amortization of core deposit intangible		576				318				338				332				363
Software maintenance expense		1,411				1,480				1,294				1,277				1,376
Other		6,953				3,604				3,027				2,805				2,759
Total non-interest expense	$	31,003			$	28,327			$	27,482			$	27,126			$	28,296
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
	Three Months Ended
	December 31,				September 30,				June 30,				March 31,				December 31,
Asset quality	2025				2025				2025				2025				2024
Allowance for credit losses:
Beginning of period	$	40,254			$	40,455			$	40,284			$	39,669			$	41,268
CECL Day 1 Adjustment   FSB		1,960				-				-				-				-
Charge-offs		(1,064)				(662)				(1,092)				(976)				(2,335)
Recoveries		146				83				92				343				39
Provision		724				378				1,171				1,248				697
End of period	$	42,020			$	40,254			$	40,455			$	40,284			$	39,669
Allowance for unfunded commitments:
Beginning of period	$	3,375			$	3,553			$	3,699			$	3,380			$	3,381
Charge-offs		-				-				-				-				-
Recoveries		-				-				-				-				-
Provision		(139)				(178)				(146)				319				(1)
End of period	$	3,236			$	3,375			$	3,553			$	3,699			$	3,380
Ratios
Allowance to total loans		1.28	%			1.30	%			1.28	%			1.30	%			1.29	%
Allowance to nonperforming assets		134.29	%			176.52	%			174.52	%			129.12	%			121.58	%
Allowance to nonperforming loans		134.29	%			176.52	%			176.11	%			129.99	%			120.75	%
Nonperforming assets
Non-accrual loans	$	30,815			$	22,615			$	22,742			$	30,989			$	30,950
Restructured loans		14				12				7				-				1,677
90+ Days Past Due, Still Accruing		461				177				223				-				225
Total non-performing loans		31,290				22,804				22,972				30,989				32,852
Other Real Estate Owned		-				-				209				209				-
Total non-performing assets	$	31,290			$	22,804			$	23,181			$	31,198			$	32,852
	Three Months Ended
	December 31,				September 30,				June 30,				March 31,				December 31,
Capital and liquidity	2025				2025				2025				2025				2024
Tier 1 leverage ratio		11.32	%			10.96	%			8.80	%			8.66	%			8.60	%
Tier 1 risk-based capital ratio		14.51	%			14.19	%			11.18	%			10.97	%			10.47	%
Total risk-based capital ratio		18.02	%			17.80	%			14.73	%			14.53	%			13.98	%
Tangible common equity ratio (1)		9.54	%			9.21	%			6.70	%			6.59	%			6.43	%
(1) See reconciliation of non-GAAP measures at the end of this press release.

 

Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
	December 31,				September 30,				June 30,				March 31,				December 31,
	2025				2025				2025				2025				2024
Tangible Common Equity
Total Shareholder's Equity - GAAP	$	543,474			$	499,028			$	404,137			$	397,434			$	388,502
Less: Preferred Equity		-				-				-				-				-
Less: Goodwill and   intangible assets		143,538				132,276				132,631				133,026				133,403
Tangible common equity (Non-GAAP)	$	399,936			$	366,752			$	271,506			$	264,408			$	255,099
Total Shares Outstanding		20,746,474				19,312,726				15,529,342				15,519,072				15,487,667
Tangible book value per share	$	19.28			$	18.99			$	17.48			$	17.04			$	16.47
Tangible Assets
Total Assets - GAAP	$	4,336,453			$	4,113,334			$	4,185,869			$	4,146,717			$	4,098,469
Less: Goodwill and   intangible assets		143,538				132,276				132,631				133,026				133,403
Tangible assets (Non- GAAP)	$	4,192,915			$	3,981,058			$	4,053,238			$	4,013,691			$	3,965,066
Tangible common equity to tangible assets		9.54	%			9.21	%			6.70	%			6.59	%			6.43	%

 

Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
	Three Months Ended								Twelve Months Ended
	December 31,								December 31,
Efficiency ratio (non-GAAP):	2025				2024				2025				2024
Noninterest expense (GAAP)	$	31,003			$	28,296			$	113,938			$	112,520
Less: Amortization of intangible assets expense		576				363				1,484				1,121
Less: Acquisition related expenses		3,424				-				4,093				-
Noninterest expense (non-GAAP)	$	27,003			$	27,933			$	108,361			$	111,399
Net interest income (GAAP)	$	36,451			$	31,355			$	138,583			$	116,710
Plus: Taxable equivalent adjustment		620				627				2,481				2,518
Noninterest income (GAAP)		9,884				9,015				33,967				37,748
Less: Net gains (losses) on equity securities		120				96				271				252
Net interest income (FTE) plus non-interest income (non-GAAP)	$	46,835			$	40,901			$	174,760			$	156,724
Efficiency ratio (non-GAAP)		57.7	%			68.3	%			62.0	%			71.1	%

 

Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
	Three Months Ended
	December 31,				September 30,				June 30,				March 31,				December 31,
Efficiency ratio (non-GAAP):	2025				2025				2025				2025				2024
Noninterest expense (GAAP)	$	31,003			$	28,327			$	27,482			$	27,126			$	28,296
Less: Amortization of intangible assets expense		576				318				339				332				363
Less: Acquisition related expenses		3,424				664				5				-				-
Noninterest expense (non-GAAP)	$	27,003			$	27,345			$	27,138			$	26,794			$	27,933
Net interest income (GAAP)	$	36,451			$	34,545			$	34,814			$	32,773			$	31,355
Plus: Taxable equivalent adjustment		620				618				621				622				627
Noninterest income (GAAP)		9,884				9,633				6,589				7,860				9,015
Less: Net gains (losses) on equity securities		120				255				(74)				(29)				96
Net interest income (FTE) plus non-interest income (non-GAAP)	$	46,835			$	44,541			$	42,098			$	41,284			$	40,901
Efficiency ratio (non-GAAP)		57.7	%			61.4	%			64.5	%			64.9	%			68.3	%

 

 

Supplemental Financial Information
Consolidated Condensed Statement of Operations
(Unaudited - dollars in thousands except share data)
	Three Months Ended													Twelve Months Ended
	December 31, 2025													December 31, 2025
					Non- Recurring													Non- Recurring
	As Reported				Adjustments				As Adjusted					As Reported				Adjustments				As Adjusted
Interest income	$	55,741			$	-			$	55,741				$	220,985			$	1,621			$	219,364
Interest expense		19,290				-				19,290					82,402				-				82,402
Net interest income		36,451				-				36,451					138,583				1,621				136,962
Provision for credit losses		724				-				724					3,521				-				3,521
Provision for unfunded commitments		(139)				-				(139)					(144)				-				(144)
Net interest income after provision		35,866				-				35,866					135,206				1,621				133,585
Non-interest income		9,884				-				9,884					33,967				(1,044)				35,011
Non-interest expense		31,003				3,424				27,579					113,938				3,782				110,156
Income before taxes		14,747				(3,424)				18,171					55,235				(3,205)				58,440
Income tax expense		2,480				(568)				3,048					9,023				(531)				9,554
Net income	$	12,267			$	(2,856)			$	15,123				$	46,212			$	(2,674)			$	48,886
Earnings per common share
Basic	$	0.61			$	(0.14)			$	0.75				$	2.64			$	(0.15)			$	2.79
Diluted	$	0.61			$	(0.14)			$	0.75				$	2.64			$	(0.15)			$	2.79

 

Supplemental Financial Information
Consolidated Condensed Statement of Operations
(Unaudited - dollars in thousands except share data)
	Three Months Ended
As Reported	December 31, 2025			September 30, 2025			June 30, 2025
Interest income	$	55,741		$	55,240		$	56,271
Interest expense		19,290			20,695			21,457
Net interest income		36,451			34,545			34,814
Provision for credit losses		724			378			1,171
Provision for unfunded commitments		(139)			(178)			(146)
Net interest income after provision		35,866			34,345			33,789
Non-interest income		9,884			9,633			6,589
Non-interest expense		31,003			28,327			27,482
Income before taxes		14,747			15,651			12,896
Income tax expense		2,480			2,891			1,881
Net income	$	12,267		$	12,760		$	11,015
Earnings per common share
Basic	$	0.61		$	0.68		$	0.71
Diluted	$	0.61		$	0.68		$	0.71
Net Interest Margin		3.69	%		3.58	%		3.64	%
As Adjusted
Interest income	$	55,741		$	55,240		$	54,650
Interest expense		19,290			20,695			21,457
Net interest income		36,451			34,545			33,193
Provision for credit losses		724			378			1,171
Provision for unfunded commitments		(139)			(178)			(146)
Net interest income after provision		35,866			34,345			32,168
Non-interest income		9,884			9,633			7,633
Non-interest expense		27,579			27,663			27,793
Income before taxes		18,171			16,315			12,008
Income tax expense		3,048			3,001			1,750
Net income	$	15,123		$	13,314		$	10,258
Earnings per common share
Basic	$	0.75		$	0.71		$	0.66
Diluted	$	0.75		$	0.71		$	0.66
Net Interest Margin		3.69	%		3.58	%		3.47	%

 

	Three Months Ended
Non-Recurring Adjustments	December 31, 2025			September 30, 2025			June 30, 2025
Interest income	$	-		$	-		$	1,621
Interest expense		-			-			-
Net interest income		-			-			1,621
Provision for credit losses		-			-			-
Provision for unfunded commitments		-			-			-
Net interest income after provision		-			-			1,621
Non-interest income		-			-			(1,044)
Non-interest expense		3,424			664			(311)
Income before taxes		(3,424)			(664)			888
Income tax expense		(568)			(110)			131
Net income	$	(2,856)		$	(554)		$	757
Earnings per common share
Basic	$	(0.14)		$	(0.03)		$	0.05
Diluted	$	(0.14)		$	(0.03)		$	0.05
Net Interest Margin		0.00	%		0.00	%		0.17	%

 

Non-recurring adjustments summary:

Fourth-Quarter 2025
The quarter ended December 31, 2025 was negatively impacted by non-recurring adjustments related to acquisition related expenses in conjunction with the previously announced merger with The Farmers Savings Bank that successfully closed in the fourth quarter of 2025. The expenses impacted net income for the quarter ended December 31, 2025 by approximately $3.4 million on a pre-tax basis.

Third-Quarter 2025
The quarter ended September 30, 2025 was negatively impacted by non-recurring adjustments related to acquisition related expenses in conjunction with the previously announced merger with The Farmers Savings Bank that is successfully closed in the fourth quarter of 2025. The expenses impacted net income for the quarter ended September 30, 2025 by approximately $0.7 million on a pre-tax basis.

Second-Quarter 2025
The quarter ended June 30, 2025 was positively impacted by non-recurring adjustments to our loan valuation resulting from a core system conversion during the second quarter of 2025, which positively impacted net income for the quarter ended June 30, 2025 by approximately $0.6 million on a pre-tax basis, and the release of a reserve established in the third-quarter of 2024 for a reconciling item associated with a system conversion, which positively impacted net income for the quarter ended June 30, 2025 by approximately $0.3 million on a pre-tax basis.

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SOURCE Civista Bancshares, Inc.

FAQ

What were Civista Bancshares (CIVB) earnings per share for Q4 2025?

Diluted earnings per share were $0.61 for Q4 2025. According to the company, nonrecurring merger adjustments reduced Q4 net income by about $0.14 per share, partially offsetting operating gains and higher net interest income.

How much did the Farmers Savings Bank acquisition add to Civista (CIVB) in assets, loans, and deposits?

The acquisition added $268.1M in assets, $106.2M in loans, and $236.1M in deposits. According to the company, the FSB deal closed November 6, 2025, and integration and core conversion work are underway into early 2026.

How did Civista's efficiency ratio change in Q4 2025 (CIVB) and why does it matter?

Efficiency ratio improved to 57.7% in Q4 2025 from 68.3% a year earlier. According to the company, the decline reflects revenue growth and expense management, signaling more operating leverage and improved profitability per dollar of revenue.

What impact did merger and conversion costs have on Civista's Q4 2025 results (CIVB)?

Merger-related costs reduced Q4 pre-tax income by about $3.4M, or $0.14 per share. According to the company, additional FY charges included conversion expenses totaling roughly $3.2M pre-tax, recorded as nonrecurring items affecting comparability.

What dividend and yield did Civista (CIVB) report as of December 31, 2025?

Civista declared a $0.17 quarterly dividend, annualized yield ~3.06% at the Dec 31, 2025 close price. According to the company, that dividend equates to a payout ratio of about 27.97% based on reported quarterly earnings metrics.