SANDUSKY, Ohio, July 23, 2026 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") today reported net income of $14.3 million, or $0.69 per common share, for the quarter ended June 30, 2026. The results of the periods presented include the impact of The Farmers Savings Bank ("FSB") merger since November 7, 2025.
- Net income for the second-quarter of 2026 of $14.3 million, a $3.3 million or 30.0% increase compared to $11.0 million for the second-quarter 2025, but down $0.7 million or 4.5% compared to $15.0 million for the first-quarter 2026.
- Net interest margin expanded 25 basis points year-over-year to 3.89% while cost of funds declined 37 basis points.
- Diluted earnings per common share were $0.69 for the second quarter of 2026, compared to $0.71 for the second quarter of 2025. The modest decrease primarily reflects the additional shares issued in connection with the FSB merger and common stock offering completed during the second-half of 2025.
- Pre-Provision Net Revenue (PPNR) for the second quarter of 2026 was $18.9 million, compared to $17.4 million in the first quarter of 2026 and $13.9 million for the second quarter of 2025.
- Cost of funds of 194 basis points for the second-quarter of 2026, 37 basis points lower than the 232 basis points cost of funds for the second-quarter of 2025, and 2 basis points lower than the 196 basis points in first-quarter 2026.
- Cost of deposits of 183 basis points for the second-quarter of 2026, down 13 basis points compared to 196 basis points in the second-quarter of 2025, but 2 basis points higher than the 181 basis points in the first-quarter of 2026.
- Brokered deposits declined $25.0 million linked quarter and $52.0 million since year-end 2025 as Civista continued optimizing its funding mix and reducing higher-cost funding sources.
- Total loans increased $25.2 million, or 0.8%, in the second quarter of 2026 compared to the first quarter of 2026.
- Return on Assets of 1.34%, compared to 1.06% for the second quarter of 2025.
- Leadership Transition: As previously announced, Dennis Shaffer will be retiring as President and Chief Executive Officer effective August 28, 2026. Chuck Parcher will succeed Shaffer as President and Chief Executive Officer, ensuring a planned and orderly leadership transition.
CEO Commentary:
"Civista delivered a strong second quarter and first half of 2026, reflecting continued execution of our strategy and the strength of our balance sheet," said Dennis Shaffer, President and Chief Executive Officer of Civista Bancshares, Inc. "During the quarter, net interest margin expanded, funding costs continued to improve, credit quality remained stable, and our efficiency ratio improved significantly from a year ago. These results demonstrate the benefits of disciplined balance sheet management and our ongoing focus on operational excellence."
"While the operating environment remains dynamic, our team continues to execute with a focus on prudent growth, sound risk management, strong customer relationships, and long-term shareholder value creation. We remain encouraged by the strength of our core banking franchise, the quality of our customer base, and the opportunities across our markets."
"This quarter also marks my final earnings release as Chief Executive Officer of Civista Bancshares. Serving our customers, communities, shareholders, and employees has been one of the great privileges of my career. I am deeply grateful to our employees for their dedication, to our Board of Directors for their guidance and support, and to our customers for the trust they have placed in Civista throughout the years."
"As we prepare for our leadership transition in August, I am confident that Civista's future is bright. Chuck Parcher is an exceptional leader who understands our culture, our markets, and our commitment to community banking. With a talented leadership team, a strong capital position, and a clear strategic direction, Civista is well positioned for continued growth and success in the years ahead."
Results of Operations:
For the three-month periods ended June 30, 2026, March 31, 2026 and June 30, 2025.
The results of the periods reflect the inclusion of FSB merger since November 7, 2025.
Second-Quarter 2026 Highlights
- Net income of $14.3 million, a $3.3 million or 30% increase compared to $11.0 million for the second quarter 2025, but down $0.7 million or 4.5% compared to the $15.0 million for the first quarter of 2026.
- Diluted earnings per common share were $0.69 for the second quarter of 2026, compared to $0.71 for the second quarter of 2025. The modest decrease primarily reflects the additional shares issued in connection with the FSB merger and common stock offering completed during the second-half of 2025.
- Pre-Provision Net Revenue (PPNR) for the second quarter of 2026 was $18.9 million, compared to $17.4 million in the first quarter of 2026 and $13.9 million for the second quarter of 2025.
- Net interest margin (tax?equivalent) expanded to 3.89% during the second quarter of 2026, increasing 25 basis points year?over?year, reflecting lower funding costs and disciplined balance?sheet management.
- Net interest income of $38.6 million, up $3.8 million or 10.9% compared to the second quarter of 2025, and up $0.8 million or 2.0% compared to the first quarter of 2026.
- Total loans increased $25.2 million, or 0.8%, in the second quarter of 2026 compared to the first quarter of 2026.
- Brokered deposits declined $25.0 million linked quarter and $52.0 million since year-end 2025 as Civista continued optimizing its funding mix and reducing higher-cost funding sources.
- Cost of funds of 194 basis points for the second-quarter of 2026, 37 basis points lower than the 232 basis points cost of funds for the second-quarter of 2025, and 2 basis points lower than the 196 basis points in first-quarter 2026.
- Cost of deposits of 183 basis points for the second-quarter of 2026, down 13 basis points compared to 196 basis points in the second-quarter of 2025, but 2 basis points higher than the 181 basis points in the first-quarter of 2026.
- Efficiency ratio for the second quarter of 2026 was 58.2%, compared to 64.5% for the second quarter of 2025.
- Return on Assets of 1.34%, compared to 1.06% for the second quarter of 2025.
- Net charge-offs totaled $0.1 million during the quarter.
- Allowance for credit losses on loans / total loans of 1.28%.
- Tangible book value per share increased 6.0% from December 31, 2025, to $20.43 at June 30, 2026
- Declared a quarterly cash dividend of $0.18 per share, consistent with the first quarter 2026.
- Based on the June 30, 2026 closing share price of $28.22, the $0.18 quarterly dividend represents an annualized yield of 2.55% and a payout ratio of 26.14%.
Assets
Total assets at June 30, 2026, were $4.3 billion, unchanged from March 31, 2026.
- Loan and lease balances increased $25.2 million, or 0.8% since March 31, 2026.
- Real Estate Construction loans increased $11.2 million since March 31, 2026, mainly due to seasonal construction patterns that typically see their lowest activity in the first quarter and a ramp up in activity starting in the second quarter.
- Residential Real Estate increased $14.5 million since March 31, 2026 reflecting increased demand for new originations.
Deposits & Borrowings
Total deposits at June 30, 2026, were $3.5 billion, a decrease of $43.6 million, or 1.2% from March 31, 2026. Total deposits declined modestly due primarily to seasonal public fund fluctuations and continued reduction of higher-cost brokered deposits.
- Interest-bearing demand deposits decreased $38.5 million from March 31, 2026, primarily due to decreases of $29.0 million and $9.7 million in interest-bearing public funds and retail interest-bearing demand deposits, respectively, slightly offset by an increase of $1.7 million in jumbo demand deposits.
- Savings and money markets decreased $20.2 million from March 31, 2026, primarily due to decreases of $10.5 million, $10.2 million, and $4.6 million, in ICS money market deposits, retail money market deposits, and statement savings, respectively, slightly offset by an increase of $3.2 million in business money market deposits.
- Time deposits increased $50.7 million from March 31, 2026, primarily due to increases of $29.2 million, $16.3 million, and $5.7 million in jumbo CDs, retail CDs, and CDARS, respectively.
- Brokered deposits totaled $350.1 million at June 30, 2026, which included brokered certificates of deposit of $350.0 million and brokered money markets of $0.1 million. Brokered deposits decreased $25.0 million from March 31, 2026, reflecting management's continued efforts to reduce higher cost brokered deposits.
- FHLB short-term advances totaled $123.5 million on June 30, 2026, up $23.5 million from March 31, 2026.
Net Interest Income and Net Interest Margin
Net interest income increased $3.8 million, or 10.9%, for the second quarter of 2026, compared to the same period last year. In the second quarter of 2025, net interest income was increased by $1.6 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
- Interest income increased $0.3 million year over year, primarily reflecting growth in average interest?earning assets, mostly offset by the non-recurring adjustment discussed above in the second quarter of 2025.
- Interest expense decreased $3.5 million year over year, mainly due to lower borrowing costs from reduced short?term FHLB advances coupled with strategic time deposit pricing.
- Net interest margin increased 25 basis points to 3.89% for the second quarter of 2026, compared to 3.64% for the same period last year, reflecting disciplined deposit pricing, a reduced reliance on higher?cost wholesale funding, and favorable repricing dynamics, partially offset by pressure from changes in asset mix.
Net interest income increased $8.8 million, or 13.1%, for the six months ended June 30, 2026, compared to the same period last year. For the six months ended June 30, 2025, net interest income was increased by $1.6 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
- Interest income increased $2.4 million for the six-months ended June 30, 2026, compared to the same period last year, attributed to average interest-earning assets increasing $176.4 million, slightly offset by a 10-basis point decrease in asset yield.
- Interest expense decreased $6.5 million for the six months ended June 30, 2026, compared to the same period last year. This was due to a 104-basis point reduction in higher cost short-term FHLB borrowings coupled with a 48-basis point drop in time deposits, mostly offset by $235.2 million average balance growth in interest-bearing deposits.
- Net interest margin increased 30-basis points to 3.87% for the six months ended June 30, 2026, compared to 3.57% for the same period last year.
Credit
Provision for credit losses (including provision for unfunded commitments) increased $0.8 million for the second quarter of 2026 to $1.8 million compared to $1.0 million for the same period last year.
- Civista recorded net charge-offs of $0.1 million for the second quarter of 2026 compared to net charge-offs of $1.0 million for the same period last year.
- The allowance for credit losses to loans ratio was 1.28% at June 30, 2026, compared to 1.28% at June 30, 2025, and 1.28% at December 31, 2025.
- The allowance for credit losses was $41.7 million at June 30, 2026, compared to $40.5 million at June 30, 2025, and $42.0 million at December 31, 2025.
- Non-performing assets at June 30, 2026, were $30.5 million, a decrease of $0.8 million or 2.6%, from December 31, 2025. The non-performing assets to assets ratio was 0.71% and 0.72% at June 30, 2026 and December 31, 2025, respectively.
- The allowance for credit losses to non-performing loans increased slightly to 136.8% at June 30, 2026, from 134.2% at December 31, 2025.
Non-interest Income
Non-interest income for the second quarter of 2026 totaled $9.0 million, an increase of $2.4 million or 36.7%, when compared to the same period last year. In the second quarter of 2025, noninterest income was reduced by $1.0 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
- Service charges increased $0.3 million for the second quarter of 2026, compared to the same period last year, primarily from higher business service charges and retail overdraft fees.
- Net gain on sale of loans increased $0.7 million for the second quarter of 2026, compared to the same period last year, due to favorable secondary market conditions resulting in higher sales volumes for both loans and leases.
- Lease revenue and residual income increased $0.9 million for the second quarter of 2026 compared to the same period last year due to the non-recurring adjustment discussed above. Excluding the non-recurring adjustment, lease revenue and residual income was relatively unchanged year-over-year.
Noninterest income totaled $18.4 million, an increase of $4.0 million or 27.6%, when compared to the same period last year. For the six months ended June 30, 2025, noninterest income was reduced by $1.0 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
- Service charges increased $0.5 million for the six months ended June 30, 2026, compared to the same period last year, primarily from higher business service charges and retail overdraft fees.
- Net gain on sale of loans increased $1.7 million for the six months ended June 30, 2026, compared to the same period last year. Secondary market sales volumes increased due to favorable secondary market conditions coupled with disciplined pricing strategies on both the loan and lease gain on sale margins.
- Lease revenue and residual income increased $0.6 million for the six months ended June 30, 2026, compared to the same period last year, due to the non-recurring adjustment discussed above. Excluding the non-recurring adjustment, lease revenue and residual income was down slightly year-over-year resulting from increased origination volume offset by lower residual income.
- Other income increased $0.6 million for the six months ended June 30, 2026, compared to the same period last year. Income from the Company's captive insurance subsidiary, CIVB Risk Management, recorded $0.5 million of income in the first quarter of 2026 related to the closure of three claims without payment, resulting in a reduction of ceded reserves.
Non-interest Expense
Non-interest expense for the second quarter of 2026 totaled $28.7 million, an increase of $1.2 million or 4.3%, when compared to the same period last year. In the second quarter of 2025, noninterest expense was reduced by $0.3 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion. These expenses are recorded in equipment expense of $0.1 million and other noninterest expense of $0.2 million.
- Compensation expense increased $0.7 million for the second quarter of 2026, compared to the same period last year, primarily due to increases in salaries and medical expenses associated with a higher number of full-time equivalent (FTE) employees year-over-year.
- The quarter-to-date average number of FTE employees was 549 at June 30, 2026, compared with an average number of 526 for the same period in 2025.
- FDIC assessment decreased $0.3 million for the second quarter of 2026, compared to the same period last year, mainly due to an improvement in Civista's risk-based assessment rate, reflecting favorable trends in regulatory ratios and supervisory metrics used in the FDIC's pricing methodology.
- Professional fees decreased $0.6 million for the second quarter of 2026, compared to the same period last year, mainly due to utilizing consultants in 2025 to assist in transitioning Civista Leasing and Finance Division to a new core processing system.
- Amortization of intangibles increased $0.4 million for the second quarter of 2026, compared to the same period last year due to the merger of FSB that closed in November 2025.
- The efficiency ratio was 58.2% for the quarter ended June 30, 2026, compared to 64.5% for the same period last year. The change in the efficiency ratio is primarily due to a 10.9% increase in net interest income and a 36.7% increase in non-interest income, slightly offset by a 4.3% increase in non-interest expenses.
Noninterest expense totaled $58.5 million, an increase of $3.9 million or 7.2%, when compared to the same period last year. For the six months ended June 30, 2026, noninterest expense was increased by $0.4 million from non-recurring adjustments related to acquisition expenses from the merger with FSB that closed in November 2025. These expenses are recorded in other noninterest expenses. For the six months ended June 30, 2025, noninterest expense was reduced by $0.3 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion. These expenses are recorded in equipment expense of $0.1 million and other noninterest expense of $0.2 million.
- Compensation expense increased $2.9 million for the six months ended June 30, 2026, compared to the same period last year, primarily due to increases in salaries and medical expenses associated with a higher number of full-time equivalent (FTE) employees year-over-year.
- The year-to-date average number of FTE employees was 548 at June 30, 2026, compared with an average number of 523 for the same period in 2025.
- FDIC assessment decreased $0.7 million for the six months ended June 30, 2026, compared to the same period last year, mainly due to an improvement in Civista's risk-based assessment rate, reflecting favorable trends in regulatory ratios and supervisory metrics used in the FDIC's pricing methodology.
- Professional fees decreased $1.1 million for the six months ended June 30, 2026, 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.
- Amortization of intangibles increased $0.7 million for the six months ended June 30, 2026, compared to the same period last year due to the merger of FSB that closed in November 2025.
- The efficiency ratio was 59.1% for the six months ended June 30, 2026, compared to 64.7% for the same period last year. The change in the efficiency ratio is primarily due to a 13.1% increase in net interest income and a 27.6% increase in noninterest income, somewhat offset by a 7.2% increase in noninterest expenses.
Taxes
Civista's effective income tax rate for the second quarter of 2026 was 16.7% compared to 14.6% for the same period last year.
Civista's effective income tax rate for the six months ended June 30, 2026, was 16.7% compared to 14.7% in the same period last year.
Capital
Total shareholders' equity at June 30, 2026, totaled $566.8 million, an increase of $23.3 million from December 31, 2025. This resulted from an increase of $21.8 million in retained earnings coupled with a decrease in accumulated other comprehensive loss of $0.6 million resulting from the change in the unrealized loss on available-for-sale securities portfolio.
Civista did not repurchase any shares in the first six months ended June 30, 2026, as the current repurchase plan is set to expire in April 2027. For the six months ended June 30, 2026, Civista liquidated 14,504 shares held by employees, at an average price of $21.94 per share, to satisfy tax obligations stemming from vesting of restricted shares.
Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the second quarter of 2026 at 1:00 p.m. ET on Thursday, July 23, 2026. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 800-836-8184 and ask to be joined into the Civista Bancshares, Inc. second quarter 2026 earnings call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection. An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com).
About Civista Bancshares
Civista Bancshares, Inc., is a $4.3 billion financial holding company headquartered in Sandusky, Ohio. Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services. Today, Civista Bank operates 44 locations across Ohio, Southeastern Indiana and Northern Kentucky. Civista Bank also offers commercial equipment leasing services for businesses nationwide through its Civista Leasing and Finance Division. Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB". Learn more at www.civb.com.
Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista's reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of Civista's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and any additional risks identified in the Company's subsequent Form 10-Q's. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
Non-GAAP Financial Measures
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation's results of operations. Certain non-GAAP financial measures discussed earlier in this release, including efficiency ratio, net interest margin, tangible book value per share, and related ratios, are identified in the accompanying financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
Average Balance Analysis
(Unaudited - Dollars in thousands)
Three Months Ended June 30,
2026 2025
Average Yield/ Average Yield/
Assets: balance Interest rate * balance Interest rate *
---
Interest-earning assets:
Loans ** $
3,243,955 $
49,887 6.17 $
3,136,091 49,972 6.39
% %
Taxable securities *** 417,924 3,908 3.51 404,104 3,751 3.42
% %
Non-taxable securities *** 278,152 2,278 3.90 277,931 2,338 3.88
% %
Interest-bearing deposits in other banks 52,919 474 3.59 23,243 210 3.61
% %
Total interest-earning assets *** $
3,992,950 $
56,547 5.67 $
3,841,369 $
56,271 5.84
% %
Noninterest-earning assets:
Cash and due from financial institutions 34,901 40,329
Premises and equipment, net 38,277 44,687
Accrued interest receivable 14,267 13,919
Intangible assets 142,469 132,887
Bank owned life insurance 63,680 63,302
Other assets 52,725 59,948
Less allowance for loan losses (40,734) (40,546)
Total Assets $
4,298,535 $
4,155,895
Liabilities and Shareholders' Equity:
---
Interest-bearing liabilities:
Demand and savings $
1,690,167 $
5,997 1.42 $
1,551,856 $
5,632 1.46
% %
Time 1,091,478 9,897 3.64 986,644 9,926 4.04
% %
Short-term FHLB borrowings 107,823 838 3.12 412,545 4,603 4.48
% %
Long-term FHLB borrowings 644 5 2.85 1,260 8 2.57
% %
Other borrowings 3,421 97 11.38 5,874 123 8.40
% %
Subordinated debentures 104,293 1,120 4.31 104,145 1,165 4.49
% %
Total interest-bearing liabilities $
2,997,826 $
17,954 2.40 $
3,062,324 $
21,457 2.81
% %
Non-interest-bearing deposits 703,040 652,092
Other liabilities 36,568 40,564
Shareholders' equity 561,101 400,915
Total Liabilities and Shareholders' Equity $
4,298,535 $
4,155,895
Net interest income and interest rate spread $
38,593 3.27 $
34,814 3.03
% %
Net interest margin *** 3.89 3.64
% %
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $606 thousand and $622 thousand for the periods ended June 30, 2026 and 2025, respectively.
** - Average balance includes nonaccrual loans
*** - Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $46.7 million and $64.1 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.
Average Balance Analysis
(Unaudited - Dollars in thousands)
Six Months Ended June 30,
2026 2025
Average Yield/ Average Yield/
Assets: balance Interest rate * balance Interest rate *
---
Interest-earning assets:
Loans ** $
3,248,126 $
99,118 6.15 $
3,117,867 $
97,618 6.31
% %
Taxable securities *** 425,301 7,862 3.50 400,518 7,306 3.37
% %
Non-taxable securities *** 281,695 4,581 3.92 282,183 4,678 3.90
% %
Interest-bearing deposits in other banks 42,898 795 3.71 21,081 402 3.84
% %
Total interest-earning assets *** $
3,998,020 $
112,356 5.67 $
3,821,649 $
110,004 5.77
% %
Noninterest-earning assets:
Cash and due from financial institutions 37,004 41,758
Premises and equipment, net 39,128 45,541
Accrued interest receivable 14,232 13,744
Intangible assets 142,868 133,076
Bank owned life insurance 63,484 63,110
Other assets 52,206 59,271
Less allowance for loan losses (41,196) (40,252)
Total Assets $
4,305,746 $
4,137,897
Liabilities and Shareholders' Equity:
---
Interest-bearing liabilities:
Demand and savings $
1,672,887 $
11,427 1.38 $
1,565,328 $
11,360 1.46
% %
Time 1,100,865 19,919 3.65 973,202 19,914 4.13
% %
Short-term FHLB borrowings 128,127 2,186 3.44 384,224 8,532 4.48
% %
Long-term FHLB borrowings 712 10 2.78 1,334 17 2.57
% %
Other borrowings 3,666 169 9.32 6,150 268 8.78
% %
Subordinated debentures 104,271 2,229 4.31 104,124 2,326 4.50
% %
Total interest-bearing liabilities $
3,010,528 $
35,940 2.41 $
3,034,362 $
42,417 2.82
% %
Non-interest-bearing deposits 699,256 661,382
Other liabilities 38,422 43,174
Shareholders' equity 557,540 398,979
Total Liabilities and Shareholders' Equity $
4,305,746 $
4,137,897
Net interest income and interest rate spread $
76,416 3.26 $
67,587 2.95
% %
Net interest margin *** 3.87 3.57
% %
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $1.2 million and $1.2 million for the periods ended June 30, 2026 and 2025, respectively.
** - Average balance includes nonaccrual loans
*** - 2026 and 2025 average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $44.0 million and $61.6 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.
Non-interest income
(unaudited - dollars in thousands)
Three months ended June 30,
2026 2025
$ Change % Change
Service charges $
1,889 $
1,564 $
325 20.8
%
Net gain (loss) on equity securities 140 (74) 214 289.2
%
Net gain on sale of loans and leases 1,501 841 660 78.5
%
ATM/Interchange fees 1,555 1,418 137 9.7
%
Wealth management fees 1,459 1,325 134 10.1
%
Lease revenue and residual income 1,404 525 879 167.4
%
Bank owned life insurance 399 386 13 3.4
%
Swap fees 3 53 (50) -94.3
%
Other 657 551 106 19.2
%
Total non-interest income $
9,007 $
6,589 $
2,418 36.7
%
Non-interest income
(unaudited - dollars in thousands)
Six months ended June 30,
2026 2025
$ Change % Change
Service charges $
3,603 $
3,088 $
515 16.7
%
Net gain (loss) on equity securities 173 (103) 276 268.0
%
Net gain on sale of loans and leases 3,106 1,445 1,661 114.9
%
ATM/Interchange fees 2,941 2,744 197 7.2
%
Wealth management fees 2,892 2,665 227 8.5
%
Lease revenue and residual income 3,034 2,421 613 25.3
%
Bank owned life insurance 789 773 16 2.1
%
Swap fees 59 125 (66) -52.8
%
Other 1,841 1,291 550 42.6
%
Total non-interest income $
18,438 $
14,449 $
3,989 27.6
%
Non-interest expense
(unaudited - dollars in thousands)
Three months ended June 30,
2026 2025
$ Change % Change
Compensation expense $
15,737 $
15,011 $
726 4.8
%
Net occupancy expense 1,583 1,419 164 11.6
%
Contracted data processing 582 536 46 8.6
%
FDIC assessment 420 689 (269) -39.0
%
State franchise tax 599 634 (35) -5.5
%
Professional services 1,221 1,798 (577) -32.1
%
Equipment expense 1,720 1,764 (44) -2.5
%
ATM/Interchange expense 743 683 60 8.8
%
Marketing 542 289 253 87.5
%
Amortization of core deposit intangible 696 338 358 105.9
%
Software maintenance expense 1,235 1,294 (59) -4.6
%
Other 3,575 3,027 548 18.1
%
Total non-interest expense $
28,653 $
27,482 $
1,171 4.3
%
Non-interest expense
(unaudited - dollars in thousands)
Six months ended June 30,
2026 2025
$ Change % Change
Compensation expense $
31,966 $
29,054 $
2,912 10.0
%
Net occupancy expense 3,206 3,053 153 5.0
%
Contracted data processing 1,312 1,103 209 18.9
%
FDIC Assessment 843 1,562 (719) -46.0
%
State franchise tax 1,153 1,160 (7) -0.6
%
Professional services 2,806 3,888 (1,082) -27.8
%
Equipment expense 3,809 3,867 (58) -1.5
%
ATM/Interchange expense 1,475 1,263 212 16.8
%
Marketing 1,020 585 435 74.4
%
Amortization of core deposit intangible 1,392 670 722 107.8
%
Software maintenance expense 2,710 2,571 139 5.4
%
Other 6,834 5,832 1,002 17.2
%
Total non-interest expense $
58,526 $
54,608 $
3,918 7.2
%
End of period loan and lease balances
(unaudited - dollars in thousands)
June 30, December 31,
2026 2025
$ Change % Change
Commercial and Agriculture $
315,479 $
308,692 $
6,787 2.2
%
Commercial Real Estate:
Owner Occupied 389,434 385,547 3,887 1.0
%
Non-owner Occupied 1,229,731 1,239,017 (9,286) -0.7
%
Residential Real Estate 957,960 944,328 13,632 1.4
%
Real Estate Construction 265,488 285,137 (19,649) -6.9
%
Farm Real Estate 32,440 37,775 (5,335) -14.1
%
Lease financing receivable 32,665 35,103 (2,438) -6.9
%
Consumer and Other 31,707 34,447 (2,740) -8.0
%
Total Loans $
3,254,904 $
3,270,046 $
(15,142) -0.5
%
End of period deposit balances
(unaudited - dollars in thousands)
June 30, December 31,
2026 2025
$ Change % Change
Noninterest-bearing demand $
695,142 $
702,032 $
(6,890) -1.0
%
Interest-bearing demand 380,752 400,403 (19,651) -4.9
%
Savings and money market 1,271,089 1,234,593 36,496 3.0
%
Time deposits 761,117 727,294 33,823 4.7
%
Brokered deposits 350,143 402,142 (51,999) -12.9
%
Total Deposits $
3,458,243 $
3,466,464 $
(8,221) -0.2
%
Allowance for Credit Losses
---
(dollars in thousands)
Three months ended June
30,
2026 2025
Beginning of period $
40,536 $
40,284
Charge-offs (174) (1,092)
Recoveries 100 92
Provision 1,251 1,171
End of period $
41,713 $
40,455
Allowance for Credit Losses
---
(dollars in thousands)
Six months ended June 30,
2026 2025
Beginning of period $
42,020 $
39,669
Charge-offs (980) (2,068)
Recoveries 190 435
Provision 483 2,419
End of period $
41,713 $
40,455
Allowance for Unfunded Commitments
---
(dollars in thousands)
Three months ended June
30,
2026 2025
Beginning of period $
3,375 $
3,699
Provision 519 (146)
End of period $
3,894 $
3,553
Allowance for Unfunded Commitments
---
(dollars in thousands)
Six months ended June 30,
2026 2025
Beginning of period $
3,236 $
3,380
Provision 658 173
End of period $
3,894 $
3,553
(dollars in thousands) June 30, December 31,
2026 2025
Non-accrual loans $
29,865 $
30,834
Restructured loans, accruing 549 14
90+ Days Past Due, Still Accruing 103 462
Total non-performing loans 30,517 31,310
Other Real Estate Owned
Total non-performing assets $
30,517 $
31,310
Civista Bancshares, Inc.
Financial Highlights
(Unaudited, dollars in thousands, except share and per share amounts)
Consolidated Condensed Statement of Operations
Three Months Ended
Six Months Ended
June 30,
June 30,
2026 2025 2026 2025
Interest income $
56,547 $
56,271 $
112,356 $
110,004
Interest expense 17,954 21,457 35,940 42,417
Net interest income 38,593 34,814 76,416 67,587
Provision for credit losses 1,251 1,171 483 2,419
Provision for unfunded commitments 519 (146) 658 173
Net interest income after provision 36,823 33,789 75,275 64,995
Non-interest income 9,007 6,589 18,438 14,449
Non-interest expense 28,653 27,482 58,526 54,608
Income before taxes 17,177 12,896 35,187 24,836
Income tax expense 2,862 1,881 5,883 3,653
Net income 14,315 11,015 29,304 21,183
Net income available
to common shareholders $
14,315 $
11,015 $
29,304 $
21,183
Dividends paid per common share $
0.18 $
0.17 $
0.36 $
0.34
Earnings per common share
Basic
Net income $
14,315 $
11,015 $
29,304 $
21,183
Less allocation of earnings and
dividends to participating securities 54 45 84 72
Net income available to common
shareholders - basic $
14,261 $
10,970 $
29,220 $
21,111
Weighted average common shares outstanding 20,786,101 15,524,490 20,765,913 15,506,750
Less average participating securities 79,006 96,692 59,198 81,784
Weighted average number of shares outstanding
used to calculate basic earnings per share 20,707,095 15,427,798 20,706,715 15,424,966
Earnings per common share
Basic $
0.69 $
0.71 $
1.41 $
1.37
Diluted $
0.69 0.71 $
1.41 1.37
Selected financial ratios:
Return on average assets 1.34 1.06 1.37 1.03
% % % %
Return on average equity 10.23 11.02 10.60 10.71
% % % %
Return on average tangible common equity 13.72 16.48 14.25 16.06
% % % %
Dividend payout ratio 26.14 23.96 25.51 24.89
% % % %
Net interest margin (tax equivalent) 3.89 3.64 3.87 3.57
% % % %
Effective tax rate 16.66 14.59 16.72 14.71
% % % %
Selected Balance Sheet Items
(Dollars in thousands, except share and per share amounts)
June 30, December 31,
2026 2025
(unaudited) (unaudited)
Cash and due from financial institutions $
61,743 $
77,320
Investment in time deposits 4,125 1,165
Investment securities 670,179 684,600
Loans held for sale 8,508 7,180
Loans 3,254,904 3,270,046
Less: allowance for credit losses (41,713) (42,020)
Net loans 3,213,191 3,228,026
Other securities 28,957 25,942
Premises and equipment, net 37,417 40,611
Goodwill and other intangibles 142,018 143,538
Bank owned life insurance 63,942 63,153
Other assets 64,218 64,918
Total assets $
4,294,298 $
4,336,453
Total deposits $
3,458,243 $
3,466,464
Short-term Federal Home Loan Bank advances 123,500 175,000
Long-term Federal Home Loan Bank advances 561 855
Subordinated debentures 104,317 104,234
Other borrowings 3,121 4,090
Accrued expenses and other liabilities 37,771 42,336
Total liabilities 3,727,513 3,792,979
Common shares 420,922 419,769
Retained earnings 261,615 239,784
Treasury shares (76,082) (75,764)
Accumulated other comprehensive loss (39,670) (40,315)
Total shareholders' equity 566,785 543,474
Total liabilities and shareholders' equity $
4,294,298 $
4,336,453
June 30, December 31,
2026 2025
(unaudited) (unaudited)
Shares outstanding at period end 20,794,238 20,746,474
Book value per share $
27.26 $
26.20
Equity to asset ratio 13.20 12.53
% %
Selected asset quality ratios:
Allowance for credit losses to total loans 1.28 1.28
% %
Non-performing assets to total assets 0.71 0.72
% %
Allowance for credit losses to non-performing loans 136.69 134.21
% %
Non-performing asset analysis
Nonaccrual loans $
29,865 $
30,834
Restructured loans 549 14
Other real estate owned
90+ Days Past Due, Still Accruing 103 462
Total $
30,517 $
31,310
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
June 30, March 31, December 31, September 30, June 30,
End of Period Balances 2026 2026 2025 2025 2025
Assets
---
Cash and due from banks $
61,743 $
83,525 $
77,320 $
62,766 $
73,858
Investment in time deposits 4,125 2,880 1,165 735 715
Investment securities 670,179 682,462 684,600 657,189 645,228
Loans held for sale 8,508 6,940 7,180 8,012 10,733
Loans and leases 3,254,904 3,229,667 3,270,046 3,095,994 3,151,124
Allowance for credit losses (41,713) (40,536) (42,020) (40,254) (40,455)
Net Loans 3,213,191 3,189,131 3,228,026 3,055,740 3,110,669
Other securities 28,957 25,144 25,942 27,901 36,195
Premises and equipment, net 37,417 39,055 40,611 40,910 42,922
Goodwill and other intangibles 142,018 142,774 143,538 132,276 132,631
Bank owned life insurance 63,942 63,543 63,153 62,756 63,555
Other assets 64,218 62,868 64,918 65,049 69,363
Total Assets $
4,294,298 $
4,298,322 $
4,336,453 $
4,113,334 $
4,185,869
Liabilities
---
Total deposits $
3,458,243 $
3,501,890 $
3,466,464 $
3,230,463 $
3,196,207
Federal Home Loan Bank advances - short term 123,500 100,000 175,000 232,000 433,500
Federal Home Loan Bank advances - long term 561 739 855 970 1,103
Subordinated debentures 104,317 104,276 104,234 104,213 104,172
Other borrowings 3,121 3,594 4,090 4,699 5,379
Accrued expenses and other liabilities 37,771 35,580 42,336 41,961 41,371
Total liabilities 3,727,513 3,746,079 3,792,979 3,614,306 3,781,732
Shareholders' Equity
---
Common shares 420,922 420,488 419,769 388,458 312,589
Retained earnings 261,615 251,041 239,784 230,798 221,321
Treasury shares (76,082) (76,082) (75,764) (75,760) (75,753)
Accumulated other comprehensive loss (39,670) (43,204) (40,315) (44,468) (54,020)
Total shareholders' equity 566,785 552,243 543,474 499,028 404,137
Total Liabilities and Shareholders' Equity $
4,294,298 $
4,298,322 $
4,336,453 $
4,113,334 $
4,185,869
Shares outstanding at period end 20,794,238 20,783,348 20,746,474 19,312,726 15,529,342
Book value per share $
27.26 $
26.57 $
26.20 $
25.84 $
26.02
Equity to asset ratio 13.20 12.85 12.53 12.13 9.65
% % % % %
June 30, March 31, December 31, September 30, June 30,
2026 2026 2025 2025 2025
Selected asset quality ratios:
Allowance for credit losses to total loans 1.28 1.26 1.28 1.30 1.28
% % % % %
Non-performing assets to total assets 0.71 0.70 0.72 0.55 0.55
% % % % %
Allowance for credit losses to non- 136.69 134.37 134.21 176.52 176.11
% % % % %
performing loans
Non-performing asset analysis
Non-accrual loans $
29,865 $
29,400 $
30,834 $
22,615 $
22,742
Restructured loans 549 538 14 12 7
90+ Days Past Due, Still Accruing 103 229 462 177 223
Other real estate owned 209
Total $
30,517 $
30,167 $
31,310 $
22,804 $
23,181
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
June 30, March 31, December 31, September 30, June 30,
Quarterly Average Balances 2026 2026 2025 2025 2025
Assets:
Earning assets $
3,992,950 $
4,003,144 $
3,939,580 $
3,829,484 $
3,841,369
Securities 696,076 718,037 694,263 676,938 682,035
Loans 3,243,955 3,252,342 3,197,327 3,128,033 3,136,091
Liabilities and Shareholders' Equity
Total deposits $
3,484,685 $
3,461,202 $
3,424,018 $
3,237,025 $
3,190,592
Interest-bearing deposits 2,781,645 2,765,773 2,717,751 2,574,153 2,538,500
Other interest-bearing liabilities 216,181 257,599 256,899 383,305 523,824
Total shareholders' equity 561,101 553,940 525,673 472,993 400,915
Supplemental Financial Information
(Unaudited - dollars in thousands)
June 30, March 31, December 31, September 30, June 30,
End of period loan and lease balances 2026 2026 2025 2025 2025
Commercial and Agriculture $
315,479 $
310,400 $
308,692 $
302,407 $
338,598
Commercial Real Estate:
Owner Occupied 389,434 390,786 385,547 384,176 378,248
Non-owner Occupied 1,229,731 1,232,781 1,239,017 1,216,031 1,263,612
Residential Real Estate 957,960 943,425 944,328 842,362 815,408
Real Estate Construction 265,488 254,254 285,137 278,163 277,643
Farm Real Estate 32,440 32,700 37,775 23,713 23,866
Lease financing receivable 32,665 32,693 35,103 38,960 42,758
Consumer and Other 31,707 32,628 34,447 10,182 10,991
Total Loans $
3,254,904 $
3,229,667 $
3,270,046 $
3,095,994 $
3,151,124
Supplemental Financial Information
(Unaudited - dollars in thousands)
June 30, March 31, December 31, September 30, June 30,
End of period deposit balances 2026 2026 2025 2025 2025
Noninterest-bearing demand $
695,142 $
703,778 $
702,032 $
651,934 $
647,609
Interest-bearing demand 380,752 419,295 400,403 415,620 433,089
Savings and money market 1,271,089 1,291,253 1,234,593 1,129,985 1,100,660
Time deposits 761,117 710,423 727,294 601,757 560,702
Brokered deposits 350,143 377,141 402,142 431,167 454,147
Total Deposits $
3,458,243 $
3,501,890 $
3,466,464 $
3,230,463 $
3,196,207
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
Income statement 2026 2026 2025 2025 2025
Total interest and dividend income $
56,547 $
55,809 $
55,741 $
55,240 $
56,271
Total interest expense 17,954 17,986 19,290 20,695 21,457
Net interest income 38,593 37,823 36,451 34,545 34,814
Provision for credit losses 1,251 (768) 724 378 1,171
Provision for unfunded commitments 519 139 (139) (178) (146)
Non-interest income 9,007 9,431 9,884 9,633 6,589
Non-interest expense 28,653 29,873 31,003 28,327 27,482
Income before taxes 17,177 18,010 14,747 15,651 12,896
Income tax expense 2,862 3,021 2,480 2,891 1,881
Net income $
14,315 $
14,989 $
12,267 $
12,760 $
11,015
Net income available to common shareholders $
14,315 $
14,989 $
12,267 $
12,760 $
11,015
Pre-Provision Net Revenue (PPNR) $
18,947 $
17,381 $
15,332 $
15,851 $
13,921
Per share data
Earnings per common share
Basic
Net income $
14,315 $
14,989 $
12,267 $
12,760 $
11,015
Less allocation of earnings and
dividends to participating securities 54 28 48 61 45
Net income available to common shareholders - basic $
14,261 $
14,961 $
12,219 $
12,699 $
10,970
Weighted average common shares outstanding 20,786,101 20,745,499 20,185,285 18,767,307 15,524,490
Less average participating securities 79,006 39,169 90,281 91,743 96,692
Weighted average number of shares 20,707,095 20,706,330 20,095,004 18,675,564 15,427,798
outstanding used to calculate basic
earnings per share
Earnings per common share
Basic $
0.69 $
0.72 $
0.61 $
0.68 $
0.71
Diluted $
0.69 $
0.72 $
0.61 $
0.68 $
0.71
Common shares dividend paid $
3,741 $
3,732 $
3,283 $
3,283 $
2,638
Dividends paid per common share 0.18 0.18 0.17 0.17 0.17
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
Selected financial ratios 2026 2026 2025 2025 2025
Return on average assets 1.34 1.41 1.14 1.22 1.06
% % % % %
Return on average equity 10.23 10.97 9.26 10.70 11.02
% % % % %
Return on average tangible common equity 13.72 14.64 12.72 15.03 16.48
% % % % %
Dividend payout ratio 26.14 24.91 27.97 25.00 23.96
% % % % %
Net interest margin (tax equivalent) 3.89 3.85 3.69 3.58 3.64
% % % % %
Effective tax rate 16.66 16.77 16.82 18.47 14.59
% % % % %
Supplemental Financial Information
(Unaudited - dollars in thousands)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
Non-interest income 2026 2026 2025 2025 2025
Service charges $
1,889 $
1,714 $
1,706 $
1,667 $
1,564
Net gain (loss) on equity securities 140 33 120 255 (74)
Net gain on sale of loans and leases 1,501 1,605 1,594 1,450 841
ATM/Interchange fees 1,555 1,386 1,722 1,435 1,418
Wealth management fees 1,459 1,433 1,473 1,402 1,325
Lease revenue and residual income 1,404 1,630 1,518 1,934 525
Bank owned life insurance 399 390 397 666 386
Swap fees 3 56 150 53
Other 657 1,184 1,204 824 551
Total non-interest income $
9,007 $
9,431 $
9,884 $
9,633 $
6,589
Supplemental Financial Information
(Unaudited - dollars in thousands)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
Non-interest expense 2026 2026 2025 2025 2025
Compensation expense $
15,737 $
16,229 $
14,526 $
15,161 $
15,011
Net occupancy expense 1,583 1,623 1,410 1,466 1,419
Contracted data processing 582 730 672 559 536
FDIC assessment 420 423 493 627 689
State franchise tax 599 554 343 536 634
Professional services 1,221 1,585 1,467 1,225 1,798
Equipment expense 1,720 2,089 2,032 2,205 1,764
ATM/Interchange expense 743 732 710 755 683
Marketing 542 478 410 391 289
Amortization of core deposit intangible 696 696 576 318 338
Software maintenance expense 1,235 1,475 1,411 1,480 1,294
Other 3,575 3,259 6,953 3,604 3,027
Total non-interest expense $
28,653 $
29,873 $
31,003 $
28,327 $
27,482
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
Asset quality 2026 2026 2025 2025 2025
Allowance for credit losses:
Beginning of period $
40,536 $
42,020 $
40,254 $
40,455 $
40,284
CECL Day 1 Adjustment FSB 1,960
Charge-offs (174) (806) (1,064) (662) (1,092)
Recoveries 100 90 146 83 92
Provision 1,251 (768) 724 378 1,171
End of period $
41,713 $
40,536 $
42,020 $
40,254 $
40,455
Allowance for unfunded commitments:
Beginning of period $
3,375 $
3,236 $
3,375 $
3,553 $
3,699
Charge-offs
Recoveries
Provision 519 139 (139) (178) (146)
End of period $
3,894 $
3,375 $
3,236 $
3,375 $
3,553
Ratios
Allowance to total loans 1.28 1.26 1.28 1.30 1.28
% % % % %
Allowance to nonperforming assets 136.69 134.37 134.21 176.52 174.52
% % % % %
Allowance to nonperforming loans 136.69 134.37 134.21 176.52 176.11
% % % % %
Nonperforming assets
Non-accrual loans $
29,865 $
29,400 $
30,834 $
22,615 $
22,742
Restructured loans 549 538 14 12 7
90+ Days Past Due, Still Accruing 103 229 462 177 223
Total non-performing loans 30,517 30,167 31,310 22,804 22,972
Other Real Estate Owned 209
Total non-performing assets $
30,517 $
30,167 $
31,310 $
22,804 $
23,181
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
Capital and liquidity 2026 2026 2025 2025 2025
Tier 1 leverage ratio 11.87 11.57 11.32 10.96 8.80
% % % % %
Tier 1 risk-based capital ratio 15.33 15.12 14.51 14.19 11.18
% % % % %
Total risk-based capital ratio 18.86 18.67 18.02 17.80 14.73
% % % % %
Tangible common equity ratio (1) 10.23 9.85 9.54 9.21 6.70
% % % % %
(1) See reconciliation of non-GAAP measures at the end of this press release.
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
June 30, March 31, December 31, September 30, June 30,
2026 2026 2025 2025 2025
Tangible Common Equity
Total Shareholder's Equity - GAAP $
566,785 $
552,243 $
543,474 $
499,028 $
404,137
Less: Preferred Equity
Less: Goodwill and intangible assets 142,018 142,774 143,538 132,276 132,631
Tangible common equity (Non-GAAP) $
424,767 $
409,469 $
399,936 $
366,752 $
271,506
Total Shares Outstanding 20,794,238 20,783,348 20,746,474 19,312,726 15,529,342
Tangible book value per share $
20.43 $
19.70 $
19.28 $
18.99 $
17.48
Tangible Assets
Total Assets - GAAP $
4,294,298 $
4,298,322 $
4,336,453 $
4,113,334 $
4,185,869
Less: Goodwill and intangible assets 142,018 142,774 143,538 132,276 132,631
Tangible assets (Non-GAAP) $
4,152,280 $
4,155,548 $
4,192,915 $
3,981,058 $
4,053,238
Tangible common equity to tangible assets 10.23 9.85 9.54 9.21 6.70
% % % % %
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
Three Months Ended
Six Months Ended
June 30,
June 30,
Efficiency ratio (non-GAAP): 2026 2025 2026 2025
Noninterest expense (GAAP) $
28,653 $
27,482 $
58,526 $
54,608
Less: Amortization of 696 339 1,392 670
intangible assets expense
Less: Acquisition related expenses 427 5
Noninterest expense (non-GAAP) $
27,957 $
27,143 $
56,707 $
53,933
Net interest income (GAAP) $
38,593 $
34,814 $
76,416 $
67,587
Plus: Taxable equivalent adjustment 606 621 1,218 1,243
Noninterest income (GAAP) 9,007 6,589 18,438 14,449
Less: Net gains (losses) on 140 (74) 173 (103)
equity securities
Net interest income (FTE) plus $
48,066 $
42,098 $
95,899 $
83,382
non-interest income (non-GAAP)
Efficiency ratio (non-GAAP) 58.2 64.5 59.1 64.7
% % % %
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
Efficiency ratio (non-GAAP): 2026 2026 2025 2025 2025
Noninterest expense (GAAP) $
28,653 $
29,873 $
31,003 $
28,327 $
27,482
Less: Amortization of 696 696 576 318 339
intangible assets expense
Less: Acquisition related expenses 427 3,424 664 5
Noninterest expense (non-GAAP) $
27,957 $
28,750 $
27,003 $
27,345 $
27,138
Net interest income (GAAP) $
38,593 $
37,823 $
36,451 $
34,545 $
34,814
Plus: Taxable equivalent adjustment 606 612 620 618 621
Noninterest income (GAAP) 9,007 9,431 9,884 9,633 6,589
Less: Net gains (losses) on 140 33 120 255 (74)
equity securities
Net interest income (FTE) plus $
48,066 $
47,833 $
46,835 $
44,541 $
42,098
non-interest income (non-GAAP)
Efficiency ratio (non-GAAP) 58.2 60.1 57.7 61.4 64.5
% % % % %
Three Months Ended
June 30, March 31, December 31, September 30, June 30,
Net interest margin (non-GAAP): 2026 2026 2025 2025 2025
Net interest income (GAAP) $
38,593 $
37,823 $
36,451 $
34,545 $
34,814
Tax-equivalent adjustment 606 612 620 618 621
Net interest income (tax-equivalent) 39,199 38,435 37,071 35,163 35,435
Average earning assets (GAAP) $
3,992,950 $
4,003,144 $
3,939,580 $
3,829,484 $
3,841,369
Unrealized loss adjustment 46,706 41,288 46,944 62,947 64,110
Adjusted average earning assets 4,039,656 4,044,432 3,986,524 3,892,431 3,905,479
Net interest margin (Non-GAAP) 3.89 3.85 3.69 3.58 3.64
% % % % %
View original content to download multimedia:https://www.prnewswire.com/news-releases/civista-bancshares-inc-announces-second-quarter-2026-net-income-of-14-3-million-up-3-3-million-from-second-quarter-2025--302832590.html
SOURCE Civista Bancshares, Inc.
Dennis G. Shaffer, CEO and President, Civista Bancshares, Inc., 888-645-4121