SANDUSKY, Ohio, Oct. 22, 2026 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") today reported net income of $16.0 million, or $0.77 per diluted common share, for the quarter ended September 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 third quarter of 2026 of $16.0 million, a $3.3 million or 25.5% increase compared to $12.8 million for the third quarter 2025, and a $1.7 million, or 11.9% increase from the second quarter 2026.
- Net interest margin expanded 35 basis points year-over-year to 3.93% while cost of funds declined 30 basis points.
- Earnings per diluted common share were $0.77 for the third quarter of 2026, compared to $0.68 for the third quarter of 2025.
- Pre-Provision Net Revenue (PPNR) for the third quarter of 2026 was $21.1 million, compared to $15.9 million in the third quarter of 2025 and $18.9 million for the second quarter of 2026.
- Total loans increased $38.0 million, or 1.2%, in the third quarter of 2026 compared to the second quarter of 2026.
- Return on Assets of 1.48%, compared to 1.22% for the third quarter of 2025.
- The efficiency ratio improved to 55.3% for the third quarter of 2026 from 61.4% for the third quarter of 2025.
CEO Commentary:
"I am pleased with Civista's strong performance in the third quarter and proud of the continued execution by our team," said Chuck Parcher, President and Chief Executive Officer of Civista Bancshares, Inc. "We delivered net income of $16.0 million, expanded our net interest margin to 3.93%, and improved our efficiency ratio to 55.3%, while also generating solid loan growth. These results reflect the strength of our franchise, disciplined balance sheet management, and the dedication of our employees to serving our customers and communities."
"Our focus remains on growing responsibly while maintaining a strong and well-managed balance sheet. Total loans increased $38.0 million during the quarter, while brokered deposits declined another $25.0 million. Credit quality also remained well managed, with non-performing assets declining to $27.6 million. We are encouraged by these trends and remain focused on balancing growth with prudent funding and credit risk management."
"As I begin my tenure as President and CEO, I am honored to have the opportunity to lead Civista and build upon the strong foundation established by those who came before me. Our priorities remain clear: take care of our customers, support our communities, invest in our people, and deliver consistent execution. I have tremendous confidence in our team, the strength of our franchise, and Civista's ability to create long-term value for our shareholders, customers, and communities."
Results of Operations:
For the three month periods ended September 30, 2026, June 30, 2026 and September 30, 2025, and the nine month periods ended September 30, 2026 and 2025. The results of the periods reflect the inclusion of the FSB merger since November 7, 2025.
Third Quarter 2026 Highlights
- Net income of $16.0 million, a $3.3 million or 25.5% increase compared to $12.8 million for the third quarter 2025, and a $1.7 million, or 11.9% increase from the second quarter 2026.
- Earnings per diluted common share were $0.77 for the third quarter of 2026, compared to $0.68 for the third quarter of 2025.
- Pre-Provision Net Revenue (PPNR) for the third quarter of 2026 was $21.1 million, compared to $15.9 million in the third quarter of 2025 and $18.9 million for the second quarter of 2026.
- Net interest margin expanded 35 basis points year-over-year to 3.93% while cost of funds declined 30 basis points.
- Net securities losses from the sale of debt securities were $1.6 million for the third quarter of 2026 related to balance sheet repositioning.
- Other non-interest income includes $1.8 million of net insurance proceeds related to the Stateline branch fire that occurred in December 2025.
- Cost of funds of 197 basis points for the third quarter of 2026, 30 basis points lower than the 227 basis points cost of funds for the third quarter of 2025, and 3 basis points higher than the 194 basis points in second quarter 2026.
- Cost of deposits of 182 basis points for the third quarter of 2026, down 18 basis points compared to 200 basis points in the third quarter of 2025, and 1 basis point lower than the 183 basis points in the second quarter of 2026.
- Brokered deposits declined $25.0 million during the third quarter and $77.0 million since year-end 2025 as Civista continued optimizing its funding mix and reducing higher-cost funding sources.
- Total loans increased $38.0 million, or 1.2%, in the third quarter of 2026 compared to the second quarter of 2026.
- The efficiency ratio improved to 55.3% for the third quarter of 2026 from 61.4% for the third quarter of 2025.
- Return on Assets of 1.48%, compared to 1.22% for the third quarter of 2025.
- Net charge-offs totaled $0.1 million during the quarter, compared with $0.6 million in the third quarter of 2025.
- Allowance for credit losses on loans / total loans of 1.29%.
- Tangible book value per share increased 3.1% from December 31, 2025, to $19.87 at September 30, 2026
- Declared a quarterly cash dividend of $0.18 per share, consistent with the second quarter 2026.
- Based on the September 30, 2026 closing share price of $26.38, the $0.18 quarterly dividend represents an annualized yield of 2.73% and a payout ratio of 23.34%.
Assets
Total assets were $4.3 billion at September 30, 2026, up $10.6 million from June 30, 2026, and down $31.5 million from December 31, 2025.
- Loan and lease balances increased $38.0 million, or 1.2%, from June 30, 2026, and $22.9 million, or 0.7% from December 31, 2025.
- Residential Real Estate increased $24.9 million since June 30, 2026 reflecting continued strength in residential lending activity and solid customer demand.
- Real Estate Construction loans increased $15.4 million since June 30, 2026, continuing the seasonal increase in construction lending activity that began in the second quarter.
Deposits & Borrowings
Total deposits were $3.5 billion at September 30, 2026, an increase of $19.4 million from June 30, 2026, and $11.2 million from December 31, 2025.
- Noninterest-bearing demand deposits increased $30.3 million from June 30, 2026, primarily due to increases of $19.9 million and $14.8 million in business commercial deposits and public fund deposits, respectively, slightly offset by a decrease of $3.2 million in retail noninterest-bearing deposits.
- Savings and money markets increased $15.8 million from June 30, 2026, primarily due to an increase of $29.2 million in business money market deposits. The increase was somewhat offset by decreases of $9.8 million and $5.3 million in ICS money market deposits and consumer savings, respectively.
- Brokered deposits totaled $325.1 million at September 30, 2026, which included brokered certificates of deposit of $325.0 million and brokered money markets of $0.1 million. Brokered deposits decreased $25.0 million from June 30, 2026, reflecting management's continued efforts to reduce higher cost brokered deposits.
- FHLB short-term advances totaled $122.5 million on September 30, 2026, down $1.0 million from June 30, 2026.
Net Interest Income and Net Interest Margin
Net interest income increased $4.9 million, or 14.1%, for the third quarter of 2026, compared to the same period in 2025.
- Interest income increased $2.6 million year over year, primarily reflecting growth in average interest‑earning assets.
- Interest expense decreased $2.3 million year over year, mainly due to lower borrowing costs from reduced short‑term FHLB advances coupled with disciplined deposit pricing.
- Net interest margin increased 35 basis points to 3.93% for the third quarter of 2026, compared to 3.58% for the same period in 2025, reflecting continued disciplined deposit pricing, a reduced reliance on higher‑cost wholesale funding, and partially supplemented by favorable loan yields and earning asset mix management.
Net interest income increased $13.7 million, or 13.4%, for the nine months ended September 30, 2026, compared to the same period in 2025. For the nine months ended September 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 $4.9 million for the nine months ended September 30, 2026, compared to the same period in 2025, attributed to average interest-earning assets increasing $172.3 million, slightly offset by a 6-basis point decrease in asset yield.
- Interest expense decreased $8.8 million for the nine months ended September 30, 2026, compared to the same period in 2025. This was due to an 81-basis point reduction in higher cost short-term FHLB borrowings coupled with a 44-basis point drop in time deposits, mostly offset by $212.1 million average balance growth in interest-bearing deposits.
- Net interest margin increased 31-basis points to 3.89% for the nine months ended September 30, 2026, compared to 3.58% for the same period in 2025.
Credit
Provision for credit losses, including provision for unfunded commitments, was $1.3 million for the third quarter of 2026, compared to $0.2 million for the third quarter of 2025.
- Civista recorded net charge-offs of $0.1 million for the third quarter of 2026, compared to net charge-offs of $0.6 million for the same period in 2025.
- The allowance for credit losses was $42.4 million, or 1.29% of total loans, at September 30, 2026, compared to 1.30% at September 30, 2025, and 1.28% at December 31, 2025.
- Non-performing assets at September 30, 2026, were $27.6 million, a decrease of $3.7 million or 11.7%, from December 31, 2025. The non-performing assets to assets ratio was 0.64% and 0.72% at September 30, 2026 and December 31, 2025, respectively.
- The allowance for credit losses to non-performing loans increased to 153.3% at September 30, 2026, from 134.2% at December 31, 2025.
Non-interest Income
Non-interest income for the third quarter of 2026 totaled $9.7 million, up slightly from $9.6 million for the same period in 2025.
- Service charges increased $0.2 million for the third quarter of 2026, compared to the same period in 2025, primarily from higher business service charges and retail overdraft fees.
- Net loss on sale of debt securities was $1.6 million for the third quarter of 2026 as part of a balance sheet repositioning strategy. Civista sold $6.6 million in securities, mainly lower-yielding securities and reinvested the proceeds into higher-yielding assets, which is expected to enhance future net interest income and support net interest margin expansion.
- Mortgage banking increased $0.1 million for the third quarter of 2026, compared to the same period in 2025, reflecting improved secondary market execution resulting from expanding the use of mandatory delivery loan sales while continuing to utilize best-efforts delivery channels.
- Other income increased $1.7 million for the third quarter of 2026, compared to the same period in 2025, primarily reflecting $1.8 million in net insurance proceeds in the third quarter of 2026 related to the Stateline branch fire.
Non-interest income totaled $28.1 million, an increase of $4.0 million or 16.6%, when compared to the same period in 2025. For the nine months ended September 30, 2025, non-interest 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 $0.7 million for the nine months ended September 30, 2026, compared to the same period in 2025, primarily from higher business service charges and retail overdraft fees.
- Net loss on sale of debt securities was $1.6 million for the nine months ended September 30, 2026 as part of a balance sheet repositioning strategy.
- Mortgage banking increased $0.8 million for the nine months ended September 30, 2026, compared to the same period in 2025, reflecting improved secondary market execution and disciplined pricing strategies.
- Leasing and commercial finance revenue increased $1.3 million for the nine months ended September 30, 2026, compared to the same period in 2025, due to the non-recurring adjustment discussed above. Excluding the non-recurring adjustment, leasing and commercial finance revenue was up $0.3 million year-over-year resulting from increased origination volume.
- Other income increased $2.4 million for the nine months ended September 30, 2026, compared to the same period in 2025, due to net insurance proceeds of $1.8 million and $0.5 million in income from the Company's captive insurance subsidiary, CIVB Risk Management, recorded 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 third quarter of 2026 totaled $28.0 million, a decrease of $0.3 million or 1.2%, compared to the third quarter of 2025. In the third quarter of 2025, non-interest expense was increased by $0.7 million from acquisition expenses related to the acquisition of The Farmers Savings Bank ("FSB") that closed in the fourth quarter of 2025. These expenses were recorded in other non-interest expense.
- Compensation expense increased $0.3 million for the third quarter of 2026, compared to the same period in 2025, 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 555 at September 30, 2026, compared with an average number of 524 for the same period in 2025.
- FDIC assessment decreased $0.3 million for the third quarter of 2026, compared to the same period in 2025, 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.
- Equipment expense decreased $0.6 million for the third quarter of 2026, compared to the same period in 2025, mainly due to $0.7 million in depreciation expense recorded in the third quarter of 2025 on assets that had a net book value but are no longer in use.
- Amortization of intangibles increased $0.4 million for the third quarter of 2026, compared to the same period in 2025, due to the merger of FSB that closed in November 2025.
- Other expenses decreased $0.6 million for the third quarter of 2026, compared to the same period in 2025, primarily due to the aforementioned acquisition-related expenses.
- The efficiency ratio was 55.3% for the quarter ended September 30, 2026, compared to 61.4% for the same period in 2025. The change in the efficiency ratio is primarily due to a 14.1% increase in net interest income and a 1.2% decrease in non-interest expenses.
Non-interest expense totaled $86.5 million, an increase of $3.6 million or 4.3%, when compared to the same period in 2025. For the nine months ended September 30, 2026, non-interest 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 non-interest expenses. For the nine months ended September 30, 2025, non-interest expense was increased by $0.3 million resulting from the aforementioned $0.7 million acquisition-related expenses, partially offset by a $0.3 million reduction resulting from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion. The acquisition-related expense of $0.7 million is recorded in other non-interest expense. The core conversion reduction of $0.3 million is recorded in equipment expense.
- Compensation expense increased $3.2 million for the nine months ended September 30, 2026, compared to the same period in 2025, 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 550 at September 30, 2026, compared with an average number of 523 for the same period in 2025.
- FDIC assessment decreased $1.0 million for the nine months ended September 30, 2026, compared to the same period in 2025, 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.
- Equipment expense decreased $0.7 million for the nine months ended September 30, 2026, compared to the same period in 2025, mainly due to $0.7 million in depreciation expense recorded in 2025 on assets that had a net book value but are no longer in use.
- Professional fees decreased $1.1 million for the nine months ended September 30, 2026, compared to the same period in 2025, 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 $1.1 million for the nine months ended September 30, 2026, compared to the same period in 2025, due to the merger of FSB that closed in November 2025.
- The efficiency ratio was 57.8% for the nine months ended September 30, 2026, compared to 63.5% for the same period in 2025. The change in the efficiency ratio is primarily due to a 13.4% increase in net interest income and a 16.6% increase in non-interest income, partially offset by a 4.3% increase in non-interest expenses.
Taxes
Civista's effective income tax rate for the third quarter of 2026 was 19.1% compared to 18.5% for the same period in 2025.
Civista's effective income tax rate for the nine months ended September 30, 2026, was 17.6% compared to 16.2% in the same period in 2025.
Capital
Total shareholders' equity at September 30, 2026, totaled $552.7 million, an increase of $9.3 million from December 31, 2025. The increase reflected a $34.1 million increase in retained earnings mostly offset by increases in accumulated other comprehensive loss of $23.6 million resulting from the change in the unrealized loss on available-for-sale securities portfolio and treasury stock of $2.5 million, mainly due to share repurchases.
Civista repurchased 82,075 shares in the first nine months ended September 30, 2026. The current repurchase plan is set to expire in April 2027. For the nine months ended September 30, 2026, Civista liquidated 14,654 shares held by employees, at an average price of $22.00 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 third quarter of 2026 at 1:00 p.m. ET on Thursday, October 22, 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. third 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 diluted 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 September 30,
2026 2025
Average Yield/ Average Yield/
Assets: balance Interest rate * balance Interest rate *
---
Interest-earning assets:
Loans ** $
3,274,016 $
51,385 6.23 $
3,128,033 48,718 6.18
% %
Taxable securities *** 416,958 3,871 3.43 402,216 3,922 3.57
% %
Non-taxable securities *** 270,638 2,255 3.87 274,722 2,324 3.84
% %
Interest-bearing deposits in other 32,092 312 3.87 24,513 276 4.47
% %
banks
Total interest-earning assets *** $
3,993,704 $
57,823 5.73 $
3,829,484 $
55,240 5.69
% %
Noninterest-earning assets:
Cash and due from financial 36,456 34,261
institutions
Premises and equipment, net 37,331 42,638
Accrued interest receivable 14,450 14,230
Intangible assets 141,643 132,503
Bank owned life insurance 64,085 63,289
Other assets 55,085 59,667
Less allowance for loan losses (41,959) (40,380)
Total Assets $
4,300,795 $
4,135,692
Liabilities and Shareholders' Equity:
---
Interest-bearing liabilities:
Demand and savings $
1,665,740 $
6,035 1.44 $
1,536,897 $
5,856 1.51
% %
Time 1,072,756 9,854 3.64 1,037,256 10,491 4.01
% %
Short-term FHLB borrowings 127,500 1,321 4.11 272,985 3,063 4.45
% %
Long-term FHLB borrowings 498 4 2.81 1,011 7 2.59
% %
Other borrowings 2,859 58 8.02 5,123 108 8.39
% %
Subordinated debentures 104,337 1,121 4.27 104,186 1,170 4.46
% %
Total interest-bearing liabilities $
2,973,690 $
18,393 2.45 $
2,957,458 $
20,695 2.78
% %
Non-interest-bearing deposits 719,232 662,872
Other liabilities 41,020 42,369
Shareholders' equity 566,853 472,993
Total Liabilities and Shareholders' $
4,300,795 $
4,135,692
Equity
Net interest income and interest rate $
39,430 3.28 $
34,545 2.91
% %
spread
Net interest margin *** 3.93 3.58
% %
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $599 thousand and $618 thousand for the periods ended September 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 $52.3 million and $62.9 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.
Average Balance Analysis
(Unaudited - Dollars in thousands)
Nine Months Ended September 30,
2026 2025
Average Yield/ Average Yield/
Assets: balance Interest rate * balance Interest rate *
---
Interest-earning assets:
Loans ** $
3,256,851 $
150,502 6.18 $
3,121,292 $
146,336 6.27
% %
Taxable securities *** 422,490 11,732 3.48 401,091 11,228 3.43
% %
Non-taxable securities *** 277,969 6,836 3.91 279,668 7,002 3.88
% %
Interest-bearing deposits in other 39,256 1,109 3.75 22,238 678 4.07
% %
banks
Total interest-earning assets *** $
3,996,566 $
170,179 5.69 $
3,824,289 $
165,244 5.75
% %
Noninterest-earning assets:
Cash and due from financial 36,819 39,232
institutions
Premises and equipment, net 38,523 44,563
Accrued interest receivable 14,305 13,908
Intangible assets 142,455 132,883
Bank owned life insurance 63,687 63,171
Other assets 53,175 59,410
Less allowance for loan losses (41,453) (40,295)
Total Assets $
4,304,077 $
4,137,161
Liabilities and Shareholders' Equity:
---
Interest-bearing liabilities:
Demand and savings $
1,670,478 $
17,463 1.40 $
1,554,969 $
17,216 1.48
% %
Time 1,091,392 29,773 3.65 994,788 30,405 4.09
% %
Short-term FHLB borrowings 127,915 3,506 3.66 346,737 11,595 4.47
% %
Long-term FHLB borrowings 640 13 2.79 1,225 24 2.57
% %
Other borrowings 3,394 227 8.95 5,804 376 8.67
% %
Subordinated debentures 104,293 3,351 4.30 104,145 3,496 4.49
% %
Total interest-bearing liabilities $
2,998,112 $
54,333 2.42 $
3,007,668 $
63,112 2.81
% %
Non-interest-bearing deposits 705,988 662,662
Other liabilities 39,299 42,910
Shareholders' equity 560,678 423,921
Total Liabilities and Shareholders' $
4,304,077 $
4,137,161
Equity
Net interest income and interest rate $
115,846 3.27 $
102,132 2.94
% %
spread
Net interest margin *** 3.89 3.58
% %
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $1.8 million and $1.9 million for the periods ended September 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 $46.8 million and $62.1 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 September 30,
2026 2025
$ Change % Change
Service charges $
1,835 $
1,667 $
168 10.1
%
Net loss on sale of debt securities (1,571) (1,571) 0.0
%
Net gain (loss) on equity securities 99 255 (156) -61.2
%
Mortgage banking 1,085 1,018 67 6.6
%
ATM/Interchange fees 1,553 1,435 118 8.2
%
Wealth management fees 1,458 1,402 56 4.0
%
Leasing and commercial finance revenue 2,572 2,707 (135) -5.0
%
Bank owned life insurance 413 666 (253) -38.0
%
Swap fees 0.0
%
Other 2,207 483 1,724 356.9
%
Total non-interest income $
9,651 $
9,633 $
18 0.2
%
Non-interest income
(unaudited - dollars in thousands)
Nine months ended September 30,
2026 2025
$ Change % Change
Service charges $
5,438 $
4,756 $
682 14.3
%
Net loss on sale of debt securities (1,571) (1,571) 0.0
%
Net gain (loss) on equity securities 272 152 120 78.9
%
Mortgage banking 3,040 2,261 779 34.5
%
ATM/Interchange fees 4,494 4,179 315 7.5
%
Wealth management fees 4,350 4,067 283 7.0
%
Leasing and commercial finance revenue 7,274 5,984 1,290 21.6
%
Bank owned life insurance 1,202 1,438 (236) -16.4
%
Swap fees 59 125 (66) -52.8
%
Other 3,531 1,120 2,411 215.3
%
Total non-interest income $
28,089 $
24,082 $
4,007 16.6
%
Non-interest expense
(unaudited - dollars in thousands)
Three months ended September 30,
2026 2025
$ Change % Change
Compensation expense $
15,484 $
15,161 $
323 2.1
%
Net occupancy expense 1,589 1,466 123 8.4
%
Contracted data processing 611 559 52 9.3
%
FDIC assessment 365 627 (262) -41.8
%
State franchise tax 629 536 93 17.4
%
Professional services 1,244 1,225 19 1.6
%
Equipment expense 1,560 2,205 (645) -29.3
%
ATM/Interchange expense 786 755 31 4.1
%
Marketing 543 391 152 38.9
%
Amortization of core deposit intangible 675 318 357 112.3
%
Software maintenance expense 1,465 1,480 (15) -1.0
%
Other 3,027 3,604 (577) -16.0
%
Total non-interest expense $
27,978 $
28,327 $
(349) -1.2
%
Non-interest expense
(unaudited - dollars in thousands)
Nine months ended September 30,
2026 2025
$ Change % Change
Compensation expense $
47,450 $
44,216 $
3,234 7.3
%
Net occupancy expense 4,795 4,519 276 6.1
%
Contracted data processing 1,923 1,662 261 15.7
%
FDIC Assessment 1,208 2,189 (981) -44.8
%
State franchise tax 1,782 1,696 86 5.1
%
Professional services 4,050 5,113 (1,063) -20.8
%
Equipment expense 5,369 6,072 (703) -11.6
%
ATM/Interchange expense 2,261 2,018 243 12.0
%
Marketing 1,563 976 587 60.1
%
Amortization of core deposit intangible 2,067 988 1,079 109.2
%
Software maintenance expense 4,175 4,051 124 3.1
%
Other 9,861 9,435 426 4.5
%
Total non-interest expense $
86,504 $
82,935 $
3,569 4.3
%
End of period loan and lease balances
(unaudited - dollars in thousands)
September 30, December 31,
2026 2025
$ Change % Change
Commercial and Agriculture $
316,162 $
308,692 $
7,470 2.4
%
Commercial Real Estate:
Owner Occupied 387,946 385,547 2,399 0.6
%
Non-owner Occupied 1,228,232 1,239,017 (10,785) -0.9
%
Residential Real Estate 982,843 944,328 38,515 4.1
%
Real Estate Construction 280,900 285,137 (4,237) -1.5
%
Farm Real Estate 31,815 37,775 (5,960) -15.8
%
Lease financing receivable 36,365 35,103 1,262 3.6
%
Consumer and Other 28,660 34,447 (5,787) -16.8
%
Total Loans $
3,292,923 $
3,270,046 $
22,877 0.7
%
End of period deposit balances
(unaudited - dollars in thousands)
September 30, December 31,
2026 2025
$ Change % Change
Noninterest-bearing demand $
725,403 $
702,032 $
23,371 3.3
%
Interest-bearing demand 378,326 400,403 (22,077) -5.5
%
Savings and money market 1,286,927 1,234,593 52,334 4.2
%
Time deposits 761,889 727,294 34,595 4.8
%
Brokered deposits 325,134 402,142 (77,008) -19.1
%
Total Deposits $
3,477,679 $
3,466,464 $
11,215 0.3
%
Allowance for Credit Losses
---
(dollars in thousands)
Three months ended September
30,
2026 2025
Beginning of period $
41,713 $
40,455
Charge-offs (1,698) (662)
Recoveries 1,559 83
Provision 823 378
End of period $
42,397 $
40,254
Allowance for Credit Losses
---
(dollars in thousands)
Nine months ended September
30,
2026 2025
Beginning of period $
42,020 $
39,669
Charge-offs (2,678) (2,730)
Recoveries 1,749 518
Provision 1,306 2,797
End of period $
42,397 $
40,254
Allowance for Unfunded Commitments
---
(dollars in thousands)
Three months ended September
30,
2026 2025
Beginning of period $
3,894 $
3,553
Provision 472 (178)
End of period $
4,366 $
3,375
Allowance for Unfunded Commitments
---
(dollars in thousands)
Nine months ended September
30,
2026 2025
Beginning of period $
3,236 $
3,380
Provision 1,130 (5)
End of period $
4,366 $
3,375
(dollars in thousands) September 30, December 31,
2026 2025
Non-accrual loans $
27,555 $
30,834
Restructured loans, accruing 14
90+ Days Past Due, Still Accruing 94 462
Total non-performing loans 27,649 31,310
Other Real Estate Owned
Total non-performing assets $
27,649 $
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
Nine Months Ended
September 30,
September 30,
2026 2025 2026 2025
Interest income $
57,823 $
55,240 $
170,179 $
165,244
Interest expense 18,393 20,695 54,333 63,112
Net interest income 39,430 34,545 115,846 102,132
Provision for credit losses 823 378 1,306 2,797
Provision for unfunded commitments 472 (178) 1,130 (5)
Net interest income after provision 38,135 34,345 113,410 99,340
Non-interest income 9,651 9,633 28,089 24,082
Non-interest expense 27,978 28,327 86,504 82,935
Income before taxes 19,808 15,651 54,995 40,487
Income tax expense 3,789 2,891 9,672 6,544
Net income 16,019 12,760 45,323 33,943
Net income available
to common shareholders $
16,019 $
12,760 $
45,323 $
33,943
Dividends paid per common share $
0.18 $
0.17 $
0.54 $
0.51
Earnings per common share
Basic
Net income $
16,019 $
12,760 $
45,323 $
33,943
Less allocation of earnings and
dividends to participating securities 61 61 144 173
Net income available to common
shareholders - basic $
15,958 $
12,699 $
45,179 $
33,770
Weighted average common shares outstanding 20,775,467 18,767,307 20,769,132 16,605,546
Less average participating securities 78,903 91,743 65,838 85,141
Weighted average number of shares
outstanding
used to calculate basic earnings per share 20,696,564 18,675,564 20,703,294 16,520,405
Earnings per common share
Basic $
0.77 $
0.68 $
2.18 $
2.04
Diluted $
0.77 0.68 $
2.18 2.04
Selected financial ratios:
Return on average assets 1.48 1.22 1.41 1.10
% % % %
Return on average equity 11.21 10.70 10.81 10.71
% % % %
Return on average tangible common equity 14.95 14.87 14.49 15.59
% % % %
Dividend payout ratio 23.34 25.00 24.75 24.95
% % % %
Net interest margin (tax equivalent) 3.93 3.58 3.89 3.58
% % % %
Effective tax rate 19.13 18.47 17.59 16.16
% % % %
Selected Balance Sheet Items
(Dollars in thousands, except share and per share amounts)
September 30, December 31,
2026 2025
(unaudited) (unaudited)
Cash and due from financial institutions $
67,710 $
77,320
Investment in time deposits 3,165 1,165
Investment securities 640,217 684,600
Loans held for sale 3,548 7,180
Loans 3,292,923 3,270,046
Less: allowance for credit losses (42,397) (42,020)
Net loans 3,250,526 3,228,026
Other securities 26,829 25,942
Premises and equipment, net 37,026 40,611
Goodwill and other intangibles 141,270 143,538
Bank owned life insurance 64,355 63,153
Other assets 70,280 64,918
Total assets $
4,304,926 $
4,336,453
Total deposits $
3,477,679 $
3,466,464
Short-term Federal Home Loan Bank advances 122,500 175,000
Long-term Federal Home Loan Bank advances 466 855
Subordinated debentures 104,359 104,234
Other borrowings 2,640 4,090
Accrued expenses and other liabilities 44,541 42,336
Total liabilities 3,752,185 3,792,979
Common shares 421,097 419,769
Retained earnings 273,891 239,784
Treasury shares (78,299) (75,764)
Accumulated other comprehensive loss (63,948) (40,315)
Total shareholders' equity 552,741 543,474
Total liabilities and shareholders' equity $
4,304,926 $
4,336,453
September 30, December 31,
2026 2025
(unaudited) (unaudited)
Shares outstanding at period end 20,712,013 20,746,474
Book value per share $
26.69 $
26.20
Equity to asset ratio 12.84 12.53
% %
Selected asset quality ratios:
Allowance for credit losses to total loans 1.29 1.28
% %
Non-performing assets to total assets 0.64 0.72
% %
Allowance for credit losses to non-performing loans 153.34 134.21
% %
Non-performing asset analysis
Nonaccrual loans $
27,555 $
30,834
Restructured loans 14
Other real estate owned
90+ Days Past Due, Still Accruing 94 462
Total $
27,649 $
31,310
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
September 30, June 30, March 31, December 31, September 30,
End of Period Balances 2026 2026 2026 2025 2025
Assets
---
Cash and due from banks $
67,710 $
61,743 $
83,525 $
77,320 $
62,766
Investment in time deposits 3,165 4,125 2,880 1,165 735
Investment securities 640,217 670,179 682,462 684,600 657,189
Loans held for sale 3,548 8,508 6,940 7,180 8,012
Loans and leases 3,292,923 3,254,904 3,229,667 3,270,046 3,095,994
Allowance for credit losses (42,397) (41,713) (40,536) (42,020) (40,254)
Net Loans 3,250,526 3,213,191 3,189,131 3,228,026 3,055,740
Other securities 26,829 28,957 25,144 25,942 27,901
Premises and equipment, net 37,026 37,417 39,055 40,611 40,910
Goodwill and other intangibles 141,270 142,018 142,774 143,538 132,276
Bank owned life insurance 64,355 63,942 63,543 63,153 62,756
Other assets 70,280 64,218 62,868 64,918 65,049
Total Assets $
4,304,926 $
4,294,298 $
4,298,322 $
4,336,453 $
4,113,334
Liabilities
---
Total deposits $
3,477,679 $
3,458,243 $
3,501,890 $
3,466,464 $
3,230,463
Federal Home Loan Bank 122,500 123,500 100,000 175,000 232,000
advances - short term
Federal Home Loan Bank 466 561 739 855 970
advances - long term
Subordinated debentures 104,359 104,317 104,276 104,234 104,213
Other borrowings 2,640 3,121 3,594 4,090 4,699
Accrued expenses and other 44,541 37,771 35,580 42,336 41,961
liabilities
Total liabilities 3,752,185 3,727,513 3,746,079 3,792,979 3,614,306
Shareholders' Equity
---
Common shares 421,097 420,922 420,488 419,769 388,458
Retained earnings 273,891 261,615 251,041 239,784 230,798
Treasury shares (78,299) (76,082) (76,082) (75,764) (75,760)
Accumulated other (63,948) (39,670) (43,204) (40,315) (44,468)
comprehensive loss
Total shareholders' equity 552,741 566,785 552,243 543,474 499,028
Total Liabilities and $
4,304,926 $
4,294,298 $
4,298,322 $
4,336,453 $
4,113,334
Shareholders' Equity
Shares outstanding at period end 20,712,013 20,794,238 20,783,348 20,746,474 19,312,726
Book value per share $
26.69 $
27.26 $
26.57 $
26.20 $
25.84
Equity to asset ratio 12.84 13.20 12.85 12.53 12.13
% % % % %
September 30, June 30, March 31, December 31, September 30,
2026 2026 2026 2025 2025
Selected asset quality ratios:
Allowance for credit losses to total 1.29 1.28 1.26 1.28 1.30
% % % % %
loans
Non-performing assets to total 0.64 0.71 0.70 0.72 0.55
% % % % %
assets
Allowance for credit losses to non- 153.34 136.69 134.37 134.21 176.52
% % % % %
performing loans
Non-performing asset analysis
Non-accrual loans $
27,555 $
29,865 $
29,400 $
30,834 $
22,615
Restructured loans 549 538 14 12
90+ Days Past Due, Still Accruing 94 103 229 462 177
Other real estate owned
Total $
27,649 $
30,517 $
30,167 $
31,310 $
22,804
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
September 30, June 30, March 31, December 31, September 30,
Quarterly Average Balances 2026 2026 2026 2025 2025
Assets:
Earning assets $
3,993,704 $
3,992,950 $
4,003,144 $
3,939,580 $
3,829,484
Securities 687,596 696,076 718,037 694,263 676,938
Loans 3,274,016 3,243,955 3,252,342 3,197,327 3,128,033
Liabilities and Shareholders'
Equity
Total deposits $
3,457,728 $
3,484,685 $
3,461,202 $
3,424,018 $
3,237,025
Interest-bearing deposits 2,738,496 2,781,645 2,765,773 2,717,751 2,574,153
Other interest-bearing 235,194 216,181 257,599 256,899 383,305
liabilities
Total shareholders' equity 566,853 561,101 553,940 525,673 472,993
Supplemental Financial Information
(Unaudited - dollars in thousands)
September 30, June 30, March 31, December 31, September 30,
End of period loan and lease 2026 2026 2026 2025 2025
balances
Commercial and Agriculture $
316,162 $
315,479 $
310,400 $
308,692 $
302,407
Commercial Real Estate:
Owner Occupied 387,946 389,434 390,786 385,547 384,176
Non-owner Occupied 1,228,232 1,229,731 1,232,781 1,239,017 1,216,031
Residential Real Estate 982,843 957,960 943,425 944,328 842,362
Real Estate Construction 280,900 265,488 254,254 285,137 278,163
Farm Real Estate 31,815 32,440 32,700 37,775 23,713
Lease financing receivable 36,365 32,665 32,693 35,103 38,960
Consumer and Other 28,660 31,707 32,628 34,447 10,182
Total Loans $
3,292,923 $
3,254,904 $
3,229,667 $
3,270,046 $
3,095,994
Supplemental Financial Information
(Unaudited - dollars in thousands)
September 30, June 30, March 31, December 31, September 30,
End of period deposit 2026 2026 2026 2025 2025
balances
Noninterest-bearing demand $
725,403 $
695,142 $
703,778 $
702,032 $
651,934
Interest-bearing demand 378,326 380,752 419,295 400,403 415,620
Savings and money market 1,286,927 1,271,089 1,291,253 1,234,593 1,129,985
Time deposits 761,889 761,117 710,423 727,294 601,757
Brokered deposits 325,134 350,143 377,141 402,142 431,167
Total Deposits $
3,477,679 $
3,458,243 $
3,501,890 $
3,466,464 $
3,230,463
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
Income statement 2026 2026 2026 2025 2025
Total interest and dividend income $
57,823 $
56,547 $
55,809 $
55,741 $
55,240
Total interest expense 18,393 17,954 17,986 19,290 20,695
Net interest income 39,430 38,593 37,823 36,451 34,545
Provision for credit losses 823 1,251 (768) 724 378
Provision for unfunded commitments 472 519 139 (139) (178)
Non-interest income 9,651 9,007 9,431 9,884 9,633
Non-interest expense 27,978 28,653 29,873 31,003 28,327
Income before taxes 19,808 17,177 18,010 14,747 15,651
Income tax expense 3,789 2,862 3,021 2,480 2,891
Net income $
16,019 $
14,315 $
14,989 $
12,267 $
12,760
Net income available to common $
16,019 $
14,315 $
14,989 $
12,267 $
12,760
shareholders
Pre-Provision Net Revenue (PPNR) $
21,103 $
18,947 $
17,381 $
15,332 $
15,851
Per share data
Earnings per common share
Basic
Net income $
16,019 $
14,315 $
14,989 $
12,267 $
12,760
Less allocation of earnings and
dividends to participating 61 54 28 48 61
securities
Net income available to common $
15,958 $
14,261 $
14,961 $
12,219 $
12,699
shareholders - basic
Weighted average common shares 20,775,467 20,786,101 20,745,499 20,185,285 18,767,307
outstanding
Less average participating securities 78,903 79,006 39,169 90,281 91,743
Weighted average number of 20,696,564 20,707,095 20,706,330 20,095,004 18,675,564
shares outstanding used to
calculate basic earnings per share
Earnings per common share
Basic $
0.77 $
0.69 $
0.72 $
0.61 $
0.68
Diluted $
0.77 $
0.69 $
0.72 $
0.61 $
0.68
Common shares dividend paid $
3,743 $
3,741 $
3,732 $
3,283 $
3,283
Dividends paid per common share 0.18 0.18 0.18 0.17 0.17
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
Selected financial ratios 2026 2026 2026 2025 2025
Return on average assets 1.48 1.34 1.41 1.14 1.22
% % % % %
Return on average equity 11.21 10.23 10.97 9.26 10.70
% % % % %
Return on average tangible 14.95 13.72 14.64 12.72 15.03
% % % % %
common equity
Dividend payout ratio 23.34 26.14 24.91 27.97 25.00
% % % % %
Net interest margin (tax 3.93 3.89 3.85 3.69 3.58
% % % % %
equivalent)
Effective tax rate 19.13 16.66 16.77 16.82 18.47
% % % % %
Supplemental Financial Information
(Unaudited - dollars in thousands)
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
Non-interest income 2026 2026 2026 2025 2025
Service charges $
1,835 $
1,889 $
1,714 $
1,706 $
1,667
Net loss on sale of debt (1,571)
securities
Net gain (loss) on equity 99 140 33 120 255
securities
Mortgage banking 1,085 950 1,005 1,092 1,018
ATM/Interchange fees 1,553 1,555 1,386 1,722 1,435
Wealth management fees 1,458 1,459 1,433 1,473 1,402
Leasing and commercial finance revenue 2,572 2,233 2,469 2,278 2,707
Bank owned life insurance 413 399 390 397 666
Swap fees 3 56 150
Other 2,207 379 945 946 483
Total non-interest income $
9,651 $
9,007 $
9,431 $
9,884 $
9,633
Supplemental Financial Information
(Unaudited - dollars in thousands)
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
Non-interest expense 2026 2026 2026 2025 2025
Compensation expense $
15,484 $
15,737 $
16,229 $
14,526 $
15,161
Net occupancy expense 1,589 1,583 1,623 1,410 1,466
Contracted data processing 611 582 730 672 559
FDIC assessment 365 420 423 493 627
State franchise tax 629 599 554 343 536
Professional services 1,244 1,221 1,585 1,467 1,225
Equipment expense 1,560 1,720 2,089 2,032 2,205
ATM/Interchange expense 786 743 732 710 755
Marketing 543 542 478 410 391
Amortization of core deposit 675 696 696 576 318
intangible
Software maintenance expense 1,465 1,235 1,475 1,411 1,480
Other 3,027 3,575 3,259 6,953 3,604
Total non-interest expense $
27,978 $
28,653 $
29,873 $
31,003 $
28,327
Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
Three Months Ended
September June 30, March 31, December 31, September
30, 30,
Asset quality 2026 2026 2026 2025 2025
Allowance for credit losses:
Beginning of period $
41,713 $
40,536 $
42,020 $
40,254 $
40,455
CECL Day 1 Adjustment FSB 1,960
Charge-offs (1,698) (174) (806) (1,064) (662)
Recoveries 1,559 100 90 146 83
Provision 823 1,251 (768) 724 378
End of period $
42,397 $
41,713 $
40,536 $
42,020 $
40,254
Allowance for unfunded commitments:
Beginning of period $
3,894 $
3,375 $
3,236 $
3,375 $
3,553
Charge-offs
Recoveries
Provision 472 519 139 (139) (178)
End of period $
4,366 $
3,894 $
3,375 $
3,236 $
3,375
Ratios
Allowance to total loans 1.29 1.28 1.26 1.28 1.30
% % % % %
Allowance to nonperforming assets 153.34 136.69 134.37 134.21 176.52
% % % % %
Allowance to nonperforming loans 153.34 136.69 134.37 134.21 176.52
% % % % %
Nonperforming assets
Non-accrual loans $
27,555 $
29,865 $
29,400 $
30,834 $
22,615
Restructured loans 549 538 14 12
90+ Days Past Due, Still Accruing 94 103 229 462 177
Total non-performing loans 27,649 30,517 30,167 31,310 22,804
Other Real Estate Owned
Total non-performing assets $
27,649 $
30,517 $
30,167 $
31,310 $
22,804
Three Months Ended
September June 30, March 31, December 31, September
30, 30,
Capital and liquidity 2026 2026 2026 2025 2025
Tier 1 leverage ratio 12.11 11.87 11.57 11.32 10.96
% % % % %
Tier 1 risk-based capital ratio 15.56 15.33 15.12 14.51 14.19
% % % % %
Total risk-based capital ratio 19.08 18.86 18.67 18.02 17.80
% % % % %
Tangible common equity 9.88 10.23 9.85 9.54 9.21
% % % % %
ratio (1)
(1) See reconciliation of non-GAAP measures at the end of this press release.
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
September 30, June 30, March 31, December 31, September 30,
2026 2026 2026 2025 2025
Tangible Common
Equity
Total Shareholder's $
552,741 $
566,785 $
552,243 $
543,474 $
499,028
Equity - GAAP
Less: Preferred Equity
Less: Goodwill and 141,270 142,018 142,774 143,538 132,276
intangible assets
Tangible common equity $
411,471 $
424,767 $
409,469 $
399,936 $
366,752
(Non-GAAP)
Total Shares 20,712,013 20,794,238 20,783,348 20,746,474 19,312,726
Outstanding
Tangible book value per $
19.87 $
20.43 $
19.70 $
19.28 $
18.99
share
Tangible Assets
Total Assets - GAAP $
4,304,926 $
4,294,298 $
4,298,322 $
4,336,453 $
4,113,334
Less: Goodwill and 141,270 142,018 142,774 143,538 132,276
intangible assets
Tangible assets (Non- $
4,163,656 $
4,152,280 $
4,155,548 $
4,192,915 $
3,981,058
GAAP)
Tangible common equity 9.88 10.23 9.85 9.54 9.21
% % % % %
to tangible assets
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
Three Months Ended
Nine Months Ended
September 30,
September 30,
Efficiency ratio (non-GAAP): 2026 2025 2026 2025
Non-interest expense (GAAP) $
27,978 $
28,327 $
86,504 $
82,935
Less: Amortization of intangible assets expense 675 318 2,067 988
Less: Acquisition related expenses 664 427 669
Non-interest expense (non-GAAP) $
27,303 $
27,345 $
84,010 $
81,278
Net interest income (GAAP) $
39,430 $
34,545 $
115,846 $
102,132
Plus: Taxable equivalent adjustment 599 618 1,817 1,861
Non-interest income (GAAP) 9,651 9,633 28,089 24,082
Add: Net losses on debt securities (1,571) (1,571)
Less: Net gains on equity securities 99 255 272 152
Less: Net gain insurance proceeds 1,771 1,771
Net interest income (FTE) plus non-interest $
49,381 $
44,541 $
145,280 $
127,923
income (non-GAAP)
Efficiency ratio (non-GAAP) 55.3 61.4 57.8
% % % 63.5
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
Efficiency ratio (non-GAAP): 2026 2026 2026 2025 2025
Non-interest expense (GAAP) $
27,978 $
28,653 $
29,873 $
31,003 $
28,327
Less: Amortization of 675 696 696 576 318
intangible assets expense
Less: Acquisition related 427 3,424 664
expenses
Non-interest expense (non- $
27,303 $
27,957 $
28,750 $
27,003 $
27,345
GAAP)
Net interest income (GAAP) $
39,430 $
38,593 $
37,823 $
36,451 $
34,545
Plus: Taxable equivalent 599 606 612 620 618
adjustment
Noninterest income (GAAP) 9,651 9,007 9,431 9,884 9,633
Add: Net losses on debt (1,571)
securities
Less: Net gains on equity 99 140 33 120 255
securities
Less: Net gain insurance 1,771
proceeds
Net interest income (FTE) $
49,381 $
48,066 $
47,833 $
46,835 $
44,541
plus non-interest income
(non-GAAP)
Efficiency ratio (non-GAAP) 55.3 58.2 60.1 57.7 61.4
% % % % %
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
Net interest 2026 2026 2026 2025 2025
margin (non-
GAAP):
Net interest income $
39,430 $
38,593 $
37,823 $
36,451 $
34,545
(GAAP)
Tax-equivalent 599 606 612 620 618
adjustment
Net interest income 40,029 39,199 38,435 37,071 35,163
(tax-equivalent)
Average earning $
3,993,704 $
3,992,950 $
4,003,144 $
3,939,580 $
3,829,484
assets (GAAP)
Unrealized loss 52,295 46,706 41,288 46,944 62,947
adjustment
Adjusted average 4,045,999 4,039,656 4,044,432 3,986,524 3,892,431
earning assets
Net interest margin 3.93 3.89 3.85 3.69 3.58
% % % % %
(Non-GAAP)
Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
Three Months Ended
September 30, June 30, March 31, December 31, September 30,
Pre-Provision Net Revenue - 2026 2026 2026 2025 2025
PPNR (non-GAAP):
Income before taxes (GAAP) $
19,808 $
17,177 $
18,010 $
14,747 $
15,651
Add: Provision for credit losses 823 1,251 (768) 724 378
Add: Provision for unfunded 472 519 139 (139) (178)
commitments
Pre-Provision Net Revenue (non- $
21,103 $
18,947 $
17,381 $
15,332 $
15,851
GAAP)
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SOURCE Civista Bancshares, Inc.
For additional information, contact: Charles A. Parcher, President and CEO, Civista Bancshares, Inc., 888-645-4121