Civista Bancshares, Inc. Announces First-Quarter 2025 Financial Results of $0.66 per Common Share, up $0.25 per Common Share from First-Quarter 2024

Rhea-AI Summary

Civista Bancshares (NASDAQ:CIVB) reported strong Q1 2025 financial results with net income of $10.2 million, or $0.66 per share, marking a 59% increase from Q1 2024's $6.4 million. The company demonstrated improved performance with:

- Net interest margin of 3.51%, up from 3.22% in Q1 2024
- Net interest income of $32.8 million, a 15.5% increase year-over-year
- Total deposits growth of $27.0 million from Q4 2024
- Loan balance increase of $22.8 million
- Return on Assets of 1.00%, up from 0.66%
- Return on Equity of 10.39%, up from 6.89%

Credit quality remained strong with an allowance for credit losses to loans ratio of 1.30%. The efficiency ratio improved to 64.9% from 72.3% in Q1 2024, reflecting better operational performance. The company maintained its quarterly dividend at $0.17 per share, representing a 3.48% annualized yield.

Positive

• Net income increased 59% year-over-year to $10.2 million
• EPS grew by $0.25 to $0.66 compared to Q1 2024
• Net interest margin improved to 3.51% from 3.22% year-over-year
• Net interest income increased 15.5% year-over-year
• Efficiency ratio improved to 64.9% from 72.3%
• Return on Assets increased to 1.00% from 0.66%
• Return on Equity improved to 10.39% from 6.89%

Negative

• Noninterest income decreased 4.8% year-over-year
• Noninterest-bearing demand deposits decreased by $46.4 million
• Professional fees increased by $0.9 million due to system transition costs

Insights

Banking Financial Analyst

Civista delivered strong Q1 results with 59% earnings growth, improved margins, better efficiency, and solid credit metrics.

Civista Bancshares reported net income of $10.2 million for Q1 2025, a substantial 59% increase from the $6.4 million reported in Q1 2024. Earnings per share grew to $0.66, up from $0.41 a year earlier, reflecting significant bottom-line improvement.

The bank's net interest margin expanded to 3.51%, up 29 basis points year-over-year and 15 basis points from the previous quarter. This margin improvement, coupled with balance sheet growth, drove a 15.5% increase in net interest income to $32.8 million. The bank effectively managed funding costs, with cost of funds decreasing 11 basis points to 2.31% from Q4 2024.

Operational efficiency showed marked improvement, with the efficiency ratio decreasing to 64.9% from 72.3% a year earlier. Noninterest expenses decreased by 1.1% year-over-year to $27.1 million, despite increased professional fees related to core system upgrades in the leasing division.

Deposit trends were mixed but overall positive. Total deposits grew by $27.0 million (0.8%) from Q4 2024, while the bank reduced its reliance on brokered deposits by $40.1 million. However, non-interest bearing demand deposits decreased by $46.4 million, primarily in commercial business accounts, while interest-bearing deposits increased by $113.4 million.

Credit quality metrics remain strong with the allowance for credit losses at 1.30% of total loans. Non-performing assets decreased by 4.4% to $31.2 million, and the coverage ratio (allowance to non-performing loans) improved to 130.0% from 121.6% at year-end.

Profitability metrics showed significant improvement, with Return on Assets reaching 1.00% (up from 0.66%) and Return on Equity climbing to 10.39% (up from 6.89%). The quarterly dividend of $0.17 per share represents a 25.90% payout ratio based on Q1 earnings.

Loan growth was moderate at $22.8 million (0.7%) for the quarter, with continued demand in commercial real estate and residential construction financing. The overall results demonstrate effective execution in improving core earnings metrics while maintaining solid balance sheet quality.

SANDUSKY, Ohio, April 24, 2025 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") today reported net income of $10.2 million, or $0.66 per common share, for the quarter ended March 31, 2025.

• Net income reflects a 59%, or $3.8 million increase of net income compared to net income of $6.4 million for the first-quarter of 2024.
• Earnings per share reflects an increase of $0.25 per common share, compared to $0.41 per common share for the first-quarter of 2024.
• Net interest margin (tax equivalent) of 3.51%, compared to 3.22% in the first-quarter of 2024, and 3.36% in the fourth-quarter of 2024.
• Noninterest expense of $27.1 million, $1.2 million or 4.1% lower than the fourth-quarter of 2024.
• 200 basis points cost of deposits, 231 basis points cost of funds for the first-quarter of 2025, 11 basis points lower than the 242 basis points cost of funds in the fourth-quarter of 2024.

CEO Commentary:

"I was extremely pleased with our first-quarter earnings and performance. Our focus remains on staying disciplined in our loan and deposit pricing and to grow deposits and deepen customer relationships,", said Dennis G. Shaffer, CEO and President of Civista.

"Our results highlight the positive impact of our deposit initiatives we launched in the middle of last year.  For the third consecutive quarter we grew deposits, which allowed us to reduce our reliance on wholesale funding.  In addition, we improved loan yields by 9 basis points and reduced overall funding costs by 11 basis points since the fourth-quarter of 2024.  Our Earnings Per Share was  $0.66 for the quarter, up from $0.63, compared to the linked quarter, and $0.25 higher than the $0.41 in first-quarter of 2024. Our strong earnings and the recent increase in our quarterly dividend, reflects our confidence in Civista's financial strength and our commitment to delivering value to our shareholders. ",  said Shaffer.

"Our credit quality remains strong as we keep supporting and building better relationships with our customers. We are committed to meeting the growing demand for housing and construction financing, making sure we address the needs of our customers and communities. Continuing to focus on these areas, we've been able to provide our customers with the financial support they need.", said Shaffer.

Results of Operations:

First-Quarter 2025 Highlights

• Diluted earnings per common share of $0.66, for the first quarter of 2025, compared to $0.41 per diluted share, for the first quarter of 2024
• Net income of $10.2 million, an increase of $3.8 million compared to $6.4 million for the first quarter 2024
• Net interest margin (tax equivalent) of 3.51%, compared to 3.22% in the first quarter of 2024, and 3.36% in the fourth quarter of 2024
• Net interest income of $32.8 million, up $4.4 million or 15.5% compared to the first quarter of 2024, and up $1.4 million or 4.5% compared to the fourth-quarter of 2024
• 200 basis points cost of deposits, 231 basis points cost of funds for the first-quarter of 2025, 11 basis points lower than the 242 basis points cost of funds in the fourth-quarter of 2024
• Noninterest expense of $27.1 million, $1.2 million or 4.1% lower than the fourth quarter of 2024.
• Efficiency ratio of 64.9%, compared to 72.3% in Q1 2024 and 68.3% in Q4 2024
• Total period end deposit growth of $27.0 million from fourth quarter 2024, includes a $40 million reduction in brokered deposits
• Total period end loan growth of $22.8 million from fourth quarter 2024
• Return on Assets of 1.00%, compared to 0.66% in first quarter 2024
• Return on Equity of 10.39%, compared to 6.89% in first quarter 2024
• Noninterest income of $7.9 million
• Allowance for credit losses on loans / total loans of 1.30%
• Based on the March 31, 2025, market close share price of $19.54, the $0.17 first quarter dividend is equivalent to an annualized yield of 3.48% and a dividend payout ratio of 25.90%

Assets

Total assets at March 31, 2025, were $4.1 billion, an increase of $48.2 million, or 1.2%, from December 31, 2024.

• Loan and lease balances increased $22.8 million, or 0.7% since December 31, 2024.
• Commercial Real Estate continued to grow due to consistent demand in the non-owner and owner occupied categories.
• Residential Real Estate has grown primarily due to more home construction loans as we meet the demand for housing and construction financing by our customers and communities.

Deposits & Borrowings

Total deposits at March 31, 2025 were $3.2 billion, an increase of $27.0 million, or 0.8%, from December 31, 2024. 

• Noninterest-bearing demand deposits decreased $46.4 million, primarily due to a $62.5 million decrease in noninterest-bearing accounts related to commercial business deposits. Also, included is an $11.3 million increase in noninterest-bearing public funds.
• Interest-bearing demand deposits increased $48.0 million, primarily due to a $56.3 million increase in interest-bearing public funds, slightly offset by a $6.3 million decrease in Jumbo now deposits.
• $18.7 million increase in savings and money market deposits, primarily due to a $41.8 million increase in business money market accounts, a $5.7 million increase in statement savings, mostly offset by a $22.7 million decrease in reciprocal deposits, a $3.1 million decrease in money market savings, and $2.8 million decrease in public funds money market accounts.
• $46.7 million increase in time deposits, primarily due to a $17.6 million increase in Jumbo time certificates, a $15.6 million increase in retail time certificates, and a $19.7 million increase in time certificates over $250 thousand, partially offset by a $7.6 million decrease in reciprocal deposits.
• Brokered deposits totaled $460.2 million at March 31, 2025, which includes brokered certificate of deposits of $450.0 million and brokered money markets of $10.2 million. Brokered deposits decreased $40.1 million in the first quarter of 2025.
• FHLB overnight advances totaled $360.0 million on March 31, 2025, up $21.0 million from $339.0 million on December 31, 2024.
• FHLB term advances totaled $1.4 million on March 31, 2025, down from $1.5 million on December 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income increased $4.4 million, or 15.5%, for the first quarter of 2025, compared to the same period last year. 

• Interest income increased $3.6 million for the first quarter of 2025, compared to the same period last year, attributed to average interest-earning assets increasing $249.2 million coupled with a 7 basis point increase in asset yield.
• Interest expense decreased $0.8 million for the first quarter of 2025, compared to the same period last year. This was due to a 136 basis point reduction in higher costing FHLB borrowings mostly offset by $258.2 million growth in deposits ($252.9 million in average balances), resulting in a net increase of $279.1 million in average interest-bearing liabilities when comparing the first quarter of 2025 to the same period last year.
• Net interest margin increased 29 basis points to 3.51% for the first quarter of 2025, compared to 3.22% for the same period last year.

Credit

Provision for credit losses (including provision for unfunded commitments) decreased $0.4 million for the first quarter of 2025 to $1.6 million compared to $2.0 million for the same period last year. 

• Civista recorded net charge-offs of $0.6 million for the first quarter of 2025 compared to net charge-offs of $0.4 million for the same period of 2024.
• The allowance for credit losses to loans ratio was 1.30% at March 31, 2025, compared to 1.34% at March 31, 2024, and 1.29% at December 31, 2024.
• Non-performing assets at March 31, 2025 were $31.2 million, a decrease of $1.4 million or 4.4%, from December 31, 2024. The non-performing assets to assets ratio was 0.75% at March 31, 2025 and 0.80% at December 31, 2024.
• The allowance for credit losses to non-performing loans increased to 130.0% at March 31, 2025 from 121.6% at December 31, 2024.

Noninterest Income

Noninterest income totaled $7.9 million, a decrease of $0.4 million or 4.8%, when compared to the same period last year.    

• Net gain/(loss) on equity securities increased $0.1 million for the first quarter of 2025, compared to the same period last year, resulting from market valuation adjustments.
• Net gain on sale of loans and leases, which includes gain/loss on sale of mortgages, adjustments to mortgage service rights (MSR), and gain/loss on sales of loans and leases from the Civista Leasing and Finance ("CLF") division, decreased $0.3 million for the first quarter of 2025, compared to the same period last year, primarily due to lower originations.
• Lease revenue and residual income increased $0.2 million for the first quarter of 2025 compared to the same period last year, due to stronger lease originations.
• Other income decreased $0.6 million for the first quarter of 2025 compared to the same period last year, primarily related to lower fee revenue from CLF.

Noninterest Expense

Noninterest expense totaled $27.1 million, a decrease of $0.3 million or 1.1%, when compared to the same period last year. 

• Compensation expense decreased $1.4 million for the first quarter of 2025 compared to the same period last year, primarily due to a lower employee benefits costs coupled with an increase in the deferral of salaries and wages related to the loan originations in the first three months of 2025.
• The quarter-to-date average number of full time equivalent (FTE) employees was 520 at March 31, 2025, compared with an average number of 539 for the same period in 2024.
• FDIC assessment increased $0.4 million for the first quarter of 2025 compared to the same period last year, primarily from an increase in the total assessment base resulting from the Company's overall balance sheet growth year over year.
• Professional fees increased $0.9 million for the first quarter of 2025 compared to the same period last year, mainly due to utilizing consultants to assist in transitioning Civista Leasing and Finance Division to a new core processing system.
• Equipment expense decreased $0.4 million for the first quarter of 2025 compared to the same period last year, due to normal equipment depreciation as well as decreases in equipment expense related to operating lease contracts.
• The efficiency ratio was 64.9% for the quarter ended March 31, 2025, compared to 72.3% for the same period last year. The change in the efficiency ratio is primarily due to a 1.1% decrease in noninterest expenses, a 15.5% increase in net interest income, partially offset by a 4.8% decrease in noninterest income.

Taxes

Civista's effective income tax rate for the first quarter of 2025 was 14.8% compared to 11.6% in the same period last year.  

Capital

Total shareholders' equity at March 31, 2025, totaled $397.4 million, an increase of $8.9 million from December 31, 2024. This resulted from an increase of $7.5 million in retained earnings and a reduction in accumulated other comprehensive loss of $1.2 million.    

Civista did not repurchase any shares in the first quarter of 2025, leaving the entire $13.5 million of the current repurchase authorization remaining.  The current repurchase plan will expire in April 2026.  In January 2025, Civista liquidated 8,182 shares held by employees, at $20.39 per share, to satisfy tax obligations stemming from vesting of restricted shares.

Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the first quarter of 2025 at 1:00 p.m. ET on Thursday, April 24, 2025.  Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 800-836-8184 and ask to be joined into the Civista Bancshares, Inc. first quarter 2025 earnings call.  Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.  An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com). 

About Civista Bancshares
Civista Bancshares, Inc., is a $4.1 billion financial holding company headquartered in Sandusky, Ohio.  Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services.  Today, Civista Bank operates 42 locations across Ohio, Southeastern Indiana and Northern Kentucky.  Civista Bank also offers commercial equipment leasing services for businesses nationwide through its Civista Leasing and Finance Division.  Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB".  Learn more at www.civb.com.

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

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

Average Balance Analysis
(Unaudited - Dollars in thousands)
	Three Months Ended March 31,
	2025										2024
	Average						Yield/				Average						Yield/
Assets:	balance			Interest			rate *				balance			Interest			rate *
Interest-earning assets:
Loans **	$	3,099,440		$	47,646			6.23	%		$	2,880,031		$	44,485			6.20	%
Taxable securities ***		396,893			3,555			3.31	%			350,815			2,934			3.00	%
Non-taxable securities ***		286,481			2,340			3.91	%			295,388			2,375			3.85	%
Federal funds sold	-			-				0.00	%			-			-			0.00	%
Interest-bearing deposits in other banks		18,895			192			4.13	%			26,318			334			5.09	%
Total interest-earning assets ***	$	3,801,709		$	53,733			5.71	%		$	3,552,552		$	50,128			5.64	%
Noninterest-earning assets:
Cash and due from financial institutions		43,203										29,599
Premises and equipment, net		46,404										54,980
Accrued interest receivable		13,567										12,724
Intangible assets		133,268										134,872
Bank owned life insurance		62,916										61,456
Other assets		58,588										58,472
Less allowance for loan losses		(39,956)										(37,356)
Total Assets	$	4,119,699									$	3,867,299
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings	$	1,493,854		$	3,987			1.08	%		$	1,383,225		$	3,986			1.16	%
Time		1,044,707			11,875			4.61	%			902,442			12,001			5.33	%
Short-term FHLB borrowings		355,589			3,929			4.15	%			328,687			4,515			5.51	%
Long-term FHLB borrowings		1,408			9			2.56	%			2,275			13			2.29	%
Other borrowings		-			-			0.00	%			-			-			0.00	%
Subordinated debentures		104,103			1,160			4.52	%			103,957			1,241			4.79	%
Repurchase agreements		-			-			0.00	%			-			-			0.00	%
Total interest-bearing liabilities	$	2,999,661		$	20,960			2.83	%		$	2,720,586		$	21,756			3.21	%
Noninterest-bearing deposits		670,716										712,483
Other liabilities		52,301										63,778
Shareholders' equity		397,021										370,452
Total Liabilities and Shareholders' Equity	$	4,119,699									$	3,867,299
Net interest income and interest rate spread				$	32,773			2.88	%					$	28,372			2.43	%
Net interest margin ***								3.51	%									3.22	%
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $622 thousand and $632 thousand for the periods ended March 31, 2025 and 2024, respectively.
** - Average balance includes nonaccrual loans
*** - Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $59.2 million and $59.1 million, respectively.  These adjustments were also made when calculating the yield on earning assets and the margin.

 

Noninterest income
(unaudited - dollars in thousands)	Three months ended March 31,
	2025				2024				$ change				% change
Service charges	$	1,524			$	1,440			$	84				5.8	%
Net gain on sale of securities		-				-				-				0.0	%
Net gain/(loss) on equity securities		(29)				(141)				112				79.4	%
Net gain on sale of loans and leases		604				863				(259)				-30.0	%
ATM/Interchange fees		1,326				1,383				(57)				-4.1	%
Wealth management fees		1,340				1,276				64				5.0	%
Lease revenue and residual income		1,896				1,674				222				13.3	%
Bank owned life insurance		387				350				37				10.6	%
Swap fees		72				57				15				26.3	%
Other		740				1,354				(614)				-45.3	%
Total noninterest income	$	7,860			$	8,256			$	(396)				-4.8	%
Noninterest expense
(unaudited - dollars in thousands)	Three months ended March 31,
	2025				2024				$ change				% change
Compensation expense	$	14,043			$	15,457			$	(1,414)				-9.1	%
Net occupancy Expense		1,634				1,368				266				19.4	%
Contracted data processing		567				545				22				4.0	%
FDIC Assessment		873				484				389				80.4	%
State franchise tax		526				485				41				8.5	%
Professional services		2,090				1,149				941				81.9	%
Equipment expense		2,103				2,535				(432)				-17.0	%
Amortization of core deposit intangible		332				391				(59)				-15.1	%
ATM/Interchange expense		580				625				(45)				-7.2	%
Marketing		296				479				(183)				-38.2	%
Software maintenance expense		1,277				1,189				88				7.4	%
Other		2,805				2,734				71				2.6	%
Total noninterest expense	$	27,126			$	27,441			$	(315)				-1.1	%

 

End of period loan and lease balances
(unaudited - dollars in thousands)
	March 31,				December 31,
	2025				2024				$ Change				% Change
Commercial and Agriculture	$	330,627			$	328,488			$	2,139				0.7	%
Commercial Real Estate:
Owner Occupied		378,095				374,367				3,728				1.0	%
Non-owner Occupied		1,246,025				1,225,991				20,034				1.6	%
Residential Real Estate		773,349				763,869				9,480				1.2	%
Real Estate Construction		297,589				305,992				(8,403)				-2.7	%
Farm Real Estate		22,399				23,035				(636)				-2.8	%
Lease financing receivable		44,570				46,900				(2,330)				-5.0	%
Consumer and Other		11,382				12,588				(1,206)				-9.6	%
Total Loans	$	3,104,036			$	3,081,230			$	22,806				0.7	%
End of period deposit balances
(unaudited - dollars in thousands)
	March 31,				December 31,
	2025				2024				$ Change				% Change
Noninterest-bearing demand	$	648,683			$	695,094			$	(46,411)				-6.7	%
Interest-bearing demand		467,601				419,583				48,018				11.4	%
Savings and money market		1,146,480				1,127,765				18,715				1.7	%
Time deposits		515,910				469,163				46,747				10.0	%
Brokered deposits		460,214				500,265				(40,051)				-8.0	%
Total Deposits	$	3,238,888			$	3,211,870			$	27,018				0.8	%

 

Allowance for Credit Losses
(dollars in thousands)
	Three months ended March 31,
	2025				2024
Beginning of period	$	39,669			$	37,160
Charge-offs		(976)				(651)
Recoveries		343				298
Provision		1,248				2,042
End of period	$	40,284			$	38,849
Allowance for Unfunded Commitments
(dollars in thousands)
	Three months ended March 31,
	2025				2024
Beginning of period	$	3,380			$	3,901
Charge-offs		-				-
Recoveries		-				-
Provision		319				(50)
End of period	$	3,699			$	3,851
(dollars in thousands)	March 31,				December 31,
	2025				2024
Non-accrual loans	$	30,989			$	30,950
Restructured loans		-				1,677
Total non-performing loans		30,989				32,627
Other Real Estate Owned		209				-
Total non-performing assets	$	31,198			$	32,627

 

Civista Bancshares, Inc. Financial Highlights (Unaudited, dollars in thousands, except share and per share amounts)
Consolidated Condensed Statement of Operations
	Three Months Ended
	March 31,
	2025						2024
Interest income	$	53,733					$	50,128
Interest expense		20,960						21,756
Net interest income		32,773						28,372
Provision for credit losses		1,248						2,042
Provision for unfunded commitments		319						(50)
Net interest income after provision		31,206						26,380
Noninterest income		7,860						8,256
Noninterest expense		27,126						27,441
Income before taxes		11,940						7,195
Income tax expense		1,772						835
Net income		10,168						6,360
Preferred stock dividends		-						-
Net income available
to common shareholders	$	10,168					$	6,360
Dividends paid per common share	$	0.17					$	0.16
Earnings per common share
Basic
Net income	$	10,168					$	6,360
Less allocation of earnings and
dividends to participating securities		44						227
Net income available to common
shareholders - basic	$	10,124					$	6,133
Weighted average common shares outstanding		15,488,813						15,695,963
Less average participating securities		66,711						561,344
Weighted average number of shares outstanding
used to calculate basic earnings per share		15,422,102						15,134,619
Earnings per common share					-
Basic	$	0.66					$	0.41
Diluted	$	0.66					$	0.41
Selected financial ratios:
Return on average assets		1.00	%					0.66	%
Return on average equity		10.39	%					6.89	%
Dividend payout ratio		25.90	%					39.02	%
Net interest margin (tax equivalent)		3.51	%					3.22	%
Effective tax rate		14.84	%					11.60	%

 

Selected Balance Sheet Items
(Dollars in thousands, except share and per share amounts)
	March 31,				December 31,
	2025				2024
	(unaudited)				(unaudited)
Cash and due from financial institutions	$	90,456			$	63,155
Investment in time deposits		960				1,450
Securities available-for-sale		648,537				650,488
Loans held for sale		4,324				665
Loans		3,104,036				3,081,230
Less: allowance for credit losses		(40,284)				(39,669)
Net loans		3,063,752				3,041,561
Other securities		32,592				30,352
Premises and equipment, net		45,107				47,166
Goodwill and other intangibles		133,026				133,403
Bank owned life insurance		63,170				62,783
Other assets		64,793				67,446
Total assets	$	4,146,717			$	4,098,469
Total deposits	$	3,238,888			$	3,211,870
Short-term Federal Home Loan Bank advances		360,000				339,000
Long-term Federal Home Loan Bank advances		1,355				1,501
Subordinated debentures		104,130				104,089
Other borrowings		6,140				6,293
Accrued expenses and other liabilities		38,770				47,214
Total liabilities		3,749,283				3,709,967
Common shares		312,192				312,037
Retained earnings		212,944				205,408
Treasury shares		(75,753)				(75,586)
Accumulated other comprehensive loss		(51,949)				(53,357)
Total shareholders' equity		397,434				388,502
Total liabilities and shareholders' equity	$	4,146,717			$	4,098,469
Shares outstanding at period end		15,519,072				15,487,667
Book value per share	$	20.12			$	20.15
Equity to asset ratio		7.53	%			7.61	%
Selected asset quality ratios:
Allowance for credit losses to total loans		1.30	%			1.29	%
Non-performing assets to total assets		0.75	%			0.80	%
Allowance for credit losses to non-performing loans		129.99	%			121.58	%
Non-performing asset analysis
Nonaccrual loans	$	30,989			$	30,950
Restructured loans		-				1,677
Other real estate owned		209				-
Total	$	31,198			$	32,627

 

Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
	March 31,				December 31,				September 30,				June 30,				March 31,
End of Period Balances	2025				2024				2024				2024				2024
Assets
Cash and due from banks	$	90,456			$	63,155			$	74,662			$	55,760			$	50,310
Investment in time deposits		960				1,450				1,450				1,450				1,450
Investment securities		648,537				650,488				629,113				611,866				608,277
Loans held for sale		4,324				665				8,299				5,369				3,716
Loans and leases		3,104,036				3,081,230				3,043,946				3,014,996				2,898,139
Allowance for credit losses		(40,284)				(39,669)				(41,268)				(39,919)				(38,849)
Net Loans		3,063,752				3,041,561				3,002,678				2,975,077				2,859,290
Other securities		32,592				30,352				32,633				37,615				31,360
Premises and equipment, net		45,107				47,166				49,967				52,142				54,280
Goodwill and other intangibles		133,026				133,403				133,829				134,227				134,618
Bank owned life insurance		63,170				62,783				62,912				63,367				61,685
Other assets		64,793				67,446				65,880				75,041				75,272
Total Assets	$	4,146,717			$	4,098,469			$	4,061,423			$	4,011,914			$	3,880,258
Liabilities
Total deposits	$	3,238,888			$	3,211,870			$	3,223,732			$	2,977,616			$	2,980,695
Federal Home Loan Bank advances - short term		360,000				339,000				287,047				500,500				368,500
Federal Home Loan Bank advances - long term		1,355				1,501				1,598				1,841				2,211
Subordinated debentures		104,130				104,089				104,067				104,026				103,984
Other borrowings		6,140				6,293				6,319				7,156				8,105
Accrued expenses and other liabilities		38,770				47,214				44,222				46,967				47,104
Total liabilities		3,749,283				3,709,967				3,666,985				3,638,106				3,510,599
Shareholders' Equity
Common shares		312,192				312,037				311,901				311,529				311,352
Retained earnings		212,944				205,408				198,034				192,186				187,638
Treasury shares		(75,753)				(75,586)				(75,586)				(75,574)				(75,574)
Accumulated other comprehensive loss		(51,949)				(53,357)				(39,911)				(54,333)				(53,757)
Total shareholders' equity		397,434				388,502				394,438				373,808				369,659
Total Liabilities and Shareholders' Equity	$	4,146,717			$	4,098,469			$	4,061,423			$	4,011,914			$	3,880,258
Shares outstanding at period end		15,519,072				15,487,667				15,736,528				15,737,222				15,727,013
Book value per share	$	20.12			$	20.15			$	25.07			$	23.75			$	23.50
Equity to asset ratio		7.53	%			7.61	%			9.71	%			9.32	%			9.53	%

 

	March 31,				December 31,				September 30,				June 30,				March 31,
	2025				2024				2024				2024				2024
Selected asset quality ratios:
Allowance for credit losses to total loans		1.30	%			1.29	%			1.36	%			1.32	%			1.34	%
Non-performing assets to total assets		0.75	%			0.80	%			0.45	%			0.43	%			0.41	%
Allowance for credit losses to non-performing loans		129.99	%			121.58	%			227.36	%			233.47	%			247.06	%
Non-performing asset analysis
Nonaccrual loans	$	30,989			$	30,950			$	16,488			$	15,209			$	13,235
Restructured loans		-				1,677				1,663				1,889				2,490
Other real estate owned		209				-				61				-				-
Total	$	31,198			$	32,627			$	18,212			$	17,098			$	15,725

 

Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
	March 31,				December 31,				September 30,				June 30,				March 31,
Quarterly Average Balances	2025				2024				2024				2024				2024
Assets:
Earning assets	$	3,801,709			$	3,738,607			$	3,705,866			$	3,619,809			$	3,552,552
Securities		683,374				655,556				654,838				639,625				646,203
Loans		3,099,440				3,061,991				3,031,884				2,964,377				2,880,031
Liabilities and Shareholders' Equity
Total deposits	$	3,209,277			$	3,285,485			$	3,092,583			$	2,969,380			$	2,998,150
Interest-bearing deposits		2,538,561				2,582,652				2,405,219				2,266,334				2,285,667
Other interest-bearing liabilities		461,100				320,225				493,759				546,700				431,919
Total shareholders' equity		397,021				391,591				381,392				365,784				370,452

 

Supplemental Financial Information
(Unaudited - dollars in thousands)
	March 31,				December 31,				September 30,				June 30,				March 31,
End of period loan and lease balances	2025				2024				2024				2024				2024
Commercial and Agriculture	$	330,627			$	328,488			$	304,639			$	318,499			$	302,663
Commercial Real Estate:
Owner Occupied		378,095				374,367				375,751				377,308				367,419
Non-owner Occupied		1,246,025				1,225,991				1,205,453				1,213,341				1,185,688
Residential Real Estate		773,349				763,869				751,825				729,213				676,800
Real Estate Construction		297,589				305,992				318,063				283,446				267,737
Farm Real Estate		22,399				23,035				24,122				24,376				24,908
Lease financing receivable		44,570				46,900				49,453				53,461				56,680
Consumer and Other		11,382				12,588				14,640				15,352				16,244
Total Loans	$	3,104,036			$	3,081,230			$	3,043,946			$	3,014,996			$	2,898,139
Supplemental Financial Information
(Unaudited - dollars in thousands)
	March 31,				December 31,				September 30,				June 30,				March 31,
End of period deposit balances	2025				2024				2024				2024				2024
Noninterest-bearing demand	$	648,683			$	695,094			$	686,316			$	691,203			$	707,993
Interest-bearing demand		467,601				419,583				420,333				409,848				434,692
Savings and money market		1,146,480				1,127,765				1,111,771				940,312				929,126
Time deposits		515,910				469,163				456,973				418,047				327,579
Brokered deposits		460,214				500,265				548,339				518,207				581,305
Total Deposits	$	3,238,888			$	3,211,870			$	3,223,732			$	2,977,617			$	2,980,695

 

Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
	Three Months Ended
	March 31,				December 31,				September 30,				June 30,				March 31,
Income statement	2025				2024				2024				2024				2024
Total interest and dividend income	$	53,733			$	53,233			$	52,741			$	50,593			$	50,128
Total interest expense		20,960				21,878				23,508				22,842				21,756
Net interest income		32,773				31,355				29,233				27,751				28,372
Provision for credit losses		1,248				697				1,346				1,800				2,042
Provision for unfunded commitments		319				(1)				(325)				(145)				(50)
Noninterest income		7,860				9,015				9,686				10,543				8,256
Noninterest expense		27,126				28,296				27,981				28,555				27,441
Income before taxes		11,940				11,378				9,917				8,084				7,195
Income tax expense		1,772				1,485				1,551				1,020				835
Net income	$	10,168			$	9,893			$	8,366			$	7,064			$	6,360
Preferred stock dividends		-				-				-				-				-
Net income available to common shareholders	$	10,168			$	9,893			$	8,366			$	7,064			$	6,360
Per share data
Earnings per common share
Basic
Net income	$	10,168			$	9,893			$	8,366			$	7,064			$	6,360
Less allocation of earnings and
dividends to participating securities		44				213				177				153				227
Net income available to common shareholders - basic	$	10,124			$	9,680			$	8,189			$	6,911			$	6,133
Weighted average common shares outstanding		15,488,813				15,734,243				15,736,966				15,729,049				15,695,963
Less average participating securities		66,711				339,626				332,531				341,567				561,344
Weighted average number of shares outstanding used to calculate basic earnings per share		15,422,102				15,394,617				15,404,435				15,387,482				15,134,619
Earnings per common share
Basic	$	0.66			$	0.63			$	0.53			$	0.45			$	0.41
Diluted	$	0.66			$	0.63			$	0.53			$	0.45			$	0.41
Common shares dividend paid	$	2,636			$	2,518			$	2,518			$	2,516			$	2,510
Dividends paid per common share		0.17				0.16				0.16				0.16				0.16

 

	Three Months Ended
	March 31,				December 31,				September 30,				June 30,				March 31,
Selected financial ratios	2025				2024				2024				2024				2024
Return on average assets		1.00	%			0.97	%			0.83	%			0.72	%			0.66	%
Return on average equity		10.39	%			10.43	%			8.73	%			7.77	%			6.89	%
Dividend payout ratio		25.90	%			25.45	%			30.10	%			35.63	%			39.02	%
Net interest margin (tax equivalent)		3.51	%			3.36	%			3.19	%			3.09	%			3.22	%
Effective tax rate		14.84	%			13.05	%			15.63	%			12.62	%			11.60	%

 

Supplemental Financial Information
(Unaudited - dollars in thousands)
	Three Months Ended
	March 31,				December 31,				September 30,				June 30,				March 31,
Noninterest income	2025				2024				2024				2024				2024
Service charges	$	1,524			$	1,591			$	1,595			$	1,488			$	1,440
Net gain on sale of securities		-				-				-				-				-
Net gain/(loss) on equity securities		(29)				96				223				74				(141)
Net gain on sale of loans and leases		604				1,259				1,427				888				863
ATM/Interchange fees		1,326				1,640				1,402				1,416				1,383
Wealth management fees		1,340				1,464				1,443				1,337				1,276
Lease revenue and residual income		1,896				1,280				2,428				3,529				1,674
Bank owned life insurance		387				771				717				367				350
Swap fees		72				66				43				122				57
Other		740				848				408				1,322				1,354
Total noninterest income	$	7,860			$	9,015			$	9,686			$	10,543			$	8,256

 

Supplemental Financial Information
(Unaudited - dollars in thousands)
	Three Months Ended
	March 31,				December 31,				September 30,				June 30,				March 31,
Noninterest expense	2025				2024				2024				2024				2024
Compensation expense	$	14,043			$	14,899			$	15,726			$	15,740			$	15,457
Net occupancy Expense		1,634				1,138				1,293				1,298				1,368
Contracted data processing		567				508				636				559				545
FDIC Assessment		873				1,039				560				548				484
State franchise tax		526				608				480				479				485
Professional services		2,090				2,247				1,134				1,249				1,149
Equipment expense		2,103				2,240				2,345				2,434				2,535
Amortization of core deposit intangible		332				363				364				366				391
ATM/Interchange expense		580				671				616				632				625
Marketing		296				448				716				445				479
Software maintenance expense		1,277				1,376				1,203				1,176				1,189
Other		2,805				2,759				2,908				3,629				2,734
Total noninterest expense	$	27,126			$	28,296			$	27,981			$	28,555			$	27,441

 

Supplemental Financial Information
(Unaudited - dollars in thousands except share data)
		Three Months Ended
		March 31,				December 31,				September 30,				June 30,				March 31,
Asset quality		2025				2024				2024				2024				2024
Allowance for credit losses:
Beginning of period		$	39,669			$	41,268			$	39,919			$	38,849			$	37,160
Charge-offs			(976)				(2,335)				(42)				(887)				(651)
Recoveries			343				39				45				157				298
Provision			1,248				697				1,346				1,800				2,042
End of period		$	40,284			$	39,669			$	41,268			$	39,919			$	38,849
Allowance for unfunded commitments:
Beginning of period		$	3,380			$	3,381			$	3,706			$	3,851			$	3,901
Charge-offs			-				-				-				-				-
Recoveries			-				-				-				-				-
Provision			319				(1)				(325)				(145)				(50)
End of period		$	3,699			$	3,380			$	3,381			$	3,706			$	3,851
Ratios
Allowance to total loans			1.30	%			1.29	%			1.36	%			1.32	%			1.34	%
Allowance to nonperforming assets			129.12	%			121.58	%			226.60	%			233.47	%			247.06	%
Allowance to nonperforming loans			129.99	%			121.58	%			227.36	%			233.47	%			247.06	%
Nonperforming assets
Non-accrual loans		$	30,989			$	30,950			$	16,488			$	15,209			$	13,235
Restructured loans			-				1,677				1,633				1,889				2,490
Total non-performing loans			30,989				32,627				18,121				17,098				15,725
Other Real Estate Owned			209				-				61				-				-
Total non-performing assets		$	31,198			$	32,627			$	18,182			$	17,098			$	15,725
Capital and liquidity
Tier 1 leverage ratio			8.66	%			8.60	%			8.45	%			8.59	%			8.62	%
Tier 1 risk-based capital ratio			10.97	%			10.47	%			10.29	%			10.63	%			10.81	%
Total risk-based capital ratio			14.53	%			13.98	%			13.81	%			14.28	%			14.53	%
Tangible common equity ratio (1)			6.59	%			6.43	%			6.64	%			6.19	%			6.28	%
(1) See reconciliation of non-GAAP measures at the end of this press release.

 

Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
	March 31,				December 31,				September 30,				June 30,				March 31,
	2025				2024				2024				2024				2024
Tangible Common Equity
Total Shareholder's Equity - GAAP	$	397,434			$	388,502			$	394,438			$	373,808			$	369,659
Less: Preferred Equity		-				-				-				-				-
Less: Goodwill and intangible assets		133,026				133,403				133,829				134,227				134,618
Tangible common equity (Non-GAAP)	$	264,408			$	255,099			$	260,609			$	239,581			$	235,041
Total Shares Outstanding		15,519,072				15,487,667				15,736,528				15,737,222				15,727,013
Tangible book value per share	$	17.04			$	16.47			$	16.56			$	15.25			$	14.95
Tangible Assets
Total Assets - GAAP	$	4,146,717			$	4,098,469			$	4,061,423			$	4,011,914			$	3,880,258
Less: Goodwill and intangible assets		133,026				133,403				133,829				134,227				134,618
Tangible assets (Non-GAAP)	$	4,013,691			$	3,965,066			$	3,927,594			$	3,877,687			$	3,745,640
Tangible common equity to tangible assets		6.59	%			6.43	%			6.64	%			6.19	%			6.28	%

 

Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)
	Three Months Ended
	March 31,				December 31,				September 30,				June 30,				March 31,
Efficiency ratio (non-GAAP):	2025				2024				2024				2024				2024
Noninterest expense (GAAP)	$	27,126			$	28,296			$	27,981			$	28,555			$	27,441
Less: Amortization of intangible assets expense		332				363				363				366				391
Less: Acquisition related expenses		-				-				-				-				-
Noninterest expense (non-GAAP)	$	26,794			$	27,933			$	27,618			$	28,189			$	27,050
Net interest income (GAAP)	$	32,773			$	31,355			$	29,233			$	27,751			$	28,372
Plus: Taxable equivalent adjustment		622				627				630				631				631
Noninterest income (GAAP)		7,860				9,015				9,686				10,543				8,256
Less: Net gains (losses) on equity securities		(29)				96				223				74				(141)
Net interest income (FTE) plus noninterest income (non-GAAP)	$	41,284			$	40,901			$	39,326			$	38,851			$	37,400
Efficiency ratio (non-GAAP)		64.9	%			68.3	%			70.2	%			72.6	%			72.3	%

 

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SOURCE Civista Bancshares, Inc.

FAQ

What was Civista Bancshares (CIVB) earnings per share in Q1 2025?

CIVB reported earnings of $0.66 per share in Q1 2025, up from $0.41 in Q1 2024, representing a $0.25 increase.

How much did CIVB's deposits grow in Q1 2025?

Total deposits increased by $27.0 million to $3.2 billion, representing a 0.8% growth from Q4 2024.

What is CIVB's current dividend yield and payout ratio?

Based on the March 31, 2025 share price of $19.54, the quarterly dividend of $0.17 represents an annualized yield of 3.48% with a 25.90% payout ratio.

How did CIVB's net interest margin perform in Q1 2025?

Net interest margin improved to 3.51%, up from 3.22% in Q1 2024 and 3.36% in Q4 2024.

What was CIVB's efficiency ratio in Q1 2025?

The efficiency ratio improved to 64.9% in Q1 2025, compared to 72.3% in Q1 2024, indicating better operational efficiency.