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
- 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
"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
"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
- Loan and lease balances increased
$22.8 million , or 0.7% sinceDecember 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
- 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 atMarch 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 onMarch 31, 2025 , up$21.0 million from$339.0 million onDecember 31, 2024 . - FHLB term advances totaled
$1.4 million onMarch 31, 2025 , down from$1.5 million onDecember 31, 2024 .
Net Interest Income and Net Interest Margin
Net interest income increased
- 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
- 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% atMarch 31, 2024 , and 1.29% atDecember 31, 2024 . - Non-performing assets at
March 31, 2025 were$31.2 million , a decrease of$1.4 million or 4.4%, fromDecember 31, 2024 . The non-performing assets to assets ratio was 0.75% atMarch 31, 2025 and 0.80% atDecember 31, 2024 . - The allowance for credit losses to non-performing loans increased to 130.0% at
March 31, 2025 from 121.6% atDecember 31, 2024 .
Noninterest Income
Noninterest income totaled
- 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
- 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 transitioningCivista 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
Civista did not repurchase any shares in the first quarter of 2025, leaving the entire
Conference Call and Webcast
About
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
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.
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Average Balance Analysis |
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(Unaudited - Dollars in thousands) |
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Three Months Ended |
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2025 |
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2024 |
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Average |
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Yield/ |
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Average |
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Yield/ |
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||||||
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Assets: |
balance |
|
Interest |
|
rate * |
|
|
balance |
|
Interest |
|
rate * |
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Interest-earning assets: |
|
|
|
|
|
|
|
|
|
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||||||
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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: |
|
|
|
|
|
|
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|
|
|
|
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||||||
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Cash and due from financial institutions |
|
43,203 |
|
|
|
|
|
|
|
29,599 |
|
|
|
|
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||||
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Premises and equipment, net |
|
46,404 |
|
|
|
|
|
|
|
54,980 |
|
|
|
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|
||||
|
Accrued interest receivable |
|
13,567 |
|
|
|
|
|
|
|
12,724 |
|
|
|
|
|
||||
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Intangible assets |
|
133,268 |
|
|
|
|
|
|
|
134,872 |
|
|
|
|
|
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Bank owned life insurance |
|
62,916 |
|
|
|
|
|
|
|
61,456 |
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|
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Other assets |
|
58,588 |
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|
|
|
|
|
|
58,472 |
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Less allowance for loan losses |
|
(39,956) |
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|
|
|
|
|
|
(37,356) |
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Total Assets |
$ |
4,119,699 |
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|
$ |
3,867,299 |
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Liabilities and Shareholders' Equity: |
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Interest-bearing liabilities: |
|
|
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|
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|
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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 |
|
|
|
|
|
||||
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Other liabilities |
|
52,301 |
|
|
|
|
|
|
|
63,778 |
|
|
|
|
|
||||
|
Shareholders' equity |
|
397,021 |
|
|
|
|
|
|
|
370,452 |
|
|
|
|
|
||||
|
Total Liabilities and Shareholders' Equity |
$ |
4,119,699 |
|
|
|
|
|
|
$ |
3,867,299 |
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|
Net interest income and interest rate spread |
|
|
$ |
32,773 |
|
|
2.88 |
% |
|
|
|
$ |
28,372 |
|
|
2.43 |
% |
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|
|
|
|
|
|
|
|
|
|
|
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|
|
|
||||||
|
Net interest margin *** |
|
|
|
|
|
3.51 |
% |
|
|
|
|
|
|
3.22 |
% |
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* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, |
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** - Average balance includes nonaccrual loans |
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*** - Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities |
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Noninterest income |
|
|
|
|
|
|
|
|
|
|
|
||||
|
(unaudited - dollars in thousands) |
Three months ended |
|
|||||||||||||
|
|
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 |
|
|||||||||||||
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
2025 |
|
|
2024 |
|
|
$ Change |
|
|
% Change |
|
||||
|
Commercial and Agriculture |
$ |
330,627 |
|
|
$ |
328,488 |
|
|
$ |
2,139 |
|
|
|
0.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Owner Occupied |
|
378,095 |
|
|
|
374,367 |
|
|
|
3,728 |
|
|
|
1.0 |
% |
|
Non-owner Occupied |
|
1,246,025 |
|
|
|
1,225,991 |
|
|
|
20,034 |
|
|
|
1.6 |
% |
|
|
|
773,349 |
|
|
|
763,869 |
|
|
|
9,480 |
|
|
|
1.2 |
% |
|
|
|
297,589 |
|
|
|
305,992 |
|
|
|
(8,403) |
|
|
|
-2.7 |
% |
|
|
|
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) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
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 |
|
|||||
|
|
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 |
|
|||||
|
|
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) |
|
|
|
|
|
||
|
|
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 |
|
|
Financial Highlights (Unaudited, dollars in thousands, except share and per share amounts)
|
||||||||||
|
Consolidated Condensed Statement of Operations |
||||||||||
|
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended |
|
|
|||||||
|
|
|
|
|
|||||||
|
|
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) |
|
||||||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
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) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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 |
|
|
|
|
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 |
|
|
|
|
360,000 |
|
|
|
339,000 |
|
|
|
287,047 |
|
|
|
500,500 |
|
|
|
368,500 |
|
|
|
|
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 |
|
|
|
|
(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 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
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) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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 |
|
|
|
|
773,349 |
|
|
|
763,869 |
|
|
|
751,825 |
|
|
|
729,213 |
|
|
|
676,800 |
|
|
|
|
297,589 |
|
|
|
305,992 |
|
|
|
318,063 |
|
|
|
283,446 |
|
|
|
267,737 |
|
|
|
|
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) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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 |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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 |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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 |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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 |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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 |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
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: |
|
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: |
|
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 |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
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 |
% |
View original content to download multimedia:https://www.prnewswire.com/news-releases/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--302436670.html
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