Civista Bancshares, Inc. Announces First-Quarter 2026 Financial Results of $0.72 per Common Share, up $0.06 per Common Share from First-Quarter 2025
- Net income, for the first-quarter of 2026 of
$15.0 million , a$4.8 million or 47% increase compared to$10.2 million for the first-quarter 2025, and a$2.7 million or 22% increase compared to$12.3 million for the fourth-quarter 2025. - Diluted earnings per common share of
$0.72 , for the first quarter of 2026, a$0.06 or 9% increase compared to$0.66 per diluted share, for the first quarter of 2025, and$0.11 or 18% increase compared to$0.61 per diluted share, for the fourth quarter of 2025. - First-quarter 2026 results include non-recurring, acquisition-related adjustments associated with the merger of FSB that negatively impacted net income by approximately
$0.4 million on a pre-tax and after-tax basis, or$0.02 per common share. - Net interest margin (tax‑equivalent) expanded to 3.85% during the first quarter of 2026, increasing 34 basis points year‑over‑year and 16 basis points sequentially, reflecting lower funding costs and disciplined balance‑sheet management.
- Cost of funds of 196 basis points for the first-quarter of 2026, 35 basis points lower than the 231 basis points cost of funds for the first-quarter of 2025, and 12 basis points lower than the 208 basis points in fourth-quarter 2025.
- Cost of deposits of 181 basis points for the first-quarter of 2026, down 19 basis points compared to 200 basis points in the first-quarter of 2025, and 11 basis points lower than the 192 basis points in the fourth-quarter of 2025.
- Efficiency ratio for the first quarter of 2026 was 60.1%, compared to 64.9% for the first quarter of 2025.
- Total deposits increased
$35.4 million , or 1.0%, in the first quarter of 2026 compared to the fourth quarter of 2025. - Return on Assets of 1.41%, compared to 1.00% for the first quarter of 2025 and 1.14% for the fourth quarter of 2025.
CEO Commentary:
"Civista reported a solid start to 2026, with first‑quarter net income of
"During the first quarter, we continued to optimize our funding mix by reducing higher‑cost sources, including brokered deposits and short‑term FHLB advances, while growing core deposits," Shaffer said. "These actions contributed to lower funding costs and further strengthened our liquidity profile."
"We also successfully completed the integration and system conversion of
"As we move forward, we remain focused on disciplined growth, prudent risk management, and delivering consistent value for shareholders," Shaffer concluded. "Our community‑banking model and diversified earnings profile position Civista well as we navigate the current economic environment and continue to support the communities we serve."
Results of Operations:
For the three-month periods ended
The results of the periods reflect the inclusion of FSB merger since
First-Quarter 2026 Highlights
- Net income of
$15.0 million , a$4.8 million or 47% increase compared to$10.2 million for the first quarter 2025, and a$2.7 million or 22% increase compared to the$12.3 million for the fourth quarter of 2025. - Diluted earnings per common share of
$0.72 , for the first quarter of 2026, a$0.06 or 9% increase compared to$0.66 per diluted share, for the first quarter of 2025, and$0.11 or 18% increase compared to$0.61 per diluted share, for the fourth quarter of 2025. - Successfully completed the core system conversion and operational integration of FSB, following its acquisition in the fourth quarter of 2025.
- The first-quarter of 2026 included non-recurring adjustments related to the merger of FSB that closed in the fourth quarter of 2025 that negatively impacted net income by approximately
$0.4 million on a pre-tax and after-tax basis, or$0.02 per common share. - Net interest margin (tax‑equivalent) expanded to 3.85% during the first quarter of 2026, increasing 34 basis points year‑over‑year and 16 basis points sequentially, reflecting lower funding costs and disciplined balance‑sheet management.
- Net interest income of
$37.8 million , up$5.1 million or 15.4% compared to the first quarter of 2025, and up$1.4 million or 3.8% compared to the fourth quarter of 2025. - Total deposits increased
$35.4 million , or 1.0%, in the first quarter of 2026 compared to the fourth quarter of 2025. - Cost of deposits of 181 basis points for the first-quarter of 2026, down 19 basis points compared to 200 basis points in the first-quarter of 2025, and 11 basis points lower than the 192 basis points in the fourth-quarter of 2025.
- Cost of funds of 196 basis points for the first-quarter of 2026, 35 basis points lower than the 231 basis points cost of funds for the first-quarter of 2025, and 12 basis points lower than the 208 basis points in fourth-quarter 2025.
- Efficiency ratio for the first quarter of 2026 was 60.1%, compared to 64.9% for the first quarter of 2025.
- Return on average assets improved to 1.41%, compared to 1.00% for the first quarter of 2025 and 1.14% for the fourth quarter of 2025.
- Return on average equity increased to 10.97%, compared to 10.39% for the first quarter of 2025 and 9.26% for the fourth quarter of 2025.
- Allowance for credit losses on loans / total loans of 1.26%.
- Tangible book value per share was
$19.70 atMarch 31, 2026 . - Declared a quarterly cash dividend of
$0.18 per share, an increase from$0.17 per share in the prior quarter. - Based on the
March 31, 2026 closing share price of$22.79 , the$0.18 quarterly dividend represents an annualized yield of 3.16% and a payout ratio of 24.91%.
Assets
Total assets at
- Loan and lease balances decreased
$40.4 million , or 1.2% sinceDecember 31, 2025 reflecting seasonal construction runoff and loan payoffs. -
Real Estate Construction loans decreased$30.9 million sinceDecember 31, 2025 , mainly due to seasonal construction patterns that primarily sees its lowest activity in the first quarter combined with projects moving from temporary to permanent financing. - Commercial Real Estate Non-Owner Occupied decreased
$6.2 million sinceDecember 31, 2025 primarily related to loan payoffs. -
Residential Real Estate decreased$1.0 million sinceDecember 31, 2025 reflecting stable demand and portfolio runoff offsetting new originations.
Deposits & Borrowings
Total deposits at
- Interest-bearing demand deposits increased
$18.9 million fromDecember 31, 2025 , primarily due to increases of$18.6 million and$5.0 million in interest-bearing public funds and business interest-bearing demand deposits, respectively, slightly offset by decreases of$4.6 million and$2.8 million in jumbo demand deposits and retail interest-bearing demand deposits, respectively. - Savings and money markets increased
$56.7 million fromDecember 31, 2025 , primarily due to increases of$27.0 million ,$13.3 million ,$8.8 million ,$6.1 million , and$4.2 million in business money market deposits, ICS money market deposits, public fund money market, retail money market deposits, and statement savings, respectively. - Time deposits decreased
$16.9 million fromDecember 31, 2025 , primarily due a decrease of$15.4 million in jumbo CDs. - Brokered deposits totaled
$377.1 million atMarch 31, 2026 , which included brokered certificate of deposits of$375.0 million and brokered money markets of$2.1 million . Brokered deposits decreased$25.0 million fromDecember 31, 2025 , strategically reducing the balances of brokered deposits. - FHLB short-term advances totaled
$100.0 million onMarch 31, 2026 , down$75.0 million fromDecember 31, 2025 .
Net Interest Income and Net Interest Margin
Net interest income increased
- Interest income increased
$2.1 million year over year, primarily reflecting growth in average interest‑earning assets, partially offset by a modest decline in asset yields due to a decrease in interest rates. - Interest expense decreased
$3.0 million year over year, as lower borrowing costs from reduced short‑term FHLB advances and improved time deposit pricing more than offset the impact of continued growth in interest‑bearing deposit balances. - Net interest margin increased 34 basis points to 3.85% for the first quarter of 2026, compared to 3.51% for the same period last year, reflecting disciplined deposit pricing, a reduced reliance on higher‑cost wholesale funding, and favorable repricing dynamics, partially offset by pressure from changes in asset mix.
Credit
Provision for credit losses (including provision for unfunded commitments) decreased
- Civista recorded net charge-offs of
$0.7 million for the first quarter of 2026 compared to net charge-offs of$0.6 million for the same period last year. - The allowance for credit losses to loans ratio was 1.26% at
March 31, 2026 , compared to 1.30% atMarch 31, 2025 , and 1.28% atDecember 31, 2025 . - The allowance for credit losses was
$40.5 million atMarch 31, 2026 , compared to$40.3 million atMarch 31, 2025 , and$42.0 million atDecember 31, 2025 . - Non-performing assets at
March 31, 2026 , were$30.2 million , a decrease of$1.0 million or 3.3%, fromDecember 31, 2025 . The non-performing assets to assets ratio was 0.70% and 0.72% atMarch 31, 2026 andDecember 31, 2025 , respectively. - The allowance for credit losses to non-performing loans increased slightly to 134.8% at
March 31, 2026 , from 134.3% atDecember 31, 2025 .
Non-interest Income
Non-interest income for the first quarter of 2026 totaled
- Service charges increased
$0.2 million for the first quarter of 2026, compared to the same period last year, primarily from higher retail service charges, including retail overdraft fees. - Net gain on sale of loans increased
$1.0 million for the first quarter of 2026, compared to the same period last year, due to the changes in the interest rate environment. - Lease revenue and residual income decreased
$0.3 million for the first quarter of 2026 compared to the same period last year, mainly due to a decrease in operating lease originations in the first quarter of 2026 as the Company continues to shift towards finance leases. - Other income increased
$0.4 million for the first quarter of 2026 compared to the same period last year. Income from the Company's captive insurance subsidiary, CIVB Risk Management, recorded$0.5 million of income in the first quarter of 2026 related to the closure of three claims without payment, resulting in a reduction of ceded reserves.
Non-interest Expense
Non-interest expense for the first quarter of 2026 totaled
- Compensation expense increased
$2.2 million for the first quarter of 2026 compared to the same period last year, primarily due to increases in salaries, commissions, and medical expenses associated from operating with higher full-time equivalent (FTE) employees year-over-year. - The quarter-to-date average number of FTE employees was 535 at
March 31, 2026 , compared with an average number of 520 for the same period in 2025. - Other expenses increased
$0.5 million for the first quarter of 2026 compared to the same period last year, mainly due to the aforementioned acquisition-related expenses. - The efficiency ratio was 60.1% for the quarter ended
March 31, 2026 , compared to 64.9% for the same period last year. The change in the efficiency ratio is primarily due to a 10.1% increase in non-interest expenses, mostly offset by a 15.4% increase in net interest income and a 20.0% increase in non-interest income.
Taxes
Civista's effective income tax rate for the first quarter of 2026 was 16.8% compared to 14.8% for the same period last year.
Capital
Total shareholders' equity at
Civista did not repurchase any shares in the first quarter of 2026 as the current repurchase plan is set to expire in
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. Certain non-GAAP financial measures discussed earlier in this release, including efficiency ratio, net interest margin, tangible book value per share, and related ratios, are identified in the accompanying financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.
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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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2026 |
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2025 |
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Average |
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Yield/ |
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Average |
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Yield/ |
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Assets: |
balance |
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Interest |
|
rate * |
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|
balance |
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Interest |
|
rate * |
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Interest-earning assets: |
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|
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Loans ** |
$ |
3,252,342 |
|
$ |
49,230 |
|
|
6.14 |
% |
|
$ |
3,099,440 |
|
|
47,646 |
|
|
6.23 |
% |
|
Taxable securities *** |
|
432,760 |
|
|
3,954 |
|
|
3.49 |
% |
|
|
396,893 |
|
|
3,555 |
|
|
3.31 |
% |
|
Non-taxable securities *** |
|
285,277 |
|
|
2,303 |
|
|
3.94 |
% |
|
|
286,481 |
|
|
2,340 |
|
|
3.91 |
% |
|
Interest-bearing deposits in other banks |
|
32,765 |
|
|
322 |
|
|
3.91 |
% |
|
|
18,895 |
|
|
192 |
|
|
4.13 |
% |
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Total interest-earning assets *** |
$ |
4,003,144 |
|
$ |
55,809 |
|
|
5.66 |
% |
|
$ |
3,801,709 |
|
$ |
53,733 |
|
|
5.71 |
% |
|
Noninterest-earning assets: |
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Cash and due from financial institutions |
|
39,130 |
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|
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|
43,203 |
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Premises and equipment, net |
|
39,989 |
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|
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|
46,404 |
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Accrued interest receivable |
|
14,196 |
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|
13,567 |
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Intangible assets |
|
143,272 |
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|
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|
|
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|
133,268 |
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Bank owned life insurance |
|
63,287 |
|
|
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|
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|
62,916 |
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Other assets |
|
51,682 |
|
|
|
|
|
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|
58,588 |
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Less allowance for loan losses |
|
(41,663) |
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(39,956) |
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Total Assets |
$ |
4,313,037 |
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|
$ |
4,119,699 |
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Liabilities and Shareholders' Equity: |
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Interest-bearing liabilities: |
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Demand and savings |
$ |
1,655,416 |
|
$ |
5,431 |
|
|
1.33 |
% |
|
$ |
1,578,949 |
|
$ |
5,729 |
|
|
1.47 |
% |
|
Time |
|
1,110,357 |
|
|
10,022 |
|
|
3.66 |
% |
|
|
959,611 |
|
|
9,987 |
|
|
4.22 |
% |
|
Short-term FHLB borrowings |
|
148,656 |
|
|
1,348 |
|
|
3.68 |
% |
|
|
355,589 |
|
|
3,929 |
|
|
4.48 |
% |
|
Long-term FHLB borrowings |
|
781 |
|
|
5 |
|
|
2.73 |
% |
|
|
1,408 |
|
|
9 |
|
|
2.56 |
% |
|
Other borrowings |
|
3,913 |
|
|
72 |
|
|
7.50 |
% |
|
|
6,430 |
|
|
145 |
|
|
9.14 |
% |
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Subordinated debentures |
|
104,249 |
|
|
1,108 |
|
|
4.31 |
% |
|
|
104,103 |
|
|
1,161 |
|
|
4.52 |
% |
|
Total interest-bearing liabilities |
$ |
3,023,372 |
|
$ |
17,986 |
|
|
2.41 |
% |
|
$ |
3,006,090 |
|
$ |
20,960 |
|
|
2.83 |
% |
|
Non-interest-bearing deposits |
|
695,429 |
|
|
|
|
|
|
|
670,774 |
|
|
|
|
|
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Other liabilities |
|
40,296 |
|
|
|
|
|
|
|
45,814 |
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|
|
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|
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Shareholders' equity |
|
553,940 |
|
|
|
|
|
|
|
397,021 |
|
|
|
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Total Liabilities and Shareholders' Equity |
$ |
4,313,037 |
|
|
|
|
|
|
$ |
4,119,699 |
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Net interest income and interest rate spread |
|
|
$ |
37,823 |
|
|
3.25 |
% |
|
|
|
$ |
32,773 |
|
|
2.88 |
% |
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Net interest margin *** |
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|
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|
3.85 |
% |
|
|
|
|
|
|
3.51 |
% |
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* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was |
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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 by unrealized losses of |
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Non-interest income |
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(unaudited - dollars in thousands) |
Three months ended |
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|
2026 |
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|
2025 |
|
|
$ Change |
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|
% Change |
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||||
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Service charges |
$ |
1,714 |
|
|
$ |
1,524 |
|
|
$ |
190 |
|
|
|
12.5 |
% |
|
Net gain (loss) on equity securities |
|
33 |
|
|
|
(29) |
|
|
|
62 |
|
|
|
213.8 |
% |
|
Net gain on sale of loans and leases |
|
1,605 |
|
|
|
604 |
|
|
|
1,001 |
|
|
|
165.7 |
% |
|
ATM/Interchange fees |
|
1,386 |
|
|
|
1,326 |
|
|
|
60 |
|
|
|
4.5 |
% |
|
Wealth management fees |
|
1,433 |
|
|
|
1,340 |
|
|
|
93 |
|
|
|
6.9 |
% |
|
Lease revenue and residual income |
|
1,630 |
|
|
|
1,896 |
|
|
|
(266) |
|
|
|
-14.0 |
% |
|
Bank owned life insurance |
|
390 |
|
|
|
387 |
|
|
|
3 |
|
|
|
0.8 |
% |
|
Swap fees |
|
56 |
|
|
|
72 |
|
|
|
(16) |
|
|
|
-22.2 |
% |
|
Other |
|
1,184 |
|
|
|
740 |
|
|
|
444 |
|
|
|
60.0 |
% |
|
Total non-interest income |
$ |
9,431 |
|
|
$ |
7,860 |
|
|
$ |
1,571 |
|
|
|
20.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
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|
||||
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
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|
||||
|
(unaudited - dollars in thousands) |
Three months ended |
|
|||||||||||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
||||
|
Compensation expense |
$ |
16,229 |
|
|
$ |
14,043 |
|
|
$ |
2,186 |
|
|
|
15.6 |
% |
|
Net occupancy expense |
|
1,623 |
|
|
|
1,634 |
|
|
|
(11) |
|
|
|
-0.7 |
% |
|
Contracted data processing |
|
730 |
|
|
|
567 |
|
|
|
163 |
|
|
|
28.7 |
% |
|
|
|
423 |
|
|
|
873 |
|
|
|
(450) |
|
|
|
-51.5 |
% |
|
State franchise tax |
|
554 |
|
|
|
526 |
|
|
|
28 |
|
|
|
5.3 |
% |
|
Professional services |
|
1,585 |
|
|
|
2,090 |
|
|
|
(505) |
|
|
|
-24.2 |
% |
|
Equipment expense |
|
2,089 |
|
|
|
2,103 |
|
|
|
(14) |
|
|
|
-0.7 |
% |
|
ATM/Interchange expense |
|
732 |
|
|
|
580 |
|
|
|
152 |
|
|
|
26.2 |
% |
|
Marketing |
|
478 |
|
|
|
296 |
|
|
|
182 |
|
|
|
61.5 |
% |
|
Amortization of core deposit intangible |
|
696 |
|
|
|
332 |
|
|
|
364 |
|
|
|
109.6 |
% |
|
Software maintenance expense |
|
1,475 |
|
|
|
1,277 |
|
|
|
198 |
|
|
|
15.5 |
% |
|
Other |
|
3,259 |
|
|
|
2,805 |
|
|
|
454 |
|
|
|
16.2 |
% |
|
Total non-interest expense |
$ |
29,873 |
|
|
$ |
27,126 |
|
|
$ |
2,747 |
|
|
|
10.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
End of period loan and lease balances |
|
|
|
|
|
|
|
|
|
|
|
||||
|
(unaudited - dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
||||
|
Commercial and Agriculture |
$ |
310,400 |
|
|
$ |
308,692 |
|
|
$ |
1,708 |
|
|
|
0.6 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Owner Occupied |
|
390,786 |
|
|
|
385,547 |
|
|
|
5,239 |
|
|
|
1.4 |
% |
|
Non-owner Occupied |
|
1,232,781 |
|
|
|
1,239,017 |
|
|
|
(6,236) |
|
|
|
-0.5 |
% |
|
|
|
943,425 |
|
|
|
944,328 |
|
|
|
(903) |
|
|
|
-0.1 |
% |
|
|
|
254,254 |
|
|
|
285,137 |
|
|
|
(30,883) |
|
|
|
-10.8 |
% |
|
|
|
32,700 |
|
|
|
37,775 |
|
|
|
(5,075) |
|
|
|
-13.4 |
% |
|
Lease financing receivable |
|
32,693 |
|
|
|
35,103 |
|
|
|
(2,410) |
|
|
|
-6.9 |
% |
|
Consumer and Other |
|
32,628 |
|
|
|
34,447 |
|
|
|
(1,819) |
|
|
|
-5.3 |
% |
|
Total Loans |
$ |
3,229,667 |
|
|
$ |
3,270,046 |
|
|
$ |
(40,379) |
|
|
|
-1.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
End of period deposit balances |
|
|
|
|
|
|
|
|
|
|
|
||||
|
(unaudited - dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
2026 |
|
|
2025 |
|
|
$ Change |
|
|
% Change |
|
||||
|
Noninterest-bearing demand |
$ |
703,778 |
|
|
$ |
702,032 |
|
|
$ |
1,746 |
|
|
|
0.2 |
% |
|
Interest-bearing demand |
|
419,295 |
|
|
|
400,403 |
|
|
|
18,892 |
|
|
|
4.7 |
% |
|
Savings and money market |
|
1,291,253 |
|
|
|
1,234,593 |
|
|
|
56,660 |
|
|
|
4.6 |
% |
|
Time deposits |
|
710,423 |
|
|
|
727,294 |
|
|
|
(16,871) |
|
|
|
-2.3 |
% |
|
Brokered deposits |
|
377,141 |
|
|
|
402,142 |
|
|
|
(25,001) |
|
|
|
-6.2 |
% |
|
Total Deposits |
$ |
3,501,890 |
|
|
$ |
3,466,464 |
|
|
$ |
35,426 |
|
|
|
1.0 |
% |
|
Allowance for Credit Losses |
|
|
|
|
|
||
|
(dollars in thousands) |
|
|
|
|
|
||
|
|
Three months ended |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
Beginning of period |
$ |
42,020 |
|
|
$ |
39,669 |
|
|
Charge-offs |
|
(806) |
|
|
|
(976) |
|
|
Recoveries |
|
90 |
|
|
|
343 |
|
|
Provision |
|
(768) |
|
|
|
1,248 |
|
|
End of period |
$ |
40,536 |
|
|
$ |
40,284 |
|
|
|
|
|
|
|
|
||
|
Allowance for Unfunded Commitments |
|
|
|
|
|
||
|
(dollars in thousands) |
|
|
|
|
|
||
|
|
Three months ended |
|
|||||
|
|
2026 |
|
|
2025 |
|
||
|
Beginning of period |
$ |
3,236 |
|
|
$ |
3,380 |
|
|
Provision |
|
139 |
|
|
|
319 |
|
|
End of period |
$ |
3,375 |
|
|
$ |
3,699 |
|
|
|
|
|
|
|
|
||
|
(dollars in thousands) |
|
|
|
|
|
||
|
|
2026 |
|
|
2025 |
|
||
|
Non-accrual loans |
$ |
29,400 |
|
|
$ |
30,834 |
|
|
Restructured loans, accruing |
|
538 |
|
|
|
14 |
|
|
90+ Days Past Due, Still Accruing |
|
229 |
|
|
|
462 |
|
|
Total non-performing loans |
|
30,167 |
|
|
|
31,310 |
|
|
Other Real Estate Owned |
|
- |
|
|
|
- |
|
|
Total non-performing assets |
$ |
30,167 |
|
|
$ |
31,310 |
|
|
Financial Highlights (Unaudited, dollars in thousands, except share and per share amounts)
|
||||||||
|
Consolidated Condensed Statement of Operations |
||||||||
|
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
|
|
|||||
|
|
|
|
|
|||||
|
|
2026 |
|
|
2025 |
|
|
||
|
|
|
|
|
|
|
|
||
|
Interest income |
$ |
55,809 |
|
|
$ |
53,733 |
|
|
|
Interest expense |
|
17,986 |
|
|
|
20,960 |
|
|
|
Net interest income |
|
37,823 |
|
|
|
32,773 |
|
|
|
Provision for credit losses |
|
(768) |
|
|
|
1,248 |
|
|
|
Provision for unfunded commitments |
|
139 |
|
|
|
319 |
|
|
|
Net interest income after provision |
|
38,452 |
|
|
|
31,206 |
|
|
|
Non-interest income |
|
9,431 |
|
|
|
7,860 |
|
|
|
Non-interest expense |
|
29,873 |
|
|
|
27,126 |
|
|
|
Income before taxes |
|
18,010 |
|
|
|
11,940 |
|
|
|
Income tax expense |
|
3,021 |
|
|
|
1,772 |
|
|
|
Net income |
|
14,989 |
|
|
|
10,168 |
|
|
|
Net income available |
|
|
|
|
|
|
||
|
to common shareholders |
$ |
14,989 |
|
|
$ |
10,168 |
|
|
|
|
|
|
|
|
|
|
||
|
Dividends paid per common share |
$ |
0.18 |
|
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
||
|
Earnings per common share |
|
|
|
|
|
|
||
|
Basic |
|
|
|
|
|
|
||
|
Net income |
$ |
14,989 |
|
|
$ |
10,168 |
|
|
|
Less allocation of earnings and |
|
|
|
|
|
|
||
|
dividends to participating securities |
|
28 |
|
|
|
44 |
|
|
|
Net income available to common |
|
|
|
|
|
|
||
|
shareholders - basic |
$ |
14,961 |
|
|
$ |
10,124 |
|
|
|
Weighted average common shares outstanding |
|
20,745,499 |
|
|
|
15,488,813 |
|
|
|
Less average participating securities |
|
39,169 |
|
|
|
66,711 |
|
|
|
Weighted average number of shares outstanding |
|
|
|
|
|
|
||
|
used to calculate basic earnings per share |
|
20,706,330 |
|
|
|
15,422,102 |
|
|
|
|
|
|
|
|
|
|
||
|
Earnings per common share |
|
|
|
|
|
|
||
|
Basic |
$ |
0.72 |
|
|
$ |
0.66 |
|
|
|
Diluted |
$ |
0.72 |
|
|
|
0.66 |
|
|
|
|
|
|
|
|
|
|
||
|
Selected financial ratios: |
|
|
|
|
|
|
||
|
Return on average assets |
|
1.41 |
% |
|
|
1.00 |
% |
|
|
Return on average equity |
|
10.97 |
% |
|
|
10.39 |
% |
|
|
Dividend payout ratio |
|
24.91 |
% |
|
|
25.90 |
% |
|
|
Net interest margin (tax equivalent) |
|
3.85 |
% |
|
|
3.51 |
% |
|
|
Effective tax rate |
|
16.77 |
% |
|
|
14.84 |
% |
|
|
Selected Balance Sheet Items |
|
||||||
|
(Dollars in thousands, except share and per share amounts) |
|
||||||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
2026 |
|
|
2025 |
|
||
|
|
(unaudited) |
|
|
(unaudited) |
|
||
|
|
|
|
|
|
|
||
|
Cash and due from financial institutions |
$ |
83,525 |
|
|
$ |
77,320 |
|
|
Investment in time deposits |
|
2,880 |
|
|
|
1,165 |
|
|
Investment securities |
|
682,462 |
|
|
|
684,600 |
|
|
Loans held for sale |
|
6,940 |
|
|
|
7,180 |
|
|
Loans |
|
3,229,667 |
|
|
|
3,270,046 |
|
|
Less: allowance for credit losses |
|
(40,536) |
|
|
|
(42,020) |
|
|
Net loans |
|
3,189,131 |
|
|
|
3,228,026 |
|
|
Other securities |
|
25,144 |
|
|
|
25,942 |
|
|
Premises and equipment, net |
|
39,055 |
|
|
|
40,611 |
|
|
Goodwill and other intangibles |
|
142,774 |
|
|
|
143,538 |
|
|
Bank owned life insurance |
|
63,543 |
|
|
|
63,153 |
|
|
Other assets |
|
62,868 |
|
|
|
64,918 |
|
|
Total assets |
$ |
4,298,322 |
|
|
$ |
4,336,453 |
|
|
|
|
|
|
|
|
||
|
Total deposits |
$ |
3,501,890 |
|
|
$ |
3,466,464 |
|
|
Short-term |
|
100,000 |
|
|
|
175,000 |
|
|
Long-term |
|
739 |
|
|
|
855 |
|
|
Subordinated debentures |
|
104,276 |
|
|
|
104,234 |
|
|
Other borrowings |
|
3,594 |
|
|
|
4,090 |
|
|
Accrued expenses and other liabilities |
|
35,580 |
|
|
|
42,336 |
|
|
Total liabilities |
|
3,746,079 |
|
|
|
3,792,979 |
|
|
Common shares |
|
420,488 |
|
|
|
419,769 |
|
|
Retained earnings |
|
251,041 |
|
|
|
239,784 |
|
|
Treasury shares |
|
(76,082) |
|
|
|
(75,764) |
|
|
Accumulated other comprehensive loss |
|
(43,204) |
|
|
|
(40,315) |
|
|
Total shareholders' equity |
|
552,243 |
|
|
|
543,474 |
|
|
Total liabilities and shareholders' equity |
$ |
4,298,322 |
|
|
$ |
4,336,453 |
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
2026 |
|
|
2025 |
|
||
|
|
(unaudited) |
|
|
(unaudited) |
|
||
|
|
|
|
|
|
|
||
|
Shares outstanding at period end |
|
20,783,348 |
|
|
|
20,746,474 |
|
|
Book value per share |
$ |
26.57 |
|
|
$ |
26.20 |
|
|
Equity to asset ratio |
|
12.85 |
% |
|
|
12.53 |
% |
|
|
|
|
|
|
|
||
|
Selected asset quality ratios: |
|
|
|
|
|
||
|
Allowance for credit losses to total loans |
|
1.26 |
% |
|
|
1.28 |
% |
|
Non-performing assets to total assets |
|
0.70 |
% |
|
|
0.72 |
% |
|
Allowance for credit losses to non-performing loans |
|
134.37 |
% |
|
|
134.21 |
% |
|
|
|
|
|
|
|
||
|
Non-performing asset analysis |
|
|
|
|
|
||
|
Nonaccrual loans |
$ |
29,400 |
|
|
$ |
30,834 |
|
|
Restructured loans |
|
538 |
|
|
|
14 |
|
|
Other real estate owned |
|
- |
|
|
|
- |
|
|
90+ Days Past Due, Still Accruing |
|
229 |
|
|
|
462 |
|
|
Total |
$ |
30,167 |
|
|
$ |
31,310 |
|
|
Supplemental Financial Information |
|||||||||||||||||||||
|
(Unaudited - dollars in thousands except share data) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
End of Period Balances |
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Cash and due from banks |
$ |
83,525 |
|
|
$ |
77,320 |
|
|
$ |
62,766 |
|
|
$ |
73,858 |
|
|
$ |
90,456 |
|
|
|
|
Investment in time deposits |
|
2,880 |
|
|
|
1,165 |
|
|
|
735 |
|
|
|
715 |
|
|
|
960 |
|
|
|
|
Investment securities |
|
682,462 |
|
|
|
684,600 |
|
|
|
657,189 |
|
|
|
645,228 |
|
|
|
648,537 |
|
|
|
|
Loans held for sale |
|
6,940 |
|
|
|
7,180 |
|
|
|
8,012 |
|
|
|
10,733 |
|
|
|
4,324 |
|
|
|
|
Loans and leases |
|
3,229,667 |
|
|
|
3,270,046 |
|
|
|
3,095,994 |
|
|
|
3,151,124 |
|
|
|
3,104,036 |
|
|
|
|
Allowance for credit losses |
|
(40,536) |
|
|
|
(42,020) |
|
|
|
(40,254) |
|
|
|
(40,455) |
|
|
|
(40,284) |
|
|
|
|
Net Loans |
|
3,189,131 |
|
|
|
3,228,026 |
|
|
|
3,055,740 |
|
|
|
3,110,669 |
|
|
|
3,063,752 |
|
|
|
|
Other securities |
|
25,144 |
|
|
|
25,942 |
|
|
|
27,901 |
|
|
|
36,195 |
|
|
|
32,592 |
|
|
|
|
Premises and equipment, net |
|
39,055 |
|
|
|
40,611 |
|
|
|
40,910 |
|
|
|
42,922 |
|
|
|
45,107 |
|
|
|
|
|
|
142,774 |
|
|
|
143,538 |
|
|
|
132,276 |
|
|
|
132,631 |
|
|
|
133,026 |
|
|
|
|
Bank owned life insurance |
|
63,543 |
|
|
|
63,153 |
|
|
|
62,756 |
|
|
|
63,555 |
|
|
|
63,170 |
|
|
|
|
Other assets |
|
62,868 |
|
|
|
64,918 |
|
|
|
65,049 |
|
|
|
69,363 |
|
|
|
64,793 |
|
|
|
|
Total Assets |
$ |
4,298,322 |
|
|
$ |
4,336,453 |
|
|
$ |
4,113,334 |
|
|
$ |
4,185,869 |
|
|
$ |
4,146,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total deposits |
$ |
3,501,890 |
|
|
$ |
3,466,464 |
|
|
$ |
3,230,463 |
|
|
$ |
3,196,207 |
|
|
$ |
3,238,888 |
|
|
|
|
|
|
100,000 |
|
|
|
175,000 |
|
|
|
232,000 |
|
|
|
433,500 |
|
|
|
360,000 |
|
|
|
|
|
|
739 |
|
|
|
855 |
|
|
|
970 |
|
|
|
1,103 |
|
|
|
1,355 |
|
|
|
|
Subordinated debentures |
|
104,276 |
|
|
|
104,234 |
|
|
|
104,213 |
|
|
|
104,172 |
|
|
|
104,130 |
|
|
|
|
Other borrowings |
|
3,594 |
|
|
|
4,090 |
|
|
|
4,699 |
|
|
|
5,379 |
|
|
|
6,140 |
|
|
|
|
Accrued expenses and other liabilities |
|
35,580 |
|
|
|
42,336 |
|
|
|
41,961 |
|
|
|
41,371 |
|
|
|
38,770 |
|
|
|
|
Total liabilities |
|
3,746,079 |
|
|
|
3,792,979 |
|
|
|
3,614,306 |
|
|
|
3,781,732 |
|
|
|
3,749,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Common shares |
|
420,488 |
|
|
|
419,769 |
|
|
|
388,458 |
|
|
|
312,589 |
|
|
|
312,192 |
|
|
|
|
Retained earnings |
|
251,041 |
|
|
|
239,784 |
|
|
|
230,798 |
|
|
|
221,321 |
|
|
|
212,944 |
|
|
|
|
|
|
(76,082) |
|
|
|
(75,764) |
|
|
|
(75,760) |
|
|
|
(75,753) |
|
|
|
(75,753) |
|
|
|
|
Accumulated other comprehensive loss |
|
(43,204) |
|
|
|
(40,315) |
|
|
|
(44,468) |
|
|
|
(54,020) |
|
|
|
(51,949) |
|
|
|
|
Total shareholders' equity |
|
552,243 |
|
|
|
543,474 |
|
|
|
499,028 |
|
|
|
404,137 |
|
|
|
397,434 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total Liabilities and Shareholders' Equity |
$ |
4,298,322 |
|
|
$ |
4,336,453 |
|
|
$ |
4,113,334 |
|
|
$ |
4,185,869 |
|
|
$ |
4,146,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Shares outstanding at period end |
|
20,783,348 |
|
|
|
20,746,474 |
|
|
|
19,312,726 |
|
|
|
15,529,342 |
|
|
|
15,519,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Book value per share |
$ |
26.57 |
|
|
$ |
26.20 |
|
|
$ |
25.84 |
|
|
$ |
26.02 |
|
|
$ |
25.61 |
|
|
|
|
Equity to asset ratio |
|
12.85 |
% |
|
|
12.53 |
% |
|
|
12.13 |
% |
|
|
9.65 |
% |
|
|
9.58 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
||||||
|
Selected asset quality ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Allowance for credit losses to total loans |
|
1.26 |
% |
|
|
1.28 |
% |
|
|
1.30 |
% |
|
|
1.28 |
% |
|
|
1.30 |
% |
|
|
|
Non-performing assets to total assets |
|
0.70 |
% |
|
|
0.72 |
% |
|
|
0.55 |
% |
|
|
0.55 |
% |
|
|
0.75 |
% |
|
|
|
Allowance for credit losses to non-performing loans |
|
134.37 |
% |
|
|
134.21 |
% |
|
|
176.52 |
% |
|
|
176.11 |
% |
|
|
129.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-performing asset analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-accrual loans |
$ |
29,400 |
|
|
$ |
30,834 |
|
|
$ |
22,615 |
|
|
$ |
22,742 |
|
|
$ |
30,989 |
|
|
|
|
Restructured loans |
|
538 |
|
|
|
14 |
|
|
|
12 |
|
|
|
7 |
|
|
|
- |
|
|
|
|
90+ Days Past Due, Still Accruing |
|
229 |
|
|
|
462 |
|
|
|
177 |
|
|
|
223 |
|
|
|
146 |
|
|
|
|
Other real estate owned |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
209 |
|
|
|
209 |
|
|
|
|
Total |
$ |
30,167 |
|
|
$ |
31,310 |
|
|
$ |
22,804 |
|
|
$ |
23,181 |
|
|
$ |
31,344 |
|
|
|
|
|
|||||||||||||||||||||
|
Supplemental Financial Information |
|||||||||||||||||||||
|
(Unaudited - dollars in thousands except share data) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Quarterly Average Balances |
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
||||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Earning assets |
$ |
4,003,144 |
|
|
$ |
3,939,580 |
|
|
$ |
3,829,484 |
|
|
$ |
3,841,369 |
|
|
$ |
3,801,709 |
|
|
|
|
Securities |
|
718,037 |
|
|
|
694,263 |
|
|
|
676,938 |
|
|
|
682,035 |
|
|
|
683,374 |
|
|
|
|
Loans |
|
3,252,342 |
|
|
|
3,197,327 |
|
|
|
3,128,033 |
|
|
|
3,136,091 |
|
|
|
3,099,440 |
|
|
|
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total deposits |
$ |
3,461,202 |
|
|
$ |
3,424,018 |
|
|
$ |
3,237,025 |
|
|
$ |
3,190,592 |
|
|
$ |
3,209,277 |
|
|
|
|
Interest-bearing deposits |
|
2,765,773 |
|
|
|
2,717,751 |
|
|
|
2,574,153 |
|
|
|
2,538,500 |
|
|
|
2,538,561 |
|
|
|
|
Other interest-bearing liabilities |
|
257,599 |
|
|
|
256,899 |
|
|
|
383,305 |
|
|
|
523,824 |
|
|
|
461,100 |
|
|
|
|
Total shareholders' equity |
|
553,940 |
|
|
|
525,673 |
|
|
|
472,993 |
|
|
|
400,915 |
|
|
|
397,021 |
|
|
|
|
|
|||||||||||||||||||||
|
Supplemental Financial Information |
|||||||||||||||||||||
|
(Unaudited - dollars in thousands) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
End of period loan and lease balances |
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|||||||
|
Commercial and Agriculture |
$ |
310,400 |
|
|
$ |
308,692 |
|
|
$ |
302,407 |
|
|
$ |
338,598 |
|
|
$ |
330,627 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Owner Occupied |
|
390,786 |
|
|
|
385,547 |
|
|
|
384,176 |
|
|
|
378,248 |
|
|
|
378,095 |
|
|
|
|
Non-owner Occupied |
|
1,232,781 |
|
|
|
1,239,017 |
|
|
|
1,216,031 |
|
|
|
1,263,612 |
|
|
|
1,246,025 |
|
|
|
|
|
|
943,425 |
|
|
|
944,328 |
|
|
|
842,362 |
|
|
|
815,408 |
|
|
|
773,349 |
|
|
|
|
|
|
254,254 |
|
|
|
285,137 |
|
|
|
278,163 |
|
|
|
277,643 |
|
|
|
297,589 |
|
|
|
|
|
|
32,700 |
|
|
|
37,775 |
|
|
|
23,713 |
|
|
|
23,866 |
|
|
|
22,399 |
|
|
|
|
Lease financing receivable |
|
32,693 |
|
|
|
35,103 |
|
|
|
38,960 |
|
|
|
42,758 |
|
|
|
44,570 |
|
|
|
|
Consumer and Other |
|
32,628 |
|
|
|
34,447 |
|
|
|
10,182 |
|
|
|
10,991 |
|
|
|
11,382 |
|
|
|
|
Total Loans |
$ |
3,229,667 |
|
|
$ |
3,270,046 |
|
|
$ |
3,095,994 |
|
|
$ |
3,151,124 |
|
|
$ |
3,104,036 |
|
|
|
|
|
|||||||||||||||||||||
|
Supplemental Financial Information |
|||||||||||||||||||||
|
(Unaudited - dollars in thousands) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
End of period deposit balances |
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
||||||
|
Noninterest-bearing demand |
$ |
703,778 |
|
|
$ |
702,032 |
|
|
$ |
651,934 |
|
|
$ |
647,609 |
|
|
$ |
648,683 |
|
|
|
|
Interest-bearing demand |
|
419,295 |
|
|
|
400,403 |
|
|
|
415,620 |
|
|
|
433,089 |
|
|
|
467,601 |
|
|
|
|
Savings and money market |
|
1,291,253 |
|
|
|
1,234,593 |
|
|
|
1,129,985 |
|
|
|
1,100,660 |
|
|
|
1,146,480 |
|
|
|
|
Time deposits |
|
710,423 |
|
|
|
727,294 |
|
|
|
601,757 |
|
|
|
560,702 |
|
|
|
515,910 |
|
|
|
|
Brokered deposits |
|
377,141 |
|
|
|
402,142 |
|
|
|
431,167 |
|
|
|
454,147 |
|
|
|
460,214 |
|
|
|
|
Total Deposits |
$ |
3,501,890 |
|
|
$ |
3,466,464 |
|
|
$ |
3,230,463 |
|
|
$ |
3,196,207 |
|
|
$ |
3,238,888 |
|
|
|
|
|
|||||||||||||||||||||
|
Supplemental Financial Information |
|||||||||||||||||||||
|
(Unaudited - dollars in thousands except share data) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Income statement |
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total interest and dividend income |
$ |
55,809 |
|
|
$ |
55,741 |
|
|
$ |
55,240 |
|
|
$ |
56,271 |
|
|
$ |
53,733 |
|
|
|
|
Total interest expense |
|
17,986 |
|
|
|
19,290 |
|
|
|
20,695 |
|
|
|
21,457 |
|
|
|
20,960 |
|
|
|
|
Net interest income |
|
37,823 |
|
|
|
36,451 |
|
|
|
34,545 |
|
|
|
34,814 |
|
|
|
32,773 |
|
|
|
|
Provision for credit losses |
|
(768) |
|
|
|
724 |
|
|
|
378 |
|
|
|
1,171 |
|
|
|
1,248 |
|
|
|
|
Provision for unfunded commitments |
|
139 |
|
|
|
(139) |
|
|
|
(178) |
|
|
|
(146) |
|
|
|
319 |
|
|
|
|
Non-interest income |
|
9,431 |
|
|
|
9,884 |
|
|
|
9,633 |
|
|
|
6,589 |
|
|
|
7,860 |
|
|
|
|
Non-interest expense |
|
29,873 |
|
|
|
31,003 |
|
|
|
28,327 |
|
|
|
27,482 |
|
|
|
27,126 |
|
|
|
|
Income before taxes |
|
18,010 |
|
|
|
14,747 |
|
|
|
15,651 |
|
|
|
12,896 |
|
|
|
11,940 |
|
|
|
|
Income tax expense |
|
3,021 |
|
|
|
2,480 |
|
|
|
2,891 |
|
|
|
1,881 |
|
|
|
1,772 |
|
|
|
|
Net income |
$ |
14,989 |
|
|
$ |
12,267 |
|
|
$ |
12,760 |
|
|
$ |
11,015 |
|
|
$ |
10,168 |
|
|
|
|
Net income available to common shareholders |
$ |
14,989 |
|
|
$ |
12,267 |
|
|
$ |
12,760 |
|
|
$ |
11,015 |
|
|
$ |
10,168 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Per share data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Net income |
$ |
14,989 |
|
|
$ |
12,267 |
|
|
$ |
12,760 |
|
|
$ |
11,015 |
|
|
$ |
10,168 |
|
|
|
|
Less allocation of earnings and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
dividends to participating securities |
|
28 |
|
|
|
48 |
|
|
|
61 |
|
|
|
45 |
|
|
|
44 |
|
|
|
|
Net income available to common shareholders - basic |
$ |
14,961 |
|
|
$ |
12,219 |
|
|
$ |
12,699 |
|
|
$ |
10,970 |
|
|
$ |
10,124 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Weighted average common shares outstanding |
|
20,745,499 |
|
|
|
20,185,285 |
|
|
|
18,767,307 |
|
|
|
15,524,490 |
|
|
|
15,488,813 |
|
|
|
|
Less average participating securities |
|
39,169 |
|
|
|
90,281 |
|
|
|
91,743 |
|
|
|
96,692 |
|
|
|
66,711 |
|
|
|
|
Weighted average number of shares outstanding used to |
|
20,706,330 |
|
|
|
20,095,004 |
|
|
|
18,675,564 |
|
|
|
15,427,798 |
|
|
|
15,422,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Basic |
$ |
0.72 |
|
|
$ |
0.61 |
|
|
$ |
0.68 |
|
|
$ |
0.71 |
|
|
$ |
0.66 |
|
|
|
|
Diluted |
$ |
0.72 |
|
|
$ |
0.61 |
|
|
$ |
0.68 |
|
|
$ |
0.71 |
|
|
$ |
0.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Common shares dividend paid |
$ |
3,732 |
|
|
$ |
3,283 |
|
|
$ |
3,283 |
|
|
$ |
2,638 |
|
|
$ |
2,636 |
|
|
|
|
Dividends paid per common share |
|
0.18 |
|
|
|
0.17 |
|
|
|
0.17 |
|
|
|
0.17 |
|
|
|
0.17 |
|
|
|
|
|
|||||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Selected financial ratios |
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Return on average assets |
|
1.41 |
% |
|
|
1.14 |
% |
|
|
1.22 |
% |
|
|
1.06 |
% |
|
|
1.00 |
% |
|
|
|
Return on average equity |
|
10.97 |
% |
|
|
9.26 |
% |
|
|
10.70 |
% |
|
|
11.02 |
% |
|
|
10.39 |
% |
|
|
|
Dividend payout ratio |
|
24.91 |
% |
|
|
27.97 |
% |
|
|
25.00 |
% |
|
|
23.96 |
% |
|
|
25.90 |
% |
|
|
|
Net interest margin (tax equivalent) |
|
3.85 |
% |
|
|
3.69 |
% |
|
|
3.58 |
% |
|
|
3.64 |
% |
|
|
3.51 |
% |
|
|
|
Effective tax rate |
|
16.77 |
% |
|
|
16.82 |
% |
|
|
18.47 |
% |
|
|
14.59 |
% |
|
|
14.84 |
% |
|
|
|
|
|||||||||||||||||||||
|
Supplemental Financial Information |
|||||||||||||||||||||
|
(Unaudited - dollars in thousands) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-interest income |
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
||||||
|
Service charges |
$ |
1,714 |
|
|
$ |
1,706 |
|
|
$ |
1,667 |
|
|
$ |
1,564 |
|
|
$ |
1,524 |
|
|
|
|
Net gain (loss) on equity securities |
|
33 |
|
|
|
120 |
|
|
|
255 |
|
|
|
(74) |
|
|
|
(29) |
|
|
|
|
Net gain on sale of loans and leases |
|
1,605 |
|
|
|
1,594 |
|
|
|
1,450 |
|
|
|
841 |
|
|
|
604 |
|
|
|
|
ATM/Interchange fees |
|
1,386 |
|
|
|
1,722 |
|
|
|
1,435 |
|
|
|
1,418 |
|
|
|
1,326 |
|
|
|
|
Wealth management fees |
|
1,433 |
|
|
|
1,473 |
|
|
|
1,402 |
|
|
|
1,325 |
|
|
|
1,340 |
|
|
|
|
Lease revenue and residual income |
|
1,630 |
|
|
|
1,518 |
|
|
|
1,934 |
|
|
|
525 |
|
|
|
1,896 |
|
|
|
|
Bank owned life insurance |
|
390 |
|
|
|
397 |
|
|
|
666 |
|
|
|
386 |
|
|
|
387 |
|
|
|
|
Swap fees |
|
56 |
|
|
|
150 |
|
|
|
- |
|
|
|
53 |
|
|
|
72 |
|
|
|
|
Other |
|
1,184 |
|
|
|
1,204 |
|
|
|
824 |
|
|
|
551 |
|
|
|
740 |
|
|
|
|
Total non-interest income |
$ |
9,431 |
|
|
$ |
9,884 |
|
|
$ |
9,633 |
|
|
$ |
6,589 |
|
|
$ |
7,860 |
|
|
|
|
|
|||||||||||||||||||||
|
Supplemental Financial Information |
|||||||||||||||||||||
|
(Unaudited - dollars in thousands) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-interest expense |
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
||||||
|
Compensation expense |
$ |
16,229 |
|
|
$ |
14,526 |
|
|
$ |
15,161 |
|
|
$ |
15,011 |
|
|
$ |
14,043 |
|
|
|
|
Net occupancy expense |
|
1,623 |
|
|
|
1,410 |
|
|
|
1,466 |
|
|
|
1,419 |
|
|
|
1,634 |
|
|
|
|
Contracted data processing |
|
730 |
|
|
|
672 |
|
|
|
559 |
|
|
|
536 |
|
|
|
567 |
|
|
|
|
|
|
423 |
|
|
|
493 |
|
|
|
627 |
|
|
|
689 |
|
|
|
873 |
|
|
|
|
State franchise tax |
|
554 |
|
|
|
343 |
|
|
|
536 |
|
|
|
634 |
|
|
|
526 |
|
|
|
|
Professional services |
|
1,585 |
|
|
|
1,467 |
|
|
|
1,225 |
|
|
|
1,798 |
|
|
|
2,090 |
|
|
|
|
Equipment expense |
|
2,089 |
|
|
|
2,032 |
|
|
|
2,205 |
|
|
|
1,764 |
|
|
|
2,103 |
|
|
|
|
ATM/Interchange expense |
|
732 |
|
|
|
710 |
|
|
|
755 |
|
|
|
683 |
|
|
|
580 |
|
|
|
|
Marketing |
|
478 |
|
|
|
410 |
|
|
|
391 |
|
|
|
289 |
|
|
|
296 |
|
|
|
|
Amortization of core deposit intangible |
|
696 |
|
|
|
576 |
|
|
|
318 |
|
|
|
338 |
|
|
|
332 |
|
|
|
|
Software maintenance expense |
|
1,475 |
|
|
|
1,411 |
|
|
|
1,480 |
|
|
|
1,294 |
|
|
|
1,277 |
|
|
|
|
Other |
|
3,259 |
|
|
|
6,953 |
|
|
|
3,604 |
|
|
|
3,027 |
|
|
|
2,805 |
|
|
|
|
Total non-interest expense |
$ |
29,873 |
|
|
$ |
31,003 |
|
|
$ |
28,327 |
|
|
$ |
27,482 |
|
|
$ |
27,126 |
|
|
|
|
|
|||||||||||||||||||||
|
Supplemental Financial Information |
|||||||||||||||||||||
|
(Unaudited - dollars in thousands except share data) |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Asset quality |
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Beginning of period |
$ |
42,020 |
|
|
$ |
40,254 |
|
|
$ |
40,455 |
|
|
$ |
40,284 |
|
|
$ |
39,669 |
|
|
|
|
CECL Day 1 Adjustment FSB |
|
- |
|
|
|
1,960 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
Charge-offs |
|
(806) |
|
|
|
(1,064) |
|
|
|
(662) |
|
|
|
(1,092) |
|
|
|
(976) |
|
|
|
|
Recoveries |
|
90 |
|
|
|
146 |
|
|
|
83 |
|
|
|
92 |
|
|
|
343 |
|
|
|
|
Provision |
|
(768) |
|
|
|
724 |
|
|
|
378 |
|
|
|
1,171 |
|
|
|
1,248 |
|
|
|
|
End of period |
$ |
40,536 |
|
|
$ |
42,020 |
|
|
$ |
40,254 |
|
|
$ |
40,455 |
|
|
$ |
40,284 |
|
|
|
|
Allowance for unfunded commitments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Beginning of period |
$ |
3,236 |
|
|
$ |
3,375 |
|
|
$ |
3,553 |
|
|
$ |
3,699 |
|
|
$ |
3,380 |
|
|
|
|
Charge-offs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
Recoveries |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
|
Provision |
|
139 |
|
|
|
(139) |
|
|
|
(178) |
|
|
|
(146) |
|
|
|
319 |
|
|
|
|
End of period |
$ |
3,375 |
|
|
$ |
3,236 |
|
|
$ |
3,375 |
|
|
$ |
3,553 |
|
|
$ |
3,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Allowance to total loans |
|
1.26 |
% |
|
|
1.28 |
% |
|
|
1.30 |
% |
|
|
1.28 |
% |
|
|
1.30 |
% |
|
|
|
Allowance to nonperforming assets |
|
134.37 |
% |
|
|
134.29 |
% |
|
|
176.52 |
% |
|
|
174.52 |
% |
|
|
129.12 |
% |
|
|
|
Allowance to nonperforming loans |
|
134.37 |
% |
|
|
134.29 |
% |
|
|
176.52 |
% |
|
|
176.11 |
% |
|
|
129.99 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Nonperforming assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Non-accrual loans |
$ |
29,400 |
|
|
$ |
30,815 |
|
|
$ |
22,615 |
|
|
$ |
22,742 |
|
|
$ |
30,989 |
|
|
|
|
Restructured loans |
|
538 |
|
|
|
14 |
|
|
|
12 |
|
|
|
7 |
|
|
|
- |
|
|
|
|
90+ Days Past Due, Still Accruing |
|
229 |
|
|
|
461 |
|
|
|
177 |
|
|
|
223 |
|
|
|
- |
|
|
|
|
Total non-performing loans |
|
30,167 |
|
|
|
31,290 |
|
|
|
22,804 |
|
|
|
22,972 |
|
|
|
30,989 |
|
|
|
|
Other Real Estate Owned |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
209 |
|
|
|
209 |
|
|
|
|
Total non-performing assets |
$ |
30,167 |
|
|
$ |
31,290 |
|
|
$ |
22,804 |
|
|
$ |
23,181 |
|
|
$ |
31,198 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Capital and liquidity |
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Tier 1 leverage ratio |
|
11.57 |
% |
|
|
11.32 |
% |
|
|
10.96 |
% |
|
|
8.80 |
% |
|
|
8.66 |
% |
|
|
|
Tier 1 risk-based capital ratio |
|
15.12 |
% |
|
|
14.51 |
% |
|
|
14.19 |
% |
|
|
11.18 |
% |
|
|
10.97 |
% |
|
|
|
Total risk-based capital ratio |
|
18.67 |
% |
|
|
18.02 |
% |
|
|
17.80 |
% |
|
|
14.73 |
% |
|
|
14.53 |
% |
|
|
|
Tangible common equity ratio (1) |
|
9.85 |
% |
|
|
9.54 |
% |
|
|
9.21 |
% |
|
|
6.70 |
% |
|
|
6.59 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
(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) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Shareholder's Equity - GAAP |
$ |
552,243 |
|
|
$ |
543,474 |
|
|
$ |
499,028 |
|
|
$ |
404,137 |
|
|
$ |
397,434 |
|
|
Less: Preferred Equity |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Less: |
|
142,774 |
|
|
|
143,538 |
|
|
|
132,276 |
|
|
|
132,631 |
|
|
|
133,026 |
|
|
Tangible common equity (Non-GAAP) |
$ |
409,469 |
|
|
$ |
399,936 |
|
|
$ |
366,752 |
|
|
$ |
271,506 |
|
|
$ |
264,408 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Shares Outstanding |
|
20,783,348 |
|
|
|
20,746,474 |
|
|
|
19,312,726 |
|
|
|
15,529,342 |
|
|
|
15,519,072 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Tangible book value per share |
$ |
19.70 |
|
|
$ |
19.28 |
|
|
$ |
18.99 |
|
|
$ |
17.48 |
|
|
$ |
17.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Assets - GAAP |
$ |
4,298,322 |
|
|
$ |
4,336,453 |
|
|
$ |
4,113,334 |
|
|
$ |
4,185,869 |
|
|
$ |
4,146,717 |
|
|
Less: |
|
142,774 |
|
|
|
143,538 |
|
|
|
132,276 |
|
|
|
132,631 |
|
|
|
133,026 |
|
|
Tangible assets (Non-GAAP) |
$ |
4,155,548 |
|
|
$ |
4,192,915 |
|
|
$ |
3,981,058 |
|
|
$ |
4,053,238 |
|
|
$ |
4,013,691 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Tangible common equity to tangible assets |
|
9.85 |
% |
|
|
9.54 |
% |
|
|
9.21 |
% |
|
|
6.70 |
% |
|
|
6.59 |
% |
|
Reconciliation of Non-GAAP Financial Measures |
||||||||
|
(Unaudited - dollars in thousands except share data) |
||||||||
|
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
|
|
|||||
|
|
|
|
|
|||||
|
Efficiency ratio (non-GAAP): |
2026 |
|
|
2025 |
|
|
||
|
|
|
|
|
|
|
|
||
|
Noninterest expense (GAAP) |
$ |
29,873 |
|
|
$ |
27,126 |
|
|
|
Less: Amortization of intangible assets expense |
|
696 |
|
|
|
332 |
|
|
|
Less: Acquisition related expenses |
|
427 |
|
|
|
- |
|
|
|
Noninterest expense (non-GAAP) |
$ |
28,750 |
|
|
$ |
26,794 |
|
|
|
|
|
|
|
|
|
|
||
|
Net interest income (GAAP) |
$ |
37,823 |
|
|
$ |
32,773 |
|
|
|
Plus: Taxable equivalent adjustment |
|
612 |
|
|
|
622 |
|
|
|
Noninterest income (GAAP) |
|
9,431 |
|
|
|
7,860 |
|
|
|
Less: Net gains (losses) on equity securities |
|
33 |
|
|
|
(29) |
|
|
|
Net interest income (FTE) plus non-interest income (non-GAAP) |
$ |
47,833 |
|
|
$ |
41,284 |
|
|
|
|
|
|
|
|
|
|
||
|
Efficiency ratio (non-GAAP) |
|
60.1 |
% |
|
|
64.9 |
% |
|
|
Reconciliation of Non-GAAP Financial Measures |
||||||||||||||||||||
|
(Unaudited - dollars in thousands except share data) |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Efficiency ratio (non-GAAP): |
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Noninterest expense (GAAP) |
$ |
29,873 |
|
|
$ |
31,003 |
|
|
$ |
28,327 |
|
|
$ |
27,482 |
|
|
$ |
27,126 |
|
|
|
Less: Amortization of intangible assets expense |
|
696 |
|
|
|
576 |
|
|
|
318 |
|
|
|
339 |
|
|
|
332 |
|
|
|
Less: Acquisition related expenses |
|
427 |
|
|
|
3,424 |
|
|
|
664 |
|
|
|
5 |
|
|
|
- |
|
|
|
Noninterest expense (non-GAAP) |
$ |
28,750 |
|
|
$ |
27,003 |
|
|
$ |
27,345 |
|
|
$ |
27,138 |
|
|
$ |
26,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net interest income (GAAP) |
$ |
37,823 |
|
|
$ |
36,451 |
|
|
$ |
34,545 |
|
|
$ |
34,814 |
|
|
$ |
32,773 |
|
|
|
Plus: Taxable equivalent adjustment |
|
612 |
|
|
|
620 |
|
|
|
618 |
|
|
|
621 |
|
|
|
622 |
|
|
|
Noninterest income (GAAP) |
|
9,431 |
|
|
|
9,884 |
|
|
|
9,633 |
|
|
|
6,589 |
|
|
|
7,860 |
|
|
|
Less: Net gains (losses) on equity securities |
|
33 |
|
|
|
120 |
|
|
|
255 |
|
|
|
(74) |
|
|
|
(29) |
|
|
|
Net interest income (FTE) plus non-interest income (non-GAAP) |
$ |
47,833 |
|
|
$ |
46,835 |
|
|
$ |
44,541 |
|
|
$ |
42,098 |
|
|
$ |
41,284 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Efficiency ratio (non-GAAP) |
|
60.1 |
% |
|
|
57.7 |
% |
|
|
61.4 |
% |
|
|
64.5 |
% |
|
|
64.9 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net interest margin (non-GAAP): |
2026 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net interest income (GAAP) |
$ |
37,823 |
|
|
$ |
36,451 |
|
|
$ |
34,545 |
|
|
$ |
34,814 |
|
|
$ |
32,773 |
|
|
|
Tax-equivalent adjustment |
|
612 |
|
|
|
620 |
|
|
|
618 |
|
|
|
621 |
|
|
|
622 |
|
|
|
Net interest income (tax-equivalent) |
|
38,435 |
|
|
|
37,071 |
|
|
|
35,163 |
|
|
|
35,435 |
|
|
|
33,395 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Average earning assets (GAAP) |
$ |
4,003,144 |
|
|
$ |
3,939,580 |
|
|
$ |
3,829,484 |
|
|
$ |
3,841,369 |
|
|
$ |
3,801,709 |
|
|
|
Unrealized loss adjustment |
|
41,288 |
|
|
|
46,944 |
|
|
|
62,947 |
|
|
|
64,110 |
|
|
|
59,117 |
|
|
|
Adjusted average earning assets |
|
4,044,432 |
|
|
|
3,986,524 |
|
|
|
3,892,431 |
|
|
|
3,905,479 |
|
|
|
3,860,826 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net interest margin (Non-GAAP) |
|
3.85 |
% |
|
|
3.69 |
% |
|
|
3.58 |
% |
|
|
3.64 |
% |
|
|
3.51 |
% |
|
|
Supplemental Financial Information |
|||||||||||||
|
Consolidated Condensed Statement of Operations |
|||||||||||||
|
(Unaudited - dollars in thousands except share data) |
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended |
||||||||||||
|
|
|
||||||||||||
|
|
|
|
|
Non-Recurring |
|
|
|
|
|
|
|||
|
|
As Reported |
|
|
Adjustments |
|
|
As Adjusted |
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Interest income |
$ |
55,809 |
|
|
$ |
- |
|
|
$ |
55,809 |
|
|
|
|
Interest expense |
|
17,986 |
|
|
|
- |
|
|
|
17,986 |
|
|
|
|
Net interest income |
|
37,823 |
|
|
|
- |
|
|
|
37,823 |
|
|
|
|
Provision for credit losses |
|
(768) |
|
|
|
- |
|
|
|
(768) |
|
|
|
|
Provision for unfunded commitments |
|
139 |
|
|
|
- |
|
|
|
139 |
|
|
|
|
Net interest income after provision |
|
38,452 |
|
|
|
- |
|
|
|
38,452 |
|
|
|
|
Non-interest income |
|
9,431 |
|
|
|
- |
|
|
|
9,431 |
|
|
|
|
Non-interest expense |
|
29,873 |
|
|
|
427 |
|
|
|
29,446 |
|
|
|
|
Income before taxes |
|
18,010 |
|
|
|
(427) |
|
|
|
18,437 |
|
|
|
|
Income tax expense |
|
3,021 |
|
|
|
(69) |
|
|
|
3,090 |
|
|
|
|
Net income |
$ |
14,989 |
|
|
$ |
(358) |
|
|
$ |
15,347 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|||
|
Basic |
$ |
0.72 |
|
|
$ |
(0.02) |
|
|
$ |
0.74 |
|
|
|
|
Diluted |
$ |
0.72 |
|
|
$ |
(0.02) |
|
|
$ |
0.74 |
|
|
|
|
|
|
|
|||||||||||
|
Supplemental Financial Information |
|
|
|||||||||||
|
Consolidated Condensed Statement of Operations |
|
|
|||||||||||
|
(Unaudited - dollars in thousands except share data) |
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
|
||||||||||
|
As Reported |
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest income |
$ |
55,809 |
|
$ |
55,741 |
|
$ |
55,240 |
|
$ |
56,271 |
|
|
|
Interest expense |
|
17,986 |
|
|
19,290 |
|
|
20,695 |
|
|
21,457 |
|
|
|
Net interest income |
|
37,823 |
|
|
36,451 |
|
|
34,545 |
|
|
34,814 |
|
|
|
Provision for credit losses |
|
(768) |
|
|
724 |
|
|
378 |
|
|
1,171 |
|
|
|
Provision for unfunded commitments |
|
139 |
|
|
(139) |
|
|
(178) |
|
|
(146) |
|
|
|
Net interest income after provision |
|
38,452 |
|
|
35,866 |
|
|
34,345 |
|
|
33,789 |
|
|
|
Non-interest income |
|
9,431 |
|
|
9,884 |
|
|
9,633 |
|
|
6,589 |
|
|
|
Non-interest expense |
|
29,873 |
|
|
31,003 |
|
|
28,327 |
|
|
27,482 |
|
|
|
Income before taxes |
|
18,010 |
|
|
14,747 |
|
|
15,651 |
|
|
12,896 |
|
|
|
Income tax expense |
|
3,021 |
|
|
2,480 |
|
|
2,891 |
|
|
1,881 |
|
|
|
Net income |
$ |
14,989 |
|
$ |
12,267 |
|
$ |
12,760 |
|
$ |
11,015 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
||||
|
Basic |
$ |
0.72 |
|
$ |
0.61 |
|
$ |
0.68 |
|
$ |
0.71 |
|
|
|
Diluted |
$ |
0.72 |
|
$ |
0.61 |
|
$ |
0.68 |
|
$ |
0.71 |
|
|
|
Net Interest Margin |
|
3.85 |
% |
|
3.69 |
% |
|
3.58 |
% |
|
3.64 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
As Adjusted |
|
|
|
|
|
|
|
|
|
||||
|
Interest income |
$ |
55,809 |
|
$ |
55,741 |
|
$ |
55,240 |
|
$ |
54,650 |
|
|
|
Interest expense |
|
17,986 |
|
|
19,290 |
|
|
20,695 |
|
|
21,457 |
|
|
|
Net interest income |
|
37,823 |
|
|
36,451 |
|
|
34,545 |
|
|
33,193 |
|
|
|
Provision for credit losses |
|
(768) |
|
|
724 |
|
|
378 |
|
|
1,171 |
|
|
|
Provision for unfunded commitments |
|
139 |
|
|
(139) |
|
|
(178) |
|
|
(146) |
|
|
|
Net interest income after provision |
|
38,452 |
|
|
35,866 |
|
|
34,345 |
|
|
32,168 |
|
|
|
Non-interest income |
|
9,431 |
|
|
9,884 |
|
|
9,633 |
|
|
7,633 |
|
|
|
Non-interest expense |
|
29,446 |
|
|
27,579 |
|
|
27,663 |
|
|
27,793 |
|
|
|
Income before taxes |
|
18,437 |
|
|
18,171 |
|
|
16,315 |
|
|
12,008 |
|
|
|
Income tax expense |
|
3,090 |
|
|
3,048 |
|
|
3,001 |
|
|
1,750 |
|
|
|
Net income |
$ |
15,347 |
|
$ |
15,123 |
|
$ |
13,314 |
|
$ |
10,258 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
||||
|
Basic |
$ |
0.74 |
|
$ |
0.75 |
|
$ |
0.71 |
|
$ |
0.66 |
|
|
|
Diluted |
$ |
0.74 |
|
$ |
0.75 |
|
$ |
0.71 |
|
$ |
0.66 |
|
|
|
Net Interest Margin |
|
3.85 |
% |
|
3.69 |
% |
|
3.58 |
% |
|
3.47 |
% |
|
|
|
|
|
|||||||||||
|
|
Three Months Ended |
|
|
||||||||||
|
Non-Recurring Adjustments |
|
|
|
|
|
|
|
|
|
||||
|
Interest income |
$ |
- |
|
$ |
- |
|
$ |
- |
|
$ |
1,621 |
|
|
|
Interest expense |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
Net interest income |
|
- |
|
|
- |
|
|
- |
|
|
1,621 |
|
|
|
Provision for credit losses |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
Provision for unfunded commitments |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
|
Net interest income after provision |
|
- |
|
|
- |
|
|
- |
|
|
1,621 |
|
|
|
Non-interest income |
|
- |
|
|
- |
|
|
- |
|
|
(1,044) |
|
|
|
Non-interest expense |
|
427 |
|
|
3,424 |
|
|
664 |
|
|
(311) |
|
|
|
Income before taxes |
|
(427) |
|
|
(3,424) |
|
|
(664) |
|
|
888 |
|
|
|
Income tax expense |
|
(69) |
|
|
(568) |
|
|
(110) |
|
|
131 |
|
|
|
Net income |
$ |
(358) |
|
$ |
(2,856) |
|
$ |
(554) |
|
$ |
757 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
||||
|
Basic |
$ |
(0.02) |
|
$ |
(0.14) |
|
$ |
(0.03) |
|
$ |
0.05 |
|
|
|
Diluted |
$ |
(0.02) |
|
$ |
(0.14) |
|
$ |
(0.03) |
|
$ |
0.05 |
|
|
|
Net Interest Margin |
|
0.00 |
% |
|
0.00 |
% |
|
0.00 |
% |
|
0.17 |
% |
|
Non-recurring adjustments summary:
First-Quarter 2026
The quarter ended
Fourth-Quarter 2025
The quarter ended
Third-Quarter 2025
The quarter ended
Second-Quarter 2025
The quarter ended
View original content to download multimedia:https://www.prnewswire.com/news-releases/civista-bancshares-inc-announces-first-quarter-2026-financial-results-of--0-72-per-common-share-up-0-06-per-common-share-from-first-quarter-2025--302749415.html
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