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

SANDUSKY, Ohio, April 22, 2026 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") today reported net income of $15.0 million, or $0.72 per common share, for the quarter ended March 31, 2026. The results of the periods reflect the inclusion of The Farmers Savings Bank ("FSB") merger since November 7, 2025.

CEO Commentary:

"Civista reported a solid start to 2026, with first‑quarter net income of $15.0 million, or $0.72 per diluted share," said Dennis Shaffer, President and Chief Executive Officer of Civista Bancshares, Inc. "Results for the quarter reflected continued expansion in net interest margin, disciplined expense management, and stable credit performance, while we proactively managed the balance sheet in a changing operating environment."

"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 The Farmers Savings Bank during the quarter," Shaffer added. "The conversion was executed smoothly and on schedule, reflecting our disciplined approach to integration and our commitment to minimizing disruption for customers and employees."

"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 March 31, 2026, March 31, 2025 and December 31, 2025. 

The results of the periods reflect the inclusion of FSB merger since November 7, 2025.

First-Quarter 2026 Highlights

Assets

Total assets at March 31, 2026, were $4.3 billion, a decrease of $38.1 million, or 0.9% from December 31, 2025.

Deposits & Borrowings

Total deposits at March 31, 2026, were $3.5 billion, an increase of $35.4 million, or 1.0% from December 31, 2025.  

Net Interest Income and Net Interest Margin

Net interest income increased $5.1 million, or 15.4%, for the first quarter of 2026, compared to the same period last year.  

Credit

Provision for credit losses (including provision for unfunded commitments) decreased $2.2 million benefiting from a credit to the provision for credit losses of $0.6 million for the first quarter of 2026 compared to an expense of $1.6 million for the same period last year.

Non-interest Income

Non-interest income for the first quarter of 2026 totaled $9.4 million, an increase of $1.6 million or 20.0%, when compared to the same period last year.  

Non-interest Expense

Non-interest expense for the first quarter of 2026 totaled $29.9 million, an increase of $2.7 million or 10.1%, when compared to the same period last year.  In the first quarter of 2026, noninterest expense was increased by $0.4 million of non-recurring adjustments related to acquisition expenses resulting from the merger with FSB that closed in November 2025. These expenses are recorded in other noninterest expenses.

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 March 31, 2026, totaled $552.2 million, an increase of $8.8 million from December 31, 2025. This resulted from an increase of $11.3 million in retained earnings, partially offset by an increase in accumulated other comprehensive loss of $2.9 million resulting from the change in the unrealized loss on available-for-sale securities portfolio. 

Civista did not repurchase any shares in the first quarter of 2026 as the current repurchase plan is set to expire in April 2027. For the three months ended March 31, 2026, Civista liquidated 14,504 shares held by employees, at an average price of $21.94 per share, to satisfy tax obligations stemming from vesting of restricted shares.

Conference Call and Webcast
Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the first quarter of 2026 at 1:00 p.m. ET on Wednesday, April 22, 2026. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 800-836-8184 and ask to be joined into the Civista Bancshares, Inc. first quarter 2026 earnings call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection. An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com). 

About Civista Bancshares
Civista Bancshares, Inc., is a $4.4 billion financial holding company headquartered in Sandusky, Ohio.  Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services. Today, Civista Bank operates 44 locations across Ohio, Southeastern Indiana and Northern Kentucky. Civista Bank also offers commercial equipment leasing services for businesses nationwide through its Civista Leasing and Finance Division. Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB".  Learn more at www.civb.com. 

Forward Looking Statements
This press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista. For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.  Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance.  The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.  Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista's reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of Civista's Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and any additional risks identified in the Company's subsequent Form 10-Q's. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.

Non-GAAP Financial Measures
This press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation's results of operations. Certain non-GAAP financial measures discussed earlier in this release, including efficiency ratio, net interest margin, tangible book value per share, and related ratios, are identified in the accompanying financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods.

Non-interest income

Civista Bancshares, Inc.

Financial Highlights

(Unaudited, dollars in thousands, except share and per share amounts)

Selected Balance Sheet Items

Supplemental Financial Information

Reconciliation of Non-GAAP Financial Measures

Reconciliation of Non-GAAP Financial Measures

Supplemental Financial Information

Non-recurring adjustments summary:

First-Quarter 2026
The quarter ended March 31, 2026 was negatively impacted by non-recurring adjustments related to acquisition related expenses in conjunction with the previously announced merger with The Farmers Savings Bank that successfully closed in the fourth quarter of 2025. The expenses impacted net income for the quarter ended March 31, 2026 by approximately $0.4 million on a pre-tax basis.

Fourth-Quarter 2025
The quarter ended December 31, 2025 was negatively impacted by non-recurring adjustments related to acquisition related expenses in conjunction with the previously announced merger with The Farmers Savings Bank that successfully closed in the fourth quarter of 2025. The expenses impacted net income for the quarter ended December 31, 2025 by approximately $3.4 million on a pre-tax basis.

Third-Quarter 2025
The quarter ended September 30, 2025 was negatively impacted by non-recurring adjustments related to acquisition related expenses in conjunction with the previously announced merger with The Farmers Savings Bank that is successfully closed in the fourth quarter of 2025. The expenses impacted net income for the quarter ended September 30, 2025 by approximately $0.7 million on a pre-tax basis.

Second-Quarter 2025
The quarter ended June 30, 2025 was positively impacted by non-recurring adjustments to our loan and lease portfolio resulting from a core system conversion during the second quarter of 2025, which positively impacted net income for the quarter ended June 30, 2025 by approximately $0.6 million on a pre-tax basis, and the release of a reserve established in the third-quarter of 2024 for a reconciling item associated with a system conversion, which positively impacted net income for the quarter ended June 30, 2025 by approximately $0.3 million on a pre-tax basis.

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