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Civista Bancshares, Inc. Announces Second-Quarter 2025 Financial Results of $0.71 per Common Share, up 58% or $0.26 per Common Share from Second-Quarter 2024

1. CIVB reported $11M net income for Q2 2025, up 56%. 2. Diluted EPS rose to $0.71 from $0.45 YoY. 3. Efficiency ratio improved to 64.5%, down from 72.6% last year. 4. Partnership with Farmers Savings Bank expands northeast Ohio presence. 5. CIVB raised $80.5M in capital through a recent stock offering.

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Why Bullish?

The significant increase in earnings per share and income signals strong performance. Historically, similar results have positively influenced stock prices in the sector.

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The reported financial performance and strategic partnerships indicate strong growth potential, likely to affect investor sentiment positively.

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Immediate positive financial results typically lead to quick market reactions.

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, /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") today reported net income of $11.0 million, or $0.71 per common share, for the quarter ended June 30, 2025. Net income of $11.0 million, a 56% increase or $3.9 million compared to $7.1 million for the second quarter 2024, and $10.2 million in the first quarter of 2025. Diluted earnings per common share of $0.71, for the second quarter of 2025, compared to $0.45 per diluted share, for the second quarter of 2024, and $0.66 per diluted share in the first quarter of 2025. Efficiency ratio of 64.5%, compared to 72.6% for the second quarter of 2024 and 64.9% for the first quarter of 2025. 232 basis points cost of funds for the second-quarter of 2025, 30 basis points lower than the 261 basis points cost of funds in the second quarter of 2024. The second-quarter included non-recurring items which positively impacted net income by approx. $0.9 million on a pre-tax basis, and $0.76 million on an after-tax basis. CEO Commentary: "Our strong second-quarter performance highlights continued momentum in net income and earnings per share," said Dennis G. Shaffer, CEO and President of Civista. "Earnings per share rose to $0.71, up from $0.66 in Q1 and $0.45 a year ago, reflecting the success of our strategic initiatives and our focus on disciplined growth, customer relationships, and long-term shareholder value." "The announcement of our partnership with The Farmers Savings Bank marks an exciting step in expanding our presence in Northeast Ohio and reinforcing our foundation with a strong base of core deposits," said Shaffer. "This, along with our successful $80.5 million capital raise earlier this month, positions us well for future growth." "We continue to maintain strong credit quality, which reflects the soundness of our underwriting and the strength of our customer relationships," said Shaffer. "As demand for housing and construction financing grows, we remain focused on providing tailored financial solutions that support the evolving needs of the communities we serve." Results of Operations:For the three-month periods ended June 30, 2025, March 31, 2025 and June 30, 2024 and the six-month periods ended June 30, 2025 and June 30, 2024. Second-Quarter 2025 Highlights Diluted earnings per common share of $0.71, for the second quarter of 2025, compared to $0.45 per diluted share, for the second quarter of 2024, and $0.66 per diluted share in the first quarter of 2025. Net income of $11.0 million, an increase of 56% or $3.9 million compared to $7.1 million for the second quarter 2024, and $10.2 million in the first quarter of 2025. Net interest margin (tax equivalent) of 3.64%, compared to 3.09% for the second quarter of 2024. Net interest income of $34.8 million, up $7.1 million or 25.5% compared to the second quarter of 2024. 196 basis points cost of deposits for the second-quarter of 2025, down 4 basis points compared to the first-quarter of 2025, and 14 basis points lower than the 210 basis points in the second-quarter of 2024. 232-basis points cost of funds for the second-quarter of 2025, 30 basis points lower than the 262-basis points cost of funds in the second-quarter of 2024. Noninterest expense of $27.5 million, $0.9 million or 3.2% lower than the second quarter of 2024. Efficiency ratio of 64.5%, compared to 72.6% for the second quarter of 2024 and 64.9% for the first quarter of 2025. Total period end loan growth of $47.1 million from first quarter 2025. Return on Assets of 1.06%, compared to 0.72% for the second quarter of 2024. Return on Equity of 11.02%, compared to 7.77% for the second quarter of 2024. Allowance for credit losses on loans / total loans of 1.28%. Based on the June 30, 2025, market close share price of $23.20, the $0.17 second quarter dividend is equivalent to an annualized yield of 2.93% and a dividend payout ratio of 23.96%. The second-quarter included non-recurring items which positively impacted net income by approx. $0.9 million on a pre-tax basis, and $0.76 million on an after-tax basis.  Assets Total assets at June 30, 2025, were $4.2 billion, an increase of $39.2 million, or 0.9% from March 31, 2025, and $87.4 million, or 2.1%, from December 31, 2024. Loan and lease balances increased $47.1 million, or 1.5% since March 31, 2025, and $69.9 million, or 2.3% since December 31, 2024. Commercial Real Estate continued to grow due to consistent demand in the non-owner and owner occupied categories. Residential Real Estate has grown primarily due to more home construction loans as we meet the demand for housing and construction financing by our customers and communities. Deposits & Borrowings Total deposits at June 30, 2025, were $3.2 billion, a decrease of $42.7 million, or 1.32% from March 31, 2025, and a decrease of $15.7 million, or 0.5%, from December 31, 2024.   Noninterest-bearing demand deposits decreased $47.5 million from December 31, 2024, primarily due to a $51.9 million decrease in noninterest-bearing accounts related to commercial business deposits, partially offset by a $9.9 million increase in noninterest-bearing public funds. Interest-bearing demand deposits increased $13.5 million from December 31, 2024, primarily due to a $27.9 million increase in interest-bearing public funds, somewhat offset by a $6.4 million decrease in Jumbo now deposits. Savings and money markets decreased $26.3 million from December 31, 2024, primarily due to decreases of $8.3 million and $36.6 million in retail money market savings and ICS demand and money markets, respectively. This was partially offset by an increase of $20.1 million in business money market savings. Time deposits increased $90.7 million from December 31, 2024, primarily due to a $69.8 million increase in Jumbo certificates of deposit and a $29.0 million increase in retail time certificates, partially offset by a $5.5 million decrease in reciprocal deposits. Brokered deposits totaled $454.1 million at June 30, 2025, which included brokered certificate of deposits of $450.0 million and brokered money markets of $4.1 million. Brokered deposits decreased $46.1 million from December 31, 2024. FHLB overnight advances totaled $433.5 million on June 30, 2025, up $73.5 million from March 31, 2025, and $94.5 million from December 31, 2024. FHLB term advances totaled $1.1 million on June 30, 2025, down from $1.4 million March 31, 2025, and down from $1.5 million on December 31, 2024. Net Interest Income and Net Interest Margin Net interest income increased $7.1 million, or 25.5%, for the second quarter of 2025, compared to the same period last year.  In the second quarter of 2025, net interest income was increased by $1.6 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.  Interest income increased $5.7 million for the second quarter of 2025, compared to the same period last year, attributed to average interest-earning assets increasing $224.8 million coupled with a 26-basis point increase in asset yield. Interest expense decreased $1.4 million for the second quarter of 2025, compared to the same period last year. This was due to a 107-basis point reduction in higher costing FHLB borrowings coupled with a 136-basis point reduction in time deposits mostly offset by $272.2 million average balance growth in total deposits, resulting in a net increase of $249.3 million in average interest-bearing liabilities when comparing the second quarter of 2025 to the same period last year. Net interest margin increased 55-basis points to 3.64% for the second quarter of 2025, compared to 3.09% for the same period last year. Net interest income increased $11.5 million, or 20.4%, for the six months ended June 30, 2025, compared to the same period last year. For the six months ended June 30, 2025, net interest income was increased by $1.6 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion. Interest income increased $9.3 million for the six-months ended June 30, 2025, compared to the same period last year, attributed to average interest-earning assets increasing $237.1 million coupled with a 15-basis point increase in asset yield. Interest expense decreased $2.2 million for the six months ended June 30, 2025, compared to the same period last year. This was due to a 106-basis point reduction in higher costing FHLB borrowings coupled with a 125-basis point drop in time deposits, mostly offset by $262.5 million average balance growth in deposits, resulting in a net increase of $267.6 million in average interest-bearing liabilities when comparing the six-months ended June 30, 2025, to the same period last year. Net interest margin increased 41-basis points to 3.57% for the six months ended June 30, 2025, compared to 3.16% for the same period last year. Credit Provision for credit losses (including provision for unfunded commitments) decreased $0.7 million for the second quarter of 2025 to $1.0 million compared to $1.7 million for the same period last year, and decreased $0.6 million compared to $1.6 million in the first quarter of 2025. Civista recorded net charge-offs of $1.0 million for the second quarter of 2025 compared to net charge-offs of $0.7 million for the same period of 2024, and $0.6 million in the first quarter of 2025. The allowance for credit losses to loans ratio was 1.28% at June 30, 2025, compared to 1.30% at March 31, 2025, and 1.29% at December 31, 2024. Non-performing assets at June 30, 2025, were $23.2 million, a decrease of $8.0 million or 25.7%, from March 31, 2025. The non-performing assets to assets ratio was 0.55% at June 30, 2025, and 0.75% at March 31, 2025. The decrease was primarily related to a loan pay-off occurring within the second quarter of 2025. The allowance for credit losses to non-performing loans increased to 176.1% at June 30, 2025, from 120.8% at December 31, 2024. Noninterest Income Noninterest income totaled $6.6 million, a decrease of $3.8 million or 36.5%, when compared to the same period last year.  In the second quarter of 2025, noninterest income was reduced by $1.0 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.  Net gain/(loss) on equity securities decreased $0.1 million for the second quarter of 2025, compared to the same period last year, resulting from market valuation adjustments. Lease revenue and residual income decreased $3.0 million for the second quarter of 2025 compared to the same period last year, mainly due to stronger lease originations in 2024 coupled with a one-time non-recurring adjustment aforementioned above. Other income decreased $0.6 million for the second quarter of 2025 compared to the same period last year, primarily related to lower fee revenue from CLF. Noninterest income totaled $14.4 million, a decrease of $4.2 million or 22.5%, when compared to the same period last year. For the six months ended June 30, 2025, noninterest income was reduced by $1.0 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.   Net gain on sale of loans decreased $0.3 million for the six months ended June 30, 2025, compared to the same period last year, resulting from timing of selling loans. Lease revenue and residual income decreased $2.8 million for the six months ended June 30, 2025, compared to the same period last year, due to stronger lease originations in 2024 coupled with a one-time non-recurring adjustment aforementioned above. Other income decreased $1.3 million for the six month ended June 30, 2025, compared to the same period last year, primarily related to lower fee revenue from the leasing division. Noninterest Expense Noninterest expense totaled $27.5 million, a decrease of $0.9 million or 3.2%, when compared to the same period last year.  In the second quarter of 2025, noninterest expense was reduced by $0.3 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.  Compensation expense decreased $0.7 million for the second quarter of 2025 compared to the same period last year, primarily due to fewer employees and an increase in the deferral of salaries and wages related to the loan originations in the second quarter of 2025. The quarter-to-date average number of full-time equivalent ("FTE") employees was 526 at June 30, 2025, compared with an average number of 537 for the same period in 2024. Professional fees increased $0.5 million for the second quarter of 2025 compared to the same period last year, mainly due to utilizing consultants to assist in transitioning Civista Leasing and Finance Division to a new core processing system. Equipment expense decreased $0.7 million for the second 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 64.5% for the quarter ended June 30, 2025, compared to 72.6% for the same period last year. The change in the efficiency ratio is primarily due to a 3.2% decrease in noninterest expenses, a 25.5% increase in net interest income, partially offset by a 36.5% decrease in noninterest income. Noninterest expense totaled $54.6 million, a decrease of $1.2 million or 2.2%, when compared to the same period last year.  For the six months ended June 30, 2025, noninterest expense was reduced by $0.3 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.  Compensation expense decreased $2.1 million for the six months ended June 30, 2025 compared to the same period last year, primarily due to fewer employees, and an increase in the deferral of salaries and wages related to the loan originations as well as lower employee benefits costs in the first six months of 2025. The year-to-date average number of FTE employees was 523 at June 30, 2025, compared with an average number of 538 for the same period in 2024. Professional fees increased $1.5 million for the six months ended June 30, 2025, compared to the same period last year, mainly due to utilizing consultants to assist in transitioning Civista Leasing and Finance Division to a new core processing system. Equipment expense decreased $1.1 million for the six months ended June 30, 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 64.7% for the six months ended June 30, 2025, compared to 72.4% for the same period last year. The change in the efficiency ratio is primarily due to a 2.2% decrease in noninterest expenses, a 20.4% increase in net interest income, partially offset by a 22.5% decrease in noninterest income. Taxes Civista's effective income tax rate for the second quarter of 2025 was 14.6% compared to 12.6% for the same period last year, and 14.8% for the first quarter of 2025.   Civista's effective income tax rate for the six months ended June 30, 2025, was 14.7% compared to 12.1% in the same period last year.   Capital Total shareholders' equity at June 30, 2025, totaled $404.1 million, an increase of $6.7 million from March 31, 2025, and $15.6 million from December 31, 2024. This resulted from an increase of $15.9 million in retained earnings, partially offset by a reduction in accumulated other comprehensive loss of $0.7 million from December 31,2024.     Civista did not repurchase any shares in the second quarter of 2025 as the current repurchase plan is set to expire in April 2026.  In January 2025, Civista liquidated 8,182 shares held by employees, at $20.39 per share, to satisfy tax obligations stemming from vesting of restricted shares. Recent Developments July 10, 2025, Civista Bancshares, Inc. announced the signing of a definitive merger agreement pursuant to which Civista will acquire The Farmers Savings Bank. July 10, 2025, Civista Bancshares, Inc. announced an underwritten public offering of its common stock, including an overallotment option. The offering totaled 3,788,238 shares at a price of $21.25 per share, raising approximately $80,500,058. Conference Call and WebcastCivista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the second quarter of 2025 at 1:00 p.m. ET on Thursday, July 24, 2025.  Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 800-836-8184 and ask to be joined into the Civista Bancshares, Inc. second quarter 2025 earnings call.  Please log in or dial in at least 10 minutes prior to the start time to ensure a connection.  An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com). About Civista BancsharesCivista Bancshares, Inc., is a $4.2 billion financial holding company headquartered in Sandusky, Ohio.  Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services.  Today, Civista Bank operates 42 locations across Ohio, Southeastern Indiana and Northern Kentucky.  Civista Bank also offers commercial equipment leasing services for businesses nationwide through its Civista Leasing and Finance Division.  Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB".  Learn more at www.civb.com. Forward Looking StatementsThis press release may contain forward-looking statements regarding the financial performance, business prospects, growth and operating strategies of Civista.  For these statements, Civista claims the protections of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.   Statements in this press release should be considered in conjunction with the other information available about Civista, including the information in the filings we make with the Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance.  The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties.  We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements.  Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista' reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of Civista's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and any additional risks identified in the Company's subsequent Form 10-Q's.  Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof.  Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law. Non-GAAP Financial MeasuresThis press release and related materials may contain references to measures which are not defined in generally accepted accounting principles ("GAAP"). These financial measures have been included as they provide meaningful supplemental information to assess trends in the Corporation's results of operations. Information concerning these non-GAAP financial measures can be found in the financial tables. Management believes these measures are meaningful because they reflect adjustments commonly made by management, investors, regulators, and analysts to evaluate the adequacy of earnings per common share, provide a greater understanding of ongoing operations and enhance comparability of results with prior periods. Average Balance Analysis (Unaudited - Dollars in thousands) Three Months Ended June 30, 2025 2024 Average Yield/ Average Yield/ Assets: balance Interest rate * balance Interest rate * Interest-earning assets: Loans ** $ 3,136,091 $ 49,972 6.39 % $ 2,964,377 $ 44,946 6.10 % Taxable securities *** 404,104 3,751 3.42 % 351,497 3,070 3.11 % Non-taxable securities *** 277,931 2,338 3.88 % 288,128 2,372 3.87 % Interest-bearing deposits in other banks 23,243 210 3.61 % 15,807 205 5.22 % Total interest-earning assets *** $ 3,841,369 $ 56,271 5.84 % $ 3,619,809 $ 50,593 5.58 % Noninterest-earning assets: Cash and due from financial institutions 40,329 32,564 Premises and equipment, net 44,687 53,654 Accrued interest receivable 13,919 13,230 Intangible assets 132,887 134,473 Bank owned life insurance 63,302 61,871 Other assets 59,948 65,818 Less allowance for loan losses (40,546) (39,190)       Total Assets $ 4,155,895 $ 3,942,229 Liabilities and Shareholders' Equity: Interest-bearing liabilities: Demand and savings $ 1,551,856 $ 5,632 1.46 % $ 1,339,503 $ 3,054 0.92 % Time 986,644 9,926 4.04 % 926,831 12,451 5.40 % Short-term FHLB borrowings 412,545 4,603 4.48 % 440,670 6,078 5.55 % Long-term FHLB borrowings 1,260 8 2.57 % 2,031 12 2.38 % Other borrowings 5,874 123 8.40 % - - 0.00 % Subordinated debentures 104,145 1,165 4.49 % 103,999 1,247 4.83 % Total interest-bearing liabilities $ 3,062,324 $ 21,457 2.81 % $ 2,813,034 $ 22,842 3.27 % Noninterest-bearing deposits 652,092 703,046 Other liabilities 40,564 60,365 Shareholders' equity 400,915 365,784 Total Liabilities and Shareholders' Equity $ 4,155,895 $ 3,942,229 Net interest income and interest rate spread $ 34,814 3.03 % $ 27,751 2.31 % Net interest margin *** 3.64 % 3.09 % * - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $622 thousand and $631 thousand for the periods ended June 30, 2025 and 2024, respectively. ** - Average balance includes nonaccrual loans *** - Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $64.1 million and $69.4 million, respectively.  These adjustments were also made when calculating the yield on earning assets and the margin. Average Balance Analysis (Unaudited - Dollars in thousands) Six Months Ended June 30, 2025 2024 Average Yield/ Average Yield/ Assets: balance Interest rate * balance Interest rate * Interest-earning assets: Loans ** $ 3,117,867 $ 97,618 6.31 % $ 2,922,204 $ 89,431 6.15 % Taxable securities *** 400,518 7,306 3.37 % 351,156 6,004 3.06 % Non-taxable securities *** 282,183 4,678 3.90 % 291,758 4,747 3.86 % Interest-bearing deposits in other banks 21,081 402 3.84 % 21,062 539 5.15 % Total interest-earning assets *** $ 3,821,649 $ 110,004 5.78 % $ 3,586,180 $ 100,721 5.62 % Noninterest-earning assets: Cash and due from financial institutions 41,758 31,123 Premises and equipment, net 45,541 54,317 Accrued interest receivable 13,744 12,977 Intangible assets 133,076 134,672 Bank owned life insurance 63,110 61,664 Other assets 59,271 62,414 Less allowance for loan losses (40,252) (38,273)       Total Assets $ 4,137,897 $ 3,905,074 Liabilities and Shareholders' Equity: Interest-bearing liabilities: Demand and savings $ 1,565,328 $ 11,360 1.46 % $ 1,361,364 $ 7,039 1.04 % Time 973,202 19,914 4.13 % 914,637 24,452 5.38 % Short-term FHLB borrowings 384,224 8,532 4.48 % 384,679 10,593 5.54 % Long-term FHLB borrowings 1,334 17 2.57 % 2,153 25 2.34 % Other borrowings 6,150 268 8.78 % - - 0.00 % Subordinated debentures 104,124 2,326 4.50 % 103,978 2,489 4.81 % Total interest-bearing liabilities $ 3,034,362 $ 42,417 2.82 % $ 2,766,811 $ 44,598 3.24 % Noninterest-bearing deposits 661,382 707,806 Other liabilities 43,174 62,331 Shareholders' equity 398,979 368,126 Total Liabilities and Shareholders' Equity $ 4,137,897 $ 3,905,074 Net interest income and interest rate spread $ 67,587 2.96 % $ 56,123 2.38 % Net interest margin *** 3.57 % 3.16 % * - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $1.2 million and $1.3 million for the periods ended June 30, 2025 and 2024, respectively. ** - Average balance includes nonaccrual loans *** - 2025 and 2024 average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $61.6 million and $64.3 million, respectively.  These adjustments were also made when calculating the yield on earning assets and the margin. Noninterest income (unaudited - dollars in thousands) Three months ended June 30, 2025 2024 $ Change % Change Service charges $ 1,564 $ 1,488 $ 76 5.1 % Net gain (loss) on equity securities (74) 74 (148) -200.0 % Net gain on sale of loans and leases 841 888 (47) -5.3 % ATM/Interchange fees 1,418 1,416 2 0.1 % Wealth management fees 1,325 1,337 (12) -0.9 % Lease revenue and residual income 525 3,529 (3,004) -85.1 % Bank owned life insurance 386 367 19 5.2 % Swap fees 53 65 (12) -18.5 % Other 551 1,213 (662) -54.6 %  Total noninterest income $ 6,589 $ 10,377 $ (3,788) -36.5 % Noninterest income (unaudited - dollars in thousands) Six months ended June 30, 2025 2024 $ Change % Change Service charges $ 3,088 $ 2,928 $ 160 5.5 % Net gain (loss) on equity securities (103) (67) (36) -53.7 % Net gain on sale of loans and leases 1,445 1,751 (306) -17.5 % ATM/Interchange fees 2,744 2,799 (55) -2.0 % Wealth management fees 2,665 2,613 52 2.0 % Lease revenue and residual income 2,421 5,203 (2,782) -53.5 % Bank owned life insurance 773 717 56 7.8 % Swap fees 125 122 3 2.5 % Other 1,291 2,568 (1,277) -49.7 %  Total noninterest income $ 14,449 $ 18,634 $ (4,185) -22.5 % Noninterest expense (unaudited - dollars in thousands) Three months ended June 30, 2025 2024 $ Change % Change Compensation expense $ 15,011 $ 15,740 $ (729) -4.6 % Net occupancy Expense 1,419 1,298 121 9.3 % Contracted data processing 536 559 (23) -4.1 % FDIC Assessment 689 548 141 25.7 % State franchise tax 634 479 155 32.4 % Professional services 1,798 1,249 549 44.0 % Equipment expense 1,764 2,434 (670) -27.5 % Amortization of core deposit intangible 338 366 (28) -7.7 % ATM/Interchange expense 683 632 51 8.1 % Marketing 289 445 (156) -35.1 % Software maintenance expense 1,294 1,176 118 10.0 % Other 3,027 3,463 (436) -12.6 %  Total noninterest expense $ 27,482 $ 28,389 $ (907) -3.2 % Noninterest expense (unaudited - dollars in thousands) Six months ended June 30, 2025 2024 $ Change % Change Compensation expense $ 29,054 $ 31,197 $ (2,143) -6.9 % Net occupancy expense 3,053 2,666 387 14.5 % Contracted data processing 1,103 1,104 (1) -0.1 % FDIC Assessment 1,562 1,032 530 51.4 % State franchise tax 1,160 964 196 20.3 % Professional services 3,888 2,398 1,490 62.1 % Equipment expense 3,867 4,969 (1,102) -22.2 % Amortization of core deposit intangible 670 757 (87) -11.5 % ATM/Interchange expense 1,263 1,257 6 0.5 % Marketing 585 924 (339) -36.7 % Software maintenance expense 2,571 2,365 206 8.7 % Other 5,832 6,198 (366) -5.9 %  Total noninterest expense $ 54,608 $ 55,831 $ (1,223) -2.2 % End of period loan and lease balances (unaudited - dollars in thousands) June 30, December 31, 2025 2024 $ Change % Change Commercial and Agriculture $ 338,598 $ 328,488 $ 10,110 3.1 % Commercial Real Estate: Owner Occupied 378,248 374,367 3,881 1.0 % Non-owner Occupied 1,263,612 1,225,991 37,621 3.1 % Residential Real Estate 815,408 763,869 51,539 6.7 % Real Estate Construction 277,643 305,992 (28,349) -9.3 % Farm Real Estate 23,866 23,035 831 3.6 % Lease financing receivable 42,758 46,900 (4,142) -8.8 % Consumer and Other 10,991 12,588 (1,597) -12.7 %  Total Loans $ 3,151,124 $ 3,081,230 $ 69,894 2.3 % End of period deposit balances (unaudited - dollars in thousands) June 30, December 31, 2025 2024 $ Change % Change Noninterest-bearing demand $ 647,609 $ 695,094 $ (47,485) -6.8 % Interest-bearing demand 433,089 419,583 13,506 3.2 % Savings and money market 1,100,660 1,126,974 (26,314) -2.3 % Time deposits 560,702 469,954 90,748 19.3 % Brokered deposits 454,147 500,265 (46,118) -9.2 %  Total Deposits $ 3,196,207 $ 3,211,870 $ (15,663) -0.5 % Allowance for Credit Losses (dollars in thousands) Three months ended June 30, 2025 2024 Beginning of period $ 40,284 $ 38,849 Charge-offs (1,092) (887) Recoveries 92 157 Provision 1,171 1,800 End of period $ 40,455 $ 39,919 Allowance for Credit Losses (dollars in thousands) Six months ended June 30, 2025 2024 Beginning of period $ 39,669 $ 37,160 Charge-offs (2,068) (1,538) Recoveries 435 455 Provision 2,419 3,842 End of period $ 40,455 $ 39,919 Allowance for Unfunded Commitments (dollars in thousands) Three months ended June 30, 2025 2024 Beginning of period $ 3,699 $ 3,851 Provision (146) (145) End of period $ 3,553 $ 3,706 Allowance for Unfunded Commitments (dollars in thousands) Six months ended June 30, 2025 2024 Beginning of period $ 3,380 $ 3,901 Provision 173 (195) End of period $ 3,553 $ 3,706 (dollars in thousands) June 30, December 31, 2025 2024 Non-accrual loans $ 22,742 $ 30,950 Restructured loans 7 1,677 90+ Days Past Due, Still Accruing 223 225 Total non-performing loans 22,972 32,852 Other Real Estate Owned 209 - Total non-performing assets $ 23,181 $ 32,852 Civista Bancshares, Inc. Financial Highlights (Unaudited, dollars in thousands, except share and per share amounts) Consolidated Condensed Statement of Operations Three Months Ended Six Months Ended June 30, June 30, 2025 2024 2025 2024 Interest income $ 56,271 $ 50,593 $ 110,004 $ 100,721 Interest expense 21,457 22,842 42,417 44,598 Net interest income 34,814 27,751 67,587 56,123 Provision for credit losses 1,171 1,800 2,419 3,842 Provision for unfunded commitments (146) (145) 173 (195) Net interest income after provision 33,789 26,096 64,995 52,476 Noninterest income 6,589 10,377 14,449 18,634 Noninterest expense 27,482 28,389 54,608 55,831 Income before taxes 12,896 8,084 24,836 15,279 Income tax expense 1,881 1,020 3,653 1,855 Net income 11,015 7,064 21,183 13,424 Preferred stock dividends - - - - Net income available to common shareholders $ 11,015 $ 7,064 $ 21,183 $ 13,424 Dividends paid per common share $ 0.17 $ 0.16 $ 0.34 $ 0.32 Earnings per common share Basic Net income $ 11,015 $ 7,064 $ 21,183 $ 13,424 Less allocation of earnings and dividends to participating securities 45 266 72 492 Net income available to common shareholders - basic $ 10,970 $ 6,798 $ 21,111 $ 12,932 Weighted average common shares outstanding 15,524,490 15,729,049 15,506,750 15,712,499 Less average participating securities 96,692 591,712 81,784 576,528 Weighted average number of shares outstanding used to calculate basic earnings per share 15,427,798 15,137,337 15,424,966 15,135,971 Earnings per common share Basic $ 0.71 $ 0.45 $ 1.37 $ 0.85 Diluted $ 0.71 $ 0.45 $ 1.37 $ 0.85 Selected financial ratios: Return on average assets 1.06 % 0.72 % 1.03 % 0.69 % Return on average equity 11.02 % 7.77 % 10.71 % 7.33 % Dividend payout ratio 23.96 % 35.63 % 24.89 % 37.46 % Net interest margin (tax equivalent) 3.64 % 3.09 % 3.57 % 3.16 % Effective tax rate 14.59 % 12.62 % 14.71 % 12.10 % Selected Balance Sheet Items (Dollars in thousands, except share and per share amounts) June 30, December 31, 2025 2024 (unaudited) (unaudited)  Cash and due from financial institutions $ 73,858 $ 63,155  Investment in time deposits 715 1,450  Investment securities 645,228 650,488  Loans held for sale 10,733 665  Loans 3,151,124 3,081,230  Less: allowance for credit losses (40,455) (39,669)  Net loans 3,110,669 3,041,561  Other securities 36,195 30,352  Premises and equipment, net 42,922 47,166  Goodwill and other intangibles 132,631 133,403  Bank owned life insurance 63,555 62,783  Other assets 69,363 67,446  Total assets $ 4,185,869 $ 4,098,469  Total deposits $ 3,196,207 $ 3,211,870  Short-term Federal Home Loan Bank advances 433,500 339,000  Long-term Federal Home Loan Bank advances 1,103 1,501  Subordinated debentures 104,172 104,089  Other borrowings 5,379 6,293  Accrued expenses and other liabilities 41,371 47,214  Total liabilities 3,781,732 3,709,967  Common shares 312,589 312,037  Retained earnings 221,321 205,408  Treasury shares (75,753) (75,586)  Accumulated other comprehensive loss (54,020) (53,357)  Total shareholders' equity 404,137 388,502  Total liabilities and shareholders' equity $ 4,185,869 $ 4,098,469  Shares outstanding at period end 15,529,342 15,487,667  Book value per share $ 20.13 $ 20.15  Equity to asset ratio 7.47 % 7.61 % Selected asset quality ratios: Allowance for credit losses to total loans 1.28 % 1.29 % Non-performing assets to total assets 0.55 % 0.80 % Allowance for credit losses to non-performing loans 176.11 % 120.75 % Non-performing asset analysis Nonaccrual loans $ 22,742 $ 30,950 Restructured loans 7 1,677 Other real estate owned 209 - 90+ Days Past Due, Still Accruing 223 225 Total $ 23,181 $ 32,852 Supplemental Financial Information (Unaudited - dollars in thousands except share data) June 30, March 31, December 31, September 30, June 30, End of Period Balances 2025 2025 2024 2024 2024 Assets Cash and due from banks $ 73,858 $ 90,456 $ 63,155 $ 74,662 $ 55,760 Investment in time deposits 715 960 1,450 1,450 1,450 Investment securities 645,228 648,537 650,488 629,113 611,866 Loans held for sale 10,733 4,324 665 8,299 5,369 Loans and leases 3,151,124 3,104,036 3,081,230 3,043,946 3,014,996 Allowance for credit losses (40,455) (40,284) (39,669) (41,268) (39,919)  Net Loans 3,110,669 3,063,752 3,041,561 3,002,678 2,975,077 Other securities 36,195 32,592 30,352 32,633 37,615 Premises and equipment, net 42,922 45,107 47,166 49,967 52,142 Goodwill and other intangibles 132,631 133,026 133,403 133,829 134,227 Bank owned life insurance 63,555 63,170 62,783 62,912 63,367 Other assets 69,363 64,793 67,446 65,880 75,041 Total Assets $ 4,185,869 $ 4,146,717 $ 4,098,469 $ 4,061,423 $ 4,011,914 Liabilities Total deposits $ 3,196,207 $ 3,238,888 $ 3,211,870 $ 3,223,732 $ 2,977,616 Federal Home Loan Bank advances - short term 433,500 360,000 339,000 287,047 500,500 Federal Home Loan Bank advances - long term 1,103 1,355 1,501 1,598 1,841 Subordinated debentures 104,172 104,130 104,089 104,067 104,026 Other borrowings 5,379 6,140 6,293 6,319 7,156 Accrued expenses and other liabilities 41,371 38,770 47,214 44,222 46,967 Total liabilities 3,781,732 3,749,283 3,709,967 3,666,985 3,638,106 Shareholders' Equity Common shares 312,589 312,192 312,037 311,901 311,529 Retained earnings 221,321 212,944 205,408 198,034 192,186 Treasury shares (75,753) (75,753) (75,586) (75,586) (75,574) Accumulated other comprehensive loss (54,020) (51,949) (53,357) (39,911) (54,333) Total shareholders' equity 404,137 397,434 388,502 394,438 373,808 Total Liabilities and Shareholders' Equity $ 4,185,869 $ 4,146,717 $ 4,098,469 $ 4,061,423 $ 4,011,914  Shares outstanding at period end 15,529,342 15,519,072 15,487,667 15,736,528 15,737,222  Book value per share $ 20.13 $ 20.12 $ 20.15 $ 25.07 $ 23.75  Equity to asset ratio 7.47 % 7.53 % 7.61 % 9.71 % 9.32 % June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Selected asset quality ratios: Allowance for credit losses to total loans 1.28 % 1.30 % 1.29 % 1.36 % 1.32 % Non-performing assets to total assets 0.55 % 0.75 % 0.80 % 0.45 % 0.43 % Allowance for credit losses to non-performing loans 176.11 % 129.99 % 120.75 % 227.36 % 233.47 % Non-performing asset analysis Nonaccrual loans $ 22,742 $ 30,989 $ 30,950 $ 16,488 $ 15,209 Restructured loans 7 - 1,677 1,663 1,889 90+ Days Past Due, Still Accruing 223 146 225 - - Other real estate owned 209 209 - 61 - Total $ 23,181 $ 31,344 $ 32,852 $ 18,212 $ 17,098 Supplemental Financial Information (Unaudited - dollars in thousands except share data) June 30, March 31, December 31, September 30, June 30, Quarterly Average Balances 2025 2025 2024 2024 2024 Assets: Earning assets $ 3,841,369 $ 3,801,709 $ 3,738,607 $ 3,705,866 $ 3,619,809 Securities 682,035 683,374 655,556 654,838 639,625 Loans 3,136,091 3,099,440 3,061,991 3,031,884 2,964,377 Liabilities and Shareholders' Equity Total deposits $ 3,190,592 $ 3,209,277 $ 3,285,485 $ 3,092,583 $ 2,969,380 Interest-bearing deposits 2,538,500 2,538,561 2,582,652 2,405,219 2,266,334 Other interest-bearing liabilities 523,824 461,100 320,225 493,759 546,700 Total shareholders' equity 400,915 397,021 391,591 381,392 365,784 Supplemental Financial Information (Unaudited - dollars in thousands) June 30, March 31, December 31, September 30, June 30, End of period loan and lease balances 2025 2025 2024 2024 2024 Commercial and Agriculture $ 338,598 $ 330,627 $ 328,488 $ 304,639 $ 318,499 Commercial Real Estate: Owner Occupied 378,248 378,095 374,367 375,751 377,308 Non-owner Occupied 1,263,612 1,246,025 1,225,991 1,205,453 1,213,341 Residential Real Estate 815,408 773,349 763,869 751,825 729,213 Real Estate Construction 277,643 297,589 305,992 318,063 283,446 Farm Real Estate 23,866 22,399 23,035 24,122 24,376 Lease financing receivable 42,758 44,570 46,900 49,453 53,461 Consumer and Other 10,991 11,382 12,588 14,640 15,352 Total Loans $ 3,151,124 $ 3,104,036 $ 3,081,230 $ 3,043,946 $ 3,014,996 Supplemental Financial Information (Unaudited - dollars in thousands) June 30, March 31, December 31, September 30, June 30, End of period deposit balances 2025 2025 2024 2024 2024 Noninterest-bearing demand $ 647,609 $ 648,683 $ 695,094 $ 686,316 $ 691,203 Interest-bearing demand 433,089 467,601 419,583 420,333 409,848 Savings and money market 1,100,660 1,146,480 1,126,974 1,111,771 940,312 Time deposits 560,702 515,910 469,954 456,973 418,047 Brokered deposits 454,147 460,214 500,265 548,339 518,207 Total Deposits $ 3,196,207 $ 3,238,888 $ 3,211,870 $ 3,223,732 $ 2,977,617 Supplemental Financial Information (Unaudited - dollars in thousands except share data) Three Months Ended June 30, March 31, December 31, September 30, June 30, Income statement 2025 2025 2024 2024 2024 Total interest and dividend income $ 56,271 $ 53,733 $ 53,233 $ 52,741 $ 50,593 Total interest expense 21,457 20,960 21,878 23,508 22,842  Net interest income 34,814 32,773 31,355 29,233 27,751 Provision for credit losses 1,171 1,248 697 1,346 1,800 Provision for unfunded commitments (146) 319 (1) (325) (145) Noninterest income 6,589 7,860 9,015 10,099 10,377 Noninterest expense 27,482 27,126 28,296 28,394 28,389  Income before taxes 12,896 11,940 11,378 9,917 8,084 Income tax expense 1,881 1,772 1,485 1,551 1,020  Net income $ 11,015 $ 10,168 $ 9,893 $ 8,366 $ 7,064 Preferred stock dividends - - - - -  Net income available to common shareholders $ 11,015 $ 10,168 $ 9,893 $ 8,366 $ 7,064 Per share data Earnings per common share  Basic Net income $ 11,015 $ 10,168 $ 9,893 $ 8,366 $ 7,064 Less allocation of earnings and dividends to participating securities 45 44 213 177 153 Net income available to common shareholders - basic $ 10,970 $ 10,124 $ 9,680 $ 8,189 $ 6,911 Weighted average common shares outstanding 15,524,490 15,488,813 15,734,243 15,736,966 15,729,049   Less average participating securities 96,692 66,711 339,626 332,531 341,567  Weighted average number of shares outstanding used to calculate basic earnings per share 15,427,798 15,422,102 15,394,617 15,404,435 15,387,482 Earnings per common share  Basic $ 0.71 $ 0.66 $ 0.63 $ 0.53 $ 0.45  Diluted $ 0.71 $ 0.66 $ 0.63 $ 0.53 $ 0.45 Common shares dividend paid $ 2,638 $ 2,636 $ 2,518 $ 2,518 $ 2,516 Dividends paid per common share 0.17 0.17 0.16 0.16 0.16 Three Months Ended June 30, March 31, December 31, September 30, June 30, Selected financial ratios 2025 2025 2024 2024 2024 Return on average assets 1.06 % 1.00 % 0.97 % 0.83 % 0.72 % Return on average equity 11.02 % 10.39 % 10.43 % 8.73 % 7.77 % Dividend payout ratio 23.96 % 25.90 % 25.45 % 30.10 % 35.63 % Net interest margin (tax equivalent) 3.64 % 3.51 % 3.36 % 3.19 % 3.09 % Effective tax rate 14.59 % 14.84 % 13.05 % 15.63 % 12.62 % Supplemental Financial Information (Unaudited - dollars in thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, Noninterest income 2025 2025 2024 2024 2024 Service charges $ 1,564 $ 1,524 $ 1,591 $ 1,595 $ 1,488 Net gain (loss) on equity securities (74) (29) 96 223 74 Net gain on sale of loans and leases 841 604 1,259 1,427 888 ATM/Interchange fees 1,418 1,326 1,640 1,402 1,416 Wealth management fees 1,325 1,340 1,464 1,443 1,337 Lease revenue and residual income 525 1,896 1,280 2,428 3,529 Bank owned life insurance 386 387 771 717 367 Swap fees 53 72 66 43 65 Other 551 740 848 821 1,213 Total noninterest income $ 6,589 $ 7,860 $ 9,015 $ 10,099 $ 10,377 Supplemental Financial Information (Unaudited - dollars in thousands) Three Months Ended June 30, March 31, December 31, September 30, June 30, Noninterest expense 2025 2025 2024 2024 2024 Compensation expense $ 15,011 $ 14,043 $ 14,899 $ 15,726 $ 15,740 Net occupancy Expense 1,419 1,634 1,138 1,293 1,298 Contracted data processing 536 567 508 636 559 FDIC Assessment 689 873 1,039 560 548 State franchise tax 634 526 608 480 479 Professional services 1,798 2,090 2,247 1,134 1,249 Equipment expense 1,764 2,103 2,240 2,345 2,434 Amortization of core deposit intangible 338 332 363 364 366 ATM/Interchange expense 683 580 671 616 632 Marketing 289 296 448 716 445 Software maintenance expense 1,294 1,277 1,376 1,203 1,176 Other 3,027 2,805 2,759 3,321 3,463 Total noninterest expense $ 27,482 $ 27,126 $ 28,296 $ 28,394 $ 28,389 Supplemental Financial Information (Unaudited - dollars in thousands except share data) Three Months Ended June 30, March 31, December 31, September 30, June 30, Asset quality 2025 2025 2024 2024 2024 Allowance for credit losses: Beginning of period $ 40,284 $ 39,669 $ 41,268 $ 39,919 $ 38,849  Charge-offs (1,092) (976) (2,335) (42) (887)  Recoveries 92 343 39 45 157  Provision 1,171 1,248 697 1,346 1,800 End of period $ 40,455 $ 40,284 $ 39,669 $ 41,268 $ 39,919 Allowance for unfunded commitments: Beginning of period $ 3,699 $ 3,380 $ 3,381 $ 3,706 $ 3,851  Charge-offs - - - - -  Recoveries - - - - -  Provision (146) 319 (1) (325) (145) End of period $ 3,553 $ 3,699 $ 3,380 $ 3,381 $ 3,706 Ratios Allowance to total loans 1.28 % 1.30 % 1.29 % 1.36 % 1.32 Allowance to nonperforming assets 174.52 % 129.12 % 121.58 % 226.60 % 233.47 Allowance to nonperforming loans 176.11 % 129.99 % 121.58 % 227.36 % 233.47 Nonperforming assets Non-accrual loans $ 22,742 $ 30,989 $ 30,950 $ 16,488 $ 15,209 Restructured loans 7 - 1,677 1,633 1,889 90+ Days Past Due, Still Accruing 223 - - - - Total non-performing loans 22,972 30,989 32,627 18,121 17,098 Other Real Estate Owned 209 209 - 61 - Total non-performing assets $ 23,181 $ 31,198 $ 32,627 $ 18,182 $ 17,098 Capital and liquidity Tier 1 leverage ratio 8.80 % 8.66 % 8.60 % 8.45 % 8.59 Tier 1 risk-based capital ratio 11.18 % 10.97 % 10.47 % 10.29 % 10.63 Total risk-based capital ratio 14.73 % 14.53 % 13.98 % 13.81 % 14.28 Tangible common equity ratio (1) 6.70 % 6.59 % 6.43 % 6.64 % 6.19 (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) June 30, March 31, December 31, September 30, June 30, 2025 2025 2024 2024 2024 Tangible Common Equity Total Shareholder's Equity - GAAP $ 404,137 $ 397,434 $ 388,502 $ 394,438 $ 373,808 Less: Preferred Equity - - - - - Less: Goodwill and intangible assets 132,631 133,026 133,403 133,829 134,227 Tangible common equity (Non-GAAP) $ 271,506 $ 264,408 $ 255,099 $ 260,609 $ 239,581 Total Shares Outstanding 15,529,342 15,519,072 15,487,667 15,736,528 15,737,222 Tangible book value per share $ 17.48 $ 17.04 $ 16.47 $ 16.56 $ 15.25 Tangible Assets Total Assets - GAAP $ 4,185,869 $ 4,146,717 $ 4,098,469 $ 4,061,423 $ 4,011,914 Less: Goodwill and intangible assets 132,631 133,026 133,403 133,829 134,227 Tangible assets (Non-GAAP) $ 4,053,238 $ 4,013,691 $ 3,965,066 $ 3,927,594 $ 3,877,687 Tangible common equity to tangible assets 6.70 % 6.59 % 6.43 % 6.64 % 6.19 % Reconciliation of Non-GAAP Financial Measures (Unaudited - dollars in thousands except share data) Three Months Ended June 30, March 31, December 31, September 30, June 30, Efficiency ratio (non-GAAP): 2025 2025 2024 2024 2024 Noninterest expense (GAAP) $ 27,482 $ 27,126 $ 28,296 $ 27,981 $ 28,555   Less: Amortization of intangible assets expense 339 332 363 363 366   Less: Acquisition related expenses - - - - - Noninterest expense (non-GAAP) $ 27,143 $ 26,794 $ 27,933 $ 27,618 $ 28,189 Net interest income (GAAP) $ 34,814 $ 32,773 $ 31,355 $ 29,233 $ 27,751   Plus: Taxable equivalent adjustment 621 622 627 630 631 Noninterest income (GAAP) 6,589 7,860 9,015 9,686 10,543   Less: Net gains (losses) on equity securities (74) (29) 96 223 74 Net interest income (FTE) plus noninterest income (non-GAAP) $ 42,098 $ 41,284 $ 40,901 $ 39,326 $ 38,851 Efficiency ratio (non-GAAP) 64.5 % 64.9 % 68.3 % 70.2 % 72.6 % Supplemental Financial Information Consolidated Condensed Statement of Operations (Unaudited - dollars in thousands except share data) Three Months Ended Six Months Ended June 30, 2025 June 30, 2025 Non-Recurring Non-Recurring As Reported Adjustments As Adjusted As Reported Adjustments As Adjusted Interest income $ 56,271 $ 1,621 $ 54,650 $ 110,004 $ 1,621 $ 108,383 Interest expense 21,457 - 21,457 42,417 - 42,417 Net interest income 34,814 1,621 33,193 67,587 1,621 65,966 Provision for credit losses 1,171 - 1,171 2,419 - 2,419 Provision for unfunded commitments (146) - (146) 173 - 173 Net interest income after provision 33,789 1,621 32,168 64,995 1,621 63,374 Noninterest income 6,589 (1,044) 7,633 14,449 (1,044) 15,493 Noninterest expense 27,482 (311) 27,793 54,608 (311) 54,919 Income before taxes 12,896 888 12,008 24,836 888 23,948 Income tax expense 1,881 131 1,750 3,653 131 3,522 Net income $ 11,015 $ 757 $ 10,258 $ 21,183 $ 757 $ 20,426 Non-recurring adjustments summary: Second-Quarter 2025The quarter ended June 30, 2025 was positively impacted by non-recurring adjustments to our loan valuation 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. SOURCE Civista Bancshares, Inc. WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM? 440k+ Newsrooms & Influencers 9k+ Digital Media Outlets 270k+ Journalists Opted In

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