EX-99.1

EXHIBIT 99.1

Civista Bancshares, Inc. Announces Third-Quarter 2025 Financial Results of $0.68 per Common Share, up 28% from $0.53 per Common Share from Third-Quarter 2024

Sandusky, Ohio, October 23, 2025 /PRNewswire/– Civista Bancshares, Inc. (NASDAQ:CIVB) (“Civista”) today reported net income of $12.8 million, or $0.68 per common share, for the quarter ended September 30, 2025.

•

Completed an underwritten public offering of 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.

•

Net income of $12.8 million, a $4.4 million or 53% increase compared to $8.4 million for the third quarter 2024, and an increase of $1.8 million or 16% compared to $11.0 million in the second quarter of 2025.

•

Diluted earnings per common share of $0.68, for the third quarter of 2025, compared to $0.53 per diluted share, for the third quarter of 2024, and $0.71 per diluted share in the second quarter of 2025.

•

Efficiency ratio of 61.4%, compared to 70.5% for the third quarter of 2024 and 64.5% in the second quarter of 2025, decreasing for the 5th consecutive quarter.

•

227 basis points cost of funds for the third quarter of 2025, 34 basis points lower than the 261 basis points cost of funds for the third quarter of 2024.

•

The third-quarter of 2025 included non-recurring items which negatively impacted net income by approximately $0.7 million on a pre-tax basis, $0.6 million on an after-tax basis, and $0.03 per common share.

CEO Commentary:

“Our third-quarter results demonstrate strong momentum, with net income rising 53% to $12.8 million from $8.4 million a year ago, and earnings per share increasing 28% to $0.68 from $0.53,” said Dennis G. Shaffer, CEO and President of Civista. “These gains reflect the effectiveness of our disciplined growth strategy and the strength of our customer relationships.”

“We’ve received regulatory approval for our partnership with The Farmers Savings Bank, which is expected to close in November. This milestone—combined with our recent $80.5 million capital raise—will significantly expand our presence in Northeast Ohio, enhance liquidity, and serve as a strong foundation for accelerated growth,” Shaffer added.

“Our credit quality remains strong and stable, reflecting the rigor of our underwriting and the enduring strength of our customer relationships,” Shaffer said. “Despite ongoing economic pressures, our disciplined approach continues to serve us well, positioning Civista to navigate challenges and grow organically with confidence. We remain committed to delivering tailored financial solutions that support the evolving needs of the communities we serve.”

Results of Operations:

For the three-month periods ended September 30, 2025, June 30, 2025 and September 30, 2024 and the nine-month periods ended September 30, 2025 and September 30, 2024.

Third-Quarter 2025 Highlights

•

Completed an underwritten public offering of 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.

•

Net income of $12.8 million, an increase of 53% or $4.4 million compared to $8.4 million for the third quarter 2024, and an increase of 16% or $1.8 million compared to $11.0 million in the second quarter of 2025.

•

Net interest margin (tax equivalent) of 3.58%for the third quarter of 2025, compared to 3.16% for the third quarter of 2024.

•

Net interest income of $34.5 million, up $5.3 million or 18.2% compared to the third quarter of 2024.

•

200 basis points cost of deposits for the third-quarter of 2025, up 4 basis points compared to the second-quarter of 2025, but 18 basis points lower than the 218 basis points in the third-quarter of 2024.

•

227 basis points cost of funds for the third-quarter of 2025, down 5 basis points from the 232 basis points in the second-quarter of 2025, and 34 basis points lower than the 261 basis points cost of funds in the third-quarter of 2024.

•

Efficiency ratio of 61.4%, compared to 70.5% for the third quarter of 2024 and 64.5% for the second quarter of 2025.

•

Return on Assets of 1.22%, compared to 0.83% for the third quarter of 2024.

•

Return on Equity of 10.70%, compared to 8.73% for the third quarter of 2024.

•

Allowance for credit losses on loans / total loans of 1.30%.

•

Based on the September 30, 2025, market close share price of $20.31, the $0.17 third quarter dividend is equivalent to an annualized yield of 3.3% and a dividend payout ratio of 25.0%.

•

Announced the signing of a definitive merger agreement to acquire The Farmers Savings Bank.

•

Received all required regulatory approvals for the proposed merger with The Farmers Savings Bank; transaction expected to close in November 2025, pending shareholder approval and customary closing conditions.

Assets

Total assets at September 30, 2025, were $4.1 billion, a decrease of $72.5 million, or 1.7% from June 30, 2025, but up $14.9 million, or 0.4%, from December 31, 2024.

•

Loan and lease balances decreased $55.1 million, or 1.8% since June 30, 2025, but up $14.8 million, or 0.5% since December 31, 2024.

•

Commercial Real Estate decreased mainly in the non-owner occupied category.

•

Residential Real Estate has continued to grow primarily due to more home loans as we meet the demand for housing by our customers and communities.

Deposits & Borrowings

Total deposits at September 30, 2025, were $3.2 billion, an increase of $34.3 million, or 1.1% from June 30, 2025, and an increase of $18.6 million, or 0.6%, from December 31, 2024.

•

Noninterest-bearing demand deposits decreased $43.2 million from December 31, 2024, primarily due to a $45.3 million decrease in noninterest-bearing accounts related to commercial business deposits, partially offset by a $5.9 million increase in noninterest-bearing public funds.

•

Interest-bearing demand deposits decreased $4.0 million from December 31, 2024, primarily due to a $14.1 million increase in interest-bearing public funds, offset by a $16.7 million decrease in interest-bearing and Jumbo now deposits.

•

Savings and money markets increased $3.0 million from December 31, 2024, primarily due to an increase of $52.0 million in business money market deposits, offset by a $49.8 million decrease in retail and ICS money market, public funds, and corporate savings.

•

Time deposits increased $131.8 million from December 31, 2024, primarily due to a $137.7 million increase in Jumbo and retail certificates of deposit.

•

Brokered deposits totaled $431.2 million at September 30, 2025, which included brokered certificate of deposits of $425.0 million and brokered money markets of $6.1 million. Brokered deposits decreased $23 million from June 30, 2025 and $69.1 million from December 31, 2024, strategically reducing the balances of brokered deposits.

•

FHLB short-term advances totaled $232.0 million on September 30, 2025, down $201.5 million from June 30, 2025, and down $107.0 million from December 31, 2024.

•

FHLB long-term advances totaled $1.0 million on September 30, 2025, down from $1.1 million June 30, 2025, and down from $1.5 million on December 31, 2024.

Net Interest Income and Net Interest Margin

Net interest income increased $5.3 million, or 18.2%, for the third quarter of 2025, compared to the same period last year.

•

Interest income increased $2.5 million for the third quarter of 2025, compared to the same period last year, attributed to average interest-earning assets increasing $123.6 million coupled with a 5-basis point increase in asset yield.

•

Interest expense decreased $2.8 million for the third quarter of 2025, compared to the same period last year. This was due to a 101-basis point reduction in higher costing short-term FHLB borrowings coupled with a 136-basis point reduction in time deposits mostly offset by $168.9 million average balance growth in total interest-bearing deposits when comparing the third quarter of 2025 to the same period last year.

•

Net interest margin increased 42-basis points to 3.58% for the third quarter of 2025, compared to 3.16% for the same period last year.

Net interest income increased $16.8 million, or 19.7%, for the nine months ended September 30, 2025, compared to the same period last year. For the nine months ended September 30, 2025, net interest income was increased in Q2 2025 by $1.6 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.

•

Interest income increased $11.8 million for the nine-months ended September 30, 2025, compared to the same period last year, attributed to average interest-earning assets increasing $197.9 million coupled with a 14-basis point increase in asset yield.

•

Interest expense decreased $5.0 million for the nine months ended September 30, 2025, compared to the same period last year. This was due to a 104-basis point reduction in higher costing short-term FHLB borrowings coupled with a 128-basis point drop in time deposits, mostly offset by $230.4 million average balance growth in interest-bearing deposits, when comparing the nine-months ended September 30, 2025, to the same period last year.

•

Net interest margin increased 42-basis points to 3.58% for the nine months ended September 30, 2025, compared to 3.16% for the same period last year.

Credit

Provision for credit losses (including provision for unfunded commitments) decreased $0.8 million for the third quarter of 2025 to $0.2 million compared to $1.0 million for the same period last year, and decreased $0.8 million compared to $1.0 million in the second quarter of 2025.

•

Civista recorded net charge-offs of $0.6 million for the third quarter of 2025 compared to net charge-offs of basically zero for the same period of 2024, and $1.0 million in the second quarter of 2025.

•

The allowance for credit losses to loans ratio was 1.30% at September 30, 2025, compared to 1.28% at June 30, 2025, and 1.29% at December 31, 2024.

•

Non-performing assets at September 30, 2025, were $22.8 million, a decrease of $0.4 million or 1.6%, from June 30, 2025. The non-performing assets to assets ratio was flat at 0.55% at both September 30, 2025, and June 30, 2025.

•

The allowance for credit losses to non-performing loans increased to 176.5% at September 30, 2025, from 120.8% at December 31, 2024.

Noninterest Income

Noninterest income for Q3 2025 totaled $9.6 million, a decrease of $0.5 million or 4.6%, when compared to the same period last year.

•

Lease revenue and residual income decreased $0.5 million for the third quarter of 2025 compared to the same period last year, mainly due to lease originations being curtailed in 2025 resulting from the Civista Leasing and Finance core system conversion.

For the nine months ended September 30, 2025, Noninterest income totaled $24.1 million, a decrease of $4.7 million or 16.2%, when compared to the same period last year. For the nine months ended September 30, 2025, noninterest income was reduced in the second quarter 2025 by $1.0 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.

•

Lease revenue and residual income decreased $3.3 million for the nine months ended September 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.

•

Net gain on sale of loans decreased $0.3 million for the nine months ended September 30, 2025, compared to the same period last year, resulting from timing of selling loans.

•

Other income decreased $1.3 million for the nine month ended September 30, 2025, compared to the same period last year, primarily related to lower fee revenue from the leasing division.

•

Service charges increased $0.2 million for the nine months ended September 30, 2025, compared to the same period last year, primarily from an increase in retail overdraft fees year-over-year.

Noninterest Expense

Noninterest expense for Q3 2025 totaled $28.3 million, a decrease of $0.1 million or 0.2%, when compared to the same period last year. In the third quarter of 2025, noninterest expense was increased by $0.7 million from acquisition expenses related to the previously announced merger with The Farmers Savings Bank that is expected to close in the fourth quarter of 2025. These expenses are recorded in other noninterest expenses.

•

Compensation expense decreased $0.7 million for the third quarter of 2025 compared to the same period last year, primarily due an increase in the deferral of salaries and wages related to the loan originations in the third quarter of 2025 partially offset by an increase in medical expenses.

•

The quarter-to-date average number of full-time equivalent ("FTE") employees was 524 at September 30, 2025, compared with an average number of 526 for the same period in 2024.

•

Marketing expenses decreased $0.3 million for the third quarter of 2025 compared to the same period last year, primarily due to a shift to digital marketing and lower promotional expenses related to advertising and product marketing.

•

Equipment expense decreased $0.1 million for the three months ended September 30, 2025 compared to the same period in 2024, mainly due to lower expense on operating lease contracts mostly offset by $0.7 million in depreciation expense on assets that had a net book value but are no longer in use.

•

Other expenses increased $0.3 million for the third quarter of 2025 compared to the same period last year, mainly due to the aforementioned acquisition-related expenses.

•

The efficiency ratio was 61.4% for the quarter ended September 30, 2025, compared to 70.5% for the same period last year. The change in the efficiency ratio is primarily due to a 0.2% decrease in noninterest expenses, a 18.2% increase in net interest income, partially offset by a 4.6% decrease in noninterest income.

For the nine months ended September 30, 2025, Noninterest expense totaled $82.9 million, a decrease of $1.3 million or 1.5%, when compared to the same period last year. For the nine months ended September 30, 2025, noninterest expense was increased in the second quarter of 2025 by $0.4 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion as well as the aforementioned acquisition-related expenses.

•

Compensation expense decreased $2.7 million for the nine months ended September 30, 2025 compared to the same period last year, primarily due to an increase in the deferral of salaries and wages related to the loan originations in the first nine months of 2025.

•

The year-to-date average number of FTE employees was 523 at September 30, 2025, compared with an average number of 531 for the same period in 2024.

•

Professional fees increased $1.6 million for the nine months ended September 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 $1.2 million for the nine months ended September 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, partially offset by $0.7 million in depreciation expense on assets that had a net book value but are no longer in use.

•

The efficiency ratio was 63.5% for the nine months ended September 30, 2025, compared to 71.7% for the same period last year. The change in the efficiency ratio is primarily due to a 1.5% decrease in noninterest expenses, a 19.7% increase in net interest income, partially offset by a 16.2% decrease in noninterest income.

Taxes

Civista’s effective income tax rate for the third quarter of 2025 was 18.5% compared to 15.6% for the same period last year, and 14.6% for the second quarter of 2025.

Civista’s effective income tax rate for the nine months ended September 30, 2025, was 16.2% compared to 13.5% in the same period last year.

Capital

Total shareholders’ equity at September 30, 2025, totaled $499.0 million, an increase of $94.9 million from June 30, 2025, and $110.5 million from December 31, 2024. This resulted from a capital raise management performed during the third quarter. See Recent Developments below for the impact to capital from the public offering of its common stock.

Civista did not repurchase any shares in the third quarter of 2025 as the current repurchase plan is set to expire in April 2026. For the nine months ended September 30, 2025, Civista liquidated 8,716 shares held by employees, at an average price of $20.36 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.

October 2025, Civista Bancshares, Inc. received all required regulatory approvals for the proposed merger with The Farmers Savings Bank; transaction expected to close in November 2025, pending shareholder approval and customary closing conditions.

Conference Call and Webcast

Civista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the third quarter of 2025 at 1:00 p.m. ET on Thursday, October 23, 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. third quarter 2025 earnings call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection. An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com).

About Civista Bancshares

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

Forward Looking Statements

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

Non-GAAP Financial Measures

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

For additional information, contact:

Dennis G. Shaffer

CEO and President

Civista Bancshares, Inc.

888-645-4121


Average Balance Analysis
(Unaudited - Dollars in thousands)

	Three Months Ended September 30,
	2025								2024
	Average					Yield/			Average					Yield/
Assets:	balance			Interest		rate *			balance			Interest		rate *
Interest-earning assets:
Loans **	$	3,128,033		$	48,717		6.18	%	$	3,031,884		$	46,898		6.15	%
Taxable securities ***		402,216			3,922		3.57	%		363,584			3,258		3.24	%
Non-taxable securities ***		274,722			2,325		3.84	%		291,254			2,369		3.83	%
Interest-bearing deposits in other banks		24,513			276		4.47	%		19,144			216		4.47	%
Total interest-earning assets ***	$	3,829,484		$	55,240		5.69	%	$	3,705,866		$	52,741		5.64	%
Noninterest-earning assets:
Cash and due from financial institutions		34,261								36,868
Premises and equipment, net		42,638								51,342
Accrued interest receivable		14,230								13,802
Intangible assets		132,503								134,083
Bank owned life insurance		63,289								63,190
Other assets		59,667								57,856
Less allowance for loan losses		(40,380	)							(40,068	)
Total Assets	$	4,135,692							$	4,022,939

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings	$	1,536,897		$	5,856		1.51	%	$	1,452,850		$	4,074		1.12	%
Time		1,037,256			10,491		4.01	%		952,369			12,852		5.37	%
Short-term FHLB borrowings		272,985			3,063		4.45	%		388,022			5,328		5.46	%
Long-term FHLB borrowings		1,011			7		2.59	%		1,697			10		2.34	%
Other borrowings		5,123			108		8.39	%		-			-		0.00	%
Subordinated debentures		104,186			1,170		4.46	%		104,040			1,244		4.75	%
Total interest-bearing liabilities	$	2,957,458		$	20,695		2.78	%	$	2,898,978		$	23,508		3.23	%
Noninterest-bearing deposits		662,872								687,364
Other liabilities		42,369								55,205
Shareholders' equity		472,993								381,392
Total Liabilities and Shareholders' Equity	$	4,135,692							$	4,022,939

Net interest income and interest rate spread				$	34,545		2.91	%				$	29,233		2.41	%

Net interest margin ***							3.58	%							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 $618 thousand and $630 thousand for the periods ended September 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 $62.9 million and $57.2 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.


Average Balance Analysis
(Unaudited - Dollars in thousands)

	Nine Months Ended September 30,
	2025								2024
	Average					Yield/			Average					Yield/
Assets:	balance			Interest		rate *			balance			Interest		rate *
Interest-earning assets:
Loans **	$	3,121,292		$	146,336		6.27	%	$	2,959,031		$	136,328		6.15	%
Taxable securities ***		401,091			11,228		3.43	%		355,329			9,262		3.12	%
Non-taxable securities ***		279,668			7,002		3.88	%		291,589			7,116		3.85	%
Interest-bearing deposits in other banks		22,238			678		4.07	%		20,419			756		4.93	%
Total interest-earning assets ***	$	3,824,289		$	165,244		5.75	%	$	3,626,368		$	153,462		5.61	%
Noninterest-earning assets:
Cash and due from financial institutions		39,232								34,807
Premises and equipment, net		44,563								53,318
Accrued interest receivable		13,908								13,254
Intangible assets		132,883								134,474
Bank owned life insurance		63,171								62,176
Other assets		59,410								61,225
Less allowance for loan losses		(40,295	)							(38,876	)
Total Assets	$	4,137,161							$	3,946,746

Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings	$	1,554,969		$	17,216		1.48	%	$	1,392,082		$	11,113		1.07	%
Time		994,788			30,405		4.09	%		927,306			37,305		5.37	%
Short-term FHLB borrowings		346,737			11,595		4.47	%		385,801			15,921		5.51	%
Long-term FHLB borrowings		1,225			24		2.57	%		2,000			35		2.34	%
Other borrowings		5,804			376		8.67	%		-			-		0.00	%
Subordinated debentures		104,145			3,496		4.49	%		103,999			3,732		4.79	%
Total interest-bearing liabilities	$	3,007,668		$	63,112		2.81	%	$	2,811,188		$	68,106		3.24	%
Noninterest-bearing deposits		662,662								702,696
Other liabilities		42,910								60,282
Shareholders' equity		423,921								372,580
Total Liabilities and Shareholders' Equity	$	4,137,161							$	3,946,746

Net interest income and interest rate spread				$	102,132		2.94	%				$	85,356		2.37	%

Net interest margin ***							3.58	%							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 $1.9 million and $1.9 million for the periods ended September 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 $62.1 million and $61.9 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 Septembere 30,
	2025		2024		$ Change			% Change
Service charges	$	1,667	$	1,595	$	72			4.5	%
Net gain (loss) on equity securities		255		223		32			14.3	%
Net gain on sale of loans and leases		1,450		1,427		23			1.6	%
ATM/Interchange fees		1,435		1,402		33			2.4	%
Wealth management fees		1,402		1,443		(41	)		-2.8	%
Lease revenue and residual income		1,934		2,428		(494	)		-20.3	%
Bank owned life insurance		666		717		(51	)		-7.1	%
Swap fees		-		43		(43	)		-100.0	%
Other		824		821		3			0.4	%
Total noninterest income	$	9,633	$	10,099	$	(466	)		-4.6	%


Noninterest income
(unaudited - dollars in thousands)	Nine months ended September 30,
	2025		2024		$ Change			% Change
Service charges	$	4,756	$	4,523	$	233			5.2	%
Net gain (loss) on equity securities		152		156		(4	)		-2.6	%
Net gain on sale of loans and leases		2,895		3,179		(284	)		-8.9	%
ATM/Interchange fees		4,179		4,201		(22	)		-0.5	%
Wealth management fees		4,067		4,055		12			0.3	%
Lease revenue and residual income		4,356		7,630		(3,274	)		-42.9	%
Bank owned life insurance		1,438		1,434		4			0.3	%
Swap fees		125		165		(40	)		-24.2	%
Other		2,114		3,390		(1,276	)		-37.6	%
Total noninterest income	$	24,082	$	28,733	$	(4,651	)		-16.2	%


Noninterest expense
(unaudited - dollars in thousands)	Three months ended September 30,
	2025		2024		$ Change			% Change
Compensation expense	$	15,161	$	15,726	$	(565	)		-3.6	%
Net occupancy Expense		1,466		1,293		173			13.4	%
Contracted data processing		559		636		(77	)		-12.1	%
FDIC Assessment		627		560		67			12.0	%
State franchise tax		536		480		56			11.7	%
Professional services		1,225		1,134		91			8.0	%
Equipment expense		2,205		2,345		(140	)		-6.0	%
ATM/Interchange expense		755		616		139			22.6	%
Marketing		391		716		(325	)		-45.4	%
Amortization of core deposit intangible		318		363		(45	)		-12.4	%
Software maintenance expense		1,480		1,203		277			23.0	%
Other		3,604		3,322		282			8.5	%
Total noninterest expense	$	28,327	$	28,394	$	(67	)		-0.2	%


Noninterest expense
(unaudited - dollars in thousands)	Nine months ended September 30,
	2025		2024		$ Change			% Change
Compensation expense	$	44,216	$	46,922	$	(2,706	)		-5.8	%
Net occupancy expense		4,519		3,959		560			14.1	%
Contracted data processing		1,662		1,740		(78	)		-4.5	%
FDIC Assessment		2,189		1,592		597			37.5	%
State franchise tax		1,696		1,444		252			17.5	%
Professional services		5,113		3,532		1,581			44.8	%
Equipment expense		6,072		7,313		(1,241	)		-17.0	%
ATM/Interchange expense		2,018		1,873		145			7.7	%
Marketing		976		1,640		(664	)		-40.5	%
Amortization of core deposit intangible		988		1,121		(133	)		-11.9	%
Software maintenance expense		4,051		3,568		483			13.5	%
Other		9,435		9,521		(86	)		-0.9	%
Total noninterest expense	$	82,935	$	84,225	$	(1,290	)		-1.5	%


End of period loan and lease balances
(unaudited - dollars in thousands)
	September 30,		December 31,
	2025		2024		$ Change			% Change
Commercial and Agriculture	$	302,407	$	328,488	$	(26,081	)		-7.9	%
Commercial Real Estate:
Owner Occupied		384,176		374,367		9,809			2.6	%
Non-owner Occupied		1,216,031		1,225,991		(9,960	)		-0.8	%
Residential Real Estate		842,362		763,869		78,493			10.3	%
Real Estate Construction		278,163		305,992		(27,829	)		-9.1	%
Farm Real Estate		23,713		23,035		678			2.9	%
Lease financing receivable		38,960		46,900		(7,940	)		-16.9	%
Consumer and Other		10,182		12,588		(2,406	)		-19.1	%
Total Loans	$	3,095,994	$	3,081,230	$	14,764			0.5	%


End of period deposit balances
(unaudited - dollars in thousands)
	September 30,		December 31,
	2025		2024		$ Change			% Change
Noninterest-bearing demand	$	651,934	$	695,094	$	(43,160	)		-6.2	%
Interest-bearing demand		415,620		419,583		(3,963	)		-0.9	%
Savings and money market		1,129,985		1,126,974		3,011			0.3	%
Time deposits		601,757		469,954		131,803			28.0	%
Brokered deposits		431,167		500,265		(69,098	)		-13.8	%
Total Deposits	$	3,230,463	$	3,211,870	$	18,593			0.6	%


Allowance for Credit Losses
(dollars in thousands)
	Three months ended September 30,
	2025			2024
Beginning of period	$	40,455		$	39,919
Charge-offs		(662	)		(42	)
Recoveries		83			45
Provision		378			1,346
End of period	$	40,254		$	41,268


Allowance for Credit Losses
(dollars in thousands)
	Nine months ended September 30,
	2025			2024
Beginning of period	$	39,669		$	37,160
Charge-offs		(2,730	)		(1,580	)
Recoveries		518			500
Provision		2,797			5,188
End of period	$	40,254		$	41,268


Allowance for Unfunded Commitments
(dollars in thousands)
	Three months ended September 30,
	2025			2024
Beginning of period	$	3,553		$	3,706
Provision		(178	)		(325	)
End of period	$	3,375		$	3,381


Allowance for Unfunded Commitments
(dollars in thousands)
	Nine months ended September 30,
	2025			2024
Beginning of period	$	3,380		$	3,901
Provision		(5	)		(520	)
End of period	$	3,375		$	3,381


(dollars in thousands)	September 30,		December 31,
	2025		2024
Non-accrual loans	$	22,615	$	30,950
Restructured loans, accruing		12		1,677
90+ Days Past Due, Still Accruing		177		225
Total non-performing loans		22,804		32,852
Other Real Estate Owned		-		-
Total non-performing assets	$	22,804	$	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						Nine Months Ended
	September 30,						September 30,
	2025			2024			2025			2024

Interest income	$	55,240		$	52,741		$	165,244		$	153,462
Interest expense		20,695			23,508			63,112			68,106
Net interest income		34,545			29,233			102,132			85,356
Provision for credit losses		378			1,346			2,797			5,188
Provision for unfunded commitments		(178	)		(325	)		(5	)		(520	)
Net interest income after provision		34,345			28,212			99,340			80,688
Noninterest income		9,633			10,099			24,082			28,733
Noninterest expense		28,327			28,394			82,935			84,225
Income before taxes		15,651			9,917			40,487			25,196
Income tax expense		2,891			1,551			6,544			3,406
Net income		12,760			8,366			33,943			21,790
Preferred stock dividends		-			-			-			-
Net income available
to common shareholders	$	12,760		$	8,366		$	33,943		$	21,790

Dividends paid per common share	$	0.17		$	0.16		$	0.51		$	0.48

Earnings per common share
Basic
Net income	$	12,760		$	8,366		$	33,943		$	21,790
Less allocation of earnings and
dividends to participating securities		61			177			173			455
Net income available to common
shareholders - basic	$	12,699		$	8,189		$	33,770		$	21,335
Weighted average common shares outstanding		18,767,307			15,736,966			16,605,546			15,720,714
Less average participating securities		91,743			332,531			85,141			328,447
Weighted average number of shares outstanding
used to calculate basic earnings per share		18,675,564			15,404,435			16,520,405			15,392,267

Earnings per common share
Basic	$	0.68		$	0.53		$	2.04		$	1.39
Diluted	$	0.68		$	0.53		$	2.04		$	1.39


Selected financial ratios:
Return on average assets	1.22	%	0.83	%	1.10	%	0.74	%
Return on average equity	10.70	%	8.73	%	10.71	%	7.81	%
Dividend payout ratio	25.00	%	30.10	%	24.95	%	34.63	%
Net interest margin (tax equivalent)	3.58	%	3.16	%	3.58	%	3.16	%
Effective tax rate	18.47	%	15.64	%	16.16	%	13.52	%


Selected Balance Sheet Items
(Dollars in thousands, except share and per share amounts)

	September 30,			December 31,
	2025			2024
	(unaudited)			(unaudited)

Cash and due from financial institutions	$	62,766		$	63,155
Investment in time deposits		735			1,450
Investment securities		657,189			650,488
Loans held for sale		8,012			665
Loans		3,095,994			3,081,230
Less: allowance for credit losses		(40,254	)		(39,669	)
Net loans		3,055,740			3,041,561
Other securities		27,901			30,352
Premises and equipment, net		40,910			47,166
Goodwill and other intangibles		132,276			133,403
Bank owned life insurance		62,756			62,783
Other assets		65,049			67,446
Total assets	$	4,113,334		$	4,098,469

Total deposits	$	3,230,463		$	3,211,870
Short-term Federal Home Loan Bank advances		232,000			339,000
Long-term Federal Home Loan Bank advances		970			1,501
Subordinated debentures		104,213			104,089
Other borrowings		4,699			6,293
Accrued expenses and other liabilities		41,961			47,214
Total liabilities		3,614,306			3,709,967
Common shares		388,458			312,037
Retained earnings		230,798			205,408
Treasury shares		(75,760	)		(75,586	)
Accumulated other comprehensive loss		(44,468	)		(53,357	)
Total shareholders' equity		499,028			388,502
Total liabilities and shareholders' equity	$	4,113,334		$	4,098,469


	September 30,			December 31,
	2025			2024
	(unaudited)			(unaudited)

Shares outstanding at period end		19,312,726			15,487,667
Book value per share	$	25.84		$	25.08
Equity to asset ratio		12.13	%		9.48	%

Selected asset quality ratios:
Allowance for credit losses to total loans		1.30	%		1.29	%
Non-performing assets to total assets		0.55	%		0.80	%
Allowance for credit losses to non-performing loans		176.52	%		120.75	%

Non-performing asset analysis
Nonaccrual loans	$	22,615		$	30,950
Restructured loans		12			1,677
Other real estate owned		-			-
90+ Days Past Due, Still Accruing		177			225
Total	$	22,804		$	32,852


Supplemental Financial Information
(Unaudited - dollars in thousands except share data)

	September 30,			June 30,			March 31,			December 31,			September 30,
End of Period Balances	2025			2025			2025			2024			2024

Assets
Cash and due from banks	$	62,766		$	73,858		$	90,456		$	63,155		$	74,662
Investment in time deposits		735			715			960			1,450			1,450
Investment securities		657,189			645,228			648,537			650,488			629,113
Loans held for sale		8,012			10,733			4,324			665			8,299
Loans and leases		3,095,994			3,151,124			3,104,036			3,081,230			3,043,946
Allowance for credit losses		(40,254	)		(40,455	)		(40,284	)		(39,669	)		(41,268	)
Net Loans		3,055,740			3,110,669			3,063,752			3,041,561			3,002,678
Other securities		27,901			36,195			32,592			30,352			32,633
Premises and equipment, net		40,910			42,922			45,107			47,166			49,967
Goodwill and other intangibles		132,276			132,631			133,026			133,403			133,829
Bank owned life insurance		62,756			63,555			63,170			62,783			62,912
Other assets		65,049			69,363			64,793			67,446			65,880
Total Assets	$	4,113,334		$	4,185,869		$	4,146,717		$	4,098,469		$	4,061,423

Liabilities
Total deposits	$	3,230,463		$	3,196,207		$	3,238,888		$	3,211,870		$	3,223,732
Federal Home Loan Bank advances - short term		232,000			433,500			360,000			339,000			287,047
Federal Home Loan Bank advances - long term		970			1,103			1,355			1,501			1,598
Subordinated debentures		104,213			104,172			104,130			104,089			104,067
Other borrowings		4,699			5,379			6,140			6,293			6,319
Accrued expenses and other liabilities		41,961			41,371			38,770			47,214			44,222
Total liabilities		3,614,306			3,781,732			3,749,283			3,709,967			3,666,985

Shareholders' Equity
Common shares		388,458			312,589			312,192			312,037			311,901
Retained earnings		230,798			221,321			212,944			205,408			198,034
Treasury shares		(75,760	)		(75,753	)		(75,753	)		(75,586	)		(75,586	)
Accumulated other comprehensive loss		(44,468	)		(54,020	)		(51,949	)		(53,357	)		(39,911	)
Total shareholders' equity		499,028			404,137			397,434			388,502			394,438

Total Liabilities and Shareholders' Equity	$	4,113,334		$	4,185,869		$	4,146,717		$	4,098,469		$	4,061,423

Shares outstanding at period end		19,312,726			15,529,342			15,519,072			15,487,667			15,736,528

Book value per share	$	25.84		$	26.02		$	25.61		$	25.08		$	25.07
Equity to asset ratio		12.13	%		9.65	%		9.58	%		9.48	%		9.71	%


	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024
Selected asset quality ratios:
Allowance for credit losses to total loans		1.30	%		1.28	%		1.30	%		1.29	%		1.36	%
Non-performing assets to total assets		0.55	%		0.55	%		0.75	%		0.80	%		0.45	%
Allowance for credit losses to non-performing loans		176.52	%		176.11	%		129.99	%		120.75	%		227.36	%

Non-performing asset analysis
Nonaccrual loans	$	22,615		$	22,742		$	30,989		$	30,950		$	16,488
Restructured loans		12			7			-			1,677			1,663
90+ Days Past Due, Still Accruing		177			223			146			225			-
Other real estate owned		-			209			209			-			61
Total	$	22,804		$	23,181		$	31,344		$	32,852		$	18,212


Supplemental Financial Information
(Unaudited - dollars in thousands except share data)

	September 30,		June 30,		March 31,		December 31,		September 30,
Quarterly Average Balances	2025		2025		2025		2024		2024
Assets:
Earning assets	$	3,829,484	$	3,841,369	$	3,801,709	$	3,738,607	$	3,705,866
Securities		676,938		682,035		683,374		655,556		654,838
Loans		3,128,033		3,136,091		3,099,440		3,061,991		3,031,884
Liabilities and Shareholders' Equity
Total deposits	$	3,237,025	$	3,190,592	$	3,209,277	$	3,285,485	$	3,092,583
Interest-bearing deposits		2,574,153		2,538,500		2,538,561		2,582,652		2,405,219
Other interest-bearing liabilities		383,305		523,824		461,100		320,225		493,759
Total shareholders' equity		472,993		400,915		397,021		391,591		381,392


Supplemental Financial Information
(Unaudited - dollars in thousands)

	September 30,		June 30,		March 31,		December 31,		September 30,
End of period loan and lease balances	2025		2025		2025		2024		2024
Commercial and Agriculture	$	302,407	$	338,598	$	330,627	$	328,488	$	304,639
Commercial Real Estate:
Owner Occupied		384,176		378,248		378,095		374,367		375,751
Non-owner Occupied		1,216,031		1,263,612		1,246,025		1,225,991		1,205,453
Residential Real Estate		842,362		815,408		773,349		763,869		751,825
Real Estate Construction		278,163		277,643		297,589		305,992		318,063
Farm Real Estate		23,713		23,866		22,399		23,035		24,122
Lease financing receivable		38,960		42,758		44,570		46,900		49,453
Consumer and Other		10,182		10,991		11,382		12,588		14,640
Total Loans	$	3,095,994	$	3,151,124	$	3,104,036	$	3,081,230	$	3,043,946


Supplemental Financial Information
(Unaudited - dollars in thousands)

	September 30,		June 30,		March 31,		December 31,		September 30,
End of period deposit balances	2025		2025		2025		2024		2024
Noninterest-bearing demand	$	651,127	$	647,609	$	648,683	$	695,094	$	686,316
Interest-bearing demand		415,620		433,089		467,601		419,583		420,333
Savings and money market		1,129,985		1,100,660		1,146,480		1,126,974		1,111,771
Time deposits		601,757		560,702		515,910		469,954		456,973
Brokered deposits		431,167		454,147		460,214		500,265		548,339
Total Deposits	$	3,229,656	$	3,196,207	$	3,238,888	$	3,211,870	$	3,223,732


Supplemental Financial Information
(Unaudited - dollars in thousands except share data)

	Three Months Ended
	September 30,			June 30,			March 31,		December 31,			September 30,
Income statement	2025			2025			2025		2024			2024

Total interest and dividend income	$	55,240		$	56,271		$	53,733	$	53,233		$	52,741
Total interest expense		20,695			21,457			20,960		21,878			23,508
Net interest income		34,545			34,814			32,773		31,355			29,233
Provision for credit losses		378			1,171			1,248		697			1,346
Provision for unfunded commitments		(178	)		(146	)		319		(1	)		(325	)
Noninterest income		9,633			6,589			7,860		9,015			10,099
Noninterest expense		28,327			27,482			27,126		28,296			28,394
Income before taxes		15,651			12,896			11,940		11,378			9,917
Income tax expense		2,891			1,881			1,772		1,485			1,551
Net income	$	12,760		$	11,015		$	10,168	$	9,893		$	8,366
Preferred stock dividends		-			-			-		-			-
Net income available to common shareholders	$	12,760		$	11,015		$	10,168	$	9,893		$	8,366

Per share data

Earnings per common share
Basic
Net income	$	12,760		$	11,015		$	10,168	$	9,893		$	8,366
Less allocation of earnings and
dividends to participating securities		61			45			44		213			177
Net income available to common shareholders - basic	$	12,699		$	10,970		$	10,124	$	9,680		$	8,189

Weighted average common shares outstanding		18,767,307			15,524,490			15,488,813		15,734,243			15,736,966
Less average participating securities		91,743			96,692			66,711		339,626			332,531
Weighted average number of shares outstanding used to calculate basic earnings per share		18,675,564			15,427,798			15,422,102		15,394,617			15,404,435

Earnings per common share
Basic	$	0.68		$	0.71		$	0.66	$	0.63		$	0.53
Diluted	$	0.68		$	0.71		$	0.66	$	0.63		$	0.53

Common shares dividend paid	$	3,283		$	2,638		$	2,636	$	2,518		$	2,518
Dividends paid per common share		0.17			0.17			0.17		0.16			0.16


	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
Selected financial ratios	2025			2025			2025			2024			2024

Return on average assets		1.22	%		1.06	%		1.00	%		0.97	%		0.83	%
Return on average equity		10.70	%		11.02	%		10.39	%		10.43	%		8.73	%
Dividend payout ratio		25.00	%		23.96	%		25.90	%		25.45	%		30.10	%
Net interest margin (tax equivalent)		3.58	%		3.64	%		3.51	%		3.36	%		3.16	%
Effective tax rate		18.47	%		14.59	%		14.84	%		13.05	%		15.63	%


Supplemental Financial Information
(Unaudited - dollars in thousands)

	Three Months Ended
	September 30,		June 30,			March 31,			December 31,		September 30,
Noninterest income	2025		2025			2025			2024		2024
Service charges	$	1,667	$	1,564		$	1,524		$	1,591	$	1,595
Net gain (loss) on equity securities		255		(74	)		(29	)		96		223
Net gain on sale of loans and leases		1,450		841			604			1,259		1,427
ATM/Interchange fees		1,435		1,418			1,326			1,640		1,402
Wealth management fees		1,402		1,325			1,340			1,464		1,443
Lease revenue and residual income		1,934		525			1,896			1,280		2,428
Bank owned life insurance		666		386			387			771		717
Swap fees		-		53			72			66		43
Other		824		551			740			848		821
Total noninterest income	$	9,633	$	6,589		$	7,860		$	9,015	$	10,099


Supplemental Financial Information
(Unaudited - dollars in thousands)

	Three Months Ended
	September 30,		June 30,		March 31,		December 31,		September 30,
Noninterest expense	2025		2025		2025		2024		2024
Compensation expense	$	15,161	$	15,011	$	14,043	$	14,899	$	15,726
Net occupancy Expense		1,466		1,419		1,634		1,138		1,293
Contracted data processing		559		536		567		508		636
FDIC Assessment		627		689		873		1,039		560
State franchise tax		536		634		526		608		480
Professional services		1,225		1,798		2,090		2,247		1,134
Equipment expense		2,205		1,764		2,103		2,240		2,345
ATM/Interchange expense		755		683		580		671		616
Marketing		391		289		296		448		716
Amortization of core deposit intangible		318		338		332		363		363
Software maintenance expense		1,480		1,294		1,277		1,376		1,203
Other		3,604		3,027		2,805		2,759		3,322
Total noninterest expense	$	28,327	$	27,482	$	27,126	$	28,296	$	28,394


Supplemental Financial Information
(Unaudited - dollars in thousands except share data)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
Asset quality	2025			2025			2025			2024			2024

Allowance for credit losses:
Beginning of period	$	40,455		$	40,284		$	39,669		$	41,268		$	39,919
Charge-offs		(662	)		(1,092	)		(976	)		(2,335	)		(42	)
Recoveries		83			92			343			39			45
Provision		378			1,171			1,248			697			1,346
End of period	$	40,254		$	40,455		$	40,284		$	39,669		$	41,268
Allowance for unfunded commitments:
Beginning of period	$	3,553		$	3,699		$	3,380		$	3,381		$	3,706
Charge-offs		-			-			-			-			-
Recoveries		-			-			-			-			-
Provision		(178	)		(146	)		319			(1	)		(325	)
End of period	$	3,375		$	3,553		$	3,699		$	3,380		$	3,381

Ratios
Allowance to total loans		1.30	%		1.28	%		1.30	%		1.29	%		1.36	%
Allowance to nonperforming assets		176.52	%		174.52	%		129.12	%		121.58	%		226.60	%
Allowance to nonperforming loans		176.52	%		176.11	%		129.99	%		120.75	%		227.74	%

Nonperforming assets
Non-accrual loans	$	22,615		$	22,742		$	30,989		$	30,950		$	16,488
Restructured loans		12			7			-			1,677			1,633
90+ Days Past Due, Still Accruing		177			223			-			225			-
Total non-performing loans		22,804			22,972			30,989			32,852			18,121
Other Real Estate Owned		-			209			209			-			61
Total non-performing assets	$	22,804		$	23,181		$	31,198		$	32,852		$	18,182



	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
Capital and liquidity	2025			2025			2025			2024			2024

Tier 1 leverage ratio		10.96	%		8.80	%		8.66	%		8.60	%		8.45	%
Tier 1 risk-based capital ratio		14.19	%		11.18	%		10.97	%		10.47	%		10.29	%
Total risk-based capital ratio		17.80	%		14.73	%		14.53	%		13.98	%		13.81	%
Tangible common equity ratio (1)		9.21	%		6.70	%		6.59	%		6.43	%		6.64	%

(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)

	September 30,			June 30,			March 31,			December 31,			September 30,
	2025			2025			2025			2024			2024

Tangible Common Equity
Total Shareholder's Equity - GAAP	$	499,028		$	404,137		$	397,434		$	388,502		$	394,438
Less: Preferred Equity		-			-			-			-			-
Less: Goodwill and intangible assets		132,276			132,631			133,026			133,403			133,829
Tangible common equity (Non-GAAP)	$	366,752		$	271,506		$	264,408		$	255,099		$	260,609

Total Shares Outstanding		19,312,726			15,529,342			15,519,072			15,487,667			15,736,528

Tangible book value per share	$	18.99		$	17.48		$	17.04		$	16.47		$	16.56

Tangible Assets
Total Assets - GAAP	$	4,113,334		$	4,185,869		$	4,146,717		$	4,098,469		$	4,061,423
Less: Goodwill and intangible assets		132,276			132,631			133,026			133,403			133,829
Tangible assets (Non-GAAP)	$	3,981,058		$	4,053,238		$	4,013,691		$	3,965,066		$	3,927,594

Tangible common equity to tangible assets		9.21	%		6.70	%		6.59	%		6.43	%		6.64	%


Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
Efficiency ratio (non-GAAP):	2025			2024			2025			2024

Noninterest expense (GAAP)		28,327			28,394			82,935			84,225
Less: Amortization of intangible assets expense		318			363			988			1,121
Less: Acquisition related expenses		664			-			669			-
Noninterest expense (non-GAAP)		27,345			28,031			81,278			83,104

Net interest income (GAAP)		34,545			29,233			102,132			85,356
Plus: Taxable equivalent adjustment		618			630			1,861			1,892
Noninterest income (GAAP)		9,633			10,099			24,082			28,733
Less: Net gains (losses) on equity securities		255			223			152			156
Net interest income (FTE) plus noninterest income (non-GAAP)		44,541			39,739			127,923			115,825

Efficiency ratio (non-GAAP)		61.4	%		70.5	%		63.5	%		71.7	%


Reconciliation of Non-GAAP Financial Measures
(Unaudited - dollars in thousands except share data)

	Three Months Ended
	September 30,			June 30,			March 31,			December 31,			September 30,
Efficiency ratio (non-GAAP):	2025			2025			2025			2024			2024

Noninterest expense (GAAP)	$	28,327		$	27,482		$	27,126		$	28,296		$	28,394
Less: Amortization of intangible assets expense		318			339			332			363			363
Less: Acquisition related expenses		664			5			-			-			-
Noninterest expense (non-GAAP)	$	27,345		$	27,138		$	26,794		$	27,933		$	28,031

Net interest income (GAAP)	$	34,545		$	34,814		$	32,773		$	31,355		$	29,233
Plus: Taxable equivalent adjustment		618			621			622			627			630
Noninterest income (GAAP)		9,633			6,589			7,860			9,015			10,099
Less: Net gains (losses) on equity securities		255			(74	)		(29	)		96			223
Net interest income (FTE) plus noninterest income (non-GAAP)	$	44,541		$	42,098		$	41,284		$	40,901		$	39,739

Efficiency ratio (non-GAAP)		61.4	%		64.5	%		64.9	%		68.3	%		70.5	%


Supplemental Financial Information
Consolidated Condensed Statement of Operations
(Unaudited - dollars in thousands except share data)

	Three Months Ended									Nine Months Ended
	September 30, 2025									September 30, 2025
				Non-Recurring									Non-Recurring
	As Reported			Adjustments			As Adjusted			As Reported			Adjustments			As Adjusted

Interest income	$	55,240		$	-		$	55,240		$	165,244		$	1,621		$	163,623
Interest expense		20,695			-			20,695			63,112			-			63,112
Net interest income		34,545			-			34,545			102,132			1,621			100,511
Provision for credit losses		378			-			378			2,797			-			2,797
Provision for unfunded commitments		(178	)		-			(178	)		(5	)		-			(5	)
Net interest income after provision		34,345			-			34,345			99,340			1,621			97,719
Noninterest income		9,633			-			9,633			24,082			(1,044	)		25,126
Noninterest expense		28,327			664			27,663			82,935			358			82,577
Income before taxes		15,651			(664	)		16,315			40,487			219			40,268
Income tax expense		2,891			(110	)		3,001			6,544			20			6,524
Net income	$	12,760		$	(554	)	$	13,314		$	33,943		$	199		$	33,744



Earnings per common share
Basic	$	0.68		$	(0.03	)	$	0.71		$	2.04		$	0.01		$	2.03
Diluted	$	0.68		$	(0.03	)	$	0.71		$	2.04		$	0.01		$	2.03


Supplemental Financial Information
Consolidated Condensed Statement of Operations
(Unaudited - dollars in thousands except share data)

	Three Months Ended
As Reported	September 30, 2025			June 30, 2025

Interest income	$	55,240		$	56,271
Interest expense		20,695			21,457
Net interest income		34,545			34,814
Provision for credit losses		378			1,171
Provision for unfunded commitments		(178	)		(146	)
Net interest income after provision		34,345			33,789
Noninterest income		9,633			6,589
Noninterest expense		28,327			27,482
Income before taxes		15,651			12,896
Income tax expense		2,891			1,881
Net income	$	12,760		$	11,015

Earnings per common share
Basic	$	0.68		$	0.71
Diluted	$	0.68		$	0.71
Net Interest Margin		3.58	%		3.64	%

As Adjusted
Interest income	$	55,240		$	54,650
Interest expense		20,695			21,457
Net interest income		34,545			33,193
Provision for credit losses		378			1,171
Provision for unfunded commitments		(178	)		(146	)
Net interest income after provision		34,345			32,168
Noninterest income		9,633			7,633
Noninterest expense		27,663			27,793
Income before taxes		16,315			12,008
Income tax expense		3,001			1,750
Net income	$	13,314		$	10,258

Earnings per common share
Basic	$	0.71		$	0.66
Diluted	$	0.71		$	0.66
Net Interest Margin		3.58	%		3.47	%


	Three Months Ended
Non-Recurring Adjustments	September 30, 2025			June 30, 2025
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
Noninterest income		-			(1,044	)
Noninterest expense		664			(311	)
Income before taxes		(664	)		888
Income tax expense		(110	)		131
Net income	$	(554	)	$	757

Earnings per common share
Basic	$	(0.03	)	$	0.05
Diluted	$	(0.03	)	$	0.05
Net Interest Margin		0.00	%		0.17	%

Non-recurring adjustments summary:

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 expected to close 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 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.