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Civista Bancshares, Inc. Announces Second-Quarter 2026 Net Income of $14.3 million, up $3.3 million from Second-Quarter 2025

CIVB
  • Civista Bancshares reported second-quarter 2026 net income of $14.3 million ($0.69 per share), a 30.0% increase from the prior year quarter but a 4.5% decrease from the first quarter 2026.
  • Diluted earnings per share were $0.69, down from $0.71 in the second quarter of 2025 due to additional shares issued during the Farmers Savings Bank merger and stock offering in late 2025.
  • Pre-Provision Net Revenue (PPNR) reached $18.9 million, up from $17.4 million in Q1 2026 and $13.9 million in Q2 2025.
  • Net interest margin expanded 25 basis points year-over-year to 3.89%, while the cost of funds declined 37 basis points to 194 basis points.
  • Cost of deposits was 183 basis points, down 13 basis points from the prior year but up 2 basis points from the first quarter of 2026.
  • Total loans increased $25.2 million, or 0.8%, to $3.25 billion compared to the first quarter 2026.
  • Brokered deposits declined $25.0 million linked quarter to $350.1 million as the bank continued reducing higher-cost funding sources.
  • Return on Assets was 1.34% for the quarter, compared to 1.06% in the second quarter of 2025.
  • The efficiency ratio improved to 58.2% from 64.5% in the second quarter of 2025.
  • Net charge-offs totaled $0.1 million for the quarter, with the allowance for credit losses to total loans ratio remaining stable at 1.28%.
  • Non-performing assets decreased $0.8 million to $30.5 million, representing 0.71% of total assets.
  • The company declared a quarterly cash dividend of $0.18 per share, maintaining consistency with the first quarter 2026.
  • Dennis Shaffer will retire as President and CEO effective August 28, 2026, with Chuck Parcher succeeding him in the role.
  • Total assets remained flat at $4.3 billion as of June 30, 2026, while total shareholders' equity increased $23.3 million to $566.8 million since year-end 2025.
  • Tangible book value per share increased 6.0% to $20.43 at the end of the quarter.
  • Non-interest income rose 36.7% year-over-year to $9.0 million, driven by higher service charges, net gains on loan sales, and lease revenue.
  • Non-interest expense increased 4.3% to $28.7 million, primarily due to higher compensation costs from an increased number of full-time employees.
  • Effective income tax rate was 16.7% for the quarter, up from 14.6% in the same period last year.