Civista Bancshares(CIVB) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $10.2 million, an increase of 59% or $3.8 million from $6.4 million in Q1 2024[5] - Earnings per share rose to $0.66, up $0.25 from $0.41 in Q1 2024[5] - Return on Assets was 1.00%, compared to 0.66% in Q1 2024[8] - Return on Equity improved to 10.39%, up from 6.89% in Q1 2024[8] - Net income available to common shareholders reached $10,168 thousand, compared to $6,360 thousand in the previous year, reflecting a significant increase of 59.5%[35] - Basic earnings per common share improved to $0.66, up from $0.41, indicating a growth of 60.98%[35] - Net income for Q1 2025 reached $10,168,000, up from $9,893,000 in Q4 2024, indicating a 2.8% increase[47] Asset and Deposit Growth - Total assets increased to $4.1 billion, a rise of $48.2 million or 1.2% from December 31, 2024[7] - Total deposits reached $3.2 billion, an increase of $27.0 million or 0.8% from December 31, 2024[9] - Total assets grew to $4,146,717 thousand, up from $4,098,469 thousand, a rise of 1.18%[36] - Total deposits increased to $3,238,888 thousand from $3,211,870 thousand, reflecting a growth of 0.84%[36] - Total loans at the end of Q1 2025 reached $3,104,036 thousand, a 0.7% increase from $3,081,230 thousand at the end of Q4 2024[31] - Total deposits decreased to $3,209,277,000 in Q1 2025 from $3,285,485,000 in Q4 2024, a decline of 2.3%[41] Interest and Noninterest Income - Net interest income for Q1 2025 was $32,773 thousand, compared to $28,372 thousand in Q1 2024, reflecting an increase of 15.6%[26] - Interest income increased to $53,733 thousand in Q1 2025 from $50,128 thousand in Q1 2024, representing a growth of 5.2%[35] - Noninterest income decreased to $7,860 thousand in Q1 2025, down 4.8% from $8,256 thousand in Q1 2024[29] - Noninterest income for Q1 2025 was $7,860,000, a decrease from $9,015,000 in Q4 2024, reflecting a decline of 12.8%[49] Expense Management - Noninterest expense decreased to $27.1 million, down $0.3 million or 1.1% from the same period last year[14] - Total noninterest expense slightly decreased to $27,126 thousand in Q1 2025, a reduction of 1.1% from $27,441 thousand in Q1 2024[30] - Total noninterest expense for the three months ended March 31, 2025, was $27,126,000, a decrease from $28,296,000 in the previous quarter[51] Credit Quality - The allowance for credit losses to loans ratio was 1.30% at March 31, 2025, compared to 1.34% at March 31, 2024[11] - The allowance for credit losses increased to $40,284 thousand at the end of Q1 2025, up from $38,849 thousand at the end of Q1 2024[33] - Non-performing assets totaled $31,198 thousand at the end of Q1 2025, a decrease from $32,627 thousand at the end of Q4 2024[33] - The provision for credit losses was $1,248 thousand in Q1 2025, down from $2,042 thousand in Q1 2024[33] - Non-performing assets to total assets decreased to 0.75% from 0.80%, indicating improved asset quality[39] Efficiency and Ratios - The efficiency ratio was 64.9%, significantly improved from 72.3% in Q1 2024[15] - The efficiency ratio (non-GAAP) improved to 64.9% from 68.3% in the previous quarter[57] - The Tier 1 risk-based capital ratio improved to 10.97% from 10.47% in the previous quarter[53] - Tangible common equity increased to $264,408,000 from $255,099,000 in the previous quarter[56] - The allowance to total loans ratio was 1.30%, slightly up from 1.29% in the previous quarter[39] Other Financial Metrics - Total interest-earning assets increased to $3,801,709 thousand in Q1 2025, up from $3,552,552 thousand in Q1 2024, representing a growth of 7.0%[26] - The net interest margin improved to 3.51% in Q1 2025, compared to 3.22% in Q1 2024[26] - The net interest margin (tax equivalent) increased to 3.51% in Q1 2025, compared to 3.36% in Q4 2024[48] - Book value per share slightly decreased to $20.12 from $20.15, showing a marginal decline[36] - Tangible book value per share increased to $17.04 from $16.47 in the previous quarter[56] - The dividend payout ratio for Q1 2025 was 25.90%, up from 25.45% in Q4 2024[48]