Civista Bancshares(US:CIVB)2026-01-29 13:00Financial Performance - Net income for Q4 2025 was $12.3 million, a 24% increase from $9.9 million in Q4 2024, and full-year net income reached $46.2 million, a 46% increase from $31.7 million in 2024[2]. - Diluted earnings per common share for Q4 2025 was $0.61, compared to $0.63 in Q4 2024, and for the full year, it was $2.64, a 31% increase from $2.01 in 2024[2]. - Net income for the twelve months ended December 31, 2025, was $46,212,000, up 46.0% from $31,683,000 in 2024[55]. - Net income for Q4 2025 was $12,267 million, compared to $9,893 million in Q4 2024, representing a 24.5% increase year-over-year[68]. Asset and Deposit Growth - Total assets as of December 31, 2025, were $4.3 billion, a 5.4% increase from September 30, 2025, and a 5.8% increase from December 31, 2024[10]. - Total deposits at December 31, 2025, were $3.5 billion, a 7.3% increase from September 30, 2025, and a 7.9% increase from December 31, 2024[11]. - Total loans increased by 6.1% to $3,270,046 from $3,081,230, with notable growth in residential real estate loans by 22.1%[49]. - Total deposits grew by 7.9% to $3,466,464, with time deposits surging by 54.8%[50]. Efficiency and Operational Metrics - Efficiency ratio improved to 57.7% in Q4 2025, down from 68.3% in Q4 2024, marking the sixth consecutive quarter of improvement[2]. - The efficiency ratio improved to 57.7% for Q4 2025 from 68.3% in the same period last year, driven by a 16.3% increase in net interest income[23]. - The average yield on interest-earning assets improved to 5.71% from 5.62% year-over-year[41]. - The return on average assets for Q4 2025 was 1.14%, an increase from 0.97% in Q4 2024[69]. Non-Interest Income and Expenses - Non-interest income for Q4 2025 totaled $9.9 million, a 9.6% increase compared to the same period last year[18]. - Non-interest income for Q4 2025 was impacted by the mid-quarter FSB acquisition, with service charges increasing by $0.1 million year-over-year due to higher retail overdraft fees[8]. - Non-interest expense for Q4 2025 totaled $31.0 million, an increase of $2.7 million or 9.6% compared to the same period last year, primarily due to $3.4 million in non-recurring acquisition-related expenses[21]. - Total non-interest expense for Q4 2025 was $31,003 million, up from $28,296 million in Q4 2024, indicating an increase of 6.0%[73]. Credit Quality and Allowance for Losses - The allowance for credit losses to loans ratio was 1.28% at December 31, 2025, compared to 1.30% at September 30, 2025[17]. - The allowance for credit losses at the end of the period was $42,020,000, an increase from $39,669,000 in 2024[56]. - The provision for credit losses for the twelve months ended December 31, 2025, was $3,521,000, down from $5,885,000 in 2024, showing a reduction in expected credit losses[55]. - Non-performing assets decreased to $31,290,000 as of December 31, 2025, from $32,852,000 in 2024, indicating improved asset quality[53]. Capital and Shareholder Metrics - Total shareholders' equity increased to $543.5 million as of December 31, 2025, up $44.4 million from September 30, 2025, and $155.0 million from December 31, 2024, due to a capital raise and the FSB acquisition[26]. - The book value per share rose to $26.20 as of December 31, 2025, compared to $25.08 in 2024[57]. - The equity to asset ratio improved to 12.53% as of December 31, 2025, from 9.48% in 2024, indicating stronger capital position[57]. - The Tier 1 leverage ratio improved to 11.32% from 10.96% in the previous quarter, indicating stronger capital adequacy[77]. Future Outlook - The company expects continued growth in net interest income and non-interest income in the upcoming quarters, driven by strategic market expansions and product innovations[86].