Civista Bancshares Reports 59.9% Increase in Net Income to $10.2 Million for Q1 2025

Civista Bancshares, Inc. reported a net income of $10.2 million for the first quarter of 2025, reflecting a significant increase of 59.9% compared to $6.4 million in the same period of 2024. This translates to earnings per share of $0.66, up from $0.41 a year earlier. The company's total interest income rose to $53.7 million, a 7.2% increase from $50.1 million in the prior year, driven by higher loan volumes and improved yields. Interest expense decreased slightly to $21.0 million, contributing to a net interest income of $32.8 million, which is a 14.5% increase from the previous year.

Total assets for Civista increased to $4.15 billion as of March 31, 2025, up from $4.10 billion at the end of 2024, marking a 1.2% growth. This growth was primarily fueled by a $22.2 million increase in net loans, which reached $3.06 billion, and a $27.3 million rise in cash and cash equivalents. Total liabilities also rose to $3.75 billion, up 1.1% from the previous quarter, largely due to a $27.0 million increase in total deposits, which reached $3.24 billion.

Civista's loan portfolio showed varied performance across categories. Commercial Real Estate loans, both owner-occupied and non-owner occupied, saw increases of 1.0% and 1.6%, respectively. However, Real Estate Construction loans decreased by 2.7%, and Consumer loans fell by 9.6%. The company also reported a significant increase in loans held for sale, which surged by 550.2% to $4.3 million, attributed to a higher number of loans and average balances.

In terms of operational developments, Civista's total deposits increased by $27.0 million, with notable growth in interest-bearing accounts. Noninterest-bearing deposits, however, decreased by $46.4 million, primarily due to seasonal factors. The company also experienced a decrease in its employee headcount, with an average of 520 full-time equivalents reported, down from 539 in the previous year. Civista's capital ratios remained strong, with shareholders' equity increasing to $397.4 million, representing 9.6% of total assets.

Looking ahead, Civista Bancshares anticipates continued growth in its loan portfolio and overall financial performance, supported by strategic initiatives and a focus on enhancing customer service. The company remains vigilant regarding market conditions and potential economic challenges, including interest rate fluctuations and credit quality risks, as it navigates its growth trajectory.