Civista Bancshares, Inc. Announces Fourth-Quarter 2025 Financial Results of $0.61 per Common Share, and Full-Year 2025 Financial Results of $2.64 per Common Share
- Completed the closing of the acquisition of
The Farmers Savings Bank ("FSB"), which added approximately$268.1 million of assets,$106.2 million of loans and leases, and$236.1 million of deposits. FSB integration is proceeding as planned, with the core conversion scheduled forFebruary 2026 . - Net income, for the fourth-quarter of 2025 of
$12.3 million , a$2.4 million or 24% increase compared to$9.9 million for the fourth-quarter 2024, and$12.8 million for the third-quarter of 2025. - Full-Year net income of
$46.2 million , a$14.5 million or 46% increase compared to$31.7 million for the full-year 2024. - Diluted earnings per common share of
$0.61 , for the fourth quarter of 2025, compared to$0.63 per diluted share, for the fourth quarter of 2024, and$0.68 per diluted share in the third quarter of 2025. - Diluted earnings per common share of
$2.64 , for the full-year 2025, a$0.63 increase or 31% compared to$2.01 diluted earnings per common share for the full-year 2024. - The fourth-quarter of 2025 included non-recurring adjustments related to the merger of FSB that negatively impacted net income by approximately
$3.4 million on a pre-tax basis,$2.9 million on an after-tax basis, and$0.14 per common share. - The twelve months ended
December 31, 2025 included non-recurring adjustments related to the FSB merger as well as theCivista Leasing & Finance Division core system conversion, which negatively impacted net income by approximately$3.2 million on a pre-tax basis,$2.7 million on an after-tax basis, and$0.15 per common share. - Efficiency ratio of 57.7%, compared to 68.3% for the fourth quarter of 2024 and 61.4% in the third quarter of 2025, decreasing for the 6th consecutive quarter.
- Cost of funds of 208 basis points for the fourth quarter of 2025, 34 basis points lower than the 242 basis points cost of funds for the fourth quarter of 2024, and 19 basis points lower than the 227 basis points in third quarter 2025.
- 7.9% deposit growth since
December 31, 2024 , including impact of the FSB mid-year acquisition. - 6.1% loan and lease balance growth since
December 31, 2024 , including impact of the FSB mid-year acquisition.
CEO Commentary:
"Our fourth‑quarter results cap a year of exceptional progress for Civista, with net income for the quarter increasing to
"2025 was a pivotal year for Civista," Shaffer added. "The successful acquisition of
"Credit quality remains solid, supported by disciplined underwriting and the resilience we continue to see across our customer base," Shaffer said. "While economic conditions remain mixed, our relationship‑focused approach and community‑banking roots equip us to navigate uncertainty with confidence. We remain committed to delivering responsible, customer‑centered banking that supports the families, businesses, and communities we're proud to serve throughout our footprint."
Results of Operations:
For the three-month periods ended
Fourth-Quarter 2025 Highlights
- Completed the closing of the acquisition of FSB, which added approximately
$268.1 million of assets,$106.2 million of loans and leases, and$236.1 million of deposits. FSB integration proceeding as planned, with the core conversion scheduled forFebruary 2026 . - Net income of
$12.3 million , a$2.4 million or 24% increase compared to$9.9 million for the fourth quarter 2024, and$12.8 million for the third quarter of 2025. - Diluted earnings per common share of
$0.61 , for the fourth quarter of 2025, compared to$0.63 per diluted share, for the fourth quarter of 2024, and$0.68 per diluted share in the third quarter of 2025. - The fourth-quarter of 2025 included non-recurring expenses related to the merger of FSB that negatively impacted net income by approximately
$3.4 million on a pre-tax basis,$2.9 million on an after-tax basis, and$0.14 per common share. - Net interest margin (tax equivalent) of 3.69%for the fourth quarter of 2025, compared to 3.36% for the fourth quarter of 2024.
- Net interest income of
$36.5 million , up$5.1 million or 16.3% compared to the fourth quarter of 2024. - Cost of deposits of 192 basis points for the fourth-quarter of 2025, up 8 basis points compared to the third-quarter of 2025, but 28 basis points lower than the 220 basis points in the fourth-quarter of 2024.
- Cost of funds of 208 basis points for the fourth-quarter of 2025, down 19 basis points from the 227 basis points in the third-quarter of 2025, and 34 basis points lower than the 242 basis points cost of funds in the fourth-quarter of 2024.
- Efficiency ratio of 57.7%, compared to 68.3% for the fourth quarter of 2024 and 61.4% for the third quarter of 2025.
- Return on Assets of 1.15%, compared to 0.97% for the fourth quarter of 2024.
- Return on Equity of 9.26%, compared to 10.05% for the fourth quarter of 2024.
- Allowance for credit losses on loans / total loans of 1.28%.
- Based on the
December 31, 2025 , market close share price of$22.22 , the$0.17 fourth quarter dividend is equivalent to an annualized yield of 3.06% and a dividend payout ratio of 27.97%.
The Farmers Savings Bank Acquisition
At the close of business on
Immediately following completion of the acquisition, FSB was merged into
Assets
Total assets at
- Total assets, including loans and leases, were impacted by the mid-quarter FSB acquisition.
- Loan and lease balances increased
$174.1 million , or 5.6% sinceSeptember 30, 2025 , and up$188.8 million , or 6.1% sinceDecember 31, 2024 . -
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
- Total deposits, including FHLB short-term advances, were impacted by the mid-quarter FSB acquisition.
- Noninterest-bearing demand deposits increased
$6.9 million fromDecember 31, 2024 , primarily due to a$13.2 million increase in noninterest-bearing accounts related to commercial business deposits and$1.5 million related to retail, mostly offset by a$9.5 million decrease in noninterest-bearing public funds. - Interest-bearing demand deposits decreased
$19.2 million fromDecember 31, 2024 , primarily due to a$31.9 million decrease in interest-bearing public funds, slightly offset by a$14.7 million increase in retail interest-bearing demand deposits. - Savings and money markets increased
$107.6 million fromDecember 31, 2024 , primarily due to an increase of$123.7 million in retail, public funds, and business money market deposits coupled with an increase of$18.9 million in retail savings, slightly offset by a$32.7 million decrease in ICS money market. - Time deposits increased
$257.3 million fromDecember 31, 2024 , primarily due increases of$176.4 million increase in Jumbo's and$64.8 million in retail certificates of deposit. - Brokered deposits totaled
$402.1 million atDecember 31, 2025 , which included brokered certificate of deposits of$400.0 million and brokered money markets of$2.1 million . Brokered deposits decreased$29.0 million fromSeptember 30, 2025 and$98.1 million fromDecember 31, 2024 , strategically reducing the balances of brokered deposits. - FHLB short-term advances totaled
$175.0 million onDecember 31, 2025 , down$57.0 million fromSeptember 30, 2025 , and down$164.0 million fromDecember 31, 2024 . - FHLB long-term advances totaled
$0.9 million onDecember 31, 2025 , down from$0.1 million September 30, 2025 , and down from$0.6 million onDecember 31, 2024 .
Net Interest Income and Net Interest Margin
Net interest income increased
- Net interest income and net interest margin, were impacted by the mid-quarter FSB acquisition.
- Interest income increased
$2.5 million for the fourth quarter of 2025, compared to the same period last year, attributed to average interest-earning assets increasing$201.0 million coupled with a 4-basis point increase in asset yield. - Interest expense decreased
$2.6 million for the fourth quarter of 2025, compared to the same period last year. This was due to a 95-basis point reduction in higher costing short-term FHLB borrowings coupled with a 106-basis point reduction in time deposits mostly offset by$135.1 million average balance growth in total interest-bearing deposits when comparing the fourth quarter of 2025 to the same period last year. - Net interest margin increased 33-basis points to 3.69% for the fourth quarter of 2025, compared to 3.36% for the same period last year.
Net interest income increased
- Interest income increased
$14.3 million for the twelve-months endedDecember 31, 2025 , compared to the same period last year, attributed to average interest-earning assets increasing$198.8 million coupled with a 9-basis point increase in asset yield. - Interest expense decreased
$7.6 million for the twelve-months endedDecember 31, 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 123-basis point drop in time deposits, mostly offset by$206.5 million average balance growth in interest-bearing deposits, when comparing the twelve-months endedDecember 31, 2025 , to the same period last year. - Net interest margin increased 40-basis points to 3.61% for the twelve months ended
December 31, 2025 , compared to 3.21% for the same period last year.
Credit
Provision for credit losses (including provision for unfunded commitments) decreased
- Civista recorded net charge-offs of
$0.9 million for the fourth quarter of 2025 compared to net charge-offs of$2.2 million for the same period of 2024, and$0.6 million in the third quarter of 2025. - The allowance for credit losses to loans ratio was 1.28% at
December 31, 2025 , compared to 1.30% atSeptember 30, 2025 , and 1.29% atDecember 31, 2024 . - Non-performing assets at
December 31, 2025 , were$31.3 million , an increase of$8.5 million or 37.3%, fromSeptember 30, 2025 . The non-performing assets to assets ratio was 0.72% and 0.55% atDecember 31, 2025 andSeptember 30, 2025 , respectively. - The allowance for credit losses to non-performing loans increased to 134.3% at
December 31, 2025 , from 120.8% atDecember 31, 2024 . - The FSB acquisition added approximately
$2.0 million to the allowance for credit losses.
Non-interest Income
Non-interest income for the fourth quarter of 2025 totaled
- Non-interest Income was impacted by the mid-quarter FSB acquisition.
- Service charges increased
$0.1 million for the fourth quarter of 2025, compared to the same period last year, primarily from an increase in retail overdraft fees. - Net gain on sale of loans increased
$0.3 million for the fourth quarter of 2025, compared to the same period last year, resulting from timing of selling loans. - Lease revenue and residual income increased
$0.2 million for the fourth quarter of 2025 compared to the same period last year, mainly due to an increase in lease originations in the fourth quarter of 2025. - Income from Bank Owned Life Insurance decreased
$0.4 million for the fourth quarter of 2025 due to a death benefit on an insured individual in the fourth quarter of 2024.
For the twelve months ended
- Service charges increased
$0.3 million for the twelve months endedDecember 31, 2025 , compared to the same period last year, primarily from an increase in retail overdraft fees year-over-year. - Lease revenue and residual income decreased
$3.0 million for the twelve months endedDecember 31, 2025 , compared to the same period last year, due to stronger lease originations for most of 2024 coupled with a one-time non-recurring adjustment aforementioned above. - Other income decreased
$0.9 million for the twelve month endedDecember 31, 2025 , compared to the same period last year, primarily related to lower fee revenue from the leasing division.
Non-interest Expense
Non-interest expense for Q4 2025 totaled
- Non-interest expense was impacted by the mid-quarter FSB acquisition.
- Compensation expense decreased
$0.4 million for the fourth quarter of 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 fourth quarter of 2025 partially offset by an increase in medical expenses. - The quarter-to-date average number of full-time equivalent ("FTE") employees was 535 at
December 31, 2025 , compared with an average number of 519 for the same period in 2024. - Equipment expense decreased
$0.2 million for the three months endedDecember 31, 2025 compared to the same period in 2024, mainly due to normal depreciation expense. - Other expenses increased
$4.2 million for the fourth quarter of 2025 compared to the same period last year, mainly due to the aforementioned acquisition-related expenses. - The efficiency ratio was 57.7% for the quarter ended
December 31, 2025 , compared to 68.3% for the same period last year. The change in the efficiency ratio is primarily due to a 9.6% increase in non-interest expenses, a 16.3% increase in net interest income, partially offset by a 9.6% increase in non-interest income.
For the twelve months ended
- Compensation expense decreased
$3.1 million for the twelve months endedDecember 31, 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 2025. - The year-to-date average number of FTE employees was 526 at
December 31, 2025 , compared with an average number of 531 for the same period in 2024. - Professional fees increased
$.8 million for the twelve months endedDecember 31, 2025 , compared to the same period last year, mainly due to utilizing consultants to assist in transitioningCivista Leasing and Finance Division to a new core processing system. - Equipment expense decreased
$1.4 million for the twelve months endedDecember 31, 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 62.0% for the twelve months ended
December 31, 2025 , compared to 70.9% for the same period last year. The change in the efficiency ratio is primarily due a 18.7% increase in net interest income, partially offset by a 10.0% decrease in non-interest income.
Taxes
Civista's effective income tax rate for the fourth quarter of 2025 was 16.8% compared to 13.1% for the same period last year, and 18.5% for the third quarter of 2025.
Civista's effective income tax rate for the twelve months ended
Capital
Total shareholders' equity at
On
On
Civista did not repurchase any shares in the fourth quarter of 2025 as the current repurchase plan is set to expire in
Conference Call and Webcast
About
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
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.
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Average Balance Analysis |
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(Unaudited - Dollars in thousands) |
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Three Months Ended |
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2025 |
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2024 |
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Average |
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Yield/ |
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Average |
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Yield/ |
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Assets: |
balance |
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Interest |
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rate * |
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balance |
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Interest |
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rate * |
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Interest-earning assets: |
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Loans ** |
$ |
3,197,327 |
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$ |
49,133 |
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|
6.10 |
% |
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$ |
3,061,991 |
|
|
47,250 |
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|
6.14 |
% |
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Taxable securities *** |
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409,398 |
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|
3,738 |
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3.39 |
% |
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362,997 |
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|
3,378 |
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3.38 |
% |
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Non-taxable securities *** |
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284,865 |
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2,331 |
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3.86 |
% |
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292,559 |
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2,357 |
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3.83 |
% |
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Interest-bearing deposits in other |
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47,990 |
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|
539 |
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4.46 |
% |
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|
21,060 |
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|
248 |
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|
4.68 |
% |
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Total interest-earning assets *** |
$ |
3,939,580 |
|
$ |
55,741 |
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|
5.61 |
% |
|
$ |
3,738,607 |
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$ |
53,233 |
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|
5.65 |
% |
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Noninterest-earning assets: |
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Cash and due from financial |
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41,378 |
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38,873 |
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Premises and equipment, net |
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40,815 |
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48,990 |
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Accrued interest receivable |
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14,371 |
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13,632 |
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Intangible assets |
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138,896 |
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133,673 |
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Bank owned life insurance |
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62,892 |
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62,866 |
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Other assets |
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54,326 |
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49,462 |
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Less allowance for loan losses |
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(41,547) |
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(41,353) |
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Total Assets |
$ |
4,250,711 |
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$ |
4,044,750 |
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Liabilities and Shareholders' Equity: |
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Interest-bearing liabilities: |
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Demand and savings |
$ |
1,616,312 |
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$ |
5,767 |
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|
1.42 |
% |
|
$ |
1,528,163 |
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$ |
5,025 |
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|
1.31 |
% |
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Time |
|
1,101,439 |
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|
10,807 |
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3.89 |
% |
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|
1,054,489 |
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|
13,111 |
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4.95 |
% |
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Short-term FHLB borrowings |
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146,784 |
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|
1,389 |
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3.75 |
% |
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214,038 |
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|
2,530 |
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|
4.70 |
% |
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Long-term FHLB borrowings |
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895 |
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|
6 |
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2.62 |
% |
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1,573 |
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|
6 |
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1.52 |
% |
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Other borrowings |
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5,006 |
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|
182 |
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14.44 |
% |
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|
543 |
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7 |
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5.13 |
% |
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Subordinated debentures |
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104,214 |
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1,139 |
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4.34 |
% |
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104,071 |
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|
1,199 |
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|
4.58 |
% |
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Total interest-bearing liabilities |
$ |
2,974,650 |
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$ |
19,290 |
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2.57 |
% |
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$ |
2,902,877 |
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$ |
21,878 |
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3.00 |
% |
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Non-interest-bearing deposits |
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706,267 |
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702,833 |
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Other liabilities |
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44,121 |
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|
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|
47,449 |
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Shareholders' equity |
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525,673 |
|
|
|
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|
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|
391,591 |
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Total Liabilities and Shareholders' |
$ |
4,250,711 |
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$ |
4,044,750 |
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Net interest income and interest rate |
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|
$ |
36,451 |
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|
3.04 |
% |
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|
$ |
31,355 |
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|
2.65 |
% |
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Net interest margin *** |
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3.69 |
% |
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|
|
3.36 |
% |
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* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and |
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** - Average balance includes nonaccrual loans |
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*** - Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities |
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Average Balance Analysis |
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(Unaudited - Dollars in thousands) |
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Twelve Months Ended |
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|
2025 |
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2024 |
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Average |
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Yield/ |
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|
Average |
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|
Yield/ |
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||||||||||||
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Assets: |
balance |
|
Interest |
|
rate * |
|
|
balance |
|
Interest |
|
rate * |
|
||||||||||||
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Interest-earning assets: |
|
|
|
|
|
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|
|
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Loans ** |
$ |
3,140,457 |
|
$ |
195,469 |
|
|
6.22 |
% |
|
$ |
2,984,912 |
|
$ |
183,578 |
|
|
6.15 |
% |
||||||
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Taxable securities *** |
|
403,185 |
|
|
14,966 |
|
|
3.42 |
% |
|
|
357,255 |
|
|
12,639 |
|
|
3.18 |
% |
||||||
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Non-taxable securities *** |
|
280,978 |
|
|
9,333 |
|
|
3.87 |
% |
|
|
291,833 |
|
|
9,473 |
|
|
3.85 |
% |
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Interest-bearing deposits in other |
|
28,729 |
|
|
1,217 |
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|
4.24 |
% |
|
|
20,580 |
|
|
1,005 |
|
|
4.87 |
% |
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Total interest-earning assets *** |
$ |
3,853,349 |
|
$ |
220,985 |
|
|
5.71 |
% |
|
$ |
3,654,580 |
|
$ |
206,695 |
|
|
5.62 |
% |
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Noninterest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
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Cash and due from financial |
|
39,773 |
|
|
|
|
|
|
|
34,494 |
|
|
|
|
|
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Premises and equipment, net |
|
43,618 |
|
|
|
|
|
|
|
52,230 |
|
|
|
|
|
||||||||||
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Accrued interest receivable |
|
14,025 |
|
|
|
|
|
|
|
13,349 |
|
|
|
|
|
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Intangible assets |
|
134,399 |
|
|
|
|
|
|
|
134,273 |
|
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||||||||||
|
Bank owned life insurance |
|
63,100 |
|
|
|
|
|
|
|
62,349 |
|
|
|
|
|
||||||||||
|
Other assets |
|
58,129 |
|
|
|
|
|
|
|
57,879 |
|
|
|
|
|
||||||||||
|
Less allowance for loan losses |
|
(40,611) |
|
|
|
|
|
|
|
(39,498) |
|
|
|
|
|
||||||||||
|
Total Assets |
$ |
4,165,782 |
|
|
|
|
|
|
$ |
3,969,656 |
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Liabilities and Shareholders' Equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Demand and savings |
$ |
1,570,431 |
|
$ |
22,983 |
|
|
1.46 |
% |
|
$ |
1,426,288 |
|
$ |
21,853 |
|
|
1.53 |
% |
||||||
|
Time |
|
1,021,670 |
|
|
41,211 |
|
|
4.03 |
% |
|
|
959,276 |
|
|
43,948 |
|
|
4.58 |
% |
||||||
|
Short-term FHLB borrowings |
|
296,338 |
|
|
12,984 |
|
|
4.38 |
% |
|
|
341,692 |
|
|
18,451 |
|
|
5.39 |
% |
||||||
|
Long-term FHLB borrowings |
|
1,142 |
|
|
29 |
|
|
2.58 |
% |
|
|
1,892 |
|
|
42 |
|
|
2.22 |
% |
||||||
|
Other borrowings |
|
5,603 |
|
|
558 |
|
|
9.97 |
% |
|
|
8,213 |
|
|
760 |
|
|
9.25 |
% |
||||||
|
Subordinated debentures |
|
104,162 |
|
|
4,637 |
|
|
4.45 |
% |
|
|
104,017 |
|
|
4,931 |
|
|
4.74 |
% |
||||||
|
Total interest-bearing liabilities |
$ |
2,999,346 |
|
$ |
82,402 |
|
|
2.75 |
% |
|
$ |
2,841,378 |
|
$ |
89,985 |
|
|
3.17 |
% |
||||||
|
Non-interest-bearing deposits |
|
673,653 |
|
|
|
|
|
|
|
701,397 |
|
|
|
|
|
||||||||||
|
Other liabilities |
|
43,215 |
|
|
|
|
|
|
|
49,522 |
|
|
|
|
|
||||||||||
|
Shareholders' equity |
|
449,568 |
|
|
|
|
|
|
|
377,359 |
|
|
|
|
|
||||||||||
|
Total Liabilities and Shareholders' |
$ |
4,165,782 |
|
|
|
|
|
|
$ |
3,969,656 |
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net interest income and interest rate |
|
|
$ |
138,583 |
|
|
2.96 |
% |
|
|
|
$ |
116,710 |
|
|
2.45 |
% |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Net interest margin *** |
|
|
|
|
|
3.61 |
% |
|
|
|
|
|
|
3.21 |
% |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and |
|
||||||||||||||||||||||||
|
** - Average balance includes nonaccrual loans |
|
||||||||||||||||||||||||
|
*** - 2025 and 2024 average yield on investments were calculated by adjusting the average balances of taxable and |
|||||||||||||||||||||||||
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
||||
|
(unaudited - dollars in thousands) |
Three months ended |
|
|||||||||||||
|
|
2025 |
|
|
2024 |
|
|
$ Change |
|
|
% Change |
|
||||
|
Service charges |
$ |
1,706 |
|
|
$ |
1,591 |
|
|
$ |
115 |
|
|
|
7.2 |
% |
|
Net gain (loss) on equity securities |
|
120 |
|
|
|
96 |
|
|
|
24 |
|
|
|
25.0 |
% |
|
Net gain on sale of loans and leases |
|
1,594 |
|
|
|
1,259 |
|
|
|
335 |
|
|
|
26.6 |
% |
|
ATM/Interchange fees |
|
1,722 |
|
|
|
1,640 |
|
|
|
82 |
|
|
|
5.0 |
% |
|
Wealth management fees |
|
1,473 |
|
|
|
1,464 |
|
|
|
9 |
|
|
|
0.6 |
% |
|
Lease revenue and residual income |
|
1,518 |
|
|
|
1,280 |
|
|
|
238 |
|
|
|
18.6 |
% |
|
Bank owned life insurance |
|
397 |
|
|
|
771 |
|
|
|
(374) |
|
|
|
-48.5 |
% |
|
Swap fees |
|
150 |
|
|
|
66 |
|
|
|
84 |
|
|
|
127.3 |
% |
|
Other |
|
1,204 |
|
|
|
848 |
|
|
|
356 |
|
|
|
42.0 |
% |
|
Total non-interest income |
$ |
9,884 |
|
|
$ |
9,015 |
|
|
$ |
869 |
|
|
|
9.6 |
% |
|
|
|||||||||||||||
|
Non-interest income |
|
|
|
|
|
|
|
|
|
|
|
||||
|
(unaudited - dollars in thousands) |
Twelve months ended |
|
|||||||||||||
|
|
2025 |
|
|
2024 |
|
|
$ Change |
|
|
% Change |
|
||||
|
Service charges |
$ |
6,461 |
|
|
$ |
6,114 |
|
|
$ |
347 |
|
|
|
5.7 |
% |
|
Net gain (loss) on equity securities |
|
271 |
|
|
|
252 |
|
|
|
19 |
|
|
|
7.5 |
% |
|
Net gain on sale of loans and leases |
|
4,489 |
|
|
|
4,438 |
|
|
|
51 |
|
|
|
1.1 |
% |
|
ATM/Interchange fees |
|
5,902 |
|
|
|
5,841 |
|
|
|
61 |
|
|
|
1.0 |
% |
|
Wealth management fees |
|
5,540 |
|
|
|
5,519 |
|
|
|
21 |
|
|
|
0.4 |
% |
|
Lease revenue and residual income |
|
5,874 |
|
|
|
8,911 |
|
|
|
(3,037) |
|
|
|
-34.1 |
% |
|
Bank owned life insurance |
|
1,835 |
|
|
|
2,205 |
|
|
|
(370) |
|
|
|
-16.8 |
% |
|
Swap fees |
|
275 |
|
|
|
232 |
|
|
|
43 |
|
|
|
18.5 |
% |
|
Other |
|
3,320 |
|
|
|
4,236 |
|
|
|
(916) |
|
|
|
-21.6 |
% |
|
Total non-interest income |
$ |
33,967 |
|
|
$ |
37,748 |
|
|
$ |
(3,781) |
|
|
|
-10.0 |
% |
|
|
|||||||||||||||
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
||||
|
(unaudited - dollars in thousands) |
Three months ended |
|
|||||||||||||
|
|
2025 |
|
|
2024 |
|
|
$ Change |
|
|
% Change |
|
||||
|
Compensation expense |
$ |
14,526 |
|
|
$ |
14,899 |
|
|
$ |
(373) |
|
|
|
-2.5 |
% |
|
Net occupancy Expense |
|
1,410 |
|
|
|
1,138 |
|
|
|
272 |
|
|
|
23.9 |
% |
|
Contracted data processing |
|
672 |
|
|
|
508 |
|
|
|
164 |
|
|
|
32.3 |
% |
|
FDIC Assessment |
|
493 |
|
|
|
1,039 |
|
|
|
(546) |
|
|
|
-52.6 |
% |
|
State franchise tax |
|
343 |
|
|
|
608 |
|
|
|
(265) |
|
|
|
-43.6 |
% |
|
Professional services |
|
1,467 |
|
|
|
2,247 |
|
|
|
(780) |
|
|
|
-34.7 |
% |
|
Equipment expense |
|
2,032 |
|
|
|
2,240 |
|
|
|
(208) |
|
|
|
-9.3 |
% |
|
ATM/Interchange expense |
|
710 |
|
|
|
671 |
|
|
|
39 |
|
|
|
5.8 |
% |
|
Marketing |
|
410 |
|
|
|
448 |
|
|
|
(38) |
|
|
|
-8.5 |
% |
|
Amortization of core deposit intangible |
|
576 |
|
|
|
363 |
|
|
|
213 |
|
|
|
58.7 |
% |
|
Software maintenance expense |
|
1,411 |
|
|
|
1,376 |
|
|
|
35 |
|
|
|
2.5 |
% |
|
Other |
|
6,953 |
|
|
|
2,759 |
|
|
|
4,194 |
|
|
|
152.0 |
% |
|
Total non-interest expense |
$ |
31,003 |
|
|
$ |
28,296 |
|
|
$ |
2,707 |
|
|
|
9.6 |
% |
|
|
|||||||||||||||
|
Non-interest expense |
|
|
|
|
|
|
|
|
|
|
|
||||
|
(unaudited - dollars in thousands) |
Twelve months ended |
|
|||||||||||||
|
|
2025 |
|
|
2024 |
|
|
$ Change |
|
|
% Change |
|
||||
|
Compensation expense |
$ |
58,741 |
|
|
$ |
61,821 |
|
|
$ |
(3,080) |
|
|
|
-5.0 |
% |
|
Net occupancy expense |
|
5,929 |
|
|
|
5,097 |
|
|
|
832 |
|
|
|
16.3 |
% |
|
Contracted data processing |
|
2,333 |
|
|
|
2,248 |
|
|
|
85 |
|
|
|
3.8 |
% |
|
FDIC Assessment |
|
2,682 |
|
|
|
2,631 |
|
|
|
51 |
|
|
|
1.9 |
% |
|
State franchise tax |
|
2,039 |
|
|
|
2,052 |
|
|
|
(13) |
|
|
|
-0.6 |
% |
|
Professional services |
|
6,580 |
|
|
|
5,779 |
|
|
|
801 |
|
|
|
13.9 |
% |
|
Equipment expense |
|
8,105 |
|
|
|
9,553 |
|
|
|
(1,448) |
|
|
|
-15.2 |
% |
|
ATM/Interchange expense |
|
2,729 |
|
|
|
2,544 |
|
|
|
185 |
|
|
|
7.3 |
% |
|
Marketing |
|
1,386 |
|
|
|
2,088 |
|
|
|
(702) |
|
|
|
-33.6 |
% |
|
Amortization of core deposit intangible |
|
1,564 |
|
|
|
1,484 |
|
|
|
80 |
|
|
|
5.4 |
% |
|
Software maintenance expense |
|
5,462 |
|
|
|
4,944 |
|
|
|
518 |
|
|
|
10.5 |
% |
|
Other |
|
16,388 |
|
|
|
12,279 |
|
|
|
4,109 |
|
|
|
33.5 |
% |
|
Total non-interest expense |
$ |
113,938 |
|
|
$ |
112,520 |
|
|
$ |
1,418 |
|
|
|
1.3 |
% |
|
|
|||||||||||||||
|
End of period loan and lease balances |
|
|
|
|
|
|
|
|
|
|
|
||||
|
(unaudited - dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
2025 |
|
|
2024 |
|
|
$ Change |
|
|
% Change |
|
||||
|
Commercial and Agriculture |
$ |
308,692 |
|
|
$ |
328,488 |
|
|
$ |
(19,796) |
|
|
|
-6.0 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Owner Occupied |
|
385,547 |
|
|
|
374,367 |
|
|
|
11,180 |
|
|
|
3.0 |
% |
|
Non-owner Occupied |
|
1,250,966 |
|
|
|
1,225,991 |
|
|
|
24,975 |
|
|
|
2.0 |
% |
|
|
|
932,379 |
|
|
|
763,869 |
|
|
|
168,510 |
|
|
|
22.1 |
% |
|
|
|
285,137 |
|
|
|
305,992 |
|
|
|
(20,855) |
|
|
|
-6.8 |
% |
|
|
|
37,775 |
|
|
|
23,035 |
|
|
|
14,740 |
|
|
|
64.0 |
% |
|
Lease financing receivable |
|
35,103 |
|
|
|
46,900 |
|
|
|
(11,797) |
|
|
|
-25.2 |
% |
|
Consumer and Other |
|
34,447 |
|
|
|
12,588 |
|
|
|
21,859 |
|
|
|
173.6 |
% |
|
Total Loans |
$ |
3,270,046 |
|
|
$ |
3,081,230 |
|
|
$ |
188,816 |
|
|
|
6.1 |
% |
|
|
|||||||||||||||
|
End of period deposit balances |
|
|
|
|
|
|
|
|
|
|
|
||||
|
(unaudited - dollars in thousands) |
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
2025 |
|
|
2024 |
|
|
$ Change |
|
|
% Change |
|
||||
|
Noninterest-bearing demand |
$ |
702,032 |
|
|
$ |
695,094 |
|
|
$ |
6,938 |
|
|
|
1.0 |
% |
|
Interest-bearing demand |
|
400,403 |
|
|
|
419,583 |
|
|
|
(19,180) |
|
|
|
-4.6 |
% |
|
Savings and money market |
|
1,234,593 |
|
|
|
1,126,974 |
|
|
|
107,619 |
|
|
|
9.5 |
% |
|
Time deposits |
|
727,294 |
|
|
|
469,954 |
|
|
|
257,340 |
|
|
|
54.8 |
% |
|
Brokered deposits |
|
402,142 |
|
|
|
500,265 |
|
|
|
(98,123) |
|
|
|
-19.6 |
% |
|
Total Deposits |
$ |
3,466,464 |
|
|
$ |
3,211,870 |
|
|
$ |
254,594 |
|
|
|
7.9 |
% |
|
Allowance for Credit Losses |
|
|
|
|
|
||
|
(dollars in thousands) |
|
|
|
|
|
||
|
|
Three months ended |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
|
Beginning of period |
$ |
40,254 |
|
|
$ |
41,268 |
|
|
CECL Day 1 Adjustment FSB |
|
1,960 |
|
|
|
- |
|
|
Charge-offs |
|
(1,064) |
|
|
|
(2,335) |
|
|
Recoveries |
|
146 |
|
|
|
39 |
|
|
Provision |
|
724 |
|
|
|
697 |
|
|
End of period |
$ |
42,020 |
|
|
$ |
39,669 |
|
|
|
|
|
|
|
|
||
|
Allowance for Credit Losses |
|
|
|
|
|
||
|
(dollars in thousands) |
|
|
|
|
|
||
|
|
Twelve months ended |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
|
Beginning of period |
$ |
39,669 |
|
|
$ |
37,160 |
|
|
CECL Day 1 Adjustment FSB |
|
1,960 |
|
|
|
- |
|
|
Charge-offs |
|
(3,794) |
|
|
|
(3,915) |
|
|
Recoveries |
|
664 |
|
|
|
539 |
|
|
Provision |
|
3,521 |
|
|
|
5,885 |
|
|
End of period |
$ |
42,020 |
|
|
$ |
39,669 |
|
|
|
|
|
|
|
|
||
|
Allowance for Unfunded |
|
|
|
|
|
||
|
(dollars in thousands) |
|
|
|
|
|
||
|
|
Three months ended |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
|
Beginning of period |
$ |
3,375 |
|
|
$ |
3,381 |
|
|
Provision |
|
(139) |
|
|
|
(1) |
|
|
End of period |
$ |
3,236 |
|
|
$ |
3,380 |
|
|
|
|
|
|
|
|
||
|
Allowance for Unfunded |
|
|
|
|
|
||
|
(dollars in thousands) |
|
|
|
|
|
||
|
|
Twelve months ended |
|
|||||
|
|
2025 |
|
|
2024 |
|
||
|
Beginning of period |
$ |
3,380 |
|
|
$ |
3,901 |
|
|
Provision |
|
(144) |
|
|
|
(521) |
|
|
End of period |
$ |
3,236 |
|
|
$ |
3,380 |
|
|
|
|
|
|
|
|
||
|
(dollars in thousands) |
|
|
|
|
|
||
|
|
2025 |
|
|
2024 |
|
||
|
Non-accrual loans |
$ |
30,815 |
|
|
$ |
30,950 |
|
|
Restructured loans, accruing |
|
14 |
|
|
|
1,677 |
|
|
90+ Days Past Due, Still Accruing |
|
461 |
|
|
|
225 |
|
|
Total non-performing loans |
|
31,290 |
|
|
|
32,852 |
|
|
Other Real Estate Owned |
|
- |
|
|
|
- |
|
|
Total non-performing assets |
$ |
31,290 |
|
|
$ |
32,852 |
|
|
|
|
||||||||||||||
|
Financial Highlights |
|
||||||||||||||
|
(Unaudited, dollars in thousands, except share and per share amounts) |
|
||||||||||||||
|
|
|
||||||||||||||
|
Consolidated Condensed Statement of Operations |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
|
|
|
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Interest income |
$ |
55,741 |
|
|
$ |
53,233 |
|
|
$ |
220,985 |
|
|
$ |
206,695 |
|
|
Interest expense |
|
19,290 |
|
|
|
21,878 |
|
|
|
82,402 |
|
|
|
89,985 |
|
|
Net interest income |
|
36,451 |
|
|
|
31,355 |
|
|
|
138,583 |
|
|
|
116,710 |
|
|
Provision for credit losses |
|
724 |
|
|
|
697 |
|
|
|
3,521 |
|
|
|
5,885 |
|
|
Provision for unfunded commitments |
|
(139) |
|
|
|
(1) |
|
|
|
(144) |
|
|
|
(521) |
|
|
Net interest income after provision |
|
35,866 |
|
|
|
30,659 |
|
|
|
135,206 |
|
|
|
111,346 |
|
|
Non-interest income |
|
9,884 |
|
|
|
9,015 |
|
|
|
33,967 |
|
|
|
37,748 |
|
|
Non-interest expense |
|
31,003 |
|
|
|
28,296 |
|
|
|
113,938 |
|
|
|
112,520 |
|
|
Income before taxes |
|
14,747 |
|
|
|
11,378 |
|
|
|
55,235 |
|
|
|
36,574 |
|
|
Income tax expense |
|
2,480 |
|
|
|
1,485 |
|
|
|
9,023 |
|
|
|
4,891 |
|
|
Net income |
|
12,267 |
|
|
|
9,893 |
|
|
|
46,212 |
|
|
|
31,683 |
|
|
Net income available |
|
|
|
|
|
|
|
|
|
|
|
||||
|
to common shareholders |
$ |
12,267 |
|
|
$ |
9,893 |
|
|
$ |
46,212 |
|
|
$ |
31,683 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Dividends paid per common share |
$ |
0.17 |
|
|
$ |
0.16 |
|
|
$ |
0.68 |
|
|
$ |
0.64 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net income |
$ |
12,267 |
|
|
$ |
9,893 |
|
|
$ |
46,212 |
|
|
$ |
31,683 |
|
|
Less allocation of earnings and |
|
|
|
|
|
|
|
|
|
|
|
||||
|
dividends to participating securities |
|
48 |
|
|
|
213 |
|
|
|
166 |
|
|
|
671 |
|
|
Net income available to common |
|
|
|
|
|
|
|
|
|
|
|
||||
|
shareholders - basic |
$ |
12,219 |
|
|
$ |
9,680 |
|
|
$ |
46,046 |
|
|
$ |
31,012 |
|
|
Weighted average common shares outstanding |
|
20,185,285 |
|
|
|
15,736,962 |
|
|
|
17,507,836 |
|
|
|
15,724,768 |
|
|
Less average participating securities |
|
90,281 |
|
|
|
339,626 |
|
|
|
86,436 |
|
|
|
333,029 |
|
|
Weighted average number of shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
||||
|
used to calculate basic earnings per share |
|
20,095,004 |
|
|
|
15,397,336 |
|
|
|
17,421,400 |
|
|
|
15,391,739 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Basic |
$ |
0.61 |
|
|
$ |
0.63 |
|
|
$ |
2.64 |
|
|
$ |
2.01 |
|
|
Diluted |
$ |
0.61 |
|
|
|
0.63 |
|
|
$ |
2.64 |
|
|
|
2.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Selected financial ratios: |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Return on average assets |
|
1.14 |
% |
|
|
0.97 |
% |
|
|
1.11 |
% |
|
|
0.80 |
% |
|
Return on average equity |
|
9.26 |
% |
|
|
10.05 |
% |
|
|
10.28 |
% |
|
|
8.40 |
% |
|
Dividend payout ratio |
|
27.97 |
% |
|
|
25.45 |
% |
|
|
25.76 |
% |
|
|
31.76 |
% |
|
Net interest margin (tax equivalent) |
|
3.69 |
% |
|
|
3.36 |
% |
|
|
3.61 |
% |
|
|
3.21 |
% |
|
Effective tax rate |
|
16.82 |
% |
|
|
13.05 |
% |
|
|
16.34 |
% |
|
|
13.37 |
% |
|
Selected Balance Sheet Items |
|
||||||
|
(Dollars in thousands, except share and per share amounts) |
|
||||||
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
|
2025 |
|
|
2024 |
|
||
|
|
(unaudited) |
|
|
(unaudited) |
|
||
|
|
|
|
|
|
|
||
|
Cash and due from financial institutions |
$ |
77,320 |
|
|
$ |
63,155 |
|
|
Investment in time deposits |
|
1,165 |
|
|
|
1,450 |
|
|
Investment securities |
|
684,600 |
|
|
|
650,488 |
|
|
Loans held for sale |
|
7,180 |
|
|
|
665 |
|
|
Loans |
|
3,270,046 |
|
|
|
3,081,230 |
|
|
Less: allowance for credit losses |
|
(42,020) |
|
|
|
(39,669) |
|
|
Net loans |
|
3,228,026 |
|
|
|
3,041,561 |
|
|
Other securities |
|
25,942 |
|
|
|
30,352 |
|
|
Premises and equipment, net |
|
40,611 |
|
|
|
47,166 |
|
|
Goodwill and other intangibles |
|
143,538 |
|
|
|
133,403 |
|
|
Bank owned life insurance |
|
63,153 |
|
|
|
62,783 |
|
|
Other assets |
|
64,918 |
|
|
|
67,446 |
|
|
Total assets |
$ |
4,336,453 |
|
|
$ |
4,098,469 |
|
|
|
|
|
|
|
|
||
|
Total deposits |
$ |
3,466,464 |
|
|
$ |
3,211,870 |
|
|
Short-term Federal Home Loan Bank advances |
|
175,000 |
|
|
|
339,000 |
|
|
Long-term Federal Home Loan Bank advances |
|
855 |
|
|
|
1,501 |
|
|
Subordinated debentures |
|
104,234 |
|
|
|
104,089 |
|
|
Other borrowings |
|
4,090 |
|
|
|
6,293 |
|
|
Accrued expenses and other liabilities |
|
42,336 |
|
|
|
47,214 |
|
|
Total liabilities |
|
3,792,979 |
|
|
|
3,709,967 |
|
|
Common shares |
|
419,769 |
|
|
|
312,037 |
|
|
Retained earnings |
|
239,784 |
|
|
|
205,408 |
|
|
Treasury shares |
|
(75,764) |
|
|
|
(75,586) |
|
|
Accumulated other comprehensive loss |
|
(40,315) |
|
|
|
(53,357) |
|
|
Total shareholders' equity |
|
543,474 |
|
|
|
388,502 |
|
|
Total liabilities and shareholders' equity |
$ |
4,336,453 |
|
|
$ |
4,098,469 |
|
|
|
|||||||
|
|
|
|
|
|
|
||
|
|
2025 |
|
|
2024 |
|
||
|
|
(unaudited) |
|
|
(unaudited) |
|
||
|
|
|
|
|
|
|
||
|
Shares outstanding at period end |
|
20,746,474 |
|
|
|
15,487,667 |
|
|
Book value per share |
$ |
26.20 |
|
|
$ |
25.08 |
|
|
Equity to asset ratio |
|
12.53 |
% |
|
|
9.48 |
% |
|
|
|
|
|
|
|
||
|
Selected asset quality ratios: |
|
|
|
|
|
||
|
Allowance for credit losses to total loans |
|
1.28 |
% |
|
|
1.29 |
% |
|
Non-performing assets to total assets |
|
0.72 |
% |
|
|
0.80 |
% |
|
Allowance for credit losses to non-performing loans |
|
134.29 |
% |
|
|
120.75 |
% |
|
|
|
|
|
|
|
||
|
Non-performing asset analysis |
|
|
|
|
|
||
|
Nonaccrual loans |
$ |
30,815 |
|
|
$ |
30,950 |
|
|
Restructured loans |
|
14 |
|
|
|
1,677 |
|
|
Other real estate owned |
|
- |
|
|
|
- |
|
|
90+ Days Past Due, Still Accruing |
|
461 |
|
|
|
225 |
|
|
Total |
$ |
31,290 |
|
|
$ |
32,852 |
|
|
Supplemental Financial Information |
|
|||||||||||||||||||||
|
(Unaudited - dollars in thousands except share data) |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
End of Period Balances |
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Cash and due from banks |
$ |
77,320 |
|
|
$ |
62,766 |
|
|
$ |
73,858 |
|
|
$ |
90,456 |
|
|
$ |
63,155 |
|
|||
|
Investment in time deposits |
|
1,165 |
|
|
|
735 |
|
|
|
715 |
|
|
|
960 |
|
|
|
1,450 |
|
|||
|
Investment securities |
|
684,600 |
|
|
|
657,189 |
|
|
|
645,228 |
|
|
|
648,537 |
|
|
|
650,488 |
|
|||
|
Loans held for sale |
|
7,180 |
|
|
|
8,012 |
|
|
|
10,733 |
|
|
|
4,324 |
|
|
|
665 |
|
|||
|
Loans and leases |
|
3,270,046 |
|
|
|
3,095,994 |
|
|
|
3,151,124 |
|
|
|
3,104,036 |
|
|
|
3,081,230 |
|
|||
|
Allowance for credit losses |
|
(42,020) |
|
|
|
(40,254) |
|
|
|
(40,455) |
|
|
|
(40,284) |
|
|
|
(39,669) |
|
|||
|
Net Loans |
|
3,228,026 |
|
|
|
3,055,740 |
|
|
|
3,110,669 |
|
|
|
3,063,752 |
|
|
|
3,041,561 |
|
|||
|
Other securities |
|
25,942 |
|
|
|
27,901 |
|
|
|
36,195 |
|
|
|
32,592 |
|
|
|
30,352 |
|
|||
|
Premises and equipment, net |
|
40,611 |
|
|
|
40,910 |
|
|
|
42,922 |
|
|
|
45,107 |
|
|
|
47,166 |
|
|||
|
|
|
143,538 |
|
|
|
132,276 |
|
|
|
132,631 |
|
|
|
133,026 |
|
|
|
133,403 |
|
|||
|
Bank owned life insurance |
|
63,153 |
|
|
|
62,756 |
|
|
|
63,555 |
|
|
|
63,170 |
|
|
|
62,783 |
|
|||
|
Other assets |
|
64,918 |
|
|
|
65,049 |
|
|
|
69,363 |
|
|
|
64,793 |
|
|
|
67,446 |
|
|||
|
Total Assets |
$ |
4,336,453 |
|
|
$ |
4,113,334 |
|
|
$ |
4,185,869 |
|
|
$ |
4,146,717 |
|
|
$ |
4,098,469 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total deposits |
$ |
3,466,464 |
|
|
$ |
3,230,463 |
|
|
$ |
3,196,207 |
|
|
$ |
3,238,888 |
|
|
$ |
3,211,870 |
|
|||
|
|
|
175,000 |
|
|
|
232,000 |
|
|
|
433,500 |
|
|
|
360,000 |
|
|
|
339,000 |
|
|||
|
|
|
855 |
|
|
|
970 |
|
|
|
1,103 |
|
|
|
1,355 |
|
|
|
1,501 |
|
|||
|
Subordinated debentures |
|
104,234 |
|
|
|
104,213 |
|
|
|
104,172 |
|
|
|
104,130 |
|
|
|
104,089 |
|
|||
|
Other borrowings |
|
4,090 |
|
|
|
4,699 |
|
|
|
5,379 |
|
|
|
6,140 |
|
|
|
6,293 |
|
|||
|
Accrued expenses and |
|
42,336 |
|
|
|
41,961 |
|
|
|
41,371 |
|
|
|
38,770 |
|
|
|
47,214 |
|
|||
|
Total liabilities |
|
3,792,979 |
|
|
|
3,614,306 |
|
|
|
3,781,732 |
|
|
|
3,749,283 |
|
|
|
3,709,967 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Common shares |
|
419,769 |
|
|
|
388,458 |
|
|
|
312,589 |
|
|
|
312,192 |
|
|
|
312,037 |
|
|||
|
Retained earnings |
|
239,784 |
|
|
|
230,798 |
|
|
|
221,321 |
|
|
|
212,944 |
|
|
|
205,408 |
|
|||
|
|
|
(75,764) |
|
|
|
(75,760) |
|
|
|
(75,753) |
|
|
|
(75,753) |
|
|
|
(75,586) |
|
|||
|
Accumulated other |
|
(40,315) |
|
|
|
(44,468) |
|
|
|
(54,020) |
|
|
|
(51,949) |
|
|
|
(53,357) |
|
|||
|
Total shareholders' equity |
|
543,474 |
|
|
|
499,028 |
|
|
|
404,137 |
|
|
|
397,434 |
|
|
|
388,502 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total Liabilities and |
$ |
4,336,453 |
|
|
$ |
4,113,334 |
|
|
$ |
4,185,869 |
|
|
$ |
4,146,717 |
|
|
$ |
4,098,469 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Shares outstanding at |
|
20,746,474 |
|
|
|
19,312,726 |
|
|
|
15,529,342 |
|
|
|
15,519,072 |
|
|
|
15,487,667 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Book value per share |
$ |
26.20 |
|
|
$ |
25.84 |
|
|
$ |
26.02 |
|
|
$ |
25.61 |
|
|
$ |
24.69 |
|
|||
|
Equity to asset ratio |
|
12.53 |
% |
|
|
12.13 |
% |
|
|
9.65 |
% |
|
|
9.58 |
% |
|
|
9.48 |
% |
|||
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
||||||||
|
Selected asset quality ratios: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Allowance for credit losses |
|
1.28 |
% |
|
|
1.30 |
% |
|
|
1.28 |
% |
|
|
1.30 |
% |
|
|
1.29 |
% |
|||
|
Non-performing assets to |
|
0.72 |
% |
|
|
0.55 |
% |
|
|
0.55 |
% |
|
|
0.75 |
% |
|
|
0.80 |
% |
|||
|
Allowance for credit losses |
|
134.29 |
% |
|
|
176.52 |
% |
|
|
176.11 |
% |
|
|
129.99 |
% |
|
|
120.75 |
% |
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-performing asset analysis |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-accrual loans |
$ |
30,815 |
|
|
$ |
22,615 |
|
|
$ |
22,742 |
|
|
$ |
30,989 |
|
|
$ |
30,950 |
|
|||
|
Restructured loans |
|
14 |
|
|
|
12 |
|
|
|
7 |
|
|
|
- |
|
|
|
1,677 |
|
|||
|
90+ Days Past Due, Still Accruing |
|
461 |
|
|
|
177 |
|
|
|
223 |
|
|
|
146 |
|
|
|
225 |
|
|||
|
Other real estate owned |
|
- |
|
|
|
- |
|
|
|
209 |
|
|
|
209 |
|
|
|
- |
|
|||
|
Total |
$ |
31,290 |
|
|
$ |
22,804 |
|
|
$ |
23,181 |
|
|
$ |
31,344 |
|
|
$ |
32,852 |
|
|||
|
|
|
|||||||||||||||||||||
|
Supplemental Financial Information |
|
|||||||||||||||||||||
|
(Unaudited - dollars in thousands except share data) |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Quarterly Average Balances |
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
||||||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earning assets |
$ |
3,939,580 |
|
|
$ |
3,829,484 |
|
|
$ |
3,841,369 |
|
|
$ |
3,801,709 |
|
|
$ |
3,738,607 |
|
|||
|
Securities |
|
694,263 |
|
|
|
676,938 |
|
|
|
682,035 |
|
|
|
683,374 |
|
|
|
655,556 |
|
|||
|
Loans |
|
3,197,327 |
|
|
|
3,128,033 |
|
|
|
3,136,091 |
|
|
|
3,099,440 |
|
|
|
3,061,991 |
|
|||
|
Liabilities and Shareholders' Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total deposits |
$ |
3,424,018 |
|
|
$ |
3,237,025 |
|
|
$ |
3,190,592 |
|
|
$ |
3,209,277 |
|
|
$ |
3,285,485 |
|
|||
|
Interest-bearing deposits |
|
2,717,751 |
|
|
|
2,574,153 |
|
|
|
2,538,500 |
|
|
|
2,538,561 |
|
|
|
2,582,652 |
|
|||
|
Other interest-bearing liabilities |
|
256,899 |
|
|
|
383,305 |
|
|
|
523,824 |
|
|
|
461,100 |
|
|
|
320,225 |
|
|||
|
Total shareholders' equity |
|
525,673 |
|
|
|
472,993 |
|
|
|
400,915 |
|
|
|
397,021 |
|
|
|
391,591 |
|
|||
|
|
|
|||||||||||||||||||||
|
Supplemental Financial Information |
|
|||||||||||||||||||||
|
(Unaudited - dollars in thousands) |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
End of period loan and |
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
||||||||
|
Commercial and Agriculture |
$ |
308,692 |
|
|
$ |
302,407 |
|
|
$ |
338,598 |
|
|
$ |
330,627 |
|
|
$ |
328,488 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Owner Occupied |
|
385,547 |
|
|
|
384,176 |
|
|
|
378,248 |
|
|
|
378,095 |
|
|
|
374,367 |
|
|||
|
Non-owner Occupied |
|
1,250,966 |
|
|
|
1,216,031 |
|
|
|
1,263,612 |
|
|
|
1,246,025 |
|
|
|
1,225,991 |
|
|||
|
|
|
932,379 |
|
|
|
842,362 |
|
|
|
815,408 |
|
|
|
773,349 |
|
|
|
763,869 |
|
|||
|
|
|
285,137 |
|
|
|
278,163 |
|
|
|
277,643 |
|
|
|
297,589 |
|
|
|
305,992 |
|
|||
|
|
|
37,775 |
|
|
|
23,713 |
|
|
|
23,866 |
|
|
|
22,399 |
|
|
|
23,035 |
|
|||
|
Lease financing receivable |
|
35,103 |
|
|
|
38,960 |
|
|
|
42,758 |
|
|
|
44,570 |
|
|
|
46,900 |
|
|||
|
Consumer and Other |
|
34,447 |
|
|
|
10,182 |
|
|
|
10,991 |
|
|
|
11,382 |
|
|
|
12,588 |
|
|||
|
Total Loans |
$ |
3,270,046 |
|
|
$ |
3,095,994 |
|
|
$ |
3,151,124 |
|
|
$ |
3,104,036 |
|
|
$ |
3,081,230 |
|
|||
|
|
||||||||||||||||||||||
|
Supplemental Financial Information |
||||||||||||||||||||||
|
(Unaudited - dollars in thousands) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
End of period deposit balances |
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
||||||||
|
Noninterest-bearing demand |
$ |
702,032 |
|
|
$ |
651,934 |
|
|
$ |
647,609 |
|
|
$ |
648,683 |
|
|
$ |
695,094 |
|
|||
|
Interest-bearing demand |
$ |
400,403 |
|
|
|
415,620 |
|
|
|
433,089 |
|
|
|
467,601 |
|
|
|
419,583 |
|
|||
|
Savings and money market |
$ |
1,234,593 |
|
|
|
1,129,985 |
|
|
|
1,100,660 |
|
|
|
1,146,480 |
|
|
|
1,126,974 |
|
|||
|
Time deposits |
$ |
727,294 |
|
|
|
601,757 |
|
|
|
560,702 |
|
|
|
515,910 |
|
|
|
469,954 |
|
|||
|
Brokered deposits |
$ |
402,142 |
|
|
|
431,167 |
|
|
|
454,147 |
|
|
|
460,214 |
|
|
|
500,265 |
|
|||
|
Total Deposits |
$ |
3,466,464 |
|
|
$ |
3,230,463 |
|
|
$ |
3,196,207 |
|
|
$ |
3,238,888 |
|
|
$ |
3,211,870 |
|
|||
|
|
|
|||||||||||||||||||||
|
Supplemental Financial Information |
|
|||||||||||||||||||||
|
(Unaudited - dollars in thousands except share data) |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Income statement |
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total interest and dividend income |
$ |
55,741 |
|
|
$ |
55,240 |
|
|
$ |
56,271 |
|
|
$ |
53,733 |
|
|
$ |
53,233 |
|
|||
|
Total interest expense |
|
19,290 |
|
|
|
20,695 |
|
|
|
21,457 |
|
|
|
20,960 |
|
|
|
21,878 |
|
|||
|
Net interest income |
|
36,451 |
|
|
|
34,545 |
|
|
|
34,814 |
|
|
|
32,773 |
|
|
|
31,355 |
|
|||
|
Provision for credit losses |
|
724 |
|
|
|
378 |
|
|
|
1,171 |
|
|
|
1,248 |
|
|
|
697 |
|
|||
|
Provision for unfunded commitments |
|
(139) |
|
|
|
(178) |
|
|
|
(146) |
|
|
|
319 |
|
|
|
(1) |
|
|||
|
Non-interest income |
|
9,884 |
|
|
|
9,633 |
|
|
|
6,589 |
|
|
|
7,860 |
|
|
|
9,015 |
|
|||
|
Non-interest expense |
|
31,003 |
|
|
|
28,327 |
|
|
|
27,482 |
|
|
|
27,126 |
|
|
|
28,296 |
|
|||
|
Income before taxes |
|
14,747 |
|
|
|
15,651 |
|
|
|
12,896 |
|
|
|
11,940 |
|
|
|
11,378 |
|
|||
|
Income tax expense |
|
2,480 |
|
|
|
2,891 |
|
|
|
1,881 |
|
|
|
1,772 |
|
|
|
1,485 |
|
|||
|
Net income |
$ |
12,267 |
|
|
$ |
12,760 |
|
|
$ |
11,015 |
|
|
$ |
10,168 |
|
|
$ |
9,893 |
|
|||
|
Net income available to common |
$ |
12,267 |
|
|
$ |
12,760 |
|
|
$ |
11,015 |
|
|
$ |
10,168 |
|
|
$ |
9,893 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Per share data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Net income |
$ |
12,267 |
|
|
$ |
12,760 |
|
|
$ |
11,015 |
|
|
$ |
10,168 |
|
|
$ |
9,893 |
|
|||
|
Less allocation of earnings and |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
dividends to participating securities |
|
48 |
|
|
|
61 |
|
|
|
45 |
|
|
|
44 |
|
|
|
213 |
|
|||
|
Net income available to common |
$ |
12,219 |
|
|
$ |
12,699 |
|
|
$ |
10,970 |
|
|
$ |
10,124 |
|
|
$ |
9,680 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Weighted average common shares outstanding |
|
20,185,285 |
|
|
|
18,767,307 |
|
|
|
15,524,490 |
|
|
|
15,488,813 |
|
|
|
15,734,243 |
|
|||
|
Less average participating securities |
|
90,281 |
|
|
|
91,743 |
|
|
|
96,692 |
|
|
|
66,711 |
|
|
|
339,626 |
|
|||
|
Weighted average number of shares |
|
20,095,004 |
|
|
|
18,675,564 |
|
|
|
15,427,798 |
|
|
|
15,422,102 |
|
|
|
15,394,617 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Earnings per common share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Basic |
$ |
0.61 |
|
|
$ |
0.68 |
|
|
$ |
0.71 |
|
|
$ |
0.66 |
|
|
$ |
0.63 |
|
|||
|
Diluted |
$ |
0.61 |
|
|
$ |
0.68 |
|
|
$ |
0.71 |
|
|
$ |
0.66 |
|
|
$ |
0.63 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Common shares dividend paid |
$ |
3,283 |
|
|
$ |
3,283 |
|
|
$ |
2,638 |
|
|
$ |
2,636 |
|
|
$ |
2,518 |
|
|||
|
Dividends paid per common share |
|
0.17 |
|
|
|
0.17 |
|
|
|
0.17 |
|
|
|
0.17 |
|
|
|
0.16 |
|
|||
|
|
||||||||||||||||||||||
|
|
Three Months Ended |
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Selected financial ratios |
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Return on average assets |
|
1.14 |
% |
|
|
1.22 |
% |
|
|
1.06 |
% |
|
|
1.00 |
% |
|
|
0.97 |
% |
|||
|
Return on average equity |
|
9.26 |
% |
|
|
10.70 |
% |
|
|
11.02 |
% |
|
|
10.39 |
% |
|
|
10.05 |
% |
|||
|
Dividend payout ratio |
|
27.97 |
% |
|
|
25.00 |
% |
|
|
23.96 |
% |
|
|
25.90 |
% |
|
|
25.45 |
% |
|||
|
Net interest margin (tax |
|
3.69 |
% |
|
|
3.58 |
% |
|
|
3.64 |
% |
|
|
3.51 |
% |
|
|
3.36 |
% |
|||
|
Effective tax rate |
|
16.82 |
% |
|
|
18.47 |
% |
|
|
14.59 |
% |
|
|
14.84 |
% |
|
|
13.05 |
% |
|||
|
|
||||||||||||||||||||||
|
Supplemental Financial Information |
||||||||||||||||||||||
|
(Unaudited - dollars in thousands) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-interest income |
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
||||||||
|
Service charges |
$ |
1,706 |
|
|
$ |
1,667 |
|
|
$ |
1,564 |
|
|
$ |
1,524 |
|
|
$ |
1,591 |
|
|||
|
Net gain (loss) on equity securities |
|
120 |
|
|
|
255 |
|
|
|
(74) |
|
|
|
(29) |
|
|
|
96 |
|
|||
|
Net gain on sale of loans and leases |
|
1,594 |
|
|
|
1,450 |
|
|
|
841 |
|
|
|
604 |
|
|
|
1,259 |
|
|||
|
ATM/Interchange fees |
|
1,722 |
|
|
|
1,435 |
|
|
|
1,418 |
|
|
|
1,326 |
|
|
|
1,640 |
|
|||
|
Wealth management fees |
|
1,473 |
|
|
|
1,402 |
|
|
|
1,325 |
|
|
|
1,340 |
|
|
|
1,464 |
|
|||
|
Lease revenue and residual income |
|
1,518 |
|
|
|
1,934 |
|
|
|
525 |
|
|
|
1,896 |
|
|
|
1,280 |
|
|||
|
Bank owned life insurance |
|
397 |
|
|
|
666 |
|
|
|
386 |
|
|
|
387 |
|
|
|
771 |
|
|||
|
Swap fees |
|
150 |
|
|
|
- |
|
|
|
53 |
|
|
|
72 |
|
|
|
66 |
|
|||
|
Other |
|
1,204 |
|
|
|
824 |
|
|
|
551 |
|
|
|
740 |
|
|
|
848 |
|
|||
|
Total non-interest income |
$ |
9,884 |
|
|
$ |
9,633 |
|
|
$ |
6,589 |
|
|
$ |
7,860 |
|
|
$ |
9,015 |
|
|||
|
|
||||||||||||||||||||||
|
Supplemental Financial Information |
||||||||||||||||||||||
|
(Unaudited - dollars in thousands) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Non-interest expense |
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
||||||||
|
Compensation expense |
$ |
14,526 |
|
|
$ |
15,161 |
|
|
$ |
15,011 |
|
|
$ |
14,043 |
|
|
$ |
14,899 |
|
|||
|
Net occupancy Expense |
|
1,410 |
|
|
|
1,466 |
|
|
|
1,419 |
|
|
|
1,634 |
|
|
|
1,138 |
|
|||
|
Contracted data processing |
|
672 |
|
|
|
559 |
|
|
|
536 |
|
|
|
567 |
|
|
|
508 |
|
|||
|
FDIC Assessment |
|
493 |
|
|
|
627 |
|
|
|
689 |
|
|
|
873 |
|
|
|
1,039 |
|
|||
|
State franchise tax |
|
343 |
|
|
|
536 |
|
|
|
634 |
|
|
|
526 |
|
|
|
608 |
|
|||
|
Professional services |
|
1,467 |
|
|
|
1,225 |
|
|
|
1,798 |
|
|
|
2,090 |
|
|
|
2,247 |
|
|||
|
Equipment expense |
|
2,032 |
|
|
|
2,205 |
|
|
|
1,764 |
|
|
|
2,103 |
|
|
|
2,240 |
|
|||
|
ATM/Interchange expense |
|
710 |
|
|
|
755 |
|
|
|
683 |
|
|
|
580 |
|
|
|
671 |
|
|||
|
Marketing |
|
410 |
|
|
|
391 |
|
|
|
289 |
|
|
|
296 |
|
|
|
448 |
|
|||
|
Amortization of core deposit intangible |
|
576 |
|
|
|
318 |
|
|
|
338 |
|
|
|
332 |
|
|
|
363 |
|
|||
|
Software maintenance expense |
|
1,411 |
|
|
|
1,480 |
|
|
|
1,294 |
|
|
|
1,277 |
|
|
|
1,376 |
|
|||
|
Other |
|
6,953 |
|
|
|
3,604 |
|
|
|
3,027 |
|
|
|
2,805 |
|
|
|
2,759 |
|
|||
|
Total non-interest expense |
$ |
31,003 |
|
|
$ |
28,327 |
|
|
$ |
27,482 |
|
|
$ |
27,126 |
|
|
$ |
28,296 |
|
|||
|
|
||||||||||||||||||||||
|
Supplemental Financial Information |
||||||||||||||||||||||
|
(Unaudited - dollars in thousands except share data) |
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
Three Months Ended |
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Asset quality |
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Allowance for credit losses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Beginning of period |
$ |
40,254 |
|
|
$ |
40,455 |
|
|
$ |
40,284 |
|
|
$ |
39,669 |
|
|
$ |
41,268 |
|
|
||
|
CECL Day 1 Adjustment |
|
1,960 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
||
|
Charge-offs |
|
(1,064) |
|
|
|
(662) |
|
|
|
(1,092) |
|
|
|
(976) |
|
|
|
(2,335) |
|
|
||
|
Recoveries |
|
146 |
|
|
|
83 |
|
|
|
92 |
|
|
|
343 |
|
|
|
39 |
|
|
||
|
Provision |
|
724 |
|
|
|
378 |
|
|
|
1,171 |
|
|
|
1,248 |
|
|
|
697 |
|
|
||
|
End of period |
$ |
42,020 |
|
|
$ |
40,254 |
|
|
$ |
40,455 |
|
|
$ |
40,284 |
|
|
$ |
39,669 |
|
|
||
|
Allowance for unfunded |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Beginning of period |
$ |
3,375 |
|
|
$ |
3,553 |
|
|
$ |
3,699 |
|
|
$ |
3,380 |
|
|
$ |
3,381 |
|
|
||
|
Charge-offs |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
||
|
Recoveries |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
||
|
Provision |
|
(139) |
|
|
|
(178) |
|
|
|
(146) |
|
|
|
319 |
|
|
|
(1) |
|
|
||
|
End of period |
$ |
3,236 |
|
|
$ |
3,375 |
|
|
$ |
3,553 |
|
|
$ |
3,699 |
|
|
$ |
3,380 |
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Ratios |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Allowance to total loans |
|
1.28 |
% |
|
|
1.30 |
% |
|
|
1.28 |
% |
|
|
1.30 |
% |
|
|
1.29 |
% |
|
||
|
Allowance to nonperforming |
|
134.29 |
% |
|
|
176.52 |
% |
|
|
174.52 |
% |
|
|
129.12 |
% |
|
|
121.58 |
% |
|
||
|
Allowance to nonperforming |
|
134.29 |
% |
|
|
176.52 |
% |
|
|
176.11 |
% |
|
|
129.99 |
% |
|
|
120.75 |
% |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Nonperforming assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Non-accrual loans |
$ |
30,815 |
|
|
$ |
22,615 |
|
|
$ |
22,742 |
|
|
$ |
30,989 |
|
|
$ |
30,950 |
|
|
||
|
Restructured loans |
|
14 |
|
|
|
12 |
|
|
|
7 |
|
|
|
- |
|
|
|
1,677 |
|
|
||
|
90+ Days Past Due, Still |
|
461 |
|
|
|
177 |
|
|
|
223 |
|
|
|
- |
|
|
|
225 |
|
|
||
|
Total non-performing loans |
|
31,290 |
|
|
|
22,804 |
|
|
|
22,972 |
|
|
|
30,989 |
|
|
|
32,852 |
|
|
||
|
Other Real Estate Owned |
|
- |
|
|
|
- |
|
|
|
209 |
|
|
|
209 |
|
|
|
- |
|
|
||
|
Total non-performing assets |
$ |
31,290 |
|
|
$ |
22,804 |
|
|
$ |
23,181 |
|
|
$ |
31,198 |
|
|
$ |
32,852 |
|
|
||
|
|
|
|||||||||||||||||||||
|
|
Three Months Ended |
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Capital and liquidity |
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Tier 1 leverage ratio |
|
11.32 |
% |
|
|
10.96 |
% |
|
|
8.80 |
% |
|
|
8.66 |
% |
|
|
8.60 |
% |
|
||
|
Tier 1 risk-based capital ratio |
|
14.51 |
% |
|
|
14.19 |
% |
|
|
11.18 |
% |
|
|
10.97 |
% |
|
|
10.47 |
% |
|
||
|
Total risk-based capital ratio |
|
18.02 |
% |
|
|
17.80 |
% |
|
|
14.73 |
% |
|
|
14.53 |
% |
|
|
13.98 |
% |
|
||
|
Tangible common equity ratio (1) |
|
9.54 |
% |
|
|
9.21 |
% |
|
|
6.70 |
% |
|
|
6.59 |
% |
|
|
6.43 |
% |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
(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) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Tangible Common Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Shareholder's |
$ |
543,474 |
|
|
$ |
499,028 |
|
|
$ |
404,137 |
|
|
$ |
397,434 |
|
|
$ |
388,502 |
|
|
Less: Preferred Equity |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Less: |
|
143,538 |
|
|
|
132,276 |
|
|
|
132,631 |
|
|
|
133,026 |
|
|
|
133,403 |
|
|
Tangible common equity |
$ |
399,936 |
|
|
$ |
366,752 |
|
|
$ |
271,506 |
|
|
$ |
264,408 |
|
|
$ |
255,099 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Shares |
|
20,746,474 |
|
|
|
19,312,726 |
|
|
|
15,529,342 |
|
|
|
15,519,072 |
|
|
|
15,487,667 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Tangible book value per |
$ |
19.28 |
|
|
$ |
18.99 |
|
|
$ |
17.48 |
|
|
$ |
17.04 |
|
|
$ |
16.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Tangible Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Assets - GAAP |
$ |
4,336,453 |
|
|
$ |
4,113,334 |
|
|
$ |
4,185,869 |
|
|
$ |
4,146,717 |
|
|
$ |
4,098,469 |
|
|
Less: |
|
143,538 |
|
|
|
132,276 |
|
|
|
132,631 |
|
|
|
133,026 |
|
|
|
133,403 |
|
|
Tangible assets (Non- |
$ |
4,192,915 |
|
|
$ |
3,981,058 |
|
|
$ |
4,053,238 |
|
|
$ |
4,013,691 |
|
|
$ |
3,965,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Tangible common equity |
|
9.54 |
% |
|
|
9.21 |
% |
|
|
6.70 |
% |
|
|
6.59 |
% |
|
|
6.43 |
% |
|
Reconciliation of Non-GAAP Financial Measures |
|
||||||||||||||
|
(Unaudited - dollars in thousands except share data) |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
|
|
|
|
|
||||||||||
|
Efficiency ratio (non-GAAP): |
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Noninterest expense (GAAP) |
$ |
31,003 |
|
|
$ |
28,296 |
|
|
$ |
113,938 |
|
|
$ |
112,520 |
|
|
Less: Amortization of intangible assets |
|
576 |
|
|
|
363 |
|
|
|
1,484 |
|
|
|
1,121 |
|
|
Less: Acquisition related expenses |
|
3,424 |
|
|
|
- |
|
|
|
4,093 |
|
|
|
- |
|
|
Noninterest expense (non-GAAP) |
$ |
27,003 |
|
|
$ |
27,933 |
|
|
$ |
108,361 |
|
|
$ |
111,399 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Net interest income (GAAP) |
$ |
36,451 |
|
|
$ |
31,355 |
|
|
$ |
138,583 |
|
|
$ |
116,710 |
|
|
Plus: Taxable equivalent adjustment |
|
620 |
|
|
|
627 |
|
|
|
2,481 |
|
|
|
2,518 |
|
|
Noninterest income (GAAP) |
|
9,884 |
|
|
|
9,015 |
|
|
|
33,967 |
|
|
|
37,748 |
|
|
Less: Net gains (losses) on equity securities |
|
120 |
|
|
|
96 |
|
|
|
271 |
|
|
|
252 |
|
|
Net interest income (FTE) plus non-interest |
$ |
46,835 |
|
|
$ |
40,901 |
|
|
$ |
174,760 |
|
|
$ |
156,724 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Efficiency ratio (non-GAAP) |
|
57.7 |
% |
|
|
68.3 |
% |
|
|
62.0 |
% |
|
|
71.1 |
% |
|
Reconciliation of Non-GAAP Financial Measures |
|
||||||||||||||||||
|
(Unaudited - dollars in thousands except share data) |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Three Months Ended |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Efficiency ratio (non-GAAP): |
2025 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Noninterest expense (GAAP) |
$ |
31,003 |
|
|
$ |
28,327 |
|
|
$ |
27,482 |
|
|
$ |
27,126 |
|
|
$ |
28,296 |
|
|
Less: Amortization of intangible assets |
|
576 |
|
|
|
318 |
|
|
|
339 |
|
|
|
332 |
|
|
|
363 |
|
|
Less: Acquisition related expenses |
|
3,424 |
|
|
|
664 |
|
|
|
5 |
|
|
|
- |
|
|
|
- |
|
|
Noninterest expense (non-GAAP) |
$ |
27,003 |
|
|
$ |
27,345 |
|
|
$ |
27,138 |
|
|
$ |
26,794 |
|
|
$ |
27,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Net interest income (GAAP) |
$ |
36,451 |
|
|
$ |
34,545 |
|
|
$ |
34,814 |
|
|
$ |
32,773 |
|
|
$ |
31,355 |
|
|
Plus: Taxable equivalent adjustment |
|
620 |
|
|
|
618 |
|
|
|
621 |
|
|
|
622 |
|
|
|
627 |
|
|
Noninterest income (GAAP) |
|
9,884 |
|
|
|
9,633 |
|
|
|
6,589 |
|
|
|
7,860 |
|
|
|
9,015 |
|
|
Less: Net gains (losses) on equity securities |
|
120 |
|
|
|
255 |
|
|
|
(74) |
|
|
|
(29) |
|
|
|
96 |
|
|
Net interest income (FTE) plus non-interest |
$ |
46,835 |
|
|
$ |
44,541 |
|
|
$ |
42,098 |
|
|
$ |
41,284 |
|
|
$ |
40,901 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Efficiency ratio (non-GAAP) |
|
57.7 |
% |
|
|
61.4 |
% |
|
|
64.5 |
% |
|
|
64.9 |
% |
|
|
68.3 |
% |
|
Supplemental Financial Information |
|||||||||||||||||||||||||
|
Consolidated Condensed Statement of Operations |
|||||||||||||||||||||||||
|
(Unaudited - dollars in thousands except share data) |
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
Three Months Ended |
|
|
|
Twelve Months Ended |
||||||||||||||||||||
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Non- |
|
|
|
|
|
|
|
|
|
Non- |
|
|
|
|
|
||||||
|
|
As Reported |
|
|
Adjustments |
|
|
As Adjusted |
|
|
|
As Reported |
|
|
Adjustments |
|
|
As Adjusted |
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest income |
$ |
55,741 |
|
|
$ |
- |
|
|
$ |
55,741 |
|
|
|
$ |
220,985 |
|
|
$ |
1,621 |
|
|
$ |
219,364 |
|
|
|
Interest expense |
|
19,290 |
|
|
|
- |
|
|
|
19,290 |
|
|
|
|
82,402 |
|
|
|
- |
|
|
|
82,402 |
|
|
|
Net interest |
|
36,451 |
|
|
|
- |
|
|
|
36,451 |
|
|
|
|
138,583 |
|
|
|
1,621 |
|
|
|
136,962 |
|
|
|
Provision for |
|
724 |
|
|
|
- |
|
|
|
724 |
|
|
|
|
3,521 |
|
|
|
- |
|
|
|
3,521 |
|
|
|
Provision for |
|
(139) |
|
|
|
- |
|
|
|
(139) |
|
|
|
|
(144) |
|
|
|
- |
|
|
|
(144) |
|
|
|
Net interest |
|
35,866 |
|
|
|
- |
|
|
|
35,866 |
|
|
|
|
135,206 |
|
|
|
1,621 |
|
|
|
133,585 |
|
|
|
Non-interest |
|
9,884 |
|
|
|
- |
|
|
|
9,884 |
|
|
|
|
33,967 |
|
|
|
(1,044) |
|
|
|
35,011 |
|
|
|
Non-interest |
|
31,003 |
|
|
|
3,424 |
|
|
|
27,579 |
|
|
|
|
113,938 |
|
|
|
3,782 |
|
|
|
110,156 |
|
|
|
Income before |
|
14,747 |
|
|
|
(3,424) |
|
|
|
18,171 |
|
|
|
|
55,235 |
|
|
|
(3,205) |
|
|
|
58,440 |
|
|
|
Income tax |
|
2,480 |
|
|
|
(568) |
|
|
|
3,048 |
|
|
|
|
9,023 |
|
|
|
(531) |
|
|
|
9,554 |
|
|
|
Net income |
$ |
12,267 |
|
|
$ |
(2,856) |
|
|
$ |
15,123 |
|
|
|
$ |
46,212 |
|
|
$ |
(2,674) |
|
|
$ |
48,886 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Earnings per |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Basic |
$ |
0.61 |
|
|
$ |
(0.14) |
|
|
$ |
0.75 |
|
|
|
$ |
2.64 |
|
|
$ |
(0.15) |
|
|
$ |
2.79 |
|
|
|
Diluted |
$ |
0.61 |
|
|
$ |
(0.14) |
|
|
$ |
0.75 |
|
|
|
$ |
2.64 |
|
|
$ |
(0.15) |
|
|
$ |
2.79 |
|
|
|
Supplemental Financial Information |
|
|
||||||||
|
Consolidated Condensed Statement of Operations |
|
|
||||||||
|
(Unaudited - dollars in thousands except share data) |
|
|
||||||||
|
|
|
|
|
|
|
|
|
|||
|
|
Three Months Ended |
|
|
|||||||
|
As Reported |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|||
|
Interest income |
$ |
55,741 |
|
$ |
55,240 |
|
$ |
56,271 |
|
|
|
Interest expense |
|
19,290 |
|
|
20,695 |
|
|
21,457 |
|
|
|
Net interest income |
|
36,451 |
|
|
34,545 |
|
|
34,814 |
|
|
|
Provision for credit losses |
|
724 |
|
|
378 |
|
|
1,171 |
|
|
|
Provision for unfunded commitments |
|
(139) |
|
|
(178) |
|
|
(146) |
|
|
|
Net interest income after provision |
|
35,866 |
|
|
34,345 |
|
|
33,789 |
|
|
|
Non-interest income |
|
9,884 |
|
|
9,633 |
|
|
6,589 |
|
|
|
Non-interest expense |
|
31,003 |
|
|
28,327 |
|
|
27,482 |
|
|
|
Income before taxes |
|
14,747 |
|
|
15,651 |
|
|
12,896 |
|
|
|
Income tax expense |
|
2,480 |
|
|
2,891 |
|
|
1,881 |
|
|
|
Net income |
$ |
12,267 |
|
$ |
12,760 |
|
$ |
11,015 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
Earnings per common share |
|
|
|
|
|
|
|
|||
|
Basic |
$ |
0.61 |
|
$ |
0.68 |
|
$ |
0.71 |
|
|
|
Diluted |
$ |
0.61 |
|
$ |
0.68 |
|
$ |
0.71 |
|
|
|
Net Interest Margin |
|
3.69 |
% |
|
3.58 |
% |
|
3.64 |
% |
|
|
|
|
|
|
|
|
|
|
|||
|
As Adjusted |
|
|
|
|
|
|
|
|||
|
Interest income |
$ |
55,741 |
|
$ |
55,240 |
|
$ |
54,650 |
|
|
|
Interest expense |
|
19,290 |
|
|
20,695 |
|
|
21,457 |
|
|
|
Net interest income |
|
36,451 |
|
|
34,545 |
|
|
33,193 |
|
|
|
Provision for credit losses |
|
724 |
|
|
378 |
|
|
1,171 |
|
|
|
Provision for unfunded |
|
(139) |
|
|
(178) |
|
|
(146) |
|
|
|
Net interest income after provision |
|
35,866 |
|
|
34,345 |
|
|
32,168 |
|
|
|
Non-interest income |
|
9,884 |
|
|
9,633 |
|
|
7,633 |
|
|
|
Non-interest expense |
|
27,579 |
|
|
27,663 |
|
|
27,793 |
|
|
|
Income before taxes |
|
18,171 |
|
|
16,315 |
|
|
12,008 |
|
|
|
Income tax expense |
|
3,048 |
|
|
3,001 |
|
|
1,750 |
|
|
|
Net income |
$ |
15,123 |
|
$ |
13,314 |
|
$ |
10,258 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
Earnings per common share |
|
|
|
|
|
|
|
|||
|
Basic |
$ |
0.75 |
|
$ |
0.71 |
|
$ |
0.66 |
|
|
|
Diluted |
$ |
0.75 |
|
$ |
0.71 |
|
$ |
0.66 |
|
|
|
Net Interest Margin |
|
3.69 |
% |
|
3.58 |
% |
|
3.47 |
% |
|
|
|
Three Months Ended |
|
|
|||||||
|
Non-Recurring Adjustments |
|
|
|
|
|
|
|
|||
|
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 |
|
|
|
Non-interest income |
|
- |
|
|
- |
|
|
(1,044) |
|
|
|
Non-interest expense |
|
3,424 |
|
|
664 |
|
|
(311) |
|
|
|
Income before taxes |
|
(3,424) |
|
|
(664) |
|
|
888 |
|
|
|
Income tax expense |
|
(568) |
|
|
(110) |
|
|
131 |
|
|
|
Net income |
$ |
(2,856) |
|
$ |
(554) |
|
$ |
757 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
Earnings per common share |
|
|
|
|
|
|
|
|||
|
Basic |
$ |
(0.14) |
|
$ |
(0.03) |
|
$ |
0.05 |
|
|
|
Diluted |
$ |
(0.14) |
|
$ |
(0.03) |
|
$ |
0.05 |
|
|
|
Net Interest Margin |
|
0.00 |
% |
|
0.00 |
% |
|
0.17 |
% |
|
Non-recurring adjustments summary:
Fourth-Quarter 2025
The quarter ended
Third-Quarter 2025
The quarter ended
Second-Quarter 2025
The quarter ended
View original content to download multimedia:https://www.prnewswire.com/news-releases/civista-bancshares-inc-announces-fourth-quarter-2025-financial-results-of--0-61-per-common-share-and-full-year-2025-financial-results-of-2-64-per-common-share-302673396.html
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