Civista Bancshares, Inc. Announces Second-Quarter 2025 Financial Results of $0.71 per Common Share, up 58% or $0.26 per Common Share from Second-Quarter 2024
SANDUSKY, Ohio , July 24, 2025 /PRNewswire/ -- Civista Bancshares, Inc. (NASDAQ:CIVB) ("Civista") today reported net income of $11.0 million, or $0.71 per common share, for the quarter ended June 30, 2025.
Net income of $11.0 million, a 56% increase or $3.9 million compared to $7.1 million for the second quarter 2024, and $10.2 million in the first quarter of 2025.
Diluted earnings per common share of $0.71, for the second quarter of 2025, compared to $0.45 per diluted share, for the second quarter of 2024, and $0.66 per diluted share in the first quarter of 2025.
Efficiency ratio of 64.5%, compared to 72.6% for the second quarter of 2024 and 64.9% for the first quarter of 2025.
232 basis points cost of funds for the second-quarter of 2025, 30 basis points lower than the 261 basis points cost of funds in the second quarter of 2024.
The second-quarter included non-recurring items which positively impacted net income by approx. $0.9 million on a pre-tax basis, and $0.76 million on an after-tax basis.
CEO Commentary:
"Our strong second-quarter performance highlights continued momentum in net income and earnings per share," said Dennis G. Shaffer, CEO and President of Civista. "Earnings per share rose to $0.71, up from $0.66 in Q1 and $0.45 a year ago, reflecting the success of our strategic initiatives and our focus on disciplined growth, customer relationships, and long-term shareholder value."
"The announcement of our partnership with The Farmers Savings Bank marks an exciting step in expanding our presence in Northeast Ohio and reinforcing our foundation with a strong base of core deposits," said Shaffer. "This, along with our successful $80.5 million capital raise earlier this month, positions us well for future growth."
"We continue to maintain strong credit quality, which reflects the soundness of our underwriting and the strength of our customer relationships," said Shaffer. "As demand for housing and construction financing grows, we remain focused on providing tailored financial solutions that support the evolving needs of the communities we serve."
Results of Operations:For the three-month periods ended June 30, 2025, March 31, 2025 and June 30, 2024 and the six-month periods ended June 30, 2025 and June 30, 2024.
Second-Quarter 2025 Highlights
Diluted earnings per common share of $0.71, for the second quarter of 2025, compared to $0.45 per diluted share, for the second quarter of 2024, and $0.66 per diluted share in the first quarter of 2025.
Net income of $11.0 million, an increase of 56% or $3.9 million compared to $7.1 million for the second quarter 2024, and $10.2 million in the first quarter of 2025.
Net interest margin (tax equivalent) of 3.64%, compared to 3.09% for the second quarter of 2024.
Net interest income of $34.8 million, up $7.1 million or 25.5% compared to the second quarter of 2024.
196 basis points cost of deposits for the second-quarter of 2025, down 4 basis points compared to the first-quarter of 2025, and 14 basis points lower than the 210 basis points in the second-quarter of 2024.
232-basis points cost of funds for the second-quarter of 2025, 30 basis points lower than the 262-basis points cost of funds in the second-quarter of 2024.
Noninterest expense of $27.5 million, $0.9 million or 3.2% lower than the second quarter of 2024.
Efficiency ratio of 64.5%, compared to 72.6% for the second quarter of 2024 and 64.9% for the first quarter of 2025.
Total period end loan growth of $47.1 million from first quarter 2025.
Return on Assets of 1.06%, compared to 0.72% for the second quarter of 2024.
Return on Equity of 11.02%, compared to 7.77% for the second quarter of 2024.
Allowance for credit losses on loans / total loans of 1.28%.
Based on the June 30, 2025, market close share price of $23.20, the $0.17 second quarter dividend is equivalent to an annualized yield of 2.93% and a dividend payout ratio of 23.96%.
The second-quarter included non-recurring items which positively impacted net income by approx. $0.9 million on a pre-tax basis, and $0.76 million on an after-tax basis.
Assets
Total assets at June 30, 2025, were $4.2 billion, an increase of $39.2 million, or 0.9% from March 31, 2025, and $87.4 million, or 2.1%, from December 31, 2024.
Loan and lease balances increased $47.1 million, or 1.5% since March 31, 2025, and $69.9 million, or 2.3% since December 31, 2024.
Commercial Real Estate continued to grow due to consistent demand in the non-owner and owner occupied categories.
Residential Real Estate has grown primarily due to more home construction loans as we meet the demand for housing and construction financing by our customers and communities.
Deposits & Borrowings
Total deposits at June 30, 2025, were $3.2 billion, a decrease of $42.7 million, or 1.32% from March 31, 2025, and a decrease of $15.7 million, or 0.5%, from December 31, 2024.
Noninterest-bearing demand deposits decreased $47.5 million from December 31, 2024, primarily due to a $51.9 million decrease in noninterest-bearing accounts related to commercial business deposits, partially offset by a $9.9 million increase in noninterest-bearing public funds.
Interest-bearing demand deposits increased $13.5 million from December 31, 2024, primarily due to a $27.9 million increase in interest-bearing public funds, somewhat offset by a $6.4 million decrease in Jumbo now deposits.
Savings and money markets decreased $26.3 million from December 31, 2024, primarily due to decreases of $8.3 million and $36.6 million in retail money market savings and ICS demand and money markets, respectively. This was partially offset by an increase of $20.1 million in business money market savings.
Time deposits increased $90.7 million from December 31, 2024, primarily due to a $69.8 million increase in Jumbo certificates of deposit and a $29.0 million increase in retail time certificates, partially offset by a $5.5 million decrease in reciprocal deposits.
Brokered deposits totaled $454.1 million at June 30, 2025, which included brokered certificate of deposits of $450.0 million and brokered money markets of $4.1 million. Brokered deposits decreased $46.1 million from December 31, 2024.
FHLB overnight advances totaled $433.5 million on June 30, 2025, up $73.5 million from March 31, 2025, and $94.5 million from December 31, 2024.
FHLB term advances totaled $1.1 million on June 30, 2025, down from $1.4 million March 31, 2025, and down from $1.5 million on December 31, 2024.
Net Interest Income and Net Interest Margin
Net interest income increased $7.1 million, or 25.5%, for the second quarter of 2025, compared to the same period last year. In the second quarter of 2025, net interest income was increased by $1.6 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
Interest income increased $5.7 million for the second quarter of 2025, compared to the same period last year, attributed to average interest-earning assets increasing $224.8 million coupled with a 26-basis point increase in asset yield.
Interest expense decreased $1.4 million for the second quarter of 2025, compared to the same period last year. This was due to a 107-basis point reduction in higher costing FHLB borrowings coupled with a 136-basis point reduction in time deposits mostly offset by $272.2 million average balance growth in total deposits, resulting in a net increase of $249.3 million in average interest-bearing liabilities when comparing the second quarter of 2025 to the same period last year.
Net interest margin increased 55-basis points to 3.64% for the second quarter of 2025, compared to 3.09% for the same period last year.
Net interest income increased $11.5 million, or 20.4%, for the six months ended June 30, 2025, compared to the same period last year. For the six months ended June 30, 2025, net interest income was increased by $1.6 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
Interest income increased $9.3 million for the six-months ended June 30, 2025, compared to the same period last year, attributed to average interest-earning assets increasing $237.1 million coupled with a 15-basis point increase in asset yield.
Interest expense decreased $2.2 million for the six months ended June 30, 2025, compared to the same period last year. This was due to a 106-basis point reduction in higher costing FHLB borrowings coupled with a 125-basis point drop in time deposits, mostly offset by $262.5 million average balance growth in deposits, resulting in a net increase of $267.6 million in average interest-bearing liabilities when comparing the six-months ended June 30, 2025, to the same period last year.
Net interest margin increased 41-basis points to 3.57% for the six months ended June 30, 2025, compared to 3.16% for the same period last year.
Credit
Provision for credit losses (including provision for unfunded commitments) decreased $0.7 million for the second quarter of 2025 to $1.0 million compared to $1.7 million for the same period last year, and decreased $0.6 million compared to $1.6 million in the first quarter of 2025.
Civista recorded net charge-offs of $1.0 million for the second quarter of 2025 compared to net charge-offs of $0.7 million for the same period of 2024, and $0.6 million in the first quarter of 2025.
The allowance for credit losses to loans ratio was 1.28% at June 30, 2025, compared to 1.30% at March 31, 2025, and 1.29% at December 31, 2024.
Non-performing assets at June 30, 2025, were $23.2 million, a decrease of $8.0 million or 25.7%, from March 31, 2025. The non-performing assets to assets ratio was 0.55% at June 30, 2025, and 0.75% at March 31, 2025. The decrease was primarily related to a loan pay-off occurring within the second quarter of 2025.
The allowance for credit losses to non-performing loans increased to 176.1% at June 30, 2025, from 120.8% at December 31, 2024.
Noninterest Income
Noninterest income totaled $6.6 million, a decrease of $3.8 million or 36.5%, when compared to the same period last year. In the second quarter of 2025, noninterest income was reduced by $1.0 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
Net gain/(loss) on equity securities decreased $0.1 million for the second quarter of 2025, compared to the same period last year, resulting from market valuation adjustments.
Lease revenue and residual income decreased $3.0 million for the second quarter of 2025 compared to the same period last year, mainly due to stronger lease originations in 2024 coupled with a one-time non-recurring adjustment aforementioned above.
Other income decreased $0.6 million for the second quarter of 2025 compared to the same period last year, primarily related to lower fee revenue from CLF.
Noninterest income totaled $14.4 million, a decrease of $4.2 million or 22.5%, when compared to the same period last year. For the six months ended June 30, 2025, noninterest income was reduced by $1.0 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
Net gain on sale of loans decreased $0.3 million for the six months ended June 30, 2025, compared to the same period last year, resulting from timing of selling loans.
Lease revenue and residual income decreased $2.8 million for the six months ended June 30, 2025, compared to the same period last year, due to stronger lease originations in 2024 coupled with a one-time non-recurring adjustment aforementioned above.
Other income decreased $1.3 million for the six month ended June 30, 2025, compared to the same period last year, primarily related to lower fee revenue from the leasing division.
Noninterest Expense
Noninterest expense totaled $27.5 million, a decrease of $0.9 million or 3.2%, when compared to the same period last year. In the second quarter of 2025, noninterest expense was reduced by $0.3 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
Compensation expense decreased $0.7 million for the second quarter of 2025 compared to the same period last year, primarily due to fewer employees and an increase in the deferral of salaries and wages related to the loan originations in the second quarter of 2025.
The quarter-to-date average number of full-time equivalent ("FTE") employees was 526 at June 30, 2025, compared with an average number of 537 for the same period in 2024.
Professional fees increased $0.5 million for the second quarter of 2025 compared to the same period last year, mainly due to utilizing consultants to assist in transitioning Civista Leasing and Finance Division to a new core processing system.
Equipment expense decreased $0.7 million for the second quarter of 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.
The efficiency ratio was 64.5% for the quarter ended June 30, 2025, compared to 72.6% for the same period last year. The change in the efficiency ratio is primarily due to a 3.2% decrease in noninterest expenses, a 25.5% increase in net interest income, partially offset by a 36.5% decrease in noninterest income.
Noninterest expense totaled $54.6 million, a decrease of $1.2 million or 2.2%, when compared to the same period last year. For the six months ended June 30, 2025, noninterest expense was reduced by $0.3 million from non-recurring adjustments resulting from the Civista Leasing and Finance Division core system conversion.
Compensation expense decreased $2.1 million for the six months ended June 30, 2025 compared to the same period last year, primarily due to fewer employees, and an increase in the deferral of salaries and wages related to the loan originations as well as lower employee benefits costs in the first six months of 2025.
The year-to-date average number of FTE employees was 523 at June 30, 2025, compared with an average number of 538 for the same period in 2024.
Professional fees increased $1.5 million for the six months ended June 30, 2025, compared to the same period last year, mainly due to utilizing consultants to assist in transitioning Civista Leasing and Finance Division to a new core processing system.
Equipment expense decreased $1.1 million for the six months ended June 30, 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.
The efficiency ratio was 64.7% for the six months ended June 30, 2025, compared to 72.4% for the same period last year. The change in the efficiency ratio is primarily due to a 2.2% decrease in noninterest expenses, a 20.4% increase in net interest income, partially offset by a 22.5% decrease in noninterest income.
Taxes
Civista's effective income tax rate for the second quarter of 2025 was 14.6% compared to 12.6% for the same period last year, and 14.8% for the first quarter of 2025.
Civista's effective income tax rate for the six months ended June 30, 2025, was 14.7% compared to 12.1% in the same period last year.
Capital
Total shareholders' equity at June 30, 2025, totaled $404.1 million, an increase of $6.7 million from March 31, 2025, and $15.6 million from December 31, 2024. This resulted from an increase of $15.9 million in retained earnings, partially offset by a reduction in accumulated other comprehensive loss of $0.7 million from December 31,2024.
Civista did not repurchase any shares in the second quarter of 2025 as the current repurchase plan is set to expire in April 2026. In January 2025, Civista liquidated 8,182 shares held by employees, at $20.39 per share, to satisfy tax obligations stemming from vesting of restricted shares.
Recent Developments
July 10, 2025, Civista Bancshares, Inc. announced the signing of a definitive merger agreement pursuant to which Civista will acquire The Farmers Savings Bank.
July 10, 2025, Civista Bancshares, Inc. announced an underwritten public offering of its common stock, including an overallotment option. The offering totaled 3,788,238 shares at a price of $21.25 per share, raising approximately $80,500,058.
Conference Call and WebcastCivista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the second quarter of 2025 at 1:00 p.m. ET on Thursday, July 24, 2025. Interested parties can access the live webcast of the conference call through the Investor Relations section of the Company's website, www.civb.com. Participants can also listen to the conference call by dialing 800-836-8184 and ask to be joined into the Civista Bancshares, Inc. second quarter 2025 earnings call. Please log in or dial in at least 10 minutes prior to the start time to ensure a connection. An archive of the webcast will be available for one year on the Investor Relations section of the Company's website (www.civb.com).
About Civista BancsharesCivista Bancshares, Inc., is a $4.2 billion financial holding company headquartered in Sandusky, Ohio. Its primary subsidiary, Civista Bank, was founded in 1884 and provides full-service banking, commercial lending, mortgage, and wealth management services. Today, Civista Bank operates 42 locations across Ohio, Southeastern Indiana and Northern Kentucky. Civista Bank also offers commercial equipment leasing services for businesses nationwide through its Civista Leasing and Finance Division. Civista Bancshares' common shares are traded on the NASDAQ Capital Market under the symbol "CIVB". Learn more at www.civb.com.
Forward Looking StatementsThis 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 Securities and Exchange Commission. Forward-looking statements provide current expectations or forecasts of future events and are not guarantees of future performance. The forward-looking statements are based on management's expectations and are subject to a number of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as "anticipate," "estimate," "project," "intend," "plan," "believe," "will" and similar expressions in connection with any discussion of future operating or financial performance. Although management believes that the expectations reflected in such forward-looking statements are reasonable, actual results may differ materially from those expressed or implied in such statements. Risks and uncertainties that could cause actual results to differ materially include risk factors relating to the banking industry and the other factors detailed from time to time in Civista' reports filed with the Securities and Exchange Commission, including those described in "Item 1A Risk Factors" of Part I of Civista's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and any additional risks identified in the Company's subsequent Form 10-Q's. Undue reliance should not be placed on the forward-looking statements, which speak only as of the date hereof. Civista does not undertake, and specifically disclaims any obligation, to update any forward-looking statement to reflect the events or circumstances after the date on which the forward-looking statement is made, or reflect the occurrence of unanticipated events, except to the extent required by law.
Non-GAAP Financial MeasuresThis 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.
Average Balance Analysis
(Unaudited - Dollars in thousands)
Three Months Ended June 30,
2025
2024
Average
Yield/
Average
Yield/
Assets:
balance
Interest
rate *
balance
Interest
rate *
Interest-earning assets:
Loans **
$
3,136,091
$
49,972
6.39
%
$
2,964,377
$
44,946
6.10
%
Taxable securities ***
404,104
3,751
3.42
%
351,497
3,070
3.11
%
Non-taxable securities ***
277,931
2,338
3.88
%
288,128
2,372
3.87
%
Interest-bearing deposits in other banks
23,243
210
3.61
%
15,807
205
5.22
%
Total interest-earning assets ***
$
3,841,369
$
56,271
5.84
%
$
3,619,809
$
50,593
5.58
%
Noninterest-earning assets:
Cash and due from financial institutions
40,329
32,564
Premises and equipment, net
44,687
53,654
Accrued interest receivable
13,919
13,230
Intangible assets
132,887
134,473
Bank owned life insurance
63,302
61,871
Other assets
59,948
65,818
Less allowance for loan losses
(40,546)
(39,190)
Total Assets
$
4,155,895
$
3,942,229
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings
$
1,551,856
$
5,632
1.46
%
$
1,339,503
$
3,054
0.92
%
Time
986,644
9,926
4.04
%
926,831
12,451
5.40
%
Short-term FHLB borrowings
412,545
4,603
4.48
%
440,670
6,078
5.55
%
Long-term FHLB borrowings
1,260
8
2.57
%
2,031
12
2.38
%
Other borrowings
5,874
123
8.40
%
-
-
0.00
%
Subordinated debentures
104,145
1,165
4.49
%
103,999
1,247
4.83
%
Total interest-bearing liabilities
$
3,062,324
$
21,457
2.81
%
$
2,813,034
$
22,842
3.27
%
Noninterest-bearing deposits
652,092
703,046
Other liabilities
40,564
60,365
Shareholders' equity
400,915
365,784
Total Liabilities and Shareholders' Equity
$
4,155,895
$
3,942,229
Net interest income and interest rate spread
$
34,814
3.03
%
$
27,751
2.31
%
Net interest margin ***
3.64
%
3.09
%
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $622 thousand and $631 thousand for the periods ended June 30, 2025 and 2024, respectively.
** - Average balance includes nonaccrual loans
*** - Average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $64.1 million and $69.4 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.
Average Balance Analysis
(Unaudited - Dollars in thousands)
Six Months Ended June 30,
2025
2024
Average
Yield/
Average
Yield/
Assets:
balance
Interest
rate *
balance
Interest
rate *
Interest-earning assets:
Loans **
$
3,117,867
$
97,618
6.31
%
$
2,922,204
$
89,431
6.15
%
Taxable securities ***
400,518
7,306
3.37
%
351,156
6,004
3.06
%
Non-taxable securities ***
282,183
4,678
3.90
%
291,758
4,747
3.86
%
Interest-bearing deposits in other banks
21,081
402
3.84
%
21,062
539
5.15
%
Total interest-earning assets ***
$
3,821,649
$
110,004
5.78
%
$
3,586,180
$
100,721
5.62
%
Noninterest-earning assets:
Cash and due from financial institutions
41,758
31,123
Premises and equipment, net
45,541
54,317
Accrued interest receivable
13,744
12,977
Intangible assets
133,076
134,672
Bank owned life insurance
63,110
61,664
Other assets
59,271
62,414
Less allowance for loan losses
(40,252)
(38,273)
Total Assets
$
4,137,897
$
3,905,074
Liabilities and Shareholders' Equity:
Interest-bearing liabilities:
Demand and savings
$
1,565,328
$
11,360
1.46
%
$
1,361,364
$
7,039
1.04
%
Time
973,202
19,914
4.13
%
914,637
24,452
5.38
%
Short-term FHLB borrowings
384,224
8,532
4.48
%
384,679
10,593
5.54
%
Long-term FHLB borrowings
1,334
17
2.57
%
2,153
25
2.34
%
Other borrowings
6,150
268
8.78
%
-
-
0.00
%
Subordinated debentures
104,124
2,326
4.50
%
103,978
2,489
4.81
%
Total interest-bearing liabilities
$
3,034,362
$
42,417
2.82
%
$
2,766,811
$
44,598
3.24
%
Noninterest-bearing deposits
661,382
707,806
Other liabilities
43,174
62,331
Shareholders' equity
398,979
368,126
Total Liabilities and Shareholders' Equity
$
4,137,897
$
3,905,074
Net interest income and interest rate spread
$
67,587
2.96
%
$
56,123
2.38
%
Net interest margin ***
3.57
%
3.16
%
* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $1.2 million and $1.3 million for the periods ended June 30, 2025 and 2024, respectively.
** - Average balance includes nonaccrual loans
*** - 2025 and 2024 average yield on investments were calculated by adjusting the average balances of taxable and nontaxable securities by unrealized losses of $61.6 million and $64.3 million, respectively. These adjustments were also made when calculating the yield on earning assets and the margin.
Noninterest income
(unaudited - dollars in thousands)
Three months ended June 30,
2025
2024
$ Change
% Change
Service charges
$
1,564
$
1,488
$
76
5.1
%
Net gain (loss) on equity securities
(74)
74
(148)
-200.0
%
Net gain on sale of loans and leases
841
888
(47)
-5.3
%
ATM/Interchange fees
1,418
1,416
2
0.1
%
Wealth management fees
1,325
1,337
(12)
-0.9
%
Lease revenue and residual income
525
3,529
(3,004)
-85.1
%
Bank owned life insurance
386
367
19
5.2
%
Swap fees
53
65
(12)
-18.5
%
Other
551
1,213
(662)
-54.6
%
Total noninterest income
$
6,589
$
10,377
$
(3,788)
-36.5
%
Noninterest income
(unaudited - dollars in thousands)
Six months ended June 30,
2025
2024
$ Change
% Change
Service charges
$
3,088
$
2,928
$
160
5.5
%
Net gain (loss) on equity securities
(103)
(67)
(36)
-53.7
%
Net gain on sale of loans and leases
1,445
1,751
(306)
-17.5
%
ATM/Interchange fees
2,744
2,799
(55)
-2.0
%
Wealth management fees
2,665
2,613
52
2.0
%
Lease revenue and residual income
2,421
5,203
(2,782)
-53.5
%
Bank owned life insurance
773
717
56
7.8
%
Swap fees
125
122
3
2.5
%
Other
1,291
2,568
(1,277)
-49.7
%
Total noninterest income
$
14,449
$
18,634
$
(4,185)
-22.5
%
Noninterest expense
(unaudited - dollars in thousands)
Three months ended June 30,
2025
2024
$ Change
% Change
Compensation expense
$
15,011
$
15,740
$
(729)
-4.6
%
Net occupancy Expense
1,419
1,298
121
9.3
%
Contracted data processing
536
559
(23)
-4.1
%
FDIC Assessment
689
548
141
25.7
%
State franchise tax
634
479
155
32.4
%
Professional services
1,798
1,249
549
44.0
%
Equipment expense
1,764
2,434
(670)
-27.5
%
Amortization of core deposit intangible
338
366
(28)
-7.7
%
ATM/Interchange expense
683
632
51
8.1
%
Marketing
289
445
(156)
-35.1
%
Software maintenance expense
1,294
1,176
118
10.0
%
Other
3,027
3,463
(436)
-12.6
%
Total noninterest expense
$
27,482
$
28,389
$
(907)
-3.2
%
Noninterest expense
(unaudited - dollars in thousands)
Six months ended June 30,
2025
2024
$ Change
% Change
Compensation expense
$
29,054
$
31,197
$
(2,143)
-6.9
%
Net occupancy expense
3,053
2,666
387
14.5
%
Contracted data processing
1,103
1,104
(1)
-0.1
%
FDIC Assessment
1,562
1,032
530
51.4
%
State franchise tax
1,160
964
196
20.3
%
Professional services
3,888
2,398
1,490
62.1
%
Equipment expense
3,867
4,969
(1,102)
-22.2
%
Amortization of core deposit intangible
670
757
(87)
-11.5
%
ATM/Interchange expense
1,263
1,257
6
0.5
%
Marketing
585
924
(339)
-36.7
%
Software maintenance expense
2,571
2,365
206
8.7
%
Other
5,832
6,198
(366)
-5.9
%
Total noninterest expense
$
54,608
$
55,831
$
(1,223)
-2.2
%
End of period loan and lease balances
(unaudited - dollars in thousands)
June 30,
December 31,
2025
2024
$ Change
% Change
Commercial and Agriculture
$
338,598
$
328,488
$
10,110
3.1
%
Commercial Real Estate:
Owner Occupied
378,248
374,367
3,881
1.0
%
Non-owner Occupied
1,263,612
1,225,991
37,621
3.1
%
Residential Real Estate
815,408
763,869
51,539
