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SANDUSKY, Ohio, April 23, 2021 /PRNewswire/ --Civista Bancshares, Inc. (NASDAQ: CIVB) ("Civista") announced its unaudited financial results for the three months ending March 31, 2021. First quarter highlights Net income of $10.8 million, or $0.68 per diluted share, for the first quarter of 2021, compared to $7.8 million, or $0.47 per diluted share, for the first quarter of 2020. COVID19 loan deferrals in effect were 3.4% of total loans at period end, compared to 3.6% at December 31, 2020 and 21.3% at June 30, 2020. The bank has not experienced any specific loan losses attributed to COVID19 closures in 2020 or 2021. Quarterly dividend increased to $0.12 which is equivalent to a yield of 2.09% based on the March 31, 2021 market close of $22.94 and a dividend payout ratio of 17.65%. Recorded quarterly gain on sale of mortgage loans of $2.7 million compared to $827 thousand for the same period last year. "I am very pleased with the results of the first quarter of 2021. Our mortgage business set a record for the most revenue in a quarter in our Company's history. We continue to work toward a digital transformation with our online and mobile banking and expect to have new offerings in these areas before the end of the second quarter. In the midst of increasing our digital offerings we are constantly looking at our branch footprint. We will be closing two of our smaller offices in July. We have continued to manage capital through our stock repurchase program as well as dividends. We announced this week a new stock repurchase authorization and increased in our dividend in January 2021." said Dennis G. Shaffer, President and CEO of Civista. Results of Operations: For the three-month period ended March 31, 2021 and 2020 Net interest income increased $1.7 million, or 7.7%, for the first quarter of 2021 compared to the same period of 2020, due to a $723 thousand increase in interest income of as well as a decrease in interest expense of $1.0 million. Interest income included $3.1 million of accretion of Paycheck Protection Program ("PPP") loan fees during the quarter. Interest income increased $723 thousand, or 2.9%, for the first quarter of 2021. Average yields decreased 107 basis points which resulted in a $3.6 million decrease in interest income. Average earning assets increased $774.5 million, which resulted in a $4.3 million increase in interest income. PPP loans accounted for $248.7 million of the increase in average earning assets at a yield of 6.07%, including fee accretion. Removing the impact of PPP loans, the yield on earning assets would have been 22 basis points lower. Included in interest income is $3.1 million of accretion of PPP fees as well as accretion income associated with purchased loan portfolios of $622 thousand. Interest expense decreased $1.0 million, or 34.3%, for the first quarter of 2021, compared to the same period last year. The average rate paid on interest-bearing liabilities decreased 39 basis points, while average interest-bearing liabilities increased $332.9 million. Net interest margin decreased 80 basis points to 3.30% for the first quarter of 2021, compared to 4.10% for the same period a year ago. In addition to the PPP loans, earning assets were inflated by a $5.6 billion influx of stimulus funds in early January. While the funds were only in the Company's Fed account for a short time, they increased average earning assets by $258 million for the quarter and reduced net interest margin by 30 basis points. These funds were in addition to the cash normally generated by the Company's tax refund processing program that contributed $126 million in average interest-bearing cash balances during the quarter. PPP loans averaged $258.7 million during the quarter at an average yield of 6.07% including the related fee accretion which increased the margin by 26 basis points. Average Balance Analysis (Unaudited - Dollars in thousands) Three Months Ended March 31, 2021 2020 Average Yield/ Average Yield/ Assets: balance Interest rate * balance Interest rate * Interest-earning assets: Loans ** $ 2,069,419 $ 22,783 4.47% $ 1,725,685 $ 21,673 5.05% Taxable securities 174,740 1,275 3.08% 187,604 1,416 3.13% Non-taxable securities 207,573 1,518 4.12% 197,583 1,512 4.22% Interest-bearing deposits in other banks 554,921 149 0.11% 121,296 401 1.33% Total interest-earning assets $ 3,006,653 25,725 3.55% $ 2,232,168 25,002 4.62% Noninterest-earning assets: Cash and due from financial institutions 27,760 168,350 Premises and equipment, net 22,509 22,737 Accrued interest receivable 8,569 6,751 Intangible assets 84,862 85,083 Bank owned life insurance 46,062 28,550 Other assets 37,162 45,086 Less allowance for loan losses (25,590) (14,927) Total Assets $ 3,207,987 $ 2,573,798 Liabilities and Shareholders' Equity: Interest-bearing liabilities: Demand and savings $ 1,248,717 $ 343 0.11% $ 894,892 $ 606 0.27% Time 284,042 917 1.31% 280,701 1,379 1.98% FHLB 125,000 443 1.44% 157,749 581 1.48% Other borrowings - - 0.00% 610 2 1.32% Subordinated debentures 29,427 186 2.56% 29,427 313 4.28% Repurchase agreements 31,178 8 0.10% 22,123 6 0.11% Total interest-bearing liabilities $ 1,718,364 1,897 0.45% $ 1,385,502 2,887 0.84% Noninterest-bearing deposits 1,100,023 799,540 Other liabilities 39,975 56,154 Shareholders' equity 349,625 332,602 Total Liabilities and Shareholders' Equity $ 3,207,987 $ 2,573,798 Net interest income and interest rate spread $ 23,828 3.10% $ 22,115 3.78% Net interest margin 3.30% 4.10% * - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $407 thousand and $406 thousand for the periods ended March 31, 2021 and 2020, respectively. ** - Average balance includes nonaccrual loans Provision for loan losses was $830 thousand for the first quarter of 2021 compared to $2.1 million for the first quarter of 2020. As the pandemic has progressed, restrictions have been eased and additional stimulus was injected into the economy. With the government relief and the vaccination programs, and resumption of many business activities, the negative impacts of the pandemic have not yet been realized. For the first quarter of 2021, noninterest income totaled $9.2 million, an increase of $2.3 million, or 33.7%, compared to the prior year's first quarter. Noninterest income (unaudited - dollars in thousands) Three months ended March 31, 2021 2020 $ change % change Service charges $ 1,256 $ 1,468 $ (212) -14.4% Net loss on sale of securities (1) - (1) 0.0% Net gain/(loss) on equity securities 88 (141) 229 162.4% Net gain on sale of loans 2,745 827 1,918 231.9% ATM/Interchange fees 1,248 894 354 39.6% Wealth management fees 1,146 1,006 140 13.9% Bank owned life insurance 243 250 (7) -2.8% Tax refund processing fees 1,900 1,900 - 0.0% Swap fees 76 338 (262) -77.5% Other 489 334 155 46.4% Total noninterest income $ 9,190 $ 6,876 $ 2,314 33.7% Service charge income decreased primarily due to a $275.5 thousand decrease in overdraft fees. Since the beginning of the COVID-19 pandemic, customer behavior has changed, resulting in fewer overdrafts. Net gain on sale of loans increased due to an increase in the volume of loans sold of $42.2 million as well as an increase in the premium on sold loans of 120 basis points, compared to a year ago. ATM/Interchange fees increased as a result of increased transaction volume and incentives from our network providers. Wealth management fees increased as a result of increased assets under management, primarily driven by market gains. For the first quarter of 2021, noninterest expense totaled $19.4 million, an increase of $1.5 million, or 8.6%, compared to the prior year's first quarter. Noninterest expense (unaudited - dollars in thousands) Three months ended March 31, 2021 2020 $ change % change Compensation expense $ 11,782 $ 10,871 $ 911 8.4% Net occupancy and equipment 1,638 1,482 156 10.5% Contracted data processing 443 450 (7) -1.6% Taxes and assessments 884 579 305 52.7% Professional services 738 737 1 0.1% Amortization of intangible assets 223 231 (8) -3.5% ATM/Interchange expense 593 447 146 32.7% Marketing 299 356 (57) -16.0% Software maintenance expense 508 437 71 16.2% Other 2,282 2,266 16 0.7% Total noninterest expense $ 19,390 $ 17,856 $ 1,534 8.6% Compensation expense increased primarily due to annual pay increases, which occur every year in April and commissions. Annual pay increases in April 2020 averaged 3.3%. Commissions increased $421.2 thousand, or 32.8% as a result of increased loan activity. The increase in net occupancy is the result of increased COVID-19 pandemic related expenses to janitorial services and supplies of $129 thousand and an increase in grounds maintenance of $150 thousand for snow removal. These increases were partially offset by a decrease in equipment expense of $104.8 thousand. The quarter-over-quarter increase in taxes and assessments was primarily attributable to an increase in the FDIC assessment of $159.0 thousand due to credit for small banks applied to the March 2020 assessments. The efficiency ratio was 54.9% for the quarter ended March 31, 2021 compared to 60.7% for the quarter ended March 31, 2020. The change in the efficiency ratio is primarily due to increases in both noninterest income and net interest income. Civista's effective income tax rate for the first quarter 2021 was 15.9% compared to 13.1% in 2020. Balance Sheet Total assets increased $294.5 million, or 10.7%, from December 31, 2020 to March 31, 2021, primarily due to an increase in cash of $297.7 million, or 213.4%. Loans held for sale increased $3.8 million, or 53.8%. The loan portfolio increased $2.7 million, which includes an increase in PPP loans of $29.3 million. End of period loan balances (unaudited - dollars in thousands) March 31, December 31, 2021 2020 $ Change % Change Commercial and Agriculture 1 $ 419,666 $ 409,876 $ 9,790 2.4% Commercial Real Estate: Owner Occupied 274,747 278,413 (3,666) -1.3% Non-owner Occupied 723,656 705,072 18,584 2.6% Residential Real Estate 431,506 442,588 (11,082) -2.5% Real Estate Construction 171,121 175,609 (4,488) -2.6% Farm Real Estate 28,043 33,102 (5,059) -15.3% Consumer and Other 11,500 12,842 (1,342) -10.5% Total Loans $ 2,060,239 $ 2,057,502 $ 2,737 0.1% 1March 31, 2021 includes PPP loans totaling $246,636 and December 31, 2020 includes PPP loans totaling $217,295. Loan balances were flat in the first quarter, including the PPP balances. Removing the effect of the PPP loans, the loan portfolio declined $26.6 million or 1.4%. Commercial Real Estate continued to grow due to consistent demand in the Non-owner Occupied category. Due to an influx of governmental stimulus money through PPP and individual incentives, revolving lines of credit reduced $21.2 million ($17.9 million commercial and $3.3 million consumer). Real Estate Construction fell slightly as a few projects that were completed moved to other categories and construction draws slow down due to the weather. Construction demand remains strong and construction availability remains near all-time highs. The decrease in Residential Real Estate continues as a result of portfolio loans refinanced into saleable mortgage products. Paycheck Protection Program In total, we processed over 3,500 loans totaling $387.6 million, of which $141.0 million have been forgiven or have paid off. Prepaid SBA fees totaling approximately $15.6million have been booked and are being recognized in interest income over the life of the PPP loans, or as the underlying loan is forgiven by the SBA. During the quarter, $3.1 million of PPP fees were accreted to income. At March 31, 2021, $7.8 million of prepaid SBA fees remain. "We believe that the PPP program has been instrumental in assisting small businesses and their employees. The SBA tightened the rules for PPP Round 2 to focus aid to smaller businesses and reduce potential fraud. This resulted in a lower number or applications. During the quarter, we approved 1,238 new loans, funding a total of $119.8 million. We expect to continue to support our customers until the funding runs out" said Dennis G. Shaffer, President and CEO of Civista. COVID-19 Loan Modifications In the 2nd quarter of 2020, in the initial days of the pandemic, Civista booked 90-day payment modifications on 813 loans totaling $431.3 million. Additional 90-day modifications were extended on 100 of these loans, totaling $124.4 million. Both deferral programs primarily consisting of the deferral of principal and/or interest payments. All subsequent modifications were on loans which were performing at December 31, 2019 and comply with the provisions of the CARES Act to not be considered a troubled debt restructuring. As of March 31, 2021, the remaining loans modified under the CARES Act total $70.7 million. Details with respect to the loan modifications that remain on deferred status are as follows: Loans currently modified under COVID-19 programs (unaudited - dollars in thousands) Type of Loan Number of Loans Balance Percent of loans outstanding 1 Commercial and Agriculture 21 $ 4,514 0.25% Commercial Real Estate: Owner Occupied 8 10,876 0.60% Non-owner Occupied 18 48,882 2.70% Real Estate Construction 2 5,905 0.33% Residential Real Estate 2 483 0.03% 51 $ 70,660 3.43% Deposits Total deposits increased $286.5 million, or 13.1%, from December 31, 2020 to March 31, 2021. End of period deposit balances (unaudited - dollars in thousands) March 31, December 31, 2021 2020 $ Change % Change Noninterest-bearing demand $ 917,598 $ 720,809 $ 196,789 27.3% Interest-bearing demand 487,956 410,139 77,817 19.0% Savings and money market 794,521 771,612 22,909 3.0% Time deposits 275,832 286,838 (11,006) -3.8% Total Deposits $ 2,475,907 $ 2,189,398 $ 286,509 13.1% The increase in noninterest-bearing demand of $196.8 million was primarily due to a $136.9 million increase in balances related to the tax refund processing program, which is temporary. Additionally, business demand deposit accounts increased $37.9 million, primarily due to the deposit of PPP loan proceeds. Interest-bearing demand deposits increased due to a $62.5 million increase in public fund accounts and a $27.9 million increase in non-public fund accounts. The increase in savings and money market was primarily due to a $34.7 million increase in personal money markets, a $27.9 million increase in statement savings and a $4.3 million increase in business money markets. These increases were partially offset by a decrease of $48.8 million increase in brokered money market accounts. FHLB advances totaled $125.0 million at March 31, 2021, unchanged from December 31, 2020. Stock Repurchase Program During the first quarter of 2021, Civista repurchased 181,627 shares for $3.9 million at a weighted average price of $21.39 per share. These repurchases were part of the $13.5 million repurchase authorization which was approved in April 2020. Mr. Shaffer continued, "We view share repurchase as an integral part of our capital management. In April of 2020 our board authorized a $13.5 million repurchase. With the uncertainty of the pandemic, we paused on our share repurchases until the third quarter of 2020 and as a result, did not repurchase all $13.5 million. Earlier this week, our board of directors authorized another $13.5 million repurchase." Shareholder Equity Total shareholders' equity was unchanged from December 31, 2020 to March 31, 2021. Retained earnings increased $8.9 million and was offset by a decrease in other comprehensive income of $5.1 million and by a $4.0 million repurchase of treasury shares. Asset Quality Civista recorded net recoveries of $275 thousand for the three months of 2021 compared to net recoveries of $55 thousand for the same period of 2020. The allowance for loan losses to loans was 1.27% at March 31, 2021 and 1.22% at December 31, 2020. Without the PPP loans, the allowance ratio would have been 17 basis points higher. Allowance for Loan Losses (dollars in thousands) March 31, March 31, 2021 2020 Beginning of period $ 25,028 $ 14,767 Charge-offs (46) (24) Recoveries 321 79 Provision 830 2,126 End of period $ 26,133 $ 16,948 Non-performing assets at March 31, 2021 were $6.2 million, a 15.7% decrease from December 31, 2020. The non-performing assets to assets ratio decreased to 0.20% from 0.27% at December 31, 2020. The allowance for loan losses to non-performing loans increased to 423.09% from 343.05% at December 31, 2020. Non-performing Assets (dollars in thousands) March 31, December 31, 2021 2020 Non-accrual loans $ 4,360 $ 5,399 Restructured loans 1,817 1,897 Total non-performing loans 6,177 7,296 Other Real Estate Owned - 31 Total non-performing assets $ 6,177 $ 7,327 Conference Call and WebcastCivista Bancshares, Inc. will also host a conference call to discuss the Company's financial results for the first quarter of 2021 at 1:00 p.m. ET on Friday, April 23, 2021. 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 855-238-2712 and ask to be joined into the Civista Bancshares, Inc. first quarter 2021 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). 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, 2020, 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. Civista Bancshares, Inc. is a $3.1 billion financial holding company headquartered in Sandusky, Ohio. The Company's banking subsidiary, Civista Bank, operates 37 locations in Northern, Central and Southwestern Ohio, Southeastern Indiana and Northern Kentucky. Civista Bancshares, Inc. may be accessed at HUwww.civb.comUH. The Company's common shares are traded on the NASDAQ Capital Market under the symbol "CIVB". Civista Bancshares, Inc. Financial Highlights (Unaudited, dollars in thousands, except share and per share amounts) Consolidated Condensed Statement of Income Three Months Ended March 31, 2021 2020 Interest income $ 25,725 $ 25,002 Interest expense 1,897 2,887 Net interest income 23,828 22,115 Provision for loan losses 830 2,126 Net interest income after provision 22,998 19,989 Noninterest income 9,190 6,876 Noninterest expense 19,390 17,856 Income before taxes 12,798 9,009 Income tax expense 2,040 1,176 Net income $ 10,758 $ 7,833 Dividends paid per common share $ 0.12 $ 0.11 Earnings per common share, basic and diluted $ 0.68 $ 0.47 Average shares outstanding, basic and diluted 15,867,588 16,517,745 Selected financial ratios: Return on average assets (annualized) 1.36% 1.22% Return on average equity (annualized) 12.48% 9.47% Dividend payout ratio 17.65% 23.40% Net interest margin (tax equivalent) 3.30% 4.10% Selected Balance Sheet Items (Dollars in thousands, except share and per share amounts) March 31, December 31, 2021 2020 (unaudited) (unaudited) Cash and due from financial institutions $ 437,238 $ 139,522 Investment securities 357,798 364,350 Loans held for sale 10,769 7,001 Loans 2,060,239 2,057,502 Less: allowance for loan losses (26,133) (25,028) Net loans 2,034,106 2,032,474 Other securities 20,537 20,537 Premises and equipment, net 22,265 22,580 Goodwill and other intangibles 84,682 84,926 Bank owned life insurance 46,219 45,976 Other assets 43,754 45,552 Total assets $ 3,057,368 $ 2,762,918 Total deposits $ 2,475,907 $ 2,189,398 Federal Home Loan Bank advances 125,000 125,000 Securities sold under agreements to repurchase 29,513 28,914 Subordinated debentures 29,427 29,427 Accrued expenses and other liabilities 47,463 40,071 Total shareholders' equity 350,058 350,108 Total liabilities and shareholders' equity $ 3,057,368 $ 2,762,918 Shares outstanding at period end 15,750,479 15,898,032 Book value per share $ 22.23 $ 22.02 Equity to asset ratio 11.45% 12.67% Selected asset quality ratios: Allowance for loan losses to total loans 1.27% 1.22% Non-performing assets to total assets 0.20% 0.27% Allowance for loan losses to non-performing loans 423.09% 343.05% Non-performing asset analysis Nonaccrual loans $ 4,360 $ 5,399 Troubled debt restructurings 1,817 1,897 Other real estate owned - 31 Total $ 6,177 $ 7,327 Supplemental Financial Information (Unaudited - dollars in thousands except share data) March 31, December 31, September 30, June 30, March 31, End of Period Balances 2021 2020 2020 2020 2020 Assets Cash and due from banks $ 437,238 $ 139,522 $ 194,773 $ 196,520 $ 256,023 Investment securities 357,798 364,350 366,691 369,181 366,689 Loans held for sale 10,769 7,001 13,256 18,523 7,632 Loans 2,060,239 2,057,502 2,040,940 2,022,965 1,743,125 Allowance for loan losses (26,133) (25,028) (22,637) (20,420) (16,948) Net Loans 2,034,106 2,032,474 2,018,303 2,002,545 1,726,177 Other securities 20,537 20,537 20,537 20,537 20,280 Premises and equipment, net 22,265 22,580 22,958 23,137 22,443 Goodwill and other intangibles 84,682 84,926 84,896 84,852 84,919 Bank owned life insurance 46,219 45,976 45,732 45,489 45,249 Other assets 43,754 45,552 50,847 51,369 46,444 Total Assets $ 3,057,368 $ 2,762,918 $ 2,817,993 $ 2,812,153 $ 2,575,856 Liabilities Total deposits $ 2,475,907 $ 2,189,398 $ 2,068,769 $ 2,069,261 $ 1,991,939 Federal Home Loan Bank advances 125,000 125,000 125,000 125,000 142,000 Securities sold under agreement to repurchase 29,513 28,914 25,813 23,608 22,699 Other borrowings - - 183,695 183,695 - Subordinated debentures 29,427 29,427 29,427 29,427 29,427 Accrued expenses and other liabilities 47,463 40,071 43,234 44,549 61,624 Total liabilities 2,707,310 2,412,810 2,475,938 2,475,540 2,247,689 Shareholders' Equity Common shares 277,164 277,039 276,940 276,841 276,546 Retained earnings 101,899 93,048 84,628 78,712 73,972 Treasury shares (38,574) (34,598) (33,900) (32,594) (32,239) Accumulated other comprehensive income 9,569 14,619 14,387 13,654 9,888 Total shareholders' equity 350,058 350,108 342,055 336,613 328,167 Total Liabilities and Shareholders' Equity $ 3,057,368 $ 2,762,918 $ 2,817,993 $ 2,812,153 $ 2,575,856 Quarterly Average Balances Assets: Earning assets $ 3,006,653 $ 2,603,961 $ 2,617,884 $ 2,528,006 $ 2,232,168 Securities 382,313 386,179 388,594 386,838 385,187 Loans 2,069,419 2,072,477 2,040,492 1,972,969 1,725,685 Liabilities and Shareholders' Equity Total deposits $ 2,632,782 $ 2,144,865 $ 2,084,791 $ 2,108,227 $ 1,975,133 Interest-bearing deposits 1,532,759 1,458,967 1,401,318 1,317,336 1,175,593 Other interest-bearing liabilities 185,605 278,357 362,965 302,267 209,909 Total shareholders' equity 349,625 343,335 339,278 330,524 332,602 Supplemental Financial Information (Unaudited - dollars in thousands except share data) Three Months Ended March 31, December 31, September 30, June 30, March 31, Income statement 2021 2020 2020 2020 2020 Total interest and dividend income $ 25,725 $ 25,721 $ 24,558 $ 24,584 $ 25,002 Total interest expense 1,897 2,190 2,552 2,509 2,887 Net interest income 23,828 23,531 22,006 22,075 22,115 Provision for loan losses 830 2,250 2,250 3,486 2,126 Noninterest income 9,190 7,666 6,786 6,854 6,876 Noninterest expense 19,390 16,968 17,727 18,114 17,856 Income before taxes 12,798 11,979 8,815 7,329 9,009 Income tax expense 2,040 1,806 1,133 825 1,176 Net income $ 10,758 $ 10,173 $ 7,682 $ 6,504 $ 7,833 Common shares dividend paid $ 1,907 $ 1,753 $ 1,766 $ 1,764 $ 1,835 Per share data Earnings per common share Basic and diluted $ 0.68 $ 0.64 $ 0.48 $ 0.41 $ 0.47 Dividends paid per common share 0.12 0.11 0.11 0.11 0.11 Average common shares outstanding, Basic and diluted 15,867,588 15,915,369 16,045,544 16,044,125 16,517,745 Asset quality Allowance for loan losses, beginning of period $ 25,028 $ 22,637 $ 20,420 $ 16,948 $ 14,767 Charge-offs (46) (139) (185) (116) (24) Recoveries 321 280 152 102 79 Provision 830 2,250 2,250 3,486 2,126 Allowance for loan losses, end of period $ 26,133 $ 25,028 $ 22,637 $ 20,420 $ 16,948 Ratios Allowance to total loans 1.27% 1.22% 1.11% 1.01% 0.97% Allowance to nonperforming assets 423.09% 341.59% 292.88% 262.14% 197.97% Allowance to nonperforming loans 423.09% 343.05% 292.88% 262.14% 197.97% Nonperforming assets Nonperforming loans $ 6,177 $ 7,296 $ 7,729 $ 7,790 $ 8,561 Other real estate owned - 31 - - - Total nonperforming assets $ 6,177 $ 7,327 $ 7,729 $ 7,790 $ 8,561 Capital and liquidity Tier 1 leverage ratio 9.23% 10.77% 10.73% 10.43% 10.66% Tier 1 risk-based capital ratio 15.20% 14.74% 14.73% 12.99% 14.33% Total risk-based capital ratio 16.45% 15.99% 15.94% 13.97% 15.25% Tangible common equity ratio (1) 9.00% 9.98% 9.47% 9.29% 9.82% (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) Three Months Ended March 31, December 31, September 30, June 30, March 31, 2021 2020 2020 2020 2020 Tangible Common Equity Total Shareholder's Equity - GAAP $ 350,058 $ 350,108 $ 342,055 $ 336,613 $ 328,167 Less: Goodwill and intangible assets 82,458 82,681 82,907 83,135 83,363 Tangible common equity (Non-GAAP) $ 267,600 $ 267,427 $ 259,148 $ 253,478 $ 244,804 Total Shares Outstanding 15,750,479 15,898,032 15,945,479 16,052,979 16,064,010 Tangible book value per share $ 16.99 $ 16.82 $ 16.25 $ 15.79 $ 15.24 Tangible Assets Total Assets - GAAP $ 3,057,368 $ 2,762,918 $ 2,817,993 $ 2,812,153 $ 2,575,856 Less: Goodwill and intangible assets 82,458 82,681 82,907 83,135 83,363 Tangible assets (Non-GAAP) $ 2,974,910 $ 2,680,237 $ 2,735,086 $ 2,729,018 $ 2,492,493 Tangible common equity to tangible assets 9.00% 9.98% 9.47% 9.29% 9.82% SOURCE Civista Bancshares, Inc.

Answer: Civista Bancshares, Inc. Announces First Quarter 2021 Financial Results