Exhibit 99.1

Civista Bancshares, Inc. Announces First Quarter 2020 Earnings

Sandusky, Ohio, April 24, 2020 /PRNewswire/– Civista Bancshares, Inc. (NASDAQ:CIVB) (“Civista”) reported net income available to common shareholders of $7.8 million, or $0.47 per diluted share, for the first quarter of 2020, compared to $9.5 million, or $0.57 per diluted share, for the first quarter of 2019.

“We began 2020 with the expectation that one of the biggest challenges we were going to face during the year was an uncertain interest rate environment. The COVID-19 pandemic has created challenges that we, as well as other banks, could not have anticipated. Our organization has risen to the challenge and are working with our customers to assist through these unprecedented times. We have waived overdraft fees, accommodated requests for loan payment deferrals and are participating in the SBA’s Paycheck Protection Program. In light of all of these challenges, we are pleased with our first quarter earnings.” said Dennis G. Shaffer, President and CEO of Civista.

Results of Operations:

Net interest income increased $396 thousand, or 1.8%, for the first quarter of 2020 compared to the same period of 2019.

Interest income increased $418 thousand, or 1.7%, for the first quarter of 2020. Average earning assets increased $214.6 million, which resulted in a $2.3 million increase in interest income. Average yields decreased 40 basis points which resulted in a $1.9 million decrease in interest income. Accretion income associated with purchased loan portfolios totaled $755 thousand for the first quarter of 2020 and $982 for the first quarter of 2019.

Interest expense increased $22 thousand, or 0.8%, for the first quarter of 2020 compared to the same period of 2019. Average interest-bearing liabilities increased $110.4 million, resulting in a $360 thousand increase in interest expense. Average rates decreased 7 basis points, resulting in a $338 thousand decrease in interest expense.

Net interest margin decreased 35 basis points to 4.10% for the first quarter of 2020, compared to 4.45% for the same period a year ago. Accretion income associated with purchased loan portfolios contributed approximately 15 basis points and 22 basis points to net interest margin for the first quarter of 2020 and 2019, respectively.

Average Balance Analysis

(Unaudited - Dollars in thousands)

	Three Months Ended March 31,
	2020								2019
	Average balance			Interest		Yield/ rate *			Average balance			Interest		Yield/ rate *
Assets:
Interest-earning assets:
Loans**	$	1,725,685		$	21,673		5.05	%	$	1,564,208		$	20,963		5.44	%
Taxable securities		187,604			1,416		3.13	%		207,600			1,748		3.43	%
Non-taxable securities		197,583			1,512		4.22	%		157,619			1,351		4.49	%
Interest-bearing deposits in other banks		121,296			401		1.33	%		88,096			522		2.40	%
Total interest-earning assets	$	2,232,168			25,002		4.62	%	$	2,017,523			24,584		5.02	%
Noninterest-earning assets:
Cash and due from financial institutions		168,350								92,782
Premises and equipment, net		22,737								21,924
Accrued interest receivable		6,751								6,534
Intangible assets		85,083								86,116
Other assets		28,550								20,053
Bank owned life insurance		45,086								43,643
Less allowance for loan losses		(14,927	)							(13,885	)
Total Assets	$	2,573,798							$	2,274,690
Liabilities and Shareholders’ Equity:
Interest-bearing liabilities:
Demand and savings	$	894,892		$	606		0.27	%	$	855,666		$	708		0.34	%
Time		280,701			1,379		1.98	%		270,507			1,183		1.77	%
FHLB		157,749			581		1.48	%		97,267			597		2.49	%
Federal funds purchased		610			2		1.32	%		—			—		0.00	%
Subordinated debentures		29,427			313		4.28	%		29,427			372		5.13	%
Repurchase agreements		22,123			6		0.11	%		22,197			5		0.09	%
Total interest-bearing liabilities	$	1,385,502			2,887		0.84	%	$	1,275,064			2,865		0.91	%
Noninterest-bearing deposits		799,540								680,929
Other liabilities		56,154								17,041
Shareholders’ equity		332,602								301,656
Total Liabilities and Shareholders’ Equity	$	2,573,798							$	2,274,690
Net interest income and interest rate spread				$	22,115		3.78	%				$	21,719		4.11	%
Net interest margin							4.10	%							4.45	%

* - Average yields are presented on a tax equivalent basis. The tax equivalent effect associated with loans and investments, included in the yields above, was $406 thousand and 362 thousand for the periods ended March 31, 2020 and 2019, respectively.

** - Average balance includes nonaccrual loans

Provision for loan losses was $2.1 million for the first quarter of 2020 and $0 for the first quarter of 2019. The reserve ratio increased to 0.97% from 0.86% at December 31, 2019 due to an increase in the bank’s qualitative factors related to the economic shutdown that is driven by COVID-19. Economic impacts include the loss of revenue being experience by our business clients, additional employee costs for businesses due to the pandemic, higher unemployment rates throughout our footprint and a large percentage of customers requesting payment relief. We expect our Commercial, Commercial Real Estate and Consumer portfolios to be impacted the most.

For the first quarter of 2020, noninterest income totaled $6.9 million, an increase of $592 thousand, or 9.4%, compared to the prior year’s first quarter.

Noninterest income (unaudited - dollars in thousands)	Three months ended March 31,
	2020			2019		$ change			% change
Service charges	$	1,468		$	1,456	$	12			0.8	%
Net gain on sale of securities		—			4		(4	)		–100.0	%
Net gain (loss) on equity securities		(141	)		2		(143	)		N/M
Net gain on sale of loans		827			331		496			149.8	%
ATM/Interchange fees		894			906		(12	)		–1.3	%
Wealth management fees		1,006			847		159			18.8	%
Bank owned life insurance		250			247		3			1.2	%
Tax refund processing fees		1,900			2,200		(300	)		–13.6	%
Swap fees		338			73		265			363.0	%
Other		334			218		116			53.2	%
Total noninterest income	$	6,876		$	6,284	$	592			9.4	%

N/M - not meaningful

The increased gain on sale of loans is primarily due to an increase in volume of loans sold of $18.9 million as well as an increase in the premium on sold loans of 34 basis points. Wealth management fees increased due to an increase in assets under management as a result of new trust accounts and positive market conditions in late 2019 through February of this year. Swap fees increased as a result of the declining interest rate environment and more customers looking to lock in lower fixed rate loans. Tax refund processing fees decreased due to a decline in volume processed.

For the first quarter of 2020, noninterest expense totaled $17.9 million, an increase of $1.4 million, or 8.6%, compared to the prior year’s first quarter

Noninterest expense (unaudited - dollars in thousands)	Three months ended March 31,
	2020		2019		$ change			% change
Compensation expense	$	10,871	$	9,805	$	1,066			10.9	%
Net occupancy and equipment		1,482		1,503		(21	)		–1.4	%
Contracted data processing		450		419		31			7.4	%
Taxes and assessments		579		593		(14	)		–2.4	%
Professional services		737		694		43			6.2	%
Amortization of intangible assets		231		240		(9	)		–3.8	%
ATM/Interchange expense		447		378		69			18.3	%
Marketing		356		340		16			4.7	%
Other		2,703		2,477		226			9.1	%
Total noninterest expense	$	17,856	$	16,449	$	1,407			8.6	%

Compensation expense increased due to an increase in employees, annual pay increases and employee insurance. FTE employees increased by 22, or 5.1%, to 452 FTE. Annual pay increases in 2019 were an average of 3.3%. Employee insurance increased 9.1% for 2020.

The increases in ATM/Interchange expense is primarily due to increases in monthly processing fees and increases in monitoring software costs.

The increase in other operating expense is primarily due to increases in software maintenance of $89 thousand and an increase in bad check losses of $79 thousand.

The efficiency ratio was 60.7% for the quarter ended March 31, 2020 compared to 58.0% for the quarter ended March 31, 2019. The change in the efficiency ratio is due primarily to the increase in noninterest expense.

Civista’s effective income tax rate for the first quarter 2020 was 13.1% compared to 16.3% in 2019.

Balance Sheet

Total assets increased $266.3 million, or 11.5%, from December 31, 2019 to March 31, 2020, due to an increase in cash of $207.5 million, primarily related to the temporary impact of our tax refund processing program, as well as a $7.0 million increase in Investment securities and a $34.2 million increase in the loan portfolio.

End of period loan balances (unaudited - dollars in thousands)
	March 31, 2020		December 31, 2019		$ Change			% Change
Commercial and Agriculture	$	201,860	$	203,110	$	(1,250	)		–0.6	%
Commercial Real Estate:
Owner Occupied		255,633		245,606		10,027			4.1	%
Non-owner Occupied		616,192		592,222		23,970			4.0	%
Residential Real Estate		458,478		463,032		(4,554	)		–1.0	%
Real Estate Construction		163,807		155,825		7,982			5.1	%
Farm Real Estate		32,152		34,114		(1,962	)		–5.8	%
Consumer and Other		15,003		15,061		(58	)		–0.4	%
Total Loans	$	1,743,125	$	1,708,970	$	34,155			2.0	%

Loan growth during 2020 totaled $34.2 million, led by increases of $34.0 million in Commercial Real Estate and $8.0 million in Real Estate Construction. The Commercial Real Estate growth was aided by some successful real estate projects we kept on balance sheet by using longer term swaps that might otherwise have been refinanced on the commercial mortgage-backed securities market. The mild Midwest winter has also contributed to our growth in the Construction category. The decrease in Residential Real Estate was expected as we refinanced many on balance sheet mortgages into a saleable mortgage product. All regions contributed to the growth in the first quarter with some significant transactions originated outside of our core metro regions.

Paycheck Protection Program

We began accepting applications for the Small Business Association’s Paycheck Protection Program (“PPP”) on April 3, 2020 and have processed 1,271 loans totaling $186.6 million. We estimate the SBA fees to be approximately $7.0 million. We have submitted the documentation, which has been reviewed and approved, to borrow from the Paycheck Protection Program Lending Facility. We expect to match this funding with the volume of PPP loans outstanding.

“I am extremely proud of our people and our ability to assist customers through this program. While the parameters of PPP changed frequently, we were able to scale up and streamline our process to assist 1,271 small business customers with $186.6 million in loans, impacting approximately 26,500 jobs. This program will make a real difference in the businesses and lives of our customers and their employees.” said Dennis G. Shaffer, President and CEO of Civista.

COVID-19 Loan Modifications

During the first quarter, Civista modified 66 loans totaling $39.9 million, primarily consisting of the deferral of principal and/or interest payments. Since March 31, Civista has received requests to modify an additional 727 loans totaling $410.6 million, also consisting of deferral of principal and/or interest payments. All of the loans modified were performing at the time of the modification and comply with the provisions of the CARES Act to not be considered a troubled debt restructuring. Details with respect to actual loan modifications processed through March 31, 2020 are as follows:

Loans modified under COVID-19 programs (unaudited - dollars in thousands)
Type of Loan	Number of Loans		Balance		Weighted average interest rate
Commercial and Agriculture		26	$	5,449		4.65	%
Commercial Real Estate:
Owner Occupied		25		10,077		4.82	%
Non-owner Occupied		12		24,122		4.86	%
Residential Real Estate		2		184		4.91	%
Farm Real Estate		1		89		5.00	%
		66	$	39,921		4.82	%

“In addition to the loans we modified during the first quarter we are actively working with several of our customers to provide additional relief during these trying times.” said Dennis G. Shaffer, President and CEO of Civista.

Total deposits increased $313.2 million, or 18.7%, from December 31, 2019 to March 31, 2020.

End of period deposit balances (unaudited - dollars in thousands)
	March 31, 2020		December 31, 2019		$ Change			% Change
Noninterest-bearing demand	$	811,976	$	512,553	$	299,423			58.4	%
Interest-bearing demand		332,756		301,674		31,082			10.3	%
Savings and money market		558,936		588,697		(29,761	)		–5.1	%
Time deposits		288,271		275,840		12,431			4.5	%
Total Deposits	$	1,991,939	$	1,678,764	$	313,175			18.7	%

The increase in noninterest-bearing demand of $299.4 million was due to the increase in balances related to the tax refund processing program of $307.5 million, which is temporary. Interest-bearing demand deposits increased, primarily due to increases in public fund accounts. The increase in time deposits is centered on our special rate 9 month certificate.

FHLB advances totaled $142.0 million at March 31, 2020, a decrease of $84.5 million, or 37.3%, from December 31, 2019. The increase in deposits reduced the need for wholesale funding.

Stock Repurchase Program

Civista approved a share repurchase plan in December 2019, authorizing the repurchase of up to 672,000 shares of outstanding common stock. During the first quarter of 2020, Civista repurchased 646,703 shares for $11.0 million, which equates to a weighted average price of $17.01 per share. The repurchase plan was fully executed early in April.

Shareholder Equity

Total shareholders’ equity decreased $2.0 million, or 0.6%, from December 31, 2019 to March 31, 2020 as a result of the repurchase of shares. The $11.0 million decrease from stock repurchases was partially offset by a $6.0 million increase in retained earnings and an increase in other comprehensive income of $3.0 million.

Asset Quality

Civista recorded net recoveries of $55 thousand for the three months of 2020 compared to net recoveries of $143 thousand for the same period of 2019. The allowance for loan losses to loans was 0.97% at March 31, 2020 and 0.86% at December 31, 2019.

Allowance for Loan Losses (unaudited - dollars in thousands)
	March 31, 2020			March 31, 2019
Beginning of period	$	14,767		$	13,679
Charge-offs		(24	)		(239	)
Recoveries		79			382
Provision		2,126			—
End of period	$	16,948		$	13,822

Non-performing assets at March 31, 2020 were $8.6 million, a 6.1% decrease from December 31, 2019. The non-performing assets to assets ratio decreased to 0.33% from 0.39% at December 31, 2019. The allowance for loan losses to non-performing loans increased to 197.97% from 161.95% At December 31, 2019.

Non-performing Assets (unaudited - dollars in thousands)	March 31, 2020		December 31, 2019
Non-accrual loans	$	6,072	$	6,115
Restructured loans		2,489		3,004
Total non-performing loans		8,561		9,119
Other Real Estate Owned		—		—
Total non-performing assets	$	8,561	$	9,119

Conference Call and Webcast

Civista Bancshares, Inc. will also host a conference call to discuss the Company’s financial results for the first quarter of 2020 at 1:00 p.m. ET on Friday, April 24, 2020. 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 2020 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 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 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, 2019. 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 $2.6 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”.

For additional information, contact:

Dennis G. Shaffer

President and CEO

Civista Bancshares, Inc.

888-645-4121

Civista Bancshares, Inc.

Financial Highlights

(dollars in thousands, except share and per share amounts)

Consolidated Condensed Statement of Operations

	Three Months Ended March 31, (unaudited)
	2020			2019
Interest and dividend income	$	25,002		$	24,584
Interest expense		2,887			2,865
Net interest income		22,115			21,719
Provision for loan losses		2,126			—
Net interest income after provision		19,989			21,719
Noninterest income		6,876			6,284
Noninterest expense		17,856			16,449
Income before taxes		9,009			11,554
Income tax expense		1,176			1,885
Net income		7,833			9,669
Preferred stock dividends		—			164
Net income available to common shareholders	$	7,833		$	9,505
Dividends per common share	$	0.11		$	0.09
Earnings per common share,
basic	$	0.47		$	0.61
diluted	$	0.47		$	0.57
Average shares outstanding,
basic		16,517,745			15,607,655
diluted		16,517,745			16,901,830
Selected financial ratios:
Return on average assets		1.22	%		1.72	%
Return on average equity		9.47	%		13.00	%
Dividend payout ratio		23.20	%		14.53	%
Net interest margin (tax equivalent)		4.10	%		4.45	%

Selected Balance Sheet Items

	March 31, 2020			December 31, 2019
	(unaudited)			(unaudited)
Cash and due from financial institutions	$	256,023		$	48,535
Investment securities		366,689			359,690
Loans held for sale		7,632			2,285
Loans		1,743,125			1,708,970
Less allowance for loan losses		16,948			14,767
Net loans		1,726,177			1,694,203
Other securities		20,280			20,280
Premises and equipment, net		22,443			22,871
Goodwill and other intangibles		84,919			85,156
Bank owned life insurance		45,249			44,999
Other assets		46,444			31,538
Total assets	$	2,575,856		$	2,309,557
Total deposits	$	1,991,939		$	1,678,764
Federal Home Loan Bank advances		142,000			226,500
Securities sold under agreements to repurchase		22,699			18,674
Subordinated debentures		29,427			29,427
Accrued expenses and other liabilities		61,624			26,066
Total shareholders’ equity		328,167			330,126
Total liabilities and shareholders’ equity	$	2,575,856		$	2,309,557
Shares outstanding at period end		16,064,010			16,687,542
Book value per share	$	20.43		$	19.78
Equity to asset ratio		12.74	%		14.29	%
Selected asset quality ratios:
Allowance for loan losses to total loans		0.97	%		0.86	%
Non-performing assets to total assets		0.33	%		0.39	%
Allowance for loan losses to non-performing loans		197.97	%		161.95	%
Non-performing asset analysis
Nonaccrual loans	$	6,072		$	6,115
Troubled debt restructurings		2,489			3,004
Other real estate owned		—			—
Total	$	8,561		$	9,119

Supplemental Financial Information

(Unaudited - Dollars in thousands except share data)

End of Period Balances	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Assets
Cash and due from banks	$	256,023		$	48,535		$	62,219		$	49,839		$	164,094
Investment securities		366,689			359,690			356,439			360,512			351,006
Loans held for sale		7,632			2,285			8,983			2,563			1,444
Loans		1,743,125			1,708,970			1,648,640			1,598,770			1,573,193
Allowance for loan losses		(16,948	)		(14,767	)		(14,144	)		(13,786	)		(13,822	)
Net Loans		1,726,177			1,694,203			1,634,496			1,584,984			1,559,371
Other securities		20,280			20,280			20,280			20,280			20,280
Premises and equipment, net		22,443			22,871			22,201			21,720			21,772
Goodwill and other intangibles		84,919			85,156			85,461			85,706			85,955
Bank owned life insurance		45,249			44,999			44,745			44,491			44,239
Other assets		46,444			31,538			34,241			32,900			29,541
Total Assets	$	2,575,856		$	2,309,557		$	2,269,065		$	2,202,995		$	2,277,702
Liabilities
Total deposits	$	1,991,939		$	1,678,764		$	1,632,621		$	1,632,720		$	1,765,801
Federal Home Loan Bank advances		142,000			226,500			236,100			176,300			127,100
Securities sold under agreement to repurchase		22,699			18,674			15,088			15,554			21,970
Subordinated debentures		29,427			29,427			29,427			29,427			29,427
Accrued expenses and other liabilities		61,624			26,066			26,566			24,782			21,347
Total liabilities		2,247,689			1,979,431			1,939,802			1,878,783			1,965,645
Shareholders’ Equity
Preferred shares, Series B		—			—			9,158			9,364			9,364
Common shares		276,546			276,422			267,559			267,275			266,990
Retained earnings		73,972			67,974			62,023			56,199			49,421
Treasury shares		(32,239	)		(21,144	)		(21,144	)		(17,235	)		(17,235	)
Accumulated other comprehensive income		9,888			6,874			11,667			8,609			3,517
Total shareholders’ equity		328,167			330,126			329,263			324,212			312,057
Total Liabilities and Shareholders’ Equity	$	2,575,856		$	2,309,557		$	2,269,065		$	2,202,995		$	2,277,702
Quarterly Average Balances
Assets:
Earning assets	$	2,232,168		$	2,070,175		$	2,021,780		$	1,986,841		$	2,017,523
Securities		385,187			372,639			379,525			373,999			365,219
Loans		1,725,685			1,676,769			1,626,010			1,583,533			1,564,208
Liabilities and Shareholders’ Equity
Total deposits	$	1,975,133		$	1,661,452		$	1,622,527		$	1,670,247		$	1,807,102
Interest-bearing deposits		1,175,593			1,160,499			1,139,632			1,129,964			1,126,173
Other interest-bearing liabilities		209,909			252,908			246,235			186,140			148,891
Total shareholders’ equity		332,602			329,634			326,103			315,438			301,656

Supplemental Financial Information

(Unaudited - Dollars in thousands except share data)

	Three Months Ended
Income statement	March 31, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Total interest and dividend income	$	25,002		$	24,521		$	24,023		$	24,926		$	24,584
Total interest expense		2,887			3,299			3,605			3,184			2,865
Net interest income		22,115			21,222			20,418			21,742			21,719
Provision for loan losses		2,126			885			150			—			—
Noninterest income		6,876			5,627			5,429			5,104			6,284
Noninterest expense		17,856			17,128			16,731			16,639			16,449
Income before taxes		9,009			8,836			8,966			10,207			11,554
Income tax expense		1,176			995			1,258			1,546			1,885
Net income		7,833			7,841			7,708			8,661			9,669
Preferred stock dividends		—			157			162			164			164
Net income available to common shareholders	$	7,833		$	7,684		$	7,546		$	8,497		$	9,505
Common shares dividend paid	$	1,835		$	1,702		$	1,722		$	1,719		$	1,404
Per share data
Basic earnings per common share	$	0.47		$	0.49		$	0.48		$	0.54		$	0.61
Diluted earnings per common share		0.47			0.47			0.46			0.51			0.57
Dividends per common share		0.11			0.11			0.11			0.11			0.09
Average common shares outstanding - basic		16,517,745			15,796,713			15,577,371			15,628,537			15,607,655
Average common shares outstanding - diluted		16,517,745			16,734,391			16,849,887			16,922,712			16,901,830
Asset quality
Allowance for loan losses, beginning of period	$	14,767		$	14,144		$	13,786		$	13,822		$	13,679
Charge-offs		(24	)		(345	)		(36	)		(156	)		(239	)
Recoveries		79			83			244			120			382
Provision		2,126			885			150			—			—
Allowance for loan losses, end of period	$	16,948		$	14,767		$	14,144		$	13,786		$	13,822
Ratios
Allowance to total loans		0.97	%		0.86	%		0.86	%		0.86	%		0.88	%
Allowance to nonperforming assets		197.97	%		161.95	%		149.91	%		164.69	%		150.60	%
Allowance to nonperforming loans		197.97	%		161.95	%		149.91	%		164.69	%		150.60	%
Nonperforming assets
Nonperforming loans	$	8,561		$	9,119		$	9,435		$	8,371		$	9,178
Other real estate owned		—			—			—			—			—
Total nonperforming assets	$	8,561		$	9,119		$	9,435		$	8,371		$	9,178
Capital and liquidity
Tier 1 leverage ratio		10.66	%		12.35	%		12.37	%		12.44	%		11.64	%
Tier 1 risk-based capital ratio		14.33	%		15.26	%		15.50	%		15.94	%		15.64	%
Total risk-based capital ratio		15.25	%		16.10	%		16.32	%		16.78	%		16.48	%
Tangible common equity ratio (1)		9.82	%		11.08	%		10.81	%		10.89	%		9.96	%

(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, 2020			December 31, 2019			September 30, 2019			June 30, 2019			March 31, 2019
Tangible Common Equity
Total Shareholder’s Equity - GAAP	$	328,167		$	330,126		$	329,263		$	324,212		$	312,057
Less: Preferred Equity		—			—			9,158			9,364			9,364
Less: Goodwill and intangible assets		83,363			83,595			83,829			84,064			84,299
Tangible common equity (Non-GAAP)	$	244,804		$	246,531		$	236,276		$	230,784		$	218,394
Total Shares Outstanding		16,064,010			16,687,542			15,473,275			15,633,059			15,624,113
Tangible book value per share	$	15.24		$	14.77		$	15.27		$	14.76		$	13.98
Tangible Assets
Total Assets - GAAP	$	2,575,856		$	2,309,557		$	2,269,065		$	2,202,995		$	2,277,702
Less: Goodwill and intangible assets		83,363			83,595			83,829			84,064			84,299
Tangible assets (Non-GAAP)	$	2,492,493		$	2,225,962		$	2,185,236		$	2,118,931		$	2,193,403
Tangible common equity to tangible assets		9.82	%		11.08	%		10.81	%		10.89	%		9.96	%