BROOKFIELD, Wis., Jan. 20, 2023 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the year ending December 31, 2022. Operating results for the year were dominated by rising net interest income and related net interest margins; continued asset quality strength; recoveries of prior loan losses; and the difficult operating environment for mortgage banking. Net income for the twelve months ended December 31, 2022, was $3.7 million, or $2.97 basic and $2.16 diluted earnings per share, compared to $6.7 million, or $5.64 basic and $4.06 diluted earnings per share, for the same period of 2021; and net income for the quarter ended December 31, 2022, was $0.9 million, or $0.81 basic and $0.59 diluted earnings per share, compared to $1.1 million, or $1.28 basic and $0.92 diluted earnings per share, for the same period in 2021.
Financial highlights for the year and quarter ended December 31, 2022, include:
- Net interest income and margin were $23.9 million and 3.27%, respectively, for the twelve-month period, compared to $23.3 million and 3.22%, respectively, in the same period of 2021; and $6.1 million and 3.32%, respectively, for the quarter, compared to $5.9 million and 3.18%, respectively, for the same period of 2021. These improvements were despite $0.8 million lower Paycheck Protection Program (“PPP”) loan fee accretion income and $0.4 million more subordinated debt interest expense in 2022, compared to the prior year. Stronger results reflect primarily higher earning asset balances and yields, and the relatively high level of non-interest bearing checking account balances. All remaining PPP loans were fully repaid in the third quarter of 2022.
- Net mortgage banking revenues were down $9.3 million and $1.7 million for the twelve months and quarter, respectively, compared to the same periods of 2021. The change was due to a $260 million or 58% decline in loan originations for the twelve-month period compared to the prior year, as a result of average 30-year mortgage rates rising by more than 250 basis points from 2021 to 2022 and the dramatic competitive tightening of pricing margins across the mortgage banking industry.
- As of December 31, 2022, non-performing assets, restructured loans, and loans 90 days or more past due and still accruing to total assets and nonaccrual loans to total loans were 0.20% and 0.16%, respectively, compared to 0.21% and 0.14%, respectively, on December 31, 2021. In addition, net recoveries resulting from collections of loans previously charged off were 0.33% of average loans for the fourth quarter ending December 31, 2022; combined with ongoing collections and pay-offs of classified assets there was a reversal of loan losses of $0.6 million for the quarter. Reversals of loan losses were $0.9 million for the year, compared to $1.2 million for the same period in 2021, with the primary difference being the improved environmental factors during 2021 compared to its prior period.
- Since December 31, 2021, the Fed has increased their target fed funds rate by 450 basis points putting pressure on deposit mix over the shorter term. Over the year 2022, time deposit balances have increased $32 million versus a decrease of $30 million in money market accounts, and interest bearing checking were up $13 million versus a decline of $5 million in non-interest bearing checking accounts. The current high level of short-term interest rates is a strong force for these ongoing trends of deposit balances shifting from lower cost to higher cost in the banking industry.
- On December 19, 2022, CIBM redeemed 5,830 shares of Series A Preferred Stock for a total price of $4.8 million or $825 per share. The redemption was at a total discount of $146,000 to the carrying value for the preferred shares which is added to net income in the per share earnings allocated to common shareholder calculation.
Mr. J. Brian Chaffin, CIBM’s President and CEO, commented, “Rising interest rates and housing affordability have severely impacted mortgage origination volumes. In a recent press release, we highlighted steps we have taken to enhance revenue generation and efficiencies in our Mortgage Division while the mortgage origination industry consolidates. At the same time, rising interest rates supported rising net interest margins, and ongoing collection activity related to classified loans and previously charged-off loans enhanced our operating results and financial condition.”
CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices in Illinois, Wisconsin and Indiana, and has mortgage loan officers and/or offices in eight states. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.
FORWARD-LOOKING STATEMENTS
CIB Marine has made statements in this release that may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. CIB Marine intends these forward-looking statements to be subject to the safe harbor created thereby and is including this statement to avail itself of the safe harbor. Forward-looking statements are identified generally by statements containing words and phrases such as “may,” “project,” “are confident,” “should be,” “intend,” “predict,” “believe,” “plan,” “expect,” “estimate,” “anticipate” and similar expressions. These forward-looking statements reflect CIB Marine’s current views with respect to future events and financial performance that are subject to many uncertainties and factors relating to CIB Marine’s operations and the business environment, which could change at any time.
There are inherent difficulties in predicting factors that may affect the accuracy of forward-looking statements.
Stockholders should note that many factors, some of which are discussed elsewhere in this Earnings Release and in the documents that are incorporated by reference, could affect the future financial results of CIB Marine and could cause those results to differ materially from those expressed in forward-looking statements contained or incorporated by reference in this document. These factors, many of which are beyond CIB Marine’s control, include but are not limited to:
- operating, legal, execution, credit, market, security (including cyber), and regulatory risks;
- economic, political, and competitive forces affecting CIB Marine’s banking business;
- the impact on net interest income and securities values from changes in monetary policy and general economic and political conditions; and
- the risk that CIB Marine’s analyses of these risks and forces could be incorrect and/or that the strategies developed to address them could be unsuccessful.
These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made. CIB Marine undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements are subject to significant risks and uncertainties and CIB Marine’s actual results may differ materially from the results discussed in forward-looking statements. |
| CIB MARINE BANCSHARES, INC. |
| Selected Unaudited Consolidated Financial Data |
|
|
|
|
|
|
|
|
|
|
At or for the |
|
Quarters Ended |
|
12 Months Ended |
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
December 31, |
December 31, |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
|
(Dollars in thousands, except share and per share data) |
| Selected Statement of Operations Data: |
|
|
|
|
|
|
|
|
| Interest and dividend income |
$ |
7,808 |
|
$ |
7,234 |
|
$ |
6,411 |
|
$ |
5,879 |
|
$ |
6,244 |
|
|
$ |
27,332 |
|
$ |
25,059 |
|
| Interest expense |
|
1,664 |
|
|
823 |
|
|
517 |
|
|
413 |
|
|
387 |
|
|
|
3,417 |
|
|
1,796 |
|
| Net interest income |
|
6,144 |
|
|
6,411 |
|
|
5,894 |
|
|
5,466 |
|
|
5,857 |
|
|
|
23,915 |
|
|
23,263 |
|
| Provision for (reversal of) loan losses |
|
(642 |
) |
|
34 |
|
|
40 |
|
|
(325 |
) |
|
(502 |
) |
|
|
(893 |
) |
|
(1,195 |
) |
| Net interest income after provision for |
|
|
|
|
|
|
|
|
| (reversal of) loan losses |
|
6,786 |
|
|
6,377 |
|
|
5,854 |
|
|
5,791 |
|
|
6,359 |
|
|
|
24,808 |
|
|
24,458 |
|
| Noninterest income (1) |
|
791 |
|
|
1,313 |
|
|
1,660 |
|
|
1,705 |
|
|
2,718 |
|
|
|
5,469 |
|
|
15,071 |
|
| Noninterest expense |
|
6,316 |
|
|
6,311 |
|
|
6,374 |
|
|
6,262 |
|
|
7,641 |
|
|
|
25,263 |
|
|
30,377 |
|
| Income before income taxes |
|
1,261 |
|
|
1,379 |
|
|
1,140 |
|
|
1,234 |
|
|
1,436 |
|
|
|
5,014 |
|
|
9,152 |
|
| Income tax expense |
|
351 |
|
|
352 |
|
|
251 |
|
|
334 |
|
|
336 |
|
|
|
1,288 |
|
|
2,480 |
|
| Net income |
$ |
910 |
|
$ |
1,027 |
|
$ |
889 |
|
$ |
900 |
|
$ |
1,100 |
|
|
$ |
3,726 |
|
$ |
6,672 |
|
|
|
|
|
|
|
|
|
|
| Common Share Data: |
|
|
|
|
|
|
|
|
| Basic net income per share (2) |
$ |
0.81 |
|
$ |
0.78 |
|
$ |
0.68 |
|
$ |
0.69 |
|
$ |
1.28 |
|
|
$ |
2.97 |
|
$ |
5.64 |
|
| Diluted net income per share (2) |
|
0.59 |
|
|
0.57 |
|
|
0.49 |
|
|
0.50 |
|
|
0.92 |
|
|
|
2.16 |
|
|
4.06 |
|
| Dividend |
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
|
0.00 |
|
|
0.00 |
|
| Tangible book value per share (3) |
|
53.19 |
|
|
52.24 |
|
|
53.68 |
|
|
54.53 |
|
|
57.06 |
|
|
|
53.19 |
|
|
57.06 |
|
| Book value per share (3) |
|
51.39 |
|
|
49.78 |
|
|
51.22 |
|
|
52.07 |
|
|
54.55 |
|
|
|
51.39 |
|
|
54.55 |
|
| Weighted average shares outstanding - basic |
|
1,308,279 |
|
|
1,308,752 |
|
|
1,307,289 |
|
|
1,295,573 |
|
|
1,287,438 |
|
|
|
1,303,859 |
|
|
1,280,259 |
|
| Weighted average shares outstanding - diluted |
|
1,796,947 |
|
|
1,797,721 |
|
|
1,798,002 |
|
|
1,792,181 |
|
|
1,784,005 |
|
|
|
1,795,037 |
|
|
1,778,294 |
|
| Financial Condition Data: |
|
|
|
|
|
|
|
|
| Total assets |
$ |
752,997 |
|
$ |
762,965 |
|
$ |
774,356 |
|
$ |
764,641 |
|
$ |
745,393 |
|
|
$ |
752,997 |
|
$ |
745,393 |
|
| Loans |
|
577,303 |
|
|
564,841 |
|
|
549,175 |
|
|
529,212 |
|
|
543,819 |
|
|
|
577,303 |
|
|
543,819 |
|
| Allowance for loan losses |
|
(7,894 |
) |
|
(8,061 |
) |
|
(8,010 |
) |
|
(8,011 |
) |
|
(8,352 |
) |
|
|
(7,894 |
) |
|
(8,352 |
) |
| Investment securities |
|
124,421 |
|
|
127,954 |
|
|
122,483 |
|
|
109,533 |
|
|
106,647 |
|
|
|
124,421 |
|
|
106,647 |
|
| Deposits |
|
628,869 |
|
|
633,234 |
|
|
642,500 |
|
|
631,953 |
|
|
618,991 |
|
|
|
628,869 |
|
|
618,991 |
|
| Borrowings |
|
34,485 |
|
|
37,168 |
|
|
37,693 |
|
|
36,789 |
|
|
27,049 |
|
|
|
34,485 |
|
|
27,049 |
|
| Stockholders' equity |
|
83,503 |
|
|
87,228 |
|
|
89,111 |
|
|
89,931 |
|
|
91,780 |
|
|
|
83,503 |
|
|
91,780 |
|
| Financial Ratios and Other Data: |
|
|
|
|
|
|
|
|
| Performance Ratios: |
|
|
|
|
|
|
|
|
| Net interest margin (4) |
|
3.32 |
% |
|
3.45 |
% |
|
3.23 |
% |
|
3.05 |
% |
|
3.18 |
% |
|
|
3.27 |
% |
|
3.22 |
% |
| Net interest spread (5) |
|
3.02 |
% |
|
3.29 |
% |
|
3.14 |
% |
|
2.98 |
% |
|
3.10 |
% |
|
|
3.10 |
% |
|
3.13 |
% |
| Noninterest income to average assets (6) |
|
0.41 |
% |
|
0.72 |
% |
|
0.91 |
% |
|
0.97 |
% |
|
1.43 |
% |
|
|
0.75 |
% |
|
2.00 |
% |
| Noninterest expense to average assets |
|
3.27 |
% |
|
3.24 |
% |
|
3.34 |
% |
|
3.35 |
% |
|
3.98 |
% |
|
|
3.30 |
% |
|
4.02 |
% |
| Efficiency ratio (7) |
|
91.13 |
% |
|
80.73 |
% |
|
83.52 |
% |
|
85.98 |
% |
|
88.87 |
% |
|
|
85.17 |
% |
|
79.10 |
% |
| Earnings on average assets (8) |
|
0.47 |
% |
|
0.53 |
% |
|
0.47 |
% |
|
0.48 |
% |
|
0.57 |
% |
|
|
0.49 |
% |
|
0.88 |
% |
| Earnings on average equity (9) |
|
4.15 |
% |
|
4.52 |
% |
|
3.96 |
% |
|
3.98 |
% |
|
4.47 |
% |
|
|
4.15 |
% |
|
6.37 |
% |
| Asset Quality Ratios: |
|
|
|
|
|
|
|
|
| Nonaccrual loans to loans (10) |
|
0.16 |
% |
|
0.13 |
% |
|
0.22 |
% |
|
0.13 |
% |
|
0.14 |
% |
|
|
0.16 |
% |
|
0.14 |
% |
| Nonaccrual loans, restructured loans and |
|
|
|
|
|
|
|
|
| loans 90 days or more past due and still |
|
|
|
|
|
|
|
|
| accruing to total loans (10) |
|
0.20 |
% |
|
0.17 |
% |
|
0.28 |
% |
|
0.20 |
% |
|
0.21 |
% |
|
|
0.20 |
% |
|
0.21 |
% |
| Nonperforming assets, restructured loans |
|
|
|
|
|
|
|
|
| and loans 90 days or more past due and still |
|
|
|
|
|
|
|
|
| accruing to total assets (10) |
|
0.20 |
% |
|
0.18 |
% |
|
0.25 |
% |
|
0.19 |
% |
|
0.21 |
% |
|
|
0.20 |
% |
|
0.21 |
% |
| Allowance for loan losses to total loans (10) |
|
1.37 |
% |
|
1.43 |
% |
|
1.46 |
% |
|
1.51 |
% |
|
1.54 |
% |
|
|
1.37 |
% |
|
1.54 |
% |
| Allowance for loan losses to nonaccrual loans, |
|
|
|
|
|
|
|
|
| restructured loans and loans 90 days or |
|
|
|
|
|
|
|
|
| more past due and still accruing (10) |
|
684.06 |
% |
|
852.11 |
% |
|
512.48 |
% |
|
742.45 |
% |
|
726.26 |
% |
|
|
684.06 |
% |
|
726.26 |
% |
| Net charge-offs (recoveries) annualized |
|
|
|
|
|
|
|
|
| to average loans (10) |
|
-0.33 |
% |
|
-0.01 |
% |
|
0.03 |
% |
|
0.01 |
% |
|
-0.11 |
% |
|
|
-0.08 |
% |
|
-0.08 |
% |
| Capital Ratios: |
|
|
|
|
|
|
|
|
| Total equity to total assets |
|
11.09 |
% |
|
11.43 |
% |
|
11.51 |
% |
|
11.76 |
% |
|
12.31 |
% |
|
|
11.09 |
% |
|
12.31 |
% |
| Total risk-based capital ratio |
|
15.71 |
% |
|
16.42 |
% |
|
16.85 |
% |
|
17.52 |
% |
|
15.53 |
% |
|
|
15.71 |
% |
|
15.53 |
% |
| Tier 1 risk-based capital ratio |
|
12.78 |
% |
|
13.48 |
% |
|
13.85 |
% |
|
14.43 |
% |
|
14.28 |
% |
|
|
12.78 |
% |
|
14.28 |
% |
| Leverage capital ratio |
|
9.73 |
% |
|
10.16 |
% |
|
10.20 |
% |
|
10.27 |
% |
|
10.22 |
% |
|
|
9.73 |
% |
|
10.22 |
% |
| Other Data: |
|
|
|
|
|
|
|
|
| Number of employees (full-time equivalent) |
|
189 |
|
|
166 |
|
|
159 |
|
|
172 |
|
|
177 |
|
|
|
189 |
|
|
177 |
|
| Number of banking facilities |
|
10 |
|
|
10 |
|
|
10 |
|
|
10 |
|
|
10 |
|
|
|
10 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
| (1) Noninterest income includes gains and losses on securities. |
| (2) Net income available to common stockholders in the calculation of earnings per share includes the difference between the carrying amount less the consideration paid for redeemed preferred stock of $0.1 million for the quarter and year ended December 31, 2022 and $0.5 million for the quarter and year ended December 31, 2021. |
| (3) Tangible book value per share is the stockholder equity less the carry value of the preferred stock and less the goodwill and intangible assets, divided by the total shares of common outstanding. Book value per share is the stockholder equity less the liquidation preference of the preferred stock, divided by the total shares of common outstanding. Book value measures are reported inclusive of the net deferred tax assets. As presented here, shares of common outstanding excludes unvested restricted stock awards. |
| (4) Net interest margin is the ratio of net interest income to average interest-earning assets. |
| (5) Net interest spread is the yield on average interest-earning assets less the rate on average interest-bearing liabilities. |
| (6) Noninterest income to average assets excludes gains and losses on securities. |
| (7) The efficiency ratio is noninterest expense divided by the sum of net interest income plus noninterest income, excluding gains and losses on securities. |
| (8) Earnings on average assets are net income divided by average total assets. |
| (9) Earnings on average equity are net income divided by average stockholders' equity. |
| (10) Excludes loans held for sale. |
| CIB MARINE BANCSHARES, INC. |
| Consolidated Balance Sheets (unaudited) |
|
|
|
|
|
|
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
(Dollars in Thousands, Except Shares) |
| Assets |
|
|
|
|
|
| Cash and due from banks |
$ |
19,667 |
|
$ |
36,454 |
|
$ |
68,097 |
|
$ |
88,605 |
|
$ |
59,184 |
|
| Reverse repurchase agreements |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| Securities available for sale |
|
122,292 |
|
|
125,830 |
|
|
120,265 |
|
|
107,237 |
|
|
104,240 |
|
| Equity securities at fair value |
|
2,129 |
|
|
2,124 |
|
|
2,218 |
|
|
2,296 |
|
|
2,407 |
|
| Loans held for sale |
|
5,057 |
|
|
6,471 |
|
|
7,519 |
|
|
9,567 |
|
|
9,859 |
|
|
|
|
|
|
|
| Loans |
|
577,303 |
|
|
564,841 |
|
|
549,175 |
|
|
529,212 |
|
|
543,819 |
|
| Allowance for loan losses |
|
(7,894 |
) |
|
(8,061 |
) |
|
(8,010 |
) |
|
(8,011 |
) |
|
(8,352 |
) |
| Net loans |
|
569,409 |
|
|
556,780 |
|
|
541,165 |
|
|
521,201 |
|
|
535,467 |
|
|
|
|
|
|
|
| Federal Home Loan Bank Stock |
|
1,897 |
|
|
1,897 |
|
|
2,897 |
|
|
3,140 |
|
|
3,140 |
|
| Premises and equipment, net |
|
4,081 |
|
|
4,159 |
|
|
4,138 |
|
|
4,226 |
|
|
4,200 |
|
| Accrued interest receivable |
|
1,915 |
|
|
1,807 |
|
|
1,644 |
|
|
1,611 |
|
|
1,605 |
|
| Deferred tax assets, net |
|
16,273 |
|
|
16,977 |
|
|
16,142 |
|
|
15,758 |
|
|
14,731 |
|
| Other real estate owned, net |
|
375 |
|
|
403 |
|
|
403 |
|
|
403 |
|
|
403 |
|
| Bank owned life insurance |
|
6,076 |
|
|
6,040 |
|
|
6,002 |
|
|
5,966 |
|
|
5,930 |
|
| Goodwill and other intangible assets |
|
87 |
|
|
92 |
|
|
98 |
|
|
103 |
|
|
109 |
|
| Other assets |
|
3,739 |
|
|
3,931 |
|
|
3,768 |
|
|
4,528 |
|
|
4,118 |
|
| Total Assets |
$ |
752,997 |
|
$ |
762,965 |
|
$ |
774,356 |
|
$ |
764,641 |
|
$ |
745,393 |
|
|
|
|
|
|
|
| Liabilities and Stockholders' Equity |
|
|
|
|
|
| Deposits: |
|
|
|
|
|
| Noninterest-bearing demand |
$ |
115,186 |
|
$ |
134,765 |
|
$ |
129,457 |
|
$ |
124,724 |
|
$ |
120,479 |
|
| Interest-bearing demand |
|
76,918 |
|
|
79,306 |
|
|
66,495 |
|
|
67,362 |
|
|
63,693 |
|
| Savings |
|
260,159 |
|
|
254,146 |
|
|
287,159 |
|
|
294,255 |
|
|
289,943 |
|
| Time |
|
176,606 |
|
|
165,017 |
|
|
159,389 |
|
|
145,612 |
|
|
144,876 |
|
| Total deposits |
|
628,869 |
|
|
633,234 |
|
|
642,500 |
|
|
631,953 |
|
|
618,991 |
|
| Short-term borrowings |
|
24,789 |
|
|
27,480 |
|
|
28,013 |
|
|
27,117 |
|
|
27,049 |
|
| Long-term borrowings |
|
9,696 |
|
|
9,688 |
|
|
9,680 |
|
|
9,672 |
|
|
- |
|
| Accrued interest payable |
|
554 |
|
|
227 |
|
|
287 |
|
|
144 |
|
|
100 |
|
| Other liabilities |
|
5,586 |
|
|
5,108 |
|
|
4,765 |
|
|
5,824 |
|
|
7,473 |
|
| Total liabilities |
|
669,494 |
|
|
675,737 |
|
|
685,245 |
|
|
674,710 |
|
|
653,613 |
|
|
|
|
|
|
|
| Stockholders' Equity |
|
|
|
|
|
| Preferred stock, $1 par value; 5,000,000 authorized shares at December 31, 2022 and December 31, 2021; 7% fixed rate noncumulative perpetual issued; 14,633 shares and 20,463 shares of series A and 1,610 shares and 1,610 shares of series B; convertible; $16.2 million and $22.1 million aggregate liquidation preference, respectively |
|
13,806 |
|
|
18,762 |
|
|
18,762 |
|
|
18,762 |
|
|
18,762 |
|
| Common stock, $1 par value; 75,000,000 authorized shares; 1,323,547 and 1,306,660 issued shares; 1,309,478 and 1,292,591 outstanding shares at December 31, 2022 and December 31, 2021, respectively. (1) |
|
1,324 |
|
|
1,324 |
|
|
1,324 |
|
|
1,318 |
|
|
1,307 |
|
| Capital surplus |
|
180,777 |
|
|
180,664 |
|
|
180,544 |
|
|
180,431 |
|
|
180,360 |
|
| Accumulated deficit |
|
(105,025 |
) |
|
(106,081 |
) |
|
(107,108 |
) |
|
(107,997 |
) |
|
(108,897 |
) |
| Accumulated other comprehensive income, net |
|
(6,845 |
) |
|
(6,907 |
) |
|
(3,877 |
) |
|
(2,049 |
) |
|
782 |
|
| Treasury stock, 14,791 shares on December 31, 2022 and December 31, 2021 (2) |
|
(534 |
) |
|
(534 |
) |
|
(534 |
) |
|
(534 |
) |
|
(534 |
) |
| Total stockholders' equity |
|
83,503 |
|
|
87,228 |
|
|
89,111 |
|
|
89,931 |
|
|
91,780 |
|
| Total liabilities and stockholders' equity |
$ |
752,997 |
|
$ |
762,965 |
|
$ |
774,356 |
|
$ |
764,641 |
|
$ |
745,393 |
|
|
|
|
|
|
|
| (1) Both issued and outstanding shares as stated here exclude 58,897 shares of unvested restricted stock awards at December 31, 2022 and 66,299 shares at December 31, 2021. |
| (2) Treasury stock includes 722 shares held by subsidiary bank CIBM Bank. |
| CIB MARINE BANCSHARES, INC. |
| Consolidated Statements of Operations (Unaudited) |
|
|
|
|
|
|
|
|
|
|
At or for the |
|
Quarters Ended |
|
12 Months Ended |
|
December 31, |
September 30, |
June 30, |
March 31, |
December 31, |
|
December 31, |
December 31, |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2022 |
|
|
2021 |
|
|
|
2022 |
|
|
2021 |
|
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
| Interest Income |
|
|
|
|
|
|
|
|
| Loans |
$ |
6,426 |
|
$ |
6,029 |
|
$ |
5,542 |
|
$ |
5,254 |
|
$ |
5,572 |
|
|
$ |
23,251 |
|
$ |
22,325 |
|
| Loans held for sale |
|
63 |
|
|
96 |
|
|
90 |
|
|
58 |
|
|
131 |
|
|
|
307 |
|
|
536 |
|
| Securities |
|
948 |
|
|
826 |
|
|
683 |
|
|
537 |
|
|
516 |
|
|
|
2,994 |
|
|
2,131 |
|
| Other investments |
|
371 |
|
|
283 |
|
|
96 |
|
|
30 |
|
|
25 |
|
|
|
780 |
|
|
67 |
|
| Total interest income |
|
7,808 |
|
|
7,234 |
|
|
6,411 |
|
|
5,879 |
|
|
6,244 |
|
|
|
27,332 |
|
|
25,059 |
|
|
|
|
|
|
|
|
|
|
| Interest Expense |
|
|
|
|
|
|
|
|
| Deposits |
|
1,452 |
|
|
662 |
|
|
384 |
|
|
350 |
|
|
379 |
|
|
|
2,848 |
|
|
1,747 |
|
| Short-term borrowings |
|
91 |
|
|
40 |
|
|
12 |
|
|
7 |
|
|
8 |
|
|
|
150 |
|
|
49 |
|
| Long-term borrowings |
|
121 |
|
|
121 |
|
|
121 |
|
|
56 |
|
|
0 |
|
|
|
419 |
|
|
0 |
|
| Total interest expense |
|
1,664 |
|
|
823 |
|
|
517 |
|
|
413 |
|
|
387 |
|
|
|
3,417 |
|
|
1,796 |
|
| Net interest income |
|
6,144 |
|
|
6,411 |
|
|
5,894 |
|
|
5,466 |
|
|
5,857 |
|
|
|
23,915 |
|
|
23,263 |
|
| Provision for (reversal of) loan losses |
|
(642 |
) |
|
34 |
|
|
40 |
|
|
(325 |
) |
|
(502 |
) |
|
|
(893 |
) |
|
(1,195 |
) |
| Net interest income after provision for |
|
|
|
|
|
|
|
|
| (reversal of) loan losses |
|
6,786 |
|
|
6,377 |
|
|
5,854 |
|
|
5,791 |
|
|
6,359 |
|
|
|
24,808 |
|
|
24,458 |
|
|
|
|
|
|
|
|
|
|
| Noninterest Income |
|
|
|
|
|
|
|
|
| Deposit service charges |
|
82 |
|
|
86 |
|
|
92 |
|
|
88 |
|
|
95 |
|
|
|
348 |
|
|
366 |
|
| Other service fees |
|
15 |
|
|
18 |
|
|
71 |
|
|
25 |
|
|
23 |
|
|
|
129 |
|
|
141 |
|
| Mortgage banking revenue, net |
|
597 |
|
|
1,126 |
|
|
1,268 |
|
|
1,430 |
|
|
2,300 |
|
|
|
4,421 |
|
|
13,672 |
|
| Other income |
|
117 |
|
|
147 |
|
|
141 |
|
|
212 |
|
|
185 |
|
|
|
617 |
|
|
843 |
|
| Net gains on sale of securities available for sale |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
|
0 |
|
|
0 |
|
| Unrealized gains (losses) recognized on equity securities |
|
4 |
|
|
(93 |
) |
|
(78 |
) |
|
(112 |
) |
|
(23 |
) |
|
|
(279 |
) |
|
(71 |
) |
| Net gains (loss) on sale of SBA loans |
|
0 |
|
|
0 |
|
|
126 |
|
|
31 |
|
|
120 |
|
|
|
157 |
|
|
271 |
|
| Net gains (losses) on sale of assets and (writedowns) |
|
(24 |
) |
|
29 |
|
|
40 |
|
|
31 |
|
|
18 |
|
|
|
76 |
|
|
(151 |
) |
| Total noninterest income |
|
791 |
|
|
1,313 |
|
|
1,660 |
|
|
1,705 |
|
|
2,718 |
|
|
|
5,469 |
|
|
15,071 |
|
|
|
|
|
|
|
|
|
|
| Noninterest Expense |
|
|
|
|
|
|
|
|
| Compensation and employee benefits |
|
4,061 |
|
|
4,240 |
|
|
4,175 |
|
|
4,229 |
|
|
5,334 |
|
|
|
16,705 |
|
|
21,825 |
|
| Equipment |
|
466 |
|
|
396 |
|
|
439 |
|
|
442 |
|
|
446 |
|
|
|
1,743 |
|
|
1,599 |
|
| Occupancy and premises |
|
399 |
|
|
390 |
|
|
408 |
|
|
422 |
|
|
400 |
|
|
|
1,619 |
|
|
1,672 |
|
| Data Processing |
|
202 |
|
|
205 |
|
|
171 |
|
|
166 |
|
|
167 |
|
|
|
744 |
|
|
638 |
|
| Federal deposit insurance |
|
70 |
|
|
58 |
|
|
51 |
|
|
52 |
|
|
51 |
|
|
|
231 |
|
|
192 |
|
| Professional services |
|
415 |
|
|
244 |
|
|
284 |
|
|
224 |
|
|
353 |
|
|
|
1,167 |
|
|
1,161 |
|
| Telephone and data communication |
|
66 |
|
|
61 |
|
|
60 |
|
|
61 |
|
|
67 |
|
|
|
248 |
|
|
253 |
|
| Insurance |
|
85 |
|
|
74 |
|
|
74 |
|
|
85 |
|
|
72 |
|
|
|
318 |
|
|
270 |
|
| Other expense |
|
552 |
|
|
643 |
|
|
712 |
|
|
581 |
|
|
751 |
|
|
|
2,488 |
|
|
2,767 |
|
| Total noninterest expense |
|
6,316 |
|
|
6,311 |
|
|
6,374 |
|
|
6,262 |
|
|
7,641 |
|
|
|
25,263 |
|
|
30,377 |
|
| Income from operations |
|
|
|
|
|
|
|
|
| before income taxes |
|
1,261 |
|
|
1,379 |
|
|
1,140 |
|
|
1,234 |
|
|
1,436 |
|
|
|
5,014 |
|
|
9,152 |
|
| Income tax expense |
|
351 |
|
|
352 |
|
|
251 |
|
|
334 |
|
|
336 |
|
|
|
1,288 |
|
|
2,480 |
|
| Net income |
|
910 |
|
|
1,027 |
|
|
889 |
|
|
900 |
|
|
1,100 |
|
|
|
3,726 |
|
|
6,672 |
|
| Preferred stock dividend |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
|
0 |
|
|
0 |
|
| Discount from repurchase of preferred stock |
|
146 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
546 |
|
|
|
146 |
|
|
546 |
|
| Net income allocated to |
|
|
|
|
|
|
|
|
| common stockholders |
$ |
1,056 |
|
$ |
1,027 |
|
$ |
889 |
|
$ |
900 |
|
$ |
1,646 |
|
|
$ |
3,872 |
|
$ |
7,218 |
|
|
|
|
|
|
|
|
|
|
FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
