BROOKFIELD, Wis., July 16, 2024 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and six months ended June 30, 2024. During the quarter, net interest income increased $0.2 million from the prior quarter, the Mortgage Division earned $0.2 million, and CIBM Bank completed a sale-leaseback transaction with a gross purchase price of $6.6 million and a net gain on sale of $4.5 million.
Net income for the quarter was $3.8 million, or $2.79 basic and $2.06 diluted earnings per share, compared to $1.2 million, or $0.88 basic and $0.64 diluted earnings per share, for the same period of 2023. Net income for the six months ended June 30, 2024, was $4.0 million, or $2.94 basic and $2.17 diluted earnings per share, compared to $1.4 million, or $1.06 basic and $0.77 diluted earnings per share, for the same period of 2023. Excluding the effects of the non-recurring sale-leaseback transaction gain on sale, net income was $0.5 million, or $0.34 basic and $0.25 diluted earnings per share, for the quarter and $0.6 million, or $0.8 basic and $0.35 diluted earnings per share, for the six-month period.
Financial highlights for the quarter include:
- The Bank completed a sale-leaseback transaction with a gross purchase price of $6.6 million for the office real estate used by CIBM Bank’s Bloomington, Champaign, and Urbana, Illinois, branches. The transaction resulted in a net gain on sale of $4.5 million and $3.3 million net of tax. The sale of the real estate to a third party will not impact banking services, which will continue at each branch under a 15-year lease.
- Compared to the prior quarter, net interest income was up $0.2 million and net interest margin was up 9 basis points as the 12 basis point increase in average yields on earning assets outpaced a subdued 3 basis point increase in the cost of funds. Net interest income was down $0.4 million for the quarter ended June 30, 2024, and down $1.3 million for the six months ended June 30, 2024, compared to the same periods of 2023, due to the rise in cost of funds versus yields on assets over those time periods.
- Loan portfolio balances decreased $17 million over the quarter and decreased $3 million since December 31, 2023, due to higher loan rates and the Company’s balance sheet management strategy, with further balance declines likely in the future. Deposits decreased $3 million for the quarter and increased $42 million from December 31, 2023, as lower-cost fundings were used to reduce higher-cost brokered deposits and short-term borrowings from the Federal Home Loan Bank of Chicago (“FHLB”). Cost of funds pressures were diminished for the quarter as FHLB borrowings were reduced to zero and the Bank’s liquidity profile continued to improve as the loan to deposit ratio declined from 98% at December 31, 2023, to 92% at June 30, 2024.
- As of June 30, 2024, non-performing assets, modified loans to borrowers experiencing financial difficulty, and loans 90 days or more past due and still accruing to total assets and nonaccrual loans to total loans ratios were 1.14% and 0.47%, respectively, compared to 0.90% and 0.50%, respectively, on December 31, 2023, and 0.13% and 0.02%, respectively, on June 30, 2023. The primary reason for the increase in the ratios over the time period is due to four credit relationships with borrowers in the transportation industry, including two added during the second quarter of 2024.
- Also, as of June 30, 2024, the allowance for credit losses on loans (“ACLL”) to loans was 1.26% compared to an allowance for loan and lease losses of 1.27% on December 31, 2023, and 1.39% on June 30, 2023. The ACLL depends on third-party economic forecasts and qualitative factors. Over the course of 2023 and the second quarter of 2024, those forecasts for gross domestic product and unemployment have generally improved while certain qualitative factors related to loan performance have trended up, resulting in a lower ACLL to loans ratio.
- For the six months ended June 30, 2024, Banking Division net income was $4.6 million, up from $2.3 million in the same period in 2023. Mortgage Division net loss was $0.2 million, improved from a $0.5 million loss in the same period in 2023 due to cost saving actions and despite production being down due to housing market challenges.
Mr. J. Brian Chaffin, CIB Marine’s President and CEO, commented, “Operating results from our Banking and Mortgage Divisions have improved from quarter to quarter as highlighted above, although it continues to be a challenging environment for both areas. Attentive management of our cost of funds and liability structure has led to improved net interest margins from the prior quarter and we are working toward continued improvement. Our targeted expense controls set in motion in late 2023 and early 2024 have supported improved operating results.”
He concluded, “We are pleased to report on the outcome of our sale-leaseback transaction. Along with balance sheet management and improving operating results, this is an important step forward in meeting our goal of redeeming the preferred stock.”
CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates nine banking offices in Illinois, Wisconsin, and Indiana, and has mortgage loan officers and/or offices in ten 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 |
|
6 Months Ended |
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
|
June 30, |
June 30, |
|
2024 |
2024 |
2023 |
2023 |
2023 |
|
2024 |
2023 |
|
(Dollars in thousands, except share and per share data) |
| Selected Statement of Operations Data: |
|
|
|
|
|
|
|
|
| Interest and dividend income |
$ |
12,052 |
|
$ |
11,801 |
|
$ |
11,328 |
|
$ |
10,117 |
|
$ |
9,152 |
|
|
$ |
23,853 |
|
$ |
17,624 |
|
| Interest expense |
|
6,897 |
|
|
6,840 |
|
|
6,190 |
|
|
5,180 |
|
|
3,643 |
|
|
|
13,737 |
|
|
6,244 |
|
| Net interest income |
|
5,155 |
|
|
4,961 |
|
|
5,138 |
|
|
4,937 |
|
|
5,509 |
|
|
|
10,116 |
|
|
11,380 |
|
| Provision for (reversal of) credit losses |
|
10 |
|
|
(28 |
) |
|
135 |
|
|
(140 |
) |
|
(246 |
) |
|
|
(18 |
) |
|
(87 |
) |
| Net interest income after provision for (reversal of) credit losses |
|
5,145 |
|
|
4,989 |
|
|
5,003 |
|
|
5,077 |
|
|
5,755 |
|
|
|
10,134 |
|
|
11,467 |
|
| Noninterest income (1) |
|
6,904 |
|
|
1,627 |
|
|
1,824 |
|
|
2,368 |
|
|
3,298 |
|
|
|
8,531 |
|
|
4,708 |
|
| Noninterest expense |
|
6,904 |
|
|
6,421 |
|
|
6,669 |
|
|
7,007 |
|
|
7,457 |
|
|
|
13,325 |
|
|
14,262 |
|
| Income before income taxes |
|
5,145 |
|
|
195 |
|
|
158 |
|
|
438 |
|
|
1,596 |
|
|
|
5,340 |
|
|
1,913 |
|
| Income tax expense |
|
1,361 |
|
|
17 |
|
|
1,050 |
|
|
59 |
|
|
431 |
|
|
|
1,378 |
|
|
520 |
|
| Net income (loss) |
$ |
3,784 |
|
$ |
178 |
|
$ |
(892 |
) |
$ |
379 |
|
$ |
1,165 |
|
|
$ |
3,962 |
|
$ |
1,393 |
|
|
|
|
|
|
|
|
|
|
| Common Share Data: |
|
|
|
|
|
|
|
|
| Basic net income (loss) per share |
$ |
2.79 |
|
$ |
0.13 |
|
$ |
(0.67 |
) |
$ |
0.28 |
|
$ |
0.88 |
|
|
$ |
2.94 |
|
$ |
1.06 |
|
| Diluted net income (loss) per share |
|
2.06 |
|
|
0.10 |
|
|
(0.67 |
) |
|
0.21 |
|
|
0.64 |
|
|
|
2.17 |
|
|
0.77 |
|
| Dividend |
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
|
0.00 |
|
|
0.00 |
|
| Tangible book value per share (2) |
|
55.36 |
|
|
52.59 |
|
|
53.35 |
|
|
52.05 |
|
|
52.47 |
|
|
|
55.36 |
|
|
52.47 |
|
| Book value per share (2) |
|
53.61 |
|
|
50.84 |
|
|
51.58 |
|
|
50.28 |
|
|
50.70 |
|
|
|
53.61 |
|
|
50.70 |
|
| Weighted average shares outstanding - basic |
|
1,356,255 |
|
|
1,341,181 |
|
|
1,334,163 |
|
|
1,333,889 |
|
|
1,318,470 |
|
|
|
1,348,440 |
|
|
1,313,564 |
|
| Weighted average shares outstanding - diluted |
|
1,833,881 |
|
|
1,820,498 |
|
|
1,813,207 |
|
|
1,814,716 |
|
|
1,815,604 |
|
|
|
1,826,911 |
|
|
1,809,445 |
|
| Financial Condition Data: |
|
|
|
|
|
|
|
|
| Total assets |
$ |
901,634 |
|
$ |
897,595 |
|
$ |
899,060 |
|
$ |
874,247 |
|
$ |
819,521 |
|
|
$ |
901,634 |
|
$ |
819,521 |
|
| Loans |
|
719,129 |
|
|
736,019 |
|
|
722,084 |
|
|
688,446 |
|
|
647,823 |
|
|
|
719,129 |
|
|
647,823 |
|
| Allowance for credit losses on loans |
|
(9,083 |
) |
|
(9,087 |
) |
|
(9,136 |
) |
|
(8,947 |
) |
|
(8,999 |
) |
|
|
(9,083 |
) |
|
(8,999 |
) |
| Investment securities |
|
123,814 |
|
|
119,300 |
|
|
131,529 |
|
|
130,476 |
|
|
114,661 |
|
|
|
123,814 |
|
|
114,661 |
|
| Deposits |
|
768,984 |
|
|
772,377 |
|
|
727,565 |
|
|
644,165 |
|
|
613,808 |
|
|
|
768,984 |
|
|
613,808 |
|
| Borrowings |
|
28,222 |
|
|
32,120 |
|
|
76,956 |
|
|
138,469 |
|
|
113,950 |
|
|
|
28,222 |
|
|
113,950 |
|
| Stockholders' equity |
|
89,008 |
|
|
85,091 |
|
|
85,075 |
|
|
83,313 |
|
|
83,876 |
|
|
|
89,008 |
|
|
83,876 |
|
| Financial Ratios and Other Data: |
|
|
|
|
|
|
|
|
| Performance Ratios: |
|
|
|
|
|
|
|
|
| Net interest margin (3) |
|
2.38 |
% |
|
2.29 |
% |
|
2.41 |
% |
|
2.43 |
% |
|
2.90 |
% |
|
|
2.34 |
% |
|
3.06 |
% |
| Net interest spread (4) |
|
1.71 |
% |
|
1.63 |
% |
|
1.79 |
% |
|
1.85 |
% |
|
2.42 |
% |
|
|
1.67 |
% |
|
2.62 |
% |
| Noninterest income to average assets (5) |
|
3.09 |
% |
|
0.73 |
% |
|
0.78 |
% |
|
1.15 |
% |
|
1.68 |
% |
|
|
1.91 |
% |
|
1.21 |
% |
| Noninterest expense to average assets |
|
3.09 |
% |
|
2.87 |
% |
|
3.00 |
% |
|
3.31 |
% |
|
3.77 |
% |
|
|
2.98 |
% |
|
3.68 |
% |
| Efficiency ratio (6) |
|
57.19 |
% |
|
97.20 |
% |
|
97.13 |
% |
|
95.06 |
% |
|
84.35 |
% |
|
|
71.34 |
% |
|
88.65 |
% |
| Earnings (loss) on average assets (7) |
|
1.69 |
% |
|
0.08 |
% |
|
-0.40 |
% |
|
0.18 |
% |
|
0.59 |
% |
|
|
0.88 |
% |
|
0.36 |
% |
| Earnings (loss) on average equity (8) |
|
17.92 |
% |
|
0.84 |
% |
|
-4.21 |
% |
|
1.78 |
% |
|
5.53 |
% |
|
|
9.38 |
% |
|
3.35 |
% |
| Asset Quality Ratios: |
|
|
|
|
|
|
|
|
| Nonaccrual loans to loans (9) |
|
0.47 |
% |
|
0.48 |
% |
|
0.50 |
% |
|
0.50 |
% |
|
0.02 |
% |
|
|
0.47 |
% |
|
0.02 |
% |
| Nonaccrual loans, modified loans to borrowers experiencing financial difficulty, loans 90 days or more past due and still accruing to total loans |
|
1.38 |
% |
|
1.04 |
% |
|
1.07 |
% |
|
0.56 |
% |
|
0.11 |
% |
|
|
1.38 |
% |
|
0.11 |
% |
| Nonaccrual loans, modified loans to borrowers experiencing financial difficulty, loans 90 days or more past due and still accruing to total assets |
|
1.14 |
% |
|
0.89 |
% |
|
0.90 |
% |
|
0.49 |
% |
|
0.13 |
% |
|
|
1.14 |
% |
|
0.13 |
% |
| Allowance for credit losses on loans to total loans (9) |
|
1.26 |
% |
|
1.23 |
% |
|
1.27 |
% |
|
1.30 |
% |
|
1.39 |
% |
|
|
1.26 |
% |
|
1.39 |
% |
| Allowance for credit losses on loans to nonaccrual loans, modified loans to borrowers experiencing financial difficulty loans and loans 90 days or more past due and still accruing (9) |
|
91.24 |
% |
|
118.77 |
% |
|
118.59 |
% |
|
231.01 |
% |
|
1283.74 |
% |
|
|
91.24 |
% |
|
1283.74 |
% |
| Net charge-offs (recoveries) annualized to average loans (9) |
|
0.03 |
% |
|
0.03 |
% |
|
0.01 |
% |
|
-0.01 |
% |
|
-0.02 |
% |
|
|
0.03 |
% |
|
-0.02 |
% |
| Capital Ratios: |
|
|
|
|
|
|
|
|
| Total equity to total assets |
|
9.87 |
% |
|
9.48 |
% |
|
9.46 |
% |
|
9.53 |
% |
|
10.23 |
% |
|
|
9.87 |
% |
|
10.23 |
% |
| Total risk-based capital ratio |
|
13.90 |
% |
|
13.07 |
% |
|
13.24 |
% |
|
13.58 |
% |
|
14.25 |
% |
|
|
13.90 |
% |
|
14.25 |
% |
| Tier 1 risk-based capital ratio |
|
11.27 |
% |
|
10.48 |
% |
|
10.62 |
% |
|
10.91 |
% |
|
11.49 |
% |
|
|
11.27 |
% |
|
11.49 |
% |
| Leverage capital ratio |
|
8.93 |
% |
|
8.50 |
% |
|
8.62 |
% |
|
8.93 |
% |
|
9.43 |
% |
|
|
8.93 |
% |
|
9.43 |
% |
| Other Data: |
|
|
|
|
|
|
|
|
| Number of employees (full-time equivalent) |
|
172 |
|
|
177 |
|
|
193 |
|
|
194 |
|
|
206 |
|
|
|
172 |
|
|
206 |
|
| Number of banking facilities |
|
9 |
|
|
9 |
|
|
9 |
|
|
9 |
|
|
10 |
|
|
|
9 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
| (1) Noninterest income includes gains and losses on securities. |
| (2) 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. |
| (3) Net interest margin is the ratio of net interest income to average interest-earning assets. |
| (4) Net interest spread is the yield on average interest-earning assets less the rate on average interest-bearing liabilities. |
| (5) Noninterest income to average assets excludes gains and losses on securities. |
| (6) The efficiency ratio is noninterest expense divided by the sum of net interest income plus noninterest income, excluding gains and losses on securities. |
| (7) Earnings on average assets are net income divided by average total assets. |
| (8) Earnings on average equity are net income divided by average stockholders' equity. |
| (9) Excludes loans held for sale. |
| CIB MARINE BANCSHARES, INC. |
| Consolidated Balance Sheets (unaudited) |
|
|
|
|
|
|
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
|
2024 |
2024 |
2023 |
2023 |
2023 |
|
(Dollars in Thousands, Except Shares) |
| Assets |
|
|
|
|
|
| Cash and due from banks |
$ |
10,690 |
|
$ |
7,727 |
|
$ |
9,491 |
|
$ |
9,203 |
|
$ |
14,444 |
|
| Reverse repurchase agreements |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|
- |
|
| Securities available for sale |
|
121,687 |
|
|
117,160 |
|
|
129,370 |
|
|
128,413 |
|
|
112,532 |
|
| Equity securities at fair value |
|
2,127 |
|
|
2,140 |
|
|
2,159 |
|
|
2,063 |
|
|
2,129 |
|
| Loans held for sale |
|
17,897 |
|
|
8,048 |
|
|
9,209 |
|
|
15,011 |
|
|
14,726 |
|
|
|
|
|
|
|
| Loans |
|
719,129 |
|
|
736,019 |
|
|
722,084 |
|
|
688,446 |
|
|
647,823 |
|
| Allowance for credit losses on loans |
|
(9,083 |
) |
|
(9,087 |
) |
|
(9,136 |
) |
|
(8,947 |
) |
|
(8,999 |
) |
| Net loans |
|
710,046 |
|
|
726,932 |
|
|
712,948 |
|
|
679,499 |
|
|
638,824 |
|
|
|
|
|
|
|
| Federal Home Loan Bank Stock |
|
2,238 |
|
|
2,328 |
|
|
2,709 |
|
|
4,645 |
|
|
2,818 |
|
| Premises and equipment, net |
|
1,569 |
|
|
3,550 |
|
|
3,602 |
|
|
3,675 |
|
|
3,879 |
|
| Accrued interest receivable |
|
3,230 |
|
|
3,271 |
|
|
2,983 |
|
|
2,748 |
|
|
2,036 |
|
| Deferred tax assets, net |
|
14,840 |
|
|
14,849 |
|
|
14,753 |
|
|
16,815 |
|
|
16,790 |
|
| Other real estate owned, net |
|
283 |
|
|
375 |
|
|
375 |
|
|
375 |
|
|
375 |
|
| Bank owned life insurance |
|
6,340 |
|
|
6,291 |
|
|
6,247 |
|
|
6,204 |
|
|
6,160 |
|
| Goodwill and other intangible assets |
|
64 |
|
|
64 |
|
|
64 |
|
|
70 |
|
|
76 |
|
| Other assets |
|
10,623 |
|
|
4,860 |
|
|
5,150 |
|
|
5,526 |
|
|
4,732 |
|
| Total assets |
$ |
901,634 |
|
$ |
897,595 |
|
$ |
899,060 |
|
$ |
874,247 |
|
$ |
819,521 |
|
|
|
|
|
|
|
| Liabilities and Stockholders' Equity |
|
|
|
|
|
| Deposits: |
|
|
|
|
|
| Noninterest-bearing demand |
$ |
95,457 |
|
$ |
87,621 |
|
$ |
89,025 |
|
$ |
88,674 |
|
$ |
93,487 |
|
| Interest-bearing demand |
|
86,728 |
|
|
92,092 |
|
|
90,232 |
|
|
73,086 |
|
|
82,484 |
|
| Savings |
|
244,595 |
|
|
261,998 |
|
|
256,059 |
|
|
254,211 |
|
|
247,339 |
|
| Time |
|
342,204 |
|
|
330,666 |
|
|
292,249 |
|
|
228,194 |
|
|
190,498 |
|
| Total deposits |
|
768,984 |
|
|
772,377 |
|
|
727,565 |
|
|
644,165 |
|
|
613,808 |
|
| Short-term borrowings |
|
18,477 |
|
|
22,383 |
|
|
67,227 |
|
|
128,748 |
|
|
104,238 |
|
| Long-term borrowings |
|
9,745 |
|
|
9,737 |
|
|
9,729 |
|
|
9,721 |
|
|
9,712 |
|
| Accrued interest payable |
|
2,145 |
|
|
1,982 |
|
|
1,883 |
|
|
1,491 |
|
|
963 |
|
| Other liabilities |
|
13,275 |
|
|
6,025 |
|
|
7,581 |
|
|
6,809 |
|
|
6,924 |
|
| Total liabilities |
|
812,626 |
|
|
812,504 |
|
|
813,985 |
|
|
790,934 |
|
|
735,645 |
|
|
|
|
|
|
|
| Stockholders' Equity |
|
|
|
|
|
| Preferred stock, $1 par value; 5,000,000 authorized shares at both June 30, 2024 and December 31, 2023; 7% fixed rate noncumulative perpetual issued; 14,633 shares of series A and 1,610 shares of series B; convertible; $16.2 million aggregate liquidation preference |
|
13,806 |
|
|
13,806 |
|
|
13,806 |
|
|
13,806 |
|
|
13,806 |
|
| Common stock, $1 par value; 75,000,000 authorized shares; 1,372,053 and 1,349,392 issued shares; 1,357,984 and 1,335,323 outstanding shares at June 30, 2024 and December 31, 2023, respectively. (1) |
|
1,372 |
|
|
1,369 |
|
|
1,349 |
|
|
1,349 |
|
|
1,349 |
|
| Capital surplus |
|
181,486 |
|
|
181,380 |
|
|
181,282 |
|
|
181,144 |
|
|
181,050 |
|
| Accumulated deficit |
|
(101,373 |
) |
|
(105,157 |
) |
|
(105,335 |
) |
|
(104,443 |
) |
|
(104,822 |
) |
| Accumulated other comprehensive income, net |
|
(5,749 |
) |
|
(5,773 |
) |
|
(5,493 |
) |
|
(8,009 |
) |
|
(6,973 |
) |
| Treasury stock, 14,791 shares on June 30, 2024 and December 31, 2023 (2) |
|
(534 |
) |
|
(534 |
) |
|
(534 |
) |
|
(534 |
) |
|
(534 |
) |
| Total stockholders' equity |
|
89,008 |
|
|
85,091 |
|
|
85,075 |
|
|
83,313 |
|
|
83,876 |
|
| Total liabilities and stockholders' equity |
$ |
901,634 |
|
$ |
897,595 |
|
$ |
899,060 |
|
$ |
874,247 |
|
$ |
819,521 |
|
|
|
|
|
|
|
| (1) Both issued and outstanding shares as stated here exclude 47,321 shares and 48,308 shares of unvested restricted stock awards at June 30, 2024 and December 31, 2023, respectively. |
| (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 |
|
6 Months Ended |
|
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
|
June 30, |
June 30, |
|
2024 |
2024 |
2023 |
2023 |
2023 |
|
2024 |
2023 |
|
(Dollars in thousands) |
|
|
|
|
|
|
|
|
|
| Interest Income |
|
|
|
|
|
|
|
|
| Loans |
$ |
10,582 |
|
$ |
10,394 |
|
$ |
9,752 |
|
$ |
8,718 |
|
$ |
7,942 |
|
|
$ |
20,976 |
|
$ |
15,063 |
|
| Loans held for sale |
|
213 |
|
|
142 |
|
|
200 |
|
|
227 |
|
|
155 |
|
|
|
355 |
|
|
239 |
|
| Securities |
|
1,217 |
|
|
1,231 |
|
|
1,330 |
|
|
1,132 |
|
|
985 |
|
|
|
2,448 |
|
|
2,016 |
|
| Other investments |
|
40 |
|
|
34 |
|
|
46 |
|
|
40 |
|
|
70 |
|
|
|
74 |
|
|
306 |
|
| Total interest income |
|
12,052 |
|
|
11,801 |
|
|
11,328 |
|
|
10,117 |
|
|
9,152 |
|
|
|
23,853 |
|
|
17,624 |
|
|
|
|
|
|
|
|
|
|
| Interest Expense |
|
|
|
|
|
|
|
|
| Deposits |
|
6,466 |
|
|
6,227 |
|
|
5,071 |
|
|
3,918 |
|
|
3,076 |
|
|
|
12,693 |
|
|
5,440 |
|
| Short-term borrowings |
|
310 |
|
|
493 |
|
|
998 |
|
|
1,141 |
|
|
445 |
|
|
|
803 |
|
|
563 |
|
| Long-term borrowings |
|
121 |
|
|
120 |
|
|
121 |
|
|
121 |
|
|
122 |
|
|
|
241 |
|
|
241 |
|
| Total interest expense |
|
6,897 |
|
|
6,840 |
|
|
6,190 |
|
|
5,180 |
|
|
3,643 |
|
|
|
13,737 |
|
|
6,244 |
|
| Net interest income |
|
5,155 |
|
|
4,961 |
|
|
5,138 |
|
|
4,937 |
|
|
5,509 |
|
|
|
10,116 |
|
|
11,380 |
|
| Provision for (reversal of) credit losses |
|
10 |
|
|
(28 |
) |
|
135 |
|
|
(140 |
) |
|
(246 |
) |
|
|
(18 |
) |
|
(87 |
) |
| Net interest income after provision for (reversal of) credit losses |
|
5,145 |
|
|
4,989 |
|
|
5,003 |
|
|
5,077 |
|
|
5,755 |
|
|
|
10,134 |
|
|
11,467 |
|
|
|
|
|
|
|
|
|
|
| Noninterest Income |
|
|
|
|
|
|
|
|
| Deposit service charges |
|
67 |
|
|
66 |
|
|
74 |
|
|
101 |
|
|
76 |
|
|
|
133 |
|
|
155 |
|
| Other service fees |
|
1 |
|
|
(5 |
) |
|
3 |
|
|
6 |
|
|
11 |
|
|
|
(4 |
) |
|
27 |
|
| Mortgage banking revenue, net |
|
2,166 |
|
|
1,209 |
|
|
1,397 |
|
|
1,984 |
|
|
1,636 |
|
|
|
3,375 |
|
|
2,644 |
|
| Other income |
|
273 |
|
|
163 |
|
|
165 |
|
|
132 |
|
|
171 |
|
|
|
436 |
|
|
281 |
|
| Net gains on sale of securities available for sale |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
|
0 |
|
|
0 |
|
| Unrealized gains (losses) recognized on equity securities |
|
(14 |
) |
|
(18 |
) |
|
96 |
|
|
(66 |
) |
|
(34 |
) |
|
|
(32 |
) |
|
0 |
|
| Net gains (loss) on sale of SBA loans |
|
0 |
|
|
202 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
|
202 |
|
|
151 |
|
| Net gains on sale of assets and (writedowns) |
|
4,411 |
|
|
10 |
|
|
89 |
|
|
211 |
|
|
1,438 |
|
|
|
4,421 |
|
|
1,450 |
|
| Total noninterest income |
|
6,904 |
|
|
1,627 |
|
|
1,824 |
|
|
2,368 |
|
|
3,298 |
|
|
|
8,531 |
|
|
4,708 |
|
|
|
|
|
|
|
|
|
|
| Noninterest Expense |
|
|
|
|
|
|
|
|
| Compensation and employee benefits |
|
4,700 |
|
|
4,289 |
|
|
4,369 |
|
|
4,631 |
|
|
5,101 |
|
|
|
8,989 |
|
|
9,651 |
|
| Equipment |
|
457 |
|
|
462 |
|
|
493 |
|
|
484 |
|
|
504 |
|
|
|
919 |
|
|
979 |
|
| Occupancy and premises |
|
391 |
|
|
436 |
|
|
415 |
|
|
490 |
|
|
404 |
|
|
|
827 |
|
|
842 |
|
| Data Processing |
|
208 |
|
|
212 |
|
|
224 |
|
|
245 |
|
|
221 |
|
|
|
420 |
|
|
420 |
|
| Federal deposit insurance |
|
219 |
|
|
199 |
|
|
170 |
|
|
123 |
|
|
150 |
|
|
|
418 |
|
|
237 |
|
| Professional services |
|
219 |
|
|
199 |
|
|
243 |
|
|
271 |
|
|
317 |
|
|
|
418 |
|
|
595 |
|
| Telephone and data communication |
|
51 |
|
|
56 |
|
|
66 |
|
|
57 |
|
|
56 |
|
|
|
107 |
|
|
117 |
|
| Insurance |
|
80 |
|
|
81 |
|
|
79 |
|
|
82 |
|
|
68 |
|
|
|
161 |
|
|
156 |
|
| Other expense |
|
579 |
|
|
487 |
|
|
610 |
|
|
624 |
|
|
636 |
|
|
|
1,066 |
|
|
1,265 |
|
| Total noninterest expense |
|
6,904 |
|
|
6,421 |
|
|
6,669 |
|
|
7,007 |
|
|
7,457 |
|
|
|
13,325 |
|
|
14,262 |
|
| Income from operations before income taxes |
|
5,145 |
|
|
195 |
|
|
158 |
|
|
438 |
|
|
1,596 |
|
|
|
5,340 |
|
|
1,913 |
|
| Income tax expense |
|
1,361 |
|
|
17 |
|
|
1,050 |
|
|
59 |
|
|
431 |
|
|
|
1,378 |
|
|
520 |
|
| Net (loss) income |
|
3,784 |
|
|
178 |
|
|
(892 |
) |
|
379 |
|
|
1,165 |
|
|
|
3,962 |
|
|
1,393 |
|
| Preferred stock dividend |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
|
0 |
|
|
0 |
|
| Discount from repurchase of preferred stock |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
|
0 |
|
|
0 |
|
| Net income (loss) allocated to common stockholders |
$ |
3,784 |
|
$ |
178 |
|
$ |
(892 |
) |
$ |
379 |
|
$ |
1,165 |
|
|
$ |
3,962 |
|
$ |
1,393 |
|
|
|
|
|
|
|
|
|
|
FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
