CIB Marine Bancshares, Inc. Announces 2024 Results
CIB Marine Bancshares (OTCQX: CIBH) reported improved financial results for 2024, with net income allocated to common shareholders reaching $5.8 million ($4.32 basic EPS), compared to $0.9 million ($0.66 basic EPS) in 2023. Excluding a non-recurring sale-leaseback transaction gain, net income was $2.5 million ($1.87 basic EPS).
Key highlights include: net interest margin improvement from 2.29% in Q1 to 2.44% in Q4 2024, completion of preferred stock redemption, and improved Mortgage Division performance. However, loan portfolio balances decreased by $25 million and deposits declined by $35 million over the year. The Banking Division reported net income of $6.5 million (or $3.2 million excluding sale-leaseback gain), up from $2.3 million in 2023.
Non-performing assets ratios increased slightly to 0.98% from 0.90% year-over-year, primarily due to three non-accrual credit relationships in the transportation industry.
CIB Marine Bancshares (OTCQX: CIBH) ha riportato risultati finanziari migliorati per il 2024, con un reddito netto destinato agli azionisti ordinari che ha raggiunto i 5,8 milioni di dollari (4,32 dollari di utile per azione base), rispetto ai 0,9 milioni di dollari (0,66 dollari di utile per azione base) nel 2023. Escludendo un guadagno da transazione di vendita e leasing non ricorrente, il reddito netto è stato di 2,5 milioni di dollari (1,87 dollari di utile per azione base).
I principali punti salienti includono: un miglioramento del margine di interesse netto dal 2,29% nel primo trimestre al 2,44% nel quarto trimestre del 2024, il completamento del riscatto delle azioni privilegiate e un miglioramento delle performance della Divisione Mutui. Tuttavia, i saldi del portafoglio prestiti sono diminuite di 25 milioni di dollari e i depositi sono calati di 35 milioni di dollari durante l'anno. La Divisione Bancaria ha riportato un reddito netto di 6,5 milioni di dollari (o 3,2 milioni di dollari escludendo il guadagno da vendita e leasing), in aumento rispetto ai 2,3 milioni di dollari del 2023.
I rapporti di beni non performanti sono aumentati leggermente allo 0,98% dallo 0,90% anno su anno, principalmente a causa di tre relazioni creditizie non accruali nel settore dei trasporti.
CIB Marine Bancshares (OTCQX: CIBH) informó resultados financieros mejorados para 2024, con un ingreso neto destinado a accionistas comunes que alcanzó los 5,8 millones de dólares (4,32 dólares de EPS básico), en comparación con 0,9 millones de dólares (0,66 dólares de EPS básico) en 2023. Excluyendo una ganancia de transacción de venta y arrendamiento no recurrente, el ingreso neto fue de 2,5 millones de dólares (1,87 dólares de EPS básico).
Los puntos destacados incluyen: una mejora en el margen de interés neto del 2,29% en el primer trimestre al 2,44% en el cuarto trimestre de 2024, la finalización del canje de acciones preferentes y una mejora en el rendimiento de la División de Hipotecas. Sin embargo, los saldos de la cartera de préstamos disminuyeron en 25 millones de dólares y los depósitos cayeron en 35 millones de dólares durante el año. La División Bancaria reportó un ingreso neto de 6,5 millones de dólares (o 3,2 millones de dólares excluyendo la ganancia de venta y arrendamiento), un aumento respecto a los 2,3 millones de dólares de 2023.
Los ratios de activos no rentables aumentaron ligeramente al 0,98% desde el 0,90% año tras año, principalmente debido a tres relaciones crediticias no acumuladas en la industria del transporte.
CIB Marine Bancshares (OTCQX: CIBH)는 2024년 개선된 재무 결과를 보고했으며, 일반 주주에 배당된 순익은 580만 달러(주당 기본 EPS 4.32달러)에 달하며, 이는 2023년의 90만 달러(주당 기본 EPS 0.66달러)와 비교됩니다. 비정기적인 매각-임대back 거래로 인한 이익을 제외하면, 순익은 250만 달러(주당 기본 EPS 1.87달러)였습니다.
주요 하이라이트로는 2024년 1분기 2.29%에서 4분기 2.44%로 증가한 순이자마진, 우선주 환매 완료, 그리고 모기지 부서의 성과 개선이 포함됩니다. 하지만 대출 포트폴리오 잔액은 연간 2500만 달러 감소하였고 예금은 3500만 달러 감소했습니다. 은행 부문은 650만 달러(또는 매각-임대back 이익을 제외한 320만 달러)의 순익을 보고했으며, 이는 2023년의 230만 달러에서 증가한 수치입니다.
부실 자산 비율은 항년 0.90%에서 0.98%로 소폭 증가하였으며, 이는 주로 운송 산업의 세 가지 미수금 신용 관계 때문입니다.
CIB Marine Bancshares (OTCQX: CIBH) a rapporté des résultats financiers améliorés pour 2024, avec un revenu net destiné aux actionnaires ordinaires atteignant 5,8 millions de dollars (4,32 dollars de BPA de base), contre 0,9 million de dollars (0,66 dollars de BPA de base) en 2023. En excluant un gain d'une transaction de vente-bail non récurrente, le revenu net était de 2,5 millions de dollars (1,87 dollars de BPA de base).
Les points clés incluent : amélioration de la marge d'intérêt nette, passant de 2,29 % au premier trimestre à 2,44 % au quatrième trimestre 2024, achèvement du rachat d'actions privilégiées et amélioration des performances de la division hypothécaire. Cependant, les soldes du portefeuille de prêts ont diminué de 25 millions de dollars et les dépôts ont chuté de 35 millions de dollars au cours de l'année. La division bancaire a rapporté un revenu net de 6,5 millions de dollars (ou 3,2 millions de dollars excluant le gain de vente-bail), en hausse par rapport à 2,3 millions de dollars en 2023.
Les ratios d'actifs non performants ont légèrement augmenté à 0,98 % contre 0,90 % d'une année sur l'autre, principalement en raison de trois relations de crédit non accruales dans le secteur du transport.
CIB Marine Bancshares (OTCQX: CIBH) hat für 2024 verbesserte finanzielle Ergebnisse berichtet, mit einem Nettogewinn von 5,8 Millionen Dollar (4,32 Dollar Basis-EPS) für gewöhnliche Aktionäre, im Vergleich zu 0,9 Millionen Dollar (0,66 Dollar Basis-EPS) im Jahr 2023. Ohne den Gewinn aus einer einmaligen Verkaufs- und Leasingtransaktion betrug der Nettogewinn 2,5 Millionen Dollar (1,87 Dollar Basis-EPS).
Zu den wichtigsten Highlights gehören: Verbesserung der Nettozinsspanne von 2,29% im ersten Quartal auf 2,44% im vierten Quartal 2024, Abschluss der Rückzahlung von Vorzugsaktien und verbesserte Leistung der Hypothekenabteilung. Allerdings sanken die Salden des Kreditportfolios um 25 Millionen Dollar und die Einlagen gingen im Laufe des Jahres um 35 Millionen Dollar zurück. Die Bankabteilung berichtete von einem Nettogewinn von 6,5 Millionen Dollar (oder 3,2 Millionen Dollar ohne den Gewinn aus Verkauf und Leasing), was einem Anstieg gegenüber 2,3 Millionen Dollar im Jahr 2023 entspricht.
Die Quote der notleidenden Vermögenswerte stieg leicht auf 0,98% von 0,90% im Jahresvergleich, was hauptsächlich auf drei nicht-akkrualierte Kredite in der Transportbranche zurückzuführen ist.
- Net income increased by $4.6 million compared to 2023
- Complete redemption of remaining Preferred Stock in Q4
- Net interest margin improved from 2.29% to 2.44% during 2024
- Banking Division net income increased to $6.5 million from $2.3 million YoY
- Mortgage Division improved to $0.1 million loss from $0.7 million loss in 2023
- Loan portfolio decreased by $25 million over the year
- Deposits declined by $35 million during 2024
- Non-performing assets ratio increased to 0.98% from 0.90% YoY
- Net interest income declined in 2024 due to cost of funds pressure
BROOKFIELD, Wis., Jan. 24, 2025 (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 year ending December 31, 2024. Earnings for the year are up
Net income allocated to common shareholders for the year was
Financial highlights for the quarter and year include:
- Net interest margins (NIM) have generally trended up over the course the year. The Company’s NIM also showed an upward trend through most of 2024, starting at
2.29% in the first quarter and climbing to2.55% in the third quarter. The NIM had a slight decline to2.44% in the fourth quarter, mainly due to an accrued interest charge-off related to a$2.5 million non-accrual loan and volatility in the net interest margin caused by Fed rate changes. Net interest income declined in 2024 primarily due to cost of funds pressure compared to 2023, with the cost of interest-bearing liabilities up 102 basis points for the year due to the high level of bank deposit rates and competition. - Loan portfolio balances decreased
$25 million over the year due to high loan rates and the Company’s balance sheet management strategy in support of the redemption of the remaining preferred stock. With the preferred stock redemptions completed we plan to resume growing the loan portfolio in 2025. Deposits decreased$35 million for the year due primarily to declines in our money market savings accounts reflecting rate cuts in the latter half of the year and increased demand for time deposits. - As of December 31, 2024, non-performing assets, OREO, 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
0.98% and0.81% , respectively, compared to0.90% and0.50% , respectively, on December 31, 2023. The primary reason for the increase in the ratios over the time-period is due to three non-accrual credit relationships with borrowers in or related to the transportation industry. One of the non-accrual loans is a loan that was reported as 90 plus days and still accruing in the third quarter of 2024. - As of December 31, 2024, the allowance for credit losses on loans (“ACLL”) to loans was
1.26% compared to1.27% on December 31, 2023. Over the course of 2023 and 2024, forecasts for gross domestic product and unemployment generally improved while certain qualitative factors related to loan performance deteriorated, as reflected in the increase in our asset quality ratios discussed above. - For the year ending December 31, 2024, Banking Division net income was
$6.5 million , which is up from$2.3 million for the same period in 2023. Excluding the sale-leaseback gain on sale, Banking Division net income for 2024 was$3.2 million . Improvements were the result of cost save initiatives, improving the trend in the net interest margin over the course of the year, and adjustments in the provision for credit losses on loans. The Mortgage Division improved to a$0.1 million net loss compared to$0.7 million net loss in 2023, the result of cost save initiatives while maintaining loan production levels similar to those in 2023, despite the continued challenges of high mortgage rates and housing affordability.
Mr. J. Brian Chaffin, CIB Marine’s President and CEO, commented, “During 2024, we were able to improve our operating results, redeem the remaining preferred stock and commence improvements on NIM. Cost controls resulted in reduced staffing at the Mortgage Division and helped it turn out its best operating results over the last three years, in a very challenging operating environment. We also reduced our portfolio loan growth during 2024, but with the preferred stock redemption completed we have begun to rebuild our commercial client pipelines with a keen focus on net interest margin contributions and concentration risks. While recent federal funds rate reductions and a positively sloped yield curve are welcome, they can create some short term ‘bumpy’ outcomes for the NIM, an area of significant focus for us in 2024.”
He concluded, “We can’t overstate the significance of the final preferred stock redemption. We have simplified our capital structure and eliminated the potentially dilutive impact on our common stock, while improving our book value. Our focus for 2025 is earnings, efficiency and building a brighter future for the organization and its shareholders.”
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 nine 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, | |||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||
| (Dollars in thousands, except share and per share data) | |||||||||||||||
| Selected Statement of Operations Data: | |||||||||||||||
| Interest and dividend income | $ | 11,408 | $ | 12,283 | $ | 12,052 | $ | 11,801 | $ | 11,328 | $ | 47,544 | $ | 39,069 | |
| Interest expense | 6,259 | 6,707 | 6,897 | 6,840 | 6,190 | 26,703 | 17,614 | ||||||||
| Net interest income | 5,149 | 5,576 | 5,155 | 4,961 | 5,138 | 20,841 | 21,455 | ||||||||
| Provision for (reversal of) credit losses | (332) | (113) | 10 | (28) | 135 | (463) | (92) | ||||||||
| Net interest income after provision for (reversal of) credit losses | 5,481 | 5,689 | 5,145 | 4,989 | 5,003 | 21,304 | 21,547 | ||||||||
| Noninterest income (1) | 1,724 | 2,897 | 6,904 | 1,627 | 1,824 | 13,152 | 8,900 | ||||||||
| Noninterest expense | 6,678 | 7,163 | 6,904 | 6,421 | 6,669 | 27,166 | 27,938 | ||||||||
| Income before income taxes | 527 | 1,423 | 5,145 | 195 | 158 | 7,290 | 2,509 | ||||||||
| Income tax expense | 123 | 347 | 1,361 | 17 | 1,050 | 1,848 | 1,629 | ||||||||
| Net income (loss) | $ | 404 | $ | 1,076 | $ | 3,784 | $ | 178 | $ | (892) | $ | 5,442 | $ | 880 | |
| Common Share Data: | |||||||||||||||
| Basic net income (loss) per share (2) | $ | 0.60 | $ | 0.79 | $ | 2.79 | $ | 0.13 | $ | (0.67) | $ | 4.32 | $ | 0.66 | |
| Diluted net income (loss) per share (2) | 0.54 | 0.59 | 2.06 | 0.10 | (0.67) | 3.38 | 0.49 | ||||||||
| Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||
| Tangible book value per share (3) | 57.37 | 57.80 | 55.36 | 52.59 | 53.35 | 57.37 | 53.35 | ||||||||
| Book value per share (3) | 57.42 | 56.06 | 53.61 | 50.84 | 51.58 | 57.42 | 51.58 | ||||||||
| Weighted average shares outstanding – basic | 1,357,737 | 1,357,259 | 1,356,255 | 1,341,181 | 1,334,163 | 1,352,585 | 1,324,131 | ||||||||
| Weighted average shares outstanding – diluted | 1,507,344 | 1,833,586 | 1,833,881 | 1,820,498 | 1,813,207 | 1,729,521 | 1,811,975 | ||||||||
| Financial Condition Data: | |||||||||||||||
| Total assets | $ | 866,474 | $ | 888,283 | $ | 901,634 | $ | 897,595 | $ | 899,060 | $ | 866,474 | $ | 899,060 | |
| Loans | 697,093 | 707,310 | 719,129 | 736,019 | 722,084 | 697,093 | 722,084 | ||||||||
| Allowance for credit losses on loans | (8,790) | (8,973) | (9,083) | (9,087) | (9,136) | (8,790) | (9,136) | ||||||||
| Investment securities | 120,339 | 120,349 | 123,814 | 119,300 | 131,529 | 120,339 | 131,529 | ||||||||
| Deposits | 692,378 | 747,168 | 768,984 | 772,377 | 727,565 | 692,378 | 727,565 | ||||||||
| Borrowings | 81,735 | 33,583 | 28,222 | 32,120 | 76,956 | 81,735 | 76,956 | ||||||||
| Stockholders’ equity | 77,961 | 92,358 | 89,008 | 85,091 | 85,075 | 77,961 | 85,075 | ||||||||
| Financial Ratios and Other Data: | |||||||||||||||
| Performance Ratios: | |||||||||||||||
| Net interest margin (4) | |||||||||||||||
| Net interest spread (5) | |||||||||||||||
| Noninterest income to average assets (6) | |||||||||||||||
| Noninterest expense to average assets | |||||||||||||||
| Efficiency ratio (7) | |||||||||||||||
| Earnings (loss) on average assets (8) | -0.40 | ||||||||||||||
| Earnings (loss) on average equity (9) | -4.21 | ||||||||||||||
| Asset Quality Ratios: | |||||||||||||||
| Nonaccrual loans to loans (10) | |||||||||||||||
| Nonaccrual loans, modified loans to borrowers experiencing financial difficulty, loans 90 days or more past due and still accruing to total loans | |||||||||||||||
| Nonaccrual loans, OREO, modified loans to borrowers experiencing financial difficulty, loans 90 days or more past due and still accruing to total assets | |||||||||||||||
| Allowance for credit losses on loans to total loans (10) | |||||||||||||||
| 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 (10) | |||||||||||||||
| Net charge-offs (recoveries) annualized to average loans (10) | - | - | - | ||||||||||||
| Capital Ratios: | |||||||||||||||
| Total equity to total assets | |||||||||||||||
| Total risk-based capital ratio | |||||||||||||||
| Tier 1 risk-based capital ratio | |||||||||||||||
| Leverage capital ratio | |||||||||||||||
| Other Data: | |||||||||||||||
| Number of employees (full-time equivalent) | 165 | 170 | 172 | 177 | 193 | 165 | 193 | ||||||||
| Number of banking facilities | 9 | 9 | 9 | 9 | 9 | 9 | 9 | ||||||||
| (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 | |||||||||||||||
| (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, | |||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | |||||||
| (Dollars in Thousands, Except Shares) | |||||||||||
| Assets | |||||||||||
| Cash and due from banks | $ | 6,748 | $ | 13,814 | $ | 10,690 | $ | 7,727 | $ | 9,491 | |
| Reverse repurchase agreements | - | - | - | - | - | ||||||
| Securities available for sale | 118,206 | 118,145 | 121,687 | 117,160 | 129,370 | ||||||
| Equity securities at fair value | 2,133 | 2,204 | 2,127 | 2,140 | 2,159 | ||||||
| Loans held for sale | 13,291 | 19,472 | 17,897 | 8,048 | 9,209 | ||||||
| Loans | 697,093 | 707,310 | 719,129 | 736,019 | 722,084 | ||||||
| Allowance for credit losses on loans | (8,790) | (8,973) | (9,083) | (9,087) | (9,136) | ||||||
| Net loans | 688,303 | 698,337 | 710,046 | 726,932 | 712,948 | ||||||
| Federal Home Loan Bank Stock | 2,607 | 2,238 | 2,238 | 2,328 | 2,709 | ||||||
| Premises and equipment, net | 1,570 | 1,526 | 1,569 | 3,550 | 3,602 | ||||||
| Accrued interest receivable | 2,651 | 2,926 | 3,230 | 3,271 | 2,983 | ||||||
| Deferred tax assets, net | 12,955 | 12,796 | 14,840 | 14,849 | 14,753 | ||||||
| Other real estate owned, net | 200 | 211 | 283 | 375 | 375 | ||||||
| Bank owned life insurance | 6,437 | 6,388 | 6,340 | 6,291 | 6,247 | ||||||
| Goodwill and other intangible assets | 64 | 64 | 64 | 64 | 64 | ||||||
| Other assets | 11,309 | 10,162 | 10,623 | 4,860 | 5,150 | ||||||
| Total assets | $ | 866,474 | $ | 888,283 | $ | 901,634 | $ | 897,595 | $ | 899,060 | |
| Liabilities and Stockholders’ Equity | |||||||||||
| Deposits: | |||||||||||
| Noninterest-bearing demand | $ | 86,886 | $ | 95,471 | $ | 95,457 | $ | 87,621 | $ | 89,025 | |
| Interest-bearing demand | 84,833 | 90,095 | 86,728 | 92,092 | 90,232 | ||||||
| Savings | 224,960 | 234,969 | 244,595 | 261,998 | 256,059 | ||||||
| Time | 295,699 | 326,633 | 342,204 | 330,666 | 292,249 | ||||||
| Total deposits | 692,378 | 747,168 | 768,984 | 772,377 | 727,565 | ||||||
| Short-term borrowings | 71,973 | 23,829 | 18,477 | 22,383 | 67,227 | ||||||
| Long-term borrowings | 9,762 | 9,754 | 9,745 | 9,737 | 9,729 | ||||||
| Accrued interest payable | 1,911 | 2,101 | 2,145 | 1,982 | 1,883 | ||||||
| Other liabilities | 12,489 | 13,073 | 13,275 | 6,025 | 7,581 | ||||||
| Total liabilities | 788,513 | 795,925 | 812,626 | 812,504 | 813,985 | ||||||
| Stockholders’ Equity | |||||||||||
| Preferred stock, | - | 13,806 | 13,806 | 13,806 | 13,806 | ||||||
| Common stock, | 1,372 | 1,372 | 1,372 | 1,369 | 1,349 | ||||||
| Capital surplus | 181,708 | 181,603 | 181,486 | 181,380 | 181,282 | ||||||
| Accumulated deficit | (99,487) | (100,297) | (101,373) | (105,157) | (105,335) | ||||||
| Accumulated other comprehensive income (loss), net | (5,098) | (3,592) | (5,749) | (5,773) | (5,493) | ||||||
| Treasury stock, 14,791 shares on December 31, 2024 and December 31, 2023 (2) | (534) | (534) | (534) | (534) | (534) | ||||||
| Total stockholders’ equity | 77,961 | 92,358 | 89,008 | 85,091 | 85,075 | ||||||
| Total liabilities and stockholders’ equity | $ | 866,474 | $ | 888,283 | $ | 901,634 | $ | 897,595 | $ | 899,060 | |
| (1) Both issued and outstanding shares as stated here exclude 42,259 shares and 49,308 shares of unvested restricted stock awards at December 31, 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 | 12 Months Ended | ||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | |||||||||
| 2024 | 2024 | 2024 | 2024 | 2023 | 2024 | 2023 | |||||||||
| (Dollars in thousands) | |||||||||||||||
| Interest Income | |||||||||||||||
| Loans | $ | 9,999 | $ | 10,573 | $ | 10,582 | $ | 10,394 | $ | 9,752 | $ | 41,548 | $ | 33,533 | |
| Loans held for sale | 215 | 300 | 213 | 142 | 200 | 870 | 666 | ||||||||
| Securities | 1,151 | 1,183 | 1,217 | 1,231 | 1,330 | 4,782 | 4,478 | ||||||||
| Other investments | 43 | 227 | 40 | 34 | 46 | 344 | 392 | ||||||||
| Total interest income | 11,408 | 12,283 | 12,052 | 11,801 | 11,328 | 47,544 | 39,069 | ||||||||
| Interest Expense | |||||||||||||||
| Deposits | 5,638 | 6,354 | 6,466 | 6,227 | 5,071 | 24,685 | 14,429 | ||||||||
| Short-term borrowings | 500 | 232 | 310 | 493 | 998 | 1,535 | 2,702 | ||||||||
| Long-term borrowings | 121 | 121 | 121 | 120 | 121 | 483 | 483 | ||||||||
| Total interest expense | 6,259 | 6,707 | 6,897 | 6,840 | 6,190 | 26,703 | 17,614 | ||||||||
| Net interest income | 5,149 | 5,576 | 5,155 | 4,961 | 5,138 | 20,841 | 21,455 | ||||||||
| Provision for (reversal of) credit losses | (332) | (113) | 10 | (28) | 135 | (463) | (92) | ||||||||
| Net interest income after provision for (reversal of) credit losses | 5,481 | 5,689 | 5,145 | 4,989 | 5,003 | 21,304 | 21,547 | ||||||||
| Noninterest Income | |||||||||||||||
| Deposit service charges | 55 | 63 | 67 | 66 | 74 | 251 | 330 | ||||||||
| Other service fees | (5) | (5) | 1 | (5) | 3 | (14) | 36 | ||||||||
| Mortgage banking revenue, net | 1,564 | 2,264 | 2,166 | 1,209 | 1,397 | 7,203 | 6,025 | ||||||||
| Other income | 192 | 150 | 273 | 163 | 165 | 778 | 578 | ||||||||
| Net gains on sale of securities available for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
| Unrealized gains (losses) recognized on equity securities | (71) | 78 | (14) | (18) | 96 | (25) | 30 | ||||||||
| Net gains (loss) on sale of SBA loans | 0 | 420 | 0 | 202 | 0 | 622 | 151 | ||||||||
| Net gains on sale of assets and (writedowns) | (11) | (73) | 4,411 | 10 | 89 | 4,337 | 1,750 | ||||||||
| Total noninterest income | 1,724 | 2,897 | 6,904 | 1,627 | 1,824 | 13,152 | 8,900 | ||||||||
| Noninterest Expense | |||||||||||||||
| Compensation and employee benefits | 4,344 | 4,852 | 4,700 | 4,289 | 4,369 | 18,185 | 18,651 | ||||||||
| Equipment | 467 | 504 | 457 | 462 | 493 | 1,890 | 1,956 | ||||||||
| Occupancy and premises | 500 | 495 | 391 | 436 | 415 | 1,822 | 1,747 | ||||||||
| Data Processing | 220 | 243 | 208 | 212 | 224 | 883 | 889 | ||||||||
| Federal deposit insurance | 144 | 182 | 219 | 199 | 170 | 744 | 530 | ||||||||
| Professional services | 240 | 254 | 219 | 199 | 243 | 912 | 1,109 | ||||||||
| Telephone and data communication | 74 | 51 | 51 | 56 | 66 | 232 | 240 | ||||||||
| Insurance | 71 | 78 | 80 | 81 | 79 | 310 | 317 | ||||||||
| Other expense | 618 | 504 | 579 | 487 | 610 | 2,188 | 2,499 | ||||||||
| Total noninterest expense | 6,678 | 7,163 | 6,904 | 6,421 | 6,669 | 27,166 | 27,938 | ||||||||
| Income from operations before income taxes | 527 | 1,423 | 5,145 | 195 | 158 | 7,290 | 2,509 | ||||||||
| Income tax expense | 123 | 347 | 1,361 | 17 | 1,050 | 1,848 | 1,629 | ||||||||
| Net income (loss) | 404 | 1,076 | 3,784 | 178 | (892) | 5,442 | 880 | ||||||||
| Preferred stock dividend | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
| Discount from repurchase of preferred stock | 406 | 0 | 0 | 0 | 0 | 406 | 0 | ||||||||
| Net income (loss) allocated to common stockholders | $ | 810 | $ | 1,076 | $ | 3,784 | $ | 178 | $ | (892) | $ | 5,848 | $ | 880 | |
FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
FAQ
What was CIB Marine Bancshares (CIBH) net income for 2024?
How did CIBH's net interest margin (NIM) perform throughout 2024?
What was the impact of CIBH's preferred stock redemption in Q4 2024?
How did CIBH's loan portfolio and deposits change in 2024?
What were CIBH's non-performing assets ratios as of December 31, 2024?
