CIB Marine Bancshares, Inc. Announces First Quarter 2024 Results
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CIB Marine Bancshares, Inc. announced its first quarter 2024 results, showing a slowdown in loan portfolio growth, improved liquidity profile, and controlled cost of funds. Net income for the quarter was $0.2 million, with positive financial highlights including loan portfolio and deposits growth. The company's non-performing assets decreased, but net interest margin and net interest income were down compared to previous quarters. The Mortgage Division had an operating loss due to market challenges. The CEO highlighted successes in deposit growth and cost controls, aiming for improved capital ratios and future preferred stock redemptions.
CIB Marine Bancshares, Inc. ha annunciato i risultati del primo trimestre del 2024, evidenziando una decelerazione nella crescita del portafoglio di prestiti, un migliore profilo di liquidità ed un controllo dei costi dei fondi. Il reddito netto per il trimestre è stato di 0,2 milioni di dollari, con aspetti finanziari positivi che includono la crescita del portafoglio di prestiti e dei depositi. Gli asset non performanti della società sono diminuiti, ma il margine di interesse netto e il reddito di interesse netto sono diminuiti rispetto ai trimestri precedenti. La divisione ipotecaria ha registrato una perdita operativa a causa delle sfide di mercato. Il CEO ha messo in evidenza successi nella crescita dei depositi e nel controllo dei costi, puntando a migliorare i rapporti di capitale e le future operazioni di riacquisto di azioni privilegiate.
CIB Marine Bancshares, Inc. anunció sus resultados para el primer trimestre de 2024, mostrando una desaceleración en el crecimiento de su cartera de préstamos, una mejora en el perfil de liquidez y un control en el costo de los fondos. El ingreso neto para el trimestre fue de $0.2 millones, con puntos financieros positivos que incluyen crecimiento en la cartera de préstamos y en los depósitos. Los activos no productivos de la compañía disminuyeron, pero el margen de interés neto y los ingresos por intereses netos disminuyeron en comparación con trimestres anteriores. La División Hipotecaria tuvo una pérdida operativa debido a desafíos en el mercado. El CEO destacó éxitos en el crecimiento de depósitos y control de costos, con el objetivo de mejorar los ratios de capital y futuras redenciones de acciones preferentes.
CIB Marine Bancshares, Inc.는 2024년 1분기 실적을 발표하며, 대출 포트폴리오 성장 둔화, 유동성 프로필 개선 및 자금 비용 통제를 보고했습니다. 분기 순이익은 20만 달러였으며, 대출 포트폴리오와 예금 성장 등 긍정적인 재무 하이라이트를 포함했습니다. 회사의 부실 자산은 감소하였지만, 순이자 마진과 순이자 수입은 이전 분기에 비해 감소하였습니다. 모기지 부문은 시장 도전으로 인해 운영 손실을 기록했습니다. CEO는 예금 성장과 비용 통제에 대한 성공을 강조하며 자본 비율 개선과 미래 우선주 상환을 목표로 하고 있습니다.
CIB Marine Bancshares, Inc. a annoncé ses résultats pour le premier trimestre 2024, montrant un ralentissement de la croissance du portefeuille de prêts, une amélioration du profil de liquidité et un contrôle des coûts des fonds. Le bénéfice net pour le trimestre était de 0,2 million de dollars, avec des points forts financiers incluant la croissance du portefeuille de prêts et des dépôts. Les actifs non performants de la société ont diminué, mais la marge d'intérêt net et le revenu d'intérêt net étaient en baisse par rapport aux trimestres précédents. La division hypothécaire a subi une perte d'exploitation en raison des défis du marché. Le PDG a souligné les succès dans la croissance des dépôts et le contrôle des coûts, visant à améliorer les ratios de capital et les rachats futurs d'actions privilégiées.
CIB Marine Bancshares, Inc. hat die Ergebnisse des ersten Quartals 2024 bekannt gegeben, mit einem Rückgang im Wachstum des Kreditportfolios, verbesserter Liquiditätslage und kontrollierten Kosten für die Mittelbeschaffung. Der Nettogewinn für das Quartal betrug 0,2 Millionen Dollar, zu den finanziellen Höhepunkten gehören das Wachstum des Kreditportfolios und der Einlagen. Die notleidenden Aktiva des Unternehmens haben abgenommen, jedoch waren die Nettomarge und das Nettozinseneinkommen im Vergleich zu früheren Quartalen rückläufig. Die Hypothekenabteilung verzeichnete einen Betriebsverlust aufgrund von Marktherausforderungen. Der CEO hob Erfolge beim Wachstum der Einlagen und bei der Kostenkontrolle hervor und zielt auf verbesserte Kapitalquoten und zukünftige Vorzugsaktienrückkäufe ab.
Positive
- Positive financial highlights include loan portfolio and deposits growth.
- Non-performing assets decreased, reflecting improved asset quality.
- Improved liquidity profile and controlled cost of funds.
- CEO highlighted successes in deposit growth and cost controls.
- Targeted cost controls offset revenue decline.
- Slow loan growth expected for the foreseeable future to support capital ratios.
- Reduced operating costs in the Mortgage Division for potential profitability.
- Upcoming Annual Shareholder Meeting to discuss operating results and capital plans.
Negative
- Net interest margin was down 12 basis points from the prior quarter.
- Net interest income was down $0.2 million from the fourth quarter of 2023.
- Mortgage Division had an operating loss due to market challenges.
- Possible asset sales, such as the sale of SBA 7(a) loans, for future gains.
- Expect slow to negative loan growth in the foreseeable future.
BROOKFIELD, Wis., April 19, 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 three months ended March 31, 2024. During the quarter, CIBM Bank’s loan portfolio growth slowed to
Income before tax was
Financial highlights for the quarter include:
- CIBM Bank’s loan portfolio balances increased
$14 million , primarily from funding prior commercial real estate construction loans and other new commercial segment loans. This is down from$33 million of growth in the fourth quarter of 2023. Loan portfolio growth is expected to continue to decline due to higher loan rates and balance sheet management. Deposits increased by$45 million , primarily in time deposits and money market accounts, as lower-cost fundings were used to reduce higher-cost short term borrowings from the Federal Home Loan Bank of Chicago (“FHLB”). This helped to control some of the cost of funds pressures for the period and improved the Bank’s liquidity profile as the loan to deposit ratio declined from98% at December 31, 2023, to94% at March 31, 2024, and borrowing availability with the FHLB increased. - As of March 31, 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
0.89% and0.48% , respectively, compared to0.90% and0.50% , respectively, on December 31, 2023, and0.14% and0.08% , respectively, on March 31, 2023. Also, as of March 31, 2024, the allowance for credit losses on loans (“ACLL”) to loans was1.23% compared to an ACLL of1.27% on December 31, 2023, and1.51% on March 31, 2023. The ACLL qualitative factors, including in the assessment of the ACLL, include economic forecasts obtained from third parties. Over the course of 2023 and the first quarter of 2024, gross domestic product and unemployment forecasts have improved with declining recession risk resulting in a lower ACLL to loans ratio. - Net interest margin was down 12 basis points from the prior quarter as the increase in the cost of funds was more than the increase in the yields on earning assets. Although progress was made in controlling the cost of funds by reducing our high-cost borrowings and replacing them with lower cost deposits, this progress was offset by certain other deposit relationship cost increases and higher cost renewals of time deposits. Net interest income was down
$0.2 million from the fourth quarter of 2023 and down$0.9 million from the first quarter of 2023. - For the quarter ended March 31, 2024, Banking Division net income was
$0.8 million , down$0.2 million from the same period in 2023, and Mortgage Division net loss was$0.3 million , improved by$0.2 million due to prior cost saving actions and certain new hire costs in 2023, despite the continued market challenges. The remaining$0.3 million net loss was from parent company sub-debt and administration expenses.
Reflecting on the quarter, Mr. J. Brian Chaffin, CIB Marine’s President and CEO, commented, “We have had some real successes this past quarter in a number of areas. Our solid deposit growth has resulted in an improved liquidity profile and, based on current forecasts, we believe it will lead to improved net interest margins in the future. Our targeted cost controls from last year are in place and have offset some of the decline in revenues.
“In this environment of constrained revenues, we continue to use balance sheet management to improve capital ratios in support of future preferred stock redemptions. Under this strategy, we expect slow – possibly even negative – loan growth in the foreseeable future, as well as possible asset sales, such as the sale of
“In addition, due to continued challenges in mortgage banking largely originating from a shortfall in housing supply and high interest rates, and after evaluating many options, we significantly reduced ongoing operating costs for future periods with reductions of operations and less productive sales staff, and adjusted certain fees and compensation arrangements at the end of the first quarter of 2024 to improve the range of potential outcomes to include a profitable year in the Mortgage Division.”
He concluded, “We plan on covering a number of important topics related to our operating results and capital plans for our shareholders in more detail at the Annual Shareholder Meeting scheduled for Thursday, April 25th. We encourage shareholders to visit our website for additional details regarding our virtual shareholder meeting, and to review the meeting materials.”
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:
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| CIB MARINE BANCSHARES, INC. | ||||||||||||||||||||||
| Selected Unaudited Consolidated Financial Data | ||||||||||||||||||||||
| At or for the | ||||||||||||||||||||||
| Quarters Ended | 3 Months Ended | |||||||||||||||||||||
| March 31, | December 31, | September | June 30, | March 31, | March 31, | March 31, | ||||||||||||||||
| 2024 | 2023 | 30, 2023 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
| (Dollars in thousands, except share and per share data) | ||||||||||||||||||||||
| Selected Statement of Operations Data: | ||||||||||||||||||||||
| Interest and dividend income | $ | 11,801 | $ | 11,328 | $ | 10,117 | $ | 9,152 | $ | 8,472 | $ | 11,801 | $ | 8,472 | ||||||||
| Interest expense | 6,840 | 6,190 | 5,180 | 3,643 | 2,601 | 6,840 | 2,601 | |||||||||||||||
| Net interest income | 4,961 | 5,138 | 4,937 | 5,509 | 5,871 | 4,961 | 5,871 | |||||||||||||||
| Provision for (reversal of) credit losses | (28 | ) | 135 | (140 | ) | (246 | ) | 159 | (28 | ) | 159 | |||||||||||
| Net interest income after provision for (reversal of) credit losses | 4,989 | 5,003 | 5,077 | 5,755 | 5,712 | 4,989 | 5,712 | |||||||||||||||
| Noninterest income (1) | 1,627 | 1,824 | 2,368 | 3,298 | 1,410 | 1,627 | 1,410 | |||||||||||||||
| Noninterest expense | 6,421 | 6,669 | 7,007 | 7,457 | 6,805 | 6,421 | 6,805 | |||||||||||||||
| Income before income taxes | 195 | 158 | 438 | 1,596 | 317 | 195 | 317 | |||||||||||||||
| Income tax expense | 17 | 1,050 | 59 | 431 | 89 | 17 | 89 | |||||||||||||||
| Net income (loss) | $ | 178 | $ | (892 | ) | $ | 379 | $ | 1,165 | $ | 228 | $ | 178 | $ | 228 | |||||||
| Common Share Data: | ||||||||||||||||||||||
| Basic net income (loss) per share | $ | 0.13 | $ | (0.67 | ) | $ | 0.28 | $ | 0.88 | $ | 0.17 | $ | 0.13 | $ | 0.17 | |||||||
| Diluted net income (loss) per share | 0.10 | (0.67 | ) | 0.21 | 0.64 | 0.13 | 0.10 | 0.13 | ||||||||||||||
| Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
| Tangible book value per share (2) | 52.59 | 53.35 | 52.05 | 52.47 | 53.28 | 52.59 | 53.28 | |||||||||||||||
| Book value per share (2) | 50.84 | 51.58 | 50.28 | 50.70 | 51.48 | 50.84 | 51.48 | |||||||||||||||
| Weighted average shares outstanding - basic | 1,341,181 | 1,334,163 | 1,333,889 | 1,318,460 | 1,308,603 | 1,341,181 | 1,308,603 | |||||||||||||||
| Weighted average shares outstanding - diluted | 1,820,498 | 1,813,207 | 1,814,716 | 1,815,593 | 1,803,218 | 1,820,498 | 1,803,218 | |||||||||||||||
| Financial Condition Data: | ||||||||||||||||||||||
| Total assets | $ | 897,595 | $ | 899,060 | $ | 874,247 | $ | 819,521 | $ | 787,244 | $ | 897,595 | $ | 787,244 | ||||||||
| Loans | 736,019 | 722,084 | 688,446 | 647,823 | 608,492 | 736,019 | 608,492 | |||||||||||||||
| Allowance for credit losses on loans | (9,087 | ) | (9,136 | ) | (8,947 | ) | (8,999 | ) | (9,193 | ) | (9,087 | ) | (9,193 | ) | ||||||||
| Investment securities | 119,300 | 131,529 | 130,476 | 114,661 | 126,001 | 119,300 | 126,001 | |||||||||||||||
| Deposits | 772,377 | 727,565 | 644,165 | 613,808 | 632,339 | 772,377 | 632,339 | |||||||||||||||
| Borrowings | 32,120 | 76,956 | 138,469 | 113,950 | 65,173 | 32,120 | 65,173 | |||||||||||||||
| Stockholders' equity | 85,091 | 85,075 | 83,313 | 83,876 | 83,615 | 85,091 | 83,615 | |||||||||||||||
| Financial Ratios and Other Data: | ||||||||||||||||||||||
| Performance Ratios: | ||||||||||||||||||||||
| Net interest margin (3) | 2.29 | % | 2.41 | % | 2.43 | % | 2.90 | % | 3.22 | % | 2.29 | % | 3.22 | % | ||||||||
| Net interest spread (4) | 1.63 | % | 1.79 | % | 1.85 | % | 2.42 | % | 2.82 | % | 1.63 | % | 2.82 | % | ||||||||
| Noninterest income to average assets (5) | 0.73 | % | 0.78 | % | 1.15 | % | 1.68 | % | 0.72 | % | 0.73 | % | 0.72 | % | ||||||||
| Noninterest expense to average assets | 2.87 | % | 3.00 | % | 3.31 | % | 3.77 | % | 3.58 | % | 2.87 | % | 3.58 | % | ||||||||
| Efficiency ratio (6) | 97.20 | % | 97.13 | % | 95.06 | % | 84.35 | % | 93.90 | % | 97.20 | % | 93.90 | % | ||||||||
| Earnings on average assets (7) | 0.08 | % | -0.40 | % | 0.18 | % | 0.59 | % | 0.12 | % | 0.08 | % | 0.12 | % | ||||||||
| Earnings on average equity (8) | 0.84 | % | -4.21 | % | 1.78 | % | 5.53 | % | 1.11 | % | 0.84 | % | 1.11 | % | ||||||||
| Asset Quality Ratios: | ||||||||||||||||||||||
| Nonaccrual loans to loans (9) | 0.48 | % | 0.50 | % | 0.50 | % | 0.02 | % | 0.08 | % | 0.48 | % | 0.08 | % | ||||||||
| Nonaccrual loans, modified loans to borrowers experiencing financial difficulty, loans 90 days or more past due and still accruing to total loans | 1.04 | % | 1.07 | % | 0.56 | % | 0.11 | % | 0.12 | % | 1.04 | % | 0.12 | % | ||||||||
| Nonaccrual loans, modified loans to borrowers experiencing financial difficulty, loans 90 days or more past due and still accruing to total assets | 0.89 | % | 0.90 | % | 0.49 | % | 0.13 | % | 0.14 | % | 0.89 | % | 0.14 | % | ||||||||
| Allowance for credit losses on loans to total loans (9) | 1.23 | % | 1.27 | % | 1.30 | % | 1.39 | % | 1.51 | % | 1.23 | % | 1.51 | % | ||||||||
| Allowance for credit losses on loans to nonaccrual loans, restructured loans and loans 90 days or more past due and still accruing (9) | 118.77 | % | 118.59 | % | 231.01 | % | 1283.74 | % | 1262.77 | % | 118.77 | % | 1262.77 | % | ||||||||
| Net charge-offs (recoveries) annualized to average loans (9) | 0.03 | % | 0.01 | % | -0.01 | % | -0.02 | % | -0.02 | % | 0.03 | % | -0.02 | % | ||||||||
| Capital Ratios: | ||||||||||||||||||||||
| Total equity to total assets | 9.48 | % | 9.46 | % | 9.53 | % | 10.23 | % | 10.62 | % | 9.48 | % | 10.62 | % | ||||||||
| Total risk-based capital ratio | 13.07 | % | 13.24 | % | 13.58 | % | 14.31 | % | 14.84 | % | 13.07 | % | 14.84 | % | ||||||||
| Tier 1 risk-based capital ratio | 10.48 | % | 10.62 | % | 10.91 | % | 11.54 | % | 11.99 | % | 10.48 | % | 11.99 | % | ||||||||
| Leverage capital ratio | 8.50 | % | 8.62 | % | 8.93 | % | 9.43 | % | 9.56 | % | 8.50 | % | 9.56 | % | ||||||||
| Other Data: | ||||||||||||||||||||||
| Number of employees (full-time equivalent) | 177 | 193 | 194 | 206 | 202 | 177 | 202 | |||||||||||||||
| Number of banking facilities | 9 | 9 | 9 | 10 | 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) | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| 2024 | 2023 | 2023 | 2023 | 2023 | |||||||||||
| (Dollars in Thousands, Except Shares) | |||||||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 7,727 | $ | 9,491 | $ | 9,203 | $ | 14,444 | $ | 16,490 | |||||
| Reverse repurchase agreements | - | - | - | - | - | ||||||||||
| Securities available for sale | 117,160 | 129,370 | 128,413 | 112,532 | 123,838 | ||||||||||
| Equity securities at fair value | 2,140 | 2,159 | 2,063 | 2,129 | 2,163 | ||||||||||
| Loans held for sale | 8,048 | 9,209 | 15,011 | 14,726 | 10,848 | ||||||||||
| Loans | 736,019 | 722,084 | 688,446 | 647,823 | 608,492 | ||||||||||
| Allowance for credit losses on loans | (9,087 | ) | (9,136 | ) | (8,947 | ) | (8,999 | ) | (9,193 | ) | |||||
| Net loans | 726,932 | 712,948 | 679,499 | 638,824 | 599,299 | ||||||||||
| Federal Home Loan Bank Stock | 2,328 | 2,709 | 4,645 | 2,818 | 1,897 | ||||||||||
| Premises and equipment, net | 3,550 | 3,602 | 3,675 | 3,879 | 3,969 | ||||||||||
| Accrued interest receivable | 3,271 | 2,983 | 2,748 | 2,036 | 2,118 | ||||||||||
| Deferred tax assets, net | 14,849 | 14,753 | 16,815 | 16,790 | 16,464 | ||||||||||
| Other real estate owned, net | 375 | 375 | 375 | 375 | 375 | ||||||||||
| Bank owned life insurance | 6,291 | 6,247 | 6,204 | 6,160 | 6,119 | ||||||||||
| Goodwill and other intangible assets | 64 | 64 | 70 | 76 | 81 | ||||||||||
| Other assets | 4,860 | 5,150 | 5,526 | 4,732 | 3,583 | ||||||||||
| Total assets | $ | 897,595 | $ | 899,060 | $ | 874,247 | $ | 819,521 | $ | 787,244 | |||||
| Liabilities and Stockholders' Equity | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing demand | $ | 87,621 | $ | 89,025 | $ | 88,674 | $ | 93,487 | $ | 94,700 | |||||
| Interest-bearing demand | 92,092 | 90,232 | 73,086 | 82,484 | 93,388 | ||||||||||
| Savings | 261,998 | 256,059 | 254,211 | 247,339 | 259,907 | ||||||||||
| Time | 330,666 | 292,249 | 228,194 | 190,498 | 184,344 | ||||||||||
| Total deposits | 772,377 | 727,565 | 644,165 | 613,808 | 632,339 | ||||||||||
| Short-term borrowings | 22,383 | 67,227 | 128,748 | 104,238 | 55,469 | ||||||||||
| Long-term borrowings | 9,737 | 9,729 | 9,721 | 9,712 | 9,704 | ||||||||||
| Accrued interest payable | 1,982 | 1,883 | 1,491 | 963 | 557 | ||||||||||
| Other liabilities | 6,025 | 7,581 | 6,809 | 6,924 | 5,560 | ||||||||||
| Total liabilities | 812,504 | 813,985 | 790,934 | 735,645 | 703,629 | ||||||||||
| Stockholders' Equity | |||||||||||||||
| Preferred stock, | 13,806 | 13,806 | 13,806 | 13,806 | 13,806 | ||||||||||
| Common stock, | 1,369 | 1,349 | 1,349 | 1,349 | 1,324 | ||||||||||
| Capital surplus | 181,380 | 181,282 | 181,144 | 181,050 | 180,903 | ||||||||||
| Accumulated deficit | (105,157 | ) | (105,335 | ) | (104,443 | ) | (104,822 | ) | (105,987 | ) | |||||
| Accumulated other comprehensive income, net | (5,773 | ) | (5,493 | ) | (8,009 | ) | (6,973 | ) | (5,897 | ) | |||||
| Treasury stock, 14,791 shares on March 31, 2024 and December 31, 2023 (2) | (534 | ) | (534 | ) | (534 | ) | (534 | ) | (534 | ) | |||||
| Total stockholders' equity | 85,091 | 85,075 | 83,313 | 83,876 | 83,615 | ||||||||||
| Total liabilities and stockholders' equity | $ | 897,595 | $ | 899,060 | $ | 874,247 | $ | 819,521 | $ | 787,244 | |||||
| (1) Both issued and outstanding shares as stated here exclude 51,018 shares and 48,308 shares of unvested restricted stock awards at March 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 | 3 Months Ended | |||||||||||||||||||||
| March 31, | December | September | June 30, | March 31, | March 31, | March 31, | ||||||||||||||||
| 2024 | 31, 2023 | 30, 2023 | 2023 | 2023 | 2024 | 2023 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||
| Interest Income | ||||||||||||||||||||||
| Loans | $ | 10,394 | $ | 9,752 | $ | 8,718 | $ | 7,942 | $ | 7,121 | $ | 10,394 | $ | 7,121 | ||||||||
| Loans held for sale | 142 | 200 | 227 | 155 | 84 | 142 | 84 | |||||||||||||||
| Securities | 1,231 | 1,330 | 1,132 | 985 | 1,031 | 1,231 | 1,031 | |||||||||||||||
| Other investments | 34 | 46 | 40 | 70 | 236 | 34 | 236 | |||||||||||||||
| Total interest income | 11,801 | 11,328 | 10,117 | 9,152 | 8,472 | 11,801 | 8,472 | |||||||||||||||
| Interest Expense | ||||||||||||||||||||||
| Deposits | 6,227 | 5,071 | 3,918 | 3,076 | 2,364 | 6,227 | 2,364 | |||||||||||||||
| Short-term borrowings | 493 | 998 | 1,141 | 445 | 118 | 493 | 118 | |||||||||||||||
| Long-term borrowings | 120 | 121 | 121 | 122 | 119 | 120 | 119 | |||||||||||||||
| Total interest expense | 6,840 | 6,190 | 5,180 | 3,643 | 2,601 | 6,840 | 2,601 | |||||||||||||||
| Net interest income | 4,961 | 5,138 | 4,937 | 5,509 | 5,871 | 4,961 | 5,871 | |||||||||||||||
| Provision for (reversal of) credit losses | (28 | ) | 135 | (140 | ) | (246 | ) | 159 | (28 | ) | 159 | |||||||||||
| Net interest income after provision for (reversal of) credit losses | 4,989 | 5,003 | 5,077 | 5,755 | 5,712 | 4,989 | 5,712 | |||||||||||||||
| Noninterest Income | ||||||||||||||||||||||
| Deposit service charges | 66 | 74 | 101 | 76 | 79 | 66 | 79 | |||||||||||||||
| Other service fees | (5 | ) | 3 | 6 | 11 | 16 | (5 | ) | 16 | |||||||||||||
| Mortgage banking revenue, net | 1,209 | 1,397 | 1,984 | 1,636 | 1,008 | 1,209 | 1,008 | |||||||||||||||
| Other income | 163 | 165 | 132 | 171 | 110 | 163 | 110 | |||||||||||||||
| Net gains on sale of securities available for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Unrealized gains (losses) recognized on equity securities | (18 | ) | 96 | (66 | ) | (34 | ) | 34 | (18 | ) | 34 | |||||||||||
| Net gains (loss) on sale of SBA loans | 202 | 0 | 0 | 0 | 151 | 202 | 151 | |||||||||||||||
| Net gains (losses) on sale of assets and (writedowns) | 10 | 89 | 211 | 1,438 | 12 | 10 | 12 | |||||||||||||||
| Total noninterest income | 1,627 | 1,824 | 2,368 | 3,298 | 1,410 | 1,627 | 1,410 | |||||||||||||||
| Noninterest Expense | ||||||||||||||||||||||
| Compensation and employee benefits | 4,289 | 4,369 | 4,631 | 5,101 | 4,550 | 4,289 | 4,550 | |||||||||||||||
| Equipment | 462 | 493 | 484 | 504 | 475 | 462 | 475 | |||||||||||||||
| Occupancy and premises | 436 | 415 | 490 | 404 | 438 | 436 | 438 | |||||||||||||||
| Data Processing | 212 | 224 | 245 | 221 | 199 | 212 | 199 | |||||||||||||||
| Federal deposit insurance | 199 | 170 | 123 | 150 | 87 | 199 | 87 | |||||||||||||||
| Professional services | 199 | 243 | 271 | 317 | 278 | 199 | 278 | |||||||||||||||
| Telephone and data communication | 56 | 66 | 57 | 56 | 61 | 56 | 61 | |||||||||||||||
| Insurance | 81 | 79 | 82 | 68 | 88 | 81 | 88 | |||||||||||||||
| Other expense | 487 | 610 | 624 | 636 | 629 | 487 | 629 | |||||||||||||||
| Total noninterest expense | 6,421 | 6,669 | 7,007 | 7,457 | 6,805 | 6,421 | 6,805 | |||||||||||||||
| Income from operations before income taxes | 195 | 158 | 438 | 1,596 | 317 | 195 | 317 | |||||||||||||||
| Income tax expense | 17 | 1,050 | 59 | 431 | 89 | 17 | 89 | |||||||||||||||
| Net (loss) income | 178 | (892 | ) | 379 | 1,165 | 228 | 178 | 228 | ||||||||||||||
| 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 | $ | 178 | $ | (892 | ) | $ | 379 | $ | 1,165 | $ | 228 | $ | 178 | $ | 228 | |||||||
FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
FAQ
What were CIB Marine Bancshares, Inc.'s net income and earnings per share for the first quarter of 2024?
Net income was $0.2 million with $0.13 basic and $0.10 diluted net income per share.
How did CIB Marine Bancshares, Inc. improve its liquidity profile?
The company reduced borrowings by $45 million, increased deposits by $45 million, and controlled the cost of funds.
What were the financial highlights for CIBM Bank during the quarter?
Loan portfolio balances increased $14 million, deposits increased by $45 million, and non-performing assets decreased.
What actions did CIB Marine Bancshares, Inc. take to offset revenue decline?
The company implemented targeted cost controls and balance sheet management strategies.
What challenges did the Mortgage Division face in the first quarter of 2024?
The Mortgage Division had an operating loss due to market challenges like higher interest rates and housing supply shortage.
What is the strategy for future loan growth at CIB Marine Bancshares, Inc.?
The company expects slow to negative loan growth in the foreseeable future to support capital ratios and possible asset sales.
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Jan 26, 2024
CIB Marine Bancshares, Inc. Announces 2023 Results