Source: GlobeNewswire (MIL-OSI)
BROOKFIELD, Wis, July 11, 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 six months ended June 30, 2025. During the quarter, net interest income and mortgage operations both improved operating results on a quarterly and year-to-date basis as further outlined below.
Net income for the quarter was $0.7 million, or $0.50 basic and $0.48 diluted earnings per share, compared to $0.5 million, or $0.34 basic and $0.25 diluted earnings per share, for the same period of 2024 excluding the effects of the sale-leaseback transaction gain on sale reported in the second quarter of 2024. Net income for the six months ended June 30, 2025, was $1.0 million, or $0.74 basic and $0.71 diluted earnings per share, compared to $0.6 million, or $0.80 basic and $0.35 diluted earnings per share, for the same period of 2024 also excluding the effects of the sale-leaseback transaction gain on sale.
Financial highlights for the quarter and six months ended June 30 include:
- Net interest margin increased to 2.69% from 2.62% in the first quarter of 2025 and 2.38% in the second quarter of 2024. The cost of funds declined 51 basis points compared to the same quarterly period last year, due to the repricing of interest-bearing liabilities in a lower-cost interest rate environment, while yields on earning assets declined by 16 basis points. The net interest margin improved to 2.65% for the six months ended June 30, 2025, compared to 2.34% for the same period of 2024 as the cost of funds declined 45 basis points compared to a 10 basis point decline in yields on earning assets. Net interest income rose $0.3 million for the quarter compared to the same period of 2024, and $0.6 million for the six months ended June 30th compared to the same period of 2024.
- Although quarter-end loan balances declined $19 million from March 31, 2025, and $32 million from December 31, 2024, the allowance for credit losses to loans rose from 1.26% at December 31, 2024, and 1.29% at March 31, 2025, to 1.32% at June 30, 2025, primarily due to continued deterioration in the Federal Reserve’s economic forecasts used in the Company’s credit loss analysis. Non-performing assets to total assets were 0.68% and non-accrual loans to loans were 0.85% on June 30, 2025, compared to 0.67% and 0.84% on March 31, 2025, and 0.68% and 0.81% on December 31, 2024, respectively. Business plans continue to include higher loan balances by year-end 2025, primarily driven by anticipated growth in the commercial segments. Non-performing loans, other real estate loans, modified loans to borrowers experiencing financial difficulty and loans 90 days or more past due but still accruing to total assets increased to 1.85% at June 30, 2025, compared to 0.97% at March 31, 2025, and 0.98% at December 31, 2024. The increase was primarily due to two commercial loans—one in the transportation industry and the other in manufacturing—that were both 90 days or more past due but still accruing interest and in the collection process. Since June 30, 2025, one of the loans has been brought current and the adjusted ratio would be 1.43%.
- The Banking Division reported net income of $1.6 million for the six months ended June 30, 2025, a $0.4 million improvement over the same period in 2024 excluding the sale-leaseback transaction gain on sale, driven primarily by higher net interest margins and continued cost controls. The Mortgage Division’s $0.1 million net loss for the six months ended June 30, 2025, is an improvement of $0.1 million from the prior year. This modest progress reflects the decline in lending staff noted in the first-quarter earnings release. The net remaining Other Division, comprised primarily of parent company operations, had a net loss of $0.5 million with roughly one-third of that amount attributed to subordinated debt interest expense. Although the parent company has a $2 million line of credit, no draws have been made on that potential funding source to date.
Mr. J. Brian Chaffin, CIB Marine’s President and CEO, commented, “Net interest margins continue to improve as we actively manage our cost of funds in a lower rate environment compared to last year. This contributed to stronger operating results from our Banking Division. While loan balances declined again, our commercial group continues to build the loan pipeline, and we anticipate higher balances by year-end. The Mortgage Division showed modest improvement despite ongoing challenges in the residential mortgage market. Although mortgage production is expected to be lower than last year due to lender staff reductions, our current team is well-positioned to maintain consistent performance in a competitive market. Expense controls continue to support improved operating results.”
He added, “In February, we launched our 2025 common stock repurchase program, authorizing up to $1 million in share buybacks. During the second quarter of 2025, we repurchased 8,083 shares through open market transactions for a total of $262,000, at an average price of $32.37 per share. Year to date, we have repurchased 15,512 shares for a total of $497,000, at an average price of $32.02 per share. Barring unforeseen factors, we intend to complete our 2025 common stock repurchase program during the second half of the year, using available resources including $0.7 million in cash on hand at the parent company, our $2 million line of credit, and other potential sources such as a possible capital distribution from CIBM Bank.”
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 six 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.
FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
| 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, |
| |
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
|
2025 |
|
|
2024 |
|
| |
(Dollars in thousands, except share and per share data) |
| Selected Statement of Operations Data: |
|
|
|
|
|
|
|
|
| Interest and dividend income |
$ |
11,017 |
|
$ |
10,941 |
|
$ |
11,408 |
|
$ |
12,283 |
|
$ |
12,052 |
|
|
$ |
21,958 |
|
$ |
23,853 |
|
| Interest expense |
|
5,541 |
|
|
5,652 |
|
|
6,259 |
|
|
6,707 |
|
|
6,897 |
|
|
|
11,193 |
|
|
13,737 |
|
| Net interest income |
|
5,476 |
|
|
5,289 |
|
|
5,149 |
|
|
5,576 |
|
|
5,155 |
|
|
|
10,765 |
|
|
10,116 |
|
| Provision for (reversal of) credit losses |
|
9 |
|
|
42 |
|
|
(332 |
) |
|
(113 |
) |
|
10 |
|
|
|
51 |
|
|
(18 |
) |
| Net interest income after provision for |
|
|
|
|
|
|
|
|
| (reversal of) credit losses |
|
5,467 |
|
|
5,247 |
|
|
5,481 |
|
|
5,689 |
|
|
5,145 |
|
|
|
10,714 |
|
|
10,134 |
|
| Noninterest income (1) |
|
1,765 |
|
|
1,552 |
|
|
1,724 |
|
|
2,897 |
|
|
6,904 |
|
|
|
3,317 |
|
|
8,531 |
|
| Noninterest expense |
|
6,311 |
|
|
6,373 |
|
|
6,678 |
|
|
7,163 |
|
|
6,904 |
|
|
|
12,684 |
|
|
13,325 |
|
| Income before income taxes |
|
921 |
|
|
426 |
|
|
527 |
|
|
1,423 |
|
|
5,145 |
|
|
|
1,347 |
|
|
5,340 |
|
| Income tax expense |
|
253 |
|
|
105 |
|
|
123 |
|
|
347 |
|
|
1,361 |
|
|
|
358 |
|
|
1,378 |
|
| Net income (loss) |
$ |
668 |
|
$ |
321 |
|
$ |
404 |
|
$ |
1,076 |
|
$ |
3,784 |
|
|
$ |
989 |
|
$ |
3,962 |
|
| |
|
|
|
|
|
|
|
|
| Common Share Data: |
|
|
|
|
|
|
|
|
| Basic net income (loss) per share (2) |
$ |
0.50 |
|
$ |
0.24 |
|
$ |
0.60 |
|
$ |
0.79 |
|
$ |
2.79 |
|
|
$ |
0.74 |
|
$ |
2.94 |
|
| Diluted net income (loss) per share (2) |
|
0.48 |
|
|
0.23 |
|
|
0.54 |
|
|
0.59 |
|
|
2.06 |
|
|
|
0.71 |
|
|
2.17 |
|
| Dividend |
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
0.00 |
|
|
|
0.00 |
|
|
0.00 |
|
| Tangible book value per share (3) |
|
59.55 |
|
|
58.46 |
|
|
57.37 |
|
|
57.80 |
|
|
55.36 |
|
|
|
59.55 |
|
|
55.36 |
|
| Book value per share (3) |
|
59.59 |
|
|
58.51 |
|
|
57.42 |
|
|
56.06 |
|
|
53.61 |
|
|
|
59.59 |
|
|
53.61 |
|
| Weighted average shares outstanding – basic |
|
1,349,613 |
|
|
1,348,995 |
|
|
1,357,737 |
|
|
1,357,259 |
|
|
1,356,255 |
|
|
|
1,344,573 |
|
|
1,348,440 |
|
| Weighted average shares outstanding – diluted |
|
1,397,365 |
|
|
1,396,274 |
|
|
1,507,344 |
|
|
1,833,586 |
|
|
1,833,881 |
|
|
|
1,392,090 |
|
|
1,826,911 |
|
| Financial Condition Data: |
|
|
|
|
|
|
|
|
| Total assets |
$ |
838,441 |
|
$ |
852,018 |
|
$ |
866,474 |
|
$ |
888,283 |
|
$ |
901,634 |
|
|
$ |
838,441 |
|
$ |
901,634 |
|
| Loans |
|
665,393 |
|
|
684,787 |
|
|
697,093 |
|
|
707,310 |
|
|
719,129 |
|
|
|
665,393 |
|
|
719,129 |
|
| Allowance for credit losses on loans |
|
(8,793 |
) |
|
(8,818 |
) |
|
(8,790 |
) |
|
(8,973 |
) |
|
(9,083 |
) |
|
|
(8,793 |
) |
|
(9,083 |
) |
| Investment securities |
|
126,795 |
|
|
124,109 |
|
|
120,339 |
|
|
120,349 |
|
|
123,814 |
|
|
|
126,795 |
|
|
123,814 |
|
| Deposits |
|
684,480 |
|
|
692,028 |
|
|
692,378 |
|
|
747,168 |
|
|
768,984 |
|
|
|
684,480 |
|
|
768,984 |
|
| Borrowings |
|
59,292 |
|
|
67,214 |
|
|
81,735 |
|
|
33,583 |
|
|
28,222 |
|
|
|
59,292 |
|
|
28,222 |
|
| Stockholders’ equity |
|
80,492 |
|
|
79,309 |
|
|
77,961 |
|
|
92,358 |
|
|
89,008 |
|
|
|
80,492 |
|
|
89,008 |
|
| Financial Ratios and Other Data: |
|
|
|
|
|
|
|
|
| Performance Ratios: |
|
|
|
|
|
|
|
|
| Net interest margin (4) |
|
2.69 |
% |
|
2.62 |
% |
|
2.44 |
% |
|
2.55 |
% |
|
2.38 |
% |
|
|
2.65 |
% |
|
2.34 |
% |
| Net interest spread (5) |
|
2.06 |
% |
|
1.99 |
% |
|
1.74 |
% |
|
1.80 |
% |
|
1.71 |
% |
|
|
2.03 |
% |
|
1.67 |
% |
| Noninterest income to average assets (6) |
|
0.83 |
% |
|
0.73 |
% |
|
0.82 |
% |
|
1.25 |
% |
|
3.09 |
% |
|
|
0.78 |
% |
|
1.91 |
% |
| Noninterest expense to average assets |
|
3.00 |
% |
|
3.05 |
% |
|
3.06 |
% |
|
3.17 |
% |
|
3.09 |
% |
|
|
3.02 |
% |
|
2.98 |
% |
| Efficiency ratio (7) |
|
87.24 |
% |
|
93.65 |
% |
|
96.17 |
% |
|
85.32 |
% |
|
57.19 |
% |
|
|
90.35 |
% |
|
71.34 |
% |
| Earnings (loss) on average assets (8) |
|
0.32 |
% |
|
0.15 |
% |
|
0.19 |
% |
|
0.48 |
% |
|
1.69 |
% |
|
|
0.24 |
% |
|
0.88 |
% |
| Earnings (loss) on average equity (9) |
|
3.36 |
% |
|
1.65 |
% |
|
1.94 |
% |
|
4.71 |
% |
|
17.92 |
% |
|
|
2.52 |
% |
|
9.38 |
% |
| Asset Quality Ratios: |
|
|
|
|
|
|
|
|
| Nonaccrual loans to loans (10) |
|
0.85 |
% |
|
0.84 |
% |
|
0.81 |
% |
|
0.44 |
% |
|
0.47 |
% |
|
|
0.85 |
% |
|
0.47 |
% |
| Nonperformance assets to total assets (11) |
|
0.68 |
% |
|
0.67 |
% |
|
0.68 |
% |
|
0.38 |
% |
|
0.41 |
% |
|
|
0.68 |
% |
|
0.41 |
% |
| Nonaccrual loans, modified loans to borrowers experiencing |
|
|
|
|
|
|
|
|
| financial difficulty, loans 90 days or more past due and still |
|
|
|
|
|
|
|
|
| accruing to total loans (12) |
|
2.33 |
% |
|
1.21 |
% |
|
1.19 |
% |
|
1.62 |
% |
|
1.38 |
% |
|
|
2.33 |
% |
|
1.38 |
% |
| Nonaccrual loans, OREO, modified loans to borrowers |
|
|
|
|
|
|
|
|
| experiencing financial difficulty, loans 90 days or more past |
|
|
|
|
|
|
|
|
| due and still accruing to total assets (12) |
|
1.85 |
% |
|
0.97 |
% |
|
0.98 |
% |
|
1.32 |
% |
|
1.14 |
% |
|
|
1.85 |
% |
|
1.14 |
% |
| Allowance for credit losses on loans to total loans (10) |
|
1.32 |
% |
|
1.29 |
% |
|
1.26 |
% |
|
1.27 |
% |
|
1.26 |
% |
|
|
1.32 |
% |
|
1.26 |
% |
| 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) |
|
56.76 |
% |
|
106.25 |
% |
|
105.95 |
% |
|
82.53 |
% |
|
91.24 |
% |
|
|
56.76 |
% |
|
91.24 |
% |
| Net charge-offs (recoveries) annualized |
|
|
|
|
|
|
|
|
| to average loans (10) |
|
-0.02 |
% |
|
-0.01 |
% |
|
-0.01 |
% |
|
-0.01 |
% |
|
0.03 |
% |
|
|
-0.01 |
% |
|
0.03 |
% |
| Capital Ratios: |
|
|
|
|
|
|
|
|
| Total equity to total assets |
|
9.60 |
% |
|
9.31 |
% |
|
9.00 |
% |
|
10.40 |
% |
|
9.87 |
% |
|
|
9.60 |
% |
|
9.87 |
% |
| Total risk-based capital ratio |
|
13.55 |
% |
|
13.34 |
% |
|
13.02 |
% |
|
14.54 |
% |
|
13.90 |
% |
|
|
13.55 |
% |
|
13.90 |
% |
| Tier 1 risk-based capital ratio |
|
10.82 |
% |
|
10.62 |
% |
|
10.33 |
% |
|
11.89 |
% |
|
11.27 |
% |
|
|
10.82 |
% |
|
11.27 |
% |
| Leverage capital ratio |
|
8.54 |
% |
|
8.40 |
% |
|
8.14 |
% |
|
9.30 |
% |
|
8.93 |
% |
|
|
8.54 |
% |
|
8.93 |
% |
| Other Data: |
|
|
|
|
|
|
|
|
| Number of employees (full-time equivalent) |
|
144 |
|
|
152 |
|
|
165 |
|
|
170 |
|
|
172 |
|
|
|
144 |
|
|
172 |
|
| 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 $0.4 million for the quarter ended December 31, 2024. |
| (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. |
| (11) Nonperforming assets includes nonaccrual loans and securities and other real estate owned. |
| (12) A large loan 90 days or more past due and still accruing was brought current after June 30, 2025. The adjusted ratio to total loans would be 1.80% and to total assets 1.43%. |
| CIB MARINE BANCSHARES, INC. |
|
| Consolidated Balance Sheets (unaudited) |
|
| |
|
|
|
|
|
|
| |
June 30, |
March 31, |
December 31, |
September 30, |
June 30, |
|
| |
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
| |
(Dollars in Thousands, Except Shares) |
|
| Assets |
|
|
|
|
|
|
| Cash and due from banks |
$ |
10,363 |
|
$ |
7,717 |
|
$ |
6,748 |
|
$ |
13,814 |
|
$ |
10,690 |
|
|
| Reverse repurchase agreements |
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
– |
|
|
| Securities available for sale |
|
124,618 |
|
|
121,939 |
|
|
118,206 |
|
|
118,145 |
|
|
121,687 |
|
|
| Equity securities at fair value |
|
2,177 |
|
|
2,170 |
|
|
2,133 |
|
|
2,204 |
|
|
2,127 |
|
|
| Loans held for sale |
|
7,733 |
|
|
7,685 |
|
|
13,291 |
|
|
19,472 |
|
|
17,897 |
|
|
| |
|
|
|
|
|
|
| Loans |
|
665,393 |
|
|
684,787 |
|
|
697,093 |
|
|
707,310 |
|
|
719,129 |
|
|
| Allowance for credit losses on loans |
|
(8,793 |
) |
|
(8,818 |
) |
|
(8,790 |
) |
|
(8,973 |
) |
|
(9,083 |
) |
|
| Net loans |
|
656,600 |
|
|
675,969 |
|
|
688,303 |
|
|
698,337 |
|
|
710,046 |
|
|
| |
|
|
|
|
|
|
| Federal Home Loan Bank Stock |
|
3,401 |
|
|
2,607 |
|
|
2,607 |
|
|
2,238 |
|
|
2,238 |
|
|
| Premises and equipment, net |
|
1,660 |
|
|
1,486 |
|
|
1,570 |
|
|
1,526 |
|
|
1,569 |
|
|
| Accrued interest receivable |
|
2,733 |
|
|
2,680 |
|
|
2,651 |
|
|
2,926 |
|
|
3,230 |
|
|
| Deferred tax assets, net |
|
12,160 |
|
|
12,529 |
|
|
12,955 |
|
|
12,796 |
|
|
14,840 |
|
|
| Other real estate owned, net |
|
– |
|
|
– |
|
|
200 |
|
|
211 |
|
|
283 |
|
|
| Bank owned life insurance |
|
6,536 |
|
|
6,486 |
|
|
6,437 |
|
|
6,388 |
|
|
6,340 |
|
|
| Goodwill and other intangible assets |
|
64 |
|
|
64 |
|
|
64 |
|
|
64 |
|
|
64 |
|
|
| Other assets |
|
10,396 |
|
|
10,686 |
|
|
11,309 |
|
|
10,162 |
|
|
10,623 |
|
|
| Total assets |
$ |
838,441 |
|
$ |
852,018 |
|
$ |
866,474 |
|
$ |
888,283 |
|
$ |
901,634 |
|
|
| |
|
|
|
|
|
|
| Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
| Deposits: |
|
|
|
|
|
|
| Noninterest-bearing demand |
$ |
87,479 |
|
$ |
98,403 |
|
$ |
86,886 |
|
$ |
95,471 |
|
$ |
95,457 |
|
|
| Interest-bearing demand |
|
74,921 |
|
|
77,620 |
|
|
84,833 |
|
|
90,095 |
|
|
86,728 |
|
|
| Savings |
|
226,663 |
|
|
232,046 |
|
|
224,960 |
|
|
234,969 |
|
|
244,595 |
|
|
| Time |
|
295,417 |
|
|
283,959 |
|
|
295,699 |
|
|
326,633 |
|
|
342,204 |
|
|
| Total deposits |
|
684,480 |
|
|
692,028 |
|
|
692,378 |
|
|
747,168 |
|
|
768,984 |
|
|
| Short-term borrowings |
|
49,514 |
|
|
57,444 |
|
|
71,973 |
|
|
23,829 |
|
|
18,477 |
|
|
| Long-term borrowings |
|
9,778 |
|
|
9,770 |
|
|
9,762 |
|
|
9,754 |
|
|
9,745 |
|
|
| Accrued interest payable |
|
1,656 |
|
|
1,614 |
|
|
1,911 |
|
|
2,101 |
|
|
2,145 |
|
|
| Other liabilities |
|
12,521 |
|
|
11,853 |
|
|
12,489 |
|
|
13,073 |
|
|
13,275 |
|
|
| Total liabilities |
|
757,949 |
|
|
772,709 |
|
|
788,513 |
|
|
795,925 |
|
|
812,626 |
|
|
| |
|
|
|
|
|
|
| Stockholders’ Equity |
|
|
|
|
|
|
| Preferred stock, $1 par value; 5,000,000 authorized shares at periods prior to December 31, 2024; 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 |
|
|
| Common stock, $1 par value; 75,000,000 authorized shares; 1,385,842 and 1,372,642 issued shares; 1,351,397 and 1,358,473 outstanding shares at June 30, 2025 and December 31, 2024, respectively (1) |
|
1,386 |
|
|
1,383 |
|
|
1,372 |
|
|
1,372 |
|
|
1,372 |
|
|
| Capital surplus |
|
181,908 |
|
|
181,801 |
|
|
181,708 |
|
|
181,603 |
|
|
181,486 |
|
|
| Accumulated deficit |
|
(98,498 |
) |
|
(99,167 |
) |
|
(99,487 |
) |
|
(100,297 |
) |
|
(101,373 |
) |
|
| Accumulated other comprehensive income (loss), net |
|
(3,273 |
) |
|
(3,939 |
) |
|
(5,098 |
) |
|
(3,592 |
) |
|
(5,749 |
) |
|
| Treasury stock, 35,167 shares on June 30, 2025 and 14,791 shares December 31, 2024 (2) |
|
(1,031 |
) |
|
(769 |
) |
|
(534 |
) |
|
(534 |
) |
|
(534 |
) |
|
| Total stockholders’ equity |
|
80,492 |
|
|
79,309 |
|
|
77,961 |
|
|
92,358 |
|
|
89,008 |
|
|
| Total liabilities and stockholders’ equity |
$ |
838,441 |
|
$ |
852,018 |
|
$ |
866,474 |
|
$ |
888,283 |
|
$ |
901,634 |
|
|
| |
|
|
|
|
|
|
| (1) Both issued and outstanding shares as stated here exclude 46,686 shares and 42,259 shares of unvested restricted stock awards at June 30, 2025 and December 31, 2024, 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, |
|
| |
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2024 |
|
|
2024 |
|
|
|
2025 |
|
|
2024 |
|
|
| |
(Dollars in thousands) |
|
| |
|
|
|
|
|
|
|
|
|
| Interest Income |
|
|
|
|
|
|
|
|
|
| Loans |
$ |
9,653 |
|
$ |
9,623 |
|
$ |
9,999 |
|
$ |
10,573 |
|
$ |
10,582 |
|
|
$ |
19,276 |
|
$ |
20,976 |
|
|
| Loans held for sale |
|
149 |
|
|
137 |
|
|
215 |
|
|
300 |
|
|
213 |
|
|
|
286 |
|
|
355 |
|
|
| Securities |
|
1,186 |
|
|
1,150 |
|
|
1,151 |
|
|
1,183 |
|
|
1,217 |
|
|
|
2,336 |
|
|
2,448 |
|
|
| Other investments |
|
29 |
|
|
31 |
|
|
43 |
|
|
227 |
|
|
40 |
|
|
|
60 |
|
|
74 |
|
|
| Total interest income |
|
11,017 |
|
|
10,941 |
|
|
11,408 |
|
|
12,283 |
|
|
12,052 |
|
|
|
21,958 |
|
|
23,853 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Interest Expense |
|
|
|
|
|
|
|
|
|
| Deposits |
|
4,795 |
|
|
5,029 |
|
|
5,638 |
|
|
6,354 |
|
|
6,466 |
|
|
|
9,824 |
|
|
12,693 |
|
|
| Short-term borrowings |
|
625 |
|
|
504 |
|
|
500 |
|
|
232 |
|
|
310 |
|
|
|
1,129 |
|
|
803 |
|
|
| Long-term borrowings |
|
121 |
|
|
119 |
|
|
121 |
|
|
121 |
|
|
121 |
|
|
|
240 |
|
|
241 |
|
|
| Total interest expense |
|
5,541 |
|
|
5,652 |
|
|
6,259 |
|
|
6,707 |
|
|
6,897 |
|
|
|
11,193 |
|
|
13,737 |
|
|
| Net interest income |
|
5,476 |
|
|
5,289 |
|
|
5,149 |
|
|
5,576 |
|
|
5,155 |
|
|
|
10,765 |
|
|
10,116 |
|
|
| Provision for (reversal of) credit losses |
|
9 |
|
|
42 |
|
|
(332 |
) |
|
(113 |
) |
|
10 |
|
|
|
51 |
|
|
(18 |
) |
|
| Net interest income after provision for |
|
|
|
|
|
|
|
|
|
| (reversal of) credit losses |
|
5,467 |
|
|
5,247 |
|
|
5,481 |
|
|
5,689 |
|
|
5,145 |
|
|
|
10,714 |
|
|
10,134 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Noninterest Income |
|
|
|
|
|
|
|
|
|
| Deposit service charges |
|
65 |
|
|
59 |
|
|
55 |
|
|
63 |
|
|
67 |
|
|
|
124 |
|
|
133 |
|
|
| Other service fees |
|
(10 |
) |
|
(9 |
) |
|
(5 |
) |
|
(5 |
) |
|
1 |
|
|
|
(19 |
) |
|
(4 |
) |
|
| Mortgage banking revenue, net |
|
1,424 |
|
|
1,140 |
|
|
1,564 |
|
|
2,264 |
|
|
2,166 |
|
|
|
2,564 |
|
|
3,375 |
|
|
| Other income |
|
279 |
|
|
177 |
|
|
192 |
|
|
150 |
|
|
273 |
|
|
|
456 |
|
|
436 |
|
|
| Net gains on sale of securities available for sale |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
|
0 |
|
|
0 |
|
|
| Unrealized gains (losses) recognized on equity securities |
|
7 |
|
|
36 |
|
|
(71 |
) |
|
78 |
|
|
(14 |
) |
|
|
43 |
|
|
(32 |
) |
|
| Net gains (loss) on sale of SBA loans |
|
0 |
|
|
161 |
|
|
0 |
|
|
420 |
|
|
0 |
|
|
|
161 |
|
|
202 |
|
|
| Net gains on sale of assets and (writedowns) |
|
0 |
|
|
(12 |
) |
|
(11 |
) |
|
(73 |
) |
|
4,411 |
|
|
|
(12 |
) |
|
4,421 |
|
|
| Total noninterest income |
|
1,765 |
|
|
1,552 |
|
|
1,724 |
|
|
2,897 |
|
|
6,904 |
|
|
|
3,317 |
|
|
8,531 |
|
|
| |
|
|
|
|
|
|
|
|
|
| Noninterest Expense |
|
|
|
|
|
|
|
|
|
| Compensation and employee benefits |
|
4,060 |
|
|
4,066 |
|
|
4,344 |
|
|
4,852 |
|
|
4,700 |
|
|
|
8,126 |
|
|
8,989 |
|
|
| Equipment |
|
583 |
|
|
559 |
|
|
467 |
|
|
504 |
|
|
457 |
|
|
|
1,142 |
|
|
919 |
|
|
| Occupancy and premises |
|
519 |
|
|
549 |
|
|
500 |
|
|
495 |
|
|
391 |
|
|
|
1,068 |
|
|
827 |
|
|
| Data Processing |
|
212 |
|
|
221 |
|
|
220 |
|
|
243 |
|
|
208 |
|
|
|
433 |
|
|
420 |
|
|
| Federal deposit insurance |
|
101 |
|
|
129 |
|
|
144 |
|
|
182 |
|
|
219 |
|
|
|
230 |
|
|
418 |
|
|
| Professional services |
|
218 |
|
|
278 |
|
|
240 |
|
|
254 |
|
|
219 |
|
|
|
496 |
|
|
418 |
|
|
| Telephone and data communication |
|
57 |
|
|
52 |
|
|
74 |
|
|
51 |
|
|
51 |
|
|
|
109 |
|
|
107 |
|
|
| Insurance |
|
75 |
|
|
64 |
|
|
71 |
|
|
78 |
|
|
80 |
|
|
|
139 |
|
|
161 |
|
|
| Other expense |
|
486 |
|
|
455 |
|
|
618 |
|
|
504 |
|
|
579 |
|
|
|
941 |
|
|
1,066 |
|
|
| Total noninterest expense |
|
6,311 |
|
|
6,373 |
|
|
6,678 |
|
|
7,163 |
|
|
6,904 |
|
|
|
12,684 |
|
|
13,325 |
|
|
| Income from operations |
|
|
|
|
|
|
|
|
|
| before income taxes |
|
921 |
|
|
426 |
|
|
527 |
|
|
1,423 |
|
|
5,145 |
|
|
|
1,347 |
|
|
5,340 |
|
|
| Income tax expense |
|
253 |
|
|
105 |
|
|
123 |
|
|
347 |
|
|
1,361 |
|
|
|
358 |
|
|
1,378 |
|
|
| Net income (loss) |
|
668 |
|
|
321 |
|
|
404 |
|
|
1,076 |
|
|
3,784 |
|
|
|
989 |
|
|
3,962 |
|
|
| Preferred stock dividend |
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
|
0 |
|
|
0 |
|
|
Discount from repurchase of preferred
stock |
|
0 |
|
|
0 |
|
|
406 |
|
|
0 |
|
|
0 |
|
|
|
0 |
|
|
0 |
|
|
| Net income (loss) allocated to |
|
|
|
|
|
|
|
|
|
| common stockholders |
$ |
668 |
|
$ |
321 |
|
$ |
810 |
|
$ |
1,076 |
|
$ |
3,784 |
|
|
$ |
989 |
|
$ |
3,962 |
|
|
| |
|
|
|
|
|
|
|
|
|
The MIL Network –