CIB Marine Bancshares Inc

OTCQX US:CIBHUnited States

Apr 19, 2024

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• Press Release: CIB Marine Bancshares, Inc. Announces First Quarter 2024 Results, from 5:03PM ET on Friday Apr 19, 2024 by Dow Jones

  5:03PM ET on Friday Apr 19, 2024 by Dow Jones
  Companies Mentioned: CIBH
  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, $1 par value; 5,000,000 authorized shares at both March 31, 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; 1,368,987 and 1,349,392 issued shares; 1,354,918 and 1,335,323 outstanding shares at March 31, 2024 and December 31, 2023, respectively. (1) 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 June March March March 31, December September 30, 31, 31, 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 ====== ======== ======== ===== ===== ====== =====
  

• CIB Marine Bancshares, Inc. Announces First Quarter 2024 Results, from 4:00PM ET on Friday Apr 19, 2024 by GlobeNewswire

  4:00PM ET on Friday Apr 19, 2024 by GlobeNewswire
  Companies Mentioned: CIBH

• CIB Marine Bancshares, Inc. Announces First Quarter 2024 Results, from 4:00PM ET on Friday Apr 19, 2024 by Dow Jones

  4:00PM ET on Friday Apr 19, 2024 by Dow Jones
  Companies Mentioned: CIBH
  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, $1 par value; 5,000,000 authorized shares at both March 31, 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; 1,368,987 and 1,349,392 issued shares; 1,354,918 and 1,335,323 outstanding shares at March 31, 2024 and December 31, 2023, respectively. (1) 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 June March March March 31, December September 30, 31, 31, 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 ====== ======== ======== ===== ===== ====== =====