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 $14 million and deposits grew $45 million, allowing the Bank to reduce borrowings by $45 million, improve its liquidity profile, and control cost of funds. The Mortgage Division improved its operating results versus the first quarter of 2023, but did have an operating loss as a result of the severe production environment created by higher interest rates and lack of housing supply.
Income before tax was $0.2 million for the first quarter of 2024, nominally higher than the fourth quarter of 2023. Net income was $0.2 million for the first quarter of 2024 or $0.13 basic and $0.10 diluted net income per share, compared to a loss of $0.9 million during the fourth quarter of 2023 or $0.67 basic and $0.67 diluted net loss per share. Net income for the first quarter of 2023 was $0.2 million or $0.17 basic or $0.13 diluted net income per share.
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 from 98% at December 31, 2023, to 94% 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% and 0.48%, respectively, compared to 0.90% and 0.50%, respectively, on December 31, 2023, and 0.14% and 0.08%, respectively, on March 31, 2023. Also, as of March 31, 2024, the allowance for credit losses on loans (“ACLL”) to loans was 1.23% compared to an ACLL of 1.27% on December 31, 2023, and 1.51% 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 $2.7 million SBA 7(a) guaranteed loans for a gain of $0.2 million that we completed in the first quarter.
“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, $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 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
