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CIB Marine Bancshares, Inc. Announces Second Quarter 2022 Results

CIB Marine Bancshares, Inc.
CIB Marine Bancshares, Inc.

BROOKFIELD, Wis., July 15, 2022 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQX: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the quarter and six months ended June 30, 2022. Net income for core banking activity (i.e., deposits and portfolio loans) strengthened, however earnings declined as a result of substantially reduced mortgage banking income following the significant rise in mortgage interest rates. Net income for the quarter was $0.9 million, or $0.68 basic and $0.49 diluted earnings per share, compared to $1.4 million, or $1.08 basic and $0.63 diluted earnings per share, for the same period of 2021; and net income for the six month period was $1.8 million, or $1.38 basic and $1.00 diluted earnings per share, compared to $3.5 million, or $2.74 basic and $1.59 diluted earnings per share, for the same period in 2021.

Financial highlights for the quarter include:

  • Net interest income and margin for the quarter were $5.9 million and 3.23%, respectively, compared to $5.8 million and 3.26%, respectively, in the same period of 2021; and $11.4 million and 3.15%, respectively, for the six month period compared to $11.5 million and 3.24%, respectively, for the same period of 2021.   The six month period includes $0.3 million less PPP loan fee accretion income and $0.2 million more subordinated debt interest expense compared to the same period in 2021, revealing a stronger result for core banking activity in 2022 versus 2021. PPP loans are substantially paid down as of June 30, 2022, with remaining principal balances of $0.2 million and a negligible amount of fees left to accrete in the future.

  • Net mortgage banking revenues were down $1.5 million and $5.0 million for the quarter and six month period, respectively, compared to the same periods of 2021. The change was due to a 54% decline in loan originations for the six months ended June 30, 2022, compared to the same period of 2021, as a result of an increase of more than 150 basis points in average mortgage rates that also prompted tightening margins across the industry as mortgage producers began to compete more intensively for each mortgage. Related Mortgage Division compensation expenses were also down $0.8 million and $2.5 million for the quarter and six month period, respectively, when compared to the same periods in 2021.

  • Although nominally up from the lows reported for March 31, 2022, asset quality measures remain near cycle-best levels. As of June 30, 2022, non-performing assets, restructured loans, and loans 90 days or more past due and still accruing to total assets and nonaccrual loans to total loans were 0.25% and 0.22%, respectively, compared to 0.21% and 0.14%, respectively, at December 31, 2021, and 0.29% and 0.19%, respectively, at June 30, 2021. In addition, CIBM reported no or 0.00% loans 30 days or greater past due and still accruing at June 30, 2022, compared to 0.40% on June 30, 2021; and made provisions for future loan losses of $40,000 during the second quarter of 2022 compared to a reversal of $0.3 million during in the same period of 2021.

  • Checking deposits grew by $12 million and total deposits grew by $24 million from December 31, 2021, to June 30, 2022, due to ongoing marketing activity. Short-term federal funds and US T-Bill interest rates have risen substantially since the beginning of the year and, as a result, pressure on balances is expected to increase.

Mr. J. Brian Chaffin, CIBM’s President and CEO, commented, “We continue to focus on growing and improving our core banking activities and are seeing positive outcomes, including improved net interest income composition and growth in key loan and deposit balances. Although reduced residential mortgage activity has had a large impact on our earnings in 2022 compared to the prior two years, it has also afforded us the ability to make significant progress in the implementation of a new mortgage loan operating system, which will provide a better loan origination experience for both employees and customers alike in the future.”

He added, “Project Falcon – which we launched two years ago – also concentrates on identifying and implementing internal process improvements and efficiency-enhancing technologies that allow us to maximize our internal capacity. This is critically important as we target improved efficiencies through higher core revenues as well as improvements in our cost structure and controls.”

Mr. Chaffin also cautioned, “With growing economic uncertainty, high inflation rates, and rising interest rates, recession risks are significant in the foreseeable future. As a result, we are both seeking business opportunities to enhance our performance in the current markets and actively managing the loan portfolio to reflect higher future credit risks.”

He concluded, “As a reminder, at our 2022 Annual Meeting, we announced plans to redeem approximately 5,830 shares of Series A preferred stock during the fourth quarter of 2022. The redemption will be pro-rata among Series A preferred stockholders and at the fixed redemption price in our Articles of Incorporation of $825 per share, for a total price of approximately $4.8 million. Further details will be provided as we near the redemption date.”

CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and two mortgage loan offices in Illinois, Wisconsin and Indiana. 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

6 Months Ended

 

June 30,

March 31,

December 31,

September 30,

June 30,

June 30,

June 30,

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

2022

 

 

2021

 

 

(Dollars in thousands, except share and per share data)

Selected Statement of Operations Data:

 

 

 

 

 

 

 

Interest and dividend income

$

6,411

 

$

5,879

 

$

6,244

 

$

6,311

 

$

6,239

 

$

12,290

 

$

12,504

 

Interest expense

 

517

 

 

413

 

 

387

 

 

417

 

 

456

 

 

930

 

 

992

 

Net interest income

 

5,894

 

 

5,466

 

 

5,857

 

 

5,894

 

 

5,783

 

 

11,360

 

 

11,512

 

Provision for (reversal of) loan losses

 

40

 

 

(325

)

 

(502

)

 

(413

)

 

(300

)

 

(285

)

 

(280

)

Net interest income after provision for

 

 

 

 

 

 

 

(reversal of) loan losses

 

5,854

 

 

5,791

 

 

6,359

 

 

6,307

 

 

6,083

 

 

11,645

 

 

11,792

 

Noninterest income (1)

 

1,660

 

 

1,705

 

 

2,718

 

 

4,072

 

 

3,135

 

 

3,365

 

 

8,281

 

Noninterest expense

 

6,374

 

 

6,262

 

 

7,641

 

 

7,517

 

 

7,279

 

 

12,636

 

 

15,219

 

Income before income taxes

 

1,140

 

 

1,234

 

 

1,436

 

 

2,862

 

 

1,939

 

 

2,374

 

 

4,854

 

Income tax expense

 

251

 

 

334

 

 

336

 

 

788

 

 

558

 

 

585

 

 

1,356

 

Net income

$

889

 

$

900

 

$

1,100

 

$

2,074

 

$

1,381

 

$

1,789

 

$

3,498

 

 

 

 

 

 

 

 

 

Common Share Data:

 

 

 

 

 

 

 

Basic net income per share (2)

$

0.68

 

$

0.69

 

$

1.28

 

$

1.61

 

$

1.08

 

$

1.38

 

$

2.74

 

Diluted net income per share (2)

 

0.49

 

 

0.50

 

 

0.92

 

 

0.94

 

 

0.63

 

 

1.00

 

 

1.59

 

Dividend

 

0.00

 

 

0.00

 

 

0.00

 

 

0.00

 

 

0.00

 

 

0.00

 

 

0.00

 

Tangible book value per share (3)

 

53.68

 

 

54.53

 

 

57.06

 

 

55.60

 

 

54.19

 

 

53.68

 

 

54.19

 

Book value per share (3)

 

51.22

 

 

52.07

 

 

54.55

 

 

50.58

 

 

49.16

 

 

51.22

 

 

49.16

 

Weighted average shares outstanding - basic

 

1,307,289

 

 

1,295,573

 

 

1,287,438

 

 

1,286,536

 

 

1,282,917

 

 

1,300,164

 

 

1,275,971

 

Weighted average shares outstanding - diluted

 

1,798,002

 

 

1,792,181

 

 

1,784,005

 

 

2,208,493

 

 

2,208,600

 

 

1,793,809

 

 

2,197,071

 

Financial Condition Data:

 

 

 

 

 

 

 

Total assets

$

774,356

 

$

764,641

 

$

745,393

 

$

775,912

 

$

753,660

 

$

774,356

 

$

753,660

 

Loans

 

549,175

 

 

529,212

 

 

543,819

 

 

559,079

 

 

553,642

 

 

549,175

 

 

553,642

 

Allowance for loan losses

 

(8,010

)

 

(8,011

)

 

(8,352

)

 

(8,699

)

 

(9,165

)

 

(8,010

)

 

(9,165

)

Investment securities

 

122,483

 

 

109,533

 

 

106,647

 

 

102,243

 

 

108,825

 

 

122,483

 

 

108,825

 

Deposits

 

642,500

 

 

631,953

 

 

618,991

 

 

624,579

 

 

609,964

 

 

642,500

 

 

609,964

 

Borrowings

 

37,693

 

 

36,789

 

 

27,049

 

 

34,577

 

 

29,592

 

 

37,693

 

 

29,592

 

Stockholders' equity

 

89,111

 

 

89,931

 

 

91,780

 

 

108,984

 

 

107,051

 

 

89,111

 

 

107,051

 

Financial Ratios and Other Data:

 

 

 

 

 

 

 

Performance Ratios:

 

 

 

 

 

 

 

Net interest margin (4)

 

3.23

%

 

3.05

%

 

3.18

%

 

3.21

%

 

3.26

%

 

3.15

%

 

3.24

%

Net interest spread (5)

 

3.14

%

 

2.98

%

 

3.10

%

 

3.12

%

 

3.16

%

 

3.06

%

 

3.15

%

Noninterest income to average assets (6)

 

0.91

%

 

0.97

%

 

1.43

%

 

2.13

%

 

1.68

%

 

0.94

%

 

2.24

%

Noninterest expense to average assets

 

3.34

%

 

3.35

%

 

3.98

%

 

3.92

%

 

3.91

%

 

3.35

%

 

4.09

%

Efficiency ratio (7)

 

83.52

%

 

85.98

%

 

88.87

%

 

75.34

%

 

81.69

%

 

84.72

%

 

76.75

%

Earnings on average assets (8)

 

0.47

%

 

0.48

%

 

0.57

%

 

1.08

%

 

0.74

%

 

0.47

%

 

0.94

%

Earnings on average equity (9)

 

3.96

%

 

3.98

%

 

4.47

%

 

7.59

%

 

5.18

%

 

3.97

%

 

6.62

%

Asset Quality Ratios:

 

 

 

 

 

 

 

Nonaccrual loans to loans (10)

 

0.22

%

 

0.13

%

 

0.14

%

 

0.18

%

 

0.19

%

 

0.22

%

 

0.19

%

Nonaccrual loans, restructured loans and

 

 

 

 

 

 

 

loans 90 days or more past due and still

 

 

 

 

 

 

 

accruing to total loans (10)

 

0.28

%

 

0.20

%

 

0.21

%

 

0.27

%

 

0.32

%

 

0.28

%

 

0.32

%

Nonperforming assets, restructured loans

 

 

 

 

 

 

 

and loans 90 days or more past due and still

 

 

 

 

 

 

 

accruing to total assets (10)

 

0.25

%

 

0.19

%

 

0.21

%

 

0.25

%

 

0.29

%

 

0.25

%

 

0.29

%

Allowance for loan losses to total loans (10)

 

1.46

%

 

1.51

%

 

1.54

%

 

1.56

%

 

1.66

%

 

1.46

%

 

1.66

%

Allowance for loan losses to nonaccrual loans,

 

 

 

 

 

 

 

restructured loans and loans 90 days or

 

 

 

 

 

 

 

more past due and still accruing (10)

 

512.48

%

 

742.45

%

 

726.26

%

 

575.33

%

 

519.26

%

 

512.48

%

 

519.26

%

Net charge-offs (recoveries) annualized

 

 

 

 

 

 

 

to average loans (10)

 

0.03

%

 

0.01

%

 

-0.11

%

 

0.04

%

 

-0.16

%

 

0.02

%

 

-0.12

%

Capital Ratios:

 

 

 

 

 

 

 

Total equity to total assets

 

11.51

%

 

11.76

%

 

12.31

%

 

14.05

%

 

14.20

%

 

11.51

%

 

14.20

%

Total risk-based capital ratio

 

16.85

%

 

17.52

%

 

15.53

%

 

18.14

%

 

18.02

%

 

16.85

%

 

18.02

%

Tier 1 risk-based capital ratio

 

13.85

%

 

14.43

%

 

14.28

%

 

16.89

%

 

16.76

%

 

13.85

%

 

16.76

%

Leverage capital ratio

 

10.20

%

 

10.27

%

 

10.22

%

 

12.44

%

 

12.32

%

 

10.20

%

 

12.32

%

Other Data:

 

 

 

 

 

 

 

Number of employees (full-time equivalent)

 

159

 

 

172

 

 

177

 

 

179

 

 

176

 

 

159

 

 

176

 

Number of banking facilities

 

10

 

 

10

 

 

10

 

 

10

 

 

10

 

 

10

 

 

10

 

 

 

 

 

 

 

 

 

(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 $0.5 million for the quarter ended December 31, 2021.

(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)

 

 

 

 

 

 

 

June 30,

March 31,

December 31,

September 30,

June 30,

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

(Dollars in Thousands, Except Shares)

Assets

 

 

 

 

 

Cash and due from banks

$

68,097

 

$

88,605

 

$

59,184

 

$

69,217

 

$

52,467

 

Reverse repurchase agreements

 

-

 

 

-

 

 

-

 

 

-

 

 

-

 

Securities available for sale

 

120,265

 

 

107,237

 

 

104,240

 

 

99,813

 

 

106,383

 

Equity securities at fair value

 

2,218

 

 

2,296

 

 

2,407

 

 

2,430

 

 

2,442

 

Loans held for sale

 

7,519

 

 

9,567

 

 

9,859

 

 

18,258

 

 

13,168

 

 

 

 

 

 

 

Loans

 

549,175

 

 

529,212

 

 

543,819

 

 

559,079

 

 

553,642

 

Allowance for loan losses

 

(8,010

)

 

(8,011

)

 

(8,352

)

 

(8,699

)

 

(9,165

)

Net loans

 

541,165

 

 

521,201

 

 

535,467

 

 

550,380

 

 

544,477

 

 

 

 

 

 

 

Federal Home Loan Bank Stock

 

2,897

 

 

3,140

 

 

3,140

 

 

3,140

 

 

3,140

 

Premises and equipment, net

 

4,138

 

 

4,226

 

 

4,200

 

 

3,979

 

 

3,873

 

Accrued interest receivable

 

1,644

 

 

1,611

 

 

1,605

 

 

1,813

 

 

1,916

 

Deferred tax assets, net

 

16,142

 

 

15,758

 

 

14,731

 

 

15,193

 

 

15,632

 

Other real estate owned, net

 

403

 

 

403

 

 

403

 

 

403

 

 

403

 

Bank owned life insurance

 

6,002

 

 

5,966

 

 

5,930

 

 

5,894

 

 

4,861

 

Goodwill and other intangible assets

 

98

 

 

103

 

 

109

 

 

115

 

 

120

 

Other assets

 

3,768

 

 

4,528

 

 

4,118

 

 

5,277

 

 

4,778

 

Total Assets

$

774,356

 

$

764,641

 

$

745,393

 

$

775,912

 

$

753,660

 

 

 

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

Deposits:

 

 

 

 

 

Noninterest-bearing demand

$

129,457

 

$

124,724

 

$

120,479

 

$

122,441

 

$

121,862

 

Interest-bearing demand

 

66,495

 

 

67,362

 

 

63,693

 

 

62,414

 

 

61,439

 

Savings

 

287,159

 

 

294,255

 

 

289,943

 

 

287,609

 

 

266,085

 

Time

 

159,389

 

 

145,612

 

 

144,876

 

 

152,115

 

 

160,578

 

Total deposits

 

642,500

 

 

631,953

 

 

618,991

 

 

624,579

 

 

609,964

 

Short-term borrowings

 

28,013

 

 

27,117

 

 

27,049

 

 

34,577

 

 

29,592

 

Long-term borrowings

 

9,680

 

 

9,672

 

 

-

 

 

-

 

 

-

 

Accrued interest payable

 

287

 

 

144

 

 

100

 

 

111

 

 

127

 

Other liabilities

 

4,765

 

 

5,824

 

 

7,473

 

 

7,661

 

 

6,926

 

Total liabilities

 

685,245

 

 

674,710

 

 

653,613

 

 

666,928

 

 

646,609

 

 

 

 

 

 

 

Stockholders' Equity

 

 

 

 

 

Preferred stock, $1 par value; 5,000,000 authorized shares at June 30, 2022 and December 31, 2021; 7% fixed rate noncumulative perpetual issued; 20,463 shares and 40,690 shares of series A and 1,610 shares and 3,201 shares of series B; convertible; $22.1 million and $43.9 million aggregate liquidation preference, respectively

 

18,762

 

 

18,762

 

 

18,762

 

 

37,308

 

 

37,308

 

Common stock, $1 par value; 75,000,000 authorized shares; 1,323,547 and 1,306,660 issued shares; 1,309,478 and 1,292,591 outstanding shares at June 30, 2022 and December 31, 2021, respectively. (1)

 

1,324

 

 

1,318

 

 

1,307

 

 

1,302

 

 

1,301

 

Capital surplus

 

180,544

 

 

180,431

 

 

180,360

 

 

179,557

 

 

179,421

 

Accumulated deficit

 

(107,108

)

 

(107,997

)

 

(108,897

)

 

(109,997

)

 

(112,071

)

Accumulated other comprehensive income, net

 

(3,877

)

 

(2,049

)

 

782

 

 

1,348

 

 

1,626

 

Treasury stock, 14,791 shares on June 30, 2022 and December 31, 2021 (2)

 

(534

)

 

(534

)

 

(534

)

 

(534

)

 

(534

)

Total stockholders' equity

 

89,111

 

 

89,931

 

 

91,780

 

 

108,984

 

 

107,051

 

Total liabilities and stockholders' equity

$

774,356

 

$

764,641

 

$

745,393

 

$

775,912

 

$

753,660

 

 

 

 

 

 

 

(1) Both issued and outstanding shares as stated here exclude 59,957 shares of unvested restricted stock awards at June 30, 2022 and 66,299 shares at December 31, 2021.

(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,

 

 

2022

 

 

2022

 

 

2021

 

 

2021

 

 

2021

 

 

 

2022

 

 

2021

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

Interest Income

 

 

 

 

 

 

 

 

Loans

$

5,542

 

$

5,254

 

$

5,572

 

$

5,646

 

$

5,583

 

 

$

10,796

 

$

11,107

 

Loans held for sale

 

90

 

 

58

 

 

131

 

 

135

 

 

95

 

 

 

148

 

 

270

 

Securities

 

683

 

 

537

 

 

516

 

 

509

 

 

551

 

 

 

1,220

 

 

1,106

 

Other investments

 

96

 

 

30

 

 

25

 

 

21

 

 

10

 

 

 

126

 

 

21

 

Total interest income

 

6,411

 

 

5,879

 

 

6,244

 

 

6,311

 

 

6,239

 

 

 

12,290

 

 

12,504

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

Deposits

 

384

 

 

350

 

 

379

 

 

409

 

 

447

 

 

 

734

 

 

959

 

Short-term borrowings

 

12

 

 

7

 

 

8

 

 

8

 

 

9

 

 

 

19

 

 

33

 

Long-term borrowings

 

121

 

 

56

 

 

0

 

 

0

 

 

0

 

 

 

177

 

 

0

 

Total interest expense

 

517

 

 

413

 

 

387

 

 

417

 

 

456

 

 

 

930

 

 

992

 

Net interest income

 

5,894

 

 

5,466

 

 

5,857

 

 

5,894

 

 

5,783

 

 

 

11,360

 

 

11,512

 

Provision for (reversal of) loan losses

 

40

 

 

(325

)

 

(502

)

 

(413

)

 

(300

)

 

 

(285

)

 

(280

)

Net interest income after provision for

 

 

 

 

 

 

 

 

(reversal of) loan losses

 

5,854

 

 

5,791

 

 

6,359

 

 

6,307

 

 

6,083

 

 

 

11,645

 

 

11,792

 

 

 

 

 

 

 

 

 

 

Noninterest Income

 

 

 

 

 

 

 

 

Deposit service charges

 

92

 

 

88

 

 

95

 

 

97

 

 

90

 

 

 

180

 

 

174

 

Other service fees

 

71

 

 

25

 

 

23

 

 

35

 

 

43

 

 

 

96

 

 

83

 

Mortgage banking revenue, net

 

1,268

 

 

1,430

 

 

2,300

 

 

3,626

 

 

2,763

 

 

 

2,698

 

 

7,746

 

Other income

 

141

 

 

212

 

 

185

 

 

186

 

 

280

 

 

 

353

 

 

472

 

Net gains on sale of securities available for sale

 

0

 

 

0

 

 

0

 

 

0

 

 

0

 

 

 

0

 

 

0

 

Unrealized gains (losses) recognized on equity securities

 

(78

)

 

(112

)

 

(23

)

 

(12

)

 

7

 

 

 

(190

)

 

(36

)

Net gains (loss) on sale of SBA loans

 

126

 

 

31

 

 

120

 

 

151

 

 

0

 

 

 

157

 

 

0

 

Net gains (losses) on sale of assets and (writedowns)

 

40

 

 

31

 

 

18

 

 

(11

)

 

(48

)

 

 

71

 

 

(158

)

Total noninterest income

 

1,660

 

 

1,705

 

 

2,718

 

 

4,072

 

 

3,135

 

 

 

3,365

 

 

8,281

 

 

 

 

 

 

 

 

 

 

Noninterest Expense

 

 

 

 

 

 

 

 

Compensation and employee benefits

 

4,175

 

 

4,229

 

 

5,334

 

 

5,436

 

 

5,099

 

 

 

8,404

 

 

11,055

 

Equipment

 

439

 

 

442

 

 

446

 

 

390

 

 

384

 

 

 

881

 

 

763

 

Occupancy and premises

 

408

 

 

422

 

 

400

 

 

395

 

 

443

 

 

 

830

 

 

877

 

Data Processing

 

171

 

 

166

 

 

167

 

 

105

 

 

181

 

 

 

337

 

 

366

 

Federal deposit insurance

 

51

 

 

52

 

 

51

 

 

46

 

 

47

 

 

 

103

 

 

95

 

Professional services

 

284

 

 

224

 

 

353

 

 

227

 

 

328

 

 

 

508

 

 

581

 

Telephone and data communication

 

60

 

 

61

 

 

67

 

 

70

 

 

56

 

 

 

121

 

 

116

 

Insurance

 

74

 

 

85

 

 

72

 

 

66

 

 

64

 

 

 

159

 

 

132

 

Other expense

 

712

 

 

581

 

 

751

 

 

782

 

 

677

 

 

 

1,293

 

 

1,234

 

Total noninterest expense

 

6,374

 

 

6,262

 

 

7,641

 

 

7,517

 

 

7,279

 

 

 

12,636

 

 

15,219

 

Income from operations

 

 

 

 

 

 

 

 

before income taxes

 

1,140

 

 

1,234

 

 

1,436

 

 

2,862

 

 

1,939

 

 

 

2,374

 

 

4,854

 

Income tax expense

 

251

 

 

334

 

 

336

 

 

788

 

 

558

 

 

 

585

 

 

1,356

 

Net income

 

889

 

 

900

 

 

1,100

 

 

2,074

 

 

1,381

 

 

 

1,789

 

 

3,498

 

Preferred stock dividend

 

0

 

 

0

 

 

0

 

 

0

 

 

0

 

 

 

0

 

 

0

 

Discount from repurchase of preferred stock

 

0

 

 

0

 

 

546

 

 

0

 

 

0

 

 

 

0

 

 

0

 

Net income allocated to

 

 

 

 

 

 

 

 

 common stockholders

$

889

 

$

900

 

$

1,646

 

$

2,074

 

$

1,381

 

 

$

1,789

 

$

3,498

 

 

 

 

 

 

 

 

 

 

FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com