WAUKESHA, Wis., July 12, 2018 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQB:CIBH), the holding company of CIBM Bank (the “Bank”), today announces its results of operations and financial condition for the second quarter of 2018. Pre-tax net income for the quarter was $1.1 million compared to $1.0 million for the same period in 2017, and for the six months ending June 30, 2018, it was $2.1 million compared to $1.9 million for the same period in 2017.
A summary of financial results for the quarter and six months ended June 30, 2018, is attached. Select highlights include:
- Pre-tax net income for subsidiary CIBM Bank was $1.4 million for the quarter compared to $1.3 million for the same period in 2017, and $2.6 million for the six months ending June 30, 2018, compared to $2.3 million for the same period in 2017. All key revenue areas – net interest income, net mortgage banking revenue, and gains on sale of SBA loans – are up in 2018 compared to 2017.
- The net interest margin was reported at 3.18% for the six months ending June 30, 2018, compared to 3.06% for the same period in 2017. Net interest income was up $0.4 million year to date compared to the same period of 2017.
- Non-interest income improved $0.4 million for the six months ending June 30, 2018, compared to the same period in 2017, reflecting higher net mortgage banking revenues and gains on sale of SBA loans.
- Non-interest expenses were higher by $0.9 million for the six months ending June 30, 2018, compared to the same period in 2017, due primarily to higher compensation expenses related to higher salary, commissions and benefits, and higher professional fees related to the recent amendment to the Articles of Incorporation and activities associated with the solicitation of offers for the repurchase of preferred shares by the Company.
- Non-performing assets to total assets was 0.94% at June 30, 2018, compared to 1.13% at December 31, 2017, and 1.51% at June 30, 2017, reflecting lower non-accrual loans and other real estate owned.
- Book and tangible book value per share of common stock improved to $2.10 and $2.58, respectively, for June 30, 2018, compared to $2.04 and $2.53 at December 31, 2017.
J. Brian Chaffin, CIB Marine’s President and CEO, commented, “Our second quarter results reflect improved revenues in all areas as we continue to make progress in all of our strategic growth areas.”
Mr. Chaffin added, “Mortgage loan production and SBA loan closings are higher in 2018 compared to 2017. Our loan portfolio was up $15 million for the second quarter of 2018 and level for the year, despite moderated growth due to heightened price and term competition. Asset quality ratios continue to reflect lower levels of loan quality issues and our loan loss reserves at 1.65% compares well to other commercial banks of similar size and mix.”
CIB Marine Bancshares, Inc. owns and operates CIBM Bank, an Illinois chartered commercial bank, headquartered in Champaign, Illinois, which operates as “Marine Bank” in its Indiana and Wisconsin markets; “Central Illinois Bank” in its central Illinois market; and “Avenue Bank” in its Chicagoland market. The Avenue Mortgage Division of the bank, headquartered in Naperville, Illinois, serves all CIBM Bank markets. CIBM Bank operates eleven banking branches and six mortgage lending offices. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial 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,|
|(Dollars in thousands, except share and per share data)|
|Selected Statement of Operations Data|
|Interest and dividend income||$||6,387||$||6,009||$||6,177||$||6,056||$||5,732||$||12,396||$||11,294|
|Net interest income||4,981||4,824||5,056||4,916||4,759||9,805||9,429|
|Provision for (reversal of) loan losses||149||(126||)||(218||)||149||47||23||275|
|Net interest income after provision for|
|(reversal of) loan losses||4,832||4,950||5,274||4,767||4,712||9,782||9,154|
|Noninterest income (1)||2,986||1,871||2,015||2,257||2,611||4,857||4,458|
|Income before income taxes||1,081||997||1,219||1,159||1,044||2,078||1,932|
|Income tax expense (benefit)||246||300||(22,689||)||25||20||546||20|
|Common Share Data|
|Basic net income per share||$||0.05||$||0.04||$||1.32||$||0.06||$||0.06||$||0.08||$||0.11|
|Diluted net income per share||0.02||0.02||0.65||0.03||0.03||0.04||0.05|
|Tangible book value per share (2)||2.58||2.54||2.53||1.23||1.16||2.58||1.16|
|Book value per share (2)||2.10||2.06||2.04||0.75||0.68||2.10||0.68|
|Financial Condition Data|
|Allowance for loan losses||(8,055||)||(7,331||)||(7,701||)||(7,905||)||(7,653||)||(8,055||)||(7,653||)|
|Financial Ratios and Other Data|
Enter the site