BROOKFIELD, Wis., Jan. 19, 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 fourth quarter and full year ended December 31, 2021. Improvements in net interest income, strong commercial loan originations, and net recoveries of prior loan losses partially offset lower overall refinance mortgage lending from the prior year, and resulted in net income of $6.7 million for the twelve months ended December 31, 2021, compared to $8.2 million for the same period in 2020. Net income allocated to common shareholders was $7.2 million for the year compared to $8.2 million for the year 2020, with the $0.5 million improvement attributable to the discount to the carrying value for preferred shares repurchased during 2021.
Financial highlights include:
- Common stock tangible book value increased to $57.06 per share outstanding at December 31, 2021, compared to $52.28 at December 31, 2020, reflecting a 9.1% increase due primarily to earnings and the discount to the carrying value of repurchased preferred stock, off-set in part by a decline in accumulated other comprehensive income due to an increase in interest rates.
- Return on average assets (ROAA) was 0.88% for the year compared to 1.09% for the same period 2020. For the Company’s subsidiary, CIBM Bank, ROAA was 1.01% for the year compared to 1.21% for the same period in 2020. The primary difference between the consolidated company and the bank in 2021 was due to ongoing holding company expenses, including additional expenses related to the activities that culminated in the shareholder approved plan to repurchase all outstanding preferred stock over a period of approximately four years and the repurchase of nearly 50% of outstanding preferred stock during the fourth quarter of 2021.
- Net interest income for the year ended December 31, 2021, totaled $23.3 million, up $1.1 million from the same period in 2020. The increase was due to a $0.4 million increase in accreted deferred Paycheck Protection Program (PPP) fees net of costs, a $10 million increase in average earning assets, and a 52 basis point decline in interest bearing liabilities compared to a 32 basis point decline in the yield on interest earning assets. As a result, the net interest margin in 2021 improved 11 basis points to 3.22.
- Net recoveries of loans previously charged off totaling $0.4 million, combined with improved loan portfolio asset quality and environmental factors, contributed to a $1.2 million reversal of provision for loan losses for the year 2021 compared to provisions of $1.1 million in 2020.
- 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 0.21% and 0.14%, respectively, at December 31, 2021, down from 0.54% and 0.23%, respectively, at December 31, 2020. Improvements are related, in part, to collection related activity and federal monetary policy and fiscal support measures for businesses and households.
- CIBM Bank’s Mortgage Division had another solid year with loan closings of approximately $440 million – the division’s second highest level of closings following 2020’s record year of approximately $600 million – and net mortgage banking revenues of $13.7 million compared to $20.3 million in 2020. Stronger purchase money originations partially offset lower refinance lending due to higher mortgage rates and refinance burnout.
- During 2020 and 2021, CIBM Bank originated $63 million in PPP loans. As of December 31, 2021, PPP loan balances were paid down to approximately $8 million with substantially all pay downs resulting from 100% loan forgiveness funding from the SBA. Accreted PPP fees net of costs was $1.0 million in 2021, up $0.4 million from 2020, with remaining deferred fees of $0.3 million at December 31, 2021.
- High levels of balance sheet liquidity, in part reflected by cash and due from bank balances of $59 million, were supported by robust deposit level growth, with checking account deposits up $32 million and savings and money market account deposits up $46 million, since year-end 2020. The increases reflect ongoing marketing activity and general market liquidity conditions bolstered by federal fiscal and monetary policies (e.g., low interest rates and liquidity support programs).
Mr. J. Brian Chaffin, CIB Marine’s President and CEO, commented, “2021 saw strong results in commercial and residential mortgage lending activity, continued growth in checking and money market balances, and improvement in our SBA 7(a) and 504 origination activity. In addition, improvements to the asset quality of the portfolio and continued economic growth has allowed the Bank to begin to cautiously unwind the significant build up in the allowance for loan losses experienced by CIB Marine and its peers in 2020. We continue to closely monitor the impact of the latest surge in COVID infections.”
Mr. Chaffin added, “We have witnessed the yield curve move up significantly, reflecting the fixed income market’s pricing for three to four Fed funds rate increases in 2022 and beyond. We are aware that the high levels of checking and money market balances seen across the industry over the last two years are vulnerable to rising rates. Despite the potential for a reversal of this deposit balance trend, CIBM Bank continues to emphasize developing new checking and money market account relationships, which is a focus of our strategic plan.”
He concluded, “Once again, we want to thank our shareholders for their support during 2021, particularly as it relates to their approval of our Amended and Restated Articles of Incorporation, which paved the way for the implementation of our preferred stock redemption plan. Through this plan, we repurchased nearly 50%, or $18 million, of all outstanding preferred stock during the fourth quarter. The purchase was at a discount of $0.5 million to the carrying value, or $0.42 per outstanding share of common stock at the time, and further reduced the dilution that would occur upon the conversion of the Series B preferred shares to common shares (which may occur only in certain, limited circumstances) from 40% to 24% of the total issued and outstanding common shares on a pro-forma, fully-diluted basis.”
CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and five 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 | 12 Months Ended | |||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
| (Dollars in thousands, except share and per share data) | ||||||||||||||||||||||
| Selected Statement of Operations Data: | ||||||||||||||||||||||
| Interest and dividend income | $ | 6,244 | $ | 6,311 | $ | 6,239 | $ | 6,265 | $ | 6,489 | $ | 25,059 | $ | 26,996 | ||||||||
| Interest expense | 387 | 417 | 456 | 536 | 765 | 1,796 | 4,814 | |||||||||||||||
| Net interest income | 5,857 | 5,894 | 5,783 | 5,729 | 5,724 | 23,263 | 22,182 | |||||||||||||||
| Provision for (reversal of) loan losses | (502 | ) | (413 | ) | (300 | ) | 20 | 101 | (1,195 | ) | 1,053 | |||||||||||
| Net interest income after provision for | ||||||||||||||||||||||
| (reversal of) loan losses | 6,359 | 6,307 | 6,083 | 5,709 | 5,623 | 24,458 | 21,129 | |||||||||||||||
| Noninterest income (1) | 2,718 | 4,072 | 3,135 | 5,146 | 6,566 | 15,071 | 21,801 | |||||||||||||||
| Noninterest expense | 7,641 | 7,517 | 7,279 | 7,940 | 9,317 | 30,377 | 32,003 | |||||||||||||||
| Income before income taxes | 1,436 | 2,862 | 1,939 | 2,915 | 2,872 | 9,152 | 10,927 | |||||||||||||||
| Income tax expense | 336 | 788 | 558 | 798 | 565 | 2,480 | 2,743 | |||||||||||||||
| Net income | $ | 1,100 | $ | 2,074 | $ | 1,381 | $ | 2,117 | $ | 2,307 | $ | 6,672 | $ | 8,184 | ||||||||
| Common Share Data: (2) | ||||||||||||||||||||||
| Basic net income per share (3) | $ | 1.28 | $ | 1.61 | $ | 1.08 | $ | 1.67 | $ | 1.82 | $ | 5.64 | $ | 6.51 | ||||||||
| Diluted net income per share (3) | 0.92 | 0.94 | 0.63 | 0.97 | 1.06 | 4.06 | 3.79 | |||||||||||||||
| Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
| Tangible book value per share (4) | 57.06 | 55.60 | 54.19 | 53.25 | 52.28 | 57.06 | 52.28 | |||||||||||||||
| Book value per share (4) | 54.55 | 50.58 | 49.16 | 48.21 | 47.19 | 54.55 | 47.19 | |||||||||||||||
| Weighted average shares outstanding - basic | 1,287,438 | 1,286,536 | 1,282,917 | 1,268,947 | 1,267,584 | 1,280,259 | 1,262,279 | |||||||||||||||
| Weighted average shares outstanding - diluted | 1,784,005 | 2,208,493 | 2,208,600 | 2,185,433 | 2,181,142 | 1,778,294 | 2,167,731 | |||||||||||||||
| Financial Condition Data: | ||||||||||||||||||||||
| Total assets | $ | 745,393 | $ | 775,912 | $ | 753,660 | $ | 752,715 | $ | 750,982 | $ | 745,393 | $ | 750,982 | ||||||||
| Loans | 543,819 | 559,079 | 553,642 | 540,206 | 539,227 | 543,819 | 539,227 | |||||||||||||||
| Allowance for loan losses | (8,352 | ) | (8,699 | ) | (9,165 | ) | (9,253 | ) | (9,122 | ) | (8,352 | ) | (9,122 | ) | ||||||||
| Investment securities | 106,647 | 102,243 | 108,825 | 112,400 | 108,492 | 106,647 | 108,492 | |||||||||||||||
| Deposits | 618,991 | 624,579 | 609,964 | 608,433 | 586,373 | 618,991 | 586,373 | |||||||||||||||
| Borrowings | 27,049 | 34,577 | 29,592 | 30,736 | 51,310 | 27,049 | 51,310 | |||||||||||||||
| Stockholders' equity | 91,780 | 108,984 | 107,051 | 105,593 | 103,704 | 91,780 | 103,704 | |||||||||||||||
| Financial Ratios and Other Data: | ||||||||||||||||||||||
| Performance Ratios: | ||||||||||||||||||||||
| Net interest margin (5) | 3.18 | % | 3.21 | % | 3.26 | % | 3.23 | % | 3.14 | % | 3.22 | % | 3.11 | % | ||||||||
| Net interest spread (6) | 3.10 | % | 3.12 | % | 3.16 | % | 3.13 | % | 3.01 | % | 3.13 | % | 2.93 | % | ||||||||
| Noninterest income to average assets (7) | 1.43 | % | 2.13 | % | 1.68 | % | 2.79 | % | 3.43 | % | 2.00 | % | 2.90 | % | ||||||||
| Noninterest expense to average assets | 3.98 | % | 3.92 | % | 3.91 | % | 4.27 | % | 4.86 | % | 4.02 | % | 4.26 | % | ||||||||
| Efficiency ratio (8) | 88.87 | % | 75.34 | % | 81.69 | % | 72.72 | % | 75.77 | % | 79.10 | % | 72.85 | % | ||||||||
| Earnings on average assets (9) | 0.57 | % | 1.08 | % | 0.74 | % | 1.14 | % | 1.20 | % | 0.88 | % | 1.09 | % | ||||||||
| Earnings on average equity (10) | 4.47 | % | 7.59 | % | 5.18 | % | 8.10 | % | 8.83 | % | 6.37 | % | 8.26 | % | ||||||||
| Asset Quality Ratios: | ||||||||||||||||||||||
| Nonaccrual loans to loans (11) | 0.14 | % | 0.18 | % | 0.19 | % | 0.23 | % | 0.23 | % | 0.14 | % | 0.23 | % | ||||||||
| Nonaccrual loans, restructured loans and | ||||||||||||||||||||||
| loans 90 days or more past due and still | ||||||||||||||||||||||
| accruing to total loans (11) | 0.21 | % | 0.27 | % | 0.32 | % | 0.37 | % | 0.40 | % | 0.21 | % | 0.40 | % | ||||||||
| Nonperforming assets, restructured loans | ||||||||||||||||||||||
| and loans 90 days or more past due and still | ||||||||||||||||||||||
| accruing to total assets (11) | 0.21 | % | 0.25 | % | 0.29 | % | 0.52 | % | 0.54 | % | 0.21 | % | 0.54 | % | ||||||||
| Allowance for loan losses to total loans (11) | 1.54 | % | 1.56 | % | 1.66 | % | 1.71 | % | 1.69 | % | 1.54 | % | 1.69 | % | ||||||||
| Allowance for loan losses to nonaccrual loans, | ||||||||||||||||||||||
| restructured loans and loans 90 days or | ||||||||||||||||||||||
| more past due and still accruing (11) | 726.26 | % | 575.33 | % | 519.26 | % | 459.21 | % | 421.14 | % | 726.26 | % | 421.14 | % | ||||||||
| Net charge-offs (recoveries) annualized | ||||||||||||||||||||||
| to average loans (11) | -0.11 | % | 0.04 | % | -0.16 | % | -0.08 | % | 0.01 | % | -0.08 | % | 0.15 | % | ||||||||
| Capital Ratios: | ||||||||||||||||||||||
| Total equity to total assets | 12.31 | % | 14.05 | % | 14.20 | % | 14.03 | % | 13.81 | % | 12.31 | % | 13.81 | % | ||||||||
| Total risk-based capital ratio | 15.53 | % | 18.14 | % | 18.02 | % | 18.15 | % | 17.44 | % | 15.53 | % | 17.44 | % | ||||||||
| Tier 1 risk-based capital ratio | 14.28 | % | 16.89 | % | 16.76 | % | 16.89 | % | 16.19 | % | 14.28 | % | 16.19 | % | ||||||||
| Leverage capital ratio | 10.22 | % | 12.44 | % | 12.32 | % | 11.88 | % | 11.46 | % | 10.22 | % | 11.46 | % | ||||||||
| Other Data: | ||||||||||||||||||||||
| Number of employees (full-time equivalent) | 177 | 179 | 176 | 179 | 176 | 177 | 176 | |||||||||||||||
| Number of banking facilities | 10 | 10 | 10 | 10 | 11 | 10 | 11 | |||||||||||||||
| (1) Noninterest income includes gains and losses on securities. | ||||||||||||||||||||||
| (2) Common share data prior to September 14, 2020, is adjusted to reflect the 1-for-15 reverse split to allow for comparability between the pre- and post-reverse splite periods. | ||||||||||||||||||||||
| (3) 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 and $0.03 million for the 12 months ended December 31, 2021 and 2020, respectively. | ||||||||||||||||||||||
| (4) 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. | ||||||||||||||||||||||
| (5) Net interest margin is the ratio of net interest income to average interest-earning assets. | ||||||||||||||||||||||
| (6) Net interest spread is the yield on average interest-earning assets less the rate on average interest-bearing liabilities. | ||||||||||||||||||||||
| (7) Noninterest income to average assets excludes gains and losses on securities. | ||||||||||||||||||||||
| (8) The efficiency ratio is noninterest expense divided by the sum of net interest income plus noninterest income, excluding gains and losses on securities. | ||||||||||||||||||||||
| (9) Earnings on average assets are net income divided by average total assets. | ||||||||||||||||||||||
| (10) Earnings on average equity are net income divided by average stockholders' equity. | ||||||||||||||||||||||
| (11) Excludes loans held for sale. | ||||||||||||||||||||||
| CIB MARINE BANCSHARES, INC. | |||||||||||||||
| Consolidated Balance Sheets (unaudited) | |||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | |||||||||||
| 2021 | 2021 | 2021 | 2021 | 2020 | |||||||||||
| (Dollars in Thousands, Except Shares) | |||||||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 59,184 | $ | 69,217 | $ | 52,467 | $ | 51,691 | $ | 29,927 | |||||
| Reverse repurchase agreements | - | - | - | - | - | ||||||||||
| Securities available for sale | 104,240 | 99,813 | 106,383 | 109,965 | 106,014 | ||||||||||
| Equity securities at fair value | 2,407 | 2,430 | 2,442 | 2,435 | 2,478 | ||||||||||
| Loans held for sale | 9,859 | 18,258 | 13,168 | 18,136 | 42,977 | ||||||||||
| Loans | 543,819 | 559,079 | 553,642 | 540,206 | 539,227 | ||||||||||
| Allowance for loan losses | (8,352 | ) | (8,699 | ) | (9,165 | ) | (9,253 | ) | (9,122 | ) | |||||
| Net loans | 535,467 | 550,380 | 544,477 | 530,953 | 530,105 | ||||||||||
| Federal Home Loan Bank Stock | 3,140 | 3,140 | 3,140 | 3,140 | 3,140 | ||||||||||
| Premises and equipment, net | 4,200 | 3,979 | 3,873 | 4,476 | 4,682 | ||||||||||
| Accrued interest receivable | 1,605 | 1,813 | 1,916 | 1,983 | 2,050 | ||||||||||
| Deferred tax assets, net | 14,731 | 15,193 | 15,632 | 16,417 | 16,292 | ||||||||||
| Other real estate owned, net | 403 | 403 | 403 | 1,875 | 1,875 | ||||||||||
| Bank owned life insurance | 5,930 | 5,894 | 4,861 | 4,831 | 4,802 | ||||||||||
| Goodwill and other intangible assets | 109 | 115 | 120 | 126 | 131 | ||||||||||
| Other assets | 4,118 | 5,277 | 4,778 | 6,687 | 6,509 | ||||||||||
| Total Assets | $ | 745,393 | $ | 775,912 | $ | 753,660 | $ | 752,715 | $ | 750,982 | |||||
| Liabilities and Stockholders' Equity | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing demand | $ | 120,479 | $ | 122,441 | $ | 121,862 | $ | 109,466 | $ | 92,544 | |||||
| Interest-bearing demand | 63,693 | 62,414 | 61,439 | 63,033 | 59,679 | ||||||||||
| Savings | 289,943 | 287,609 | 266,085 | 268,026 | 243,888 | ||||||||||
| Time | 144,876 | 152,115 | 160,578 | 167,908 | 190,262 | ||||||||||
| Total deposits | 618,991 | 624,579 | 609,964 | 608,433 | 586,373 | ||||||||||
| Short-term borrowings | 27,049 | 34,577 | 29,592 | 30,736 | 51,310 | ||||||||||
| Long-term borrowings | - | - | - | - | - | ||||||||||
| Accrued interest payable | 100 | 111 | 127 | 140 | 246 | ||||||||||
| Other liabilities | 7,473 | 7,661 | 6,926 | 7,813 | 9,349 | ||||||||||
| Total liabilities | 653,613 | 666,928 | 646,609 | 647,122 | 647,278 | ||||||||||
| Stockholders' Equity | |||||||||||||||
| Preferred stock, $1 par value; 5,000,000 authorized shares at December 31, 2021 and December 31, 2020; 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 | 37,308 | 37,308 | 37,308 | 37,308 | ||||||||||
| Common stock, $1 par value; 75,000,000 authorized shares; 1,306,660 and 1,282,385 issued shares; 1,292,591 and 1,268,316 outstanding shares at December 31, 2021 and December 31, 2020, respectively. (1) | 1,307 | 1,302 | 1,301 | 1,295 | 1,282 | ||||||||||
| Capital surplus | 180,360 | 179,557 | 179,421 | 179,291 | 179,188 | ||||||||||
| Accumulated deficit | (108,897 | ) | (109,997 | ) | (112,071 | ) | (113,452 | ) | (115,569 | ) | |||||
| Accumulated other comprehensive income, net | 782 | 1,348 | 1,626 | 1,685 | 2,029 | ||||||||||
| Treasury stock, 14,791 shares on December 31, 2021 and December 31, 2020 | (534 | ) | (534 | ) | (534 | ) | (534 | ) | (534 | ) | |||||
| Total stockholders' equity | 91,780 | 108,984 | 107,051 | 105,593 | 103,704 | ||||||||||
| Total liabilities and stockholders' equity | $ | 745,393 | $ | 775,912 | $ | 753,660 | $ | 752,715 | $ | 750,982 | |||||
| (1) Both issued and outstanding shares as stated here exclude 66,299 shares of unvested restricted stock awards at December 31, 2021 and 59,842 shares at December 31, 2020. Treasury shares include 722 shares held by subsidiary bank CIBM Bank. | |||||||||||||||
| CIB MARINE BANCSHARES, INC. | ||||||||||||||||||||||
| Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||||
| At or for the | ||||||||||||||||||||||
| Quarters Ended | 12 Months Ended | |||||||||||||||||||||
| December 31, | September 30, | June 30, | March 31, | December 31, | December 31, | December 31, | ||||||||||||||||
| 2021 | 2021 | 2021 | 2021 | 2020 | 2021 | 2020 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||
| Interest Income | ||||||||||||||||||||||
| Loans | $ | 5,572 | $ | 5,646 | $ | 5,583 | $ | 5,524 | $ | 5,577 | $ | 22,325 | $ | 22,874 | ||||||||
| Loans held for sale | 131 | 135 | 95 | 175 | 331 | 536 | 1,438 | |||||||||||||||
| Securities | 516 | 509 | 551 | 555 | 564 | 2,131 | 2,561 | |||||||||||||||
| Other investments | 25 | 21 | 10 | 11 | 17 | 67 | 123 | |||||||||||||||
| Total interest income | 6,244 | 6,311 | 6,239 | 6,265 | 6,489 | 25,059 | 26,996 | |||||||||||||||
| Interest Expense | ||||||||||||||||||||||
| Deposits | 379 | 409 | 447 | 512 | 735 | 1,747 | 4,452 | |||||||||||||||
| Short-term borrowings | 8 | 8 | 9 | 24 | 30 | 49 | 299 | |||||||||||||||
| Long-term borrowings | 0 | 0 | 0 | 0 | 0 | 0 | 63 | |||||||||||||||
| Total interest expense | 387 | 417 | 456 | 536 | 765 | 1,796 | 4,814 | |||||||||||||||
| Net interest income | 5,857 | 5,894 | 5,783 | 5,729 | 5,724 | 23,263 | 22,182 | |||||||||||||||
| Provision for (reversal of) loan losses | (502 | ) | (413 | ) | (300 | ) | 20 | 101 | (1,195 | ) | 1,053 | |||||||||||
| Net interest income after provision for | ||||||||||||||||||||||
| (reversal of) loan losses | 6,359 | 6,307 | 6,083 | 5,709 | 5,623 | 24,458 | 21,129 | |||||||||||||||
| Noninterest Income | ||||||||||||||||||||||
| Deposit service charges | 95 | 97 | 90 | 84 | 91 | 366 | 364 | |||||||||||||||
| Other service fees | 23 | 35 | 43 | 40 | 37 | 141 | 129 | |||||||||||||||
| Mortgage banking revenue, net | 2,300 | 3,626 | 2,763 | 4,983 | 6,387 | 13,672 | 20,295 | |||||||||||||||
| Other income | 185 | 186 | 280 | 192 | 165 | 843 | 922 | |||||||||||||||
| Net gains on sale of securities available for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Unrealized gains (losses) recognized on equity securities | (23 | ) | (12 | ) | 7 | (43 | ) | (6 | ) | (71 | ) | 53 | ||||||||||
| Net gains (loss) on sale of SBA loans | 120 | 151 | 0 | 0 | 55 | 271 | 524 | |||||||||||||||
| Net gains (losses) on sale of assets and (writedowns) | 18 | (11 | ) | (48 | ) | (110 | ) | (163 | ) | (151 | ) | (486 | ) | |||||||||
| Total noninterest income | 2,718 | 4,072 | 3,135 | 5,146 | 6,566 | 15,071 | 21,801 | |||||||||||||||
| Noninterest Expense | ||||||||||||||||||||||
| Compensation and employee benefits | 5,334 | 5,436 | 5,099 | 5,956 | 7,015 | 21,825 | 24,216 | |||||||||||||||
| Equipment | 446 | 390 | 384 | 379 | 402 | 1,599 | 1,496 | |||||||||||||||
| Occupancy and premises | 400 | 395 | 443 | 434 | 452 | 1,672 | 1,709 | |||||||||||||||
| Data Processing | 167 | 105 | 181 | 185 | 178 | 638 | 674 | |||||||||||||||
| Federal deposit insurance | 51 | 46 | 47 | 48 | 49 | 192 | 144 | |||||||||||||||
| Professional services | 353 | 227 | 328 | 253 | 322 | 1,161 | 1,024 | |||||||||||||||
| Telephone and data communication | 67 | 70 | 56 | 60 | 82 | 253 | 288 | |||||||||||||||
| Insurance | 72 | 66 | 64 | 68 | 62 | 270 | 229 | |||||||||||||||
| Other expense | 751 | 782 | 677 | 557 | 755 | 2,767 | 2,223 | |||||||||||||||
| Total noninterest expense | 7,641 | 7,517 | 7,279 | 7,940 | 9,317 | 30,377 | 32,003 | |||||||||||||||
| Income from operations | ||||||||||||||||||||||
| before income taxes | 1,436 | 2,862 | 1,939 | 2,915 | 2,872 | 9,152 | 10,927 | |||||||||||||||
| Income tax expense | 336 | 788 | 558 | 798 | 565 | 2,480 | 2,743 | |||||||||||||||
| Net income | 1,100 | 2,074 | 1,381 | 2,117 | 2,307 | 6,672 | 8,184 | |||||||||||||||
| Preferred stock dividend | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Discount from repurchase of preferred stock | 546 | 0 | 0 | 0 | 0 | 546 | 33 | |||||||||||||||
| Net income allocated to | ||||||||||||||||||||||
| common stockholders | $ | 1,646 | $ | 2,074 | $ | 1,381 | $ | 2,117 | $ | 2,307 | $ | 7,218 | $ | 8,217 | ||||||||
FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
