BROOKFIELD, Wis., April 12, 2019 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQB: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the first quarter of 2019. Net income for the quarter ended March 31, 2019, was $0.6 million or $0.03 basic and $0.02 diluted earnings per share, compared to $0.7 million or $0.04 basic and $0.02 diluted earnings per share for the same period of 2018. Pre-tax income for the quarter ended March 31, 2019, was $0.9 million compared to $1.0 million for the same period of 2018.
Select highlights for the quarter include:
- Tangible book value per share and stated book value per share at March 31, 2019, were $2.90 and $2.53 per share of common stock, respectively, compared to $2.82 and $2.45, respectively, at December 31, 2018. The increase reflects income for the quarter and a reduction in accumulated other comprehensive loss due to improved available for sale security values as a result of lower mid- and long-term interest rates.
- Income before taxes for subsidiary CIBM Bank was $0.8 million for the quarter ended March 31, 2019, compared to $1.1 million in the same period of 2018. Comparing the two periods, there was a $0.6 million decrease in non-interest income due primarily to lower mortgage production resulting in a $0.4 million decline in net mortgage banking revenues, and reduced SBA originations resulting in a $0.1 million decline in gain on sale of assets. There was likewise a reduction in non-interest expenses of $0.3 million due to a decline in compensation related mainly to the reduction in residential and SBA loan production.
- Non-performing assets, restructured loans, and loans 90 days or more past due and still accruing to total assets was 1.51% at March 31, 2019, versus 1.45% at December 31, 2018, and 0.85% at March 31, 2018. The increase from one year prior is primarily the result of one loan placed on non-accrual during the fourth quarter of 2018. CIB Marine’s allowance for loan losses to total loans was 1.61% and had net recoveries of loans previously charged of $76,000 for the quarter ending March 31, 2019, compared to 1.55% and net charge-offs of $244,000 during the same period ending in 2018.
Mr. J. Brian Chaffin, President and CEO of CIBM, commented, “Net interest income was up for the first quarter compared to the first quarter of last year and, although it was behind compared to the fourth quarter of 2018, our net interest margin improved slightly over that same period. Our net interest margin has been challenged with rising cost of funds and some of our unique lower spread higher quality assets, like the SBA repo, even though the latter contributes favorably to the bottom line.”
He added, “Our corporate banking team opened the year with stronger than budgeted originations despite a $5 million reduction of high-quality, short-term commercial paper in the loan portfolio. Our non-interest income business lines had a softer first quarter as our SBA group felt the effects of the government shut-down and our mortgage group was impacted by seasonal factors. Although we did not record any gains on the sale of SBA loans in the first quarter of 2019, the pipeline has grown and, coupled with lower mortgage rates, a seasonal turn in housing, and our welcoming of several new originators to the mortgage team, we are planning on a stronger second quarter for non-interest income.
“CIBM Bank and the industry as a whole have seen a significant upturn in their cost of funds and, in particular, at the margin for new and repricing deposits used to help fund the strong loan growth seen in our markets the last several years. CIBM continues to focus on its deposit products and services and plans to enhance them in 2019 through the addition of person-to-person and person-to-business electronic money transfer capabilities, and reciprocal deposit services (i.e., a transparent and convenient way of providing broader FDIC insurance coverage for larger balance clients). To support developing new deposit customers, we have upgraded our website, unified all markets and divisions under the name CIBM Bank, focused on ways to make banking with us easier and more convenient, and established a full-time marketing director position to ensure more consistent and proactive marketing activities in the future.
“Lastly, our shareholder meeting is just around the corner. We plan on providing an update on our banking activities and our preferred stock activities at the meeting, which will be held on April 25th in Champaign, Illinois. We hope to see many of you there.”
CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates eleven banking offices and four 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 | 3 Months Ended | |||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | March 31, | March 31, | ||||||||||||||||
| 2019 | 2018 | 2018 | 2018 | 2018 | 2019 | 2018 | ||||||||||||||||
| (Dollars in thousands, except share and per share data) | ||||||||||||||||||||||
| Selected Statement of Operations Data | ||||||||||||||||||||||
| Interest and dividend income | $ | 7,015 | $ | 7,009 | $ | 6,798 | $ | 6,387 | $ | 6,009 | $ | 7,015 | $ | 6,009 | ||||||||
| Interest expense | 2,178 | 2,064 | 1,767 | 1,406 | 1,185 | 2,178 | 1,185 | |||||||||||||||
| Net interest income | 4,837 | 4,945 | 5,031 | 4,981 | 4,824 | 4,837 | 4,824 | |||||||||||||||
| Provision for (reversal of) loan losses | (158 | ) | (1,195 | ) | (13 | ) | 149 | (126 | ) | (158 | ) | (126 | ) | |||||||||
| Net interest income after provision for | ||||||||||||||||||||||
| (reversal of) loan losses | 4,995 | 6,140 | 5,044 | 4,832 | 4,950 | 4,995 | 4,950 | |||||||||||||||
| Noninterest income (1) | 1,362 | 1,546 | 3,063 | 2,968 | 1,832 | 1,362 | 1,832 | |||||||||||||||
| Noninterest expense | 5,505 | 6,415 | 6,871 | 6,737 | 5,824 | 5,505 | 5,824 | |||||||||||||||
| Income before income taxes | 852 | 1,271 | 1,236 | 1,063 | 958 | 852 | 958 | |||||||||||||||
| Income tax expense | 229 | 313 | 345 | 241 | 289 | 229 | 289 | |||||||||||||||
| Net income | $ | 623 | $ | 958 | $ | 891 | $ | 822 | $ | 669 | $ | 623 | $ | 669 | ||||||||
| Common Share Data | ||||||||||||||||||||||
| Basic net income per share (2) | $ | 0.03 | $ | 0.05 | $ | 0.14 | $ | 0.05 | $ | 0.04 | $ | 0.03 | $ | 0.04 | ||||||||
| Diluted net income per share (2) | 0.02 | 0.03 | 0.07 | 0.02 | 0.02 | 0.02 | 0.02 | |||||||||||||||
| Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
| Tangible book value per share (3) | 2.90 | 2.82 | 2.71 | 2.58 | 2.54 | 2.90 | 2.54 | |||||||||||||||
| Book value per share (3) | 2.53 | 2.45 | 2.34 | 2.10 | 2.06 | 2.53 | 2.06 | |||||||||||||||
| Weighted average shares outstanding - basic | 18,232,169 | 18,232,169 | 18,232,169 | 18,209,032 | 18,161,989 | 18,232,169 | 18,161,989 | |||||||||||||||
| Weighted average shares outstanding - diluted | 32,815,744 | 32,757,855 | 34,589,375 | 36,783,724 | 36,544,029 | 32,815,744 | 36,544,029 | |||||||||||||||
| Financial Condition Data | ||||||||||||||||||||||
| Total assets | $ | 702,152 | $ | 721,259 | $ | 723,733 | $ | 694,812 | $ | 663,580 | $ | 702,152 | $ | 663,580 | ||||||||
| Loans | 489,273 | 491,337 | 507,677 | 488,762 | 472,746 | 489,273 | 472,746 | |||||||||||||||
| Allowance for loan losses | (7,865 | ) | (7,947 | ) | (8,217 | ) | (8,055 | ) | (7,331 | ) | (7,865 | ) | (7,331 | ) | ||||||||
| Investment securities | 123,500 | 121,281 | 118,345 | 119,571 | 115,596 | 123,500 | 115,596 | |||||||||||||||
| Deposits | 542,938 | 536,931 | 523,729 | 517,452 | 484,258 | 542,938 | 484,258 | |||||||||||||||
| Borrowings | 57,220 | 86,710 | 104,357 | 76,427 | 79,227 | 57,220 | 79,227 | |||||||||||||||
| Stockholders' equity | 92,507 | 91,035 | 88,993 | 97,313 | 97,407 | 92,507 | 97,407 | |||||||||||||||
| Financial Ratios and Other Data | ||||||||||||||||||||||
| Performance Ratios: | ||||||||||||||||||||||
| Net interest margin (4) | 2.94 | % | 2.89 | % | 2.97 | % | 3.15 | % | 3.20 | % | 2.94 | % | 3.20 | % | ||||||||
| Net interest spread (5) | 2.64 | % | 2.62 | % | 2.72 | % | 2.92 | % | 3.00 | % | 2.64 | % | 3.00 | % | ||||||||
| Noninterest income to average assets (6) | 0.78 | % | 0.84 | % | 1.72 | % | 1.77 | % | 1.15 | % | 0.78 | % | 1.15 | % | ||||||||
| Noninterest expense to average assets | 3.14 | % | 3.54 | % | 3.82 | % | 3.99 | % | 3.63 | % | 3.14 | % | 3.63 | % | ||||||||
| Efficiency ratio (7) | 88.80 | % | 99.18 | % | 84.63 | % | 84.56 | % | 87.28 | % | 88.80 | % | 87.28 | % | ||||||||
| Earnings on average assets (8) | 0.36 | % | 0.53 | % | 0.50 | % | 0.49 | % | 0.42 | % | 0.36 | % | 0.42 | % | ||||||||
| Earnings on average equity (9) | 2.76 | % | 4.23 | % | 3.77 | % | 3.36 | % | 2.78 | % | 2.76 | % | 2.78 | % | ||||||||
| Asset Quality Ratios: | ||||||||||||||||||||||
| Nonaccrual loans to loans (10) | 1.29 | % | 1.34 | % | 0.73 | % | 0.53 | % | 0.19 | % | 1.29 | % | 0.19 | % | ||||||||
| Nonaccrual loans, restructured loans and | ||||||||||||||||||||||
| loans 90 days or more past due and still | ||||||||||||||||||||||
| accruing to total loans (10) | 1.66 | % | 1.62 | % | 1.09 | % | 0.82 | % | 0.53 | % | 1.66 | % | 0.53 | % | ||||||||
| Nonperforming assets, restructured loans | ||||||||||||||||||||||
| and loans 90 days or more past due and still | ||||||||||||||||||||||
| accruing to total assets (10) | 1.51 | % | 1.45 | % | 1.11 | % | 0.94 | % | 0.85 | % | 1.51 | % | 0.85 | % | ||||||||
| Allowance for loan losses to total loans (10) | 1.61 | % | 1.62 | % | 1.62 | % | 1.65 | % | 1.55 | % | 1.61 | % | 1.55 | % | ||||||||
| Allowance for loan losses to nonaccrual loans, | ||||||||||||||||||||||
| restructured loans and loans 90 days or | ||||||||||||||||||||||
| more past due and still accruing (10) | 96.96 | % | 99.72 | % | 148.99 | % | 200.97 | % | 294.77 | % | 96.96 | % | 294.77 | % | ||||||||
| Net charge-offs (recoveries) annualized | ||||||||||||||||||||||
| to average loans (10) | (0.06 | %) | (0.74 | %) | (0.14 | %) | (0.48 | %) | 0.21 | % | (0.06 | %) | 0.21 | % | ||||||||
| Capital Ratios: | ||||||||||||||||||||||
| Total equity to total assets | 13.17 | % | 12.62 | % | 12.30 | % | 14.01 | % | 14.68 | % | 13.17 | % | 14.68 | % | ||||||||
| Total risk-based capital ratio | 15.56 | % | 15.34 | % | 14.43 | % | 16.40 | % | 16.90 | % | 15.56 | % | 16.90 | % | ||||||||
| Tier 1 risk-based capital ratio | 14.30 | % | 14.09 | % | 13.18 | % | 15.14 | % | 15.64 | % | 14.30 | % | 15.64 | % | ||||||||
| Leverage capital ratio | 10.39 | % | 10.10 | % | 9.90 | % | 11.70 | % | 12.15 | % | 10.39 | % | 12.15 | % | ||||||||
| Other Data: | ||||||||||||||||||||||
| Number of employees (full-time equivalent) | 177 | 183 | 188 | 184 | 184 | 177 | 184 | |||||||||||||||
| Number of banking facilities | 11 | 11 | 11 | 11 | 11 | 11 | 11 | |||||||||||||||
| (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, and that difference was $1.7 million and $0.1 million for the third and second quarters of 2018, respectively. | ||||||||||||||||||||||
| (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. As presented here, shares of common outstanding excludes unvested Restricted Stock Awards totalling 1,331,384 shares of common stock at March 31, 2019. | ||||||||||||||||||||||
| (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) | |||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | |||||||||||
| 2019 | 2018 | 2018 | 2018 | 2018 | |||||||||||
| (Dollars in Thousands, Except Shares) | |||||||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 8,168 | $ | 13,037 | $ | 10,055 | $ | 9,752 | $ | 10,829 | |||||
| Reverse repurchase agreements | 42,729 | 58,662 | 45,076 | 28,403 | 23,032 | ||||||||||
| Securities available for sale | 121,115 | 118,926 | 116,013 | 117,221 | 113,227 | ||||||||||
| Equity securities at fair value | 2,385 | 2,355 | 2,332 | 2,350 | 2,369 | ||||||||||
| Loans held for sale | 4,467 | 4,632 | 8,145 | 15,407 | 6,689 | ||||||||||
| Loans | 489,273 | 491,337 | 507,677 | 488,762 | 472,746 | ||||||||||
| Allowance for loan losses | (7,865 | ) | (7,947 | ) | (8,217 | ) | (8,055 | ) | (7,331 | ) | |||||
| Net loans | 481,408 | 483,390 | 499,460 | 480,707 | 465,415 | ||||||||||
| Federal Home Loan Bank Stock | 2,003 | 3,172 | 3,870 | 2,610 | 2,857 | ||||||||||
| Premises and equipment, net (1) | 7,220 | 4,498 | 4,409 | 4,296 | 4,314 | ||||||||||
| Accrued interest receivable | 1,873 | 1,570 | 1,858 | 1,580 | 1,583 | ||||||||||
| Deferred tax assets, net | 21,156 | 21,422 | 22,410 | 22,604 | 22,836 | ||||||||||
| Other real estate owned, net | 2,466 | 2,486 | 2,494 | 2,494 | 3,164 | ||||||||||
| Bank owned life insurance | 4,613 | 4,590 | 4,565 | 4,541 | 4,516 | ||||||||||
| Goodwill and other intangible assets | 171 | 176 | 181 | 187 | 193 | ||||||||||
| Other assets | 2,378 | 2,343 | 2,865 | 2,660 | 2,556 | ||||||||||
| Total Assets | $ | 702,152 | $ | 721,259 | $ | 723,733 | $ | 694,812 | $ | 663,580 | |||||
| Liabilities and Stockholders' Equity | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing demand | $ | 62,553 | $ | 63,507 | $ | 69,165 | $ | 72,839 | $ | 74,397 | |||||
| Interest-bearing demand | 32,467 | 33,660 | 33,701 | 32,615 | 34,657 | ||||||||||
| Savings | 188,110 | 181,432 | 164,603 | 175,343 | 182,795 | ||||||||||
| Time | 259,808 | 258,332 | 256,260 | 236,655 | 192,409 | ||||||||||
| Total deposits | 542,938 | 536,931 | 523,729 | 517,452 | 484,258 | ||||||||||
| Short-term borrowings | 57,220 | 86,710 | 104,357 | 76,427 | 79,227 | ||||||||||
| Accrued interest payable | 727 | 710 | 694 | 497 | 398 | ||||||||||
| Other liabilities | 8,760 | 5,873 | 5,960 | 3,123 | 2,290 | ||||||||||
| Total liabilities | 609,645 | 630,224 | 634,740 | 597,499 | 566,173 | ||||||||||
| Stockholders' Equity | |||||||||||||||
| Preferred stock, $1 par value; 5,000,000 | |||||||||||||||
| authorized shares; 7% fixed rate noncumulative perpetual issued; 42,955 shares of series A and 3,380 shares of series B; convertible; aggregate liquidation preference- $46.3 million | 39,384 | 39,384 | 39,384 | 50,107 | 51,000 | ||||||||||
| Common stock, $1 par value; 75,000,000 | |||||||||||||||
| authorized shares; 18,455,610 issued shares; 18,244,563 outstanding shares | 18,456 | 18,456 | 18,454 | 18,454 | 18,384 | ||||||||||
| Capital surplus | 160,930 | 160,815 | 160,716 | 158,903 | 158,749 | ||||||||||
| Accumulated deficit | (125,173 | ) | (125,796 | ) | (126,754 | ) | (127,140 | ) | (127,962 | ) | |||||
| Accumulated other comprehensive loss, net | (556 | ) | (1,290 | ) | (2,273 | ) | (2,477 | ) | (2,230 | ) | |||||
| Treasury stock 221,902 shares at cost | (534 | ) | (534 | ) | (534 | ) | (534 | ) | (534 | ) | |||||
| Total stockholders' equity | 92,507 | 91,035 | 88,993 | 97,313 | 97,407 | ||||||||||
| Total liabilities and stockholders' equity | $ | 702,152 | $ | 721,259 | $ | 723,733 | $ | 694,812 | $ | 663,580 | |||||
| (1) Increase in premise and equipment, net in 2018 is due to the adoption of new lease accounting standards effective January 1, 2019. | |||||||||||||||
| CIB MARINE BANCSHARES, INC. | ||||||||||||||||||||||
| Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||||
| At or for the | ||||||||||||||||||||||
| Quarters Ended | 3 Months Ended | |||||||||||||||||||||
| March 31, | December 31, | September 30, | June 30, | March 31, | March 31, | March 31, | ||||||||||||||||
| 2019 | 2018 | 2018 | 2018 | 2018 | 2019 | 2018 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||
| Interest Income | ||||||||||||||||||||||
| Loans | $ | 5,693 | $ | 5,686 | $ | 5,638 | $ | 5,372 | $ | 5,125 | $ | 5,693 | $ | 5,125 | ||||||||
| Loans held for sale | 85 | 86 | 112 | 117 | 73 | 85 | 73 | |||||||||||||||
| Securities | 804 | 828 | 720 | 720 | 775 | 804 | 775 | |||||||||||||||
| Other investments | 433 | 409 | 328 | 178 | 36 | 433 | 36 | |||||||||||||||
| Total interest income | 7,015 | 7,009 | 6,798 | 6,387 | 6,009 | 7,015 | 6,009 | |||||||||||||||
| Interest Expense | ||||||||||||||||||||||
| Deposits | 1,805 | 1,547 | 1,343 | 1,038 | 948 | 1,805 | 948 | |||||||||||||||
| Short-term borrowings | 373 | 517 | 424 | 368 | 237 | 373 | 237 | |||||||||||||||
| Total interest expense | 2,178 | 2,064 | 1,767 | 1,406 | 1,185 | 2,178 | 1,185 | |||||||||||||||
| Net interest income | 4,837 | 4,945 | 5,031 | 4,981 | 4,824 | 4,837 | 4,824 | |||||||||||||||
| Provision for (reversal of) loan losses | (158 | ) | (1,195 | ) | (13 | ) | 149 | (126 | ) | (158 | ) | (126 | ) | |||||||||
| Net interest income after provision for | ||||||||||||||||||||||
| (reversal of) loan losses | 4,995 | 6,140 | 5,044 | 4,832 | 4,950 | 4,995 | 4,950 | |||||||||||||||
| Noninterest Income | ||||||||||||||||||||||
| Deposit service charges | 83 | 79 | 105 | 110 | 111 | 83 | 111 | |||||||||||||||
| Other service fees | 20 | 31 | 30 | 40 | 34 | 20 | 34 | |||||||||||||||
| Mortgage Banking revenue, net | 978 | 1,057 | 1,760 | 2,155 | 1,374 | 978 | 1,374 | |||||||||||||||
| Other income | 165 | 143 | 173 | 153 | 132 | 165 | 132 | |||||||||||||||
| Net gains (losses) on sale of securities available for sale | 0 | 0 | (7 | ) | 0 | 22 | 0 | 22 | ||||||||||||||
| Unrealized gains (losses) recognized on equity securities | 30 | 23 | (18 | ) | (18 | ) | (39 | ) | 30 | (39 | ) | |||||||||||
| Net gains on sale of assets | 86 | 213 | 1,020 | 528 | 198 | 86 | 198 | |||||||||||||||
| Total noninterest income | 1,362 | 1,546 | 3,063 | 2,968 | 1,832 | 1,362 | 1,832 | |||||||||||||||
| Noninterest Expense | ||||||||||||||||||||||
| Compensation and employee benefits | 3,687 | 4,206 | 4,514 | 4,682 | 4,056 | 3,687 | 4,056 | |||||||||||||||
| Equipment | 335 | 364 | 351 | 337 | 311 | 335 | 311 | |||||||||||||||
| Occupancy and premises | 456 | 423 | 378 | 422 | 417 | 456 | 417 | |||||||||||||||
| Data Processing | 166 | 169 | 184 | 162 | 154 | 166 | 154 | |||||||||||||||
| Federal deposit insurance | 82 | 74 | 51 | 48 | 49 | 82 | 49 | |||||||||||||||
| Professional services | 140 | 270 | 623 | 290 | 166 | 140 | 166 | |||||||||||||||
| Telephone and data communication | 78 | 86 | 78 | 79 | 78 | 78 | 78 | |||||||||||||||
| Insurance | 53 | 47 | 60 | 63 | 61 | 53 | 61 | |||||||||||||||
| Other expense | 508 | 776 | 632 | 654 | 532 | 508 | 532 | |||||||||||||||
| Total noninterest expense | 5,505 | 6,415 | 6,871 | 6,737 | 5,824 | 5,505 | 5,824 | |||||||||||||||
| Income from operations | ||||||||||||||||||||||
| before income taxes | 852 | 1,271 | 1,236 | 1,063 | 958 | 852 | 958 | |||||||||||||||
| Income tax expense | 229 | 313 | 345 | 241 | 289 | 229 | 289 | |||||||||||||||
| Net income | 623 | 958 | 891 | 822 | 669 | 623 | 669 | |||||||||||||||
| Preferred stock dividend | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Discount from repurchase of preferred shares | 0 | 0 | 1,703 | 105 | 0 | 0 | 0 | |||||||||||||||
| Net income allocated to | ||||||||||||||||||||||
| common stockholders | $ | 623 | $ | 958 | $ | 2,594 | $ | 927 | $ | 669 | $ | 623 | $ | 669 | ||||||||
FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com