BROOKFIELD, Wis., Jan. 23, 2026 (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 year ending December 31, 2025. In 2025, CIB Marine continued to improve its net interest margin, achieving an increase of 30 basis points over the prior year. The Mortgage Division also delivered a modest profit despite ongoing challenges in the mortgage market. After an extended period of provisions for credit losses and net charge-offs that were significantly better than both local and national peer medians, the Company experienced higher levels of both in the fourth quarter of 2025, which impacted earnings for the quarter and the year.
Net income allocated to common shareholders for the year was $1.6 million, or $1.19 basic and $1.15 diluted earnings per share, compared to $2.5 million, or $1.87 basic and $1.46 diluted earnings per share, in 2024. The 2024 figures exclude the impact of the sale-leaseback transaction that year. The decline was primarily related to the increase in provisions for credit losses during the fourth quarter of 2025. Financial highlights for the quarter and year include:
-- Net interest margin increased to 2.81% in the fourth quarter of 2025, up
from 2.44% in the fourth quarter of 2024. For the full year, net interest
margin improved to 2.72% compared to 2.42% in 2024. This ongoing recovery
was driven primarily by a 52-basis-point reduction in the cost of funds,
reflecting the repricing of time deposits, money market accounts, and
bank borrowings as the federal funds rate declined by 75 basis points in
the second half of 2025. In contrast, yields on earning assets declined
by only 12 basis points because earning assets are primarily fixed rate
and new loan originations and securities purchases were at rates
generally above the respective portfolio's weighted average yields.
-- Provisions for credit losses were $1.2 million in the fourth quarter of
2025 and $1.1 million for the full year, compared to reversals of $0.3
million in the same quarter of 2024 and $0.5 million for the full year
2024. The increase was primarily driven by $1.5 million in charge-offs
related to two relationships: one long-standing non-performing loan in
the transportation industry and a commercial loan that degraded in late
2025. Net charge-offs for the year were 0.20%, versus 0.01% in the prior
year. The allowance for credit losses on loans was 1.27% as of December
31, 2025, compared to 1.26% a year earlier--both at or above local and
national peer medians.
-- As of December 31, 2025, non-performing assets represented 1.04% of total
assets, and non-accrual loans accounted for 1.31% of total loans--up from
0.68% and 0.81%, respectively, on December 31, 2024. The increase was
primarily related to two commercial loan relationships moved to
non-accrual status.
-- Commercial loan originations surpassed targets in 2025, yet
higher-than-expected payoffs--stemming from clients' strategic moves to
sell businesses or real estate--resulted in a $31 million decline in
total loan balances compared to year-end 2024. With payoff activity
easing late in the year while new loan originations remained strong, loan
balances increased by $11 million in the fourth quarter. Business plans
for 2026 emphasize continued growth, particularly within commercial
lending.
-- The Banking Division reported income in 2025 that was $0.9 million higher
than in 2024, excluding provisions and the prior year's sale-leaseback
gain. This increase was driven by $1.2 million in higher net interest
income, partially offset by $0.3 million lower non-interest income, and
assisted--albeit modestly--by lower non-interest expenses as the Company
continues to manage costs and improve the division's operating
efficiencies.
-- The Mortgage Division reported a modest profit in 2025, following a loss
of $0.2 million in 2024.
Mr. J. Brian Chaffin, CIB Marine's President and CEO, commented, "Our focus on improving the net interest margin and disciplined expense management contributed to stronger core earnings results from the Banking Division. We reported our first net growth quarter of the year in loan balances, primarily through our commercial lending activity, and we continue to target growth into the future. Although it is disappointing that we had some loan losses in the fourth quarter, this follows many years of performance significantly better than both national and local peer medians."
He added, "The loan charge offs recorded in the fourth quarter were primarily attributable to two relationships and, based on current information, do not reflect a deterioration in overall portfolio performance. As previously disclosed, the Company has experienced credit challenges with legacy loans in the trucking industry. Overall, the Company's exposure to this industry remains limited, and we have not originated new credits in this sector. Since year end 2024, outstanding loan balances within the NAICS Transportation and Warehousing category have declined from $15.9 million to $13.7 million. Additionally, excluding the two largest past due loans--one of which is a restructured trucking credit and both of which are well secured--loans past due 30 days or more would represent 0.26% of total loans as of December 31, 2025."
He concluded, "The expanded common stock repurchase program authorizes up to $2.5 million in buybacks through December 31, 2026. During the fourth quarter of 2025, we repurchased 16,071 shares in open-market transactions for a total of $580,127 at an average price of $36.10 per share. For the full year, 36,383 shares--approximately 3% of outstanding shares--were repurchased for $1.3 million at an average price of $34.29 per share. This leaves approximately $1.2 million available for additional repurchases in 2026. To support the program, we used cash on hand, including proceeds from prior capital distributions by our subsidiary, CIBM Bank, including the $3 million capital distribution in the fourth quarter of 2025. The parent company also maintains a $2 million line of credit, which remains undrawn to date."
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 six 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:
-- 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,
2025 2025 2025 2025 2024 2025 2024
(Dollars in thousands, except share and per share
data)
Selected Statement of
Operations Data:
Interest and dividend
income $ 10,881 $ 10,780 $ 11,017 $ 10,941 $ 11,408 $ 43,619 $ 47,544
Interest expense 5,208 5,196 5,541 5,652 6,259 21,597 26,703
--------- --------- --------- --------- --------- --------- ---------
Net interest income 5,673 5,584 5,476 5,289 5,149 22,022 20,841
Provision for (reversal
of) credit losses 1,174 (90) 9 42 (332) 1,135 (463)
--------- --------- --------- --------- --------- --------- ---------
Net interest income
after provision for
(reversal of) credit
losses 4,499 5,674 5,467 5,247 5,481 20,887 21,304
Noninterest income (1) 1,292 1,908 1,765 1,552 1,724 6,517 13,152
Noninterest expense 6,223 6,375 6,311 6,373 6,678 25,282 27,166
--------- --------- --------- --------- --------- --------- ---------
Income (loss) before
income taxes (432) 1,207 921 426 527 2,122 7,290
Income tax expense
(benefit) (115) 299 253 105 123 542 1,848
--------- --------- --------- --------- --------- --------- ---------
Net income (loss) $ (317) $ 908 $ 668 $ 321 $ 404 $ 1,580 $ 5,442
========= ========= ========= ========= ========= ========= =========
Common Share Data:
Basic net income (loss)
per share (2) $ (0.24) $ 0.68 $ 0.50 $ 0.24 $ 0.60 $ 1.19 $ 4.32
Diluted net income
(loss) per share (2) (0.24) 0.65 0.48 0.23 0.54 1.15 3.38
Dividend 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tangible book value per
share (3) 60.95 60.72 59.55 58.46 57.37 60.95 57.37
Book value per share
(3) 61.00 60.77 59.59 58.51 57.42 61.00 57.42
Weighted average shares
outstanding - basic 1,334,388 1,345,233 1,349,613 1,348,995 1,357,737 1,330,689 1,352,585
Weighted average shares
outstanding - diluted 1,379,069 1,391,648 1,397,365 1,396,274 1,507,344 1,377,213 1,729,521
Financial Condition Data:
Total assets $ 833,304 $ 836,760 $ 838,441 $ 852,018 $ 866,474 $ 833,304 $ 866,474
Loans 666,199 655,620 665,393 684,787 697,093 666,199 697,093
Allowance for credit
losses on loans (8,465) (8,721) (8,793) (8,818) (8,790) (8,465) (8,790)
Investment securities 123,318 128,214 126,795 124,109 120,339 123,318 120,339
Deposits 660,614 702,078 684,480 692,028 692,378 660,614 692,378
Borrowings 77,817 39,245 59,292 67,214 81,735 77,817 81,735
Stockholders' equity 81,414 81,789 80,492 79,309 77,961 81,414 77,961
Financial Ratios and
Other Data:
Performance Ratios:
Net interest margin
(4) 2.81% 2.78% 2.69% 2.62% 2.44% 2.72% 2.42%
Net interest spread
(5) 2.20% 2.17% 2.06% 1.99% 1.74% 2.10% 1.72%
Noninterest income to
average assets (6) 0.62% 0.91% 0.83% 0.73% 0.82% 0.77% 1.48%
Noninterest expense
to average assets 2.98% 3.06% 3.00% 3.05% 3.06% 3.02% 3.05%
Efficiency ratio (7) 89.37% 85.33% 87.24% 93.65% 96.17% 88.79% 79.86%
Earnings (loss) on
average assets (8) -0.15% 0.44% 0.32% 0.15% 0.19% 0.19% 0.61%
Earnings (loss) on
average equity (9) -1.53% 4.46% 3.36% 1.65% 1.94% 1.97% 6.33%
Asset Quality Ratios:
Nonaccrual loans to
loans (10) 1.31% 0.95% 0.85% 0.84% 0.81% 1.31% 0.81%
Nonperformance assets
to total assets (11) 1.04% 0.75% 0.68% 0.67% 0.68% 1.04% 0.68%
Nonaccrual loans,
modified loans to
borrowers experiencing
financial difficulty,
loans 90 days or more
past due and still
accruing to total
loans 2.36% 2.38% 2.33% 1.21% 1.19% 2.36% 1.19%
Nonaccrual loans, OREO,
modified loans to
borrowers experiencing
financial difficulty,
loans 90 days or more
past due and still
accruing to total
assets 1.89% 1.87% 1.85% 0.97% 0.98% 1.89% 0.98%
Allowance for credit
losses on loans to
total loans (10) 1.27% 1.33% 1.32% 1.29% 1.26% 1.27% 1.26%
Allowance for credit
losses on loans to
nonaccrual loans,
modified loans to
borrowers experiencing
financial difficulty
loans and loans 90
days or more past due
and still accruing
(10) 53.87% 55.78% 56.76% 106.25% 105.95% 53.87% 105.95%
Net charge-offs
(recoveries)
annualized to average
loans (10) 0.85% 0.00% -0.02% -0.01% -0.01% 0.20% 0.01%
Capital Ratios:
Total equity to total
assets 9.77% 9.77% 9.60% 9.31% 9.00% 9.77% 9.00%
Total risk-based
capital ratio 13.67% 13.90% 13.55% 13.34% 13.02% 13.67% 13.02%
Tier 1 risk-based
capital ratio 10.94% 11.15% 10.82% 10.62% 10.33% 10.94% 10.33%
Leverage capital ratio 8.80% 8.88% 8.54% 8.40% 8.14% 8.80% 8.14%
Other Data:
Number of employees
(full-time
equivalent) 142 143 144 152 165 142 165
Number of banking
facilities 9 9 9 9 9 9 9
(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 $0.4 million
for the quarter and year ended December 31, 2024.
(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.
(11)Nonperforming assets includes nonaccrual loans,
nonaccrual securities, and other real estate owned.
CIB MARINE BANCSHARES, INC.
Consolidated Balance Sheets (unaudited)
December September December
31, 30, June 30, March 31, 31,
2025 2025 2025 2025 2024
(Dollars in Thousands, Except Shares)
Assets
Cash and due from
banks $ 8,102 $ 19,016 $ 10,363 $ 7,717 $ 6,748
Reverse repurchase
agreements - - - - -
Securities available
for sale 121,110 126,017 124,618 121,939 118,206
Equity securities at
fair value 2,208 2,197 2,177 2,170 2,133
Loans held for sale 8,640 7,287 7,733 7,685 13,291
Loans 666,199 655,620 665,393 684,787 697,093
Allowance for credit
losses on loans (8,465) (8,721) (8,793) (8,818) (8,790)
------- ------- ------- ------- -------
Net loans 657,734 646,899 656,600 675,969 688,303
Federal Home Loan Bank
stock 2,567 2,195 3,401 2,607 2,607
Premises and
equipment, net 1,675 1,731 1,660 1,486 1,570
Accrued interest
receivable 2,763 2,803 2,733 2,680 2,651
Deferred tax assets,
net 11,440 11,745 12,160 12,529 12,955
Other real estate
owned, net - - - - 200
Bank owned life
insurance 6,641 6,589 6,536 6,486 6,437
Goodwill and other
intangible assets 64 64 64 64 64
Other assets 10,360 10,217 10,396 10,686 11,309
Total assets $833,304 $836,760 $838,441 $852,018 $866,474
======= ======= ======= ======= =======
Liabilities and
Stockholders' Equity
Deposits:
Noninterest-bearing
demand $ 85,637 $ 95,307 $ 87,479 $ 98,403 $ 86,886
Interest-bearing
demand 86,577 107,512 74,921 77,620 84,833
Savings 218,515 222,450 226,663 232,046 224,960
Time 269,885 276,809 295,417 283,959 295,699
------- ------- ------- ------- -------
Total deposits 660,614 702,078 684,480 692,028 692,378
Short-term borrowings 68,022 29,458 49,514 57,444 71,973
Long-term borrowings 9,795 9,787 9,778 9,770 9,762
Accrued interest
payable 1,468 1,456 1,656 1,614 1,911
Other liabilities 11,991 12,192 12,521 11,853 12,489
------- ------- ------- ------- -------
Total liabilities 751,890 754,971 757,949 772,709 788,513
Stockholders' Equity
Preferred stock, $1
par value; 5,000,000
authorized shares at
both December 31, 2025
and December 31, 2024;
7% fixed rate
noncumulative
perpetual issued; zero
shares of series A and
zero shares of series
B convertible - - - - -
Common stock, $1 par
value; 75,000,000
authorized shares;
1,385,842 and
1,372,642 issued
shares; 1,335,390 and
1,358,473 outstanding
shares at December
31, 2025 and December
31, 2024,
respectively (1) 1,386 1,386 1,386 1,383 1,372
Capital surplus 182,087 182,003 181,908 181,801 181,708
Accumulated deficit (97,907) (97,591) (98,498) (99,167) (99,487)
Accumulated other
comprehensive income
(loss), net (2,371) (2,808) (3,273) (3,939) (5,098)
Treasury stock, 51,174
shares on December
31, 2025 and 14,791
shares December 31,
2024 (2) (1,781) (1,201) (1,031) (769) (534)
------- ------- ------- ------- -------
Total
stockholders'
equity 81,414 81,789 80,492 79,309 77,961
Total liabilities
and stockholders'
equity $833,304 $836,760 $838,441 $852,018 $866,474
======= ======= ======= ======= =======
(1) Both issued and outstanding shares as stated here
exclude 42,980 shares and 45,259 shares of unvested
restricted stock awards at December 31, 2025 and December
31, 2024, 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 12 Months Ended
--------------------------------------------------- --------------------
December September March December December December
31, 30, June 30, 31, 31, 31, 31,
2025 2025 2025 2025 2024 2025 2024
(Dollars in thousands)
Interest Income
Loans $ 9,480 $ 9,347 $ 9,653 $ 9,623 $ 9,999 $38,103 $41,548
Loans held for sale 168 123 149 137 215 577 870
Securities 1,200 1,229 1,186 1,150 1,151 4,765 4,782
Other investments 33 81 29 31 43 174 344
Total interest
income 10,881 10,780 11,017 10,941 11,408 43,619 47,544
Interest Expense
Deposits 4,660 4,772 4,795 5,029 5,638 19,256 24,685
Short-term
borrowings 427 302 625 504 500 1,858 1,535
Long-term
borrowings 121 122 121 119 121 483 483
Total interest
expense 5,208 5,196 5,541 5,652 6,259 21,597 26,703
------ ------ ------ ------ ------ ------ ------
Net interest
income 5,673 5,584 5,476 5,289 5,149 22,022 20,841
Provision for
(reversal of)
credit losses 1,174 (90) 9 42 (332) 1,135 (463)
------ ------ ------ ------ ------ ------ ------
Net interest
income after
provision for
(reversal of)
credit
losses 4,499 5,674 5,467 5,247 5,481 20,887 21,304
Noninterest Income
Deposit service
charges 62 62 65 59 55 248 251
Other service fees (10) (7) (10) (9) (5) (36) (14)
Mortgage banking
revenue, net 1,021 1,483 1,424 1,140 1,564 5,068 7,203
Other income 178 239 279 177 192 873 778
Net gain (loss) on
sale of securities
available for
sale (10) 0 0 0 0 (10) 0
Unrealized gain
(loss) recognized
on equity
securities 11 21 7 36 (71) 75 (25)
Net gain (loss) on
sale of SBA loans 40 110 0 161 0 311 622
Net gain on sale of
assets and
(writedowns) 0 0 0 (12) (11) (12) 4,337
Total
noninterest
income 1,292 1,908 1,765 1,552 1,724 6,517 13,152
Noninterest Expense
Compensation and
employee benefits 3,833 4,047 4,060 4,066 4,344 16,006 18,185
Equipment 589 577 583 559 467 2,308 1,890
Occupancy and
premises 537 514 519 549 500 2,119 1,822
Data Processing 215 243 212 221 220 891 883
Federal deposit
insurance 119 138 101 129 144 487 744
Professional
services 169 205 218 278 240 870 912
Telephone and data
communication 73 65 57 52 74 247 232
Insurance 71 92 75 64 71 302 310
Other expense 617 494 486 455 618 2,052 2,188
Total
noninterest
expense 6,223 6,375 6,311 6,373 6,678 25,282 27,166
------ ------ ------ ------ ------ ------ ------
Income (loss) from
operations
before income
taxes (432) 1,207 921 426 527 2,122 7,290
Income tax expense
(benefit) (115) 299 253 105 123 542 1,848
Net income
(loss) (317) 908 668 321 404 1,580 5,442
Discount from
repurchase of
preferred stock 0 0 0 0 406 0 406
------ ------ ------ ------ ------ ------ ------
Net income
(loss)
allocated to
common
stockholders $ (317) $ 908 $ 668 $ 321 $ 810 $ 1,580 $ 5,848
====== ====== ====== ====== ====== ====== ======
FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
(END) Dow Jones Newswires
January 23, 2026 10:53 ET (15:53 GMT)
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