BROOKFIELD, Wis., July 13, 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 quarter and six months ended June 30, 2026. Net income for the quarter increased to $0.9 million, or $0.69 basic and $0.68 diluted net income per share, compared to $0.7 million or $0.49 basic and $0.48 diluted net income per share, for the same quarter of 2025. For the six-month period, net income increased to $1.5 million, or $1.14 basic and $1.12 diluted net income per share from $1.0 million, or $0.73 basic and $0.71 diluted net income per share, for the same period in 2025.
Financial highlights for the quarter include:
-- Net interest margin increased to 3.03% compared to 2.96% for the first
quarter of 2026 and 2.69% for the second quarter of 2025; and to 3.00%
for the six months ended June 30, 2026, compared to 2.65% for the same
period of 2025. The rising trend continued as the cost of funds
declined at a faster pace than earning asset yields. Net interest income
increased $0.5 million for the quarter compared to the same quarter of
2025, and by $1.1 million for the six months ended June 30, 2026,
compared to the same period of 2025, primarily as a result of an improved
net interest margin that more than offset the impact of lower average
earning asset balances.
-- Net income for the Banking and Mortgage Divisions increased by $0.3
million and $0.1 million, respectively, for the six months ended June 30,
2026, compared to the same period in 2025. The Banking Division's
increase was driven primarily by higher net interest income, which more
than offset increased provisions for credit losses. The Mortgage
Division's improved results were primarily attributable to effective cost
management, as mortgage origination volumes remain low due to higher
mortgage rates and limited housing inventory.
-- The allowance for credit losses to loans declined to 1.20% at June 30,
2026, from 1.27% at December 31, 2025, primarily due to charge-offs of
individually assessed loans. Non-performing assets to total assets and
non-accrual loans to loans improved to 0.87% and 1.09%, respectively, on
June 30, 2026, compared to 1.04% and 1.31%, respectively, on December 31,
2025.
-- Since year-end 2025, loan balances decreased by $6 million, reflecting
lower origination activity, while deposit balances grew by $6 million,
allowing CIBM Bank to reduce total borrowings. The Company is targeting
growth in loan portfolio balances during the remainder of 2026, primarily
within its commercial lending segments.
Mr. J. Brian Chaffin, CIB Marine's President and CEO, commented, "Earnings improved due to net interest margin expansion and expense management. Net interest margin for CIBM Bank was 3.09% for the second quarter, up from 2.75% in the same quarter of 2025, reflecting growth in new customer relationships supported by increased marketing activities, together with the continued repricing of loans and deposits."
Regarding the Company's common stock repurchase plan, he added, "Purchases of CIBH stock for the first half of 2026 totaled $1.2 million at a weighted average price of $38.33 per share. Since February 2025, we have repurchased 5% of our outstanding stock at a price of $36.17 per share, utilizing $2.5 million of the $3.5 million authorized through 2026."
Finally, he concluded, "At mid-year we have reported continued performance improvements. Our focus for the remainder of 2026 is to build on that momentum and achieve our performance goals through even stronger results from our banking and mortgage teams."
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.
FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
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,
2026 2026 2025 2025 2025 2026 2025
(Dollars in thousands, except share and per share
data)
Selected Statement of
Operations Data:
Interest and dividend
income $ 10,739 $ 10,586 $ 10,881 $ 10,780 $ 11,017 $ 21,325 $ 21,958
Interest expense 4,739 4,760 5,208 5,196 5,541 9,499 11,193
--------- --------- --------- --------- --------- --------- ---------
Net interest income 6,000 5,826 5,673 5,584 5,476 11,826 10,765
Provision for (reversal
of) credit losses (26) 268 1,174 (90) 9 242 51
--------- --------- --------- --------- --------- --------- ---------
Net interest income
after provision for
(reversal of) credit
losses 6,026 5,558 4,499 5,674 5,467 11,584 10,714
Noninterest income (1) 1,337 1,178 1,292 1,908 1,765 2,515 3,317
Noninterest expense 6,191 5,969 6,223 6,375 6,311 12,160 12,684
--------- --------- --------- --------- --------- --------- ---------
Income (loss) before
income taxes 1,172 767 (432) 1,207 921 1,939 1,347
Income tax expense
(benefit) 257 181 (115) 299 253 438 358
--------- --------- --------- --------- --------- --------- ---------
Net income (loss) $ 915 $ 586 $ (317) $ 908 $ 668 $ 1,501 $ 989
========= ========= ========= ========= ========= ========= =========
Common Share Data:
Basic net income (loss)
per share $ 0.69 $ 0.45 $ (0.24) $ 0.67 $ 0.49 $ 1.14 $ 0.73
Diluted net income
(loss) per share 0.68 0.43 (0.24) 0.65 0.48 1.12 0.71
Dividend 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Tangible book value per
share (2) 61.56 61.09 60.95 60.72 59.55 61.56 59.55
Book value per share
(2) 61.61 61.13 61.00 60.77 59.59 61.61 59.59
Weighted average shares
outstanding - basic 1,317,498 1,310,842 1,334,388 1,350,097 1,354,477 1,312,190 1,349,437
Weighted average shares
outstanding - diluted 1,345,498 1,349,513 1,379,094 1,396,512 1,402,229 1,345,498 1,396,954
Financial Condition Data:
Total assets $ 828,198 $ 832,790 $ 833,304 $ 836,760 $ 838,441 $ 828,198 $ 838,441
Loans 659,768 669,543 666,199 655,620 665,393 659,768 665,393
Allowance for credit
losses on loans (7,903) (8,696) (8,465) (8,721) (8,793) (7,903) (8,793)
Investment securities 124,419 120,629 123,318 128,214 126,795 124,419 126,795
Deposits 666,633 677,349 660,614 702,078 684,480 666,633 684,480
Borrowings 67,804 62,265 77,817 39,245 59,292 67,804 59,292
Stockholders' equity 81,245 80,647 81,414 81,789 80,492 81,245 80,492
Financial Ratios and
Other Data:
Performance Ratios:
Net interest margin
(3) 3.03% 2.96% 2.81% 2.78% 2.69% 3.00% 2.65%
Net interest spread
(4) 2.46% 2.40% 2.20% 2.17% 2.06% 2.43% 2.02%
Noninterest income to
average assets (5) 0.66% 0.59% 0.62% 0.91% 0.83% 0.62% 0.78%
Noninterest expense
to average assets 3.03% 2.95% 2.98% 3.06% 3.00% 2.99% 3.02%
Efficiency ratio (6) 84.28% 85.03% 89.37% 85.33% 87.24% 84.64% 90.35%
Earnings (loss) on
average assets (7) 0.45% 0.29% -0.15% 0.44% 0.32% 0.37% 0.24%
Earnings (loss) on
average equity (8) 4.53% 2.90% -1.53% 4.46% 3.36% 3.71% 2.52%
Asset Quality Ratios:
Nonaccrual loans to
loans (9) 1.09% 1.30% 1.31% 0.95% 0.85% 1.09% 0.85%
Nonperforming assets to
total assets (10) 0.87% 1.04% 1.04% 0.75% 0.68% 0.87% 0.68%
Nonaccrual loans,
modified loans to
borrowers experiencing
financial
difficulty, loans 90
days or more past
due and still
accruing to total
loans 1.94% 2.20% 2.36% 2.38% 2.33% 1.94% 2.33%
Nonaccrual loans, OREO,
modified loans to
borrowers
experiencing
financial
difficulty, loans 90
days or more past
due and still
accruing to total
assets 1.54% 1.77% 1.89% 1.87% 1.85% 1.54% 1.85%
Allowance for credit
losses on loans to
total loans (9) 1.20% 1.30% 1.27% 1.33% 1.32% 1.20% 1.32%
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 (9) 61.87% 59.08% 53.87% 55.78% 56.76% 61.87% 56.76%
Net charge-offs
(recoveries)
annualized
to average loans (9) 0.47% -0.06% 0.85% 0.00% -0.02% 0.21% -0.01%
Capital Ratios:
Total equity to total
assets 9.81% 9.68% 9.77% 9.77% 9.60% 9.81% 9.60%
Total risk-based
capital ratio 13.84% 13.53% 13.67% 13.90% 13.55% 13.84% 13.55%
Tier 1 risk-based
capital ratio 11.10% 10.80% 10.94% 11.15% 10.82% 11.10% 10.82%
Leverage capital ratio 8.95% 8.83% 8.80% 8.88% 8.54% 8.95% 8.54%
Other Data:
Number of employees
(full-time
equivalent) 142 141 142 143 144 142 144
Number of banking
facilities 9 9 9 9 9 9 9
(1) Noninterest income includes gains and losses on
securities.
(2) 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.
(3) Net interest margin is the ratio of net interest
income to average interest-earning assets.
(4) Net interest spread is the yield on average interest-earning
assets less the rate on average interest-bearing liabilities.
(5) Noninterest income to average assets excludes
gains and losses on securities.
(6) The efficiency ratio is noninterest expense divided
by the sum of net interest income plus noninterest
income, excluding gains and losses on securities.
(7) Earnings on average assets are net income divided
by average total assets.
(8) Earnings on average equity are net income divided
by average stockholders' equity.
(9) Excludes loans held for sale.
(10)Nonperforming assets includes nonaccrual loans,
nonaccrual securities, and other real estate owned.
CIB MARINE BANCSHARES, INC.
Consolidated Balance Sheets (unaudited)
December September
June 30, March 31, 31, 30, June 30,
2026 2026 2025 2025 2025
(Dollars in Thousands, Except Shares)
Assets
Cash and due from
banks $ 8,893 $ 9,584 $ 8,102 $ 19,016 $ 10,363
Securities available
for sale 122,235 118,436 121,110 126,017 124,618
Equity securities at
fair value 2,184 2,193 2,208 2,197 2,177
Loans held for sale 7,976 6,160 8,640 7,287 7,733
Loans 659,768 669,543 666,199 655,620 665,393
Allowance for credit
losses on loans (7,903) (8,696) (8,465) (8,721) (8,793)
------- ------- ------- ------- -------
Net loans 651,865 660,847 657,734 646,899 656,600
Federal Home Loan Bank
stock 2,707 2,707 2,567 2,195 3,401
Premises and
equipment, net 1,646 1,610 1,675 1,731 1,660
Accrued interest
receivable 2,798 2,890 2,763 2,803 2,733
Deferred tax assets,
net 11,503 11,589 11,440 11,745 12,160
Other real estate
owned, net - - - - -
Bank owned life
insurance 6,752 6,695 6,641 6,589 6,536
Goodwill and other
intangible assets 64 64 64 64 64
Other assets 9,575 10,015 10,360 10,217 10,396
Total assets $828,198 $832,790 $833,304 $836,760 $838,441
======= ======= ======= ======= =======
Liabilities and
Stockholders' Equity
Deposits:
Noninterest-bearing
demand $ 88,840 $ 86,243 $ 85,637 $ 95,307 $ 87,479
Interest-bearing
demand 82,241 91,209 86,577 107,512 74,921
Savings 233,642 232,493 218,515 222,450 226,663
Time 261,910 267,404 269,885 276,809 295,417
------- ------- ------- ------- -------
Total deposits 666,633 677,349 660,614 702,078 684,480
Short-term borrowings 57,992 52,462 68,022 29,458 49,514
Long-term borrowings 9,812 9,803 9,795 9,787 9,778
Accrued interest
payable 1,335 1,237 1,468 1,456 1,656
Other liabilities 11,181 11,292 11,991 12,192 12,521
------- ------- ------- ------- -------
Total liabilities 746,953 752,143 751,890 754,971 757,949
Stockholders' Equity
Preferred stock, $1
par value; 5,000,000
authorized shares at
both June 30, 2026 and
December 31, 2025; 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;
1,401,541 and
1,385,842 issued
shares; 1,319,357 and
1,335,390 outstanding
shares at June 30,
2026 and December 31,
2025, respectively
(1) 1,402 1,398 1,386 1,386 1,386
Capital surplus 182,283 182,175 182,087 182,003 181,908
Accumulated deficit (96,406) (97,321) (97,907) (97,591) (98,498)
Accumulated other
comprehensive income
(loss), net (3,036) (2,765) (2,371) (2,808) (3,273)
Treasury stock, 82,906
shares on June 30,
2026 and 51,174
shares December 31,
2025 (2) (2,998) (2,840) (1,781) (1,201) (1,031)
------- ------- ------- ------- -------
Total
stockholders'
equity 81,245 80,647 81,414 81,789 80,492
Total liabilities
and stockholders'
equity $828,198 $832,790 $833,304 $836,760 $838,441
======= ======= ======= ======= =======
(1) Both issued and outstanding shares as stated here
exclude 41,349 shares and 43,054 shares of unvested
restricted stock awards at June 30, 2026 and December
31, 2025, 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 6 Months Ended
--------------------------------------------------- --------------------
March December September
June 30, 31, 31, 30, June 30, June 30, June 30,
2026 2026 2025 2025 2025 2026 2025
(Dollars in thousands)
Interest Income
Loans $ 9,463 $ 9,323 $ 9,480 $ 9,347 $ 9,653 $18,786 $19,276
Loans held for sale 78 87 168 123 149 165 286
Securities 1,170 1,152 1,200 1,229 1,186 2,322 2,336
Other investments 28 24 33 81 29 52 60
Total interest
income 10,739 10,586 10,881 10,780 11,017 21,325 21,958
Interest Expense
Deposits 4,180 4,185 4,660 4,772 4,795 8,365 9,824
Short-term
borrowings 437 456 427 302 625 893 1,129
Long-term borrowings 122 119 121 122 121 241 240
Total interest
expense 4,739 4,760 5,208 5,196 5,541 9,499 11,193
------ ------ ------ ------ ------ ------ ------
Net interest
income 6,000 5,826 5,673 5,584 5,476 11,826 10,765
Provision for
(reversal of)
credit losses (26) 268 1,174 (90) 9 242 51
------ ------ ------ ------ ------ ------ ------
Net interest
income after
provision for
(reversal of)
credit losses 6,026 5,558 4,499 5,674 5,467 11,584 10,714
Noninterest Income
Deposit service
charges 46 43 62 62 65 89 124
Other service fees (11) (10) (10) (7) (10) (21) (19)
Mortgage banking
revenue, net 1,072 820 1,021 1,483 1,424 1,892 2,564
Other income 208 173 178 239 279 381 456
Net gain (loss) on
sale of securities
available for sale 0 0 (10) 0 0 0 0
Unrealized gain
(loss) recognized
on equity
securities (9) (16) 11 21 7 (25) 43
Net gain on sale of
SBA loans 31 168 40 110 0 199 161
Net gain on sale of
assets and
(writedowns) 0 0 0 0 0 0 (12)
Total
noninterest
income 1,337 1,178 1,292 1,908 1,765 2,515 3,317
Noninterest Expense
Compensation and
employee benefits 3,800 3,726 3,833 4,047 4,060 7,526 8,126
Equipment 510 521 589 577 583 1,031 1,142
Occupancy and
premises 524 571 537 514 519 1,095 1,068
Data Processing 213 218 215 243 212 431 433
Federal deposit
insurance 125 134 119 138 101 259 230
Professional
services 236 178 169 205 218 414 496
Telephone and data
communication 69 65 73 65 57 134 109
Insurance 54 94 71 92 75 148 139
Other expense 660 462 617 494 486 1,122 941
Total
noninterest
expense 6,191 5,969 6,223 6,375 6,311 12,160 12,684
------ ------ ------ ------ ------ ------ ------
Income (loss) from
operations
before income
taxes 1,172 767 (432) 1,207 921 1,939 1,347
Income tax expense
(benefit) 257 181 (115) 299 253 438 358
Net income
(loss) 915 586 (317) 908 668 1,501 989
Net income
(loss)
allocated to
common
stockholders $ 915 $ 586 $ (317) $ 908 $ 668 $ 1,501 $ 989
====== ====== ====== ====== ====== ====== ======
(END) Dow Jones Newswires
July 13, 2026 05:45 ET
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