CIB Marine Bancshares, Inc. Announces First Quarter 2026 Results

Rhea-AI Summary

CIB Marine Bancshares (OTCQX: CIBH) reported first quarter 2026 results: net income $0.6M and EPS $0.45 basic / $0.43 diluted. Net interest margin rose to 2.96% (CIBM Bank 3.03%). Loans increased $3M and deposits grew $17M in Q1. Allowance for credit losses on loans was 1.30%; nonperforming assets were 1.04%. Q1 share repurchases totaled $1.1M; $2.3M of the $2.5M program spent, acquiring 64,100 shares at an average $35.99. Tangible book value per share was $61.09. The company will hold its annual shareholder meeting on April 30, 2026.

Positive

• Net income nearly doubled to $0.6M (Q1 2026 vs Q1 2025)
• Net interest margin improved to 2.96% (CIBM Bank 3.03%)
• Deposit growth of $17M in Q1 2026
• Share repurchases of $1.1M in Q1; 64,100 shares bought at $35.99 average
• Tangible book value per share of $61.09

Negative

• Provision for credit losses rose to $268K in Q1 2026 from $42K in Q1 2025
• Allowance for credit losses on loans increased to 1.30% (Dec 31, 2025: 1.27%)
• CIBH still trading below March 31, 2026 tangible book value per share

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BROOKFIELD, Wis., April 14, 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 ended March 31, 2026. Net income nearly doubled to $0.6 million for the first quarter of 2026, or $0.45 basic and $0.43 diluted net income per share, compared to $0.3 million during the same quarter of 2025, or $0.24 basic and $0.23 diluted net income per share.

Financial highlights for the quarter include:

• Net interest margin increased to 2.96% compared to 2.81% for the fourth quarter of 2025 and 2.62% for the first quarter of 2025. The rising trend continues as the cost of funds is declining at a faster pace than earning asset yields. Net interest income rose $0.5 million compared to the same quarter of 2025, primarily due to the improved net interest margin.
• The Banking Division’s income for the quarter increased by $0.2 million compared to the same period in 2025, excluding the provision for credit losses. The increase was due to the $0.5 million increase in net interest income compared to the same quarter last year, as CIBM Bank’s net interest margin grew to 3.03% compared to 2.67% over those same time periods. The Mortgage Division earned income of $0.1 million in the first quarter of 2026, due to cost management, refinance activity at the beginning of the quarter, and improved margins.
• The allowance for credit losses to loans rose from 1.27% on December 31, 2025, to 1.30% on March 31, 2026, primarily due to additional provisions for individually assessed loans and qualitative assessment adjustments, which were partially offset by a net recovery in loans during the first quarter. Non-performing assets to total assets was 1.04% and non-accrual loans to loans was 1.30% on March 31, 2026, compared to 1.04% and 1.31%, respectively, on December 31, 2025.
• Loan balances increased by $3 million and deposits by $17 million during the first quarter of 2026. The deposit growth replaced a reduction in total borrowings at CIBM Bank.
  
  

Mr. J. Brian Chaffin, CIB Marine’s President and CEO, commented, “The improvement to our net interest margin continues, with CIBM Bank reporting at 3.03%. We are pleased with the progress we are making and look to improve this trend. Key drivers include growth in our loan portfolio, particularly within our commercial segments, continued development of deposit relationships, and ongoing asset and liability repricing activities.

Our cost controls remain effective. Combined with growing revenues they have improved our outlook for higher earnings. At the same time, credit loss provisions increased in the first quarter compared to the same period last year. We continue to closely monitor credit performance and broader economic conditions, including the potential impact of the conflict in the Middle East.”

Turning to the Company’s common stock repurchase plan, he added, “First quarter 2026 purchases totaled $1.1 million. Since February 2025, we have spent $2.3 million of the $2.5 million currently authorized under the plan through a combination of open market and private transactions, acquiring 64,100 shares of CIBH stock at an average price of $35.99 per share.

Based on tangible book value, the estimated return on these repurchases is approximately 60%. In addition, from the day prior to the commencement of the purchase program in February 2025 through March 31, 2026, CIBH stock price reported on OTCQX increased by 30%, compared to a 1% increase in the KBW Nasdaq Regional Banking Total Return Index (KRXTR) over the same period. While CIBH stock has outperformed the index over the past 12 months, as of the date of this release it continues to trade below the March 31, 2026, tangible book value per share of $61.09.”

Finally, looking ahead to the Company’s upcoming annual meeting, he concluded, “We look forward to sharing updates on our operating performance, strategic priorities, and capital plans at the Annual Shareholder Meeting on Thursday, April 30, 2026. Additional details regarding the virtual meeting, along with the related meeting materials, are available on our website.”

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																3 Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,				March 31,			March 31,
			2026			2025			2025			2025			2025				2026			2025
		(Dollars in thousands, except share and per share data)
Selected Statement of Operations Data:
Interest and dividend income		$	10,586		$	10,881		$	10,780		$	11,017		$	10,941			$	10,586		$	10,941
Interest expense			4,760			5,208			5,196			5,541			5,652				4,760			5,652
Net interest income			5,826			5,673			5,584			5,476			5,289				5,826			5,289
Provision for (reversal of) credit losses			268			1,174			(90	)		9			42				268			42
Net interest income after provision for (reversal of) credit losses			5,558			4,499			5,674			5,467			5,247				5,558			5,247
Noninterest income (1)			1,178			1,292			1,908			1,765			1,552				1,178			1,552
Noninterest expense			5,969			6,223			6,375			6,311			6,373				5,969			6,373
Income (loss) before income taxes			767			(432	)		1,207			921			426				767			426
Income tax expense (benefit)			181			(115	)		299			253			105				181			105
Net income (loss)		$	586		$	(317	)	$	908		$	668		$	321			$	586		$	321
Common Share Data:
Basic net income (loss) per share		$	0.45		$	(0.24	)	$	0.67		$	0.49		$	0.24			$	0.45		$	0.24
Diluted net income (loss) per share			0.43			(0.24	)		0.65			0.48			0.23				0.43			0.23
Dividend			0.00			0.00			0.00			0.00			0.00				0.00			0.00
Tangible book value per share (2)			61.09			60.95			60.72			59.55			58.25				61.09			58.25
Book value per share (2)			61.13			61.00			60.77			59.59			58.30				61.13			58.30
Weighted average shares outstanding – basic			1,310,842			1,334,388			1,350,097			1,354,477			1,353,859				1,310,842			1,353,859
Weighted average shares outstanding – diluted			1,349,513			1,379,094			1,396,512			1,402,229			1,401,138				1,349,513			1,401,138
Financial Condition Data:
Total assets		$	832,790		$	833,304		$	836,760		$	838,441		$	852,018			$	832,790		$	852,018
Loans			669,543			666,199			655,620			665,393			684,787				669,543			684,787
Allowance for credit losses on loans			(8,696	)		(8,465	)		(8,721	)		(8,793	)		(8,818	)			(8,696	)		(8,818	)
Investment securities			120,629			123,318			128,214			126,795			124,109				120,629			124,109
Deposits			677,349			660,614			702,078			684,480			692,028				677,349			692,028
Borrowings			62,265			77,817			39,245			59,292			67,214				62,265			67,214
Stockholders' equity			80,647			81,414			81,789			80,492			79,309				80,647			79,309
Financial Ratios and Other Data:
Performance Ratios:
Net interest margin (3)			2.96	%		2.81	%		2.78	%		2.69	%		2.62	%			2.96	%		2.62	%
Net interest spread (4)			2.40	%		2.20	%		2.17	%		2.06	%		1.99	%			2.40	%		1.99	%
Noninterest income to average assets (5)			0.59	%		0.62	%		0.91	%		0.83	%		0.73	%			0.59	%		0.73	%
Noninterest expense to average assets			2.95	%		2.98	%		3.06	%		3.00	%		3.05	%			2.95	%		3.05	%
Efficiency ratio (6)			85.03	%		89.37	%		85.33	%		87.24	%		93.65	%			85.03	%		93.65	%
Earnings (loss) on average assets (7)			0.29	%		-0.15	%		0.44	%		0.32	%		0.15	%			0.29	%		0.15	%
Earnings (loss) on average equity (8)			2.90	%		-1.53	%		4.46	%		3.36	%		1.65	%			2.90	%		1.65	%
Asset Quality Ratios:
Nonaccrual loans to loans (9)			1.30	%		1.31	%		0.95	%		0.85	%		0.84	%			1.30	%		0.84	%
Nonperforming assets to total assets (10)			1.04	%		1.04	%		0.75	%		0.68	%		0.67	%			1.04	%		0.67	%
Nonaccrual loans, modified loans to borrowers experiencing financial difficulty, loans 90 days or more past due and still accruing to total loans			2.20	%		2.36	%		2.38	%		2.33	%		1.21	%			2.20	%		1.21	%
Nonaccrual loans, OREO, modified loans to borrowers experiencing financial difficulty, loans 90 days or more past due and still accruing to total assets			1.77	%		1.89	%		1.87	%		1.85	%		0.97	%			1.77	%		0.97	%
Allowance for credit losses on loans to total loans (9)			1.30	%		1.27	%		1.33	%		1.32	%		1.29	%			1.30	%		1.29	%
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)			59.08	%		53.87	%		55.78	%		56.76	%		106.25	%			59.08	%		106.25	%
Net charge-offs (recoveries) annualized to average loans (9)			-0.06	%		0.85	%		0.00	%		-0.02	%		-0.01	%			-0.06	%		-0.01	%
Capital Ratios:
Total equity to total assets			9.68	%		9.77	%		9.77	%		9.60	%		9.31	%			9.68	%		9.31	%
Total risk-based capital ratio			13.53	%		13.67	%		13.90	%		13.55	%		13.34	%			13.53	%		13.34	%
Tier 1 risk-based capital ratio			10.80	%		10.94	%		11.15	%		10.82	%		10.62	%			10.80	%		10.62	%
Leverage capital ratio			8.83	%		8.80	%		8.88	%		8.54	%		8.40	%			8.83	%		8.40	%
Other Data:
Number of employees (full-time equivalent)			141			142			143			144			152				141			152
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)
		March 31,			December 31,			September 30,			June 30,			March 31,
			2026			2025			2025			2025			2025
		(Dollars in Thousands, Except Shares)
Assets
Cash and due from banks		$	9,584		$	8,102		$	19,016		$	10,363		$	7,717
Securities available for sale			118,436			121,110			126,017			124,618			121,939
Equity securities at fair value			2,193			2,208			2,197			2,177			2,170
Loans held for sale			6,160			8,640			7,287			7,733			7,685
Loans			669,543			666,199			655,620			665,393			684,787
Allowance for credit losses on loans			(8,696	)		(8,465	)		(8,721	)		(8,793	)		(8,818	)
Net loans			660,847			657,734			646,899			656,600			675,969
Federal Home Loan Bank stock			2,707			2,567			2,195			3,401			2,607
Premises and equipment, net			1,610			1,675			1,731			1,660			1,486
Accrued interest receivable			2,890			2,763			2,803			2,733			2,680
Deferred tax assets, net			11,589			11,440			11,745			12,160			12,529
Other real estate owned, net			–			–			–			–			–
Bank owned life insurance			6,695			6,641			6,589			6,536			6,486
Goodwill and other intangible assets			64			64			64			64			64
Other assets			10,015			10,360			10,217			10,396			10,686
Total assets		$	832,790		$	833,304		$	836,760		$	838,441		$	852,018
Liabilities and Stockholders' Equity
Deposits:
Noninterest-bearing demand		$	86,243		$	85,637		$	95,307		$	87,479		$	98,403
Interest-bearing demand			91,209			86,577			107,512			74,921			77,620
Savings			232,493			218,515			222,450			226,663			232,046
Time			267,404			269,885			276,809			295,417			283,959
Total deposits			677,349			660,614			702,078			684,480			692,028
Short-term borrowings			52,462			68,022			29,458			49,514			57,444
Long-term borrowings			9,803			9,795			9,787			9,778			9,770
Accrued interest payable			1,237			1,468			1,456			1,656			1,614
Other liabilities			11,292			11,991			12,192			12,521			11,853
Total liabilities			752,143			751,890			754,971			757,949			772,709
Stockholders' Equity
Preferred stock, $1 par value; 5,000,000 authorized shares at both March 31, 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; 1,398,070 and 1,385,842 issued shares; 1,319,901 and 1,335,390 outstanding shares at March 31, 2026 and December 31, 2025, respectively (1)			1,398			1,386			1,386			1,386			1,383
Capital surplus			182,175			182,087			182,003			181,908			181,801
Accumulated deficit			(97,321	)		(97,907	)		(97,591	)		(98,498	)		(99,167	)
Accumulated other comprehensive income (loss), net			(2,765	)		(2,371	)		(2,808	)		(3,273	)		(3,939	)
Treasury stock, 78,891 shares on March 31, 2026 and 51,174 shares December 31, 2025 (2)			(2,840	)		(1,781	)		(1,201	)		(1,031	)		(769	)
Total stockholders' equity			80,647			81,414			81,789			80,492			79,309
Total liabilities and stockholders' equity		$	832,790		$	833,304		$	836,760		$	838,441		$	852,018
(1) Both issued and outstanding shares as stated here exclude 44,820 shares and 43,054 shares of unvested restricted stock awards at March 31, 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																3 Months Ended
		March 31,			December 31,			September 30,			June 30,			March 31,				March 31,			March 31,
			2026			2025			2025			2025			2025				2026			2025
		(Dollars in thousands)
Interest Income
Loans		$	9,323		$	9,480		$	9,347		$	9,653		$	9,623			$	9,323		$	9,623
Loans held for sale			87			168			123			149			137				87			137
Securities			1,152			1,200			1,229			1,186			1,150				1,152			1,150
Other investments			24			33			81			29			31				24			31
Total interest income			10,586			10,881			10,780			11,017			10,941				10,586			10,941
Interest Expense
Deposits			4,185			4,660			4,772			4,795			5,029				4,185			5,029
Short-term borrowings			456			427			302			625			504				456			504
Long-term borrowings			119			121			122			121			119				119			119
Total interest expense			4,760			5,208			5,196			5,541			5,652				4,760			5,652
Net interest income			5,826			5,673			5,584			5,476			5,289				5,826			5,289
Provision for (reversal of) credit losses			268			1,174			(90	)		9			42				268			42
Net interest income after provision for (reversal of) credit losses			5,558			4,499			5,674			5,467			5,247				5,558			5,247
Noninterest Income
Deposit service charges			43			62			62			65			59				43			59
Other service fees			(10	)		(10	)		(7	)		(10	)		(9	)			(10	)		(9	)
Mortgage banking revenue, net			820			1,021			1,483			1,424			1,140				820			1,140
Other income			173			178			239			279			177				173			177
Net gain (loss) on sale of securities available for sale			0			(10	)		0			0			0				0			0
Unrealized gain (loss) recognized on equity securities			(16	)		11			21			7			36				(16	)		36
Net gain on sale of SBA loans			168			40			110			0			161				168			161
Net gain on sale of assets and (writedowns)			0			0			0			0			(12	)			0			(12	)
Total noninterest income			1,178			1,292			1,908			1,765			1,552				1,178			1,552
Noninterest Expense
Compensation and employee benefits			3,726			3,833			4,047			4,060			4,066				3,726			4,066
Equipment			521			589			577			583			559				521			559
Occupancy and premises			571			537			514			519			549				571			549
Data Processing			218			215			243			212			221				218			221
Federal deposit insurance			134			119			138			101			129				134			129
Professional services			178			169			205			218			278				178			278
Telephone and data communication			65			73			65			57			52				65			52
Insurance			94			71			92			75			64				94			64
Other expense			462			617			494			486			455				462			455
Total noninterest expense			5,969			6,223			6,375			6,311			6,373				5,969			6,373
Income (loss) from operations before income taxes			767			(432	)		1,207			921			426				767			426
Income tax expense (benefit)			181			(115	)		299			253			105				181			105
Net income (loss)			586			(317	)		908			668			321				586			321
Net income (loss) allocated to common stockholders		$	586		$	(317	)	$	908		$	668		$	321			$	586		$	321

FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com

FAQ

What were CIB Marine (CIBH) Q1 2026 earnings and EPS results?

CIB Marine reported net income of $0.6M and EPS $0.45 basic / $0.43 diluted for Q1 2026. According to the company, net income nearly doubled versus Q1 2025 due to improved net interest margin and higher net interest income.

How did CIB Marine's net interest margin and bank-level margin change in Q1 2026?

Net interest margin rose to 2.96%; CIBM Bank reported 3.03% in Q1 2026. According to the company, cost of funds fell faster than earning asset yields, driving the margin expansion and higher net interest income.

What deposit and loan changes did CIBH report for Q1 2026?

Deposits grew by $17 million and loan balances increased by $3 million during Q1 2026. According to the company, deposit growth replaced a reduction in total borrowings at CIBM Bank.

How much has CIB Marine spent on share repurchases through Q1 2026 and what was the impact?

CIB Marine purchased $1.1M in Q1 2026 and has spent $2.3M of the $2.5M program since February 2025. According to the company, 64,100 shares were acquired at an average $35.99, with an estimated return on repurchases of ~60%.

What credit-quality metrics did CIBH report for March 31, 2026?

Allowance for credit losses on loans was 1.30%, nonperforming assets were 1.04%, and nonaccrual loans were 1.30% as of March 31, 2026. According to the company, increases reflect additional provisions and qualitative assessment adjustments.