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CIB Marine Bancshares reports bank holding company developments for CIBM Bank, including operating results, loan and deposit trends, net interest margin, mortgage banking performance, and credit-loss commentary. The bank operates offices in Illinois, Wisconsin, and Indiana and maintains mortgage loan officers and/or offices across six states.
Recurring CIBH news also covers common stock repurchase authorizations, regulatory capital references, board composition, annual meeting matters, and updates tied to the company’s OTCQX-traded common stock.
CIB Marine Bancshares (OTCQX: CIBH) reported improved financial results for 2024, with net income allocated to common shareholders reaching $5.8 million ($4.32 basic EPS), compared to $0.9 million ($0.66 basic EPS) in 2023. Excluding a non-recurring sale-leaseback transaction gain, net income was $2.5 million ($1.87 basic EPS).
Key highlights include: net interest margin improvement from 2.29% in Q1 to 2.44% in Q4 2024, completion of preferred stock redemption, and improved Mortgage Division performance. However, loan portfolio balances decreased by $25 million and deposits declined by $35 million over the year. The Banking Division reported net income of $6.5 million (or $3.2 million excluding sale-leaseback gain), up from $2.3 million in 2023.
Non-performing assets ratios increased slightly to 0.98% from 0.90% year-over-year, primarily due to three non-accrual credit relationships in the transportation industry.
CIB Marine Bancshares (OTCQX: CIBH) has completed a $13.4 million full redemption of all its preferred stock at $825 per share, effective October 31, 2024. The company transferred the funds to its redemption agent, Computershare Trust Company. This strategic move aims to provide liquidity to preferred shareholders while creating value for common shareholders. Preferred shareholders who haven't yet tendered their shares are encouraged to do so. The company operates through CIBM Bank, which has nine banking offices and mortgage loan officers across ten states.
CIB Marine Bancshares, Inc. (OTCQX: CIBH) reported its Q3 2024 results, showing improved earnings. Net income for the quarter was $1.1 million ($0.79 basic and $0.59 diluted EPS), up from $0.4 million in Q3 2023. For the nine months ended September 30, 2024, net income was $5.0 million. Key highlights include:
- Net interest income increased $0.4 million from the previous quarter
- Net interest margin improved to 2.55%
- Loan portfolio balances decreased $12 million over the quarter
- Deposits decreased $22 million for the quarter
- Non-performing assets to total assets ratio increased to 1.25%
The company plans to complete the final redemption of all remaining preferred stock on October 31, 2024. CIB Marine's President and CEO, J. Brian Chaffin, noted improvements in cost of funds and net interest margins, and highlighted the positive impact of targeted expense controls implemented in late 2023 and early 2024.
CIB Marine Bancshares, Inc. (OTCQX: CIBH) has announced the full and final redemption of all preferred stock effective October 31, 2024. Approximately 14,633 Series A Preferred shares and 1,610 Series B Preferred shares will be redeemed at $825 per share, totaling a $13.4 million redemption. This will be funded by cash on hand from various sources, including a distribution from CIBM Bank and CIB Marine Capital, , and a portion of the $10 million subordinated debt offering from Q1 2022.
The redemption price is below both the balance sheet carrying value of $850 per share and the liquidation preference value of $1,000 per share. This move simplifies the Company's capital structure to only common stock with full voting rights, potentially increasing shareholder value and eliminating dilutive convertible Series B shares.
CIB Marine Bancshares, Inc. (OTCQX: CIBH) announced its Q2 2024 results, reporting net income of $3.8 million, or $2.79 basic and $2.06 diluted earnings per share. This marks a significant increase from $1.2 million in Q2 2023. The company completed a sale-leaseback transaction with a gross purchase price of $6.6 million, resulting in a net gain of $4.5 million. Excluding this non-recurring gain, net income was $0.5 million for the quarter.
Key highlights include:
- Net interest income increased $0.2 million from the previous quarter
- Mortgage Division earned $0.2 million
- Loan portfolio balances decreased $17 million over the quarter
- Deposits decreased $3 million for the quarter but increased $42 million from December 31, 2023
- The loan to deposit ratio improved from 98% to 92%
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