Income before tax was
Financial highlights for the quarter and year include:
- As of
December 31, 2023 , non-performing assets, modified loans to borrowers experiencing financial difficulty, and loans 90 days or more past due and still accruing to total assets and nonaccrual loans to total loans were 0.90% and 0.50%, respectively, compared to 0.20% and 0.16%, respectively, onDecember 31, 2022 . Also, as ofDecember 31, 2023 , the allowance for credit losses on loans (“ACLL”) to loans was 1.27% compared to an allowance for loan and lease losses of 1.37% onDecember 31, 2022 . The ACLL qualitative factors, including in the assessment of the ACLL, include economic forecasts obtained from third parties. Over the course of 2023, gross domestic product and unemployment forecasts have generally improved with declining recession risk resulting in a lower ACLL ratio to loans. - Net interest income improved
$0.2 million in the fourth quarter from the third quarter of 2023. Net interest income for the fourth quarter of 2023 declined$1.0 million compared to the same period of 2022, and declined$2.5 million for the twelve months endedDecember 31, 2023 , compared to the same period of 2022. The net interest margin for the fourth quarter of 2023 was 2.41% compared to 3.32% for the same period of 2022, and for the year 2023 was 2.72% compared to 3.27% for the same period of 2022. The primary reason for the declines was a 231 basis point increase in the cost of interest bearing liabilities (“Cost of Funds”) compared to a 109 basis point increase in the yield on earning assets from the fourth quarter of 2022 to the same period of 2023, and a 214 basis point increase in the cost of interest bearing liabilities compared to a 122 basis point increase in interest earning assets from the year 2022 to the year 2023. Actions taken during the second half of 2023 to mitigate some of the interest rate risk in the balance sheet include: use of pay-fixed/receive-floating SOFR indexed interest rate swaps totaling$60 million notional with an average term of 3.5 years at origination and 3.2 years remaining term at the end of 2023; and issuing longer-term time deposits, including those with call options. In addition,CIBM Bank raised more than$50 million dollars in new time and money market deposits on a combined basis in the fourth quarter of 2023 to pay down short-termFederal Home Loan Bank of Chicago (“FHLB Chicago”) borrowings, which were initially used to fund loan growth. - The Fed’s response to inflation by increasing short-term interest rates 525 basis points in roughly 18 months and a deeply inverted yield curve have had a severe effect on deposit mix and related Cost of Funds in the banking industry with the changes accelerated in the past year. Cost of Funds increased significantly during 2023 as deposit customers sought higher returns in a rising rate environment and to maximize their
FDIC insurance coverage. Furthermore, deposit rate competition intensified dramatically during the year. Total deposits were up$99 million sinceDecember 31, 2022 , with noninterest-bearing deposits down$26 million , and interest-bearing deposits up$125 million , largely in time deposit products, as balances move from lower to higher interest rate products. Money market deposit balances were relatively unchanged for the year; however, money market rates were up significantly due to rising short-term rates and intensifying competition. The remaining funding for loan growth was largely from short-term borrowings at the FHLB Chicago whose average cost for the quarter was 5.44% on a per annum basis. By growing deposits during the fourth quarter of 2023, CIB Marine was able to bring its loan to deposit ratio back below 100% to 99%. - During 2023, CIB Marine’s loan portfolio balances increased
$145 million , consisting of$89 million in commercial segment loans and the remaining primarily in residential mortgage loans. During the fourth quarter of 2023, loan portfolio balances increased$34 million primarily from$30 million in commercial segment loans and$2 million in residential mortgage loans. Commercial and residential mortgage loan portfolio growth were down$7 million and$11 million , respectively over the prior quarter. During 2023, the Mortgage Division originated$269 million in residential mortgage loans with 73% of the originated loans sold or held for sale, compared to$183 million and 87%, respectively, in 2022. The increase in mortgage loans originated in a very difficult mortgage environment was largely attributable to the addition of mortgage sales employees in the last month of 2022 and the first half of 2023. - For the year ended
December 31, 2023 , Banking Division net income was$2.4 million and Mortgage Division net loss was$0.7 million . The remaining$0.8 million net loss from parent company sub-debt and administration expenses. Banking Division income was down primarily due to increased Cost of Funds. Mortgage Division net loss improved due to higher residential mortgage loan originations, which were up$86 million in 2023 compared to 2022. The Mortgage Division has 36 more commission-based loan originators since the end of the third quarter of 2022 and 8 additional operations/administration employees, improving the Division’s lending capacity and mix of lending to operations staff. Pricing margins for mortgage loans continue to be very tight compared to the prior 10 years. - During the second quarter of 2023, CIB Marine sold
$23 million in retail deposits from the Bank’sDanville, Illinois , branch for a gain of$1.5 million , net of conversion related data processing costs. In addition, approximately$0.2 million in added costs were incurred related to the deposit sale and the subsequent closure of theDanville branch so that the combined effect was$1.3 million in total income and$1.0 million on a tax adjusted basis. - CIB Marine took a
$1.1 million tax provision charge to increase its valuation allowance for itsWisconsin deferred tax assets related to the exclusion of commercial interest income from borrowers that reside inWisconsin for loans with balances less than$5 million , due to aWisconsin statute that was signed into law and became effective in the later half of 2023.
Reflecting on the past year, Mr.
“In addition, we closed our
He concluded, “Finally, our Corporate Banking Division continued to outperform budget in generating new loans and deposits for the year. At the same time, we have eased our ACLL rate over the year, thanks to continued moderately strong credit quality coupled with a resilient economy and improved GDP and unemployment rate forecasts from the
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.
Selected Unaudited Consolidated Financial Data | |||||||||||||||||||||||
At or for the | |||||||||||||||||||||||
Quarters Ended | Years Ended | ||||||||||||||||||||||
2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||
(Dollars in thousands, except share and per share data) | |||||||||||||||||||||||
Selected Statement of Operations Data: | |||||||||||||||||||||||
Interest and dividend income | $ | 11,328 | $ | 10,117 | $ | 9,152 | $ | 8,472 | $ | 7,808 | $ | 39,069 | $ | 27,332 | |||||||||
Interest expense | 6,190 | 5,180 | 3,643 | 2,601 | 1,664 | 17,614 | 3,417 | ||||||||||||||||
Net interest income | 5,138 | 4,937 | 5,509 | 5,871 | 6,144 | 21,455 | 23,915 | ||||||||||||||||
Provision for (reversal of) credit losses | 135 | (140 | ) | (246 | ) | 159 | (642 | ) | (92 | ) | (893 | ) | |||||||||||
Net interest income after provision for | |||||||||||||||||||||||
(reversal of) credit losses | 5,003 | 5,077 | 5,755 | 5,712 | 6,786 | 21,547 | 24,808 | ||||||||||||||||
Noninterest income (1) | 1,824 | 2,368 | 3,298 | 1,410 | 791 | 8,900 | 5,469 | ||||||||||||||||
Noninterest expense | 6,669 | 7,007 | 7,457 | 6,805 | 6,316 | 27,938 | 25,263 | ||||||||||||||||
Income before income taxes | 158 | 438 | 1,596 | 317 | 1,261 | 2,509 | 5,014 | ||||||||||||||||
Income tax expense | 1,050 | 59 | 431 | 89 | 351 | 1,629 | 1,288 | ||||||||||||||||
Net income (loss) | $ | (892 | ) | $ | 379 | $ | 1,165 | $ | 228 | $ | 910 | $ | 880 | $ | 3,726 | ||||||||
Common Share Data: | |||||||||||||||||||||||
Basic net income (loss) per share (2) | $ | (0.67 | ) | $ | 0.28 | $ | 0.88 | $ | 0.17 | $ | 0.81 | $ | 0.66 | $ | 2.97 | ||||||||
Diluted net income (loss) per share (2) | (0.67 | ) | 0.21 | 0.64 | 0.13 | 0.59 | 0.49 | 2.16 | |||||||||||||||
Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | ||||||||||||||||
Tangible book value per share (3) | 53.35 | 52.05 | 52.47 | 53.28 | 53.19 | 53.35 | 53.19 | ||||||||||||||||
Book value per share (3) | 51.58 | 50.28 | 50.70 | 51.48 | 51.39 | 51.58 | 51.39 | ||||||||||||||||
Weighted average shares outstanding - basic | 1,334,163 | 1,333,889 | 1,318,460 | 1,308,603 | 1,308,279 | 1,324,131 | 1,303,859 | ||||||||||||||||
Weighted average shares outstanding - diluted | 1,813,207 | 1,814,716 | 1,815,593 | 1,803,218 | 1,796,947 | 1,811,975 | 1,795,037 | ||||||||||||||||
Financial Condition Data: | |||||||||||||||||||||||
Total assets | $ | 899,060 | $ | 874,247 | $ | 819,521 | $ | 787,244 | $ | 752,997 | $ | 899,060 | $ | 752,997 | |||||||||
Loans | 722,084 | 688,446 | 647,823 | 608,492 | 577,303 | 722,084 | 577,303 | ||||||||||||||||
Allowance for credit losses on loans (4) | (9,136 | ) | (8,947 | ) | (8,999 | ) | (9,193 | ) | (7,894 | ) | (9,136 | ) | (7,894 | ) | |||||||||
Investment securities | 131,529 | 130,476 | 114,661 | 126,001 | 124,421 | 131,529 | 124,421 | ||||||||||||||||
Deposits | 727,565 | 644,165 | 613,808 | 632,339 | 628,869 | 727,565 | 628,869 | ||||||||||||||||
Borrowings | 76,956 | 138,469 | 113,950 | 65,173 | 34,485 | 76,956 | 34,485 | ||||||||||||||||
Stockholders' equity | 85,075 | 83,313 | 83,876 | 83,615 | 83,503 | 85,075 | 83,503 | ||||||||||||||||
Financial Ratios and Other Data: | |||||||||||||||||||||||
Performance Ratios: | |||||||||||||||||||||||
Net interest margin (5) | 2.41 | % | 2.43 | % | 2.90 | % | 3.22 | % | 3.32 | % | 2.72 | % | 3.27 | % | |||||||||
Net interest spread (6) | 1.79 | % | 1.85 | % | 2.42 | % | 2.82 | % | 3.02 | % | 2.18 | % | 3.10 | % | |||||||||
Noninterest income to average assets (7) | 0.78 | % | 1.15 | % | 1.68 | % | 0.72 | % | 0.41 | % | 1.08 | % | 0.75 | % | |||||||||
Noninterest expense to average assets | 3.00 | % | 3.31 | % | 3.77 | % | 3.58 | % | 3.27 | % | 3.40 | % | 3.30 | % | |||||||||
Efficiency ratio (8) | 97.13 | % | 95.06 | % | 84.35 | % | 93.90 | % | 91.13 | % | 92.13 | % | 85.17 | % | |||||||||
Earnings on average assets (9) | -0.40 | % | 0.18 | % | 0.59 | % | 0.12 | % | 0.47 | % | 0.11 | % | 0.49 | % | |||||||||
Earnings on average equity (10) | -4.21 | % | 1.78 | % | 5.53 | % | 1.11 | % | 4.15 | % | 1.05 | % | 4.15 | % | |||||||||
Asset Quality Ratios: | |||||||||||||||||||||||
Nonaccrual loans to loans (11) | 0.50 | % | 0.50 | % | 0.02 | % | 0.08 | % | 0.16 | % | 0.50 | % | 0.16 | % | |||||||||
Nonaccrual loans, modified loans to borrowers experiencing | |||||||||||||||||||||||
financial difficulty, loans 90 days or more past due and still | |||||||||||||||||||||||
accruing to total loans (4) | 1.07 | % | 0.56 | % | 0.11 | % | 0.12 | % | 0.20 | % | 1.07 | % | 0.20 | % | |||||||||
Nonaccrual loans, modified loans to borrowers experiencing | |||||||||||||||||||||||
financial difficulty, loans 90 days or more past due and still | |||||||||||||||||||||||
accruing to total assets (4) | 0.90 | % | 0.49 | % | 0.13 | % | 0.14 | % | 0.20 | % | 0.90 | % | 0.20 | % | |||||||||
Allowance for credit losses on loans to total loans (4)(11) | 1.27 | % | 1.30 | % | 1.39 | % | 1.51 | % | 1.37 | % | 1.27 | % | 1.37 | % | |||||||||
Allowance for credit losses on loans to nonaccrual loans, | |||||||||||||||||||||||
restructured loans and loans 90 days or | |||||||||||||||||||||||
more past due and still accruing (4)(11) | 118.59 | % | 231.01 | % | 1283.74 | % | 1262.77 | % | 684.06 | % | 118.59 | % | 684.06 | % | |||||||||
Net charge-offs (recoveries) annualized | |||||||||||||||||||||||
to average loans (11) | 0.01 | % | -0.01 | % | -0.02 | % | -0.02 | % | -0.33 | % | -0.01 | % | -0.08 | % | |||||||||
Capital Ratios: | |||||||||||||||||||||||
Total equity to total assets | 9.46 | % | 9.53 | % | 10.23 | % | 10.62 | % | 11.09 | % | 9.46 | % | 11.09 | % | |||||||||
Total risk-based capital ratio | 13.24 | % | 13.58 | % | 14.31 | % | 14.84 | % | 15.71 | % | 13.24 | % | 15.71 | % | |||||||||
Tier 1 risk-based capital ratio | 10.62 | % | 10.91 | % | 11.54 | % | 11.99 | % | 12.78 | % | 10.62 | % | 12.78 | % | |||||||||
Leverage capital ratio | 8.62 | % | 8.93 | % | 9.43 | % | 9.56 | % | 9.73 | % | 8.62 | % | 9.73 | % | |||||||||
Other Data: | |||||||||||||||||||||||
Number of employees (full-time equivalent) | 193 | 194 | 206 | 202 | 189 | 193 | 189 | ||||||||||||||||
Number of banking facilities | 9 | 9 | 10 | 10 | 10 | 9 | 10 | ||||||||||||||||
(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 | |||||||||||||||||||||||
(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) Allowance for credit losses on loans is allowance for loan losses in ending dates and periods prior to | |||||||||||||||||||||||
(5) Net interest margin is the ratio of net interest income to average interest-earning assets. | |||||||||||||||||||||||
(6) Net interest spread is the yield on average interest-earning assets less the rate on average interest-bearing liabilities. | |||||||||||||||||||||||
(7) Noninterest income to average assets excludes gains and losses on securities. | |||||||||||||||||||||||
(8) The efficiency ratio is noninterest expense divided by the sum of net interest income plus noninterest income, excluding gains and losses on securities. | |||||||||||||||||||||||
(9) Earnings on average assets are net income divided by average total assets. | |||||||||||||||||||||||
(10) Earnings on average equity are net income divided by average stockholders' equity. | |||||||||||||||||||||||
(11) Excludes loans held for sale. |
Consolidated Balance Sheets (unaudited) | |||||||||||||||
2023 | 2023 | 2023 | 2023 | 2022 | |||||||||||
(Dollars in Thousands, Except Shares) | |||||||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 9,491 | $ | 9,203 | $ | 14,444 | $ | 16,490 | $ | 19,667 | |||||
Reverse repurchase agreements | - | - | - | - | - | ||||||||||
Securities available for sale | 129,370 | 128,413 | 112,532 | 123,838 | 122,292 | ||||||||||
Equity securities at fair value | 2,159 | 2,063 | 2,129 | 2,163 | 2,129 | ||||||||||
Loans held for sale | 9,209 | 15,011 | 14,726 | 10,848 | 5,057 | ||||||||||
Loans | 722,084 | 688,446 | 647,823 | 608,492 | 577,303 | ||||||||||
Allowance for credit losses on loans (1) | (9,136 | ) | (8,947 | ) | (8,999 | ) | (9,193 | ) | (7,894 | ) | |||||
Net loans | 712,948 | 679,499 | 638,824 | 599,299 | 569,409 | ||||||||||
Federal Home Loan | 2,709 | 4,645 | 2,818 | 1,897 | 1,897 | ||||||||||
Premises and equipment, net | 3,602 | 3,675 | 3,879 | 3,969 | 4,081 | ||||||||||
Accrued interest receivable | 2,983 | 2,748 | 2,036 | 2,118 | 1,915 | ||||||||||
Deferred tax assets, net | 14,753 | 16,815 | 16,790 | 16,464 | 16,273 | ||||||||||
Other real estate owned, net | 375 | 375 | 375 | 375 | 375 | ||||||||||
Bank owned life insurance | 6,247 | 6,204 | 6,160 | 6,119 | 6,076 | ||||||||||
64 | 70 | 76 | 81 | 87 | |||||||||||
Other assets | 5,150 | 5,526 | 4,732 | 3,583 | 3,739 | ||||||||||
Total assets | $ | 899,060 | $ | 874,247 | $ | 819,521 | $ | 787,244 | $ | 752,997 | |||||
Liabilities and Stockholders' Equity | |||||||||||||||
Deposits: | |||||||||||||||
Noninterest-bearing demand | $ | 89,025 | $ | 88,674 | $ | 93,487 | $ | 94,700 | $ | 115,186 | |||||
Interest-bearing demand | 90,232 | 73,086 | 82,484 | 93,388 | 76,918 | ||||||||||
Savings | 256,059 | 254,211 | 247,339 | 259,907 | 260,159 | ||||||||||
Time | 292,249 | 228,194 | 190,498 | 184,344 | 176,606 | ||||||||||
Total deposits | 727,565 | 644,165 | 613,808 | 632,339 | 628,869 | ||||||||||
Short-term borrowings | 67,227 | 128,748 | 104,238 | 55,469 | 24,789 | ||||||||||
Long-term borrowings | 9,729 | 9,721 | 9,712 | 9,704 | 9,696 | ||||||||||
Accrued interest payable | 1,883 | 1,491 | 963 | 557 | 554 | ||||||||||
Other liabilities | 7,581 | 6,809 | 6,924 | 5,560 | 5,586 | ||||||||||
Total liabilities | 813,985 | 790,934 | 735,645 | 703,629 | 669,494 | ||||||||||
Stockholders' Equity | |||||||||||||||
Preferred stock, | 13,806 | 13,806 | 13,806 | 13,806 | 13,806 | ||||||||||
Common stock, | 1,349 | 1,349 | 1,349 | 1,324 | 1,324 | ||||||||||
Capital surplus | 181,282 | 181,144 | 181,050 | 180,903 | 180,777 | ||||||||||
Accumulated deficit | (105,335 | ) | (104,443 | ) | (104,822 | ) | (105,987 | ) | (105,025 | ) | |||||
Accumulated other comprehensive income, net | (5,493 | ) | (8,009 | ) | (6,973 | ) | (5,897 | ) | (6,845 | ) | |||||
(534 | ) | (534 | ) | (534 | ) | (534 | ) | (534 | ) | ||||||
Total stockholders' equity | 85,075 | 83,313 | 83,876 | 83,615 | 83,503 | ||||||||||
Total liabilities and stockholders' equity | $ | 899,060 | $ | 874,247 | $ | 819,521 | $ | 787,244 | $ | 752,997 | |||||
(1) Allowance for credit losses on loans is allowance for loan losses in ending dates and periods prior to | |||||||||||||||
(2) Both issued and outstanding shares as stated here exclude 49,308 shares and 58,897 shares of unvested restricted stock awards at | |||||||||||||||
(3) |
Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||
At or for the | |||||||||||||||||||||
Quarters Ended | Years Ended | ||||||||||||||||||||
2023 | 2023 | 2023 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Interest Income | |||||||||||||||||||||
Loans | $ | 9,752 | $ | 8,718 | $ | 7,942 | $ | 7,121 | $ | 6,426 | $ | 33,533 | $ | 23,251 | |||||||
Loans held for sale | 200 | 227 | 155 | 84 | 63 | 666 | 307 | ||||||||||||||
Securities | 1,330 | 1,132 | 985 | 1,031 | 948 | 4,478 | 2,994 | ||||||||||||||
Other investments | 46 | 40 | 70 | 236 | 371 | 392 | 780 | ||||||||||||||
Total interest income | 11,328 | 10,117 | 9,152 | 8,472 | 7,808 | 39,069 | 27,332 | ||||||||||||||
Interest Expense | |||||||||||||||||||||
Deposits | 5,071 | 3,918 | 3,076 | 2,364 | 1,452 | 14,429 | 2,848 | ||||||||||||||
Short-term borrowings | 998 | 1,141 | 445 | 118 | 91 | 2,702 | 150 | ||||||||||||||
Long-term borrowings | 121 | 121 | 122 | 119 | 121 | 483 | 419 | ||||||||||||||
Total interest expense | 6,190 | 5,180 | 3,643 | 2,601 | 1,664 | 17,614 | 3,417 | ||||||||||||||
Net interest income | 5,138 | 4,937 | 5,509 | 5,871 | 6,144 | 21,455 | 23,915 | ||||||||||||||
Provision for (reversal of) credit losses | 135 | (140 | ) | (246 | ) | 159 | (642 | ) | (92 | ) | (893 | ) | |||||||||
Net interest income after provision for | |||||||||||||||||||||
(reversal of) credit losses | 5,003 | 5,077 | 5,755 | 5,712 | 6,786 | 21,547 | 24,808 | ||||||||||||||
Noninterest Income | |||||||||||||||||||||
Deposit service charges | 74 | 101 | 76 | 79 | 82 | 330 | 348 | ||||||||||||||
Other service fees | 3 | 6 | 11 | 16 | 15 | 36 | 129 | ||||||||||||||
Mortgage banking revenue, net | 1,397 | 1,984 | 1,636 | 1,008 | 597 | 6,025 | 4,421 | ||||||||||||||
Other income | 165 | 132 | 171 | 110 | 117 | 578 | 617 | ||||||||||||||
Net gains on sale of securities available for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Unrealized gains (losses) recognized on equity securities | 96 | (66 | ) | (34 | ) | 34 | 4 | 30 | (279 | ) | |||||||||||
Net gains (loss) on sale of SBA loans | 0 | 0 | 0 | 151 | 0 | 151 | 157 | ||||||||||||||
Net gains (losses) on sale of assets and (writedowns) | 89 | 211 | 1,438 | 12 | (24 | ) | 1,750 | 76 | |||||||||||||
Total noninterest income | 1,824 | 2,368 | 3,298 | 1,410 | 791 | 8,900 | 5,469 | ||||||||||||||
Noninterest Expense | |||||||||||||||||||||
Compensation and employee benefits | 4,369 | 4,631 | 5,101 | 4,550 | 4,061 | 18,651 | 16,705 | ||||||||||||||
Equipment | 493 | 484 | 504 | 475 | 466 | 1,956 | 1,743 | ||||||||||||||
Occupancy and premises | 415 | 490 | 404 | 438 | 399 | 1,747 | 1,619 | ||||||||||||||
Data Processing | 224 | 245 | 221 | 199 | 202 | 889 | 744 | ||||||||||||||
Federal deposit insurance | 170 | 123 | 150 | 87 | 70 | 530 | 231 | ||||||||||||||
Professional services | 243 | 271 | 317 | 278 | 415 | 1,109 | 1,167 | ||||||||||||||
Telephone and data communication | 66 | 57 | 56 | 61 | 66 | 240 | 248 | ||||||||||||||
Insurance | 79 | 82 | 68 | 88 | 85 | 317 | 318 | ||||||||||||||
Other expense | 610 | 624 | 636 | 629 | 552 | 2,499 | 2,488 | ||||||||||||||
Total noninterest expense | 6,669 | 7,007 | 7,457 | 6,805 | 6,316 | 27,938 | 25,263 | ||||||||||||||
Income from operations | |||||||||||||||||||||
before income taxes | 158 | 438 | 1,596 | 317 | 1,261 | 2,509 | 5,014 | ||||||||||||||
Income tax expense | 1,050 | 59 | 431 | 89 | 351 | 1,629 | 1,288 | ||||||||||||||
Net (loss) income | (892 | ) | 379 | 1,165 | 228 | 910 | 880 | 3,726 | |||||||||||||
Preferred stock dividend | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Discount from repurchase of preferred stock | 0 | 0 | 0 | 0 | 146 | 0 | 0 | ||||||||||||||
Net income (loss) allocated to | |||||||||||||||||||||
common stockholders | $ | (892 | ) | $ | 379 | $ | 1,165 | $ | 228 | $ | 1,056 | $ | 880 | $ | 3,726 | ||||||
FOR INFORMATION CONTACT: (217) 355-0900 brian.chaffin@cibmbank.com |
Source:
2024 GlobeNewswire, Inc., source