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According to this press release, CIBH tangible book is about $53.25? Provided by GlobeNewswire

Apr 12, 2021 5:00 AM EDT

BROOKFIELD, Wis., April 12, 2021 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (OTCQB: CIBH), the holding company of CIBM Bank, announced its unaudited results of operations and financial condition for the first quarter of 2021. Net income for the quarter ended March 31, 2021, was $2.1 million or $1.67 basic and $0.97 diluted earnings per share, compared to $0.8 million or $0.63 basic and $0.36 diluted earnings per share for the same period of 2020.

Financial highlights for the quarter include:

Tangible book value attributable to the common stock increased to $53.25 per share outstanding at March 31, 2021 compared to $52.28 at December 31, 2020, and $46.05 at March 31, 2020, reflecting a 15.7% year-on-year increase.

Net mortgage banking revenues were up $2.8 million for the quarter versus the same period of 2020, reflecting a $63 million increase in residential mortgage loans for the period, due primarily to refinance activity driven by lower interest rates. Compensation expenses increased $1.5 million compared to the same period in 2020, largely related to mortgage lending compensation.

When compared to the first quarter of 2020, first quarter 2021 net interest income was up $0.8 million; net interest margin was up 19 basis points to 3.23%, reflecting an 89 basis point improvement in the cost of interest bearing liabilities compared to a 55 basis point decline in interest earning asset yields; and average interest earning assets were up $65 million, primarily in commercial segment loans and residential loans held for sale.

Non-performing assets, restructured loans, and loans 90 days or more past due and still accruing to total assets and nonaccrual loans to total loans were 0.52% and 0.23%, respectively, at March 31, 2021, compared to 0.54% and 0.23%, respectively, at December 31, 2020, and down from 1.24% and 0.97%, respectively, at March 31, 2020. Recent measures continue to be near this credit cycle’s best.

During the first quarter, CIBM Bank originated $18 million in new Paycheck Protection Plan (PPP) loans and received SBA forgiveness funding to close $19 million in PPP loans originated in 2020.

Deposits for checking, savings, and money market accounts grew by $44 million during the quarter, reflecting federal fiscal and monetary policies (e.g., low interest rates) and marketing activity results.

Mr. J. Brian Chaffin, CIB Marine’s President and CEO, commented, “We are pleased with another quarter of strong income and a return on average assets of 1.14% due to continued strength in mortgage lending activity and solid progress in the net interest margin. We typically see a seasonal uptick in purchase money mortgage activity in the warmer months, and we expect that to be countered by reduced refinance activity as a result of the recent increase in long term interest rates.

“Our balance sheet has grown since year-end as a result of (a) surging checking and money market account balances due, in part, to federal economic stimulus policies and programs and (b) steady commercial loan production, which has replaced residential loan balances as refinanced mortgages are sold. While the banking industry as a whole performed better than many experts predicted over the past year, and CIBM performed even better than the peer, particularly with regard to credit metrics, we remain cautious about future credit quality in higher risk segments of the loan portfolio due to the lingering impact of the pandemic,” he concluded.

CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and five mortgage loan offices in Illinois, Wisconsin and Indiana. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial 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.


J. Brian Chaffin, President & CEO

(217) 355-0900


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