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CIB Marine Bancshares, Inc. Announces 2016 Results

/EINPresswire.com/ -- WAUKESHA, WI--(Marketwired - January 13, 2017) - 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 fourth quarter and year of 2016. Net income for the fourth quarter of 2016 was $1.4 million or $0.08 basic and $0.04 diluted earnings per share compared to a loss of $0.8 million or $0.04 basic and diluted earnings per share for the same period in 2015, and for the year ended December 31, 2016, net income was $4.4 million or $0.24 basic and $0.12 diluted earnings per share compared to a loss of $0.6 million or $0.03 basic and diluted earnings per share for the same period of 2015.

Select highlights for the quarter and year include:

  • Return on average assets was 0.71% for the year 2016, a substantial improvement over the (0.12%) reported for the year 2015.
  • Net income for subsidiary CIBM Bank was $4.6 million for the year 2016, an increase of $4.3 million from the year 2015.
  • Net interest income increased $1.8 million for the year 2016 compared 2015. The increase was primarily due to a $64 million dollar increase in average loans outstanding.
  • Non-interest income increased $5.0 million for the year 2016 compared to the same period of 2015, due primarily to mortgage activity and, to a lesser extent, gains related to assets previously charged or written down. For the quarter, net mortgage banking revenues were down $0.9 million due to seasonal factors and the increase in interest rates.
  • Reversal of loan losses was $0.9 million for the year ending December 31, 2016, compared to a provision for loan losses of $0.1 million for the same period in 2015. The reversal of loan losses was related to a $1.5 million structured settlement payment announced earlier in 2016 which has been received and recorded in the allowance for loan losses as a recovery of loans previously charged off.
  • Noninterest expenses rose for the year 2016 by $2.7 million versus the prior year, primarily due to a $2.9 million increase in compensation caused by commissions for higher loan originations offset by reductions in other areas.
  • Non-performing assets to total assets were 1.83% at the year-end 2016, down from 2.25% the prior year end and up from 1.32% at September 30, 2016. The increase from the prior quarter-end was due primarily to one relationship.
  • Net recoveries for loans previously charged off to average loans was (0.24%) for the year ending December 31, 2016, compared to (0.11%) for the same period in the prior year.

"CIB Marine completed a successful year in 2016 and is pleased to be reporting for the year an increase of 74% in the book value per share of common stock and progress in a number of strategic areas of the company," said Mr. J. Brian Chaffin, President and Chief Executive Officer of CIB Marine Bancshares, Inc. "For the year 2016 our loan portfolio grew on net 8.8% reflecting more than $100 million in new portfolio loan originations, deposits grew 8.9% and mortgage revenues grew 92%. In addition, we started our SBA lending and facility financing activities; executed a significant expense management program; and made a number of investments in information technology to enhance our services and improve product delivery, as well as fund a number of security and infrastructure measures."

Mr. Chaffin added, "Our eyes and energy are focused on 2017 and the future now. Interest rates are higher across the yield curve over the past year and Fed policy rates are forecast to increase further in 2017. During 2017 we expect a softer residential lending market due to the increase in mortgage rates, but we continue to work on expanding our mortgage lending activities more deeply through our banking markets and we are optimistic our SBA lending activities will increase over the prior year. Our traditional retail and commercial community banking activities contributed significantly to the results in 2016 and we are working towards continued development and growth of our customer relationships within the communities where we live and work."

CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates 11 banking offices and 3 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.

Notice that Preferred Dividend has not been declared: Pursuant to Sections 5.4(e)(v) and 5.5(e)(v) of the Company's Articles of Incorporation, notice is hereby given that the Board of Directors of the Company has not declared a dividend on its Series A Preferred Stock or its Series B Convertible Preferred Stock for the period ended December 31, 2016 and, accordingly, no dividend will be paid to preferred shareholders for such Dividend Period.

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, 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   Years Ended
  December 31,   September 30,   June 30,   March 31,   December 31,   December 31,   December 31,
  2016   2016   2016   2016   2015   2016   2015
  (Dollars in thousands, except share and per share data)
Selected Statement of Operations Data                                        
Interest and dividend income $ 5,273   $ 5,286   $ 5,214   $ 5,176   $ 4,874   $ 20,949   $ 18,530
Interest expense   793     740     729     735     654     2,997     2,377
  Net interest income   4,480     4,546     4,485     4,441     4,220     17,952     16,153
Provision for (reversal of) loan losses   (1,101)     69     118     61     215     (853)     61
  Net interest income after provision for (reversal of) loan losses   5,581     4,477     4,367     4,380     4,005     18,805     16,092
Noninterest income (1)   1,908     2,651     2,788     2,053     592     9,400     4,426
Noninterest expense   6,127     6,220     5,951     5,481     5,386     23,779     21,117
  Income (loss) before income taxes   1,362     908     1,204     952     (789)     4,426     (599)
Income tax expense   (5)     40     15     0     6     50     6
  Net income (loss) $ 1,367   $ 868   $ 1,189   $ 952   $ (795)   $ 4,376   $ (605)
                                         
Common Share Data                                        
  Basic net income (loss) per share $ 0.08   $ 0.05   $ 0.07   $ 0.05   $ (0.04)   $ 0.24   $ (0.03)
  Diluted net income (loss) per share   0.04     0.02     0.03     0.03     (0.04)     0.12     (0.03)
  Dividend   0     0     0     0     0     0     0
  Tangible book value per share (2)   1.03     1.04     0.99     0.90     0.79     1.03     0.79
  Book value per share (2)   0.54     0.56     0.51     0.41     0.31     0.54     0.31
  Weighted average shares outstanding - basic   18,127,892     18,127,892     18,127,892     18,127,892     18,127,892     18,127,892     18,127,892
  Weighted average shares outstanding - diluted   36,082,522     35,818,022     35,631,892     35,631,892     18,127,892     35,791,952     18,127,892
Financial Condition Data                                        
  Total assets $ 653,864   $ 632,628   $ 615,708   $ 597,089   $ 571,233   $ 653,864   $ 571,233
  Loans   484,255     466,057     461,859     470,424     445,050     484,255     445,050
  Allowance for loan losses   (8,329)     (8,549)     (8,219)     (8,235)     (8,064)     (8,329)     (8,064)
  Investment securities   112,072     103,853     103,542     97,474     94,702     112,072     94,702
  Deposits   483,097     476,428     468,377     467,334     443,571     483,097     443,571
  Borrowings   96,944     81,636     72,833     57,929     58,883     96,944     58,883
  Stockholders' equity   69,828     70,094     69,266     67,475     65,586     69,828     65,586
Financial Ratios and Other Data                                        
  Performance Ratios:                                        
    Net interest margin (3)   2.84%     2.95%     3.11%     3.15%     3.14%     3.01%     3.18%
    Net interest spread (4)   2.70%     2.80%     2.96%     3.00%     2.98%     2.86%     3.03%
    Noninterest income to average assets (5)   1.18%     1.68%     1.88%     1.42%     0.43%     1.53%     0.84%
    Noninterest expense to average assets   3.79%     3.93%     4.02%     3.78%     3.89%     3.88%     4.02%
    Efficiency ratio (6)   95.91%     86.42%     81.82%     84.40%     111.93%     86.94%     102.68%
    Earnings (loss) on average assets (7)   0.85%     0.55%     0.80%     0.66%     -0.57%     0.71%     -0.12%
    Earnings (loss) on average equity (8)   7.63%     4.89%     6.98%     5.75%     -4.65%     6.32%     -0.89%
Asset Quality Ratios:                                        
  Nonaccrual loans to loans (9)   1.41%     1.16%     0.81%     0.81%     0.70%     1.41%     0.70%
  Nonaccrual loans, restructured loans and loans 90 days or more past due and still accruing to total loans (9)   1.75%     1.58%     1.63%     1.64%     1.96%     1.75%     1.96%
  Nonperforming assets, restructured loans and loans 90 days or more past due and still accruing to total assets (9)   1.83%     1.32%     1.59%     1.94%     2.25%     1.83%     2.25%
  Allowance for loan losses to total loans   1.72%     1.83%     1.78%     1.75%     1.81%     1.72%     1.81%
  Allowance for loan losses to nonaccrual loans, restructured loans and loans 90 days or more past due and still accruing (9)   98.16%     116.08%     109.14%     106.74%     92.25%     98.16%     92.25%
  Net charge-offs (recoveries) annualized to average loans   -0.74%     -0.22%     0.12%     -0.10%     0.03%     -0.24%     -0.11%
Capital Ratios:                                        
  Total equity to total assets   10.68%     11.08%     11.25%     11.30%     11.48%     10.68%     11.48%
  Total risk-based capital ratio   15.55%     15.66%     15.60%     15.19%     15.45%     15.55%     15.45%
  Tier 1 risk-based capital ratio   14.29%     14.41%     14.34%     13.93%     14.20%     14.29%     14.20%
  Leverage capital ratio   11.18%     11.20%     11.69%     11.72%     12.27%     11.18%     12.27%
Other Data:                                        
  Number of employees (full-time equivalent)   171     169     167     180     173     171     173
  Number of banking facilities   11     11     11     11     11     11     11
                                           
(1) Noninterest income includes gains and losses on securities.
(2) Tangible book value per share is the shareholder 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 shareholder equity less the liquidation preference of the preferred stock, divided by the total shares of common outstanding.
(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 common equity.
(9) Excludes loans held for sale.
   
   
CIB MARINE BANCSHARES, INC.
Consolidated Balance Sheets (unaudited)
                   
  December 31,   September 30,   June 30,   March 31,   December 31,
  2016   2016   2016   2016   2015
  (Dollars in thousands, except share data)
Assets                                      
Cash and due from banks $ 10,291     $ 11,427     $ 9,808     $ 9,136     $ 9,170  
Reverse repurchase agreements   24,275       27,560       20,313       -       -  
Securities available for sale   112,072       103,853       103,542       97,474       94,702  
Loans held for sale   11,469       15,875       11,602       10,176       12,275  
                                       
Loans   484,255       466,057       461,859       470,424       445,050  
Allowance for loan losses   (8,329 )     (8,549 )     (8,219 )     (8,235 )     (8,064 )
  Net loans   475,926       457,508       453,640       462,189       436,986  
                                       
Federal Home Loan Bank Stock   3,803       3,803       2,170       2,170       2,170  
Premises and equipment, net   4,427       4,256       4,358       4,716       4,771  
Accrued interest receivable   1,382       1,289       1,290       1,468       1,296  
Other real estate owned, net   3,464       982       2,283       3,859       4,126  
Bank owned life insurance   4,389       4,363       4,336       4,310       4,285  
Goodwill and other intangible assets   221       226       232       237       243  
Other assets   2,145       1,486       2,134       1,354       1,209  
  Total Assets $ 653,864     $ 632,628     $ 615,708     $ 597,089     $ 571,233  
                                       
Liabilities and Stockholders' Equity                                      
Deposits:                                      
  Noninterest-bearing demand $ 77,154     $ 87,216     $ 82,460     $ 74,564     $ 77,580  
  Interest-bearing demand   33,832       29,821       31,508       32,096       33,192  
  Savings   176,435       169,390       175,955       175,576       162,663  
  Time   195,676       190,001       178,454       185,098       170,136  
    Total deposits   483,097       476,428       468,377       467,334       443,571  
Short-term borrowings   96,944       81,636       72,833       57,929       58,883  
Accrued interest payable   349       319       335       339       321  
Other liabilities   3,646       4,151       4,897       4,012       2,872  
    Total liabilities   584,036       562,534       546,442       529,614       505,647  
                                       
Stockholders' Equity                                      
Preferred stock, $1 par value; 5,000,000 authorized shares; 7% fixed rate noncumulative perpetual issued-55,624 shares of series A and 4,376 shares of series B; convertible; aggregate liquidation preference- $60,000   51,000       51,000       51,000       51,000       51,000  
Common stock, $1 par value; 50,000,000 authorized shares; 18,346,391 issued shares; 18,135,344 outstanding shares   18,346       18,346       18,346       18,346       18,346  
Capital surplus   158,552       158,510       158,493       158,493       158,493  
Accumulated deficit   (155,212 )     (156,579 )     (157,446 )     (158,636 )     (159,588 )
Accumulated other comprehensive loss, net   (2,329 )     (654 )     (598 )     (1,199 )     (2,136 )
Treasury stock 218,499 shares at cost   (529 )     (529 )     (529 )     (529 )     (529 )
    Total stockholders' equity   69,828       70,094       69,266       67,475       65,586  
    Total liabilities and stockholders' equity $ 653,864     $ 632,628     $ 615,708     $ 597,089     $ 571,233  
                                       
                                       
CIB MARINE BANCSHARES, INC.
Consolidated Statements of Operations (Unaudited)
  At or for the  
  Quarters Ended     Years Ended  
  December 31,     September 30,     June 30,   March 31,   December 31,     December 31,     December 31,  
  2016     2016     2016   2016   2015     2016     2015  
  (Dollars in thousands)  
                                                   
Interest Income                                                  
Loans $ 4,493     $ 4,540     $ 4,635   $ 4,572   $ 4,248     $ 18,240     $ 15,972  
Loans held for sale   141       153       95     83     77       472       341  
Securities   563       513       478     517     546       2,071       2,206  
Other investments   76       80       6     4     3       166       11  
  Total interest income   5,273       5,286       5,214     5,176     4,874       20,949       18,530  
                                                   
Interest Expense                                                  
Deposits   697       659       692     705     640       2,753       2,327  
Short-term borrowings   96       81       37     30     14       244       50  
  Total interest expense   793       740       729     735     654       2,997       2,377  
  Net interest income   4,480       4,546       4,485     4,441     4,220       17,952       16,153  
Provision for (reversal of) loan losses   (1,101 )     69       118     61     215       (853 )     61  
  Net interest income after provision for (reversal of) loan losses   5,581       4,477       4,367     4,380     4,005       18,805       16,092  
                                                   
Noninterest Income                                                  
Deposit service charges   121       125       121     103     113       470       450  
Other service fees   45       47       52     67     60       211       236  
Mortgage Banking revenue, net   1,414       2,285       2,102     1,336     545       7,137       3,724  
Other income   136       206       96     117     104       555       444  
Net gains on sale of securities   0       0       0     0     0       0       13  
Net gains (losses) on sale of assets and (writedowns)   192       (12 )     417     430     (230 )     1,027       (441 )
  Total noninterest income   1,908       2,651       2,788     2,053     592       9,400       4,426  
                                                   
Noninterest Expense                                                  
Compensation and employee benefits   4,228       4,426       4,143     3,624     3,419       16,421       13,515  
Equipment   305       277       293     273     277       1,148       1,068  
Occupancy and premises   390       377       389     435     396       1,591       1,576  
Data Processing   123       185       151     154     158       613       621  
Federal deposit insurance   92       105       106     106     104       409       425  
Professional services   156       157       213     249     228       775       942  
Telephone and data communication   90       92       99     109     113       390       411  
Insurance   60       60       56     54     53       230       221  
Other expense   683       541       501     477     638       2,202       2,338  
  Total noninterest expense   6,127       6,220       5,951     5,481     5,386       23,779       21,117  
Income (loss) from operations before income taxes   1,362       908       1,204     952     (789 )     4,426       (599 )
Income tax expense   (5 )     40       15     0     6       50       6  
  Net income (loss)   1,367       868       1,189     952     (795 )     4,376       (605 )
Preferred stock dividend   0       0       0     0     0       0       0  
    Net income (loss) allocated to common stockholders $ 1,367     $ 868     $ 1,189   $ 952   $ (795 )   $ 4,376     $ (605 )
                                                       

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

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