WAUKESHA, Wis., April 13, 2018 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIBM”) (CIBH), the holding company of CIBM Bank (the “Bank”), today announces its results of operations and financial condition for the first quarter of 2018. Pre-tax net income for the quarter ending March 31, 2018, was $1.0 million compared to $0.9 million for March 31, 2017. Pre-tax basic net income per share was $0.05 and $0.03 on a diluted basis for the quarter ending March 31, 2018, compared to $0.05 and $0.02, respectively, for the same period ending March 31, 2017.
A summary of financial results for the quarter is attached. Select highlights include:
Return on average assets on a pre-tax basis was 0.62% for the quarter ending March 31, 2018, compared to 0.56% for the same period in 2017. Book and tangible book value per share of common stock improved to $2.06 and $2.54, respectively, for March 31, 2018, compared to $2.04 and $2.53 at December 31, 2017. Pre-tax net income for subsidiary CIBM Bank was $1.1 million for the quarter, the same as in 2017. Net interest income and non-interest income were higher in 2018, but offset by higher non-interest expenses. The net interest margin was reported at 3.20% for the quarter ending March 31, 2018, compared to 3.02% for the same quarter of 2017. Net interest income was up $0.1 million compared to the same period of 2017. Non-interest income of $1.9 million for the quarter ending March 31, 2018, was roughly the same as the same period in 2017, reflecting higher net mortgage banking revenues and lower gains on sale of SBA loans. Non-performing assets to total assets fell to 0.85% at March 31, 2018, from 1.13% at December 31, 2017, and 1.77% at March 31, 2017, due mostly to lower non-accrual loans. Non-accrual loans to total loans declined to 0.19% at March 31, 2018, from 0.69% at December 31, 2017, and 1.32% at March 31, 2017, due to collection activity and improved performance in prior non-accrual loans.
J. Brian Chaffin, CIB Marine’s President and CEO, commented, “We were able to improve pre-tax earnings in the first quarter of 2018 compared to the same period last year on improved net interest income and higher mortgage revenues.”
Mr. Chaffin added, “Our asset quality, reflected through our non-performing assets and non-accrual loan ratios, continued to improve and achieved new cyclical lows. Current lending markets reflect heightened price competition and term concessions. This explains, in part, our lower loan growth in 2017 and the first quarter of 2018. The Company continues to seek opportunities to add the right people in all our revenue producing areas to enhance growth in our main product and service lines.”
CIB Marine Bancshares, Inc. owns and operates CIBM Bank, and Illinois chartered commercial bank, headquartered in Champaign, Illinois, which operates as “Marine Bank” in its Indiana and Wisconsin markets; “Central Illinois Bank” in its central Illinois market; and “Avenue Bank” in its Chicagoland market. The Avenue Mortgage Division of the bank, headquartered in Naperville, Illinois, serves all CIBM Bank markets. CIBM Bank operates eleven banking branches and six mortgage lending offices. 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 March 31, 2018, and, accordingly, no dividend will be paid to preferred shareholders for such Dividend Period.
