CIB Marine Bancshares Inc. (CIBH)

[chainma1l]

All sorts of things going on in the release. Decent earnings--could have been better. BV increase again.
"Limited amount of cash on hand"? They are a BANK, just borrow some money for goodness sake! Kidding aside, that doesn't have a nice ring to it, but is no cause for concern.
The thing that I found interesting is they were outbid on their attempt to buy back some preferreds. I'm hoping whoever bought them was a savvy investor and not somebody like Clutterbuck. Interesting to me to see a CDO actually being taken apart. They are always presented as a complete, nebulous mass of pieces and parts that can just never be separated.
Is there a running total on the preferreds anywhere? Is that (likely) something they want to play close to the vest? Too bad they couldn't get those shares. That's a huge chunk of both A and B.

Regarding preferred stock repurchases he stated, “During January 2019, CIBM bid to repurchase 14,688.94 shares of Series A Preferred Stock and 1,155.6 shares of Series B Preferred Stock. The repurchase opportunity came about rapidly as a result of the liquidation of an investment trust (or Collateralized Debt Obligation) that has held the respective preferred shares of CIBM since 2009. CIBM’s bid met the financial requirements for repurchase described in prior communications with shareholders, however, CIBM was not the winning bidder.”

“Although the latest opportunity could not be achieved within the disciplined parameters we have established, the previously reported $1.8 million discount to the carry value of shares repurchased in 2018 provided a nice bump to the book value of CIBM’s common stock. CIBM plans to hold the second of three annual modified Dutch auctions during the first half of 2019; more information will be forthcoming. Given our limited amount of cash on hand, the price CIBM is willing to pay to repurchase preferred stock will require significant discounting to our current carrying value of the preferred stock in order to compensate for any possible dilutive effects of a capital raise, if needed to fund a repurchase, and any potential adverse consequences to our current $21 million in deferred tax assets,” he reminded shareholders.