Financial highlights for the quarter and nine-month period include:
- As of
September 30, 2023 , 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 0.49% and 0.50%, respectively, compared to 0.20% and 0.16%, respectively, onDecember 31, 2022 , and 0.18% and 0.13%, respectively, onSeptember 30, 2022 . Also, as ofSeptember 30, 2023 , the allowance for credit losses on loans (“ACLL”) to loans was 1.30% compared to an allowance for loan and lease losses of 1.37% atDecember 31, 2022 , and 1.43% atSeptember 30, 2022 . The ACLL is down 9 basis points fromJune 30, 2023 , due to improved economic forecasts and other qualitative factors offset in part by slower prepayment speeds, as well as a higher portion of the loan portfolio being in residential loans that generally have a lower expected loss rate than commercial segment loans. - Net interest income and margins have been declining this year with our banking peers. CIBM’s were
$16.3 million and 2.84%, respectively, for the nine months endedSeptember 30, 2023 , compared to$17.8 million and 3.25%, respectively, in the same period of 2022. The nine-month period in 2023 had$0.3 million less Paycheck Protection Program loan fee accretion income and$0.1 million more subordinated debt interest expense compared to the same period in 2022. The net interest margin declined 41 basis points compared to the same nine-month period in 2022 due to a 205 basis point increase in the cost of interest-bearing liabilities (“Cost of Funds”) compared to a lower increase in yields on interest earning assets of 126 basis points in part due to growth in generally lower spread residential mortgage loans. Actions taken during the quarter to mitigate some of the interest rate risk in the balance sheet include use of pay-fix receive floating SOFR indexed interest rate swaps totaling$30 million notional with an average term of 3.5 years and issuing longer-term time deposits including those with call options. - The effects of 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 year 2023. Cost of Funds is up significantly this year as deposit customers seek higher returns in a rising rate environment and to maximize their
FDIC insurance coverage, and as deposit rate competition has intensified dramatically. Total deposits are up$15 million sinceDecember 31, 2022 , with noninterest-bearing deposits down$27 million , and interest-bearing deposits up$42 million , largely in time deposit products, as balances move from lower to higher interest rate products. Money market deposit balances are relatively unchanged year to date, however, their rates are up significantly due to rising short-term rates and intensifying competition. The remaining funding for loan growth has largely been from other short-term borrowings at theFederal Home Loan Bank of Chicago whose average cost for the quarter was 5.53% on a per annum basis. - Loan portfolios in the industry have been growing rapidly and CIBM’s growth has exceeded its banking peers’ growth. CIBM’s balances increased
$111 million year to date, comprised of$59 million in commercial segment loans and the remaining primarily in residential mortgage loans; and fromJune 30, 2023 , toSeptember 30, 2023 , loan portfolio balances increased$41 million primarily from$27 million in commercial segment loans – up from$9 million the prior quarter – and$13 million in residential mortgage loans – down from$30 million the prior quarter. During the first nine months of the year, the Mortgage Division originated$209 million in residential mortgage loans with 79% of the originated loans sold or held for sale, up from 73% the first six months of the year. - For the nine months ended
September 30, 2023 , Banking Division net income was$2.9 million and Mortgage Division net loss was$0.5 million . The remaining$0.6 million of net loss was from parent company sub-debt and administration expenses. Residential mortgage loan originations are up$83 million compared to the same nine-month period from 2022. The Mortgage Division has 39 more commission-based loan originators since the end of the third quarter of 2022 and five operations/administration employees, improving the Division’s lending capacity and mix of lending to operations staff. The average number of loans per lender continues to be down as markets remain severely affected by higher mortgage interest rates compared to recent years and tight housing supply. In addition, tighter mortgage loan margins have persisted. Recently hired mortgage lenders are expected to become more fully established and nearly all of the up-front new-hire compensation costs are completed.
Reflecting on the past nine months, Mr.
“In addition, we closed our
He concluded, “Finally, our Commercial Loan Division has outperformed budget in generating new loans and deposits. Despite growth in our loan portfolio, we have eased our ACLL rate and provisioning again, 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 | 9 Months Ended | |||||||||||||||||||||
2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | ||||||||||||||||
(Dollars in thousands, except share and per share data) | ||||||||||||||||||||||
Selected Statement of Operations Data: | ||||||||||||||||||||||
Interest and dividend income | $ | 10,117 | $ | 9,152 | $ | 8,472 | $ | 7,808 | $ | 7,234 | $ | 27,741 | $ | 19,524 | ||||||||
Interest expense | 5,180 | 3,643 | 2,601 | 1,664 | 823 | 11,424 | 1,753 | |||||||||||||||
Net interest income | 4,937 | 5,509 | 5,871 | 6,144 | 6,411 | 16,317 | 17,771 | |||||||||||||||
Provision for (reversal of) credit losses | (140 | ) | (246 | ) | 159 | (642 | ) | 34 | (227 | ) | (251 | ) | ||||||||||
Net interest income after provision for | ||||||||||||||||||||||
(reversal of) credit losses | 5,077 | 5,755 | 5,712 | 6,786 | 6,377 | 16,544 | 18,022 | |||||||||||||||
Noninterest income (1) | 2,368 | 3,298 | 1,410 | 791 | 1,313 | 7,076 | 4,678 | |||||||||||||||
Noninterest expense | 7,007 | 7,457 | 6,805 | 6,316 | 6,311 | 21,269 | 18,947 | |||||||||||||||
Income before income taxes | 438 | 1,596 | 317 | 1,261 | 1,379 | 2,351 | 3,753 | |||||||||||||||
Income tax expense | 59 | 431 | 89 | 351 | 352 | 579 | 937 | |||||||||||||||
Net income | $ | 379 | $ | 1,165 | $ | 228 | $ | 910 | $ | 1,027 | $ | 1,772 | $ | 2,816 | ||||||||
Common Share Data: | ||||||||||||||||||||||
Basic net income per share (2) | $ | 0.28 | $ | 0.88 | $ | 0.17 | $ | 0.81 | $ | 0.78 | $ | 1.34 | $ | 2.16 | ||||||||
Diluted net income per share (2) | 0.21 | 0.64 | 0.13 | 0.59 | 0.57 | 0.98 | 1.57 | |||||||||||||||
Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
Tangible book value per share (3) | 52.05 | 52.47 | 53.28 | 53.19 | 52.24 | 52.05 | 52.24 | |||||||||||||||
Book value per share (3) | 50.28 | 50.70 | 51.48 | 51.39 | 49.78 | 50.28 | 49.78 | |||||||||||||||
Weighted average shares outstanding - basic | 1,333,889 | 1,318,460 | 1,308,603 | 1,308,279 | 1,308,752 | 1,320,332 | 1,302,872 | |||||||||||||||
Weighted average shares outstanding - diluted | 1,814,716 | 1,815,593 | 1,803,218 | 1,796,947 | 1,797,721 | 1,811,140 | 1,794,941 | |||||||||||||||
Financial Condition Data: | ||||||||||||||||||||||
Total assets | $ | 874,247 | $ | 819,521 | $ | 787,244 | $ | 752,997 | $ | 762,965 | $ | 874,247 | $ | 762,965 | ||||||||
Loans | 688,446 | 647,823 | 608,492 | 577,303 | 564,841 | 688,446 | 564,841 | |||||||||||||||
Allowance for credit losses on loans (4) | (8,947 | ) | (8,999 | ) | (9,193 | ) | (7,894 | ) | (8,061 | ) | (8,947 | ) | (8,061 | ) | ||||||||
Investment securities | 130,476 | 114,661 | 126,001 | 124,421 | 127,954 | 130,476 | 127,954 | |||||||||||||||
Deposits | 644,165 | 613,808 | 632,339 | 628,869 | 633,234 | 644,165 | 633,234 | |||||||||||||||
Borrowings | 138,469 | 113,950 | 65,173 | 34,485 | 37,168 | 138,469 | 37,168 | |||||||||||||||
Stockholders' equity | 83,313 | 83,876 | 83,615 | 83,503 | 87,228 | 83,313 | 87,228 | |||||||||||||||
Financial Ratios and Other Data: | ||||||||||||||||||||||
Performance Ratios: | ||||||||||||||||||||||
Net interest margin (5) | 2.43 | % | 2.90 | % | 3.22 | % | 3.32 | % | 3.45 | % | 2.84 | % | 3.25 | % | ||||||||
Net interest spread (6) | 1.85 | % | 2.42 | % | 2.82 | % | 3.02 | % | 3.29 | % | 2.34 | % | 3.13 | % | ||||||||
Noninterest income to average assets (7) | 1.15 | % | 1.68 | % | 0.72 | % | 0.41 | % | 0.72 | % | 1.19 | % | 0.87 | % | ||||||||
Noninterest expense to average assets | 3.31 | % | 3.77 | % | 3.58 | % | 3.27 | % | 3.24 | % | 3.55 | % | 3.31 | % | ||||||||
Efficiency ratio (8) | 95.06 | % | 84.35 | % | 93.90 | % | 91.13 | % | 80.73 | % | 90.66 | % | 83.35 | % | ||||||||
Earnings on average assets (9) | 0.18 | % | 0.59 | % | 0.12 | % | 0.47 | % | 0.53 | % | 0.30 | % | 0.49 | % | ||||||||
Earnings on average equity (10) | 1.78 | % | 5.53 | % | 1.11 | % | 4.15 | % | 4.52 | % | 2.82 | % | 4.15 | % | ||||||||
Asset Quality Ratios: | ||||||||||||||||||||||
Nonaccrual loans to loans (11) | 0.50 | % | 0.02 | % | 0.08 | % | 0.16 | % | 0.13 | % | 0.50 | % | 0.13 | % | ||||||||
Nonaccrual loans, restructured loans and | ||||||||||||||||||||||
loans 90 days or more past due and still accruing to total loans (4) | 0.56 | % | 0.11 | % | 0.12 | % | 0.20 | % | 0.17 | % | 0.56 | % | 0.17 | % | ||||||||
Nonperforming assets, restructured loans | ||||||||||||||||||||||
and loans 90 days or more past due and still accruing to total assets (4) | 0.49 | % | 0.13 | % | 0.14 | % | 0.20 | % | 0.18 | % | 0.49 | % | 0.18 | % | ||||||||
Allowance for credit losses on loans to total loans (4)(11) | 1.30 | % | 1.39 | % | 1.51 | % | 1.37 | % | 1.43 | % | 1.30 | % | 1.43 | % | ||||||||
Allowance for credit losses on loans to nonaccrual loans, | ||||||||||||||||||||||
restructured loans and loans 90 days or more past due and still accruing (4)(11) | 231.01 | % | 1283.74 | % | 1262.77 | % | 684.06 | % | 852.11 | % | 231.01 | % | 852.11 | % | ||||||||
Net charge-offs (recoveries) annualized | ||||||||||||||||||||||
to average loans (11) | -0.01 | % | -0.02 | % | -0.02 | % | -0.33 | % | -0.01 | % | -0.01 | % | 0.01 | % | ||||||||
Capital Ratios: | ||||||||||||||||||||||
Total equity to total assets | 9.53 | % | 10.23 | % | 10.62 | % | 11.09 | % | 11.43 | % | 9.53 | % | 11.43 | % | ||||||||
Total risk-based capital ratio | 13.58 | % | 14.31 | % | 14.84 | % | 15.71 | % | 16.42 | % | 13.58 | % | 16.42 | % | ||||||||
Tier 1 risk-based capital ratio | 10.91 | % | 11.54 | % | 11.99 | % | 12.78 | % | 13.48 | % | 10.91 | % | 13.48 | % | ||||||||
Leverage capital ratio | 8.93 | % | 9.43 | % | 9.56 | % | 9.73 | % | 10.16 | % | 8.93 | % | 10.16 | % | ||||||||
Other Data: | ||||||||||||||||||||||
Number of employees (full-time equivalent) | 194 | 206 | 202 | 189 | 166 | 194 | 166 | |||||||||||||||
Number of banking facilities | 9 | 10 | 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 | 2022 | 2022 | |||||||||||
(Dollars in Thousands, Except Shares) | |||||||||||||||
Assets | |||||||||||||||
Cash and due from banks | $ | 9,203 | $ | 14,444 | $ | 16,490 | $ | 19,667 | $ | 36,454 | |||||
Reverse repurchase agreements | - | - | - | - | - | ||||||||||
Securities available for sale | 128,413 | 112,532 | 123,838 | 122,292 | 125,830 | ||||||||||
Equity securities at fair value | 2,063 | 2,129 | 2,163 | 2,129 | 2,124 | ||||||||||
Loans held for sale | 15,011 | 14,726 | 10,848 | 5,057 | 6,471 | ||||||||||
Loans | 688,446 | 647,823 | 608,492 | 577,303 | 564,841 | ||||||||||
Allowance for credit losses on loans (1) | (8,947 | ) | (8,999 | ) | (9,193 | ) | (7,894 | ) | (8,061 | ) | |||||
Net loans | 679,499 | 638,824 | 599,299 | 569,409 | 556,780 | ||||||||||
Federal Home Loan | 4,645 | 2,818 | 1,897 | 1,897 | 1,897 | ||||||||||
Premises and equipment, net | 3,675 | 3,879 | 3,969 | 4,081 | 4,159 | ||||||||||
Accrued interest receivable | 2,748 | 2,036 | 2,118 | 1,915 | 1,807 | ||||||||||
Deferred tax assets, net | 16,815 | 16,790 | 16,464 | 16,273 | 16,977 | ||||||||||
Other real estate owned, net | 375 | 375 | 375 | 375 | 403 | ||||||||||
Bank owned life insurance | 6,204 | 6,160 | 6,119 | 6,076 | 6,040 | ||||||||||
70 | 76 | 81 | 87 | 92 | |||||||||||
Other assets | 5,526 | 4,732 | 3,583 | 3,739 | 3,931 | ||||||||||
Total Assets | $ | 874,247 | $ | 819,521 | $ | 787,244 | $ | 752,997 | $ | 762,965 | |||||
Liabilities and Stockholders' Equity | |||||||||||||||
Deposits: | |||||||||||||||
Noninterest-bearing demand | $ | 88,674 | $ | 93,487 | $ | 94,700 | $ | 115,186 | $ | 134,765 | |||||
Interest-bearing demand | 73,086 | 82,484 | 93,388 | 76,918 | 79,306 | ||||||||||
Savings | 254,211 | 247,339 | 259,907 | 260,159 | 254,146 | ||||||||||
Time | 228,194 | 190,498 | 184,344 | 176,606 | 165,017 | ||||||||||
Total deposits | 644,165 | 613,808 | 632,339 | 628,869 | 633,234 | ||||||||||
Short-term borrowings | 128,748 | 104,238 | 55,469 | 24,789 | 27,480 | ||||||||||
Long-term borrowings | 9,721 | 9,712 | 9,704 | 9,696 | 9,688 | ||||||||||
Accrued interest payable | 1,491 | 963 | 557 | 554 | 227 | ||||||||||
Other liabilities | 6,809 | 6,924 | 5,560 | 5,586 | 5,108 | ||||||||||
Total liabilities | 790,934 | 735,645 | 703,629 | 669,494 | 675,737 | ||||||||||
Stockholders' Equity | |||||||||||||||
Preferred stock, | 13,806 | 13,806 | 13,806 | 13,806 | 18,762 | ||||||||||
Common stock, | 1,349 | 1,349 | 1,324 | 1,324 | 1,324 | ||||||||||
Capital surplus | 181,144 | 181,050 | 180,903 | 180,777 | 180,664 | ||||||||||
Accumulated deficit | (104,443 | ) | (104,822 | ) | (105,987 | ) | (105,025 | ) | (106,081 | ) | |||||
Accumulated other comprehensive income, net | (8,009 | ) | (6,973 | ) | (5,897 | ) | (6,845 | ) | (6,907 | ) | |||||
(534 | ) | (534 | ) | (534 | ) | (534 | ) | (534 | ) | ||||||
Total stockholders' equity | 83,313 | 83,876 | 83,615 | 83,503 | 87,228 | ||||||||||
Total liabilities and stockholders' equity | $ | 874,247 | $ | 819,521 | $ | 787,244 | $ | 752,997 | $ | 762,965 | |||||
(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 49,975 shares of unvested restricted stock awards at | |||||||||||||||
(3) |
Consolidated Statements of Operations (Unaudited) | |||||||||||||||||||||
At or for the | |||||||||||||||||||||
Quarters Ended | 9 Months Ended | ||||||||||||||||||||
2023 | 2023 | 2023 | 2022 | 2022 | 2023 | 2022 | |||||||||||||||
(Dollars in thousands) | |||||||||||||||||||||
Interest Income | |||||||||||||||||||||
Loans | $ | 8,718 | $ | 7,942 | $ | 7,121 | $ | 6,426 | $ | 6,029 | $ | 23,781 | $ | 16,825 | |||||||
Loans held for sale | 227 | 155 | 84 | 63 | 96 | 466 | 244 | ||||||||||||||
Securities | 1,132 | 985 | 1,031 | 948 | 826 | 3,148 | 2,046 | ||||||||||||||
Other investments | 40 | 70 | 236 | 371 | 283 | 346 | 409 | ||||||||||||||
Total interest income | 10,117 | 9,152 | 8,472 | 7,808 | 7,234 | 27,741 | 19,524 | ||||||||||||||
Interest Expense | |||||||||||||||||||||
Deposits | 3,918 | 3,076 | 2,364 | 1,452 | 662 | 9,358 | 1,396 | ||||||||||||||
Short-term borrowings | 1,141 | 445 | 118 | 91 | 40 | 1,704 | 59 | ||||||||||||||
Long-term borrowings | 121 | 122 | 119 | 121 | 121 | 362 | 298 | ||||||||||||||
Total interest expense | 5,180 | 3,643 | 2,601 | 1,664 | 823 | 11,424 | 1,753 | ||||||||||||||
Net interest income | 4,937 | 5,509 | 5,871 | 6,144 | 6,411 | 16,317 | 17,771 | ||||||||||||||
Provision for (reversal of) credit losses | (140 | ) | (246 | ) | 159 | (642 | ) | 34 | (227 | ) | (251 | ) | |||||||||
Net interest income after provision for | |||||||||||||||||||||
(reversal of) credit losses | 5,077 | 5,755 | 5,712 | 6,786 | 6,377 | 16,544 | 18,022 | ||||||||||||||
Noninterest Income | |||||||||||||||||||||
Deposit service charges | 101 | 76 | 79 | 82 | 86 | 256 | 266 | ||||||||||||||
Other service fees | 6 | 11 | 16 | 15 | 18 | 33 | 114 | ||||||||||||||
Mortgage banking revenue, net | 1,984 | 1,636 | 1,008 | 597 | 1,126 | 4,628 | 3,824 | ||||||||||||||
Other income | 132 | 171 | 110 | 117 | 147 | 413 | 500 | ||||||||||||||
Net gains on sale of securities available for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||
Unrealized gains (losses) recognized on equity securities | (66 | ) | (34 | ) | 34 | 4 | (93 | ) | (66 | ) | (283 | ) | |||||||||
Net gains (loss) on sale of SBA loans | 0 | 0 | 151 | 0 | 0 | 151 | 157 | ||||||||||||||
Net gains (losses) on sale of assets and (writedowns) | 211 | 1,438 | 12 | (24 | ) | 29 | 1,661 | 100 | |||||||||||||
Total noninterest income | 2,368 | 3,298 | 1,410 | 791 | 1,313 | 7,076 | 4,678 | ||||||||||||||
Noninterest Expense | |||||||||||||||||||||
Compensation and employee benefits | 4,631 | 5,101 | 4,550 | 4,061 | 4,240 | 14,282 | 12,644 | ||||||||||||||
Equipment | 484 | 504 | 475 | 466 | 396 | 1,463 | 1,277 | ||||||||||||||
Occupancy and premises | 490 | 404 | 438 | 399 | 390 | 1,332 | 1,220 | ||||||||||||||
Data Processing | 245 | 221 | 199 | 202 | 205 | 665 | 542 | ||||||||||||||
Federal deposit insurance | 123 | 150 | 87 | 70 | 58 | 360 | 161 | ||||||||||||||
Professional services | 271 | 317 | 278 | 415 | 244 | 866 | 752 | ||||||||||||||
Telephone and data communication | 57 | 56 | 61 | 66 | 61 | 174 | 182 | ||||||||||||||
Insurance | 82 | 68 | 88 | 85 | 74 | 238 | 233 | ||||||||||||||
Other expense | 624 | 636 | 629 | 552 | 643 | 1,889 | 1,936 | ||||||||||||||
Total noninterest expense | 7,007 | 7,457 | 6,805 | 6,316 | 6,311 | 21,269 | 18,947 | ||||||||||||||
Income from operations | |||||||||||||||||||||
before income taxes | 438 | 1,596 | 317 | 1,261 | 1,379 | 2,351 | 3,753 | ||||||||||||||
Income tax expense | 59 | 431 | 89 | 351 | 352 | 579 | 937 | ||||||||||||||
Net income | 379 | 1,165 | 228 | 910 | 1,027 | 1,772 | 2,816 | ||||||||||||||
Discount from repurchase of preferred stock | 0 | 0 | 0 | 146 | 0 | 0 | 0 | ||||||||||||||
Net income allocated to | |||||||||||||||||||||
common stockholders | $ | 379 | $ | 1,165 | $ | 228 | $ | 1,056 | $ | 1,027 | $ | 1,772 | $ | 2,816 | |||||||
FOR INFORMATION CONTACT:
(217) 355-0900
brian.chaffin@cibmbank.com
Source:
2023 GlobeNewswire, Inc., source