CIB Marine Bancshares, Inc. Announces Third Quarter 2025 Results
BROOKFIELD, Wis., Oct. 10, 2025 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQX: CIBH), the holding company of CIBM Bank (the “Bank”), announced its unaudited results of operations and financial condition for the quarter and nine months ended September 30, 2025. Improved net interest income and stronger mortgage operations both contributed to better operating results during the third quarter, compared to the prior quarter and the same period last year, as outlined below.
Net income for the quarter was $0.9 million, or $0.68 basic and $0.65 diluted earnings per share, compared to $1.1 million, or $0.79 basic and $0.59 diluted earnings per share, for the same period of 2024. Net income for the nine months ended September 30, 2025, was $1.9 million, or $1.41 basic and $1.37 diluted earnings per share, compared to $1.7 million, or $1.27 basic and $0.94 diluted earnings per share, for the same period of 2024, excluding the effects of the sale-leaseback transaction gain on sale in 2024.
Financial highlights for the quarter and nine-month period include:
- Net interest margin rose to 2.78%, up from 2.69% in the second quarter of 2025 and 2.55% in the third quarter of 2024. The cost of funds for the quarter declined 62 basis points compared to the same period in 2024, due to the repricing of interest-bearing liabilities in a lower-cost interest rate environment, while yields on earning assets declined by 26 basis points. The net interest margin improved to 2.69% for the nine-month period, up from 2.41% for the same period of 2024 as a 51 basis point decline in the cost of funds outpaced a 15 basis point decrease in yields on earning assets. Net interest income increased $0.1 million for the quarter compared to the second quarter of 2025, rose nominally compared to the same quarter in 2024, and was up $0.7 million for the nine months ended September 30th compared to the same period of 2024. Although net interest margins increased, net interest income saw only modest growth in the third quarter of 2025 compared to the same period in 2024 primarily due to a $56 million decline in average loan balances and an $8 million decrease in average non-interest bearing checking account balances. The decline in loan balances was partly due to prior-year efforts to reduce loan balances in support of preferred stock redemption, as well as a higher-than-expected volume of early payoffs in 2025 for reasons unrelated to service.
- Quarter-end loan balances declined by $10 million from June 30, 2025, and by $52 million from December 31, 2024. The allowance for credit losses to loans ratio rose from 1.26% at December 31, 2024, and 1.32% at June 30, 2025, to 1.33% at September 30, 2025, primarily due to prior deterioration in the Federal Reserve’s economic forecasts used in the Company’s credit loss analysis. While the forecast has recently begun to improve, our portfolio mix has shifted toward commercial loans, which carry higher reserve rates than residential loans. Additionally, we increased the allowance for certain non-accrual loans, which are evaluated at an individual loan level.
- As of September 30, 2025, non-performing assets represented 0.75% of total assets, and non-accrual loans accounted for 0.95% of total loans--up from 0.68% and 0.85%, respectively, on June 30, 2025, and 0.68% and 0.81% on December 31, 2024. Business plans continue to target higher loan balances by year-end 2025, primarily driven by anticipated growth in the commercial segments. As of quarter-end, non-performing loans, other real estate loans, modified loans to borrowers experiencing financial difficulty and loans 90 days or more past due but still accruing totaled 1.87% of total assets compared to 1.85% at June 30, 2025, 0.97% at March 31, 2025, and 0.98% at December 31, 2024. The increase was primarily due to two commercial loans—one a restructured loan in the transportation industry, and the other 90 days or more past due but still accruing and in the process of collection.
- The Banking Division reported net income of $2.6 million for the nine months ended September 30, 2025, a $0.2 million improvement over the same period in 2024 excluding the sale-leaseback transaction gain on sale, driven primarily by higher net interest margins and continued cost controls, but limited by a decline in the loan portfolio. The Mortgage Division’s $0.1 million net income for the nine months ended September 30, 2025, is an improvement of $0.1 million over the prior year. This modest gain reflects the reduction in lending staff noted in the first-quarter earnings release. The net remaining Other Division, comprised primarily of parent company operations, had a net loss of $0.7 million with roughly one-third of that amount attributed to subordinated debt interest expense.
Mr. J. Brian Chaffin, CIB Marine’s President and CEO, commented, “Improved net interest margins and disciplined expense management contributed to stronger results from the Banking Division. While loan balances declined, our commercial team continues to build momentum, with growth targeted by year-end. The Mortgage Division posted modest gains in operating results, supported by increased refinance activity. Despite reduced staffing, expense controls continue to support improved operating results and our team remains well-positioned to perform in a competitive market.”
He concluded, “In early October 2025, CIBM Bank received regulatory approval and distributed $3 million in capital to its parent company, CIB Marine Bancshares, Inc. The parent company also maintains a $2 million line of credit, though no draws have been made to date. These available resources support the 2025 common stock repurchase program, which authorizes up to $1 million in buybacks. During the third quarter, 4,800 shares were repurchased through open-market transactions for a total of $170,820 at an average price of $35.59 per share. Year to date, 20,312 shares have been repurchased for $667,558 at an average price of $32.87 per share. Provided current trends continue, we expect to complete the repurchase program by year-end.”
CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates nine banking offices in Illinois, Wisconsin, and Indiana, and has mortgage loan officers and/or offices in six states. More information on the Company is available at www.cibmarine.com, including recent shareholder letters, links to regulatory financial reports, and audited financial statements.
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.
FOR INFORMATION CONTACT:
J. Brian Chaffin, President & CEO
(217) 355-0900
brian.chaffin@cibmbank.com
| CIB MARINE BANCSHARES, INC. | ||||||||||||||||||||||
| Selected Unaudited Consolidated Financial Data | ||||||||||||||||||||||
| At or for the | ||||||||||||||||||||||
| Quarters Ended | 9 Months Ended | |||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||
| (Dollars in thousands, except share and per share data) | ||||||||||||||||||||||
| Selected Statement of Operations Data: | ||||||||||||||||||||||
| Interest and dividend income | $ | 10,780 | $ | 11,017 | $ | 10,941 | $ | 11,408 | $ | 12,283 | $ | 32,738 | $ | 36,136 | ||||||||
| Interest expense | 5,196 | 5,541 | 5,652 | 6,259 | 6,707 | 16,389 | 20,444 | |||||||||||||||
| Net interest income | 5,584 | 5,476 | 5,289 | 5,149 | 5,576 | 16,349 | 15,692 | |||||||||||||||
| Provision for (reversal of) credit losses | (90 | ) | 9 | 42 | (332 | ) | (113 | ) | (39 | ) | (131 | ) | ||||||||||
| Net interest income after provision for | ||||||||||||||||||||||
| (reversal of) credit losses | 5,674 | 5,467 | 5,247 | 5,481 | 5,689 | 16,388 | 15,823 | |||||||||||||||
| Noninterest income (1) | 1,908 | 1,765 | 1,552 | 1,724 | 2,897 | 5,225 | 11,428 | |||||||||||||||
| Noninterest expense | 6,375 | 6,311 | 6,373 | 6,678 | 7,163 | 19,059 | 20,488 | |||||||||||||||
| Income before income taxes | 1,207 | 921 | 426 | 527 | 1,423 | 2,554 | 6,763 | |||||||||||||||
| Income tax expense | 299 | 253 | 105 | 123 | 347 | 657 | 1,725 | |||||||||||||||
| Net income (loss) | $ | 908 | $ | 668 | $ | 321 | $ | 404 | $ | 1,076 | $ | 1,897 | $ | 5,038 | ||||||||
| Common Share Data: | ||||||||||||||||||||||
| Basic net income (loss) per share (2) | $ | 0.68 | $ | 0.50 | $ | 0.24 | $ | 0.60 | $ | 0.79 | $ | 1.41 | $ | 3.73 | ||||||||
| Diluted net income (loss) per share (2) | 0.65 | 0.48 | 0.23 | 0.54 | 0.59 | 1.37 | 2.75 | |||||||||||||||
| Dividend | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |||||||||||||||
| Tangible book value per share (3) | 60.72 | 59.55 | 58.46 | 57.37 | 57.80 | 60.72 | 57.80 | |||||||||||||||
| Book value per share (3) | 60.77 | 59.59 | 58.51 | 57.42 | 56.06 | 60.77 | 56.06 | |||||||||||||||
| Weighted average shares outstanding - basic | 1,345,233 | 1,349,613 | 1,348,995 | 1,357,737 | 1,357,259 | 1,341,077 | 1,351,205 | |||||||||||||||
| Weighted average shares outstanding - diluted | 1,391,648 | 1,397,365 | 1,396,274 | 1,507,344 | 1,833,586 | 1,388,222 | 1,828,956 | |||||||||||||||
| Financial Condition Data: | ||||||||||||||||||||||
| Total assets | $ | 836,760 | $ | 838,441 | $ | 852,018 | $ | 866,474 | $ | 888,283 | $ | 836,760 | $ | 888,283 | ||||||||
| Loans | 655,620 | 665,393 | 684,787 | 697,093 | 707,310 | 655,620 | 707,310 | |||||||||||||||
| Allowance for credit losses on loans | (8,721 | ) | (8,793 | ) | (8,818 | ) | (8,790 | ) | (8,973 | ) | (8,721 | ) | (8,973 | ) | ||||||||
| Investment securities | 128,214 | 126,795 | 124,109 | 120,339 | 120,349 | 128,214 | 120,349 | |||||||||||||||
| Deposits | 702,078 | 684,480 | 692,028 | 692,378 | 747,168 | 702,078 | 747,168 | |||||||||||||||
| Borrowings | 39,245 | 59,292 | 67,214 | 81,735 | 33,583 | 39,245 | 33,583 | |||||||||||||||
| Stockholders' equity | 81,789 | 80,492 | 79,309 | 77,961 | 92,358 | 81,789 | 92,358 | |||||||||||||||
| Financial Ratios and Other Data: | ||||||||||||||||||||||
| Performance Ratios: | ||||||||||||||||||||||
| Net interest margin (4) | 2.78% | 2.69% | 2.62% | 2.44% | 2.55% | 2.69% | 2.41% | |||||||||||||||
| Net interest spread (5) | 2.17% | 2.06% | 1.99% | 1.74% | 1.81% | 2.07% | 1.71% | |||||||||||||||
| Noninterest income to average assets (6) | 0.91% | 0.83% | 0.73% | 0.82% | 1.25% | 0.82% | 1.69% | |||||||||||||||
| Noninterest expense to average assets | 3.06% | 3.00% | 3.05% | 3.06% | 3.17% | 3.04% | 3.04% | |||||||||||||||
| Efficiency ratio (7) | 85.33% | 87.24% | 93.65% | 96.17% | 85.32% | 88.61% | 75.67% | |||||||||||||||
| Earnings (loss) on average assets (8) | 0.44% | 0.32% | 0.15% | 0.19% | 0.48% | 0.30% | 0.75% | |||||||||||||||
| Earnings (loss) on average equity (9) | 4.46% | 3.36% | 1.65% | 1.94% | 4.71% | 3.18% | 7.74% | |||||||||||||||
| Asset Quality Ratios: | ||||||||||||||||||||||
| Nonaccrual loans to loans (10) | 0.95% | 0.85% | 0.84% | 0.81% | 0.44% | 0.95% | 0.44% | |||||||||||||||
| Nonperformance assets to total assets (11) | 0.75% | 0.68% | 0.67% | 0.68% | 0.38% | 0.75% | 0.38% | |||||||||||||||
| Nonaccrual loans, modified loans to borrowers experiencing financial difficulty, loans 90 days or more past due and still | ||||||||||||||||||||||
| accruing to total loans | 2.38% | 2.33% | 1.21% | 1.19% | 1.68% | 2.38% | 1.68% | |||||||||||||||
| Nonaccrual loans, OREO, modified loans to borrowers experiencing financial difficulty, loans 90 days or more past | ||||||||||||||||||||||
| due and still accruing to total assets | 1.87% | 1.85% | 0.97% | 0.98% | 1.36% | 1.87% | 1.36% | |||||||||||||||
| Allowance for credit losses on loans to total loans (10) | 1.33% | 1.32% | 1.29% | 1.26% | 1.27% | 1.33% | 1.27% | |||||||||||||||
| Allowance for credit losses on loans to nonaccrual loans, modified loans to borrowers experiencing financial difficulty loans and loans 90 days or more past due and still accruing (10) | 55.78% | 56.76% | 106.25% | 105.95% | 75.68% | 55.78% | 75.68% | |||||||||||||||
| Net charge-offs (recoveries) annualized to average loans (10) | 0.00% | -0.02% | -0.01% | -0.01% | -0.01% | -0.01% | 0.02% | |||||||||||||||
| Capital Ratios: | ||||||||||||||||||||||
| Total equity to total assets | 9.77% | 9.60% | 9.31% | 9.00% | 10.40% | 9.77% | 10.40% | |||||||||||||||
| Total risk-based capital ratio | 13.90% | 13.55% | 13.34% | 13.02% | 14.54% | 13.90% | 14.54% | |||||||||||||||
| Tier 1 risk-based capital ratio | 11.15% | 10.82% | 10.62% | 10.33% | 11.90% | 11.15% | 11.90% | |||||||||||||||
| Leverage capital ratio | 8.88% | 8.54% | 8.40% | 8.14% | 9.30% | 8.88% | 9.30% | |||||||||||||||
| Other Data: | ||||||||||||||||||||||
| Number of employees (full-time equivalent) | 143 | 144 | 152 | 165 | 170 | 143 | 170 | |||||||||||||||
| Number of banking facilities | 9 | 9 | 9 | 9 | 9 | 9 | 9 | |||||||||||||||
| (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 $0.4 million for the quarter ended December 31, 2024. | ||||||||||||||||||||||
| (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) Net interest margin is the ratio of net interest income to average interest-earning assets. | ||||||||||||||||||||||
| (5) Net interest spread is the yield on average interest-earning assets less the rate on average interest-bearing liabilities. | ||||||||||||||||||||||
| (6) Noninterest income to average assets excludes gains and losses on securities. | ||||||||||||||||||||||
| (7) The efficiency ratio is noninterest expense divided by the sum of net interest income plus noninterest income, excluding gains and losses on securities. | ||||||||||||||||||||||
| (8) Earnings on average assets are net income divided by average total assets. | ||||||||||||||||||||||
| (9) Earnings on average equity are net income divided by average stockholders' equity. | ||||||||||||||||||||||
| (10) Excludes loans held for sale. | ||||||||||||||||||||||
| (11)Nonperforming assets includes nonaccrual loans, nonaccrual securities, and other real estate owned. | ||||||||||||||||||||||
| CIB MARINE BANCSHARES, INC. | |||||||||||||||
| Consolidated Balance Sheets (unaudited) | |||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | |||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | |||||||||||
| (Dollars in Thousands, Except Shares) | |||||||||||||||
| Assets | |||||||||||||||
| Cash and due from banks | $ | 19,016 | $ | 10,363 | $ | 7,717 | $ | 6,748 | $ | 13,814 | |||||
| Reverse repurchase agreements | - | - | - | - | - | ||||||||||
| Securities available for sale | 126,017 | 124,618 | 121,939 | 118,206 | 118,145 | ||||||||||
| Equity securities at fair value | 2,197 | 2,177 | 2,170 | 2,133 | 2,204 | ||||||||||
| Loans held for sale | 7,287 | 7,733 | 7,685 | 13,291 | 19,472 | ||||||||||
| Loans | 655,620 | 665,393 | 684,787 | 697,093 | 707,310 | ||||||||||
| Allowance for credit losses on loans | (8,721 | ) | (8,793 | ) | (8,818 | ) | (8,790 | ) | (8,973 | ) | |||||
| Net loans | 646,899 | 656,600 | 675,969 | 688,303 | 698,337 | ||||||||||
| Federal Home Loan Bank Stock | 2,195 | 3,401 | 2,607 | 2,607 | 2,238 | ||||||||||
| Premises and equipment, net | 1,731 | 1,660 | 1,486 | 1,570 | 1,526 | ||||||||||
| Accrued interest receivable | 2,803 | 2,733 | 2,680 | 2,651 | 2,926 | ||||||||||
| Deferred tax assets, net | 11,745 | 12,160 | 12,529 | 12,955 | 12,796 | ||||||||||
| Other real estate owned, net | - | - | - | 200 | 211 | ||||||||||
| Bank owned life insurance | 6,589 | 6,536 | 6,486 | 6,437 | 6,388 | ||||||||||
| Goodwill and other intangible assets | 64 | 64 | 64 | 64 | 64 | ||||||||||
| Other assets | 10,217 | 10,396 | 10,686 | 11,309 | 10,162 | ||||||||||
| Total assets | $ | 836,760 | $ | 838,441 | $ | 852,018 | $ | 866,474 | $ | 888,283 | |||||
| Liabilities and Stockholders' Equity | |||||||||||||||
| Deposits: | |||||||||||||||
| Noninterest-bearing demand | $ | 95,307 | $ | 87,479 | $ | 98,403 | $ | 86,886 | $ | 95,471 | |||||
| Interest-bearing demand | 107,512 | 74,921 | 77,620 | 84,833 | 90,095 | ||||||||||
| Savings | 222,450 | 226,663 | 232,046 | 224,960 | 234,969 | ||||||||||
| Time | 276,809 | 295,417 | 283,959 | 295,699 | 326,633 | ||||||||||
| Total deposits | 702,078 | 684,480 | 692,028 | 692,378 | 747,168 | ||||||||||
| Short-term borrowings | 29,458 | 49,514 | 57,444 | 71,973 | 23,829 | ||||||||||
| Long-term borrowings | 9,787 | 9,778 | 9,770 | 9,762 | 9,754 | ||||||||||
| Accrued interest payable | 1,456 | 1,656 | 1,614 | 1,911 | 2,101 | ||||||||||
| Other liabilities | 12,192 | 12,521 | 11,853 | 12,489 | 13,073 | ||||||||||
| Total liabilities | 754,971 | 757,949 | 772,709 | 788,513 | 795,925 | ||||||||||
| Stockholders' Equity | |||||||||||||||
| Preferred stock, $1 par value; 5,000,000 authorized shares at periods prior to December 31, 2024; 7% fixed rate noncumulative perpetual issued; 14,633 shares of series A and 1,610 shares of series B; convertible; $16.2 million aggregate liquidation preference | - | - | - | - | 13,806 | ||||||||||
| Common stock, $1 par value; 75,000,000 authorized shares; 1,385,842 and 1,372,642 issued shares; 1,346,597 and 1,358,473 outstanding shares at September 30, 2025 and December 31, 2024, respectively (1) | 1,386 | 1,386 | 1,383 | 1,372 | 1,372 | ||||||||||
| Capital surplus | 182,003 | 181,908 | 181,801 | 181,708 | 181,603 | ||||||||||
| Accumulated deficit | (97,591 | ) | (98,498 | ) | (99,167 | ) | (99,487 | ) | (100,297 | ) | |||||
| Accumulated other comprehensive income (loss), net | (2,808 | ) | (3,273 | ) | (3,939 | ) | (5,098 | ) | (3,592 | ) | |||||
| Treasury stock, 39,967 shares on September 30, 2025 and 14,791 shares December 31, 2024 (2) | (1,201 | ) | (1,031 | ) | (769 | ) | (534 | ) | (534 | ) | |||||
| Total stockholders' equity | 81,789 | 80,492 | 79,309 | 77,961 | 92,358 | ||||||||||
| Total liabilities and stockholders' equity | $ | 836,760 | $ | 838,441 | $ | 852,018 | $ | 866,474 | $ | 888,283 | |||||
| (1) Both issued and outstanding shares as stated here exclude 45,546 shares and 42,259 shares of unvested restricted stock awards at September 30, 2025 and December 31, 2024, respectively. | |||||||||||||||
| (2) Treasury stock includes 722 shares held by subsidiary bank CIBM Bank. | |||||||||||||||
| CIB MARINE BANCSHARES, INC. | ||||||||||||||||||||||
| Consolidated Statements of Operations (Unaudited) | ||||||||||||||||||||||
| At or for the | ||||||||||||||||||||||
| Quarters Ended | 9 Months Ended | |||||||||||||||||||||
| September 30, | June 30, | March 31, | December 31, | September 30, | September 30, | September 30, | ||||||||||||||||
| 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 | ||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||
| Interest Income | ||||||||||||||||||||||
| Loans | $ | 9,347 | $ | 9,653 | $ | 9,623 | $ | 9,999 | $ | 10,573 | $ | 28,623 | $ | 31,549 | ||||||||
| Loans held for sale | 123 | 149 | 137 | 215 | 300 | 409 | 655 | |||||||||||||||
| Securities | 1,229 | 1,186 | 1,150 | 1,151 | 1,183 | 3,565 | 3,631 | |||||||||||||||
| Other investments | 81 | 29 | 31 | 43 | 227 | 141 | 301 | |||||||||||||||
| Total interest income | 10,780 | 11,017 | 10,941 | 11,408 | 12,283 | 32,738 | 36,136 | |||||||||||||||
| Interest Expense | ||||||||||||||||||||||
| Deposits | 4,772 | 4,795 | 5,029 | 5,638 | 6,354 | 14,596 | 19,047 | |||||||||||||||
| Short-term borrowings | 302 | 625 | 504 | 500 | 232 | 1,431 | 1,035 | |||||||||||||||
| Long-term borrowings | 122 | 121 | 119 | 121 | 121 | 362 | 362 | |||||||||||||||
| Total interest expense | 5,196 | 5,541 | 5,652 | 6,259 | 6,707 | 16,389 | 20,444 | |||||||||||||||
| Net interest income | 5,584 | 5,476 | 5,289 | 5,149 | 5,576 | 16,349 | 15,692 | |||||||||||||||
| Provision for (reversal of) credit losses | (90 | ) | 9 | 42 | (332 | ) | (113 | ) | (39 | ) | (131 | ) | ||||||||||
| Net interest income after provision for | ||||||||||||||||||||||
| (reversal of) credit losses | 5,674 | 5,467 | 5,247 | 5,481 | 5,689 | 16,388 | 15,823 | |||||||||||||||
| Noninterest Income | ||||||||||||||||||||||
| Deposit service charges | 62 | 65 | 59 | 55 | 63 | 186 | 196 | |||||||||||||||
| Other service fees | (7 | ) | (10 | ) | (9 | ) | (5 | ) | (5 | ) | (26 | ) | (9 | ) | ||||||||
| Mortgage banking revenue, net | 1,483 | 1,424 | 1,140 | 1,564 | 2,264 | 4,047 | 5,639 | |||||||||||||||
| Other income | 239 | 279 | 177 | 192 | 150 | 695 | 586 | |||||||||||||||
| Net gains on sale of securities available for sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Unrealized gains (losses) recognized on equity securities | 21 | 7 | 36 | (71 | ) | 78 | 64 | 46 | ||||||||||||||
| Net gains (loss) on sale of SBA loans | 110 | 0 | 161 | 0 | 420 | 271 | 622 | |||||||||||||||
| Net gains on sale of assets and (writedowns) | 0 | 0 | (12 | ) | (11 | ) | (73 | ) | (12 | ) | 4,348 | |||||||||||
| Total noninterest income | 1,908 | 1,765 | 1,552 | 1,724 | 2,897 | 5,225 | 11,428 | |||||||||||||||
| Noninterest Expense | ||||||||||||||||||||||
| Compensation and employee benefits | 4,047 | 4,060 | 4,066 | 4,344 | 4,852 | 12,173 | 13,841 | |||||||||||||||
| Equipment | 577 | 583 | 559 | 467 | 504 | 1,719 | 1,423 | |||||||||||||||
| Occupancy and premises | 514 | 519 | 549 | 500 | 495 | 1,582 | 1,322 | |||||||||||||||
| Data Processing | 243 | 212 | 221 | 220 | 243 | 676 | 663 | |||||||||||||||
| Federal deposit insurance | 138 | 101 | 129 | 144 | 182 | 368 | 600 | |||||||||||||||
| Professional services | 205 | 218 | 278 | 240 | 254 | 701 | 672 | |||||||||||||||
| Telephone and data communication | 65 | 57 | 52 | 74 | 51 | 174 | 158 | |||||||||||||||
| Insurance | 92 | 75 | 64 | 71 | 78 | 231 | 239 | |||||||||||||||
| Other expense | 494 | 486 | 455 | 618 | 504 | 1,435 | 1,570 | |||||||||||||||
| Total noninterest expense | 6,375 | 6,311 | 6,373 | 6,678 | 7,163 | 19,059 | 20,488 | |||||||||||||||
| Income from operations | ||||||||||||||||||||||
| before income taxes | 1,207 | 921 | 426 | 527 | 1,423 | 2,554 | 6,763 | |||||||||||||||
| Income tax expense | 299 | 253 | 105 | 123 | 347 | 657 | 1,725 | |||||||||||||||
| Net income (loss) | 908 | 668 | 321 | 404 | 1,076 | 1,897 | 5,038 | |||||||||||||||
| Preferred stock dividend | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Discount from repurchase of preferred stock | 0 | 0 | 0 | 406 | 0 | 0 | 0 | |||||||||||||||
| Net income (loss) allocated to common stockholders | $ | 908 | $ | 668 | $ | 321 | $ | 810 | $ | 1,076 | $ | 1,897 | $ | 5,038 | ||||||||
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