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CIB Marine Bancshares, Inc. (CIBH)

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Previous Close23.00
Open23.00
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Day's Range23.00 - 23.00
52 Week Range14.25 - 23.00
Volume106
Avg. Volume1,218
Market Cap29.171M
Beta (5Y Monthly)0.39
PE Ratio (TTM)6.07
EPS (TTM)3.79
Earnings DateApr 12, 2021
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
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  • CIB Marine Bancshares, Inc. Announces Agreement in Principle with Hildene Capital and Postponement of Annual Meeting
    GlobeNewswire

    CIB Marine Bancshares, Inc. Announces Agreement in Principle with Hildene Capital and Postponement of Annual Meeting

    BROOKFIELD, Wis., April 27, 2021 (GLOBE NEWSWIRE) -- CIB Marine Bancshares, Inc. (the “Company” or “CIB Marine”) (OTCQB: CIBH), today issued a letter to its shareholders announcing that it has reached an agreement in principle with Hildene Capital Management, LLC and Hildene Opportunities Master Fund I, Ltd. (collectively, “Hildene”) regarding a plan for the repurchase by CIB Marine of all of its preferred stock over the next four years (the “Repurchase Plan”) and that it has postponed its Annual Meeting of Shareholders (the “Annual Meeting”) for three weeks to allow it time to seek regulatory approvals, finalize negotiations, and document the Repurchase Plan and a related amendment to the Company’s Articles of Incorporation. The postponed meeting is currently scheduled to be held on May 19, 2021 at 1:00 p.m. (local time) at 19601 West Bluemound Road, Brookfield, Wisconsin; however, if CIB Marine receives all required regulatory approvals and a definitive agreement is executed by all parties, the Annual Meeting will be further rescheduled for a later date in order to accommodate the addition of a third proxy proposal to approve an amendment to the Company’s Articles of Incorporation, which would be necessary to implement the Repurchase Plan and would require the approval of common and preferred shareholders. Additional details are provided in a letter to CIB Marine shareholders, which is available along with other Annual Meeting materials on CIB Marine’s website: www.cibmarine.com/2021AnnualMeeting.asp. J. Brian Chaffin, CIB Marine’s President and CEO commented, “Reaching an agreement on a preferred stock repurchase plan is an important step forward for the Company. We believe essential terms have been agreed to and look forward to documenting the definitive agreement and getting regulatory approvals for the 2021 repurchases. We appreciate the efforts of all parties that have worked toward a fair and reasonable resolution, which we believe will benefit CIB Marine and all of its shareholders.” FORWARD-LOOKING STATEMENTSCIB 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; andthe 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) 355-0900brian.chaffin@cibmbank.com

  • CIB Marine Announces Final Preferred Stock Repurchase Proposal
    GlobeNewswire

    CIB Marine Announces Final Preferred Stock Repurchase Proposal

    Offshore Hedge Fund Rejects Proposal at $850 per ShareBROOKFIELD, Wis., April 14, 2021 (GLOBE NEWSWIRE) -- In a shareholder letter dated March 31, 2021, CIB Marine Bancshares, Inc. (“CIB Marine” or the “Company”) proposed a plan to repurchase a minimum of $17 million of preferred stock (at least 20,335 Series A and 1,600 Series B preferred shares) in 2021 at $775 per share in response to a plan put forth by Hildene Opportunities Master Fund, Ltd, an offshore hedge fund (“Hildene”) in a proxy statement issued to CIB Marine shareholders by Hildene in conjunction with CIB Marine’s 2021 annual meeting. Subsequently, many shareholders have responded to our request for comments on resolving the outstanding preferred stock repurchase issue and our discussions with Hildene continued. Shareholder InputThe shareholder response to our proposal has been overwhelmingly positive with encouragement to “stay the course” in pursuing preferred stock repurchases via transactions that are fair to all shareholders and accretive to the Company and its continuing shareholders. Many shareholders also supported our consistent emphasis on the importance of retiring the preferred stock as soon as reasonably possible to allow CIB Marine maximum flexibility to pursue future growth opportunities. Some shareholders requested clarification regarding our ability to make a $17 million payment from available capital. At this time, due to limited parent company cash, a capital distribution from our subsidiary, CIBM Bank, would need to be made to the parent company. Currently, $17 million is available given the stewardship duties of CIBM Bank and ensuring pro-forma capital complies with safety and soundness regulations and standards. We have considered all of the input offered and want to share our most recent efforts to reach an agreement with Hildene and our other preferred shareholders. Our duty to our shareholders is to pursue the repurchase of preferred stock in a fair process and at reasonable prices. We will not pursue transactions that damage the Company or are not in the best interests of all of our shareholders, that require assumption of unreasonable risks, or that impair our continuing operations. Updated Preferred Stock Repurchase NegotiationsFollowing our March 31st letter, a series of discussions took place with Hildene that we hoped would lead to a resolution that could benefit all shareholders. Multiple proposals were exchanged from each side and initial progress was made on pricing, but agreement could not be reached on critical ancillary issues, including the amount and timing of the repurchases, the repurchase process, and preferred shareholder representation on the CIB Marine Board, among others. Our preference was for straightforward terms that our shareholders and the market could easily evaluate and would produce the greatest benefit to all shareholders. In our opinion, Hildene’s proposals required structures that contained various unacceptable incentives, penalties, and perquisites that would benefit Hildene over other holders of the two classes of preferred stock. While we considered every proposal from Hildene, we would not agree to modify the noncumulative and perpetual nature of the preferred shares. Once we proposed to pay Hildene their full asking price of $850 per share, the remaining issues should have been quickly resolved and the matter concluded. Instead, Hildene continued to insist upon previously rejected terms that they knew were unacceptable, including a demand to force the repurchase of the less valuable, nonconvertible Series A shares before the convertible Series B shares. Throughout the course of negotiations, we offered various repurchase proposals, both at the demanded price of $850 per share, as well as at graduated repurchase prices, with structured annual repurchase targets that, if missed, would give Hildene the potential for observation rights and/or board seats. By the end of last week, forward progress had ended and Hildene was no longer negotiating towards a compromise (often suggesting untenable terms, such as a requirement that even after 90% of the preferred stock is repurchased, the few remaining Series B shares would be convertible into approximately 39% of outstanding common stock upon a conversion triggering event). On Monday, Hildene rejected our final proposal, which is detailed below. Final ProposalOur shareholders deserve to know the final proposal we made to Hildene on Monday, April 12, 2021, which was quickly rejected with little consideration for the other 64% of the preferred shareholders, or our common shareholders. The terms of our final proposal to Hildene were as follows: CIB Marine would repurchase at least $17 million of Series A and Series B preferred stock on a pro rata basis (no less than 18,540 Series A and 1,460 Series B shares) in 2021 at $850 per share;Series A and Series B preferred shares may be called by CIB Marine for mandatory repurchase at a price of $850 per share on a pro rata basis in each year the repurchase plan remains in effect;No debt or stock issuance would be required to execute the 2021 repurchases;No mandatory dividends would be paid on the preferred stock;Obtain common and preferred shareholder approval to amend the Company’s Articles of Incorporation to implement the proposed repurchase plan;In the event preferred shares remain outstanding five years after the first preferred stock repurchase under the proposal, the terms of the Company’s Articles of Incorporation would “spring back” to current terms, including the $1,000 per share liquidation amount for mandatory redemptions;We would commit to our shareholders to continue preferred stock repurchases until all preferred stock is retired; andAll repurchases would be subject to any requisite regulatory approvals. Preferred shareholders will note that CIB Marine offered a superior liquidity opportunity at the $850 price per share demanded by Hildene. In 2021, nearly half of the preferred shares would be repurchased at a substantial premium to all prior preferred stock repurchases to date. It is unclear to us what authority Hildene has to speak for all preferred shareholders. In May 2019, it represented to us that it held majority voting control of the preferred shares, but very recently it modified that claim to suggest that there was no formal voting control arrangement, rather an informal leadership position that Hildene has assumed. Whatever its actual control position is, we strongly encourage all preferred shareholders to contact Hildene immediately to express their opinion of our repurchase proposal. Once we have deployed the available $17 million cash in pursuit of alternative growth objectives, this proposed plan, including both its price and repurchase volume, will no longer be available. Moving Forward The management team of CIB Marine is committed to the diligent pursuit of the retirement of 100% of its outstanding preferred stock. We expect our Board of Directors and the common shareholders to hold us accountable to that commitment. We are confident that we made our best possible offer to Hildene. The proposed 2021 pro rata repurchase of at least $17 million of preferred stock at $850 per share is unlikely to be available again. Resolution of this issue may require that we seek out other preferred shareholders to negotiate on behalf of the classes or, alternatively, we may need to simply move on to other opportunities to deploy excess capital in a way that will improve and grow CIB Marine and your investment. The Board of CIB Marine will continue to faithfully exercise its duties to the Company and its shareholders as it pursues solutions that ensure a favorable outcome for all. We need shareholder assistance to protect the Company and your investment. In order to ensure that the Company’s proposed slate of directors are elected, a slate that will diligently pursue preferred stock repurchase options that are in the best interest of all of our shareholders, please vote your WHITE Proxy Card in conjunction with our 2021 annual meeting of shareholders today. FORWARD-LOOKING STATEMENTSCIB 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; andthe 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) 355-0900brian.chaffin@cibmbank.com

  • CIB Marine Bancshares, Inc. Announces First Quarter 2021 Results
    GlobeNewswire

    CIB Marine Bancshares, Inc. Announces First Quarter 2021 Results

    BROOKFIELD, Wis., April 12, 2021 (GLOBE NEWSWIRE) -- 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 first quarter of 2021. Net income for the quarter ended March 31, 2021, was $2.1 million or $1.67 basic and $0.97 diluted earnings per share, compared to $0.8 million or $0.63 basic and $0.36 diluted earnings per share for the same period of 2020. Financial highlights for the quarter include: Tangible book value attributable to the common stock increased to $53.25 per share outstanding at March 31, 2021 compared to $52.28 at December 31, 2020, and $46.05 at March 31, 2020, reflecting a 15.7% year-on-year increase.Net mortgage banking revenues were up $2.8 million for the quarter versus the same period of 2020, reflecting a $63 million increase in residential mortgage loans for the period, due primarily to refinance activity driven by lower interest rates. Compensation expenses increased $1.5 million compared to the same period in 2020, largely related to mortgage lending compensation.When compared to the first quarter of 2020, first quarter 2021 net interest income was up $0.8 million; net interest margin was up 19 basis points to 3.23%, reflecting an 89 basis point improvement in the cost of interest bearing liabilities compared to a 55 basis point decline in interest earning asset yields; and average interest earning assets were up $65 million, primarily in commercial segment loans and residential loans held for sale.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 0.52% and 0.23%, respectively, at March 31, 2021, compared to 0.54% and 0.23%, respectively, at December 31, 2020, and down from 1.24% and 0.97%, respectively, at March 31, 2020. Recent measures continue to be near this credit cycle’s best.During the first quarter, CIBM Bank originated $18 million in new Paycheck Protection Plan (PPP) loans and received SBA forgiveness funding to close $19 million in PPP loans originated in 2020.Deposits for checking, savings, and money market accounts grew by $44 million during the quarter, reflecting federal fiscal and monetary policies (e.g., low interest rates) and marketing activity results. Mr. J. Brian Chaffin, CIB Marine’s President and CEO, commented, “We are pleased with another quarter of strong income and a return on average assets of 1.14% due to continued strength in mortgage lending activity and solid progress in the net interest margin. We typically see a seasonal uptick in purchase money mortgage activity in the warmer months, and we expect that to be countered by reduced refinance activity as a result of the recent increase in long term interest rates. “Our balance sheet has grown since year-end as a result of (a) surging checking and money market account balances due, in part, to federal economic stimulus policies and programs and (b) steady commercial loan production, which has replaced residential loan balances as refinanced mortgages are sold. While the banking industry as a whole performed better than many experts predicted over the past year, and CIBM performed even better than the peer, particularly with regard to credit metrics, we remain cautious about future credit quality in higher risk segments of the loan portfolio due to the lingering impact of the pandemic,” he concluded. CIB Marine Bancshares, Inc. is the holding company for CIBM Bank, which operates ten banking offices and five 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. FORWARD-LOOKING STATEMENTSCIB 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; andthe 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) 355-0900brian.chaffin@cibmbank.com CIB MARINE BANCSHARES, INC.Selected Unaudited Consolidated Financial Data At or for the Quarters Ended 3 Months Ended March 31,December 31,September 30,June 30,March 31, March 31,March 31, 2021 2020 2020 2020 2020 2021 2020 (Dollars in thousands, except share and per share data)Selected Statement of Operations Data: Interest and dividend income$6,265 $6,489 $7,202 $6,669 $6,636 $6,265 $6,636 Interest expense 536 765 1,017 1,343 1,689 536 1,689 Net interest income 5,729 5,724 6,185 5,326 4,947 5,729 4,947 Provision for loan losses 20 101 501 249 202 20 202 Net interest income after provision for loan losses 5,709 5,623 5,684 5,077 4,745 5,709 4,745 Noninterest income (1) 5,146 6,566 8,104 4,489 2,642 5,146 2,642 Noninterest expense 7,940 9,317 9,056 7,308 6,322 7,940 6,322 Income before income taxes 2,915 2,872 4,732 2,258 1,065 2,915 1,065 Income tax expense 798 565 1,322 575 281 798 281 Net income$2,117 $2,307 $3,410 $1,683 $784 $2,117 $784 Common Share Data (2): Basic net income per share (3)$1.67 $1.82 $2.69 $1.36 $0.63 $1.67 $0.63 Diluted net income per share (3) 0.97 1.06 1.56 0.79 0.36 0.98 0.36 Dividend 0.00 0.00 0.00 0.00 0.00 0.00 0.00 Tangible book value per share (4) 53.25 52.28 50.35 47.25 46.05 53.25 46.05 Book value per share (4) 48.21 47.19 45.27 42.00 40.95 48.21 40.95 Weighted average shares outstanding - basic 1,268,947 1,267,584 1,267,582 1,266,174 1,248,275 1,268,947 1,248,275 Weighted average shares outstanding - diluted 2,185,433 2,181,142 2,181,868 2,160,201 2,155,315 2,185,433 2,155,315 Financial Condition Data: Total assets$752,715 $750,982 $793,604 $793,151 $705,473 $752,715 $705,473 Loans 540,206 539,227 546,351 535,692 513,992 540,206 513,992 Allowance for loan losses (9,253) (9,122) (9,037) (8,483) (8,107) (9,253) (8,107)Investment securities 112,400 108,492 107,351 113,303 120,105 112,400 120,105 Deposits 608,433 586,373 593,370 566,811 531,999 608,433 531,999 Borrowings 30,736 51,310 87,994 120,233 68,950 30,736 68,950 Stockholders' equity 105,593 103,704 101,271 97,347 95,841 105,593 95,841 Financial Ratios and Other Data: Performance Ratios: Net interest margin (5) 3.23% 3.14% 3.30% 2.96% 3.04% 3.23% 3.04%Net interest spread (6) 3.13% 3.01% 3.16% 2.76% 2.78% 3.13% 2.78%Noninterest income to average assets (7) 2.79% 3.43% 4.12% 2.36% 1.51% 2.79% 1.51%Noninterest expense to average assets 4.27% 4.86% 4.60% 3.86% 3.67% 4.27% 3.67%Efficiency ratio (8) 72.72% 75.77% 63.38% 74.61% 83.74% 72.72% 83.74%Earnings on average assets (9) 1.14% 1.20% 1.73% 0.89% 0.45% 1.14% 0.45%Earnings on average equity (10) 8.10% 8.83% 13.51% 6.97% 3.32% 8.10% 3.32%Asset Quality Ratios: Nonaccrual loans to loans (11) 0.23% 0.23% 0.32% 0.92% 0.97% 0.23% 0.97%Nonaccrual loans, restructured loans and loans 90 days or more past due and still accruing to total loans (11) 0.37% 0.40% 0.49% 1.07% 1.25% 0.37% 1.25%Nonperforming assets, restructured loans and loans 90 days or more past due and still accruing to total assets (11) 0.52% 0.54% 0.60% 1.02% 1.24% 0.52% 1.24%Allowance for loan losses to total loans (11) 1.71% 1.69% 1.65% 1.58% 1.58% 1.71% 1.58%Allowance for loan losses to nonaccrual loans, restructured loans and loans 90 days or more past due and still accruing (11) 459.21% 421.14% 338.59% 147.79% 126.26% 459.21% 126.26%Net charge-offs (recoveries) annualized to average loans (11) -0.08% 0.01% -0.04% -0.09% 0.08% -0.01% 0.15%Capital Ratios: Total equity to total assets 14.03% 13.81% 12.76% 12.27% 13.59% 14.03% 13.59%Total risk-based capital ratio 18.15% 17.44% 16.13% 15.49% 15.36% 18.15% 15.36%Tier 1 risk-based capital ratio 16.89% 16.19% 14.87% 14.23% 14.11% 16.89% 14.11%Leverage capital ratio 11.88% 11.46% 11.20% 10.82% 11.08% 11.88% 11.08%Other Data: Number of employees (full-time equivalent) 179 176 176 177 177 179 177 Number of banking facilities 10 11 11 11 11 10 11 (1) Noninterest income includes gains and losses on securities.(2) Common share data prior to September 14, 2020, is adjusted to reflect the 1:15 reverse split to allow for comparability between the pre- and post- reverse split periods.(3) 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 $0.03 million for the 2nd quarter and 12 months ended 2020.(4) 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.(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. CIB MARINE BANCSHARES, INC.Consolidated Balance Sheets (unaudited) March 31,December 31,September 30,June 30,March 31, 2021 2020 2020 2020 2020 (Dollars in Thousands, Except Shares)Assets Cash and due from banks$51,691 $29,927 $30,544 $9,120 $9,006 Reverse repurchase agreements - - 8,208 18,117 3,622 Securities available for sale 109,965 106,014 104,866 110,818 117,640 Equity securities at fair value 2,435 2,478 2,485 2,485 2,465 Loans held for sale 18,136 42,977 67,496 83,997 24,988 Loans 540,206 539,227 546,351 535,692 513,992 Allowance for loan losses (9,253) (9,122) (9,037) (8,483) (8,107)Net loans 530,953 530,105 537,314 527,209 505,885 Federal Home Loan Bank Stock 3,140 3,140 3,140 2,948 2,947 Premises and equipment, net 4,476 4,682 4,667 4,679 4,769 Accrued interest receivable 1,983 2,050 2,075 1,973 1,610 Deferred tax assets, net 16,417 16,292 18,547 19,325 19,509 Other real estate owned, net 1,875 1,875 2,103 2,334 2,335 Bank owned life insurance 4,831 4,802 4,774 4,745 4,718 Goodwill and other intangible assets 126 131 137 142 148 Other assets 6,687 6,509 7,248 5,259 5,831 Total Assets$752,715 $750,982 $793,604 $793,151 $705,473 Liabilities and Stockholders' Equity Deposits: Noninterest-bearing demand$109,466 $92,544 $91,134 $90,450 $67,459 Interest-bearing demand 63,033 59,679 61,262 54,288 47,760 Savings 268,026 243,888 225,724 205,470 196,797 Time 167,908 190,262 215,250 216,603 219,983 Total deposits 608,433 586,373 593,370 566,811 531,999 Short-term borrowings 30,736 51,310 54,052 77,273 68,950 Long-term borrowings - - 33,942 42,960 - Accrued interest payable 140 246 398 447 543 Other liabilities 7,813 9,349 10,571 8,313 8,140 Total liabilities 647,122 647,278 692,333 695,804 609,632 Stockholders' Equity Preferred stock, $1 par value; 5,000,000 authorized shares at both March 31, 2021 and December 31, 2020; 7% fixed rate noncumulative perpetual issued; 40,690 shares of series A and 3,201 shares of series B; convertible; $43.9 million aggregate liquidation preference 37,308 37,308 37,308 37,308 37,490 Common stock, $1 par value; 75,000,000 authorized shares; 1,294,665 and 1,282,385 issued shares; 1,280,596 and 1,268,316 outstanding shares at March 31, 2021 and December 31, 2020, respectively. (1)(2) 1,295 1,282 1,282 19,240 19,162 Capital surplus (2) 179,291 179,188 179,090 161,032 160,990 Accumulated deficit (113,452) (115,569) (117,875) (121,285) (122,969)Accumulated other comprehensive income, net 1,685 2,029 2,000 1,586 1,702 Treasury stock, 14,791 shares on March 31, 2021 and December 31, 2020 and 221,902 shares prior at cost (2) (534) (534) (534) (534) (534)Total stockholders' equity 105,593 103,704 101,271 97,347 95,841 Total liabilities and stockholders' equity$752,715 $750,982 $793,604 $793,151 $705,473 (1) Both issued and outstanding shares as stated here exclude 75,146 shares of unvested restricted stock awards at March 31, 2021 and 59,842 at December 31, 2020.(2) Effective September 14, 2020, the Company executed a reverse stock split of 1 share for every 15 shares outstanding. Fractional shares were remitted cash at the then-current market value of $15.75 per share. CIB MARINE BANCSHARES, INC.Consolidated Statements of Operations (Unaudited) At or for the Quarters Ended 3 Months Ended March 31,December 31,September 30,June 30,March 31, March 31,March 31, 2021 2020 2020 2020 2020 2021 2020 (Dollars in thousands) Interest Income Loans$5,524 $5,577 $6,054 $5,540 $5,703 $5,524 $5,703 Loans held for sale 175 331 537 451 119 175 119 Securities 555 564 573 661 763 555 763 Other investments 11 17 38 17 51 11 51 Total interest income 6,265 6,489 7,202 6,669 6,636 6,265 6,636 Interest Expense Deposits 512 735 942 1,263 1,512 512 1,512 Short-term borrowings 24 30 38 54 177 24 177 Long-term borrowings 0 0 37 26 0 0 0 Total interest expense 536 765 1,017 1,343 1,689 536 1,689 Net interest income 5,729 5,724 6,185 5,326 4,947 5,729 4,947 Provision for loan losses 20 101 501 249 202 20 202 Net interest income after provision for loan losses 5,709 5,623 5,684 5,077 4,745 5,709 4,745 Noninterest Income Deposit service charges 84 91 89 88 96 84 96 Other service fees 40 37 36 36 20 40 20 Mortgage banking revenue, net 4,983 6,387 7,741 3,990 2,177 4,983 2,177 Other income 192 165 226 266 265 192 265 Net gains on sale of securities available for sale 0 0 0 0 0 0 0 Unrealized gains (losses) recognized on equity securities (43) (6) 0 20 39 (43) 39 Net gains (loss) on sale of SBA loans 0 55 (55) 87 437 0 437 Net gains (losses) on sale of assets and (writedowns) (110) (163) 67 2 (392) (110) (392)Total noninterest income 5,146 6,566 8,104 4,489 2,642 5,146 2,642 Noninterest Expense Compensation and employee benefits 5,956 7,015 7,329 5,451 4,421 5,956 4,421 Equipment 379 402 352 379 363 379 363 Occupancy and premises 434 452 390 407 460 434 460 Data Processing 185 178 177 155 164 185 164 Federal deposit insurance 48 49 48 47 0 48 0 Professional services 253 322 162 242 298 253 298 Telephone and data communication 60 82 71 67 68 60 68 Insurance 68 62 58 55 54 68 54 Other expense 557 755 469 505 494 557 494 Total noninterest expense 7,940 9,317 9,056 7,308 6,322 7,940 6,322 Income from operations before income taxes 2,915 2,872 4,732 2,258 1,065 2,915 1,065 Income tax expense 798 565 1,322 575 281 798 281 Net income 2,117 2,307 3,410 1,683 784 2,117 784 Preferred stock dividend 0 0 0 0 0 0 0 Discount from repurchase of preferred stock 0 0 33 0 0 0 0 Net income allocated to common stockholders$2,117 $2,307 $3,443 $1,683 $784 $2,117 $784